Author: Abimbola Daniels

THE Independent Petroleum Marketers Association of Nigeria has said the Dangote Petroleum Refinery should sell Premium Motor Spirit (petrol) below the current N825 per litre price being sold by the Lekki-based plant. IPMAN Publicity Secretary, Chinedu Udadike, in an interview with our correspondent, stated that the refinery had the necessary enabling factors to sell petrol below its current ex-depot price. Ukadike was reacting to a comment by the President of the Dangote Group, Aliko Dangote, that the refinery contributed to the consistent drop in fuel prices to a level that Nigerians pay about 55 per cent of what other West…

AMID the unfolding political episodes in Lagos, Governor Babajide Sanwo-Olu on Sunday met with President Bola Tinubu at his Bourdillon residence in the highbrow Ikoyi area of the state. Sanwo-Olu met with the president alongside the Governor’s Advisory Council (GAC), the highest decision-making body of the All Progressives Congress (APC) in Lagos. There have been rumours of a perceived rift between the president and the governor, especially after the controversial removal of Mudashiru Obasa as Lagos speaker and his eventual reinstatement. Sanwo-Olu’s conspicuous absence from the flag-off of the reconstruction of the deep seaport access road in Epe, Ijebu-Ode area…

THE Lagos Government has arrested and arraigned five individuals for indiscriminate refuse dumping in a canal along the Igando-Iba Road Link Bridge area of the state. The suspects—Quassim Jamiu, 44, and Ayo Jamiu, 18, both from Kwara State; Alexander Innocent, 40, from Akwa Ibom; Oparinde Taiwo, 55, from Ogun State; and Moses Adelowokan, 76, from Osun State—were remanded in Kirikiri Correctional Facility following their arraignment before a Magistrate Court sitting in Oshodi. According to the Lagos State Commissioner for the Environment and Water Resources, Tokunbo Wahab, the men were caught in the act by operatives of the Kick Against Indiscipline…

TONY Elumelu, Chairman of UBA Plc, has increased his stake in the bank to 10.63 percent. This follows the acquisition of UBA shares worth N43.9 billion on Friday, representing an additional 3.09 percent holding in the bank. The business mogul maintains his stake both directly and indirectly through Heirs Holdings, HH Capital, and Heirs Alliance. Between May 22 and 23, Heirs Holdings acquired UBA shares worth N1.54 billion on the Nigerian Exchange (NGX), accounting for a 0.11 percent stake. This was followed by a direct acquisition by Elumelu on May 30, amounting to N43.9 billion worth of shares. Prior to…

PRESIDENT Bola Tinubu has appealed to Nigerians to be patient with him. The president made the appeal at the inauguration of the completed Phase 1, Section 1 (30km by six lanes) of the 750km Lagos-Calabar Coastal Highway on Saturday. The event was attended by Senate President Godswill Akpabio, Nobel Laureate Wole Soyinka, Finance Minister Wale Edun, and second-term governors including Hope Uzodimma (Imo), Dapo Abiodun (Ogun), and Babajide Sanwo-Olu (Lagos), among others. Tinubu said, “I know at this stage, your expectation is still very high and our people are still going through difficult times. I take this opportunity to appeal…

PRESIDENT Bola Tinubu has inaugurated three Nigerian Navy Ships – NNS SHERE, NNS FARO, and NNS IKOGOSI, and three AW109 Trekker helicopters: 501, 502, and 503 into the Nigerian Navy fleet. Tinubu, speaking at the inauguration on Saturday in Lagos, said that the addition of the three Fast Patrol Boats and three maritime surveillance helicopters affirmed the country’s commitment to securing its maritime domain. The president was represented by the Minister of State for Defence, Mr Bello Matawalle. “The sea has remained a pillar of our nation’s economic prosperity, and for the past 69 years, the Nigerian Navy has stood…

