₦airaland Forum

On June 6 2022, Afreximbank announced that it had disbursed the sum of $300 million to help complement the total amount needed by Titan Trust Bank to finalise the acquisition of Union Bank.



The Central Bank of Nigeria Governor, Godwin Emefiele; the President of African Export-Import Bank (Afreximbank), Prof. Benedict Oramah; among others are currently under investigation over the $300million the pan-African multilateral financial institution gave to Titan Trust Bank Limited to acquire 93.4 per cent stake in the Union Bank of Nigeria Plc.

Others being investigated are; Aminu Yaro, a Northern business mogul and one Farouk Gumel.


Sources Revealed that the Economic and Financial Crimes Commission (EFCC), the Department of State Services (DSS), the Independent Corrupt Practices and other related offences Commission (ICPC) and the Nigerian Financial Intelligence Unit (NFIU) are all investigating Oramah, Emefiele and others.


“EFCC, DSS and NFIU are currently investigating Oramah over the loan given to Titan bank. Why the loan to Emefiele and others political exposed person? Though we believe nothing will happen to him because of his closeness to Mamman Daura. He just bought a house for Mamman Daura at George street, off Edgware road in London,” a senior intelligence officer told SaharaReporters.


On June 6 2022, Afreximbank announced that it had disbursed the sum of $300 million to help complement the total amount needed by Titan Trust Bank to finalise the acquisition of Union Bank.

It noted that the said fund was disbursed under its Intra-African Investment Financing Facility.

However, the source linked the ownership of the controversial Titan Trust Bank to Emefiele.

The bank was established on the 12th of December, 2018 and started operating fully as a commercial national bank after obtaining its National Banking license on the 26th of April, 2019.

In 2019, it recorded a profit of N644 million, and in 2020, its after-tax profit rose to N2.9 billion.

However, the 2021 audited financial statement of the bank showed it now worth over N3trillion with only two active offices in Lagos.

“Isn’t it magical that Titan Trust Bank, a small bank with only two bank branches in Lagos swallowed up Union Bank, a 104-year-old bank, in a transaction valued in the region of over $1 billion dollars?

“The President of Afrexim bank, Oramah, Emefiele, Yaro and others are friends.

“If you need dollar from CBN today, go through Uba Sanni, the Kaduna APC gubernatorial candidate, Sabiu Tunde or Aminu Yaro. This same Aminu Yaro is one of the shareholders of Titan Bank. He owns 9.07 per cent of Titan Trust’s 58.4 million ordinary shares. His wife works with CBN too.

“Don’t forget this same Titan bank just bought Union Bank, We all know Emefiele is the actual owner of it, even though he is using Tropical General Investments Limited (TGI) as front.

“Afrexim is aware that Emefiele, Yaro, and Farouk Gumel are political exposed people, yet granted them loan of such amount to buy Union bank,” the source told SaharaReporters.

Another source added, “Are you aware Titan Trust Bank’s National Banking Licence is the first that the CBN has granted in the last ten years? Are you aware Emefiele is also among the highest shareholders in Union Bank Plc?”




(C) SAHARA REPORTERS

According to fillers from the Ooni’s place, Highly revered Yoruba Monarch, Ooni of Ife; Ooni Adeyeye Babatunde Enitan Ogunwusi is officially getting married to her new wife today at the Enuwa’s Palace in Ile-IFE today. The union is coming after her erstwhile Olori Naomi Shilekunola publicly called their union off on social media. Every since then, Ooni met his new bride Mariam Anako, a top management executive (Administrative Manager) of Nestoil Limited; Nigeria’s largest indigenous Engineering, Procurement, Construction and Commissioning (EPCC) Company in the oil and gas sector.








The traditional wedding we gathered is currently taking place at the palace currently as The bride in company of her family and friends gleefully dressed in the popular HOH lace attire all looking glamorous stormed the palace in grand style to witness the wedding. According to sources; she was given the necessary traditional rite last night with the popular pouring a reddish substance on her legs which will officially usher into the palace as a bride. Sources claimed she might leave for Lagos today along side her people as she will not be resident in the palace due to the nature of her job.






The bride comes from a very influential family in Kogi State.  Her elder sibling, Medinat Anako is a lawyer, businesswoman and also Special Adviser on Intergovernmental Affairs and Kogi State Diaspora Focal Point Officer (DFPO) to Governor Yahaya Bello of Kogi State. While another of her elder siblings, Mrs Raliat Abdulrahman nee Anako is a Special Adviser to the Speaker of the National Assembly, Rt. Hon Femi Gbajabiamila. Her grandparents are of Kogi State descent Igbira to be precise but settled in Kwara state  Ilorin with their family house situated Adewole Estate. Despite losing her father at a tender age, she was raised by former IGP Mohammed Dikko Abubakar who reigned as the boss of the Nigerian Police between 2012 to 2014.

