Guaranty Trust Bank, flagship subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa, has been named Best Bank in
Corporate Social Responsibility in Nigeria at the prestigious Euromoney Awards for Excellence 2024. This recognition underscores GTCO’s unwavering commitment to excellence, going beyond offering innovative financial services and creating more value for its stakeholders to enriching lives and constantly exploring new opportunities to drive positive change in society. Announcing the Award, Euromoney highlighted the range and impact of GTCO’s CSR initiatives spanning education, health, community development, and financial inclusion. Over the years, Guaranty Trust has not only led with innovation and service excellence, but also consistently demonstrated a steadfast dedication to making a
positive impact and creating shared value through CSR. Central to these efforts are its consumer-focused events—the GTCO Food and Drink Festival and the GTCO Fashion
Weekend—both of which offer free business platforms for budding as well as established entrepreneurs to showcase their talents, share their unique stories, and connect with a broader audience. The Annual GTCO Autism Programme, an offshoot of the Orange Ribbon Initiative, aims to provide ongoing support for persons with developmental disabilities, focusing on those with autism spectrum disorder (ASD).
Commenting on the Award, Segun Agbaje, Group CEO of Guaranty Trust Holding Company Plc, stated: “As a Proudly African institution, we recognise that our success is inextricably linked to the well-being of the society in which we operate. Our commitment to corporate social responsibility is deeply rooted in our belief that businesses must act as a force for good, driving sustainable progress, and fostering inclusive growth. Over the years, we have successfully developed several free- business platforms and continue to sponsor impactful social causes that have benefited millions of people and businesses across Africa. This recognition from Euromoney is a testament to the far-reaching impact of our initiatives, and it reinforces our resolve to create enduring value and ensure better outcomes for all.”

United Bank for Africa (UBA) Plc, has announced a strategic partnership with the Young Lawyers Forum (YLF) of the Nigerian Bar Association (NBA) with the aim to propel the professional development of over 50,000 young legal practitioners across Nigeria, by way of academic sponsorships as well as trainings, with reputable agencies in a bid to enhance their legal careers.

The partnership was announced on Friday, July 24, at the bank’s headquarters, UBA House, in Marina, Lagos. This collaboration aligns with UBA's longstanding commitment to youth empowerment and Nigeria's socio-economic advancement.

Under this initiative, UBA will provide comprehensive support to the NBA-YLF, a subsidiary of the Nigerian Bar Association that represents lawyers with less than 7 years of post-call experience. The bank's involvement is expected to enhance these emerging legal professionals' career trajectories significantly.

 Speaking on the partnership, Group Head, Marketing and Corporate Communications, Alero Ladipo emphasized the bank's dedication to nurturing young talent and in the process strengthening the legal framework that ensures justice is effective in the country. “The partnership with NBA-YLF aligns strategically with UBA's commitment to youth development and community engagement while reinforcing the bank's dedication to fostering professional growth”.

"At UBA, we recognize that empowering the youth is crucial to Nigeria's future growth and advancement”, Ladipo said. “By investing in the professional growth of young lawyers, we're not just supporting individuals; we're strengthening the very fabric of our legal system and, by extension, our nation's development,” she added.

Also speaking, UBA’s Brand Project Manager, Lemachi Chris Asoluka, expressed enthusiasm about the partnership and how such empowerment is invaluable in the present legal landscape.

"This collaboration with UBA marks a significant milestone as it provides unparalleled opportunities for young lawyers to gain the skills and connections necessary to thrive in today's competitive legal landscape." Chris -Asoluka said

According to GCR, “the ratings were affirmed on the prospects of significant growth in earnings following the commencement of operations at the new petrochemical refinery and robust earnings expectation from the other businesses.”

In the report, the rating agency decried the impact of naira devaluation on DIL performance stating that, “the ratings are constrained by the adverse impact of the currency devaluation on the profitability and financial position of the group, given its significant foreign debt exposure.”

GCR in recognition of the potential of the Dangote Group added, “the group’s business profile is bolstered by the commencement of refining operations in February 2024 (with the production of diesel, Naphtha, heavy fuel oil, and aviation fuel), which now complements the already well-diversified group businesses.

 Accordingly, we expect the group’s business fundamentals to become increasingly tilted towards oil refining, given its size as the largest refinery in Africa and Europe. We also expect strong export sales potential given the recent debut exports of refined oil to Europe. The non-oil businesses continue to demonstrate strong earnings generating capacity and market leaderships in their respective sectors, underpinned by the above-peer production capacities and favourable demographics.”