AN official of the Economic and Financial Crimes Commission, Alvan Gurumnaan, who is testifying as the eighth prosecution witness, has told the Lagos State Special Offences Court sitting in Ikeja how a former governor of the Central Bank of Nigeria, Godwin Emefiele, allegedly received a total of $17.1 million in cash through a proxy, for three years. Led in evidence by counsel for the EFCC, a Senior Advocate of Nigeria, Rotimi Oyedepo, the witness, Gurumnaan, told Justice Rahman Oshodi, that the monies were received between 2020 and 2023, in tranches and were handed over to Emefiele’s associate, and co-defendant in…

A LAGOS State Special Offences Court sitting in Ikeja has convicted and sentenced Mamman Nasir Ali, the son of former Peoples Democratic Party national chairman, Ahmadu Ali, and a Sierra Leonean, Christian Taylor, to 14 years imprisonment each over a N2.2 billion oil subsidy fraud. Justice Mojisola Dada sentenced the duo alongside an oil firm, Nass Man Oil Services Limited after the court found them guilty of an amended 57-count charge brought against them by the Economic and Financial Crimes Commission (EFCC). The defendants were first arraigned before the court in 2012 on a 49-count charge of conspiracy to obtain…

IKEJA, Lagos Island, and Lekki have emerged as the top three crime hotspots in Lagos State, according to data from the Lagos State Criminal Information System (LCIS). This was disclosed by the Lagos State Attorney General and Commissioner for Justice, Lawal Pedro (SAN), during a ministerial press briefing held in Alausa, Ikeja, to mark the second anniversary of Governor Babajide Sanwo-Olu’s second term in office. “Between January 2024 and May 2025, the top three crime locations in Lagos State were Ikeja, Lagos Island, and Lekki,” Pedro stated, citing recent LCIS statistics. He noted that the data underscored growing concerns about…

UNITED Bank for Africa (UBA) has emerged the strongest brands in Nigeria, defying volatile economic conditions to deliver value and build customer loyalty, according to a new report. UBA rose from ninth position in 2024 to become the strongest Nigerian brand in 2025, with a Brand Strength Index (BSI) score of 92.4/100 and a corresponding AAA+ rating. UBA’s rise to top in brand strength in 2025 effectively displaces GTCO which has now fallen to third place as the lender’s BSI score slowed to 89.5/100. “UBA performs strongly across all key research metrics, earning high scores in brand familiarity, preference, and…

THE Chairman of Heirs Holdings, Tony Elumelu, has emphasised that improving access to electricity as well as improving security are so critical to attracting investments to the country. Elumelu, who spoke at the Taraba International Investment Summit in Jalingo on Wednesday, also stressed the importance of ease of doing business in attracting investors. “Improving access to electricity is so critical in attracting and supporting investments in the country. Improving the security also helps, and most importantly ease of doing business,” Elumelu said at the summit organised by the Taraba State government. He said that the reason he loves and preaches…

THE Dangote Petroleum Refinery has said that Preisdent Bola Tinubu’s naira-for-crude deal allowed it to reduce the price of petrol, which translates to reduced costs at the pumps. This is even as the company affirmed that the prices of petrol will remain affordable and stable. The company said on Monday that despite the fluctuations in global crude oil prices, it has consistently reduced the price of petrol. The company, in a release signed its Group Chief Branding and Communications Officer, Anthony Chiejina, said the decision to maintain price stability reflects its unwavering commitment to supporting the Nigerian economy and alleviating…

LAGOS State Police Command said it has summoned a policeman, Inspector Obic Modestus, after a viral video showed him assaulting a driver. An X user, @dammiedammie35, who shared a video on the social media platform at 11 am on Monday, said, “A new video of Nigerian police men vi0lently assault!ng an uber driver. Please spread this video cos this is someone’s father they’re beat!ng like an animal like this.” The Police Officer, Inspector Obic Modestus, has been summoned by the Complaint Response Unit (CRU) @LagosPoliceNG. He will be handed over to the Provost Department for appropriate disciplinary measures. In the…

