Business
LASPOTECH Crisis Update Rector Boast;”Nobody Can Remove Me, I Have the Backing of Tinubu and Akiolu”
+ Many Financial Improprieties Leveled against him
…Save us from His Clutches: Staffs Appeal to Tinubu and Akiolu
There seems to be no visible end in sight to the current crisis bedeviling the Lagos State Polytechnic, it will be recalled that the staffs of the institution has for months now been at loggerhead with the rector of the Lagos State owned institution over issues that allegedly has to do with terrible administration of Mr. OluyinkaSogunro, led school authority.
Sources within the school recently informed us that the Rector, who is having several allegation of financial improprieties leveled against him is recently in boastful mood, according to this source, Mr, Sogunro is allegedly telling whoever cares to hear that nothing will move him from his position because he’s having the backing of Asiwaju Bola Ahmed Tinubu and the Oba of Lagos.
He was also alleged to have openly declared that he’s untouchable for Gov. AkinwunmiAmbode or any members of the State Assembly.
It will be recalled that the whole thing became public knowledge months back immediately after the convocation of the school attended by the Governor of Lagos State, Mr. AkinwumiAmbode, that the staffs decided to down tools for a couple of weeks after which they called it off for 21days to allow negotiation after days of protest by the 3 association in the institution on the premises of the governor’s office.
Effort by the leadership of NASU, SSANIP and ASUPin the institution to also make the legislative arm intervene in the whole situation is also not yielding any effort as the appearance of the bodies before the House committee of Education did not seems to be yielding any fruits, it was even after this that he allegedly boasted publicly that he’s untouchable because of his relationship with former Lagos Governor, Bola Tinubu and Eleko of Eko, Oba RilwanAkiolu.
The staff had in an earlier letter sent to the Governor of Lagos State, pleaded that he quickly intervene, investigate and liberate the staff , pensioners and students of Lagos State Polytechnic from constant security harassments at the instance of the rector, MrOluyinka Samuel Sogunro.
In the letter dated June 9, 2017, the rector was accused of harassing the staff and students with both internal and external security organizations. The letter reads “The staff and students have been at the mercy of the gun-toting security guards since the current administration assumed office. Students are always escorted out of the campuses with guns and siren like common criminals and equally molested in the name of dress code meant for adults of a tertiary institution ages.”
It reads further that “on Tuesday, 8th November, 2016 when the Non Academic Staff Union (NASU) was having a meeting with Governing Council on the implementation of CONTISS 15 Migration,, the rector ordered the Onyabo Vigilante group and a dispatched of a police van to swoop on the staff inside the Ikorodu campus, owing to what the rector termed as ‘unruly behavior’ of his staff. The confrontation was so fierce that it took the intervention of well-meaning senior staff to avert bloodshed.
‘Subsequently, the militarization of the campuses received a boost when the rector approved the purchase of fifteen (15) magnum series of semi-automatic pump action guns through the BLACK MARKET to the tune of Six Million , Four Hundred and Fifty Thousand naira (N6, 450, 000) in addition to the 25 pieces of existing guns on campus, and also recruited OPC members and many other untrained hands to carry arms on the campuses.
‘This singular action increased panic and defiance actions amongst the staff and students. It is however sad to know that, an institution that could not afford to buy consumables for students’ practical across departments , expended a whooping N6,450,000 on unlicensed guns to ‘terrorize’ its staff and students from the students’ acceptance levy. These guns were later discovered from a grapevine to have been bought by the Deputy Rector (Administration) – Dr. Ola Olateju.
In the wake of the industrial face-off between the Management and the labour Unions, the rector was accused of setting the staffs of the institution up when he allegedly called the men of the Department of State Security (DSS) and Nigeria Security and Civil Defence Corps (NSCDC) on the Non Academic Staff Union Executives under the guise that he was going to be kidnapped. The statement read“Sogunro robed his staff members with kidnapping and attempted murder cases and walks freely touting his regular threat- “if you stand on my way, I will crush you.”
He was also accused of setting the soldiers from 174 battalion, Odogunyan on the staffs and the students on Wednesday 7th June during a peaceful protest of the continuous closure of the school and the highhandedness of the rector. Though the school claimed the soldiers were trying to pass through the school premises to their destination since the road is bad, the soldiers however stated that they were invited by the school management.
In the letter the unions speak against the decision of the management expending so much on guns as against educational material. “To this end, we condemn in totality the preference for illegal acquisition of guns to meaningful academic needs, naked display of arms on our campuses, brazen and flagrant use of military force to evacuate the students from campuses daily, harassment by both the internal and external security agents, militarization/invasion of our campuses and despotic style of leadership of the rector.
‘We call on the Governor to investigate all these aforementioned security breaches, especially the ruthless and bestial invasion of Wednesday, 7th that led to infliction of pains, brutality, wanton destruction of properties, disruption of business activities of Lambo Lasunwon community, molestation of innocent students and staff in their hostels and homes, etc.”
They also pray that the government should intervene in the whole issue, “Sanctions should be appropriately meted out to anybody found culpable to avoid the reoccurrence of such undemocratic act in future and serve as a deterrent to undemocratic tendencies.” The letter concluded.
Members of staff of Lagos State polytechnic are of the opinion that even with Sogunro’s closeness claims to Asiwaju Bola Tinubu, the ruling All Progressive Congress (APC) National Leader, his ways are showing trait contrary to the believe and ways of the distinguished individual, they are therefore pleading that Senator Bola Ahmed Tinubu should come to their aid and save them from further brutalization from the power drunk rector.
