₦airaland Forum

*See names of officers shot dead

*The Danjuma, Garba connections

*A Hausa Captain led some soldiers into the officers’ mess around 11 p.m. and shot three Eastern officers

*The death squad was later strengthened by an extra 30 troops led by Danjuma from the Fourth Battalion in Ibadan

*He said we should use the gun to blow down the building. I said no. There’s no need; the Head of State was there; we had to arrest him

*Two of the officers who planned the January 15 coup, Okafor and Anuforo, detained in the West, were brought out of their cells and murdered

*To Ojukwu, if there was going to be a change in the leadership structure, Ironsi’s second in command, Brigadier Babafemi Ogundipe, must take the baton

*Gowon himself had the feeling that something was in the offing.
When he was going to Kampala, Uganda on July 27…

*From Kampala, Gowon went to Lome, Togo briefly to stay with the late Gnassingbe Eyadema before going to Britain on exile

In Nigeria’s political history, the fate of two military officers – one dead, one still living – was decided by a specific date. The first officer was 41 years, 10 months when he became the Head of State.

Six months later, he was removed in a bloodbath. His successor was 31 years, nine months when he succeeded the former as Commander-in-Chief (known then as Supreme Commander). Nine years later, he was removed in a bloodless coup.

That is the story of the late Major-General Johnson Thomas Umunakwe (JTU) Aguiyi-Ironsi, Nigeria’s first military ruler, and his successor, General Yakubu Gowon.

In 1966, Aguiyi-Ironsi was killed. In 1975, Gowon was removed from office. But the events happened on the same date – July 29. Today, Nigerians will, once again, reflect on the drama that occurred decades ago, which led to fundamental changes in the country’s history, writes GABRIEL AKINADEWO.

In many countries, there is nothing significant or spectacular about the date – July 29.

But in Nigeria, the most populous black nation, this is not so.

In the West African country, October 1 is also significant. In 1960, that was the day Nigeria got her independence from Britain.

Politically, May 29 and June 12 are also significant.
But the importance and relevance of July 29 to her political history, negatively or positively, remain unarguably obvious.

The drama of the day, 60 years ago, triggered a chain of events that led to some fundamental changes in the country’s history.

It was the day the first military Head of State, Major General Johnson Thomas Umunakwe (JTU) Aguiyi-Ironsi, was overthrown and it turned out to be the bloodiest military coup in Nigeria.

Ironically, nine years later, when the beneficiary of the July 29, 1966 coup, General Yakubu Gowon, was removed from office, it was bloodless.

Although there was blood during the first military coup of January 15, 1966, what happened on July 29, 1966 was a bloodbath as a ‘ruthless blitz’ was carried out on southerners, mostly, Igbo officers.

It was a day that not only changed the political history of Nigeria but later restructured the geography of the nation, a day that changed the structure of the Nigerian Army, which started the process leading to the 30-month civil war when hundreds of thousands of Nigerians were killed.

The two major actors of July 29 in 1966 and 1975 were the late Aguiyi-Ironsi and Gowon.

Ironsi, popularly known as ‘Johnny Ironside’, was born on March 3, 1924 at Umuahia-Ibeku (Abia State) and enlisted in the army at 18.

As a Lieutenant, he was Aide-de-Camp (ADC) to the then Governor-General, Sir John Macpherson, became a Major in 1955, was named Equerry to the Queen on her tour of Nigeria in 1956, promoted Lieutenant-Colonel in 1960 and got his first command, the Fifth Battalion in Kano.

The same year, he commanded the Nigerian contingent to the United Nations Forces in the Congo.

In 1962, he was named the Military Adviser to the Nigerian High Commission in London and later promoted a Brigadier. In 1964, he became the first African to be named the Commander of the entire UN Peace-Keeping Force in Congo with the rank of Major-General.

When he returned to the country, he became the first indigenous General Officer Commanding (GOC) of the Nigerian Army, succeeding a Briton, Major-General Welby-Everard.

He later became Nigeria’s first military ruler after the Major Patrick Chukwuma Kaduna Nzeogwu coup on January 15, 1966.

Gowon, Angas, was born on October 19, 1934 in Garam, Pankshin, Plateau State.

He enlisted into the Nigerian Army and trained in Officer Cadet Training School, Teshie, Ghana in 1954. He was the first indigenous Adjutant, Fourth Battalion, Queen’s Own Nigerian Regiment (QONR), as the Nigerian Army was known then, between 1960 and 1961 and was Brigade-Major of UN Peace-Keeping Forces, Luluabourg, Congo between January and June, 1963.

He was promoted Major in 1962, Lieutenant-Colonel in 1963, named Adjutant-General, Nigerian Army from 1963 to 1965, was Chief of Staff in January 1966, became the second military ruler on August 1, 1966, promoted Major-General in 1967 and became a four-star General in 1971.

He was 31 years, nine months when he succeeded Aguiyi-Ironsi and he is still the third longest serving Commander-in-Chief in Nigeria.

General Olusegun Obasanjo remains the longest. He ruled for 11 years (1976-1979, 1999-2007).

https://freedomonline.com.ng/coup-and-counter-coup-july-29-aguiyi-ironsi-gowon-and-a-date-with-destiny/

Nigerians can acquire vehicles with 10% deposit under Access Bank Financing Initiative


Nigerians will be able to acquire vehicles with as little as a 10 per cent deposit and receive financing approval under a new vehicle financing initiative launched by Access Bank, which offers funding of up to 90 per cent of a vehicle’s value and repayment tenures of more than four years.

Speaking at AutoFest, the vehicle financing initiative launched in Lagos on Friday, Executive Director, Corporate and Investment Banking Division at Access Bank, Iyabo Soji-Okusanya, said the programme is designed to address financing constraints that have limited vehicle ownership in the country.

According to her, customers can access financing covering up to 90 per cent of a vehicle’s value through a digital application process, with a minimum equity contribution of 10 per cent.
“You apply online, and you go home with the keys to your car already in your pocket,” she said.

