₦airaland Forum

By Emma Nnadozie


A shocking scandal is currently unfolding in Lagos after a popular billionaire businessman from Southern Nigeria (names withheld) was allegedly caught with his lover’s used sanitary pad hidden inside his pocket.

According to sources familiar with the matter, the wealthy man had reportedly been in a relationship with the lady for over seven years with the businessman reportedly sponsoring her lavish lifestyle, trips, and even purchasing a house for her in Lagos.

Trouble, however, started early this year after the businessman said to be a highly influential player in Oil and Gas ecosystem in the country visited the lady at her residence in highbrow Ikoyi area of Lagos state while she was on her monthly period.

Sources claim that after the man, who reportedly lives in Banana Island, Lagos left the house, the lady slept off, only to wake up later and discover that the menstrual pad she had discarded in the waste bin inside her bathroom the previous night had mysteriously disappeared.

Suspicious, she reportedly contacted the billionaire and asked him to return to the house immediately.

When confronted over the missing sanitary pad, the businessman allegedly denied taking it. But the terrified woman reportedly searched his bag and allegedly discovered the soiled sanitary pad hidden inside one of his pockets. She claimed that the circumstances surrounding the incident led her to strongly believe it was connected to ritual purposes and she questioned the chief why he took the pad but his explanation was unsatisfactory.

Shocked by the discovery, the lady said she ran and hid for her life and locked the house. Insiders further claim that after the incident, the businessman allegedly moved to reclaim the house he had previously gifted her by allegedly attempting to forge ownership documents.

However, the bubble bust after the visibly shaken lady observed through her CCTV camera app installed on her phone that an ally of the oil mogul together with other accomplices had unlawfully gained access into her apartment and removed personal belongings, including a Range Rover, a 2024 Lexus RX350, $50,000, N10 million in cash and her jewelry worth over 20,000 pounds.

Furthermore, she claimed that most recently, she discovered that all the documents (deeds of assignment) and other relevant documents relating to the purchase of the said property in her name by a popular housing agent were fraudulently forged and re-issued to bear the name of the said oil mogul who had bribed his way to register them with the Federal Land Registry.

The lady also stated that her mother and siblings have allegedly being subjected to threats, harassment and intimidation capable of causing a breach of peace.

She expressed fear for her safety claiming that influence, money and power are allegedly being used against her and that her life is currently under serious threat.

Sources also allege that the matter is now being investigated by the Special Fraud Unit in Ikoyi, Lagos, while the businessman is said to have gone into hiding to avoid public exposure.

Meanwhile, the frightened woman has fled abroad from where she engaged lawyers to write to the Special Fraud Unit, SFU, of the Nigeria Police Force in Ikoyi to investigate the case and give her justice. It was reliably gathered that the Inspector General of Police, Olatuni Disu who was briefed by the Commissioner of Police in-charge of the unit, Eloho Edwin Okpoziakpo directed that discreet investigation should be carried out to give the complainant justice underscoring police preparedness to give justice to the high and low.

Zekeri Umoru, one of the suspected coup plotters, on Wednesday said discussions were held on switching off the electricity supply to the Presidential Villa, Abuja, to aid the alleged coup targeted at President Bola Tinubu and other top government officials.

Mr Umoru, a Julius Berger Nigeria Plc employee in the Maintenance Department at the Presidential Villa, spoke in a video evidence played before Justice Joyce Abdulmalik of the Federal High Court in Abuja.

He said he warned that such an action would immediately trigger investigations and the detention of workers on duty.

The fourth defendant stated this in the video while being questioned by some members of the Special Investigative Panel (SIP), which first investigated the case.

He alleged that Colonel Mohammed Ma’aji, the alleged coup mastermind, offered him money, through Police Inspector Ahmed Ibrahim, the third defendant, to recruit between 18 and 19 persons working inside the Villa.

Mr Umoru said those to be recruited include soldiers, officials of the State Security Service (SSS) and Julius Berger staff.

He also told the investigators that Mr Ma’aji allegedly said he wanted access to the Presidential Villa and could achieve it “with force,” even if those recruited from within the Villa declined to cooperate.

He claimed that Inspector Ibrahim later demanded N100 million from Mr Ma’aji to facilitate the operation through an ambulance route into the Villa, but that Mr Ma’aji refused because the amount was excessive.

He said Mr Ma’aji insisted that he could still gain access to the Presidential Villa by force, though “there would be bloodshed.”At some point, Mr Umoru said, he became uncomfortable with the alleged plan and repeatedly tried to return the money he had been given.

He said he felt that accessing the Presidential Villa “was no child’s play.”

He denied ever having access to the Villa’s solar power plant, despite allegations that he planned to sabotage the electricity supply within the complex.

On why he failed to report the alleged discussions to the authorities immediately, Mr Umoru claimed he was discouraged by Inspector Ibrahim, who allegedly asked him to delete the messages and avoid contacting Colonel Ma’aji because of an ongoing audit at their office.

Justice Abdulmalik adjourned the matter until May 21 for the continuation of the trial-within-trial, which is being conducted to ascertain the voluntariness or otherwise of the statements made by the six defendants.

The Federal Government, through the Office of the Attorney-General of the Federation (AGF), had arraigned the defendants on a 13-count charge before Justice Abdulmalik

The charge, marked: FHC/ABJ/CR/206/2026, was filed on April 20 by the Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN).

Those named in the charge are retired Maj.-Gen. Mohammed Ibrahim Gana (rtd), Cap. (NN) Erasmus Ochegobia Victor (rtd), Insp Ahmed Ibrahim, Zekeri Umoru, Bukar Kashim Goni, and Abdulkadir Sani as first to sixth defendants respectfully.

The former Minister of State for Petroleum Resources, Timipre Sylva, who is alleged to be part of the act, is listed as being at large.

The defendants were accused of offences ranging from treason and terrorism to failure to disclose security intelligence and money laundering linked to terrorism financing.

by Omotoyosi Idowu


The founder of BUA Group, Abdul Samad Rabiu, said South African authorities denied him entry because his visa expired a day before his arrival in 2025, while Europeans were reportedly allowed into the country without visas.

The business mogul disclosed his travel experience while speaking at the Africa CEO Forum titled “Africa at Scale: Capital, Policy, and the Architecture of Growth” on Thursday in Kigali.

The billionaire said he returned to Lagos after waiting at Cape Town airport for hours, noting the experience as part of the challenges faced by Africans in Africa.

“I had a personal experience. Last February, I was travelling to Cape Town for the Mining Indaba. And as we landed, I left at night from Lagos to Cape Town. We arrived at 6 in the morning.

“As we arrived, we went to immigration. I tendered my passport, and the immigration officer looked at it and asked, ‘Where is your visa?’ and I said, ‘My visa is there.’ Unknown to me, my visa had expired the day before.

“Unfortunately, our crew did not check the visa to ensure the visa was valid. We were there for four hours, but at the end of the day, I had to turn back. I was turned back to Lagos,” he said.

According to the BUA Group chairman, passengers from three international flights, most of whom were Europeans, were allowed into Cape Town without visas.

The businessman said he understood why he was denied entry, but noted that allowing foreigners from other continents into South Africa without visas while restricting Africans from entering did not sit well with him.

“But the issue is, while we were waiting to see whether we would be able to get access to the countries without visas, there were three international flights from Europe. All three flights were mostly Europeans.

“I was standing there by the immigration desk, and every passenger on those three flights went into Cape Town without any visa. I do not have a problem with the fact that I was there without the visa and I was returned. I took full responsibility for that,” he said.

“I had an issue with being an African in Africa, being turned away because I did not have a visa, while foreigners from other continents were coming in and were allowed to enter without a visa. This must change,” he said.


Lack of cooperation

Mr Rabiu said there is a lack of cooperation among African countries, which affects the movement of Africans and also frustrates business expansion from one country to another on the continent.

Giving another instance, he said some countries lack the spirit of agreement on the continent, noting that their practices were not supportive when the BUA Group tried to expand into those countries.

“At BUA Group, as we expanded our regional investment, we actively sought to supply several African markets under the African Continental Free Trade Area framework.

“While some countries embraced the spirit of agreement, others were less supportive in practice, with administrative barriers and legacy import structures limiting our ability to participate fully in regional trade.

“So really, AfCFTA is not working as it should. Because I had a personal experience in one of the countries that we tried to penetrate, we were actually frustrated,” he said.

The BUA Group chairman said the experience underscores a broader challenge facing Africa, noting that although the African Continental Free Trade Area framework was created to integrate African markets, implementation across the continent remains inconsistent.

According to him, true integration is what transforms potential into economic scale, with the AfCFTA serving as a key driver through its market of more than 1.4 billion people across 55 countries.

He described the AfCFTA as one of the world’s most ambitious integration initiatives, stating that “its promise is clear: intra-Africa trade, regional value chains, and industrial scale that no single economy can achieve alone. Its potential does not deliver outcome, execution does.”


Africa’s transformation

Mr Rabiu said Africa’s next phase of transformation largely depends on five areas: capital, policy, infrastructure, value addition, and integration.

According to him, Africa needs capital to finance ambition, policy to enable execution, infrastructure as the foundation of growth, value addition to unlock the full value of its resources, and integration to unlock scale and fully drive its next phase of transformation.

“Let me start with capital. Across the continent, institutional capital is expanding—pension funds, sovereign wealth funds, and increasingly sophisticated private investment vehicles, yet infrastructure financing remains far below potential.

“The reality is clear: Africa is not short of capital; it is short of coordinated, mobile capital deployed at scale. We must unlock cross-border capital flows, harmonise investment frameworks, strengthen project preparation, and expand risk-sharing mechanisms for both domestic and international investments.

“Deepening capital markets is equally critical; cross-border listings, interoperable settlement systems, and expanded local currency trade are not merely technical reforms; they are strategic infrastructure,” he said.

He said segmented legal frameworks, overlapping approvals, and inconsistent enforcement continue to raise the cost of investment across many regions in Africa, describing them as structural constraints on growth.

“What is required is clear and transparent rules, predictable enforcement, and coordinated industrial strategies across borders. Alignment does not compromise independence; rather, it strengthens economic performance,” he added.

He reiterated that infrastructure is important to Africa’s growth, noting that no economy can industrialise without systems that power growth, including reliable energy, efficient ports, modern rail networks, quality roads, and digital connectivity.

Southwest Nigeria has been identified as the epicentre of Africa’s largest and most diversified counterfeit consumer goods economy, according to a new report by the DAWN Commission.

The report, titled "Southwest Nigeria Under Siege: The Counterfeit Shadow Economy," states that "Southwest Nigeria is not merely experiencing a pharmaceutical safety crisis. It is the epicentre of Africa's largest and most diversified counterfeit consumer goods economy, one that kills Nigerians, destroys legitimate industry, repels investment, and operates with near-total impunity."

According to the report, fake drugs, adulterated beverages, toxic cosmetics, substandard vehicle spare parts, and counterfeit electronics flow through a sophisticated shadow economy embedded in the region's most prominent commercial markets.

The DAWN Commission’s report describes the crisis as multi-sectoral, spanning pharmaceuticals, food and beverages, cosmetics, vehicle spare parts, and electronics.

It highlights that counterfeit goods now account for 40% of products in Nigeria, with the shadow economy representing 57.4% of GDP, approximately N1.489 trillion.


Fake Drugs and Deadly Consequences

The report cites a series of recent National Agency for Food and Drug Administration and Control (NAFDAC) enforcement operations to illustrate the breadth of the problem.

In February 2026, NAFDAC uncovered what the report describes as the Trade Fair 'Death Warehouse', a seizure of "over 10 million doses of fake drugs worth N3 billion and capable of killing three million Nigerians."

Days later, from the same Lagos Trade Fair Complex, NAFDAC seized "another N3 billion haul of banned and counterfeit cosmetics."

These products contained dangerous levels of mercury, hydroquinone, and corticosteroids.

In December 2025, NAFDAC destroyed "N55.4 billion worth of products in Ibadan and N10.19 billion in Kano."

However, the report warns that these operations should not be mistaken for successes. "These are not victories," the report states. "They are symptoms of systemic failure."


The Human Toll

In the report, the pharmaceutical sector is described as the most lethal.

The report quantifies the human consequences of counterfeit pharmaceuticals. It states that "the WHO estimates that 15–17% of drugs in circulation in Nigeria are counterfeit or substandard, a figure NAFDAC has also cited, while trade stakeholders have placed the figure as high as 50%."

Globally, the report notes, "UNODC estimates that approximately 267,000 children die each year after taking counterfeit antimalarial medications, and substandard drugs kill approximately 500,000 persons in sub-Saharan Africa each year."

In Nigeria alone, the report states that "Nigeria loses over 60,000 lives annually to antimicrobial resistance (AMR), a crisis substantially driven by substandard antibiotics."

The report makes a critical observation about how these deaths are recorded: "Treatment failure from fake drugs is routinely attributed to 'complications' rather than product fraud, making the true death toll invisible."

The report quotes Dr. Martins Iluyomade, NAFDAC's Director of Investigation and Enforcement, as saying: "What we discovered should make every Nigerian cry. When fake injections are used in emergency cases like cerebral malaria, it becomes a death sentence."


Auto Parts and Electronics

The report warns that 95% of imported auto spare parts fail minimum standards, costing Nigeria over $2 billion annually. Fake electrical cables and counterfeit circuit breakers are also widespread, with the DAWN Commission noting: “Substandard electrical cables that cannot carry rated loads are a primary cause of electrical fires in Nigerian homes and businesses.”

Alaba International Market and the Lagos Trade Fair Complex were identified as notorious hubs for counterfeit electronics and spare parts, with enforcement teams often facing violent resistance.


Structural Failures and Weak Penalties

The DAWN Commission criticises Nigeria’s current anti-counterfeiting strategy as reactive and enforcement-driven, relying on cyclical raids and destruction exercises that fail to prevent re-stocking.

NAFDAC’s limited reach is highlighted: “NAFDAC has six zonal offices for 36 states and the FCT. The South-West zone alone covers Oyo, Lagos, Ogun, Osun, Ekiti, and Ondo, a region with a combined population exceeding 40 million and the highest concentration of counterfeit operations on the continent.”


'A Minor Business Expense, Not a Deterrent'

The report is scathing about Nigeria's penalty structure for convicted counterfeiters. The maximum fine under the Counterfeit and Fake Drugs Act Cap C.34 LFN 2004 is N500,000, less than $350.

"For operations worth billions of naira," the report states, "this is not a deterrent; it is a licence fee."

The report quotes Christy Obiazikwor, NAFDAC's Deputy Director of Public Affairs, who said: "The laws do not deter offenders. They can simply pay a small fine and go free, undermining our efforts to fight counterfeiting."

The report presents a comparative table showing that while Nigeria's penalty for counterfeiting causing death is a maximum of 15 years imprisonment and a N500,000 fine, China imposes the death penalty for deaths caused, fines of 15–30 times illegal gains, life imprisonment, and mandatory asset forfeiture. The report notes that China has achieved "significant deterrence" as a result.

The report's arithmetic is stark: "if a counterfeiting operation generating N3 billion carries a maximum penalty of N500,000, and if judicial delays mean effective prosecution takes a decade, the rational economic calculation firmly favours continued operations."


The Notorious Markets of Lagos

The report traces the documentation of Nigeria's counterfeit markets to a 2014 submission by the US Trademark Working Group to the Office of the US Trade Representative, which identified "thirteen notorious markets across Nigeria."