Guaranty Trust Holding Company (GTCO) recorded a decline of 2.3 per cent in its Profit After Tax (PAT) to N77.6 billion in the first half of 2022.



Although, the Holding Pre-tax profit was up by 11 per cent at N103.2 billion, but a steep surge in the cash spent on income tax meant after-tax profit decline 2.3 per cent to N77.6 billion.



GTCO, more than half of whose revenue and profit was contributed by its corporate banking business, recorded gross earnings of N239.3 billion.



Fee and commission income, summing up to N38.3 billion a year earlier, rose to N46.5 billion.




GTCO, which attained a holding company status last year, counts Stanbic Nominee, a subsidiary of rival Stanbic IBTC Holdings, as its biggest shareholder.



The latter holds 19.9 per cent stake in the corporation in custodial capacity on behalf of various investors and does not have personal voting rights on the shares.




Net trading gains on financial instruments – like bonds, treasury bills and foreign exchange – enlarged by a third to stand at N23.6 billion.



Pre-tax profit was up by 11 per cent at N103.2 billion, but a steep surge in the cash spent on income tax meant after-tax profit decline 2.3 per cent to N77.6 billion.



The financial services group committed N25.7 billion to settle its income tax bill, nearly doubling what it spent on that a year ago, about one-third of that going to deferred tax.



Other operating expenses were a major pressure point for revenue, gulping N63.6 billion in contrast to the N54.3 billion reported in the same period of last year.



All the fifteen components of this expenditure category but directors’ emoluments saw an uptick. Net profit margin stood at 32.4 per cent.



GTCO received approval from the Central Bank of Nigeria in June for its wholly owned payments unit, HabariPay.

...the N2Billion Crisis Between Innoson Motors and GTBank


...How Segun Agbaje Alledged Refuses to let go of the Bank Affairs


...Many Fraud activities within the Bank Reveals



Guaranty Trust Holding Company Plc formerly known as Guaranty Trust Bank is synonymous to fraud according to information gathered.


For many years, the bank has been the news indicted from one fraudulent activity to the other dragging the name of the bank and its customers to the mud.



If the bank is not engaging in illegal deduction, it will be over charging innocent customers on already paid loans, infact they Withheld customer's CBN loan for four years.



Recently, some customers took to Twitter to register their dissatisfaction over the illegal deduction of their money by the bank.

One of the bank branches in Ojodu was at the centre of the fresh crisis of illegal deduction and transaction gone sour with one Mr Tunji.


It was gathered that, for some time, Mr Tunji who has not been operating his account for many years decided to reactivate his account. Surprisingly, he was told he has five hundred-thousand-naira Loan on it which simply means a staff of the Bank has been using the account to commit fraud.



After dragging the bank on social media, he was asked to be patient with the bank so the issue could be resolved. He was later told that the error was internal somewhere within the bank system.



However, he was called a few days ago with apologies following which the case became a social media issue thus provoking other complains from other customers. @Nwokocha_P_O

https://twitter.com/Nwokocha_P_O/status/1510178302639628291?s=20&t=QoUckNnbcLVCX9DwiEc9ng

https://twitter.com/Mhiz_QeeZ/status/1510175758441979911?s=20&t=QoUckNnbcLVCX9DwiEc9ng



https://twitter.com/OnuohaNneoma/status/1510177232362344452?s=20&t=QoUckNnbcLVCX9DwiEc9ng

Meanwhile, sources have disclosed that the bank is in a serious mess because the former Managing Director MD and the chief executive officer CEO Segun Agbaje is yet to let go of some of the bank activities rendering the current MD Miriam Olusanya redundant.


It is also no longer news that the financial house has been in and out of court over the issue with Innoson Motors under Segun Agbaje which has been inherited by Miriam Olusanya.


This legal battle between Innoson GTB dates back to 2011 when Innoson Nigeria said it realised that GTBank had wrongly debited its account with charges in excess of N700m (then:$4.7m; now: $1.9m) but has dragged up to billions in naira.


The bank is allegedly owing Innoson over N30 billion in accrued interest by 22 percentage


“GTBank is only prolonging the dooms day, if they like they should change their names as many times as possible, once I’m ready, I will take over the bank.” according to Innoson Motors boss.


A case GTBank has been allegedly instigating Economic and Financial Crimes Commission (EFCC) to victimize Innoson Motors’ lawyer, in many reports.