She noted that the platform brings together vehicle manufacturers like CIG Motors, Mikano Motors, Kewalram Motors, Stallion Motors, Elizade JAC, CFAO and other Mobility dealers, and financing providers, enabling customers to purchase both new and certified pre-owned vehicles through a single process.

For businesses, she said the initiative would provide access to vehicles needed for operations while helping dealers improve inventory turnover and unlock capital tied down in unsold stock.

Presenting details of the scheme, Group Head, Access Bank Mobility, Ishmael Nwokocha, said the bank spent the last six months engaging dealers and other stakeholders in the automotive value chain before rolling out the programme.

He said Nigeria records annual vehicle sales of about 100,000 units, with only about 10 per cent being brand-new vehicles, while the remaining 90 per cent are pre-owned vehicles. According to him, rising vehicle prices have significantly reduced affordability for many Nigerians.

“What are we offering today? Come with 10 per cent equity contribution, and we’ll finance the 90 per cent,” Nwokocha said.

He added that customers would also have access to insurance, after-sales services, and a digital loan application process that allows applicants, dealers and the bank to monitor progress.
Nwokocha said the initiative extends beyond individual consumers to corporate organisations, schools, hospitals and other businesses requiring vehicle fleets.

He also disclosed plans to expand financing access to operators in the ride-hailing and transport sectors that are currently outside the formal banking system.

Group Head, Product and Segment, Access Bank, Chizoba Iheme, said the bank had put measures in place to support customers who encounter financial difficulties during the repayment period. She explained that affected borrowers could seek loan restructuring rather than risk losing their vehicles immediately.

“So long as the vehicle is still valid, it’s still running on the road, we can look at your finance and then we’ll repackage your loan,” she said.

Iheme also clarified that customers are not required to maintain loans for the full approved tenor and can repay outstanding obligations earlier if they choose. On the scope of the programme, she said financing is available to individuals, corporates and small businesses seeking vehicles for commercial or operational use.

Managing Director of CIG Motors, Eniola Olutimilehin, whose company is one of the participating dealers, said the partnership would help connect vehicle buyers with financing while supporting mobility and business operations.
She said the collaboration is expected to improve access to vehicles for individuals and entrepreneurs requiring transportation assets for personal and commercial activities.

The bank said the initiative is part of its vehicle asset financing programme aimed at expanding access to vehicle ownership and mobility services across the country.

To key into the Access Bank AutoFest initiative and acquire a car of your choice, please contact your account officer or click HERE to fill the Vehicle Asset application for or send an email to
2026autofest @ accessbankplc .com

The communication cost of governance: When the messenger becomes the story

By Tony Usidamen

Every government has two responsibilities. The first is to govern. The second is to help citizens understand what it is doing and why it is doing it. Success in the first does not automatically guarantee success in the second.

Examples abound of governments that implemented difficult reforms but failed to carry the public along. There are also those that communicated difficult realities so effectively that even people who disagreed with specific policies understood the rationale behind them.

The difference was not always the quality of policy. More often than many governments realise or acknowledge, it was the quality of communication. That distinction matters more today than at any other time in recent history.

Public opinion is no longer shaped primarily by official statements or newspaper headlines. It is shaped minute by minute across television, radio, online publications, podcasts, WhatsApp groups, X, Facebook, TikTok and countless other platforms where competing narratives constantly vie for attention. In this environment, communication is not a support function of governance; it is an instrument of governance.

Yet governments frequently misunderstand the role of spokespersons. Many assume that their primary responsibility is to respond to critics, defend decisions, and win arguments. The purpose of strategic communication is not to make governments look good. It is to help citizens understand government well enough to judge it fairly. That requires five disciplines: credibility, empathy, clarity, consistency and initiative.
Recent public communication from Nigeria's Presidency provides a useful case study—not because this administration is uniquely challenged, but because the communication dilemmas it illustrates confront governments everywhere. The lessons therefore extend beyond one administration or spokesperson.

Read the rest at: https://themomentng.com/2026/06/27/the-communication-cost-of-governance-when-the-messenger-becomes-the-story/

BUA rice relaunch hit by scandals over market control, scholarship allegation and nepotism

The high-profile re-entry of BUA-branded rice into Nigeria’s retail market has been clouded by controversy, with critics raising sharp questions over the strategic intent of billionaire industrialist Abdul Samad Rabiu.

While the initiative has been marketed as a bold intervention to ease food inflation and improve access to affordable rice, analysts argue that it may instead signal a deeper consolidation of market power by one of Nigeria’s most dominant conglomerates.

BUA’s massive expansion anchored by a one-million-tonne rice processing facility raises concerns about the growing dominance of a few corporate players in Nigeria’s food sector. Rather than fostering competition, critics warn that such scale could distort pricing structures, weaken smaller competitors, and ultimately place significant control of staple food supply in the hands of a single entity.

Despite claims of affordability, there remains little transparency around pricing mechanisms, distribution channels, or safeguards to prevent exploitation by middlemen. For many Nigerians already burdened by inflation, the absence of clear price regulation raises doubts about whether the promised relief will ever reach the average household.

For more details: https://themomentng.com/2026/06/25/bua-rice-relaunch-hit-by-scandals-over-market-control-scholarship-allegation-and-nepotism/

The council of ilamuren kingmakers in Ijebu-Ode, led by the Olisa, Chief Rasheed Adeoye Adesanya, has approved the nomination of five princes for the Awujale throne.

In a letter addressed to the state governor, Prince Dapo Abiodun, and personally signed by the Olisa, he said the kingmakers acted under Section 4(2) of the Chiefs Law 1957, and the Customary Law regulating the selection and succession to the Awujale of ljebuland.

The letter further listed the nominees as Prince Ademorin Aliu Kuye, Prince Isiaq Ayodele Adewale Adekoya (Eleruja), Prince Onabanjo Abimbola John, Prince Oluwaseun Waheed Omopenu Onanuga, and Prince Olabode Onanuga.

