Business
Exposed! “Jimoh Ibrahim sent Assassins to eliminate me for revealing His N35.5 billion scams” + Intimate details of how he defrauded the Government
Following President Buhari war on corruption and my various publications in the saharareporters.com and a few national newspapers, of which a copy is hereby attached, Bar Jimoh Ibrahim paid some hired assassins to eliminate me. Controversial businessman, Jimoh Ibrahim
I am being monitored by four men with two power bike after a meeting was held in Bar Jimoh Ibrahim hotel, where it was agreed that if they could not get me kidnapped on or before the 4th of Aug, my house will be attacked on 5th Aug, 2015.
Having paid the assassins, Barrister Ibrahim, out of fear that he might be arrested, left Nigeria few days ago to London and has enrolled as a student in Oxford University, for a part time course as a cover up.
The reason for assassinating is as follows
That John Nnorom exposed the N35.5Billion Aviation Intervention fund fraud, which was diverted by Bar Jimoh Ibrahim into his personal account and the Nigeria Senate resolution dated 29th Nov, 2012 signed by Senator Hope Uzodinma, asking the then Governor of Central Bank of Nigeria, Sanusi Lamido Sanusi, current Emir of Kano, to recover the money. There is a big panic in Jimoh house, that President Buhari, who has refused to grant Bar Jimoh Ibrahim audience despite four attempts made by Bar Jimoh Ibrahim will prosecute him in the next few months.
That John Nnorom exposed the N10Billion paid to Nicon Insurance Plc by the Accountant General of Nigeria, for payment of pensioners but Bar Jimoh Ibrahim diverted the money into the acquisition of his private challenger jet with Reg No : NG 605 GF. The pensioners are dying. This case has been established, as EFCC has traced the fund movement from the money paid by the accountant general into the seller of the aircraft account based on my petition. We have even contacted the lawyer that processes the purchase of the Aircraft in USA as part of the witness. The challenger is currently parked in SAO TOME.
That John Nnorom will take all risk to testify against Bar Jimoh Ibrahim during trial and therefore, it is better to assassinate him now.
I therefore call on all patriotic Nigerians, including the Inspector- General of Police, our President Buhari, the DG – SSS, to note that if anything happen to me, Bar Jimoh Ibrahim should be prosecuted.
JOHN I NNOROM ( FCA, ACTI, MBA
17 KODEOSH STREET, IKEJA, LAGOS http: www.nuclearworld.com.ng
e-mail: john [email protected] TEL: 08033064519; 07068021111
BAR JIMOH IBRAHIM: THE FACE OF CORRUPTION IN NIGERIA
On the 23rd of June, 2015, Our President, vowed to recover within three months all the money looted from our treasury. For making such a vow, history and posterity will remember President Buhari. I recalled during the first week of June, 2015, I dreamt a dream, where some of my friends, who died fighting corruption, were celebrating in a cloud of rainbow. I woke up, wondering, why this celebration in the heavenly realm. Three weeks later, President Buhari vowed to recover our stolen wealth, my joy is unlimited.
Dear President Buhari, I promised to fight corruption with the last breath in my life in 2012 and would like to mention that, Bar Jimoh Ibrahim represents corruption institutionzed at the highest level in Nigeria. The sale of the following Federal Government investments, which Jimoh was a front, namely Air Nigeria Development Ltd, Nicon Insurance Plc, Nigeria Re-insurance Corporation were all fraudulent sales. Jimoh has been on asset stripping of these institutions, into Nicon Investment Ltd, a company blacklisted by Central Bank of Nigeria during the era of Mallam Sanusi Lamido Sanusi, now the Emir of Kano.
Mr. President, I summarized below, how these institutions, which were partly owned by Federal Government were stripped of her assets by Jimoh. No board meeting has been held for all these massive withdrawals by Jimoh and the effort that, I made in whistleblowing his activities with little emphasis on various assassination attempts on my life.