“We have maintained a positive peer comparison consideration for DIL underpinned by the importance of the refinery to the Nigerian economy. However, we have lowered the extent of support applicable under this rating component because we expect the support factors to translate to substantive enhancements to the group’s business and financial profiles over the outlook period. In 2022, DIL raised a cumulative NGN300Bn in Series 1 (Tranches A and B) and Series 2 Senior Unsecured Bonds issued by its sponsored special purpose vehicle, Dangote Industries Funding Plc. Being senior unsecured debt sponsored by DIL, the Series 1 Tranches A and B Bonds and the Series 2 Bond rank pari passu with all other senior unsecured creditors of the group.

Therefore, the Bonds bear the same national scale long-term rating as that accorded to DIL and any change in DIL’s long-term corporate rating would impact the Bonds ratings. We have reviewed the draft trustees’ bond performance report dated 24 May 2024 and note that the coupons have been paid as and when due and there were no breaches to any covenants and pledges in the trust deeds.

 However, the group remains highly exposed to volatile energy cost dynamics and is reliant on importation of gypsum for cement, raw sugar input, and crude oil for the refinery” GCR stated.

For the seventh consecutive years, Dangote Industries Limited, has again emerged as most valuable brand in Nigeria, leading other top brands like MTN, Airtel, Access Bank, Globacom

and many others. The latest report of the TOP 50 BRANDS NIGERIA® rankings, an annual celebration of the
most influential and valuable brands in the country, revealed this. Dangote is immediately followed by MTN Nigeria, which not only ranks second overall but also emerged as the Most Popular Brand in the country for the year, according to the Top-of-Mind (TOM) survey. MTN’s  strong consumer connection and widespread recognition highlight its significant impact on the telecommunications sector and beyond. At the third place this year is  Globacom Nigeria , a leading Nigerian multinational telecommunications company known for its innovative solutions and commitment to progress. Globacom’s consistent ranking among the top brands indicate its significant role in Nigeria’s digital and technological advancement. Airtel Nigeria, another key player in the telecommunications sector, secured the fourth position. Access Bank ranked in the fifth position, topping the Banking & Financial Services sector.
The organisers stated that: “This year’s list is a testament to the resilience, innovation, and enduring relevance of brands that continue to shape Nigeria’s economic, particularly in challenging times. A significant highlight this year is that seven of the first 10 brands out of the 50 are Nigerian, emphasizing the resilience and global competitiveness of home-grown brands, most of which
had spread abroad. Additionally, it is impressive to note the consistency among the top brands, with seven of them maintaining their positions from last year. This stability reflects their continued relevance, strong market presence, and ability to navigate the complexities of the Nigerian business environment.
Nigerian brands account for 24 spots on the top brands list this year, while international brands hold 26 positions, representing 52% of the total. The 2024 list also witnessed the entry of two new brands, these are  Opay Nigeria and Flutterwave , which made their debut in the annual Top 50 evaluation. These new entrants highlight the growing influence of fintech and digital payment platforms in shaping Nigeria’s economic future. Notably, 14 brands maintained their positions from the previous year, reflecting their consistent performance and consumer trust.
Another set of notes in the presentation are the 10 Brands to Watch – These are vibrant and upcoming brands, who, though not among the 50 Top Brands yet, but with significant visibility
and promises. This year, 9 of the 10 Brands to Watch are Nigerian.

During the public presentation, Taiwo Oluboyede, CEO of TOP 50 BRANDS NIGERIA®, commended the  brands for their exceptional performance resilience, particularly in the face of the present economic challenges. “These brands deserve commendation, really, especially in times like this. The past year has been tough for many businesses, with some relocating out of Nigeria and others barely holding on. However, the majority of these brands have shown the resilient Naija spirit by weathering the storms and standing strong with positive projections into the future” He went on “As the saying goes, tough times never last, but tough people do. It’s in times like this that you differentiate between the boys and the men, as these brands have shown.” Oluboyede concluded.
The 2024 TOP 50 BRANDS NIGERIA® list is a celebration of excellence, resilience, and the relentless pursuit of growth. As these brands continue to innovate and adapt, they set the standard for what it means to be a top brand in Nigeria. We look forward to witnessing their continued success and contribution to Nigeria’s economic development in the years to come.

