●The Right of Reply That Restores the Record: Reminding Power Where It Ends
●BUA’s Battle Wasn’t Just About a Port, It Was About the Soul of the System
●Abdulsamad Rabiu’s Facts Outlive the Fiction That Tried to Shame Him
●Buhari Saw Through It, the Courts Rejected It, and History Is Still Watching
There is a line between authority and autocracy, between governance and vendetta. Hadiza Bala Usman, once ensconced in the prestige of her office as Managing Director of the Nigerian Ports Authority (NPA), crossed that line with the quiet arrogance of unchecked power. Now, as she returns from political obscurity to peddle revisionist tales, BUA Group has drawn its line in return, with truth, contract, and unimpeachable fact.
This is no routine rebuttal. This is a public service. When Usman accused BUA Group and its chairman, the eminent industrialist Abdulsamad Rabiu, of breaching a concession agreement at the Port Harcourt terminal, she did more than distort the facts. She insulted the spirit of lawful enterprise. She mocked due process. She trivialised the dignity of her former office.
But BUA has responded with clarity, instead of anger. And not for vanity, but for posterity.
The Contract She Chose to Forget
In 2006, years before Hadiza Bala Usman ever walked the corridors of maritime power, BUA entered into a valid lease agreement with the NPA for Terminal B of the Rivers Port. The mandate was clear: rehabilitate, operate, and expand the terminal infrastructure.
By the time Usman assumed office in 2016, BUA had already begun discussions with the NPA to address remedial works, as the port’s original state was riddled with derelict iron ore remnants, structural deficiencies, and unsafe berths—all legacies of public neglect. These talks were nearing conclusion.
Instead of progressing those talks, she chose disruption. Rather than follow the contract’s dispute resolution mechanism, she wielded authority like a cudgel, summarily terminating BUA’s rights, decommissioning berths, and shutting down the terminal without consultation, without lawful authority, and in contempt of a standing court injunction.
By every measure of law and logic, Hadiza Bala Usman’s actions at the helm of NPA were an affront to good governance. Her decision to terminate BUA’s concession did not follow process. It was not ed by arbitration. It flouted the courts. And it trampled upon Article 17.3 of the concession agreement, which mandates exclusive resolution through arbitration.
No provision in the contract authorised her to decommission the terminal. She has yet to cite a clause. She never will. Because there isn’t one. Worse, after BUA provided indemnities and guarantees, the company was briefly permitted to resume operations, only for Usman to reverse course within three weeks and shut the terminal again, unilaterally. If this was not hostility laced with personal vendetta, then what was it?
The President Saw Through It and Acted
When Abdulsamad Rabiu, ever composed and dignified, sought an audience with then-President Muhammadu Buhari, he did not ask for favours. He brought facts. Contracts. Correspondence. Court rulings.
President Buhari, a man not known for sentiment, responded with presidential decisiveness. He directed the Attorney General of the Federation (AGF) to investigate.
The AGF invited all parties: BUA, NPA, and Ms. Usman herself. BUA showed up. She did not. The review still went ahead. And the verdict was unambiguous: Usman’s termination was unlawful. The decommissioning was without basis. The NPA under her had breached its obligations, and BUA’s rights should be reinstated.
The result? President Buhari reversed her decisions. He preserved 4,000 jobs. He saved a $500 million investment cluster in Port Harcourt. He preserved Nigeria’s credibility before its own laws. That is the truth. And Hadiza Bala Usman cannot wish it away.
Hadiza now claims President Buhari was “misinformed.” The audacity is staggering. Here is a former head of a national agency, repudiated by her principal, whose decisions were overturned based on the advice of the nation’s top legal officer—now implying that both men lacked understanding.
It is an insult, not just to Buhari, but to the office of the President.
If Hadiza Bala Usman truly believed she acted lawfully, BUA challenges her to show Nigerians the exact clause that permitted her unilateral decommissioning. Let her cite chapter and verse. Let her test her righteousness against the written word. Otherwise, the record must stand: she acted in abuse of power. She governed with impunity. And she endangered one of Nigeria’s most strategic private sector investments.
After Hadiza, Order Was Restored
Following her removal, the air around the NPA cleared. Due process returned. Under the new leadership, BUA was granted formal approval to resume reconstruction at Terminal B in 2022. No subsidy. No bailout. Over $65 million invested, entirely private.
The contract was awarded to global engineering firm TREVI. Completion is now expected in Q1 2026. Jobs are being restored. Confidence is returning.
This is what governance looks like when ego steps aside. Had Hadiza Bala Usman’s recklessness been allowed to stand, the message to the world would have been catastrophic: that contracts in Nigeria are irrelevant, that court orders are optional, and that investment is hostage to mood swings in public office.
She nearly sabotaged Nigeria’s credibility. She nearly damaged the rule of law. And she nearly cost the economy thousands of jobs and hundreds of millions in private capital.
Rabiu did not just defend his business. He defended the principle of lawful engagement. He stood firm for every entrepreneur who dares to dream in a system often riddled with systemic sabotage.
Through it all, Abdulsamad Rabiu maintained his quiet nobility. Even his recent article, “Two Years of President Tinubu: A Business Perspective,” did not name names. He merely alluded to a former era where impunity was rife, and where business leaders lived in fear of arbitrary disruption. The guilty named themselves.
His endorsement of President Bola Ahmed Tinubu’s ongoing reforms—fuel subsidy removal, forex unification, and policy stability—has clearly rattled those nostalgic for the old Nigeria. A Nigeria where power was used to punish, not to protect.
And that, perhaps, is why Hadiza speaks now. Hadiza Bala Usman today serves under President Tinubu’s istration. Her energies, if truly dedicated to national progress, are better spent there. “We do not seek a public spat,” BUA stated soberly, “and would like her to concentrate on fulfilling her duties in her new role under the strong leadership of President Tinubu.”
A subtle reminder. A dignified dismissal. And a full stop to her attempts to rewrite what has already been etched into the public record.
Indeed, public office is not a pedestal for pride. It is a platform for trust. When wielded with wisdom, it births legacies. When corrupted by ego, it writes obituaries of policy, investment, and public confidence.
Abdulsamad Rabiu, in all of this, has stood as a model of restraint, principle, and precision. He does not scream. He builds. He does not insult. He corrects. And when his voice rises, it is never to boast but to bear witness.
The facts are no longer disputed. The record is closed. And the lesson is eternal: When pride meets process, only one survives.
There is a particular kind of silence that greets progress in Nigeria—when food prices fall, inflation slows, the country is positively recognised, debts paid, or things begin to work. It is the kind of silence that would rather keep a good story buried than be told. But make no mistake. What we see in the market today is not magic. It is the outcome of vision, backed by execution, from the Tinubu-Shettima istration.
When President Bola Tinubu signed off on a six-month waiver to allow the importation of select food items, it was not an act of political showmanship. Rather, it was a visionary economic strategy at play. That singular decision broke a cartel of hoarders who had turned food insecurity into an immoral enterprise. But strategy alone does not and cannot lower the cost of rice. What does is when industry leaders respond with urgency.
Last week at The Aso Villa, the seat of the Presidency in Abuja, Abdul Samad Rabiu, did not just show up to thank President Bola Tinubu. He came prepared and showed up with results. He brought evidence—bag by bag, commodity by commodity—of how Mr. President’s policy met action. Rice that once sold for N110,000 for 50kg bag now sells for less than N70,000. Flour is down. Maize is down. And for once, the loudest people in the room are the ones who used to profit from scarcity, not the ones out to end the criminal profiteering.
What happened here was disruption. The BUA team, as well as other major Nigerian manufacturers and industrialists who heeded President Tinubu’s call, understood the assignment. They flooded the market, shattered the economics of hoarding, and exposed a truth few want to say: sometimes, the real enemy is not the system. It is the silence and sabotage that follow reform.
But Alhaji Rabiu did not stop at food. He announced a second move upon the advice of fellow billionaire industrialist Aliko Dangote, which was just as consequential. In an economy that is recovering from FX volatility, energy price surges, and imported inflation, cement manufacturers have decided to freeze the price of cement, not for everyone, but for every contractor working under the government’s Renewed Hope infrastructure projects. This is not charity at play. This is alignment. Our two big businessmen understand the time, and they are doing their businesses conscious of the need to balance profitability with social responsibility. We have Aliko Dangote and Abdul Samad Rabiu to thank for leading the way and showing how to be worthy examples to Corporate Nigeria. The truth is that the business environment has been quite challenging. While this is so, there is also the problem of arbitrariness in how prices of goods and services have moved in the last two years. Many businessmen and women have taken undue advantage of Nigerians to engage in price gouging, unduly raising the cost of living for average Nigerians.
Cement isn’t just a product. It is the bloodline of infrastructure. By holding the price steady for public works under the Renewed Hope Agenda, Dangote Cement, BUA Cement, Lafarge, and new entrant like Mangal Cement didn’t just make a corporate gesture. They bought the government fiscal room, time, and momentum. That is what nation-building looks like when it wears a private-sector face.
It gets deeper. Working with Aliko Dangote, Abdul Samad Rabiu in the same spirit of putting country first, other cement manufacturers are partnering with the two prime movers in the cement manufacturing sector to resuscitate the Cement Technology Institute of Nigeria, pledging up to N20 billion annually to train artisans, real human capacity, not PowerPoint plans. We live in Nigeria, where, for the longest time, conversations about growth rarely touch skills. This novel move is, therefore, a bet on people because when people are trained, projects do not just get built but they endure.
President Tinubu alluded to something important during that meeting. He did not just commend BUA, he called the actions of the private sector who have taken a bet on Nigeria throughout this period, “economic patriotism.” Whilst many sit on the sidelines waiting for stability before they act, it matters when Nigerians step in to create it.
Nigeria does not just need big men, it also needs bold moves. What Rabiu, Dangote, and their peers are doing from freezing prices and disrupting hoarding to funding technical skills is not corporate PR. It is policy execution, and that is what separates firms that extract value from those that build it.
In this phase of Nigeria’s transformation, we will need more of the latter. Our country can make do with more businessmen and women who understand that the private sector is not a spectator sport; that stability is not gifted but engineered. And that to win the confidence of 250 million people, you must show, not tell, that the future of Nigeria is under construction.
And if we tell these positive stories loud enough and well, if we stop whispering good news while bad actors shout, we may just shift the national mood from that of despair and hopelessness to productivity.
We make bold this statement because, when industry starts to move like this, it is more than just a market correction. It is a clear signal that the tide is turning positively.
Our country must be a nation of strong, hopeful, and productive people. While some of the challenges of nation-building still persist, we must never shy away from telling those who take undue advantage of fellow citizens that businesses can still make fair and decent profit and not overburden citizens.
President Tinubu knew from his first day in office that the task of reforming and retooling our economy for optimum performance would not be easy. He also knew what would be his place in history if he refused to take the difficult but necessary decisions that would create medium – and long-term sustainability and prosperity for Nigerians.
Truly, the last two years have posed some economic challenges for Nigerians. As the reforms kick in, the macroeconomic variables are turning positive. The fiscal space is becoming more robust. National and subnational debts are being repaid, investors’ confidence growing faster at higher rate than last decade. Nigeria is getting more favourable credit rating from global institutions, inflation slowing down and the country is in stronger balance of trade position with more robust foreign reserves.
All these positive indicators point to how effective the policy prescriptions have been. The government is also working hard to tackle insecurity across the country with remarkable progress. At the same time, the government is investing in critical infrastructure such as roads, energy, rail, ports, irrigation, and social services.
Overall, the economy recorded 3.84% GDP growth in Q4 2024, the highest in three years. The President Tinubu-led istration restored a new wave of final investment decisions into the oil and gas sector by g an executive order that shortened the contracting cycle and free up more fiscal incentives. On the back of these, the hydrocarbon economy has been bolstered by over $8 billion in new investments from SHELL, ExxonMobil, and TotalEnergies.
The economy prospects are very bright, and the shared prosperity promised by President Tinubu is crystalising. Nigeria only needs more patriotic and ionate citizens who will always commit to national development and advancement.
As the President has always said, the future of Nigeria will be one built by Nigerians, for Nigeria, and indeed, for Africa. No one, but ourselves, will build the Nigeria of our collective dream or Africa for us. The time to build together is now! Bet on Nigeria!
By Otega Ogra and Temitope Ajayi are senior aides to President Bola Tinubu
As part of its ongoing commitment to national development and regional inclusion, BUA Group has officially handed over a fully equipped multi-purpose building to the newly created North-West Development Commission (NWDC) to serve as its temporary headquarters in Kano State.
The handover ceremony, held at the donated facility on Court Road, Kano, was attended by dignitaries from both the public and private sectors, including representatives of the Commission, community leaders, and officials of BUA Group.
