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After fake news by Peoples Gazette blog, Fidelity Bank shines even brighter
By Joseph Okechukwu
@GazetteNGR You do know you’ve just gotten yourself into serious trouble with this publication, right? This is so shameful. And to think that I have, on a few occasions shared your posts! Journalism should be about integrity not brown envelopes and bringing people down with falsehood.
There’s a court order restraining Sagecom, your client and or anyone from publishing any material in the media as this matter is still pending in court. But you guys have rushed to publish this utter falsehood and misled others who went along with it. I hope Fidelity Bank sues the hell out of you guys, to set an example.
For crying out loud, this is a case that’s more than 20 years old and still hasn’t been summarily resolved.
For people who may not know, what happened is, FSB – remember that bank? Yea, FSB bank granted a credit facility (loan) in the amount of $3 million to G. Cappa in 2002. Remember G. CAPPA – the now dead construction company that once held sway in Nigeria? G. Cappa secured the loan with mortgage on a property located in Ikoyi (their collateral)
Incidentally, G. Cappa defaulted on the loan – they couldn’t pay. In a bid to prevent FSB bank from selling the mortgaged property to repay the loan, G. Cappa ran to Lagos High Court, seeking to restrain the bank from selling the property. That case almost went cold and remained in court with no hope of judgement. As the case lingered, in 2005, FSB Bank sold G. Cappa’s mortgaged property to Sagecom, to retrieve the $3 million the company borrowed from it. Around that same period in 2005, during the bank capitalization process in Nigeria, Fidelity Bank acquired MANNY Bank and FSB Bank, same bank embroiled in this case. Automatically, they inherited the case that looked very easy on the surface, given that the bank did what every bank could’ve done.
So, in 2011, about 9 years later and just six years after Fidelity took over the bank, judgement was given in the G. Cappa case that had lingered for so long. In that judgement, the court exonerated the bank saying it “rightfully sold the leased interest in the property to Sagecom.” But the problem is that the court did not order vacant possession, so G. Cappa still kept the property, collecting rent on it and making money off of it, from the time that it was sold to Sagecom to the time of giving judgement in 2011. Sagecom to whom the property was legally sold never had access.
For this reason, Sagecom instituted action against the bank and G. Cappa because it was not allowed to take possession of what has been sold to it. Good case, but truly, it is G. Cappa that should pay Sagecom for damages and not the bank (FSB) now Fidelity. The bank is only joined in the breach of contract case because the bank is the seller. And that’s why Sagecom joined the bank.
In 2018, the Lagos High Court awarded judgement in favor of Sagecom against G. Cappa and the Bank. Judgement was challenged by the Supreme Court because the bank rightly held that G. Cappa orchestrated all the losses that Sagecom had suffered and should be charged solo. And it makes a lot of sense, given that the bank did what was within its right, as was upheld by the court.
Sadly, G. Cappa, the company at the center of all these, suddenly went into receivership (it went bankrupt and was now being taken over). So the bank tried to appeal the judgement severally but later decided to just settle its own obligation of the liability.
The question then arose, what is the value of the liability to G. Cappa and the Bank? As a guide, in the case of Anibaba vs. Dana Airlines Limited delivered in January of 2025, the Supreme Court clarified that foreign currency judgement debt must be converted to Naira at the exchange rate obtainable at the date of the judgement of the trial court, which in this case is 30 January, 2018. Now, if you apply the Supreme Court – supported 2018 exchange rate, the judgement debt rate will be a little less than N30.7 billion – the amount that G. Cappa and the Bank now legally owe Sagecom.
The so called N225 billion came from calculating with present day exchange rate in 2025, which isn’t the way it should be done, especially given the recorded incidence of a similar case between Anibaba and Dana Airlines Limited, as recently as January 2025! Imagine expecting to go home with 225 billion Naira for $3 million investment for which you were denied access but later reclaimed. That’s an absurdity taken too far and this is why Gazette should have been wiser with their rush to publish.
As a matter of fact, the bank even applied to the court for further clarification on what should be paid by the bank and how much G. Cappa should bear out of the calculated liability sum. After this application, the court consequently ordered Sagecom to maintain status quo pending determination of pending motions, and restrained Sagecom and all persons, including bloggers like People Gazette from publishing any material in the media as the matter is still pending in court. So basically, what this means, according to Fidelity Bank, is that People Gazette and other platforms that carried the FAKE NEWS have published falsehood and violated a court order, for which Fidelity Bank is now seeking legal redress. I have attached the court order below.
