Business
EXCLUSIVE INTERVIEW: ‘BRITISH Government: A Thief & Dictator’-Steve Franklin, President, Nigerian American Press Association
HE is originally from Europe, an American widely traveled journalist, a historian, opinionated writer, an author, President of Nigerian American Press Association (NAPA) a famous media association of Nigerians and American journalists with over 100 memberships. He’s a very outspoken media professional who passionately follow events in Africa. He hates cheat, lies and dictatorship. In this 30 Minutes interactive session with SAMSON SHOAGA, NAIJA STANDARD EDITOR, Steve Franklin give reasons why he condemns British Government as a Thief and Dictator. He chronicles several vices imbibed in Britain as they continually squanders Nigeria’s Stolen Wealth kept in Britain’s Bank Account for their own rapid development. Also, he talked about the latest show of shame by David Cameron in UK Anti-Corruption Summit.
Q: How do you view the on-going Anti-Corruption Summit in Britain?
A: As far as I am concerned, I know that from the outset of United Kingdom Anti-Corruption Summit, David Cameron, British Prime Minister had convened that meeting to embarrass and disgrace Nigeria, which was why he referred to ‘Nigeria and Afghanistan’ as two most corrupt nations in the world during his pre-summit chat with Queen Elizabeth II. Were it not the video camera that captured that scathing and derogatory statement, Cameron could have denied he did not utter it. Britain is not a saint, but very corrupt. In the present list of Transparency International Corruption Index, UK occupied 10thposition with Germany, Luxembourg.
You are aware in the UK Anti Corruption Summit, Cobus de Swardt, Managing Director of Transparency International reacted to Cameron comments regarding Nigeria, Afghanistan as ‘Most Corrupt’ when he said: ‘There is no doubt that historically, Nigeria and Afghanistan have had very high levels of corruption, and that continues to this day. But the leaders of those countries have sent strong signals that they want things to change, and the London Anti-Corruption Summit creates an opportunity for all the countries present to sign up to a new era. This affects the UK as much as other countries we should not forget that by providing a safe haven for corrupt assets, the UK and its Overseas Territories and Crown Dependencies are a big part of the world’s corruption problem.’
I can tell you that majority of British politicians and Nigerians are presently condemning Cameron for trying to place Britain as a saint, immunized from stealing. In Africa, I have heard lots of people say ‘A Pot cannot be calling the Kettle Black.’ May be you don’t know yet, British opposition politicians and anti-corruption campaigners have said Cameron was ill-placed to criticize Nigeria when Britain’s own record on combating corruption was less than glorious.
Unilaterally, they have said that corrupt politicians and business people from Nigeria and many other countries have laundered their ill-gotten gains in Britain’s property market, while London also has ties to numerous tax havens routinely used to hide stolen money to develop their country. There will be an Agreement to be signed at the end of the summit on Reparation of Nigeria’ stolen funds in United Kingdom.
Q: Are you sure after Nigeria may have signed the Agreement on Stolen Funds Reparation, the UK Government will return the money?
A:Based on Britain’s body language, I am sure they are not ready to return Nigeria’s stolen funds stashed in various banks which I will reveal shortly soon. They act and see themselves as Dictator, suffering from Colonial Master’s Syndrome. They want to use Nigeria’s stolen funds to build and rapidly develop their own nation to their optimal satisfaction. When they are through, they will then recycle same stolen funds into their banks and begin to give to Nigeria in piece meal after a long waiting period. They will then attach stringent conditions for Nigeria to follow in implementing the piece meal funds reparation. If they feel that the returned funds is not well executed according to British laid down rules, they will delay releasing other stolen funds.
