Business
How Jonathan spent huge cash to ensure PDP’s victory over Ambode in 2015 – Tinubu reveals
The national leader of All Progressives Congress (APC), Senator Bola Ahmed Tinubu, wednesday disclosed that former President Goodluck Jonathan spent huge amount of money to stop Lagos State Governor, Mr. Akinwunmi Ambode, from being elected in the 2015 elections.
Despite Jonathan’s sustained struggle to take over the state, Tinubu acknowledged that party members stood by Ambode and the APC during the election.
He described the period as the most challenging since he left his flourishing career in a multinational oil company for active politics.
He gave an account of how Jonathan struggled to take over the state at a stakeholders’ meeting he addressed at the APC secretariat, Ogba alongside Ambode, Speaker of the state House of Assembly, Hon. Mudashiru Obasa, and the party Chairman, Chief Oladele Ajomale, among others.
The party convened the stakeholders’ meeting, which was the first of its kind since the 2015 elections were concluded to chart a new path for the local government election scheduled to hold on July 22 and resolve all issues that might give rise to disaffection and internal rift ahead the electoral process.
At the meeting the party faithful attended across the state, the national leader specifically, commended all party members for supporting Ambode in the 2015 election, noting that the candidates of the party for the forthcoming local government elections should also be supported.
He said the 2015 elections were the most challenging, recalling how the Peoples Democratic Party (PDP) and Jonathan moved “to take over the state by all means including spending huge cash, but the APC members resolutely stood their ground and ensured the victory of the party.”
With the support of the people, the national leader said Ambode won the election and had not let the APC down in any way, thereby citing the governor’s sterling performance.
Tinubu said Ambode “has not let us down. He is doing a fantastic job, in an environment where there is economic recession is a big challenge. Initially, they said he might not be able to do it, but he is doing it and doing it perfectly. He has a very good team of performers. It takes a leader to lead a team to victory and a leader to think and dream. He thinks and performs and he is doing a great job, we are very proud of him.”
On the council elections, the national leader urged party members to accept the decision, which he said, had been taken by the party leaders at the state and local government levels with respect to the forthcoming election.
He said 18 chairmen, who were promised automatic ticket for their efforts in the party and the state, would be allowed to return, while all sole administrators who took over from executive secretaries of 20 local government areas and 37 local council development areas would not be allowed to contest.
Also, the national leader urged party leaders and members in all the 57 councils to give special concession to youths and women and party leaders in Surulere to give peace a chance and drop all forms of public disorder.
However, he said the party would not disallow members, especially executive secretaries from pursuing his/her aspiration, noting that doing such would amount “to denying them their rights having left office more than a year ago. It is just like saying Ambode or senators and other party leaders should not be allowed second term.
Also at the meeting, Ambode charged all party members in the state “to ensure that the party wins all available elective positions in the forthcoming council elections.”
He said it was important for the party to come out top in the elections, adding that it would go a long way to ensure that the state continues to make steady progress.
The governor attributed his success in the 2015 governorship elections to the dedication of party members and chieftains of the party, especially the national leader, thereby charging them to rally round the party yet again to ensure victory for the APC in the polls.
“Almost two years after, we have caused to thank God. I am able to look back that the confidence you give me two years ago and all of you working together to make sure I defeated the PDP candidate was no small feat. I have come here not only to attend this meeting but to say a big thank you to all of you.
“I want to thank you for being the first set of people that believed in me and thereafter God has been so gracious, he has not allowed me to disappoint u. I want to say a big thank you to Tinubu, the state APC Chairmen and Exco members for supporting that course.
“If there is any party remaining in Nigeria today, that party is manifested in all the good things coming out of Lagos State. Why are we here? We are here to count our blessings and renew the course of unity to move forward as one great party.
“I want to implore all of us, whatever it is that would have transpired, it is very clear that the next council elections is all in your hands; just the same way we have done in the last two years. My call to all members of our great party is that all 57 councils must be won by APC without exception,” Ambode said.
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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