Two Lagos-bound vessels linked to family members and friends of Dangote Refinery CEO Aliko Dangote are on course to deliver cargoes of imported premium motor spirit (PMS), also known as petrol, from Malta, POLITICS NIGERIA can authoritatively report after reviewing a cache of documents including maritime tracking details.

This development comes weeks after Dangote’s shocking now-debunked allegations blaming others about the importation of low-quality fuel from the European country. The billionaire, who had earlier accused Nigerian National Petroleum Company Limited (NNPCL) of sabotaging his refinery, said that some NNPCL officials were importing substandard petrol products into the country from a blending facility in Malta. This claim was later proven to be false.

Although NNPCL officially refuted and debunked Dangote’s claims saying that neither NNPCL nor its officials owned a blending, publicly available data however showed that Nigeria's petroleum imports from Malta went as high as $2.8 billion last year. One of the local energy companies, Matrix Energy, was allegedly claimed as one of the firms importing substandard petroleum products from Malta by Businessday Nigeria - a claim the company has rebuffed with evidence and instituted a N10billion defamation suit against Businessday and another newspaper for alleging its products were substandard and didn't meet regulatory threshold. As at the time of filing this report, the case is currently in court.

North and South

However, fresh evidence has also shown that Dangote’s family members and circle of friends in the petroleum sector might be among the top importers of PMS from Malta. Credible maritime data corroborated by industry experts showed that at least two other cargoes connected to his family member and an associate are expected to arrive on the shores of Nigeria on September 7.

One of the vessels ferrying the cargo, Meronas, belongs to MRS Oil & Gas Company, a subsidiary of MRS Holdings Limited owned by Dangote’s half-brother Sayyu Dantata.

The vessel, currently sailing under the flag of Greece, departed Malta on August 22 and is scheduled to arrive Lagos on September 7, according to AIS data provided on vessel tracking website, Vessel Finder.

Another Oil tanker vessel from Malta, Clean Justice will be delivering a cargo of PMS to Eyrie Energy, an Abuja-based company founded by a board director at MRS, Amina Maina.

Maina, according to MRS Group’s website, oversees all trading, supply, and operations of the group's activities spanning over six countries, including Nigeria. Apart from her role at MRS, is also a close associate of Mr Dangote. In fact, both Maina and Dangote were part of the Economic Coordination Council (PECC) set up by President Bola Tinubu at the start of his administration.

Both MRS and Eyrie Energy are part of a network of local and international energy companies supplying PMS to NNPC while it has been widely revealed that officials of MRS are currently representing and leading negotiations with the Ministry of Finance on behalf of Dangote Refinery in the Federal Government’s Crude for Naira programme.

According to a March 4th letter, the General Manager of Risk Management, MRS, wrote to the NNPCL managing director, submitting shipping documents for a petroleum product delivery from Malta OPL.

The letter also referenced attached original documents including a letter from supplier; bill of loading; certificate of quantity; certificate of quality before loading; certificate of quality after loading; master receipt; notice of readiness load port; vessel survey report before and after loading; ullage report before and after loading; bunker survey report (fuel oil & diesel oil); cargo pumping log; time log and VEF.

While it is not immediately clear if Dangote is aware of his half-brother company’s involvement in Malta importation, an industry source told POLITICS NIGERIA that it is ‘hypocritical’ for the billionaire to “shield his own” while pretending to expose others.

“Dangote knows that refiners margin is currently low and he won’t be able to sell and compete with other suppliers to NNPCL, he needs to control who sells to NNPC and also control the price they sell to NNPC.

Another Industry Expert, Dr. James Oyekunle, speaking on the development, wondered if there was more to this entire issue as he observed that there could be a political undertone.

"It is difficult to ignore as most of the companies targeted have mostly been owned or operated by southerners or affiliated with international companies whilst key marketers from the north seem to be missing from these negative attacks."

How Malta became Nigeria’s favourite import destination

Little have been reported about Nigeria’s import from Malta until Dangote’s revelation. This perhaps could be as a result of the measly amounts recorded in past years. For instance the value of imports from Malta stood at $13.32 million in 2016, which is significantly low when compared with $2.8 billion recorded in 2023. This however changed after a 2020 Cash for Crude deal which international oil trading company, Vitol, and indigenous marketer, Matrix Enegry, provided Nigeria with a badly needed cash advance in return for Nigerian crude to be refined and blended elsewhere and imported into Nigeria as PMS. Malta was one of their chosen blending destination amongst others.

In 2023, two foreign oil companies, LITASCO and Pontus SA wrote to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), seeking approval of Malta as one of the load port locations that imports can originate from.

Sources familiar with the moves told POLITICS NIGERIA that as part of its newly defined regulatory responsibilities under Nigeria’s recently signed Petroleum Industry Act, the NMDPRA sent its staff to visit and inspect the blending plants and an approval was issued by the regulator afterwards.

“PMS used in Nigeria can’t be produced straight from refineries but rather blended to meet Nigeria grade, even at the refineries, they blend in their tanks to meet these specifications which are standard globally. Even all fuel coming from Amsterdam, Antwerp, Rotterdam, fujairah are all blended to achieve the required grade and specifications of PMS,” said an industry source.

"Given the recent revelations, accusations both true and false, and counter-accusations, it is important for all parties to approach the ongoing fuel importation and refinery discussions with openness and responsibility."

"Dangote's concerns about the integrity of fuel imports from Malta though now debunked, coupled with the involvement of his close associates and family members in similar operations, casts an uncanny light on the cutthroat operations of the oil industry."

"As more information comes to light, it is important for industry regulators and authorities to ensure that accountability is upheld without bias and consumers are protected, regardless of one's standing or connections.", he said.

“In terms of quality, when we started, our quality was about six hundred to six fifty ppm, the ppm was one of the best in terms of quality at the time we started. But as of today, we are at 87 ppm. And you can take a sample on Monday. By Monday, we will be less than 50 ppm. By the beginning of August, we will be at 10 ppm.”

“In terms of quality, nobody can produce anything better than us. I just got the result from our official 5 minutes ago, we are now down to even 32 ppm,” – Aliko Dangote (Credits: Nairametrics)

In the heat of his bickering with oil sector regulators, Aliko Dangote, CEO of Dangote Refinery, claimed that the diesel fuel produced by his refinery had low sulphur content.

Speaking to Newsmen last month, he claimed that product from his refinery was of impeccable quality, However, a cache of official documents exclusively obtained by POLITICS NIGERIA reveals that Africa’s richest businessman may have misrepresented facts and possibly manipulated information.

Following a comprehensive analysis of data sourced from certified laboratory results and delivery records, this newspaper can authoritatively report that the diesel fuel from Dangote Refinery contains high sulphur content—at least 400 percent higher than European Union (EU) standards.

Mr. Dangote recently accused major players and regulatory agencies of sabotaging the $19 billion refinery’s efforts to secure necessary feedstock for its operations. In response, Nigerian Midstream and Downstream Petroleum Authority (NMDPRA) CEO Farouk Ahmed stated that Dangote’s fuel has higher sulphur content, a harmful element in crude oil. According to him, the Lagos-headquartered refinery and other modular refineries produced diesel with sulphur content ranging from 650 ppm (parts per million) to 1200 ppm.

Sulphur, a natural element in crude oil, is usually removed during refining processes because high amounts in fuel damage engines and cause environmental pollution.

“When fuel with high sulphur content is burnt, it produces sulphur dioxide (SO2), a harmful gas that contributes to environmental pollution. This is particularly concerning as sulphur dioxide is a major contributor to acid rain, which can harm ecosystems, damage buildings and infrastructure, and pose health risks to humans and animals,” a chemist at the University of Cambridge explained.

The harmful impact of sulphur in fuel has led many countries to introduce stringent regulations to lower its amount in diesel fuel. For instance, the U.S. Environmental Protection Agency reduced sulphur content in diesel to 15 ppm, while the European Union specified a maximum of 50 ppm. One ppm equals 0.0001 weight (wt) percent.

Dangote’s ‘Publicity Stunt’

To discredit the NMDPRA CEO’s claims and shield itself from public scrutiny, Dangote Refinery organised a testing of its diesel during a tour of the facility by a group of House of Representatives members on July 20. Samples from the refinery were collected alongside some diesel samples procured from two filling stations along the Lekki-Epe Expressway.

“Lab tests revealed that Dangote’s diesel had a sulphur content of 87.6 ppm, whereas the other two samples showed sulphur levels exceeding 1800 ppm and 2000 ppm respectively,” Mr. Dangote announced.

“In terms of quality, when we started, our quality was about six hundred to six fifty ppm; the ppm was one of the best in terms of quality at the time we started. But as of today, we are at 87 ppm. And you can take a sample on Monday. By Monday, we will be less than 50 ppm. By the beginning of August, we will be at 10 ppm.”

However, according to impeccable sources familiar with the company’s operations, the testing did not reflect the actual results of the diesel fuel Dangote Refinery supplies to the market.

“That test is far from the reality on the ground. It was done to mobilise members of the public against the federal government and force the government to reach a deal with the refinery,” said a source who pleaded anonymity for security reasons.

“Sulphur in Dangote Diesel as High as 1200” — Documents Show

Official documents, including lab results of diesel fuel supplied to retailers between April and July, revealed that the sulphur content in Dangote diesel went up to as high as 1200 ppm. The fuel, delivered in 32 batches, was supplied to different depots of Rain Oil, AA Rano, TMDK Oil, Kashton, NIPCO, Sobaz, and other retail companies.

In line with NMDPRA regulation, these supplies were tested by Dangote’s quality assurance team and verified by independent international testing companies who also issued certificates of analysis.

Between April and July, the amount of sulphur found in Dangote diesel averaged 937 ppm, with the lowest of 705 ppm in April and the highest of 1200 ppm in a supply to NIPCO on June 16.

In fact, on July 22, two days after the lawmakers’ visit, Dangote Refinery delivered a shipment of diesel fuel containing 950 ppm of sulphur to AA Rano’s depot in Ijegun, Lagos. The certificate of quality, dated July 21 was authorised by an independent laboratory Intertek, in line with NMDPRA regulation.

Records also showed that the same shipment was first tested by Dangote’s quality control department on July 13 and was confirmed to contain 1095 ppm of sulphur. The certificate of analysis was authorised by Nikunj Parikh, a senior chemist at Dangote, and witnessed by an independent lab chemist, Solomon Efe.

The spokesperson for Dangote, Tony Chiejina was unreachable at the time of reporting as calls to his known telephone number went unanswered.

Meanwhile, Haruna Bala, a Lagos-based chemist and researcher, has described the refinery’s attempts to manipulate the public as an “unethical move” which could hurt the company’s reputation in the oil market.

He added that such practices are not only fraudulent but a blatant disregard for climate change, noting that many countries are moving towards low sulphur diesel.

