In the midst of Nigeria’s deepening economic struggles, one cannot help but wonder: “Are members of the ruling All Progressives Congress (APC) also feeling the pinch of hardship under President Bola Tinubu’s administration?” As the country faces rising inflation, soaring fuel prices, and worsening poverty, it appears that even some APC elites, who once seemed immune, are now lamenting their plight. The very architects of the policies being implemented are beginning to feel the harsh consequences of those same decisions.

In February 2024, the North-West youth wing of the APC broke its silence, expressing grave concerns over the escalating cost of living, hunger, and insecurity in the region. Their call for action was a rare public plea from a group that traditionally aligns itself with the ruling government. The youth wing’s statement, calling on President Tinubu and party leaders to intervene, marked a significant shift in tone, as even loyal party members began to question the trajectory of the country. “We can no longer stay silent while our people suffer,” they said, urging the government to prioritize economic relief measures for Nigerians.

This was not an isolated incident. In September 2024, which is invariably the ongoing month,  a highly respected Senior Advocate of Nigeria (SAN), Chief SeniIbiwoye, voiced similar concerns. Speaking at a public forum, Ibiwoye called for a rethink of the federal government’s economic policies, particularly the recent fuel price hikes. “The masses of this country are groaning and suffering,” he said, adding that the government’s decisions are hurting ordinary Nigerians. Ibiwoye’s remarks are particularly telling because, as a member of the legal elite, he likely enjoys a level of financial comfort that many Nigerians do not. For him to publicly criticize the government’s handling of the economy speaks volumes about the severity of the situation.

In Osun State, another prominent APC chieftain, Hon. OlatunbosunOyintiloye, also issued a heartfelt appeal to President Tinubu, asking him to act quickly to alleviate the suffering of the masses. “The people are feeling the heat,”Oyintiloye said, urging the government to take swift action. The fact that members of the ruling party are openly expressing concerns about the direction of the country is an indication that even those who helped bring the administration to power are not immune to the ripple effects of its policies.

Perhaps the most striking sign of the far-reaching impact of the economic crisis is the admission by Senator Orji UzorKalu, a former governor and influential APC leader, who acknowledged the financial hardship in Nigeria. In January 2024, Kalu appealed to Nigerians to give the Tinubu government more time to turn things around, but even he has since found himself forced to make lifestyle changes. In a now-viral video, Kalu revealed that he had stopped using his private jet due to the high cost of aviation fuel (Jet A1).

Buying fuel and all of the rest… I have grounded the private jet to do some other businesses for oil companies,”Kalu explained. His decision to opt for commercial flights was a stark contrast to his usual affluent lifestyle, reflecting the severity of the economic crisis. If someone of Kalu’s stature, who has the means to own a private jet, is feeling the strain, what does that say about the millions of Nigerians struggling to afford basic necessities?

In addition to Kalu, Joe Igbokwe, another prominent APC chieftain, has shared his struggles in adjusting to the new economic reality. In a candid social media post, Igbokwe admitted that he had drastically reduced his energy consumption at home, switching off 70% of his electrical appliances to save on costs. “I don carry my motor comot for road oooo. No be anywhere I de go now. For house, we don switch off 70% of the electricity to surviveoooo. Life na teacher ooooo,” he wrote, capturing the frustration of many Nigerians who have had to change their lifestyles to cope with the spiraling cost of living.

Igbokwe’s admission, like Kalu’s, underscores the reality that economic hardship does not discriminate. The fact that senior APC members, who hold positions of influence and power, are speaking openly about their struggles suggests that the economic situation is reaching a boiling point. It is not just the everyday Nigerian who is feeling the pain, but the very people who helped, vicariously through public comments, particularly Joe Igbokwe who has a frequent presence online leading to the implementation of  the policies that have led to the current situation.

The growing chorus of concerns from within the APC begs the question: “Is President Tinubu listening?” The president, who campaigned on promises of economic growth and development, now faces an increasingly restless nation. While many Nigerians outside the APC have long voiced their displeasure with the administration’s policies, the fact that prominent party members are now joining the chorus suggests that the discontent is reaching a critical level.