The League of engineering bodies in Nigeria have hailed the huge scale of engineering structures at the Dangote Petroleum Refinery and Petrochemicals and Dangote Fertiliser Plant at Ibeju-Lekki, Lagos State, describing the superstructure at the complex as awesome and mind-blowing; even as the company prepares for the rollout of its premium motor spirit (PMS) product, also known as petrol.

The League, comprising the National Society of Engineers (NSE), Nigerian Academy of Engineering (NAE), Association of Consulting Engineering in Nigeria (ACEN), and the Council for the Regulation of Engineering in Nigeria (COREN), toured the complex at the weekend, where they were received by the Vice President, Oil & Gas, Dangote Industries Limited, Mr. Devakumar Edwin.

The body of engineers also commended the President of Dangote Industries Limited, Aliko Dangote for hiring and nurturing highly-skilled Nigerian engineers - who were guides during the visit - and declared that engineering is alive in Nigeria, from the workforce to the construction at the Dangote Refinery complex.

During an interactive session, the 34th and first female President of the Nigerian Society of Engineers, Margaret Oguntala, described the facility as “mind-blowing”. She added that the refinery project from construction to employment, gives her hope and assurance that young Nigerian engineers are ready to take up the world.

“I was awed to see the state-of-the-art facility at the Dangote Refinery; what I see here today will blow the mind of any engineer; it is just like the movies. I was an intern at the Port Harcourt Refinery and I also visited the Kaduna Refinery, it is nothing compared to what I see here. The young engineer that took us around showed capacity and we are happy that you are building the future of engineers. We at the NSE are behind you, we shall take this home and let the world know that engineering is alive at the Dangote Refinery,” she added.

Speaking on behalf of the Nigerian Academy of Engineering, Prof. Azikwe Peter Onwualu also noted that the visitors have seen “something good and Nigerians need to know about it.”

Prof. Onwualu added “We are happy some of our fellows are part of your system. We would like to remind the President of the Dangote Group, Mr. Aliko Dangote, that if you are not doing something great you will not be criticised. Whatever you are doing, keep it up. If we have this kind of development across Nigeria, people won’t be talking about protests. Keep doing what you are doing and you will hear from us.”

Also, President of Council for the Regulation of Engineering in Nigeria, COREN, Prof. Sadiq Abubakar, enthused that Nigerian engineers are not inferior to their counterparts globally and the Dangote Refinery is visible proof of this. “We have known this as a fact that Nigerians are no less in engineering globally. We know our capabilities and this attests to it. What we saw today is emotional and I wonder what the motivation for this colossal investment is. We would like to encourage him for keeping the spirit of a true Nigerian.”

Reacting to questions, the Group Vice President, Oil and Gas, Mr. Edwin, demystified talks around the monopoly tag, stating that someone has to start a project before others follow.

“Nigeria was one of the largest importers of cement, then we started manufacturing cement and then we became exporters, same thing applies to sugar, salt and now fertiliser. This breakthrough opened the doors for other investors in those industries and Nigeria is better for it.

“What motivates Mr. Dangote is his sheer interest in the Nigerian project. It is true, we are in business to make money but the question is where is the money going to? Every money Dangote is making goes back to the Nigeria economy, from cement to salt, sugar, fertiliser."

“The business strategy of the Dangote Refinery is to minimise the energy cost and the overall cost of production; build the most environmentally friendly; maximise value addition; maximise gasoline which is in high demand with about 55 per cent of the production capacity compared to 22 per cent of the existing refineries in Nigeria; strategically located marine infrastructure for crude receipt and product evacuation; state-of-the-art technology; produce Euro V products; provide crude flexibility and create market of $21 billion per annum of Nigerian crude,” Mr. Edwin added.

While speaking to journalists, the Technical Consultant to Dangote Refinery, Engr. Babajide Soyode, said the visit of his professional colleagues, made him “very proud”. He added that “I knew the project was a hard one, but Aliko Dangote is harder. He follows up on his passion. His corporate vision is to meet the need of the people. It is the greatest honour of my life to be part of this project.”

The Dangote Refinery is poised to begin production of petrol, according to Mr. Edwin; a process which is expected to complement the current products at the refinery, stimulate local supply of the vital product to Nigerians, and save huge foreign exchange revenue for the country.

