Business
Hostile Takeover: A Failed Plot to Seize Control of the ILÉ IYÁN Brand”
“Hostile Takeover: A Failed Plot to Seize Control of the ILÉ IYÁN Brand”
Under the leadership of Sheriff Sanni, aka Sannikayz, ILÉ IYÁN has become an iconic brand, captivating over 12 million social media engagements worldwide and achieving remarkable growth in revenue and brand equity. This brand, recognized both locally and internationally, has served distinguished clientele, including high-net-worth individuals, government officials, corporate organizations, and A-list celebrities in entertainment. With over 15 years of experience in the hospitality industry, Sannikayz has built ILÉ IYÁN into a thriving, well-respected establishment promoting the Arts, Culture and Tourism in Nigeria and also celebrated for its excellence and integrity locally and Internationally.
Yet, in a desperate bid to silence the truth and stifle justice, brand hijackers and their paid voices have spun a web of falsehoods against Sannikayz, distorting the narrative in the public eye.
**False Claims of a Six-Month Rift with Initial Co-Founder**
The rumor mills claim that Sannikayz’s relationship with his initial investor soured within six months, suggesting a pattern of untrustworthiness with investors. In truth, this investor contributed N5M and has always maintained a warm, respectful relationship with Sannikayz till date. They both hold each other in high regard, and the surrender of shares was carried out through mutual agreement.
**Myth of Sannikayz Seeking Investment from Olasunkanmi Mustapha, aka Musty**
It is a blatant falsehood to claim that Sannikayz approached Musty for investment. In reality, Musty—through his staff Princess Michelle, a long-time customer—persistently pursued Sannikayz, keen on investing in ILÉ IYÁN’s expansion. Initially, Sannikayz was hesitant to allow Musty’s involvement, but Musty persisted, using unsolicited gifts to Sannikayz’s relatives as a ruse to appear trustworthy. This facade masked his true intent: an attempt to hijack a thriving business built on years of Sannikayz’s hard work.
**Inflated Claims of Musty’s Hospitality Credentials**
Musty’s narrative of 20 years of hospitality experience lacks any tangible proof. The restaurant he previously managed in Ikeja ended abruptly, leaving no credible brand or legacy in its wake. Unlike industry leaders with notable projects, Musty has no significant presence in the hospitality world. Hijacking ILÉ IYÁN appears to be his opportunistic plan to build a fictitious reputation on the back of another’s accomplishments.
**Unjust Share Allocation for Musty**
At the time of Musty’s entry, ILÉ IYÁN had evolved into a household name for premium pounded yam, with substantial brand value. Based on this valuation, Musty’s investment should have earned him a mere 20% share, yet Sannikayz generously granted him 30%, believing in Musty’s supposedly genuine intentions.
**Concealed Financial Gains and Exploitation of Resources**
Since his initial investment, Musty has received substantial returns: in December 2023, ILÉ IYÁN paid him N2,020,306 in profit from just the Lekki branch, followed by a total of N14,964,291 in March 2024 from both branches. Yet, Musty’s family which includes his wife Abiola Mustapha, his brother Pelumi Mustapha, his wife’s Niece and close associates Ayoola Ajuwon, Jaiyeola Ayoola-Ajuwon were placed on inflated salaries for minimal work, costing the business N4,710,000 monthly even Musty (the investor ) was earning N1,000,000 monthly. They disregarded corporate governance and fostered nepotism, placing two couples on the management team—decisions that disrespected ILÉ IYÁN’s established culture and principles.
Total payments made to investor from profit sharing and Management fees is over N30M which is close to 40% of his initial investment of N80,000,000.
**Harming ILÉ IYÁN’s Reputation**
Under Musty’s management, the Ikeja branch saw a downturn, with complaints piling up. One manager, Emmanuel Oluwabusayo, hired by Musty’s wife, even assaulted a female employee, resulting in a public scandal on a human rights blog. Despite Sannikayz’s pleas to dismiss the manager, Musty’s team retained him, prioritizing profit over integrity and brand reputation. This situation compelled Sannikayz to halt ILÉ IYÁN’s Canada expansion and return to Nigeria to address these crises.