The report states that "Alaba International Market (Ojo, Lagos) was identified as notorious for counterfeit electrical and electronic goods and pirated music and film works, described as a major supply hub for the entire West African market, with traders characterised as 'hostile, defiant and violent' toward enforcement teams."

Regarding the Trade Fair Market on the Badagry Expressway, the report notes it was identified as having "dedicated sections for counterfeit spare parts and cosmetics," with the submission warning that its internal security unit "can be very dangerous" if not engaged cooperatively before any enforcement action.

The report estimates that "40% of shops across these markets trade in counterfeit or pirated goods, with the majority of illegal stock concealed in secret warehouses located outside the market perimeter."

The report identifies "China as the major source of counterfeit and pirated products entering Nigeria, with many consignments routed through Dubai and entering through porous land borders including the Seme border with Cotonou and northern borders with Niger, Chad, and Cameroon."

The report also documents "a systemic intelligence compromise" identified in the 2014 filing: "enforcement officers routinely tipped off market operators about upcoming raids in exchange for bribes, causing offending goods to disappear before action could be taken, a problem that persists in NAFDAC's enforcement operations to this day."


The Cost of Inaction

The report concludes with a detailed economic analysis of the cost of inaction.

According to the report, "SON estimates Nigeria loses approximately N15 trillion ($19.2 billion) annually to substandard goods across all product categories." It adds that "the counterfeit economy operates largely tax-free, generating estimated annual losses of N85–120 billion in uncollected VAT, customs duties, and corporate taxes."

The report states that "Nigeria's pharmaceutical industry, currently valued at approximately N2.8 trillion ($1.8 billion), could expand to N8–10 trillion if the counterfeit crisis is resolved and local manufacturing capacity is fully utilised."

The report notes that "recent challenges have driven multinational pharmaceutical companies GSK and Sanofi to cease direct manufacturing operations in Nigeria in 2023, with counterfeiting and intellectual property risks among the contributing factors to an increasingly unattractive investment environment."

Under the African Continental Free Trade Area (AfCFTA), the report warns that "Nigerian pharmaceutical and food manufacturers risk losing intra-African market opportunities because of the reputational damage from substandard and falsified products."

However, the report also identifies a significant opportunity: "Out of 172 pharmaceutical manufacturers in ECOWAS, 120 are in Nigeria, a manufacturing base that, if freed from unfair counterfeit competition, could supply the continent."

The DAWN Commission calls for urgent reforms, including: A constitutional amendment to move consumer product regulation from the Exclusive Legislative List to the Concurrent List, enabling state-level enforcement.

It also called for stronger penalties, including life imprisonment and the death penalty for deaths caused by counterfeit products.

The report said, "The economic cost of inaction exceeds the combined value of what NAFDAC has destroyed in all its major exercises to date. The N55.4 billion destroyed in Ibadan and N10.19 billion in Kano in December 2025 alone barely scratch the surface of N15 trillion in annual losses."

It adds: "The question is not whether Nigeria can afford to act. The question is how much longer Nigeria can afford inaction."

"Every day of delay represents thousands of Nigerians consuming fake antimalarials, toxic cosmetics, substandard brake pads, and counterfeit electrical cables," the report states. "The invisible body count rises while enforcement chases shadows."

The report calls on Southwest Nigeria to champion the shift from reaction to prevention.

"Southwest Nigeria has more to gain and more to lose than any other region," the report states. "It hosts the highest concentration of counterfeit operations, suffers the most harm, and has the most to gain from reform."

The report adds: "Its governors, legislators, business leaders, and citizens must be the champions of this shift from reaction to prevention."

by Gbemidepo Popoola


Africa’s richest man, Aliko Dangote, has once again revealed how the enormous scale of his $20 billion refinery project in Lagos forced him to abandon plans to buy English Premier League giants Arsenal.

Dangote made the disclosure during a podcast conversation with Nicolai Tangen, which was released on YouTube.

The billionaire businessman explained that he had seriously considered a takeover of the North London club at a time when Arsenal’s valuation stood around $2 billion. However, he ultimately decided that committing such a huge amount to football ownership could jeopardise the completion of his massive industrial projects, including the Dangote Refinery, fertiliser plant and petrochemical ventures.

“When I was really very focused on buying Arsenal, then I was also facing the challenge of making sure the refinery gets its own completion, the fertilizer, the petrochemical,” Mr Dangote said.

“At that time, Arsenal was worth just about $2 billion. Should I put my $2 billion in Arsenal and now allow the business to suffer? Or should I complete the business? Then I can continue to remain a very big supporter of Arsenal.”

The 69-year-old added that he eventually chose to remain a loyal supporter rather than pursue ownership of the Premier League club.

“So I decided to continue to support them, watch their games. Any time Arsenal plays, I always wear the jersey signed for me by the captain. I am a fan, it is better I remain a fan and continue to fund my business,” he added.


Dangote’s longstanding Arsenal dream

Mr Dangote’s admiration for Arsenal has been public knowledge for more than a decade.

Back in 2015, he told BBC Africa Sport that he intended to launch a takeover bid for the club once his refinery project began generating sufficient returns. At the time, the Nigerian billionaire was regularly linked with potential investment in European football, with Arsenal emerging as his preferred destination.

Five years later, during an interview with American financier David Rubenstein in 2020, Mr Dangote again confirmed his interest in the Gunners.

“It is a team that yes I would like to buy some day,” he said at the time.

“I’m not buying Arsenal right now, I’m buying Arsenal when I finish all my projects at hand (including the refinery under construction) then.”

However, Arsenal’s value has risen dramatically since then following renewed sporting and commercial growth under manager Mikel Arteta. The club are now estimated to be worth several billions more than when Mr Dangote first explored the possibility of a takeover.


Refinery project changed everything

Mr Dangote’s decision highlights the sheer magnitude of the refinery project, widely regarded as one of the largest single private investments in Africa’s history.

Located in Lagos, the Dangote Refinery was designed to reduce Nigeria’s dependence on imported petroleum products and strengthen industrial capacity across the continent.

Alongside the refinery, Mr Dangote was simultaneously developing major fertiliser and petrochemical operations, projects that required enormous financial commitment and long-term focus.

The billionaire admitted that prioritising those businesses over football ownership became the only realistic option.

Despite stepping away from takeover ambitions, Mr Dangote remains deeply attached to Arsenal and continues to follow the club closely as a passionate supporter.


Message to young Africans

Beyond football and business, Mr Dangote also used the interview to encourage young Africans to believe in opportunities within the continent.

“My own advice to young African people is to work hard and also have the belief that the future is greater than the current situation that we’re in,” he said.

“Africa is a promising land and they should stay at home.”

His comments come at a time when many young Africans continue to seek opportunities abroad amid economic uncertainty across several countries on the continent.

For Mr Dangote, however, the refinery project stands as proof that long-term investment and belief in Africa can still produce transformational results, even if it meant sacrificing a dream of owning one of world football’s biggest clubs.

by Chika Izuora


Indonesia has started receiving crude oil shipments from Nigeria as part of efforts to diversify its import sources and reduce reliance on West Asian supplies amid growing concerns over a global supply crisis.

The supply from Nigeria is already underway, and shipments are arriving, said Indonesia’s Energy and Mineral Resources Ministry Oil and Gas director general, Laode Sulaeman.

According to Antara news agency on Wednesday, he said Russia, the United States and Nigeria were currently among Indonesia’s main alternative crude oil sources due to their large supply volumes.

He also assured that Indonesia’s domestic energy reserves, including crude oil, fuel and liquefied petroleum gas (LPG), remained secure.

Indonesia imported about 20% of its crude oil from West Asia before conflicts in the region escalated.

In April, following talks with Moscow, Indonesia secured a commitment for the supply of 150 million barrels of crude oil from Russia, with deliveries scheduled in stages until the end of 2026.

Sulaeman noted that Indonesia has been prioritising crude oil from areas with shipping routes that bypass the Strait of Hormuz.

On Monday, Energy and Mineral Resources Minister Bahlil Lahadalia said that Indonesia is set to begin importing Russian crude within weeks.

by Olushola Bello


The National Pension Commission has granted Pension Fund Administrators a one-off regulatory forbearance to invest pension assets in the Initial Public Offering of Dangote Petroleum Refinery & Petrochemicals FZE.

The Commission stated this in a Circular signed by the director of the Surveillance Department, A.M. Saleem.

The Circular said, the Commission has carefully evaluated the strategic investment opportunity and economic impact of the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) on the pension industry and the wider economy.

“In light of these considerations, the Commission has reviewed the request for special dispensation permitting Pension Fund Administrators (PFAs) to invest pension fund assets in the IPO.

“In reaching its decision, the Commission considered DPRP’s strategic importance, strong fundamentals, extensive economic benefits, and growth potential. The record of Dangote Industries Limited, the majority shareholder of DPRP, was also taken into account,” the memo said.

“Accordingly, the Commission hereby grants a special dispensation from Section 6.2.7.1 (1) of the Revised Regulation on Investment of Pension Fund Assets. This dispensation waives the applicable existence, profitability, and dividend requirements, without prejudice to other existing regulatory safeguards.

“PFAs are required to ensure that all investments made under this dispensation are in compliance with their internal investment policies, risk management frameworks, and fiduciary duties to contributors and retirees,” it noted.

According to the circular, the regulatory forbearance granted under this Circular is exceptional, one-time, and specifically limited to the Initial Public Offering of Dangote Petroleum Refinery & Petrochemicals FZE. It shall not serve as an automatic precedent for future Initial Public Offerings or other investment transactions.

Dangote Petroleum Refinery is planning a landmark IPO to list a 10 per cent stake on the Nigerian Exchange (NGX), aiming for a valuation of up to $50 billion. The 650,000 bpd refinery, which began production in 2024, seeks to raise approximately $5 billion to expand capacity, with shares available to both local and international investors.

The IPO is expected to be one of the largest in Nigerian history, intended to democratize ownership of the refinery and enhance market liquidity.

By Daily Trust


Femi Gbajabiamila, Chief of Staff to President Bola Tinubu, has opened up on the reason he fell out with Desmond Elliot, lawmaker representing Surulere Constituency 1 at the Lagos State House of Assembly.

The issue between the duo had been discussed in political circles, however, became public after Elliot declared his interest for a fourth term.

Asked if there was any rift with Gbajabiamila, his strong supporter, the lawmaker said, “Our leader is a compassionate leader. A leader of thought. We are children. Children sometimes err. If I have erred in any way, my leader, I am sorry. Give me another chance, and let’s move on, and let’s bring more dividends of democracy to the people. Although he has not said that I have erred, I’m just saying that if I have, then this is the situation.”

But speaking during a stakeholders’ meeting in Lagos, on Thursday, Gbajabiamila traced the issue with the actor turned politician to the impeachment of Mudashiru Obasa as Speaker of the Lagos House of Assembly.

Majority lawmakers in the assembly had removed Obasa, longest serving speaker in the assembly, accusing him of high handedness, among other infractions.

But following high-powered intervention, Obasa got back his position and is currently on his way to the National Assembly.

Speaking at a stakeholders meeting in Lagos, on Thursday, the President’s Chief of Staff said Tinubu summoned him over the involvement of Elliot in the assembly crisis.

“I almost lost my job because of Desmond Elliot last year. You can go and verify. The President invited him to his residence in Abuja during the Obasa saga and confronted me over reports linking Elliot to the crisis.

“Mr President called me to his study in Abuja and said, ‘I hear this Desmond is your boy.’ I said, ‘Yes, sir.’ He then said Desmond was among those causing problems in the Lagos State House of Assembly,” he stated.

Gbajabiamila said he defended the lawmaker without knowing that Elliot was involved in the plot.

“I told the President that Desmond was not part of them, but the President insisted and told me to call him to order,” he added.

The former Speaker of the House of Representatives further disclosed that shortly after the meeting, he contacted Elliot and warned him to steer clear of the crisis.

“Three days later, the Director-General called me and said there was a serious issue, that my name was everywhere as the person supporting Desmond to push for impeachment,” he said.

Gbajabiamila said after this, he reached out to Elliot again, asking him, this time around, to issue a public statement, distancing himself from the plot.

The Chief of Staff said the lawmaker failed to do so.

“If not for the kind of relationship I have with the President today, I probably would not still be here as Chief of Staff,” Gbajabiamila said.

Accusing Elliot of attempting to whip up religious sentiment, Gbajabiamila told the party faithful that political office holders related freely regardless of religious background.

He narrated how the Christian Association of Nigeria (CAN) wrote him a letter to make a case for Elliot.

The President’s Chief of Staff said religious sentiment has no place in the constituency as people work together harmoniously.

By Stephen Angbulu


The Federal Government on Wednesday said Nigeria has 23 companies each generating more than $1bn in annual revenue and will seek to expand their operations across the continent at the Africa CEO Forum, holding in Kigali, the Rwandan capital.

It said this is evident as more Nigerian banks are acquiring assets in Kenya and Côte d’Ivoire, its oil firms are announcing new East African refineries, and manufacturers are opening factories in Nairobi.

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said this on Wednesday, as President Bola Tinubu arrived in Kigali for the Africa CEO Forum.

Oduwole, who spoke to journalists shortly after Tinubu landed in Rwanda on the final leg of a three-nation trip spanning Paris, Nairobi and Kigali, said the continental expansion of Nigerian businesses was concrete proof that three years of difficult macroeconomic reforms had built investor confidence sufficient to drive outward investment rather than capital flight.

She said, “We have about 23 business champions that gross over a billion dollars in revenue per annum.

“These are investors that are investing not just in Nigeria but across the continent. Zenith Bank just had an acquisition in Kenya.

“They had another acquisition last week in Côte d’Ivoire. You see Nigerian financial services, Nigerian manufacturing, Nigerian oil and gas really spreading across the continent.”

She listed Nigerian business titans who had sat alongside heads of state at the Africa Forward Summit in Nairobi the day before, co-hosted by Kenyan President William Ruto and French President Emmanuel Macron, as evidence that Nigeria’s private sector was now operating at the highest continental table.

“We had Alhaji Aliko Dangote, Dr Rabiu, Aig-Imoukhuede, Tony Elumelu, Kola Karim. These are investors that are investing not just in Nigeria. You heard Dangote’s announcement for Kenya, the commitment he has made to East Africa for another refinery there.

“We have companies like SecureID, which exports to about 22 African countries, and opened a factory in Nairobi, which I also visited earlier this week.

“So you have Nigerians scaling outside of our country. We are creating jobs elsewhere, investing, and of course remitting taxes back home.”

Oduwole argued that this was an intended outcome of the Tinubu administration and not a coincidence.

“You don’t do this when you don’t have confidence in the policies of the administration, in how the macroeconomics have been stabilised, in the inflation, the exchange rate, the certainty, the transparency.

“All the work of the last three years is now translating into growth, and the signals are coming through,” she said.

Shortly after arriving in Kigali, Tinubu held a bilateral meeting with Rwandan President Paul Kagame.

Oduwole described the session as “very, very cordial,” describing both leaders as co-champions on digital trade under the African Continental Free Trade Area framework.

“They talked about the importance of accelerating the pace at which we are trading. We are also in talks with Rwandan Airways to see how Nigerian businesses can export more of their goods across the continent,” she said, adding that Nigeria had signed an air cargo corridor arrangement with Uganda Airways the previous year as part of the same continental connectivity drive.

The Kigali trip is Tinubu’s third stop in his three-nation tour, which began in Paris, where he met global investors, including representatives of Citibank, Amundi, BlueCrest and US fund groups.

