₦airaland Forum

As Nigerian investors in the crashed Ponzi cryptocurrency platform, CryptoBridge Exchange – CBEX continue to gnash their teeth over their losses, Nigerian promoters of the pyramid scheme have been exposed.

Although subject to confirmation, an estimated N1.3 trillion was believed to have disappeared when the fraudsters crashed the platform on Monday, days after investors were denied the withdrawal access from their assets wallet.

The development has generated nationwide reactions, with the anti-graft agency, the Economic and Financial Crimes Commission (EFCC), pledging to recover the victims’ funds.

This is as the Securities and Exchange Commission (SEC) publicly declared that the scheme was unlicensed and had no authority to participate in Nigeria’s capital market.

SEC said it’s preliminary investigations carried revealed that CBEX engaged in promotional activities to create a false perception of legitimacy to entice unsuspecting members of the public into investing monies.

It further noted that the scheme promised high guaranteed returns within a short timeframe.

“CBEX has failed to honour withdrawal requests from their subscribers and abruptly closed their physical offices, amid mounting complaints,” SEC noted.

According to a report by an investigative online newspaper, FIJ, it unveiled the identities of some of the promoters of the fraudulent scheme.

Prior to its crash, CBEX operated in Nigeria as an affiliate or subsidiary of ST Investment Co., Ltd owned by 55-year-old Briton, Harold David Charles.

ST Investment Co. Ltd reportedly partly launched itself into Nigeria and the people’s consciousness through media publications between January 27 and 28, promoting Charles as a thoroughbred investment expert and wealth manager.

The cross-published report stated, “It is worth mentioning that ST Investment Co. Ltd has also established an important strategic partnership with CryptoBridge Exchange. With his forward-looking strategic vision, Harold David Charles promotes cooperation between the two parties to provide investors with a safe, efficient and transparent digital asset trading environment.”

However, while CBEX was not registered as an entity, it was floated by ST Technologies International, which was registered with the Corporate Affairs Commission (CAC), and issued an anti-money laundering certificate with registration number SC 251514550 by the EFCC’s Special Control Unit Against Money Laundering (SCUML) on January 26.

It has other affiliates which include Smart Treasure and Super Technology, all of which were consistent with ST as initials.

According to the report, individuals like Adefowora Abiodun and Oluwanisola Adefowora were both leaders and representatives of CBEX in Nigeria.

The newspaper could not establish the relationship between the two either as couple or siblings.

Another persons associated with CBEX included Seyi Oloyede and Emmanuel Uko, who were identified as members .

Abiodun had on February 10, 2025 led his team to open a CBEX office in Abuja, “I am introducing this platform to you again. It is called ST CBEX platform where we trade everyday, we make money and we live a good life. We encourage our people and we also bring people onboard so that you need to make money [alone], you don’t need to live a good life [alone]. Tell people about it. Let people know, let them come onboard and enjoy life.”

Over than two months earlier on November 30, 2024, a scantily-attended seminar was organised in Lagos where the attendees were encouraged to bring their “friends and enemies” to sign up, abandon salaried jobs and earn a month’s salary in a day.

One of the team lead at the event was one Victor Solomon, whose name was displayed in a video report.

Aside from organising seminars in expensive hotel halls and at roadshows, or dispatching agents to bring in new subscribers, CBEX’s promoters also sponsored other programmes including a school inter-house sports as a strategy to gain people’s confidence in the scheme.

One of such is sponsoring the inter-house sports competition of MAXFEM International Schools, Alagbado, Lagos on February 10.

Proprietor of the school, Mr Olufemi Stephen Oguntola, said he did not know about CBEX until a friend linked him with a key promoter, Temitayo Oklet (Temitayo Oke), from Ibadan, Oyo State.

Oguntola said who knew he was yet to get a sponsor for the sports competition connected him with Temitayo, and they agreed on N400,000 as a sponsorship fee for Yellow House. “He paid it through my friend,” Oguntola told the newspaper.

“He told me that ‘ST CBEX House’ was their preferred name, and that was why we wrote it on the children’s sportswear. I had never seen him until the competition day and after that day, I have not seen him again. When I heard of the problem, I called him several times but he ignored my calls.”

Oguntola admitted that due diligence on CBEX was not carried out before he acceptedd the sponsorship.

“I did not do any background checks. I accepted their offer because a friend of my mine was the link between us. He also invested in the scheme and lost about $10,000, with the exception of the subscribers affiliated with him,” Oguntola said.

by Emmanuel Agbo


A new report by Edelman Trust Barometer unveiled in Lagos on Wednesday revealed Nigerians’ perceptions of the government, businesses, and the rich.

The report also reveals that a percentage of Nigerians feel the system favours the privileged few at their expense.

The Edelman Trust Barometer is an annual global survey that measures public trust in four key institutions: government, business, NGOs, and media.

In Nigeria, where economic hardship, insecurity, and governance challenges persist, the Trust Barometer offers a valuable lens into how citizens feel—and where they are placing their hope or discontent.

The 2025 edition is particularly significant as it marks 25 years of tracking trust globally at a time of intensifying civic frustration and calls for reform.

First launched in 2001, it has become a widely referenced benchmark for understanding how people worldwide perceive institutional integrity, competence, and ethics.

The report, tagged Trust and Crisis of Grievance, was launched to mark the 25th anniversary of the Edelman Trust Barometer in reshaping thoughts due to grievances people hold.

In a keynote address, Wandile Cindi, Senior Strategist and Reputation Advisor at Edelman Africa explained that the survey results show seven out of 10 Nigerians hold grievances against the government for purposely misleading the people.

He said the report states that 62 per cent agree that the rich do not pay their fair share of taxes, while 74 per cent said the selfishness of the rich causes many of Nigeria’s problems affecting ordinary citizens.

Due to unending challenges, he noted that about 52 per cent of Nigerians support hostile activism to drive change across the country.

The report noted that while trust in other institutions, such as NGOs, businesses, and the media, has slightly improved, the government remains the least trusted. Its competence and ethics were rated -46 and -31, respectively.

Although Nigeria’s overall trust index rose marginally from 61 in 2024 to 65 in 2025, Mr Cindi warned that worsening economic anxiety is fuelling growing discontent.

“There’s been a significant increase in job-related fears — from automation to offshoring,” he noted. “Even employers, long seen as trustworthy, are experiencing a decline in public confidence.”

He explained that the 2025 Edelman Trust Barometer, now in its 25th year, surveyed over 33,000 people across 28 countries, including Nigeria.

He said the online interviews, conducted between 25 October and 16 November 2024, sampled about 1,150 respondents per country.

He highlighted that the demographics were balanced by age, gender, region and, where applicable, ethnicity or nationality. Year-over-year changes in trust levels were tested for statistical significance using a 99 per cent confidence level.

“This is the 25th year of measuring trust across four institutions — government, business, NGOs, and the media,” Mr Cindi said. “The 2025 report reveals a growing crisis of grievance — a deep sense of injustice and resentment that is reshaping public perception.”


Global trends and local optimism

Globally, the most trusted countries remain China, Indonesia, and the UAE, while the UK, Germany, South Korea, and Japan sit at the bottom. Despite Nigeria’s challenges, 50 per cent of Nigerians remain optimistic about the future—higher than many developed countries.

Mr Cindi said fear of discrimination is also on the rise, with 75 per cent of Nigerians reporting concerns about prejudice — a 9-point increase from last year. This fear has surged across income brackets, especially among high earners.

Despite these grim findings, Mr Cindi said there is still room for leadership and institutional repair.

“Trust can only be rebuilt if institutions act ethically and competently,” he said. “In Nigeria, NGOs and businesses are seen as both. Government must demonstrate results that improve everyday lives.”

He added that businesses have an opportunity — and an expectation — to lead, especially in job creation, retraining, and combating misinformation.

Mr Cindi urged collaboration across all sectors: “Grievance thrives when people feel left behind. Trust and optimism must become shared national goals.”


Enter panelists

A panel of leaders from academia, business, and the non-profit sector also addressed the findings, calling for greater collaboration across sectors to rebuild public trust.

Moderated by Olive Emodi, the panel included Kwame Senou, Executive Director at The Holding Opinion (THOP); Ofovwe Aig-Imoukhuede, Executive Vice Chair at the Aig-Imoukhuede Foundation; Ikechukwu Obiaya, Dean of the School of Media and Communication at Pan-Atlantic University; and Amaechi Okobi, Chief Brand and Communications Officer at Access Holdings.

Opening the session, Mrs Aig-Imoukhuede said Nigerians often operate in silos, blaming others while offering few solutions.

“We’re very good at complaining but not so good at providing solutions,” she said. “Collaboration is key. The problems we face as a country cannot be solved by one group alone.”

Mr Obiaya agreed, urging Nigerians to reflect on their roles. “Grievance is real, but we must also ask ourselves: what part am I playing? We can’t leave it all to the government or NGOs. We’re all part of the solution.”

But Mr Okobi emphasised that trust must begin at the personal level. “If an employee feels their boss lacks empathy, how can trust be built?” he asked.

He shared a personal anecdote: “When I stopped just reporting problems and started suggesting solutions, my leaders listened. That spirit of collaboration and responsiveness is what we need in Nigeria.”

Speaking on the importance of institutional reform, Mrs Aig-Imoukhuede spotlighted the foundation’s work to modernise the civil service.

“We focus on the civil service. We try to make it better. One big project we’ve worked on since 2020 is digitalisation—helping the federal civil service move from manual to digital processes. That will remove many of Nigerians’ issues in accessing government services.”

She emphasised interdependence between sectors: “The private sector will thrive when the public sector thrives. We’re calling on them to help build capacity in public institutions—many civil servants don’t even have the resources or workspaces they need. We must close that gap.”

Regarding transparency and accountability, Mrs Aig-Imoukhuede stressed, “Data is so important. When you have evidence, you have more than just opinion—you have facts.”

She cited the BudgIT platform, Tracka, which empowers citizens to monitor government projects in their communities.

“Transformation has happened because people could ask: this classroom was supposed to be built—where is it?” she said.

Mr Senou posed a fundamental question: “Are we truly a nation or just individuals living within borders?”

Drawing from his experience as a foreigner and father of Nigerian children, he observed that Nigerians act urgently in personal matters but often disengage from collective responsibility.

“When it’s personal, people act. But when it’s about the community, we point fingers,” he said.

Responding to findings that seven in ten Nigerians believe journalists knowingly mislead, Mr Obiaya highlighted systemic challenges in the media industry.

“Politicians own many media houses. During election cycles, journalists often can’t publish freely. Add to that poor salaries, and it’s hard to uphold ethics,” he added.

In a goodwill message representing Arik Karani, President of the African Public Relations Association (APRA), the association’s Secretary-General, Omoniyi Ibietan, lauded the Barometer as a vital tool in understanding trust in leadership and communication.

“It is an honour to be here for the launch of the 23rd edition of the Edelman Trust Barometer—a landmark achievement that not only celebrates a quarter-century of global research but reflects the growing importance of trust as a currency of modern leadership,” he said.

Mr Ibietan emphasised that trust is central to meaningful communication, leadership effectiveness, and societal development.

By Hafsat Bello Bahara


Operatives of the Kano State Hisbah Board have arrested a 24-year-old man, Shamsu Yakubu, for allegedly engaging in an obscene act with a she goat.

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Shamsu was captured in a viral video on social media licking the Instruments of the animal. The suspect, a resident of Dawakin Kudu local government area of Kano State, was apprehended on Tuesday after the video surfaced on TikTok.

He was heard instructing another unseen person to film him in the act. The footage has sparked widespread outrage among residents of the State and netizens on social media.

In the video, Shamsu says he was doing the act to gain attention online. When questioned, he admitted to staging the scene in an attempt to “to trend” and gain fame on social media platforms.

His queer behaviour has been met with strong condemnation from his community members, some of whom threatened to take matters into their own hands. However, a local community leader intervened and reported the incident to the Islamic Police known as Hisbah Board, prompting swift action.

During initial interrogation by the Hisbah operatives, Shamsu denied actually licking the goat’s Instruments, claiming he merely placed his mouth close to the animal’s private part. He also insisted it was the first time he had done anything of the sort and promised not to repeat the behaviour.

The suspect further denied being under the influence of drugs or any intoxicating substance at the time. Nonetheless, the Hisbah Board has ordered comprehensive psychiatric and drug evaluations to ascertain his mental and physical state.

Reacting to the incident, the Deputy Commander-General of the Hisbah Board, Sheikh Mujahidden Aminuddeen Abubakar, strongly condemned Shamsu’s actions, describing them as not only disgraceful but also deeply offensive to Islamic teachings and moral standards.

“It is tragic that a Muslim man would subject himself to such a disgraceful act, ignoring all religious and ethical values. This individual clearly lacks any proper understanding of Islam. His pursuit of cheap social media fame has led him into disgrace,” Sheikh Abubakar said.

The Hisbah Board reaffirmed its commitment to upholding moral values and warned against any attempts to erode the cultural and religious fabric of the state through indecent acts, especially those shared publicly for attention-seeking.

By Ann Godwin, Obinna Nwaoku (Port Harcourt) and Silver Nwokoro (Lagos)


One month after President Bola Tinubu suspended Governor Siminalayi Fubara and imposed emergency rule in Rivers State, the move has continued to generate outrage, with former labour leaders describing the action as a “brazen desecration of democracy” and warning of creeping authoritarianism.

Groups loyal to former governor and Minister of the Federal Capital Territory, Nyesom Wike, have welcomed the decision, calling it timely and necessary. However, critics, including women’s groups, youth organisations, and civil society actors, have continued to denounce what they describe as a dangerous precedent and a violation of democratic norms.

President Bola Tinubu had, on March 18, 2025, declared a state of emergency in Rivers State after escalating tensions between Governor Siminilayi Fubara and the Martin Amaewhule-led House of Assembly, a faction loyal to the Minister of the Federal Capital Territory, Chief Nyesom Wike. The conflict reached alarming heights with an impeachment move against Governor Fubara and subsequent acts of sabotage against petroleum infrastructure, threatening widespread violence and unrest.

This emergency proclamation was ratified by the National Assembly two days later, in accordance with Section 305 of the Constitution.

