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‘I don’t serve any idol except God’ + How i have stopped rain from falling on different Occasions – Oluwo Of Iwo Land reveals

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The Oluwo of Iwo land, Oba Abdulrasheed Akanbi holds his second year anniversary of his ascension to the stool and marks his 50th birthday on Saturday 7th of October. He spoke with PREMIUM TIMES on his aspirations for his people in Iwo and his novel approach to the traditional stool.

PT: You came on the throne facing a lot of opposition and challenges. How were you able to survive  the crises you faced?

Oluwo: I don’t see challenges as anything. It was a situation where people did not know me. So I don’t hold it against anybody. Those who opposed me did not know that I came with a message and that I am a different kind of person who has brought a new kind of leadership. I brought a leadership that is committed to serving humanity.

When people cannot understand you, then there will be a challenge. Even myself, before I became the king, there were things I didn’t know. To be a king is about service, it is not about ruling over the people, but serving the people. The definition of kingship has been redefined in Iwo. It is the only seat and throne of God on earth, where there is no selfish, fetish or idolatry mixing with it. I mean not worship any lesser gods or idols.

PT: Some princes of the land attacked you and criticised your style of leadership. What is the situation right now?

Oluwo: Like I told you earlier, they did not know that a new dispensation had come. Even Jesus Christ, when he came, people stoned him and lied against him and rejected him. They lied against me and said I was a yahoo yahoo, even when no one ever said I defrauded him. So, the period of attack was the time when they did not know who I was really. They thought I was trying to smear or reduce the throne, but they did not know that I was helping the kingship to grow and to become independent and raise a great people.

The princes today have come back to me already. Even this morning, some came to me to say ‘we are sorry, we did not know that you meant well. You have been setting our history right, and the things we did not know before, you are making us to know them.’

In the history of Iwo land, this is the first time we will be connecting the Iwo stool with the Ooni of Ife, which means the Oluwo is a son of Oduduwa. We even have a ruling house there gazetted under the law which can produce a prince who can aspire to become the Ooni of Ife. That is a great eye opener, which God, through me, has brought to us in Iwo land. We have written the history, we have returned Iwo to the position it ought to be and I have made the people to know that the Oluwo is a natural ruler from inception in the whole of Yoruba land. Oluwo has never been relegated, he has never been a Baale before. The Iwo people did not know this until I became the king.

 

When I was saying it they said I was arrogant, but I am not arrogant. I know where I am coming from and that is what makes me to be strong for the future to know where I am going. Everyday the princes come here and say ‘Kabiesi, have you forgiven us? We went astray, we are your children.’ They even brought gifts. When they were doing all that over 90 per cent of the people of the land were with me when I stepped on the throne. Only a few of them who did not know, who were confused…because it was a new time and a new thing.

PT: Now that they have come to say they are sorry, have you really forgiven them?

Oluwo:  Why would I not forgive them? They are my children. They are princes. I was a prince before I became the king. If I were still a prince and I see a king that is doing a thing different from what others had done in the past, I may also have criticised him, unless God gives me the wisdom to know what it was that the king was doing. I had to put myself in their shoes. So I may not have known the right from the wrong, so if that is the case, I should not now look down on people who at a point in time, did not know the right from the wrong. The thing was that they did not know.

PT: You said you have been involved in developmental projects in Iwo land. Would you tell us where you are getting the funds to do roads and other similar projects?

Oluwo: We thank God for giving us wisdom. Ideas rule the world. Money don’t rule. You may have money, but without ideas, nothing will happen. But when you have ideas, especially to lead, you will make progress.

For instance, if you go to your area and you see a very bad road leading to your house. You know the road is not a federal road, not a state road and not even a local government road. You know that the government will not come and help you to fix it and the road is very bad. If you just start in the morning and you start knocking on the doors of all the landlords of that area, and you give them the idea of how the road can be fixed, you that have the idea would be made the leader of the community and they will entrust you to lead in ensuring the road is fixed. With ideas you can do a lot of things. Where the money comes from, I myself don’t know. But funds are coming and I myself also give from my pocket. Because as an oba that is working and also an active oba, there is no way you won’t be reckoned with. I am a working Oba.

PT: As a revered Oba in the Yoruba land, what are you doing to bring peace among traditional stools in serious conflicts in the south west?

Oluwo: The truth is that past traditional rulers in Yoruba land ruled and they did not impact the lives of people. We no longer want it to be like that. What I am advocating is that kings should show the people not only tradition, tradition, tradition, which are of the old. I am not against tradition, our tradition and culture is the best. But we have to move from obscurity into light and to make our tradition to be more attractive. Using all this red oil, all this black soap and putting it at junction and roundabout, who wants to see that? That is dirty. We are killing human beings for rituals, is that a good culture? Our culture is good, but when you put some things that is not good, like fetish things and all that stuff, then it is not good. When a culture condones killing of people for rituals, then that is a wicked culture. Culture is not wicked, it is the things added to it. I tell all the obas, if you can tell me the deity that Oduduwa worshipped, if you can just give me one deity that he worshipped, I will leave my crown, I will walk out of the palace and not be king anymore. Everything that Oduduwa laid down was good and that is how he became the father of all Yoruba people. He was not the first Yoruba man, but Oduduwa served the people diligently. You see, we call Oduduwa the father of the Yorubas. Which king has emanated from Ife that we can call the father of Yorubaland?

I am asking you that question. Which king that has emanated from the south west that you can say he is the father of the Yorubas? They call us royal fathers, but Oduduwa became the father of all Yorubas because he served. Do you know that we would have had another father of the Yorubas in the 60s and 70s and the 80s but he was not a king, he was only a leader, and that was Awolowo. Because you can see that he became the Premier of Western Region and he remembered the people, the downtrodden, he gave them free education. Who is doing that now? All we are doing is to get money for ourselves.