From Paris, he flew to Nairobi for the Africa Forward Summit, where he spoke on green industrialisation and capital consolidation on the continent before approximately 40 African and French CEOs.

On domestic reforms, the minister highlighted the National Single Window as the most symbolically significant ease-of-doing-business achievement of the term, precisely because it had eluded governments for decades.

Oduwole said, “That is an intervention that has defeated administration over administration.

“The President announced it in April 2024 and by March this year, Phase One was rolled out.

“What that does is ensure that as a trading nation, what you are importing and exporting is processed through a single portal, and it has been very, very well received by the private sector.”

She also pointed to port reforms at Apapa and Tin Can, which she described as piggybacking on commitments made during Tinubu’s recent UK state visit.

She cited the coastal road, rail and road infrastructure projects, the Securities and Investment Act and the new tax architecture as a compounding set of structural reforms now yielding visible results.

On taking the AfCFTA programme below the federal level, Oduwole said the ministry had recently launched a subnational tour in Kano covering the North-West.

“We are going around regions in Nigeria to train, practicalise, and share with state governments and local governments how each local government can have one product that will be exported across Africa,” she said.

The Africa CEO Forum, which runs May 14 and 15 in Kigali, will bring together chief executives and global investors to deliberate on capital mobilisation, trade and continental economic integration.

The President of the Dangote Group, Alhaji Aliko Dangote, has said the group rejected requests by the Nigerian National Petroleum Company Limited to increase its 7.25 per cent stake in the Dangote Petroleum Refinery.

Dangote stated this in an interview with the Chief Executive Officer of the Norwegian Sovereign Wealth Fund, Nicolai Tangen. The interview was monitored by one of our correspondents on Wednesday.

This came as findings by The PUNCH showed that petrol supply from the $20bn Lekki-based refinery rose to 3.18 billion litres in the first quarter of 2026, while imports fell sharply to 965.52 million litres.

Further findings indicated that the average domestic ex-depot petrol price from the Dangote refinery across January to March 2026 was about ₦1,000 per litre. This implies that the multi-billion-dollar plant supplied over N3.2tn worth of petrol domestically during the review period.

Also, the war between the United States and Iran, and its resultant disruption of the oil sector and other sectors, has led to increased revenue for the Dangote refinery, as the plant has raised its refined petroleum products export.

According to Dangote during the interview, the NNPC’s offer to increase its 7.25 per cent stake in the refinery was rejected because the company is planning to go public and give other Nigerians the opportunity to own shares in the plant.

It was reported that in 2021, the NNPC acquired the 7.25 per cent stake in the refinery for $1bn, with an option to acquire the remaining 12.75 per cent stake by June 2024. But the national oil firm reneged on its decision.

During the interview with the Norwegian Sovereign Wealth Fund CEO, Dangote revealed that the national oil company had made attempts to acquire more stakes in the refinery, but this was turned down.

Responding to questions about what could be the biggest risks to his businesses, Dangote mentioned civil war and government policy inconsistencies, saying, “Actually, if there are civil wars, which is not in the offing at all.

“The other biggest risk is government inconsistencies in policies, and we are addressing that one because if you look at our refinery, the national oil company already owns 7.25 per cent, and they are trying to buy more. We are the ones that said no; we want to now spread it and have everybody be part of it.”

Recall that the NNPC, under the former Group Chief Executive Officer, Mele Kyari, reduced its stake in the refinery from 20 per cent to 7.25 per cent. Aliko Dangote made this public in 2024. He disclosed that the NNPC had only a 7.2 per cent stake in the refinery and not 20 per cent as many Nigerians believed.

“The agreement was actually 20 per cent, which we had with NNPC, and they did not pay the balance of the money up until last year; then we gave them another extension up until June (2024), and they said that they would remain where they had already paid, which is 7.2 per cent. So NNPC owns only 7.2 per cent, not 20 per cent,” Dangote stated in 2024, to the surprise of many Nigerians.

Speaking further during the latest interview, the billionaire businessman said shareholders can get their dividends in dollars. “What we are announcing is that when you invest in any of our businesses going forward, in cement or in the refinery, in petrochemicals, in fertiliser, we guarantee to pay you a dividend in dollars because we are very well into exports. 80 per cent of our revenue will be in dollars,” he said.

To raise funds for building the refinery, Dangote said he got a lot of support from various financial institutions, including Nigerian banks.

According to him, the initial plan was to fund most of the construction work “from our internally generated funds”, but because of naira devaluation, the group “had to rely on Afreximbank, Africa Finance Corporation, Zenith Bank, Access Bank, UBA and a couple of the local banks, but of course we also have a very good relationship with the Standard Bank of South Africa and, at the beginning, Standard Chartered Bank of the UK”.

He maintained that the company was lucky and what happened when the plant was completed “turned out to be much more than our own expectations”.

In the interview, Dangote disclosed how he sold his properties in the United States and the United Kingdom to settle in Nigeria.

“When I decided to go into the industry, you know what I did? I sold all my properties in the US. I had two houses in the US, big mansions, and I had a house in the UK. I wanted to really sit in Nigeria and concentrate.

“You know, sometimes when you own a holiday home anywhere, you have to create that time to go and use that property. So, now my life is very simple. Wherever I go, I use hotels; I pay. When I leave, nobody will call me and say I have a burst pipe or something is wrong. So I’m committed to what I do, and I just don’t do things; I always create a vision.

“It’s just like now; we created a vision for 2030. So, I know I have a target to meet. I just don’t do business. All my businesses are targeted,” he said.

On how he decides which business to venture into, the business mogul replied, “I first of all look at what we need as a people? What is it that we are supposed to be producing, and we’re importing? So we do what you call ‘backward integration’. We produce what the people need, and we are now producing things that when you wake up as a human being every morning, you must use part of what we produce,” he said.

While defending why the NNPC reduced its planned stake in the Dangote refinery in 2024, the NNPC’s former spokesman, Olufemi Soneye, said it was to invest in compressed natural gas stations.


N3.2tn petrol supply

Petrol supply from local refineries rose to 3.18 billion litres in the first quarter of 2026, while imports fell sharply to 965.52 million litres, according to data from official documents of the Nigerian Midstream and Downstream Petroleum Regulatory Authority analysed by The PUNCH.

Although the NMDPRA documents did not directly name Dangote refinery in the first-quarter supply table, industry records show that it is the only refinery in Nigeria currently known to be producing Premium Motor Spirit on a commercial scale.

The agency’s fact sheet also listed Dangote among Nigeria’s active refineries and separately tracked its PMS performance. The figures showed that Nigeria’s total petrol supply stood at 4.14 billion litres between January and March 2026, with local refinery supply accounting for 76.7 per cent, while imports contributed 23.3 per cent.

This marked a major shift from the first quarter of 2025, when domestic refineries supplied 1.99 billion litres, while oil marketers imported 2.43 billion litres. Total supply in Q1 2025 stood at 4.42 billion litres.

For a proper year-on-year comparison, The PUNCH converted the 2025 figures from the average daily supply provided by the NMDPRA into monthly volumes by multiplying each month’s million litres per day by the number of days in the month and then by one million. This became necessary because the 2026 report provided actual monthly litre volumes, while the 2025 data was presented as daily averages.

The analysis showed that local refinery supply jumped by 59.2 per cent from 1.99 billion litres in Q1 2025 to 3.18 billion litres in Q1 2026. Importation, however, dropped by 60.2 per cent from 2.43 billion litres to 965.52 million litres.

Despite the increase in local refining, total petrol supply declined by 6.2 per cent year-on-year from 4.42 billion litres in Q1 2025 to 4.14 billion litres in Q1 2026.

In January 2026, local refinery supply stood at 1.24 billion litres, importation was 698.19 million litres, while total supply reached 1.94 billion litres. This translated to a daily average of 40.07 million litres from local refining, 22.52 million litres from imports, and 62.59 million litres in total supply.

Compared with January 2025, local refinery supply rose by 109.8 per cent from 19.1 million litres per day, while imports fell by 8.8 per cent from 24.7 million litres per day. Total daily supply also increased by 43.2 per cent from 43.7 million litres per day.

In February 2026, local refinery supply dropped to 824.45 million litres, while imports collapsed to 85.10 million litres. Total supply fell to 909.55 million litres. On a daily basis, local refinery supply averaged 29.44 million litres, imports averaged 3.04 million litres, and total supply averaged 32.48 million litres.

This showed that while local refinery supply was 18.7 per cent higher than the 24.8 million litres per day recorded in February 2025, imports crashed by 88.9 per cent from 27.5 million litres per day. Total supply also fell by 37.9 per cent from 52.3 million litres per day in the same month of 2025.

In March 2026, local refinery supply recovered to 1.11 billion litres, while importation rose to 182.24 million litres. Total supply stood at 1.29 billion litres. This amounted to daily averages of 35.87 million litres from local refining, 5.88 million litres from imports, and 41.75 million litres in total supply.

Compared to March 2025, local refinery supply increased by 56.6 per cent from 22.9 million litres per day, while importation fell by 79.5 per cent from 28.7 million litres per day. Total supply declined by 19.1 per cent from 51.6 million litres per day.

Month-on-month, total petrol supply fell by 53.1 per cent from 1.94 billion litres in January 2026 to 909.55 million litres in February, before rising by 42.3 per cent to 1.29 billion litres in March.

Local refinery supply also fell by 33.6 per cent between January and February, before rising by 34.9 per cent in March. Imports declined by 87.8 per cent in February but increased by 114.2 per cent in March.

The NMDPRA’s April 2026 FAAC report showed that PMS supply rose from 909.55 million litres in February to 1.29 billion litres in March, representing a 42.29 per cent increase. It also showed that PMS distribution through truck-out fell from 1.59 billion litres in February to 1.47 billion litres in March.

The figures indicate that Nigeria’s petrol market is becoming less dependent on imports, with domestic refining now providing the bulk of the national supply.

However, the decline in total Q1 supply suggests that increased local refinery output has not fully translated into higher overall petrol availability compared with the same period of 2025.

The PUNCH earlier reported that Nigerians consumed about 4.93 billion litres of Premium Motor Spirit (petrol) to fuel various economic activities in the first quarter of 2026, according to an analysis of the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s downstream fact sheet monthly data.

It revealed that this amount represents a 7.4 per cent increase from the 4.59 billion litres recorded in the corresponding period of 2025.

The PUNCH also reported that the Dangote Petroleum Refinery exported about 434 million litres of Premium Motor Spirit (petrol) in March 2026, as the facility diversified its customer base after significantly outpacing domestic consumption.

The report indicated that the refinery, owned by Aliko Dangote, operated at an average capacity utilisation of 93.62 per cent, reinforcing its position as the dominant supplier of refined petroleum products in Nigeria.

In earlier remarks reported in 2025, the Dangote group chairman, Aliko Dangote, asserted that the refinery had sufficient refined products in storage to meet domestic needs, saying:

“Right now, we have more than half a billion litres in storage. The refinery is producing enough refined products, gasoline, diesel, and kerosene to meet all of Nigeria’s needs.”

Commenting in an earlier report, renowned energy economist Professor Wumi Iledare, noted that Nigeria’s reliance on imported petrol has declined but has not been eliminated. He also warned against claims that fuel importation has ended following increased domestic supply from the Dangote Petroleum Refinery.

In a personal note titled “Dangote Refinery, Petrol Imports, and Market Reality,” Iledare said recent assertions that Nigeria no longer imports petrol reflect “understandable optimism” but overstate the economic reality of the downstream oil market.

“Recent claims that petrol importation into Nigeria has ended because Dangote Refinery now meets domestic demand reflect understandable optimism, but they overstate economic reality.

“Dangote Refinery has significantly improved domestic supply conditions and reduced Nigeria’s marginal reliance on imported petrol. However, neither Dangote refinery nor petroleum marketers determines national supply outcomes,” he said.

The Chief Executive Officer of petroleumprice.ng, Jeremiah Olatide, recently said that Nigeria’s domestic refining capacity has grown significantly.

Olatide described the development as a major milestone in the country’s long-standing quest to reduce dependence on imported petroleum products.



661,000bpd output

Also during the latest interview, Dangote revealed that his refinery is now operating at 661,000 barrels per day. This was even as he recounted the gains of the US-Iran war for its refinery and fertiliser business.

Dangote boasted that the company has proved its capacity by building a refinery of that magnitude in Nigeria, commissioning it, and running it above its 650,000 bpd nameplate capacity.

With this, he said financial institutions would be ready to support the group whenever the need arises.

“The refinery has been tested. We have now processed even crude at 661,000 barrels a day. So we have demonstrated that capability. Now, a lot of financial institutions are saying that, ‘Yes, if it is you doing this project, we are there to back you because we know that you can deliver; you have the capacity, you have the knowledge, and you have the experience,” he said.

Asked to speak about the impact of the Middle East crisis on his businesses, Dangote recounted the gains of the war, which has sent energy prices high across the globe.

To Dangote, there were windfalls as the demand for fuel rose globally, even with the prices. According to him, fertiliser has risen from $400 to $850 per tonne. Polypropylene went up from $900 to about $3,000. Dangote added that most Nigerian plastic companies would have shut down by now if not for his polypropylene.

“The effect of the war on our businesses is more beneficial than a downside because today, fertiliser is in very high demand. In February, before the Middle East crisis, urea was selling for about $400 a tonne. Today we are selling a tonne of fertiliser for $850, and we are actually oversold. In plastics, polypropylene has moved from $900. In the UK today, it is about $3,000.

“And if not because of the polypropylene we are producing today, all the plastic industries in Nigeria would have shut down because there’s nowhere you can even get it. Our aviation fuel is oversold till the middle of July, and we’re producing 20 million litres of jet fuel a day,” Dangote disclosed.

Speaking about crude supply, Dangote said, “We source about 56 per cent from Nigeria and some from Angola. We buy quite a bit from Angola, we buy from Libya, and we buy from the US. At one point, we were doing about seven to eight cargoes of WTI from the US. But we’re getting more of Nigeria’s crude now. We have to now buy 21 cargoes every month. That’s how big we are. And we’re more than doubling the refinery. You know, in the next 30 months, we will be at 1.4 million barrels per day, which is huge.”

Aliko Dangote named a category of those he called the ‘Mafia,’ trying to sabotage the refinery.

“The Mafia are the people who are actually benefiting because Nigeria was giving out almost $10bn every year as a subsidy. There are shippers who are making tonnes of money. There are traders who are making a lot of money buying crude and sending us refined products. There are also the local people; because it was subsidised, very few people are getting allocations. So they are making billions of naira. So, these are the people that did not want us to settle down because they believed that we were coming here to displace them, and of course, that’s what we have done now,” he said.

He added that plans are underway to sell stakes and inject about $45bn into the businesses for a target of $100bn revenue by 2030.

“We are coming up with selling part of the business, getting more investors into the business, and also making sure that we continue to grow the business. Cement production is going to 100 million tonnes. In cement, we don’t even need much money; we are getting financing, and the cash generation is very liquid.

“So, we’ll be able to actually fund this $45bn, which will eventually take us to $100bn of revenue, because our target is to get to $100bn by 2030, with a market valuation of maybe more than $250bn, because as we speak today, last year, our EBITDA was $3bn, but the target by 2030 is to be 10 times that amount, to be at over $30bn of EBITDA,” he stated.

by Premium Times

The police in Oyo State have announced how they rescued a US-based medical doctor from a mob in Ibadan, the state capital.

