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Oba Frederick Akinrutan in Messy Scandal as EFCC Shuts Obat Oil’s Tank Farm Over N1.2b Subsidy Cash Diversion

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Oba Frederick Akinrutan is allegedly swimming in a messy scandal as the Economic and Financial Crimes Commission (EFCC) shut down a tank farm belonging to Obat Oil and Petroleum Limited at Kirikiri, Lagos, for alleged diversion of subsidy payment.

Petrocam Trading Nigeria Limited had reported Obat Oil to EFCC for allegedly diverting N1.2 billion, which it secured as loan from Sterling Bank on behalf of Obat Oil under a Joint Venture Transaction Memorandum of Understanding (MoU) to finance the importation of 15,000 metric tonnes of petrol for Obat under the Petroleum Products Pricing and Regulatory Agency (PPPRA) import permit for Q2, Q3 and Q4 of 2014.

Rather than pay back the loan, the oil marketer alleged that the money was diverted into the personal account of Obat’s Chairman, Oba Frederick Akinrutan.

Petrocam said in a document that it jointly signed an agreement with Obat to secure a loan to finance the business, whether by its own resources or through its bank, a condition Obat allegedly agreed to.

While the marketer advances to finance the business from Sterling Bank Plc, a collection account no. 0020560534 was opened in the name of Obat Oil and Petroleum Limited with the bank to take receivables from the transaction for the purpose of repaying the loans.

However, it was later discovered that Obat Oil allegedly diverted the N1.2 billion meant for Petrocam to Asset Management Corporation of Nigeria’s (AMCON) account to clear a debt.

Managing Director of Petrocam Mr. Patrick Ilo, in a statement dated November 13, 2015, said: “Based on the agreement, Petrocam established six Letters of Credits with our facility at Sterling Bank, bearing the total risk of the transactions. It was further agreed that Petrocam will make an advance payment of the sum liable to Obat up front before subsequent transactions after the first two transactions were concluded, an obligation which Petrocam carried out to the letter by making payments in tranches to Obat account details.

“But because of the devaluation, the government agreed to pay oil marketers affected the Foreign Exchange differential, as well as the accrued interest. This led us to signing an addendum to the initially executed MoU stating that all accrued interest on these transactions will be paid to the account of Petrocam Trading Nigeria Ltd.”

Ilo claimed that Obat diverted the funds into a personal account.

“We were surprised when we found out that Obat Oil & Petroleum Ltd diverted the funds meant to cushion the effect of the accumulated bank interest on these transactions into their personal account with UBA to the tune of N239, 479,947.85, thereby violating the agreement of the signed MoU and the addendum.”

Meanwhile, in a letter written to Obat Oil by Sterling Bank Plc, signed by its General Manager Corporate, Mr. Adegboyega Adegun and Assistant General Manager, Corporate, Mr. Abiodun Odutola, the bank said: “We write to advise that we are aware that the Sovereign Debt Note serial number FGN/2014/01/Q14/1673 and FGN/2014/01/R14/1694 due on the joint venture transactions between Petrocam Trading Oil Limited and Obat Oil and Petroleum Limited, which were financed by Sterling Bank, are part of the subsidy payment approved and paid by government.

“As banker of these transactions, we write to demand that all subsidy proceeds accruing to the transaction, including exchange rate differentials and other relevant claims from government must be remitted to Obat Oil and Petroleum Limited account number 0020560534 in Sterling Bank Plc for the purpose of liquidating outstanding loan obligations in line with the terms and conditions of the facility under which the transactions were financed.”

The Head of Legal/Corporate Affairs, Obat Oil & Petroleum, Mr. Seun Bakare, did not pick his call for comment on the organisation’s side of the matter.

culled from the Nation

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Precision and Heritage: How Fifi Stitches Is Rewriting African Fashion Narratives

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Precision and Heritage: How Fifi Stitches Is Rewriting African Fashion Narratives

 

 

A Nigerian-born designer is gradually carving out a cross-continental footprint in contemporary fashion, blending African textile heritage with British technical discipline.

 

Esther Fiyinfoluwa Adeosun, Founder and Creative Director of Fifi Stitches, is gaining recognition for structured womenswear and bridal couture that reinterprets traditional fabrics through architectural tailoring and precision construction.

 

Born in Ibadan, Oyo State, Adeosun’s fashion journey began at home, seated beside her mother’s sewing machine. What started as childhood curiosity, sometimes jamming the machine just to understand its mechanics—evolved into a disciplined design practice now operating between Nigeria and the United Kingdom.

 

During an interview with journalists the fifi Stitches once mentioned “I was fascinated by how flat fabric could transform into something structured and meaningful”.

 

In her Story , early designs made for her family, though imperfectly finished, were worn with pride—an encouragement that laid the foundation for her professional confidence.

 

Today, Fifi Stitches is recognised for sculpted bodices, controlled tailoring, corsetry construction, and the contemporary reinterpretation of Ankara, Aso Oke, and Adire textiles.

 

The brand challenges the long-held perception that African fabrics belong solely in ceremonial contexts, instead positioning them within global luxury and modern design spaces.

