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NAICOM in crisis as CEO moves to buy N4bn uncompleted office building

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Curbing The NAICOM Cartel And Its Cut-Throat Motor Insurance

NAICOM in crisis as CEO moves to buy N4bn uncompleted office building

NAICOM

A fresh crisis is currently brewing in the the National Insurance Commission, NAICOM, over the acquisition of an uncompleted new office complex in Abuja, The Whistler is reporting

It was gathered that the management of the commission led by Thomas Olorundare Sunday, the Commissioner For Insurance/CEO, may have deceived President Muhammadu Buhari and the Federal Executive Council into approving N4 billion for the purchase of a new office complex in Abuja for the National Insurance Commission, NAICOM.

 

 

 

 

The approval, according to reliable sources, was based on the presentation by the NAICOM management that they were buying a ready-to-use magnificent office complex better than what they were currently using in Garki 2 District of Abuja.

The property, according to findings, is an abandoned uncompleted hotel carcass located at the Gudu District of Abuja

 

 

 

 

 

 

 

The said building, which was initially valued at N2.5 billion, was surreptitiously raised to N4 billion by the time the presidential assent was obtained.

The cost of the building is expected to further rise by the time agency fees and taxes are added but the commission may also need to expend additional N5 billion or more to put the carcass into a functional office use.

 

 

 

 

 

 

The deal, it was learnt is currently being opposed by members of the top management team of NAICOM.

It was gathered that the Deputy Commissioner in charge of Finance and Administration Mr Oba Oluniyi and other members of the top management opposed the decision to buy the property.

 

 

 

 

 

 

 

 

The deal, according to further findings is being opposed because any attempt to withdraw N5 billion from the coffers of the Commission will impact negatively on the welfare of workers particularly in terms of payment of salaries.

A source said that the Deputy Commissioners, the Directors and the legal department did not subscribe to the proposal to acquire the property months with just few months to the end of the Buhari administration. For some reasons, they felt the decision to acquire the property was inimical to the interest of the commission.

 

 

 

 

 

 

 

Investigations revealed that the top management was not convinced on the issue of the property because the NAICOM has a beautiful office complex which meant that acquiring a new office at a time of paucity of of funds is not a priority.

It was further gathered that the Minister of Finance, Mrs Zainab Ahmed whose ministry oversees the commission observed that NAICOM had a good office building/complex and wondered why the management should acquire a new building.

 

 

 

 

 

 

 

 

 

It was further stated that the Commissioner who is irrevocably committed to the acquisition of the property has started effecting changes in the management structure of the commission.

Mr. Oluniyi, the director in charge of Finance and Administration was said to have been transferred out of Abuja to Lagos to ensure that all perceived obstacles to the deals are cleared.

 

 

 

 

 

 

 

 

The Commissioner for Insurance was also said to have ordered a process to change the signatory to the account of commission at the Office of the Accountant General of the Federation to pave the way for the smooth execution of the deal.

It was gathered that moves are being made to get the money out of the Dollar Account of NAICOM with the CBN.

 

 

 

 

 

 

 

However, things came to a head on Monday when the Chairman of the Governing Board, led the members to inspect the building.

It was learnt that the Chairman of the Board, Dr. Abubakar Sani, advised against the acquisition of the building on the ground that it would require another N5bn to complete the carcass.

 

 

 

 

 

 

 

A source said, “The man (Commissioner for Insurance) is insisting on acquiring the building. Information reaching us is that the Commissioner boycotted the necessary protocols.

“He transferred the Director Finance and Administration and started mounting pressure on an Assistant Director in the Finance and Account’s Department to proceed to the Accountant General’s office to effect a change in the mandate to enable him to move out the money and this they have started doing. As I am talking to you, the process is ongoing.”

 

 

 

Attempts to get comments from the NAICOM was not successful as calls made to the Spokesman of the Commission, Mr Rasaq Salami did not go through.

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Ogun Central 2027: The Competence Question and APC’s Senatorial Choice

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LAs the 2027 elections draw closer in Ogun State, discussions about who should represent Ogun Central in the Senate are gradually gaining momentum. Across Abeokuta South, Abeokuta North, Odeda, Obafemi-Owode, Ifo, and Ewekoro, the mood among the people appears largely the same. The people have made their preference clear. Not in anger or protest but in the quiet and wilful way that voters do when they still believe you can do better. The unifying thing in the people’s agitation is the call for credible, competent, and accessible representation.

This is not a new demand from the people of the district. The demand for a paradigm shift has been growing in recent times. Residents across the district are showing a preference for leaders who can demonstrate measurable capacity in healthcare, infrastructure, education, youth empowerment and constituency development. The calls for palpable development, responsive engagement, and effective legislative outcomes have become too obvious to dismiss.