Speaking at the event on behalf of the Founder and Executive Chairman of BUA Group, Abdul Samad Rabiu, Khalifa Abdul Samad Rabiu described the donation as a symbolic and practical expression of BUA’s belief in transformational partnerships between the private sector and public institutions.
“At BUA, we believe inclusive development starts with providing institutions the tools to succeed. This gesture by my father and Chairman of BUA Group, Alhaji Abdul Samad Rabiu, is more than just bricks and mortar. For us at BUA, this donation is about laying a foundation for people-centred growth in the North-West to President Bola Tinubu’s regional development drive under the Renewed Hope Agenda,” said Khalifa Abdul Samad Rabiu.
In his comments, the Chairman of the North-West Development Commission, Alhaji Lawal Sama’ila Abdullahi, expressed profound gratitude to BUA Group for the timely , noting that the facility would provide the Commission with the operational footing it needs to kickstart its mandate of fast-tracking infrastructure and economic growth in the region.
“This from BUA is not just generous—it is strategic. It gives us the necessary momentum as we commence the Commission’s work to transform lives and unlock the immense potential of the North-West,” the Chairman said.
This donation builds on a growing wave of for the newly established Commission as it complements the Kano State Government’s earlier contribution of a ₦3 billion land parcel for the Commission’s permanent headquarters.
Through this handover, BUA Group reaffirms its enduring dedication to public-private collaboration as a cornerstone of sustainable development in Nigeria.
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has reacted to the walkout on the First Lady, Senator Oluremi Tinubu, by some women in Rivers State on Thursday.
He described the incident as "very disturbing and embarrassing" and sent a strong message to Governor Siminalayi Fubara and his ers.
The walkout took place during the Renewed Hope Initiative empowerment programme at the EUI Event Centre in Port Harcourt. The programme was organized by the office of the First Lady and aimed at ing 500 women in the state with empowerment items.
The women who staged the walkout were reportedly loyal to the suspended governor, Fubara.
Wike, who is currently on official duty in China, released a statement through his Senior Special Assistant on Public Communications and Social Media, Lere Olayinka. In the statement, he apologized to the First Lady and President Bola Ahmed Tinubu on behalf of the people of Rivers State.
“Insult on anyone representing the First Lady of Nigeria in an event is a direct insult on the office of the President and Commander-In-Chief of the Armed Forces of the Federal Republic of Nigeria, and as a leader in Rivers State, I apologize,” he said.
Wike criticized Fubara and his loyalists for disrespecting the President and his wife, despite seeking peace. The Minister urged Fubara to be honest and bold enough to clearly state his demands to President Tinubu, instead of making one statement today and acting differently the next day.
He said, “It is not enough to be visiting people to plead for peace, those who genuinely want peace work and act for it.
These are the same people pleading for peace, but at the same time doing things that are contrary to what they are pleading for.
“How can you say you want peace and at the same time, you are sponsoring people to insult everyone, including the President and his wife?
“All those shenanigans won't bring peace, and I am sure they know that, because they are not sincere with their up and down pleadings for peace.”
Wike also made it clear that he and his ers were not involved in the incident.
“As for me and those who subscribe to my leadership, we condemn in totality that yesterday's show of shame and we apologize to our First Lady for the embarrassing conduct of those few women who do not represent the characters and ideals of the people of Rivers State.”
An orchestrated campaign of blackmail and slander against the Keyamo family has collapsed under the weight of incontrovertible evidence. The acc, American-Ugandan citizen, Haidi Zaineb Rambo, now stands exposed as a manipulative opportunist who sought to extort and defame the very people who had extended overwhelming kindness to her and her family during a period of crisis.
Findings revealed that Zaineb re-entered the lives of the Keyamos in mid-2023, shortly after the appointment of Festus Keyamo SAN as Minister of Aviation and Aerospace Development. She reconnected with his sister, Ruth Keyamo Omonigho, whom she had known years earlier but had been estranged from since 2020. Under the guise of rekindled friendship, she pleaded for assistance with her mother’s worsening health condition and her own dire financial state in New York. Claiming she could no longer afford medical bills or even house rent, she begged Ruth to intervene.
Ruth, unable to meet the request alone, turned to her family for help. At her urging, Minister Keyamo met Zaineb in New York during a working visit and rendered financial that enabled her to relocate her mother to Uganda. However, as her mother’s condition deteriorated, Zaineb again appealed for help. The Keyamo family, moved by comion, facilitated her and her mother’s travel to Nigeria for advanced treatment, covering logistics, medical bills, and accommodation.
Zaineb’s mother was itted to ASK Medical and Diagnostics in Maitama, Abuja, upon arrival on December 22, 2023, according to verifiable hospital records. Documents also confirm the family bore the full cost of treatment, with receipts showing payments north of N20m for Zaineb’s own medical care and her mother’s at the facility.
When ASK Medical could no longer manage the case due to the complexity of her condition, diagnosed as severe heart disease and end-stage kidney failure, the patient was transferred to Zenith Medical and Kidney Center (ZMKC). The Keyamos continued to fund dialysis and medications with payments topping another N20m.
Festus Keyamo & Zaineb met at a function in New York during an event at the sidelines of the UNGA on Sept 21, 2023. IMAGE CREDIT – THEWILL.
Despite all efforts, Zaineb’s mother ed away on 22 May 2024, with the official cause listed as septic shock. Throughout this period, the Keyamos not only shouldered medical costs but also extended emotional , with Ruth making regular visits and attending to funeral arrangements. The family paid for the embalming, mortuary, casket, and repatriation of the corpse to Uganda. Ruth was even seen accompanying Zaineb on shopping trips and to burial planning meetings.
Beneath this surface of humanitarian , deeper deception emerged. Zaineb according to findings, had entered Nigeria not only with her mother but with a four-year-old boy, Prinston. She initially claimed the boy was her nephew, only to later switch the story, saying he was her biological son. Pressed for adoption papers or parental consent, she failed to produce any. Under pressure, Zaineb allegedly itted to forging a Ugandan port for the boy and confessed to faking the signature of James Marino, her ex-partner and father of her daughter in the U.S., to obtain a visa for her teenage daughter. These actions raised grave concerns of child trafficking.
Even her age was falsified. Zaineb paraded a port showing 1990 as her birth year, while authentic documents pegged her actual date of birth at 1980, according to documents in her possession —exposing yet another attempt to manipulate perception for sympathy and financial gain, creating the illusion of a young, struggling single mother.
Recognising the signs of a possible child trafficking offense, the Keyamo family took steps to involve the Nigerian Immigration Service. When faced with authorities, Zaineb refused to cooperate, even going so far as to hide international ports in a chair to avoid deportation. It took official intervention to deport her and the trafficked child to Uganda on 7 June 2024. The mother’s remains were sent on a separate flight the next day with all the necessary documentation and financial , even after her deception had been uncovered. Additional funds were even sent via the Ugandan Airline country manager, according to findings.
The final straw came when Zaineb, rather than showing gratitude, began demanding extravagant funeral funds, starting with a ₦5 million casket and themed burial clothes for extended family in Uganda. When the Keyamos rightly drew the line and refused to fund such excesses, she resorted to emotional blackmail and threats. Her demands, captured in WhatsApp chats and photos, escalated until it became clear that she had no intention of leaving Nigeria unless a hefty sum was paid.
Months after her deportation, Zaineb reportedly ed a family acquaintance named Sani, itting that the US government had helped her return to America after being stranded in Uganda for five months. According to s, she shamelessly begged for more financial help, and when denied, launched her campaign of blackmail against the Keyamos. Her subsequent false accusations, now proven baseless, were an apparent attempt to force the family into submission through public defamation. Yet, her lies have fallen flat, overwhelmed by documented evidence of the family’s integrity and unwavering throughout her ordeal.
This is not the common story of a wronged woman, it is the brow-raising story of a deceitful individual who sought to exploit the goodwill of a well-meaning family for personal gain. Every document, from hospital receipts to immigration reports, confirms one unshakable truth: the Keyamo family acted with humanity, decency, and generosity throughout. Unfortunately, what they received in return was betrayal.
The facts speak for themselves. The documents are damning. And the attempt at blackmail? Dead on arrival. The evidence is overwhelming. The defamer has been exposed. The truth, firmly ed by evidence, sufficiently makes this more than obvious.
Meet Otega Ogra, the Senior Special Assistant to President Bola Tinubu on Digital Engagement, Strategy, and New Media—one of the most trusted minds behind the Nigerian government's digital transformation.
Measured, strategic, and quietly effective, ‘The Tiger,’ as Ogra is often called, is not just managing the message. As head of the Presidential Office of Digital Engagement and Strategy, Otega is reshaping the playbook on how governance earns trust in the digital age.
In Nigeria’s State House, where words carry weight and silence often says more, Otega Ogra has emerged as one of the istration’s most consistent and consequential voices—precisely because he speaks less, listens more, and is less prone to errors associated with presidential communication all over the world. As Senior Special Assistant to President Bola Ahmed Tinubu on Digital Engagement, Strategy, and New Media and also the head of the presidential office of digital engagement and strategy, Ogra is the strategist behind the screen, and he is redefining how modern governance earns credibility in a digitally native era.
Trusted by the President and valued for his discipline and strategic clarity, Ogra’s appointment in 2023 signalled more than a nod to youth or media savvy. It represented a calculated pivot by President Tinubu through his appointment of a non-journalist and corporate media expert to a senior presidential media role toward data-driven public engagement, institutional trust-building, and narrative coherence—cornerstones of President Tinubu’s Renewed Hope Agenda.
Before entering public service, Ogra served as Director of Corporate Communications at BUA Group and previously held impactful roles at Wema Bank, GTBank, and GIZ, where he built a reputation for translating corporate complexity into accessible, high-impact storytelling. His tenure helped shape BUA’s transformation into a publicly visible, investor-respected industrial powerhouse. It is this experience, where brand equity meets institutional strategy, that he has now brought to governance at the highest level.
But Ogra is not just an executor of messaging; he is an architect of national tone. In a policy-heavy presidency with reform at its core and opposition snapping at their heels, his ‘Unfiltered: The Big Interview’ series has become a digital bridge between government and citizenry—offering fact-based insights into fuel subsidy transitions, infrastructure developments, and macroeconomic shifts. Unfiltered is not a campaign but a discipline, designed to strip away noise and inject clarity into public discourse.
Insiders say Ogra operates with “strategic minimalism”, the ability to combine facts, discretion, and velocity. He is not in competition with chaos; he is building a new grammar of governance, one post at a time. Behind major initiatives—such as the public repositioning of Nigeria’s Compressed Natural Gas (CNG) programme or crisis response in volatile media cycles—his signature approach blends Silicon Valley agility with the gravity of state. Colleagues describe him as a tactician who understands that in the age of hyperconnectivity, precision beats performance. He is obsessed with outcomes, not optics. And in a political ecosystem prone to overexposure, Ogra’s restraint has become his trademark. When he speaks, it matters.
His remit goes beyond media management; it encomes public psychology, tone leadership, and systems thinking whilst also straddling institutional architecture. At a time when digital disinformation is a national threat and public trust in institutions is under strain, Ogra’s portfolio is both sensitive and central.
Those close to him describe his leadership style as calm but unrelenting, with a bias for data, discipline, and discretion. “He doesn’t confuse noise for momentum,” said one aide. “He measures impact where it matters—on trust, traction, and time.”
Above all, his greatest currency remains the trust of the President, key of the istration, colleagues, and Heads of MDAs. Few in Tinubu’s inner circle are believed to carry as much operational independence with as much strategic restraint. Ogra is the fixer you don’t see but feel with his success measured not in volume but in stability, not in virality but in institutional traction. He has introduced processes and systems into what was once a role for self-aggrandisement and fame searching. In a presidency that thrives on precision, Ogra, at 37, has earned not just responsibility but respect amongst peers, government officials, media executives and the public - locally and internationally. His quiet, relentless style has helped shape one of the most complex communication landscapes in Nigeria’s democratic history with competence, credibility, and consequence. His understanding of both the algorithm and the audience gives him leverage few in government possess.
As Nigeria aims to reintroduce itself to the world through reforms, technology, and economic discipline, Ogra’s role is will be critical to ensure that in the battle for perception, truth is not just told—it is trusted.
President Bola Ahmed Tinubu threatened to sack the Minister of the FCT, Nyesom Wike, if the results of the FCT elections goes 'too much in his favour' and that of his party, the Peoples Democratic Party, PDP.
Tinubu, speaking during a dinner held on Saturday evening to celebrate Eid-Al-Fitri, said that he warned the minister that he would lose his Job if he did not make sure the APC emerged victorious in the FCT.
In his words; "Give me any opportunity for my party to win elections in FCT. I know where you are coming from, your own party."
"If this thing goes too much in your own favor, you will lose your Job".