One of the latest condemnations of the emergency rule came from the Forum of Former Labour Leaders in Rivers State, which described it as “a collapse of democracy”.

At a press conference held in Port Harcourt yesterday, the group, led by its chairman, Achese Igwe, and acting secretary, Bennett Kalio, rejected the suspension of Fubara, his deputy, Prof. Ngozi Odu, and members of the State House of Assembly .

Reading from a prepared statement, Igwe, a former National President of NUPENG, said: “Tomorrow (today), April 18, will mark one month since President Bola Ahmed Tinubu, in a most undesirable and absurd pronouncement, suspended the democratically elected Governor of Rivers State, his deputy, and members of the State Assembly, and imposed a Sole Administrator over the state. This brazen desecration of democracy and the rule of law is unacceptable.”

The group also faulted the National Assembly’s endorsement of the emergency rule via voice vote, instead of the constitutionally required two-thirds majority. It warned that the decision not only violates democratic procedures but risks opening the door to authoritarianism.

They accused the Sole Administrator, Vice Admiral Ibok-Ete Ibas (rtd), of systematically dismantling democratic structures in the state, including replacing elected local government councils with appointed sole administrators, and dissolving state boards and commissions.

“The selective imposition of a state of emergency in Rivers State—while states facing worse insecurity are overlooked—is not only questionable but reveals the political undertones of this action,” Igwe added.

The forum called on the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) at both state and national levels to rise in defence of democracy and align with civil society and concerned citizens to resist what they called “an undemocratic precedent”.

In a strong plea to President Tinubu, the forum urged him to reverse the emergency rule and reinstate Governor Fubara, his deputy, and lawmakers in the interest of peace and national unity.

“The hardship faced by Rivers people under the emergency rule is mounting daily. We urge the NLC to either act decisively or step aside if it cannot defend the rights and future of Nigerian workers,” the statement concluded.

ALSO, a women-led organisation known as Simplified Queens, called on President Tinubu to reverse the emergency measures.

At a press conference in Port Harcourt, the group’s coordinator, Miss Iheoma Nwankwo, argued that the conditions cited for invoking Section 305 of the 1999 Constitution did not meet the threshold for a state of emergency.

She said the political crisis was largely the result of the actions of a few legislators and not a breakdown of law and order.

Nwankwo also criticised the activities of retired Vice Admiral Ibok-Ete Ibas, saying his suspension of all political appointees and dissolution of government boards had only worsened public apprehension.

“We urge the President not to allow the ambition of a few individuals to derail the democratic progress made in Rivers State,” Nwankwo said.

Director General of Simplified Queens, Progress Hart, noted that Rivers was no longer enjoying the growth being experienced in other Niger Delta states. He stressed that residents were displeased with the state of emergency and reiterated the group’s demand for Fubara’s reinstatement.

Also, a coalition of 35 civil society organisations in the state submitted a petition to the House of Representatives.

In a letter titled “Severe and Brazen Acts of Lawlessness and Impunity Being Carried Out by the Administrator of Rivers State,” the coalition accused Ibas of using federal power and security agencies to suppress democratic structures.

The coalition urged the National Assembly to investigate Ibas’s actions, direct security agencies to vacate the State Assembly complex, and ensure the full restoration of civil governance in the state.

They warned that failure to act could lead to public unrest and further undermine Nigeria’s democratic framework.

MEANWHILE, a member of the Rivers State House of Representatives, Mr Solomon Bob, yesterday strongly criticised the Nigerian Bar Association (NBA) for what he described as hypocrisy, insincerity, and “misguided praetorian pretentions” following the body’s recent condemnation of the state of emergency declared in Rivers State.

Responding to the NBA’s April 10, 2025, condemnation of the state of emergency, Bob defended the President’s actions, emphasising that the NBA lacks the constitutional authority and ethical standing to interpret or limit presidential powers.

“The NBA cannot circumscribe or amend the clear, untrammelled and discretionary powers granted the President by Section 305 of the Constitution,” Bob stated. He argued that the NBA lacks jurisdictional competence to assess measures deemed necessary by the President.

Bob further accused the NBA of failing as a democratic model, alleging it had degenerated into a platform for pursuing narrow interests rather than democratic ideals. He criticised NBA elections as predetermined coronations driven by regional and ethnic influences since the controversial 1992 conference.

He described the NBA’s stance on Rivers State as “arrogant and a gratuitous insult,” asserting that the association had ignored Governor Fubara’s alleged “crass lawlessness and wanton irresponsibility.” Mr Bob further alleged that the NBA’s condemnation was motivated by financial interests, pointing out a controversial N300 million transaction between the NBA and Fubara, initially concealed until publicly exposed by Port Harcourt authorities demanding repayment.

Bob also demanded the immediate return of the N300 million to Rivers State’s treasury, urging local authorities to take necessary measures if the NBA fails to comply.

FOR its part, the Nigerian Bar Association (NBA) defended its decision to move its 2025 Annual Conference from Rivers State to Enugu, citing the conduct of the state’s Administrator as a key reason for the relocation.

In a statement jointly signed by the chairmen of its eight branches in Rivers State, the NBA said the current political climate in the state no longer aligns with the values and expectations of the legal community.

However, the association did not respond to growing calls for the return of the N300 million allegedly received from the Rivers State Government for hosting the event in Port Harcourt.

The NBA also criticised what it described as the failure of the President’s promised peace-building efforts to restore democratic governance in the state, stating that such efforts had yet to materialise.

The statement read: “Rather than the peace-building efforts promised by the President, tension has steadily escalated in Rivers State. Arbitrariness and impunity are displayed daily, and democratic institutions have been demobilised in a Gestapo, military-style manner.

“Political appointments are being made by the Sole Administrator, Vice Admiral Ibok-Ete Ibas, with military fiat, without approval being sought from the National Assembly or any known legal institution, for that matter.

“In all of these developments, there has been no sign or word from the so-called Peace or Reconciliation Committee supposedly set up to resolve the political impasse. It has gradually become clear that the leadership of our state has been hijacked to serve specific interests, without due regard for the peace and stability of the state, the economy of the state—or the nation, for that matter—and the well-being of the people of Rivers State.”

The NBA said its understanding was that the intent behind the President’s declaration of a state of emergency and the appointment of the Sole Administrator was to maintain peace and security in the state; to secure pipelines and related facilities from being blown up; and to prevent attacks that would sabotage the overall economic interest of the country.

However, it insisted that the Sole Administrator had overstepped his bounds by dissolving and reconstituting established democratic institutions in the state, such as boards, agencies, councils, commissions, and parastatals, among others.

IN a related development, the High Court of Rivers State refuted a news report claiming that Governor Siminalayi Fubara secured a court victory over FCT Minister Nyesom Wike and President Bola Tinubu, with a Federal High Court allegedly ordering the Sole Administrator to vacate Government House.

The report, published by an online platform, mentioned Justice Boma Diepriye as the presiding judge who ruled that the appointment of a sole administrator was “illegal, null, and void.”

However, in a statement signed by Chief Registrar, David Ihua-Maduenyi, the High Court of Rivers State clarified that Justice Boma Diepiri, whose name was likely confused with the one mentioned in the report, is a judge of the Rivers State High Court, not the Federal High Court.

Furthermore, Justice Boma Diepiri is currently on Easter vacation, which commenced on April 14, 2025, and only the designated vacation judge is sitting during this period.

The court emphasised that no State High Court has issued any orders related to the subject matter of the news report.

Ihua-Maduenyi expressed disappointment that some bloggers and online news platforms prioritise sensationalism over professionalism, likely in a bid to generate web traffic.

The Rivers State Judiciary advised the public to seek clarification on any news reports concerning the courts and their officials before publication. The public was also urged to disregard the false and misleading publication.

THIS came as the Ad-Hoc Committee of the House of Representatives on Rivers State rescheduled its interactive session with the Sole Administrator.

In a statement signed by the House spokesperson, Akin Rotimi, the meeting, originally scheduled for yesterday, April 17, 2025, at 4:00 p.m., has been postponed.

However, the committee has yet to fix a new date for the session, stating that the public will be notified once a new date is confirmed.

According to the statement, the postponement followed a formal request from Ibas.

“The Ad-Hoc Committee on Rivers State Oversight has received a formal request from the Sole Administrator, Vice Admiral Ibok-Ete Ibas (rtd), to reschedule the interactive session initially set for today, April 17, 2025, at 4:00 p.m.

“The Committee has acknowledged the request and is in the process of coordinating a new date for the session. In the spirit of transparent and effective oversight, the public will be promptly informed once the rescheduled date is confirmed,” the statement read.

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Many Nigerians are currently lamenting the loss of their investments in a suspected Ponzi scheme operated by CBEX.

SaharaReporters reported that angry investors stormed the firm's office in Ibadan, the Oyo State capital, carting away various items including tables, chairs, and other office equipment.

This report takes a closer look at the controversial company at the centre of the growing outrage.

CBEX, which operates as a digital trading platform, is reportedly registered in Canada as a crypto trading exchange. However, checks by SaharaReporters on Canadian business registry platforms reveal that CBEX is not officially registered in Canada—despite the company’s Chief Executive Officer, Yahaya Ibrahim, reportedly claiming that it is headquartered there.

The closest match to CBEX in the Canadian business directory is a now-defunct entity named "CBEX Capital Corp," whose license was revoked a year ago.

Further investigation suggests that the name “CBEX” may have misled Nigerian investors. The acronym is originally associated with the China Beijing Equity Exchange, a platform owned by the Chinese government used for mergers, acquisitions, and restructuring of state-owned enterprises.

It remains unclear why the Nigerian version of CBEX adopted the same name. This may have contributed to the false impression that the platform was backed by the Chinese government, especially as online searches for "CBEX" essentially lead to the legitimate Chinese state-run entity.

Checks of digital footprints of the name "CBEX" link to the Chinese-owned government firm, which may have misled many Nigerians who may have checked the digital footprints of CBEX before trusting to invest.

SaharaReporters had earlier detailed how, following the collapse of the CBEX platform, a group of enraged individuals looted its office in the Oke-Ado area of Ibadan, Oyo State. The attack, which took place on Monday evening, involved mobs forcibly entering the premises and removing furniture and equipment.

According to eyewitnesses, the incident was triggered by the platform's sudden crash, which reportedly wiped out user account balances and rendered many investments worthless.

After the collapse, affected users expressed grief and frustration on social media, sharing stories of lost funds and failed hopes.

Responding to the situation, Nigeria’s Securities and Exchange Commission (SEC) reiterated that any platform not registered with the SEC is considered illegal. During a virtual session with fintech stakeholders on Monday, SEC Director General Emomotimi Agama stated: "Recently, a post went viral concerning a certain platform and its activities. The fallout includes news of its closure and financial losses. I want to be very clear: if it is not registered, it is illegal.”

While he did not directly mention CBEX, the timing and context strongly suggested he was referring to the controversy.

On X (formerly Twitter), a user with the handle @mrsean_Okwute commented: "I'm just hearing the name CBEX. So Nigerians fell for another scam again? Now I understand why politicians have the nerve to do what they do. Some Nigerians really lack awareness."

Another user, @Rukkie339, posted: "The streets are quiet—CBEX really did a number on investors. Never get involved in any investment promising 100% ROI. It's a clear scam. Reach out to friends and family, console—don’t mock. It's a tough time that leads to dark thoughts."

By Adebayo Waheed


No fewer than 27 persons have reportedly been hospitalised following the crash of a digital digital asset trading platform, known as CBEX in Oyo State.

Nigerians who subscribed to what is now regarded as a Ponzi scheme took to their various social media platforms to lament their losses after CBEX allegedly swept over N1.3 trillion from investors’ accounts on Monday.

This comes as CBEX, operating without legal approval from the Nigeria Securities Commission, crashed on Monday with the money in their investors’ wallets vanished.

The digital platform also locked its Telegram channels and postponed withdrawals while offering investors the option of $200 for $2,000 verification and $100 for deposits below $1,000.

The development had sparked condemnations from Nigerians on X with some landing in hospitals.

A victim, Sherif Latifu, who resides in Ibadan said that many who lost money to the crash of the digital platform have now been hospitalised at various hospitals in the town, calling on Governor Seyi Makinde to help them to subsidise the hospital bills.

“Many hospitals in Ibadan are now admitting victims of CBEX fraud. Over 27 people that I know have been admitted. This is a major crisis in Ibadan and the governor should come to our rescue by subsidising the hospital bills for many,” he said.

Explaining the CBEX crash, a cryptocurrency expert and security analyst, Taiwo Owolabi said the total volume of stolen investors’ funds so far in USDT was $847 million and likely to increase.

Owolabi questioned why Nigerians would invest their money in a digital platform that was unregistered by the SEC with the promise of a 100 percent return on investment.

“They designed the weak website to convince people in the future that it was a security breach that affected them.

“Apparently, when you make payments, you pay them into a TRX account, and then, immediately, they move it from that TRX wallet, gather it, convert it to USDT, and then to ETH. So, when you are logging into your account, there is literally no money on your profile.

“What you see are just numbers. All the daily activities you do to ‘trade’ increase your money. All the AI trading is fake. When it’s time for withdrawal, they will send you another person’s money,” Owolabi explained on an X space.

The development comes after the SEC recently warned Nigerians to stay clear of unregistered trading platforms.

The SEC particularly pointed out that, in accordance with the ISA 2025 recently signed by President Bola Tinubu, it is now an offense for any entity to operate an online forex trading platform or provide related services without prior registration with the commission.

“By virtue of this act, it is an offense in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services.

“Any business entity planning to set up a business in any of these areas is advised to visit the HOD DRM Department of the commission for further direction on how to register with the commission to avoid sanctions,” it added.

Meanwhile, some residents of Ibadan, Oyo State have stormed the office of CBEX located at Oke Ado area of Ibadan in protest.

It was gathered that the residents stormed the office following the report of the crash of the platform, which scores of residents of Ibadan have invested in the online platform.

Dayo Ayeyemi


The Deputy Governor of Lagos State, Dr. Obafemi Hamzat, has lamented the excessive estimated billing by electricity distribution companies, revealing that Eko Disco issued a N29 million bill to his residence at the State House this month.