For more, visit: https://themomentng.com/2026/06/18/awujale-throne-olisa-kingmakers-nominate-5-princes-send-names-to-governor/

Lawyer writes Real Estate firm PWAN Group, for allegedly withholding client’s N83.3m



A legal practitioner, Ademola Adefolaju has demanded the payment of N83.3 million from a real estate firm, PWAN Group Limited, being his client’s outstanding Indebtedness.

The lawyer’s client, Dhairmistress Luxury Hair had entered into a buy to sell contract agreement with the real estate company.

The lawyer’s client, Dhairmistress Luxury Hair had entered into a contract agreement with the real estate company, an accomodations.

During the alleged failed contract, Dhairmistress Luxury Hair, was said to have invested it’s hard earned money into the company expecting a total sum of N88.3 million, as Return on Investment (RoI), but real estate firm only paid N5 million, while the sum of N83,300,000 remained unpaid.

The lawyer also alleged that all the cheques issued by the the firm were dishonoured upon presentation for payment.

For more, visit: https://themomentng.com/2026/06/04/lawyer-writes-real-estate-firm-pwan-group-for-allegedly-withholding-clients-n83-3m/

Nigerian Bottling Company (NBC), a member of Coca-Cola HBC Group, has welcomed 20 young Nigerians into the 2026 cohort of its Youth Empowered Internship Programme, reaffirming its commitment to equipping young people with practical workplace experience and skills that enhance employability and career readiness.

The six-month internship programme provides participants with immersive learning opportunities across key business functions, including Supply Chain, and Commercial. Throughout the programme, the interns will gain hands-on experience, receive mentorship from experienced professionals, and develop critical workplace competencies in one of Nigeria’s leading FMCG companies.

The new cohort was selected from a pool of Youth Empowered beneficiaries across several tertiary institutions, including the University of Lagos (UNILAG), Lagos State University (LASU), University of Abuja and the Federal University of Technology Akure (FUTA), following a competitive screening process.

The initiative builds on the success of the inaugural cohort launched in 2025, where 10 participants completed a six-month placement across various business functions within NBC. Demonstrating the programme’s impact, at least three members of the pioneer cohort have since transitioned into employees within the business.

Since its launch in 2017, the Youth Empowered programme has impacted more than 70,000 young Nigerians through employability training, entrepreneurship development, professional skills acquisition, and structured internship opportunities. The programme has also supported participants interested in vocational careers through access to professional training in areas such as culinary arts and mixology.

Speaking on the significance of the programme, Director of Corporate Affairs & Sustainability at Nigerian Bottling Company, Soromidayo George, said:

“Creating meaningful pathways from education to employment is essential to unlocking the potential of young people. Through Youth Empowered, we are equipping young Nigerians with practical skills, workplace exposure, and professional networks that enhance their employability and prepare them to thrive in today’s evolving world of work.”
She added:

“The success of our first internship cohort demonstrates the transformative impact of meaningful workplace experience. We are particularly encouraged that three members of the pioneer cohort have progressed into full-time roles within our business, validating the programme’s ability to create tangible career opportunities. We are excited to welcome this new cohort and look forward to supporting their growth and development over the next six months.”

For the participants, the internship represents an opportunity to apply their knowledge, gain industry experience, and accelerate their professional development.

Chirah Sylvia, one of the 2026 interns, expressed her enthusiasm about joining the programme:
“Being selected for this internship is both an honour and an exciting opportunity. I am eager to learn from experienced professionals, gain practical industry exposure, and develop skills that will help me build a successful career. I believe this experience will challenge me, broaden my perspective, and prepare me for the future.”

Similarly, Tolulope Arowogbola highlighted the value of the experience:

“The Youth Empowered Internship Programme offers a unique opportunity to learn within a world-class organisation like NBC while gaining hands-on experience across different aspects of the business. I am excited to contribute, learn from industry experts, and develop the confidence and capabilities needed to excel in my chosen career path.”

Through initiatives such as Youth Empowered, NBC continues to advance its sustainability agenda by creating pathways to economic opportunity, supporting youth development, and contributing to the growth of a skilled and resilient workforce for Nigeria.

The operatives of the Police Special Fraud Unit PSFU Ikoyi Lagos, has filed a criminal charge against a company, Greystone Partners Limited and its four directors before a Federal High Court, Lagos, over alleged conspiracy, Issuance of dud cheques, obtaining by false pretence, fraudulent business practices and N40 million fraud.

The four directors charged alongside the firm are: Mr. Suomobroto Ganguly, Olorogun Oghenetega Emerhor, Folabi Ayoola and Folabi Esan.

Greystone Partners Limited and its directors were charged before the court presided over by Justice Daniel Osiagor in a six count-charge charge marked FHC/L/1156c/2025.

The prosecutor, Barrister Achi Caleb, in the charge, alleged that the firm and its directors committed the alleged infractions on or before September 4, 2025.

The prosecutor also alleged that the defendants conspired with a company, Adlevo Capital Limited and other persons currently at large to commit the linked to a loan transaction with Simple Finance Company Limited.

For more, visit: https://themomentng.com/2026/05/21/greystone-partners-directors-enmeshed-in-%e2%82%a640m-dud-cheque-fraud-scandal/

A fresh legal battle has broken out at the Federal High Court in Lagos over the internal restructuring and merger of Honda Manufacturing (Nigeria) Limited and Honda Automobile Western Africa Limited (HAWA).

The court, presided over by Justice Akintayo Aluko, granted an ex parte order on May 12, 2026, sanctioning the restructuring. But the Executive Committee of the HAWA Autobate Union and the Local Management Team of HAWA have now filed a motion in Suit No. FHC/L/MISC/262/2026, through their counsel Obafemi Oluwole, Esq., asking the court to set aside that order.

The applicants allege that the merger approval was obtained through material misrepresentation, suppression of facts, and procedural irregularities, specifically, that HAWA failed to disclose ongoing disputes and stakeholder objections to the court before obtaining its sanction.

For more, visit: https://themomentng.com/2026/05/20/honda-workers-ask-court-to-block-merger-over-alleged-cover-up/

A High Court of the Federal Capital Territory, presided by Justice Christopher Oba, has ordered Globus Bank Limited to pay a total sum of N256 million to an Abuja-based company, Haril Global Solutions Ltd, for breaching a contractual agreement.