ACQUISITION OF OUR NATIONAL CARRIER: VIRGIN NIGERIA, N35.5B DIVERTED FOR PERSONAL USE
Virgin Nigeria was in debt of $237M (N35.5Billion) repayable over a period of 5years, when Jimoh acting as a front for highly placed Federal Government official fraudulently acquired the National Carrier without paying a kobo. The debt of N35.5B was transferred to Nicon Group Account with UBA PLC. This transfer gave the Air line, a clean account, which was highly published. Air Nigeria immediately took the Aviation Intervention Loan of N35.5Billion from Bank of Industry through United Bank for Africa. This loan was debited back to Air Nigeria account and Nicon Group of companies account was credited. This loan was diverted into the purchase of the land, where the largest oil well in the world is deposited in SAO TOME including acres of land for the building of a university by Jimoh . Part of this loan was used in the purchase of choice properties in Dubai, USA and UK. I wrote to the then, Nigeria Senate President, David Mark, who directed my petition to the Senate Committee on Aviation, then chairman by Senator Hope Uzodinma. This committee confirmed my petition and recommended in senate resolution dated 29th Nov, 2014 that, Governor Sanusi Lamido Sanusi, now the Emir of Kano should recover this money from Jimoh . We all know, how the Emir of Kano exited from CBN and to date THIS FEDERAL GOVERNMENT INTERVENTION FUND HAS NOT BEEN RECOVERED (documents are hereby attached)
AIR NIGERIA DEVELOPMENT LTD : N6B STOLEN BY JIMOH
The loan of N35.5B was repayable over a period of 5years to UBA PLC but Federal Government Aviation Intervention fund, which the Bank of Industry approved for Air Nigeria was repayable over a period of 15years with lower interest rate, which resulted to an excess of N6Billion yearly cash inflow into the Airline account from 2009 to 2013. This is the amount that Jimoh diverted to Nicon Investment Ltd, a company owned by his family, despite the fact, that there are many stakeholders in the airline, which includes the employee, the shareholders, the creditors etc. In addition to my resignation, he sacked 790 staff on the pages of newspapers and many are dead to date without any pension. Our suit No ; NICN/LA/481/2012 still pending in court. Despite all, Jimoh, sold the Airline for N3Billion and pocketed the money. (Schedule of withdrawal is hereby attached)
ACQUISITION OF NICON INSURANCE PLC VALUED AT 10% OF TOTAL COST
Nicon Insurance Plc, had 20million pounds in her special Foreign account in London , shares in Union bank valued at N500Million, millions of pounds in union bank London branch, millions of dollars in American Express Bank, which were not disclosed at the time of acquisition. The Nicon Insurance was under-valued by 90% based on Jimoh instruction, that only the Naira valuation will be considered in the purchase. The Nicon Insurance was not in distress as at the time of acquisition by Jimoh. The naira valuation represents 10% of the total value of the company. Jimoh without following due process won the privatization bid on Nicon Insurance Plc. Like in all his acquisition, it was heavily published that Jimoh acquired Nicon Insurance Plc.
With fake building document deposited in bank for the acquisition, Jimoh appointed the Managing Director, Mr.Emmanuel Jegede, who signed the purchase agreement and before payment could be made to Federal Government, he travelled to London with Jegede, The EX-MD and EX-Company Secretary of NICON Insurance Plc, and clean the account of NICON in London, thereby recovering nine times the value of the company. To cover this fraud, Jimoh sacked all the NICON staff in the five story London office, located at 21 Worship Street, London, EC2A 2BH. When the auditor representing the Federal Government 30% shareholding started shouting internally in Nigeria, on the looting of Nicon Insurance Plc, Jimoh, invited him for a meeting and on his way back to his house, he was assassinated. Having assassinated the internal auditor, the following people namely: Mr. Emmanuel Akinmolu Jegede, the MD- Nicon Insurance Plc, pledged his 100% loyalty, Ms Prisca Soares the Ex-MD/CEO of Nicon Insurance and the Ex-company secretary ran away from Jimoh for safety reasons. Dear President Buhari, let these people be interrogated under oath on this deal, with your assurance that they will not be assassinated by Jimoh.