By Victory Oghene

Four months after Tijani Muiz Adeyinka, a manager with the operation team of First Bank who allegedly perpetrated a N40 billion naira fraud, First Bank has sacked over 100 employees.

They were precisely relieved of their jobs in July 2024 on account of the fraud.

Adeyinka who is currently at large, used his authorisation to approve chargebacks to accounts he controlled.

According to TechCabal about 120 employees, including full-time and contract staff of First Bank’s large operations department, were given termination letters in July. The head of transactions at the time was also sacked.

These employees were accused of laxity in carrying out their duties and were told they should have spotted the fraud earlier. First Bank’s management team believed it was impossible for a fraud of that scale and timeline to have been executed without the knowledge of Adeyinka’s superiors.

“The CEO said there will be zero tolerance for supervisory negligence,” squealed an insider.

It would be recalled that Adeyinka, who was the final line of authorisation on his team, carried on his scheme unnoticed for two years. When the incident was discovered in March, the bank tried to keep the matter under wraps, suspending several operations team members indefinitely. However, First Bank became more aggressive after the fraud became public.

Several employees were questioned by the Nigerian Police Force (NPF) and detained at the Lion’s Building for at least six hours, one person with direct knowledge of the incident said “Those employees needed to post bail before they were released. Restrictions have been placed on all their personal accounts except their First Bank accounts”

NATIONAL WAVES’ efforts to speak to Chinwe Bode Akinwade of Corporate Communications department of First Bank on its findings were fruitless as calls to her line were not answered, and she has yet to respond to a message sent to her on the matter. 

Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2024, recording an impressive triple-digit growth of 117% in gross earnings from N967.3 billion
reported in H1 2023 to N2.1 trillion in H1 2024. This superior performance has been achieved even as the Nigerian banking industry navigates a challenging macro environment.
According to the bank's audited half-year financial results presented to the Nigerian Exchange (NGX) on Friday, 30th August 2024, the triple-digit growth in the top line also
drove growth in the bottom line as the Group recorded a 108% Year on Year (YoY) increase in profit before tax, from N350 billion in H1 2023 to N727 billion in H1 2024. Profit after tax also grew by 98% from N292 billion to N578 billion in the same period. This led to growth in earnings per share (EPS) by 98% from N9.29 in H1 2023 to N18.41 in the period under review.
The growth in gross earnings was driven by an acceleration in both interest income and non-interest income. Propelled by the growth of and by the effective pricing of risk assets,
interest income surpassed the N1 trillion mark, a half-year record, growing by 177% from N415.4 billion in H1 2023 to N1.1 trillion in H1 2024, while non-interest income grew by 74% from N515.7 billion to N899.3 billion. The Group continued to strive for operational efficiency, resulting in only a marginal increase in cost-to-income ratio Year on Year (YoY) from 38.5% to 39.4%. The heightened risk environment has fuelled a growth in impairment levels, thus mildly elevating the cost of risk from 8.8% to 9.7%. Cost of funds grew Year on Year (YoY) from 2.6% to 4.4% given the high-interest rate environment. This also resulted in growth in interest expense from N153.6 billion in H1 2023 to N434.4 billion in H1 2024. Despite this, net interest margin grew by 49% from 5.9% in H1 2023 to 8.8% in H1 2024, underscoring the efficient repricing of interest earning assets and interest accruing liabilities. Total assets grew by 35% from N20.4 trillion in December 2023 to N27.6 trillion in June 2024, while customer deposits grew by 29% from N15.2 trillion in December 2023 to N19.6 trillion in June 2024. Gross loans also grew by 44% from N7.1 trillion in December 2023 to N10.2 trillion in June 2024 aided by loans disbursements to customers and the translation effect of foreign currency denominated loans. The Group’s consistent stringent risk acceptance criteria helped ensure that the non-performing loan ratio continued to show only modest growth, increasing from 4.4% in December 2023 to 4.5% in June 2024 despite the challenging macroeconomic environment. Capital adequacy ratio improved from 21.7% in December 2023 to 23% in June 2024, loan-to-deposit ratio grew by 11% from 46.5% to 51.7%, while liquidity ratio reduced from 71% to 59% in the current period. All prudential ratios are still well above regulatory thresholds.