Even though many in the APC have maintained their loyalty to the president, it is clear that the economic situation is creating cracks within the party. The admission by Senator Kaluthat he could no longer afford to operate his private jet, and Igbokwe’s decision to limit his electricity use, reflect an uncomfortable reality that no one in Nigeria, regardless of their political affiliation, can escape the ripple effects of bad policy decisions.

As the country continues to grapple with economic challenges, one thing is becoming increasingly clear: the hardship is not limited to the poor or politically unaffiliated. Even members of the APC are feeling the strain, and their public admissions are a powerful indictment of the government’s current trajectory.

If high-ranking members of the ruling party, including lawmakers, legal luminaries, and political influencers, are calling for change, then the government must listen. The hardship is not just a matter of political posturing or opposition criticism,it is a reality that cuts across all segments of society, from the struggling market woman to the affluent senator. President Tinubu must take swift and decisive action to address these concerns before the situation spirals further out of control.

In the end, the question remains: “If even APC elites are feeling the heat, how much longer can ordinary Nigerians bear the weight of this hardship?”

The number of companies approved to provide loans to Nigerians through digital platforms popularly known as loan apps has jumped to 320 this September from 284 in May.

This came as the lenders continued to see surge in demands for loans as the economic hardship in the country bites harder.

According to the lenders, applications for loans by Nigerians have quadrupled this year.

The 320 companies now serving the digital loan market are those that have secured approval from either the Federal Competition and Consumer Protection Commission (FCCPC) or the Central Bank of Nigeria to provide the service.

A look at the database of the FCCPC shows that 264 of the digital lenders have been granted full approval by the Commission, while 42 others are operating with conditional approval. The database also includes 14 companies licensed by the CBN.

Why more firms are going into digital lending 

Although the FCCPC said it is bringing digital lenders to get registered under its Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, as a way of sanitizing the space, the ease of the registration has become the catch for many to go into the business.

“Right now, the first thing that you would want to do if you’re in the financial sector, is to go into digital lending. 

 “If you think of microfinance, the regulation is tighter and the licence is costly. This is why many companies are coming into the space,” the Chairman of the Money Lenders Association, the umbrella body of the registered loan app companies in Nigeria, Mr. Gbemi Adelekan told Nairametrics.

“More people are coming because the entry barrier is not as high as CBN-regulated financial institutions,” he added.

Demands for credit surge 

Beyond the ease of entry, people coming into the digital lending space are also seeing huge opportunities with the rise in demand for quick loans by Nigerians, though fraught with high risks of non-payment.

• According to Adelekan, many Nigerians are now relying on credit to survive and the loan apps come in handy as they offer instant loans.

• He noted that demands for loans have now quadrupled what was being recorded during the COVID-19 pandemic when there was a surge.

“Let me use our own company, KwikPay Credit as an example. During the COVID period, when everybody was sitting at home, give and take, weekly, we would get applications of like 1,000.  

“But now, we are receiving between 5,000 and 6,000 applications weekly. A lot of people want loans,” he said.

• He, however, noted that most of the loan applicants are not qualified for the loans because they lack a good credit history.

• According to him, 90% of the applicants, after passing BVN verification usually in the credit history aspect.

“One of the first things we do is to check whether an applicant has a financial footprint. Unfortunately, out of 5,000 applications, the system will reject 4,500 of them instantly. 

“Once you have an outstanding loan that you haven’t paid, the system filters you out. People don’t realize that their credit history matters,” Adelekan said.

He added that some lenders lower their risk analysis because they want to acquire customers by doing only BVN verification.

This set of lenders, he said, give out nano loans of N3,000 to N5,000 and comes with high interest rates to cover for the risks.

Tackling the menace of unregistered loan apps continue 

Despite the rise in the number of digital leaders that have registered with the FCCPC and secured approval to operate, hundreds of other unregistered lenders are still playing in the market and getting patronage from desperate borrowers.

• As a result of their continuous atrocities which include defaming and harassing their customers through their contacts, the FCCPC said it has now placed 88 loan apps under its watchlist as it continues to work out modalities to sanitize the digital lending space, while 47 have been delisted from the Google Play Store.

