celebrity radar - gossips
AFDB To Lend Nigeria $4.1bn
The African Development Bank is working on giving Nigeria loan facilities of $4.1bn between now and next year for critical sectors of the economy.
The loans include $1bn at a concessionary interest rate of 1.2 per cent for Nigeria to address the 2016 budget deficit and aid her economic recovery.
The President, AfDB, Dr. Akinwunmi Adesina, disclosed this to State House correspondents on Monday after a meeting with Vice President Yemi Osinbajo and other members of the Economic Management Team at the Presidential Villa, Abuja.
According to the AfDB president, the package includes; $1bn in budget support, $300m to create jobs for 185,000 youths, $250m towards infrastructure development in the North-East, $1m grant to deal with challenges of Internally Displaced Persons, $300m for infrastructure development around Abuja, and $200m for the Transmission Company of Nigeria to improve its facilities, among others.
Stressing that Nigeria was the largest shareholder in the bank, Adesina said that the bank was in the country to offer its support in the face of the current tough times.
He said, “I think the times are difficult but I want to commend the government for being bold in taking the right decisions. I think that the fact that the price of crude oil has gone down is a big challenge, because you have 98 per cent external forex revenue coming from the sector.
“So, it has created calibrations; I’m not going to go into the details of all the problems, but what is important is what we are going to do about it.
“I’m not here to lecture the Nigerian government. I’m here to support very strongly. We have said that we are going to support the Nigerian government with the budget support to be able to deal with some of the fiscal imbalances that they have. We are looking to consider for an award of $1bn to help to deal with that particular deficit.”
Adesina added that the bank would help to revive Nigeria’s economy, especially by deepening the level of diversification in critical sectors such as agriculture, solid minerals and manufacturing.
According to him, the bank is going to provide in total $4.1bn to Nigeria between 2016 and 2017 for power, infrastructure, agriculture and for the private sector, including financing and lending to the Small and Medium-scale Enterprises.
He also said that he expected the AfDB portfolio in the country to grow to $10bn by 2019.
Adesina, a former Nigerian Minister of Agriculture, added, “We also recognise that power is perhaps the most important challenge that is driving inflation in the country. So, we expect in our portfolio this year to invest in a total of 1,400 megawatts of power to focus on the energy sector; and by 2017, we plan to add 1,387 megawatts to the sector.”
He said that the bank also discussed with Osinbajo and the Minister of Finance, Kemi Adeosun, on how to invest in areas of women and youth employment in the country as well as to look for opportunities to support access to finance by supporting the Development Bank of Nigeria with $500m, which will help to provide cheap financing for the real sector that the country wants to grow.
According to him, the bank is also providing $100m to the Bank of Industry to enable it to lend to small and medium-sized enterprises.
Adesina said, “Let me just say that Nigeria is experiencing tough times, but Nigeria is not falling apart; and when people talk about debt crisis, Nigeria is not in a debt crisis. If you look at the fiscal deficit of this country with regard to the GDP, it is about three or 3.5 per cent. It is still way below the five per cent recommended by the Fiscal Responsibility Act.
“If you look in terms of the debt to the GDP ratio for Nigeria, it is 15 per cent. So, there is no debt crisis in Nigeria; what you have is liquidity problem and we are trying for the country to be able to drive down inflation and to be able to make sure we are working with the government to be able to provide incentives for the private sector.
“Because to come out of recession you need more than the government, you need the private sector. So, incentives are very important. The Finance minister talked about a whole lot of incentives that they are going to give and I think that is the right way to go.
“Nigeria will come out of this as a better and more diversified economy than before it went into the recession.”
Also speaking, Adeosun said there was no need to fear over the new loan as it would be put into good use, adding that the government was not over-borrowing.
She added, “And as Dr. Adesina said, we are looking unto them with $1bn budget support; but beyond that, there are lots of loans and initiatives around agriculture, job creation for the youths, solid minerals, women empowerment and women’s access to finance, and access to finance by the SMEs.
celebrity radar - gossips
‘I Never Indicted Egbetokun’ — Jesam Michael Rebuts Sowore’s Allegations
‘I Never Indicted Egbetokun’ — Jesam Michael Rebuts Sowore’s Allegations
Abuja — Businessman Jesam Michael has strongly refuted claims attributed to him in a recent report by activist and publisher Omoyele Sowore, describing the publication as false, misleading, and a total misrepresentation of his statements.