In maximizing value to its highly esteemed shareholders, the Group has declared an interim dividend of N1.00 per share. This represents the highest half year dividend pay-out in its history, and also the highest interim dividend in the Nigerian banking sector till date.
The Group’s strong brand equity and excellent service quality position it to mine new business opportunities in strategic sectors of the economy, in existing geographies where it
has a presence, and in new geographies it is exploring. In furtherance of its expansion plans, the Group has received regulatory approval for the establishment of a third-country
branch in Paris, France, which, when fully operational, will enhance its product offerings in international markets.
The Group will continue to invest in enhancing its digital banking capabilities and is expediting the completion of its technology infrastructure upgrade. Its track-record of successful capital raises puts it on a solid footing to meet the new minimum capital requirements for commercial banks with international authorisation, well ahead of the deadline set by the CBN. The Group remains undoubtedly on track for a record year in its financial performance and will continue to deliver maximum value to its shareholders, while ensuring a strong corporate governance culture.

The management of Dangote Cement, Gboko Plant has declared that its host communities are critical stakeholders in its business operations and, as such, their developmental needs are given high priority.

Gboko Plant Director, Louis Raj, emphasised the company's unwavering commitment to the infrastructural and socio-economic development of the host communities. He assured that every segment of the host communities would benefit from the social investments being made by the company.

Addressing a recent report alleging neglect of the communities, the management clarified that the cement company has always fulfilled its Corporate Social Responsibility (CSR) commitments and has maintained a robust, mutually beneficial relationship with community members.

Mr. Raj noted that the company has been diligently implementing the Memoranda of Understanding (MOUs) with the host communities and has extended its CSR efforts to include sustainable environmental practices, capacity building, and infrastructural development.

He further stated that the Gboko Cement Plant operates in full compliance with environmental and other government regulations. "It is on record and verifiable that all government agencies responsible for industrial ecological assessment have periodically visited the Gboko Cement Plant and certified that it operates within approved industrial environmental limits. The Federal Ministry of Environment, Benue State Agency of Environment, National Environmental Standards and Regulations Enforcement Agency (NESREA), and other oversight agencies can attest to these claims.

“Whenever an incident of ecological concern arises, the company takes prompt action to ensure proper remediation, and, in some cases, provides appropriate compensation to affected community members.”

He explained that the company has actively contributed to alleviating water crises in several communities, even those beyond its immediate host areas. Over the years, the DCP Gboko plant has installed more than 50 hand-pump and motorised water boreholes across various settlements. Of these projects, 17 have been executed in the Mbayion clan, benefiting the immediate host communities of Amua, Tse-Kucha, and the Quarry Community.

Mr. Raj also noted that the company is currently constructing additional motorised water boreholes and is in the process of installing pumps and 30,000-liter capacity steel overhead water tanks for these communities.

“In response to a request from the Tse-Kucha community, the company recently repaired the flow valve at the water earth dam that supplies water for various household uses. Additionally, plans have been finalised for a comprehensive rehabilitation of the earth dam, which was originally constructed and donated to the Tse-Kucha community by the then-Benue Cement Company over 30 years ago.

While these community water projects are underway and nearing completion, the company is currently addressing water supply challenges by providing water to households in Tse-Kucha using tanker trucks positioned at strategic locations within the community.”

The Gboko plant director emphasised that Dangote Cement is committed to environmental sustainability and addressing climate change. He highlighted that the company has implemented a robust climate change policy that aligns its operations with global climate goals. As part of the Group’s environmental sustainability programme, the DCP Gboko Plant has initiated a deliberate decarbonization effort, including extensive tree planting across various community settlements.

“We urge all stakeholders of Dangote Cement, Gboko Plant to collaborate with management to ensure ongoing community engagement and dialogue. This will foster a harmonious and peaceful coexistence and create a conducive business environment for the benefit of all.”

