Business
”Buying pool of cars is unnecessary” – Obasanjo writes National assembly (READ LETTER)
Former President Olusegun Obasanjo has written the National Assembly a lengthy letter accusing the lawmakers of corruption, impunity, greed and of repeatedly breaking the nation’s laws.
He addressed a lot of disturbing issues in the letter. He talked about the pool of cars they are planning to buy and told them it is of no need.
He further advised the arms of government to accept and share responsiblities due to the economic situation of the country
Below is Mr. Obasanjo’s letter:
January 13, 2016
Distinguished Senator Bukola Saraki,
President of the Senate,
Federal Republic of Nigeria,
Senate Chambers,
Abuja.
Honourable Yakubu Dogara,
Speaker, House of Representatives,
National Assembly Complex,
Abuja.
It is appropriate to begin this letter, which I am sending to all members of the Senate and the House of Representatives through both of you at this auspicious and critical time, with wishes of Happy New Year to you all.
On a few occasions in the past, both in and out of office as the President of Nigeria, I have agonised on certain issues within the arms of government at the national level and among the tiers of government as well. Not least, I have reflected and expressed, outspokenly at times, my views on the practice in the National Assembly which detracts from distinguishness and honourability because it is shrouded in opaqueness and absolute lack of transparency and could not be regarded as normal, good and decent practice in a democracy that is supposed to be exemplary. I am, of course, referring to the issue of budgets and finances of the National Assembly.
The present economic situation that the country has found itself in is the climax of the steady erosion of good financial and economic management which grew from bad to worse in the last six years or so. The executive and the legislative arms of government must accept and share responsibility in this regard. And if there will be a redress of the situation as early as possible, the two arms must also bear the responsibility proportionally. The two arms ran the affairs of the country unmindful of the rainy day. The rainy day is now here. It would not work that the two arms should stand side by side with one arm pulling and without the support of the other one for good and efficient management of the economy.
The purpose of election into the Legislative Assembly particularly at the national level is to give service to the nation and not for the personal service and interest of members at the expense of the nation which seemed to have been the mentality, psychology, mindset and practice within the National Assembly since the beginning of this present democratic dispensation. Where is patriotism? Where is commitment? Where is service?
The beginning of good governance which is the responsibility of all arms and all the tiers of government is openness and transparency. It does not matter what else we try to do, as long as one arm of government shrouds its financial administration and management in opaqueness and practices rife with corruption, only very little, if anything at all, can be achieved in putting Nigeria on the path of sustainable and enduring democratic system, development and progress. Governance without transparency will be a mockery of democracy.
Let us be more direct and specific so that action can be taken where it is urgently necessary. A situation where our national budget was predicated on $38 per barrel of oil with estimated 2 million barrels per day and before the budget was presented, the price of oil had gone down to $34 per barrel and now hovering around $30 and we have no assurance of producing 2 million barrels and if we can, we have no assurance of finding market for it, definitely calls for caution. If production and price projected in the budget stand, we would have to borrow almost one third of the 6 trillion naira budget. Now beginning with the reality of the budget, there is need for sober reflection and sacrifice with innovation at the level of executive and legislative arms of government. The soberness, the sacrifice and seriousness must be patient and apparent.
It must not be seen and said that those who, as leaders, call for sacrifice from the citizenry are living in obscene opulence. It will not only be insensitive but callously so. It would seem that it is becoming a culture that election into the legislative arm of government at the national level in particular is a licence for financial misconduct and that should not be. The National Assembly now has a unique opportunity of presenting a new image of itself. It will help to strengthen, deepen, widen and sustain our democracy.
By our Constitution, the Revenue Mobilisation, Allocation and Fiscal Commission is charged with the responsibility of fixing emoluments of the three arms of government: executive, legislature and judiciary. The Commission did its job but by different disingenuous ways and devices, the legislature had overturned the recommendation of the Commission and hiked up for themselves that which they are unwilling to spell out in detail, though they would want to defend it by force of arm if necessary. What is that?