The National Broadcasting Commission (NBC) may be on the brink of a major regulatory shake-up as concerns over the pricing strategies, content access, and advertising monopolies of Nigeria’s dominant pay-TV operators come under intense scrutiny.
Though no formal directive has been issued, remarks made by NBC Director-General Charles Ebuebu during an informal exchange with journalists after attending an industry event in Lagos have set the industry on edge, fueling speculation that the regulator is finally moving to rein in exploitative market practices.
The urgency of the situation has been further underscored by a formal petition from DAAR Communications, owners of Africa Independent Television (AIT), which accused major pay-TV platforms of stifling competition and using their market power to restrict access to free-to-air (FTA) content. But if that wasn’t enough to trigger alarm bells in government, what followed surely did—a sudden subscription price hike by one of the country’s biggest pay-TV operators, despite the naira gaining strength and inflation beginning to ease.
The timing of the price increase has sparked outrage, with consumer groups questioning why a company would raise costs at a time when the price of other goods and services is falling. The Federal Competition and Consumer Protection Commission (FCC) has since challenged the draconian pricing strategy, and in a rare public alignment, the NBC has now declared full for the FCC’s intervention.
Behind the scenes, the presidency has now directed the establishment of high-level ad-hoc teams within the regulatory agency to conduct a short-term review of the sector, signaling that the federal government is not only watching but may be preparing to act decisively.
THE FTA CRISIS: PAY-TV OPERATORS BLOCKING ACCESS TO FREE CONTENT
One of the most contentious issues under review is how pay-TV companies have turned free-to-air (FTA) channels into part of their paid subscription models. While these channels are meant to be freely accessible to all Nigerians, pay-TV operators have long bundled them into packages, ensuring that subscribers must pay to access content that is supposed to be free.
This deliberate restriction of FTA access has allowed pay-TV operators to meet their regulatory obligations while suppressing independent broadcasters, effectively cornering the market and forcing consumers into unnecessary payments.
Industry sources suggest that NBC’s review could lead to an enforceable policy ensuring that FTA channels remain truly free, whether a viewer is subscribed to a pay-TV package or not. Such a measure would restore fair competition, allowing independent broadcasters to reach their full audience without interference from dominant platforms seeking to control distribution.
This potential shift is widely seen as a direct challenge to the business model of major pay-TV platforms, which have long relied on their ability to bundle FTA channels into their paid offerings, forcing viewers to subscribe even when they don’t need to. Should NBC move forward with such a policy, it would represent one of the most significant regulatory interventions in the Nigerian broadcast sector in years.
THE ADVERTISING MONOPOLY: TIME TO BREAK THE STRANGLEHOLD?
Beyond price hikes and content access, another key issue under scrutiny is the monopolization of advertising revenue in the pay-TV sector. Industry analysts have long pointed out that a few dominant platforms control a disproportionate share of the advertising market, leaving independent broadcasters struggling to secure funding.
NBC’s review is expected to consider measures to cap the percentage of advertising revenue that pay-TV operators can command. The goal is simple—redirect a greater share of the market to independent broadcasters who rely solely on ad revenue to survive.
Additionally, NBC is said to be considering expanding the digital access fee, currently applied to certain pay-TV services, to all platforms benefiting from the Nigerian media market, including digital streaming services. This would ensure that all players profiting from Nigerian audiences reinvest a fair share into local content production, jobs, and infrastructure development, aligning with the government’s broader economic plan to expand the creative sector into a N3 trillion industry by 2030.
The growing influence of digital streaming services like Netflix, Showmax, and Amazon Prime may also come under increasing regulatory focus. While these platforms have provided greater content diversity and access to global programming, there is concern that they have been allowed to profit from the Nigerian market without making sufficient reinvestments into local content production.
Sources indicate that NBC’s review may explore policies to collaborate with streaming platforms and reinvest a percentage of their Nigerian revenue into local productions. This would ensure that the country’s content creators benefit from the streaming boom rather than simply serving as consumers of foreign content.
NBC AND FCC: A UNITED FRONT AGAINST PRICE HIKES
The NBC’s decision to publicly align with the FCC on the issue of unjustified price increases signals a rare moment of regulatory unity. The fact that subscription costs are rising even as the naira strengthens and inflation drops raises serious questions about whether consumers are being taken advantage of by operators who are using their market control to set arbitrary prices.
Industry insiders suggest that the regulatory stance could set the stage for a wider investigation into pay-TV pricing structures, particularly how these companies justify their frequent price hikes despite economic conditions that suggest they should be lowering costs, not increasing them.
The possibility of sweeping regulatory intervention has split opinions in the industry.
Independent broadcasters and content creators see this as a long-overdue correction. For years, they have been locked out of fair competition, watching as pay-TV operators dominate advertising revenue, control content distribution, and force subscribers to pay for channels that should be free.
However, major pay-TV providers have been more cautious, with industry executives privately warning that increased regulation could “discourage investment” and “disrupt business models”.
One senior pay-TV official, speaking anonymously, expressed concern that the review process may introduce “unnecessary uncertainty” into the market. “There is a way to ensure fair competition without damaging the industry’s ability to attract investment,” he said.
THE PRESIDENCY’S NEXT MOVE: TO ACT OR TO WATCH?
While the presidency has not issued any direct public orders, its decision to mandate an immediate review of pay-TV and broadcast practices suggests that it is closely monitoring the situation.
The Tinubu istration has repeatedly emphasized the importance of creating a media and entertainment sector that works for all players, not just a select few. Sources suggest that the outcome of NBC’s review will be closely aligned with the government’s economic and creative sector goals—but how far the istration is willing to go remains to be seen.
WHAT HAPPENS NEXT?
With high-level regulatory reviews underway, public backlash against rising subscription prices, and growing government interest in breaking monopolistic control, Nigeria’s pay-TV industry is at a crossroads.
If the NBC follows through on its review, Nigerians could soon see FTA channels that are truly free, advertising revenue that is more evenly distributed, and streaming platforms that reinvest in local content rather than extracting profits without giving back.
But if the dominant pay-TV operators successfully lobby their way out of meaningful reforms, business will continue as usual—with Nigerians paying higher subscription costs for channels that should be free, independent broadcasters struggling for survival, and corporate giants dictating the rules of the game.
One thing is certain—the era of unchecked dominance in Nigeria’s broadcast sector is being challenged like never before. Whether this results in real change or yet another quiet backroom settlement remains to be seen.
A Federal High Court sitting in Abakaliki Ebonyi State capital, has affirmed the expulsion of the Peoples Democratic Party (PDP) National Vice Chairman South-East Chief Ali Odefa from the party.
This followed the granting of the reliefs sought by applicants in Suit No: FHC/AI/CS/FHR/197, between Hon. Herbert Onyedikachi, Hon Anoke, Egbe, Njoku Nwagu, Moses Idika, Ogbonnaya Idika, Obinna Chukwu, Chief John Igboke, Mrs. Ijeoma Nome, Okorie C. Okorie and nine others as applicants versus Chief Ali Odefa (defendant), PDP and Independent National Electiral Commission (INEC).
The plaintiff had sought for a reliefs seeking an order restraining Ali Odefa from parading himself as a member of the PDP and enjoying the rights and privileges accorded to of the part iny.
They equally sought for an order restraining Ali Odefa from holding the office of National Vice Chairman of the Peoples Democratic Party (PDP ) South -East Zone.
Delivering judgement on the suit, the presiding Judge Justice Hilary I. O. Oshomah, granted the reliefs sought by the plaintiffs and affirmed the expulsion of Ali Odefa from the Peoples Democratic Party (PDP).
Reacting to the judgement , counsel to the plaintiffs Chief Mudi Erhenede, commended the court for the judgement.
Erhenede asked for cost of N5 million against the 1st defendant Chief Ali Odefa.
However counsel for the defendants Ifeanyi Chukwu, told the court that they were not opposed to the judgment.
Odefa was expelled from the PDP on December 12, 2024, by the Executives of the party in Oguduokwor ward Onicha Local Government Area of Ebonyi State, after a disciplinary committee of the party recommended his expulsion having found him guilty of anti-party activities.
It would be noted that the Federal High Court in its earlier ruling, presided by Justice Hilary Oshomnah, had awarded N100 million damages against the expelled PDP National Vice Chairman South-East Chief Ali Odefa.
The court issued the order restraining Ali Odefa and the police from harassing, arresting or in any form intimidating the applicants on the issue of his earlier suspension from the PDP, Oguduokwor ward.
The internal crisis within the Peoples Democratic Party (PDP) has deepened as a Federal Capital Territory (FCT) Magistrate Court has directed the FCT Police Command to investigate allegations of forgery involving the party’s primary election guidelines.
The order was issued by Magistrate Fatima I. Bukar, prompting law enforcement to interrogate key PDP officials.
Among those questioned were the National Vice Chairman (South-east), Ali Odefa, and factional National Secretary, Chief Sunday Ude-Okoye, along with several staff from the party’s national secretariat. Additionally, the official printers of the PDP, Abiodun Olu Printers Limited, were summoned but requested additional time, citing their absence from town.
The court’s directive was based on a petition filed by PDP chieftain, Mike Iheanaetu, who alleged that documents presented in legal proceedings that upheld Ude-Okoye as National Secretary were falsified.
The Principal Registrar of the Abuja Magistrate Court, Yusuf Tambaya, formally notified the Deputy Commissioner of Police, instructing a thorough investigation and a report within two weeks. If a prima facie case is established, the court ordered that the defendants be charged accordingly.
Iheanaetu’s petition asserts that the original primary election guidelines were signed on February 17, 2022, by former National Chairman Dr. Iyochia Ayu and National Secretary, Senator Samuel Anyanwu. However, the alleged forged documents lacked a date and signatures. The petition further argues that Section 47(5) of the PDP Constitution does not mandate party officials to resign before contesting public elections.
Conversely, the disputed guidelines state that any political appointee must resign before purchasing Expression of Interest (EOI) and nomination forms, citing Section 84(12) of the Electoral Act 2022. It also allegedly misinterprets Section 47(5) of the PDP Constitution, requiring party executives seeking elective office to resign seven days before obtaining EOI forms.
Iheanaetu’s legal representative, Kalu Kalu, has urged the court to issue a criminal summons against those involved, arguing that the forged guidelines have exacerbated divisions within the party. He maintains that his client has suffered significant harm due to their use.
In response, the FCT Police Command summoned the implicated PDP officials, who provided statements regarding their knowledge of the matter. Investigators have also requested the party’s official printers to present original versions of the guidelines to discrepancies.
Suspension of South-south Zonal Secretary
Meanwhile, tensions within the PDP have extended to the South-south region, where the Zonal Executive Committee has suspended its Zonal Secretary, Chief Felix Omemu, for one month. The suspension follows accusations of misconduct and unauthorized public statements discrediting a zonal executive meeting held in Benin City, Edo State.
Omemu had previously issued a statement from Yenagoa, Bayelsa State, challenging the legitimacy of the meeting convened by National Vice Chairman (South-south), Chief Dan Orbih. He contended that such a gathering required approval from the Zonal Working Committee, which he claimed had not sanctioned the meeting.
At the Benin meeting, a motion for Omemu’s suspension was introduced by factional Rivers State House of Assembly Speaker, Martin Chike Amaewhule, and seconded by Hon. Godwin Offiono, a member of the House of Representatives. Amaewhule accused Omemu of breaching trust and inciting division within the party.
Following the suspension, PDP Zonal Legal Adviser George Turnah was appointed as Acting Zonal Secretary. Chief Dan Orbih praised the decision, emphasizing the need to restore order and discipline within the party’s leadership.
The South-south Zonal Executive Committee meeting saw attendance from federal lawmakers representing the region, with the exception of Akwa Ibom State representatives.
The lifecycle of a Compressed Natural Gas (CNG) cylinder is at least 15 years. After this period, cylinders must be inspected, replaced, or removed to ensure safety and optimal performance. This standard is consistent worldwide, reflecting a commitment to safe and sustainable energy solutions.
Global CNG Policies and Success Stories:
• India: The Indian government has actively promoted the adoption of CNG, especially in public transportation. Cities like Delhi have mandated using CNG for buses and auto-rickshaws, significantly reducing air pollution and enhancing public health. As of 2024, India plans to establish 20,000 CNG stations by 2030 to its growing fleet of gas-based vehicles, reinforcing its commitment to cleaner fuel.
• Malaysia: Malaysia’s government has promoted CNG usage among taxicabs and airport limousines since the late 1990s. With the removal of fuel subsidies beginning in 2008, the country saw a 500% increase in new CNG cylinder installations, especially among private vehicle owners. Recently, Malaysia launched a program to recall and replace all cylinders installed 15 years ago, providing free replacement to ensure continued safety and compliance.