Access Holdings Plc on Tuesday, June 2, 2024, held a formal signing ceremony as part of the arrangements to raise a total of ₦351,009,103,017.25 (Three hundred and fifty-one billion, nine million, one hundred and three thousand, seventeen naira and twenty kobo) by way of a Rights Issue (“the Offer”) to existing shareholders. The Offer is part of the Group’s strategy to enhance its working capital requirements, which includes organic growth funding for its banking and non-banking subsidiaries.
The Signing Ceremony with respect to the Offer was held at Access Tower, the corporate office of Access Holdings in Lagos. Access Holdings’ shareholders had at its 2nd Annual General Meeting (AGM), which held on Friday, April 19, 2024, unanimously
backed its plan to execute a Capital Raising Programme of about US$1.5 billion as well as the subset initiative to raise capital through a Rights Issue of ordinary shares to its shareholders.
Under the Rights Issue, 17,772,612,811 (Seventeen billion, seven hundred and seventy-two million, six hundred and twelve thousand, eight hundred and eleven) ordinary shares of N0.50 each at N19.75 per share on the basis of 1 (one) new ordinary share for every 2 (two) existing ordinary shares held as of Friday, June 7, 2024.
At the Signing Ceremony, Acting Managing Director/Chief Executive Officer of Access Holdings Plc, Bolaji Agbede, disclosed that “The Rights Issue is a significant step in delivering our 2023-2027 strategic plan. The additional capital will enable us to maximise emerging opportunities and deliver long-term value to our shareholders.” Chapel Hill Denham is the Lead Issuing House to the Offer, while Atlas Registrars Limited will serve as Registrars through the exercise.
The Joint Issuing Houses are Coronation Merchant Bank, Stanbic IBTC Capital, Vetiva Advisory Services, Greenwich Merchant Bank, FCSL, First Ally Capital, FCMB Capital,Renaissance Capital Africa and Meristem Capital.

Other parties to the Offer are Coronation Merchant Bank, Coronation Securities, Chapel Hill Denham Securities Limited, FSDH Capital, Cordros Capital, Cowry Securities, First Integrated Capital Management Ltd, Network Capital Ltd, CSL Stockbrokers Limited, Compass Investment & Securities Ltd, PAC Securities Limited,Dynamic Portfolio, Chartwell Securities Limited, Tiddo Securities Limited, and Futureview Securities Limited.
Subject to approval of the Securities and Exchange Commission (SEC), the Acceptance and Application Lists for the Rights Issue are expected to open on Monday, July 8, 2024, and close on Thursday, August 8, 2024.
The Rights Circular for the Issue, which contains a Provisional Allotment Letter and the Participation Form, will be mailed directly to shareholders of the Group. Printed copies of the Participation Form can also be obtained at any Access Bank branch and the
offices of the Issuing Houses during the Offer Application Period. All existing shareholders and prospective investors are encouraged to read the Rights Circular and Prospectus and, where in doubt, consult their Stockbroker, Fund/Portfolio
Manager, Accountant, Banker, Solicitor, or any other professional adviser for guidance before subscribing.

Aliko Dangote, President of Dangote Group, has officially presented the inaugural batch of Premium Motor Spirit (PMS), also known as petrol, from the Dangote Refinery.

The presentation took place on Tuesday via a broadcast at the refinery location in Ibeju-Lekki, Lagos State.

Notably, the 650,000-barrels-per-day refinery successfully conducted a test run, producing the first sample of petrol.

This development is expected to alleviate the ongoing petrol scarcity that has gripped the nation, offering much-needed relief to millions of Nigerians.

“I would like to salute the people of Nigeria and the government of President Bola Tinubu for giving us the platform for growth, development, and prosperity. I also want to thank him personally for creating the idea of the Naira for crude. Doing that will give Naira stability.

“As we have this refinery working, it will show the true consumption of Nigeria; we can track every loaded truck and ship,” he said.

He also said that his refinery will meet the demands of not only Nigerians but also sub-Saharan Africa.

“This refinery will fuel growth, development, and prosperity by supplying energy to our people,” said Aliko Dangote.

‘Quality of our fuel’

On the quality of petrol from the refinery, Dangote assured all citizens that they “are now going to have good petrol, while the engines of your vehicles will last longer.

“You will not be having an engine issue, which a lot of us were having. It won’t happen at all.

“The quality here will match that of anywhere in the world; US, America, we will make sure that nobody will beat us in terms of quality.”

The Nigerian Bar Association has called for the full implementation of the directive of President Bola Ahmed Tinubu on the supply of crude to Dangote refinery and modular refineries in the country.

Describing the establishment of the refinery as both nationalistic and patriotic endeavour, the umbrella professional association of lawyers, urged the Federal Government and Nigerians to support the Dangote Petroleum Refinery to end the reign of fuel scarcity and perennial queues at filling stations in the country.