“The incident followed a distress call received from concerned citizens alleging that a suspected kidnapper was about to be lynched and set ablaze by an angry mob,” the police said of the Monday incident.

Before the police arrived at the scene, the man’s “Lexus RX 330 SUV had already been set ablaze by the mob, while two young girls identified as Deborah, aged 15 years, and Rebecca, aged 12 years, found inside the vehicle, were equally taken into protective custody alongside the suspect for proper investigation.”

The police in an X post on Wednesday said their investigation showed that the man, identified as Dr Afolabi, is a US-based medical doctor and that he had “legal” custody of the two girls.

“Further findings established that the two girls found inside the vehicle were legally taken from one Mrs Idowu Abimbola, aged 56 years, of Eleyele Area, Ibadan, with the intention of delivering them to the victim’s mother for the purpose of assisting with household chores.”

PREMIUM TIMES reports that mob actions and lynching are common in many parts of Nigeria despite the repeated advice of law enforcement agencies to Nigerians. Citizens sometimes take the law into their own hands due to distrust in law enforcement agencies and a desire for instant justice.

The police said Mr Afolabi is safe and is responding to treatment.

Read the full statement by the Oyo State Police Command below.


PRESS RELEASE

OYO POLICE RESCUE MEDICAL DOCTOR FROM MOB ACTION OVER FALSE KIDNAPPING ALARM IN IBADAN

The Oyo State Police Command wishes to inform the general public of an unfortunate incident of mob action which occurred on Monday, 12th May 2026, at about 2:30 PM around the 2nd Powerline Area, Ologuneru, Eleyele–Ido Road, Ibadan.

The incident followed a distress call received from concerned citizens alleging that a suspected kidnapper was about to be lynched and set ablaze by an angry mob. Upon receipt of the information, a combined team of Patrol and Detective Officers led by the Divisional Crime Officer Eleyele Police Station (DCO) immediately mobilized to the scene where the suspect was successfully rescued from the enraged crowd. However, before the arrival of the Police, his Lexus RX 330 SUV had already been set ablaze by the mob, while two young girls identified as Deborah, aged 15 years, and Rebecca, aged 12 years, found inside the vehicle, were equally taken into protective custody alongside the suspect for proper investigation.

Preliminary investigation subsequently revealed that the victim, identified as Dr. Afolabi, is a medical doctor practicing in the United States of America and not a kidnapper as falsely alleged in several misleading social media reports currently being circulated. Further findings established that the two girls found inside the vehicle were legally taken from one Mrs. Idowu Abimbola, aged 56 years, of Eleyele Area, Ibadan, with the intention of delivering them to the victim’s mother for the purpose of assisting with household chores.

In the course of investigation, Mrs. Idowu Abimbola was invited to the station where she confirmed the arrangement, while the two girls equally corroborated the account and related freely with the said woman, thereby dispelling the suspicion of abduction.

Further investigation revealed that the misunderstanding which triggered the false kidnapping alarm began when Dr. Afolabi attempted to gain access through the Polytechnic gate and was stopped by a security guard for routine vehicle inspection. Upon lowering the vehicle’s window glass, the two girls were allegedly seen half-naked, a situation which immediately aroused suspicion among bystanders and security personnel. It was gathered that the victim’s inability to provide satisfactory answers to questions asked at the scene, coupled with his decision to turn away from the checkpoint, further heightened suspicion. The situation was compounded by the inability of the two girls to speak the local language or properly express themselves in English, thereby fueling the false alarm of kidnapping.

The development consequently led to a mob chase and eventual interception of the victim by irate youths who reportedly ignored all explanations offered by him and descended heavily on him, inflicting severe bodily injuries before the timely intervention of the Police. The victim was immediately rushed to the Police Medical Services for urgent medical attention and is currently responding to treatment.

Meanwhile, statements have been obtained from eyewitnesses, including an Okada rider allegedly hit during the ensuing confusion, while efforts are ongoing to identify and apprehend all individuals involved in the mob action and destruction of property.

The Commissioner of Police, Oyo State Command, CP Abimbola Ayodeji Olugbenga, psc, mnips, has strongly condemned the act of jungle justice and the deliberate spread of false and unverified information capable of creating unnecessary tension and undermining the significant security gains recorded across the State. The CP warned that resorting to self-help, mob violence, and the circulation of misleading narratives on social media remain serious threats to public peace, law and order, and could ultimately reverse the progress made in sustaining security and public confidence within the State.

by Claire Mom

Saudi Arabia launched multiple, covert strikes on Iran in retaliation for attacks carried out in the kingdom during the Middle East war, Reuters reports.

Citing two Western officials and two Iranian officials, Reuters reported that the attacks were launched by the Saudi air ‌force and were assessed to have been carried out in late March.

The attacks had not been previously reported as Saudi Arabia, a United States ally, had publicly distanced itself from the conflict.

This marks the first time that the ​kingdom is known to have directly carried out military action on Iranian soil. It is unclear what the targets were.

A separate Telegraph report noted that the United Arab Emirates (UAE) also launched attacks against Iran.

The UAE’s strikes took place “around the time” that US President Donald Trump announced a ceasefire in the war, after a five-week military campaign against Tehran.

Until these reports emerged, Iran had publicly claimed responsibility for hitting all six Gulf Cooperation Council ⁠states with missiles and drones.

The Islamic Republic said its targets were US military bases, but civilian sites, airports and oil infrastructure were also hit, while the Strait of Hormuz was effectively closed, disrupting global trade.

Abu Dhabi said it maintained the right to respond to hostile attacks in a defensive manner but denied any active interventions against Tehran throughout the conflict.

However, the UAE’s armed forces, which are equipped with American helicopters and fighter jets, reportedly attacked an oil refinery on Iran’s Lavan Island in the Gulf at the start of April, according to the Wall Street Journal.

While the UAE took a more hawkish stance, seeking ​to extract a cost from Iran, Iranian and Western officials said Saudi Arabia alerted Tehran of its strikes.

The alert was followed by intensive diplomatic engagement and Saudi threats to retaliate further, which led to an understanding between the two countries to de-escalate the conflict.

From more than 105 drone and missile attacks from Iran on Saudi Arabia in the week of March 25-31, the number fell to just over 25 between April 1-6, according to a Reuters tally of Saudi defence ministry statements.

Iran and Saudi Arabia have long been at odds with both nations backing opposing groups in conflicts across the region.

Both countries reportedly de-escalated tensions in the week before Washington and Tehran agreed to a ceasefire on April 7.

By Sami Tunji


The United States spent $578.78m on crude oil imports from Nigeria in the first quarter of 2026, down from $681.40m in the corresponding period of 2025, according to data from the U.S. Census Bureau and the Bureau of Economic Analysis.

The latest figures, contained in the agencies’ March 2026 international trade report, show that the value of U.S. imports of Nigerian crude oil on a Cost, Insurance and Freight basis stood at $578.78m year-to-date, down by $102.62m or 15.06 per cent from the $681.40m recorded in the same period of 2025.

This comes despite Nigeria maintaining a steady position among key African crude suppliers to the United States, even as overall trade dynamics shifted.

A breakdown of the data shows that the U.S. imported 7.84 million barrels of crude oil from Nigeria in the first three months of 2026, compared to 8.44 million barrels in the same period of 2025. This represents a decline of 0.59 million barrels or 7.03 per cent year-on-year.

On a monthly basis, U.S. imports from Nigeria dropped sharply between February and March 2026. In February 2026, imports stood at 4.64 million barrels before falling to 1.54 million barrels in March, indicating weaker short-term demand or supply adjustments.

In value terms, the CIF value of Nigerian crude imports also declined month-on-month from $345.33m in February 2026 to $114.49m in March 2026.

The customs value data, which excludes freight and insurance costs, followed a similar pattern. Year-to-date customs value for Nigerian crude stood at $561.69m in 2026, compared to $663.79m in 2025, reflecting a drop of $102.10m or 15.38 per cent.

The broader African context shows that Nigeria remained a major contributor to U.S. crude imports from the continent, although overall African exports to the U.S. also declined. Total U.S. crude imports from Africa stood at $1.66bn in the first quarter of 2026, up from $1.10bn in 2025, indicating shifting contributions among African exporters.

Iran cuts oil output as storage nears capacity
Within Africa, Nigeria’s share of total U.S. crude imports from the continent dropped to about 34.8 per cent in Q1 2026, from roughly 61.7 per cent in the same period of 2025, highlighting increased competition from other suppliers such as Libya and Ghana.

Despite the year-on-year decline, Nigeria’s crude still accounted for a notable share of U.S. oil imports, reflecting the continued relevance of its light sweet crude grades in the American refining system.

The U.S. trade report noted that import values reflect the landed cost of crude oil, including freight and insurance, providing a more comprehensive measure of trade flows than customs values alone.

The data points to a moderation in U.S. demand for Nigerian crude in early 2026, driven by a mix of shifting global supply patterns, price movements, and evolving energy trade flows.

Details from the most recent monthly report of the Nigerian National Petroleum Company Limited showed that crude oil sales dropped sharply to 17.37 million barrels in March, down from 22.85 million barrels in February and 25.75 million barrels in January, suggesting that evacuation and logistics challenges persist.

An analysis of the figures also showed that crude oil output remained flat in March compared to February at 1.56 million barrels per day, but improved from 1.51 million barrels per day recorded in January.

In its report, NNPC acknowledged that pipeline disruptions significantly impacted output during the period. It stated, “The Trans Forcados Pipeline outage, resulting from a leak at the Keremor axis, negatively impacted production volumes, leading to curtailments across several assets from February 20 to March 25, alongside other operational challenges.”

Despite these setbacks, the company maintained that it is implementing targeted recovery strategies to stabilise output. It noted, “NNPC Limited continues to strengthen production resilience by executing restoration plans focused on improving asset reliability, resolving evacuation constraints, and implementing other targeted recovery initiatives.”

by Qosim Suleiman ,


Nigeria’s Vice President, Kashim Shettima, has called on universities and industry leaders to build stronger partnerships to prepare graduates for the demands of the global digital economy.

Speaking at the 2026 graduation ceremony of the American University of Nigeria (AUN), the vice president said the debate triggered by a fintech executive’s remarks should serve as a challenge for Nigeria’s higher education sector.

While Mr Shettima did not mention a name, he was clearly referring to Moniepoint’s Chief Executive Officer, Tosin Eniolorunda, who recently said that Nigeria lacks the skilled talent needed to meet the company’s global standards.

Mr Eniolorunda had stated that Nigeria is facing a shortage of skilled talent of global standards, citing the fintech company’s inability to fill 500 vacancies with world-class professionals since 2025.

The fintech boss also noted that most Nigerians applying for roles at the firm do not meet global standards, despite the company’s commitment to hiring more Nigerians.

The comments sparked mixed reactions online. While some Nigerians agreed that the country faces a widening skills gap driven by weak educational foundations and brain drain, others argued that talents are available but local companies often fail to offer globally competitive salaries and structured talent development programmes, hence their hiring struggles.


Shettima speaks

While Mr Shettima acknowledged the need for increased capacity development for Nigerian graduates, he said some of the pushback that followed Mr Eniolorunda’s comments was legitimate.

The vice president, who was represented by the Executive Secretary of the National Universities Commission (NUC), Abdullahi Ribadu, a professor, said talents are not absent in Nigeria, but noted that they are simply responding to rational signals.

“Some of the pushback that followed was legitimate,” he said. “Compensation structures, currency pressures and the reality that Nigerian engineers now command global opportunities were part of it. The talent is not absent. In many ways, it’s just responding to rational market signals.”

The vice president, therefore, called on the university to formalise and scale industry partnership models capable of creating “structured and sustained pipelines” between universities, fintech firms and emerging industries.

“This is not a task government can accomplish alone, and it is not one that the private sector and corporate investors can do without universities,” he added.

Mr Shettima also urged Nigerian graduates to embrace the more challenging path of tackling the nation’s problems.

He noted that although some graduates may choose the easier route in order to survive, such an approach falls short of what the country truly needs.

“The graduates that this country desperately needs are those who bring their full capabilities to solve the Nigerian problems. In public service, in technology, in research, in agriculture, in health care and in art,” he said.

Mr Shettima said the federal government is already pursuing reforms aimed at aligning the education system with 21st-century labour market demands to cover the kind of intensive economic development that emerging market demands.

He said ongoing reforms under President Bola Tinubu include strengthening institutional accountability, expanding access to education and integrating digital and AI-focused learning into national policy frameworks.

The vice president also used the occasion to praise AUN for graduating 12 former Chibok schoolgirls, describing the achievement as evidence of education’s role in rehabilitation and national renewal.

The girls were among those abducted by Boko Haram from Government Girls Secondary School, Chibok, in 2014, an incident that drew global outrage under the “Bring Back Our Girls” campaign.

Mr Shettima described the university’s support for the students as “an act of institutional faith” and urged other Nigerian universities to study the model.

by Onuado Cynthia


Former President Olusegun Obasanjo has publicly endorsed Air Peace following his experience aboard the airline’s Lagos–London flight alongside the carrier’s founder and Chief Executive Officer, Allen Onyema.

In a video clip circulating widely on social media, Obasanjo was seen conversing with Onyema during the flight, where he described the airline as “a necessity,” a remark that has since sparked widespread reactions online and renewed conversations around trust, reliability and safety within Nigeria’s aviation industry.

“Air Peace is a necessity,” the former president said in the viral clip while aboard the international service.

The endorsement from Obasanjo, who served as Nigeria’s president between 1999 and 2007, drew praise from supporters of the airline, with many social media users describing his comments as a strong vote of confidence in the carrier’s operations and safety standards.

One user, @AviationGist_hub, praising the safety mechanisms employed by the airline wrote: “…Air Peace is a trusted brand, that’s just the truth, why won’t it be trusted, because Air Peace have the highest safety policy in Africa, that’s just the fact, when it comes to safety, even the elites know it’s Air Peace.”

Another user, @Remilekun_Joyce, posted, “Baba Obasanjo carry our chairman dey run o, Baba Obasanjo is such a sweet and loving father, Everybody loves Air Peace, except clout chasers.”

Industry analysts say endorsements from high-profile figures can influence public perception, particularly in Nigeria’s aviation sector where passengers often place premium importance on safety, operational consistency and customer confidence.

Founded in 2013 by Onyema, Air Peace has grown into one of Nigeria’s largest privately-owned airlines, operating domestic, regional and international routes, including its Lagos–London service launched as part of its international expansion drive.

The airline has repeatedly highlighted its commitment to safety, regulatory compliance and fleet expansion as it seeks to strengthen its position in both African and global aviation markets.

Opposition is mounting within the All Progressives Congress (APC) as increasing numbers of aspirants and stakeholders across several states have rejected the party’s proposed consensus mode of primary elections ahead of the 2027 general elections.

What was initially presented by party leaders as a unifying mechanism to reduce internal contestation is now facing widespread resistance, with multiple aspirants insisting that only open, competitive primaries can guarantee fairness and compliance with the Electoral Act, 2026.

The growing pushback suggests that the APC may ultimately be forced to conduct full direct primaries in several states, including Yobe, Benue, Nasarawa, Adamawa, Gombe, Kwara, Oyo, Sokoto, Zamfara, Kano, Bauchi and others, where consensus arrangements have been announced or are being considered.

The Electoral Act, 2026, which provides the legal framework for the 2027 general elections, allows political parties to adopt either consensus or direct primaries.