• According to the Executive Commissioner of Operations, at the FCCPC, Dr. Adamu Abdulahi, the main aim of the registration and approval of digital lenders in the country is to identify the companies behind the apps through its Interim Regulation to be able to hold them responsible for any infraction.

• He noted that before the regulation, there was no way to trace any of the companies operating the loan apps.

• Abdullahi said the Commission is also trying to strike a balance between the continuous operations of the loan apps and the customers’ defaulting in repaying their loans, adding that despite the challenges, loan apps are playing important roles in the economy.

What you should know 

The FCCPC under the leadership of its former boss, Babatunde Irukera had come up with the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022, in collaboration with the Joint Task Force (JTF) to promote fair, transparent, and beneficial alternative lending opportunities for Nigerians.

The registration was also necessitated by the disturbing activities of loan apps in the country, especially the illegal ones, over allegations of rights violations, and unfair practices, among others.

As of May this year, Nairametrics reported that the number of registered loan apps in the country had increased to 284. Between then and now, 36 more companies have been approved, bringing the number to 320.

[Nairametrics]

The National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje, has reacted to the ruling by the Federal High Court in Abuja on a suit seeking his removal from office.

Recall that in a ruling on Monday, Justice Inyang Ekwo struck out the suit seeking to remove Ganduje as the national chairman of the ruling party.

The suit, marked FHC/ABJ/CS/599/2024, was filed by the North Central APC Forum led by Saleh Zazzaga.

Listed as defendants were Ganduje, the APC and the Independent National Electoral Commission (INEC).

The plaintiff challenged the propriety of Ganduje’s appointment as the APC National Chairman when he is not from the North Central geo-political zone.

Addressing newsmen at the party secretariat in Abuja on Monday, Ganduje described the suit as baseless and lacking in merit.

The APC National Chairman made the statement when he received a delegation of the North Central APC Elders Forum that came to congratulate him on the legal victory.

He said, “We thank you for congratulating us on the judgment on the litigation against my office and myself. There is no doubt the allegation was baseless and as such, it has been treated by the court of law.

“I appreciate the North Central elders who have been coming to see me even amidst the controversies, they still came. So those who are insecure can go to court. But we will continue to respond until we completely succeed.”

In his ruling, Justice Ekwo agreed with the contention in the APC’s preliminary objection that the plaintiff lacked the locus standi to file the suit.

He also agreed with INEC’s preliminary objection that the name the plaintiff had sued in ‘Northern Central APC forum’ was not a registered body.

[NaijaNews]

Eight listed commercial banks’ fees and commission income rose by 70 percent to N1.13 billion in the first six months (H1) of 2024 from N544.4 million in the same period of 2023.

Fees and commission income represent revenue from digital banking charges on cash or card maintenance and customer payment transactions.

BusinessDay findings show that the adoption of electronic banking and technology, coupled with an increased demand for digital banking services in H1 of 2024, resulted in higher fees and commission income for commercial banks.

The banks are: Ecobank Transnational Incorporated, Access Bank, Zenith Bank, FirstBank of Nigeria Holdings, Guarantee Trust Holding Company, Stanbic IBTC Holdings, FCMB Group, and Sterling Bank Holdings.

Further analysis shows that Ecobank Transnational Incorporated recorded the highest increase in fees and commission income by 96.3 percent to N384.1 million from N134.4 million in 2023.

Access Bank, FBN Holdings, GTCO, and Zenith Bank recorded a total fee and commission income of N604.3 million in H1 2024, a 63 percent increase from N314.4 million in H1 2023.

Stanbic IBTC Holdings reported N82.9 million, FCMB Group (N25.1 million) and Sterling Bank (N20.3 million).

Here is the breakdown of the listed banks’ fees and commission income.

Ecobank Transnational Incorporated

Ecobank recorded a 96.3 percent growth in fees and commission income to reach N384.1 million, from N134.4 million in 2023.