DYING PENSIONER MONEY USED TO BUY JET WITH REG NO: NG605GF
In the last few years, the Accountant –General of Nigeria paid over N13Billion to Nicon Insurance Plc, for the purpose of paying pensioners. As usual, the money was laundered to USA and out of this money; Jimoh bought the challenger 625 jet with Reg No: NG605GF that he is currently flying around the world, while pensioners are dying every day. I reported this case to EFCC and it was investigated. EFCC confirmed my petition that Jimoh diverted this money but refused to charge him to court saying that I am not an interested legal person. However, this money represents fraudulent withdrawal from corporate institution owned by Federal Government, of which I am a Nigerian by birth. It should be noted that Federal Government still holds 30% of Nicon Insurance Plc shares. Please, President Buhari, help us to recover this loot.
BAR JIMOH IBRAHIM TAX EVASION SUIT OF N6. 4B/FIRS IN COOLER
The Federal Inland Revenue Services after thorough investigation of my petition on the N6.4Billion owed FIRS, made several efforts to recover this money despite the threat by the then Attorney- General Bar Adoke. Jimoh was arrested and charged to court. The first case was a criminal suit on tax clearance certificate forgeries in Abuja and the second suit was recovery of the debt. I followed this up with several visits to FIRS office and various publications but Jimoh paid back only N150Million to FIRS, the balance of this money need to be recovered, for which Jimoh wrote an undertaking to pay in FIRS office. In addition to the above, the criminal case in Abuja on tax certificate forgeries is now in the cooler. Dear President Buhari, please help FIRS to recover this loot, which belongs to Federal Government.
BAR JIMOH IBRAHIM DOES NOT PAY CORPORATE TAX ON HIS 16 COMPANIES
The following companies namely ; Global fleet oil & Gas Ltd, Nicon Insurance Plc, Nigeria RE-insurance Corporation, Nicon Properties Ltd, Nicon Luxury Hotel Ltd Okitipupa, Abuja Nicon hotels Ltd, Nicon hotels Ltd VGC, Nicon hotels Ltd, PHC and National Mirror Ltd, do not have current tax clearance certificate. All these companies do not pay corporate taxes to the Federal Inland Revenue Services in Nigeria. Even withholding taxes deducted from sales on behalf of Federal Government, are not remitted. The last signed audited account of these companies were in 2009 and I have challenged Bar Jimoh Ibrahim to published in two national newspapers the tax clearance certificate of his conglomerate since 2012. This is a criminal offence in addition to recovery. Please, help us sir.
EMPLOYEE TAX FRAUD : EFCC REFUSED TO CHARGE JIMOH IBRAHIM TO COURT
In all the companies owned by jimoh, taxes are not remitted to the relevant tax authorities but were deducted from staff salaries. I am a victim and I petition Jimoh to EFCC, listing as witness the 790 Ex-staff of Air Nigeria sacked on the pages of newspapers. The same EFCC charged to court Steve Judd, the MD of Ascot Flowlines Limited for tax deduction not remitted to the board and pension fund deducted not remitted on one staff named, Bar Austin Aguguo. However to date, EFCC has refused, to charge Jimoh to court for refusal to remit tax deduction from my salary and 790 Ex-Staff of Air Nigeria. Please, help us sir.
For this cause, I was arrested on false allegation, charged to court and was discharged. The gallant FIRS officers that arrested Jimoh were transferred out, at a point, shown red and green pen by the Attorney- General Bar Adoke, the IPO in EFCC was harassed and warned by OGA, in addition to various assassination attempts on my life.
I hereby appeal to our President to consider this open letter and ensure that the loot is fully recovered. Thank you President Buhari.
Yours Faithfully,
JOHN I NNOROM (FCA, ACTI, MBA)
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.
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