Mr. President of the Senate and Hon. Speaker of the House, you know that your emolument which the Commission had recommended for you takes care of all your legitimate requirements: basic salary, car, housing, staff, constituency allowance. Although the constituency allowance is paid to all members of the National Assembly, many of them have no constituency offices which the allowance is partly meant to cater for. And yet other allowances and payments have been added by the National Assembly for the National Assembly members’ emoluments. Surely, strictly speaking, it is unconstitutional. There is no valid argument for this except to see it for what it is – law-breaking and impunity by lawmakers. The lawmakers can return to the path of honour, distinguishness, sensitivity and responsibility. The National Assembly should have the courage to publish its recurrent budgets for the years 2000, 2005, 2010 and 2015. That is what transparency demands. With the number of legislators not changing, comparison can be made. Comparisons in emoluments can also be made with countries like Ghana, Kenya, Senegal and even Malaysia and Indonesia who are richer and more developed than we are.
The budget is a proposal and only an estimate of income and expenditure. Where income is inadequate, expenditure will not be made. While in government, I was threatened with impeachment by the members of the National Assembly for not releasing some money they had appropriated for themselves which were odious and for which there were no incomes to support. The recent issue of cars for legislators would fall into the same category. Whatever name it is disguised as, it is unnecessary and insensitive. A pool of a few cars for each Chamber will suffice for any Committee Chairman or members for any specific duty. The waste that has gone into cars, furniture, housing renovation in the past was mind-boggling and these were veritable sources of waste and corruption. That was why they were abolished. Bringing them back is inimical to the interest of Nigeria and Nigerians.
The way of proposing budget should be for the executive to discuss every detail of the budget, in preparation, with different Committees and sub-Committees of the National Assembly and the National Assembly to discuss its budget with the Ministry of Finance. Then, the budget should be brought together as consolidated budget and formally presented to the National Assembly, to be deliberated and debated upon and passed into law. It would then be implemented as revenues are available. Where budget proposals are extremely ambitious like the current budget and revenue sources are so uncertain, more borrowing may have to be embarked upon, almost up to 50% of the budget or the budget may be grossly unimplementable and unimplemented. Neither is a choice as both are bad. Management of the economy is one of the key responsibilities of the President as prescribed in the Constitution. He cannot do so if he does not have his hands on the budget. Management of the economy is shared responsibility where the Presidency has the lion share of the responsibility. But if the National Assembly becomes a cog in the wheel, the executive efforts will not yield much reward or progress. The two have to work synchronisingly together to provide the impetus and the conducive environment for the private sector to play its active vanguard role. Management of the budget is the first step to manage the economy. It will be interesting if the National Assembly will be honourable enough and begin the process of transparency, responsibility and realism by publishing its recurrent budgets for 2016 as it should normally be done.
Hopefully, the National Assembly will take a step back and do what is right not only in making its own budget transparent but in all matters of financial administration and management including audit of its accounts by external outside auditor from 1999 to date. This, if it is done, will bring a new dawn to democracy in Nigeria and a new and better image for the National Assembly and it will surely avoid the Presidency and the National Assembly going into face-off all the time on budgets and financial matters.
While I thank you for your patience and understanding, please accept, Dear Senate President and Honourable Speaker of the House, the assurances of my highest consideration.
OLUSEGUN OBASANJO
(Premium times)
Business
Group Signs Investment Promotion Agreement in Ivory Coast as UNIPGC Deploys Funding for Capital Projects
Group Signs Investment Promotion Agreement in Ivory Coast as UNIPGC Deploys Funding for Capital Projects
– Ivorycoast, Cot’devouir
Noble & Gold Consulting Ltd has officially signed a partnership agreement with Gicobat Group of Company to facilitate funding for capital projects in Abidjan, Côte d’Ivoire, through the UNIPGC–Global Economic Development Council (GEDC), during a high-level Business and Investment Roundtable held in the country.
The meeting, which took place on May 12, 2026, at the World Trade Centre in Abidjan, brought together senior executives and stakeholders from both organizations, including His Excellency, Amb. Jonathan Ojadah GCOP, Global President of UNIPGC; Mr. Noble Eze, CEO of Noble & Gold Consulting Ltd; and the Chairman of Gicobat Group of Company, Côte d’Ivoire.
The roundtable focused on opportunities for capital project financing, investment promotion, and business development across strategic sectors of the economy. Following extensive deliberations, the parties finalized terms and signed an agreement aimed at advancing the projects discussed during the engagement.
