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NNPC’s Operations: Interrogating Businessday newspaper’s “opacity” tag and other matters, by Olufemi Soneye

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Setting the Record Straight: Clarifying NNPCL's Role in the Dangote Refinery Investment

*NNPC’s Operations: Interrogating Businessday newspaper’s “opacity” tag and other matters, by Olufemi Soneye

 

 

I have read the story published by Businessday newspaper in its edition of 16th July, 2024 with the headline: “‘World’s Most Opaque Company’ Stench Trails NNPC Secret Deals”. As the spokesperson of the Nigeria National Petroleum Company (NNPC) Limited, I would have ignored the story which was basically a rehash of false allegations that were rooted in ignorance. To be sure, the allegations, in their various shapes and dimensions, have, over the years, been proved to be untrue. But I am compelled to reply for two reasons.

First, I am mindful of the fact that falsehoods left unchallenged have always become accepted as the truth. Second, I have noticed a consistent, but worrisome trend of negative reportage verging on antagonism from the Businessday. A few examples will suffice: Between January and now, almost every report on NNPC Ltd is given a negative slant. Some, among others, went with headlines such as: “Compared to Its Peers, NNPC’s N2.5tr Profit Leaves Little to Cheer” – 29th January, 2024; “While NNPC Forages for Cash, Its Peers Pay Bumper Dividend” – 7th May, 2024; and “NNPC’s $6bn Payment Backlog Fuels Petrol Queues” – 5th July, 2024.

In the report under reference, the newspaper stated that “…non-publication of financial accounts and refusal to disclose contracts signed with oil companies may be justifying public sentiments that the Nigeria National Petroleum Company (NNPC) Limited is the world’s most opaque oil company”. The question, I ask, arising from this, is: Which financial accounts or contracts has NNPC Ltd refused to publish?

NNPC Ltd is on record to have consistently published its Audited Financial Statements since 2019. Even before its transition to a limited liability company in 2022 under the Petroleum Industry Act, it had started publishing its annual financial statements. As can be seen above, Businessday published the story of the publication of the company’s 2022 financial statement on 29th January, 2024. It is worthy to note the negative slant the newspaper gave the story. All the company’s Audited Financial Statements are published on its website. But Businessday does not and cannot see them because of its fixation on hanging the tag of opacity on the NNPC Ltd.

Keen on justifying its predetermined schema of painting NNPC Ltd negatively, the newspaper went ahead to rejig an allegation by the former governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, that NNPC Ltd failed to remit foreign exchange to the Federal Government, an allegation that had been proved to be false. It is a fact that NNPC Ltd, in spite of its new operational status as limited liability company, entered into an arrangement in which it remits its forex earnings to the CBN. That arrangement, which was well reported in the media, is deliberately lost on Businessday for reasons best known to it. Rather, it went to town with a spurious report on how NNPC Ltd was the opaquest company in the world.

Not done with its malicious agenda of portraying NNPC Ltd in bad light, the newspaper went ahead to cite the company’s acquisition of stake in the Dangote Refinery as another example of its opaque transactions. Riding on the recent disclosure that NNPC Ltd could not go through with the acquisition of the 20% stake it had earlier announced, Businessday came up with the allegation that the transaction was not transparent. But how could a transaction that was announced to the world when it was carried out be opaque? It is on record that when the transaction was announced, there was so much public outcry against it. Many questioned the rationale behind it. But NNPC Ltd, in keeping with its commitment to the operational philosophy of Transparency, Accountability, & Performance Excellence (TAPE), came up with explanations as to the reasons why the Federal Government directed it to acquire the equity stake, and the furore died down.

Since the appointment of Mr. Mele Kyari as the Group Chief Executive Officer of the NNPC Ltd, the company has been conducting its business transparently. It is in furtherance of its transparency push that it signed up as a supporting company of the Extractive Industry Transparency Initiative (EITI) in 2019 to become a member of EITI’s state-owned enterprise network. With that, it upgraded its operations to meet the standard for EITI supporting companies. Since then, NNPC Ltd has not looked back in its transparency journey, publishing every information that the public should know. In the face of various allegations of financial malfeasance, NNPC Ltd has always made itself available for probes or opportunities for reconciliation of figures with other agencies of government as the case may be; and, it has always been vindicated.

But Businessday, for whatever reason(s), chose not to see NNPC Ltd.’s tremendous strides in transparency, preferring to rehash past allegations that had been proved to be false in every respect. Rather than hang the tag of opacity on a company that has shown so much commitment to transparency, Businessday, which in 2021 conferred the award of “Energy Executive of the Year” on Mr Mele Kyari, should have been more circumspect with its report that was at best shambolic. Indeed, for descending so low as to publish rehashed, stale and false stories[SO1] to justify its bias, Businessday should hang its head in shame.