The source of the fee and commission income in the period were: credit-related fees and commissions, portfolio and other management fees, corporate finance fees, brokerage fees and commissions, and other fees, which contributed the sum of N100.6 million, N3.8 million, N8.2 million, N4.9 million and N14.7 million respectively.

Cash management and related fees contributed N188.2 million while card management fees recorded N63.7 million in H1 2023.

Access Holdings Plc

Access Holdings followed in second place with a 66.9 percent increase in fees and commission income to N250.9 million from N125 million.

The sources of Access’ fee and commission income include credit-related fees and commissions of N91.7 million, account maintenance charge and handling commission (N29.6 million), commission on bills and letters of credit (N7.7 million), and commissions on collections (N5.2 million).

Commission on other financial services and foreign currency-denominated transactions contributed N41.6 million, channels and other e-business income (N73.8 million), and Retail account charges (N1.4 million).

FBN Holdings Plc

FBN Holdings recorded a 39.4 percent increase in fees and commission income to N129.9 million from N87.1 million.

The sources of FBN’s fee and commission income include credit-related fees of N17.9 million, letters of credit commissions and fees (N20.6 million), income from electronic banking fees issued (N35.1 million), and Commissions on bonds and guarantees (N2.4 million).

Fund transfer and intermediation fees contributed N13 million, Account maintenance fees (N17.2 million), Brokerage and intermediation (N3 million), Custodian, fund management, and other fees (N20.6 million).

GTCO

GTCO’s fees and commission income grew by 64.4 percent to N113.9 million from N58.4 million in 2023.

The bank fee and commission income was obtained from credit-related fees and commissions, account maintenance charges, corporate finance fees, e-business income, and asset management fees with N11.2 million, N15.6 million, N2.7 million, N32.5 million, and N872,856.

Commission on foreign exchange deals contributed N16.4 million, commission on touch points (N3.5 million), income from financial guarantee contracts issued (N7.3 million), account services, maintenance, and ancillary banking charges (N16.2 million) and transfers related charges (N7.7 million).

Zenith Bank Plc

Zenith Bank recorded an 85.6 percent increase in fees and commission income to N109.6 million from N43.9 million.

The sources of Zenith Bank’s fee and commission income include account maintenance fee of N32.8 million, Income from financial guarantee contracts issued (N13.9 million), fees on electronic products issued (N41.2 million), and Foreign withdrawal charges (N30.8 million).

Commission on letters of credit contributed N14.5 million, Commission on agency and collection services (N7.07 million), Asset-based management fees, foreign currency transaction fees and commission (N13.2 million), Auction fees income and Corporate finance fees (N1.6 million).

Stanbic IBTC Holdings

Stanbic IBTC recorded a 47.3 percent increase in fees and commission income to N82.9 million from N51.2 million.

The sources of Stanbic’s fee and commission income include asset management fees of N47.2 million, Brokerage and financial advisory fees issued (N11.7 million), account transaction fees issued (N3.9 million), and card-based commission (N2.4 million).

Foreign currency service fees contributed N9.8 million, documentation and administration fees (N6.9 million), and Custody transaction fees, electronic banking, other fees, and commission revenue (N6.7 million).

FCMB Group

FCMB Group recorded a 23.8 percent increase in fees and commission income to N36.2 million from N28.5 million.

The sources of FCMB’s fee and commission income include account maintenance of N5.8 million, Asset Management Fees issued (N4.05 million), Electronics fees and commissions (N10.9 million), and Service fees and commissions (N12.6 million).

Commission on off-balance sheet transactions contributed N1.4 million, Credit-related fees (N474,761), Letters of credit commission (N814,281), and administration Fees (N141,886).

Sterling Holdings Plc

Sterling recorded a 24.3 percent increase in fees and commission income to N20.3 million from N15.9 million.

The sources of Sterling’s fee and commission income include commission on letters of credit and off-balance sheet transactions of N6.4 million, e-business commission and fees (N4.7 million), facility management fees (N2.4 million), and account maintenance fee (N2.9 million).

Commissions and similar income contributed N1.5 million while Other fees and commissions recorded N2.5 million.