“High-sulphur diesel is a significant contributor to air pollution, releasing harmful sulphur dioxide and particulate matter into the atmosphere. It is a shame that Dangote diesel is not in any way safer than the imported ones we cry about all these years.”

The Nigeria oil industry is without doubt the mainstay of its economy and has also acted as a stabilizing factor for national security, peace and development. In view of this indisputable fact, successive governments always placed premium on the industry with a view to making it, a global player in line with global best practices in order to attract local and international investors into the industry with a view to achieving its maximum potentials for our collective good and national security.

The prime interest of the Nigerian government to uplift and change the face of the industry from its chaotic and unplanned processes and system to compete globally, attracted local and international attention led to a series of activities both locally and internationally which birth the Petroleum Industry Act (PIA) after decades of series of advocacy, agitations, debates, discussions, and other civilized means of constructive engagements in order to restore sanity, orderliness and organized processes to the main stay of the Nigeria economy.

Since time immemorial, debates and discussions about the Nigerian oil industry is one that has evoked emotions and passions even among industry watchers, oil experts and economists on how to tap into the full potentials of the industry for national security and development. These interests of changing the face of Nigeria’s oil industry for good culminated into the bringing to life after several attempts of the Petroleum Industry Act (PIA) under the administration of former President Muhammadu Buhari administration in 2021.

The Petroleum Industry Act came into existence as a game changer to address critical needs and interests in the oil sector and to attract competitive local and international investors and players in line with global best practices. As the long awaited game changer, the PIA made provisions for the establishment of two regulators in the industry. They are: The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and The Nigeria Midstream and Downstream Petroleum Regulatory Commission (NMDPRC).

These two above mentioned regulatory agencies scrapped the role of the former Nigeria National Petroleum Corporation (NNPC) which was formerly a player and regulator. The PIA ensured that the NNPC which is the state agency transited into a limited liability company that operates under the Companies and Allied Matters Act 2022 and is thus a player and no longer a regulator under the law.

Not unusual, only recently, the Nigeria’s oil industry has come under public spotlight as a result of the allegations of sabotage being leveled against the International Oil Companies (IOC) and the NNPCL by the Dangote Refinery management with regards to its difficulty or inability to source crude oil locally for production.

The allegations by Dangote Refinery management have evoked debates and discussions across Nigeria and beyond because of its strategic position in changing the landscape of the Nigerian economy from an importer of finished petroleum product to a producer and exporter.

Sadly, an investigation of the allegations against the IOC’s by Dangote Refinery Management, revealed otherwise. While we sympathize with Dangote Refinery for trying to manipulate the system to enjoy favourable advantage in an industry that is bound by rules and regulations which has been firmed up by the PIA for global best practices, we need to remind ourselves that the reason for the enactment of the PIA was to restore orderliness and competitiveness to Nigeria’s oil industry which has suffered from years of undue favouritism, nepotism and unbridled corruption and contributed in no small measure to the mess in the industry until now.

The Nigeria’s oil industry is an international industry of Joint Venture (JV) partners in which the players have contractual agreements for which they are bound as signed, so for Dangote Refinery management to be raising alarm of sabotage when it’s aware of the economic reality, speaks volume of its intention as a business entity.

We must also make it known to all and sundry that as much as we appreciate the efforts of the Dangote Refinery to change the economic landscape of the Nigerian state, it must be admonished to be ready and willing to play by the rules of engagement, rather than this resort to unethical practice of raising false alarm.

Also, one cannot but commend the NNPCL for living up to its responsibility of safeguarding national security as enshrined, under section 64 of the PIA, which makes provision for the NNPCL to serve as a supplier of last resort to guarantee energy security for the country which it has continued to perform creditably, even in the midst of excruciating economic and business conditions.

Thus, it is imperative on Nigerians to always cross check the facts because the world is a global village with the realization that ensuring global best practices in Nigeria’s oil industry is key to economic sustainability and national security rather than emotions.

Aiteo Eastern Exploration and Production Limited, one of Nigeria’s largest indigenous producers, has recorded crude sales of $325m about N471 billion in the first half of the year and could be on course to reach the N1 trillion naira mark in revenue for 2024, according to financial records obtained from banking sources.

The sources, who asked that their identities be masked because they are not authorised to speak on the development, said Aiteo’s remarkable earnings is on the heels of its successful return to crude production late last year, at its OML 29 asset in Nembe Bayelsa, after constant crude theft and vandalisation forced it to shut production for over two years.

The company, which African billionaire, Benedict Peters, founded, has shipped around 3 million barrels of Nembe Crude Oil Blend for the half year and is steadily increasing output, according to the banking sources, who showed us data to back the claim.

“Aiteo loaded 954, 176 barrels on the vessel named AEGEAN MARATHON in February 2024, in March MT Delta Kanaris loaded 953, 252, in May 2024, MT POPI P loaded 957, 757 barrels, while MT AQUABLISS loaded 233, 655 in January’, according to data seen by THEWILL. Nembe Blend average for the period was around $86pb and exchange rate on Friday was around N1485 – $1.

Aiteo declined to comment on this report.

THEWILL recalls that Aiteo acquired OML 29 and the Nembe Creek Trunk Line (NCTL) from Shell in a landmark transaction in 2014 that closed at around $3.01bn where a group of lenders raised $2bn with Peters contributing about $1bn dollars in personal fortune to conclude the deal and restart production.

The consortium of lenders that committed $2bn according to data seen exclusively by THEWILL include: Zenith – $323m, First Bank & GTB – $200m each, Fidelity Bank – $175m, AFC – $125m, Ecobank Nigeria & Union Bank – $100m each, Sterling Bank – $60m and Shell Western – $512m.

Peters’ initial equity contribution for the purchase was $898, 237, 697.35 in cash with an additional $257m injected at closing for fees and other ancillary costs and costs to restart production. Other small equity holders contributed $136m, which the banking sources said Aiteo is already in the process of buying out.

OML 29 is a joint venture asset owned by the NNPC and Aiteo with the latter as operator.

THEWILL reports that Aiteo’s sister company, Bravura Holdings, a mining company with operations mainly in Southern and Central Africa, has also seen its fortunes on the rise after securing mining deals for lithium production in Zimbabwe, Mozambique and Congo.

A few days ago, Bravura announced the completion of Zimbabwe’s first world-class lithium facility, the Kamativi Lithium plant with an annual producing capacity of 30, 000 tonnes.

*** This report has been updated to correct the total revenue for Aiteo’s half year.

The Abdul Samad Rabiu Initiative for Africa (ASR Africa), in commemoration of the 2024 International Widows’ Day, has presented a N10 million grant to the International Women’s Society (IWS) in Lagos.

Dr. Ubon Udoh MD/CEO of ASR Africa announced this donation during a Widows and Empowerment Feast organized by IWS in Lagos, Nigeria. The grant is part of ASR Africa’s ongoing efforts to invest in social development as one of its primary areas of focus.

Speaking at the event, Mrs. Adeola Adebanke, the chairperson of the Widows’ Trust Fund of IWS, expressed her utmost joy and satisfaction toward the grant donated to the organization by the Chairman of ASR Africa and the BUA Group, Abdul Samad Rabiu. In her statement, she prayed that the chairman continues to make giant strides and break new boundaries.

During a goodwill message, Dr Ubon Udoh (MD/CEO, ASR Africa) appreciated the good job done so far by International Women Society since its establishment in 1957. He mentioned that the grant is a testament of the commitment of the Chairman of ASR Africa and the BUA group at improving the livelihoods and welfare of Nigerians. He added that the grant, which will be distributed to widows in partnership with IWS, is aimed at bringing relief to the beneficiaries while ensuring its relevance and sustainability.

The high point of the event was the presentation of the grant to the beneficiaries. In addition, 250 widows received palliative care packs from BUA Foods Plc which comprise rice, pasta, edible oil and semolina. The widows who were visibly grateful, expressed their gratitude to ASR Africa, its chairman, and executives of BUA Foods Plc for the timely palliative care packs received.

The Department of State Services (DSS) has issued a warning to the General Public about planned protests scheduled to hold tomorrow, June 12.

In a statement signed by Dr. Peter Afunanya(Phd), the spokesperson of the agency, the service will not tolerate any form of violence or breakdown of law and order.

"The Attention of the Department of State Security Service, DSS, has been drawn to plans by certain individuals and groups to stage physical protests in some parts of the country on 12th June, 2024. The protests are designed with sinister objectives to coincide with the Democracy Day Celebration. While citizens may have the rights of assembly and expression, such freedoms should not be used to undermine public safety and national security."

"The determination by some non-state actors to incite mass disaffection through demonstrations that may turn violent will not be tolerated. However, it is instructive to note that violent demonstrations are at variance with the peaceful disposition of the Federal Government to amicably address all contentions including the minimum wage. Citizens are, therefore, called upon to resist any persuasions to be lawless or cause disorder and anarchy in the nation. Displeased persons are rather encouraged to appropriately channel their grievances through the right channels and procedures."

"Consequently, the DSS reaffirms its unequivocal position to protect the country from inimical acts being orchestrated by disgruntled groups to cause a breakdown of law and order."

"It will also sustain collaboration with all relevant stakeholders, including sister security agencies, to maintain the peace as well as protect lives and property across the nation. Law abiding citizens are enjoined to go about their businesses without fear."

First, this escape of the Binance executive is sadly quite embarrassing for Nigeria, and the Government has a responsibility to thoroughly investigate it and ensure that the persons into whose care the escapee was entrusted are punished to the fullest extent of the law.

For this reason, the ONSA statement about the arrest of the responsible persons is most welcome. The promptness of the statement is also a commendable move along the lines of utmost transparency and openness.

What has happened has happened, and lessons must be learnt from it. Things like this happen, even in the best of climes. The former Head of Nissan escaped from Japanese custody, to Lebanon, in 2019, a very high-profile escape that embarrassed the Japanese Government greatly.

Former Governor of Bayelsa, Diepreye Alamieyeseigha famously escaped from the UK authorities in 2005, dressed as a woman, and while on a £1.25m bail bond, another equally embarrassing episode for that government. These things happen. The detained Binance executives in Nigeria were rightly held under a form of house arrest, not prison custody.

Looking on the brighter side for Nigeria, this escape does not significantly alter the trajectory of the case against Binance. The second official is still being lawfully held, and most importantly, the Government, through FIRS has formally filed charges of tax evasion.

The case has now fully shifted to the legal arena, and Nigeria will be seeking convictions on the 4-count charge leveled against Binance and the executives.

For me, the most important part of the ONSA statement is this paragraph: “Upon receiving this report, this office took immediate steps, in conjunction with relevant security agencies, MDAs, as well as the international community, to apprehend the suspect. Security agencies are working with Interpol for an international arrest warrant on the suspect.”