Before then, he said the disco brought a N2.7 million bill to his house for electricity consumption in March.

In what he described as “crazy,” he said he actually procured a meter, but the inability to convert the facility has been a major problem.

The deputy governor narrated this experience during the Round Table Meeting and signing of the Memorandum of Understanding (MoU) between the Lagos State Government and the Rural Electrification Agency (REA) in Lagos.

The roundtable meeting was organised by the Lagos State Ministry of Energy and Mineral Resources.

The signing of the MoU signaled the extension of the power/electricity project to rural communities in Lagos.

REA has already identified various communities in Epe, Badagry, Ojo, Amuwo-Odofin, and others for the intervention.

The project will be financed by the Federal and State Governments, and other private participants in the ratio of 60 percent, 30 percent, and 10 percent.

The deputy governor narrated his ordeal about estimated billing to emphasise the importance of the new renewable electricity project to be championed by REA.

“Last month, in my house, the State House, the bill was N2.7 million. This month, the Eko Disco sent us a bill of N29 million.

“It’s crazy. So, we have actually procured a meter. I bought a meter to say, look, don’t give me a crazy bill. I bought the meter, but to convert it, what happened?” the deputy governor said.

He also narrated the experience of another person in Surulere.

“In some areas in Lagos — I’m sure a lot of you know Lagos — there’s a place called Oke Aguda in Surulere.

“The people came to me, and I was asking them to calm down. The rent in a year is about N2 million, but EKEDC gave him a fee of N2.8 million in electricity.

“Those are the challenges that we have. So, our people are suffering because of these meter bills.

“What we are doing today looks very small. When the commissioner said we’ll be signing these, we’ll come tomorrow, I said why are you keeping us for three days? But I understand what he’s trying to do. It’s important. This is the need of the people,” he said.

Speaking earlier, the Managing Director, Rural Electrification Agency, Abba Aliyu, said that a total of over N200 billion has been spent in the country just for the importation of Photo Voltaic (PV) panels.

Aliyu said his agency is set to change the narrative, striving for the domestication of the manufacturing of renewable equipment in the country.

He said he believes that Lagos, being the centre of excellence, is going to lead a total war in that domestication drive.

“While there is a need for that importation, one of the key things our agency is striving for is domesticating the manufacturing of this renewable equipment. Your Excellency, Lagos, being the centre of excellence, is going to lead a total war in that domestication,” he said.

To this end, he said the agency has already crystallized the emergence of a PV panel manufacturing plant in Lagos.

“Here in Lagos, it’s a 100-megawatt capacity, and they are over there; they started production,” he said.

The REA boss also hinted that the agency is in the process of signing a joint development agreement with Green World, a lithium battery assembly plant in Lagos.

According to him, it is a $150 million investment taking place in Lagos.

Before the REA’s intervention, he said there was a PV panel manufacturing assembly plant in Ikotun, Lagos.

“They started with 10 megawatts, but with the collaboration with REA, they have moved and increased their capacity to an additional 100-megawatt capacity,” he said.

He told Governor Babajide Sanwo-Olu, who was represented by his deputy, Dr. Hamzat Obafemi, that this was what the agency has been doing to domesticate the manufacturing of solar equipment, especially in the state.

Talking about innovation, he said, “We want to seek the approval of Lagos State to pioneer the first floating solar power plant in Lagos.

“With the unique challenge of limited land availability in Lagos State, we want to deploy an 80-megawatt plant at the University of Lagos.

“But we want to seek the approval of the state to give us that approval to make it a floating solar panel, which will be the first of its kind in Nigeria. And we hope that that approval will be granted to us.”

He also revealed plans to sign the rooftop solar for public institutions, saying that Lagos State has been the first and only state that has qualified to benefit from this.

REA has identified various communities in Epe, Badagry, Ojo, Amuwo-Odofin, and others for intervention.

Dele Momodu, the publisher of Ovation Magazine, says governors elected on the platform of the Peoples Democratic Party (PDP) who are against the possibility of a coalition ahead of the 2027 elections may secretly be working for President Bola Tinubu.

In a statement on Monday, the PDP governors ruled out the possibility of a merger or coalition with any other political party ahead of the 2027 elections.

There have been talks about opposition parties coming together to form a coalition to take on the All Progressives Congress (APC) in the next elections.

Speaking on Arise Television on Monday, Momodu said none of the leading opposition parties can individually unseat Tinubu in 2027.

The PDP chieftain advised the opposition to unite and adopt the same tactics the APC used in 2015 to win the election.

“Opposition leaders are very determined this time around to work together. The truth of the matter is Atiku cannot do it alone, Peter Obi cannot do it alone, and Rabiu Kwankwanso cannot do it alone,” Momodu said.

“So, naturally, they have to find a way to pay APC back in its own coins by trying to get at least a chunk of all the parties, including the APC, to come together.

“If our governors are saying no, we don’t want to go into a coalition, then it means that surreptitiously you are probably working for a Tinubu presidency.

“People must learn from history; a bully only respects a bully, but all of us are already behaving like chickens. Anything, people panic, saying they are going to use the EFCC or arrest them.

“Any governor or any senator or house member who may be tempted to just jump ship may jump to the bottom of the Atlantic Ocean.”

by Abdulsalam Abdullah


Abdullahi Ganduje, national chairman of the All Progressives Congress (APC), and the party’s national working committee (NWC) members have visited former President Muhammadu Buhari at his residence in Kaduna state.

The visit took place on Friday hours after opposition leaders met with the former president.

Former Vice-President Atiku Abubakar had earlier on Friday led a delegation, including Nasir el-Rufai, former governor of Kaduna; Aminu Tambuwal, former governor of Sokoto; and Isa Pantami, former minister of communications, to Buhari’s residence.

Speaking with the press afterwards, el-Rufai had asked “adversaries” not to lose sleep, saying the visit was not political.

While the outcome of the APC NWC’s visit remains undisclosed, it is coming days after Buhari welcomed a delegation of APC governors led by Hope Uzodimma, governor of Imo state.

Uzodimma, who is the chairman of the Progressives Governors Forum, said their visit was to deliver Sallah greetings and congratulate Buhari on the successful conclusion of the Ramadan fast.

Lately, there have been growing concerns about the possible departure of the Congress for Progressive Change (CPC) faction from the APC.

The CPC was one of the four political parties that merged in 2013 to create the APC, with Buhari being a member of the CPC faction.

Despite the speculations, Buhari has affirmed that he would never abandon the APC.

Late on Friday, Ali Ndume, an APC senator, asked President Bola Tinubu to be worried if Buhari aligns with the proposed coalition of opposition leaders.

Here are photos from the APC NWC’s visit to Buhari.

By Baba Martins


By the time President Bola Ahmed Tinubu comes back from his present trip to Paris, France in a fortnight, he would have spent at least 59 days in eight separate vats to the European country since assumption of office on May 29, 2023.

France has become a destination of choice for President Tinubu, with several private, state and working visits making the country the most visited destination for the Nigerian leader.

Weekend Trust gathered that even before becoming Nigeria’s president, Tinubu had always been in love with France; that was why even as president-elect he was in France before he was sworn in on May 29.

On assumption of office, France was the first port of call for President Tinubu. The frequency of the trips to France has made Nigerians raise questions, especially when such visits have not been reciprocated by the French president, Emmanuel Macron.

On April 2, the Presidency announced that President Bola Ahmed Tinubu would depart for Paris, France “on a short working visit.”

Bayo Onanuga, the Special Adviser to the President on Information and Strategy, in a statement disclosed that the president would use the visit to “appraise his administration’s midterm performance and assess key milestones.”

He also likened the trip to a retreat, saying President Tinubu would use “the retreat to review the progress of ongoing reforms and engage in strategic planning ahead of his administration’s second anniversary. This period of reflection will inform plans to deepen ongoing reforms and accelerate national development priorities in the coming year.”

Onanuga said recent economic strides reinforced the president’s commitment to these efforts as evidenced by the Central Bank of Nigeria reporting a significant increase in net foreign exchange reserves to $23.11 billion – a testament to the administration’s fiscal reforms since 2023 when net reserves were $3.99 billion.

He promised that while away, President Tinubu would remain fully engaged with his team and continue to oversee governance activities and “will return to Nigeria in about a fortnight.”

June 2023

Before the current visit, President Tinubu had touched down in France seven times. Barely three weeks after he was sworn in on May 29, 2023, the president left Abuja for France for a two-day summit, the New Global Financial Pact summit, where he spent four days.

During his time in Paris, he joined other world leaders to review and sign a New Global Financial pact that places vulnerable countries on a priority list for support and investment following the devastating impact of climate change, the energy crisis and the COVID-19 pandemic.

According to a statement by Dele Alake, the president’s Special Adviser on Special Duties, Communication and Strategy, at that time, Tinubu was expected to use the visit to explore opportunities to restore fiscal space to countries dealing with difficult short-term financial challenges, specifically the most indebted.

September 2023

In September, President Bola Tinubu was in New York, USA, where he attended the United Nations General Assembly, from where he moved to Paris, France, where sources at the Presidency disclosed that he had been observing a short break. He was said to have spent about five days in France.

At the UNGA, President Tinubu condemned the spate of military coups in Africa, describing them as wrong and unreflective of collective aspirations of Africans.

President Tinubu insisted that Africa must affirm democratic governance as the best guarantor of the sovereign will and wellbeing of the people. “Military coups are wrong, as is any tilted civilian political arrangement that perpetuates injustice,” Tinubu had said in his maiden address during the general debate.

Regarding Niger, Tinubu said the Economic Community of West African States (ECOWAS) was still negotiating with the military leaders.

January 2024

In January 2024, the president again travelled from Abuja to Paris in what his then spokesman, Ajuri Ngelale, said was a private visit.

Ngelale said President Tinubu was expected back in the country in the first week of February. The president spent 14 days in France.

August 2024

In one of his trips to France, President Tinubu also departed Abuja on August 19.

The president’s trip then came amidst the challenges between the Chinese firm, Zhongshan Fucheng Industrial Investment Co Limited over a dispute with the Ogun State Government.

The jet used by the president was one of the three presidential aircraft that was initially seized by a French court in favour of the Chinese company.

Weekend Trust gathered that the plane had arrived a day before the president’s trip to France.

A day before, a statement by the then presidential spokesman, Ajuri Ngelale, had announced that the president would embark on a trip to France on Monday, August 19, departing from Abuja.

Although the statement did not state the purpose and duration of the visit, Ngelale had said, “The president will return to the country after his brief work stay in France.”

The president spent four days before returning to Nigeria.

October 2024

In early October last year, President Tinubu had departed Abuja for a two-week working vacation as part of his annual leave.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement noted: “President Bola Tinubu will depart Abuja today (October 2) for the United Kingdom to begin a two-week vacation, part of his yearly leave.

“He will use the two weeks as a working vacation and a retreat to reflect on his administration’s economic reforms. He will return to the country after the leave expires,” the statement had revealed.

However, on October 11, President Tinubu left the UK for Paris for an important engagement, according to his Senior Special Assistant on Political and Other Matters, Ibrahim Masari.

In a post on October 11, Masari confirmed on his verified X handle, @KabirIbrah64, that Tinubu was heading to Paris from the UK.

“Today, I had the honour of visiting President Asiwaju Bola Tinubu (GCFR) at his private residence in the United Kingdom, where we engaged in productive discussions. We then departed for Paris, France for another important engagement,” the presidential aide posted. Masari did not however, reveal details of the Paris engagement. The president spent eight days in France before returning home.

November 2024

In November, the president was in France again, this time on a state visit with the First Lady. The visit was for three days.

The visit was at the invitation of French President Emmanuel Macron “ to fortify Nigeria-France relations,” the Presidency had said at the time.

In a statement entitled, ‘President Tinubu commences state visit to Paris, Bayo Onanuga, noted, “The visit aims to enhance bilateral ties, focusing on key areas, such as agriculture, security, education, health, youth engagement, innovation and energy transition. It promises substantial benefits for Nigeria.

According to Onanuga, in collaboration with President Macron, President Tinubu would address initiatives to boost youth exchange programmes and enhance skills in automation, entrepreneurship and leadership.

The visit also included strategic political and diplomatic discussions on shared values concerning finance, solid minerals, trade and investment and communication.

Additionally, both leaders attended a session hosted by the France-Nigeria Business Council, coordinating private sector involvement in economic development.

Brigitte Macron and Nigeria’s First Lady also discussed empowering women, children and vulnerable populations through Nigeria’s First Lady’s Renewed Hope Initiative.

President Tinubu and the First Lady also attended a state dinner hosted by the French president.

February 2025

Early this year, in February, President Tinubu embarked on another private visit to France. The Presidency had announced that Tinubu departed Abuja for Paris on a private visit en route to Addis Ababa, the Ethiopian capital.

The president spent seven days in France before moving to Addis Ababa.

In Ethiopia, President Tinubu joined other African leaders at the 46th Ordinary Session of the Executive Council and the 38th Ordinary Session of the Assembly of the AU Heads of State scheduled from February 12 to 16, 2025.

Presidential spokesman, Onanuga had said that while in France, President Tinubu would meet with his French counterpart, President Emmanuel Macron before proceeding to Addis Ababa.


If it’s not health issues, why not reflect in Nigeria – Jide Ojo

Mr Jide Ojo, a development consultant and public affairs analyst has called on the president to reflect in Nigeria instead of going outside the country if he is not actually going out for medical issues.

Ojo told Weekend Trust that just like former President Muhammadu Buhari had his physician in the UK, “I think President Tinubu’s physicians are in France and he may have been going there for medicare long before he became the president of Nigeria.”

He, however, said although this last trip was made to look like a working visit, not a few Nigerians believe it is a clever ruse meant for the president to attend to himself. He explained that on one hand, no president would sit back at home and expect manna to fall from heaven.

“You need to reach out to your counterparts across the world because a country like Nigeria needs help, which can only come from the international community. So, in a sense, it is justified,” he said.

He also said that what Nigerians would like to see was credible evidence of past visits: “How has that impacted on our gross domestic product, national income, portfolio investment from abroad, foreign direct investment from overseas? I think that’s the question the media and the civil society should be asking.”

