Business
Aregbesola’s Bulletproof SUVs: 5 Questions For Punch Newspaper, By Kikiowo Ileowo
Having fervently followed Punch Newspapers as a neutral observer for the past 10 years, I am amazed by how often they throw professionalism into the dustbin when the state of Osun and Ogbeni becomes the subject.
What axe does the paper have to grind with the government of Ogbeni Rauf Aregbesola? When and how did he offend its management, and why does it often abandon logic and reason in a bid to rope the governor in scandalous issues? It seems Punch Newspapers go out of its way to drag the name and legacy of Ogbeni in the mud anytime the opportunity exists and sometimes deliberately instigate the reading public against him with its captions and banal headlines.
I have read with utter dismay, some stories, articles and features in the Punch where screaming, damning and outlandish headlines against the person of Ogbeni Rauf Aregbesola were used without relevant bylines and contents for the caption. It is as if the Punch relishes sensationalism and personality attacks for pushing its sales, rather than educating the public.
In its latest attempt at ‘investigative journalism’, the paper through a front page article in its edition of 24th September, 2016 with a screaming caption‘Recession: Governors lavish billions of naira on bulletproof cars for selves, wives’claimed that “A security source, who spoke on condition of anonymity, listed the vehicles [owned by Osun Government] as three Mercedes Benz product, a bus, G-Class, and a 4matic and two Toyota Land cruisers. It was also gathered that the state deputy governor, Mrs. Titi Laoye-Tomori, has one armoured Toyota Land cruiser.” Emphasis is mine.
From the report, there is no coherent link between the banal headline and the content. An anonymous source listed vehicles in the government house pool without providing the source and a supposedly credible national newspaper used it as a scoop to malign and instigate public opinion against Ogbeni!
To be sure, Ogbeni had a couple of used bullet proof vehicles long before assuming office as the governor of Osun. These vehicles came as contributions from sympathizers and well-wishers during his campaigns for the office between 2004 and 2010. Whereas Ogbeni had two of such vehicles before the unfortunate ferocious attack against his person and aides at the 2007 Oroki Day Festival in which the lives of himself and driver were threatened with high calibre assault rifle shots, but saved by the armored vehicle conveying them.
On that fateful day, the heart of the driver was targeted and shot at while the head of Ogbeni was equally targeted and shot at. It was the reinforced glasses that prevented direct hits and consequent fatality. The bullets marks are evident on the vehicle till today. His friend and financier Alhaji Hazzan Olajokun was not that lucky, he had earlier been ambushed at Gbongan junction and brutally shot and killed in May 2005. These incidents were well covered and reported by major national newspapers including the Punch.
However, in twisting logic on its head, Punch approached a so-called source without adequate information in his/her kitty to form an erroneous conclusion. Fellow Nigerians, we all should ask Punch newspaper to show evidence of lavish spending on bulletproof vehicles by the Ogbeni. Maybe if the newspaper had stuck to professional ethics, it would have found out that bulletproof jeeps domiciled in the office of the governor belong to him and were presented to him by his financiers between 2004-2010.
Rather than purchase brand new bulletproof vehicles, the state governor in his act of prudency, commandeered his own personal vehicles for use in his official capacity upon resumption as governor.
Despite having access to security vote to purchase a replacement bulletproof vehicle when one of his became faulty, he brought other personal vehicles to use for public work, while diverting his security vote to pay the monthly allowances of the Osun Youth Empowerment Scheme (O-YES) Corp Members monthly allowance.
What I know of the Ogbeni’s administration is that he has refused to hand journalist posted to Osun brown envelopes at the detriment of workers’ salaries, little wonder they seem to always focus their misguided and misinformed intentions towards him.
Unlike many states in the South West, Osun owes two months’ salary arrears, while Ondo where I am from, disgracefully owes upwards of 8- 10 months’ salary arrears. Without being patronizing, Aregbesola has invested heavily in the people that matter, which is why he can freely work amongst his people even without the use of bulletproof vehicles.
What really matters now is for Punch to clear its name, and indeed proof that it is not being used by interested parties to wreck the reputation of Osun’s governor. The punch newspaper must let us know the answers to the following questions;
- Did it double check its source of story and find them to be correct before publishing it as such?
- Why create the impression that the governor took out of the limited resources in the state to buy bulletproof vehicles?
- Why has Punch Newspaper consistently refused to speak to authorised spokesperson of the state government?
- What was Punch’s motive of featuring Aregbesola boldly on the story’s feature image when evidence suggest the governor hadn’t purchased any bulletproof vehicle during his tenure?
- Why the desperate attempt to malign and cause disaffection amongst the peace loving people of the state of Osun with such misleading story?
While we wait for the paper to clear its name on why it refuse to objectively report on Osun, let them from now on contact the right source when seeking government’s opinion on whatever propaganda it decides to engineer.
Quoting an unofficial source for views of the Osun State Government is nothing short of a disservice to the people.
Kikiowo Ileowo wrote in via [email protected]. Engage him on twitter via @ileowokikiowo
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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