Business
Ambode’s wife committed sacrilege and should apologise —African Church Bishop
The Rt. Rev. Michael Adeyemi is the head of the African Church, Ifako Diocese, and the boss of the Presiding Chaplain of the Chapel of Christ the Light, Ikeja, Venerable Femi Taiwo, who was sacked by the Lagos State Government for allegedly disrespecting the wife of the governor, Bolanle. In this explosive interview with SAMSON FOLARIN, Adeyemi states the position of the church.
What relationship exists between The African Church and the Chapel of Christ the Light?
The chapel belongs to the Lagos State Government, but it is being managed by the entire Christian body and, specifically, the various blocs that form the Christian Association of Nigeria. In CAN, there are five blocs. The African Church belongs to the Christian Council of Nigeria, which is one of the blocs. The position of the Presiding Chaplain of the Chapel is rotated among the blocs to avoid any disharmony in the body of Christ. So, it is our turn to produce the Presiding Chaplain.
Venerable Taiwo, who is from this (Ikeja) diocese, was the chaplain for three years and after the three years he applied to become the presiding chaplain. He was interviewed and discovered to be qualified. He was subsequently employed as the Presiding Chaplain.
He started in January 2016, and was supposed to spend three years, but this incident happened. His predecessor came from the ECWA bloc of CAN and it was when his predecessor finished his tenure that he was appointed.
What is the process of appointing chaplains?
When the position becomes vacant, it will be published in the newspapers. Normally, applications will be invited from everybody, but in the end it will follow the usual order of rotation. So, when everybody applies, there will be a panel that will interview the applicants and the qualified person will be employed.
What do you know about the events that culminated in the sack of Taiwo?
It was on Monday, May 15, that Venerable Taiwo called me that there was a development in the chapel and that he was coming to see me. He came and showed me the sack letter, saying that his appointment had been terminated.
However, before now, there have been some issues in the chapel. He said the governor’s wife called him and the chaplain, who was his assistant, to see her. The two of them went there and they had a good interaction. There was no problem. That (incident) happened in the first week of May.
He said some members of the governing council then called him to know why he went to the First Lady’s office and he explained to them that he and his assistant were invited. The council then told him he shouldn’t have gone to see her and that he should have allowed them to resolve any issue. The council then asked him and his assistant to write an apology letter, which they did. The governing council said the letter was to assuage the First Lady because she felt she was being challenged and accused of fraternising with a former presiding chaplain. According to Venerable Taiwo, that was the only encounter they had before the Monday 15th sack letter came.
But are you aware that he got some queries as the government alleged? Has he ever told you he was queried at anytime for any offence?
I asked him specifically if he had been receiving queries from the officials of the chapel or the government, but he said it has never happened.
I know Taiwo. He is a very responsible minister of God; very knowledgeable, humble and disciplined. I have worshiped at that chapel a few times myself. And I made personal investigations about him. Even the members of the chapel are saddened by this development. If you know about what they have been doing since this incident happened, you will know venerable Taiwo is a man everybody respects.
Like what?
They accommodated him and furnished the place just to make him comfortable. They have also written to the government to rescind the decision. He is not a wayward person.
A lot of Nigerians are outraged about what happened. Do you think that this anger is justified?
It is highly justified. Even as a church, we are furious with the government. But we are trying to approach the issue from different angles. One is to appeal to the government, if reasoning will prevail. The governor himself and his wife can rescind the order. The head of the church, His Eminence, Primate Emmanuel Josiah, has written to the governor’s office. He has been asked to book an appointment with the First Lady. We are aware that the letter written to the First Lady is not being attended to; she is not even ready to make herself available.
Has the church received any formal complaint against the Venerable?
That is where as a church we are angry with the government. If he is a serial offender as alleged, nothing stops them from reporting him to the church, that the person you seconded to the office here has a bad attitude and we would have called him to order. We have many others that we could have sent to the chapel. But we are very sure of him that was why we sent him. The government failed to inform us and for government now to have taken such a drastic step and tell him to leave (his official apartment) within 24 hours leaves much to be desired.
