Business
Businessman demands EFCC apology for declaring him wanted
A UK-based businessman has demanded retraction and apology from the Economic and Financial Crimes Commission for declaring him wanted over allegations of obtaining money under false pretences.
Chris Akinyemi, the director of Swift Transfers Limited, who was declared wanted on November 30, said he would institute legal action against the EFCC if it fails to withdraw its “offensive publication” within seven days.
The Commission had, in a newspaper advertorial, said Mr. Abayomi, posing as a licensed foreign exchange banker, allegedly defrauded Nigerian companies of millions of naira on the pretext of sourcing foreign exchange for them.
“Dark complexioned Akinyomi is 40 years old and possesses a dual citizenship (Nigeria and UK). He is resident in London but frequently visits Nigeria,” the EFCC stated in the advertorial published in the November 30 edition of The Nation Newspaper.
“Anybody having useful information as to his whereabouts should contact the Commission in its Enugu, Kano, Lagos, Gombe, Port Harcourt, and Abuja offices….”
But in a letter addressed to the anti-graft agency, Mr. Akinyomi described the publication as ill-motivated, malicious and a calculated to embarrass him.
“First, It is common knowledge that before any person can be declared wanted by the Commission or any other law enforcement agency, the person must have been invited by the law enforcement agency or must have jumped bail granted to him by the Commission,” Mr. Akinyomi said in the letter filed through his lawyer, Olalekan Ojo.
“The EFCC willfully and mischievously breached this well-established procedure in that our client had never been invited by the EFCC nor has he jumped bail before the said publication.
“Secondly, declaring any person wanted when neither of the above listed conditions existed is the gravest abuse of power.
“Thirdly, the Commission willfully concealed from the public the most crucial fact that there is a pending case before the Federal High Court, Lagos in Suit No:-FHC/L/CS/493/15 to wit: Fige Chelsea Nigeria Limited Vs. Economic and Financial Crimes Commission & two others of which our client is the Chief Executive Officer of the Plaintiff in the suit, has requested the Federal High Court to declare amongst other things that the transaction between it and the 3rd Defendant (Complainant) are purely civil in nature and devoid of any criminality.”
On the claims by the EFCC that he duped Nigerian companies by pretending to be a licensed foreign exchange banker, Mr. Akinyomi said his company had been licensed by the United Kingdom’s Financial Conduct Authority (FCA) to carry on the business of forex trading and exchange for over 10 years.
He also debunked the EFCC’s claims that he frequently visits Nigeria saying he had not been in the country for seven years.
Mr. Akinyomi admitted that his forex business suffered losses running into US$1.7 million “due to the vagaries in the forex business,” adding that he had already approached his clients with promises to repay the debts.
He said that as at November, he had paid over 50 percent of the debts to his various clients.
“From the above, it is crystal clear that the said publication by the Commission was the product of malice, mischief and malevolence crafted by some misguided EFCC
officials who have allowed themselves to be used by some unscrupulous persons,” Mr. Akinyomi said.
When contacted, Wilson Uwujaren, the EFCC Spokesperson, said he was not aware Mr. Akinyomi’s letter.
“I cannot speak on what I have not seen,” Mr. Uwujaren said.
Source: Premium Times
Business
TRADEMARK INFRINGEMENT—Federal High Court Abuja Stops Mamuda Beverages from Further Producing its Pop Power Energy Drink in Its Present Bottle Design
TRADEMARK INFRINGEMENT—Federal High Court Abuja Stops Mamuda Beverages from Further Producing its Pop Power Energy Drink in Its Present Bottle Design
In keeping with a clear understanding of conducting business within the confines of the rules, the Federal High Court in Abuja has again ordered Mamuda Beverages Nigeria Limited (“Mamuda”) to stop producing its Pop Power Energy Drink, which infringes on the trademark of the popular Fearless Energy Drink brand of Rite Foods Limited.
This rulings on Mamuda’s Notice of Preliminary Objection and Rite Foods’ Motion for interlocutory injunction were delivered by Hon. Justice B.F.M. Nyako, on Friday, 22nd May 2026, in the Suit No. FHC/ABJ/CS/705/2025. At the proceeding of the day, Mamuda’s Notice of Preliminary Objection was refused and dismissed, while Rite Foods’ application for injunctive reliefs prohibiting Mamuda from further trademark infringement was granted.
In the court’s ruling, Hon. Justice Nyako refused Mamuda’s Notice of Preliminary Objection which had challenged the suit on the basis of abuse of court process and held that Rite Foods’ present complaint of infringement of its intellectual property is distinct from an earlier suit between the parties, wherein Rite Foods had complained about a different act of infringement.
