Segun Agbaje led GTCO’s Controversial N1 Trillion Profit: A Facade of Financial Triumph?
In a country facing soaring inflation and struggling startups, Guaranty Trust Holding, GTCO’s recent claim of a staggering N1 trillion profit raises eyebrows rather than celebrations. This figure, announced by CEO Segun Agbaje, appears less a beacon of success and more a troubling indicator of systemic issues within Nigeria’s banking sector.
Critics argue that GTCO’s reported profits stem from questionable practices rather than genuine financial growth. Many see Agbaje’s announcement as emblematic of a banking culture that prioritizes profit over customer welfare. Instead of nurturing innovation, GTCO’s approach has allegedly involved significant overcharging, dubious fees, and predatory lending practices that have eroded trust among its clients.
The disbelief among Nigerians is palpable. In an economy where businesses are cutting back and inflation is rampant, GTCO’s reported profits seem implausible. Industry experts and auditors have raised alarms, questioning the legitimacy of such gains. The prevailing sentiment is that these profits are not the result of sound banking practices but rather of exploiting customers.
Accusations against GTCO are mounting, with corporate clients like Innoson and Stallion Group calling for forensic audits. These businesses are beginning to suspect that their long-standing loyalty has been met with exploitation, as they uncover discrepancies in their accounts. A notable case is billionaire Femi Otedola, whose audit has prompted others to scrutinize their dealings with GTCO, revealing patterns of overcharging and illicit deductions.
Instead of contributing positively to Nigeria’s economic landscape, GTCO under Agbaje has been accused of engaging in practices that harm the very clients it serves. The bank’s focus appears to be on profit maximization at any cost, raising concerns about its impact on businesses and individuals alike.
As pressure builds, stakeholders are urging the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, to investigate GTCO’s practices and ensure that the full 35% tax on the reported profits is enforced. However, the call for accountability extends beyond tax collection; there is a growing demand for broader reforms within Nigeria’s banking sector to promote transparency and ethical practices.
As scrutiny of GTCO intensifies, Agbaje’s claims of financial success are increasingly viewed as a fragile façade, raising questions about the integrity of the banking system as a whole.
Adron Homes Felicitates with Muslim Faithful on the Occasion of Eid Maulud Nabiyy
Adron Homes and Properties Limited extends its warmest greetings and heartfelt felicitations to all our esteemed Muslim customers as they celebrate the auspicious occasion of Eid Maulud Nabiyy, the commemoration of the birth of the Holy Prophet Muhammad (Peace Be Upon Him).
Eid Maulud Nabiyy is a time of reflection, gratitude, and renewed faith. As we join in celebrating this sacred day, we recognize the profound teachings of the Prophet Muhammad (PBUH), who embodied compassion, integrity, and dedication to the betterment of humanity. At Adron Homes, these values resonate deeply with our mission of providing affordable housing solutions and fostering a harmonious community where all individuals can thrive.
We are especially grateful to our Muslim clients and partners for their trust and unwavering support in our vision of making the dream of homeownership a reality for every Nigerian family. Your commitment has been pivotal in helping us shape communities where diversity, respect, and unity are at the forefront.
As we celebrate this blessed day, we remain dedicated to ensuring that our services continue to meet your housing needs while maintaining the highest standards of integrity, transparency, and innovation. Our goal is to contribute to the peace and prosperity that this special celebration represents.
May this Eid Maulud Nabiyy bring you and your loved ones joy, blessings, and renewed hope for a brighter future. We wish you peace, health, and happiness as you reflect on the timeless wisdom of the Holy Prophet.
Once again, Adron Homes celebrates with the entire Muslim Ummah and looks forward to continuing our journey together in building homes, strengthening communities, and fostering unity.
South East Development Commission: Rt Hon Ben Kalu’s Masterstroke By Ogo Okereke
Fifty five years after the civil war, the lingering effects of the war is still visible among the Igbo. Ndigbo being the worst hit of the civil war, still bear scars from the war,with ongoing displacement, poverty, trauma, environmental degradation, security concerns, infrastructural deficit and marginalization.
At one time or the other, past Nigerian presidents made varying efforts to address the negative effects of the civil war on the Igbo people, but they all left limited impact.
The most striking was the 3R sophistry by General Yakubu Gown in January 1970. Gowon had assured the world that there would be Reconciliation, Rehabilitation and Reconstruction (3R), of the Igbo land,as a result of the war ravages, but 54 years after, the South East has witnessed the direct opposite of the 3Rs, even in exponential proportion.
