A special offences court in Ikeja has convicted Fatuyi Phillips, a former chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), over N43.5 million fraud.

Mojisola Dada, the presiding judge, sentenced Phillips to 21 years in jail.

The Economic and Financial Crimes Commission (EFCC) on April 5, 2022, arraigned Philips alongside his firm, Oceanview Oil and Gas Limited.

The NOGASA chairman had pleaded not guilty to a two-count charge, bordering on obtaining money by false pretence to the tune of N43,502,000.

The EFCC called five witnesses and tendered several documentary evidence, while the defendants called three witnesses.

According to a statement by the EFCC, Dada, while delivering the judgment, held that the prosecution proved its case against the defendants beyond reasonable doubt.

The judge sentenced Phillips to 14 years imprisonment on count one and seven years on count two, without an option of a fine.

The sentences are to be served concurrently.

Also, the judge ordered the second defendant, Oceanview Oil and Gas Limited, to pay a fine of N500,000 in respect of count one and another N250,000 in respect of count two within 30 days or be wound up.

“The court further ordered the convicts to make restitution in the sum of $90,202 or the prevailing naira equivalent to the nominal complainants,” the statement reads.

“Phillips’ journey to the correctional centre began when he collected the sum of N43, 502,000.00 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited with a false promise of selling its dollar equivalent ($98,870.00) to them.

“He neither returned the naira nor dollar equivalent to the petitioners.”

Nigerian economists and financial analysts say the recent drop in price of Premium Motor Spirit (Petrol) upon direct fuel purchase deal between Dangote Refinery and Independent Petroleum Marketers Association of Nigeria may force inflationary pressures down in the coming months.

Former President of the Council of the Chartered Institute of Bankers, Prof. Segun Ajibola, and the CEO of SD & D Capital Management, Mr. Idakolo Gbolade, disclosed this to DAILY POST in separate interviews on Monday.

This comes as Nigeria’s headline and food inflation climbed for the second consecutive month to 33.88 percent and 39.16 percent in October 2024, according to the National Bureau of Statistics’ latest Consumer Price Index.

On a year-on-year and month-on-month basis, the country’s inflation grew by 6.55 percent and 2.64 percent, respectively.

A further analysis showed that urban and rural inflation stood at 36.38 percent and 31.59 percent for the period under review.

The development showed the worsening situation the majority of Nigerians faced in the past months, weakening purchasing power.

The inflationary pressures are not unconnected with surges in the prices of food items, transportation, pharmaceuticals, energy costs, clothing, and others in Nigeria.

CBN’s monetary policies can’t solve inflationary pressures in Nigeria — Ajibola

Reacting, Ajibola said that monetary policies such as interest rate cost by the Central Bank of Nigeria cannot solve Nigeria’s inflationary pressures because they are cost-induced.

He stressed that CBN over the years has been tackling inflation with the wrong medicine.

“Monetary policies cannot solve inflationary problems in Nigeria. The Central Bank of Nigeria has been fighting a battle that it cannot defeat because the country’s inflation pressures are cost-induced.

“It is because of a rise in demand or an increase in money supply.

“The landing cost of imported items is increasing due to the current exchange rate. Locally, there are pressures from all cost edges. So unless this is tackled, the challenges in Nigeria’s inflation will remain,” he stated.

Inflation: Nigeria yet to recover from fuel subsidy removal, Naira floating shocks – CPPE

The Executive Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the continued rise in Nigeria’s inflation showed that the country is yet to recover from the shocks of the fuel subsidy removal policy and the Naira floating policy by President Bola Ahmed Tinubu’s government in June 2023.

“The rise in inflation is an indication that the economy is yet to recover from the shocks of the reforms in exchange rates and fuel prices.

“Hopefully, with some of the measures being implemented by the government or contemplated under the economic stabilisation plan, temporary import duty waivers, and other policies that will be fully implemented, we may see some reduction in the food prices,” he noted.

Nigerians suffering inflationary pressures for over 10 years — Idakolo slams CBN

Idakolo, on his part, said the CBN monetary policies such as the interest rate hike, which stood at 27.75 percent in October 2024, have not impacted the country’s inflationary pressures in the past 10 years.

