Business
MY TAKE AWAY FROM PMB’S FOREIGN TRIPS – BABATUNDE FASHOLA SAN
In making this public intervention, I seek to highlight the benefit of global relationships and cooperation in a world that is changing daily as a result of globalization and transborder economics, social and even criminal activities where no one is safe, except all are safe, and to leave the dispassionate observer his opinion after deep reflection on the value, or lack of it, of the President’s foreign trips.
This way I hope every Nigerian who cares about our country will have some information about what their President is doing about the things that concern them.
First I will start with context.
Barely 2 decades ago (between 1994 and 1998) we would not have quarreled with the description that we were a pariah nation.
We were ostracized from global events because of bad governance. We had lost the respect accorded Nations like ours were they well-led and well-run.
I recall that not a few Nigerians complained that the green passport was becoming, if it had not already become, a burden.
That was at the height of the dictatorial government that broke the rules of international relations.
It was from there that we started to heal. Investors entered our country. Many brands that we sought after abroad started coming to set up shop in our country.
The tourist footfalls in our country increased slowly but surely, but again we began to slide.
That was when Buhari declared at a meeting in Lagos during his campaign in 2015, that if elected, he would make us proud about our country again. Proud to be Nigerian again.
That is the context in which I view his foreign trips and the manifesto of the All Progressives Congress (APC) on Foreign Relations which promised to:
- Make the Nigerian national interest the overriding factor in its foreign policy and international relations.
- Work to reform global governance in multilateral institutions and agencies.
- Work to strengthen the African Union to become a more effective organization on global affairs.
- Engage the BRICS countries (Brazil, Russia, India, China and South Africa) on the basis of equality.
- Play a leadership role to develop a MINT (Mexico, India, Nigeria, and Turkey) as a counterforce to BRICS.
I will limit my takeaways to 4 (Four) trips that I attended with the President namely: the G7 Summit in Germany, the Oil and Gas Summit in Iran, the Renewable Energy Conference in Abu Dhabi and the State visit and Business Forum in China; and 2 (Two) trips that I did not attend, but whose deliberations I followed, namely: Paris for the COP 21 and USA for the Nuclear Energy Summit.
G7 in Germany
This is a club of eight of the most industrialized, economic and technologically advanced nations.
For the benefit of those who do not follow international politics it was originally the G8 comprising the USA, Britain, Germany, France, Canada, Japan, Italy, and Russia, who were later suspended and had sanctions imposed on them to make it G7 as a result.
It was formed in 1975 as a club of 6 (Six) before Canada and Russia were admitted.
They look after each other, and the rest of the world to put it simply.
They have gone to war together if you remember Iraq and Libya in recent memory and they are all largely collaborating to fight terror. (Most recently the FBI was rendering assistance to Belgium in the aftermath of the terror attacks in that Country).
Why G7 one might then ask?
Answer: German Chancellor Angela Merkel, as host, invited PMB on his inauguration to be their guest along with some three or four other African countries.
Their agenda was global security, global economy and global health in the aftermath of Ebola, which was still raging in some African countries.
Apart from the personal aides of the President, Governor Shettima of Borno, General Dambazau and myself were the only ones who accompanied PMB.
I recall that upon our arrival in Germany they expressed surprise that our delegation was small and asked if others were still coming.
In the pre-departure briefing, in addition to highlighting how the security and economic agenda of the G7 coincided with 2 (Two) of his campaign promises, security, (corruption)economy, PMB stated the reasons 3 of us were invited.
Governor Shettima was in the front line of terrorists and criminal activities in the north east; General AbdulrahmanDambazau, was a former Chief of Army Staff, and also a faculty associate of Harvard University Weatherhead Center for International Affairs; I had run the single biggest economy of a state within Nigeria for eight years and was in the frontline of Ebola.
Without ministers, one week after taking office, he felt we were the ones best suited to assist, if he needed it, on the issues of security, economy and health on the G7 agenda.
In the event, he did not need us. He held his ground admirably. He was the first person called upon to speak at a Summit in which Nigeria was not a member. I was proud to be a Nigerian.
At global summits we usually got to speak when others had spoken and the hall has emptied.