In the suit marked: FCT/HC/CV/1456/2026, Haril Global Solutions Ltd, Chinedu Mba, Idris Olayiwola and the Economic and Financial Crimes Commission, EFCC, were listed as Defendants to the counterclaim filed by the bank.

The Claimant filed the suit by way of Writ of Summons, wherein it complained of breach of contractual agreement and wrongful deductions running into millions of naira by the bank.

Delivering judgement on the matter, Justice Oba declared that there was a valid and subsisting contract between the claimant and the Defendant, pursuant to the letter of offer of facility dated July 4, 2023, signed by both the claimant and the Defendant and the Overdraft Facility Agreement executed between the Claimant and the Defendant dated July 4, 2023.

For more, visit: https://themomentng.com/2026/05/20/legal-battle-globus-bank-to-pay-n256m-over-contract-violation/

Stallion Group under fire: CEO Vaswani and Singh linked to N2.06bn laundering scheme

​According to the Economic and Financial Crimes Commission (EFCC), Stallion Group Chairman Sunil Vaswani, Harpreet Singh, and Olalere Tajudeen allegedly laundered ₦2.06 billion. The anti-graft agency claims the trio funneled the funds through various financial transactions in direct violation of Nigeria’s money laundering laws.

The anti-graft agency said the trio, acting through Stallion MG Automobiles Limited and another affiliated firm, Stallion Auto Keke Limited, carried out multiple high-value cash transactions without reporting them to the Special Control Unit Against Money Laundering (SCUML), as required by law.

According to the EFCC, the alleged offences occurred between November 2022 and February 2024 and involved structured deposits running into billions of naira.

One of the charges stated that between February 14 and November 29, 2023, Sunil Vaswani, Stallion MG Automobiles Limited, Harpreet Singh, and Olalere Tajudeen, failed to notify SCUML before lodging N655.35 million into an account with Providus Bank.

In another charge, Stallion Auto Keke Limited and Tajudeen were accused of similar infractions involving N1.405 billion between November 2020 and December 2021.

The commission said the transactions contravened provisions of the Money Laundering (Prohibition) Act, 2022, which requires the disclosure of large cash movements to regulatory authorities.

Meanwhile, efforts to arraign the defendants before the Federal High Court in Lagos were stalled due to their absence in court.

At the proceedings, EFCC counsel, Henry O. Anaso, told the court that attempts to secure their attendance had been unsuccessful, prompting an application for adjournment.

The presiding judge, Chukwujekwu Aneke, granted the request and adjourned the matter until July 21 for arraignment.

The case underscores ongoing concerns about compliance with anti-money laundering regulations and the challenges of prosecuting high-profile financial crimes in Nigeria.

Lagos Business company sues Godmade Homes Ltd, owner, Ayoolanrewaju Kuyebi over disputes on Ikoyi property


Justice (Dr.) Rosul Oriyomi Olukolu of Tapa High of Lagos State, has granted interim injunctions against Godmade Homes Limited and its alter-ego, Ayoolanrewaju Kuyebi, over a disputed property located at Osborne Ikoyi, Lagos.

Justice Olukolu granted the Interim injuctions against God made Homes Limited and Ayoolanrewaju, on March 4, 2026, while granting an Exparte motion filed and argued by AbdulHakeem Adio of counsel to the applicants, Two April's Limited in a suit marked LD/853CM/2026.

The motion according to the applicants' lawyer was brought pursuant to Order 43 Rules 1; Order 9 Rules 5 of the High Court of Lagos State Civil Procedure Rules 2019; Sections 10 13 and 18 (1) to (4) of the High Court Laws of Lagos State 2003, and under the court's Inherent jurisdiction as preserved by Section 6 (6)(b) of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended).

Granting the interim injunctions, Justice Olukolu held that: "Upon reading a 12-paragraph Affidavit and 29-paragraph affidavit of urgency filed at the High Court, Registry, Lagos on the 2nd March, 2026.

"And after hearing AbdulHakeem Adio of counsel to the Applicant moves the Motion Exparte dated and filed on 2 March, 2026. The application is anchored on the following ten grounds.....

"The orders granted by the Honourable Court are as follows, to wit: "an order of interim injunction is hereby granted restraining the 1st and 2nd Defendants, whether by themselves, their affiliates and or sister companies or entities, their directors, officers, servants, agents, assigns or privies and or however called in relation to the Defendants, from disturbing, interfering, disposing, transferring, selling, assigning or dealing with the 1st Claimant's property described as one (1) unit of 5-Bedroom Terrace Duplex with 1-Bedroom Boys' Quarters situate at Esplanade 6 (Former EGC5), Iroko Close, Osborne Foreshore II, Ikoyi, Lagos State (Unit 1 which is the first unit from the entrance), as contained in the offer letter dated 6th July, 2022,in fundamental breach of the terms of the Contract of Sale dated 4th November, 2022, pending the hearing and determination of the Motion on Notice filed alongside.

"An order is hereby granted granting leave to the Applicants with the assistance of the Sheriffs of this Honourable Court to take possession of, or alternatively mark the phrase, “subject of litigation" on the property described as one (1) unit of 5-Bedroom Terrace Duplexes with 1- Bedroom Boys' Quarters situate at Esplanade 6 (Former EGC5), Iroko Close, Osborne Foreshore II, Ikoyi, Lagos State (Unit 1 which is the first unit from the entrance)being the property allocated to the claimants/applicants as contained in the offer letter dated 6th July, 2022, in line with the terms of the Contract of Sale dated 4th November, 2022, pending the hearing and determination of this suit."

For more
https://themomentng.com/2026/03/05/lagos-business-company-sues-godmade-homes-ltd-owner-ayoolanrewaju-kuyebi-over-disputes-on-ikoyi-property/

Payaza’s Profit anchored entirely to Mastercard Gateway as ₦49bn trade liability looms over new CP bid

Payaza Africa Limited, a player in Nigeria’s fintech landscape, is tapping the debt markets for ₦50 billion via a Commercial Paper (CP) issuance, even as its latest financials reveal a heavy reliance on a single international revenue stream and a nearly tenfold surge in borrowing costs.