“The CBN has tried various policies to stem inflation, but several other factors are making inflationary pressures increase.

“The economy has been experiencing inflationary pressures for the past 10 years,” he stated.

Fuel price cut: Experts speak on Dangote, IPMAN deal

Meanwhile, Ajibola and Idakolo agreed that the Dangote Petrol and IPMAN direct petrol sale deal could be the game changer during the festive period and January next year.

The assurance comes as Dangote Refinery and IPMAN signed an agreement on the purchase of 60 million litres of fuel weekly.

DAILY POST reports the price of petrol dropped between N5 and N50, selling around N1060 and N1150 per litre across filling stations in the last few days.

Speaking on the development, the renowned economist, Ajibola, said the recent drop in the price of petrol attributed to the Dangote Refinery and IPMAN deal may also force inflationary pressures down in the coming months.

“Good enough, the prices of petrol are reducing now because of the direct PMS purchase agreement between Dangote Refinery and the Independent Petroleum Marketers Association of Nigeria; this will have a ripple effect on the cost of doing business in the country,” he noted.

However, he said the fluctuations in the country’s foreign exchange as the Naira fell to N1690.37 per dollar at the official FX market have been major impediments for Nigeria because of its dependence on imports.

“Foreign Exchange has been so tough. It is a major cost item that may require time to address.

“Similarly, the cost of energy, fuel, and electricity will have a major impact on inflationary pressures.

“Reliance on local production, reduction of import duties for some consumables, we may have gradual improvements during this year if all that has been said is implemented,” he stated.

Idakolo further told DAILY POST that “the direct petrol sale deal between Dangote refinery and IPMAN is a welcome development because it will discourage importation of petroleum products and eliminate the cost associated with importation.

“The federal government concession to sell crude to local refineries in Naira is another way of sourcing the locally refined crude at a lower cost. These measures will go a long way to ease inflation in the long run if it is consistent”.

[DailyPost]

Former President Olusegun Obasanjo has described Nigeria as a “failed state” due to the policies of both former President Muhammadu Buhari and President Bola Tinubu.

Speaking during a paper presentation at the Chinua Achebe Leadership Forum at Yale University in the United States, Obasanjo criticised the leadership of both men, attributing Nigeria’s state of chaos, insecurity, and underdevelopment to their administrations. In his keynote address, titled “Leadership Failure and State Capture in Nigeria,” which was pre-recorded and played at the event, Obasanjo refrained from naming the leaders directly but referenced them using nicknames given by their critics—“Baba-go-slow” for Buhari and “Emilokan” for Tinubu.

“As we can see and understand, Nigeria’s situation is bad. The more the immorality and corruption of a nation, the more the nation sinks into chaos, insecurity, conflict, discord, division, disunity, depression, youth restiveness, confusion, violence, and underdevelopment. That’s the situation mostly in Nigeria in the reign of Baba-go-slow and Emilokan. The failing state status of Nigeria is confirmed and glaringly indicated and manifested for every honest person to see through the consequences of the level of our pervasive corruption, mediocrity, immorality, misconduct,

Obasanjo also accused Nigerian politicians of compromising the judiciary, contributing to what he called a widespread “state capture.” He criticised the common response to electoral disputes, “go to court,” suggesting it reflects the judiciary’s compromised state. According to Obasanjo, “the judiciary in Nigeria is a very pale version of its once internationally esteemed self.” He went on to say that politicians, after rigging elections, confidently tell their opponents to “go to court” because they know the judiciary has been bought. “A number of judges are in the pockets of wealthy politicians and individuals, making judgments not based on law but to the highest bidder. This, my learned audience, is one of the most effective strategies of state capture — and it must be excised from Nigeria like a surgeon cutting out a malignant cancer,” Obasanjo stated.

The former President also accused political elites of sabotaging Nigeria’s economy for personal gain, pointing to the acquisition of national assets at bargain prices and the allocation of resources—such as minerals, land, and human capital—to local and international actors. He called for robust local and international laws to prevent such practices, emphasizing that the purchase of national assets by political elites and their families must be prohibited.

