Business

$800m oil fraud: Frank asks Buhari to resign as Petroleum Minister, demands probe

Published

5 years ago

July 13, 2020

A political activist and former Deputy National Publicity Secretary of the All Progressives Congress (APC) Comrade Timi Frank, has condemned series of allegations of corruption currently in the country, especially the alleged $800million oil fraud. He has asked President Muhammadu Buhari to resign as Petroleum Minister.

He also called on the National Assembly to thoroughly probe the alleged fraud in oil sector as reported in the media.

Frank said it is worrisome that such huge amount of money gotten from the oil rich Niger Delta region could be stolen while the region is lacking every developmental induces like good schools, hospital, good roads and others.

In a series of tweets on Monday morning, Timi Frank expressed contempt over the way President Buhari is running the affairs of Nigeria.

The outspoken political commentator highlighted some of the loots ravaging the system, as he called on the attention of the international community to provide succour.

“$800million Sales of Crude Funds stolen as alleged by an online media Pointblank. Gen Muhammadu Buhari @MBuhari should resign as Petroleum Minister and President of this country. Under his watch as he has failed, Nigeria cannot breath anymore. I call on the oil producing community and Niger Delta Rregion at large to protest this current looting.

“This is exactly what the musical Prophet Fela called ‘Authority stealing pass armed robbery’. We are disappointed that corruption has eaten deep into Nigeria, and Nigerians can’t even breath. The fight against corruption and insecurity was just one of those campaign gimmicks General Buhari used in deceiving Nigerians.

“All those who are part of this $800million must be brought to book. This case mustn’t be swept under the carpet. The 9th Assembly must probe these allegations.”

Frank also called on the International Community to place visa ban on all those involved in the alleged looting.

“I call on the International communities, US, UK, all should place Visa ban on these looters and their families. This is a way they can help Nigeria to support the fight against corruption. Corruption has raptured the entire country. No government has looted Nigeria dry like Buhari’s government. Our security, educational and healthcare system have failed, and poverty, hunger, unemployment are now friends to the system.

“No Government has given Nigeria bad image in recent times like General Buhari’s Government; this administration has dent Nigeria’s image internationally. They are the worst in terms of looting. Once you loot public funds you will be celebrated under Gen Buhari’s watch. Despite all of this, even Magu will go scoot free, just like others. they’re practically the role model of Yahoo boys.”, Timi Frank stated.

Business

AIICO Reports 48.8% growth in IFRS 17 revenue to ₦108.3 billion in FY 2024:

Published

1 month ago

April 8, 2025

Sunrise

Lagos, 8 April 2025 –
AIICO Insurance Plc (“AIICO”, or “the Group”) announced its audited results for the year ended 31 December 2024.

Key Financial Highlights

Commenting on the results, Mr. Babatunde Fajemirokun, the Managing Director and Chief Executive Officer said, “AIICO ended the year with a strong fourth quarter, generating insurance revenue of ₦108.2 billion during the year and exceeding the targets set in our five-year strategy. Each business line delivered solid results, reinforcing the strength of our business philosophy. As industry evolves, we remain well positioned to navigate regulatory changes that support economic growth and maintain market stability. Looking ahead, we will continue to serve our clients with excellence while driving long-term value for our shareholders.”

“For the year ended 2024, profits reached ₦15.1 billion, a 24.4% increase from N12.1 billion in the prior year. This performance reflects our disciplined financial management approach, strategic investments, and a commitment to sustainable business practices, ensuring long-term stability and resilience,” stated Mrs. Bisola Elias, CFO of AIICO Insurance.

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Please see the full press release to be read in conjunction with the audited financial statements available here:
Our audited financial statements can be found here:

For further information, please contact

Business

CBN Approves Merger of Unity and Providus Banks

Published

9 months ago

August 7, 2024

Nats Odaudu

The Central Bank of Nigeria (CBN) on Tuesday announced the approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and the Providus Bank Limited.

The Apex Bank, in a statement by its acting Director of Corporate Communications, Hakama Sidi-Ali, said the move is designed to bolster the stability of the nation’s financial system and avert potential systemic risks.

“The merger is contingent upon the financial support from the CBN. The fund will be instrumental in addressing Unity Bank’s total obligations to the Central Bank and other stakeholders,” the statement read.

“It is unequivocal to state that the CBN’s action is under the provisions of Section 42 (2) of the CBN Act, 2007. This arrangement is crucial for the financial health and operational stability of the post-merger organisation.

“It is important to emphasise that no Nigerian bank currently faces a precarious situation comparable to that of Heritage Bank, which was recently liquidated.”

The CBN said it remains committed to safeguarding depositors’ interests and ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.

Business

Fuel Importers Will Frustrate Dangote Refinery — Obasanjo

Published

9 months ago

August 6, 2024

Nats Odaudu

Former President Olusegun Obasanjo has stated that those benefiting from fuel importation will do all within their powers to frustrate the progress made by the Dangote Petroleum Refinery in Nigeria.

Obasanjo stated this in an interview with the Financial Times where he described the Dangote refinery as a project that should encourage both Nigerians and non-Nigerians.

“Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria.

“If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him frustrated,” he stated.

The former Nigerian leader shared his opinion on the heels of recent allegations by the President of the Dangote Group, Aliko Dangote, that some government and non-government officials were trying to frustrate the $20bn refinery.

It’d be recalled that Officials of the Dangote Group recently cried out that international oil companies were frustrating the refinery by refusing to sell crude or by selling to them at a premium up to $4 above the normal price.

The outcry prompted the Federal Executive Council’s directive to the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Refinery and other local refineries in the Nigerian currency – naira against United States’ dollars.

The refinery also accused the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) of deliberately granting licenses to individuals to import dirty fuel.

In its response, the regulator denied this, alleging that Dangote diesel was inferior when compared to the imported ones.

The NMDPRA’s Chief Executive, Farouk Ahmed then declared that the country would not stop fuel importation to avoid a monopoly by the Dangote Group.

Dangote Refinery commenced operations at the facility located in Lagos last December with 350,000 barrels a day.

The refinery hopes to achieve its full capacity of 650,000 barrels per day by the end of the year.

It has however commenced the supply of diesel and aviation fuel to marketers in the country, while petrol supply is expected to commence in August amid regulatory resistance.