As a media professional, I respect the roles of the media in society, but the point must be made that the obvious bias, exhibited in the Businessday report as well as in the various other reports before it, in which the NNPC Ltd had been cast in bad light, calls to question the professionalism of the newspaper. I therefore demand that Businessday should allow professionalism to, henceforth, guide its reportage.

I take this opportunity to make this avowal: that a new era in communication and information management has begun at the NNPC Ltd. The days of intimidating the company with falsehoods are over. Baseless and unconscionable allegations will no longer go unanswered. Through my office, we will decisively respond to any false claims made against the NNPC; and if the false claims are so egregiously damaging, necessary legal steps to preserve the integrity of the company will be taken. The time for passive acceptance of allegations that are lurid and ridiculous had passed; it is time to stand firm in defence of the truth exemplified in the NNPC’s operational philosophy of TAPE.

■ Soneye is Chief Corporate Communications Officer of NNPC Limited.

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Elite 18 global golfers honours Aare Adetola Emmanuelking with Nigeria’s first ever Noble Golfer award

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Elite 18 global golfers honours Aare Adetola Emmanuelking with Nigeria’s first ever Noble Golfer award

In a landmark celebration of sportsmanship, leadership, and vision, Aare Adetola Emmanuelking, the esteemed Chairman and Chief Executive Officer of Adron Homes and Properties, has been honored with Nigeria’s inaugural Noble Golfer Award. This prestigious accolade was conferred upon him by the renowned Elite 18 Global Golfers during a high-profile event that brought together key figures from the sports, real estate, and business sectors.

The Noble Golfer Award recognizes individuals who have shown steadfast dedication to advancing the game of golf and promoting sports culture in their communities. Aare Emmanuelking’s nomination exemplifies his exceptional commitment to enriching the golfing landscape in Nigeria, alongside his broader initiatives aimed at fostering sports development across the nation.

Aare Emmanuelking is not merely a business leader; he is a pioneer in integrating golf into modern lifestyle experiences. Currently, he is leading the ambitious development of a state-of-the-art golf course in Nigeria a monumental project that aspires to redefine leisure, tourism, and sporting excellence within the country. This golf course aims to provide a premier playing experience while also serving as a social hub for golfing enthusiasts and the community at large.

In a bid to make golf more inclusive and accessible, Aare Emmanuelking has also initiated the construction of advanced golf driving ranges in all Adron Homes Estates across Nigeria. This visionary project is designed to encourage participation in the sport among Nigerians of all ages and backgrounds, fostering wellness, recreation, and community engagement as integral parts of Adron’s residential developments.

At the award presentation, Aare Emmanuelking conveyed his heartfelt gratitude for the recognition, emphasizing his belief in the transformative power of sports as a vehicle for national development and youth empowerment. He remarked, “Golf is not just a game; it exemplifies discipline, a distinct lifestyle, and a pursuit of excellence. Through Adron Homes, we are not merely constructing houses—we are nurturing communities built on the foundations of wellness, unity, and opportunity.”

The Elite 18 Global Golfers commended Aare Emmanuelking’s innovative approach, highlighting how he effectively merges real estate advancements with world-class sports infrastructure. They acknowledged that his efforts have the potential to inspire a new generation of golfers and to position Nigeria as a premier destination for international golfing events.

As Aare Adetola Emmanuelking continues to break new ground in both the real estate and sports development arenas, receiving this award serves as a testament to his lasting influence—not only in the realms of business but also in cultivating a legacy of excellence, one fairway at a time. His contributions are poised to create lasting change, inspiring future generations and fostering a vibrant culture of sport and community in Nigeria.

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WHO IS AFRAID OF FIDELITY BANK -By Udeme Etukeyen

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WHO IS AFRAID OF FIDELITY BANK -By Udeme Etukeyen

Leading up to the recent superlative annual reports showcasing one of the most significant growth experienced by a Nigeria Financial Institution in recent years I was forced to ask “what is Fidelity Bank” doing right?

My banking and financial sector experience got me digging deeper into the statistics of the report-Fidelity Bank recorded a substantial 210.0% growth in PBT, reaching N385.2 billion in FY 2024. Deposits increased by 47.9%, from N4.0 trillion in 2023FY to N5.9 trillion in 2024FY, Gross earnings shooting by 87.7% to N1,043.4 billion which was primarily caused by a 106.9% increase in interest and similar income. Was I impressed? Absolutely

Now to the scary part, they opened the year with a bang implying that 2025 year end results was going to be nothing but spectacular; check this out-Fidelity reported a whooping 167.8% increase in PBT (Profit Before Tax)to N105.8 billion in Q1 2025, compared to N39.5 billion in Q1 2024. Gross earnings from January to April had reached some N315.421 billion signaling a 64.21% increase year-on-year.