The court further held that it appears on its face that Mamuda’s newly introduced bottle design, manufactured, still bears a striking resemblance to Rite Foods’ established Fearless Energy Drink product. Therefore, the court granted an order restraining Mamuda from further production of its Pop Power Energy Drink product, pending the final determination of the suit.
Accordingly, the court ordered Mamuda to cease production of the product forthwith, destroy all existing products, and directed the court Bailiff, in conjunction with the parties, to undertake an inventory of the products slated for destruction and file the same.
The court further ordered that the injunction shall remain in force until the end of the year or pending the determination of the substantive suit.
Consequently, the court adjourned the suit to Wednesday, 23rd September 2026, for the hearing of the substantive suit.
This order follows an earlier suit against Mamuda in January 2025, where Rite Foods sued the company for infringing on the trademark and design of its iconic Fearless Energy Drink through the launch of a lookalike product, Pop Power Energy Drink.
However, Mamuda, in an apparent admittance of guilt, sought a settlement, and terms of settlement were agreed and filed, and the court entered same as its consent judgment. Some of the terms of settlement included that Mamuda would desist from further violation of Fearless Energy Drink trademark and identity pass-off. It also agreed to destroy all infringing products and pledged to change its design and avoid any form of identity imitation.
In an unexpected turn, Mamuda subsequently reintroduced Pop Power into the market, with only cosmetic adjustments to its appearance. Rite Foods maintains that these changes are minor and do little to address the original issues of consumer confusion. Reports from the market indicate that the new Pop Power continues to be informally referred to as “small Fearless,” reinforcing concerns that the revised product may not only breach the spirit of the earlier agreement but could also undermine consumer clarity and brand differentiation.
While reaffirming its position, Rite Foods stressed its continued commitment to protecting its brand and the principles of innovation and fair competition in Nigeria’s marketplace.
The company emphasized that genuine business growth must be anchored on originality and respect for intellectual property, rather than imitation and fraudulent business practices.
Business
S&P: Dangote Refinery Driving Nigeria’s Economic Resurgence
S&P: Dangote Refinery Driving Nigeria’s Economic Resurgence
The Dangote Petroleum Refinery & Petrochemicals is emerging as a major driver of Nigeria’s improving economic outlook, following the country’s sovereign credit rating upgrade by S&P Global Ratings.
In its latest assessment, S&P upgraded Nigeria’s long term foreign and local currency sovereign credit ratings to “B” from “B-”, citing stronger economic growth, improved external balances, rising oil production, and expanded domestic refining capacity as key factors supporting the country’s recovery.
The global ratings agency specifically identified the operational ramp up of the 650,000 barrels per day Dangote Petroleum Refinery & Petrochemicals as a major contributor to Nigeria’s improving balance of payments position and broader economic resilience.
According to S&P, the refinery’s full capacity operations are helping to strengthen Nigeria’s current account surplus, reduce dependence on imported refined petroleum products, and improve foreign exchange liquidity.
“Significant refining capacity is now also online; Dangote Industries Ltd.’s large scale refinery and petrochemical complex has ramped up to near its maximum capacity of 650,000 barrels per day,” the report stated.
S&P projected that Nigeria’s current account surplus would improve to 5.8 per cent of GDP in 2026 from 4.8 per cent in 2025, supported partly by increased domestic refining and hydrocarbon exports.
The report noted that the refinery is helping to ensure the availability of refined fuel, gas, and fertiliser for the domestic market, while also providing a buffer against global supply disruptions triggered by ongoing geopolitical tensions in the Middle East.
The agency further stated that Nigeria’s improving external position has been supported by reduced fuel import dependence, the removal of fuel subsidies, exchange rate liberalisation, and higher oil production.
Foreign exchange reserves, according to S&P, have risen significantly from about $33 billion in 2023 to nearly $50 billion by early 2026, aided partly by lower import demand for refined petroleum products following the commencement of operations at the Dangote Refinery.
The report also highlighted the refinery’s broader role in supporting Africa’s industrialisation ambitions, noting that Nigeria is transitioning from being primarily a crude oil exporter to an emerging producer and exporter of refined petroleum products.
S&P disclosed that Dangote Industries has already unveiled plans to undertake feasibility studies aimed at expanding refining capacity to about 1.4 million barrels per day from the current 650,000 barrels per day.