Money that is meant for millions, one person is taking it. I have told people that any politician that is seeking election and does not have anticorruption as a pillar of their policies should not be voted for;  because corruption is what is killing Nigeria. And if you don’t have good leadership, you cannot fight corruption in this country. There are no poor people in Kuwait, and Nigeria is richer than Kuwait. They say all fingers are not equal, all fingers are equal in United Arab Emirates . There is no one poor Dubai  and Nigeria is richer than UAE, Nigeria is richer than Kuwait, in terms of its resources and oil. We have it, and Nigerians are still suffering.

When it comes to kings, I am telling them to change their ways. Go and serve the people, don’t just sit down in the palace, go to the people, go to the communities, visit your subjects in their houses. Old ways is not now. You see my own style, I go to the people. I have eaten with the President, with governors and highly placed persons. I still go down to the people. Sometimes you will see me, I will leave the palace and will go and visit the people and start greeting them in their houses. I am talking about the lowest places in the society. I will go there and visit them and say to them, hi, this is your king. I am a father to them, my children cannot see me then I am not their father. I am not a ruler.

 

PT: You recently visited the Olubadan in his palace. What is your take on the crisis between the Olubadan and the government of Oyo State?

Oluwo: You see, traditional rulership has been having dents for long. The problem started from kings themselves. It is a kind of ignorance. It is not that they deliberately did it, they did not know. It was because instead of being fathers to the people, kings were only ruling. What Oduduwa laid down, people did not follow it and that is why we have problems. There is no way kings in Yoruba land will not go down because of the way we are going. You can see kings in the north are more respected than kings in the south west. Do you why? They have moved from what is called the old, blind tradition to a very high traditional. They do durbar today and make fun. We obas, we are the fathers of the nation, but we lost it, especially in Yoruba land. A king should not worship lesser gods. A king that does not have and should not have ‘this is the alfa praying for me, this is the babalawo doing something for me or this is the pastor that is doing this for me.’  A king is the one that has authority and he will say, be, and it will be so. If you represent God.

PT: You haven’t responded to my question on the Olubadan issue….

Oluwo: Yes, I will speak on it, that is where I am coming to when I started by saying we have lost it. Let me tell you the truth, government is the one that gives the right to become a king; the king doesn’t give the government the right to become the government. We should know that the power of the government cannot be eroded, we cannot disrespect the law. What is there is that the traditional system which doesn’t have anything left, other than people just want to respect you. If they want to respect you…if they want chieftaincy title, they want other things, they will come to you, but other than that, the king has no more powers. Do you know that if the king wants to do traditional title, somebody can even go to court and stop the king. If a king wants to build a palace, somebody can say I am the owner of the land and he can go and get injunction from the court. There is no power any more. But there are values. And if people want to respect you it is at their own discretion.

If the governor comes to you as a kabiesi and says he wants us to do something, without politicising it, if the Oba refuses, the governor can invoke the relevant sections of the law against the oba. So what I have to say is that the power of the government should not be eroded, but the traditional institution should not be reduced to nonentity and should not be reduced to thrash. I believe that the governor has done that as I heard. I have made some move to bring peace, and I want to wade into it to actually tell them their limits. I have told the Olubadan and I am trying to reach the government as well. I was told he went somewhere and had just returned and so we have not been able to sit to talk about it. There should be a balance. I would not want the traditional institution to be disrespected and at the same time will not want the government power to be eroded because it will not be good for our democracy.

PT: You were reported to have stopped the rain from falling at an occasion, how did you come about stopping the rain?

Oluwo: I can command the rain to stop. I have done it more than once. An oba who doesn’t worship lesser gods, an oba that worships no other thing than God who does not sleep. If you have a pastor that sleeps that you are relying on, you are going to lose. If you have an Imam who has a wife and when he sleeps by his wife in the night, you call him and he can’t pick your call, you know you are a loser. If you have a babalawo as your backbone, your backbone will break. I have only God. it is not about Islam, it is not about Christianity, it is not about babalawo, it is about divinity. Many things about the Yoruba culture and traditions are divine. Any function that I am attending and there is no canopy and there is rain coming I will tell it to go away. Many people have witnessed it in many places. There was even one with thundering and lightning, I said I am outside here, go back. There was another one, I told that rain, go to Lekki. Yes, and it would never rain. I have the power to say that, with the power of God and the position I am sitting in. That is why when I pray to God, I can command sickness to leave the person it is affecting to come to me. If I want to take anything like sickness or poverty from the land, I have to give it back to God that owns it.

PT: How will Saturday’s second coronation anniversary and your 50thbirthday ceremony rub off on Iwo people?

Oluwo: I did not want to do this, it is my people who have insisted that it should be done. I wanted to go to the poor, visit the less privilege and give to the poor, but they say it has to be done. Left for me, this will not be. It is not just preparing Chinese rice, great food and fixing a hall when some people are actually hungry, I didn’t want it, but they said no, they want me to celebrate, they are the ones that wanted it. Left to me I will just visit the poor, less privilege and that is it.

 

Bank

Fidelity Bank grows gross earnings by 38% to N434.95b in Q1

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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.

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Dangote Refinery Ends Nigeria’s Era of Fuel Import Dependence, Boosts GDP, FX Earnings — EIU

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NLC Commends Dangote Refinery, Urges FG to Sell Adequate Crude in Naira to Reduce Fuel Prices

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.

 

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BREAKING: Court Dismisses $19.6 Million Claim Against NNPCL — Rules Contract Scope Cannot Be Changed Orally

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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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