While the firm reported a stellar 162% jump in gross profit to ₦21.1 billion for the 2025 financial year, and net income up 68% to ₦12.2 billion, the results underscore a high-stakes pivot toward international collections and a balance sheet increasingly leveraged by debt, trade payables and director-linked liabilities.

The MPGS Concentration: A Currency Play?
Payaza’s top-line growth is almost entirely tethered to a single product: the Mastercard Payments Gateway Solution (MPGS).

The 98% Factor: MPGS accounted for 98.3% of the firm’s ₦28.78 billion total revenue in 2025.

FX Tailwinds: This revenue is derived from processing international transactions in US Dollars. When translated into a volatile Naira, the “functional currency” gains appear outsized, suggesting the firm’s growth is as much a factor of currency translation as it is transaction volume.

The Risk: Analysts warn that such extreme concentration leaves the firm vulnerable to changes in Mastercard’s fee structures or a sustained appreciation of the Naira, which could shrink the reported top line. Payaza reported an exchange loss of ₦1.7 billion in 2025 from appreciation in the US Dollar exchange rate from N1,549/$1 in January 2025 to N1,440 to US$1 in December 2025.

Balance Sheet Pressure: Payables and Director Loans
As Payaza seeks ₦50 billion from the public market, its existing liabilities are ballooning:

Trade Payables: Short-term obligations to vendors and partners jumped 435% to ₦49.67 billion, up from ₦9.27 billion in 2024. Trade payables primarily represent amounts owed to merchants for transactions processed through the Company’s
payment gateway.

Director Leverage: The firm remains indebted to its own leadership, with ₦2.5 billion currently owed to directors. While these loans are interest-free and unsecured, they remain “repayable on demand,” presenting a potential liquidity risk.

Borrowing Costs and the ₦32bn “PAC” Pivot
The most striking feature of the 2025 report is the explosive growth in finance charges and a massive, newly formed investment portfolio.

Interest Surge: Finance costs skyrocketed by 847% to ₦6.75 billion, reflecting the aggressive cost of capital in Nigeria’s current high-interest-rate environment (MPR at 26.5%).

Strategic Placement: Payaza reported a ₦31.9 billion “strategic investment” with PAC Capital. The firm described this as a short-term placement of surplus liquidity into “high-yield opportunities” within domestic commodity and financial markets—a ₦32bn jump from zero just a year prior.

MasterCard Payment Gateway Solution (MPGS) partners like Payaza typically earn fees through commissions based on transaction processing.

For merchant-facing fees on MasterCard transactions, industry examples show gateway fees usually range around 1.5% to 2.5% per transaction. Part of this fee is shared with payment gateway partners, acquirers, and banks.

Payment gateways sometimes pay partners a percentage of these fees or a set commission or margin based on transaction volume processed via the MasterCard gateway.

There is no clear breakdown about the types of international transactions Payaza claims it is processing through the MPGS.

Payaza is owned by four individuals – Seyi Ebenezer (70% stake), Philips Akinyele (15%), Tochukwu Ekwonna (10%), and Tolulope Atomori (5%).

The firm is a payment service provider with a merchant-enabling payment gateway which facilitates transactions for business through various payment methods, including card payments (debit or credit), bulk/single payment, USSD, QR codes, virtual accounts, and mobile money.

The 4-year old company faces intense competition in the fintech payments space from more established competitors such as Flutterwave, Paystack, Remita, Interswitch, and GTPay.

https://themomentng.com/2026/02/25/payazas-profit-anchored-entirely-to-mastercard-gateway-as-%e2%82%a649bn-trade-liability-looms-over-new-cp-bid/

An Akure, Ondo State division of National Industrial Court (NICN), has ordered United Bank for Africa (UBA) to pay ₦11.3 million to a former staff member, Adekọyeni Oladejo, over nearly two decades of unpaid salaries following what the court described as an indefinite suspension.

Justice K. D. Damulak, in a judgment delivered on February 18, 2026, in a suit numbered NICN/AK/25/2022, also held that the Adekọyeni Oladejo’s prolonged suspension without pay by UBA Plc amounted to a continuing injury and ultimately a constructive dismissal.

The claimant Oladejo through is lawyer, Omolegbon O. Odusola, had approached the court in July 2022, seeking ₦28 million as salary arrears from August 2006 to July 2022, ₦30 million as general damages, and continued payment of ₦145,000 monthly salary until judgment.

He told the court that he was serving as Branch Operations Manager at the Ode-Aye branch of the bank in Ondo State when he was directed to hand over his duties in August 2006 following allegations of discrepancies in Unity School’s account.

According to him, he was later arrested and prosecuted over the matter but was discharged and acquitted by the court. Despite this, he said he was neither recalled to duty nor formally dismissed. He denied resigning from the bank and maintained that he never received any terminal benefits.

UBA Plc int its Preliminary Objection filed by its lawyer, Dr. A. O. Ajana (SAN) leading two others, however, argued that Oladejo voluntarily resigned in 2006 and was paid salary in lieu of notice along with terminal benefits credited to his account.

UBA Plc also contending that the suit was statute-barred and constituted an abuse of court process because the claimant had previously instituted separate suits relating to false imprisonment and malicious prosecution.
In his ruling,

In deciding the matter, Justice Damulak dismissed UBA Plc’s preliminary objection, holding that a claim for unpaid salaries arising from indefinite suspension constitutes a continuing injury, which is not caught by limitation laws until the injury ceases.

The further held that the earlier suits were based on different causes of action and did not amount to abuse of court process.

On the substantive issues, Justice Damulak found that the bank failed to produce any resignation letter allegedly written by the claimant. Adding that the purported acceptance of resignation was found unreliable due to lack of identifiable signatories and proof of service.

The judge concluded that directing the claimant to hand over duties without reassignment amounted to indefinite suspension.