All hope is not lost. The Nigerian Government’s custody of the Binance executives is a lawful one, backed by a subsisting Court Order. On top of this, formal tax evasion charges have been filed by the FIRS, as Nigerian tax laws have clearly been violated by Binance. INTERPOL will be involved – and it seems like the escapee has simply complicated his situation, by turning himself into an international fugitive. On top of tax evasion, the escapee has now roped himself into fugitive activity.

So, while the news of the escape has not exactly covered Nigeria in glory – just like Japan and Nissan’s Carlos Ghosn in 2019 – things are looking even worse for Binance and its fugitive executive.

It is also a very good opportunity to see where the international community stands on this matter? Their noise about fighting corruption and building institutions – now is the time to see whether it's lip service or not? Will they take the side of the Federal Republic of Nigeria, or the side of a cryptocurrency exchange that has a global reputation for violating laws and regulations, and was recently hit with the biggest fine - $4.3 Billion - ever issued by the United States Treasury?

I am watching this – in the words of Fayose – with the keenness of a bat. Nigeria can still come out on top of this setback.

When the two daughters of former United States’ President Bush threw a lavish party at the height of election campaigns in the early 2000s, many commentators in the United States were irked by the development. Earlier in 2001, President Bush's then 19-year-old twin daughters, Jenna and Barbara, had been cited by Texas authorities for alcohol violations at a popular Austin restaurant.

Jenna, police said at the time, even tried to use someone else's driver's license to order a drink.

The condemnation and outrage that greeted that development didn’t only create buzz in the United States, but it was felt all around the world, with multiple debates on the public conducts expected of children of presidents and other powerful people around the world.

The general consensus at the time was that children of Presidents and other powerful people must conduct themselves in the most honorable means possible, while also keying into the dreams of their influential parents and being useful to society.

It’s in that light that the recent attack on Seyi Tinubu—entrepreneur, youth leader and son of President Bola Tinubu –—appears grossly unfair, if not out-rightly misplaced.

In a recent programme on television, media personality and ARISE TV anchor, Reuben Abati, took a swipe at President Tinubu’s sons, Seyi and Yinka, for following him to Qatar for a state visit. Abati, a former media aide to ex-president Goodluck Jonathan, went personal in his attack and reduced the industry of young men to partisan politics.

Hear him: “May we begin to ask what the President’s children do for a living? I mean, by the time I was their age I was doing something concrete. I got a PhD at 24. I wasn’t depending on any father. People must get to a stage in their lives when they hold themselves together.

“I don’t want adults behaving like invalids, hanging around just because your father is in a position….all these children of privileged people over do it…and these are boys that would probably have wives at home…some of these girls, what they go through is very embarrassing. You can’t have a husband that is just hanging around,” he said.

The attempt to ridicule Seyi Tinubu’s efforts and track record in the business environment in Nigeria isn’t only unfair and misleading; it’s disappointing that such is coming from a well-read and deeply knowledgeable anchor.

While some may argue that some protocol issues need to be corrected in terms of travels and how the president’s sons are introduced at international fora, it is grossly inaccurate to reduce the industry of young men building businesses in Nigeria and contributing to youth development to the mere fact of their father being president or to say that members of first families should not be recognized at the arrival of their world leader parent in another country. Donald Trump’s entire family stood on the specially reserved balcony whilst he and Melania were being received in London by the late queen, and Chelsea Clinton is famous for her photo with Bill Clinton and Hillary when the Queen was by their car with them. I also recall Bush coming to Nigeria with his daughter.

But like I said, we must be careful not to sully hardworking persons for the simple crime that their father is a President. Not even when these young men, particularly Seyi Tinubu, have made enormous impact in business long before their father contested for presidential elections.

For the sake of those who may be misled by such careless generalization, it is pertinent to set the record straight per the misrepresentation contained in Abati’s diatribe.

Seyi Tinubu is a serial entrepreneur and the CEO and Founder of Loatsad Promomedia Ltd, an outdoor advertising company with notable Nigerian leading blue chip and multinational companies as part of its clients. Due to several years of hardwork and resilience in building a successful brands, Seyi is highly sought after for his sound legal experience and deep knowledge of youth demographics and international business transactions.

Since opening Loatsad Promomedia ten years ago even till now after parting ways with his co-founder, Derenle, Seyi has overseen thousands of completed advertising transactions worth billions in transaction value. In 2020, in recognition of his industry and business acumen, he was inducted into the Institute of public resources management and politics in Ghana. In 2019, he was crowned the Ecowas youth Ambassador for Entrepreneurship and youth development and he also won the peace legend award as the Entrepreneur of the year. His company was also one of the few selected amongst thousands of SMEs in Nigeria to win the prestigious fastest growing company Award by Businessday in 2018.

Seyi has been at the tiller of the companies’ merger with Promomedia back in 2016, which saw the company opening up its portfolio of services by incorporating digital advertising. The company has since taken strides in defining its position in the out of Home Advertising sector with its acquisition of E-motion Advertising Ltd, a leading advertising firm.

Defining his place as a disruptor, serial entrepreneur and youth advocate, he has shown an unwavering commitment to ensuring positive change in Nigeria and empowering Nigeria’s millennial demographic to achieve their potential through entrepreneurship development.

It is to nurture that dream that he founded the Noella Tinubu Foundation in 2018, which helps to build capacity, support the vulnerable, and transform the lives of marginalized women, children/young adults and the elderly in specific communities by providing lasting solutions. The foundation works with experts in relevant fields to champion their causes, whilst looking to the future and working to keep the momentums going through innovative solutions.

The Foundation was founded in partnership with Layal Tinubu, Seyi's wife and they work with dedicated network of partners to develop and execute impactful initiatives that address various national challenges.

Seyi is equally passionate about foreign investment and privatization, information technology & (advertising) outdoor and digital, human resources, and that explains his passion to deploy his expertise to ensure that his father succeeds in such key areas. As a testament to this, he has attended numerous local and international business summits including the Lagos Small Business Summit held in 2019, SDG summit in Ghana, among others.

For his efforts, he was inducted into the Class of 2018 Hall of Fame at the Nigerian Stock Exchange; was featured in The Business Year publication and his insightful thoughts on business growth published for the benefit of readers.

In the same 2018, his company was named as one of the top 1000 fastest growing SMEs in Nigeria by BusinessDay newspaper.

For the objective-minded members of the public, what’s striking is that ALL of these accomplishments were attained nearly SEVERAL years before Seyi Tinubu’s father became president and more than a decade after he left office as Lagos state governor.

So it remains disingenuous and grossly inaccurate to reduce such level of dedication to business growth, industry, resilience and passion for societal development to the mere fact of Seyi Tinubu’s father being the president.

“What is the son but an extension of the father?” quipped Frank Herbert. There isn’t any better reflection of this reality than how Seyi has shown doggedness by following the footsteps of his father, Asiwaju Bola Tinubu.

Without doubt, Dr Abati’s Tirade on “what the President’s children do for a living” is rooted in ignorance of happenings within the fast-growing business and digital technology spaces in Nigeria and beyond, where Seyi Tinubu has remained a key player and influential source of inspiration for millions of young people.

A prolonged legal dispute between Dangote Farms and a global cotton company, Plexus Cotton Limited, regarding non-payment of an arbitral sum may result in the closure of Dangote Farms, a subsidiary of the Dangote Group.

Plexus, headquartered in England, entered into a cotton supply contract with Dangote Farms in 1996.However, Dangote Farms reportedly breached the agreement by delivering only 1,450 metric tonnes of raw cotton instead of the agreed 3,700 metric tonnes.

Consequently, Plexus initiated arbitration proceedings against Dangote in Liverpool, resulting in an arbitral award issued against Dangote in 1998.

The tribunal, led by the President of the Liverpool Cotton Association, found Dangote in breach of the contract and awarded $431,000 in favour of Plexus, equivalent to the unfulfilled supply plus an 8% interest rate.

Despite Dangote’s attempts to overturn the arbitral award in England and Nigeria, Court documents made available to POLITICS NIGERIA revealed their efforts proved futile. For instance, Dangote’s initial appeal before the Federal High Court in Lagos, claiming lack of awareness of the arbitration, was dismissed as incompetent.

"The fact and evidence of the Defendant outweigh the mere assertion made by the Claimant that it had no knowledge of the arbitrator or that it was denied the right to appoint its own arbitrator,” the presiding judge, Justice DT Okuwobi ruled in 2015."

"A court has no jurisdiction to award interest on an arbitral award or to otherwise interfere with the award. The counterclaim now found incompetent is hereby struck out.”

Similarly, a three-man panel at the Court of Appeal in Lagos affirmed Justice Okuwobi’s ruling in 2018.

According to the presiding judge, Justice Biobele Georgewill, Dangote cannot contest the outcome of the “arbitration it had neglected, boycotted and or failed to participate in”.

Award Value rises to $2.4 Million

With the arbitral sum unpaid for over 25 years, it has accrued to $2.45 million, according to a recent filing by Plexus at the Federal High Court in Lagos. The British company is now seeking a winding-up order against Dangote Farms to enable liquidation of the company’s assets.

“Your Petitioner therefore humbly prays that: Dangote Farms Limited be wound up by the Court under the provisions of the Companies and Allied Matters Act, 2020 for its inability to pay and satisfy its liquidated money sum owed by the Respondent to Your Petitioner and established by copies of the attached notices and orders of court.

"The Respondent's refusal to liquidate its aforesaid indebtedness to Your Petitioner has occasioned serious financial hardship and unnecessary expenses to Your Petitioner and ought to be wound up to prevent its future indebtedness to other commercial entities."

"The Respondent is, by its own admission, unable to pay its established debt to the Petitioner and the sum owed by the Respondent is increasing daily owing to the interest element, and in the circumstances it is just and equitable that the Respondent be wound-up. As of November 30, 2023, the sum had become $2,452,695.44,” the court documents filed in December read in parts.

The Case is up for hearing on March 19th

BUA Cement released its audited financial statements for the full year 2023, revealing robust revenue growth of over 27 percent, totaling N460 billion. This achievement comes amidst challenging economic conditions stemming from the Naira redesign policy.

Despite facing these significant hurdles, including Naira devaluation and persistent inflation, the company demonstrated resilience, posting a revenue growth of 27.4 percent. However, production costs soared by 39.5 percent to N276 billion, compared to N197.9 billion in 2022.

In the face of these challenges, BUA Cement reported a net foreign exchange loss of N70 billion, primarily attributed to finance costs related to the construction of additional 3mmtpa lines at its Obu and Sokoto plants, as well as foreign trade payables amounting to N17.5 billion. Nonetheless, the company managed to achieve a net profit after tax of N69.5 billion.

