Business
Of Datkem Enterprises, corporate lies and due process
Of Datkem Enterprises, corporate lies and due process
By Yemi Festus Oke
IF the ongoing drama over Datkem Plaza, a structure partially demolished in Ijebu Ode, Ogun State, recently, proves anything, it is the fact that many members of Nigeria’s privileged, political class like to mouth such phrases as “rule of law” and “due process” only when it suits their whims and caprices. They love the application of these concepts when they apply to others, not to themselves.
Such people really have no care for the rule of law; all they are after is personal interest. This perfectly explains why, in the aftermath of the expose on the non-existent company whose name was used by the owners of Datkem Plaza to apply for building approval in Ogun State, a certificate bearing the name “Datkem Enterprises” was hurriedly churned out by former Governor Gbenga Daniel to prove that the company is indeed real. That may deceive unsuspecting members of the public, but not anyone familiar with the basic rules guiding businesses and their registration. Pray, just how do you se “Datkem Enterprises” to prove that “Datkem Enterrpises Ltd” does exist? What kind of childish gimmick is that? How does a person of such an exalted status insult public sensibilities in this manner?
For those who care to know, Datkem Enterprises Ltd was the entity used to obtain approval for the building called Datkem Plaza. An enterprise, which is a mare business name, cannot own such a building. Such a building can only be owned by a corporate entity. It seems that from the very beginning, the owners of Datkem Plaza deliberately wanted to manipulate the system. For one, since there is no Datkem Enterprises Ltd, the name presented to obtain building approval from the Ogun State Ministry of Physical Planning and Urban Development, there is no address that can be traced if the building runs into any problem. It is, as such, an entity that only exists in a world that we do not know, cannot see, and cannot touch. Why does it then want to do business with real people?
The fact, till this moment, is that Datkem Enterprises Ltd was never registered with the Corporate Affairs Commission (CAC); what was registered is Datkem Enterprises. This is highly disingenuous, to say the least. Whereas Datkem Enterprises Ltd would be required to have director(s) and shareholder(s), Datkem Enterprise can only be required to have a sole proprietor or partners (proprietors). A company limited by shares can sue and be sued, and own properties and other assets in its corporate name. It is a taxable legal person and pays its taxes to the Federal Inland Revenue Service(FIRS) in its corporate name under the Companies Income Tax Act. It requires a certificate of incorporation and other documents such as Memorandum and Articles of Association upon registration with the CAC; has a maximum of 50 shareholders, and is required to file returns at the CAC and hold annual general meetings.
Datkem Enterprises, being not a limited liability company, would not be required to meet these requirements, among many others. Unlike Datkem Enterprises Ltd, Datkem Enterprises can never be converted to a public limited company. One can go on and on, but it is inconceivable that a former governor and serving senator is ignorant of the differences between an enterprise and a limited liability company and even if he was, he had distinguished legal company around him that would have helped him. In the very remote circumstance that he failed to seek legal advice, ignorance of the law would not help him.
It is striking that when requesting for approval, the distinguished senator presented a fake, unregistered company, namely Datkem Enterprises Ltd. That looks like a deliberate attempt to cheat and deceive the general public. It can therefore be no surprise that what has been built as Datkem Plaza is not what he got approval for. As probably everyone knows, if you get government approval for a three bedroom flat but build a five-bedroom flat, you have violated the law. Somebody who has integrity should not have done that. Besides, is it any wonder that the owners of Datkem Plaza ignored the many contravention notices issued to them since 2022? Even after a stop-work notice was issued, why was work ongoing on the site at night, with deliberate intent to finish the project and make it difficult for the government to demolish without public outcry? By carrying on construction work on the site at night with intent to beat the stop-work notice and appeal to public sentiments if the government takes action against the completed building, the owners of Datkem Plaza played a dirty game. They must not be allowed to get away with it.
They lied, covering up with that lie with many more lies. Just how can somebody of such exalted status be posting a certificate for an enterprise when he applied for approval in the name of a limited liability company? Besides, his supporters should tell him to produce the approval given to him to produce the structure on ground in Ijebu Ode. If he cannot, they should keep quiet. Why use a fake name to process the application for building approval? The ordinary citizen who does this would be punished. Why shouldn’t a big politician who does same? He who comes to equity must come with clean hands. Rule of law and due process should apply to all, not only the underprivileged.
Oke wrote this through [email protected]
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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