[Businessday]

The embattled leadership of the All Progressives Congress (APC) in Rivers State has rejected the 27 members of the Rivers State House of Assembly, who months ago openly announced their defection to the party.

The 27 lawmakers, led by Rt. Hon. Martins Amaewhule, were elected to the House on the platform of the Peoples Democratic Party (PDP) before openly announcing their defection to APC owing to a cold war between state governor, Siminalayi Fubara, and his erstwhile political godfather, Nyesom Wike.

Chairman of the caretaker committee of the party in the state, Chief Tony Okocha, who disclosed this on Monday, declared that the pro-Wike lawmakers were not members of the APC.

Okocha spoke while addressing journalists in Port Harcourt, the state capital.

He said: “At some point I don’t get it; the House of Assembly members have said over and over again that they are not members of the All Progressives Congress and I confirm to you that they are not.

“What we are doing with them is to woo them to come and join us because we discovered that they were having their own internal crisis in their party.

“I am speaking to you in all authority that they never defected to the All Progressives Congress. There is no record. At least, I am in charge; it would have been joy for me that they came over. They didn’t.”

He stated that with the outcome of the just-concluded governorship election in Edo State, the party was poised towards taking over Rivers and Delta States in 2027, adding that at the fullness of time, APC will control all the six states in the South-South geopolitical zone.

Okocha added: “I will begin by thanking God Almighty who made it possible for all our endeavours in Edo State to come to pass. We are grateful to Mr. President and every other person who made sure that our party won the Edo governorship election.

“We are sure we are going to replicate what happened in Edo I’m Rivers and Delta States in 2027. At the fullness of time, the South-South Zone will have governors from the All Progressives Congress (APC).”

The APC caretaker committee chairman described the scheduled October 5, 2024 local government election in the state as an attempt to disrespect and disregard the Courts and laws of the land, pointing out that the party was in court to stop the election.

Okocha, who is also the Rivers State representative in the board of the Niger Delta Development Commission (NDDC), said the atmosphere in the state does not suggest that the local government election will hold as scheduled.

He said: “The proposed local government election is another attempt to disrespect, disregard the Courts and laws of the land. The matter is before the Court and we are in Court.

“The environment in the state does not show that there will be any local government election in the state in the next one week. The governor should stop deceiving the people of the state.

“He knows that it is impossible for the local government election to hold when the matter surrounding the conduct of the election is before the Court and the Court’s ruling on the matter has not been vacated.”

Oba of Benin, Oba Ewuare II, on Sunday, denied a claim by Comrade Adams Oshiomhole that the monarch advised against the candidature of the incumbent Governor, Godwin Obaseki, in 2016.

According to Tribune, the Oba made the denial when Oshiomhole led All Progressives Congress (APC) stalwarts to the palace after Saturday’s  gubernatorial election victory.

Speaking while kneeling, Oshiomhole had claimed that the Benin monarch advised him against picking Obaseki as his successor in 2016 but he declined.

He said: “Your Royal Majesty, I would like to remain on my knees, first to apologise to Your Majesty for my poor judgement, when, in spite of your clear advice to the contrary, I stubbornly, and wrongly supported a man, who I thought, being a Benin man, will respect the tradition, the custom, the heritage, the brilliance and creativity and the respect for tradition by any logical man that claims a Benin man, when I presented Obaseki to you, against your advice.”

Responding, the Benin monarch said he never advised against Obaseki’s candidature.

“When you brought Obaseki to me, I did not say anything. You know I said I won’t say so much here. I told them. And I will try to restrain myself. Because anything that will bring any issue with my son Akpakomisa (Okpebholo’s appellation), I want to avoid it.

“But I have to correct it when you said ‘against my advice’. I never said anything against Obaseki when you brought him. You will recall, this one (the Oba pointed to the former chairman of the Edo State Board of Internal Revenue, Elemah, a bosom friend of Oshiomhole) is your witness when you brought him to introduce him to me. You talked about Odubu (Oshiomhole’s deputy governor) voted against my father’s choice.”