The analyst also noted that what should be of paramount interest to us is: “If there are burning issues of national concern, should our president be seen abroad? For instance, there is a high level of insecurity in this country. Before the president travelled, the attack on Plateau happened.”

“Some world leaders will even because of that return to their country to empathise and sympathise with the victims. But we have not seen that kind of thing happen with our president. A hundred people may be killed, yet he will send an emissary to go and condole with the people.

“I think that is not good enough, even though the constitution does not compel him to go to places to mourn with the people. But under his government, you are not talking of one or two souls. You are talking of dozens of people mauled in cold blood.

“It is not out of place if the president cuts short his visit and goes to Plateau and sympathises with the people and deploys the needed resources to curtail future occurrence. That is how you know leaders who show concern, not the kind of nonchalant attitude.

“If the president is not using this visit to attend to his health, why can’t he reflect in Nigeria? They say he wants to do appraisal of his administration. Does he have to go to France to do that kind of appraisal? He can even be in his Lagos home and say he doesn’t want to see anybody. Even in his Abuja office, he can shut out every visitor and attend to issues of national importance.

“Who says we cannot even have a place like Camp David within this country that our president could go? We have the Obudu Cattle Ranch.

“In two years of the President Bola Tinubu administration, I have not seen him going to visit project sites to assess the level of work being done. That is how you know a president that is having eye on the ground; it is not what your aides are telling you. It is not what the contractors are telling you; it is what you should go and see for yourself.”

Ojo said he understood that the president is in his 70s and perhaps does not have the agility of a youth, “but he asked for this job; and people want to see and feel their president. It is not out of place for him. Even if we cannot inspect projects, what stops the president from visiting places like Plateau and Uromi and sympathise with the people following the killings there?

“I know that the reason the president went to France this time around is not entirely to do appraisal. My gut feeling is that he also went to attend to himself.

“But it is about managing information. The handlers didn’t want to say that the president would go and attend to himself so that people don’t start asking if the president is healthy. At least that speculation would not be there, but they are leaving us to speculate.

“But then you ask: why France, of all places, to go and reflect and do appraisal? Why not a state in Nigeria that is calm, where he would not be disturbed,” he added.


Tinubu should replicate world class health infrastructure in Nigeria – Osadolor

Speaking with Weekend Trust the last time President Tinubu travelled to France, Timothy Osadolor, a chieftain of the Peoples Democratic Party, (PDP), alleged that many of the trips were for medical checkup and treatment. He called on the president to build world-class health facilities in the country to reduce the trips.

Osadolor said it had become open to many Nigerians that any time “the president jets out of the country, either officially or unofficially, many times it ended up being a medical trip. And it is eating into our foreign reserve and affecting our reputation as a country.

“Every year, we see the State House Clinic being budgeted for. The Ministry of Health will submit the budget, but after that, we see the president jetting out for medical assistance. At the end of the day, one is at a loss about what the issues are.

“The president was busy renovating the Presidential Villa with a huge amount of money and buying yatch. How much do we really need to equip our hospitals for the use of all Nigerians? A government that means well for Nigerians should concentrate on the economy and the health of the people.

“I know the president is of age and needs treatment from time to time, but we need to replicate the health equipment here so that Nigerians that cannot travel outside the country can be treated here. It is insensitive to abuse the privilege that God has given to him.

“He should use his opportunity to assist other Nigerians to access easy treatment at home here. Always travelling abroad at the time Nigeria is battling hunger, insecurity and poverty is not good enough.

“If the frequent travels are to market our economy, we have the Ministry of Foreign Affairs that can do that. We have ministers in charge of the economy, and other experts.”

Efforts to get the reaction of the Presidency on the development were not successful as the Special Adviser to the President on Information and Strategy, Bayo Onanuga could not be reached on phone. As at the time of filing this report, he was yet to reply to a text message sent to his phone.

Leadership News

Former presidential spokesman, Laolu Akande, has shed light on the inner workings of the Aso Rock Presidential Villa, stating that many actions were often carried out in the name of the President without his direct approval or instigation.

Akande, who served in the office of the immediate-past Vice President Yemi Osinbajo, made this known during an interview on Channels Television’s breakfast show – Sunrise Daily – on Friday, while discussing the recent controversy surrounding the appointment of sole administrators for local government areas in Rivers State by the state’s Sole Administrator, Vice Admiral Ibok-Ete Ibas (rtd).

LEADERSHIP reports that some Nigerians have questioned whether Ibas, an appointee of President Bola Tinubu, has the constitutional right to exercise such powers.

Explaining how decisions are made within the nation’s corridor of power, Akande said, “Let me explain how the corridors of power operate. A lot of things get done in the name of the president that ultimately the president may not be the one instigating. But what you then find is that the president, depending on how he thinks about it, may decide to act like he didn’t see it—or, if he really feels it’s not something he approves, then he withdraws.”

His comments followed growing public concern over President Tinubu’s silence on the controversial local government appointments in Rivers State, which many believed signifies his approval.

Pressed by the show host on why Nigerians might interpret the president’s silence as complicity, Akande responded, “The president has been away on a retreat (in France), so let’s see what happens because there’s quite a bit of clamour. There are those who still believe that the president will probably see reasons. I know some of his allies who don’t agree with this thing (state of emergency in Rivers State), and they told him that he shouldn’t do it, so I think the president himself is trying to sort this thing out.”

He also weighed in on the comparison between President Tinubu’s action on Rivers State and former President Olusegun Obasanjo’s prior similar actions in Plateau and Ekiti States, cautioning against lowering the standards of governance, “I know people are saying Obasanjo did worse, but Obasanjo and Tinubu have different pedigrees in Nigeria’s politics. It will be utterly disappointing if Tinubu does worse than Obasanjo.”

By Chidimma C. Okeke


President of African Development Bank (AfDB) Dr Akinwumi Adesina, has tasked Africa to overhaul its approach towards achieving fast-paced growth and development “because the era of aid and free money is gone”.

Adesina said this in his speech as the Special Guest Lecturer at 14th Convocation lecture of National Open University of Nigeria (NOUN) in Abuja on Friday.

The programme had as its theme, “Advancing Africa’s Positioning within Global Development and Geopolitical Dynamics”.

He said: “African countries must now learn to develop via investment discipline; countries can no longer rely on aid for growth or count it as part of government revenue, as has been the case for decades. Benevolence is not an asset class.

“More aggressive measures are needed for countries to expand domestic resource mobilisation. This needs to go beyond simply increasing taxes. Countries must have stricter and more transparent management and accountability over the vast natural resources on the continent. This must include fair pricing of assets, the payment of the right values for royalties and taxes by international cooperations, as well as reducing leakages via inefficiencies, corruption and illicit capital flows.”

Speaking on what higher US tariffs mean for Africa, he said 47 out of 54 African countries were placed on higher tariffs and that there will be significant reduction in exports and foreign exchange availability.

“This will send other shock waves through African economies. Local currencies will weaken on the back of reduced foreign exchange earnings. Inflation will increase as costs of imported goods rise and currencies devalued against the US dollar. The cost of servicing debt as a share of government revenue will rise as expected revenue declines,” he said.

“These global tariffs will also have significant indirect effects on Africa as its exports to developed countries such as China and others in Europe and Asia will buy goods from Africa, which will affect Africa’s export revenues.

While advising Africa not to get into tariff war with the US, he said, “What is needed is more trade with Africa from the US”.

He said the current dynamics call for a recalibration of the trade and investment opportunities between the US and Africa.”

On the challenge of energy transition, Adesina said Africa will play a critical role in global energy transition because it is a major source of the minerals, which include cobalt, bauxite, graphite, manganese and vanadium.

He said: “Africa must also carefully negotiate its engagement in the global geopolitical rush for critical minerals and rare earth elements. Africa can be competitive in this global value chain. It must move away from exporting raw minerals and move into processing and value addition to benefit from the high returns at the top of global value chains.”

Reacting, the Chairman of the Occasion and Pro-Chancellor & Chairman of Council, Usumanu Danfodiyo University, Sokoto, Prof Attahiru Jega, thanked Adesina for thought-provoking lecture and expressed satisfaction with the delivery.

He said: “I think the only thing to add is to thank you most sincerely for sparing time to be here with us, to share his experiences and his ideas with us, and to enrich us in terms of understanding the efforts that have gone into trying to reposition Africa and global development in spite of all the challenges associated with the dynamics of geopolitics.”

“We need leaders that are visionary, that are selfless, and that can really pursue an independent course in terms of addressing the fundamental needs and aspirations of our women, particularly in a very turbulent world.”

By Chidimma C. Okeke


The Pro-Chancellor & Chairman of Council, Usumanu Danfodiyo University, Sokoto, Prof Attahiru Jega has said Nigerian universities are certificating illiterates and awarding degrees to many persons without worthy character.

Jega stated this while speaking as the Chairman of the ongoing 14th Convocation lecture of National Open University of Nigeria (NOUN) in Abuja on Friday.

President of African Development Bank (AfDB), Dr Akinwumi Adesina, delivered the keynote address at the lecture.

Jefa said convocation is for the graduation of students who are found worthy in learning and character after four or five years of studies in Universities.

“Every time we mention found worthy in learning and character, people tend to wonder whether learning and character necessarily go together, well they do not, one can be learned but with no good character, moreover one can be certificated without learning anything and yet have good character,” he said.

“The expectation is that university graduates are positioned for the ideal of having both learning and character, now this ideal has been approximated in Nigeria Universities in the past and now a mare aspiration.

“In most cases, our universities offer certification to illiterates and awarding degrees in many cases to persons without worthy character. ”

He said the purpose of convocation lecture is to inspire and motivate students , faculty and staff to celebrate milestones and address important issues of ills relevant to the academic, community and society at large.

Referring to the Guest Lecturer, he said Adesina is an outstanding Nigerian doing the country and Africans proud.

By : Kingsley Jeremiah, Abuja

Over 75 per cent of the 1.9 billion barrels of crude oil produced in Nigeria and other African countries in 2024, translating to 1.4 billion barrels was exported to Europe and other continents at the detriment of local refineries and the rising energy poverty on the continent.

While African countries imported about $30 billion worth of petroleum products last year, the President Bola Tinubu-led deregulation of the downstream sector of the petroleum industry crashed demand for Premium Motor Spirit (PMS) by 11 per cent in Nigeria.

Speaking at the yearly conference of African Refiners and Distributors Association (ARDA) in Cape Town, South Africa with focus on ‘Africa First: Delivering Our Energy Future’, the stakeholders disclosed that capacity utilisation remained a challenge for Dangote’s 650,000bpd refinery, the 60,000bpd Port Harcourt and 75,000bpd Warri refineries commissioned last year by the Nigerian National Petroleum Company Limited (NNPCL) among others in Ghana and Angola.

This alarming trend, coupled with a worsening refining and distribution infrastructure, forced the stakeholders to demand immediate action to reverse a $45 billion loss in investment and $86 billion in foregone government revenues due to inefficiencies across Africa.

Executive Vice President of Afreximbank, Kanayo Awani, at the event, said Africa must take control of its energy resources and prioritise energy security to drive economic development.

Emphasising the need for sustainable, locally-driven solutions to address the continent’s energy challenges, Awani criticised the continent’s penchant for exporting raw materials while importing refined products, noting that Africa exports 80 per cent of its crude oil and 45 per cent of its natural gas but still faces energy poverty.

Afreximbank, Awani disclosed, is investing in refining capacity to address this imbalance, committing over $4 billion to projects in Nigeria, including the Dangote Refinery and the Port Harcourt Refinery redevelopment. The bank is also backing a $3 billion trade financing programme to boost intra-African petroleum product trade.

She highlighted the importance of industrialisation, local content development and intra-African trade under the African Continental Free Trade Area (AfCFTA) to ensure energy security.

The stakeholders said while the continent spent $30 billion on petrol export last year, most refineries on the continent remained idle.

Executive Secretary of ARDA, Anibor Kragha, called for greater investment in Africa’s downstream oil and gas sector to match the continent’s growing upstream production.

Kragha stressed the urgent need to refine more of Africa’s crude oil locally, build regional pipelines and expand energy infrastructure to reduce dependence on imports.

He also warned that Africa’s reliance on imported fuel made it vulnerable to supply disruptions.

“If imports stopped for just 30 days, much of Sub-Saharan Africa would grind to a halt,” he said, highlighting the continent’s insufficient refining and strategic storage capacity.

Despite producing over five million barrels of oil per day, Africa’s downstream investments remain low, with just $15 million to $20 million allocated last year.

The ARDA chief pointed out that while Congo Brazzaville was on track to produce 500,000 barrels per day, its Pointe-Noire refinery could only process 24,000 barrels, illustrating the urgent need for capacity expansion.

“We must harmonise the upstream and downstream sectors to secure Africa’s energy future,” he said. “Energy security, cleaner fuels and efficient storage solutions must be at the heart of our strategy.”

Decrying Africa’s energy infrastructure, Chairman of African Energy Chamber (AEC), NJ Ayuk, said: “Refineries are not functioning, storage barely exists, and pipelines are rusting or being blown up. We face a $15.7 billion shortfall in energy infrastructure funding.”

He stressed the need to ‘refine, refine, refine’ and condemned trade barriers that stifle intra-African commerce, noting, “You can send crude across borders, but an African with a passport cannot move freely.”

Ayuk also dismissed carbon credit schemes as a “scam” and championed natural gas as the backbone of Africa’s industrialisation: “The sun won’t shine forever, but LNG and LPG can solve our clean cooking crisis and provide reliable power.”

APPO President, Omar Farouk, criticised decades of externally dictated energy policies.
“For too long, Africa’s resources have served others’ needs. Now, we must take control of our financing, technology, and markets.”

by Olalekan Fakoyejo


The federal government says the naira-for-crude oil deal will continue after the first phase ended on March 31.

The ministry of finance announced on Monday, after a meeting between the technical sub-committee on the crude and refined product sales in naira initiative, Wale Edun, minister of finance, and Zacch Adedeji, the chairman of the committee and the executive chairman of the Federal Inland Revenue Service (FIRS).