You mean the 24-hour ultimatum was truly stated in the sack letter?
I was here (in my office) when he (Venerable Taiwo) called me that they asked him to pack out within 24 hours and that he was even told that the governor’s wife would not like to hear that he was still being seen around. Then we started wondering what could have happened? Somebody that has a wife and kids, and you asked him to go within 24 hours? Where do you expect him to go?
This is very ungodly! It is a sacrilege for someone who happens to be a Christian. Even when Fashola (former Lagos State Governor) was there, despite being a Muslim, he never took such a decision. Now that the governor (Ambode) is a Christian, which we all fought for, he is the one taking ungodly decisions. We have written letters to CAN and CCN, including the Methodist Church where the Venerable Taiwo’s assistant came from, that if Mrs. Ambode, is trying to cause divide and rule among the Christians, she should go ahead. We are not afraid of anything.
We understand that Mrs. Ambode is also a pastor in the Redeemed Christian Church of God, let her go and ask the RCCG Pastor, Enoch Adeboye, whether what she did was the right thing to do to a minister of God. It is ungodly and very sad.
When the church heard that the sack was about anointing oil, what was the general reaction of the church?
Anointing oil is a personal thing. Nobody has the right or power to force anybody to take anointing oil. It is even ungodly to say a worshipper should take it by force. Even Holy Communion is voluntary; there is no protocol when it comes to that. When you are in the House of God, rich or poor, old or young, you are all equal before God. If Ambode will recall, anytime she comes for service, she will be the one to sit in the front and she has the right and privilege of going to the stage first if she is interested.
What did the Venerable tell you happened at the service that day?
I have tried to confirm from Taiwo what really happened on that Sunday and he said the service held as usual. There were three of them who stood to minister the anointing oil and few of them who wished to receive the oil came forward. Ambode’s wife later joined the queue. And she even participated in the thanksgiving service.
But why was she angry that day? The church members said she left in annoyance.
From my findings, her point of annoyance was that she was not recognised. She was not duly recognised and I asked that at what point was she expecting that recognition? I was told that Venerable Taiwo mounted the pulpit to deliver the sermon, she expected him to recognise and welcome her to the service. To some extent, I agree with her because the Bible says we should give honour to whom it is due.
Was that enough for a sacking?
That did not call for a sacking. The procedure they adopted was ungodly. If she felt offended because of recognition, there is a procedure. She could have called the chapel members and the management body and let them query him and ask why he didn’t recognise the governor’s wife. And then the management body would make their recommendation to the governing council. And the council will then forward their decision to the government. That is the way it should be done. But they didn’t do it.
Whatsoever it is, our own point is that the right procedure was not followed. Government has the right to employ and the right to sack. But if you are now sacking and asking the person to leave within 24 hours, that is too much.
As a church, we are demanding apology from the governor and the government of Lagos State. We demanded that we wanted a Christian governor. We came out en masse and supported the political ambition of Ambode. We told our members to go out and vote for him. Unfortunately, people have started mocking us.
What has happened is a sacrilege and Mr. Ambode should know that. We have been appreciating his efforts in Lagos. Why will he allow himself to get involved in such a trivial issue that can spoil his public image? You are the governor and the image of Lagos State and the father of all. When any report comes to you, you should dissect that report and know what steps and action to take.
Has CAN tried to mediate in this matter?
Yes, CAN and CCN have been trying to do some underground work to ensure that the matter did not get to this level. But now that it has got to this point, we have served them letters and I am sure they know what to do.
Will the church query the Venerable over the incident?
Yes, however, it might not be in the form of query. The church will do its findings over his activities over there and we will forward out findings to the centre. But so far from our findings, we have not found any fault in him. Some of the elders and chapel leaders are also angry over the sacking. They were not informed. He has not done anything to warrant what happened.