• Canada: Enbridge Gas Distribution, Canada's largest natural gas distribution company, operates one of North America’s largest natural gas vehicle fleets, with over 675 natural gas vehicles. This initiative has reduced fuel costs and aligns with corporate social responsibility goals, setting a standard for CNG fleet adoption.
• : The Volkswagen Group, in collaboration with industrial partners, has been promoting CNG as part of a national strategy to achieve 1 million CNG vehicles on German roads by 2025. This commitment represents a significant investment in alternative fuels and highlights the role of public-private partnerships in advancing sustainable fuel options.
How Does This Align with Nigeria’s CNG Policy?
In Nigeria, the PCNGI initiative actively tracks all vehicles converted to CNG, creating a comprehensive safety network for cylinder monitoring. A Nigerian Gas Vehicle Monitoring System is in development, which will simplify the process for vehicle owners to bring in hybrid or fully converted cars when cylinder replacements are due. This way, authorised technicians can safely replace or remove your cylinders after 15 years.
Should You Worry?
No need! The savings you’ll gain from using CNG will far outweigh the lifespan of the cylinder, offering peace of mind and economic benefits. Most drivers save substantially over time with CNG, covering both fuel costs and maintenance savings.
Fuel Savings:
With petrol and diesel prices exceeding 1,000 naira per litre, switching to CNG—currently priced at 230 naira per litre—provides significant cost savings for you. And , a litre of CNG equates to multiple litres of petrol, enhancing these savings even further.
FACT OF THE DAY:
The PCNGi is on track to deliver 100,000 CNG conversion kits by the end of this year, with about half of this target already installed and more conversions happening daily. Their near-term goal is to convert at least 1 million vehicles by 2027, ensuring the infrastructure and resources are in place to the demand.
Who is Switching?
• Transporters are converting to CNG to benefit from reduced costs.
• Major Nigerian manufacturers are converting trucks and factory operations to CNG, embracing cleaner and cost-effective fuel solutions.
• Rideshare drivers (such as Uber) who have converted are already making up to 5x profits due to lower fuel costs.
Visit an authorised conversion centre to make the switch today. Nigeria is shifting to safer, more affordable, and readily available CNG. The choice to #SwitchToCNG is yours.
Granting Dangote Refinery the monopoly it seeks would be a recipe for disaster, unleashing severe hardship on citizens, a major oil firm’s managing director has warned in a series of filing at the Federal High Court in Abuja.
Ali Abiodun, the acting managing director of AYM Shafa Limited, issued this statement in a counter-affidavit to Dangote Refinery’s lawsuit, which seeks to revoke the importation licenses of several oil companies.
The $20 billion privately-run refinery previously sued the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), asking the court to mandate the regulator to withdraw import licenses granted to the NNPC, Matrix Petroleum Services Limited, A.A. Rano Limited, AYM Shafa, Matrix Petroleum Service Limited, and 2015 Petroleum Limited on the grounds of anti-competitive practices.
However, in a statement attached to a sworn affidavit, Abiodun warned of the potential disaster if the refinery’s request is granted.
“Vesting the Plaintiff with the power of monopoly in Nigeria’s petroleum industry as it seeks in this suit will kill competitive pricing of petroleum products, further deteriorate Nigeria’s critically ailing economy, and impose untold hardship on Nigerians—all of which constitute a recipe for disaster in the polity,” he stated in the 74-page document, exclusively obtained by Politics Nigeria.
Abiodun further explained that eliminating importation would lead to a severe shortfall in the supply of petroleum products, which would severely damage Nigeria’s economy and cause significant hardship for Nigerians.
The defendants’ lawyer also argued that granting Dangote’s request would violate Nigeria’s international obligations under the World Trade Organization, its protocols, and other international treaties.
The substantive case is scheduled to be heard in January 2025.
This development follows Dangote’s ongoing disputes with regulators over the pricing of the petrol refined at its plant and its push to secure oil marketers’ patronage.
Last month, Dangote Refinery CEO Aliko Dangote claimed that the plant was processing around 420,000 barrels of crude daily and had over 500 million liters of petroleum available for sale. Both claims have been challenged by industry stakeholders, including the association of oil marketers.
Dangote’s Record of ‘Unfair’ Business Practices
In his 74-page court document, Abiodun also exposed what he described as Dangote’s unfair business practices, citing one example where buyers are required to deposit over 110% in Letters of Credit.
“The plaintiff introduced an oppressive trade practice, requiring buyers to deposit 110% in Letters of Credit (LC) of the quantity they wish to off-take, with the actual price communicated five days after the LC date—after the product has already been loaded from the plaintiff’s refinery.”
Mr. Abiodun, whose firm was among Dangote’s first customers when it opened in April, also challenged the refinery’s claimed production capacity.
He argued that there is no credible, verifiable forensic evidence to show that the refinery can produce 35 million liters of Automotive Gas Oil (AGO) and 9 million liters of Jet A-1 products daily.
“The 4th Defendant was among the first off-takers of Automotive Gas Oil (AGO) from the Plaintiff’s refinery, loading its first 20,000 MT in April 2024, and has since purchased and loaded additional cargoes totaling about 190,000,000 liters—a feat that would make the 4th Defendant a valued customer for any foreign refinery or supplier.”
Despite this significant patronage, Abiodun said Dangote imposes repeated obstacles on the firm’s transactions, making it challenging to purchase products from the refinery.
Oil-Exporting Countries Still Import Fuel
Documents presented to the court also show that many oil-producing nations with far larger production and refining capacities than Dangote continue to import petroleum.
The United States, for instance, imported 8.51 million barrels per day (b/d) of refined petroleum products from 86 countries in 2023, according to the U.S. Energy Information istration.
Another example is Saudi Arabia, which, despite being one of the world’s largest oil producers with a total daily refining capacity of 2.9 million b/d, also imports and stores refined petroleum products to ensure energy security.
“Saudi Arabia, with five refineries and a refining capacity of 2.9 million b/d, still imports and stores refined products as part of its energy security strategy,” Abiodun pointed out.
Similarly, other major oil-producing countries—including the UAE, Bahrain, Qatar, and Oman—also import and store petroleum products for energy security.
Abiodun concluded by arguing that allowing Dangote Refinery to be the sole supplier of refined petroleum products in Nigeria would make it a monopolist in the petroleum sector, a critical industry for Nigeria’s economy and energy security.
“No country in the world has developed or will ever develop by encouraging monopoly in any of its key economic sectors,” he emphasized.
POLITICS NIGERIA earlier published an investigative report on Dangote's brazen attempt to deceive Nigerian Lawmakers over the quality of AGO produced in his refinery as he battled the NMDPRA over its refusal to withdraw import licenses. The report led to the dissolution of the House Committee on Downstream Petroleum led by Hon. Ikenga Ugochinyere.
The former Commissioner in Imo State on Foreign and International Affairs, Dr Fabian Ihekweme, otherwise known as Omu-De Ancient Seer, has lamented alleged inflation of multi-billion contracts under Governor Hope Uzodimma.
He asserted that corruption in Imo State has now reached "alarming heights" under the istration of Governor Uzodimma, leaving residents and citizens in deep worry and lamentation.
Ihekweme, who made this known in a statement on Monday expressed his concern over the state’s current governance, which he believed, is riddled with malpractices.
He outlined troubling discrepancies in the state’s infrastructure budgets, noting that the Owerri-Okigwe road project, originally budgeted at N58 billion, had been allegedly inflated to an "astonishing N125 billion."
"Similarly, the Owerri-Orlu road, initially set at N45 billion, has seen its cost soar to N105 billion after multiple revisions. Dr. Ihekweme poses critical questions regarding the state’s financial transparency: “How much is Imo State actually paying contractors for these road projects?
"Is Governor Hope Uzodimma working for his own companies or for the people of Imo State? Shouldn’t we have access to information about how much Imo State is spending on these road constructions?”
Ihekweme also raised concerns about the fate of the Nekede Zoo in Owerri, a significant cultural and tourism asset for the people of Imo State.
He questioned, “Where have the animals and botanical trees of the zoo been relocated?
"I hope the lions, rare monkeys, and other native species preserved there have not been harmed or misappropriated for illicit purposes.”
John Dryden, a 17th Century English poet and literary critic, while painting a picture of the unscrupulous nature the politicians of his days stated that “Politicians neither love nor hate”. This description which highlights the emotionless, soulless, treacherous, and decidedly selfish nature of politicians, even till date, can be applied to businessmen. The brazen manner in which they pursue profit at the expense of everything wholesome and noble is comparable only to the shameless way politicians abandon principles in pursuit of power.
My rumination on Dryden’s statement in relation to businessmen was prompted by the report of multi-billionaire businessman, Alhaji Aliko Dangote, saying that he did not enjoy any incentive from government while building his $20 billion refinery. When the report first popped up on my phone, my first reaction was that he must have been misquoted. When the news began to appear on many other platforms, I decided to read various versions of it to understand the context of the statement. That was when I saw that in the same address at the Crude Oil Refinery-Owners’ Association of Nigeria (CORAN) summit, he had also called on the Federal Government to stop mortgaging the nation’s crude oil in forward sales arrangements.
On the surface, Dangote’s call for an end to crude oil forward sales sounded altruistic, especially in the light of the Norwegian example he cited where proceeds from oil are warehoused in a future fund for the benefit of generations yet unborn. But without even scratching below the surface, one begins to see the selfishness in the call. The real reason behind the suggestion, according to him. is “to ensure sufficient feedstock availability” for his refinery. In other words, what Dangote is advocating is: “Don’t sell to others so that you can have enough to give me”. You must not forget that the person making this call has issues paying price for Nigerian crude which is grade (it typically sells for about $2 or $3 above the other grade Brent)!
But that is just the tip of the selfishness and hypocrisy iceberg. The man who is sanctimoniously calling for an end to forward sales of the nation’s crude oil has suddenly forgotten that he is one of the greatest beneficiaries of the scheme. In 2021 when Dangote ran into a financial hitch in funding his refinery project, he ran to the Federal Government under the President Buhari istration for a bailout. The istration promptly charged the NNPC to work out something.
That was how the idea of stake acquisition in the Dangote Refinery by the NNPC came up. To raise funds for the bailout which had been structured in the form of stake acquisition, NNPC carried out a crude oil forward sale in which it raked in the $1 billion that was funnelled to Dangote. Three years down the road, the same man is up in arms campaigning against forward sales as if it is a crime. And all that because he stands to benefit from it through sufficient feedstock availability!
Beyond the selfishness in the call to stop crude oil forward sales, Dangote evinces shortsighted in not realizing that his interest in having sufficient feedstock availability is best served on a sustainable basis if there is sufficient funds for upstream operators to invest in the development of more oil fields to boost overall production. In the face of current global funding challenges, one of the easy ways of raising funds to invest in production is forward sales. Oil producing companies typically do this to raise funds to grow production. If they don’t have funds to invest in further production, the sufficient feedstock availability that Dangote, as a refiner, thinks he wants to secure would suffer as production would start to decline until it gets to a point where there will be no crude oil to supply to the refinery.
Dangote’s claim that he didn’t enjoy any incentive from government while building his refinery is nothing but egotism, selective amnesia, and crass revisionism on display. There is no one in his right senses that can downplay the fact that the successful execution of a huge project like the Dangote Refinery is a huge feat. In fact, almost every Nigerian is vicariously proud of the achievement. But to say that everything about the project was his personal effort without input any from the government is the height of needless egotism.
Perhaps, Dangote has forgotten that Nigerians are aware that he enjoyed huge import duty waivers on almost all the long lead items used in the construction of the refinery. He may have also forgotten that Nigerians are aware that when the dollar-to-naira exchange rate began its yo-yo dance during the President Buhari istration, he enjoyed a concessionary rate from the government without which the cost outlay for executing the project would have ballooned out of control. But all these do not amount to anything worthy of being acknowledged as incentive. Selective amnesia is the name of the game!
[b]The involvement of government in the Dangote Refinery was further highlighted by the former Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, who at the inauguration of the refinery on 22nd May, 2023, announced that Dangote had paid of 70% of the loans acquired to finance the refinery project even before the refinery rolled out a drop of refined product. That Emefiele assumed the role of the Chief ant of Chief Financial Officer of the Dangote Group at that occasion is quite telling. One of the revelations by the former CBN boss was that the apex bank provided about N125 billion to Dangote for domestic currency requirements while also ensuring the availability of foreign exchange (FX) to pay for imported equipment. “Today, total loans outstanding have dropped from over $9 billion when this project started to $2.7 billion”, Emefiele stated. It is still a mystery as to how Emefiele got involved in the Dangote Refinery project to the point that a refinery that had not started producing had enough money to pay off 70% of its loans. If that is not incentive, then Dangote and God know what is.[/b]
Right from the conception stage of the Dangote Refinery, the Nigerian government showed sufficient interest in the project and did everything to it to fruition. Dangote himself is on record as explaining recently that the Federal Government allocated two brownfield oil blocks to him which he was supposed to develop to guarantee feedstock supply to the refinery. This means that government was actually desirous to see him succeed without any encumbrance, even to the stage of feedstock supply. Ironically, the same person is taking the government to task on the forward sale of crude oil even though the same government made provision for him to have his own dedicated feedstock supply arrangement right from the very beginning.