In a landmark decision on February 27th 2019, the Supreme Court of Nigeria dismissed GTB’s appeal – SC. 694/2014- against the judgment of Court of Appeal, Ibadan Division.


“The Court of Appeal, Ibadan division had in its decision of 6th February 2014 dismissed GTB’s appeal against the Federal High Court, Ibadan Division.


“Thus, the Court of Appeal affirmed the judgment of the Federal High Court, Ibadan Division which ordered GTB by way of Garnishee order absolute – to pay N2.4 Billion to Innoson with a 22% interest, per annum, on the judgment sum until the final liquidation of the judgment debt.


“Rather than obey the judgment of the Court of Appeal, GTB approached the Supreme Court to challenge the Court of Appeal’s decision.


“However in a ruling delivered by Honourable Olabode Rhodes-Vivour JSC on Wednesday, February 27th2019, the Lord Justices of the Supreme Court (JSC) dismissed GTB’s appeal and thus affirmed the concurrent judgment of both the Court of Appeal and the Federal High Court, Ibadan Division which ordered GTB by way of Garnishee order absolute – to pay N2.4 Billion to Innoson with a 22% interest, per annum, on the judgment until the final liquidation of the judgment.


“The Judgment debt of N2.4B has an accrued interest as at today of about N6,717,909,849.96 which results to about N8.8 Billion.


“Based on the Supreme Court’s decision of 27th February 2019 the counsel to Innoson, Prof McCarthy Mbadugha ESQ, had approached the Federal High Court, Awka Division for leave to enforce the judgment having obtained Certificates of Judgment from the Ibadan Division of the Federal High Court.


“Having obtained the requisite leave, the Federal High Court issued the necessary process for levying execution – the Writ of Fifa.”


Nigerians however need to note that, excess charges are unlawful, illegal and fraudulent and it is a crime and what should be the fate of Gtbank customers.

By Adeyemi Obadimu

The All Progressives Congress (APC) House of Assembly Candidate in Somolu Constinuecy II, Hon Samuel Olufemi Apata has bagged the Outstanding Role Model Award from Global Voice Magazine/Tv.


Hon Olufemi Apata popularly known as Solution received this Award on Friday 2nd of September 2022 at his residence in Somolu.




According to the organizer of the award who is the Publisher of global voice magazine/Tv  Demola Osinbajo, this award from our noble media house was bestow on you  due to your kind gesture and service to humanity in your Constituency.




Osinbajo said the organization has done background checks and discovered that the incoming lawmaker has empowered countless people including widows.




His words: "We didn't give you this outstanding award on a platter of gold but it is a well deserved and we urged you to keep contributing to the growth of your Constituents".




In appreciation message, Honorable  Samuel Olufemi Apata said: " I felt honour for this wonderful Award, this is a challenge for me not to relent with my good deeds.This is the kind of award I love to receive because you have done your background checks before you honour me, God will continue to bless your organization"

Dapo Adediji, a farmer based in Ibadan, Oyo State, received a N3.5 million loan from the Central Bank of Nigeria (CBN) after a six-week training period in 2018, but Guaranty Trust Bank (GTB) is yet to release the money.



Adediji said the CBN disbursed the loan of N3.5 million to his GT Bank account, they told him he could access it as it was all his. But for some unknown reasons, GT Bank withheld the money.



The agriculturalist said that when he first went to the GT Bank headquarters in Bodija, Ibadan, a staffer made him sign some papers and told him to check back later to receive the loan.



He said he went to the bank after some days in October 2018, but the workers kept telling him to check back because the loan was not exactly ready.





“And that was how it started. Since October 2018, I’ve been going to the bank. All they say is that I come back the following day, up till now,”



Adediji said that whenever he asked the bank staffers what the problem was, they would not answer directly but tell him they would send an email to nip the situation in the bud.




“At some point, GT Bank said they placed my account on lien. Lien for what? I had to ask the CBN if they put some conditions before the bank could disburse the money, but they said nothing of the sort existed,” he said.



“The CBN staffer I met got angry when he learnt of what I was going through. He said the issue was with the bank because after they disbursed the money, the beneficiaries should have had unrestrained access to the money.”





Adediji said he travelled out of the country and returned sometime in 2019, hoping GT Bank would have resolved whatever issue they had but this was not the case.



“It was still the same story of come back today and come back tomorrow. I asked them what was happening, but they said the money was somehow restricted. I told them the N3.5 million reflected on my bank app, but GTB still did not release the money for my business,” Adediji said.