It expressed disappointment that the major project is encountering strong resistance from fuel importers, who have stifled the economy and kept it reliant on imported refined petroleum products, despite Nigeria's status as a leading crude oil producer.

The President of NBA, Yakubu Maikyau, who led other leaders and members of the association on a visit to the facility, praised the President/Chief Executive of the Dangote Group, Aliko Dangote, for remaining steadfast despite the opposition faced.

“What I have seen today gladdens my heart, but at the same time, my heart is bleeding because of the neglect and opposition that such a laudable effort is facing. It is shameful, but as I mentioned to the President of the group, his continued steadfastness and resilience despite the opposition show that there is hope for this country. I would describe Aliko Dangote as both a freedom fighter and an economic warrior. There is no one more honourable or patriotic than Dangote. He has proven this through his actions, not just words. This isn't about what someone might tell you; we have witnessed the enormous investments he has made in this country,” he said.

He urged the Federal Government to create a supportive environment for the refinery, aiming to transform Nigeria into a net exporter of refined petroleum products and to alleviate the severe hardships caused by fuel scarcity. He lamented that it is shameful for the refinery to import crude from abroad and export refined products due to opposition from local players

“I want to use this opportunity to call on the Federal Government to pay deliberate and conscious attention to what Dangote is doing. Anyone serious about turning around the fortunes of this country cannot ignore Dangote's efforts. This is a people-centered investment that must be supported. This is the type of investment we need, and wherever such investments exist in this country, we urge the government to create an enabling environment for the benefit of the people. If we establish a supportive environment for this refinery to operate, we will eliminate the queues on our streets and resolve the difficulties associated with the scarcity of petroleum products. However, we will need the government to demonstrate a willingness to support this crucial venture. We have a facility here that can compete with the best in the world, but unfortunately, it is not receiving the support and recognition it deserves. It is disgraceful that with a refinery of this capacity, where 86 tankers can be loaded at once, we still face fuel shortages,” he added.

Vice Chairman of the Epe Branch of the NBA, Ivo Takor, who praised the location of the refinery in the Ibeju-Lekki-Epe axis, said that the project has the potential to resolve the long-standing issue of fuel importation, create jobs, boost foreign exchange, and save the country money currently spent on subsidising petroleum products.

“The refinery is something every Nigerian should be proud of. It is a project that will move Nigeria away from its long-standing issue of fuel importation, which comes with its own set of problems. Currently, we are dealing with fuel scarcity and long queues. I believe that once this refinery is fully operational, these challenges will be resolved. Additionally, the refinery has the capacity to export some of its products, bringing foreign exchange into the economy. It will also reduce the government's expenditure on subsidies, allowing funds to be redirected towards improving infrastructure, education, and the health sector. Since its construction, many jobs have been created, and further job creation will follow when it becomes fully operational,” he said.

He, however, noted that despite these benefits, there are some entrenched cartels against the full operation of the refinery. While praising President Bola Tinubu for directing the supply of crude to both the refinery and modular refineries across the country, he emphasised the need for stringent monitoring to ensure compliance. He stressed that withholding crude from the refinery constitutes sabotage against the nation and should be met with appropriate sanctions.

“Unfortunately, it appears that there is a well-established cartel working against the full operation of this refinery, specifically those who do not want to supply it with crude oil. It is illogical for Nigeria to export crude oil while the refinery also imports crude . This situation reflects the interests of entrenched forces who benefit from fuel importation, which negatively impacts the people and the economy. Fortunately, the president has issued a directive regarding the supply of crude to the refinery. However, beyond this directive, it is crucial to ensure compliance. Those who do not comply should face adequate sanctions, as failure to do so constitutes sabotage not only against the refinery but against the economy as well,” he said.

The Vice President (Oil & Gas) at Dangote Industries Limited, Devakumar Edwin, informed the delegates, that the refinery was established primarily to source and refine local crudes for the benefit of Nigeria, while also exporting excess production to boost the economy.

Edwin noted that the lack of sufficient Nigerian crude supplies has necessitated importing crude from other countries and continents while exporting refined petroleum products abroad. 

Aftermath of the irredeemable marital crisis,that involves paternity fraud,infidelity and more.

Super Eagles striker Kayode Olarenwaju has initiated a divorce against his estranged wife, Ezinne Dora.

Olarenwaju, in March 2024, accused her of stealing, kidnapping and having an affair with the famous UK-based Pastor Tobi Adegboyega, among other men, since they got married.