In an exclusive chat on Saturday, Michael denied ever making the allegations credited to him by Sowore concerning the Inspector-General of Police (IGP), Kayode Egbetokun, while both men were reportedly inmates at the Kuje Correctional Centre in October 2025.
Sowore, in a widely circulated account, claimed that Michael had alleged receiving operational support from senior police officers, including the provision of office space within the Nigeria Police Force Headquarters, police protection, and the use of officers to detain individuals connected to a purported Ponzi scheme. The report further alleged financial inducements involving senior police officers.
However, Michael dismissed the account as “entirely fabricated.”
“I never made those statements to Omoyele Sowore or to anyone else,” Michael said. “At no point did I accuse the Inspector-General of Police or any senior police officer of providing me with offices, police units, or protection. The claims attributed to me are false and malicious. I only met him briefly when he came to greet Nnamdi Kanu’s younger brother whom I share a block with here and there is no way we could have sat down to discuss such fabricated stories ”
Michael specifically rejected claims suggesting that he supported or “served” police officers, insisting that he never stated that he had any police unit at his disposal or that law enforcement personnel acted on his instructions.
“I never said I supported police officers or had officers working for me. That allegation did not come from me,” he said.
He also denied claims that his properties were shared among senior police officers, describing the allegation as baseless and untrue.
“At no time did I say that my properties were shared among police officers or anyone else,” Michael stated.
Additionally, Michael categorically refuted allegations credited to him that a retired Deputy Inspector-General of Police, Dasuki Galandanchi, collected ₦250 million or played any role in silencing victims.
“I never mentioned DIG Dasuki Galandanchi, nor did I accuse him or anyone else of collecting money. That statement was never mine,” he said.
Michael further alleged that Sowore, through intermediaries, had previously attempted to persuade him to publicly indict the IGP in exchange for media backing—an offer he said he firmly rejected.
“I was approached repeatedly through a lawyer called Marshall, allegedly acting on Sowore’s behalf, asking that I make statements against the IGP so an article could be published. I refused, and I believe this publication is retaliation for that refusal,” he stated.
According to Michael, he declined to entertain the lawyer again after the initial contact, insisting that he would not be used to advance any personal or political agenda.
Sowore had earlier narrated his detention following the #FreeNnamdiKanuNow protest, alleging harassment by police officers and accusing the IGP of acting unlawfully in office. His report cited conversations he claimed to have had with Michael during their time in custody as further evidence of alleged corruption within the Nigeria Police Force.
Michael, however, maintained that any legal issues surrounding him are already before the appropriate authorities and are being handled by the Economic and Financial Crimes Commission (EFCC).
“My case is before the law. I have not, and will not, make reckless allegations against individuals or institutions to gain favour or sympathy,” he said.
As of the time of filing this report, the Nigeria Police Force has not issued an official response to either Sowore’s allegations or Michael’s rebuttal.
The development adds a new layer to the ongoing public controversy surrounding Sowore’s claims against the police hierarchy, with Michael’s denial raising questions about the accuracy of statements attributed to private individuals in politically sensitive narratives.
Jesam Michael’s business challenges are currently being addressed at the federal high court as well as FCT high court Jabi. He is very confident that justice will surely be done at the end of the day.
Joining Sowore in his pursuit of cheap blackmail against the IGP, other senior police officers or anyone else has never and will never be a part of Jesam Michael.
To say the least, Jesam Michael is totally disgusted by the stories falsely peddled by Sowore and wishes to totally dissociate him self from the false and malicious stories told by Sowore.