Fidelity Bank is one of the best performing banks in Nigeria today. In 2021 Fidelity Bank went from N38.1 billion in Profit Before Tax (PBT) – a 35.7% growth in profit to a Profit Before Tax (PBT) of N105.8 billion, representing an impressive 167.8% growth in the first quarter of 2025 alone! That is not to talk about their expansion into London with the acquisition of Union Bank London, and moves currently underway to expand into a few African countries.
This is the bank that gave us Air Peace Airlines through their foundational partnership, when no one else could’ve done it.
This is a bank that took share prices from a single digit of N9 to about N20 in just a year! This is even more exciting because the bank is recording all these gigantic strides under a woman. Fidelity went from average to now an indisputable Tier 1 bank, and they’ve been fighting so hard to bring it down. Otherwise, why would People Gazette publish an outright falsehood on a matter that’s still pending in court, just to cause panic and sow doubts in people. This is the second or third time I have now had to respond to a malicious attack to bring Fidelity Bank down in Nigeria. Rest assured that we know what the plan is, so stop already.
Happy to see that the Central Bank of Nigeria (CBN) has stepped in to debunk the Fake News. CBN reaction attached below as well.
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Lagos State Guber Crown: One Crown, Many Heads, Who Wears The Crown In 2027?
By Prince Adeyemi Shonibare
THE CITY, THE CROWN, AND THE CODE OF POWER
Lagos is not merely governed—it is engineered and meticulously organised. A megacity of over 25 million people, the economic heartbeat of Nigeria, and arguably the most strategic sub- national political ecosystem in Africa.
As 2027 approaches, a familiar but profound question echoes across corridors of influence—from Alausa to Marina, from the five Ibile divisions to the 57 LGs and LCDAs, down to wards and grassroots structures:
Who wears the crown?
Yet Lagos does not answer loudly. It whispers.
“Elections may be public, but power in Lagos is negotiated in private and through caucuses—long before ballots are cast.”
HISTORY: FROM PRIMROSE TO JUSTICE FORUM AND MANDATE — THE MAKING OF A POLITICAL MACHINE
Before the consolidation of today’s political order, Lagos politics was shaped by structured caucuses that defined leadership selection.
At the elite level stood the Primrose Group, a discreet but powerful screening body that assessed aspirants in the early 90s and late 1990s. It played a critical role in screening Bola Ahmed Tinubu for the Senate against political heavyweight Odu Onikosi, in what many described as a David-versus-Goliath contest. Tinubu emerged victorious.
Primrose also screened the 1998 governorship aspirants:
Bola Ahmed Tinubu
Wahab Dosunmu
Funsho Williams
The Primrose circle included:
Prince Tajudeen Olusi
Bushura Alebiosu
Mofutau Olatunji Hamzat
Alhaji Kola Oseni
Dapo Sarumi
Oyinlomo Danmole (the youngest member)
Notably, Mofutau Olatunji Hamzat, father of Kadri Obafemi Hamzat, chaired the screening process that produced Tinubu as the 1998 AD governorship candidate.
Alongside Primrose emerged two other critical blocs:
Mandate Group — the grassroots mobilisation engine
Justice Forum — the stabilising and conflict-resolution bloc
Together, they formed a strategic architecture:
Primrose — elite validation
Mandate Group — mass mobilisation
Justice Forum — internal balance and cohesion
From this convergence, Tinubu emerged—not by accident, but by design.
“He was not elected into power—he was processed into leadership.”
FROM BLOCS TO INSTITUTION: THE GAC EVOLUTION
Over time, these blocs evolved into a more formal structure—the Governor’s Advisory Council (GAC).
President Bola Ahmed Tinubu did not create the GAC; he strengthened, harmonised, and institutionalised these legacy blocs into a central decision-making body.
“GAC is the institutional memory of Lagos politics.”
THE DOCTRINE OF SUCCESSION IN LAGOS
Lagos has developed a predictable pattern of leadership transition:
Babatunde Fashola — technocratic consolidation
Akinwunmi Ambode — performance with political rupture
Babajide Sanwo-Olu — consensus restoration
Each transition reinforces a central doctrine:
“The primary is the battlefield. The structure is the judge. Consensus is the verdict.”