A FRESH round of hostilities may have erupted between major oil marketers and the Dangote petroleum refinery as both parties jostle for dominance in Nigeria’s downstream oil sector. This follows recent revelations by the President of the Dangote Group, Alhaji Aliko Dangote, who declared that his $20bn refinery is still “fighting for survival” amid what he described as sabotage by entrenched interests and oil sector cabals resisting local refining. He stated at a recent event that the battle with entrenched oil cabals — one that began even before the refinery commenced full operations — was still ongoing, but expressed confidence…

MARKETERS have argued that Nigeria cannot ban fuel importation now, saying the country’s refining capacity is still low. The marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlet Owners Association of Nigeria said any ban on fuel importation now could trigger scarcity and a hike in fuel prices. This newspaper reports that under President Bola Tinubu’s ‘Nigeria First Policy’, the President directed on Monday that “no procurement of foreign goods or services already available locally shall proceed without justification and a written waiver from the Bureau of Public Procurement.” Amid claims…

THE President of Dangote Group, Alhaji Aliko Dangote, says he is still fighting for the survival of his $20bn refinery, stressing that the fight is not yet finished. Dangote expressed optimism that he would win the fight for the refinery, stating his determination to fight on. According to Semafor, an international news medium, Africa’s richest man spoke at an investor forum in Lagos over the weekend. The report stated that Dangote pointed out that some individuals who “for a very, very long time” have “made a lot of money from” government-subsidised oil imports into Nigeria, were the ones trying to…

THE Lagos High Court sitting at the Tafawa Balewa Square has convicted and sentenced to death, a Bus Rapid Transit (BRT) driver, Andrew Ominikoron, for the murder of a 22-year-old fashion designer, Bamise Ayanwola. In a judgment that lasted over two and half hours, Justice Serifat Sonaike held that the prosecution, the Lagos State Government, successfully proved beyond reasonable doubt that the defendant committed the offence. The judge held, “that for the death of Oluwabamise Ayanwola, you will be hanged by the neck until you are dead. May God have mercy upon you.” Although there was no eye witness account…

TRANSNATIONAL Corporation Plc (NGX: TRANSCORP), Nigeria’s leading listed conglomerate with strategic investments in the power, hospitality, and energy sectors, has announced its unaudited results for the first quarter ended March 31, 2025. Key Highlights: • Strong Revenue Growth – The Group in Q1 2025 recorded a revenue of N143.7 billion, marking an increase of 62%, compared to revenue of N88.5 billion in Q1 2024. This strong performance is driven by the exceptional contributions of our subsidiaries. -The power businesses delivered robust revenue growth of 70% year-on-year, reaching N126.8bn in Q1 2025, up from N74.8bn in Q1 2024. Notably, Transafam Power,…

NIGERIA’s oil sector, the lifeblood of its economy, is grappling with a burgeoning crisis as a staggering 92 million barrels of crude oil, slated for export in April and May 2025, remain without buyers, according to exclusive data obtained by BusinessDay. The backlog is casting a shadow over the oil revenue, which accounts for 90 percent of Nigeria’s export earnings and N19.6 trillion, up to 56 percent of the initially projected N34.8 trillion revenue. This reflects Nigeria’s heavy reliance on oil for fiscal sustainability. Data obtained by this newspaper showed that over half of Nigeria’s scheduled crude oil cargoes for…

JUSTICE Deinde Dipeolu of the Federal High Court in Lagos has ordered 54 banks to immediately return a total of N9,329,322,870 fraudulently transferred by hackers from an unnamed old generation bank. The receiving banks include; Union Bank, Zenith, Sterling Bank and 51 Others. The judgment, delivered on April 15, 2025, follows an ex parte motion filed in suit number FHC/L/CS/629/2025. The court directed the financial institutions to place a Post No Debit restriction on all accounts that received the stolen funds and to begin the immediate return of all available funds to the originating bank. The plaintiff bank reported that…