Sowore should please look for another willing tool to use not Jesam Michael.
celebrity radar - gossips
When Power Meets Privilege: Controversy Trails the Rise of NNPC Gas Czar Lekan Ogunleye
When Power Meets Privilege: Controversy Trails the Rise of NNPC Gas Czar Lekan Ogunleye
Among many of Abraham Lincoln’s popular saying is that “If you want to test a man’s character, give him power.” This saying suggests power and affluence reveals a person’s true nature rather than changing it.
The saying might rightly describe one of NNPC limited eggheads, Lekan Ogunleye, who is the Executive Vice President, Gas, Power & New Energy.
It’s a matter of stating the obvious saying that the former Deputy Managing Director of Nigeria LNG Limited is a brilliant chap. He’s been equipped with significant industry experience in various aspects of the gas value chain, he was made the Managing Director and Chief Executive Officer of Gas Aggregation Company Nigeria Limited (GACN),a firm set up by Federal Government of Nigeria to implement the Nigerian Gas Master Plan and manage domestic supply of gas.
But with all of these achievements, many alleged that a thorn in the flesh that lives with Mr Ogunleye is his fondness for the other gender. Sources close to him alleged that he invests millions in satisfying his cravings to invite them from around the world in different sizes and shapes on regular basis.
Information gathered has it that like many of his class, he has a permanent suite in a luxurious hotel on Lagos Island where he entertains them, it was alleged that his arrangements even provides luxurious treatment for them even when he’s not in town. A recent case of such was when he travelled to UAE during last year December with his family, sources close to him alleged that while he was away, ladies invited from Indonesia and Rwanda were receiving royal treatment in this permanent suite which cost over half a million Naira per night.
The sources also alleged that he’s known to relish his fetish practices with two ladies at the a time, and to watch them play with themselves before joining in the fun.
While his personal life may not be that important, how he was able to sustain such an expensive lifestyle, was scrutinize and it was alleged that he regularly receives kickbacks from NNPC vendors and contractors, especially the foreign partners who have been awarded contracts worth millions of dollars through his assistance.
Some of his close allies alleged that power that his privileged office brought was responsible for his insatiable desires for the opposite sex a situation that led to the collapse of his first marriage before he remarried a few years ago.
In other to establish the true state of things, a query was sent to him especially about the allegation of financial irregularities and the abuse of power and privileges for personal enrichment, the query was left unanswered after more than two weeks even when receipt was confirmed.nleye
celebrity radar - gossips
Pomp, Prestige and Purpose: Dr. Mutiu Adewale Badmus Crowned Otunba Alayeluwa Onimolete of Molete, Ogbomoso
Pomp, Prestige and Purpose: Dr. Mutiu Adewale Badmus Crowned Otunba Alayeluwa Onimolete of Molete, Ogbomoso
Last Sunday was etched in gold in the annals of Molete, Ogbomoso, as the ancient town came alive in colour, culture, and celebration for the conferment of a prestigious chieftaincy title on the erudite entrepreneur and man of many parts, Dr. Mutiu Adewale Badmus.
In a ceremony steeped in tradition and grandeur, Dr. Badmus was formally installed as the Otunba Alayeluwa Onimolete of Molete, Ogbomoso, drawing an impressive gathering of crème de la crème from across the social, business, and cultural strata of society.
The atmosphere was one of pride, reverence, and collective joy as dignitaries, community leaders, friends, and well-wishers thronged the historic town to witness the landmark event.
The honour, bestowed in recognition of his outstanding contributions to societal development and humanity at large, reflects Dr. Badmus’ enduring commitment to service, excellence, and community upliftment. As the Chief Executive Officer of Al-Hatyq Travel and Tours Limited, he has distinguished himself not only as a successful business leader but also as a compassionate humanitarian whose impact transcends commerce.
The colourful ceremony showcased the rich cultural heritage of Ogbomoso, with traditional rites, music, and pageantry underscoring the significance of the occasion. For many in attendance, the conferment was more than a title—it was a celebration of character, legacy, and a life devoted to meaningful service.
As Dr. Mutiu Adewale Badmus assumes his new role as Otunba Alayeluwa Onimolete, expectations are high that his wisdom, vision, and passion for humanity will continue to inspire progress and unity within Molete, Ogbomoso, and beyond.
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