Owing to the above, Justice Damulak held that the employment relationship subsisted until the date of judgment and deemed it constructively terminated on February 18, 2026.

The judge therefore awarded ₦10,314,681.32 as salary arrears from October 2006 to January 2026, ₦1 million as costs against UBA Plc in favor of the claimant, and ordered that the payment be made within 30 days or interest at 10 percent per annum would apply.

Derick Brown Homes & Property directors dragged to Court over alleged forgery, false information 


The office of the Inspector-General of Police (IGP) has filed a criminal charge of forgery and false information against the dou of Igboegwu Derick Obiora and Engr. George Igboegwu, before a Federal High Court Lagos.

Obiora and Engineer George and their firm, Derick Brown Homes & Property Limited, were charged before the court presided over by Justice Ambrose Lewis-Allagoa on an eight count-charge marked FHC/L/1024c/2025, filed by Barrister J. I. Kpandegh, a Chief Superintendent of Police (CSP).

In the charge, the prosecutor, CSP Kpandegh, stated that the defendants whose addresses were stated as 5, launder drive Manor Garden Estate Lagos; 1, Westron Close Lekki Phase 1 Lagos and Suite C124 Ikota Shopping Complex, VGC, Lekki, Lagos, respectively, committed the offences between 2021 and 2023.

All the defendants were alleged to have criminally conspired among themselves and forcible entry, forgery/making false documents and possession of forged document, which they used as genuine.

https://themomentng.com/2026/02/03/derick-brown-homes-property-directors-dragged-to-court-over-alleged-forgery-false-information/

A real estate developer, Adeyinka Lawal, has been arraigned by the operatives of the Force Criminal Investigation Department (ForceCID) Annex Alagbon-Ikoyi Lagos, before a Federal High Court, Lagos, on charges of conspiracy, obtaining by false pretence, money laundering, fraudulent conversation and fraud of N1.33 billion.

Adeyinka Lawal, who is the Chief Executive Officer (CEO) of Beachway Homes Limited, was arraigned alongside this company on an amended charges marked FHC/L/392c/2025, before the court presided over by Justice Deinde Dipeolu.

The prosecutor, Barrister Samuel Ogala, told the court that the 60 years old defendant, his company Beachway Homes Limited and others at large, allegedly committed the crimes between 2020 and 2023, at at Elegushi, Lekki, Lagos State.

Specifically, the prosecutor informed the court that the defendant, Adeyinka Lawal, intent to defraud fraudulently obtained the sum of N1.33 billion from one Mr. Ifeanyi Nweke, under false pretense of using the said sum to build a 52-Unit Estate at ilesan-Elegushi, Lekki, Lagos.

The prosecutor also told the court that the defendant, upon receiving the said sum from his victim, converted same to his personal use.

He told the court that the alleged criminal acts of the defendant and his company, are contrary to sections 8 and 1(1)(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. And and punishable under section 390(9) of the Criminal Code Act, LFN 2004. 

The prosecutor, also told the court the Adeyinka Lawal's acts contravened section 7(2)(b) of the Advance Fee Fraud and Other fraud Related Offences Act, 2006. And Section 20(b) of the Money Laundering (Prevention and Prohibition) Act, 2022 No. 14. 

For more, visit: https://themomentng.com/2026/02/02/beachway-homes-boss-adeyinka-charged-to-court-over-alleged-n1-33bn-fraud/

The Government of Equatorial Guinea has restated it's commitment to continually support the Maritime Organisation of West and Central Africa (MOWCA) in the organisation's drive for the promotion of a sustainable blue economy across Africa.

Evito Oma, the country's Minister of Transport, Telecommunications and Postal Services, who stated this on Wednesday, January 28, 2026 when he received Dr. Paul Adalikwu the Secretary General of MOWCA in Malabo,reaffirmed their commitment to MOWCA’s objectives and programmes.

Mr Oma who commended Dr Paul Adalikwu's visionary leadership of MOWCA, disclosed expressed support for enhanced technical collaboration between MOWCA and his Ministry for the benefit of his country. The minister also spoke on maritime trade facilitation within West and Central Africa.

Oma added that the country will sustain it's collaboration with MOWCA to advance maritime safety, security, and sustainable maritime transport across the West and Central African sub-region.

Speaking earlier, Dr Adalikwu described the Republic of Equatorial Guinea as a strategic country, naturally endowed to be a key player in the African maritime space.

He praised the government for it's robust performance in the oil and gas sector and commercial shipping through her key ports despite a few surmountable security challenges in the Gulf of Guinea.

According to Dr Adalikwu, Equatorial Guinea remains a significant offshore hydrocarbon producer in Sub Saharan Africa whose participation in maritime trade is a significant contribution to Africa's blue economy activities and development. The MOWCA SG also praised the country for its assured increasing participation in the organisation's programmes and decision making processes.


While briefing Oma on MOWCA's activities and future programmes, Adalikwu told the minister that the country stands to benefit from the maritime human capital development programmes backed by other international bodies like the African Development Bank (AfDB), Governments of Singapore, Malaysia and more.

The MOWCA SG added that the country stands to be first line beneficiary from the Regional Maritime Development Bank for vessel financing and maritime infrastructure expansion, upgrade or development. Both parties ended the meeting with a strong commitment to strengthen cooperation between them.

Police Get Court Order To Declare Businesswoman Wanted Over Alleged N28.5m Fraud


The Police Special Fraud Unit (PSFU), Ikoyi, Lagos, has secured an order of a Federal High Court, to declare a fleeing businesswoman, Uyime Akpan, wanted, over alleged N28.5 million fraud.

Justice Friday Ogazi, who presided over the court, granted the request of the Police Special Fraud Unit, Melverton, Ikoyi, Lagos, following a motion Exparte marked FHC/L/MISC/1410/2025, filed and moved by Barrister M. Y. Bello, a Chief Superintendent of Police (CSP) in the Legal/Prosecution department of the Unit.

Listed as Uyime co-respondent in the suit are: Department of State Services (DSS); Nigerian Immigration Service (NIS) and NIGERIAN CUSTOM SERVICE (NCS).