In a similar move, General Olusegun Obasanjo, established the South East Development Initiative(SEDI), to address regional development challenges, but the challenges still persisted.
Alhaji Shehu Shagari made a corresponding effort in his launching of the Presidential Task Force on Rehabilitation and Reconstruction, for the sole purpose of addressing the civil war’s effects, but the impact was small scaled,due to his short tenure in office.
Other efforts by Gen Ibrahim Babangida,spanned across the introduction of the National Commission for Refugees,Displaced Persons and Rehabilitation to confront the plight of war-affected communities.
Gen Sabi Abacha, came up with the National Council on Rehabilitation and Reconstruction, while President Good luck Ebele Jonathan, launched the Presidential Committee on Dialogue and Peace in the Niger Delta, which included initiatives for the South East. He also established the Alvan Ikoku Federal College of Education, to promote education in the region.
President Muhammadu Buhari in his own dimension to tackle the region’s infrastructure deficit, began the construction of the second Niger bridge, the Enugu-Portharcourt Expressway and also, formed the Presidential Committee on South East Initiative (PCSEI), to handle the regional development challenges.
While these attempts were aimed to grapple with the negative effects of the civil war, they have been criticized for being inadequate,slow paced or politicized. The South East region still demands sustained attention and investment to fully handle the effects of the civil war. These were the pitfalls of past efforts to reposition the region.
None of the struggle by past national leaders could actualize the setting up of a South East Development Commission(SEDC), that will solely tackle head on the numerous challenges facing Ndigbo from education,healthcare, marginalization, security, infrastructure, and others.
Several Igbo leaders had equally attempted to bring the South East Development Commission Bill to Law, but Rt Hon Benjamin Kalu’s efforts remained phenomenon.
Let me quickly give an overview of the actions of some of our Igbo representatives in actualizing this course,so you could appreciate better, the leadership excellence of the current Deputy Speaker of the House of Representatives.
Senator Ike Ekweremadu in 2015, sponsored a Bill similar to the SEDC, but it didn’t pass the second reading. Senator Enyinnaya Abaribe in 2017, introduced a Bill,but it stalled,due to lack of support. Governor Dave Umahi in 2018, advocated for a South East Development Commission,but his efforts were met with limited success. In 2019, the Ohanaeze Ndigbo, the highest socio-cultural organization in Igbo land, went a step higher in pushing for the actualization of SEDC, but it did not gain traction.
Rt Hon Benjamin Kalu in 2020, rewrote history, by successfully sponsoring the SEDC Bill which passed the second reading and eventually passed into Law in 2024. This can only be likened to GRACE.
Interestingly, the passage of the South East Development Commission Bill to Law, marks a significant milestone in the quest for a regional development and growth. The ground breaking legislation sponsored by the indefatigable number 6 citizen of the country,is a testament to his unwavering commitment to the welfare ane progress of the region. The combination of President Bola Ahmed Tinubu and the Deputy Speaker,Rt Hon Benjamin Kalu, broke the over 54 years jinx with the SEDC Law.
President Tinubu has shown a major departure from the Buhari’s regime, by signing the SEDC Bill into Law. This further shows his intention about the development of the South East region and his believe in building the nation in the fulcrum of fairness, equity and unity, hence his commitment to ensuring equitable development, inclusive governance,and the provision of qualitative services to all Nigerians, no matter where they reside,while knitting more tightly together the national fabric.
Like the North East Development Commission (NEDC), which brought tremendous transformation in the North East, especially on the area of humanitarian support (where Internally Displaced Persons and victims of insurgency were aided), education/healthcare support(schools and healthcare facilities are being built and upgraded), economic empowerment; through skills training, entrepreneurship support and job creations and initiatives. Environmental remediation of areas in the region suffering ecological issue, pollution,among other interventions, the South East Development Commission will facilitate the development of critical infrastructure such as roads,bridges and public buildings in the South East region. The commission can implement policies and programs to boost economic growth, create jobs, and provide access to credit facilities for entrepreneurs and small businesses. Under education and healthcare, the SEDC can invest in education and healthcare infrastructure, improving access to quality education abd medical care.
SEDC will address environmental degradation by cleaning up pollution,rehabilitating damaged ecosystems, and promoting sustainable practices.The commission will ensure Ndigbo have a stronger voice in national politics and decision-making processes.