Also at the meeting are representatives of Dangote Petroleum Refinery and Dapo Segun, the chief financial officer of Nigerian National Petroleum Company (NNPC) Limited, the coordinator of NNPC refineries; management of NNPC Trading; and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Senior officials from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), representatives of the African Export-Import Bank (Afreximbank), and the secretary of the committee, Hauwa Ibrahim, were also at the meeting.

“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC),” the ministry said.

“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.

“As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time.”

The ministry said the issues are being actively addressed through coordinated efforts among all parties.

“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the ministry said.

The sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024, to improve supply, save the country millions of dollars in petroleum products imports, and ultimately reduce pump prices.

On March 10, TheCable reported that the NNPC had halted the naira-for-crude deal until 2030, as the government-owned company has forward-sold all its crude oil.

Nine days later, the Dangote refinery said it had temporarily halted the sale of petroleum products in naira.

The refinery said the decision to halt sales in naira was “necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars”.

https://www.chronicle.ng/wp-content/uploads/2025/04/ezgif-125a018e71cd7e.jpgThe wedding solemnization between Yakubu Azi Abok and Patience John Addra has been called off.


It was gathered that the wedding scheduled to have been held on April 5th, 2025, in Jos Plateau State, was called off by the bride over her refusal to attend the groom’s church after the tying of the nuptials.

While the venue was set, the guests were invited, and the atmosphere electric, little did anyone know a storm was brewing behind the scenes.

According to our correspondent, it all started during the final counselling session with the reverend.

The couple were asked about their plans for their future church attendance, and that’s when the sparks flew.

The bride, a devoted Catholic, said she would continue to attend her church, while the groom, a devout COCIN member, insisted that they would attend his church together.

It was gathered that the priest, sensing the tension, asked if they had ever discussed the issue during their courtship.

However, ”the couple exchanged uneasy glances, and the groom revealed that his mother had been adamant that they attend his church,” a source who spoke under the condition of anonymity told our correspondent in Jos.

Furthermore, the source disclosed that ”the groom said his mother clarified it that if the bride would not follow him to his church, the wedding is off.”

In reaction the bride’s eyes ”widened” in frustration as she retorted, “If your mother is going to decide everything for you, then maybe we should call off the wedding.”

”The groom, taken aback by her words, returned home and shared the conversation with his mother”, who also agreed to have the wedding called off.

As the wedding day approached, the bride, Patience, realised that her future mother-in-law wasn’t bluffing.

The source disclosed that she began to plead with the groom, promising to attend his church and compromise on their differences.

However, the mother-in-law’s mind according to the source, “was already made up.”

Our correspondent gathered that as the guests arrived at the venue, they were met with an empty aisle and a disappointed crowd. The wedding was officially called off, and the bride was left heartbroken"

by TheCable


Dave Umahi, minister of works, says the beauty of the streets of the Lagos-Calabar coastal highway inspires one to want to make heaven.

Speaking when he featured on Arise TV, Umahi wondered what the streets of heaven look like if those of a coastal road could be “so beautiful”.

“I was there; I was so so excited and I said if the street of coastal highway can be this beautiful, how beautiful will the streets of heaven look? It makes us to do better and make heaven; it is a beautiful place,” Umahi said.

Giving updates on the project, he said the 30km in section one of the 750km highway will be ready for commissioning by President Bola Tinubu on May 25.

He explained that the road was raised high enough to be above expected ocean flood level.

“That has put a lot of adjourning buildings in a very serious situation as our road level is at the level of their first decking. So we’re constructing retaining wall all through,” he said.

According to Umahi, the first section is 47.47km by six lanes, with three lanes in each carriageway.

He added that in the middle of both carriageways is a train track of 12m width and bridges along the lines.

“The first section is supposed to be done in 36 months, stated in March 2024; we’ve done about one year,” he said.

“By 14th of this month, we’re going to be flagging off construction in the Calabar axis.”

Umahi said the flag-off in Akwa Ibom will be done a day after and that of the Ebonyi axis of the project will be flagged off on April 16.

“The six geopolitical zones are covered by the four legacy projects of Mr president,” he added.

A former Senate President, Ken Nnamani, has denied claims that he pleaded with ex-Adamawa Senator, Elisha Abbo, on behalf of a judge over the court ruling that nullified Mr Abbo’s election.

Mr Nnamani, who led the senate from 2005 to 2007, described the claim as a “blatant lie,” adding that he is already considering legal action over the statement.

The former senate president denied the claim in a statement on Saturday.

Mr Nnamani’s comment was in reaction to Mr Abbo’s allegation during an interview with Arise Television last Wednesday.

The former Adamawa North senator said Mr Nnamani visited him after the appellate court judgment and pleaded on behalf of a judge, suggesting there had been a miscarriage of justice in the ruling that led to his removal from the Senate. He did not name the judge.

He also accused the Senate President, Godswill Akpabio, of orchestrating his removal from the Senate as political retaliation for his refusal to support his senate presidency bid in 2023.

Mr Akpabio has since denied the allegation, describing it as a desperate attempt to spread misinformation and shift blame for his removal.

Mr Abbo was removed from the Senate by the Court of Appeal in October 2023 after a three-member panel led by C.E. Nwosu-Iheme, a judge, found that the 25 February, 2023 senatorial election in Adamawa Central Senatorial District was marred by non-compliance with the Electoral Act.

After deducting the invalid votes, the court ruled that Amos Yohanna of the Peoples Democratic Party (PDP) won the election with a majority of lawful votes.

The court, therefore, set aside the Certificate of Return issued to Mr Abbo, a member of the All Progressives Congress (APC), and directed the Independent National Electoral Commission (INEC) to issue the certificate to Mr Yohanna.

Similar judicial interventions led to the removal of other senators, including former Minority Leader Simon Mwadkwon (PDP), who was replaced by Pam Dachungyang (ADP), and former Kogi Central Senator Abubakar Ohere (APC), who was replaced by Natasha Akpoti-Uduagan (PDP).


Fabricating events that never happened

Reacting to Mr Abbo’s allegations, Mr Nnamani who represented Enugu East Senatorial District from 2003 to 2007, insisted that he has no links to the case and accused Mr Abbo of fabricating events to support his narrative.

“In the Arise News interview, Senator Abbo stated that his case was judicially mismanaged, and he was a victim of miscarriage of justice. My greatest surprise was to hear him state that Senator Ken Nnamani visited him to plead with him on behalf of a judge for the miscarriage of justice. This statement is a blatant lie. I do not know how Senator Abbo can boldly fabricate an event that never happened to buttress his allegation of judicial miscarriage against him,” he said.

The former senate president specifically stated that he has never visited Mr Abbo in his residence, nor does he know where the former senator lives.

“For the avoidance of doubt, I have never visited Senator Elisha Abbo at his house or anywhere. Up to this moment, I do not know where he lives. I have never discussed with him about his case, or any case pending or decided by any court of law in Nigeria.

“The only time I met with him was when he visited me in my house. It was more of a social visit by him. At this meeting we never discussed his case or any case. I recall that when the matter of his political career came up, I advised him to avoid controversies as a young politician.

“I know that this is a season of political drama. But I do not expect that someone of the rank of a former Senator could create such a falsehood to embellish a story, unmindful of the harm he causes to other people. While I contemplate private legal action for Senator Abbo’s libelous statements, I want the public to completely disregard his falsehood.”


Determined to defend integrity

Mr Nnamani emphasised his commitment to integrity and excellence throughout his public service career.

He expressed disappointment that a former senator would fabricate such claims to bolster a narrative.

“I never visited Senator Abbo in his house or anywhere. I never discussed with him any matter pending before a court or decided by a court in Nigeria. I never pleaded with him on behalf of any Judge or Justice for any miscarriage of justice. The statements Senator Abbo made regarding me and his case are all fabrications.

“I believe I have had a sterling and distinguished public service career. I am determined to maintain my integrity and commitment to excellence till the end of my life. It is too late to be entangled with such frivolities and manipulations in Senator Abbo’s false narratives. Please totally disregard Senator Abbo’s falsehoods. They are pathetic lies,” Mr Nnamani said.

Dr. Tope Fasua, the Special Adviser to President Bola Tinubu on Economic Affairs, has highlighted the complexities of poverty measurement while defending the value of the naira in local terms, comparing the cost of living in Nigeria with that of the United States.

Speaking on the MicOnPodcast with Seun Okinbaloye, Fasua argued that many Nigerians misunderstand the concept of multi-dimensional poverty, which is often used in global poverty indices.

“Some people don’t understand the meaning of multi-dimensional poverty,” he said. “They think multi-dimensional poverty is worse than food poverty. What multi-dimensional means is that maybe the school your children attend is too far from you, or the hospital, and they categorise you as multi-dimensional.”

He went on to explain that despite the high exchange rate of the naira to the dollar, the purchasing power of local currency in Nigeria remains significant compared to the cost of living abroad.

“$1 is N1,500 – it’s a lot of money for many people in Nigeria. $10 won’t buy you lunch anywhere in the

U.S., sometimes you need at least $20, that is N30,000 in Nigeria,” Fasua explained.

Using relatable examples, Fasua described how ordinary Nigerians can still enjoy decent meals without spending much.

“I will tell you what you can do with $5 – that is N7,500 – if you are not going to eat in some eyebrow places. In Gwarinpa, there are some people that sell Boli and fish and you will eat for N1,500. If you know where you are coming from,” he added.

Six banks paid N751.796 billion as income tax to the Federal and State Governments and agencies for the 2024 financial year ended on December 31, 2024.

The figure represents a 189.9 per cent increase from the N395.79 billion tax paid in the 2023 financial year.

A News Agency of Nigeria (NAN) correspondent that monitored the banks audited statements on Nigerian Exchange Group (NGX) platform reveals that the banks also recorded profits in their earnings.

The banks analysed include Zenith Bank Plc, Guaranty Trust Holding Company (GTCO) Plc, United Bank for Africa (UBA) Plc, Fidelity Bank Plc, Stanbic IBTC Holdings Plc and Wema Bank Plc.

Guaranty Trust Holding Company (GTCO) paid N248 billion as against N69.65 billion paid in the corresponding period of 2023.

Zenith Bank Plc paid N293.956 billion against N119.1 billion paid as income tax expenses in 2023, while Fidelity Bank Plc paid N93.777 billion for 2024 FY against N24,806 billion paid in 2023.

UBA Plc paid N37.15 billion as against N149.98 billion paid in 2023, Stanbic IBTC Plc paid N78. 485 billion against N32.290 billion paid as tax in 2023.

Wema Bank Plc paid N16.2 million to the government as against N7.675 million paid in 2023.

The banks listed categories of taxes paid to include corporate tax, and withholding tax on dividend income.

Others according to them are education tax and National Agency for Science and Engineering Infrastructure- Information Technology (IT) levy, Police Trust Fund, windfall levy/tax and deferred tax among others.

Reacting to the tax increase, Mr Okechukwu Unegbu,a financial expert and a former President of the Chartered Institute of Bankers of Nigeria (CIBN) said the tax increase would be beneficial to the government.

Unegbu stressed the need for more companies, especially government-owned, to list on the stock exchange market.

The financial expert who said that only about 140 companies were listed on the country’s stock market, said that no fewer than 3,000 companies were listed in the market in other countries.

He frowned at the delay by the government to list the Nigeria National Petroleum Company Limited (NNPCL) in the stock market.

Unegbu appealed to the government to list its owned companies in the stock market to encourage other private companies to list.

”It is so sad that rather than more companies listing at the stock market, they are exiting the market and it is not good for the economy.

”About 140 companies are listed in the stock market, it is rather very abysmal because in other markets, you have more than 2,000 to 3,000 companies being listed.

”Getting more companies to list will guarantee more taxation and then guarantee more income for the government.

”The business operating environment is not conducive for people to come and list, the government needs to do something.

”We have been talking and recommending that NNPCL should be listed on the stock exchange but up till now, that has not been done, the government is sitting over that.

”If government does that and lists their own companies, you will see that a lot of people will benefit and a lot of companies will come to the market to list,” he said.

Ms Pearl Ogbunobi, another financial expert, appealed to the government to channel the tax into the development of infrastructure and local companies in the country.

”We want to see the huge tax reflect on our infrastructures,” she said.

NAN reports that the banks also posted N3.41 trillion as Profit After Tax (PAT) for the year 2024 ended against the N2.1 trillion recorded in 2023 financial year.

The figure represented a 62.38 per cent increase from the amount recorded during the 2023 financial year (FY). (NAN)

Rotimi Oyekanmi, the chief press secretary (CPS) to the chairman of the Independent National Electoral Commission (INEC), says the constitution does not limit the number of times a lawmaker can be recalled.

Oyekanmi spoke on Thursday during his appearance on ‘Politics Today,’ a programme on Channels Television.

Responding to whether the recall process could be repeated, he said the law does not specify if or how many times it can be conducted.

“I don’t think the law talked about whether there could be a repeat or not; the law just talks about the threshold, the threshold meaning that if you want to recall, you must have, in addition to your petition, 50 percent plus one signature,” he said.

“The law did not specify how many times you can undertake that; if you check section 69 of the constitution, it did not limit the number of times you can recall a lawmaker or a representative.”

Earlier today, the commission said the recall petition against Natasha Akpoti-Uduaghan, the lawmaker representing Kogi central, failed to meet the requirements of the 1999 Constitution.

The electoral umpire said the number of constituents who signed the petition against the suspended lawmaker fell short of 50 percent of registered voters in her senatorial district, as required by the constitution.

Making clarifications, Oyekanmi said INEC was not partisan in its handling of the failed recall petition against Akpoti-Uduaghan.

“In the case of the Kogi central district, we received a petition and a cover letter, and of course what Nigerians were saying was that we were taking sides,” he said.

“But what happened was that in the covering letter, the representatives of the petitioners did not include their address as required in our regulations and guidelines, and what we just did was to ask them to supply their address; it has nothing to do with the petition.

“And of course, there is nowhere in the law where INEC is asked to reject a petition just because the cover letter did not contain the address. So, there was no hanky-panky in what we did.”

Akpoti-Uduaghan had described the development as a victory and dedicated it to Nigerians.


