Connect with us

News

‘How many investors can build refineries?’ — Akinwumi Adesina backs Dangote amid fight with NNPC

Published

on

 

Akinwunmi Adesina, president of the African Development Bank (AfDB), has criticised the “monopoly” accusations against Aliko Dangote, chairman of Dangote Industries Limited (DIL).

Adesina spoke in an X post shared by Femi Otedola on Tuesday.

 

On July 20, Dangote said the board of directors agreed that the company should halt plans to invest in Nigeria’s steel industry “to prevent accusations of being branded a monopoly”.

Prior to this, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) claimed that refineries in the country — including the Dangote refinery — produce inferior petroleum products.

 

The regulator also accused Dangote of monopoly — triggering a heated dispute between Africa’s richest man and Nigeria’s oil sector regulators.

 

As the conflict heightened, Dangote offered to sell his oil refinery to the Nigerian National Petroleum Company (NNPC) Limited on July 22.

 

Reacting to the development, Adesina defended the billionaire saying “Dangote refineries surely cannot be asked to compete with importers”.

See also  Air Force rescues 7 kidnapped Chinese nationals six months in captivity

 

“Monopoly often exists where there are high barriers to entry or high capital costs,” he said.

 

“How many individuals or companies can do railways? How many can do refineries of the scale of Dangote Refineries?

 

“In a nation that has been importing refined petroleum products for several decades, the abnormal simply became very normal.

 

“No smart investor would make a $19.5 billion investment and want it to be undermined by importers.

 

“To manufacture is extremely expensive and risky. This is even more so in Nigeria, given the very challenging business and economic environment, fraught with policy uncertainties and policy reversals, and where the self-defeating default mode of ‘simply import it’ is always so easily rationalized and chorused to solve any problem.

 

“Competition is good for everyone. But is Dangote refineries anti-competitive? What is the evidence?

 

“Has Dangote refineries prevented any other company from setting up refineries? Why have others not done so? How come they have not done so for several decades? Was it Dangote that held them back?

See also  Nigeria to stop petrol importation in June, says Dangote

 

“But Dangote refineries surely cannot be asked to ‘compete’ with importers of petroleum products. That is not competition.”

 

‘LET IMPORTERS BUILD LOCAL REFINERIES’

Adesina also said importers set up local refineries and compete by refining in Nigeria.

 

“That is fair and justified competition,” he added.

 

“We cannot and must not undermine, disparage or kill local industries, talk less of one that is of this scale — a jewel of industrialisation in Nigeria.

 

“It is more than simply delivering the cheapest product to the market. It is about domestic supply security, driving (and yes, protecting) globally competitive industries, maximizing forward and backward linkages in the local economy, job creation, reducing forex expenses and shoring up the Naira.

 

“We must not be myopic.

 

“This whole disparaging of Dangote is uncalled for. It is self-defeating. And it is very bad for Nigeria. Who will want to come and invest in a country that disparages and undermines its own largest investor?

See also  Plots to stop Ladoja from becoming Olubadan thickens (DOCUMENTS)

 

“Investing is tough. Pettiness is easy.

 

“It sadly sends a signal that the price for sacrificing for Nigeria is to get sacrificed.”

On July 22, the house of representatives joint committee on petroleum resources (downstream and midstream) launched a probe into claims that local refineries produce inferior products.

News

Tinubu, governors present as Bello Matawalle’s 10 children wed in Abuja

Published

on

By

 
President Bola Tinubu,  President Carlos Manuel Vila Nova of the Democratic Republic of São Tomé and Príncipe and several governors were among the dignitaries who attended the wedding of the children of Bello Matawalle, minister of state for defence.

Matawalle celebrated the weddings of his ten children, five daughters and five sons, at the National Mosque, Abuja, on Friday.

The minister gave away his daughters—Maryam, Safiyya, Farida, Nana Firdausi, and Aisha—while his sons—Ibrahim, Abdul Jalal, Surajo, Bello, and Fahad—also tied the knot.

The Islamic ceremony was officiated by Imam Luqman Zakariyah, who prayed for Allah’s blessings on the marriages and for success in the couples’ future lives.

Tinubu received the brides on behalf of the Matawalle family, welcoming them into their new homes.

The high-profile wedding attracted the crème de la crème of Nigerian politics.

Notable dignitaries in attendance included Deputy Senate President Barau Jibrin and Ibrahim Masari, Senior Special Assistant on Political Affairs.

See also  Petrol from Dangote refinery shouldn’t be costlier than imported product - IPMAN

Several governors were also present, including Ahmad Aliyu of Sokoto, Umar Namadi of Jigawa, and Nasir Idris of Kebbi.

In a post via X, Matawalle expressed his deep gratitude to Tinubu and Vila Nova for attending the ceremony, describing their presence as a rare and honourable privilege.

He further appreciated all dignitaries, family, friends, and well-wishers who joined physically or in prayers, wishing them safe journeys back to their destinations.

“Today, I am deeply honoured and profoundly grateful to His Excellency, President Bola Ahmed Tinubu, GCFR, for graciously serving as Wali at the wedding Fātiḥa of my children, held at the National Mosque, Abuja. I remain sincerely honoured by this rare privilege,” he wrote.”

“In addition, the presence of the President of the Democratic Republic of São Tomé and Príncipe, His Excellency President Carlos Vila Nova, added immense meaning to this joyous occasion, and I deeply appreciated it.

