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LASPOTECH Crisis Update Rector Boast;”Nobody Can Remove Me, I Have the Backing of Tinubu and Akiolu”

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+ 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;

 

 

  1. 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.

 

  1. 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.

 

  1. 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.

 

  1. 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.

 

  1. 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)

 

  1. 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.

 

  1. 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:

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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