Olanrewaju also filed a lawsuit against the controversial pastor, accusing him of causing emotional trauma, financial loss, and loss of goodwill occasioned by the adulterous relationship with his estranged wife. He demanded N1 billion from the pastor.

At press time, Pastor Adegboyega of SPAC Nation,London,has not reacted to this lawsuit dated 1 July.

The couple married on 18 July 2013 and have three children together: Jason (2014), Jayden (2015), and Jasmin (2017).

In May 2024, the ex-Manchester United player claimed to have conducted a DNA test on his three children, which showed that he was not the biological father to any of them.

Ms Dora, through her legal team, accused the footballer of making groundless allegations of infidelity and witchcraft. She also denied paternity and financial fraud allegations levelled against her.

The mother of three demanded he issue a disclaimer within 24 hours to prove his non-involvement in the DNA saga. She also claimed that his accusations caused her and the children much embarrassment.

Accusations

In his cross-petition obtained from PM News, filed on 1 July at the High Court of the Federal Capital Territory in Abuja, Olarenwaju accused his estranged wife of adultery, misconduct, unreasonable behaviour, kidnap, lies and falsification of documents.

The cross-petition also addressed a series of financial manipulations allegedly orchestrated by Ms Dora, redirecting substantial funds and rental income from properties he had acquired, claiming she used them to support her lavish lifestyle, such as partying.

The Turkish club Gençlerbirliği forward also accused his estranged wife of sabotaging their joint business, DE-J-S Concept Ltd, which he founded in 2019 as a form of future investment. He alleged that she conspired with her ex-lover, Ugochukwu Igboanugo, to divert funds and profit from the company’s assets.

The lawsuit partly reads: “ The Respondent has been spending lavishly to foster the romantic relationship between her and the Co-respondent to Cross Petition and indeed was in a bid to start selling off the Cross choice properties to spend the proceeds of same on her adulterous lifestyle.

“The adulterous relationship between the Respondent and Co-Respondent to Cross Petition was not even hidden from the children of the marriage as the Respondent often has her amorous phone conversations in the presence of the children of the marriage. The Cross Petitioner shall, at the trial of this suit, rely on evidence of the adulterous relationship between the Respondent and Respondent to Cross Petition.

“Indeed, the Respondent and the Co-Respondent to Cross Petition are not discreet about their illicit affairs, as they even attended a party together and danced together while spraying money on the musician.

“To keep the Cross petitioner in the dark regarding the amorous affairs between the Respondent and Co-Respondent to Cross Petition, the Respondent intentionally cut off the CCTV camera in the marital home.

“Upon becoming aware of the adulterous conduct of the Respondent, the Cross Petition was addended, and the Respondent decided to reach out to the Respondent, but the Respondent willfully refused to have the matter discussed and resolved between them.”

Divorce

He demanded the court resolve his marriage because the marriage had broken down irretrievably. He claimed that her behaviour was intolerable and burdensome for him to live with.

The lawsuit partly reads, “Since the marriage, the respondent/ practitioner (Dora) has committed adultery with the co-respondent (Pastor Adegboyega) and other men and the cross-petitioner finds it intolerable to live with the respondent.

“The respondent has behaved in such a way the cross-petitioner can not reasonably be expected to live with the respondent.”

It stated in the lawsuit that Ms Dora’s father refunded the bride price paid, and to confirm this, Olarenwaju claimed that Ms Dora posted on her social media that she is no longer traditionally married.

Custody

In his cross-petition, he again accused her of abducting their children and fleeing to Abuja on 24 March after he confronted her about her adulterous relationship with Pastor Adegboyega, which resulted in assault and bullying. He then received a petition for dissolution of marriage the same week Dora absconded with the children.

He also said the State Security Service (SSS) assisted in locating her and apprehended her at a hideout in Abuja. He mentioned that she fled while on bail and then filed a Fundamental Right Action to avoid further investigation. He also tried to obtain new passports for their children in an attempt to relocate overseas.

He, however, filed for custody of his children and offered to still take responsibility for them in terms of their education, health and financial needs.

“The Cross-Petitioner has been responsible for the financial well-being of the children of the marriage, both educationally and otherwise. The Cross Petitioner therefore proposed to have custody of the children of the marriage and is willing to continue to be responsible for the education, health and financial needs of the children of the marriage,’’ the suit read.