President Obama was the first G7 member to speak after PMB and he said that Nigeria has elected a President that brings a reputation of scrupulous integrity to the table. I was proud to be a Nigerian.
The opening session was robust and welcoming, we saw some of the world’s most powerful men and women take off their jackets, call each other by their first names in a club-like setting while addressing the world’s most serious problems. Problems that affect you and I daily.
I was proud that my President was in a room where decisions concerning my planet were being deliberated upon.
Prime Minister Cameron, Chancellor Merkel and others also spoke in similar vein about our President’s reputation and our nation’s strategic position in Africa and the world.
They pledged support for Nigeria on Terror and the Economy.
Importantly, I learned that their scientists were worried about increasing resistance of strains of infections to antibiotics; and that they were committing enormous resources into finding out why and what to do.
They highlighted the difficulty of time and resources that it will take to develop new antibiotics and the risk to global health.
If we all appreciate how vulnerable we can be without effective antibiotics, especially our children, and if we remember how low life expectancy was and how poor global health was before the discovery of Penicillin after the World War, we will appreciate the seriousness of the platform to which Nigeria was invited. I was proud that our President was there.
If the seven most powerful nations stand with you, who can stand against you?
I need not say more except that I can attest that PMB has been following up on these matters, and the progress on security is visible, while results on the economic front will manifest soon enough.
Iran Oil and Gas Summit
For those who are not aware, one of the reasons why oil prices went up, and from which we benefited in the past, was that Iran, the world’s 7th largest producer of oil, was facing global sanctions from which she was due to emerge in 2016.
Because Iran was soon to be selling oil, the likelihood of a further crash of oil prices that had drastically fallen was a threat to Nigeria’s economy if oil prices crashed further.(Our 2016 budget proposals had just been formulated on a $38 per barrel assumption)
I was witness to PMB’s persuasion to Iran to come to the market slowly instead of pushing out large volumes which will raise supply and crash prices, even though Iran also needed the cash.
You can’t do that type of diplomacy by letter or by phone, in my view, not when the major players were all there in person.
I witnessed the meeting with the Venezuelan prime minister, who was leading the South American producers to sell more and get cash even if the prices were lower.
PMB’s logic was different.
Hold your volumes, steady the price, and don’t let us hurt one another.
Recorders of history will recall that the Venezuelan government suffered a major political defeat in Parliament, while PMB’s logic has at least steadied oil prices.
It might interest you to know that all European nations sent their oil ministers, except Russia, where Vladimir Putin came in person, because having been suspended from the G8 and facing sanctions, this was the meeting where his country’s interests were best served.
For the record, Russia pledged a $5 Billion state support to Iran, and if the purpose of this is lost on anyone, I interpret it to mean, “Take cash, don’t pump out your oil. It will hurt me.”
This is the reality of international politics.
Finally on Iran, PMB told us, how when he flew to Iran in his days as Petroleum Minister, he noticed how much gas they were flaring and now he returned as President, all the flares were gone.
We found out that all the gas had been harvested and piped to every home for heating, cooking etc.
His mandate: “If they can do it, we must do it.”
I am proud to be led by a President who sees good things outside and seeks to bring them to his people.
Abu Dhabi Renewable Energy
This is reputed to be the richest of the Emirates in the United Arab Emirates (UAE).
Apart from seeking cooperation to recover Nigeria’s stolen wealth stored in the UAE [His anti-corruption commitment pursued in person], PMB addressed a renewable energy summit where we learned about initiatives to bring solar power price down to 5 (Five) US cents per kilowatt hour, (approximately N10) as against the price of 17 (seventeen) US cents (N34) per KW/h tariff in Nigeria fixed at privatization by the last Government.
PMB’s mandate was for us to explore collaboration for the manufacture of solar panels in Nigeria to bring down the price and deploy it to the sunlit areas of Nigeria, especially the North that is most prolific for irradiation.
We are currently working on the Energy Mix for Nigeria which is the implementation process of the energy policy that will take us there.
Hopefully we will soon be signing the first set of solar deployment agreements for Nigeria.
In this way, more solar and hydro will be used in the North, more coal and hydro in the Middle Belt, and more gas in the South; so that we take power generation closest to the most prolific source of fuel to bring down the cost and make it more affordable.
