Business
‘President Muhammadu Buhari; A year in office a global decadence to Nigeria’ – Hon. Ifemosu
2015, President Muhammadu Buhari, PMB, won the Presidential election after a keen contest with the then incumbent President, Dr. Goodluck Jonathan, most Nigerians were happy thinking that the “messiah” that will take Nigerians from the woods to the “Promised Land” had come.
Many, also jubilated with the firm belief that the ‘’change’’ which he and his Party, the All Progressives Congress, APC, promised Nigerians was certainly going to transform Nigeria.
But with just about a year of his administration in office, PMB is still apportioning blames rather than proffering solutions.
Rather than shop for those that will help him fix the nation’s bleeding economy, President Buhari is busy globetrotting; spending the little resources that Nigeria is left with abroad and returning back home with little or no results for his missions abroad.
Below are some of the highlighted reason why PMB has actually failed Nigeria:
*During the 2015 presidential electioneering campaigns, PMB, promised to make the Naira equivalent to the United States of America Dollar.
With this pronouncement, most of us where happy since our economy is an import dependent one.
As at May 29, 2015, when he assumed office, the value of the Naira to the Dollar, in the black market was N195.00 against its current rate of N400.00.
As a result of this, cost of almost every commodity in the market has skyrocketed.
About Few months ago, his government announced that 500,000 unemployed graduates were to be employed as teachers.
Again, this was welcomed with much applause.
But just recently, the PMB led government announced that these teachers would be trained under its social welfare scheme to serve as voluntary teachers; what a deceit.
I termed this as Unpreparedness for leadership.
To prove PMB’s unpreparedness for leadership, in April 2015, after the Presidential election, he mentioned to Nigerians that he was not sure that former President Goodluck Jonathan will concede defeat.
To further buttress this position, it took President Buhari about seven months to appoint his ‘’saints’’ Ministers.
Ministers without any allegation of fraud.
To make matters worse, it took Buhari nine months to discover that the recently sacked 26 Agency heads were working for the PDP, as announced by the APC Chairman, Chief John Odijie-Oyegun.
*Budget Padding
Again, to show how unserious he runs the business of Nigeria, it took the President too long to get the 2016 budget passed.
His “Zero-based” budget of 6 trillion for the “change” agenda, presented with so much fanfare, expected to perform wonders for Nigerians, has been rejected by the National Assembly because of massive blunders discovered in the document after it was initially declared missing.
What does PMB and his APC Led government take Nigerians for? According to the late reggae icon, Bob Marley, you can fool some people sometimes but you can’t fool all the people all the time.
With reference to the controversial budget, full of concocted huge sums of Naira, with so many so-called errors attributed to the Presidency, how can a government that means well for its citizens plan a higher budget for its Ministry of Information against a lesser one for the Ministry of Agriculture in a country plagued by poverty, hunger and starvation? Or is this deliberate in other to equip the Minister for Information and Culture, Alhaji Lai Muhammed, for what he knows how to do best; propaganda.
How did N5 million proposed for buying computers for the News Agency of Nigeria (NAN) and the Film and Video Censors Board mysteriously became N398 million? What error accounts for the N3.8 billion allocated for capital projects at the State House Clinic meant for the president, vice-president and their families alone; compared to the N2.6 billion allocated for all the 17 government teaching hospitals nationwide.
Based on the foregoing, is the budget truly a reflection of how PMB loves Nigerians and the Nigeria he once cried for? Is it also a true reflection of the “change” he promised? What brands of tyres, batteries, fuses, c-caution signs, fire extinguishers and towing ropes will amount to more than quarter of a billion Naira of tax payers’ money, considering the fact that this budget is just for one year and that some of the listed items come with brand new cars.
How can a President who claims to be fighting corruption present such a budget?
Exposing Nigeria to external aggression
President Buhari goofed seriously when he made the Dasukigate investigation public.
Even in the advanced world, matters of national security are handled secretly on-the-need-to-know bases.
But in PMB’s case, he preferred to make a big show with it thereby exposing the nation’s vulnerability and susceptibility to external military aggression and possible invasion by any country; no matter how small that may want to display its military might and superiority.
PMB, in doing this, forgot he took an oath to protect Nigerians.
*Lack of tolerance for the opposition.
PMB’s intolerance for the opposition remains unparalleled.
He has not congratulated any governor in the opposition political parties who emerged victorious in any election, since he assumed office as President.