However, Section 87 of the Act clearly sets strict conditions for consensus arrangements, stating that all cleared aspirants must give written consent indicating voluntary withdrawal from the race and endorsement of a single candidate. Where such consent is not obtained, parties are required to revert to direct primaries.

As the APC concludes the sale and submission of nomination forms, it is becoming increasingly evident that consensus arrangements are struggling to hold, even in states where influential party leaders have attempted to impose them.


Yobe State: Consensus Faces Open Rejection

In Yobe State, the APC leadership under Governor Mai Mala Buni had adopted a consensus arrangement, reportedly endorsing former Secretary to the State Government (SSG), Wali, as the party’s governorship candidate.

The endorsement was made at a meeting in Abuja attended by Governor Buni, the Minister of Police Affairs, Ibrahim Gaidam, and other critical stakeholders.

However, the arrangement has been strongly opposed by other aspirants, including Kashim Musa Tumsah, former Inspector-General of Police Usman Alkali Baba, and Senator Ibrahim Bomai, all of whom have purchased and submitted nomination forms.

Tumsah argued that consensus must strictly comply with the provisions of the Electoral Act, warning against elite-driven selection processes.

He stated that consensus “does not mean one or two people sitting in a room selecting whoever they want as the party’s candidate.”

Similarly, former Inspector-General of Police Usman Alkali Baba rejected any suggestion that he had agreed to step down or endorse a consensus arrangement.

“If I believed in any consensus, I wouldn’t be here. I have not attended any consensus meeting, nor have I agreed to support anyone,” he said.

The development has effectively thrown the Yobe APC governorship race open, with indications that the party may be forced into direct primaries.


Nasarawa State: Parallel Aspirations Emerge

In Nasarawa State, Senator Aliyu Wadada has reportedly emerged as the preferred consensus candidate of Governor Abdullahi Sule.

However, the arrangement is facing significant opposition from other aspirants, including former Inspector-General of Police Mohammed Adamu and Dr Fatima Abdullahi.

Adamu, through the Director General of his campaign organisation, rejected the consensus arrangement outright, insisting on a competitive process.

He said: “We are not considering the issue of consensus because we are in this contest to win the forthcoming governorship primary election of the APC and the 2027 governorship election.”

Dr Fatima Abdullahi also expressed a strong preference for direct primaries, arguing that the current political reality in the state makes consensus impractical.

“We will be comfortable with the direct primaries, which is what my state is adopting, because as you can see, we have over six aspirants currently in the state that have bought and some have submitted their forms. So automatically we are going for direct primaries,” she said.


Benue State: Resistance to Political Mediation

In Benue State, efforts by the Secretary to the Government of the Federation, Senator George Akume, to encourage a consensus arrangement involving Governor Hyacinth Alia and other political office holders have also generated controversy.

The move is being resisted by other aspirants, including Dr Mathias Byuan and Dr Jeffrey Kuraun, who remain in the race for the APC governorship ticket.

Byuan dismissed the consensus arrangement, arguing that it does not reflect democratic principles.

He said: “This is the wish of the leader of the party who wants to reconcile people. But the Electoral Act says something different.

“We have to go to the field. I bought a form, and the governor and I will test the grounds. If he is popular, let him win. If I’m popular, I will win, and that is what we asked of the party, and Mr President has said people should go and test their popularity.”

His remarks underscore growing concerns that internal party negotiations may undermine grassroots participation.


Adamawa State: Preference for Open Contest

In Adamawa State, governorship aspirants are also resisting consensus arrangements in favour of direct primaries.

Former House of Representatives spokesperson, Hon. Abdulrazak Namdas, said while consensus may be considered, it should not replace democratic competition.

“Our leaders will give us the opportunity to contest. If we are called for consensus, that does not mean we will not participate in the process. If we agree among ourselves, fine. If we do not agree, we go for a contest,” he said.

Another aspirant, Dr Bakari Girei, also expressed discomfort with consensus arrangements, warning that such moves could amount to imposition if not carefully managed.


Gombe State: Legal and Political Disputes

In Gombe State, Senator Muhammad Danjuma Goje rejected the consensus arrangement adopted by the APC state chapter.

The rejection was contained in a statement issued by his aide, Saidu Muazu Kumo, which noted that the process was not inclusive.

Goje, a former two-term governor of the state, stated that the alleged consensus meeting involved only the State Governor, Muhammadu Yahaya, and a limited number of aspirants, excluding others who are duly recognised within the party.

Similarly, Senator Saidu Ahmed Alkali described the emergence of Jamilu Ishiyaku Gwamna as the consensus candidate as “undemocratic, arbitrary, and inconsistent” with the Electoral Act, 2026.

He argued that Sections 84(1) and 87(1) of the Act require transparent primaries and written consent of all aspirants before any consensus arrangement can be valid.

Former Minister of Communications and Digital Economy, Prof Isa Pantami, and former Minister of Transportation, Saidu Alkali, have also vowed to challenge the process.


Bauchi State: Demand for Credible Candidates

In Bauchi State, governorship aspirants, including former Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, have expressed preference for a fair and credible process.

Tuggar said he is open to either consensus or direct primaries, provided the process remains transparent and democratic.

“I hope that the process will be free and fair. And I hope, regardless of what the party chooses, whether direct or consensus, as long as the process is free and fair,” he said.

He added that the ultimate goal is to ensure that credible candidates emerge.

“It is to ensure that we put forward people with credibility as candidates, people who command respect and genuine followership,” he said.


Kwara State: Aspirants Oppose Alleged Imposition

In Kwara State, several aspirants have reportedly ignored attempts to impose a consensus candidate by purchasing nomination forms.

Among them are Senator Saliu Mustapha, Senator representing Kwara Central, Prof Wale Sulaiman, and Senator Umar Suleiman Sadiq.

The aspirants are insisting on participating in open primaries rather than accepting any pre-arranged consensus.


Zamfara State: Partial Consensus, Strong Resistance

In Zamfara State, the APC has adopted a consensus arrangement for some positions, including the governorship, where Governor Dauda Lawal is reportedly the sole candidate.

However, resistance persists in other contests, particularly the Zamfara North Senatorial District.

Aspirants, including former Governor Mahmuda Shinkafi, Senator Sahabi Ya’u, APC stalwart Dr Sani Shinkafi, and former Minister Tijjani Yahaya, have all entered the race.

Shinkafi said he rejects any arrangement that denies aspirants a fair contest.

He stated: “We have all agreed to allow Governor Dauda Lawal to stand as the only governorship candidate of our great party, the APC, but apart from him, all positions must be contested for.”

Dr Sani Shinkafi also rejected consensus arrangements, insisting on direct primaries.

He said, “As far as I am concerned, I am not ready for consensus. I am not ready to step down. I want to exercise my right as provided by the Electoral Act. Therefore, we must go for direct primaries. Whoever wins carries the day.”

He further described the current arrangement as unjust, adding that political exclusion could destabilise party unity.


Kano State: Youth Resistance Emerges

In Kano State, several stakeholders, including youth groups, have rejected consensus arrangements in some constituencies.

A group known as the Coalition for Better Kano also opposed reported plans to allocate the KanoCentral Senatorial ticket to former Governor Ibrahim Shekarau.


Oyo State: Growing Political Tension

In Oyo State, tension continues to rise among APC governorship aspirants despite ongoing talks on a possible consensus arrangement.

Many aspirants have already purchased nomination forms, including Senator Sharafadeen Alli, Adebayo Adelabu, Akeem Agbaje, Dr Ayo Adesina, Ayodele Alao, Prince Kola Asanike, Muyiwa Gbadegesin, Rauf Olaniyan and Dr Moshood Abiola.

Senator Sharafadeen Alli is said to enjoy strong support within the party structure, particularly across Ibadan and Ibarapa political blocs.

However, other aspirants insist on direct primaries, arguing that consensus should not be used to sideline competition.


Sokoto State: Divided Front

In Sokoto State, divisions have emerged following the party’s adoption of consensus arrangements ahead of the 2027 elections.

The APC is reportedly backing consensus candidates for key positions, including Governor Ahmed Aliyu and Senator Aliyu Wamakko.

However, indications suggest that direct primaries may still be used for legislative seats in the State House of Assembly and the National Assembly.


APC Leadership Defends Consensus

Despite growing opposition, Senate Leader Opeyemi Bamidele defended the consensus provision in the Electoral Act, dismissing concerns about imposition.

He said the system is designed to prevent “under-the-table” arrangements and ensure transparency.

“The law is rigid; even a single dissenting voice can nullify a consensus agreement and trigger a full direct primary. In any case, there will always be primaries,” he said.

He added that even consensus candidates must still pass through ward-level endorsement.

“There’s nothing that can be done under the table, whether you are doing direct primaries or consensus,” he said.


Presidential Ticket: Direct Primaries Confirmed

Meanwhile, the APC National Working Committee has adopted direct primaries to select its presidential candidate.

The APC national secretary, Dr Ajibola Basiru, confirmed that any aspirant, including President Bola Ahmed Tinubu, will be free to contest the presidential ticket.


1. Resistance Spreads

APC aspirants across several states are rejecting consensus primaries, insisting competitive contests remain the fairest democratic path for candidates nationwide.

2. Electoral Act Conditions

The Electoral Act, 2026, requires written consent from all aspirants before consensus arrangements within political parties become legally valid.

3. Yobe and Nasarawa Disputes

In Yobe and Nasarawa, major aspirants rejected imposed candidates, insisting they never agreed to withdraw from races voluntarily.

4. Benue, Gombe Tensions

Benue and Gombe aspirants described consensus arrangements as undemocratic, warning that exclusionary processes could weaken party unity before elections nationwide.

5. Direct Primaries Likely

Growing resistance may force APC leadership to conduct direct primaries across several states despite continued defence of consensus arrangements nationwide.

by Kabir Yusuf


The late Herbert Wigwe was, by many considerations, one of the most consequential bankers in Nigeria.

As the chief executive of Access Holdings, he helped transform a mid-tier lender into West Africa’s largest banking institution. But when he died in a helicopter crash in the California desert in February 2024, alongside his wife, son, and two others, the full scale of his financial world had barely been told.

PREMIUM TIMES can now report, drawing on corporate filings across multiple jurisdictions, UK property registration data, and company records in Nigeria, Cyprus, the United States, Mauritius, the Isle of Man, and Jersey, that Mr Wigwe held stakes in at least 80 companies spread across 20 countries.

Many of these entities were registered in known tax havens and were not publicly disclosed during his lifetime.

Our findings reveal a web of real estate holdings, investment vehicles, family wealth offices, oil and gas interests, fintech platforms, and philanthropic foundations linked to the late banker.

In March, the Londoner newspaper reported 106 properties linked to Mr Wigwe in London, which were registered elsewhere in shell companies outside the UK. But the newspaper could only reveal those details because the UK adopted the Economic Crime (Transparency and Enforcement) Act 2022, establishing the Register of Overseas Entities, held by the UK’s Companies House. The register requires foreign companies that own, sell or buy property to declare their beneficial owners, making it possible to check the sources of funds used to acquire such property.

Before this provision, individuals could launder suspicious funds through notorious secrecy jurisdictions and tax havens, hiding behind shell companies incorporated in those havens to anonymously buy properties in the UK, especially in London.

Wealthy individuals frequently establish shell companies to mask asset ownership, often by retaining fund and wealth managers to register legal entities on their behalf. Jersey, for instance, does not require companies to publicly declare their ownership, meaning that on any publicly accessible record, a property purchased through a Jersey-registered entity may be difficult to trace to its actual owner.

Several reasons exist for why these properties might be registered this way; being owned by a company in a tax haven does not automatically mean wrongdoing. Affluent individuals and their advisers routinely use such structures for estate planning, currency risk management, liability limitation and cross-border investment.

Tengen Family Office, based in Ikoyi, Lagos, manages the wealth of Mr Wigwe and Aigboje Aig Imoukhuede, his long-time business partner with whom he acquired Access Bank in 2002, according to its website. Incorporated in 2017, the firm was jointly owned, with 50 per cent each, by Mr Wigwe and Mr Aig-Imoukhuede. A similar Nigerian entity, Tengen FOL Limited (RC 711023, also incorporated in September 2017), replicated the same ownership structure.

In Mauritius, one of Africa’s foremost tax havens, the two partners held Tengen Holdings Mauritius under the Coronation Capital umbrella, registered in 2019 under Coronation Group Limited. This Mauritius entity figured prominently in Mr Wigwe’s shareholding structure at Access Holdings.

According to Access Holdings’ 2023 audited financial report, Mr Wigwe owned 2.59 billion shares worth N65.3 billion, equivalent to 7.3 per cent of the banking group’s entire issued shares at the time. He held 1.26 billion of those shares indirectly through Coronation Trustees Tengen Mauritius, a Mauritius-registered entity.

His indirect holdings as of December 2023 comprised 201 million direct shares in Access Corporation Plc, and a further 2.3 billion indirect shares through United Alliance Company of Nigeria Limited (537,734,219 shares), Trust and Capital Limited (584,056,979 shares), and Coronation Trustees Tengen Mauritius (1,264,264,206 shares). His total shareholding in Access Corporation stood at 35 billion units as of 31 December 2023.

He was also a shareholder in Coronation Insurance and its subsidiary, Access Bank Plc.


UK and European Entities

The British and European company records trace a parallel architecture of real estate and holding vehicles.

In the United Kingdom, Mr Wigwe’s footprint included Lodging Holding Ltd (registration number OE009983), incorporated as an overseas entity on 23 December 2022, with Mr Wigwe and four legal entities listed as directors.

Carmel Gate Ltd, a real estate company registered in 2012, also appears in his portfolio alongside Access Bank UK Ltd.

Deansleigh Holdings Limited, first incorporated in Cyprus in April 2015, with its registered address at 15 Agion Omologiton, Nicosia, Cyprus, later became a UK holding company. It was re-registered as Deanleigh Holdings Limited on 10 July 2022, bearing registration number OE001513. Mr Wigwe owned a 25 per cent stake, with the remaining interest held by Alliance Assets Limited, Maria Panagiotou, and an unnamed legal entity.

In Cyprus, four additional active entities were registered in his name: Belde Co Ltd (registered 2014, last annual report filed November 2024); Vendereso Corporation Limited (registration number 334943, registered August 2014); Lodging Holding Limited (registered April 2013, last annual report filed March 2025); and QEXLE Trading Limited, co-owned by Mr Wigwe and three other entities, with its last annual report also filed in March 2025.

In Jersey, Mr Wigwe held interests in One Southbank Properties Limited and Glenq Private Wealth Limited with an ownership trail dating to 2014.


Isle of Man: A Long Paper Trail

Some of Mr Wigwe’s earliest offshore activity is traceable to the Isle of Man, where he appears to have begun structuring entities as far back as 2006.

Warne Limited was registered there in 2006 by Mr Wigwe and Zedra Trust Company Limited. Two years later, in 2008, the same partnership produced DHT Limited.

A third Isle of Man entity, Balladoyne Limited, was registered in February 2010, also with Zedra Trust Company as co-owner. On 18 December 2023, just weeks before Mr Wigwe’s death, his shares in Balladoyne were transferred to unidentified legal entities.


American Footprint

In the United States, Mr Wigwe’s corporate presence spanned Florida and Washington, D.C., with five identified entities.

Beraug Investments LLC (Florida registration L07000027796), incorporated in 2007 at 3251 Boca Raton, Florida, was jointly owned by Mr Wigwe, his wife Doreen, and their children Chizi and Charel Wigwe. It was dissolved in September 2008 after failing to file an annual report.