**Exploitation of ILÉ IYÁN’s Brand Name**
Behind closed doors, Musty and his wife falsely presented themselves as owners of ILÉ IYÁN, and even attempted to position the brand as a subsidiary of Musty’s company. When asked to sign a shareholder agreement, Musty refused and instead led armed men to shut down ILÉ IYÁN’s Ikeja GRA branch, assaulting staff and deleting CCTV footage. Some of the staff were administered Post Traumatic Stress Disorder ( PTSD ) first aid and also one Emily Balogun also reported to be Injured by one of the armed men. She was also reported to suffer a neck injury during this tragic event. The Founder, Sannikayz filed a Petition against Musty at the Office of The Commissioner for Police, Lagos State Command. He later went ahead to establish a replica company, “ILÉ IYÁN by PODS,” hoping to erase the original brand and replace it with his counterfeit venture.
**Increased Costs and Employee Exploitation**
Between February and April 2024, ILÉ IYÁN was unknowingly paying salaries to Musty’s staff under the guise of management fees. These individuals increased operational costs, engaged in dubious procurement practices, and disrespected employee rights, especially targeting individuals they deemed “poor” or “female”—values antithetical to ILÉ IYÁN’s founding principles of respect and inclusivity.
Food Handlers Test and Staff Hygiene.
As part of ILÉ IYÁN’s commitment to maintaining the highest standards of food safety and customer service, all staff members are required to complete a Food Handlers Test and attend Customer Service Training periodically.
These claims are false accusations in a-bid to tarnish the ILÉ IYÁN’S brand reputation.
**The Myth of “Japa” to Canada**
It’s either ignorance or calculated malice to claim that Sannikayz abandoned ILÉ IYÁN for Canada. In fact, the plan for an international presence was mutually agreed upon to reach the Nigerian diaspora, beginning with Canada. During this official trip, Sannikayz remained in close contact with Musty, discussing registration and market strategies for the Canadian outlet.
Sannikayz also frequents Nigeria to monitor closely the growth and development of the ILÉ IYÁN Nigeria brand. This is also not limited to the his attendance at the GTbank Food and Drinks Event 2024 and other Hospitality related activities ultimately for the overall progress of the Company.
**Baseless Claims of Unpaid Debts**
Musty’s accusations of unpaid debts are not only false but an attempt to manipulate public sentiment. Outside his initial investment, no additional funds were extended by Musty’s company.
**False Allegations of Lavish Lifestyle**
In today’s social media era, Sannikayz’s lifestyle is anything but secretive. Claims of excessive spending are baseless, without any proof to support them. Sannikayz is a seasoned and prudent entrepreneur whose dedication to his business has always taken precedence.
**Musty’s Attempt to Wipe Out ILÉ IYÁN’s Legacy**
In a final move to erase Sannikayz’s legacy, Musty’s company filed a petition to dissolve ILÉ IYÁN. Yet, when confronted by Sannikayz’s legal team, Musty’s lawyers began to foot-drag with the court even awarding costs against them for time-wasting. His plan to hijack the brand through family appointments, staff mismanagement, and frivolous lawsuits fell apart, underscoring that one cannot steal another’s hard-earned success and prosper.
The ILÉ IYÁN NIGERIA brand has also made Legal action against Musty and his entities at the State and Federal High Courts for breach of contract, trust and agreement and passing off.
There are also numerous reports from other Founders who have suffered similar exploitation at the hands of Musty. His reputation for using police intimidation and scare tactics to coerce young Nigerian entrepreneurs into surrendering their businesses has left a trail of victims. This alarming trend, and the story of ILÉ IYÁN’s attempted hijacking, serves as a rallying call to protect Nigerian entrepreneurs from malicious individuals like Musty.
Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings
LAGOS — A new electric-powered tricycle with an expanded passenger capacity has been introduced into Nigeria’s urban transport sector, offering operators a potentially more profitable and eco-friendly alternative to conventional petrol-driven “keke.”
The newly launched 8-seater electric tricycle, now available in Lagos with plans for nationwide distribution, features a dual-row seating arrangement capable of accommodating up to eight passengers per trip—significantly higher than the standard three-passenger configuration common across the country.
Promoters of the innovation say the increased capacity is designed to boost daily earnings for operators, particularly amid persistent fluctuations in fuel prices. By running entirely on electric power, the vehicle eliminates dependence on petrol, reducing operating costs and shielding drivers from fuel price volatility.
According to the distributors, the tricycle is equipped with a durable battery system capable of covering extended distances on a single charge, making it suitable for commercial operations across high-traffic routes, residential estates, campuses, and marketplaces.
“The concept is straightforward—enable drivers to earn more while spending less,” a company representative stated. “With higher passenger capacity and zero fuel requirements, operators can maximise each trip without the burden of daily fuel expenses.”
Beyond its cost-saving potential, the electric keke is also said to require less maintenance than traditional models, offering additional long-term savings. Its quieter and smoother operation is expected to enhance passenger comfort and overall commuting experience.
Industry analysts note that the introduction of electric mobility solutions reflects a growing shift toward cleaner and more sustainable transportation alternatives in Nigeria, particularly in densely populated urban centres such as Lagos.
The distributors added that the product is currently available under a limited promotional offer, with delivery options across the country.
For inquiries and purchase: 📞 08153432071
📞 08035889103
Office Address:
📍 Plot 9, Block 113, Beulah Plaza,
Lekki–Epe Expressway,
Lekki Phase 1, Lagos
As transportation costs continue to rise and environmental concerns gain prominence, innovations like the electric 8-seater keke may signal an emerging transition toward more efficient and sustainable mobility solutions nationwide.
Business
A Pipeline, a Licence, and a Storm Brewing: Corruption allegations Draw global oil giant, Shell, Into Nigeria’s Reform Test
*A Pipeline, a Licence, and a Storm Brewing: Corruption allegations Draw global oil giant, Shell, Into Nigeria’s Reform Test*
By Deji Johnson and Mustapha Bello
t begins with a pipeline that should have been completed by June 2026. It widens into a regulatory dispute. And it now risks becoming a defining test of Nigeria’s gas reforms under President Bola Ahmed Tinubu.
At the center is a stalled 80 kilometre gas pipeline from Sagamu to Ibadan, a project backed by over 100 million dollars in investment and built on a protected Gas Distribution Licence issued under the Petroleum Industry Act 2021. The licence granted NGML–NIPCO exclusive rights to distribute gas within Ibadan for 25years based on Nigeria’s Petroleum Industry Act.
On paper, the law is clear. On the ground, the situation is anything but.
For more than three months, construction has been halted following a stop work order issued by the Oyo State Government led by former Shell Contractor and engineer, Governor Seyi Makinde. No detailed public justification has been provided that aligns with existing federal approvals already secured for the project.
What might have remained a quiet regulatory disagreement has now escalated into something far more politically charged. How?
In recent remarks, Nigeria’s Minister of the Federal Capital Territory, Nyesom Wike, who is of the same political party as Governor Seyi Makinde, made a pointed allegation that has since rippled across political and industry circles. He suggested that the Governor of Oyo State and Shell were in what could be described as an “unholy alliance.”
It is a serious claim. One that, if substantiated, would raise profound questions about the intersection of corporate influence, state level action, and federal law.
Neither Shell nor the Oyo State Government has publicly responded in detail to the allegation.
But the silence is now part of the story.
*THE SHELL QUESTION*
For Shell, this moment carries particular weight.