This may also be the reason his anti corruption fight is perceived to be a vendetta mission, an attempt to reduce the opposition to nothing.
This writer is not against the anti corruption stance of Mr. President but his approach is seriously assuming a dangerous dimension; Nigerians are watching.
PMB’s corruption war seems to be targeted and limited to the Jonathan’s administration.
Is PMB telling Nigerians that previous administrations were corruption free? Or is it because Dr. Jonathan did not in the military? What are the reasons for limiting this fight to Jonathan’s administration and the PDP alone? What about the men in his cabinet, whose names are associated with so many alleged corruption issues? Is PMB surrounded by saints, is he saying that all present and former governors of the APC are corruption free or they never corruptly enriched themselves? In about three months , his administration will be one year.
Nigeria needs a president that can move her forward not one that has taken her 30 years backwards.
What about his party leaders who have been alleged to have converted state government properties into their personal properties? Why has PMB refused to tell Nigerians the source of funding for his electioneering campaigns and how those who funded it with billions of Naira acquired such stupendous wealth? What about the numerous under aged Nigerians that voted for him in the northern part of the country which may have contributed to his emergence as president; has he made any categorical statement to condemn this act? How can a President, who was corruptly voted into power fight corruption? How can a President whose election campaigns were corruptly funded by corrupt persons who allegedly corruptly enriched themselves fight corruption?
Nigeria’s business is a serious one; not meant for people who lack vision to move the nation forward.
Nigerians are tired of his anti corruption mission which is not even yielding fruits.
His anti corruption fight is seriously hemorrhaging the nation’s economy.
*Fuel hike/Scarcity.
It took PMB to aggravate the suffering of Nigerians by increasing the price in PMS, it will be recalled that the minister of petroleum (state) kachikwu stated it categorically that fuel Scarcity will end by may, not knowing there is a plan B to subsidized and increase fuel Scarcity, it is a known fact that earlier in 2015, PMB stated that there is nothing like Fuel subsidy, only to come in 2016 to subsidized it at a higher price.
Nigerians are hungry.
And rather than spend the past eleven and half months since he assumed office to fight hunger, starvation, poor health care delivery systems, and shelter for the homeless, PMB has been busy junketing the entire globe and painting Nigerians black as corrupt people.
Is it his war against corruption that has refused to yield results as buttressed by a recent statement by the Economic and Financial Crimes Commission (EFCC) boss, Ibrahim Magu, that “senior lawyers are frustrating the war against corruption? Is it his victory over Boko Haram which he claimed can no longer carry out any conventional attack yet they bombed Maiduguri, Borno State capital, killing and injuring scores? The same Boko haram bombed an IDP camp too killing and injuring scores of harmless women and children he swore to protect.
And just recently, the same group of terrorists razed Mala Keri in Konduga Local Gorvernment Area of Borno State.
Is it the “padded zero-based” budget of “change” corruptly designed to enrich some pockets which they also claimed some rats smuggled some items into it, as reported by the BBC or the Treasury Single Account (TSA) which he recently pronounced was a creation of Dr. Goodluck Ebele Jonathan’s administration? Would it be only the Dasukigate? Of what immediate benefit is Dasukigate to Nigerians compared with the sorry state of the Naira or faulty policies like the one which has caused even students inability to pay their school fees abroad?
President Muhammadu lacks clues on how to move Nigeria forward. He also lacks the capacity to be Nigeria’s president.
This is because he equally lacks ideas on how to diversify the economy of this great nation blessed with abundant natural and human resources.
His team also lacks cutting edge ideas that will take Nigeria out of the woods.
They have nothing new to offer as his “miracle making” and “saints” ministers are of the old school or old brigade with little or no achievements to show in their past leadership roles except for Babatunde Raji Fashola the minister of darkness who could only increase the electricity tariff and stop importation of Generators.
Nigeria, a country with about 220 million people does not need a president that lacks a 22nd century vision.
We need one with solutions to her challenges.
The kind of president that can set the propellers and the turbines of Nigeria’s economy running rather than bringing it to a total halt; a president that can place the most populous black nation in the world, in its rightful place, in the committee of nations.
Ifemosu Michael Adewale.
An activist, Founder Youth in Good Governance initiative (YIGGI).