It[b] is difficult to understand Dangote’s concept of incentive. He needs to shed more light on the kind of incentive he wanted from the government that he was denied that warranted that comment. While we await his further explanation, it is expedient to let him know that he has no right to determine for anyone, least of all the government, how and where they should sell their crude oil. The Domestic Crude Supply Obligation clause in the Petroleum Industry Act (PIA) which he is harping on does not guarantee that anyone is under obligation to supply the entire feedstock need of his refinery. That is why it has embedded in it a willing-buyer-willing seller clause. If the producer does not have funds to produce and so does not have crude oil to sell, the buyer will have no crude oil to buy no matter how willing the producer is to sell.[/b]
If Dangote thinks that it does not require funds to produce the crude oil which he wants to refine, he should go and develop the brownfield oil blocks allocated to him and get feedstock rather than engage in cheap and senseless activism.
Ben Ekori, an energy sector and public affairs analyst, writes from Port Harcourt.
Two Lagos-bound vessels linked to family and friends of Dangote Refinery CEO Aliko Dangote are on course to deliver cargoes of imported motor spirit (PMS), also known as petrol, from Malta, POLITICS NIGERIA can authoritatively report after reviewing a cache of documents including maritime tracking details.
This development comes weeks after Dangote’s shocking now-debunked allegations blaming others about the importation of low-quality fuel from the European country. The billionaire, who had earlier accused Nigerian National Petroleum Company Limited (NNPCL) of sabotaging his refinery, said that some NNPCL officials were importing substandard petrol products into the country from a blending facility in Malta. This claim was later proven to be false.
Although NNPCL officially refuted and debunked Dangote’s claims saying that neither NNPCL nor its officials owned a blending, publicly available data however showed that Nigeria's petroleum imports from Malta went as high as $2.8 billion last year. One of the local energy companies, Matrix Energy, was allegedly claimed as one of the firms importing substandard petroleum products from Malta by Businessday Nigeria - a claim the company has rebuffed with evidence and instituted a N10billion defamation suit against Businessday and another newspaper for alleging its products were substandard and didn't meet regulatory threshold. As at the time of filing this report, the case is currently in court.
North and South
However, fresh evidence has also shown that Dangote’s family and circle of friends in the petroleum sector might be among the top importers of PMS from Malta. Credible maritime data corroborated by industry experts showed that at least two other cargoes connected to his family member and an associate are expected to arrive on the shores of Nigeria on September 7.
One of the vessels ferrying the cargo, Meronas, belongs to MRS Oil & Gas Company, a subsidiary of MRS Holdings Limited owned by Dangote’s half-brother Sayyu Dantata.
The vessel, currently sailing under the flag of Greece, departed Malta on August 22 and is scheduled to arrive Lagos on September 7, according to AIS data provided on vessel tracking website, Vessel Finder.
Another Oil tanker vessel from Malta, Clean Justice will be delivering a cargo of PMS to Eyrie Energy, an Abuja-based company founded by a board director at MRS, Amina Maina.
Maina, according to MRS Group’s website, oversees all trading, supply, and operations of the group's activities spanning over six countries, including Nigeria. Apart from her role at MRS, is also a close associate of Mr Dangote. In fact, both Maina and Dangote were part of the Economic Coordination Council (PECC) set up by President Bola Tinubu at the start of his istration.
Both MRS and Eyrie Energy are part of a network of local and international energy companies supplying PMS to NNPC while it has been widely revealed that officials of MRS are currently representing and leading negotiations with the Ministry of Finance on behalf of Dangote Refinery in the Federal Government’s Crude for Naira programme.
According to a March 4th letter, the General Manager of Risk Management, MRS, wrote to the NNPCL managing director, submitting shipping documents for a petroleum product delivery from Malta OPL.
The letter also referenced attached original documents including a letter from supplier; bill of loading; certificate of quantity; certificate of quality before loading; certificate of quality after loading; master receipt; notice of readiness load port; vessel survey report before and after loading; ullage report before and after loading; bunker survey report (fuel oil & diesel oil); cargo pumping log; time log and VEF.
While it is not immediately clear if Dangote is aware of his half-brother company’s involvement in Malta importation, an industry source told POLITICS NIGERIA that it is ‘hypocritical’ for the billionaire to “shield his own” while pretending to expose others.
“Dangote knows that refiners margin is currently low and he won’t be able to sell and compete with other suppliers to NNPCL, he needs to control who sells to NNPC and also control the price they sell to NNPC.
Another Industry Expert, Dr. James Oyekunle, speaking on the development, wondered if there was more to this entire issue as he observed that there could be a political undertone.
"It is difficult to ignore as most of the companies targeted have mostly been owned or operated by southerners or d with international companies whilst key marketers from the north seem to be missing from these negative attacks."
How Malta became Nigeria’s favourite import destination
Little have been reported about Nigeria’s import from Malta until Dangote’s revelation. This perhaps could be as a result of the measly amounts recorded in past years. For instance the value of imports from Malta stood at $13.32 million in 2016, which is significantly low when compared with $2.8 billion recorded in 2023. This however changed after a 2020 Cash for Crude deal which international oil trading company, Vitol, and indigenous marketer, Matrix Enegry, provided Nigeria with a badly needed cash advance in return for Nigerian crude to be refined and blended elsewhere and imported into Nigeria as PMS. Malta was one of their chosen blending destination amongst others.
In 2023, two foreign oil companies, LITASCO and Pontus SA wrote to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), seeking approval of Malta as one of the load port locations that imports can originate from.
Sources familiar with the moves told POLITICS NIGERIA that as part of its newly defined regulatory responsibilities under Nigeria’s recently signed Petroleum Industry Act, the NMDPRA sent its staff to visit and inspect the blending plants and an approval was issued by the regulator afterwards.
“PMS used in Nigeria can’t be produced straight from refineries but rather blended to meet Nigeria grade, even at the refineries, they blend in their tanks to meet these specifications which are standard globally. Even all fuel coming from Amsterdam, Antwerp, Rotterdam, fujairah are all blended to achieve the required grade and specifications of PMS,” said an industry source.
"Given the recent revelations, accusations both true and false, and counter-accusations, it is important for all parties to approach the ongoing fuel importation and refinery discussions with openness and responsibility."
"Dangote's concerns about the integrity of fuel imports from Malta though now debunked, coupled with the involvement of his close associates and family in similar operations, casts an uncanny light on the cutthroat operations of the oil industry."
"As more information comes to light, it is important for industry regulators and authorities to ensure that ability is upheld without bias and consumers are protected, regardless of one's standing or connections.", he said.
“In of quality, when we started, our quality was about six hundred to six fifty ppm, the ppm was one of the best in of quality at the time we started. But as of today, we are at 87 ppm. And you can take a sample on Monday. By Monday, we will be less than 50 ppm. By the beginning of August, we will be at 10 ppm.”
“In of quality, nobody can produce anything better than us. I just got the result from our official 5 minutes ago, we are now down to even 32 ppm,” – Aliko Dangote (Credits: Nairametrics)
In the heat of his bickering with oil sector regulators, Aliko Dangote, CEO of Dangote Refinery, claimed that the diesel fuel produced by his refinery had low sulphur content.
Speaking to Newsmen last month, he claimed that product from his refinery was of impeccable quality, However, a cache of official documents exclusively obtained by POLITICS NIGERIA reveals that Africa’s richest businessman may have misrepresented facts and possibly manipulated information.
Following a comprehensive analysis of data sourced from certified laboratory results and delivery records, this newspaper can authoritatively report that the diesel fuel from Dangote Refinery contains high sulphur content—at least 400 percent higher than European Union (EU) standards.
Mr. Dangote recently accused major players and regulatory agencies of sabotaging the $19 billion refinery’s efforts to secure necessary feedstock for its operations. In response, Nigerian Midstream and Downstream Petroleum Authority (NMDPRA) CEO Farouk Ahmed stated that Dangote’s fuel has higher sulphur content, a harmful element in crude oil. According to him, the Lagos-headquartered refinery and other modular refineries produced diesel with sulphur content ranging from 650 ppm (parts per million) to 1200 ppm.
Sulphur, a natural element in crude oil, is usually removed during refining processes because high amounts in fuel damage engines and cause environmental pollution.
“When fuel with high sulphur content is burnt, it produces sulphur dioxide (SO2), a harmful gas that contributes to environmental pollution. This is particularly concerning as sulphur dioxide is a major contributor to acid rain, which can harm ecosystems, damage buildings and infrastructure, and pose health risks to humans and animals,” a chemist at the University of Cambridge explained.
The harmful impact of sulphur in fuel has led many countries to introduce stringent regulations to lower its amount in diesel fuel. For instance, the U.S. Environmental Protection Agency reduced sulphur content in diesel to 15 ppm, while the European Union specified a maximum of 50 ppm. One ppm equals 0.0001 weight (wt) percent.
Dangote’s ‘Publicity Stunt’
To discredit the NMDPRA CEO’s claims and shield itself from public scrutiny, Dangote Refinery organised a testing of its diesel during a tour of the facility by a group of House of Representatives on July 20. Samples from the refinery were collected alongside some diesel samples procured from two filling stations along the Lekki-Epe Expressway.
“Lab tests revealed that Dangote’s diesel had a sulphur content of 87.6 ppm, whereas the other two samples showed sulphur levels exceeding 1800 ppm and 2000 ppm respectively,” Mr. Dangote announced.
“In of quality, when we started, our quality was about six hundred to six fifty ppm; the ppm was one of the best in of quality at the time we started. But as of today, we are at 87 ppm. And you can take a sample on Monday. By Monday, we will be less than 50 ppm. By the beginning of August, we will be at 10 ppm.”
However, according to impeccable sources familiar with the company’s operations, the testing did not reflect the actual results of the diesel fuel Dangote Refinery supplies to the market.
“That test is far from the reality on the ground. It was done to mobilise of the public against the federal government and force the government to reach a deal with the refinery,” said a source who pleaded anonymity for security reasons.
“Sulphur in Dangote Diesel as High as 1200” — Documents Show
Official documents, including lab results of diesel fuel supplied to retailers between April and July, revealed that the sulphur content in Dangote diesel went up to as high as 1200 ppm. The fuel, delivered in 32 batches, was supplied to different depots of Rain Oil, AA Rano, TMDK Oil, Kashton, NIPCO, Sobaz, and other retail companies.
In line with NMDPRA regulation, these supplies were tested by Dangote’s quality assurance team and verified by independent international testing companies who also issued certificates of analysis.
Between April and July, the amount of sulphur found in Dangote diesel averaged 937 ppm, with the lowest of 705 ppm in April and the highest of 1200 ppm in a supply to NIPCO on June 16.
In fact, on July 22, two days after the lawmakers’ visit, Dangote Refinery delivered a shipment of diesel fuel containing 950 ppm of sulphur to AA Rano’s depot in Ijegun, Lagos. The certificate of quality, dated July 21 was authorised by an independent laboratory Intertek, in line with NMDPRA regulation.
Records also showed that the same shipment was first tested by Dangote’s quality control department on July 13 and was confirmed to contain 1095 ppm of sulphur. The certificate of analysis was authorised by Nikunj Parikh, a senior chemist at Dangote, and witnessed by an independent lab chemist, Solomon Efe.
The spokesperson for Dangote, Tony Chiejina was unreachable at the time of reporting as calls to his known telephone number went unanswered.
Meanwhile, Haruna Bala, a Lagos-based chemist and researcher, has described the refinery’s attempts to manipulate the public as an “unethical move” which could hurt the company’s reputation in the oil market.
He added that such practices are not only fraudulent but a blatant disregard for climate change, noting that many countries are moving towards low sulphur diesel.
“High-sulphur diesel is a significant contributor to air pollution, releasing harmful sulphur dioxide and particulate matter into the atmosphere. It is a shame that Dangote diesel is not in any way safer than the imported ones we cry about all these years.”
The National Petroleum Corporation (NNPC) has reacted to reports that its stake in Dangote refinery reduced from 20% to 7.2%.
On Sunday, the Chief Executive officer of Dangote Group, Aliko Dangote in a press conference in Lagos revealed that NNPC's 20% stake in the company's refinery had dropped to 7.2%. He added that it was due to the Corporation's failure to fulfil its financial obligations.
