Business
NNPCL and Corruption’s Final Throes
NNPCL and Corruption’s Final Throes
By Pius Olasanmi
In the twilight of the Obasanjo administration, when Nigerians were still capable of being outraged, when Turn Around Maintenance (TAM) of refineries was a buzzword that still held some mysticism to bamboozle citizens, during a conversation, a certain man said something profound. The man said, “As a businessman, if I were the owner of these refineries, knowing that they are three decades old, I would take the last money I have, hire bulldozers, raze them to the ground, and obtain loans to build new ones.”
When we pressed him further on why he would engage in such waste, he explained that repairing the refineries is the real waste. He explained that even if the TAM were honestly carried out, a thirty-year-old refinery would never compete favourably with a new one that would integrate contemporary technology. Operating at its best, such a refinery would never be comparatively more efficient. It is therefore pointless to have spent another one naira on the refineries at that point.
A few months later, I had a conversation with a then-lawmaker on an entirely different matter. I mentioned that the National Assembly has failed by not crafting legislation that would criminalise and punish public office holders who foist wrong decisions on the country. The logic: a public office holder need not steal to be punished, wrong decisions should attract penalties for an office holder who opts for the worst of all options when there are less injurious ones.
These established premises speak to the ongoing nauseating efforts at revisionism by those who wrecked the Nigerian National Petroleum Company Limited (NNPCL) and its previous iteration, the Nigerian National Petroleum Corporation (NNPC). Notably, this campaign to rewrite history is traceable to Engineer Mele Kolo Kyari, the disgraced immediate past Chief Executive Officer of NNPCL and his hirelings. They have suffocated the news and the public opinion space with even more lies than they spun while in office.
The Saint Kyari campaign is anchored on convincing Nigerians that the Port Harcourt, Warri and Kaduna Refineries were fully functional when he was booted out of office. So brazen is the campaign that one of its talking heads challenged the group chief executive officer (GCEO), Engr. Bayo Ojulari, to “inform Nigerians categorically what happened to the functioning refineries he inherited from his predecessor, Engr. Mele Kyari.” The effrontery.
We have not forgotten so soon the charade that followed the baffling claim that Nigeria has spent $2.8 billion on the repair of the refineries, while they are not churning out even a single litre of refined product among them. Saint Kyari and his goons played all manner of tricks, all of which embarrassed President Bola Tinubu, who had counted on ticking off the return to productivity of the refineries as part of his achievements, only to realise that he was deceived into celebrating phantoms. Tragic.
Lest we forget, 200 trucks were arranged as props in a well-directed video clip to celebrate the re-streaming of the Port Harcourt Refinery. The disappointment. Nigerians were to learn from several reports that the Port Harcourt refinery was not producing and was instead using old, stored petroleum products to load trucks. Worse still, the Kyari crew was passing off sanction-tainted Russian-sourced crude oil refined in Malta as locally refined products. More insult was piled on the assault on our collective sensibility with the lies that the Port Harcourt Refinery exported semi-finished products. Brazen.
Meanwhile, Kyari and his hirelings called those who pointed out or protested these glaring scams all manner of names. They hid behind industry technicalities and jargon to create the impression that those of us who knew Nigerians were being robbed did not understand what we were saying. The point remains that a $2.8 billion investment can potentially build a refinery with a capacity of around 100,000 barrels per day (bpd). Of course, the actual capacity of such a refinery will depend on various factors, including the complexity of the refinery, the technology used, and the location. That is the amount that Kyari’s regime at the NNPCL took and did not give Nigerians refined products.
Fast forward to Kyari’s sack and the appointment of Engineer Bayo Ojulari, who has demonstrated that things can indeed be done differently. Kyari’s exit was expectedly followed by the Economic and Financial Crimes Commission (EFCC) going after him and his associates. The extent of the theft is better understood against the backdrop of N80 billion being found in the bank account of one of his associates. They went on the run.