Beraug Consulting Services Corporation, incorporated in 2011 with incorporation number 27-46429041, listed its purpose as “any lawful business.” Its registered address was 2103 Coral Way 108, Miami, Florida 33145, and its agent at incorporation was Betty Blanco. Its last annual report was filed in February 2023, after which it was dissolved.

Grosvenor Marine LLC (Florida registration L17000233193) was incorporated in November 2017 at Suite 1104, 1390 South Dixie Highway, Coral Gables, Florida 33146, with Herbert and Doreen Wigwe listed as directors and Steven Hibble as the registered agent. In February 2023, the registered agent was changed to Betty Blanco. The company was later declared inactive for failing to file its 2024 annual report.

Obele Incorporated, based at 1026 Monroe Street NE, Washington, D.C., lists Ukechukwu Wigwe and Ututochi Wigwe as beneficial owners. Mr Wigwe served as a director between September 2011 and May 2018. The company remains active.

Within Nigeria, the breadth of Mr Wigwe’s corporate affiliations is remarkable, spanning construction and real estate, fintech, oil and gas, philanthropy, and financial market infrastructure.

Among his earliest registered interests is Beraug Realty Ltd (incorporated 22 August 1993) and Beron Shyngle Ltd, co-registered with his father, Shyngle Wigwe.

In 2001, he co-founded Virtual Travel Network and Management Services alongside Ekwueme Goodheart and others. He also founded Hair Affair Nigeria Limited with Doreen Wigwe and Reliance Okorafor.

Fusion Construction Limited (incorporated 14 July 2003) lists Mr Wigwe among its directors alongside Mr Aig-Imoukhuede and others, while United Alliance Company of Nigeria (incorporated 2001) and Trust and Capital Limited (incorporated 2007) were both 50-50 ventures between Messrs Wigwe and Aig-Imoukhuede.

In the energy sector, Mr Wigwe held interests in Petralon 10 Limited (incorporated November 2017) and Petralon 30 Limited (incorporated March 2018), both established to operate across the upstream, midstream, and downstream oil and gas sectors, alongside Aig-Imoukhuede and Petralon Energy Limited.

The late banker also held a five per cent stake in Petralon Trading and Supply Limited, registered in 2015, alongside Aig-Imoukhuede, Babatunde Folawiyo, and Petralon Energy’s principal, with the dominant interest held by the Unuigbe family.

In real estate, Baston Properties Limited was incorporated to carry on business as a property dealer and land agent, with Mr Wigwe as a director. Canvas Construction Solution Nigeria, registered in the same period, was co-founded with his son Chizi.

Mr Wigwe’s fintech interests included Hydrogen Payment Services Limited, incorporated in 2021 and jointly owned with Ogbonna Roosevelt Michael; and Unified Payment Services Ltd, whose extensive board included Kennedy Uzoka and Adebola Adeduntan.

AAHW Limited, registered in September 2007, was another 50-50 entity between Messrs Wigwe and Aig-Imoukhuede.

Investors Alliance Ltd listed Mr Wigwe, Mr Aig-Imoukhuede, and Reliance Okorafor as principals.

His charitable and civic interests were equally extensive. These included Africa Initiative for Governance (incorporated August 2014); His Love In Action Empowerment Foundation; The AIG Aigboje Aig-Imoukhuede Foundation, of which Mr Wigwe was a trustee; The How Foundation Ltd/GTE, co-listed with Doreen and Uchechukwu Wigwe; the Muhammadu Sanusi Sustainable Development Goals Initiative; and CACOVID-19 Ltd/GTE, the private sector COVID-19 response vehicle co-directed with Aliko Dangote and Dangote Industries.

Mr Wigwe also sat on the boards of financial market infrastructure entities, including NG Clearing Ltd alongside the Nigerian Stock Exchange, the Nigerian Sovereign Investment Authority, GTBank, UBA, Union Bank, Coronation Merchant Bank and Bankers Fund Managers Limited, which included the chief executives of Access Bank, GTBank, First Bank, Zenith Bank, and UBA.

Mr Wigwe also appears in the records of Guaranty Trust Bank (incorporated July 1990), Nigeria Mortgage Refinance Company, Access Pension Fund Custodian Limited, Access Golf Nigeria Limited, Sanef Creatives Limited, Theatre Partners Limited, and Holy Union Trust Limited, among others.

The Nigerian Business Coalition Against AIDS also lists Access Bank, represented by Mr Wigwe, as a member.


The Access Holdings Empire

Beyond his personal holdings, Mr Wigwe’s leadership of Access Holdings gave him de facto influence over a group whose subsidiaries spanned 19 African countries and the United Kingdom. Under his leadership, Access Holdings pursued a major expansion across Africa and beyond, helping the corporation reach the ninth-largest bank in Africa before Nigeria devalued its currency in 2023.

As of September 2025, Access Holdings’ total assets stood at N52.2 trillion.

Entities within the Access Holdings group include Access Bank Plc (100 per cent); Hydrogen Payment Services Ltd (99.99 per cent); Access Pension Ltd (53.76 per cent); Access Insurance Brokers (99.99 per cent); Access Bank UK (100 per cent); and African subsidiaries in Ghana (93.40 per cent), Sierra Leone (99.19 per cent), Zambia (80.98 per cent), DR Congo (99.98 per cent), Mozambique (99.98 per cent), South Africa (97.89 per cent), Botswana (78.15 per cent), Cameroon (100 per cent), Angola (99.80 per cent), Kenya (99.98 per cent), Rwanda (91.22 per cent), Gambia (88 per cent), and Guinea (100 per cent), among others.

In South Africa, a separate entity, Landclave, also appears linked to Mr Wigwe’s portfolio.

Mr Wigwe’s death at 57 cut short what by all accounts was one of the most ambitious financial careers in Nigeria.


Family Dispute

There has been a family dispute over the iconic banker’s estate. PREMIUM TIMES reported that Herbert’s father, Shyngle Wigwe, is at the centre of the alleged dispute regarding the distribution of his late son’s estate. The elder Wigwe has reportedly filed a caveat at the probate registry to challenge the proposed distribution.

According to the reports, his father allegedly submitted the caveat, supported by an affidavit from Christian Wigwe, who identified himself as Herbert’s cousin.

Christian also accused the deceased’s partner, Mr Aig-Imoukhuede, of taking an indirect guardianship of his children and assets. The deceased’s cousin, in an affidavit filed at the Lagos State High Court Probate Registry, accused the co-founder of Access Bank of assuming the role that belonged to the deceased’s father, Shyngle Wigwe.


Wigwe’s Death

Mr Wigwe, his wife, and his son were among the six people who died in a helicopter that crashed in the US in February 2024.

The National Transportation Safety Board (NTSB) later reported that the helicopter crash was probably caused by “pilot disorientation” and deficiencies in safety protocols by the operating company.

The NTSB, in its final aviation investigation report, “determined the probable cause(s) of this accident to be: the pilot’s decision to continue the visual flight rules flight into instrument meteorological conditions, which resulted in the pilot’s spatial disorientation and loss of control,” the investigators said.


What this report establishes

This report establishes that the public record of his professional life, including bank results, expansion announcements, and speeches, captured only a fraction of the commercial universe he had quietly assembled.

The companies bear his name alongside those of his wife, his late son Chizi, his daughters, his father, and his lifelong partner Aig-Imoukhuede. They stretch from Nicosia to Miami, from Douglas to Lagos, from Port Louis to London, a testament to the scale of a wealth-building exercise conducted largely out of public view.

The Wigwe network also illustrates the degree of opacity that was possible, and in many jurisdictions remains possible, even for public figures running systemically important financial institutions. The beneficial ownership of more than 100 London properties was effectively invisible until the UK’s 2022 transparency legislation forced disclosure. Even now, the identity of several co-owners and associated entities in the Wigwe network remains unknown.

by Busola Aro


Aliko Dangote, Africa’s richest businessman, says Dangote Group is planning to invest in power generation with a target of up to 20,000 megawatts.

Dangote spoke in an interview with Makhtar Diop, managing director at International Finance Corporation (IFC), on Wednesday.

“We are now going into power — 20,000 megawatts,” he said.

Nigeria currently generates about 4,000–4,500MW of electricity, far below its installed capacity of over 13,000MW.

Dangote further listed the planned investment alongside other ongoing projects, including fertiliser production, liquefied natural gas (LNG), and port development.

He also spoke on the evolution of his refinery project, noting that it faced scepticism at inception.

“At the time when I started this refinery… I have never ever seen crude oil in my life,” he said.

“People openly said this refinery will never happen.”

The Dangote refinery, valued at about $20 billion, is now producing fuel, with capacity estimated at 650,000 barrels per day.

Dangote also said the experience has reinforced his approach to investing in large-scale projects across the continent.

“How do we open up Africa? We will open Africa by demonstrating that we believe in Africa, by investing our money in Africa,” he said.

“Because if I don’t invest my own money, I can never go to any conference and convince people that Africa is a good place to come and invest. But right now, I have a voice, I have demonstrated that these things are possible.”

He added that his group is expanding fertiliser production capacity to about 12 million tonnes annually, alongside investments in mining, agriculture, LNG, and a deep-sea port.

“And the needs of Africa are petroleum products, fertilisers,” Dangote said.

“Today, in about two and a half years, we will be the largest fertiliser company in the world. We are putting up 12 million tons of urea. We are opening up mines of potash and phosphate in Congo and Brazil. We are building the biggest deep-sea port with an 18-meter draft. We are doing LNG.”

He added that the expansion is being driven by stronger cash flows and increased financial flexibility.

“We are now actually free of assets, and we can actually raise more money. Our cash flow now is very, very strong,” Dangote said.

He added that the projects are aimed at addressing critical infrastructure and industrial gaps across Africa.

Dangote, however, said investments will make sense if Africa addresses its structural trade barriers.

Governor Dikko Radda has blamed residents and alleged informants within communities and security circles for the persistent bandit attacks in parts of Katsina State, saying criminals operating in the state often receive intelligence about security operations in advance.

Speaking on the worsening insecurity in the state during an interview on Channels Television, Radda said some residents were secretly aiding bandits by leaking sensitive information and helping them evade security forces.

“The problem we have now is the communities. The communities are not giving the right information. I can say in a way, some of them are helping them,” the governor said.

Radda disclosed that a notorious bandit leader identified as Muhammad, whom he described as a native of the affected area, has continued to outsmart security agencies because of local collaborators.

"And this notorious person that is disturbing Musawa and Matazu, we know him. He’s Muhammad. That is his name. Everybody knows him. His father, his mother, and his grandfather were born there,” he said.

According to the governor, the bandit leader regularly receives updates from informants embedded within communities and even among security personnel.

“There was a day I called for a meeting here, a high-level security meeting in the Government House on how to operate and deal with the situation. Five minutes after the meeting, he knew what we discussed,” Radda revealed.

“There are moles among us, moles among the security, moles among the communities. That makes it more challenging.”

The governor lamented that whenever security operatives mobilise to respond to attacks, informants immediately alert the bandits, allowing them to prepare ambushes.

“Once the security move to the area, his moles among the people in the communities will call him and tell him that the security are coming. They have followed this road. So they will lay ambush for the security,” he said.

Radda also alleged that the bandits had devised tactics to manipulate public opinion against the government by instigating protests within affected communities.

“He has even brought out a new strategy that you go inside the village to demonstrate against the government so that they will put pressure on the government to allow him not to be pursued,” he added.

The governor, however, claimed that the security situation in the state had improved compared to when he assumed office, noting that over 20 local government areas were previously under severe threat.

“When I took over this state, there were about 24 local governments under siege. But now, most of the challenges we are witnessing today are within two local governments,” he said.

Radda further disclosed that the state government was exploring the deployment of drone technology to support security operations and suppress attacks in vulnerable areas.

by Claire Mom


Iran has proposed a new deal to the United States, offering to reopen the Strait of Hormuz and end the war if America lifts its blockade on the waterway.

Axios first reported the offer, citing a US official and two sources familiar with the matter.

The deal, passed to the Americans by Pakistan, also postpones nuclear negotiations for a later stage.

It is uncertain if President Donald Trump will accept the offer as ending Iran’s uranium enrichment is one of the US leader’s war goals.

America’s control over the Strait of Hormuz is also one of the US’ leverages in the conflict. Trump has said the strait would be “Sealed up Tight” until such time as Iran is able to make a deal.

Control for the waterway has been contested since the war between the Iran and US/Israel broke out in February.

Iran’s de-facto blockade of the strait crippled oil flow worldwide, hiking prices and forcing governments to take hard-biting energy conservation measures.

The US blockade, on the other hand, is designed to prevent Iran from selling its oil, depriving it of crucial revenue while also potentially creating a situation where Tehran has to shut off production because it has nowhere to store the oil.

Ongoing diplomatic talks to ease tensions between the warring countries have been locked in a stalemate.

Trump is expected to hold a situation room meeting on Iran on Monday with his top national security and foreign policy team.

According to the Axios report, a source said Trump’s team would discuss the stalemate in the negotiations and potential next steps.

Ayoola Babalola


Lagos State Governor, Babajide Sanwo-Olu, on Monday announced the endorsement of his deputy, Obafemi Hamzat, as his preferred successor for the 2027 governorship election in the state, PUNCH Online reports.

The announcement followed a closed-door meeting at Lagos House, Marina, where Hamzat formally declared his intention to contest the governorship seat before members of the State Executive Council and key party leaders.

Also present at the meeting were members of the Governor’s Advisory Council, including former Minister of State of Defense, Musiliu Obanikoro, and Ganiyu Solomon, among others.

Addressing journalists after the meeting, Sanwo-Olu described the endorsement as a unanimous decision reached by stakeholders present. He described Hamzat as prepared and capable of leading the state.

“We just received Mr Deputy, who had come with a very powerful delegation of our leaders in the state to inform us of his intention to contest for the seat of the governorship position of the state,” the governor said.

“It was unanimous with all of us to say that Mr Deputy Governor is a man who is fit and well-prepared for this job. He is a man who knows where all the rooms in the house are.”

Sanwo-Olu highlighted Hamzat’s experience and working relationship with him over the past seven years, noting his “integrity, loyalty, commitment, and support” as defining qualities.

“He is a man who has worked with me at the highest level of integrity, loyalty, commitment, support, and so I feel personally honoured and privileged that he has given me this honour to inform me,” he said.

The governor thanked President Bola, who he said is instrumental to the discovery of himself and Hamzat, as well as their working relationship.

“We thank our father, our leader, Mr President, who saw the vision… that long run is what is already being manifested here today,” he added.

Describing Hamzat as ready for leadership, Sanwo-Olu said, “This is a deputy governor that is worth a governor from day one, this is a man that has been built for this job, and we believe that he deserves to be given a chance to go and run this state.”

He further characterised the meeting as a consultative process involving party leaders and government officials, noting that the endorsement followed broad agreement among stakeholders.

“It’s been a very warm family meeting, and at the end of the day, it was unanimous that Mr Deputy Governor is fit, ready, well baked… for this job,” he said.

The development signals an early alignment within the ruling All Progressives Congress in Lagos as political activities gradually gather momentum ahead of the 2027 general elections.

By Dare Olawin


The President of the Dangote Group, Aliko Dangote, has announced that the expansion of the Dangote Petroleum Refinery to a production capacity of 1.4 million barrels per day will generate employment for no fewer than 95,000 skilled workers at peak construction.