BACKGROUND

On March 24, some members of Kogi central district submitted a petition to INEC requesting the recall of Akpoti-Uduaghan from the senate.

Charity Omole, a representative of the constituents, said they submitted the petition to recall the senator because Kogi central cannot afford not to have a representative in the senate following her suspension.

“We have come to recall her so that we can have a representative in the senate. We are here to tell INEC to please follow the constitutional process for a recall so that a recall process can begin,” Omole had said.

“We submitted the petition, and it has been received. All other documents have been received.

“We are the ones that voted her, and we don’t want her anymore because we cannot afford not to have a representative. Nobody is bankrolling us. Nobody is having any personal issue with her. It is just what it is. The game is the game.”

She said there are 488,000 registered voters in Kogi central, out of which more than 250,000 have signed the recall petition.

However, INEC said the petitioners did not provide their contact details.

On March 26, INEC said it had notified Akpoti-Uduaghan about the petition by constituents seeking her recall from the national assembly.

The commission said it had also received the contact details of the petitioners.

Speaking at her homecoming rally in Kogi on Tuesday, Akpoti-Uduaghan accused the electoral body of bias in her recall process.

“What I see INEC doing is aiding and guiding petitioners on how to perfect their illicit acts,” she said.

“The first time the petition was submitted, they didn’t have address and phone numbers, so INEC went out to guide them on how to submit information that will perfect their petition.

“And what did they do? The petitioners, who were from the other party, the APC, submitted a letterhead. What was the name of it? Kogi Central Political Frontier. And the address there was number 4, Oboroke.”

By Udeme Akpan, Energy Editor

There are indications that more heads will roll in the Nigerian National Petroleum Company Limited, NNPCL and its subsidiaries as Engineer Bayo Ojulari yesterday assumed office as the new Group Chief Executive Officer.

This was even as the management and staff of NNPC Ltd welcomed the appointment of a new GCEO Officer and Board of Directors for the company by President Bola Ahmed Tinubu.

However, checks Vanguard showed that the reorganisation would start from the corporate headquarters to the subsidiaries, including Upstream, Gas and Power, new Energy, Downstream and Non-Energy businesses.

The checks indicated that the reorganisation would be targeted at ensuring that round pegs are placed into round holes based on the commitment of the new leadership to achieve national goals and objectives in the oil and gas industry.

It was confirmed that the businesses to be impacted include the NNPC E&P Limited (NEPL), NNPC Upstream Investment Management Services (NUIMS), NNPC Energy Services Limited (EnServ), NNPC Engineering and Technical Company (NETCO), NNPC New Energy Limited (NNEL), NNPC Gas Infrastructure Company (NGIC), NNPC Gas Marketing Limited (NGML), and NNPC Gas & Power Investment Services (NGPIS).

They also include NNPC Trading Limited (NTL) NNPC Retail Limited (NRL), NNPC Shipping Limited (NSL), NNPC RefChem Limited (NRCL), NNPC Downstream Investment Services (NDIS), Nigerian Pipelines and Storage Company Limited (NPSC), National Energy Reserve Management Company (NERMC), NNPC Non-Energy Investment Services (NNIS), NNPC Foundation Limited/Gte, NNPC Academy, NNPC Properties Limited (NPL), and Health Maintenance Organization (HMO) and Research Technology and Innovation (RTI).

Experts set agenda for oil, gas development

Meanwhile, in an interview with Vanguard, Prof Wumi Iledare, Executive Director of Emmanuel Egbogah Foundation, called on the new team to revisit the Naira for Crude deal with local refineries.

He said: “Second is selling NNPCL shares to the public with a limit to what individuals can buy and restricting corporate buyers. Third, divest some JV shares in divested IOC shares.

“Fourth, rekindle, restructure, and rebound NNPC Limited along the intent of the PIA. Fifth, disavow agency mindset to please the branch instead of the federation and focus on the commercial mandate in the law.

“Sixth, promote economy of scale mentality. Seventh and perhaps most important, encourage more recruitment, training and capacity building to increase productivity.”

Osanebi hails Avuru on NNPC appointment
Prof. Iledare commended the former GCEO, Mele Kyari for his contributions toward the development of the industry, adding that with their rich professional background and experiences, the new team would likely deliver value to the NNPCL and Nigeria’s oil and gas industry.

Similarly, the Chief Executive Officer, CEO, Centre for the Promotion of Private Enterprise, CPPE, Dr. Muda Yusuf, said: “The quality of the governance and management of our oil and gas sector has been the bane of our economic progress over the past few decades. The country has not been able to leverage the huge oil and gas resources to advance our economic development frontiers as many other oil producing countries have done.

“Our peers as oil producing countries have done much better – UAE, Norway, Saudi Arabia etc. We have largely succeeded in building a huge rent economy around our oil and gas sector.

“In all of these, our national oil company [NNPC] is a very strategic institution. If we must change the narrative, we must get it right with the governance and management of the NNPC.

“Recent changes in the NNPC signal the commitment of the present administration to chart a new course. The new management team is populated by professionals with a proven record of performance in the private sector segment of the oil and gas sector. They are therefore expected to change the face of the sector. We would like to see an NNPC that is comparable to its peers like Saudi Aramco, China National Petroleum Corporation, PETRONAS etc.

“We expect to see a dramatic improvement in corporate governance, better optimisation of oil and gas assets, a PPP investment framework that would drive efficiency, productivity and profitability.

“We would also like to see an end to refineries that have become a huge burden rather than assets on the economy. Above all is the imperative of fostering the highest standards of corporate governance. The listing of the NNPC Limited on both national and international stock exchanges would reinforce the desired corporate governance standards.

“However, all of these would be difficult to achieve if the political environment does not complement the realisation of this vision. It is therefore very critical that the independence of the new NNPC is guaranteed with zero tolerance for interference from the Political leadership, the national assembly and the bureaucracy. These are critical success factors.”

NNPCL Embraces New Team

In a statement, the Chief Corporate Communications Officer, NNPCL, Olufemi Soneye, said: “The Management and staff of NNPC Ltd have welcomed the appointment of a new Group Chief Executive Officer, Mr. Bayo Ojulari, and Board of Directors for the Company by President Bola Ahmed Tinubu.

“We extend our profound appreciation to the outgoing GCEO, Mr. Mele Kyari, and the former Board Members for their selfless and dedicated service to the Company and to the nation.

“Mr. Kyari’s leadership and tireless efforts have left an indelible mark on NNPC Ltd., and we are sincerely grateful for his outstanding contributions. We wish him and all departing Board Members continued success and fulfilment in their future endeavours.”

Former Adamawa North senator, Ishaku Elisha Abbo, has accused Senate President Godswill Akpabio of acting like an "emperor" in handling the sexual harassment allegation raised by Senator Natasha Akpoti-Uduaghan.

Speaking on Arise TV on Wednesday, Abbo criticised Akpabio for allegedly ordering Akpoti-Uduaghan’s six-month suspension from the Senate, contrasting it with his own past encounter with Akpabio in the 8th Senate.

He recalled a verbal altercation between Akpabio and then-Senate President Bukola Saraki over seat arrangements, emphasising that Akpabio was not suspended.

"In Natasha’s case, Akpabio acted like an emperor and ordered her suspension for six months," Abbo stated.

The former senator also revisited his ousting from the Senate, calling it an act of "judicial banditry."

He alleged that the judge who ruled against him knew the decision was unjust, revealing that an intermediary was later sent to his house to plead with him.

"The judge ruled that elections took place in five local governments but cancelled results in two, affecting 203 polling units, without ordering a rerun. That was outright robbery," he said.

Abbo further criticised the National Judicial Council (NJC) for its inability to discipline appellate-level judges, advocating for restructuring the body to ensure accountability.

When questioned about his controversial past, including an incident where he was filmed slapping a store owner in Abuja, Abbo claimed the video excluded the part where his sister was allegedly assaulted.

In 2019, Abbo faced widespread criticism after being filmed assaulting a woman in a intimacy gadget shop in Abuja. The court subsequently imposed a fine of N50 million on the lawmaker for the assault.

Some months later, Abbo was again caught on camera, this time assaulting a man named Silas Daniel in his hometown of Mubi.

Silas, a former Personal Assistant (PA) to Abbo, was reportedly attacked with machetes, daggers, and clubs by thugs acting under the lawmaker's orders.

On January 4, 2023, SaharaReporters revealed that policemen from the Federal Capital Territory, acting under Senator Abbo's orders, detained freelance journalist Yau Saeed Mubi.

Mubi was arrested on December 27 following a publication criticising the lack of good governance in Adamawa North, which Abbo represented at the time.

Stephen Angbulu, Damilola Aina, Dare Olawin and Dele Ogunyemi


President Bola Tinubu’s decision to sack Mele Kyari and other board members of the Nigerian National Petroleum Company Limited stems from mounting concern over performance and a failure to meet key production targets, Presidency officials have disclosed.

In an abrupt move on Wednesday, Tinubu removed Kyari, who had been at the helm of the national oil company since 2019, as part of a broader overhaul, which the Presidency said was aimed at boosting Nigeria’s crude and gas output.

“President Tinubu removed all other board members appointed with Pius Akinyelure and Kyari in November 2023,” Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, said in a statement in the early hours of Wednesday.

Consequently, he appointed Bashir Ojulari as the new Group CEO, effective from April 2, 2025.

“The new 11-man board has Bayo Ojulari as the Group CEO and Musa Ahmadu-Kida as non-executive chairman,” the statement read.

Multiple Presidency officials familiar with the developments said the shake-up was a performance-based reshuffle, arguing that those previously in charge “were going in circles” and some of them had “become part of the problem, rather than the solution.”

One official, who spoke on condition of anonymity because he was not authorised to speak on the matter officially, told our correspondent, “The President did this because of their performance because we needed to do things differently. The former people were taking us in circles, and then some of them became part of the problem.

“There needs to be a new direction. You need new people to bring new energy into the system.

“Look at them. Every one of them is capable. They are core industry professionals, real industry experts who know the industry inside and out. They are not politicians. This is the first time we have an entire cast of technocrats.”

Another official familiar with the development said the President believed that new blood was essential to jump-start production growth.

The official explained, “It is not about (Kyari’s) age. The NNPCL is a limited liability company and is not governed by civil service rules. So, it’s not about his age. There is always a need to get new brains that can deliver in new directions. The President has his mandate, which is clearly stated in the statement. He gave them his performance metrics, such as the amount of crude we produce. He asked them to review all blocks because we want to know which ones are producing and which are not.

“We have to optimise those that are not producing. He wants them to review all our assets within a certain period and give us good production. By 2030, they must be producing 3,000,000 barrels per day, and between now and 2027, we must stabilise at 2,000,000 per day. Then, gas, we must produce 10 billion cubic meters between now and 2030. These are performance metrics, and that is how it should be done.

“But the former system was not giving us that. They have been around the same spot for years. Our OPEC quota has not improved much since 1973. We have not been able to meet them. That is why reforms are important.”

Also appointed to the new 11-man board is Adedapo Segun, who replaced Umaru Isa Ajiya as the chief financial officer last November.

Six board members and non-executive directors represent the country’s geopolitical zones. They are: Bello Rabiu (North West); Yusuf Usman (North East); a former managing director of the NLNG, Babs Omotowa (North Central); Austin Avuru (South-South); David Ige (South West), and Henry Obih (South East).

Onanuga said Mrs Lydia Jafiya, Permanent Secretary, Ministry of Finance, will represent the ministry on the new board, while Aminu Said Ahmed represents the Ministry of Petroleum Resources.

“All the appointments are effective today, April 2,” he announced.

Tinubu handed out an immediate action plan to the new board, asking them to conduct a strategic portfolio review of NNPCL-operated and Joint Venture Assets to ensure alignment with value maximisation objectives.

While the NNPCL reported $17bn in new investments within the sector last year, Onanuga said the administration now envisions increasing the investment to $30bn by 2027 and $60bn by 2030.

“Furthermore, President Tinubu expects the new board to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030.

The new board chairman, Musa Ahmadu-Kida, is from Borno State. He started his career in the oil industry at Elf Petroleum Nigeria and later joined Total Exploration and Production as a trainee engineer in 1985.

Musa became Total Nigeria’s Deputy Managing Director of Deep Water Services in 2015. Last year, he became an Independent Non-Executive Director at Pan Ocean-Newcross Group.

Ojulari, the new NNPC Limited Group CEO, hails from Kwara State. Until his new appointment, he was Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His Renaissance recently led a consortium of indigenous energy firms in the landmark acquisition of the entire equity holding in the Shell Petroleum Development Company of Nigeria, worth $2.4bn.

Tinubu thanked the old board members for their dedicated service to NNPC Limited, particularly their efforts in rehabilitating the old Port Harcourt and Warri refineries, which enabled them to resume petroleum product production after prolonged shutdowns.

Nigeria, once Africa’s leading oil producer, has struggled for years to fulfil its production quota stipulated by the Organisation of the Petroleum Exporting Countries. While OPEC figures have often placed the country’s desired output above two million barrels per day, the NNPCL has repeatedly fallen short – citing pipeline vandalism, underinvestment, and ageing infrastructure.

Pundits say that under Kyari, some reforms were introduced, but overall production remained below target.

Refineries revamp

Operators and experts in the oil and gas sector have set an agenda for the new Group Chief Executive of the Nigerian National Petroleum Company Limited, Ojulari who replaces the the company’s former GCEO, Kyari.

While congratulating Ojulari and the other board members newly appointed by Tinubu, stakeholders enjoined them to ensure all the refineries under the watch of the NNPCL are revamped.

The new NNPC leaders were charged to rebrand the NNPC, renew the naira-for-crude deal, divest some of the company’s assets, restore investors’ confidence, and be apolitical.

In an interview, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, described the sweeping reconstitution as a welcome development.

He said IPMAN received the news with warmest regards, saying Tinubu is reforming the oil and gas sector.

Ukadike told the new NNPCL team to ensure that the refineries resume operations at full capacity to give enough and affordable fuel to Nigerians.

He urged Ojulari and his team to ensure the Port Harcourt, Warri, and Kaduna refineries are maximised to create more jobs for the masses.