[DailyTrust]

President Bola Ahmed Tinubu-led federal government has continued to foot-drag in the implementation of zero import tariff waiver on selected food items months after the kickoff announcement, DAILY POST reports.

The food items to enjoy the zero tariff include husked brown rice, grain, sorghum, millet, maize, wheat and beans for 150 days spanning from 15th July to 31 December 2024.

The tariff waiver was first announced by the Minister of Finance, Wale Edun in June 2024 as part of President Tinubu’s administration fiscal policy measures to cut down on the prices of food.

In July 2024, the Comptroller General of NCS, Bashir Adewale Adeniyi reaffirmed the government’s commitment towards the commencement of the tariff waiver.

The policy was expected to kick off on August 14, 2024, when the Customs in a statement announced the rollout of detailed guidelines towards the implementation of the tariff waiver.

“Nigeria Customs Service (NCS) is pleased to announce that His Excellency, the President of the Federal Republic of Nigeria Bola Ahmed Tinubu GCFR through the Honourable Minister of Finance and the Coordinating Minister of the Economy, Olawale Edun has approved the regulation for the implementation of a Zero Percent Duty Rate (0 percent) and Value Added Tax (VAT) exemption on selected basic food items.

“This measure aims to mitigate the high cost of food items in the Nigerian market by making essential commodities more affordable for citizens”, Customs stated.

However, months after the announced tariff waiver, Nigerians have lamented that the policy was yet to see the light of the day.

This is as the objective of reducing the prices of food items remained unachieved while the majority of Nigerians groan at the very rising cost of living.

DAILY POST reports that despite the National Bureau of Statistics inflation data for July and August which showed food inflation eased to 39.53 and 37.52 percent, market realities showed that the prices of food and goods remained high.

A market survey by DAILY POST on Monday showed that a 50-kilogram bag of local or foreign rice is sold between N87,000 and N106,000.

This is as a 50kg bag of beans goes for between N65,000 and N100,000. For the majority of Nigerians, access to staple food has become a nightmare, a situation that would have been reduced with the implementation of the zero-tariff waiver on selected food items.

Speaking on the development in an interview with DAILY POST on Monday, the Executive Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf said the major problem was the slow pace with which the government was implementing the zero tariff policy.

According to him, there was a big lag between the announcement of the policy by the government and the preparation of the guidelines for its implementation.

He stressed that the tariff waiver had not been fully activated as the impact was yet to be felt in the country’s economy.

Yusuf urged the government to work on the speed of implementation of the policy.

“The customs must implement the policy. The customs need to be advised by the ministry of finance, and until that is done, implementation cannot start.

“I think it has to do with the speed of the implementation of the policy. When the Government announces a policy, the ministry ought to work on the guidelines, which are transmitted by the ministry of finance to the customs. I think there is a lag between the announcement of the policy and the production of the guidelines.

“The policy has not been fully activated which is why the impact is not felt. This is because all the processes in terms of guidelines are a bit slow. The government needs to work on the speed of implementation”, he told DAILY POST.

On his part, Olufemi Kayode, a member, Association of Nigeria Licensed Customs Agents, ANLCA, and Special Assistant to Prince Adewusi Bamigbala, the Chairman of ANLCA, Murtala Muhammed International Airport Command Chapter, faulted Customs, noting that there was yet to be a clear-cut and proper guideline for the implementation of the zero tariff policy.

He stated that there was the possibility of internal sabotage and frustration within the Customs that may be undermining the implementation of the tariff for the good of the generality of Nigerians.

“Generally speaking, from the circular available there are no clear-cut directives apart from the fact that some of the tariffs were mentioned.

“There are no proper guidelines for its implementation. The Customs must put it into proper perspective.

“There is the possibility of internal sabotage or frustration in getting the implementation right.

“Customs may be having internal challenges about the proper classification or coding of the tariff waiver into its portal”, he said.

Meanwhile reacting to the development, in an exclusive chat with DAILY POST, NCS spokesperson, Abdullahi Maiwada said it was untrue that the service was sabotaging the implementation of the zero-tariff waiver policy on selected food items.