Yusuf Binji, the Managing Director/CEO, acknowledged the tough operating environment in 2023 but highlighted the company's initiatives that contributed to revenue growth, including the BUA Cement Scratch and Win promo. Furthermore, the commissioning of new production lines and gas power plants at Sokoto and Obu plants, along with investments in distribution infrastructure, bolstered market presence.

Binji emphasized the company's commitment to addressing Nigeria's housing and infrastructure needs sustainably while striving to make cement more affordable. He also noted the completion of the new 70MW gas power plant in Sokoto and anticipated activation of the same plant in Obu during the first quarter of 2024.

In his words: "Clearly, the operating environment in 2023 was challenging, given the different headwinds confronted with at the start of the year and especially with the devaluation of the Naira. During the year, we launched the maiden edition of the BUA Cement Scratch and Win promo., among other initiatives, which saw BUA Cement further increase its share of the market and resulted to a 27.4 per cent rise in revenues to N460 billion from N361 billion in the prior year."

"In addition, we commissioned the new 3mmtpa lines at the Sokoto and Obu Plants, activated a new 70MW gas power plant in Sokoto and eagerly await the activation of the 70MW gas power plant at Obu during the first quarter of 2024,"

Jacques Piekarski, the Chief Financial Officer, praised the company's resilience in the face of economic challenges. Despite the foreign exchange loss, EBITDA increased by 9.6 percent to N169.3 billion, reflecting the company's confidence in its business prospects and evolving strategy for growth.

When the Nigerian President, Bola Ahmed Tinubu, was sworn in on May 29, 2023, his first policy intervention in Nigeria’s opaque, corruption-laden oil sector surprised everyone. “Subsidy is gone!” Tinubu exclaimed during his inaugural address at the Eagles Square, Abuja, shortly after he was sworn in as the 16th President of Nigeria. He added that there was no provision for subsidy in the national budget from June 2023 and, therefore, it stood removed.

If international investors had any doubt about Tinubu’s commitment to combat Nigeria’s hydra-headed corruption and sanitise the nation’s economic policy space, the declaration indeed put paid to it, and signalled his intent from the start.

Not relenting in its reform drive, barely a month after the subsidy removal declaration, the Tinubu government through the Central Bank of Nigeria (CBN) announced the unification of all segments of the forex market collapsing all windows into one. The bank said it was part of a series of immediate changes to operations in the Nigerian Foreign Exchange (FX) Market, in a bid to improve liquidity and Naira stability.

In its reaction to the raft of policy reforms, the International Monetary Fund (IMF) applauded the economic reforms, noting that the measures were a pathway towards stronger and inclusive growth.

A former President of the World Bank, David Malpass, also lauded the economic strategies employed by Tinubu since assuming office. In a tweet, Malpass declared: “Glad to see @officialABAT taking concrete steps to scrap Nigeria’s harmful government subsidies and multiple exchange rates. These are important steps toward currency stability, lower inflation, and reduced corruption in Africa’s most populous country.”

As in all reforms, the ripple effects of the policies are being felt across boardrooms and on the streets, even as government remains optimistic about the long-term benefits.

While the reforms have shown the direction of the Tinubu government’s economic policy, they have also shown how audacious the president can be in driving reforms in the interest of Nigerian poor masses, without giving undue advantage to businesses considered “sacred cows”.

Tinubu himself made this known at a civic reception organised in his honour by the Lagos State Government at Lagos House, Marina, last October.

“I could afford to share the benefit by participating in the arbitrage, but God forbid! That’s not why you voted for me,” Tinubu said at the reception, defying the possible impact of the audacious moves on public sentiment.

“We have no choice,” he added, noting that it’s important to ensure the good use of available resources to unable government “re-engineer the effectiveness of the control and management of our resources in order to meet the obligations to Nigerians by political officeholders.”

The Price of Audacity

Last week, officials of the Economic and Financial Crimes Commission (EFCC) visited the Dangote Group headquarters in Lagos as part of an investigation into forex allocation in the past years.

Dangote Group is one of Africa's largest companies owned by Billionaire businessman, Aliko Dangote.

The move was part of the ongoing investigation into the abuse of the foreign exchange allocations by former CBN governor, Godwin Emefiele, under whom reports said there were preferential foreign exchange allocations made in defiance of extant financial rules and regulations, and the CBN Act.

Already, Emefiele is being charged for gross violation of extant laws and abuse of office, according to a report by Jim Obazee, a Special Investigator appointed by President Bola Tinubu to scrutinise the activities of the CBN under the former CBN Governor.

The Obazee report, as seen in national dailies and which is yet to be made official, alleges that Emefiele employed surrogates to obtain shares in a new-generation bank during his tenure at the helm of the Central Bank of Nigeria (CBN). Other accusations in the alleged report against Emefiele encompass a spectrum of financial misdeeds, including unauthorised funding of 593 offshore bank accounts, fraudulent cash withdrawals from the CBN vault, gross financial misconduct involving the former governor and his Deputy Governors, and substantial fixed deposit holdings amounting to £543.4 million.

He is also accused of manipulations of the Naira exchange rate, irregularities in the e-Naira project, unauthorised printing of new currency denominations, and substantial expenditures on dubious legal fees, fraudulent interventions, COVID-19-related irregularities, and misrepresentation of presidential approvals on various financial strategies.

Since the recent EFCC investigations began, there have been concerns on how the optics of such investigations could affect the business environment and possibly scare investors away.

But could a move to sanitise the system, curb corruption, instill discipline and provide level-playing fields for all businesses indeed jeopardize investment and scare away investors?

Like BAT, Like MBS

The fears around President Bola Ahmed Tinubu’s reforms are reminiscent of similar fears around a sweeping crackdown on corruption ordered by Crown Prince Mohammed bin Salman, also known as MBS, in Saudi Arabia.

When the reforms began, reports premised on scaremongering dominated media headlines as many wondered what the ripple effect of the reforms could mean for the Saudi economy.

But against the background of the reforms, outlined in the Kingdom’s Vision 2030 blueprint, Saudi Arabia is all set to become one of the most sought-after destinations for businesses in the Middle East and North Africa region.

44 international companies have already moved their regional headquarters to Saudi Arabia, according to official figures, with the prospects improving by the day. At least 80 firms have been issued regulatory clearances to establish their offices in the Kingdom, too.

In recent months, several noted firms, including PwC Middle East and Egypt’s Intella, inaugurated their regional headquarters in Saudi Arabia, indicating Saudi Arabia’s investment-friendly evolution.

In Nigeria, a PwC report on the impact of corruption shows that corruption in Nigeria could cost up to 37% of Gross Domestic Products (GDP) by 2030 if it is not dealt with immediately. This cost is equated to around $1,000 per person in 2014 and nearly $2,000 per person by 2030.

What can be deduced from the report is that Nigeria cannot attain economic development and inclusive growth that will lift millions of Nigerians out of poverty until corruption, especially in business environment, is fought head-on.

So far, with the probe of the CBN, cancellation of round-tripping through the abolition of multiple exchange windows, and removal of opaque, unsustainable fuel subsidies, the Tinubu government has shown a rare commitment to fighting corruption and ensuring a fair investment ecosystem—one that gives investors equal access and opportunities irrespective of where they come from. Without doubt, this has sent positive signals to investors and businesses (local and foreign) worried about Nigeria’s sometimes opaque systems.

To quote a Bloomberg publication on corruption, "Graft may always be with us, but governments can choose either to tolerate and even assist it, or to confront it vigorously." Will the Tinubu government continue on this pathway of sanitizing endemic corruption or will it bow to scaremongering by vested interests?

Dumebi Ifeanyi is a senior public affairs analyst for Communications and Digital Engagement Nigeria

Beware the fury of a betrayed friend. A patient, pitiless friend like Godwin Emefiele. The embattled former Governor of the Central Bank of Nigeria (CBN) may be out for blood amid his trial for fraud and official misconduct during his time as CBN head honcho.

Indeed, revenge is the sweetest morsel to the mouth that ever was cooked in hell. Against the backdrop of the invasion of Aliko Dangote’s office by operatives of the Economic and Financial Crimes Commission (EFCC), speculations are rife that the man hitherto regarded as Africa’s richest billionaire may have been thrown under the bus by the former CBN boss.

Sources close to the duo revealed that the EFCC’s three-hour invasion and ransack of Dangote’s office and archives, today, may be connected to his rumoured falling out with his ex-buddy and business associate, Emefiele.

The latter had reportedly reached out unsuccessfully to Dangote, from detention.

It is alleged that Dangote persistently snubbed attempts by the ex-CBN governor to get his attention; likewise he reportedly snubbed members of Emefiele’s family who tried to seek his assistance for their breadwinner who is currently facing trial for financial misappropriation, including a major transaction involving Dangote, during Emefiele’s tenure as CBN governor.

Frustrated, Emefiele reportedly started singing like a canary to the anti-graft agency, so doing, implicating a lot of his cronies and associates – many of whom have abandoned him in his hour of need.

Thus when the EFCC operatives stormed the Lagos head office of the Dangote Group to conduct a search on forex allocations to the company during the tenure of Emefiele as CBN governor, many concluded that its Emefiele hacking his pound of flesh of Dangote, who allegedly betrayed him. Dele Oyewale, the EFCC’s spokesman, has also confirmed the development.

It would be recalled that, on June 9, President Bola Ahmed Tinubu suspended Emefiele from office with immediate effect. This was disclosed in a press statement from Willie Bassey, the Director of Information for Secretary to the Government of the Federation, George Akume.

Emefiele’s suspension followed an ongoing investigation of his office and the planned reforms in the economy’s financial sector. Emefiele’s suspension and subsequent trial have been linked to a significant scandal involving the borrowing of $1 billion that occurred just before the inauguration of the new administration of President Tinubu.

Startling revelations emerged, shedding light on Emefiele’s actions in obtaining the funds. It is alleged that on April 24, 2023, after the elections and in preparation for the May 29 inauguration, Emefiele borrowed $1 billion from Afrexim Bank.

Shockingly, within two days of receiving the money, $750 million was swiftly transferred to Aliko Dangote’s Dubai accounts using a Form A transaction. These revelations have sent shockwaves throughout the nation, raising concerns about integrity, collusion, and potential abuse of power. It is claimed that the Tinubu then the new President-Elect, was kept in the dark about this transaction.

The scale and method of the transaction are deeply troubling. Sources within the CBN suggest that Emefiele sold the dollars to Dangote at an exceptionally low rate of N445 Naira to the dollar.

On April 24, 2023, $1 billion was deposited into the CBN JP Morgan account from Afrexim Bank. Within two days, $750 million was transferred to Dangote’s Bluestar Dubai account using the “Form A” transaction method, bypassing the requirement of a Letter of Credit. Bluestar has had connections to Dangote since 2007.

While some CBN officials expressed concerns about these transactions, the revelations underscore the potential for money laundering and illicit activities within Nigeria’s financial system, casting a shadow on the CBN’s integrity during Emefiele’s tenure.