In his words; "NNPC no longer holds a 20% stake in the Dangote Refinery,”
"As a consequence of their inability to fulfill their financial commitments, their ownership in the refinery has been adjusted to 7.2%."
“We had initially welcomed NNPC as a key partner in this crucial venture,”
“However, the delay in their payments has necessitated this adjustment in ownership structure.”
POLITICS NIGERIA recalls that in March 2021, NNPC announced that it would be pumping over $2.7 Billion dollars for a 20% stake in the refinery but ended up paying $1.3 billion to acquire the stake.
Reacting to the development the NNPC disclosed that the decision to cap its investment in Dangote was taken months ago as the investment was not inline with their goals.
A statement through its Chief Corporate Communications Officer, Olufemi Soneye read;
"NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company's strategic goals. The decision to cap its equity participation in the Dangote Refinery was made several months ago."
The Nigeria oil industry is without doubt the mainstay of its economy and has also acted as a stabilizing factor for national security, peace and development. In view of this indisputable fact, successive governments always placed on the industry with a view to making it, a global player in line with global best practices in order to attract local and international investors into the industry with a view to achieving its maximum potentials for our collective good and national security.
The prime interest of the Nigerian government to uplift and change the face of the industry from its chaotic and unplanned processes and system to compete globally, attracted local and international attention led to a series of activities both locally and internationally which birth the Petroleum Industry Act (PIA) after decades of series of advocacy, agitations, debates, discussions, and other civilized means of constructive engagements in order to restore sanity, orderliness and organized processes to the main stay of the Nigeria economy.
Since time immemorial, debates and discussions about the Nigerian oil industry is one that has evoked emotions and ions even among industry watchers, oil experts and economists on how to tap into the full potentials of the industry for national security and development. These interests of changing the face of Nigeria’s oil industry for good culminated into the bringing to life after several attempts of the Petroleum Industry Act (PIA) under the istration of former President Muhammadu Buhari istration in 2021.
The Petroleum Industry Act came into existence as a game changer to address critical needs and interests in the oil sector and to attract competitive local and international investors and players in line with global best practices. As the long awaited game changer, the PIA made provisions for the establishment of two regulators in the industry. They are: The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and The Nigeria Midstream and Downstream Petroleum Regulatory Commission (NMDPRC).
These two above mentioned regulatory agencies scrapped the role of the former Nigeria National Petroleum Corporation (NNPC) which was formerly a player and regulator. The PIA ensured that the NNPC which is the state agency transited into a limited liability company that operates under the Companies and Allied Matters Act 2022 and is thus a player and no longer a regulator under the law.
Not unusual, only recently, the Nigeria’s oil industry has come under public spotlight as a result of the allegations of sabotage being leveled against the International Oil Companies (IOC) and the NNPCL by the Dangote Refinery management with regards to its difficulty or inability to source crude oil locally for production.
The allegations by Dangote Refinery management have evoked debates and discussions across Nigeria and beyond because of its strategic position in changing the landscape of the Nigerian economy from an importer of finished petroleum product to a producer and exporter.
Sadly, an investigation of the allegations against the IOC’s by Dangote Refinery Management, revealed otherwise. While we sympathize with Dangote Refinery for trying to manipulate the system to enjoy favourable advantage in an industry that is bound by rules and regulations which has been firmed up by the PIA for global best practices, we need to remind ourselves that the reason for the enactment of the PIA was to restore orderliness and competitiveness to Nigeria’s oil industry which has suffered from years of undue favouritism, nepotism and unbridled corruption and contributed in no small measure to the mess in the industry until now.
The Nigeria’s oil industry is an international industry of t Venture (JV) partners in which the players have contractual agreements for which they are bound as signed, so for Dangote Refinery management to be raising alarm of sabotage when it’s aware of the economic reality, speaks volume of its intention as a business entity.
We must also make it known to all and sundry that as much as we appreciate the efforts of the Dangote Refinery to change the economic landscape of the Nigerian state, it must be onished to be ready and willing to play by the rules of engagement, rather than this resort to unethical practice of raising false alarm.
Also, one cannot but commend the NNPCL for living up to its responsibility of safeguarding national security as enshrined, under section 64 of the PIA, which makes provision for the NNPCL to serve as a supplier of last resort to guarantee energy security for the country which it has continued to perform creditably, even in the midst of excruciating economic and business conditions.
Thus, it is imperative on Nigerians to always cross check the facts because the world is a global village with the realization that ensuring global best practices in Nigeria’s oil industry is key to economic sustainability and national security rather than emotions.
Aiteo Eastern Exploration and Production Limited, one of Nigeria’s largest indigenous producers, has recorded crude sales of $325m about N471 billion in the first half of the year and could be on course to reach the N1 trillion naira mark in revenue for 2024, according to financial records obtained from banking sources.
The sources, who asked that their identities be masked because they are not authorised to speak on the development, said Aiteo’s remarkable earnings is on the heels of its successful return to crude production late last year, at its OML 29 asset in Nembe Bayelsa, after constant crude theft and vandalisation forced it to shut production for over two years.
The company, which African billionaire, Benedict Peters, founded, has shipped around 3 million barrels of Nembe Crude Oil Blend for the half year and is steadily increasing output, according to the banking sources, who showed us data to back the claim.
“Aiteo loaded 954, 176 barrels on the vessel named AEGEAN MARATHON in February 2024, in March MT Delta Kanaris loaded 953, 252, in May 2024, MT POPI P loaded 957, 757 barrels, while MT AQUABLISS loaded 233, 655 in January’, according to data seen by THEWILL. Nembe Blend average for the period was around $86pb and exchange rate on Friday was around N1485 – $1.
Aiteo declined to comment on this report.
THEWILL recalls that Aiteo acquired OML 29 and the Nembe Creek Trunk Line (NCTL) from Shell in a landmark transaction in 2014 that closed at around $3.01bn where a group of lenders raised $2bn with Peters contributing about $1bn dollars in personal fortune to conclude the deal and restart production.
The consortium of lenders that committed $2bn according to data seen exclusively by THEWILL include: Zenith – $323m, First Bank & GTB – $200m each, Fidelity Bank – $175m, AFC – $125m, Ecobank Nigeria & Union Bank – $100m each, Sterling Bank – $60m and Shell Western – $512m.
Peters’ initial equity contribution for the purchase was $898, 237, 697.35 in cash with an additional $257m injected at closing for fees and other ancillary costs and costs to restart production. Other small equity holders contributed $136m, which the banking sources said Aiteo is already in the process of buying out.
OML 29 is a t venture asset owned by the NNPC and Aiteo with the latter as operator.
THEWILL reports that Aiteo’s sister company, Bravura Holdings, a mining company with operations mainly in Southern and Central Africa, has also seen its fortunes on the rise after securing mining deals for lithium production in Zimbabwe, Mozambique and Congo.
A few days ago, Bravura announced the completion of Zimbabwe’s first world-class lithium facility, the Kamativi Lithium plant with an annual producing capacity of 30, 000 tonnes.
*** This report has been updated to correct the total revenue for Aiteo’s half year.
The Abdul Samad Rabiu Initiative for Africa (ASR Africa), in commemoration of the 2024 International Widows’ Day, has presented a N10 million grant to the International Women’s Society (IWS) in Lagos.
Dr. Ubon Udoh MD/CEO of ASR Africa announced this donation during a Widows and Empowerment Feast organized by IWS in Lagos, Nigeria. The grant is part of ASR Africa’s ongoing efforts to invest in social development as one of its primary areas of focus.
Speaking at the event, Mrs. Adeola Adebanke, the chairperson of the Widows’ Trust Fund of IWS, expressed her utmost joy and satisfaction toward the grant donated to the organization by the Chairman of ASR Africa and the BUA Group, Abdul Samad Rabiu. In her statement, she prayed that the chairman continues to make giant strides and break new boundaries.
During a goodwill message, Dr Ubon Udoh (MD/CEO, ASR Africa) appreciated the good job done so far by International Women Society since its establishment in 1957. He mentioned that the grant is a testament of the commitment of the Chairman of ASR Africa and the BUA group at improving the livelihoods and welfare of Nigerians. He added that the grant, which will be distributed to widows in partnership with IWS, is aimed at bringing relief to the beneficiaries while ensuring its relevance and sustainability.
The high point of the event was the presentation of the grant to the beneficiaries. In addition, 250 widows received palliative care packs from BUA Foods Plc which comprise rice, pasta, edible oil and semolina. The widows who were visibly grateful, expressed their gratitude to ASR Africa, its chairman, and executives of BUA Foods Plc for the timely palliative care packs received.
The Department of State Services (DSS) has issued a warning to the General Public about planned protests scheduled to hold tomorrow, June 12.
In a statement signed by Dr. Peter Afunanya(Phd), the spokesperson of the agency, the service will not tolerate any form of violence or breakdown of law and order.
"The Attention of the Department of State Security Service, DSS, has been drawn to plans by certain individuals and groups to stage physical protests in some parts of the country on 12th June, 2024. The protests are designed with sinister objectives to coincide with the Democracy Day Celebration. While citizens may have the rights of assembly and expression, such freedoms should not be used to undermine public safety and national security."
"The determination by some non-state actors to incite mass disaffection through demonstrations that may turn violent will not be tolerated. However, it is instructive to note that violent demonstrations are at variance with the peaceful disposition of the Federal Government to amicably address all contentions including the minimum wage. Citizens are, therefore, called upon to resist any persuasions to be lawless or cause disorder and anarchy in the nation. Displeased persons are rather encouraged to appropriately channel their grievances through the right channels and procedures."
"Consequently, the DSS reaffirms its unequivocal position to protect the country from inimical acts being orchestrated by disgruntled groups to cause a breakdown of law and order."
"It will also sustain collaboration with all relevant stakeholders, including sister security agencies, to maintain the peace as well as protect lives and property across the nation. Law abiding citizens are ened to go about their businesses without fear."
First, this escape of the Binance executive is sadly quite embarrassing for Nigeria, and the Government has a responsibility to thoroughly investigate it and ensure that the persons into whose care the escapee was entrusted are punished to the fullest extent of the law.
For this reason, the ONSA statement about the arrest of the responsible persons is most welcome. The promptness of the statement is also a commendable move along the lines of utmost transparency and openness.
What has happened has happened, and lessons must be learnt from it. Things like this happen, even in the best of climes. The former Head of Nissan escaped from Japanese custody, to Lebanon, in 2019, a very high-profile escape that embarrassed the Japanese Government greatly.
Former Governor of Bayelsa, Diepreye Alamieyeseigha famously escaped from the UK authorities in 2005, dressed as a woman, and while on a £1.25m bail bond, another equally embarrassing episode for that government. These things happen. The detained Binance executives in Nigeria were rightly held under a form of house arrest, not prison custody.
Looking on the brighter side for Nigeria, this escape does not significantly alter the trajectory of the case against Binance. The second official is still being lawfully held, and most importantly, the Government, through FIRS has formally filed charges of tax evasion.
The case has now fully shifted to the legal arena, and Nigeria will be seeking convictions on the 4-count charge leveled against Binance and the executives.
For me, the most important part of the ONSA statement is this paragraph: “Upon receiving this report, this office took immediate steps, in conjunction with relevant security agencies, MDAs, as well as the international community, to apprehend the suspect. Security agencies are working with Interpol for an international arrest warrant on the suspect.”
All hope is not lost. The Nigerian Government’s custody of the Binance executives is a lawful one, backed by a subsisting Court Order. On top of this, formal tax evasion charges have been filed by the FIRS, as Nigerian tax laws have clearly been violated by Binance. INTERPOL will be involved – and it seems like the escapee has simply complicated his situation, by turning himself into an international fugitive. On top of tax evasion, the escapee has now roped himself into fugitive activity.
So, while the news of the escape has not exactly covered Nigeria in glory – just like Japan and Nissan’s Carlos Ghosn in 2019 – things are looking even worse for Binance and its fugitive executive.
It is also a very good opportunity to see where the international community stands on this matter? Their noise about fighting corruption and building institutions – now is the time to see whether it's lip service or not? Will they take the side of the Federal Republic of Nigeria, or the side of a cryptocurrency exchange that has a global reputation for violating laws and regulations, and was recently hit with the biggest fine - $4.3 Billion - ever issued by the United States Treasury?
I am watching this – in the words of Fayose – with the keenness of a bat. Nigeria can still come out on top of this setback.
When the two daughters of former United States’ President Bush threw a lavish party at the height of election campaigns in the early 2000s, many commentators in the United States were irked by the development. Earlier in 2001, President Bush's then 19-year-old twin daughters, Jenna and Barbara, had been cited by Texas authorities for alcohol violations at a popular Austin restaurant.
Jenna, police said at the time, even tried to use someone else's driver's license to order a drink.
The condemnation and outrage that greeted that development didn’t only create buzz in the United States, but it was felt all around the world, with multiple debates on the public conducts expected of children of presidents and other powerful people around the world.