Bank
Fidelity Bank grows gross earnings by 38% to N434.95b in Q1
Fidelity Bank grows gross earnings by 38% to N434.95b in Q1
Fidelity Bank Plc recorded 37.9 per cent growth in gross earnings to N434.95 billion in first quarter 2026 as the international commercial bank continued to expand its core banking market share.
Interim report and accounts of Fidelity Bank for the three months ended March 31, 2026 released at the Nigerian Exchange (NGX) showed that gross earnings rose from N315.42 billion in first quarter 20025 to N434.95 billion in first quarter 2026, representing an increase of 37.9 per cent.
The top-line performance was driven by impressive growth in the bank’s core business operations with interest incomes rising by 22.8 per cent to N314.48 billion in first quarter 2026 as against N256.10 billion in first quarter 2025.
With net interest income at N180.97 billion, the bank closed the period with profit before tax of N92.48 billion. After taxes, net profit stood at N74.47 billion for the three-month period. Earnings per share remained high at N5.69, underlining the capacity of the bank to reward its shareholders.
The balance sheet of the bank also emerged stronger. Total assets crossed the N11 trillion mark to N11.35 trillion by March 2026 compared with N10.46 trillion recorded in December 2025. Customers’ deposits increased from N6.89 trillion to N7.38 trillion. Total equity rode on the back of earnings growth to a 27.5 per cent increase from N1.09 trillion in December 2025 to N1.39 trillion by March 2026.
The first quarter 2026 results further consolidated the strong earnings outlook of the bank, which had successfully completed its recapitalisation amidst impressive earnings performance in 2025.
Fidelity Bank had recorded double-digit growths in interest and non-interest incomes as well as key balance sheet items during the year ended December 31, 2025.
The audited report showed that gross earnings rose from N1.04 trillion in 2024 to N1.52 trillion in 2025, an increase of 45.6 per cent. Interest and similar incomes had grown by 38.7 per cent from N803.1 billion in 2024 to N1.11 trillion in 2025. Fees and commission incomes also rose by 44.7 per cent from N78.4 billion to N113.4 billion. The bank recorded net profit after tax of N242.4 billion in 2025.
The bank’s balance sheet emerged stronger with total assets rising by 18.6 per cent to N10.46 trillion in 2025 as against N8.82 trillion in 2024. Customer deposits increased by 16.1 per cent from N5.94 trillion to N6.89 trillion, reflecting continued franchise strength and an improved funding profile. Net loans and advances meanwhile declined by 2.4 per cent to N4.28 trillion in 2025 as against N4.39 trillion in 2024, attributable to customers paying down on their mature obligations.
The bank had in 2025 strengthened its capital position, with eligible capital rising to N561 billion, above the regulatory minimum of N500 billion for banks with international authorisation. In addition, capital adequacy had remained robust, with Capital Adequacy Ratio of 30.94 per cent by December 2025 as against 23.47 per cent by December 2024.
Managing Director, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, said the first quarter 2026 results reinforced the bank’s strong and resilient business model.
She noted that with the remarkable success of its recapitalisation programme and continuing expansion, Fidelity Bank has entered a new era of growth and impressive returns.
“We are on a stronger footing and confident that we will set new growth records that are reflective of our legacy and the future we are working on,” Onyeali-Ikpe said.
Business
Dangote Refinery Ends Nigeria’s Era of Fuel Import Dependence, Boosts GDP, FX Earnings — EIU
Dangote Refinery Ends Nigeria’s Era of Fuel Import Dependence, Boosts GDP, FX Earnings — EIU
The operational ramp up of the 650,000 barrels per day Dangote Petroleum Refinery & Petrochemicals is fundamentally reshaping Nigeria’s downstream oil sector, significantly reducing the country’s dependence on imported refined petroleum products and strengthening its external position, according to the Economist Intelligence Unit (EIU).
In its latest assessment on Nigeria’s fuel market and regulatory environment, the EIU said the refinery has already transformed a sector that was previously characterised by heavy reliance on imported fuel despite Nigeria being Africa’s largest crude oil producer. The report noted that the refinery met nearly 80 per cent of domestic petrol demand in April and produced enough volumes to satisfy local consumption requirements as operations approached full capacity.
The EIU described Nigeria’s downstream petroleum sector before the refinery as “long dysfunctional”, noting that the country had remained almost entirely dependent on costly imported fuel while producing nearly 1.5 million barrels of crude oil daily.
According to the report, the emergence of the refinery has reduced import dependence, improved domestic fuel availability and strengthened Nigeria’s balance of payments position through lower import demand and rising exports of refined petroleum products.