Perhaps because the EFCC was biding its time on securing international warrants for the arrests of these characters on the lam, they have become emboldened. They have decided to fight back and rewrite the story of their participation in the greatest fraud against Nigerians. Engineer Ojulari’s renewed mindset, which is entrenching a semblance of the transparency Nigerians demand, became their natural target. The demons that once roamed around the corporation came out with malevolence. They started spinning stories of corruption to tarnish the incumbent who refused to hide their crimes. The objective: bring Ojulari down. But alas, he is winning the war as it stands.
His innocence is proven, and it is glaring that those who want him out are mere charlatans who can no longer ply their corrupt wares because of the impact of the new reforms. Corruption in the NNPCL is in its final throes. The fake news being unleashed against the incumbent leadership is akin to corruption’s last kicks as reforms in the sector strangulate it and its practitioners. The reforms must take place in the NNPCL, whether the industry demons like it or not.
As a parting shot, Kyari and his associates would do well to prepare their defence. In addition to accounting for the $2.8 billion they laundered in the name of repairing the moribund refineries, they must also answer for the poor decision to fix that which is irretrievably broken. Awarding contracts for Turn Around Maintenance of 59-year-old refineries that a right-thinking person had suggested should be demolished almost twenty years ago, when they were only 30 years old, is criminal. Trying to deceive Nigerians that the fake repairs worked is treason.
Olasanmi is a public affairs analyst writing from Lagos.
Business
BUA Group, AD Ports Group and MAIR Group Launch Strategic Plan for World-Class Sugar and Agro-Logistics Hub at Khalifa Port
BUA Group, AD Ports Group and MAIR Group Sign MoU to Explore Collaboration in Sugar Refining, Agro-Industrial Development, and Integrated Global Logistics Solutions
Abu Dhabi, UAE – Monday, 16th February 2026
BUA Group, AD Ports Group, and MAIR Group of Abu Dhabi today signed a strategic Memorandum of Understanding (MoU) to explore collaboration in sugar refining, agro-industrial development, and integrated global logistics solutions. The partnership aims to create a world-class platform that strengthens regional food security, supports industrial diversification, and reinforces Abu Dhabi’s position as a hub for trade and manufacturing.
The proposed collaboration will leverage BUA Group’s industrial and logistics expertise, Khalifa Port’s world-class infrastructure, and AD Ports Group’s operational experience. The initiative aligns with the objectives of the UAE Food Security Strategy 2051, which seeks to position the UAE as a global leader in sustainable food production and resilient supply chains. It also aligns with Nigeria’s food production- and export-oriented agricultural transformation agenda, focused on scaling domestic capacity, strengthening value addition, improving post-harvest logistics, and unlocking new markets for Nigerian produce across the Middle East, Asia, and beyond.
Photo Caption: L-R: Kabiru Rabiu, Group Executive Director, BUA Group; Cpt. Mohammed J. Al Shamisi, MD/Group CEO, AD Ports Group; Saif Al Mazrouei, CEO (Ports Cluster) AD Ports Group; Abdul Samad Rabiu, Founder/Executive Chairman, BUA Group; and Steve Green, Group CFO, MAIR Group
Through structured aggregation, processing, storage, and maritime export channels, the partnership is designed to reduce supply chain inefficiencies, enhance traceability and quality standards, and also create a predictable trade corridor between West Africa and the Gulf.
BUA Group—recognised as one of Africa’s largest and most diversified conglomerates, with major investments across sugar refining, food production, flour milling, cement manufacturing, and infrastructure- brings extensive industrial expertise and large-scale operational capability to the venture. MAIR Group will provide strategic support in developing integrated logistics and agro-industrial solutions, creating a seamless platform for production, storage, and distribution.
Abdul Samad Rabiu, Founder and Chairman of BUA Group, said:
“This MoU marks an important milestone in BUA’s international expansion and reflects our long-term vision of building globally competitive industrial platforms. Together with AD Ports Group and MAIR Group, we aim to develop sustainable food production and logistics solutions that strengthen regional supply chains and support the UAE’s Food Security Strategy 2051.”