On the trip to China (which I will comment on) we met a few Chinese solar manufacturers (who recognized us from Abu Dhabi) who want to set up business of manufacturing solar panels in Nigeria.
China Investment Forum and State Visit
This is the visit that provoked this write up, because I had bottled what I knew. But it was time, I believe, to share some of it.
China is the second largest economy in the world with a per capita income of $8,000 which they are planning to raise to $12,000 by 2020.
By her own assessment, according to President Xi Jinping, they are still a developing nation seeking to achieve what he described as “initial prosperity” by 2020.
If you look at the back of your phone, your TV, your watch, your I-Pad, your Mobile Charger, many other accessories that you use, you are likely to find these three words “Made in China” printed somewhere.
For such a nation, (with trillions of dollars in reserves, that plans to spend $2 trillion on imports in the next five years and earn $100 billion annually) who still sees itself as a developing nation, such modesty in the face of success, assiduous hard work and productivity is a destination to seek cooperation in the pursuit of economic development.
This is where PMB led an array of Nigerian investors including Erisco Foods, (who now makes our tomato paste at home and employs people locally including farmers who supply the tomatoes), Power operators (DisCos and GenCos), and the Dangote Group, to meet with and address their Chinese partners.
During the meeting with the Chinese President, 6 (Six) collaboration agreements were signed including for agriculture and food production improvement techniques, rail and power infrastructure development, for funding the Dangote group to continue to expand and create jobs at home and keeping some of our reserves in the currency of the richest nation in the world.
This last mentioned agreement was a legitimate coup by PMB because the intelligence was that some West African countries were going to sign before us.
PMB seized the moment.
Of course he had to apologize for our previous failures on our agreement made to part-fund 4 airport projects in Lagos, Kano, Abuja and Port Harcourt and Abuja-Kaduna rail project.
The Chinese had provided their agreed part of 85% but the remaining 15% Nigeria did not honour during the last administration.
Some of the recent revelations about financial scandals estimated at $2.1 billion in the office of the National Security Adviser alone during the last administration suggest how impactful such funds would have been in delivering these critical infrastructure; but we all know what happened.
This is why PMB is traveling. To repair our reputation severely damaged by the last government, and to assure our partners that Nigeria has CHANGED. And from there to re-negotiate an existing funding agreement to complete critical Transport infrastructure.
Because of his reputation, President Xi Jinping believed him, and to quote him, he said: “It is better late than never. ”
Through him China literally opened the door to Nigeria in areas of infrastructure (power, railways and roads), agriculture, education and manufacturing especially in our Free Trade Zones.
To paraphrase the Chinese President, “ask us for whatever support or partnership and we will be happy to respond.”
“We wish to see you take your rightful place and we are happy that you are the first African president visiting China, after my visit to Africa last year to pledge a $60 billion support for the Development of the continent.”
If this was not initiative I doubt what is?
As for the trips to Paris, COP 21 and the USA, Nuclear Security Summit, I will only say this:
- a) The threat of climate change, global warming, desertification in the north of Nigeria and coastal erosion in the Atlantic (Bar beach in Lagos) and in the south, affecting Rivers, Bayelsa and other coastal states, the clear scientific evidence lays the blame at the door of the world’s most industrialized nation for their pollution.
- b) Since the Kyoto protocol they have paid lip service to remedying the situation, which unfortunately affects developing nations more adversely.
- c) COP 21 was the first serious commitment that these leaders made to ensure that global temperatures do not rise above 2°C and indeed are reduced to 1.5°C. I am proud that Nigeria was not missing at this historic moment. When the planet is saved, the next and future generations of Nigerians will recall that PMB was present, when all of the world leaders were present to save the planet.
- d) In the aftermath of COP 21, the commitment of these nations is to increase production and technology for renewable energy and to reduce the use of carbon fuels. One way they plan to achieve this is increased deployment of nuclear energy.
- e) These nations are at the cusp of sharing safe nuclear technology for peaceful uses with developing nations for power generation. This for me was reason enough and a good one at that for PMB to be in the USA because Nigeria has been pursuing a nuclear power program for about 17 years, not as an alternative to gas or Hydro, but as additions to them.
The world leaders must trust you for you to partake.
At that summit, in the group photograph, PMB stood on the second row along side Britain and Turkey. In the past, we used to be on the last row. This is CHANGE.