 

Adeosun’s training reflects this dual perspective. She studied Fashion Design and Entrepreneurship at the Institute for Entrepreneurship and Development Studies, Obafemi Awolowo University, and earned a Diploma in Fashion Design through Alison Online.

 

In the UK, she undertook industry-focused technical training with Fashion-Enter Ltd and gained fashion business exposure through Fashion Capital UK.

 

Her technical expertise spans pattern drafting, draping, garment technology, structured tailoring, corsetry, and bespoke fittings—skills she describes as central to credibility in fashion. “Precision builds trust,” she says. “A designer must understand construction as deeply as creativity.”

 

Fifi Stitches has showcased collections at the Suffolk Fashion Show, Liverpool Fashion Show – FB Fashion Ball, Red Carpet Fashion Event in London, and through editorial features in London Runway Magazine.

 

The brand has also received coverage in The Guardian Nigeria and Vanguard Allure, expanding its visibility across markets.

Beyond couture, Adeosun integrates community impact into her practice.

 

She has facilitated garment construction workshops, draping sessions, and introductory training programmes for women and emerging creatives, promoting fashion as both artistic expression and vocational empowerment.

 

 

Fifi Stcithes Boss operates between Nigeria and the UK, in order to continue to shape her brand identity.

 

 

According to her “Nigeria provides cultural richness and expressive textile traditions, while the UK offers structured production systems, sustainability conversations, and institutional frameworks”.

 

Looking ahead, Adeosun said she plan to establish a fully structured fashion house spanning Africa and the UK, develop scalable production partnerships, launch capsule collections, and expand independent editorial visibility.

 

Her broader ambition is clear: to position African textile craftsmanship within global contemporary design conversations—through structure, discipline, and technical excellence.

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GTCO Launches “Take on Squad” Hackathon 3.0, Opens Call for Applications 

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GTCO Launches “Take on Squad” Hackathon 3.0, Opens Call for Applications 

 

 

Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the launch of “Take on Squad” Hackathon 3.0, reaffirming its commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.

Now in its third edition, the Hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors including financial services, healthcare, commerce and digital inclusion. Under the theme “Smart Systems: The Intelligent Economy,” participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.

Applications are now open, and interested teams can find full guidelines and registration details on the official portal at https://squadco.com/hackathon.

Speaking on the initiative, Eduophon Japhet, Managing Director of HabariPay, stated: “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve. Through “Take on Squad” Hackathon, we are deliberately investing in the ideas and talent that will define the future. Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact. This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress.”

The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.

Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.

 

About HabariPay

HabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.

Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.

HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.

About Squad

Squad is a complete digital payments solution that is reliable, secure, and affordable, making receiving in-person and online payments simpler and convenient.

Thousands of merchants currently leverage Squad’s payment solutions for their daily business operations. Squad’s current products and service offerings include SquadPOS, Squad Payment Links, Squad Virtual Accounts, USSD, and E-Commerce Storefront.

Find out more at www.squadco.com.

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Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings

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Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings

 

 

LAGOS — A new electric-powered tricycle with an expanded passenger capacity has been introduced into Nigeria’s urban transport sector, offering operators a potentially more profitable and eco-friendly alternative to conventional petrol-driven “keke.”

 

The newly launched 8-seater electric tricycle, now available in Lagos with plans for nationwide distribution, features a dual-row seating arrangement capable of accommodating up to eight passengers per trip—significantly higher than the standard three-passenger configuration common across the country.

 

 

Promoters of the innovation say the increased capacity is designed to boost daily earnings for operators, particularly amid persistent fluctuations in fuel prices. By running entirely on electric power, the vehicle eliminates dependence on petrol, reducing operating costs and shielding drivers from fuel price volatility.

 

 

According to the distributors, the tricycle is equipped with a durable battery system capable of covering extended distances on a single charge, making it suitable for commercial operations across high-traffic routes, residential estates, campuses, and marketplaces.

 

“The concept is straightforward—enable drivers to earn more while spending less,” a company representative stated. “With higher passenger capacity and zero fuel requirements, operators can maximise each trip without the burden of daily fuel expenses.”

 

Beyond its cost-saving potential, the electric keke is also said to require less maintenance than traditional models, offering additional long-term savings. Its quieter and smoother operation is expected to enhance passenger comfort and overall commuting experience.
Industry analysts note that the introduction of electric mobility solutions reflects a growing shift toward cleaner and more sustainable transportation alternatives in Nigeria, particularly in densely populated urban centres such as Lagos.

 

 

The distributors added that the product is currently available under a limited promotional offer, with delivery options across the country.

 

For inquiries and purchase: 📞 08153432071
📞 08035889103
Office Address:
📍 Plot 9, Block 113, Beulah Plaza,
Lekki–Epe Expressway,
Lekki Phase 1, Lagos

 

As transportation costs continue to rise and environmental concerns gain prominence, innovations like the electric 8-seater keke may signal an emerging transition toward more efficient and sustainable mobility solutions nationwide.

 

Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings

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