Without naming individuals, Obasanjo criticised the ongoing control exerted by former governors over their states long after leaving office, singling out one such case of a former governor who continues to hold sway over his state 25 years after his tenure ended. Obasanjo also condemned Nigerian politicians for exploiting the poverty and hunger in the country through “stomach infrastructure” politics, where food items packaged with the image of political candidates are distributed to gain votes. He lamented that destitute citizens are more likely to vote for politicians offering handouts, often funded by looted public money, rather than those offering long-term solutions to the country’s problems.

He pointed out the high rate of out-of-school children, widespread insecurity, and systemic corruption, and urged Nigeria to adopt the virtues that have contributed to the progress of Southeast Asian countries like Japan, South Korea, and Singapore. The event, attended by figures such as Peter Obi, Governor Alex Otti of Abia State, and former Minister Obi Ezekwesili, also featured Obasanjo’s participation in discussions on “Leadership and Democracy in Africa” and “The Future of Leadership in Africa.”

[TheNation]

The Presidency on Monday attacked former President Olusegun Obasanjo over his claim that corruption has reached a fatal stage in the country.

The Presidency also faulted Obasanjo’s call for the sacking of the Independent National Electoral Commission Chairman, Prof. Mahmood Yakubu, over his conduct of the 2023 election which he described as a travesty.

However, the Peoples Democratic Party, Labour Party and the New Nigeria Peoples Party backed the elder statesman on the issue of graft, the imperative of electoral reform and other issues he raised in his keynote address at the Chinua Achebe Leadership Forum, Yale University, New Haven, United States of America, on Sunday.

In his address, ‘Leadership failure and state capture in Nigeria,’ the ex-President canvassed for shorter tenures for INEC officials and a more rigorous vetting process to prevent the appointment of partisan individuals.

He criticised President Bola Tinubu’s performance in office, asserting that corruption continues to rank among the most important problems affecting Nigerians.

The elder statesman said, “More than N700 billion in cash bribes were paid by citizens to public officials in 2023. Most bribes are paid in the street or a public official’s office.

“Private sector bribery is increasing but continues to be less prevalent than in the public sector. Corruption goes with power; therefore, to hold any useful discussion of corruption, we must first locate it where it properly belongs – in the ranks of the powerful.

“Corruption in Nigeria has passed the alarming and entered the fatal stage, and Nigeria will die if we keep pretending that she is only slightly indisposed.’’

He added, “Ranked 150 out of 180 countries in the Transparency International 2022 Corruption Perceptions Index,1 Nigeria’s ranking places it in the bottom 20 per cent of the comity of nations and illustrates how systemic and embedded corruption is in the country. It is, in my opinion, and those of many, the most serious developmental challenge to the nation.”

He insisted that the nation would continue to sink into chaos, insecurity, conflict, discord, division, disunity, depression, youth restiveness, confusion, violence, and underdevelopment as long as it is embedded in corruption.

However, in a pushback on Monday, Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, said the former President had no moral grounds to criticise INEC, having presided over what he called “the most fraudulent election held in Nigeria since 1960.”

In a statement titled, ‘Former President Obasanjo was not an ideal leader to emulate,’ Onanuga said, “It is hypocrisy writ large when a man who presided over the worst election in Nigeria demands the sack of the leadership of the Independent National Electoral Commission.”

He added, “After wasting billions of naira on a failed third-term project in 2007, Chief Obasanjo hurriedly organised a sham electoral process that would go down in history as the most fraudulent election held in Nigeria since 1960.

“The beneficiary of the sham election, Umaru Yar’adua, admitted that the election was seriously flawed and, as Justice Muhammed Uwais’ panel recommended, worked towards electoral reforms.”

The Presidency argued that the former leader’s habit of casting aspersions on every subsequent administration overshadowed the expectations from an elder statesman to join a constructive dialogue on attaining national progress.

“In his latest critique of the administration of President Muhammadu Buhari, whom he pejoratively called ‘Baba Go Slow’ and President Bola Tinubu, who he tagged ‘Emilokan’, Chief Obasanjo used the platform provided by Chinua Achebe Leadership Forum at Yale University to unfurl his latest treatise on leadership and public morality. He also used the forum to write off Nigeria as a failing country.’’

“The irony of Chief Obasanjo using the platform that celebrates Achebe to sermonise on the ideals of good governance, statecraft, economic management, and corruption should be apparent to discerning minds.