As he meets with world leaders outside Africa, he has not forgotten the home front. He is regularly visiting and receiving his sister and brother presidents on the African continent.
PMB has earned their trust for all of us and I am proud to carry my green passport.
Yes, some results are not yet manifest, and may take a little while to do so, but a solid foundation for a sustainable, respectable and prosperous future is being laid, block by block.
This is how to build a solid “home” from whence we can project respect abroad with confidence.
How many of us will do business with total strangers without a reference or a good reputation in this age of due diligence?
PMB is building affiliations everywhere that if well-managed in future, will develop into a global network of friendships, trust and respect for Nigeria and Nigerians.
I once heard that the role of a leader, like that of the head of a family, is that of an aggregator, opening doors and opportunities, breaking down barriers and forging alliances. I agree.
This is my Takeaway on these trips.
BabatundeRajiFashola, SAN
Business
NNPCL and Corruption’s Final Throes
NNPCL and Corruption’s Final Throes
By Pius Olasanmi
In the twilight of the Obasanjo administration, when Nigerians were still capable of being outraged, when Turn Around Maintenance (TAM) of refineries was a buzzword that still held some mysticism to bamboozle citizens, during a conversation, a certain man said something profound. The man said, “As a businessman, if I were the owner of these refineries, knowing that they are three decades old, I would take the last money I have, hire bulldozers, raze them to the ground, and obtain loans to build new ones.”
When we pressed him further on why he would engage in such waste, he explained that repairing the refineries is the real waste. He explained that even if the TAM were honestly carried out, a thirty-year-old refinery would never compete favourably with a new one that would integrate contemporary technology. Operating at its best, such a refinery would never be comparatively more efficient. It is therefore pointless to have spent another one naira on the refineries at that point.
A few months later, I had a conversation with a then-lawmaker on an entirely different matter. I mentioned that the National Assembly has failed by not crafting legislation that would criminalise and punish public office holders who foist wrong decisions on the country. The logic: a public office holder need not steal to be punished, wrong decisions should attract penalties for an office holder who opts for the worst of all options when there are less injurious ones.
These established premises speak to the ongoing nauseating efforts at revisionism by those who wrecked the Nigerian National Petroleum Company Limited (NNPCL) and its previous iteration, the Nigerian National Petroleum Corporation (NNPC). Notably, this campaign to rewrite history is traceable to Engineer Mele Kolo Kyari, the disgraced immediate past Chief Executive Officer of NNPCL and his hirelings. They have suffocated the news and the public opinion space with even more lies than they spun while in office.
The Saint Kyari campaign is anchored on convincing Nigerians that the Port Harcourt, Warri and Kaduna Refineries were fully functional when he was booted out of office. So brazen is the campaign that one of its talking heads challenged the group chief executive officer (GCEO), Engr. Bayo Ojulari, to “inform Nigerians categorically what happened to the functioning refineries he inherited from his predecessor, Engr. Mele Kyari.” The effrontery.
We have not forgotten so soon the charade that followed the baffling claim that Nigeria has spent $2.8 billion on the repair of the refineries, while they are not churning out even a single litre of refined product among them. Saint Kyari and his goons played all manner of tricks, all of which embarrassed President Bola Tinubu, who had counted on ticking off the return to productivity of the refineries as part of his achievements, only to realise that he was deceived into celebrating phantoms. Tragic.
Lest we forget, 200 trucks were arranged as props in a well-directed video clip to celebrate the re-streaming of the Port Harcourt Refinery. The disappointment. Nigerians were to learn from several reports that the Port Harcourt refinery was not producing and was instead using old, stored petroleum products to load trucks. Worse still, the Kyari crew was passing off sanction-tainted Russian-sourced crude oil refined in Malta as locally refined products. More insult was piled on the assault on our collective sensibility with the lies that the Port Harcourt Refinery exported semi-finished products. Brazen.
Meanwhile, Kyari and his hirelings called those who pointed out or protested these glaring scams all manner of names. They hid behind industry technicalities and jargon to create the impression that those of us who knew Nigerians were being robbed did not understand what we were saying. The point remains that a $2.8 billion investment can potentially build a refinery with a capacity of around 100,000 barrels per day (bpd). Of course, the actual capacity of such a refinery will depend on various factors, including the complexity of the refinery, the technology used, and the location. That is the amount that Kyari’s regime at the NNPCL took and did not give Nigerians refined products.