And more fundamentally:
“The candidate will always come from within.”
THE INVISIBLE CABINET: GAC AS POWER SOVEREIGN
At the centre of Lagos political architecture sits the Governor’s Advisory Council (GAC)—a body that does far more than advice.
Chairman:
Prince Tajudeen Olusi
Key Members Include:
Babatunde Fashola
Femi Gbajabiamila
Mudashiru Obasa
Adeyemi Ikuforiji
Senator Anthony Adefuye
Tokunbo Abiru,
Musiliu Obanikoro
Oluremi Tinubu
Sarah Sosan
Idiat Adebule
Femi Pedro
James Faleke
Adeseye Ogunlewe
Demola Seriki
Adejoke Adefulire
Kadri Obafemi Hamzat.
Other Influential Figures Within the Structure:
Henry Ajomale
Ganiyu Solomon
Rabiu Oluwa
Muraina Taiwo
Abdul-Wahab Ogundele
Sunmi Odesanya
Kaoli Olusanya.
In addition, almost all former governors, deputy governors, senators, and selected members of the House of Representatives and Primrose, mandate Group and justice forum are embedded within or aligned to the GAC structure.
“At critical moments, the GAC does not merely advise—it decides.”
CRACKS, CONFLICTS AND SYSTEM DISCIPLINE
The political history of Lagos has consistently demonstrated one principle: discipline within the system is non-negotiable.
The experience of Akinwunmi Ambode remains instructive.
“Performance alone is not enough—alignment with the structure is critical.”
In Lagos:
“No individual is bigger than the system.”
THE ASPIRANTS: POWER, PEDIGREE AND POSITIONING
The 2027 governorship race is no longer speculative—it is crystallising into a layered contest of insiders, technocrats, institutional loyalists, and strategic actors. Beneath the surface, resumes are being weighed as much as relationships; pedigree is being measured alongside perception.
Key Aspirants Include:
Kadri Obafemi Hamzat — Deputy Governor; perhaps the most deeply embedded institutional actor in the race. A technocrat with academic depth and governance continuity credentials. Notably headhunted from the United States banking sector by Bola Ahmed Tinubu, his return to public service reflects longstanding trust. His father, Mofutau Olatunji Hamzat, chaired the screening process that produced Tinubu in 1998—placing him at the intersection of legacy and continuity.
Femi Gbajabiamila — Chief of Staff to the President; former Speaker of the House of Representatives. A consummate legislator with vast national reach, elite networks, and deep understanding of federal power dynamics. Bridges Lagos structure with Abuja influence seamlessly.
Tokunbo Abiru — Senator; former Managing Director in the banking sector. Represents fiscal discipline, financial system credibility, and investor reassurance. A technocrat-politician hybrid with strong appeal to the private sector and global investors.
Tokunbo Wahab — Commissioner for Environment. A bold regulator and reformist voice, known for enforcing urban order and environmental compliance. Projects decisiveness, discipline, and administrative courage.
Mudashiru Obasa — Long-serving Speaker of the Lagos State House of Assembly. A master of grassroots politics with deep control of legislative structures and ward-level mobilisation. Represents structure from the ground up.
Olajide Adediran (Jandor) — Media entrepreneur and political mobiliser. Built his base through grassroots engagement and alternative political messaging. Represents outsider energy attempting to penetrate a deeply structured system.
Akinwunmi Ambode — Former governor; technocrat with a proven governance record. His tenure still resonates in infrastructure and public sector efficiency. Carries a redemption narrative, but must reconcile history with structure.
Mojisola Lasbat Meranda — Legislative figure and symbol of gender inclusion. Represents institutional evolution and the expanding role of women in Lagos power architecture.
Kayode Egbetokun (speculative) — Security chief; represents discipline, order, and enforcement capability. A potential “stability candidate” in uncertain times.
Samuel Ajose (speculative) — Former Head of Service; experienced bureaucratic strategist with deep knowledge of Lagos governance machinery. Represents administrative continuity and institutional memory.
Tayo Ayinde (speculative) — Long-serving Chief of Staff in Lagos; a quiet but powerful insider with proximity to executive decision-making and operational governance.