The general consensus at the time was that children of Presidents and other powerful people must conduct themselves in the most honorable means possible, while also keying into the dreams of their influential parents and being useful to society.
It’s in that light that the recent attack on Seyi Tinubu—entrepreneur, youth leader and son of President Bola Tinubu –—appears grossly unfair, if not out-rightly misplaced.
In a recent programme on television, media personality and ARISE TV anchor, Reuben Abati, took a swipe at President Tinubu’s sons, Seyi and Yinka, for following him to Qatar for a state visit. Abati, a former media aide to ex-president Goodluck Jonathan, went personal in his attack and reduced the industry of young men to partisan politics.
Hear him: “May we begin to ask what the President’s children do for a living? I mean, by the time I was their age I was doing something concrete. I got a PhD at 24. I wasn’t depending on any father. People must get to a stage in their lives when they hold themselves together.
“I don’t want adults behaving like invalids, hanging around just because your father is in a position….all these children of privileged people over do it…and these are boys that would probably have wives at home…some of these girls, what they go through is very embarrassing. You can’t have a husband that is just hanging around,” he said.
The attempt to ridicule Seyi Tinubu’s efforts and track record in the business environment in Nigeria isn’t only unfair and misleading; it’s disappointing that such is coming from a well-read and deeply knowledgeable anchor.
While some may argue that some protocol issues need to be corrected in of travels and how the president’s sons are introduced at international fora, it is grossly inaccurate to reduce the industry of young men building businesses in Nigeria and contributing to youth development to the mere fact of their father being president or to say that of first families should not be recognized at the arrival of their world leader parent in another country. Donald Trump’s entire family stood on the specially reserved balcony whilst he and Melania were being received in London by the late queen, and Chelsea Clinton is famous for her photo with Bill Clinton and Hillary when the Queen was by their car with them. I also recall Bush coming to Nigeria with his daughter.
But like I said, we must be careful not to sully hardworking persons for the simple crime that their father is a President. Not even when these young men, particularly Seyi Tinubu, have made enormous impact in business long before their father contested for presidential elections.
For the sake of those who may be misled by such careless generalization, it is pertinent to set the record straight per the misrepresentation contained in Abati’s diatribe.
Seyi Tinubu is a serial entrepreneur and the CEO and Founder of Loatsad Promomedia Ltd, an outdoor advertising company with notable Nigerian leading blue chip and multinational companies as part of its clients. Due to several years of hardwork and resilience in building a successful brands, Seyi is highly sought after for his sound legal experience and deep knowledge of youth demographics and international business transactions.
Since opening Loatsad Promomedia ten years ago even till now after parting ways with his co-founder, Derenle, Seyi has overseen thousands of completed advertising transactions worth billions in transaction value. In 2020, in recognition of his industry and business acumen, he was inducted into the Institute of public resources management and politics in Ghana. In 2019, he was crowned the Ecowas youth Ambassador for Entrepreneurship and youth development and he also won the peace legend award as the Entrepreneur of the year. His company was also one of the few selected amongst thousands of SMEs in Nigeria to win the prestigious fastest growing company Award by Businessday in 2018.
Seyi has been at the tiller of the companies’ merger with Promomedia back in 2016, which saw the company opening up its portfolio of services by incorporating digital advertising. The company has since taken strides in defining its position in the out of Home Advertising sector with its acquisition of E-motion Advertising Ltd, a leading advertising firm.
Defining his place as a disruptor, serial entrepreneur and youth advocate, he has shown an unwavering commitment to ensuring positive change in Nigeria and empowering Nigeria’s millennial demographic to achieve their potential through entrepreneurship development.
It is to nurture that dream that he founded the Noella Tinubu Foundation in 2018, which helps to build capacity, the vulnerable, and transform the lives of marginalized women, children/young adults and the elderly in specific communities by providing lasting solutions. The foundation works with experts in relevant fields to champion their causes, whilst looking to the future and working to keep the momentums going through innovative solutions.
The Foundation was founded in partnership with Layal Tinubu, Seyi's wife and they work with dedicated network of partners to develop and execute impactful initiatives that address various national challenges.
Seyi is equally ionate about foreign investment and privatization, information technology & (advertising) outdoor and digital, human resources, and that explains his ion to deploy his expertise to ensure that his father succeeds in such key areas. As a testament to this, he has attended numerous local and international business summits including the Lagos Small Business Summit held in 2019, SDG summit in Ghana, among others.
For his efforts, he was inducted into the Class of 2018 Hall of Fame at the Nigerian Stock Exchange; was featured in The Business Year publication and his insightful thoughts on business growth published for the benefit of readers.
In the same 2018, his company was named as one of the top 1000 fastest growing SMEs in Nigeria by BusinessDay newspaper.
For the objective-minded of the public, what’s striking is that ALL of these accomplishments were attained nearly SEVERAL years before Seyi Tinubu’s father became president and more than a decade after he left office as Lagos state governor.
So it remains disingenuous and grossly inaccurate to reduce such level of dedication to business growth, industry, resilience and ion for societal development to the mere fact of Seyi Tinubu’s father being the president.
“What is the son but an extension of the father?” quipped Frank Herbert. There isn’t any better reflection of this reality than how Seyi has shown doggedness by following the footsteps of his father, Asiwaju Bola Tinubu.
Without doubt, Dr Abati’s Tirade on “what the President’s children do for a living” is rooted in ignorance of happenings within the fast-growing business and digital technology spaces in Nigeria and beyond, where Seyi Tinubu has remained a key player and influential source of inspiration for millions of young people.
A prolonged legal dispute between Dangote Farms and a global cotton company, Plexus Cotton Limited, regarding non-payment of an arbitral sum may result in the closure of Dangote Farms, a subsidiary of the Dangote Group.
Plexus, headquartered in England, entered into a cotton supply contract with Dangote Farms in 1996.However, Dangote Farms reportedly breached the agreement by delivering only 1,450 metric tonnes of raw cotton instead of the agreed 3,700 metric tonnes.
Consequently, Plexus initiated arbitration proceedings against Dangote in Liverpool, resulting in an arbitral award issued against Dangote in 1998.
The tribunal, led by the President of the Liverpool Cotton Association, found Dangote in breach of the contract and awarded $431,000 in favour of Plexus, equivalent to the unfulfilled supply plus an 8% interest rate.
Despite Dangote’s attempts to overturn the arbitral award in England and Nigeria, Court documents made available to POLITICS NIGERIA revealed their efforts proved futile. For instance, Dangote’s initial appeal before the Federal High Court in Lagos, claiming lack of awareness of the arbitration, was dismissed as incompetent.
"The fact and evidence of the Defendant outweigh the mere assertion made by the Claimant that it had no knowledge of the arbitrator or that it was denied the right to appoint its own arbitrator,” the presiding judge, Justice DT Okuwobi ruled in 2015."
"A court has no jurisdiction to award interest on an arbitral award or to otherwise interfere with the award. The counterclaim now found incompetent is hereby struck out.”
Similarly, a three-man at the Court of Appeal in Lagos affirmed Justice Okuwobi’s ruling in 2018.
According to the presiding judge, Justice Biobele Georgewill, Dangote cannot contest the outcome of the “arbitration it had neglected, boycotted and or failed to participate in”.
Award Value rises to $2.4 Million
With the arbitral sum unpaid for over 25 years, it has accrued to $2.45 million, according to a recent filing by Plexus at the Federal High Court in Lagos. The British company is now seeking a winding-up order against Dangote Farms to enable liquidation of the company’s assets.
“Your Petitioner therefore humbly prays that: Dangote Farms Limited be wound up by the Court under the provisions of the Companies and Allied Matters Act, 2020 for its inability to pay and satisfy its liquidated money sum owed by the Respondent to Your Petitioner and established by copies of the attached notices and orders of court.
"The Respondent's refusal to liquidate its aforesaid indebtedness to Your Petitioner has occasioned serious financial hardship and unnecessary expenses to Your Petitioner and ought to be wound up to prevent its future indebtedness to other commercial entities."
"The Respondent is, by its own ission, unable to pay its established debt to the Petitioner and the sum owed by the Respondent is increasing daily owing to the interest element, and in the circumstances it is just and equitable that the Respondent be wound-up. As of November 30, 2023, the sum had become $2,452,695.44,” the court documents filed in December read in parts.
MTN Nigeria Plc has announced a significant loss before tax of N177.8 billion, a stark contrast to the pre-tax profit of N518.8 billion recorded the previous year. This loss has led to the complete erasure of shareholders’ funds.
The company attributes this loss primarily to a substantial foreign currency loss of N740 billion, a stark increase from N81 billion in 2022. This marks the company's first-ever loss since it became publicly listed in Nigeria.
MTN explains that the loss is largely due to operational shifts in the Nigerian Foreign exchange market, particularly the elimination of the segmented/parallel structure announced by the Central Bank of Nigeria (CBN) in June 2023.
Using an official exchange rate of N907.11/$1 as of 31 December 2023, MTN suggests that the loss could potentially widen further if the current exchange rate between the naira and dollar persists until the end of March, when it publishes its Q1 results.
KEY FINANCIAL HIGHLIGHTS
Revenue for 2023 stood at N2.469 trillion, reflecting a 22.69% increase from N2.012 trillion in 2022.
Operating Profit rose to N773.660 billion, up by 5.38% from N734.164 billion in 2022.
Finance Income surged to N25.815 billion, marking an 87.50% increase from N13.768 billion in 2022.
Finance Cost increased to N236.927 billion, up by 60.86% from N147.287 billion in 2022.
Net FX Loss soared to N740.434 billion, an 804.93% rise from N81.822 billion in 2022.
After-tax Loss amounted to -N137.021 billion, a drastic decline from the profit of N348.727 billion in 2022.
Earnings per share plummeted to -N6.38 from N16.76 in 2022.
Total Borrowing increased to N1.177 trillion, up by 70.69% from N689.673 billion in 2022.
OPERATIONAL HIGHLIGHTS
Total subscribers grew by 5.3% to 79.7 million.
Active data s increased by 12.7% to 44.6 million.
Active mobile money (MoMo PSB) wallets surged by 163.2% to 5.3 million.
EBITDA grew by 12.3% to N1.2 trillion, with EBITDA margin decreasing by 4.5 percentage points to 48.7%.
Consequently, the net loss for the year has led to a depletion of retained earnings and shareholders’ funds to negative N208.0 billion and N40.8 billion, respectively.
Regarding dividends, MTN Nigeria has communicated that due to substantial currency devaluation and its impact on retained earnings, no final dividend payment will be proposed for the year ended December 31, 2023. However, interim dividends of N117.48 billion were approved on July 27, 2023, for the same period.
MTN Nigeria Communications Plc (MTNN) closed at N222.90 on the last day of February, representing a year-to-date loss of 15.6% for shareholders. The stock has lost 19% of its value from February 1st to date.
Despite the losses, MTN emphasized that it maintained strong free cash flow generation, which increased by 11.6% YoY to N631.6 billion.
The company commented on the challenging operating environment in 2023, characterized by rising inflation, currency devaluation, foreign exchange shortages, and geopolitical disruptions. These factors, coupled with cash shortages in Q1 due to a redesign of the naira, created significant challenges for both customers and the business. Inflation reached 28.9% in December 2023, the highest in 18 years, with an average rate of 24.5%. Additionally, the removal of the fuel subsidy in May 2023 led to higher fuel prices, further exacerbating the situation.
In June 2023, the CBN adopted a more liberal foreign exchange management system, resulting in a 96.7% unfavorable movement in the exchange rate against the US dollar, significantly impacting the cost of doing business in Nigeria, particularly with regard to tower leases for MTN Nigeria.
BUA Cement released its audited financial statements for the full year 2023, revealing robust revenue growth of over 27 percent, totaling N460 billion. This achievement comes amidst challenging economic conditions stemming from the Naira redesign policy.
Despite facing these significant hurdles, including Naira devaluation and persistent inflation, the company demonstrated resilience, posting a revenue growth of 27.4 percent. However, production costs soared by 39.5 percent to N276 billion, compared to N197.9 billion in 2022.
In the face of these challenges, BUA Cement reported a net foreign exchange loss of N70 billion, primarily attributed to finance costs related to the construction of additional 3mmtpa lines at its Obu and Sokoto plants, as well as foreign trade payables amounting to N17.5 billion. Nonetheless, the company managed to achieve a net profit after tax of N69.5 billion.
Yusuf Binji, the Managing Director/CEO, acknowledged the tough operating environment in 2023 but highlighted the company's initiatives that contributed to revenue growth, including the BUA Cement Scratch and Win promo. Furthermore, the commissioning of new production lines and gas power plants at Sokoto and Obu plants, along with investments in distribution infrastructure, bolstered market presence.