My position is further confirmed by a reported statement from British High Commissioner to Nigeria, Paul Arkwright, who said that the UK government had no plan to keep the money, but there are certain legal requirements that Nigeria had not met to ease the recovering of the money. He agreed the money belong to the Nigerian people but left a caveat that they ‘need to make sure that the money is well spent when it returns to Nigeria’. They need to make sure they ‘can do that in a proper way, which is fully in compliance with the British law.’ What an insult. Nigeria is a Sovereign nation like Britain, with laid down rules on procedures. Britain must do away with its Master-servant mentality. They cannot enforce British laws on Nigerian laws. That is why I call them Dictator of the highest order. Nigeria had her independence since October 1, 1960, yet you are not willing to let the country grow, progress forward. What a shame…
Q: Can you mention those British Banks where Nigerian politicians in the know of British Government hides Nigeria’s stolen funds?
A: Let me say here that British Government is government built mostly on stolen funds from the money pilfered by some politicians in those countries and kept in their banks. It is strange that UK knows those funds were stolen from Nigeria yet they instruct their banks to collect such funds, so that they may use the funds through backdoor and play it around in a circle, when tired they return the funds into the banks. It is that simple. It will shock you to hear that British banks being used by UK Government to hide Nigeria’s funds are: HSBC, Barclays, Natwest, & Royal Bank of Scotland. Till date, noBritish bank has been publicly fined or even named by the regulators for taking corrupt funds, whether willingly or through negligence.
Recently, an International corruption watchdog said high street banks in the United Kingdom could have helped fuel corruption in Nigeria by accepting millions of dollars in deposits from dubious politicians in the west African nation.
How come five leading UK banks have failed to adequately investigate the source of tens of millions of dollars taken from two Nigerian governors accused of corruption in the past. Robert Palmer, a campaigner at Global Witness corroborated my position when he said ‘Banks are quick to penalise ordinary customers for minor infractions but seem to be less concerned about dirty money passing through their accounts.
He also said ‘Large scale corruption is simply not possible without a bank willing to process payments from dodgy sources, or hold accounts for corrupt politicians in the knowledge of the government.
I strongly share in the belief that Financial Services Authority (FSA) have failed woefully to do more to prevent money laundering through British banks. The fact that they reportedly acknowledged that in accepting the money, Barclays, NatWest, Royal Bank of Scotland (RBS) and HSBC, as well as Switzerland’s UBS, might not have broken the law, is a shame on British Government.
In Britain, banks helps in facilitating corruption. Name one British bank that has been publicly fined or even named by the regulators for taking corrupt funds, whether willingly or through negligence or sacked. In United States, banks that breach the law have been fined hundreds of millions of dollars for handling dirty money. Barclays, HSBC and UBS are all members of the Wolfsberg Group, an international body set up in 2000 to try to improve global anti-money laundering procedures. This revelation was made by Robert based on court documents from cases the Nigerian government has brought in London in an attempt to get funds returned that it said were stolen by two former state governors: Diepreye Alamieyeseigha of Bayelsa state and Joshua Dariye of Plateau state.
Alamieyeseigha was accused of corruption after he was caught with about $1.6m in cash at his London home. He was briefly jailed in Nigeria after pleading guilty to embezzlement and money laundering charges two years later. Dariye was arrested in 2004 in London and was found to have purchased properties worth millions of dollars even though his legitimate earnings amounted to the equivalent of $63,500 a year. James Ibori, a-two time former Governor of oil rich Delta State was arrested for corruption, pleaded guilty and sentenced to 13 year in British prison. Don’t you know Ibori’s stolen fund in UK banks are parts of the money Britain is using for their country’s development?
How about Nigeria’s former minister of Petroleum, Diezani Allison Madueke, who took off to UK to cool off and kept varying staggering amount in UK banks? Though I read in Nigerian papers that she will be prosecuted by the Nigerian Government on how she looted Nigerian National Petroleum Cooperation (NNPC). The questions are: What is happening to those huge funds she stole and kept in British banks? Who manage the funds in UK? How long has these stolen funds been hidden in UK banks? What is British Government doing with the bulk of the money of Nigerian politician accused of corruption? It is not only the person that steals money that is corrupt, the country that hid the stolen funds is far corrupt than the person who stole the money because Britain is by their action saying ‘You may go and steal as a politician, but make sure you bank your stolen finds with us, we will help you take good care of it.