These results were nothing short of astonishing and with great hope I sat my team to review our Investment Strategy to accommodate taking up equities in Fidelity and advising our portfolio investors to do same.

We quickly appraised the fundamentals and Key Success Factors to include their focus on the strategic youth economy that the Creative and Digital Transformation sector promises, the banks bullish inroads in MSME promotion and financing, their glowing penchant for Gender inclusion without abandoning the core sectors of Mining, Renewables and other key industries

Then came the dissecting of Leadership, my team of analysts mostly female went on about Fidelity MD being one of the most experienced and affable Amazons in the industry; done this, achieved that and all the entreaties you’d expect from smart ladies who feel mentored from a distance. I didn’t hesitate to draw their attention to the experience of the menfolk within the organization like I had any measurable data to establish that mix…truth remains you can’t but admire the Banks Leadership and strides

A deeper look at the banks expansion globally could reveal a strategic and noiseless acquisition of Union Bank,London and their planned incursion into African and other European financial markets, you just can see that such daring strides and impact would give competition and detractors sleepless nights. Not in an era where sleeping pills are sold strictly by prescription and no thanks to the high cost of medication for peddlers of cheap propaganda

Within barely 30days of announcing such magnificent results little wonder how pundits would cook or spin a narrative to suggest a bank that has announced herself as First Tier with shoulders leveled up with other Banking giants would shudder over a judgement against her customer G.Cappa or even the contribution they would be required to cough out over that said Sagecom saga. With that judgement not going the way of pundits a contemptuous attempt at calculating interest at unclassified rates from an initial N14b to cause an unnecessary scare or negative press on the bank speaks volumes of how we unrepentantly strive to destroy value in our economy.

One would think that interpretation of the judgment and computation of due figures which will understandably come with a payment plan be awaited instead of the usual bad blood generated and envisaged by toddler media characters.

It is not in doubt that the discerning public sees through the cruise and flat falling attempt of dramatic clout chasers ever ready to stain Fidelity’s white apparel which savvy Investors and analysts are filled with bridal admiration

Like Joseph Campbell hinted in his famous quote “The cave you fear to enter holds the treasure you seek.” We cast our treasures and bets on Fidelity Bank as the Nigerian treasure house to beat in the years ahead!

*Udeme Etukeyen is an Abuja based Pan African Investment Advisory Expert*

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Jemras Homes Unveils Treasure Mall in Lekki with a Star-Studded Grand Opening Ceremony

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Jemras Homes Unveils Treasure Mall in Lekki with a Star-Studded Grand Opening Ceremony

Jemras Homes, one of Lagos’ fastest-growing real estate firms, held a vibrant and star-studded grand opening of its debut commercial property, Treasure Mall, on Thursday, May 15, 2025, at Abijo GRA, Lekki-Ajah.

The colourful ceremony brought together top political figures, industry leaders, celebrities, and business stakeholders to celebrate the launch of this landmark development.

The event was graced by notable personalities, including Hon. Moshood Aro, member of the Lagos State House of Assembly; Hon. Fatiu Salisu, the immediate past Chairman of Ijede LCDA; and veteran actor and brand ambassador of Jemras Homes, Alhaji Taiwo Hassan, popularly known as Ogogo.

While addressing the press, Ogogo shared his deep connection with the brand “My relationship with Jemras Homes goes beyond mere brand representation — it’s a partnership rooted in trust, shared values, and a commitment to excellence. I believe in what the company stands for and the vision it’s bringing to life in the Nigerian real estate space.”

The Founder of Jemras Homes, Mr. Tayo Razaq, also delivered a heartfelt speech during the event, describing the company’s mission and the long-term value Treasure Mall offers “Treasure Mall is more than a building — it is a statement of our dedication to quality, innovation, and strategic investment. We are creating not just spaces, but opportunities that empower businesses and elevate communities.”

The grand opening was a lively affair, complete with music, entertainment, and testimonials from satisfied clients and partners who praised the transparency, quality, and professionalism of Jemras Homes. The atmosphere reflected the company’s growing reputation for delivering smart and stylish real estate developments.

Treasure Mall is a 1,350-square-meter, three-floor commercial complex offering business spaces ranging from 25 to 110 square meters. Located in the heart of Lekki’s flourishing Abijo GRA, it features ample parking, 24/7 security, and cutting-edge infrastructure — ideal for retail outlets, cafés, restaurants, and office spaces.

Strategically positioned near landmarks such as Lagos Business School, Novare Mall, and over 15 private estates, Treasure Mall also shares a boundary with the soon-to-be-completed Treasure 2 Residence — adding significant residential appeal to the area.

With this successful launch, Jemras Homes has not only unveiled a premium commercial destination but also reinforced its position as a visionary leader in Nigeria’s real estate sector.
[5/16, 8:41 AM] Peace: Pix

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