He said that his account officer told him to go to the headquarters of GT Bank in 2020, which he did but yet made no headway.



The agriculturalist said he had asked many of his acquaintances working with GT Bank to help him find out what was wrong, but they told him nothing was wrong with his account.





He said that a GT Bank staffer recently told him to take the issue to Twitter to call the bank’s attention.



“She said that I should sue them just for them to refund me. She even felt bad for me. The purchasing power of N3.5 million four years ago differs from now. They killed the business for me because there was no funding,” Adediji said.




FIJ emailed GT Bank, but they had not responded at press time. FIJ also contacted Cornelius Onuoha, one of the bank’s consultants, but he neither answered nor returned our calls. At press time, he had not responded to the message sent to his email.

Telecommunication Giant, MTN, has come under strong criticism from the Private Telecom Senior Staff Association of Nigeria, PTECSSAN, over the failure of the Company to respect the Labour Laws.

The Group alleged that MTN has failed to implement its employees Exit Package as an item in their collective bargaining agreements, urging the Federal Ministry of Labour to take necessary measures to defend her labour laws.

In a press statement signed by Francis Ude, an Executive in the Union noted that, an organization like MTN cannot claim to be Investors In People, IIP, certified and refuses to care what happens to an employee who spent all his/her youthfulness within the organization.

In the statement, the Union recalled that, on March 1, 2022, both MTN and PTECSSAN were at Abuja on the auspices of the Ministry of Labour who invited both parties on the prompt of MTN that Union wanted to disrupt its activities in Nigeria and alleged that the Union refused to obey the agreement entered into by both parties in a Procedural Agreement (PA) entered and signed by both parties.

“It is needful here to state that the said PA entered and signed by MTN and the Union (PTECSSAN) on the 9th of October 2020, states in paragraph (d) of the preamble that;

“This agreement shall constitute the sole record of the understanding and agreement between the parties relating to its subject matter and CANCELS and OVERRIDES any prior verbal or written communications relating to such subject matter, whether express or implied including letters or memorandum of understanding.”

The union noted that, MTN in total disregard to this clause, refused to further the negotiation of the CBA (Collective Bargaining Agreement) presented by the Union, holding that MTN had concluded everything about “Exit Package” in a document entered into before the SIGNING of the Procedural Agreement and the clause mentioned above.

However, in deciding the dispute the ministry having the full grasp and understanding of paragraph (d) as above, held that MTN cannot reprobate and approbate at the same time, stating that having signed the Procedural Agreement and the clauses contained therefrom, MTN in all intents and purposes, is bound by such agreement and therefore out of place to claim that the union does not respect the agreement.

The union also noted that MTN has continually refused to commence meeting to conclude the CBA as directed by the ministry, even when the Nigeria Labour Congress on the 14th of April wrote to MTN on this seeming recalcitrant nature of MTN to obey the extant laws of the land and obey labour laws, and stop having the management’s employee council as a parallel union in the organization.

It however expressed worries that the ministry of labour till now has refused to transmit MTN appeal to the arbitration panel as it bound to do under the circumstance.

While the union has continue to follow due process to resolving any industrial dispute with MTN, MTN has continually used all controls within its powers to scuttle every effort of PTECSSAN and cause disunity within its fold.

The union said, MTN cannot claim to be IIP certified and cannot have something as basic as EXIT PACKAGE for its employees. The body noted that, whatever MTN claim to have for its work force, is enjoyed by her senior staff and only a very little fraction goes to the lower levels:

According to the union, MTN pay EXIT PACKAGES to its Senior Staff but refused to do same to the lower cadre.

It was revealed that All Exited/Sacked Executives have all been paid huge sums Exit Packages, but frowns at the lower cadre, despite claims by MTN that it is an IPP.

It was also alleged by the Union that Senior Staff enjoy $15,000 as Life Style Benefit, at the expense of the lower cadre who are been denied.

The Union also alleged that MTN Pays School Fees for the Kids of the Executives, Fuels generators of its Executives but frowns at the Union talking about inflation and fuel price increase for the lower staff.

“MTN PAYS 80% OF THE EXECS TAKE HOME AS BONUS, WHILE THE LOWER CADRE TAKE ONLY 20%. INSPITE OF ALL MTN HAS DONE FOR IT WORKFORCE INCLUDING THE EXECS, THE TOTAL STAFF COST TO REVENUE IS BARELY 3.5% WHICH IS SO LOW COMPARED TO OTHER ORGANISATIONS AND BANKS IN NIGERIA WHO ARE DOING WELL ABOVE 6-9%”.