He further added that, “This partnership represents not just a commercial arrangement but a strategic food corridor anchored on shared economic ambition, resilient infrastructure, and disciplined execution, reinforcing long-term food security objectives for both nations.”
A representative of MAIR Group added:
“This collaboration underscores our commitment to advancing strategic industries in Abu Dhabi and building integrated solutions that reinforce the UAE’s position as a global hub for trade, food security, and industrial excellence.”
A spokesperson from AD Ports Group commented:
“Our partnership with BUA Group and MAIR Group highlights Khalifa Port’s role as a catalyst for high-impact industrial investments. This initiative will enhance regional food security, strengthen global trade connectivity, and support Abu Dhabi’s economic diversification goals.”
This MoU marks a historic collaboration that combines world-class infrastructure, industrial expertise, and strategic vision, setting the stage for a sustainable and resilient food and logistics ecosystem that will benefit the UAE, the region, and global markets alike.
Dollar Scarcity Eases as Elumelu Briefs Tinubu on FX Stability
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
The Chairman of United Bank for Africa (UBA), Tony Elumelu, has declared that the era of acute dollar scarcity in Nigeria is effectively over, following a high-level meeting with President Bola Ahmed Tinubu in Abuja. According to Elumelu, reforms introduced by the federal government and the monetary authorities have “sorted” the foreign exchange market, restoring liquidity and improving investor confidence.
The meeting took place at the Presidential Villa in Abuja, where Elumelu briefed the President on developments within the banking and financial services sector. Speaking to State House correspondents afterward, the UBA chairman said commercial banks are no longer experiencing the severe foreign currency shortages that plagued the system throughout 2023 and early 2024. He attributed the improvement to ongoing policy adjustments and enhanced coordination between fiscal and monetary authorities.
The development marks a potentially significant turning point in Nigeria’s macroeconomic management. The country has faced persistent foreign exchange instability since mid-2023, when the government liberalised the naira and dismantled the long-standing multiple exchange rate regime. The policy shift, overseen by the Central Bank of Nigeria (CBN), initially triggered sharp currency depreciation, widened arbitrage opportunities and strained dollar supply channels.
Dollar scarcity had profound consequences. Manufacturers struggled to import raw materials, airlines complained of trapped revenues, foreign investors exited local markets, and inflation accelerated as the naira weakened. The crisis was compounded by a backlog of unmet foreign exchange obligations, which the CBN later confirmed ran into several billions of dollars.
Elumelu’s remarks suggest that recent measures (such as clearing portions of the FX backlog, tightening banking supervision and increasing transparency in currency trading platforms) are beginning to stabilise the market. Analysts note that the CBN has also introduced reforms aimed at curbing speculative activities and boosting diaspora remittances through formal channels.
“The true test of reform is liquidity and confidence,” said Professor Pat Utomi, political economist and founder of the Centre for Values in Leadership, in prior commentary on Nigeria’s economic reforms. “If market participants believe the rules are clear and consistently applied, capital will respond.” Elumelu’s optimism appears to align with that perspective, indicating that domestic banks are now able to meet legitimate foreign currency demands more efficiently.
However, economists urge caution. Dr. Bismarck Rewane, Managing Director of Financial Derivatives Company, has consistently argued that exchange rate stability requires sustained inflows, not episodic interventions. “Stability is not achieved by pronouncement,” he noted in a recent economic briefing. “It comes from productivity, exports, and credible monetary discipline.”
Indeed, while official channels may show improved liquidity, structural vulnerabilities remain. Nigeria’s foreign reserves fluctuate in response to oil price volatility, and crude oil production levels (long below OPEC quotas due to theft and infrastructure challenges) continue to influence dollar inflows. Without significant diversification of export earnings, experts warn that gains could prove fragile.
The government’s broader reform agenda also plays a central role. President Tinubu’s administration has implemented sweeping economic changes since assuming office in May 2023, including the removal of petrol subsidies and the unification of exchange rates. These policies were designed to eliminate distortions and restore fiscal sustainability, but they have also contributed to short-term inflationary pressures and social hardship.