According to him, the Service had told Nigerians the procedures for accessing the tariff waiver.

He added that the NCS was committed to all policies formulated by the government to ease the economic hardship Nigerians faced.

“Well, we have issued a statement earlier and we told Nigerians procedures of accessing the tariff waiver.

“It is malicious to say Customs is sabotaging the implementation of the policy.

“We are a responsible government agency. We are out to implement all policies formulated by the government.

[DailyPost]

The President and Chief Executive of Dangote Group, Alhaji Aliko Dangote, has expressed regret for not buying Premier League Club, Arsenal FC.

He said it appears that the “time has passed” for him to buy the club stating that he wished he had bought the English side club when the team was valued at around $2 billion.

The billionaire business mogul in 2020 made known his intention to go for the North London club after his refinery project.

However, speaking in an interview with Bloomberg’s Francine Lacqua in New York, Dangote explained that he missed out on buying Arsenal by committing his resources to the refinery project.

He said, “I think that time has passed. The last time when we had this interview, I told you as soon as I finish with the refinery, I am going to try and buy Arsenal.

“But you know everything has gone up and the club too is doing very well, Arsenal is doing extremely well right now. That time Arsenal wasn’t doing well.

“I think I don’t have that kind of excess liquidity to go and buy a club for $4 billion so to speak and use it as a promotional something.

“But what I will do is to continually be the biggest fan of Arsenal. I watch their games anytime they are playing. So, I will remain a major supporter of Arsenal but I don’t think it makes sense today to buy Arsenal.’

When asked if he regretted not buying when Arsenal’s value was lower, he said: “Actually, I regret not buying it before but you know my money was more needed in completing my project (Dangote refinery) than buying Arsenal. I would have bought the club for $2 billion but you know I wouldn’t have been able to finish my project. So, It was either I finish my project or go and buy Arsenal.”

[TheNation]

Africa’s richest man, Aliko Dangote, says January’s visit by the operatives of the Economic and Financial Crimes Commission to the Lagos Head Office of the Dangote Group was intended to embarrass his company.

Speaking in an interview with Bloomberg and monitored on Tuesday, Dangote stated, “They visited the office but didn’t talk to anybody, nor did they arrest anyone. It was just to cause embarrassment (sic).”

The visit by the anti-graft commission to the company was part of a probe into alleged preferential allocations of forex to the Dangote Group and 51 other companies under the Emefiele-led Central Bank of Nigeria.

Dangote meanwhile maintained that despite the challenges, their operations remain “100 per cent clean,” given their significant role in Nigeria’s economy.

He also emphasized his company’s reputation as the highest-paying organization in Nigeria, adding that Dangote Group pays more taxes than the banking sector.

The PUNCH reports that EFCC  had earlier written to the 52 companies directing them to provide documents supporting the allocation and utilisation of foreign exchange sold to them at official rates in the last 10 years.

The anti-graft commission had asked the firms to submit Form A and Form M which detailed the forex allocations to them between 2014 and June 2023.

But while some companies complied with the directive, several others were said to have asked for time to get the proper documents.

However, a Dangote official claimed the firm had honoured the EFCC’s request and wondered why the commission chose to embarrass them.

“We don’t know why they (EFCC officials) came to our office again; we had earlier been invited to the office of the EFCC. As such, the Dangote officials took along all the documents and submitted them. We don’t know why they eventually decided to visit our office again.

“The question we are asking is what did they come to take from our office when we had honoured their invitation? They left with empty hands because all the documents they wanted from us had been taken to them. The same EFCC that came to our office is the one giving information to the media that they are investigating us,’’ the official said.

Before the raid, Dangote Industries had in November 2023 refuted allegations that it was involved in forex malpractices and money laundering involving a staggering $3.4bn allegedly facilitated by Emefiele.

It denied the claims that the money was funnelled to its non-Nigerian subsidiaries, prompting illicit financial flows and round-tripping.

The company referred to past approvals granted by the CBN between 2010 to 2018, allowing it to purchase forex totalling $3.755bn for funding of its projects across Africa, of which only 47.70 per cent was utilised.

[Punch]