“I also wish to extend my heartfelt appreciation to everyone who joined us physically and in prayers to share in our joy. Your presence, prayers, and goodwill are truly cherished and deeply appreciated.

See also  Corruption is everywhere, it’s not an African problem, says Akinwumi Adesina

“To my esteemed colleagues in the Federal Executive Council, Governors, members of the National Assembly, friends, family members, and well-wishers from across the nation, I am eternally grateful for the overwhelming love and kindness shown to me and my family.

“I also pray that Allah rewards abundantly all those who travelled from far and near to celebrate with us, and I ask Allah to grant you a safe and peaceful journey back to your respective destinations.”

Continue Reading

News

APC is my natural home, says Iyabo Obasanjo

Published

on

By

Iyabo Obasanjo, daughter of ex-President Olusegun Obasanjo, has confirmed her membership in the All Progressives Congress (APC) in Ogun state.

Iyabo spoke on Saturday during an interactive programme on Eagle7 Sports Radio 103.7 FM, anchored by Segun Odegbami.

Explaining her return to politics, Iyabo said the decision was driven by sustained pressure from supporters.

“Like I told you, a group of people who I did not bring together, I did not form them into a group, have been working, I think, for two years now,” she said.

“And then they started talking to me about a year ago, saying, ‘Look, we think you are the best candidate. We want you back.’”

She said she could not return to the Peoples Democratic Party (PDP), where she previously contested elections, citing internal crises.

“I could not go back to the PDP because of all kinds of turmoil,” she said.

Iyabo disclosed that she also considered the African Democratic Congress (ADC), but said the party was not yet fully organised.

See also  Obaseki, Shaibu rift worsens as Edo relocates deputy gov’s office from govt house

“The ADC was another option, but they don’t have their ducks in a row yet; they’re still working on it,” she said.

According to her, those who encouraged her return to politics are now members of the APC, a factor that influenced her decision after wide consultations.

“So, I think APC is my natural home. I don’t have any animosity towards any individual or any group within the APC,” she said.

“I feel more comfortable with all the actors I know within the APC… I feel more comfortable, actually, than with some of the actors I know in the PDP, and some of them are now in the ADC.

“So I think it’s my natural home. I feel quite confident and happy to have made that decision.

“I have an absolute 100% feeling it’s my natural home.”

Iyabo represented the Ogun central senatorial district between 2007 and 2011. She lost her re-election bid in 2011 to Gbenga Obadara of the then Action Congress of Nigeria (ACN).

See also  Petrol from Dangote refinery shouldn’t be costlier than imported product - IPMAN

She later relocated to the United States, where she pursued an academic career and rose to the rank of professor. She is also a former commissioner for health in Ogun.

Continue Reading

News

Nigerian jailed eight years for $6m scam in US

Published

on

By

MAN JAILED FOR LIFE

A United States court has sentenced one Tochukwu Albert Nnebocha, a Nigerian national, to 97 months’ imprisonment for participating in a transnational inheritance fraud scheme that targeted elderly and vulnerable Americans.

According to a statement published on the US Department of Justice website on Friday, “a Nigerian National was sentenced today to more than eight years in prison for participating in a years-long conspiracy to defraud elderly and vulnerable Americans through an inheritance fraud scheme.”

The DOJ stated that Nnebocha, who is 44 years old, and his co-conspirators “operated a lucrative transnational inheritance fraud scheme that exploited vulnerable people in the United States” over a period exceeding seven years.

The statement read, “According to court documents, Tochukwu Albert Nnebocha, 44, of Nigeria, and his co-conspirators operated a lucrative transnational inheritance fraud scheme that exploited vulnerable people in the United States.

“Over the course of more than seven years, Nnebocha and his co-conspirators sent hundreds of thousands of personalized letters to elderly individuals in the United States, falsely claiming that the sender was a representative of a bank in Spain and that the recipient was entitled to receive a multimillion-dollar inheritance left by a deceased family member.”

See also  Yahaya Bello dances with Ododo at Kogi palace

According to the US DOJ, victims were subsequently instructed to pay various fees before accessing the fictitious inheritance.


“The conspirators then told the victims that, before they could receive their purported inheritance, they were required to send money for purported delivery fees, taxes, and payments regarding the inheritance. In total, the defendant and his co-conspirators defrauded over 400 U.S. victims of more than $6 million,” the statement read,

The DOJ added that “in total, the defendant and his co-conspirators defrauded over 400 U.S. victims of more than $6 million.”

The statement disclosed that Nnebocha was arrested in Poland in April 2025 and extradited to the United States in September 2025.

He later pleaded guilty in November 2025 to conspiracy to commit mail fraud and wire fraud.

At sentencing, the court ordered 97 months’ imprisonment, three years of supervised release and restitution exceeding $6.8m to victims.

The department noted that “this is the second indicted case related to this international fraud scheme,” adding that eight co-conspirators from the United Kingdom, Spain, Portugal and Nigeria had previously been convicted and sentenced.

See also  Plots to stop Ladoja from becoming Olubadan thickens (DOCUMENTS)

The case was investigated by the US Postal Inspection Service and Homeland Security Investigations, with assistance from the Federal Bureau of Investigation’s Legal Attache in Poland, INTERPOL, Polish authorities, the US Attorney’s Office for the Southern District of Florida, and the DOJ’s Office of International Affairs.

Senior Trial Attorney Phil Toomajian and Trial Attorney Joshua D. Rothman of the Criminal Division’s Fraud Section are prosecuting the case, according to the statement.

Continue Reading

Trending News