There is no gainsaying President Tinubu took decisive action by suspending Emefiele and initiating a thorough investigation of his tenure as CBN governor.Emefiele, who is seeking a plea bargain in the criminal suit filed against him by the federal government is facing a 20-count charge over an alleged conspiracy to carry out procurement fraud, among others.

It would be recalled that both Emefiele and Dangote enjoyed a chummy relationship before Emefiele’s sack and subsequent trial and things went awry between them. Back then, no favour was deemed too much or expensive by Dangote as a means of oiling his relationship with the ex-CBN governor.

For instance, he saw nothing wrong in releasing his private jet, a couple of times, to Emefiele, who enjoyed unrestricted access to the aircraft.

Going about in Dangote’s private jet apparently made work easier for the CBN governor. He did not have to queue to board commercial airlines and he found it extremely comfortable and luxurious to travel in style aboard the aircraft of Africa’s richest billionaire and philanthropist.

Both men are definitely a long distance from that era and they’ve drifted far apart.

The new Nigeria under President Bola Tinubu is one not shackled by atavism, dogma, and primordialism. It is a Nigeria defined by the purest ideals of fairness, equality, and justice. It is a Nigeria run on the eternal H20 of unity, purpose, and shared vision. It is a Nigeria of immense promise.

President Tinubu has been relentless in spreading the pollens of positivity, unity, and truth, fecundating minds and thoughts and mobilising consciences towards his vision. Leadership must possess the facility to inspire trust for the collective vision, and this agency the administration is galvanising. During the Christmas holidays, on different platforms, the President dispatched his accustomed statesmanship and statescraftship. He held seminal meetings where he reiterated his vision for a united and prosperous Nigeria.

Speaking at the Ansar-Ud-Deen Central Mosque in Surulere, Lagos, on December 22, 2023, where he went to observe Jumaat prayers marking the centennial anniversary of the Ansar-Ud-Deen Society of Nigeria (ADS), the President reaffirmed his avowed essence, declaring that he would always be fair to all Nigerians and that his administration remained committed to advancing the unity of Nigeria, as well as ensuring the welfare and prosperity of all citizens.

''We are committed to enthroning a better society for our citizens irrespective of ethnic, religious, or geographical differences. The various policies already in place are expected to bring great succour to our people. We know their pains, and we are addressing them holistically," he said.

In his sanctuary, the President held meetings with a rich blend of Nigerians across the divide, and across groups and persuasions – in his true aspect as a President blind to the polarising profiles of colour, complexion, class, and provincial stratification. A President for all.

Among those, who visited the President were governors, political leaders, business figures, and a whole gamut of Nigerians. Governor Alex Otti of Abia State, one of the governors who visited, said after a meeting: “One thing is that he has a very courageous, unifying policy; the exchange rate and then removing subsidy, which actually had become a scam and costing us a lot of money. Those policies are good but then they come with the negative sides. They come with challenges for an economy where over 60 percent of the population is living below the poverty line. So, it’s not going to be easy, immediately. But I believe that if we are patient and if we go through the policies without compromising, over time, things will turn around.”

The Tinubu administration has been making deliberate, sincere, concerted, and sustained efforts to engender national cohesion. The principal ingredients for national or social cohesion are justice, fairness, equity, and trust, and these the leadership is advancing. The staunchest advocate of national cohesion and unity is the President who seizes every opportunity to declare truth, togetherness, and fairness.

In his New Year’s address, the President reprised his true form, declaring that he would always give every Nigerian equal opportunity to thrive and prosper. The President said: ‘’Fellow Nigerians, my major ambition in government as a Senator in the aborted Third Republic, as Governor of Lagos State for eight years and now as the President of this blessed country is to build a fair and equitable society and close the widening inequality. While I believe the rich should enjoy their legitimately earned wealth, our minimum bargain must be that any Nigerian that works hard and diligent enough will have a chance to get ahead in life. I must add that because God didn't create us with equal talents and strengths, I cannot guarantee that we will have equal outcomes when we work hard. But my government, in this new year 2024 and beyond, will work to give every Nigerian equal opportunity to strive and to thrive.’’

The new Nigeria under President Tinubu is not one manacled by the isms -- classism, sexism, and schisms. It is a Nigeria where citizens can thrive and prosper irrespective of demographic or geographic divergences; where women and the youth are prioritised, where hard work is rewarded and where any citizen can reach the pinnacle of his calling by sheer industry.

The new Nigeria under President Tinubu is not one characterised by insouciance and obduracy. It is a Nigeria where the leadership is attuned to citizens, focalising the welfare of the vulnerable and the most vulnerable segments of the population.

The new Nigeria under President Tinubu is a Nigeria rekindling hope with potent actions in the promises of a greater today and tomorrow. It is a Nigeria of possibilities. We can be better; we can be greater. We can be united. We can come together.

The new Nigeria under President Tinubu is a Nigeria we all have to support and work for. We all have our part to play in the Nigeria Project.

Fredrick Nwabufo is Senior Special Assistant to the President on Public Engagement[i][/i]

In a shocking revelation, Peter Ezeike, a customer of Ecobank, has accused the bank of orchestrating the theft of N3,755,000(Three million, Seven Hundred and Fifty-Five Thousand naira) from his savings account during the period of 2018 to 2019.

Ezeike, who had been residing in the United Arab Emirates (UAE) since 2017, returned to Nigeria in 2021 only to discover the significant financial loss.

According to him, the unauthorized transactions took place while he was away in the UAE, with all the activities on his account between 2018 and 2019 transpiring without his knowledge. Despite being the sole operator of a savings account, he found that deposits and cash withdrawals occurred without his consent, including a suspicious payment of N100,000 to an unfamiliar name, Aderinoye A. Quazeem.

The customer suspects insider involvement and points to his prior relationship with Ibrahim Akeyan, a former Ecobank staff at the Sango Ota branch in Ogun State. Ezeike alleges that he frequently left money with Akeyan when unable to join a queue for deposits before relocating to Dubai.

Speaking to the Foundation for Investigative Journalism, Ezeike said; “Mr. Ibrahim Akeyan was an employee of Ecobank at its Sango Ota branch in Ogun State. He was a regular face. Several times I would leave deposit money with him if I was unable to join a queue for some reason. We related freely and he knew my account details. There was never a problem then,” the Dubai returnee said.

“He is the person I suspect had tampered with my account due to that relationship I had with him. Some events that played out after I reported the missing money to the bank further reinforced my suspicion against him and even the bank itself.”

When contacted, Akeyan denied knowing Ezeike; "I don’t know the person. I dealt with many customers and I cannot remember the name you are mentioning. The customer should approach the bank for whatever issues they have. I handed over properly before exiting the bank, and if there are questions for me to answer, it is the bank that will invite or call me.", he said.

Upon his return to Nigeria in 2021, Ezeike was astonished to find an insufficient balance in his account. A detailed examination of his statement of account covering November 1, 2018, to March 30, 2021, revealed a series of unauthorized withdrawals and deposits, all transacted in his name at the Idi-Iroko branch.

Attempts to clarify the situation were met with further complications. Ezeike applied for another statement of account at the bank’s branch at Redemption Camp of the Redeemed Christian Church of God on November 22 the bank official who attended to him said his account had been blocked and the request could not be processed.

The accused branch of Ecobank initiated an investigation but has yet to provide any resolution or restitution to the customer.

Ezeike reported the suspicious transactions to Aderemi Adeleke, the branch's customer service manager, and Olajide Folake, the branch manager, seeking a thorough investigation. However, the situation took an unexpected turn when Ibrahim Akeyan contacted Ezeike on his newly acquired Nigerian phone number.

Perplexed by this development, Ezeike questioned the bank officials, only to discover that they had released his contact information to Ibrahim without his consent. The justification provided was to inform Ibrahim of the investigation before potential arrest. This revelation left Ezeike disheartened and further fueled his mistrust in the bank's handling of the matter.

Despite four scheduled meetings, Ibrahim Akeyan failed to attend any, raising more questions about the bank's commitment to resolving the issue. The case has now reached the attention of the head office, prompting a virtual meeting. However, Ibrahim's non-compliance continues to hinder progress, leaving Ezeike in the dark regarding the status of the investigation and the recovery of his funds.

This incident highlights the urgent need for a comprehensive investigation into the alleged misconduct, and Ecobank is under scrutiny for potential internal lapses that may have facilitated the unauthorized transactions.

As the investigation unfolds, the bank faces growing pressure to address these serious allegations and provide a transparent account of the events surrounding the disappearance of Peter Ezeike's funds.

A Federal High Court (FHC) in Abuja has restrained the Peoples Democratic Party (PDP) from.removing Sen. Samuel Anyanwu as national secretary pending the hearing and determination of the substantive matter.

Justice Inyang Ekwo, in a ruling, granted the ex-parte motion moved by Joshua Musa, SAN, on Thursday, a copy of the order made available to the News Agency of Nigeria (NAN) on Friday.

Justice Ekwo subsequently adjourned the matter until Dec. 4 for hearing of the motion on notice.

NAN reports that two members of the party; Geoffrey Ihentuge and Apollo’s Godspower had sued the PDP, Umar Aliyu Damagun (acting National Chairman) and National Executive Committee (NEC) as 1st to 3rd defendants.

Others are the National Working Committee (NWC) and Independent National Electoral Commission (INEC) as 4th to 5th defendants respectively.

The motion was brought pursuant to Order 26, Rules 2 and 6; Order 28, Rules 1 and 2 if the FHC (Civil Procedure) Rules, 2019 and under the inherent jurisdiction of the court.

The plaintiffs, who sought five reliefs, prayed for an order of interim injunction, restraining the 1st, 2nd, 3rd and 4th defendants from carrying out the threat to remove the national secretary (Anyanwu).

This, he said, is a violation of the provisions of Article 47 (1) of the Constitution of the PDP (as amended in 2017) pending the hearing and determination of the motion on notice.

They sought an order restraining the PDP and its executives from preventing Anyanwu discharge his functions as an elected national Officer as contained in Article 36(1) of the Constitution of the party.

They also sought an order of interim injunction restraining them from appointing any person as acting national secretary of the party when Anyanwu’s tenure is still running and subsisting until Dec. 9, 2025 pending the hearing and determination of the motion on notice.

They equally sought an order restraining INEC (5th defendant) from recognising any purported appointment of any person as PDP’s national secretary whether in acting capacity or otherwise other than Anyanwu, whose tenure of four years was still running and subsisting until Dec. 9, 2025 pending the hearing and determination of the motion on notice, among others.

Giving a 16-ground argument, the plaintiffs argued that Article 47(1) of the PDP Constitution provided for a tenure of four years for its executive committees at all levels from the date of inauguration.