PSFU through its lawyer had prayed the court for the following orders: "an order that the 1st respondent be declared wanted and placed on the wanted list of the Nigeria Police Special Fraud Unit, 13, Milverton Road Ikoyi, Lagos until he is arrested for Prosecution.

"An order permitting the Publication of the name of the 1st respondent in the National Daily Newspapers and social Media handles by the Nigeria Police Special Fraud Unit Ikoyi, Lagos for the purpose of fulfilling the requirement of the order 1 above. And for such further order or further orders as the honourable court may deem fit to make in the circumstances."

For more, visit: https://themomentng.com/2026/01/19/police-get-court-order-to-declare-businesswoman-uyime-akpan-wanted-over-alleged-n28-5m-fraud/

​N20.6bn for more cars? Lagos Lawmakers under fire for new fleet despite having 2 official vehicles each



A strange N20.6 billion allocated for cars for members of the Lagos State House of Assembly has found its way into the State's 2026 budget in what some lawmakers say they are not aware of. THEMOMENTNG reports.

Lawmakers who spoke to us said they are not aware and did not see the budget of the House before it was added to the State's general budget. Meanwhile, two top members of the Ministry of Budget told our correspondent that the executive only approved the House budget figure sent by the legislature.

"See, the executive arm is innocent here. Some media houses claim that it is Governor Babajide Sanwo-Olu who plans to buy the cars for them but the Assembly has financial autonomy. They send their budget to us and it is added to the State's budget," the staff who pleaded to remain anonymous said.

Asked if the figure currently being reported by a section of the media is correct, the staff said he was not in a position to confirm or deny it.

Budget documents for 2026, according to AljazirahNigeria showed "an allocation of over N20.6 billion for vehicles for the 40 members of the Lagos State House of Assembly. This translates to approximately N516 million per legislator for vehicles alone."

The report quoted critics describing the figure as excessive, particularly against the backdrop of widespread economic hardship and rising living costs.

Some lawmakers have expressed concern over the development. "We already have official cars, one Toyota SUV and a backup Hilux. If true that there is a provision for cars again in the budget, then I don't know why we have the budget there. But I am not in the best position to speak on it. Maybe you should speak to the management of the House or the chairman of the committee on information," a lawmaker told this newspaper.

Another legislator told that the members of the House hardly see the breakdown of the budget for the Assembly. According to him, many of his colleagues only know of the budget figure during the process leading to its passage.

"Has any of my colleagues told you that they see the breakdown of the Assembly budget? If you see anyone who has the breakdown, that person is close to the top. So if you want a breakdown, go to the top," he said without giving details of what he meant by "the top".

Last year, Peoples Gazette reported that documents available to it showed that the Assembly disbursed N43.5 billion for what it called “back-up vehicles for honourable members.”

​In line with our commitment to fact-finding, we contacted the Chairman of the House Committee on Information, Hon. Stephen Ogundipe, via his mobile line and WhatsApp for clarification. However, as of press time, he had yet to respond to our inquiry.

Mr Governor,
In a few days, my siblings will be homeless without a roof over their heads
My daughter will lose the inheritance I have willed to her and I will no longer be a landlord in Oworonshoki.

Except you come to our aid in Oworonshoki where forces beyond our control are on rampage, bulldozing houses with impunity, without explanation or hope of compensation.

This has been going on for months now. When it started the story was that it would be limited to a specific swathe of land filled with illegal shanties and that only properties without papers would be affected.

I bought the property in 2007.
I remember that morning. Mike, a young man who was renting my boys' quarters in Gbagada had told me there was a piece of land for sale in Oworo. I went to check it out. I didn't like it. I said no.

The street was flooded and the property I was being offered was submerged in water.

"Mr. Toni, buy it. It can become Waterfront GRA tomorrow," his father whom I would end up calling Baba Mike told me.

Convinced by the old man who had a salesman’s gift of the garb, I bought it. It was surveyed. The deed of assignment and transfer was done and we set to work but as soon as we began draining the property and started stacking up blocks, Lagos state government officials showed up.

So my builder went to get a permit and I have paid my land use charge every year on that property ever since in line with my undertaking in the deed to “pay all government levies inclusive of all charges that may be imposed hereafter and from time to time by the Lagos state government or any lawful authority.
This year’s land use charge notice was signed by Mr. Abayomi Oluyomi, Honourable Commissioner of Finance. I have my bank payment code, payer ID and notice code.
For context: the land was bought originally on 31 December 1977 and I have my Plan Number issued by the Lagos State government.

Yet, I am about to lose that house because someone somewhere with power and fuelled with greed is land grabbing and planning to build an ocean front GRA. The promise I was sold 18 years ago is about to translate into pain and there seems to be nothing anyone of us landlords can do.

Mr. Governor, I debated and agonised whether to write this open letter but an early morning call from my distraught siblings drove me to action as I listened to the sound of marauding bulldozers in the next street.

Why did I hesitate? Because of the fear that crying out might incense those grabbing our lands and put my siblings in danger.

The truth dear, sir, is that Oworo is under siege. Area boys working in cahoots with the land grabbers prowl the streets like militiamen.

People are beaten silly for taking pictures and making videos of bulldozers at work?

Last week, I read your comments about your commitment to safeguarding the lives, property, investments and the future of Lagos at the 19th Annual Town Hall Meeting organised by the Lagos State Security Trust Fund (LSSTF) with the theme “Building Trust, Enhancing Security: A New Era of Security and Partnerships” held at Eko Hotels and Suites, Victoria Island, Lagos.

Mr. Governor this is an opportunity to put words to action. Please help stop the wanton, unjustified and indiscriminate destruction of houses in Oworonshoki.

Please help us find out why those who present papers showing ownership and proof that they pay land use charges are being ignored and their houses not spared. How can our houses be illegal if we have been paying land use charges to the state?

Mr. Governor, there is something emasculating and patently evil about watching someone destroy your property without the ability to make them stop.