The union expressed dismay that a labour ministry of a country would refuse to take necessary measures to defend her labour laws and bring recalcitrant employers to obey international best practices, adding that all union members are asking for now, is the an EXIT PACKAGE as item in their collective bargaining agreement.

https://newsextra.com.ng/2022/06/14/ptecssan-alleges-refusal-of-mtn-to-honour-labour-laws-urges-fg-to-sanction-mtn-over-failure-to-implement-exit-package/

The Economic and Financial Crimes Commission (EFCC) has arrested the Speaker of the Ogun State House of Assembly, Olakunle Oluomo.

He was arrested around 9 am on Thursday at the Murtala Mohammed International Airport, Lagos.
:Protection: Akeredolu Knocks FG For Permitting ‘Non-State Actors’ To Bear Arms

Sources told Channels Television’s judiciary correspondent, Shola Soyele, that he was picked up by officials of the EFCC to answer questions bordering on alleged financial crimes.

The leadership of the Commission has kept mum over the arrest but they are expected to issue a statement shortly.

But a source within the Commission admitted that the Ogun State Speaker had been invited by the EFCC several times but failed to honour the invitations.

Oluomo has been taken to the EFCC’s Lagos office for further questioning.

Source: CHANNELS TV

The Nigerian Exchange Limited (NGX) has sanctioned Notore Chemical Industries and 12 other companies for failing to file their financial statements after the regulatory due date.



According to the Exchange’s X-compliance that Notore and other companies were sanctioned during the current financial year 2022 for failing to meet the regulatory requirements covering third quarter (Q3) of 2021, full year (FY) of 2021 and Q1 2022.




The sanction comes amid questions and panic by Notore’s investors on its ability to continue as a going concern.”




Owned by Delta billionaire, Mr. Onajite Okoloko, Notore is a fertiliser and agro-allied company in Nigeria. The group’s current business comprises fertiliser production, supply and trading of fertiliser, and power.





The X-Compliance Report is a transparency initiative of NGX Regulation Limited (NGX RegCo), which is designed to maintain market integrity and protect investors by providing compliance-related information on all listed companies.



By its listing regulation, companies listed on the NGX are expected to file yearly and quarterly financial reports, 30 days after the end of each quarter. Usually, companies that fall short of this rule are tagged MRF (Missed Regulatory Filing) and the omission often attracts financial sanction.



… Notore Battles To Stay Afloat


A close look at the books of Notore Chemical Industries in the last few years from the NGX indicate that the company is indeed troubled and distressed.



This is because the Notore’s investors are still licking their wounds over the abysmal performance the company recorded in year 2021 as it posted N3.27 billion post-tax loss during the period. The agro-allied company also posted N2.88 billion loss in September 2020.



The firm’s financial statement for the 15 months period ended December 2021 (as it failed to publish its fourth quarter result in 2020) showed that though it grew revenue by 36.74% to N25.71 billion at the end of last financial year, it was wiped off by the N28.98 billion it spent to generate this income, which was 33.66% higher than the N21.68 billion it expended in September 2020.



Consequently, it had N3.27 billion loss in 2021 against the N2.88 billion it suffered in the previous year.




Meanwhile, the Port Harcourt-based company saw its operating income dipping by 19.47% to N9.96 billion, following 17.10% rise in administrative expenses to N6.94 billion and other income declining by 8.29% to N17.13 billion at the end of 2021. Its finance income dropped significantly by 63.87% to N388,000.00, though it spent 12.89% more than N23.41 billion finance cost it recorded in 2020.



Loss per share stood at N5.94 in 2021 compared to N3.97 it had in the previous year.



The firm struggled with a liquidity squeeze last year as its current total assets of N18.96 billion were way lower than its N101.15 billion current liabilities, meaning that it had a hard time settling its debts during this period.




This challenge also persisted in the first six months of 2022r, as the company’s current liabilities still dwarfed its current assets. While total current assets were N19.55 billion in the half year 2022, total liabilities stood at N70.53 billion during this period.




However, Notore seems to be beginning to find its feet, as it posted N2.61 billion post-tax profit in H1 2022 instead of the N15.85 billion loss it declared in the corresponding period last year.




It had an astronomical leap in revenue, which grew by 178.61% to N26.29 billion from N9.43 billion in H1 2020, buoyed by income from urea and other chemicals which rose by 311.07% to N24.97 billion from N6.07 billion in H1 2020.




Notore operating income in 2022 also improved to N10.85 billion from N3.03 billion loss it recorded in the prior period, underpinned by administrative expenses and selling and distribution expenses which went down by 21.54% to N3.44 billion and 34.01% to N111.58 million respectively in H1 2022.