“Some are building alliances. Others are building acceptance. A few are building inevitability.”
THE REAL TEST: CRITERIA FOR THE APC TICKET
Beyond ambition, the Lagos APC operates a strict, unwritten checklist for candidate selection:
Proven Loyalty to the Party
A party defector stands little chance.
Product of the System
The candidate must come from within.
Alignment with the Lagos Master Plan
Continuity over disruption.
Investor Confidence
Lagos cannot risk economic instability.
Political Discipline and Temperament
Arrogance and lawlessness are disqualifiers.
Ibile Balance and Broad Acceptability
Zonal sensitivity remains critical.
Ability to Work with the Structure
Collaboration over confrontation.
Presidential Trust Factor
National confidence is key—but not absolute.
Electoral Value and Grassroots Reach
Structure must meet the street.
Importantly, this will not be a solo decision.
A former, widely respected governor and former minister is expected to play a critical role as the eyes and ears of the President in determining the most suitable candidate.
A reliable source revealed that the President held a private meeting with this former governor and minister in Lagos during the Easter break—signaling early alignment consultations ahead of 2027.
UNDERCURRENTS: SILENT MOVES AND STRATEGIC HEDGING
Quiet political movements are already unfolding beneath the surface.
There are strong rumours that:
One top aspirant is in talks with the ADC to fly their fly.
Another is exploring alignment with the Accord Party.
“Those who sense resistance within the structure begin to shop for alternatives.”
Beyond party alignments, another layer of activity is emerging.
It is widely whispered in political circles that:
Some bank accounts of PR operatives, journalists, and lobbyists have begun to quietly interface with key GAC members.
Certain aspirants are already patronising columnists to shape favourable narratives.
Billions of naira have allegedly been earmarked for lobbying, influence, and perception management.
A reliable source suggests that the real contest has already begun—not on the ballot, but in boardrooms, private residences, and media corridors and newsrooms.
Yet history cautions:
“Breaking away from the Lagos APC structure rarely guarantees victory.”
THE CALCULUS OF POWER
Five decisive variables will ultimately determine the outcome:
GAC consensus
Presidential trust (shared, not unilateral)
Party loyalty
Economic confidence
Public acceptability
Notably, the private sector remains a critical stakeholder. Lagos, as Africa’s commercial nerve centre, cannot afford political uncertainty that threatens capital flow. Investors—local and international—are watching closely.
The international community is equally attentive. Lagos is no ordinary state—it is a golden economic enclave, a city of compounding value and strategic global interest.
The Presidency too cannot be indifferent—notwithstanding that Lagos is its political base. Stability in Lagos is stability in the broader national equation.
THE CROWN AND THE SYSTEM
Lagos does not gamble with leadership,it engineers and groomed it.
No emergency leader in Lagos.
From Primrose…
To Mandate…
To Justice Forum…
To GAC…
The philosophy remains unchanged:
“Power in Lagos is not taken. It is processed.”
As 2027 approaches, one truth stands firm:
The crown will not go to the loudest.
It will not go to the most desperate.
It will not go to ambition alone.
It will go to the most acceptable aspirant.
And in Lagos:
“Acceptability is not declared,it is decided by all the variables and joint gatekeepers before the general public cast their votes.”
Politics, in the end, remains a temple of many tendencies—
the good, the bad, the pretenders, and the presumed righteous.
All contending for one crown.
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FCMB Limits Exposure in Fraud Attempt
More than ₦3 billion was targeted, but about ₦677 million reached the culprits, with recovery and prosecutions underway, reflecting how banks are responding to more sophisticated fraud risks.
Nigeria’s expanding digital banking sector is facing increasingly sophisticated fraud attempts, as financial institutions adapt to faster transactions and broader online services.
A recent case involving First City Monument Bank (FCMB), linked to fraudulent activity detected in December 2025, has drawn attention to how banks are responding to such incidents, with a focus on limiting exposure, recovering funds and working with law enforcement.
According to findings referenced in proceedings before the Lagos State Special Offences Court, the incident involved unauthorised transactions tied to a digital product. Early reports erroneously suggested more than ₦3 billion was lost. Subsequent clarification shows that over ₦3 billion was targeted, ₦2.4 billion was blocked and recovered, while ₦677 million got into the possession of the culprits. This outcome reflects the bank’s cyber security and monitoring capabilities, as well as improved collaboration among regulated financial institutions and with law enforcement agencies. Several suspects and beneficiaries have been apprehended, while recovery and prosecution efforts are ongoing, led by the Economic and Financial Crimes Commission (EFCC).