Fast forward to Kyari’s sack and the appointment of Engineer Bayo Ojulari, who has demonstrated that things can indeed be done differently. Kyari’s exit was expectedly followed by the Economic and Financial Crimes Commission (EFCC) going after him and his associates. The extent of the theft is better understood against the backdrop of N80 billion being found in the bank account of one of his associates. They went on the run.
Perhaps because the EFCC was biding its time on securing international warrants for the arrests of these characters on the lam, they have become emboldened. They have decided to fight back and rewrite the story of their participation in the greatest fraud against Nigerians. Engineer Ojulari’s renewed mindset, which is entrenching a semblance of the transparency Nigerians demand, became their natural target. The demons that once roamed around the corporation came out with malevolence. They started spinning stories of corruption to tarnish the incumbent who refused to hide their crimes. The objective: bring Ojulari down. But alas, he is winning the war as it stands.
His innocence is proven, and it is glaring that those who want him out are mere charlatans who can no longer ply their corrupt wares because of the impact of the new reforms. Corruption in the NNPCL is in its final throes. The fake news being unleashed against the incumbent leadership is akin to corruption’s last kicks as reforms in the sector strangulate it and its practitioners. The reforms must take place in the NNPCL, whether the industry demons like it or not.
As a parting shot, Kyari and his associates would do well to prepare their defence. In addition to accounting for the $2.8 billion they laundered in the name of repairing the moribund refineries, they must also answer for the poor decision to fix that which is irretrievably broken. Awarding contracts for Turn Around Maintenance of 59-year-old refineries that a right-thinking person had suggested should be demolished almost twenty years ago, when they were only 30 years old, is criminal. Trying to deceive Nigerians that the fake repairs worked is treason.
Olasanmi is a public affairs analyst writing from Lagos.
Business
GRANDIS 5STAR LUXURY APARTMENT & SUITES SET TO REDEFINE LIVING IN VICTORIA ISLAND
GRANDIS 5STAR LUXURY APARTMENT & SUITES SET TO REDEFINE LIVING IN VICTORIA ISLAND
Set to Rise elegantly against the Lagos skyline, is the Grandis 5Star Luxury Apartment & Suites. According to Adejuwon Ademola, The General Manager of the Development company, it is more than just a residential building
“it’s a lifestyle statement. Standing 17 floors high in the heart of Victoria Island, this revolutionary masterpiece of modern architecture will offer a panoramic 360° view of Eko Atlantic, Victoria Island, and Ikoyi, transforming every apartment into an exclusive penthouse experience for the world’s most discerning elite.”

Developed by Dumarco Construction Limited, a globally acclaimed company with decades of delivering complex, high-value projects in the highly regulated petroleum, oil, and gas industries, Grandis 5Star brings unmatched international safety standards, uncompromising quality, and timeless elegance into Nigeria’s luxury property market.
> “When you live in Grandis, you’re not just buying a home—you’re investing in peace of mind, world-class safety, and an effortless luxury experience that will remain pristine for decades,” says Adejuwon A. Ademola, General Manager of Dumarco Construction Limited.
The Gold Standard in Safety and Quality
Dumarco’s roots in the oil and gas sector mean the company operates to some of the strictest safety protocols in the world. Every stage—from conceptualization, design, construction, to long-term maintenance—follows internationally accepted procedures and quality assurance measures. Cutting corners is simply not in Dumarco’s vocabulary.
> “In the oil and gas industry, there’s no room for compromise. We’ve brought that same discipline and zero-tolerance for mediocrity into property development,” says Ademola. “That’s why Grandis will be one of the safest and most enduring residential developments in Nigeria.”
To ensure transparency and prevent (project complacency), Dumarco deliberately separates the developer, contractor, and consultant roles, engaging only the most competent professionals in each respective field. Dumarco’s project team includes globally recognized contractors such as Julius Berger, Cappa & D’Alberto, and Elalan, Migliore Construczione & Tecniche (MC&T) and their partners VENCO IMTIAZ CONTRACTING COMPANY (VICC) based in Dubai, UAE, Business Contracting Limited, alongside leading consultants like Morgan Omanitan & Abe, LAMBERT, and James Cubitt.