We can all recall that in the last elections in 2023, the All Progressives Congress rallied behind Senator Shuaibu Salisu with considerable optimism. Party leaders and stakeholders presented his candidacy to the people as the strongest path to meaningful progress for the district. That mandate carried real expectations, and it is fair to say that, in several communities, those expectations have not been fully met.

Concerns have been raised across town hall meetings, community forums, and on social media about the speed of infrastructural projects, the reach of scholarship and empowerment programmes, and the overall visibility of senatorial intervention in major sectors. Whether one attributes these gaps to constraints of the Senate’s systems or individual legislative capacity, the perception of underdelivery is widespread enough to warrant serious attention from party leaders.

For now, this dissatisfaction has not translated into rejection of the APC. Instead, it has taken the form of an expectation to do better next time. Voters in Ogun Central are not asking for a fundamental change in the party structure or traditions. They are asking for the incorporation of wider grassroots inputs and candidates’ worthiness in the process.

This presents both a challenge and an opportunity. The challenge is that the culture of selecting candidates through elite consensus without genuine grassroots consultation is a risk that may worsen the growing disconnect between elected representatives and the communities they serve. Political observers across the nation have questioned this practice repeatedly, and Ogun Central may be feeling its effects most.

The opportunity lies in what the APC does with this feedback. The party’s senatorial selection is not a formality to be managed. It places a decisive moment for public trust at the feet of the party leaders. It is also an opportunity to reposition the district for future outcomes. That means looking beyond the financially powerful or politically connected aspirants and instead evaluating candidates on measurable criteria like competence, work experience, community engagement, and constituency presence.

There is also a broader shift worth noting. The era in which financial muscle alone could determine electoral outcomes is visibly passing. Many voters across southwestern Nigeria, especially our people, are increasingly attentive to antecedents, accountability, and impact. They want representatives who can speak with authority in the Red Chamber, secure federal projects, and translate legislative work into visible improvement in their daily lives.

None of these is to suggest that Senator Salisu’s tenure should be written off. A single term in the Senate, particularly within Nigeria’s complex federal system, does not allow for a complete verdict. But it is sufficient for the electorate to form impressions, and those impressions should shape how the APC approaches 2027.

The path forward does not require the party to bring down the house. It only requires discipline. The leaders of Ogun Central APC would do well to begin inclusive consultations with stakeholders, community leaders, youth groups, women’s organisations, and ordinary party members so that the candidate who eventually emerges carries not just the party’s endorsement but also the people’s confidence.

The 2027 senatorial election will be more than a contest. It will be a test of whether the APC in Ogun State can translate its dominance at the polls into dominance in governance. The people of Ogun Central are watching, and their expectations are high. The party’s consideration or dismissal of the concerns raised above will influence public confidence in Ogun State.

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Alleged $1.5m Fraud: Court Dismisses Preliminary Objections, Bail Application of Intermediate Investment Holdings Boss, Ufoma Joseph Immanuel in Lagos

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Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Thursday, May 7, 2026, dismissed the preliminary objections and bail application filed by the boss of Intermediate Investment Holdings Limited, Ufoma Joseph Immanuel, over an alleged $1.5 million fraud.

The Economic and Financial Crimes Commission, EFCC, on Wednesday, March 11, 2026, arraigned Immanuel, alongside his company, Intermediate Investment Holdings Ltd., on a two-count charge bordering on obtaining by false pretence and forgery to the tune of $1.5m.

Count one reads: “UFOMA JOSEPH IMMANUEL and INTERMEDIATE INVESTMENT HOLDINGS LIMITED between April 2022 and October 2023 in Lagos,  within the jurisdiction of this Honourable Court, with intent to defraud, induced Adebisi Adebut of R28 Holdings Limited to deposit the total sum of S1, 500, 000.00 (One Million, five Hundred Thousand United States Dollars USD) as investment described as to wit: “Cash and or Capital Cost in Chappal Petroleum Development Company Limited; Business Development Cost in Intermediate Investment Holdings Limited: Capital and or Capital Call in Chappal Energies Mauritius Limited” on the understanding that R28 Holdings Limited will be; (a) reimbursed the investment amount (b) paid a Development Capital fee of $2 250,000.00. (Two Million, Two Hundred and Fifty Thousand Dollars) (c) 22.4% worth of shares in Intermediate Investment Holdings Limited which representation you knew to be false.”

Count two reads: “UFOMA JOSEPH IMMANUEL, sometime between April 2022 and April 2025 in Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, forged a document to wit: TERM SHEET and purporting same to have been executed by Sherrif Oluwo and Olaniran Osotuyi in order to facilitate your obtaining money by inducement from Adebisi Adebutu of R28 Holdings Limited.”