They argued that Anyanwu was duly elected on Dec. 10, 2021 and was entitled to remain in office till Dec. 9, 2025. They said that an elected national officer of the 1st defendant cannot be arbitrarily removed from office in any manner howsoever without his resignation and in breach of party’s constitution.

They argued that there must be a vote of no confidence as required by Article 47(3) of the party’s constitution proposed or moved at a national convention before a national officer like Anyanwu could be removed from office, among other arguments.

Justice Ekwo granted the prayers after the motion was moved.
The News Agency of Nigeria (NAN) reports that Anyanwu was the PDP candidate in the Nov. 11 Imo governorship election where Sen. Hope Uzodinma of All Progressives Congress (APC) was re-elected.

The PDP’s NWC had, on Nov. 14, asked Anyanwu to step aside and directed Setonji Koshoedo to take over as acting national secretary.

Until his appointment, Koshoedo was the deputy national secretary.
PDP acting National Chairman, Damagum, who announced after the NWC meeting, explained that Koshoedo’s appointment was pending the resolution of the issues.

BUA Industries has finally responded to several allegations levelled against its management in 7 Page-Editorial by Aliko Dangote.

In a statement signed by its management sent to POLITICS NIGERIA, BUA detailed several acts of Sabotage by Dangote on their businesses and Operations around the country.

Events in the cement sector in the last couple of weeks have been really worrisome.
Ever since BUA Group Chairman, Abdul Samad Rabiu disclosed that his products would be sold at 3,500 per bag, the other players in the industry have been jittery.

First, the media was and is still agog with rhetorics over whether the price reduction was possible and feasible. Obviously, most of these did not come from outsiders in the industry but sponsored by industry leaders who feel threatened. Because these have not worked, stories of BUA Cement unavailability started circulating, also from the same sources.

Meanwhile, investigations revealed that BUA Distributors in EDO, Sokoto and some other parts have been picking their supplies at 3,500 per bag.

Indeed one of them,
Mike Igwe, a distributor who spoke with us confirmed that ever since the price was reduced, he has been buying at that price and that those who claim that BUA is yet to effect the price change don’t know what they are saying.

According to him, ‘the other manufacturers have reasons to be afraid. They are definitely going to lose out in the market’. Who will abandon where he’s buying for 3,500 NAIRA per bag and go to Dangote where he will pay over 5,500 Naira? he further asked.

Speaking further the Benin-based cement dealer suggested that road transportation, especially the bad roads occasioned by the rains could have been the reason why other parts of the country did not immediately enjoy what he and many other distributors around had been enjoying. However with the rains already going, other parts of the country, must have started receiving their supplies at the new price. He also figured that BUA must have jerked up production to meet the increased demand as more buyers are switching over.

Other distributors we spoke with revealed that Dangote specifically has come under intense pressure since the price reduction by BUA and has been looking for ways to ensure that he does not lose customers. They confirmed that Dangote has been giving out one free truck for every seven trucks bought by distributors, all in a bid to ensure that he saves his face. But, according to builders we spoke with, this form of tokenism will not trickle to retailers and there is no way the consumers can feel it either. This is because if you give one truck to a distributor who bought seven trucks, he will prefer to sell rather than give away the cement.

There is no doubt that Dangote and Lafarge’s reaction to BUA’s decision to cut the price of cement really betrayed their position vis a vis the current situation in the country. Nigerians need succor from all fronts. They need business leaders who can rise above money making interests and feel for the people.

Both organizations have been jittery and have resorted to arm twisting BUA rather than taking concrete steps to try and maintain their share of the market.

It is also worthy of note that sponsored analysts are springing up to make wild claims that the price cut is neither practicable nor sustainable. This, industry players know is coming from those who feel threatened by the BUA move.

For Dangote, many distributors saw this opportunity as a major step towards moving away from the company’s high handed practices. Those who spoke with us pointed to the fact that they cannot pay cash to him but only credit. According to them, Dangote will always hold on to their cash whenever price changes. He will hardly make refund if there’s increase in price unless you pay the extra money added on top.

This is unlike the practice with BUA where they supply you the goods with the old price even if there’s price increase. And given the volatility of the market presently, with BUA Cement promising to reduce the price further when they hit the 17million Tons per annum target, no one will like to be caught off guard.

Nigerians need to mount pressure on the other major cement manufacturers to join BUA in reducing the price of cement. The pressure created by the BUA move could be seen in the number of times Dangote has come out to deny any form of price increase. Meanwhile, rather than decreasing the price so that the masses can benefit, he has decided to gift distributors one truck each if and when they buy seven trucks. His intransigence and unwillingness will further make the market volatile, unpredictable and consumers may continue with this till first quarter of 2024 when BUA hits the 17million tons per Annum target and force all of them to drop prices to the 3,000 NAIRA per bag which Abdul Samad Rabiu promised Nigerians.

The dilemma the other manufacturers face now is that prices are already coming down and this trend will continue as BUA cement gets supplied at the new price all over the country.

It’s only a matter of time.

The Presidential candidate of the People’s Democratic Party, Atiku Abubakar, reached the zenith of his ambition to secure the highest office in the country when he recently stirred unbridled controversy by alleging irregularities in the certificates of President Bola Ahmed Tinubu.

As a supposed seasoned politician with a long and intriguing history in Nigerian politics, those acquainted with Atiku are well aware of his lifelong aspiration to clinch the presidency. However, his journey to attain the prestigious position has been marked by sheer desperation manifested in the ongoing dramatisation of his fabricated Chicago State University saga.

It is also not entirely surprising that Atiku would descend so low to provoke such a widespread public outcry, despite unwavering evidence that contradicts his claims about President Tinubu. Lack of integrity, as it is said, renders a man’s character as hollow as an empty vessel and Atiku’s reputation unmistakably attests to this.

Even during his civil service days, he displayed disloyal tendencies, such as when he, as the Customs Officer overseeing Murtala Muhammed Airport, defied an official directive.

The 53-suitcase scandal, which surfaced in 1984 during the currency exchange operation mandated by then Buhari administration required the inspection of all arriving baggage, irrespective of the traveller’s status. Shockingly, Atiku flouted this regulation thereby causing a major uproar that deeply scandalised the Nigerian government. With a trail of ridiculously shocking questionable wealth, a retinue of wives amidst other needless acquisitions it was unsurprising that Atiku and one of his wives were fingered in a trillion dollar corruption case and placed under close watch by the Financial Crimes Enforcement Network (FinCEN), an agency of the US Department of Treasury.

Parts of the report revealed that between 2000 and 2008, his fourth wife, Jennifer Douglas who is a US citizen, assisted Atiku, a seating Vice President to launder over $40 million into the United States. The case which was widely and globally published, once more, put Nigeria damagingly on international spotlight, causing a barrage of embarrassment to the country. Most recently, his links to a fraudulent Special Purpose Vehicle (SPV) scandal represents just a fraction of the countless corruption tags attached to his name.


Therefore, his constant display of questionable attributes should perhaps come as no shock from a man whose history is marked by dubious antecedents. It is little wonder that his political career has been characterised by a series of twists and turns in his insatiable quest to Nigeria’s Presidency which has morphed into bouts of desperation.

His frustrations are nevertheless understandable. Records have it that in 1993, when he was 47 years old, he ran for the presidency and failed to clinch the seat. Again in 2007, under the Action Congress party, he contested and lost. Also, in 2011, he once more failed at the presidential polls by a wide margin. In between switching parties, he contested in 2015, 2019 and 2023, and suffered irreparable defeats.

It is evident that Atiku is yet to recover from the irreversible loss of the 2023 election which has plunged him into this frantic state, as evidenced by his recent pitiable action of tarnishing the image of President Tinubu and by implication, Nigeria at large. At the age of 76, time has swiftly passed him by. By 2027, provided we are blessed with continued life, Atiku will be about 80, which is undeniably advanced in age and greatly diminishing his electoral prospects. What eludes Atiku’s awareness is that he is now reaping the consequences of his dubious past. Nigerians are not naive enough to elect a man with such a tarnished reputation. It is high time he woke up and smelt the cookie. He should avoid placing blame on others; his past actions are the sole spectre haunting his political aspirations.

Previously, Atiku held the position of Nigeria’s Vice President from 1999 to 2007, serving under President Olusegun Obasanjo. However, his relationship with the former president soured, resulting in his departure from the ruling party at that time, the PDP. In Obasanjo’s words in his book “My Watch” Atiku was described as having corruption tendencies, disloyal, frequent dishonesty, poor judgment, reliance on marabouts, lack of transparency and a willingness to sacrifice ethics and national interest for personal gain. Considering his long-term goal of becoming President, one might have expected Obasanjo to support Atiku’s leadership in 2007. However, Atiku’s disloyalty and inability to work as a team player became evident once again before their term ended.

After winning the 2023 Presidential primaries in his party, the PDP, his inability to prove he is an astute leader led to intraparty divisions with his own party members under the leadership of Nyesom Wike, turning against him. This indiscretion contributed to his defeat. Desperately too, Atiku has asked Peter Obi and Rabiu Kwankwaso, fellow Presidential Candidates to jettison their ambitions and support him. Laughable! Only a desperate man like Atiku will make his type of suggestions. No one else ever matters. It is only about him Selfishness. This is what narcissism is all about.

All through his history and propelled by desperation, he destroyed his political chances using his own hands. Today he is a drowning man grasping at straws. Trying desperately at every perceived opportunity to grab the presidential seat but so far, his actions have proved futile. It is a pity. Having recently lost at the Presidential Tribunal, he has yet again begun pursuing another illusion, the supposed loopholes in President Tinubu’s certifications. His pain and anger is however understandable; he cannot bear seeing the person who is responsible for his defeat rule peacefully. For the record, despite their brouhaha and intentional propaganda and manipulation of facts, the Chicago State University has claimed President Tinubu as their former student. He not only graduated, but when his letter of admission was issued, it was addressed to a Mr Tinubu. This alone counters the lies around female allegations in his bio and the Chicago State University also confirmed it was a clerical mistake. Despite the noise, the depositions are there on the internet confirming that indeed President Tinubu got a diploma from the institution. It has also clarified that Universities in the US do not prioritise issuance of certificates but only transcripts. In the case of loss of such certificate, as in the President’s case, third parties are allowed to reissue them which is where he obtained his from. For intellectual Nigerians, the cacophony surrounding the matter is baseless; they know the truth. The deposition which is clear and in black and white, serves as a witness of the truth irrespective of activities of mischief makers who are twisting the facts and misleading the public.

Regrettably for Atiku, history will likely remember him solely as a serial presidential candidate, a bitter runner-up whose desperate actions are gradually eroding what remains of his reputation. Those close to him may advise him; If he believes in Allah and destiny, it is time to take a bow and rest from his political pursuits. Let him take a back seat and play the role of an elder statesman. An old adage says that if a king does not have good advisers, he will one day come out naked. It may be worthwhile for Atiku to embrace the concept of predestination and put an end to this embarrassing charade.