Speaking at the event, the Chairman of the UNIPGC-GEDC, His Excellency Amb. Jonathan Ojadah, delivered a presentation titled *“How Reputable Brands Can Secure Funding for Capital Projects.”* He stated that the agreement represents a major milestone in supporting high-profile business initiatives that require structured financing and professional project management.
According to him, the partnership aligns with UNIPGC-GEDC’s mandate as a leading investment promotion, advisory, and business development institution operating across Africa and internationally.
> “Today, I am delighted to address this important topic on how leaders of established and reputable brands can secure the capital required for major expansion, technological advancement, or infrastructure development. The objective is not merely to find funding, but to attract the right funding at the most competitive cost of capital,” he stated.
He emphasized that brand reputation remains a critical asset in attracting investors and financial institutions.
> “In business, reputation is everything. In the world of capital-intensive projects, reputation is more than public perception; it is an asset class. A reputable brand represents stability, proven performance, and trustworthiness,” he added.
Amb. Ojadah further noted that successful funding processes begin long before formal investment pitches are made. According to him, investors seek organizations that demonstrate value stewardship, operational excellence, and financial discipline.
Drawing from his international experience in capital project engagements across Egypt, Kenya, the Democratic Republic of Congo, Zambia, and other countries, he highlighted several categories of major funding institutions involved in large-scale development financing. These include multilateral development banks, government agencies, private foundations, and impact investors focused on infrastructure, healthcare, real estate, energy, oil and gas, and sustainable development.
Among the institutions he referenced were the International Finance Corporation (IFC), the European Union (EU), the United Nations Capital Development Fund (UNCDF), the OPEC Fund for International Development, the Bill & Melinda Gates Foundation, the Mastercard Foundation, the Ford Foundation, the Rockefeller Foundation, and the UNIPGC Foundation.
He explained that through the UNIPGC Global Economic Development Council (GEDC), the organization facilitates funding opportunities for startups, private sector operators, and government projects through public-private partnerships (PPP), leveraging its network of international funding partners and financial institutions.
Amb. Ojadah identified three critical indicators commonly assessed by investors and lenders before financing projects:
1. **Transparency and Financial Performance** – Organizations must maintain audited financial records, quality assets, and sustainable growth patterns.
2. **Operational Excellence** – Investors prefer businesses with proven operational systems and stable cash flow generation, which reduce investment risks.
3. **A Strong Project Narrative** – Businesses must clearly demonstrate how proposed projects align with long-term strategic goals such as digital transformation, automation, infrastructure expansion, or increased market competitiveness.
He also outlined key strategies reputable brands can adopt in securing project financing, including bank financing, strategic partnerships, vendor financing arrangements, private equity investments, and asset-based lending structures.
> “Securing capital for projects as a reputable brand is ultimately about combining trust with strategic planning. Reputation is your strongest asset, and when paired with sound financial planning and a compelling vision, it becomes a powerful tool for building the future,” he concluded.
For Gicobat Group of Company, the partnership is expected to accelerate the execution of ongoing and proposed projects by leveraging UNIPGC-GEDC’s network of investors and financial partners. Officials of the company expressed confidence that the collaboration would significantly improve project implementation timelines and financing accessibility.
Organizers noted that the choice of the World Trade Centre, Abidjan, as the venue reflected the international scope and significance of the engagement, particularly for negotiations involving capital-intensive projects in infrastructure, trade, and industrial development.
UNIPGC-GEDC describes itself as a leading global investment promotion, advisory, and business development consultancy, working with governments, private enterprises, and institutional investors to structure, finance, and manage large-scale projects from inception to completion.
According to the organization, the Abidjan agreement adds to its expanding portfolio of strategic partnerships aimed at unlocking capital for projects with significant economic and social impact. It also confirmed that due diligence and project structuring processes had been completed prior to the signing to ensure project bankability and investor confidence.
Officials from both organizations further disclosed that implementation teams would be constituted immediately to oversee the next phase of the agreement. Although specific project details were not disclosed, both parties assured stakeholders that updates would be communicated as implementation milestones are achieved.
UNIPGC-GEDC also encouraged businesses, institutions, and investors with high-impact projects requiring financing or management support to engage with its team for collaboration opportunities. Further information on its services is available via UNIPGC-GEDC Official Website www.unipgc.org/gedc
Business
Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech
Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech.