The defendant pleaded “not guilty” to the charge preferred against him.

Following the defendant’s “not guilty” plea, the prosecution counsel, Babatunde Sonoiki, asked the court to fix a date for the commencement of trial and also prayed the court to remand the defendant  in the custody of the International Criminal Police Organization, INTERPOL, pending the conclusion of  its investigation.

Sonoiki also narrated how the defence counsel,  Oluseun Awonuga, SAN, had physically assaulted his colleague, Emenike Mgbemele, at the sitting on March 2, 2026.

According to him, “My lord, the learned silk, physically assaulted my colleague on the staircase on his way to serve the defendant the charge as directed by the court.

“There is a video to that effect and we intend to tender it before the court.”

Though Awonuga did not respond to the allegation made against him by the prosecution counsel, he informed the court of a preliminary objection and a written address dated January 5, 2026, while urging the court to discountenance the counter-affidavit of the prosecution.

The prosecution, in a 21-paragraph counter-affidavit dated February 9, 2026, had urged the court to dismiss the notice of preliminary objections.

According to Awonuga, the Federal High Court, in a ruling, had ordered the  EFCC not to arrest the defendant.

“EFCC has flouted the order by arresting the defendant and I hereby urge your lordship to discountenance their counter- affidavit,” he said.

Responding, the prosecution counsel, Babatunde Sonoiki, said that the ruling was part of the motion that  had earlier been withdrawn by the defence and should not be before the court.

“ There is nowhere in the ruling that says the defendants cannot be arraigned in a court of competent jurisdiction.

“My lord, the ruling was delivered in a civil case; and according to the Supreme Court, a criminal case and civil case can go on at the same time.

“We urge the court to dismiss the application and order accelerated hearing in this case,” Sonoiki had said.

After listening to both parties, Justice Dada had, consequently, adjourned the case till May 7, 2026 ( today) for ruling.

Ruling on the application , Justice Dada held that: “The preliminary objection is baseless and the entire application is lacking in merit; and it is hereby dismissed.”

Also, Justice Dada, in her ruling on the bail application of the defendant, held that “On the basis of considering the antecedent of the defendant for not honouring the invitation of the applicant after he was granted administrative bail, I agree with the complainant that he is a flight risk; therefore, bail is refused.”

Justice Dada adjourned the case till June 24, 26, 29 and 30, 2026 for the commencement of trial.

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Ogun Central APC Race: ‘I Remain in the Contest’ — Sofela Declares Amid Consensus Speculation

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By Solanke Ayomideji Taiwo

ABEOKUTA — A frontline aspirant for the Ogun Central Senatorial seat under the platform of the All Progressives Congress (APC), Emmanuel Adebola Sofela, popularly known as Shoffi, has dismissed widespread speculations that he has withdrawn from the race in favour of another aspirant .

Sofela described the reports making rounds in some political circles as “false, misleading and the handiwork of political detractors,” insisting that he remains fully committed to his ambition of representing Ogun Central Senatorial District at the National Assembly.

In a statement made available to journalists on Friday, the APC stalwart urged his supporters, political associates and loyalists across the six local government areas that make up Ogun Central to disregard the rumours and remain resolute in their support for his aspiration.
According to him, there has never been any agreement or arrangement for him to step down for any aspirant to emerge as a consensus candidate of the party.

“I want to categorically state that I have not stepped down for anyone in the Ogun Central Senatorial race. The rumours flying around are entirely false and should be ignored by all my supporters and members of the public,” he said.

Sofela expressed confidence in his chances of securing the APC ticket, stressing that his popularity, political experience and grassroots connection across the district place him in a strong position ahead of the party primaries.

The senatorial hopeful reiterated his determination to provide quality representation for the people of Abeokuta South, Abeokuta North, Odeda, Obafemi-Owode, Ifo and Ewekoro local government areas if elected into the Senate in 2027.

He noted that his aspiration is driven by a genuine desire to contribute meaningfully to the development of Ogun Central through effective legislation, empowerment programmes and people-oriented policies.

“My ambition is rooted in service to the people. I remain committed to the vision of giving Ogun Central a strong voice in the Senate and facilitating developmental initiatives that will positively impact our people,” Sofela added.

The APC chieftain further appealed to party members to remain united and avoid distractions capable of causing division within the party structure ahead of future political activities.

Political observers in the state believe the race for Ogun Central Senatorial seat is gradually gathering momentum as aspirants continue consultations and grassroots mobilization across the district ahead of the 2027 election cycle.

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