Business
How Form. Minister of Petroleum, Diezani Alison- Madueke called the attention of UK Police + Why She was Suspected
It was revealed on Monday how a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke and a former Managing Director of a parastatal under the NNPC got themselves into trouble with the police in the United Kingdom.
The PUNCH learnt that the purchase of houses each in London by the former minister and the sacked NNPC top shot had sent the police investigators after them since 2013.
Alison-Madueke and the ex-MD had bought a house each in London through a mortgage but the two were said to have attracted suspicion when they offered to pay huge sum to clear the mortgage on the properties.
A source said the ex-minister’s house cost £12.5m. The source was however silent on the cost of the house bought by the former MD of the subsidiary of the NNPC.
It was learnt that the UK’s National Crimes Agency had dispatched a team to Abuja for an investigation into the incomes of the affected public officers because of the huge amount of money that was being paid steadily to defray the amount on the mortgage.
The source explained that the police suspected that the mortgaged London properties might have been serviced with laundered money from the Government of Nigeria.
The source said, “This particular investigation did not originate from Nigeria. I can tell you that this is different from the investigation being conducted by the Economic and Financial Crimes Commission into the financial operations of the NNPC under Alison-Madueke.
“This is a strictly UK investigation and it has to do with the procurement of a property in the UK for £12.5m through a mortgage arrangement in London.
“The UK authorities became suspicious when they realised that the agreed monthly amount for the mortgage was too high for the income of a public official without other sources of income.
“You know the (UK) people; they kept quiet when the whole arrangement was going on in 2013. They allowed the funds to go into their economy before they moved in against them with the intent to seize the properties.
“She was not the only person that bought the properties. The other guy, a close ally from the NNPC also bought a house in London. These are the issues the UK police are investigating.”
The investigation, which commenced in 2013 climaxed Friday last week with the arrest of Alison-Madueke and four others by the UK police for alleged fraud.
The EFCC raided the residence of the ex-minister at Asokoro same day she was arrested in the UK.
Although the raid did not yield any huge financial recovery contrary to media reports, the operatives from the Subsidy Unit of the EFCC carted away several documents from the residence.
The EFCC operatives, who insisted that only N1.2m was recovered from the Asokoro residence of the minister, said that the files moved away from her house were being analysed.
When contacted, the spokesperson for the EFCC, Mr. Wilson Uwujaren, on Monday declined to comment on the Alison-Madueke saga.
Uwujaren said he did not know anything about the ex-minister’s case.
Meanwhile, the British National Crime Agency on Monday obtained court permission to temporarily seize £27,000 (N8.078m) from a former petroleum resources minister, Diezani Alison-Madueke, Reuters reports.
The ex-President Goodluck Jonathan’s oil minister between 2010 and 2015 and her cohorts were arrested in London last Friday and charged with money laundring offences.
Reuters quoted an administrative officer at the Westminster Magistrates’ Court as saying on Monday that the NCA had applied to the court for an order to seize various sums of money in relation to Alison-Madueke and two other women for up to six months.
The administrative officer did not provide any information on the link between the three women.
The NCA had on Friday issued a short statement saying its International Corruption Unit had arrested five people in London as part of an inquiry into suspected bribery and money laundering offences.
The NCA did not name those arrested but said all five had been released on conditional police bail, pending further investigations in Britain and overseas. It said the investigation had started in 2013.
But the Federal Government through presidential spokesman, Garba Shehu, had confirmed late on Sunday the arrest of the former minister and that “the government of Nigeria is collaborating with the UK authority in the investigations and her trial.”
Harmony Gardens’ Ibeju-Lekki Portfolio Crosses $1bn
Harmony Garden & Estate Development Limited has expanded its development activities across Ibeju-Lekki, pushing the projected long-term value of its estate portfolio beyond $1 billion.
Led by Chief Executive Officer Hon. Dr. Audullahi Saheed Mosadoluwa, popularly know Saheed Ibile, the company is developing seven estates within the Lekki–Ibeju corridor. Details available on Harmony Garden & Estate Development show a portfolio spanning land assets and ongoing residential construction across key growth locations.
A major component is Lekki Aviation Town, where urban living meets neighborhood charm, located near the proposed Lekki International Airport and valued internally at over $250 million. The development forms part of the company’s broader phased expansion strategy within the axis.
Other estates in the corridor tagged as the “Citadel of Joy” (Ogba-idunnu) include Granville Estate, Majestic Bay Estate, The Parliament Phase I & II, and Harmony Casa Phase I & II.
With multiple projects active, the rollout of the Ibile Traditional Mortgage System, and structured expansion underway, Harmony Garden & Estate Development Ltd continues to deepen its presence within the fast-growing Ibeju-Lekki real estate market.
Business
BUA Group Showcases Food Manufacturing Strength at 62nd Paris International Agricultural Show
BUA Group Showcases Food Manufacturing Strength at 62nd Paris International Agricultural Show
BUA Group, one of Africa’s leading diversified conglomerates, is maintaining a strong presence at the ongoing 62nd edition of the Paris International Agricultural Show in France, participating as a premium sponsor and supporting the Nigeria Pavilion at one of the world’s most respected agricultural gatherings.
The 62nd Paris International Agricultural Show, taking place from February 21 to March 1, 2026, at Porte de Versailles in Paris, convenes global leaders across farming, agro processing, technology, finance, and policy. The event serves as a strategic platform for industry engagement, knowledge exchange, and commercial partnerships shaping the future of global food systems.
BUA Group’s participation reflects its long term commitment to strengthening the entire food production value chain. Through sustained investments in large scale processing, value addition, and branded consumer products, the Group continues to reinforce its role in advancing food security, industrial growth, and regional trade integration.
Speaking on the Group’s participation, the Executive Chairman of BUA Group, Abdul Samad Rabiu CFR, said, “BUA’s presence at the Paris International Agricultural Show reflects our belief that Africa must be an active participant in shaping the future of global food systems. We have invested significantly in local production capacity because we understand that food security, industrial growth, and economic resilience are interconnected. Platforms like this allow us to build partnerships that strengthen Nigeria’s competitiveness and expand our reach beyond our borders.”
BUA Foods, a subsidiary of BUA Group, maintains a strong footprint in flour, pasta, spaghetti, sugar, and rice production, serving millions of consumers within Nigeria and across neighbouring African markets. The Managing Director of BUA Foods, Engr. Abioye Ayodele, representing the Executive Chairman, is attending the event at the Nigeria Pavilion, engaging industry stakeholders and showcasing the company’s manufacturing capabilities.
Also speaking at the show, Engr. Ayodele stated, “BUA Foods has built scale across key staple categories that are central to household consumption. Our participation at this Show allows us to demonstrate the quality, consistency, and operational strength behind our products. We are also engaging global stakeholders with a clear message that Nigerian manufacturing can meet international standards while serving both domestic and regional markets efficiently.”
The Show provides BUA Group with an opportunity to deepen trade relationships, explore new export pathways, and reinforce Nigeria’s growing relevance within the global agricultural and food ecosystem.
BUA Group remains focused on building enduring institutions, expanding productive capacity, and positioning African enterprise competitively within global markets.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
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