Business
Drama as Pastor E.A Adeboye and Wife engage in hot romance On stage during book presentation
The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, created a scene at the Youth Centre of the Redemption Camp, Lagos-Ibadan Expressway, on Tuesday, when he kissed his wife, Folu Adeboye, on the stage during a book presentation in his honour.
Adeboye, who expressed surprise at the occasion, said he would have stopped the project if he knew about it, adding that he was undeserving of the honour.
Present on the occasion were Acting President, Yemi Osinbajo; former President Olusegun Obasanjo; Presiding Bishop of the Living Faith Church, Worldwide, Bishop David Oyedepo; and the General Overseer, Trinity House, Pastor Ituah Ighodalo.
Folu told the audience that she hid information about the book from her husband for one year, adding that she planned it to coincide with his 75th birthday.
While standing with Adeboye on the stage, together with their four children, she said her hubby was only informed about the event a day before.
The Master of Ceremonies teased Folu to tell the audience the pet names she gave her husband, demanding an expression of love since the occasion also marked 50 years of their marriage.
“Pastor ID, why are you fast? This is just presentation of a book, not marriage anniversary. Whatever you want, I will do it…,” she replied, as she hugged the husband and went on to kiss him as the audience erupted in excitement.
Adeboye, in his remark, expressed surprise at the book presentation, which was written by 40 people.
He said, “The event of today, without any doubt, has been a great surprise to me. This is because my wife hid it from me, and we don’t normally hide anything from each other, because we have been married for 50 years and we are still on honeymoon.
“Why the event is a surprise to me is that God also hid it for me. I had no inkling at all from my Daddy that something like this is happening. If God hid it from me, it must mean that He approved of it. My wife knows that if I had any idea about what is happening today, it will never happen. I would have stopped it long ago because who am I without Jesus Christ? If there is anyone to be celebrated, it should be Him.
“People say I am humble, but people need to know where I am coming from. I cannot say I have any ability or wisdom. Everything has been the Lord Himself. When I was about 40 and I saw grey hairs on my head, I wondered why and God said I was carrying a burden that was not mine.
“God said, ‘I am just using you as camouflage. People need to see someone. So, I am putting you forward so that I can do the work from behind.’ So, everything that is happening in RCCG, nothing is of Adeboye at all; it is all about God. So, for you to say you are writing a book about somebody that is nothing, someone who has almost zero beginning, from a poor family and passed through secondary school by God’s grace. For God to allow today to happen without telling me, it can only be that He wants to draw your attention to Himself that if you allow Him, He will do great things, using you as camouflage.”
Adeboye said it was a miracle he was at the occasion as he had slept one hour a night during the seven-day convention of the church which ended on Sunday.
While appreciating people who wished he lived long, he said he would die when his assignment was over.
“All those who prayed for me to be 80, I said amen. Those who said 90, I said amen to them, but those who said I would be 100, I did not answer them. Then someone said I would live to 120 and I said what would God say I did wrong to keep me for another 50 years? I will go as soon as I finish my assignment,” he added.
The cleric lauded his wife for always standing by him, saying she was the greatest gift he had aside from the Holy Spirit.
While recounting a year when they both fasted for 40 days three times over an issue, Adeboye said his wife refused to back out when he asked her to stop.
“If you can find a woman that can stand by you with 40 days of prayer and fasting, first, second, third time and willing to go with you as long as possible, then I will classify your wife as second to mine. Without my wife, I cannot be doing what I am doing today,” he said.
The cleric later presented his four children to the gathering, describing them as God’s gifts to his family.
Earlier, former President Obasanjo had narrated how he consulted Adeboye before accepting to run for President in 1999.
He said after meeting Nelson Mandela and Desmond Tutu in South Africa, who encouraged him to go ahead, he sought counsel from Adeboye.
He said, “For doing nothing, I was sent to prison. I came out of prison, and some people came running after me to contest to be President of Nigeria. I wondered that the one I did before, what did I get out of it? Prison! And now, you want me to do another one, that will be double prison.
“And when you are at crossroads, you need the direction of God to know which way to follow. I prayed and fasted and wasn’t satisfied. I decided to go to South Africa to meet people I had high regard for: Nelson Mandela and Desmond Tutu. Mandela said I should follow my instinct. Tutu said I should not be tired of serving my people.
“I came back home to see pastor. And I told my story. We prayed and he said you can go, when God tells me what I should tell you, I will call for you. I was surprised that Mandela and Tutu gave me answers on the spot, but he said I should go. When will God tell him?
“A couple of weeks or thereabouts, I was sent for and he said God had said I should go ahead. If there was any doubt in my mind, all were gone.
“I picked my Bible to read while returning home and it was the Book of Esther that I opened. I saw where Esther was told that maybe it is because of this that God has brought you here.”
Obasanjo, who noted that politicians were supposed to influence the lives of the masses positively, said Pastor Adeboye had done more than politicians in this regard.
He said, “As politicians, we are supposed to touch lives, but, for Pastor Adeboye, he has touched more lives than politicians. He has been a man of God with a difference, whom I benefited from personally when I was consulting to contest the 1999 election.”
He added that it was the wife of the General Overseer that invited him, without the knowledge of the husband, asking that Adeboye should forgive them for this.
Obasanjo said, “I was told not to reveal my coming here by Mummy (Adeboye’s wife). How can I come to you without calling you? But, that was the instruction. Until I am in this hall, I never see anything about this programme. That means we have committed sins by keeping this secret from you and we seek for forgiveness from you and I am sure we have been forgiven.
“While I was in prison, Abacha had said three of us–myself, Shehu Yar’Adua, MKO Abiola, none of us will come out alive. Two of them did not come out of prison alive, but I came out. Not because I was clever, good and upright. It was all because of the grace of God. Sir, I thank you for helping me to make the right decision at that crucial time of my life. He, who does not respect this man, does not respect God.”
The Acting President, Osinbajo, who was Adeboye’s protocol officer, said he accepted to run as the Vice-President after the cleric asked him not to reject the nomination.
Osinbajo, who also defended Adeboye’s use of private jet because the RCCG was in more than 180 countries of the world, second to Coca-Cola with branches in 200 countries, cited three different instances when the pastor influenced his life positively.
He said his passport had been stolen in South Africa for about three months when Adeboye prayed for him and the thief returned it when he had lost all hope.
The Acting President said about a month later, his second daughter, who was ill and at the point of death was healed after a prayer by the cleric.
“Of course, many know that I am not a politician and I was not a politician when I was nominated to be the vice-president. What I told those who approached me was that I would speak with two people-my wife and daddy (Adeboye). People around me said he would say no. I was also quite certain that he would say ‘Don’t bother or let us just think about it’. But I was surprised when he told me that if I was nominated, I must accept it. He was categorical about it,” he added.
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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