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Lagos Chamber Of Commerce Responds To President Tinubu’s Address To The Nation

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Tinubu Reaffirms Nigeria's Readiness To Play Vital Role Within G-20

 

Lagos Chamber Of Commerce Responds To President Tinubu’s Address To The Nation

 

 

THE LAGOS CHAMBER OF COMMERCE AND INDUSTRY
STATEMENT ON PRESIDENT BOLA AHMED TINUBU’S ADDRESS ON THE STATE OF THE NATION ON 31 JULY 2023, BY ASIWAJU (DR.) MICHAEL OLAWALE-COLE, CON, MFR, FNIM, CNIM, FIoD

 

 

Lagos Chamber Of Commerce Responds To President Tinubu's Address To The Nation

The Lagos Chamber of Commerce and Industry (LCCI) wishes to commend President Bola Tinubu on his second State of the Nation address as the country grapples with the short-term economic hardship resulting from subsidy removal and exchange rate harmonization. The President’s address showed leadership, responsibility, and accountability, and he demonstrated empathy as he unveiled a broad plan to ease the cost of living pains for Nigerians. He also provided clarity on the palliative measures and strategies for implementation.

 

 

 

LCCI also commends the President on the palliative plan to support businesses, the working class, and the most vulnerable, as well as a policy intervention to check rising inflation and ensure exchange rate stability. The President covered most of the strategic sectors of the economy, but nothing was said about security, which is a critical factor in national development.
The President described the plan to spend the 500 billion naira ($652 million) package to boost the economy by easing transportation costs, boosting manufacturing, and enhancing food supply. It will also provide conditional grants to at least a million small businesses. To ensure affordable food prices, it is good that strategic reserves of grains will be released to households, and support for agriculture, including farmland cultivation, will be a priority.

 

 

 

 

These plans demonstrate that the President is listening to Nigerians. The Chamber supports the move to invest in the manufacturing sector. However, it would be pertinent to consider more enterprises as 75 enterprises would not significantly impact the economy. However, we commend the effort to kick-start sustainable economic growth and improve productivity. We believe that if this plan is rigorously pursued, economic growth through the real sector of the economy would be achieved and could revive Nigeria’s sluggish industrialization and expand the GDP.

 

 

 

We wish to call attention to the cost of funds. The plan is to offer loans to 75 scalable enterprises with enormous prospects at 9% per annum, repayable over a maximum period of 60 months. The government would need to closely monitor the banking sector in the provision of these loan facilities so that the eventual cost of funds is not above 9% from other banking fees and charges. It may be judicious to stipulate that the total costs of funds is benchmarked to 9% regardless of the charges and fees.

 

 

 

 

The focus on improving public transportation, including providing buses to be fueled by compressed natural gas (CNG) for deployment in all the states, is a means to provide affordable transportation across Nigeria. This will help ease the problem of moving persons and goods across the nation. It will also reduce the cost of doing business which burdens most small enterprises.

 

 

 

 

The Chamber hereby expresses concerns about the role of the State and Local governments as well as transparency in the implementation of the palliative strategies as the government plans to introduce an Infrastructure Support Fund for the states to invest in critical areas and revamp healthcare and educational infrastructure.
·        We urge the government to ensure smooth and promising implementation of the measures and regularly engage the citizens and the organized private sector to ensure accountability. There should be proper monitoring and evaluation of the implementation process to ensure benefits to the people.
·        We also wish to nudge the government to share in the sacrifice made by Nigerians by reducing the high cost of governance in all its tiers and ensuring fiscal leakages and corruption are strategically dealt with. As we commend the government’s courage in enacting a series of policies, we trust that government would be courageous enough to cut the cost of governance. This will demonstrate to Nigerians that the leaders share in the suffering and sacrifice of the people. The perks available to public office holders are so enormous that it is difficult for the average Nigerian to understand why they suffer so much and those in leadership are unaffected. We urge Mr. President to do the needful, and we expect further announcements on the measure to cut the cost of governance.
·        As mentioned, security has not been given sufficient attention. It is also of utmost importance to deal with the issue of insecurity because, without security, there can be no prosperity. If the issue of insecurity is not adequately dealt with, the implementation of these strategies could be in jeopardy.
·        The issue of oil theft must not be sidelined at this stage, as it has critical implications for the rule of law and our economic well-being as a nation. This will demonstrate that there is a holistic effort to revamp the economy and chart a new path for Nigerians. Government should also track down and apprehend the culprits of oil theft as this will act as a deterrent and communicate powerfully that crime must be punished.
·        The fuel subsidy regime is sometimes described as a scam due to the opacity and lack of integrity of the arrangement, and it has indeed become a burden on the economy and a source of enrichment for a select group of individuals. Therefore, the Chamber calls on the government to make the required effort to identify and investigate the select group of individuals that plundered our national wealth and enriched themselves through the fuel subsidy regime. They should be brought to book to prevent a recurrence of such criminal actions that have destroyed our economy. Going forward, the system should also have sufficient transparency, accountability, and integrity, particularly with product pricing.
·        We urge Nigerians to exercise some patience, as emphasized by the President. The degradation of our economy has occurred over several decades and it can not be reversed within a few short months. It would take a concerted effort by all and focus on the strategic alignment of our national goals for change to occur. In reality, it is inevitable that we suffer some pain for these reforms to be successfully implemented. We all want a better and brighter future for Nigeria, so let us work together to make it happen.
ASIWAJU (DR.) MICHAEL OLAWALE-COLE, CON, MFR, FNIM, CNIM, FIoD
PRESIDENT / CHAIRMAN OF COUNCIL,
LAGOS CHAMBER OF COMMERCE & INDUSTRY
1 AUGUST, 2023

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‘I Never Indicted Egbetokun’ — Jesam Michael Rebuts Sowore’s Allegations

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‘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.

 

 

‘I Never Indicted Egbetokun’ — Jesam Michael Rebuts Sowore’s Allegations

 

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.

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When Power Meets Privilege: Controversy Trails the Rise of NNPC Gas Czar Lekan Ogunleye

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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

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Pomp, Prestige and Purpose: Dr. Mutiu Adewale Badmus Crowned Otunba Alayeluwa Onimolete of Molete, Ogbomoso

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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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