“We received the news with the warmest regards. Mr President is renewing and reforming the oil and gas industry. And whatever that will drive both the implementation of policies and the Petroleum Industry Act is in order.

“What is imminent is change. So, we the independent marketers association welcome this.

“We congratulate the new man and charge him to ensure that all these government-owned refineries in Port Harcourt, Warri, and Kaduna are producing enough fuel for the economy. This will also create jobs for the people amd and make petroleum products available,” he said.

Ukadike appealed to Ojulari and the board to settle the rift between the NNPCL and the Dangote refinery as far as the naira-for-crude deal is concerned.

He urged them to renew the deal and put an end to the crisis so as to enable smooth fuel distribution across the nation.

“We also want the new GCEO to use this good office to revisit the naira-for-crude deal; look into the saga and put an end to it so that it will better the distribution process and strengthen our economy,” Ukadike stated.

Similarly, the Nigerian Association of Petroleum Explorationists lauded Tinubu for the new NNPCL board appointments noting that it was a bold step towards repositioning the oil and gas industry for greater efficiency, transparency, and profitability.

In a statement signed by NAPE President, Johnbosco Uche, the association said the new board has a mandate to enhance operational efficiency, restore investor confidence, and increase commercial viability, saying this aligns with NAPE’s goals and aspirations for the industry.

The explorationists expressed confidence that the new team would bring the necessary expertise and experience to drive the oil and gas sector forward.

According to Uche, NAPE is delighted to observe that the newly appointed board comprises seasoned professionals, including Austin Avuru, a former President of NAPE who has held esteemed top management positions within the oil and gas industry.

“We look forward to collaborating with them to achieve the desired growth and development in the oil and gas sector,” the statement added.

The Crude Oil Refinery-owners Association of Nigeria requested that the newly appointed board take bold steps towards ensuring Nigeria achieved self-sufficiency in domestic refining and energy security.

CORAN’s Publicity Secretary, Eche Idoko, said, “CORAN congratulates the new board of the NNPCL and the new GCEO on their appointment. They are coming in at a time when the market globally is repositioning, and the Nigerian market, particularly in the midstream and downstream sectors, is receiving increasing attention.”

“We hope that the new NNPCL board will be bullish in the quest to make Nigeria self-sufficient in domestic refining and energy security. We want to see a more visible NNPCL that coordinates and works closely with local investors, especially in the emerging midstream segment. We look forward to them building on the legacy of the last administration and ensuring that Nigeria becomes a refining hub.”

Similarly, the National President of the Petroleum Retailers Outlets Owners Association of Nigeria, Billy Gillis-Harry, asked the board to ensure a daily production of 700,000 barrels per day in refining strictly for domestic use to achieve energy independence.

“Our message is simple: wherever Mele Kyari’s administration stopped, the new board should take it to the next level. They must ensure that the oil and gas sector grows, driving the economic value that it should in Nigeria,” Gillis-Harry said.

“We want to see discussions around how we can increase local refining capacity. This could start with a boost of 700,000 barrels per day dedicated strictly to domestic refining. This would require new work on how communities can cooperate with the NNPCL and the government for a win-win situation.”

Hope rising

Meanwhile, an expert in the oil and gas industry, Professor Emeritus Wumi Iledare, has expressed high hopes that the new NNPC leadership will not fail as their failure is a bad signal for the country.

In an interview with our correspondent, Iledare said this was the first time the NNPC had a board that was apolitical, expressing optimism in the capacity of the people he called “core professionals.”

“Finally, NNPCL has a board that is majorly apolitical by nature with the appointments of timber and caliber professionals. It is the dawn of a new era for NNPCL to rekindle, restructure, and rebound itself along the intent of PIA 2021,” he said

Iledare listed what he expects the new board to focus on immediately: “First is (settling) the dilemma naira-for-crude deal with local refineries; second is selling NNPCL shares to the public with a limit to what individual can buy and restrict corporate buyers; third, divest some joint venture shares in divested international oil companies’ shares; fourth, rekindle, restructure, and rebound NNPC Limited along the intent of the PIA.”

He urged Ojulari to “promote the economy of scale mentality and correct the apparent diseconomies of scale bounding the potential of NNPCL.

He added, “Bayo Oujulari, Austin Avuru, Yusuf Usman, Rabiu Bello, David Ige, Babs Omotowa are professionals I know personally. I pray that Nigeria does not get them. It is like having six GCEOs.”

Speaking on the sack of Kyari, the don posited that “he was thrown into the fire the way he was appointed by former President Muhammadu Buhari without following the process of the PIA.”

He spoke further that it is difficult for a leopard to change its skin without a surgical operation.

“Going from GMD to GCEO was difficult for him and working with an incompetent board imposed on him was difficult. So, I admired his attitude to risk. He was a risk seeker but politically constrained and very too transactionally minded. He should have resigned the way his CFO retired. Best wishes to him.

“His exit, notwithstanding, the change is the dawn of a new era for NNPCL. For the first time ever, the NNPCL has an apolitical Board with a good understanding of what it takes to have a commercial mentality,” Iledare maintained.

Farewell for Kyari

Following the new appointments, the management and staff of NNPC on Wednesday welcomed Ojulari and the Board of Directors.

A statement by the company’s spokesman, Olufemi Soneye, said, “We extend our profound appreciation to the outgoing CCEO, Mr Mele Kyari, and the former Board Members for their selfless and dedicated service to the Company and to the nation.

“Mr Kyari’s leadership and tireless efforts have left an indelible mark on NNPC Ltd., and we are sincerely grateful for his outstanding contributions.

“We wish him and all departing Board Members continued success and fulfilment in their future endeavours.”

The PUNCH reports that Kyari’s removal came at a time when the NNPC refused to sell crude to the Dangote refinery in naira as ordered by the President last year.

The seeming collapse of the deal led to the suspension of fuel naira sales to local marketers in naira.

This has since led to a hike in petrol prices from N860 per litre to N930 or more, depending on the location.

Tompolo lauds Tinubu

Chairman, Tantita Security Services Nigeria Limited, Government Ekpemupolo, aka Tompolo, has lauded President Tinubu for his “careful selection of seasoned professionals” as the new Management Board of the NNPCL.

He also congratulated the newly appointed 11-member board and management of the NNPCL.

In a personally signed statement made available to journalists in Warri on Wednesday, Tompolo, the Ibe-Ebidouwei of Ijaw Nation, noted that Tantita Security Services Nigeria Limited recognised the new appointments “as a pivotal moment in the journey of the NNPCL and the Nigerian oil and gas industry.”

The statement read, “Indeed, this decision by Mr. President underscores his administration’s dedication to ensuring that only competent hands are entrusted with optimising the vast benefits of our nation’s oil and gas sector.

“The challenges and opportunities before this new management and board are immense, but we are confident in their ability to drive the ongoing restructuring of the NNPCL to greater heights.

“Under their stewardship, we believe that the President’s mandate to ramp up local refining capacity and increase Nigeria’s crude oil production to 2mbpd in record time will be realised and surpassed.

“As our company has always done, TSSNL remains steadfast in its commitment to partnering with the NNPCL to secure and enhance Nigeria’s oil production capabilities. Our expertise in oil asset protection and our deep-rooted presence in the Niger Delta position us as a reliable ally in ensuring that the nation’s resources are safeguarded and utilised efficiently for the collective benefit of all stakeholders.”

Despite the recent upward adjustments of the Premium Motor Spirit (PMS) petrol by different prices, the Nigerian National Petroleum Company Limited (NNPCL) has left its unchanged at N880 per litre in the Federal Capital Territory (FCT).

The Nation’s investigation at all NNPCL retail outlets in the city revealed the uniform price of N880 per litre.

In Lagos, the corporation has retained pump price at N860 while other major marketers have increased to between N930-N980.

Its Chief Corporate Communications Officer, Mr. Olufemi Soneye attributed the stability of price in the state-owned oil firm’s outlets to its determination to adhere to its core mandate.

The Petroleum Industry Act (PIA) mandates the NNPCL to guarantee energy security for the country.

Asked why has NNPCL left the pump price unchanged, Soneye told The Nation in Whatsapp text message that its for energy security mandate.

He further noted the PIA mandates NNPCL to be the supplier of last resort.

Soneye said: “Energy security. The law mandates NNPC to be the supplier of last resort.”

Asked whether NNPCL was sustaining the pump price at a loss, he said “not really.”
NNPCL’s refineries Port Harcourt and Warri have been operational, also supplying products to the domestic market.

It refines its own feedstock from its upstream firm- National Petroleum Development Company (NPDC) and JVCs.

Its sustenance of the pump price despite the changes in most components of the petrol pricing template such as crude oil price increase and exchange rate shows a maintenance of a slim profit margin for energy security.

The Nation’s investigation at the petrol stations in Abuja showed that some major oil marketers sold the product from between N950 per litre to N970 per litre.

Some independent marketers vended the petrol for N990 per litre with little or no patronage.

But the NNPCL outlets recorded significant patronage.

Dangote affiliate petrol station, MRS vended the product for N950 per litre after adjusting the price from N880 per litre.

The management of Dangote Refinery on March 19 announced the temporary suspension of sale of petrol in Naira.

According to the announcement, the NNPCL had stopped the sale of feedstock to the plant in Naira.

The National Institute for Policy and Strategic Studies has assured Nigerians that the price of Premium Motor Spirit, also known as petrol, will drop as Dangote Refinery and other local refineries begin operations.

Before the fuel subsidy removal, petrol was sold for less than ₦200 per litre.

Now, prices have surged to around ₦930 per litre, depending on location.

Despite the increase, NIPSS Director-General Ayo Omotayo said there is hope for relief in the future when he featured on Channels Television’s The Morning Brief on Tuesday,

Omotayo explained that as more refineries start working, fuel prices will begin to fall.

“With the removal of the first subsidy, we have Dangote Refinery coming on. We have the other refineries. The refinery in Port Harcourt has worked continuously for 110 days if I’ve counted right! These are the short-term gains,” he said.

He predicted that petrol prices could drop to around ₦750 per litre before the end of the year and that the exchange rate would stabilise.

“We’re looking at it coming down as low as ₦750 before the end of the year. And of course, foreign exchange, we believe, will still drop to about 1.3 before the end of the year and it is going to continue like that as more of our refineries come into place.

“We will become a net exporter in the long run,” he added.

He acknowledged that Nigerians are currently facing difficulties but insisted that the country will benefit from the policy in the long run.

“The gains at this time are very little, but then in the long run, we will make up for whatever sacrifices we have made today as Nigerians,” he stated.

Defending the removal of subsidy, Omotayo stated that while the impact may be tough now, the decision will benefit the country in the long run.

Omotayo said, “Most of the benefits will come in the medium and long term. For now, the government has introduced palliatives to help ease the burden on the poor. We all need to adjust our spending.”

He acknowledged that the gains might not be immediately visible but emphasised that, “In the long run, we will recover whatever sacrifices we have made today as Nigerians.”

I Refused N5bn Bribe to Impeach Fubara, Former Rivers Speaker, Edison Ehi, Reveals

*Denies bombing assembly complex

*Ogbeh: Military appointments during emergency rule undermines democracy

*How police intensified security deployments ahead of eid-el-fitr celebrations in state

Chief of Staff to the suspended Governor of Rivers State, Siminalayi Fubara, Hon Edison Ehie, has alleged that he was offered a N5 billion bribe to support the impeachment process of his principal, then as a speaker of the Rivers State House of Assembly.

Ehi, who did not mention the person that made the attempt to bribe, and disclosed this yesterday night on Channels TV interview, described Fubara as a man of peace, saying he turned down the money when he realised the purpose for the offer.

Also, a former national chairman of the Peoples Democratic Party (PDP) and erstwhile minister of agriculture, Audu Ogbeh, has faulted the practice of replacing civilian governors with military appointees during state of emergency.

In a related development, the Rivers State Police Command had hinted about how it intensified adequate security deployments across the state ahead of yesterday’s Eid-el-Fitr celebrations.

Speaking, Ehi reiterated that, “The governor is a man of peace. The governor decided to follow the way of conflict resolution. In October, I was approached with N5 billion bribe against the governor but I refused. The bribe was for impeachment, but I turned it down,” he said.

Reacting to the accusations by the former Head of Service, George Nwaeke, on the bombing of the State Assembly, Ehi said he had no hand in the arson, accusing Nwaeke of monetary compromise to implicate him in such crime.

Ehie, who expressed surprise that Nwaeke after serving for about 35 years could be allowed to be bullied to make such allegations, said what the former HoS presented to the public was a script allegedly written to him to implicate the governor and him in the political crisis in the State.

He disclosed that he had directed his lawyer to file a suit against the former HoS, saying, it’s “Very important to clarify that I was not, had no hand in the burning down of the Rivers State House of Assembly.

“I have no hand, not privy, no information. We just woke up and heard that the Assembly had been bombed. We have finished screening commissioner and left the complex. We didn’t adjourn to 30 October, 2023 when we finished sitting. 29th October was being a Sunday.”

He alleged that the security operatives during investigation said they saw the convoy of the Speaker, coming out of the Assembly.

“Once it is 6pm, it is only one person that has access to the complex, and that is the Speaker,” he said.

Ehie revealed that, “George Nwaeke resigned on March 24, 2025, by Tuesday, March 25, 2025, he was appealing that the governor should give him money, that he doesn’t have a better house and other helps. The problem is that of contentment. He is not a contended man. He was requesting for money.

“The governor wouldn’t have given him money as at that time because he has already tendered his resignation letter, stating that he cannot work with a government that is not led by Governor Siminalayi Fubara.”

On the allegation that Fubara allegedly pulled down the assembly complex and refused to reconstruct it, Ehie said,”The job is 80% completed and the contractor fully paid. The administrator on visit to the complex confirmed that is almost completed.

“The governor is a man of peace. The governor decided to follow the way of conflict resolution. In October, I was approached with N5billion bribe against the governor but I refused. The bribe was for impeachment, but I turned it down.”

A former national chairman of the Peoples Democratic Party (PDP) and erstwhile minister of agriculture, Audu Ogbeh, has faulted the practice of replacing civilian governors with military appointees during state of emergency.

Speaking on a television programme, he said President Bola Tinubu and his predecessor, Olusegun Obasanjo, had taken similar steps, raising concerns about a return to military-style governance.