According to a statement by the firm, Dangote disclosed this on Saturday in Lagos during his induction as an honorary fellow of the Nigerian Academy of Engineering, describing the project as a major milestone in Nigeria’s industrial transformation.

According to him, the expansion underscores the group’s continued commitment to engineering excellence, job creation, and sustainable economic growth.

“This award is particularly meaningful because it recognises what we are doing in the industry, especially our commitment to employing engineers and skilled professionals. At the peak of construction for this expansion, we expect to have about 95,000 skilled workers on site, and we will continue to grow,” Dangote said.

Upon completion, Dangote said the expanded refinery will surpass the Jamnagar refinery in India to become the largest refinery in the world, significantly strengthening Nigeria’s refining capacity.

Dangote noted that the project would rely heavily on Nigerian expertise, creating substantial opportunities for engineers, technicians, artisans, and other skilled professionals. He added that the expansion reflects the group’s long-term vision for industrialisation in Nigeria and across Africa.

Beyond employment generation, the refinery said the expansion is expected to stimulate local manufacturing, enhance technology transfer, and deepen Nigeria’s oil and gas value chain.

It will also improve fuel security, reduce dependence on imported petroleum products, and deliver significant foreign exchange savings for the Nigerian economy.

“The scale of this expansion reflects our confidence in Nigerian capacity and our belief that Africa has the ability to build world-class infrastructure that meets global standards,” Dangote stated.

In his remarks, the President of the Nigerian Academy of Engineering, Prof Rahamon Bello, described the honour as well-deserved, noting that Dangote’s impact transcends physical infrastructure.

“What makes this recognition fitting is not only what has been built but also what has been inspired. Alhaji Aliko Dangote’s journey continues to motivate a new generation of engineers, entrepreneurs, and innovators to think boldly, act decisively, and believe in the immense possibilities within our continent,” Bello said.

From the current 650,000 bpd, Dangote plans to scale up the refinery in three years

by Ademu Idakwo


A social commentator, Isaac Fayose, has mocked Yoruba nation agitator, Sunday Igboho, following the visit of Peter Obi to Ibadan, the Ibadan, on Saturday.

Fayose, reacting via his social media account, questioned Igboho’s earlier stance allegedly opposing Obi’s presence in the state, pointing to what he described as a warm reception by residents.

“You people should help me tag Sunday Igboho on this video. I thought he said Peter Obi should not come to Ibadan? He was live in Oyo State today, and people were happy,” Fayose said.

He further used the development to criticise the ruling All Progressives Congress (APC), linking the current economic hardship in the country to the party’s governance.

“APC has finished everybody with hunger. It’s not possible for APC to get 15 per cent of the total votes cast in 2027, even Yorubas will not vote for them,” he added.

Obi’s visit to Ibadan, which drew public attention on social media, comes amid heightened political activities and alignments ahead of the 2027 general elections.

by Bode Gbadebo


It’s no longer news that prominent Opposition figures in the country, on Saturday, attended what they called Opposition Political Parties National Summit in Ibadan, Oyo State, on Saturday.

The summit was hosted by the Oyo State governor, Seyi Makinde, and attended factional members of the African Democratic Congress (ADC) and Peoples Democratic Party (PDP). It was not clear whether other Opposition parties like Labour Party (LP), Social Democratic Party (SDP) and New Nigeria People’s Party (NNPP) were part of the summit.

The well-attended gathering was attended by former vice President Atiku Abubakar, former Anambra State governor Peter, former Kano State governor and Kwankwasiyya national leader Rabiu Musa Kwankwaso, former Rivers State governor Rotimi Amaechi, former Osun State governor Prince Olagunsoye Oyinlola, and former Niger State governor Muazu Babangida Aliyu, former Presidential Liason Officer Kashim Imam, among others.

Also, in attendance were factional ADC national chairman, Senator David Mark, alongside Engr. Rauf Aregbesola and other party officials on one hand, and factional PDP national chairman, Kabiru Tanimu Turaki, SAN, and his team.

After the summit, the ‘participating Opposition Parties in Nigeria’ said, after an extensive deliberation on the collective threats that they faced and the ‘existential challenges’ facing the country under the All Progressives Congress-led (APC) government and given the need for urgent, collective action to rescue the nation and the destiny of over 200 million compatriots, they decided to resolve on a nine-point agenda otherwise dubbed the ‘Ibadan Declaration’.

While the first seven of the nine-point declaration were direct demands by the Opposition Parties, the last two were just commendations for Nigerians and Governor Makinde.

According to a communiqué issued and signed by the ‘Chairmen of Participating Opposition Parties’, which was posted on the verified Facebook page of ADC on Saturday evening, the summit outlined nine-point clear agenda subscribed to by all parties and now known formally as ‘Ibadan Declaration’, which is to be achieved before the 2027 general election as follows:

1. That we shall resist all machinations by the APC to foist a one-party State on Nigeria and fight for the survival of multi-party democracy in our country.

2. That despite the onslaughts and manoeuvrings of the ruling party, the APC to impose President Bola Tinubu as the sole Presidential candidate in 2027; we shall field candidates and contest the 2027 Presidential and other elections.

3. That we shall work towards fielding one Presidential Candidate for the 2027 elections, which shall be agreed and supported by all participating opposition parties to rescue our nation and her long suffering masses.

4. That the INEC Chairman, Prof. Joash Ojo Amupitan, having shown bias and partisanship in favour of the ruling APC, should not conduct the 2027 general elections as Nigerians across board have lost confidence in him and his capacity to guarantee the required neutrality to deliver free, fair, transparent and credible elections. His continuous stay in office is vexatious and capable of triggering wide spread crisis in our nation.

5. That the National Assembly should immediately review the Electoral Act, 2026 to remove all sections that threaten the sanctity and integrity of the elections and run counter to constitutional provisions.

6. That all leading politicians that are being detained or harassed on bailable offfences be released with immediate effect and allowed to exercise their fundamental rights of participation and inclusivity as Nigerians.

7. That we consider the recent guidelines released by the INEC as obstacles, deliberately engineered to impose conditions and deadlines on the opposition parties. We therefore demand that INEC extends the deadline for primaries till the end of July, 2026.

8. The Summit commends Nigerians for their resilience and readiness to work with Opposition Parties to free our nation from State capture.

9. The National summit of Opposition Political Parties thank the Oyo State Governor Engr. Seyi Makinde and the people of Oyo State for hosting the epochal event.

By Fawzi Kehinde


Kenya’s President William Ruto has credited Aliko Dangote with solving a fuel scarcity crisis that Nigeria’s oil wealth failed to prevent for decades, as he rallied support for a planned East African refinery modelled on the Lagos facility.

Ruto made the remarks on Wednesday at an infrastructure summit in Nairobi while making the case for African-led solutions to the continent’s energy challenges.

“Nigeria has been a producer of oil for all the years that we know. Yet, when you went to Nigeria, there were queues of people looking for fuel in petrol stations for a long time.

“Until one African stepped forward and built a refinery, Aliko Dangote,” he said.

The Kenyan president used the example to argue that Africa possessed the human and financial capital to solve its own problems, without looking to Europe or Asia.

Ruto urged regional leaders, industrialists and financiers present at the summit to act without delay.

“The solution wasn’t in Europe or Asia. The solution was in Nigeria for a problem that disturbed Nigeria for years.

“I dare say, ladies and gentlemen, we have in this room the political leadership, we have the industrialists, we have the financials to transform our continent and we must waste no time looking any further,” he said.

Dangote, who was present at the summit, pledged support for the proposed East African refinery if regional governments committed their backing.

The Nigerian National Petroleum Company Limited had for years promised to rehabilitate the country’s four public refineries in Port Harcourt, Warri and Kaduna, but repeated turn-around maintenance exercises yielded little result, leaving private investment to fill the gap.

Critics, however, have noted that fuel supply and pricing pressures have not fully eased in Nigeria since the Dangote refinery came on stream, with pump prices remaining high for many Nigerians.

by Mark Itsibor


The Central Bank of Nigeria (CBN) has announced the removal of card maintenance charges on naira-denominated debit and credit cards, alongside a reduction in inter-bank transfer fees, as part of a sweeping review of banking charges aimed at easing costs for customers and deepening financial inclusion.

The changes are contained in a revised Guide to Charges by Banks and Other Financial Institutions, which will take effect from May 1, 2026, replacing the previous 2020 framework.

Under the new regime, electronic transfers of N5,000 and below will attract no charge.

Transactions between N5,000 and N50,000 will cost N10, while transfers above N50,000 will attract a N50 fee. The apex bank said the revised structure is designed to encourage low-value digital transactions and reduce reliance on cash.

The regulator also eliminated card maintenance fees for naira debit and credit cards, a move expected to provide direct relief to millions of bank customers. However, foreign currency-denominated cards will attract an annual maintenance fee of $10 or its equivalent.

In addition, the cost of issuing or replacing debit and credit cards has been increased from N1,000 to N1,500, reflecting what the CBN described as cost adjustments within the financial system.

The circular, signed by the director of Financial Policy and Regulation, Rita Sike, stated that the review is part of broader efforts to promote a safe, transparent, and competitive financial system.

According to the CBN, the updated guide expands the range of financial services covered, accommodates new industry participants, and strengthens accountability among regulated institutions.

“The Guide aims to enhance flexibility, standardisation, transparency and competition in the Nigerian financial system,” the apex bank said.

It added that the revised framework would also accelerate the adoption of innovative financial services, particularly electronic payment channels, by lowering tariffs on micropayments and digital transactions.

Beyond transfers and card charges, the CBN introduced a cap on bill payments conducted through electronic channels, stating that such transactions should not exceed N100 per transaction, payable by the sender.

The regulator maintained that Point-of-Sale (PoS) transactions will remain free for customers, with applicable charges borne by merchants. Merchant service charges were fixed at 0.5 per cent of transaction value, subject to a maximum of N10,000 per transaction.

For Automated Teller Machine (ATM) withdrawals, the CBN retained charges for customers using other banks’ machines, pegging fees at N100 per N20,000 withdrawal at on-site ATMs. Off-site ATMs may attract an additional surcharge of up to N500 per transaction, provided such charges are disclosed to customers.

On transaction alerts, the apex bank clarified that email notifications must be provided free of charge, while SMS alerts may attract fees strictly on a cost-recovery basis.

The revised guide also strengthens consumer protection provisions, requiring financial institutions to clearly disclose all applicable charges and inform customers when fees are negotiable.

Where charges are designated as negotiable, banks are mandated to notify customers of their rights to negotiate at the outset of transactions. Any agreed charges must be documented through verifiable means.

The CBN further directed that non-credit related charges should only be applied to the extent of available account balances. Any outstanding fees must be deferred until the account is funded and must not attract additional interest.

To improve transparency in lending, the apex bank introduced stricter rules on loan pricing, requiring all lending rates and fees to be consolidated and presented as an Annual Percentage Rate (APR) to customers at the point of transaction.

It also mandated that customers must be notified in advance of any changes to agreed lending rates, with at least 10 business days’ notice for banks and five days for microfinance institutions.

In terms of compliance, the CBN placed responsibility on senior management of financial institutions to ensure strict adherence to the new guidelines.

Executive Compliance Officers and Chief Compliance Officers are required to enforce the rules internally, while heads of information technology must ensure that systems are configured to apply only approved charges.

Financial institutions are also mandated to submit monthly reports of failed electronic transactions across channels such as ATMs, PoS, mobile, and internet banking platforms.

The apex bank emphasised that any new product, service, or charge not covered in the guide must receive prior written approval before implementation.

The revised framework applies to all CBN-regulated institutions, including commercial banks, merchant banks, payment service banks, non-interest banks, microfinance banks, finance companies, and mobile money operators.

Industry analysts say the policy signals a deliberate push by the CBN to balance consumer protection with financial system efficiency, particularly at a time when digital payments are becoming central to economic activity.

By reducing the cost of everyday transactions while tightening oversight of banking charges, the apex bank aims to foster greater trust in the financial system and drive broader participation in formal financial services.

With the new rules set to take effect in May, customers and financial institutions are expected to adjust to a pricing framework that prioritises transparency, affordability, and innovation in Nigeria’s evolving financial landscape

The short answer is yes – but there’s a long answer. There is, in fact, more than one inside story about why President Bola Ahmed Tinubu removed the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

The online newspaper Premium Times published multiple likely versions in a single story. The biggest issue, according to the newspaper, was the poor release of capital funds.

It reported, however, that there were other reasons, from complaints of delayed payments to contractors to criticisms by lawmakers of “zero implementation” of the 2025 capital budget.

Perhaps the most dramatic, according to the newspaper, was the heated exchange between Edun and the President at a December Federal Executive Council (FEC) meeting, during which aides were obliged to intervene to cool things down. Edun tried to make it up afterwards, but the paper said it was too late. He had crossed the Rubicon.


Was it about health?

LEADERSHIP offered a different backstory. It downplayed conflict and policy failure and focused instead on health concerns about Edun. According to the newspaper, it’s the second time in 22 years that Edun has left a top job due to failing health.

The first time was in February 2004, when, less than a year into Tinubu’s second term as governor of Lagos, Edun resigned his appointment “on health grounds.”

In October last year, two years into his tenure as Finance Minister, he was rushed to London for medical treatment and was out of circulation for a while, only to surface at a London fair, when he couldn’t attend the IMF/World Bank meeting. According to the newspaper, Edun, who turned 70 on April 20, a day before he was fired, was removed because he could obviously no longer cope with the pressure to perform.


The Chagoury angle

The online newspaper, TheCable, gave a very dramatic account that, among other things, linked Edun’s removal to sleepwalking over payments to Hitech Construction (Nig) Limited, a company linked to Tinubu’s influential friend, Gilbert Chagoury, handling the Lagos-Calabar Highway construction.

Reuters offered a slightly different version, downplaying personal and political drama and highlighting, instead, economic outcomes and investor pressure for performance.


How the IMF was “implicated”

Outside the media ecosystem, there were quite a few interesting guesses after the announcement of Edun’s removal. One source said, almost authoritatively, that Edun’s comment at the IMF Spring meeting in Washington was the last straw. I was almost tempted to dismiss it as nonsense, but thought it would be rude, so I asked, “How?”

Then, this source, who probably knows just about as much of the goings on in government as I do about Point Nemo, explained that Edun’s statement that Nigeria had no plan to approach the IMF for a loan, “was without clearance from the President.”

With nearly N19 trillion in debt under Tinubu and over $20 billion in borrowing in the pipeline, unless the government is determined to sink the country in a sea of debt, I wasn’t quite sure how Edun’s statement could have led to his removal.

But the source swore it was exactly the reason, adding that if I hear any version other than his, it may well be from the usual suspect, the African Democratic Congress (ADC), planting misinformation.

The inside story, I’m told, however, was that the IMF/World Bank had, during the Spring Meeting, accused the Tinubu government of a lack of transparency in managing public finance. Edun’s reply that Nigeria didn’t need any more IMF loans was at variance with the charge of opacity, setting off alarm bells at the Villa.


Three years, not bad

If you discount the role of superstition in politics, over the last 20 years, the average tenure of Nigeria’s Finance ministers has been between two and three years.

The longest has been Dr Ngozi Okonjo-Iweala, who served for seven years, and Zainab Ahmed, who served for five. Still, the core cluster has been far shorter, suggesting that Edun’s two and a half years are above average – long enough to start reforms, but often not long enough to consolidate them fully.