They say only a sheep goes to the slaughter without reaction. The people whose faces are being ground into the dust rising from the rubbles of their own homes are not sheep. They are citizens of the state you govern, please help us.

The truth is some of us can afford to walk away from the rubbles after the bulldozers have done their evil deed but for many it is akin to a death sentence; losing houses they slaved to build and which they have called homes for many years.

Baba Mike died three years ago after a long battle with prostate cancer. He will be rolling in his grave at his family’s imminent homelessness.
Mr. Governor, the end of the year is here and as I wish you and your family Merry Christmas, I hope you will spare a thought for all those families in Oworonshoki whose Christmas and New Year will neither be merry nor happy if the bulldozers keep roaring.

With respect and high regard,

Toni Kan

International Migrants Day: Ezurike calls on Federal Government to approve 2025 Revised Migration Policy

As the world marks International Migrants Day, global citizenship and migration policy advocate Dr. Nduneche Ezurike has called on the Federal Government of Nigeria to urgently approve the revised 2025 National Migration Policy, describing it as a critical instrument for economic growth, wealth creation, and global integration.
Aligning with this year’s theme, “My Great Story: Cultures and Development,” Ezurike noted that migration has historically supported development across regions. From Asia’s industrial rise to today’s global digital economy, countries that treated migration as circulation rather than loss successfully converted human mobility into productivity, innovation, and stronger multicultural societies.
He stressed that Nigeria and Africa already derive measurable economic benefits from global migration. In 2023, African migrants remitted over US$95 billion to the continent, with Nigeria accounting for approximately US$20–21 billion, making it Africa’s largest remittance recipient. In many cases, these inflows outperformed foreign direct investment, official development assistance, and other external capital sources in terms of consistency and direct household impact. Globally, remittances to low- and middle-income countries are projected to reach US$685 billion, funding education, healthcare, housing, and small enterprises, and delivering more inclusive, grassroots-driven development outcomes than FDI.
According to Ezurike, the revised National Migration Policy provides Nigeria with a timely framework to better harness these gains—through improved migration governance, skills recognition, digital migration pathways, diaspora investment, and reduced remittance costs. He acknowledged the role of the Nigerians in Diaspora Commission (NIDCOM) in strengthening diaspora engagement and protection, noting that policy approval would further institutionalise these efforts.
Addressing Africa’s youth, Ezurike stressed that migration must be intentional, legal, and ethical driven by skills and enterprise, not desperation. When managed well, he noted, migration boosts wealth creation, strengthens multicultural exchange, and elevates Africa’s global standing. Drawing from history, he pointed to Asia’s development experience, where countries such as India, China, and South Korea treated migration as circulation rather than loss, using skills mobility, remittances, return migration, and diaspora networks to drive growth and global influence.
He further called on the African Union to improve Africa’s global migration outcomes by mainstreaming migration into development and industrialisation strategies, reducing remittance costs through fintech and regional payment systems, institutionalising diaspora engagement, building digital migration frameworks, and strengthening migration data systems for evidence-based policymaking.
Ezurike concluded that migration is no longer a future consideration but a present economic force, urging governments to act with urgency and clarity to maximise its development impact.

Grace Nation Founder Chris Okafor remarries amid public backlash from Nollywood Actress

​Despite the shadow of a public ultimatum from Nollywood actress Doris Ogala, Pastor Chris Okafor’s wedding held without a hitch today. An elite crowd of family and friends turned out in force, choosing to celebrate the union and effectively silencing the actress’s viral claims that the cleric “must marry” her instead.

The well-attended event, which took place in Lekki, Lagos, stood in sharp contrast to the online controversy that had dominated social media in recent weeks, following a series of viral videos and allegations made by the actress against the pastor.

https://themomentng.com/2025/12/16/grace-nation-founder-chris-okafor-remarries-amid-public-backlash-from-nollywood-actress/

The Singleton Single Malt Scotch Whisky hosted its exclusive ‘Singleton Escapes: Passport to Serenity’ event in Lagos on November 15, 2025.

This gathering captivated Nigeria’s most discerning tastemakers, offering a luxurious experience focused on intentional, slow living and reinforcing the brand’s core belief that true luxury is always worth the wait.

This exclusive gathering welcomed Nigeria’s discerning tastemakers and consumers who love the art of escapes and discovery.

The event delivered a profound experience focused on the concept of slow, intentional living, reinforcing the brand’s philosophy that true luxury is always worth the wait.

The event was carefully planned as a multi-stage journey, designed to help guests completely disconnect from the digital world and fully enjoy the present moment.

The experience began with a unique “Break-In” session. This opening guided attendees to leave the pressures of their daily routine behind before stepping into The Singleton’s tranquil and refined world.

This step served as a powerful reminder that achieving true serenity requires deliberate effort.

The event successfully helped guests disconnect from their screens and fully immerse themselves in genuine, meaningful connection.

Additionally, the focus on culinary excellence was evident in the pairing segment, where The Singleton 12, 15, and 18 Year Old were showcased alongside custom-tailored bites.

This solidified the whisky’s position as the ideal partner for elevated indulgence.
“The Singleton is fundamentally about creating moments that matter and celebrating the joy of intentional living and shared connections,” commented Ifeoma Agu – Group Head of Culture, Influencers & Advocacy, Diageo South, West & Central Africa.

“The success of ‘The Singleton Escapes’ series, exemplified by the ‘Passport to Serenity’ event, clearly validates our purpose: to offer Nigerians not just luxury, but meaningful, authentic experiences.

“This validates our shared values with our consumers: they are ready to hit pause and truly enjoy the richness of life, and we are thrilled to have provided that exquisite escape and demonstrate that meaningful connections are always within reach.”

The Singleton remains dedicated to inspiring Nigerians to embrace the art of savoring life’s beautiful moments, one day at a time.

To discover the brand’s essence, view exclusive content from ‘The Singleton Escapes: Passport to Serenity,’ and stay informed about future luxury activations, follow the official handle @the
singleton africa across all social media platforms.

The brand continuously shares updates on upcoming events and opportunities to savour the single moment.