Adamu Mohammed, a political analyst, writes in from Zamfara

Chicago State University has resolved the controversy surrounding President Bola Tinubu’s academic background by confirming the authenticity of his records and certificates, as revealed in a collection of documents obtained by this newspaper.

The Opposition Peoples Democratic Party (PDP) Presidential candidate in the 2023 election, Atiku Abubakar, had subpoenaed the university to provide records of Tinubu’s graduation in 1979.

In compliance with a US court order, the university submitted the documents to Abubakar’s legal team on Monday. However, since the submission, numerous reports have circulated, insinuating that the President forged his certificates or had a forged identity.

Nevertheless, the full transcripts of the deposition given by the university’s registrar, Caleb Westberg, have vindicated the President and put the controversies to rest.

During the deposition, which lasted over two hours, Westberg provided details on how the university authenticated Tinubu’s documents, including a replacement certificate. The 125-page deposition obtained by this newspaper revealed that Westberg mentioned the university had been receiving inquiries about Tinubu’s records for the past 20 years, ranging from five to 30 requests per day.

Validation

The CSU Registrar affirmed that Tinubu graduated from the institution in 1979, majoring in Accounting under business administration. He also verified that the certificates presented by the university in 1979 bore similarities with the replacement diploma Tinubu obtained in 1999.

The university had provided other replacement diplomas with the same design, font, and logo as the one presented to Bola Ahmed Tinubu.

Confirming Tinubu’s certificate, Westberg noted that the institution possessed a reordered copy of the President’s replacement diploma. He also clarified that the university held copies of the President’s transcripts as additional evidence of his scholarship.

“In general in the US, the diploma is a ceremonial document. In other countries, it is a more official document. For us, it is not,” he noted.

Gender Argument

Central to the controversies was the speculation that some of the documents addressed Tinubu as a female.

Examining Westberg’s testimony, Abubakar’s attorney, Angela Liu, asked, “So how are you sure that Bola A. Tinubu, listed here as female, is the same Bola A. Tinubu, who is President of Nigeria?”

Addressing the discrepancy, Westberg stated that the university was not confused about Tinubu’s gender.

“The university is not confused about that. We issued an admissions letter to Mr. Bola Tinubu. He applied as a male student. That is a part of the record,” he said.

Regarding the review of the SSN (social security number) on the document being circulated as showing Bola Tinubu as female, the registrar stated that it was clearly an error.

“Human errors happen,” the official commented.

When asked how the university concluded that President Tinubu was the same as the Bola Tinubu who attended the school in the 1970s, Westberg noted that the school reviewed materials, including Tinubu’s student file, addresses, names, fields of study, and other relevant details.

“The university would have reviewed all of these materials when we received them,” he stated in response to a question from Tinubu’s lawyer, Henderson.

Seyi Tinubu, the son of President Bola Tinubu, was captured on video attempting to defuse a heated altercation among a group of young individuals in Abuja yesterday.

Footage seen by our correspondent shows Seyi Tinubu in the midst of the confrontation, firmly gripping the head of one of the youths while engaging in a conversation.

He was surrounded by others on a street in the capital city of Abuja.

Despite the young man's attempts to break free, Seyi Tinubu maintained his hold on him throughout the incident. The precise circumstances that led to the President's son finding himself in this unusual situation remain unknown.

Eyewitnesses reported that his intervention played a crucial role in de-escalating the situation, preventing potential harm, and restoring order.

The governorship candidate of the Peoples Democratic Party (PDP) in Imo State, Senator Samuel Nnaemeka Anyanwu has urged Anglican Bishops across Imo state not to vote for any candidate that has failed the constitutional responsibility of curbing insecurity, appealing to them to vote for PDP whose previous administrations were adjudged to be most peaceful and prosperous.

Anyanwu maintained that Imo people have witnessed untold hardship since Uzodinma took over the governorship seat, and warned that suffering, and starvation may continue if APC is allowed to continue in the state.

He said that so far, lots of human lives have been wasted in the state, regretting that most of the people murdered in cold blood for committing no offence are still crying for justice. He advised those in the habit of killing pastors, and Bishops to desist and repent to be useful in society.

Anyanwu maintained that for the tears of those killed to receive justice, the land of Imo state needs to be spiritually and physically appeased or cleansed to pave the way for the growth and development of the church as well as the society at large.

The PDP flag bearer stated this while speaking as a Guest at the 2023 3rd session of the 22nd Synod of the Anglican Diocese of Owerri held at the Christ Church, Owerri with the theme: “Effective Use of Your Spiritual Gifts for Service and Church Growth”.

“If I become the Governor, my government will approve yearly subvention for the revival of mission schools and the religious groups in the state. I am not bothered about the November 11 Governorship election, I am excited and preparing for my swearing-in because God has already conducted the poll in my favour”.

“In today’s financial record for sponsoring each of the Imo youths to Europe, it will cost the state N6,500,000 after all travelling processes. Put the entire cost together to reflect the 4, 000 people, it will amount to N26, 000, 000, 000 (twenty-six billion Naira). This is an impossibility that my APC opponent cannot do. I advise him that instead of spending such a huge taxpayers money for a fruitless exercise, he should give each of the 4, 000 Imo youths a token of N6 million to set up businesses here in the state to become self-reliant and employers of Labour in a few years if indeed Uzodinma is not playing politics ”

According to him, society is gradually going down the drain simply because political leaders in all spheres of public office have refused to activate their spiritual lives to reflect the present realities, adding that until leaders begin to imbibe the spiritual life of Christ in them, the growth of the society would continue to wane.

Anyanwu therefore called on them to mobilize their members across the state for PDP, assuring them of his desire to stop insecurity, boost agriculture, construct quality rural and urban roads and bring peace back to the state.

Meanwhile, he was accompanied by his Deputy, Rt Hon Jones Onyereri, Prince Marshall Okafor-Anyanwu (Secretary General of the Campaign Council), Hon Mike Ahumibe (PDP S’East Org. Sec), Evang. Mike Ikoku, Chief Hon Dennis Okwu (Sweet Apple), Hon Henry Onwukwe, and Chief Ben Duru.

Others include Dr Emeka Onyema, Mazi Ikenna Onuoha, Lolo Esther Aguwamba, Lady Huldah Ihetuge, Barr Gerry Egbuhuzor, Hon Jude Opara, Barr Tony Eze, Mr Chibuike Obiukwu, and a host of women, and youth groups, amongst others.

The Dangote Refinery, a significant undertaking in Nigeria, is enmeshed in new controversy. This time, there is tension between the Nigerian National Petroleum Corporation (NNPC) and Aliko Dangote, Africa's richest man and owner of the Dangote Group, which has sparked concerns over the safety, quality, and ethics surrounding the refinery.

Inside sources have informed us that Alhaji Aliko Dangote has applied for a license to operate, which is the last step of approval before any refinery can start any form of production but NNPC, the regulatory body has hesitated to provide this license due to safety concerns, because the refinery remains uncompleted. He also approached the NNPC to purchase crude but the NNPC declined saying they cannot sell crude to a refinery that is uncompleted. It is now alleged that Dangote is trying to source Nigeria’s crude through trading houses which he would then import into Nigeria - a move that might be seen as 'going through the backdoor.'

But even if he gets the crude, there are safety and quality concerns voiced by employees of Dangote, contractors, and some officials at NNPC. Without the completion of the refinery, there are concerns that the quality of jet fuel and diesel produced would be subpar. NNPC is anxious because substandard jet fuel and diesel could endanger lives. The refinery, as it stands, can only carry out the first phase of crude distillation which is similar to what illegal refineries operating in the Niger Delta region have been found to do. However, due to the complex nature of the Dangote Refinery, whose catalytic cracking unit is still uncompleted, the quality of the refined products is in question.

It is alleged that some staff within the Dangote Group have voiced their apprehensions regarding the move to start the refinery without its completion. Despite these valid concerns, Dangote's response suggests a desperate need for the venture to work, potentially as a 'matter of survival.'

Financial Strain biting hard?

Dangote is reported to be mired in significant debt, pushing the company to the brink of receivership if they don't secure additional funds to repay certain loans by December. This financial pressure may explain why Dangote is so eager to secure a license to start operations, even with the refinery not being fully complete.

POLITICS NIGERIA recalls that earlier this year, the uncompleted refinery was hurriedly commissioned by the former President Buhari in order for Dangote to access additional equity funding from the Nigerian Government as well as a crude allocation of 300,000 barrels per day which insiders say would have been sold to raise cash for creditors and partly fund the completion of the refinery. This crude allocation was however put to a hold when the new Government of President Tinubu was sworn in, and it was discovered that the refinery was far from being complete but was falsely commissioned in order to take the crude allocation and sell outside the country.

The standoff between Dangote and the NNPC underscores a broader issue of safety, quality, and financial security that have bedevilled the Dangote refinery project. With concerns over substandard products potentially jeopardizing lives of workers at the uncompleted refinery and Nigerians in general, and a major business figure risking immense financial losses, the resolution of this impasse will have far-reaching implications for Nigeria's oil industry.

Some disgruntled senators keen on impeaching Senate President Godswill Akpabio are also scheming to ‘destabilize’ President Bola Tinubu’s government, this newspaper can report authoritatively.

Reliable sources familiar with the grand scheme identified four Senators from the North, including two former Governors from the Northwest region, who are heavily committed to the plan.

In the past weeks, several meetings have been held by these Senators who are bent on ousting Akpabio, which is the ‘first phase’ of their plan.

Two of those meetings were held outside the country, this newspaper gathered.

According to sources in the National Assembly, Akpabio’s closeness to the President threatens the independence of the legislature and some lawmakers have frowned at that.

Some other Senators are still aggrieved about the emergence of the leadership of the National Assembly and the zoning arrangement adopted by the All Progressives Congress, APC.

“These people have not been pacified and are willing to do anything to make sure Akpabio is removed,” said a top official who does not want his name disclosed.

This newspaper also learnt that the aggrieved lawmakers have been meeting with other colleagues to win them over to their side in a bid to get enough votes for impeachment.

“Some lawmakers and Governors from the South are also in on the plan. Two lawmakers from Southwest have joined the group,” another source commented.

As of the last count, they have secured the support of ten Senators, while still expecting a positive feedback from many others.

Plan to destabilise

As part of the plan, these Northern Senators also hired Marabouts in Saudi Arabia to ‘pray’ and ‘lobby’ to create a 'situation' in the Nigerian Senate in order to change its leadership

Further Investigations showed that they are also making plans to make the Tinubu Government unpopular in the Northern region by employing services of armed non-state actors.