Proceedings at the Lagos State Special Offences Court have resulted in convictions, including that of a repeat offender, with restitution orders issued. Related matters are also being handled at the Federal High Court in Lagos, where additional suspects are being tried in connection with the scheme. This process is aimed at ensuring that bad actors are identified and permanently blacklisted from the financial system.
Authorities say recovery efforts are continuing as additional funds are traced.
Analysts note that the pace of legal action reflects closer coordination between financial institutions and enforcement agencies in addressing cyber-related financial crime.
The case comes as banks contend with more complex fraud methods, including social engineering and automated exploitation of system processes.
As digital products and platforms expand, so too does the risk associated with cyber-crime and related fraud.
“The scale of digital banking means risks are evolving alongside the systems,” said a Lagos-based financial analyst. “Institutions are now judged by how they manage these events.”
Observers say the sector is moving toward a stronger focus on response and recovery, rather than prevention alone.
This includes improving monitoring capabilities, strengthening transaction controls and enhancing collaboration with regulators and law enforcement. The FCMB case, with limited exposure relative to the amount targeted and ongoing recovery, reflects that shift.
For customers, the primary concern is the safety of their funds. In this case, there has been no indication of losses affecting customer deposits. Maintaining that level of protection remains central to sustaining trust in the financial system.
Nigeria’s financial sector continues to grow, supported by digital innovation and expanding access to banking services.
However, analysts say fraud attempts are likely to persist as systems become more complex and interconnected.
They say institutions will increasingly be judged not only on their ability to prevent incidents, but on how effectively they respond and recover when they occur.
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Ex-APC Deputy Guber flag bearer, Joshua MacIver backs Tinubu, express fears over implosion in Bayelsa APC
….congratulates new State Party Chairman, Warman Ogoriba
APC Deputy Governorship Candidate in the 2023 general elections in Bayelsa State, Great Joshua MacIver has declared his total commitment to the re-election of President Bola Tinubu come 2027, declaring that the Tinubu re-election project is non-negotiable.
Great Joshua MacIver, in his statement titled ” BAYELSA APC CONGRESSES: GOING FORWARD, A CALL TO LOOK INWARDS” and made available to newsmen in Yenagoa, warned APC leaders in the state to look Inward and take note of certain factors which may hinder or cut short our victory.
According to Great Joshua MacIver, such noticeable pitfalls include the imbalance in the united front being put up by the State Governor,Senator Douye Diri among various political blocs in the state.
In the statement issued at the weekend. Great Joshua MacIver stated that “First, before His Excellency, Senator Douye Diri, joined the APC in the state, there were clearly two political blocs that made up the party, with the approximate population ratios of the blocs standing at 95% to 5%.”
“After the entrance of His Excellency, Senator Douye Diri, ONLY THE SMALLER BLOC IS BEING CARRIED ALONG IN THE AFFAIRS OF THE PARTY, leaving the greater percentage to their fate, and this situation has the potential to build anger and dissatisfaction in our dear party.”
” The consequence of this has been the high level defection we have witnessed in the party recently and we believe more may likely follow, if we do not put our house in order.”
” If we do not pull together as a party, we may witness a situation where we will lose key stakeholders, especially after the State and National Assembly Primaries as well the Gubernatorial Primaries.”
“Finally, while it is very clear that we are the party to beat in the 2027 elections and that our loyalty to Mr. President IS NON-NEGOTIABLE, we must make haste to say that we cannot afford to create situations or loopholes in our unity which will be exploited by other political interests in the state. We cannot afford to under-rate anyone.”
“Our core interest remains the re-election of Mr. President, a project to which we have committed our all. We also pledge our total loyalty to the party as we have no alternative to the APC. However, our concern is that we must, as a party, look inwards and ensure that we do not create loopholes that can impede our common goal.”
Great Joshua MacIver, however congratulated the newly elected State Executives of the APC in Bayelsà State led by Hon. Warman Ogoriba, saying their emergence is welcomed at this critical time in our national history.
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