What has been the experience of the pastors of the church with Mrs. Ambode and former first ladies in Lagos State?
While I will not want to be too personal, as a church, we are very much at home with Dame Abimbola Fashola than with Mrs. Bolanle Ambode. Mrs. Fashola is a mother, very humble, knowledgeable and mature. She has a way of dealing with men, women, young, old, men of God of different cadres and she knows how to appreciate people. Many of these attributes are somehow lacking in Mrs Ambode. Maybe this is because of her tender age; she needs to acquire more experience.
What is the state of the Venerable and his family now?
I want to thank the members of the Chapel of Christ the Light. They have been very fantastic. They accommodated him and furnished the place he is staying now. His car got burnt where he parked it. If a car is parked in a government house and that car got burnt in the middle of the night like 2am, there is foul play. Even that alone, if government is very fair, they were supposed to set up a panel to investigate it. But that did not happen.
When this incident happened, it was these members that bought him another car so that he would not feel the impact of what happened. Even as a church, we are making plans to ensure he is not stranded.
He will not be without a ministry. We are going to give him a station very soon, if he is not called back. We just don’t want to rush it.
What will the church do if the government recalls him?
If government calls him back before he resumes at his new station, then we will need to sit down with them because this is a complete embarrassment to the church. Ambode, his wife, the state government, embarrassed and insulted the African Church. We must sort things out and give them our stand.
They may decide to recall him because of the tension that has arisen over the incident only to do something worse. These politicians cannot be predicted. Any politician that does not have the fear of God cannot be trusted. The embarrassment they caused us has never happened to any other denomination. Even during the military era this can never happen.
Why do you think some government officials don’t respect pastors and priests?
They lack the fear of God. They are conscious of position and money and with this, the society cannot move forward. Also, our religious leaders have messed themselves up because of money. They are patronising the politicians and they are making them to believe that their anointing is not real.
But I believe that any politician, who has the fear of God in him, even if any minister misbehaves, you are not the one to judge him. You should ensure you do your part. If Ambode or his wife knows the tenets of Christianity, they will not deal with Venerable Taiwo like that. They will know that this is a man of God.
They should have said have written to us, saying they don’t want to embarrass the church and we as a church would have handled it. We have a lot of other ministers across the state and the country. But they didn’t do that because there is no fear of God in them. They are not ready to submit to the Will and Word of God. Ego is killing us.
If not ego, why should Mrs. Ambode feel embarrassed that she was not called first to receive the anointing? But when ego takes the better part of any individual, that person will misbehave and if you tell him or her the truth, he or she will not agree.
SOURCE : Punch
Bank
Fidelity Bank grows gross earnings by 38% to N434.95b in Q1
Fidelity Bank grows gross earnings by 38% to N434.95b in Q1
Fidelity Bank Plc recorded 37.9 per cent growth in gross earnings to N434.95 billion in first quarter 2026 as the international commercial bank continued to expand its core banking market share.
Interim report and accounts of Fidelity Bank for the three months ended March 31, 2026 released at the Nigerian Exchange (NGX) showed that gross earnings rose from N315.42 billion in first quarter 20025 to N434.95 billion in first quarter 2026, representing an increase of 37.9 per cent.
The top-line performance was driven by impressive growth in the bank’s core business operations with interest incomes rising by 22.8 per cent to N314.48 billion in first quarter 2026 as against N256.10 billion in first quarter 2025.
With net interest income at N180.97 billion, the bank closed the period with profit before tax of N92.48 billion. After taxes, net profit stood at N74.47 billion for the three-month period. Earnings per share remained high at N5.69, underlining the capacity of the bank to reward its shareholders.