Q: Which other reasons do you have to have labeled Britain a Thief nation?
A: Majority of Nigeria’s stolen artifacts which the UK Government used in decorating their British Museum in London dates back to over 500 years ago. Majority of the artifacts were stolen by British aunthorities on the soil of Nigeria from Benin Kingdom. Very famous Benin bronze plaques stolen in 1897 when the British launched a punitive expedition to the venerable Benin City, heart of an old kingdom headed by a Royal King Oba Ovonramwem. UK Troops sack ed his palace purposely to steal Nigeria’s assets, eventually stole the bronze plaques that detailed the history and customs of the kingdom and exiled him-turning the kingdom into part of modern day Nigeria. How would you describe the British Government in this scenario, is that not a Thief? One of the Nigeria’s stolen famous artifacts is: Okukor.
Let me remind you that after the sacking of Benin Kingdom, the bronzes were taken by the British to pay for the expedition. The Foreign and Commonwealth Office sold them off, and around 900 ended up in the world’s greatest museums, including the British Museum, which has one of the largest sets. One of the sculptures, the bronze cockerel known as Okukor, ended up at Jesus College after it was donated by Captain George William Neville, a former British Army officer whose son had been a student there. The gift was fitting; the cockerel is the mascot of the college, after the surname of its founder, Bishop John Alcock.
The sculpture in question depicts a proud, strong animal – an embodiment of power. Though its value is not clear because so few bronzes have been sold recently, in 1989 a bronze memorial head from Benin was auctioned at Christie’s in London for more than £1 million. The Benin Bronzes are a set of artworks created by the Edo people for centuries starting from the 13th Century to celebrate the Benin Kingdom. When colonialists first discovered the pieces adorning the Oba’s royal palace, they were amazed that such incredible artwork could be created by people so ‘primitive’. Also stolen is Elgin Marbles, a Greek statute, which the British Government manipulating to claim.
When the Benin Bronzes first arrived in Europe, they transformed the way people saw Africa. Europeans were surprised that Africans — a people whom they assumed to be backward — could make such refined artwork. Till date, they remain some of the most celebrated artworks to emerge from Africa, but much like Greece’s Elgin Marbles, they are mired in controversy due to the circumstances in which they were acquired. Can you now tell me if Britain is not a Thief?
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.
-
news6 months agoWHO REALLY OWNS MONIEPOINT? The $290 Million Deal That Sold Nigeria’s Top Fintech to Foreign Interests
-
society1 month agoSOCIAL MEDIA IS NOT A BATTLEFIELD COMMAND – WHY THE NIGERIAN ARMY’S ACTION AGAINST JUSTICE CRACK IS A NATIONAL SECURITY IMPERATIVE
-
celebrity radar - gossips4 months agoDr. Chris Okafor Returns with Power and Fire of the Spirit -Mounts Grace Nation Altar with Fresh Anointing and Restoration Grace on February 1, 2026
-
celebrity radar - gossips6 months agoProphet Kingsley Aitafo Releases 2026 Prophecy: ‘Nigeria Will Rise, but the World Must Prepare for Turbulence’

![DAVID_3[1]](https://i0.wp.com/sahara.test/wp-content/uploads/2016/05/DAVID_31-298x300.jpg?resize=298%2C300)
![DAVID_2[1]](https://i0.wp.com/sahara.test/wp-content/uploads/2016/05/DAVID_21-300x200.jpg?resize=300%2C200)
![DAVID_4[1]](https://i0.wp.com/sahara.test/wp-content/uploads/2016/05/DAVID_41.jpg?resize=292%2C173)

You must be logged in to post a comment Login
You must log in to post a comment.