In its 2024 Article IV consultation, the International Monetary Fund emphasized that exchange rate reforms must be accompanied by strong social protection measures and credible fiscal consolidation. “A unified and market-determined exchange rate is critical to restoring confidence,” the IMF stated, while urging authorities to protect vulnerable populations from adjustment shocks.
Elumelu’s intervention carries weight beyond symbolic reassurance. As one of Africa’s most prominent bankers and a major investor across the continent, his assessment reflects sentiment within Nigeria’s financial elite. If commercial banks indeed have improved access to foreign currency and are meeting corporate demand without severe delays, it suggests operational normalisation within the banking system.
Yet market participants will look beyond official optimism to empirical indicators: narrowing spreads between official and parallel exchange rates, declining FX forward premiums, improved foreign portfolio inflows, and rising non-oil export receipts. These metrics will ultimately determine whether the crisis has truly abated.
For now, the meeting in Abuja signals a narrative shift from emergency management to cautious stabilization. Whether this transition becomes durable depends on policy consistency, institutional credibility and Nigeria’s capacity to expand its foreign exchange earning base.
As economic historian Niall Ferguson has observed, “Confidence is the cheapest and most powerful stimulus.” The Tinubu administration appears to be banking on precisely that: restoring belief in Nigeria’s economic direction. Elumelu’s declaration that the dollar scarcity is over may be a milestone, but the sustainability of that claim will be judged not by words, but by the resilience of the market in the months ahead.
Romance Meets Real Estate: Harmony Garden Redefines Valentine Gifting Culture
By Gbolahan Adetayo
In the spirit of Valentine’s Day celebration, Harmony Garden & Estate Development Ltd has rolled out a bold campaign encouraging Nigerians to rethink traditional gifts and invest in real estate instead.
In a vibrant promotional release tagged “Your Valentine Gift, My Love,” the company delivered a striking message: “She needs a Plot of Land, Not a Bushel of Flowers.” The campaign emphasizes long-term value over fleeting gestures, reminding buyers that while flowers may fade, land appreciates and builds lasting wealth.
The Valentine-themed creative features a symbolic proposal scene set against a lush green landscape, reinforcing the idea that love and investment can go hand in hand. The message concludes with a powerful call to action: “Because flowers fade, but land builds wealth. Give love that grows roots and returns this Valentine’s.”
According to the management of Harmony Garden, the initiative is designed to promote smarter gifting culture and financial empowerment among couples and families. The company noted that investing in property for sale in Lekki, Lagos, and other fast-growing corridors has become one of the most reliable ways to secure the future.
Real estate experts say areas such as Lekki continue to witness steady appreciation due to rapid urban development, infrastructure expansion, and increasing demand for residential and commercial spaces. With rising interest in land for sale in Lekki, investors are taking advantage of flexible payment plans offered by reputable developers.
Harmony Garden & Estate Development Ltd, known for its strategic estate developments, says it aims to make land ownership accessible through customer-friendly packages and verified documentation processes. The firm also highlighted its online presence via its official platforms, making inquiries and bookings seamless for prospective buyers searching online for property for sale in Lekki, land investment in Lagos, and affordable plots in Lekki.
Industry watchers describe the Valentine campaign as a creative blend of romance and financial literacy, targeting young professionals, newlyweds, and upwardly mobile Nigerians seeking secure investment options.
With Nigeria’s housing deficit still a pressing issue and land values in prime locations steadily climbing, stakeholders believe initiatives like this could encourage more Nigerians to prioritize asset acquisition over short-term spending.
As the season of love unfolds, Harmony Garden’s message is clear: beyond chocolates and roses, the ultimate expression of love may just be a tangible asset that secures tomorrow.
For those exploring property for sale in Lekki or seeking profitable land investment opportunities in Lagos, this Valentine’s season may offer more than just romance, it may present a chance to plant roots that yield lasting returns.
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