“This plot is being spearheaded by the senator from Bauchi who is the head of a major security committee in the senate,” a source privy to the plan confirmed.

He added that the lawmaker has also utilised this sensitive position to form alliances with violent non-state actors to create insurrections in the north with the goal of destabilising Tinubu's government.

“You noticed that reports of bandit killings and kidnappings have reduced. They are planning to resume their activities in full force,” the source disclosed.

All of these are attempts to force the President to negotiate with them and let them produce a new Senate President should they fail to get the majority votes needed to impeach Akpabio.

Floating new party

The aggrieved lawmakers, after removing Akpabio, agreed to float a new party that will rival the ruling APC.

According to sources, they have also concluded the registration of the party using some of their cronies who are outside of the APC. The new party, sources said, would exploit the weakness of the Tinubu-led administration to cede power back to the North in 2027.

Some of the Northern elites and businessmen have also committed resources to ensure that this happens in the 2027 general election, our reporter gathered.

It's no longer news that First Bank shares have been on a downward trajectory with shareholders losing billions since the battle for control of the one-time troubled bank ensued.

A report by Enigeria News which chronicled the history of a series of battles between billionaires struggling to have control of the bank since 2019 when the management tsunami that saw the ousting of Oba Otudeko’s alleged proxy, Ibukun Awosika, occurred in what was known to many as a careful operation allegedly spearheaded by the now disgraced and suspended former governor of the Central Bank of Nigeria, Godwin Emefiele also revealed other sensitive issues that almost sank First Bank despite its classification as a Systemic Important Bank (SIB).

However, in his recent comeback which is still under contention, Otudeko on June 2023 after acquiring the largest share in First Bank in a cross-deal valued at N87.8 billion became the highest individual shareholder in the bank, a move that has become the biggest nightmare of his fellow billionaire Femi Otedola.

The shares that Otudeko bought at N19 per unit are said to be the largest volume of First Bank shares traded in a single day since 2012 when the stock exchange started publishing data, according to a report by Arise News.

The move was considered to be too good to be true, as shareholders were thrown to discomfort over the validity of the trades as they strongly held the view that no single shareholder hitherto officially owned as many shares, and just like World War II, the battle between Otedola and Otudeko ensued ever since.

Although in a recent Annual General Meeting which is still being contested in court, Femi Otedola was appointed a director by some shareholders of the bank; his ragging battle with Otudeko continues to rub off negatively on innocent shareholders of First Bank who daily decry rising losses after several billion went down the drain following the recent collapse of FBN shares in the stock market.

According to ENigeria Newspaper, the stock market performance of FBN Holdings has not been encouraging lately. This is as the company’s share fell to N19.80 kobo, from N21.5 kobo per share.

It was also learned that the total market valuation of FBN Holdings fell to N710.72 billion from N771.74 billion earlier reported a few months back.

Consequently, recent data again suggests that the impact of the raging battle between Otedola and Otudeko continues to wreak havoc as First Bank Shares plunged further with shareholders now losing another whopping sum of over N80.76bn.

This is as Shares of First Bank dropped from N18.80 on August 18 to N16.55 on August 25, causing shareholders to lose N2.25 for every single share held.

For instance, on Monday, August 21, FBNH shares began trading at N18.80 with a market capitalization of N674.83bn but it plunged to N16.55 per share, triggering a fall in market capitalization to N594.1bn.

The drop led to a loss of N80.76bn, making FBNH shareholders the 6th biggest losers in the reviewed period based on a percentage drop in share prices.

It is important to note that the bank has suffered its first blow since Otedola was elected on August 15 at the company’s AGM despite an interim injunction blocking the FBNH from holding its AGM.  Otudeko has the largest majority shares held by an individual in FBNH with 13.3 percent of the company’s issued share capital of 35,895,292,791.

Otedola occupies the second place with 7.57 percent of the company’s issued share capital. Meanwhile, in the first half of 2023, FBNH declared N 187.2bn profit after tax and N383.28bn interest income.

To an outside observer, deciphering Nigeria's digital government communications in years past may have seemed like trying to find one's way through a bustling Lagos market during rush hour - vibrant, but chaotic. Individual voices, personal social media handles, fragmented narratives; the cacophony was deafening, and the message often lost. Same for many Nigerians. Getting a straight story from government officials once meant diving into a digital maze. Nigerians had to sift through tweets, Facebook posts, even Instagram stories from personal handles of government aides, seeking what’s official amidst personal reflections. The challenge? Too many voices, not enough clarity.

This wasn't merely an issue of optics; it was symptomatic of a deeper malaise, a lack of robust structures, systems, and institutions guiding our digital voice. In the digital age, where clarity is prized and misinformation spreads in seconds, the stakes couldn't be higher. Where the government communications from personal handles scaled through, it became an albatross on the neck of the government because, governance is not simple mathematics - things could change during implementation and thus communications not properly structured at the time of dissemination could later become promises unkept to the populace. And for a nation as dynamic and diverse as Nigeria, clear, consistent, and unified communication is not just desired; it’s a must. While global counterparts have effectively harnessed digital channels for streamlined information dissemination, Nigeria used to seem lost in the cacophony of personal glory and voices. Notice me syndrome, I call it.

Then began the Tinubu era, heralding a season of change.

The first noticeable shift was structural. There was an intentional movement away from fragmented communications, towards consolidating voices both on traditional platforms and digital ones. This does not look to be about stifling individuality; it seems as results are showing, to be about coherence. The structural framework put in place has so far ensured that while multiple conversations happened, they echoed a central theme, a unified narrative. I believe president Bola Tinubu made a right choice picking trusted hands and diverse communicators and journalists with solid backgrounds from his team. From Tunde Rahman, his longtime spokesperson and former editorial staff of Thisday Newspapers to Tope Ajayi - the affable and well rounded journalist and media practitioner, Otega Ogra, the young, experienced and well respected communications strategist - a former Director of Communications at BUA Group who also setup and partly managed the President’s digital communications programme leading to his primaries and elections, Abdulaziz Abdulaziz - one of the notable voices from the north in the media space who was a former deputy editor of Premium Times and on the editorial board of Daily Trust , and finally, Ajuri Ngelale, a crossover from the previous administration known for his nuanced, passionate takes on the Presidency who is now the president’s official spokesperson, President Tinubu has created a dream team of senior advisers in communications.

But structure alone isn't enough; you need systems that work. For instance, bringing in a strategic communications expert from the organised private sector was a masterstroke. This will be the first time ever it is happening in the Nigerian Presidency. It felt like introducing a sophisticated traffic management system to our erstwhile bustling market. In less than a month since they have been appointed, the flow of presidential communications became smoother, more efficient. Messages are now timely, consistent across all platforms, and in sync with the realities of the digital age.

Institutionally, there has been a clear shift in ethos. No longer is digital communication seen as an afterthought, an 'add-on' to traditional means. Yet, while they have made significant strides, the digital highway is ever-evolving, and there’s more ground to cover. Here’s a thought - true communication isn’t just about talking; it’s about listening. Platforms that foster this two-way dialogue, where feedback isn’t just received but actively sought, can be transformative. Now, the media aides must be given agency, and equipped to handle the demands of the 21st century without the unspoken bureaucracy that hindered the jobs of media aides in the last administration especially in the digital and broadcast spaces. If this is done, it will be akin to turning our beloved 'Buka' into a fine-dining experience – the essence remains, but the approach and delivery are elevated.

As the Tinubu Presidency navigates this new terrain, there's more to be done. The media team need continuous training for themselves and those of the ministers to adapt to the ever-evolving digital landscape. If they are not already doing this, they need to set up a Presidential Communications Team that encourages in-house coordinations. Feedback systems with the public should be institutionalized especially in digital and broadcast, ensuring a two-way conversation between the government and its people.

Our youth, the digital natives, shouldn't just be passive recipients of information. They should be active participants, integrated into the very systems and structures that govern digital communication. It should be about co-creation and as we strengthen these systems, transparency should be foundational, ensuring that the very structures we build are trust-worthy because where there are hiccups, and there will be, transparency is vital. In an age where information is always at our fingertips, honesty isn’t just the best policy; it’s the only one.

Lastly, on representation. We have one President, one Presidency. Yet, the voices that echo this Presidency’s ideals can be manifold and the media aides must avoid a situation which projects them alone as trusted voices. Respected figures, especially from traditional media, must be coopted as they can act as effective amplifiers online and offline, ensuring the essence of the message remains undiluted. Leveraging respected figures, will help amplify the central narrative, making it resonate far and wide and build even more trust in the Presidency’s messaging and narratives. The media aides will need to ensure that the public is not moved to thinking they are the Presidency alone. Ample face time must also be given to other individuals and systems that make the presidency tick. That’s how you build trust in systems.

In wrapping up, it's clear Nigeria is on a transformative journey. Under the Tinubu administration, if his media and communications team decide to focus on structure, sustainable systems that will outlive their time in government, and institutions, Nigeria will not just be improving its government communications; it will be redefined positively.

If they can sustain this in the Tinubu Presidency, there’s a promise of more coherent days ahead in terms of communications. Here’s to clarity, coherence, and a Nigeria that speaks - and listens - with one vibrant, unified voice.

The Imo State Chapter of the Peoples Democratic Party (PDP) has inaugurated its campaign council for the Nov. 11 governorship election with a boost from two APC stalwarts, Rochas Okorocha and Senator Ifeanyi Araraume.

Their endorsement of the PDP candidate, Senator Samuel Anyanwu was announced at the event in Owerri on Tuesday.

Several members of Okorocha's Rescue Mission Group and Araraume's Destiny Group announced their endorsement of Anyanwu adding that he was the only candidate who could wrest power from Uzodinma.

The council was inaugurated by the party’s Chairman, Mr Charles Ugwu. Speaking on the development, Ugwu revealed that the campaign will have Ikenga Ugochinyere, a member of the Federal House of Representatives, as Director-General, and Prince Marshal Okoroaforanyanwu as Secretary.

He charged all party members to work towards ensuring the party’s victory in the election.

The Party's Gubernatorial Candidate, Senator Samuel Anyanwu, during his speech, disclosed that he is in the race for the position of Governor to end killings and insecurity in the state, revamp the state’s health system and restore the dignity of the workforce and pensioners alike.

He said that he would return tourism to the state and get the local governments working again. He charged the council not to be afraid, but to carry out its lawful duties and not be intimidated by any person or group.

“I will lead and I fear nobody. I want to stop the bloodletting and suffering in the land. Do not be afraid, I know where I’m coming from.

“I am your messenger and I will lead you right. My name is Samuel, God has spoken and I have heard”, he said.

Okoroaforanyanwu, secretary of the council said that the PDP’s choice of Anyanwu, who is from the Imo East senatorial district , favored the principle of equity.

He said the district had ruled the state for only seven months since the return of democratic rule in 1999.