The founder of coHouse.ng is reimagining how millions of Africans access, experience, and share housing through technology.
In Africa’s rapidly evolving innovation landscape, the most transformative companies are no longer defined by the industries they enter, but by the systems they redesign.
For Dennis Ekamah, the opportunity was never about constructing buildings, it was about confronting a deeper question.
why is access to housing still so structurally difficult for millions of Africans in a digital age?
Rather than stepping into real estate as a developer. Dennis chose a different path, positioning coHouse.ng as a PropTech platform rethinking how housing is accessed, experienced, and shared. At the heart of this vision which is connecting potential home owners together via resource pooling for the purpose of either Living or Growth. Simply, *Connect. Live. Grow.*
*A Platform Not a Property Company*
coHouse.ng is not a real estate company. It is a technology-driven ecosystem connecting like-minded individuals into structured communities where they can live intentionally, invest collectively, and grow within a shared system.
From Insight to Recognition
In 2025, coHouse.ng was recognised among the Top 50 Tech Startups in Africa. Even ahead of its official launch, the platform attracted over 1,000 early waitlist users, individuals eager to be part of a new way of living and investing.
Solving for Access, Alignment, and Trust
Dennis Ekamah’s diagnosis goes deeper than supply shortfalls. The real barriers he argues are access, coordination, and trust. coHouse.ng tackles all three through identity verification powered by a third party verification system api. coHouse is not flying solo without the help and collaboration with government bodies across Nigeria and other African countries.
In his words;
“Imagine what you would achieve as an individual or group if you’re living with the right people or like-minded individuals around you.”
I’m not a developer, I’m not a professional realtor, I’m just someone who sees the need for this solution based on the problem we face as youth/young entrepreneurs in today’s housing deficiency across Africa.
— Dennis Ekamah
Join our waitlist by visiting www.cohouse.ng
Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil
The Federal High Court sitting in Uyo has dismissed a ₦50 billion lawsuit filed against ExxonMobil, sued as Mobil Producing Nigeria Unlimited, now Seplat Energy Producing, in a ruling analysts say could significantly reshape oil spill litigation and compensation claims in Nigeria’s petroleum sector.
Delivering judgment on April 29, 2026, Justice Onyetenu held that the suit instituted by the Ejige Ore Njenyisi Muma & Fishing Co-operative Society Ltd was incompetent and liable to dismissal for lack of jurisdiction.
The plaintiffs had sought ₦50 billion in damages over an alleged hydrocarbon spill said to have occurred on September 12, 2021.
However, counsel to the defendant, Chinonso Ekuma of KENNA LP, successfully argued that the claimants failed to disclose any legally recognisable violation attributable to the oil firm.
In its findings, the court held that the plaintiffs failed to establish any actionable wrongdoing against the defendant.
A key element in the court’s decision was the Joint Investigation Visit (JIV) Report tendered by the plaintiffs themselves, which showed that the alleged spill incident was confined within ExxonMobil’s operational facility and did not impact the members of the cooperative society or their sources of livelihood.
The court further ruled that claims arising from such incidents must be pursued strictly under the statutory compensation framework provided in Section 11(5) of the Oil Pipelines Act, rather than through common-law claims founded on negligence or nuisance.
Justice Onyetenu held that the plaintiffs’ attempt to circumvent the statutory regime by framing the suit as a tort action rendered the matter incompetent before the court, thereby depriving it of jurisdiction.
Legal analysts say the judgment reinforces the supremacy of the Oil Pipelines Act in determining compensation procedures relating to oil pipeline incidents and environmental claims in Nigeria.
The ruling is also seen as strengthening the evidential weight of Joint Investigation Visit Reports, particularly in cases where such reports indicate no direct impact on claimants or host communities.
Industry observers believe the judgment will have far-reaching implications for future oil spill litigation, especially regarding the procedural requirements for compensation claims against oil operators.
The court’s decision further provides clarity for operators within Nigeria’s energy sector by reaffirming that compliance with Section 11(5) of the Oil Pipelines Act is mandatory and cannot be sidestepped through alternative legal formulations.
While K.O. Uzuokwu appeared for the plaintiffs, the defence was led by Chinonso Ekuma of KENNA LP on behalf of ExxonMobil.
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