However, a detailed list of atrocities committed by Mr. Samuel OlayinkaSogunro, the Lagos State Polytechnic embattled rector has been released in a statement jointly signed by the three unions in the institution, NASU, SSANIP and ASUP and it includes;
- Placement of Polytechnic N1.3 Billion Naira in First City MonumentBank Plc
It is pertinent to inform the concern authority that, the Rector, Mr. SamuelOluyinkaSogunro placed N1.3 Billion Naira of the Polytechnic fund with FirstCity Monument Bank Plc. without obtaining approval from the GoverningCouncil or the State Government at a ridiculous interest rate lower than whatis obtain in the other banks.
It is disheartening that while the Pensioners are being owed 13 monthsallowances, their hard earn pay was yielding interest for the Rector atundisclosed interest rate.
- Deduction 10% Processing Fee by the Rector
Under the administration of Mr. Samuel OluyinkaSogunro, beneficiaries of TETFUND most agree to pay 10% processing fee to the Desk Officer, Dr. Kareem Rasaq before the releasing of fund and the Rector is in the know.
It should be noted that the Desk Officer, claimed that 10% processing fee deduction was a directive from TETFUND Headquarters. Majority of staff members that access the fund for Seminars/Conferences claimed that they were unable to attend because this deduction adversely affected their travelling and accommodation allowances.
Also, mostly research projects where abandoned, because the team members do not approve the deductions.
- Violation of Financial Regulation during the 2017 Convocation
The concern authority should please endeavour to set up a special investigation panel to look into the money expended during the 2017 convocation of the Polytechnic. It was discovered that a whooping sum of N40Million (Forty million Naira) was released as “Cash Advance” by the Rector during the period in question.
- Fraudulent Employment
It will interest you to know that two of the newly employed staff in the Department of Mathematics namely: Ajilore Joshua GL13 (Community Secondary School, Ojo) and Akinyemi Joseph GL12 (Both Classroom Teacher) are still in the service of Lagos State Ministry Education, kindly please consult oracle for details.
- Sweeping of Report of Investigation into Financial Misconduct in the Polytechnic Staff School Involving A Deputy Registrar Under theCarpet
The Rector, Mr. Samuel OluyinkaSogunro is managing the administration of the Polytechnic with an act of Nepotism.
The Concern Authority equally need to investigate why the report of a petition tagged “Save LASPOTECH Staff School from the brim of Collapse” involving a Deputy Registrar, Mr. Isaac OluwaseunAdekoya, a member of the same church with the Rector, was sweep under the carpet. (See Attached Comprehensive Report signed by the Deputy Rector, Admin)
- Investigating the Employment Status of the Deputy Rector (Admin.)Dr. OlatunjiAgboolaOlateju in Relationship with SwanseaUniversity, United Kingdom
The concern authority should also set up a special investigation panel to look into the employment status of the Deputy Rector (Admin.) Dr. OlatunjiAgboolaOlateju.
Dr. OlatunjiAgboolaOlateju joined the services of the Polytechnic in May 1998 as a Lecturer II, and left for United Kingdom for a PHD programme in 2008 where he was until his appointment as a Deputy Rector (Admin).
Dr. Olateju is in full time employment with Swansea University, United Kingdom and from his Curriculum Vitae he is a visiting Lecturer with Lagos State Polytechnic, Ikorodu, Lagos-Nigeria (Confirmation can be source from Swansea University, through British Council).
It is pertinent to note that, since Dr. Olateju assumed office as the Deputy Rector (Admin), he has spent most of his period in United Kingdom, claiming that he is on visit to his family (Request his International Passport).
It is equally important to inform the concern authority that Dr. Olateju is a full time Politician; he is currently the National Organising Secretary of the Unity Party of Nigeria (UPN) which is against the rule guiding the public servant.
Dr. Olateju abandoned his duty post between December 2016 and April 2017 to attend to his “Primary” assignment in Swansea University, United Kingdom. The job he so much cherish as to absent himself from attending the last Convocation Ceremony of the Polytechnic which we have in attendance His Excellence, The Governor of Lagos State, Mr. AkinwunmiAmbode.
- Other Pressing Issues not Mentioned above includes :
- Setting standard for academic : Lack of Consumables, Power, Academic Allowances, internet facilities, Decay in Infrastructures etc
- Review and application of condition of service without due diligence eg. Selection of Dean, Directors, Wardrobe Allowance to Principal Officer
- Delay in remittance of pension contribution
- Security breaches and intimidation of staff of the Polytechnic
- Removal of 4% pension annuity
- Flagrant Usurpation of Governing Council Power
- Connivance with Mr. Sutton, Director Higher Education, OSAE to commit forgery of letters said to have emanated from the Special Adviser on Education
- Staff Bonding and promotion on study leave contrary to global best practices.
- Bullying and threatening of students and staff by the Rector and his cohorts.
- Arbitrary increment in salary and allowances of Bursar, Registrar and Polytechnic Librarian
- Usurpation and outright threatening of the Audit Unit by the Rector and his cohorts
- Bypassing the Governing Council for approval by the SAE
- Fractionalizing of staff, destroying trust and encouraging academics ineptitude.
Documents below:
Business
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
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.
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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.
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9.75% Interest Rate in a 30% Lending Environment
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Built for Salary Earners, Entrepreneurs and the Diaspora
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Bank
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
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.
Business
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
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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