The company has operated in Nigeria for decades, building one of its most significant global portfolios in the Niger Delta. But that history is not without controversy. From corruption claims to environmental damage claims and community disputes amongst others, Shell has faced years of litigation and, in several high profile cases, adverse rulings tied to its operations in the region.
Those cases, many adjudicated in foreign courts, have shaped a negative reputation that continues to follow the company.
Now, a new question emerges.
Is Shell once again operating at the edge of Nigeria’s regulatory framework seeking to exert undue influence in circumventing Nigeria’s petroleum laws, or firmly within it?
Industry sources including a widely reported meeting between their representatives, Oyo State Government representatives and the newly appointed midstream and downstream chief executive, indicate that engagements involving Shell and the Nigerian Midstream and Downstream Petroleum Regulatory Authority could enable the company to enter a gas distribution zone already licensed to another operator in breach of the PIA.
If true, the implications are immediate and far reaching.
A licence meant to protect investors and investments in Nigeria’s gas space ceases to be exclusive against the dictates of the guiding laws. A framework begins to look flexible, and a reform risks appearing reversible.
To many, it seems more than just a commercial dispute and is not just about one company versus another.
Nigeria is in the middle of an energy transition where gas is expected to play a central role in powering industries, stabilising electricity supply, and reducing reliance on expensive diesel. President Bola Tinubu has emerged as a global champion of using gas as a transition fuel in Nigeria and Africa whilst rolling out elaborate but clearly defined plans to achieve it. Yet gas availability remains inconsistent, constraining power generation and limiting industrial output.
Projects like the Sagamu to Ibadan pipeline are designed to close that gap. To halt such a project is to delay not just infrastructure, but impact. To undermine its legal basis is to question the system that enabled it and to introduce competing claims within the same licensed zone is to risk regulatory confusion at a time when clarity is most needed.
This is where the issue moves from commercial to national because at stake is not only an investment, but the credibility of the reform architecture itself.
*OYO STATE AND THE FEDERAL QUESTION*
The role of the Oyo State Government adds another layer of complexity.
Energy regulation in Nigeria, particularly in the gas sector, is governed by federal law. Yet implementation often intersects with state authority, creating spaces where jurisdiction can blur.
The stop work order issued on the pipeline has become the clearest manifestation of that tension. Was it a regulatory necessity?
A precautionary measure? Or, as alleged by Minister Wike, part of a broader alignment with external interests? Without transparency, speculation fills the vacuum and the regulator must avoid finding itself mired in such allegations.
*QUESTIONS THAT WILL NOT GO AWAY*
For Shell, the questions are now direct and unavoidable:
Is Shell, a global energy giant, seeking to operate within the Ibadan gas distribution zone already licensed to NGML–NIPCO?
What assurances, if any, has it received from regulators or state actors?
How does it reconcile such actions with the exclusivity provisions of the PIA?
For the regulator, NMDPRA:
Can a Gas Distribution Licence be effectively shared, diluted, or overridden after issuance? According to Nigerian laws, the answer is No.
What precedent does this set for Nigeria’s gas infrastructure market?
For the Oyo State Government:
On what legal grounds does the stop work order stand, given federal approvals already in place?
And how does this action align with national energy priorities or the state’s gas needs?
Nigeria has spent the last two years telling a new story to the world. A story of reform, of discipline, of a country ready to compete for global capital. And it has worked so far with stability returning to Nigeria’s economy and over $20bn of energy investments looking to enter the country in the short to midterm.
But reforms are not tested in policy papers. They are tested in moments like this.
Moments where law meets influence, investment meets interference and promise meets pressure.
For Shell, long mired in issues surrounding ethical operations in Nigeria, this is more than a business decision. It is a reputational crossroads.
For Nigeria, it is something even larger. Whether the country’s laws will hold when they are most challenged or Whether its reforms will stand when they are most inconvenient or even whether Nigeria’s energy investments future will be shaped by the rules of law, adherence to regulatory protections and provisions or by unethical and corrupt relationships.