Grandis – Investments, appreciation, returns and profitability
Our selection process for the location of the project alone was pains-taking and completely thorough scientific process. Top professional companies were employed to conduct a scientific data acquisition and analytical survey of the entire Victoria Island, Ikoyi, Lekki and Eko Atlantic before a project site is selected. Analyzing and acquiring areas developmental charts and trends, studying and gathering historical and present sale prices, rental charge and occupancy rates over a 50 year period from every individual street before the selection of the location of any of our developments especially true for the Grandis Project
He adds,
“Our clients and residents can be rest assured that the location of Grandis has been scientifically proven through all existing data to provide our clients with a 100% occupancy rate, highest developmental location, highest rental income and investment returns. ”
The Grandis Experience
Located minutes away from international corporate headquarters, embassies, and landmarks such as Eko Hotel, Radisson Blu, and the Radisson Red, Grandis offers unmatched convenience for professionals, diplomats, and high-net-worth individuals. Every residence is designed for both indulgence and efficiency, with high-grade finishes, smart-home systems, and private amenities that ensure seamless living.
From sunrise over the Atlantic to the glittering Lagos night skyline, residents will enjoy uninterrupted luxury, supported by discreet and highly trained staff, advanced security systems, and a design that prioritizes comfort and privacy.
> “We designed Grandis for people who want everything—security, elegance, convenience, and the assurance that their home will look as spectacular in 20 years as it does on day one,” Ademola notes.
A Legacy That Lasts
With its combination of visionary architecture, peerless safety, and meticulous maintenance planning, Grandis is built to remain iconic for generations. Thanks to Dumarco’s meticulous approach, the building’s service charges are expected to remain low while its value and appeal continue to appreciate over time.
In a market often marred by shortcuts and substandard practices, Mr Ademola says
Grandis stands as a beacon of what luxury living should be—safe, spectacular, and built to last.
“Grandis 5Star Luxury Apartment & Suites — Where safety meets sophistication, and every detail is designed for a life well-lived.”
He added
Website -www.dumarcoltd.com
Project website – www.26idowutaylor.com
Email [email protected]
Tel / WhatsApp +234 9077777883
GM – Adejuwon A. Ademola
celebrity radar - gossips
Nationwide Talent, One Broadcaster: Tinubu Picks Pedro, Bello, Din, Mohammed to Lead NTA
Tinubu Overhauls NTA Leadership: Media Powerhouse Rotimi Pedro Takes Helm as DG
President Bola Ahmed Tinubu has announced a major shake-up at the Nigerian Television Authority (NTA), appointing renowned media executive Rotimi Richard Pedro as the new Director-General in a move widely seen as a bold step toward modernising the state broadcaster.
Pedro, a Lagos native, brings nearly 30 years of expertise in broadcasting, sports rights, and marketing communications across Africa, the UK, and the Middle East. A trained entertainment and intellectual property lawyer, he also holds an MSc in Investment Management and Finance from City University Business School, London.
In 1995, Pedro founded Optima Sports Management International (OSMI), which rose to become one of Africa’s leading sports content providers—distributing premium events such as the English Premier League, UEFA Champions League, FIFA World Cup, and CAF competitions to audiences in over 40 countries.
His career highlights include top roles at Bloomberg Television Africa and Rapid Blue Format, as well as advisory work for FIFA, UEFA, Fremantle Media, and the African Union of Broadcasters (AUB). At the AUB, he was instrumental in securing exclusive pan-African free-to-air media rights for all CAF competitions.
Alongside Pedro’s appointment, Tinubu named Karimah Bello from Katsina State as Executive Director of Marketing, Stella Din from Plateau State as Executive Director of News, and Sophia Issa Mohammed from Adamawa State as Managing Director of NTA Enterprises Limited.
Industry insiders credit Pedro with building commercially viable broadcast platforms, driving sponsorship growth, and delivering world-class content to African audiences. His appointment marks one of the most significant leadership changes at NTA in years—signalling the government’s intent to strengthen the broadcaster’s competitiveness in a fast-evolving media landscape.
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