However, despite the little improvements in H1 2022, financial analysts are still worried if the company could sustain the trend by the end of the financial year.





(C)THE WITNESS

By Ayobami Olarinde

Nigeria is not short of football talent. What the country faces, according to a new analysis, is a deep-rooted structural and institutional crisis that continues to undermine the growth of its domestic football ecosystem.


Young Nigerian footballers travel to Europe, Asia, and the Middle East every year in search of opportunities. While a few succeed, many fade into obscurity. At the same time, the domestic football scene remains unstable, underfunded, and weak, raising serious concerns about sustainability and long-term development.


As a sports business expert, I believe that Nigeria’s football problem is not talent-related but systemic.


For decades, football academies in Nigeria have been viewed largely as pipelines for exporting players rather than as institutions designed to develop talent locally, add value within the country, or contribute to a sustainable football economy. While this export-driven model has produced individual success stories, I will want us to note that Nigerian football as a system has failed to evolve.
On this note, if Nigeria hopes to compete globally not only in producing players but also in building a viable football economy it must fundamentally rethink how football academies are structured and managed.


Export-First Model Under Scrutiny


According to the analysis, the export-first approach is unsustainable. For many academies, selling a player abroad remains the only fragile source of survival. This has created a dangerous cycle where players are sent overseas before they are fully developed, educated, or legally protected.


In many cases, players leave without guarantees, academies are paid inconsistently or not at all, domestic leagues remain underdeveloped, and investors stay away from the sector. As FIFA regulations on minors, training compensation, and international transfers become stricter, Nigeria’s largely informal academy system is becoming increasingly vulnerable.


“Talent exporting is not progress on its own,” the analysis notes. “It is survival.”


Football Systems, Not Just Stars
Modern football success because it is built on systems rather than individuals. Countries such as Morocco and Senegal have demonstrated how properly structured academies financially, educationally, and legally can drive national football development.


Belgium’s transformation from a mid-level football nation into a global powerhouse is cited as another example of what long-term academy reforms can achieve. Compared to many of these countries, Nigeria possesses even greater untapped talent but lacks coherence.


Football academies, the analysis states, must transition from unstructured talent pools into organized development institutions with transparent governance, education programs, and sustainable revenue models.


Academies as Enterprises


A central argument in the piece is that football academies must evolve into full-fledged enterprises rather than transit camps. A sustainable academy emphatically is more than a training ground it is a business.

To achieve sustainability, academies must diversify revenue streams beyond player transfers by developing commercial partnerships and sponsorships, participating in domestic competitions, offering education and vocational programs, leveraging training compensation and solidarity mechanisms, and adopting community-based engagement strategies.


With proper organization, academies become attractive to sponsors, investors, and institutional partners. Without structure, they remain dependent on luck and chance. “The evolution of football cannot be based on chance or luck,” the analysis warns.


Infrastructure and Education as Core Pillars
The lack of adequate infrastructure remains a major concern. Many Nigerian academies operate without proper facilities, medical support, or partnerships with educational institutions, limiting player development and endangering welfare.


Education, according to the analysis, is non-negotiable. Young players should not be forced to choose between football and schooling. Education provides a critical safety net when football careers fail, as many inevitably do.


Academies that integrate education also open legitimate international pathways, including U.S. college soccer, where academic eligibility is essential. Without education, football development risks becoming another form of exploitation.


Governance as a Condition for Investment
The analysis further notes that Nigerian football cannot rely on government intervention alone. Private investment is essential, but investors demand structure, transparency, and compliance.


Academies must demonstrate clear legal status, transparent governance, ethical recruitment practices, compliant player contracts, and credible long-term development plans. Without these foundations, Nigerian football will remain dependent on short-term fixes and emergency interventions.


A Shift in Mindset


The conclusion is that Nigeria must begin to see football academies as long-term domestic institutions rather than temporary exit points. This does not mean ending player exports, but ensuring that exports occur within frameworks that benefit players, academies, and the national game.
The future of Nigerian football, the analysis argues, lies in building institutions that can outlast individual stars.


Conclusion: Institutions Over Instability
Nigeria’s football potential is unquestionable.


However, unstructured potential leads to waste. By abandoning the export-first mentality and embracing sustainable development rooted in governance, education, infrastructure, and ethical pathways, Nigerian football academies can finally create an ecosystem worthy of the nation’s immense talent.


The choice, the analysis concludes, is clear: build institutions that guarantee long-term success or continue exporting players while instability persists.