“When he was alive, Chinua Achebe was a universally acclaimed moral, cultural and literary icon with scant regard for Obasanjo,” the statement added.

The Presidency cited Achebe’s rejection of the third highest national honour bestowed on him by the Obasanjo-led administration in 2004 on the grounds of the prevalence of abuse of power, corruption, poor leadership, and, in particular, “state-sponsored brigandage endorsed by Chief Obasanjo in Achebe’s home state of Anambra.”

“In rejecting the 2004 national honour by the Obasanjo administration, Achebe declared: ‘Nigeria’s condition today under your watch is…too dangerous for silence. I must register my disappointment and protest by declining to accept the high honour awarded me in the 2004 honours list,’” the statement read.

The Presidency also cited the unconstitutional impeachment of four Peoples Democratic Party governors – Joshua Dariye of Plateau, Rasheed Ladoja of Oyo, Ayodele Fayose of Ekiti and Diepreye Alamieyeseigha of Bayelsa.

It argued, “A man under whose watch all of these egregious infractions occurred should certainly not be the one to give any lecture on leadership and corruption.

“He should not be taken seriously as he reeks of profound hypocrisy of the worst form.”

Onanuga also suggested that Obasanjo’s self-acclaimed reputation as an economic reformer did not align with his record in office.

 The statement pointed out that many challenges Obasanjo highlighted in his Yale address remain unresolved legacies of his administration.

It noted Obasanjo’s admission that his administration failed to prioritise gas development, a sector now receiving attention under the Tinubu administration.

It also acknowledged that Obasanjo’s tenure benefited from rising crude oil prices, which peaked during that period.

Still, it argued that poor economic decisions, including the hasty repayment of $15bn in Paris Club debt while neglecting critical infrastructure, laid the foundation for subsequent economic challenges.

Furthermore, Onanuga faulted Obasanjo for failing to address Nigeria’s infrastructural decay, including federal roads such as the Lagos-Ibadan Expressway and the Lagos-Abeokuta Road.

The presidential aide also accused him of undermining public universities by capitalising on their deficiencies to establish private institutions.

The Presidency contrasted this with the security sector, where it credited the Buhari administration with modernising the Armed Forces through substantial investments in equipment and strategy, a trend it claims President Tinubu has sustained.

It also linked the rise of militancy and kidnapping to Obasanjo’s administration, asserting that his tenure allowed such security issues to take root and expand.

On matters of integrity, honesty, and morality in public leadership, it said Obasanjo is “certainly not a paragon of virtue for anyone to model after.”

“Nigerians can still remember the messy public spat between Chief Obasanjo and his then-vice president, Atiku Abubakar, over PTDF money that led to a Senate Public Hearing in 2004.

“The sordid details of the public hearing included unsettling evidence of how Obasanjo instructed his Vice President to buy Sport Utility Vehicles for his mistresses with PTDF funds.

“There was also the Halliburton bribe scandal, which the US Congress probe revealed. Bribe payments were made to the highest political authorities at the Villa while Obasanjo was in charge,” the statement read.

It said Nigerians would also remember how the Obasanjo administration invested $16bn in electricity, which left the country in utter darkness.

The Presidency added, “The colossal amount spent on power was so embarrassing that President Umaru Yar’Adua, Obasanjo’s successor, ordered a probe. Similarly, Obasanjo’s privatisation programme was scandalous. It did not deliver real value for the country.

“His administration cheaply sold national assets to cronies who stripped the assets of the state-owned enterprises. A case in point was the aluminium smelter company ALSCON in Ikot-Abasi, Akwa-Ibom State, built by the military government at the princely sum of $ 3.2bn. It was sold for 130 million dollars.

“Obasanjo also sank money into Turn Around Maintenance of our refineries, which never worked, leading to the massive importation of refined petroleum products.”

Onanuga referenced accusations of gross abuse of office during Obasanjo’s tenure, pointing to a petition filed by former Abia State Governor Orji Uzor Kalu, a member of Obasanjo’s political party, to the Economic and Financial Crimes Commission.

He added, “If Chief Obasanjo had addressed the many problems he critiqued in his poorly written Yale lecture when he ruled Nigeria for eight years, President Buhari and President Tinubu would have had a much lighter burden of fixing the country.

