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Oodua Investment company makes N5.2bn profit

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The Oodua Investment Company has declared N5.203 billion as profit after tax for the year 2020.

The company made this know during its 39th Annual General Meeting held in Ibadan on Thursday.

It also said it had commenced the development of its recently acquired oil field to produce crude oil.

The company is jointly owned by the South West States of Ogun, Ondo, Ekiti, Osun, Lagos and Oyo.

Dr Segun Aina, Chairman of the company, said the profit of N5.203 billion was an increase of 11.5 per cent over the N4.665 billion profit declared in 2019.

Aina said N364 million was the dividend payable to the beneficiary states for the 2020 financial year.

“We will ensure sustainable returns to stakeholders and enhance the legacy of the company for future generations; the least we can do is to grow it and make it better for the future generations.

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“The five-year growth plan from 2021 to 2025 will drive the group to become a world-class conglomerate.

“With this plan, we believe that with the team we have, staff, management board and the support of stakeholders, we will surely achieve and even surpass it,” he said.

The chairman further said stakeholders had agreed to revive some of the moribund Odu’a companies as well as create new edifices.

Mr Adewale Raji, the Group Managing Director, said the COVID-19 pandemic had a slight effect on the hotels and real estate segments of the company.

Raji, however, said the company entered into the oil and gas upstream sector, where it won the bid for a marginal oil field located in Ondo State.

He said the company was in discussion with its partners on how to develop the field and produce crude oil.

“We will have the opportunity to earn dollars, further increase our investment in Nigeria, invest globally and become a global company,” Raji said.

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Ex-IGP Egbetokun expresses happiness Tunji Disu is taking over, says they both benefitted from Tinubu mentorship

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Former inspector-general of police (IGP), Kayode Egbetokun, has said
he is happy that Tunji Disu is taking over from him as the country’s police chief.

Egbetokun spoke on Wednesday at the State House, Abuja, during the swearing-in and decoration of Disu as acting IGP.

The former IGP resigned from his position on Tuesday following a directive from President Bola Tinubu.

“I am happy that he is the one taking over from me. My advice to him is that he already knows all the things we have been doing together — strengthening operations, enhancing intelligence coordination, improving the inter-agency deployment model, dismantling several criminal syndicates, and improving our intelligence response mechanisms. I am sure he will continue to do that,” the former IGP said.

Egbetokun advised the new acting IGP to continue to remain committed to his duties, noting that Disu has been part of his administration from the beginning.

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“He was my principal staff officer; he was commissioner of police in Rivers state and in the FCT; he was assistant inspector-general in charge of my special protection unit,” Egbetokun said.

“When the president gave the presidential directive to withdraw police officers from VIP protection, he was the person I called upon to ensure that the directive was fully complied with, and he did it very well.”

Egbetokun said he is “particularly excited” to hand over to Disu, noting that they share “unique history” and both benefited from the mentorship of Tinubu during his tenure as governor of Lagos state.

“I remember learning many things from him (Tinubu), but there is something in particular I recall,” he said.

“He once said that a good leader should have a successor and a succession plan and must invest in his likeliest successors.

“I invested in likely successors in the Nigeria Police Force, and I am happy that one of those I invested in has been found most suitable for the job and has been decorated today.”

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Egbetokun thanked the president for trusting him with different positions, especially when he appointed him as his chief security officer when he was governor of Lagos state, and subsequently as IGP when he became president.

“I am deeply grateful to him,” Egbetokun said.

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Ex-NNPC GM jailed 7 yearsin US over $2.1m bribe from Chinese oil firm

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A United States district court has sentenced Paulinus Okoronkwo, a Nigerian American, to 87 months in prison for receiving a $2.1 million bribe from Addax Petroleum, a subsidiary of Sinopec, a Chinese state-owned petroleum and gas conglomerate.

Okoronkwo is a former general manager of the Nigerian National Petroleum Corporation (NNPC), now NNPC Limited.

In a statement on Monday, the US government said John Walter, the district judge, ordered Okoronkwo to pay $923,824 in restitution to the Internal Revenue Service (IRS).

The judge also ordered the forfeiture of $1,039,997, which is the net proceeds of the sale of a home belonging to the ex-NNPC general manager.

In August 2025, Okoronkwo was found guilty of transactional money laundering, tax evasion, and obstruction of justice.

According to US prosecutors, while serving as NNPC’s upstream division general manager, Okoronkwo abused his position by accepting a $2.1 million payment from Addax Petroleum, the Switzerland-based subsidiary of Sinopec.

The prosecutors said the money, wired in October 2015 to his law firm’s trust account in Los Angeles, was disguised as payment for consultancy services but was a bribe to secure favourable drilling rights in Nigeria.

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The prosecutors had presented evidence that Addax executives falsified records to show the payment as legal fees, dismissed internal staff who raised concerns, and provided misleading information to auditors.

Okoronkwo, who practised immigration, family, and personal injury law in Koreatown, was said to have later used nearly $1 million of the bribe money as a down payment on a home in Valencia, California, while failing to declare the income on his 2015 tax return.

In October 2025, a US court granted the forfeiture application filed by the US government against Okoronkwo’s property.

The property is located at 25340 Twin Oaks Place, Valencia, California 91381.




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Tinubu charges acting IGP Tunji Disu to lead with discipline, rebuild trust in police

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President Bola Tinubu has charged Tunji Disu, the acting inspector-general of police (IGP), to lead with discipline and rebuild public trust in the Nigeria Police Force (NPF).

The president spoke at the State House on Wednesday during the decoration of Disu with his new rank as the acting IGP, following the resignation of Kayode Egbetokun.

Tinubu also told the new acting IGP to confront the escalating threats of banditry, terrorism, and other criminal activities across the country head-on.

“I expect you to strengthen the discipline, enhance interagency collaboration, and restore public confidence in Nigeria police,” the president said.

“Lead firmly but fairly, demand professionalism at every level and ensure that safety of lives and property remains your highest priority.”

Tinubu praised Disu as a “straightforward individual, committed and respected,” with sufficient discipline, urging him to draw from Egbetokun’s experience and “make it better than you met it.”

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“Nigeria is challenged right now with banditry, terrorism and all sorts of criminal activities,” he said.

“You’ll be part of the thinking, and you’ve been part of the innovation. The challenge as you hold the baton of this leadership is the belief that you will excel and Nigeria will prevail.”

The president appreciated Egbetokun for his “dedication in service” and “good leadership attributes” in maintaining law and order.

“Nigeria is a grateful nation to you,” he said.

“You have not succeeded without a good successor. Therefore, the success of a Tunji Disu IGP, when confirmed, is part of your responsibility.”

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