The agency said the planned expansion, alongside the rehabilitation of other local refineries, could further strengthen Nigeria’s economy and deliver additional gains to the country’s balance of payments position over the next few years.
While acknowledging that global crude oil prices and market driven pricing continue to influence domestic fuel costs, S&P maintained that the increased local refining capacity provides Nigeria with greater energy security and reduced exposure to external supply shocks.
The report also linked Nigeria’s improving macroeconomic outlook to reforms undertaken since 2023, including exchange rate liberalisation, fiscal reforms, higher petroleum revenue remittances, and efforts to improve oil production through enhanced security in the Niger Delta.
S&P said Nigeria’s economic growth is expected to remain firm despite inflationary pressures, with reforms continuing to support investor confidence and non-oil sector expansion.
The stable outlook, according to the agency, reflects a balance between Nigeria’s improving external position and continuing structural challenges such as a narrow tax base, high inflation, and low formal employment levels.
Business
First HoldCo Group Companies’ Boards and Management teams visit Dangote Refinery
First HoldCo Group Companies’ Boards and Management teams visit Dangote Refinery
…All Nigerians will have access to the Refinery’s IPO and be part-owners-Dangote
Chairman of FirstHoldCo, Femi Otedola, has appealed to the President of Dangote Group, Aliko Dangote, to allocate $100 million worth of shares to him in the proposed listing of Dangote Petroleum Refinery & Petrochemicals. He disclosed that he divested his stake in Geregu Power Plc specifically to position himself for investment in the refinery’s initial public offering (IPO), which he described as a transformative industrial platform helping to free Africa from decades of reliance on imported petroleum products.
Otedola made these remarks during a visit by the FirstHoldCo leadership team to the 650,000 barrels-per-day refinery and Dangote Fertiliser Limited in Ibeju Lekki, Lagos, where he commended Dangote for building the world’s largest single-train refinery and accelerating Africa’s industrial transformation.
“He is a genius and one of the greatest men to emerge from Africa. What he has achieved is helping to liberate the continent from economic dependency and import reliance,” Otedola said. “I have visited this refinery more than 25 times, and I have consistently appealed for $100 million worth of shares during the private placement. That informed my decision to sell my stake in Geregu so I can reinvest in the Dangote Petroleum Refinery.”
Otedola also expressed strong confidence in the Group’s planned expansion of refining capacity to 1.4 million barrels per day, noting that Africa’s growing demand for refined petroleum products clearly supports further investment in domestic refining infrastructure.
In his remarks, President of Dangote Group, Aliko Dangote, assured that the refinery’s IPO would be broadly inclusive, enabling ordinary Nigerians to become part-owners and benefit from its value creation. He emphasised that the Group is committed to democratising access to investment opportunities by opening participation to retail investors across Nigeria and the African continent.
“We want ordinary Africans to participate in the value being created,” Dangote said. “What companies like Amazon and Apple achieved globally in terms of wealth creation is what we seek to replicate in Africa. We want people to invest, grow with us, and share in the prosperity.”
Dangote further disclosed plans for a proposed East Africa refinery with a projected capacity of 700,000 barrels per day, alongside polypropylene and base oil production facilities. According to him, the project could commence within the next three to four years once construction begins. He noted that the initiative was not originally captured in the Group’s Vision 2030 strategy, underscoring the company’s trajectory toward exceeding its long-term growth targets.
Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, described the refinery as a symbol of vision, courage, and industrial ambition capable of inspiring similar investments across Africa.
“If you see this refinery and realise that an individual conceived and delivered a project of this magnitude, already helping to stabilise energy supply across Africa, you cannot help but be inspired,” Alebiosu said. “We have delegates here from the United Kingdom and several African countries who will return home with renewed commitment to building industries that can transform their economies. It is about building Africa together.”
Dangote also highlighted the Group’s sustained leadership across its core businesses over the past five years, including cement operations in 11 African countries, alongside significant investments in refining, petrochemicals, and fertiliser production. He noted that cement capacity has expanded to 55 million tonnes per annum, supported by the development of clinker export terminals to strengthen regional trade.
“We have built businesses that address Africa’s critical needs and create long-term value for the continent,” Dangote said. “Africa must stop exporting raw materials and importing finished goods. That amounts to exporting jobs and importing poverty.”
He added that investor appetite for the refinery’s listing on the Nigerian Exchange has remained exceptionally strong, with demand for the private placement already exceeding $2 billion.
“There is significant interest in both the IPO and the private placement,” he said. “While we are not able to meet all requests, the strong demand reflects investors’ confidence in the refinery and in Africa’s industrial future.”
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