The balance sheet of the bank also emerged stronger. Total assets crossed the N11 trillion mark to N11.35 trillion by March 2026 compared with N10.46 trillion recorded in December 2025. Customers’ deposits increased from N6.89 trillion to N7.38 trillion. Total equity rode on the back of earnings growth to a 27.5 per cent increase from N1.09 trillion in December 2025 to N1.39 trillion by March 2026.
The first quarter 2026 results further consolidated the strong earnings outlook of the bank, which had successfully completed its recapitalisation amidst impressive earnings performance in 2025.
Fidelity Bank had recorded double-digit growths in interest and non-interest incomes as well as key balance sheet items during the year ended December 31, 2025.
The audited report showed that gross earnings rose from N1.04 trillion in 2024 to N1.52 trillion in 2025, an increase of 45.6 per cent. Interest and similar incomes had grown by 38.7 per cent from N803.1 billion in 2024 to N1.11 trillion in 2025. Fees and commission incomes also rose by 44.7 per cent from N78.4 billion to N113.4 billion. The bank recorded net profit after tax of N242.4 billion in 2025.
The bank’s balance sheet emerged stronger with total assets rising by 18.6 per cent to N10.46 trillion in 2025 as against N8.82 trillion in 2024. Customer deposits increased by 16.1 per cent from N5.94 trillion to N6.89 trillion, reflecting continued franchise strength and an improved funding profile. Net loans and advances meanwhile declined by 2.4 per cent to N4.28 trillion in 2025 as against N4.39 trillion in 2024, attributable to customers paying down on their mature obligations.
The bank had in 2025 strengthened its capital position, with eligible capital rising to N561 billion, above the regulatory minimum of N500 billion for banks with international authorisation. In addition, capital adequacy had remained robust, with Capital Adequacy Ratio of 30.94 per cent by December 2025 as against 23.47 per cent by December 2024.
Managing Director, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, said the first quarter 2026 results reinforced the bank’s strong and resilient business model.
She noted that with the remarkable success of its recapitalisation programme and continuing expansion, Fidelity Bank has entered a new era of growth and impressive returns.
“We are on a stronger footing and confident that we will set new growth records that are reflective of our legacy and the future we are working on,” Onyeali-Ikpe said.
Business
Dangote Refinery Ends Nigeria’s Era of Fuel Import Dependence, Boosts GDP, FX Earnings — EIU
Dangote Refinery Ends Nigeria’s Era of Fuel Import Dependence, Boosts GDP, FX Earnings — EIU
The operational ramp up of the 650,000 barrels per day Dangote Petroleum Refinery & Petrochemicals is fundamentally reshaping Nigeria’s downstream oil sector, significantly reducing the country’s dependence on imported refined petroleum products and strengthening its external position, according to the Economist Intelligence Unit (EIU).
In its latest assessment on Nigeria’s fuel market and regulatory environment, the EIU said the refinery has already transformed a sector that was previously characterised by heavy reliance on imported fuel despite Nigeria being Africa’s largest crude oil producer. The report noted that the refinery met nearly 80 per cent of domestic petrol demand in April and produced enough volumes to satisfy local consumption requirements as operations approached full capacity.
The EIU described Nigeria’s downstream petroleum sector before the refinery as “long dysfunctional”, noting that the country had remained almost entirely dependent on costly imported fuel while producing nearly 1.5 million barrels of crude oil daily.
According to the report, the emergence of the refinery has reduced import dependence, improved domestic fuel availability and strengthened Nigeria’s balance of payments position through lower import demand and rising exports of refined petroleum products.
“The gradual ramp up of the 650,000 barrel/day Dangote refinery since May 2023 has transformed Nigeria’s long dysfunctional downstream sector,” the report stated. “The country’s main refineries, all state owned, had been inoperative for years and Nigeria was almost entirely reliant on costly imported fuel.”
The research and analysis division of The Economist Group, London added that the refinery’s attainment of full operational capacity and its planned expansion would further support Nigeria’s economic growth and foreign exchange earnings over the medium term.