Ogbeh warned that the practice could send a damaging message to Nigerians about the ability of civilian leaders to govern themselves.

“The only other thing that I’m asking is: Why is it that each time there is this suspension of a governor, a military person is put back in place?

“Do we miss military rule or are we suggesting that civilians are incapable of governing themselves?

“Obasanjo did it twice, in fact, thrice, and we have it again. What’s the logic? This is why, in the first place, this whole imposition of a state of emergency should be avoided.

“Since the constitution doesn’t say you can only pick this or that person, the president is free to do so, but it’s also sending a funny signal that civilians can’t do the job themselves.

“That’s not a good one. That’s why civilians themselves should be more responsible. Elected individuals should behave themselves and not carry on as if it’s a holiday and that they can do as they wish because they are sending the wrong signal to society,” said Ogbeh.

Meanwhile, the Rivers State Police Command had hinted about how it intensified adequate security deployments across the state ahead of yesterday’s Eid-el-Fitr celebrations.

In a statement by the State Police Public Relations Officer, SP Grace Iringe-Koko, the command explained that the security deployments became necessary to ensure a peaceful and hitch-free festivity in the state.

She said the Commissioner of Police, Olugbenga Adepoju, had directed all Area Commanders, Divisional Police Officers (DPOs), and Tactical Units to strengthen patrols, surveillance, and intelligence gathering in all parts of the state.

According to the police spokesperson, “These measures are aimed at preventing any potential security threats and ensuring the safety of residents and visitors before, during and after the festive period.

“The deployment will cover all prayer grounds, recreational centers, markets, motor parks, and other public places where large gatherings are expected.

“Special attention will also be given to flashpoints, entry and exit points, and major highways, including all waterways to prevent criminal activities and ensure safe and secured environment for all citizens.”

In addition to physical security presence, the PPRO revealed that, “the Command has activated a rapid response strategy, with patrol teams and undercover operatives deployed to strategic locations.”

Also, the police, in collaboration with sister security agencies and community stakeholders had enhanced security to ensure seamless coordination and intelligence sharing.

By Damilola Aina


As a direct fallout of the recent suspension of sales of petroleum products in naira by the Dangote refinery, MRS filling station has effected a new price regime, raising its pump price to N930 per litre in Lagos and N960 for residents living in the northern part of the country.

The new price regime, effective from March 28, 2025, represents an increase of N70 from the previous price of N860 per litre in Lagos, N870 in other South-West states, and an N80 difference from the N880 previously sold in the North.

Some other filling stations, it was gathered, have also started selling at the same rates.

For instance, NIPCO sold at N930 in Magboro, Ogun State, on Saturday.

According to the latest price list from MRS Oil & Gas, its trucks will load products from the Lagos depot and convey them directly to its retail stations nationwide at varying costs.

The document showed that Lagos had the lowest rates, with northern states getting the highest rates. The firm, however, did not state whether it bought products from the Dangote refinery.

In Lagos, petrol will sell for N930 per litre, while states in the South-West and Kwara, will pay N940 per litre.

For the South-South and South-East regions, including Edo, Abia, Akwa Ibom, Bayelsa, Rivers, Cross River, and Enugu, the price is now N960 per litre.

The North has mixed prices, as Abuja, Kaduna, Benue, Kogi, Niger, Sokoto, Kebbi, and Nasarawa will pay N950 per litre, while Zamfara, Kano, Jos, Bauchi, Taraba, Adamawa, Borno, Katsina, Jigawa, Gombe, and Yobe will pay N960 per litre.

The Free Carrier Agreement price, which determines how much marketers pay before selling fuel, also varies. Lagos has the lowest FCA price at N905 per litre, while states like Borno, Taraba, Adamawa, and Yobe have FCA prices around N888 per litre.

Recently, the Dangote refinery announced a temporary suspension in the naira-for-crude initiative following a mismatch in crude allocation paid for in naira and its actual sales.

Insiders familiar with the development said the Nigerian National Petroleum Company Limited had allocated large volumes of crude to its foreign creditors to settle the loans acquired by the firm, making it difficult to sustain the naira-for-crude deal between NNPCL and the Dangote refinery.

This allowed the free importation of products, as private depot owners hiked their prices to maximise profit.

The increase in petrol prices may lead to higher transport costs and rising prices of goods and services.

Independent marketers continue to struggle with foreign exchange rates and distribution expenses, affecting fuel availability in some areas.

Industry experts say that prices could stabilise when the Dangote Refinery starts selling fuel in naira, once it secures crude oil from NNPC. Until then, Nigerians will have to contend with higher costs at filling stations nationwide.

By Bassey Willie, Yenagoa


The organizers of the rally in support of the Minister of Federal Capital Territory (FCT), Nyesom Wike, have dared Governor Douye Diri of Bayelsa State, vowing to go ahead with the rally that the number one citizen in Bayelsa kicked against.

During a meeting with Bayelsa Elders and Security agencies, on Wednesday, the governor had raised concerns that the rally could trigger violence.

He alerted security agencies and stakeholders not to encourage anything that could lead to the breakdown of law and order in the state.

But reacting in a statement which his Media Assistant, Kelvin Loveday-Egbo, issued on his behalf, George Turnah, the South South Zonal Secretary of the People’s Democratic Party (PDP) who is the lead promoter of the rally, said arrangements for the programme were in top gear.

Expressing shock over the governor’s comment, Turnah said ethnicity has no place in politics, adding that the rights to freedom of association and peaceful assembly is constitutional.

He said the rally is planned in solidarity with President Bola Ahmed Tinubu and the FCT Minister.

Turnah also dispelled the governor’s notion that he was collaborating with a former governor to create instability in the state.

Turnah stated that he has no intention of politically destabilizing Bayelsa or any other state, but he leads a grassroots political movement called New Associates aimed at mobilizing support for President Tinubu’s administration in the South South Zone, devoid of ulterior motives.

In a promo flyer obtained by Daily Trust in Yenagoa, Bayelsa State capital, the promoters of the rally listed the eminent Nigerians to attend the rally to include Wike, Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and Managing Director of Niger Delta Development Commission (NDDC), Chief Samuel Ogbuku, among others.

He said: “The organization is set to officially launch in Bayelsa on April 12, 2025, and the arrangements are in top gear to ensure a hitch-free outing, including formal notifications to relevant security organizations in the state as required by law.

Turnah reminded Governor Diri that the Ogbia leaders and elders he asked to call him to order were the same leaders who, in 2019, requested him not to support the governor’s ambition at the time, a request he ignored.

“I am not only a member of the PDP but also a serving Zonal Secretary of the Party in the South South, I wonder which other office the Governor was accusing me of occupying if I am not a member of the PDP.”

Expressing concern over the governor’s anger regarding his personal choice of political association with Wike, Turnah noted his constitutional right to freedom of association.

He reminded the governor that this is not the first time he had made personal political choices.

While acknowledging that the current disagreement within the PDP in the state are a family affair, Turnah assured that the issues would be resolved in no time.

He commended the Governor on his many achievements and pledged his continued support for the prosperity administration led by Governor Diri.

He also called on the teeming youths, women, political class across Party lines and divides as well as all lovers of the President to come out en masse and show their appreciation to President Tinubu and Wike for their special love for Bayelsa and Ijaw nation.

By Idahosa Moses


The constituents of Edo South Senatorial District and the Human Rights Community on Friday declared a loss of confidence in the senator representing the area, Senator Neda Imasuen, over alleged failure, corruption, abuse of office, and betrayal of public trust.

The constituents stated that they have formally initiated the recall of the Labour Party (LP) senator and are also demanding his prosecution over circumstances surrounding his alleged disbarment by the New York State Supreme Court in 2010.

They added, “Given the international nature of these allegations, INTERPOL’s cooperation is necessary to ensure a thorough, independent, and global investigation.”

Representatives from five of the seven local governments in the Senatorial District disclosed this at a press briefing in Benin City, Edo State, stating that the constituents deserve credible, accountable, and transparent leadership.

The local government representatives include Kola Edokpayi (Oredo), Caesar Garrick (Ikpoba-Okha), Aghatise Raphael (Ovia South West), Ogbu David (Uhunwode), Okorie Kingsley (Ovia North East), and Hanson Orako (Egor).

The group alleged that Imasuen, who is the Chairman of the Senate Committee on Ethics, Code of Conduct, and Public Petitions, has no constituency projects in his Senatorial District and has distanced himself from the people.

They therefore issued a 14-day notice to the Independent National Electoral Commission (INEC), the Nigerian Senate, and anti-graft agencies to take action on their petition.

Senator Neda Imasuen, however, dismissed the allegations, claiming that the individuals moving against him were recently invited to Kogi State.

He said, “They are doing a hatchet job because they are being paid from Kogi.

“I don’t see why someone is being paid to throw stones in his father’s house,” Imasuen stated.

Imasuen, who heads the Senate Committee on Ethics, Code of Conduct, and Public Petitions, is at the center of a controversy involving a sexual harassment petition filed by suspended Kogi State Senator Natasha Akpoti-Uduaghan against Senate President Godswill Akpabio.

By Sunday Isuwa


Keystone Bank has overtaken Bacita Sugar Company (Josepdam Sugar Company) over its failure to settle a N25,358,203,258.09 debt.

The bank immediately appointed Mr Yunus Abdulsalam (SAN) as the firm’s Receiver/Manager.
This development followed an order of the Federal High Court, Ilorin, which mandated the bank to recover its debt from KIA Africa Group of Africa, which has acquired.
Josepdam Sugar Company.

The court has also frozen 21 accounts belonging to the KIA group.

The Presiding Judge, Justice A. O. Awogboro, ruling on an ex-parte motion, asked Keystone Bank to manage all the firm’s assets.

The judge said: “It is hereby declared that in the Notice and Deed of appointment dated 30” December 2024, the 2nd Applicant is the duly appointed Receiver/Manager over the assets of the Respondent secured as fixed and floating charges for the loan facility granted by the 1st Applicant.

“An order of this Honourable Court is hereby made directing the 2nd Applicant, in his role as the appointed Receiver/Manager under the duly executed Debenture Deed,

“He is to take possession, control and management of all assets of the Respondent secured as fixed and floating charges for the loan facility granted by the 15t Applicant.

“An order of this Honourable Court is hereby granted restraining the Respondent herein whether acting by themselves or through their officers, servants, agents, privies, legal representatives or such other persons claiming through or acting on their behalf whosoever and howsoever described from challenging, interfering with or otherwise obstructing or frustrating the 2nd Applicant as the Receiver/Manager appointed by the 1st Applicant over all the assets of the respondents lying in any part of Nigeria, including the Respondent’s assets lying and situate at Josepdam Sugar Factory, Bacita Layout, Kwara State.

When contacted at the scene of the enforcement, the bank representative said: “Keystone Bank has effectively taken over the Josepdam Sugar Company in Bacita, Kwara State, known as Bacita Sugar Company, following KIA Africa Group of Africa’s failure to settle a staggering ₦25,358,203,258.09 debt owed to the financial institution.

“The takeover became imperative to managing or outrightly disposing the Sugar Factory to use the proceeds or part thereof to defray the enormous debt.

“The Federal High Court in Ilorin has ordered the Nigeria Police Force to give effect to Bank’s take over in a legal ramifications.”

KIA Africa had successfully acquired Josepdam Sugar Company from the Assets Management Corporation of Nigeria (AMCON) and had earlier sought and obtained Credit backing from Keystone Bank.

The bank used a KIA Africa Group series of loan facilities to acquire the sugar factory, with a mutually revised 24-month repayment plan.

To secure full ownership of Josepdam Sugar Company, KIA Africa sought a Bank Guarantee from Keystone Bank amounting to ₦8,323,649,250.00—75% of the balance purchase consideration payable to AMCON.

The bank granted this facility on the condition that KIA Africa would deposit the company’s title documents with Keystone Bank upon receiving them from AMCON, alongside a personal guarantee from its Managing Director, Barrister Kenneth Irhiogbe.

However, KIA Africa failed to fulfil this obligation, compounding its financial liabilities.

After exhausting all entreaties for the loan repayment and with the total debt ballooning to ₦25.3 billion, Keystone Bank exercised its rights under the Debenture Deed by appointing a Receiver/Manager, Mr Yunus Abdulsalam, SAN, to take control of all assets belonging to KIA Africa Group including Josepdam Sugar Company.

The bank’s new management, led by its CEO, Mr Hassan Imam, has aggressively embarked on a strategic debt recovery drive against recalcitrant obligors.

“KIA Africa Group 2021 announced its purchase of the Sugar Company and pledged to hit the ground running.

The Company said, “With the 30,000 hectares of land, inclusive of 5,600 hectares of developed farmland for sugarcane production, installed milling capacity of 40,000 tons for refined sugar, an ethanol production plant, a new mill and power equipment that are on ground awaiting installation, a pool of skilled and experienced labour waiting to be hired back into action, and support government policy for sugar sufficiency and backward integration, the Bacita Sugar Company is poised to roar back to life as a major player in the industry. The Kia Africa Group will make this happen. “

By Daily Trust


Former Presidential aide and social commentator, Reno Omokri, says he is on a mission to destroy supporters of Peter Obi, popularly known as Obidients.

Speaking with News Central on Thursday, Omokri said Obi is his project, claiming that he was the one who advised former Vice-President Atiku Abubakar to pick Obi as running mate in the 2019 election.

Omokri said: “I took a vow to destroy that movement because Peter Obi was a project of mine. I was responsible for Peter Obi becoming the running mate to Waziri Atiku Abubakar in 2019. I’ve said this publicly. I’ve got the documents. I’m a meticulous record keeper.

“Peter Obi’s movement, Obidients, started attacking me, threatening me, insulting me. That was OK. But then they moved from myself to my family. I just had a daughter at that time. There were multiple death threats.

“They came to my house in the United Kingdom. They trailed my wife and me when we were jogging. They found out my jogging route and pursued me, threatening me.”

He said since Obi failed to caution his supporters, he decided to use whatever political machinery he has to destroy the movement.

Obidients have been bashing Omokri online over his comments, saying his mission would not be accomplished.