The management of Air Peace says its flight P47154 Lagos to Owerri on August 27, 2022, had a bird strike, few minutes to landing.

The airline confirmed the incident in a statement on Saturday and explained that the crew decided to return to Lagos airport as a precautionary measure in line with regulatory safety procedures.


“This is to inform the flying public and our esteemed customers that Air Peace flight P47154, which departed Lagos at 12:00hrs today, August 27, 2022, for Owerri, could not land due to a bird strike that got the bird stuck on the left main landing gear.

“The strike affected the operating parameters of the landing gear which made the pilots follow regulatory safety procedures by returning to Lagos where they landed the aircraft safely without any incident.


“Passengers disembarked normally and another aircraft has been deployed to operate the flight.


“We apologise for the inconveniences caused to all passengers affected by this situation and be assured of our strict compliance with established safety standards,” the statement said.

The Nigeria Customs Service has suspended Guarantee Trust Bank Limited from collection of duties on imported cargoes at Nigerian ports following an order from the National Assembly.
The development has led to tons of cargoes being trapped at the port since Monday because freight forwarders could not complete the process of clearing their goods from the port.

Confirming development, National Public Relations Officer of Nigeria Customs Service, Deputy Comptroller Mr. Timi Bomodi said the bank was on temporary suspension on orders of the National Assembly.


Meanwhile, demurrages have started accruing on some cargoes that have already made payments through the GTB Bank.

Reacting to the development, the President of the National Council of Managing Directors of Licensed Customs Agencts, NCMDLCA, Mr. Lucky Amiwero disclosed that it is only the Central Bank of Nigeria, CBN, and the Nigerian Customs Service through the Ministry of Finance that suspended an import duty collecting Bank.



Amiwero also said that the National Assembly by virtue of its oversight function can also suspend a Bank if the Bank is found to be involved in any form of corrupt or sharp practice.


“The people who are supposed to suspend them is the Central Bank of Nigeria going by the law but because of the oversight of the National Assembly, they have a right to do that if the Bank is found to be involved in any corrupt practice” Amiwero disclosed.


Similarly, Taskforce Chairman of Association of Nigerian Licensed Customs Agents, ANLCA, Tin Can Port Chapter, Alhaji Rilwan Amuni lamented that there was no official notice or circular from customs to warn the agents from making payments through the suspended bank.


Amuni said: “There are cargoes we have paid duty on, using Gtbank, some people have paid money, while some have captured the cargo for payment.


“It is unfortunate that when we are about processing our documents after payment, the customs did not attend to the jobs we have paid for, they said that Gtbank has been suspended from their portal.


“Since last week Friday, most of our jobs have been trapped at the port until now, and this is happening at all ports generally.



“I want to believe that the remittances to the Federal Government have not been paid for some time and this could be the reason.


“Ordinarily, customs should have cleared the cargoes we have paid for, but they have refused.



“The effect is that we are going to be paying huge demurrages, the customs are supposed to inform the shipping companies, in order to help us from paying these demurrages but they would not do that, there is lack of communication among all the players at the port”

The Ebonyi state government may go down in history as one that has introduced kidnapping, abduction and threat to life in fight between it and consultants in the Paris Club refund debacle.







This is going by the petition written by Dr. Maurice Ibe, the Chief Executive Officer of Mauritz Walton Limited, a financial consulting firm, based in Abuja. It alleges that rather paying his firm the consultancy fee as agreed, the state government is coming after his life.








The Barr. Charles Ude petition to the Inspector General of Police, on behalf of Dr Ibe, alleged that the state governor, Dave Umahi, has sent people after his client believed to be on mission to harass and kidnap him.










The petition, with Ref: CU/01/EB/2022, urged the police authorities to forestall the “Illegal and unlawful attempt to abduct, kidnap and harass Dr. Maurice Ibe by Dave Umahi, Executive Governor of Ebonyi State.”










Dr. Ibe pleaded with the police boss to proactively take steps to halt the move by the governor and the select police officers he has engaged for the nefarious activity against him.







The petitioner alleged that the Ebonyi State government defaulted in the payment of consultancy fees agreed between her and the consultants. Dr Ibe added that the development led to the filing of suit No. FHC/PH/CS/35/2022, between Andrew Bishopton Limited and the firm of its client, Mauritz Walton Nigeria Limited against the Ebonyi government.







He added that the Ebonyi State Government engaged the services of a legal expert to prosecute her defence at the Federal High Court.







Consequently, he added that on Thursday, July 21, 2022, the Court, presided over by Justice Stephen Daylop Pam delivered judgment in their favour and ordered Umahi and the Ebonyi State government to pay them the agreed amount based on the services rendered.