“While the Tinubu administration diligently works to overcome the country’s economic challenges, it would be better and more advisable for former President Obasanjo to temper his self-righteousness in his public discussions regarding our nation’s temporary difficulties.

“Instead, his remaining years would be better spent reflecting on the missed opportunities during his own time in leadership, both as military head of state and civilian president.”

Speaking in the same vein, the National Publicity Director of the All Progressives Congress, Bala Ibrahim, said he found it ridiculous that the former President could recommend some measures he didn’t deploy during his eight-year tenure.

As much as the former President is entitled to his opinion, Ibrahim said he could raise the issues he highlighted before the National Council of State where he is a member.

 “Such suggestion can best be tabled before the National Council of State of which he is a member. It would be subjected to scrutiny and a decision would be taken in the best interest of the country.

“In his own time, he was a leader and his election was declared by INEC. Obasanjo was not known to be erratic in changing the leadership of INEC during his time. So, it would be unfair for him to suggest such changes, more so when he is gradually turning himself into an opposition.

“If it’s an issue that is of national concern, Obasanjo may have his reason. But issues like that can best be handled at the National Council of State, where he is a member,” the ruling party spokesman noted.

Corroborating the former leader, the opposition parties demanded the dismissal of the INEC boss and an overhaul of the electoral system.

The PDP said beyond the call for his sacking, people like Yakubu and other INEC officials ought to apologise to Nigerians for dashing their hopes at the polls.

In an interview with The PUNCH on Monday, the PDP Deputy National Youth Leader, Timothy Osadolor, asked the anti-corruption agencies to investigate the commission’s staff for alleged mismanagement of resources.

According to hìm, Obasanjo’s comments are a reflection of the demands of Nigerians.

He stated, “In a more honourable society, the INEC chairman would have humbly resigned on his own and apologised to Nigerians, whose trust, hopes, and expectations he dashed through his negligence and inexperience. When he was appointed, Nigerians had high expectations and truly believed he was a breath of fresh air.

“But now, after witnessing his administration’s handling of the affair within INEC, Nigerians are not only disappointed, but they also feel as though they’ve stepped back into the dark ages, where elections were sold to the highest bidder and were neither credible, free, nor fair.

“So, President Obasanjo is not saying anything new. He is simply reflecting the sentiments of Nigerians—well-meaning Nigerians—who understand that what INEC is doing now is a threat to our democracy and a recipe for anarchy if not addressed. I would advise the INEC Chairman to take this admonition seriously if he has any honour left in him.”

The National Publicity Secretary of the New Nigeria People’s Party, Ladipo Johnson, argued that Obasanjo’s comments had some merits.

“He is thorough and must have his reasons for saying what he said. In any event, it behoves Nigerians to look at the performance of INEC since 2015. Are we on an upward trajectory or are we on a downward trajectory?

“The answer is there for everybody. Except we want to continue to fool ourselves. But when an elder statesman makes a call like that, everyone has to revisit the issue and chart a way forward,” Johnson stated.

His counterpart in the Labour Party, Obiora Ifoh, equally said Obasanjo was expressing the minds of the masses, who he said had long given up on INEC.

Ifoh added that ‘’despite being given N1 billion taxpayers money’’ ahead of the 2023 poll to invest in election technology through iREV (INEC Result Viewing portal) and BVAS ( Bimodal Voter Accreditation System),  Nigerians found it appalling that the facilities were not effectively deployed for the elections.

 He said, “It is a crime against the Nigerian masses. Obasanjo is someone who speaks truth to power. He is also known not to mince his words. He lives among the poor in his Ota farm settlement. So, he understands what people are going through.

 “Those men at the leadership of INEC are still in office because this is Nigeria. In a developed democracy, they would have resigned a long time ago. But look at them just sitting in their offices comfortably.

 “To make things worse, the judiciary is supporting them. Even in this last election in Ondo State, the President was telling those who were not content with the result to go to court. They are now making our courts look pedestrian because they know if you go to court, they will buy out the judgment.”

 “So, the former President has said it all. I don’t think INEC has done well at all. They have done a disservice to this nation. The ridiculous economy we are having today is as a result of their action,” he stated.

[Punch]