Until those questions are answered clearly, publicly, and decisively, the pipeline in Ibadan will remain more than steel in the ground.
It will remain a symbol of a country still deciding which path it truly intends to follow. Nigeria must act quickly and decisively because the world is watching.
RABIU, ELUMELU ALIGN ON CAPITAL, SCALE, AND INDUSTRIAL EXPANSION AS BUA FOODS POSTS N1.77 TRILLION REVENUE, N28 DIVIDEND
Lagos, Nigeria | March 31, 2026
Nigeria’s industrial and financial heavyweights moved to deepen a partnership that has quietly underpinned decades of enterprise growth, as the Founder and Chairman of BUA Group, Abdul Samad Rabiu, hosted the Chairman of United Bank for Africa, Tony Elumelu and his executive management team at BUA Group’s corporate headquarters in Lagos.
More than a visit, the engagement brought together two institutions whose alignment of capital and industrial capacity has consistently translated into scale, execution, and long-term value creation across Nigeria and Africa’s economy.
At the centre of discussions was a renewed push to expand financing frameworks for large-scale manufacturing, deepen support for domestic production, and unlock the next phase of growth across food, infrastructure, and export-oriented value chains.
Rabiu, reflecting on a relationship that spans nearly three decades, traced its evolution from the early days of Standard Trust Bank to its present form as a mature, trusted partnership with UBA.
“Enduring partnerships are not built on transactions, but on conviction,” Rabiu said. “What we have built with UBA and the Nigerian financial industry over the years is a shared understanding of where Nigeria is going and what it will take to get there. That alignment remains as strong today as it was at the beginning.”
Elumelu underscored the strategic importance of the relationship, positioning it within a broader vision of African-led growth.
“Institutions like BUA Group demonstrate what is possible when long-term capital meets disciplined execution,” Elumelu said. “Our role is to continue enabling that scale, supporting enterprises that are not only growing, but reshaping the Nigerian economy.”
The meeting signals a continued convergence between capital and industry at a time when Nigeria’s growth story is increasingly being driven by indigenous scale, operational depth, positive government action, and sustained investment in real sectors.
In a parallel demonstration of that scale, BUA Foods, a BUA company, has released its audited results for the financial year ended December 31, 2025, delivering revenue of N1.77 trillion, a 16 per cent increase from N1.53 trillion in 2024.
The performance reflects sustained demand across its core segments including sugar, flour, pasta, and rice, alongside continued execution of its expansion strategy.
Gross profit rose to N737.26 billion, up from N540.82 billion, while profit after tax surged by 95 per cent to N518.4 billion, compared to N265.99 billion in the prior year.
Earnings per share increased to N28.80, reinforcing the strength of the Company’s earnings profile.
In line with its commitment to shareholder value, the Board has proposed a dividend of N28 per share, representing a 115 per cent increase from N13 in 2024, with a total proposed payout of N504 billion, subject to shareholder approval.
Cost of sales stood at N1.037 trillion, while total assets grew by 27 per cent to N1.39 trillion, reflecting sustained investment across operations and the broader value chain.
Speaking on the results, the Chairman of BUA Foods, Abdul Samad Rabiu said, “Our 2025 performance reflects a business that is not only growing, but scaling with discipline. We are building capacity, deepening local production, and delivering consistent value to shareholders, all while positioning for the future.”
The Managing Director, Engr. Ayodele Abioye, added; “Our strategy remains to expand capacity, strengthen market presence, and optimise the full supply chain. The demand signals are strong, and we are well positioned to sustain this momentum.”
Taken together, the meeting between BUA Group and UBA, alongside BUA Foods’ record performance, points to a broader shift for Nigeria. Nigeria’s growth is increasingly being shaped by institutions that combine scale, capital discipline, and long-term vision and should be seen as not just an expansion but a consolidation of industrial leadership.
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