His removal is attracting extra attention because 1) the government insists that the economy has stabilised and is on the path of recovery, 2) Edun combines his role in Finance with coordinating the economy, and 3) he is one of the ministers with a reputation of being a part of the President’s kitchen cabinet.

If the economy is not broken, why remove the finance minister, and how could one of the President’s most trusted men be removed in a press statement that describes his removal as a “minor cabinet reshuffle,” bundling him out with another minister, Ahmed Musa Dangiwa, whose name many had barely heard until his sacking was announced?


It’s broken, not shattered

The Presidency is walking back the sack story. In a statement on Wednesday that sounded like the Edun affair was a broken story, but not a shattered one, the Presidency said Edun and Dangiwa resigned; they were not fired. Except if official communication, even at such vital moments, operates on the principle of the right hand not knowing what the left is doing, the tardy handling of Edun’s exit is quite extraordinary.


The Oyedele moment

From the moment Taiwo Oyedele was nominated as junior minister of Finance on March 3, many, quite rightly, suggested that Edun’s days were numbered. But the suspicion then was that he might be interested in running for the governorship of Ogun State and needed to meet the President’s March-end deadline for resignation; a suggestion he later denied.

I’ve heard that Edun always wanted to be governor of the Central Bank, but was refused the position by the President. It’s quite ironic that the CBN governor has now outlasted him in office. So, which backstory is believable? There’s not a single backstory, but among the several enlightened and unenlightened guesses, two are the most probable.


Cabinet frustrations

The first is the broad frustration across the cabinet over capital releases and delayed payments to contractors. Although the Tinubu government had shifted from quarterly capital releases to a performance-based system, in which a significant portion of payments is released only after certificates of completion are issued, Edun operated more like a goalkeeper, trapping payments long after they were due.

When contractor complaints mounted, the President excised revenue generation, distribution and domestic debt management from Edun and transferred them to the junior minister, Doris Uzoka-Anite, who turned out to be a disaster and had to be swapped.

Meanwhile, across the cabinet, grievances about the delayed release of funds rose. For example, Health Minister Muhammad Ali Pate told lawmakers that out of N218 billion appropriated for his ministry in the 2025 budget, only N36 million, less than one percent had been released.

Housing and Urban Development Minister Dangiwa, Works Minister David Umahi, and Power Minister Adebayo Adelabu, whose problem is deeper and more pathetic than money, also complained. I’m told that as far back as October, the President had decided that Edun’s time was up.


Where the buck stops

His health condition, the second probable reason, was the velvet over the iron fist. At 70, and after a long and distinguished career in the financial sector and later in politics, his struggles with failing health and an economy that demands full-speed performance were taking a toll on him. His removal had been some time in coming.

We may quibble about the real backstory all day, and the full version may never be known publicly, but one man who comes out looking good from this is the president. He has just sent an unlikely message: if Edun can go, then so can anyone.

by Abdulkareem Mojeed


Africa’s richest man and President/CEO of the Dangote Group, Aliko Dangote, has signalled plans to partner with Kenya and Uganda to construct a major oil refinery in Tanzania—modelled after his flagship 650,000 barrels-per-day facility in Nigeria.

The African billionaire disclosed this while speaking during a conference on infrastructure financing on Thursday in Nairobi.

Mr Dangote, who participated in the conference alongside other regional presidents, including Kenya’s president, William Ruto, and Uganda’s president, Yoweri Museveni, among others, expressed confidence that the venture would materialise, provided political backing is secured.

“If they will support the refinery, we’ll build the identical one that we have in Nigeria,” he said, referring to discussions with the presidents of Kenya and Uganda.

Though still at an early stage, he struck an assured tone: “It will work. There’s nothing that can stop it.” His remarks drew resounding applause from participants.

The proposed project underscores Mr Dangote’s growing ambition to reshape Africa’s energy and industrial landscape through large-scale, locally anchored infrastructure.

He revealed that construction efforts tied to his broader refining vision are already underway, with early-stage piling works in progress for what could scale up to 1.4 million barrels per day—potentially making it the largest refinery complex in the world.

Such capacity, he noted, would rival global benchmarks.

“We’ll have about 10 per cent of the entire United States’ refining capacity,” Mr Dangote said, adding that the refinery would be integrated with petrochemical production to support downstream industries.

Drawing lessons from Nigeria, Mr Dangote highlighted the critical role of local manufacturing in cushioning economies against global shocks.

He pointed to polypropylene production as a lifeline for industries ranging from cement packaging to food supply chains.

Without it, he warned, many businesses would have struggled to survive amid surging global prices, which (polypropylene) recently climbed from $900 to $3,000 per tonne within weeks.

The industrialist framed the East African refinery push as part of a broader call for self-sufficiency across the continent.

“That is why we must learn how to build self-sufficiency,” he said, emphasising that Africa now has both the financial institutions and human capital to execute large-scale projects.

Reflecting on his company’s earlier financing challenges, Mr Dangote recounted securing a $478 million international loan in the early 2000s under difficult conditions, including steep domestic interest rates.

Despite initial skepticism from lenders, the loan was repaid ahead of schedule—an example he cited to counter doubts about African capacity.

“It is possible. Africans can do it. Let us not be scared,” he said.

He also praised Uganda’s policy stance on limiting raw material exports, arguing that such measures compel value addition within the continent.

“Why take raw materials out and then bring back finished goods?” he asked. “We too have educated people. We have big financial institutions. It is not like before—things have changed.”

If realised, the Tanzania refinery project would mark a significant step toward regional energy integration and industrialisation, positioning East Africa as a new hub in the continent’s evolving petrochemical landscape.

East Africa currently imports most of its refined petroleum products, mainly from the Middle East, leaving the region vulnerable to supply disruptions and price spikes, as seen in the fallout of the Iran conflict.

On his part, Mr Ruto noted that the East African countries are discussing plans for a joint oil refinery at Tanzania’s port of Tanga.

“We’re going to have a joint refinery in Tanga to benefit all of us because that refinery is going to take on board the oil from DRC (Democratic Republic of the Congo), the oil from Kenya, the oil from South Sudan, and the oil from Uganda,” Mr Ruto said.

President William Ruto has criticised Nigeria’s economic conditions and English usage, pushing back against comments by President Bola Tinubu that Nigerians are better off than citizens of other African countries.

The exchange followed remarks by Tinubu during a visit to Bayelsa State, where he inaugurated key infrastructure projects and defended his administration’s economic policies despite rising fuel prices.

“It is very important that we are honest with our people. Yes, I hear you from various angles of the economy. The fuel price is biting hard, but look around, let us thank God together, that you are better off. Listen to them in Kenya and other African countries and what they are going through. We will not look back. We will continue to fine way to ameliorate the sufferings of the vulnerable,” Tinubu had said.

In a now-viral video response, Ruto dismissed the comparison, pointing to Nigeria’s infrastructure challenges, particularly its persistent power supply issues, and taking a swipe at its English usage.

“Our education is good. Our English is good. We speak the best English in the world. If you listen to a Nigerian speak English, you’ll need a translator. We’ve the best human capital anywhere in the world,” Ruto said, using humour to defend his country’s standing.

The remarks come amid broader economic pressures across Africa, including rising fuel prices linked to global supply disruptions, partly driven by tensions in the Middle East and concerns over the Strait of Hormuz, a key global oil shipping route.

The exchange has sparked widespread reactions on social media, with many users criticising both the comparison and the tone of the remarks.

On X (formerly Twitter), a user, Bureau-39, wrote, “Let’s not drag the whole country into this shit between two incompetent mad corrupt politicians. Both the countries speak good English, Kenya leans toward a clearer, more British-influenced style, while Nigeria mixes it with rich local flair and pidgin that can sound like its own dialect.”

Another commenter, Frank Bryant, questioned the basis of the debate, saying, “Why should Africans be competing over who speaks the colonial masters language very well?”

Xave added, “and you think they would listen to you the only thing Africans are good at is fighting amongst themselves.”

Obiridike commented, “They will do that Ghanaians and South Africans say all Nigerians are thieves and drug peddlers.”

Similarly, Michael James echoed, “They will do that Ghanaians and South Africans say all Nigerians are thieves and drug peddlers.”

While Nigeria remains one of Africa’s largest do oil producers, it continues to grapple with inflation, currency instability and erratic electricity supply.

Kenya, on the other hand, has positioned itself as a regional hub for finance and technology, though it also faces economic challenges, including rising debt and cost-of-living pressures.

By Daily Trust


Prof. Joash Amupitan, Chairman of the Independent National Electoral Commission (INEC), has said he accepted the responsibility of leading Nigeria’s electoral body only after “a clear divine conviction that God would strengthen and help him in office”.

Speaking in Abuja at an end of tenure and appreciation service organised by the Nigerian Baptist Convention for its outgoing president, Israel Akanji, and his wife, Victoria, Amupitan said he would have declined the appointment if he lacked that spiritual assurance.

“If I did not have the conviction for this job, I would not accept it,” he said.

Recalling the moment he decided to take up the role, the INEC chairman said he drew strength from “a clear message from God.

“The Lord said, ‘Fear not; do not be dismayed. I will strengthen you; I will help you; I will uphold you.’ I heard this clearly before I accepted this job,” Amupitan said.

He said conviction had remained the anchor of his stewardship at the commission, despite challenges associated with managing elections in a complex democratic environment.

According to him, divine guidance has sustained him since assuming office, adding that no storm was beyond God’s power to calm.

“No matter the storm, no matter the difficulty, God is able to calm every storm. That is what God has been doing,” he said.

Amupitan used the occasion to call on Nigerians to pray for the electoral body and for the success of the 2027 general election, expressing confidence that the next polls could set a new benchmark.

“Continue to pray for Nigeria, continue to pray for us, and continue to pray for me that the 2027 election will be the best ever,” he said.

“I cannot do it on my own, but with the Lord on my side, it is possible, and it is doable.”

The INEC chairman also reflected more broadly on public service and ministry, warning against taking up responsibilities without a clear sense of purpose.

“My experience so far as the INEC chairman is that if God does not send you somewhere, do not go there. If God does not send you, do not do it,” he said.

His remarks come as preparations and political calculations ahead of the 2027 elections begin to draw increasing national attention.

There have been questions around electoral integrity, technology deployment and voter confidence already shaping public discourse.

Amupitan was appointed by President Bola Tinubu in October 2025 to succeed Mahmood Yakubu, whose tenure ended on October 7 of that year.

His appointment made him the sixth substantive chairman of the commission since its establishment.

When he assumed office at the INEC headquarters shortly after his swearing in at the State House, Amupitan had similarly described his emergence as divinely orchestrated, a theme he returned to in his latest remarks.

Daily Trust reports that Amupitan’s remarks come as he remains under intense scrutiny over recent controversies surrounding his leadership of the electoral commission.

Particularly, he has faced allegations arising from resurfaced social media posts said to have shown sympathy for President Bola Tinubu and the ruling All Progressives Congress during the 2023 elections.

The controversy has fueled questions over the perceived neutrality of the electoral umpire.

The claims have triggered calls from opposition figures and some civil society voices for his resignation, with critics arguing the controversy has raised questions about the perceived neutrality of the electoral umpire ahead of 2027.

The controversy deepened after digital traces linked an X account formerly bearing the handle associated with Amupitan to old partisan posts.

However, the INEC chairman has denied operating any such account and insisted he has remained politically neutral.

The commission has also pushed back, describing the allegations as part of an attempt to discredit its leadership, while officials have defended the chairman against calls for removal.

Only weeks earlier, the African Democratic Congress (ADC) had demanded his resignation over separate concerns related to INEC decisions involving the party’s leadership dispute.

The development further heightened political pressure on the commission.

Against that backdrop, Amupitan’s invocation of faith, divine guidance and his promise to deliver the “best ever” 2027 election is likely to be viewed not only as a personal testimony, but also as a response to growing doubts over public confidence in the electoral body.

by Onuado Cynthia


Ghana’s President, John Dramani Mahama, has stirred conversation across West Africa after highlighting what he described as the indirect economic contributions of housewives and ‘side chicks’ to Ghana’s informal value chain.

Speaking as Special Guest of Honour at the 2026 Kwahu Business Forum, Mahama explained how financial flows from government contracts circulate through multiple layers of the economy, including households and lifestyle sectors.

According to him, when contractors receive payments, their spending patterns extend beyond core investments to luxury purchases and personal relationships, creating a ripple effect across various industries.

“Because when they are paid, they give their wives and side chicks some of the money. And that’s an important avenue because you know where that one goes,” he said.

“When the spouses and the side chicks get, the hairdressers too get. The dress makers get, jewellery shops get, and handbag sellers get. So don’t discount that one at all,” he added, drawing laughter from the audience.

Mahama noted that such spending sustains micro and small businesses, particularly in the beauty, fashion, and retail sectors, which form a significant part of Ghana’s informal economy.

The remarks come days after the Ghanaian leader made headlines for his comments on Nigeria’s strategic importance to the West African sub-region.

Describing Ghana and Nigeria as closely linked, Mahama said both countries share deep historical and cultural ties.

“Of course, Ghana and Nigeria are twins of the same mother, except that we fight over jollof and football. Otherwise, you know that we are the same people. Many people in Ghana migrated from Nigeria,” he said.

“Nigeria is of keen security interest to us. If Nigeria does well, Ghana does well. I mean, when you have cousins, 250 million of them, you want them to do well, so that one million of them don’t come drifting towards a small country like Ghana.”

Mahama also reiterated his personal connection to Nigeria, revealing familial ties to Kwara State.

“My stepmother, who raised me, is a Nigerian, and she comes from Offa in Kwara State. At a time when there was a coup in Ghana, my father lived in exile here in Nigeria, and I had to stay with my stepmother in Offa for many years, so I know Offa quite well.

“I consider it my hometown here in Nigeria, and the Olofa of Offa granted me a chieftaincy title. So for those of you who don’t know, I’m the Aare Atolase of Offa Kingdom.

The Deputy President of the Senate, Barau Jibrin, has distributed 47 Sharon cars and 282 Boxer motorcycles to leaders of the All Progressives Congress in Kano North Senatorial District.

The gesture, which was also extended to former officials of the party in the zone, is part of Senator Barau’s empowerment initiative.

Speaking at the event on Wednesday, the Chief of Staff to the Deputy President of the Senate, Muhammad Abdullahi, said the gesture was aimed at supporting the beneficiaries to become self-reliant.

“Kano North Senatorial District is blessed with the Deputy President of the Senate, who kept on distributing goods that would help stimulate human development and make life easy for those who benefit from them.

“That is why we are not worried about some evil machinations and calculated attacks on our leader, Senator Barau Jibrin because we are aware that those behind them are people of low integrity and decide anybody’s fate.”

Abdullahi appealed to those who benefited from the cars and motorcycles not to dispose of them but rather use them to generate income.

Shittu Madaki, the Media Aide to Barau, said, “What we have on ground for distribution includes 47 cars, 282 motorcycles and more of such goodies are coming soon”.

Also speaking, the State Coordinator of the Renewed Hope Agenda, Salihu Takai, said that what Barau is doing is just the same with the Renewed Hope Agenda of President Bola Tinubu but his own at the grassroots, removing poverty from the locals and their families.

“This is not the first of his interventions on human and capital development for his Kano North Senatorial District, and will certainly not be the last,” he added.

The beneficiaries included APC local government chairmen and their secretaries, as well as former officials of the party in the zone.