“Meanwhile, the attainment of full capacity at, and an increase in exports from, the Dangote refinery will support real GDP growth and foreign exchange earnings in 2026 and 2027 and beyond, as a planned doubling of the plant’s output comes on stream around the end of the decade,” it added.
Industry analysts said the refinery is increasingly positioning Nigeria as an emerging refining and export hub, altering energy trade flows across Africa and reducing the vulnerability associated with fuel import dependence.
The EIU noted that the refinery’s expansion has coincided with major reforms in Nigeria’s downstream sector, including the removal of fuel subsidies and the introduction of market driven pricing mechanisms.
The report, however, said the transition from a state dominated fuel import structure to large scale domestic refining has triggered resistance from interests linked to the old import regime.
The latest tensions emerged following the decision by the Nigerian Midstream and Downstream Petroleum Regulatory Authority to relax restrictions on petrol imports despite the refinery’s growing capacity to meet domestic demand.
Dangote Industries subsequently initiated legal action, arguing that continued import approvals undermine domestic refining investments and conflict with the objectives of the Petroleum Industry Act, which seeks to encourage local refining capacity and reduce import dependence.
Analysts noted that the availability of large-scale domestic refining capacity has improved Nigeria’s energy security and reduced exposure to external supply shocks and foreign exchange volatility.
The Centre for the Promotion of Private Enterprise also cautioned against unrestrained importation of petroleum products, warning that such a policy could weaken Nigeria’s industrialisation drive and discourage investments in domestic refining.
Chief Executive Officer of CPPE, Muda Yusuf, said continued dependence on imported fuel had historically contributed to pressure on foreign reserves, exchange rate instability and fiscal leakages.
The refinery’s growing impact is also being reflected in Nigeria’s broader macroeconomic indicators. Earlier this month, S&P Global Ratings cited increased domestic refining capacity and rising hydrocarbon exports among the major factors supporting Nigeria’s sovereign credit rating upgrade – the first in 14 years.
Beyond Nigeria, analysts said the refinery is increasingly being viewed as a strategic industrial asset for Africa, where many countries remain heavily dependent on imported fuel despite rising demand for transportation, manufacturing, and power generation.
Business
BREAKING: Court Dismisses $19.6 Million Claim Against NNPCL — Rules Contract Scope Cannot Be Changed Orally
BREAKING: Court Dismisses $19.6 Million Claim Against NNPCL — Rules Contract Scope Cannot Be Changed Orally
In a landmark ruling on Friday, May 22, 2026, the Federal Capital Territory High Court in Abuja threw out a $19.6 million lawsuit filed by Alternate Dimensions Ventures Ltd against the Nigerian National Petroleum Company Limited (NNPCL), affirming a key legal principle: a written contract cannot be expanded through oral agreements or conduct.
Alternate Dimensions had sought $19,600,000 in professional fees, claiming the scope of its Direct Sale, Direct Purchase (DSDP e-pro) contract with NNPCL was orally expanded. Represented by counsel Patrick Peter, the firm argued it was entitled to the revised sum for services rendered under the alleged new terms.
But NNPCL, through its lawyer Ituah Imhanze of KENNA LP, pushed back sharply, arguing that parties are bound exclusively by the clear terms of their written agreement. Imhanze contended that without any written amendment, the claim was legally unsound, and the court agreed.
Delivering judgment, Justice Hamza Mu’azu upheld NNPCL’s defense, stating that the contract was unambiguous and that no evidence was adduced during the trial, which supported the alleged scope expansion. The court further found that NNPCL fully complied with all contractual terms and committed no breach.
Dismissing the suit as meritless, Justice Mu’azu reinforced the doctrine of sanctity of contract: any amendment to a written agreement must be express, unequivocal, and documented, not implied or verbal.
The ruling spares NNPCL from the S19.6 million claim and also a floodgate of similar potential liabilities.
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