Binji emphasized the company's commitment to addressing Nigeria's housing and infrastructure needs sustainably while striving to make cement more affordable. He also noted the completion of the new 70MW gas power plant in Sokoto and anticipated activation of the same plant in Obu during the first quarter of 2024.
In his words: "Clearly, the operating environment in 2023 was challenging, given the different headwinds confronted with at the start of the year and especially with the devaluation of the Naira. During the year, we launched the maiden edition of the BUA Cement Scratch and Win promo., among other initiatives, which saw BUA Cement further increase its share of the market and resulted to a 27.4 per cent rise in revenues to N460 billion from N361 billion in the prior year."
"In addition, we commissioned the new 3mmtpa lines at the Sokoto and Obu Plants, activated a new 70MW gas power plant in Sokoto and eagerly await the activation of the 70MW gas power plant at Obu during the first quarter of 2024,"
Jacques Piekarski, the Chief Financial Officer, praised the company's resilience in the face of economic challenges. Despite the foreign exchange loss, EBITDA increased by 9.6 percent to N169.3 billion, reflecting the company's confidence in its business prospects and evolving strategy for growth.
The National Association of Nigerian Students, NANS, has written an open letter to President Bola Ahmed Tinubu over the mismanagement of the Cement Technology Institute of Nigeria (CTIN) under the leadership of Aliko Dangote.
Below is a full transcript of the letter seen by POLITICS NIGERIA;
"We, the National Association of Nigerian Students (NANS), being the voice and representatives of the Nigerian Students, a large percent of youth constituency of our population and by extension defender of oppressed citizens and advocate of the Nigerian masses, the bearers of our nation’s future and voice of the voiceless young generation."
"Today we are raising our voices in protest, We are writing to you to express our deep concern and outrage regarding the mismanagement and lack of ability within the Cement Technology Institute of Nigeria (CTIN), an organisation under Alh Aliko Dangote’s Leadership as pioneer and self imposed life Chairman."
"The alleged misused, diversion and misappropriation of such strategic fund intended to provide training and development opportunities for Nigerian youth in the cement industry in line with the establishment goals of CTIN is a weighty one, in fact it's a future-threatening act and an act of economy sabotage."
"Certainly, the fund has been squandered, leaving a trail of broken promises and shattered dreams as nothing can be pointed at as an achievement in this regard."
"The situation of countless Nigerian youths, who remains unemployed and lacking technical skills in a rapidly advancing global economy like ours, is a harsh testament to the repercussions of such mismanagement and embezzlement. Another hidden factor responsible for the unprecedented hike in cement price in the country."
"We are living in a country where our potential is suppressed and our future is uncertain courtesy of greed and selfishness of a microscopic few in position of authority, while leaders of our industries such as Aliko Dangote with such a special intervention fund failed to do the needful but rather enrich themselves by diverting such funds intended for our growth and development for only God and Dangote known purpose and use."
"We demand answers, we demand ability, we demand explanation and we demand justice."
1. In clear , We urge Mr President to issue a directive to Federal Ministry of Industry, Trade and Investment to make public as a matter of urgency and national importance her role so far, the status, management, and usage of the over 20billion Naira (about $100 million as at then) contributed as levies on imported cement to CTIN for technical training purposes since over 10 years ago when Nigeria was still importing cement.
"We know and we are fully aware nothing has been done with the fund in line with its purpose. This is money that should have gone to government coffers for investment in our vocational and technical education system."
"Alh Aliko Dangote has been sole chairman since this institution was created by the Federal Ministry of Trade in conjunction with cement importers - hence why we are also demanding an explanation directly from Alh Aliko Dangote as to where is the said fund."
"Your Excellency, to avert degeneration of this matter, where all Dangote industries will be occupied by Nigerian students nationwide, kindly advice Alh Aliko Dangote to immediately engage an external independent forensic auditor to audit the CTIN funds, and we also demand that anyone found guilty be held able for their actions."
"We further demand swift action towards restructuring the leadership and governance of CTIN, nothing like life chairman, it should be democratic to prevent such overstay that is bringing severe mismanagement of what should be the People’s commonwealth from happening in the future."
"We demand from Chairman CTIN Aliko Dangote , an explanation on his level of involvement as to what looks to the public as a mismanagement and misappropriation of the CTIN funds."
"The Nigerian youth will no longer remain silent as our potential is suppressed and our futures are jeopardized by anyone."
"This is not a plea for answers; this is a demand for ability, transparency, justice and a rallying cry for all those who believe in Nigeria's potential and the rights of its youth to education, opportunity, and a fair shot at success."
"We will not rest until every penny of the funds is ed for, and until those responsible for this shameful betrayal of trust by hiding these funds and not using them for their right purpose, are held able publicly."
"We will use every available platform and legal recourse to seek justice and ensure that such a breach of public trust never reocurs."
"Alhaji Aliko Dangote, CTIN , Ministry of Trade, Industry, and Investment, the Nigerian youth are waiting, and we demand your swift and thorough public response within seven days of publication of this letter."
In a bid to curb what it perceives as the continuous manipulation of the forex market and illicit movement of funds, the Nigerian government has taken decisive action by blocking the online platforms of prominent crypto firms, including Binance.
POLITICS NIGERIA learned on Wednesday evening, that the Nigerian Communications Commission (NCC) had directed telecommunication companies in the country to block access to these platforms. Alongside Binance, other affected platforms include Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken.
This move follows earlier considerations by the government to stem the free fall of the local currency, the naira. Sources from the presidency and regulatory bodies revealed that the decision to target Binance and other crypto firms was prompted by concerns over currency speculation and money laundering activities facilitated by these platforms, which are believed to be contributing to the weakening of the naira.
A check carried by our correspondent as at the time of filing this report, using a device connected to MTN LTE network, shows that Binance(binance.com) and OctaFX are currently unaccessible.
Binance, a leading digital assets platform, has been under scrutiny by Nigerian authorities since September 2023 when the country's Securities and Exchange Commission (SEC) disclaimed its operations, labeling them as 'illegal'.
Despite the warning, Binance continued its activities, garnering significant patronage, particularly among urban youths and suspected speculators and money launderers.
Aside from economic concerns, officials have also raised alarms about national security, citing the platforms' use by criminal groups for activities such as ransom payments.
In response to these developments, Binance has stated its commitment to working with local authorities and regulators to address compliance issues, including taking action against manipulative behavior on its platform.
The Nigerian government's decision to block access to these crypto platforms underscores its determination to maintain stability in the forex market and combat financial crimes.
However, this move has sparked debates about the implications for digital asset trading and the broader financial landscape in Nigeria.
When the Nigerian President, Bola Ahmed Tinubu, was sworn in on May 29, 2023, his first policy intervention in Nigeria’s opaque, corruption-laden oil sector surprised everyone. “Subsidy is gone!” Tinubu exclaimed during his inaugural address at the Eagles Square, Abuja, shortly after he was sworn in as the 16th President of Nigeria. He added that there was no provision for subsidy in the national budget from June 2023 and, therefore, it stood removed.
If international investors had any doubt about Tinubu’s commitment to combat Nigeria’s hydra-headed corruption and sanitise the nation’s economic policy space, the declaration indeed put paid to it, and signalled his intent from the start.
Not relenting in its reform drive, barely a month after the subsidy removal declaration, the Tinubu government through the Central Bank of Nigeria (CBN) announced the unification of all segments of the forex market collapsing all windows into one. The bank said it was part of a series of immediate changes to operations in the Nigerian Foreign Exchange (FX) Market, in a bid to improve liquidity and Naira stability.
In its reaction to the raft of policy reforms, the International Monetary Fund (IMF) applauded the economic reforms, noting that the measures were a pathway towards stronger and inclusive growth.
A former President of the World Bank, David Mal, also lauded the economic strategies employed by Tinubu since assuming office. In a tweet, Mal declared: “Glad to see @officialABAT taking concrete steps to scrap Nigeria’s harmful government subsidies and multiple exchange rates. These are important steps toward currency stability, lower inflation, and reduced corruption in Africa’s most populous country.”
As in all reforms, the ripple effects of the policies are being felt across boardrooms and on the streets, even as government remains optimistic about the long-term benefits.
While the reforms have shown the direction of the Tinubu government’s economic policy, they have also shown how audacious the president can be in driving reforms in the interest of Nigerian poor masses, without giving undue advantage to businesses considered “sacred cows”.
Tinubu himself made this known at a civic reception organised in his honour by the Lagos State Government at Lagos House, Marina, last October.
“I could afford to share the benefit by participating in the arbitrage, but God forbid! That’s not why you voted for me,” Tinubu said at the reception, defying the possible impact of the audacious moves on public sentiment.
“We have no choice,” he added, noting that it’s important to ensure the good use of available resources to unable government “re-engineer the effectiveness of the control and management of our resources in order to meet the obligations to Nigerians by political officeholders.”
The Price of Audacity
Last week, officials of the Economic and Financial Crimes Commission (EFCC) visited the Dangote Group headquarters in Lagos as part of an investigation into forex allocation in the past years.
Dangote Group is one of Africa's largest companies owned by Billionaire businessman, Aliko Dangote.
The move was part of the ongoing investigation into the abuse of the foreign exchange allocations by former CBN governor, Godwin Emefiele, under whom reports said there were preferential foreign exchange allocations made in defiance of extant financial rules and regulations, and the CBN Act.
Already, Emefiele is being charged for gross violation of extant laws and abuse of office, according to a report by Jim Obazee, a Special Investigator appointed by President Bola Tinubu to scrutinise the activities of the CBN under the former CBN Governor.
The Obazee report, as seen in national dailies and which is yet to be made official, alleges that Emefiele employed surrogates to obtain shares in a new-generation bank during his tenure at the helm of the Central Bank of Nigeria (CBN). Other accusations in the alleged report against Emefiele encom a spectrum of financial misdeeds, including unauthorised funding of 593 offshore bank s, fraudulent cash withdrawals from the CBN vault, gross financial misconduct involving the former governor and his Deputy Governors, and substantial fixed deposit holdings amounting to £543.4 million.
He is also accused of manipulations of the Naira exchange rate, irregularities in the e-Naira project, unauthorised printing of new currency denominations, and substantial expenditures on dubious legal fees, fraudulent interventions, COVID-19-related irregularities, and misrepresentation of presidential approvals on various financial strategies.
Since the recent EFCC investigations began, there have been concerns on how the optics of such investigations could affect the business environment and possibly scare investors away.
But could a move to sanitise the system, curb corruption, instill discipline and provide level-playing fields for all businesses indeed jeopardize investment and scare away investors?
Like BAT, Like MBS
The fears around President Bola Ahmed Tinubu’s reforms are reminiscent of similar fears around a sweeping crackdown on corruption ordered by Crown Prince Mohammed bin Salman, also known as MBS, in Saudi Arabia.
When the reforms began, reports premised on scaremongering dominated media headlines as many wondered what the ripple effect of the reforms could mean for the Saudi economy.
But against the background of the reforms, outlined in the Kingdom’s Vision 2030 blueprint, Saudi Arabia is all set to become one of the most sought-after destinations for businesses in the Middle East and North Africa region.
44 international companies have already moved their regional headquarters to Saudi Arabia, according to official figures, with the prospects improving by the day. At least 80 firms have been issued regulatory clearances to establish their offices in the Kingdom, too.
In recent months, several noted firms, including PwC Middle East and Egypt’s Intella, inaugurated their regional headquarters in Saudi Arabia, indicating Saudi Arabia’s investment-friendly evolution.
In Nigeria, a PwC report on the impact of corruption shows that corruption in Nigeria could cost up to 37% of Gross Domestic Products (GDP) by 2030 if it is not dealt with immediately. This cost is equated to around $1,000 per person in 2014 and nearly $2,000 per person by 2030.
What can be deduced from the report is that Nigeria cannot attain economic development and inclusive growth that will lift millions of Nigerians out of poverty until corruption, especially in business environment, is fought head-on.
So far, with the probe of the CBN, cancellation of round-tripping through the abolition of multiple exchange windows, and removal of opaque, unsustainable fuel subsidies, the Tinubu government has shown a rare commitment to fighting corruption and ensuring a fair investment ecosystem—one that gives investors equal access and opportunities irrespective of where they come from. Without doubt, this has sent positive signals to investors and businesses (local and foreign) worried about Nigeria’s sometimes opaque systems.
To quote a Bloomberg publication on corruption, "Graft may always be with us, but governments can choose either to tolerate and even assist it, or to confront it vigorously." Will the Tinubu government continue on this pathway of sanitizing endemic corruption or will it bow to scaremongering by vested interests?
Dumebi Ifeanyi is a senior public affairs analyst for Communications and Digital Engagement Nigeria
aminulive: 1:42pm On Jun 02