Unfortunately, Barr. Ude alleged that Umahi rather than pay them, resorted to using different means to intimidate his client and his partner, including the use of the Ebonyi Command of the Nigerian Police Force who immediately swooped on his partner at her Abuja home, and in a frightful manner forcefully and illegally took his his partner, Jackie Ikeotuonye, the Chief Executive Officer of Andrew Bishopton Limited into custody. She was incarcerated at their facility in Abakiliki since July 31, 2022.







The petitioner said, “Our client had observed the trailing of his car and the strange movement of persons in unmarked vehicles around his home and office, on or since the 31st July, 2022.







“He is convinced that but for his personal security personnel, he would have suffered the same faith as Ms. Jackie.










“He had gone into hiding on account of the same, and needs to regain his liberty and resume his normal activities which he cannot presently do with the threat of Umahi’s style of justice hanging on his neck like the “sword of Damocles,” part of the petition read.







Meanwhile, findings revealed that Ebonyi state indeed entered into an agreement with the two firms in 2015 and the state was paid the sum of $119.4m as a result of there work.







The Governor was said to have applauded the work of the consultants during a special session of the state executive council meeting in Abakaliki, the state capital, with standing ovation, when the state was paid the huge sum of over $119.4m.







He later sought and received approval from the council to pay the consultants. Reliable sources within Ebonyi State Government confirmed that payment was made in respect to Ebonyi State Paris Club Refund, but to whom and how much has remained a mystery.







Former and current serving members of the Ebonyi State executive council insist that there was an approval and payment of the 25% percent consultancy fees on the project.







However, after waiting in vain for the approved sum without headway, the consultancy firms decided to take legal means to recover their money.










It is not clear who received the approved sum outside the consultants. This a question which perhaps the anti graft agency, the Economic and Financial Crimes Commission, needs to provide an answer to.








In the petition, Dr. Ibe referred the IGP to a previous move by Umahi, which he alleged was to use the Abakaliki Police Command to swoop on his partner, Jackie Ikeotuonye, the Chief Executive Officer of Andrew Bishopton Limited.







Bar. Ude maintained that, “Our client had observed the trailing of his car and the strange movement of persons in unmarked vehicles around his home and office, on or since the 31st July, 2022.







He said Dr. Ibe had since gone into hiding and needs to regain his liberty and resume his normal activities which he cannot presently do with the threat of Umahi’s style of justice hanging on his neck like the “sword of Damocles,” part of the petition read.

Naziru Isyaku Rabiu has resigned from his Executive Director post at his father’s BUA Foods PLC less than a year after his appointment.
BUA Foods Plc, one of Nigeria’s biggest and publicly-traded food production companies.
More facts have emerged revealing the reasons behind his resignation.
A corporate disclosure that was filed with the Nigerian Exchange (NGX) said the resignation took effect on August 17, 2022. The statement did not offer further explanations.

“BUA Foods Plc (the Company) hereby notifies the Nigerian Exchange Limited and the investing public of the resignation of Isyaku Naziru Rabiu as a Director on the Board of Directors of the Company with effect from 17th August 2022,” the brief statement said.

However, a source at the company who spoke to us anonymously revealed that Rabiu’s resignation became necessary to enable BUA Foods to meet some regulatory requirements as set by NGEX.

Nigeria’s Code of Corporate Governance (on family and interlocking directorship) requires that “not more than two members of the same family shall sit on the Board of a public company at the same time,” the source said.

In the same vein, the Securities & Exchange Commission (SEC) in Nigeria has a similar requirement under its Corporate Governance Guidelines.

Naziru Isyaku Rabiu is the son of Nigerian billionaire Abdul Samad Rabiu, who currently serves as the Chairman and CEO of BUA Group owners of BUA Foods PLC. Already another member of the family is on the Board as an Executive Director.

Before he was appointed an Executive Director at BUA Foods Plc in November 2021, he was a director at IRS Pasta & Flour Limited which was later merged with other companies to form BUA Foods Plc. In January 2022, BUA Foods Plc was listed on the Nigerian Exchange. And this necessitated the latest board changes.

The source who spoke to us in confidence maintained that Naziru Isyaku Rabiu remains an Executive at BUA Foods in the meantime.

The young professional, who holds a bachelor’s degree in Business Economics from the University of Hertfordshire, has held previous positions within the conglomerate, including Commercial Director and Business Development Officer.

Naziru had also briefly worked as a business analyst at Seplat Petroleum Development Company Plc, one of Nigeria’s leading indigenous oil exploration firms.