“The gradual ramp up of the 650,000 barrel/day Dangote refinery since May 2023 has transformed Nigeria’s long dysfunctional downstream sector,” the report stated. “The country’s main refineries, all state owned, had been inoperative for years and Nigeria was almost entirely reliant on costly imported fuel.”
The research and analysis division of The Economist Group, London added that the refinery’s attainment of full operational capacity and its planned expansion would further support Nigeria’s economic growth and foreign exchange earnings over the medium term.
“Meanwhile, the attainment of full capacity at, and an increase in exports from, the Dangote refinery will support real GDP growth and foreign exchange earnings in 2026 and 2027 and beyond, as a planned doubling of the plant’s output comes on stream around the end of the decade,” it added.
Industry analysts said the refinery is increasingly positioning Nigeria as an emerging refining and export hub, altering energy trade flows across Africa and reducing the vulnerability associated with fuel import dependence.
The EIU noted that the refinery’s expansion has coincided with major reforms in Nigeria’s downstream sector, including the removal of fuel subsidies and the introduction of market driven pricing mechanisms.
The report, however, said the transition from a state dominated fuel import structure to large scale domestic refining has triggered resistance from interests linked to the old import regime.
The latest tensions emerged following the decision by the Nigerian Midstream and Downstream Petroleum Regulatory Authority to relax restrictions on petrol imports despite the refinery’s growing capacity to meet domestic demand.
Dangote Industries subsequently initiated legal action, arguing that continued import approvals undermine domestic refining investments and conflict with the objectives of the Petroleum Industry Act, which seeks to encourage local refining capacity and reduce import dependence.
Analysts noted that the availability of large-scale domestic refining capacity has improved Nigeria’s energy security and reduced exposure to external supply shocks and foreign exchange volatility.
The Centre for the Promotion of Private Enterprise also cautioned against unrestrained importation of petroleum products, warning that such a policy could weaken Nigeria’s industrialisation drive and discourage investments in domestic refining.
Chief Executive Officer of CPPE, Muda Yusuf, said continued dependence on imported fuel had historically contributed to pressure on foreign reserves, exchange rate instability and fiscal leakages.
The refinery’s growing impact is also being reflected in Nigeria’s broader macroeconomic indicators. Earlier this month, S&P Global Ratings cited increased domestic refining capacity and rising hydrocarbon exports among the major factors supporting Nigeria’s sovereign credit rating upgrade – the first in 14 years.
Beyond Nigeria, analysts said the refinery is increasingly being viewed as a strategic industrial asset for Africa, where many countries remain heavily dependent on imported fuel despite rising demand for transportation, manufacturing, and power generation.
Business
BREAKING: Court Dismisses $19.6 Million Claim Against NNPCL — Rules Contract Scope Cannot Be Changed Orally
BREAKING: Court Dismisses $19.6 Million Claim Against NNPCL — Rules Contract Scope Cannot Be Changed Orally
In a landmark ruling on Friday, May 22, 2026, the Federal Capital Territory High Court in Abuja threw out a $19.6 million lawsuit filed by Alternate Dimensions Ventures Ltd against the Nigerian National Petroleum Company Limited (NNPCL), affirming a key legal principle: a written contract cannot be expanded through oral agreements or conduct.
Alternate Dimensions had sought $19,600,000 in professional fees, claiming the scope of its Direct Sale, Direct Purchase (DSDP e-pro) contract with NNPCL was orally expanded. Represented by counsel Patrick Peter, the firm argued it was entitled to the revised sum for services rendered under the alleged new terms.
But NNPCL, through its lawyer Ituah Imhanze of KENNA LP, pushed back sharply, arguing that parties are bound exclusively by the clear terms of their written agreement. Imhanze contended that without any written amendment, the claim was legally unsound, and the court agreed.
Delivering judgment, Justice Hamza Mu’azu upheld NNPCL’s defense, stating that the contract was unambiguous and that no evidence was adduced during the trial, which supported the alleged scope expansion. The court further found that NNPCL fully complied with all contractual terms and committed no breach.
Dismissing the suit as meritless, Justice Mu’azu reinforced the doctrine of sanctity of contract: any amendment to a written agreement must be express, unequivocal, and documented, not implied or verbal.
The ruling spares NNPCL from the S19.6 million claim and also a floodgate of similar potential liabilities.
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