It can promote and preserve Igbo language and culture, collaborating with security agencies to address insecurity challenges in the region, manage special intervention funds to address specific regional challenges.
The South East Development Commission can foster economic integration and cooperation among southeastern states, addressing historical injustices and lingering issues from the civil war, such as, rehabilitation of war-affected areas and compensation for victims.
While past efforts to reintegrate the Igbo people met minimal result, the SEDC which covers the five eastern states of Abia, Anambra, Ebonyi, Enugu and Imo, would go a long way to assuage the feelings of the Igbo with respect to the reconstruction and rehabilitation of roads, houses and other infrastructural damages suffered by the region, as well as,tackle ecological problems and other related environmental or development challenges in the region.
However, by addressing these issues, the SEDC would help to bridge the developmental gap, promote economic growth, and improve the overall well-being of Ndigbo.
The key point of discussion is that the South East Development Commission, stands out from previous initiatives, as it incorporates vital elements that guarantee its long-term viability and success,such as:
*Legislative Backing:The commission is legislatively backed, giving it a strong legal foundation and authority to operate.
*Structured approach: SEDC has a clear structure, mandate, and funding mechanism, ensuring a systematic approach to development.
*Regional focus:The commission is specifically focused on the South East region, addressing its unique challenges and needs.
*Inclusive representation: It has a board comprising representatives from each South East state, ensuring diverse perspectives and regional buy-in.
*Comprehensive scope: The commission’s mandate covers various aspects, including infrastructure, education, healthcare, and economic development.
*Sustained commitment:SEDC is designed to be a long-term initiative, ensuring consistent effort and progress.
*Community engagement:It encourages community participation and ownership, fostering grassroots support and inclusivity.
*Accountability mechanisms:It has built-in accountability mechanisms, ensuring transparency and effective use of resources.
Though past efforts, while well-intentioned, often lacked one or more of these elements, limiting their impact and sustainability. The SEDC law addresses these gaps, providing a robust framework for meaningful reintegration and development.
At this juncture, it won’t be out of place if I say that Rt Hon Benjamin Kalu is not playing politics of rice and wrappers, but diving into the mainstream of governance, which goes beyond just touching the lives of an individual or group of people. Myopic critics would seek for mere empowerment for a set of people, but a strategic thinker, seeks for lasting avenues that could create endless opportunities for the entire region. He has created a platform for coordinated development, empowering the region to unlock its vast potential. “What no past Igbo leader could ever achieve, Ben Kalu broke the jinx”.
He made a historic achievement that can positively impact the lives of millions, leaving a lasting legacy. He prioritized the region’s interest over his personal gain and has established a precedent for future leaders to follow, encouraging them to prioritize regional development.
BOK as he is fondly called by friends, has demonstrated foresight and understanding of the needs of his region with an unwavering commitment,which showed dedication and perseverance in pushing for the Bill’s passage,despite potential obstacles.
This goes ahead to remind me of the words of Zig Ziglar that says,”With hardwork and determination,you can achieve anything you set your mind to”.
His suave, assertive, sagacious, outspoken and visionary dispositions were highpoints in achieving the South East Development Commission and they remained a very inspiring and veritable source of hope for Ndigbo. “Indeed, Rt Hon Benjamin Kalu,is a beacon of hope and a pillar of transformation for the South East region”.
The South East Development Commission, a long-awaited initiative decades in the making, was finally brought to fruition by Rt Hon Benjamin Kalu and his team.
North West Agenda for Peace (NOWAP) Lauds President Tinubu for Presence of Minister of State for Defence,CDS to Flush Out Banditry
The North West Agenda for Peace (NOWAP) commends President Bola Tinubu for his proactive measures in addressing the escalating security challenges in the region. The presence of the Minister of State for Defence, Bello Matawalle, and the Chief of Defence Staff, Christopher Musa, in the region attests to the President’s commitment to ridding terrorism and banditry.
We applaud President Tinubu’s directive for the Minister and security chiefs to relocate to the North West, demonstrating his concern for the security situation in the region. This move is a clear indication of the President’s willingness to take bold steps to address the challenges. It is reassuring to note that Mr. President has not forgotten the people of the North West in this time of crisis.
The North-west region has been plagued by terrorism and banditry, with four of the region’s seven states among the top five states with the highest number of kidnap incidents between July 2023 and June 2024. Therefore, the presence of the Defence Minister and security chiefs is a welcome development in the fight against these criminal elements.
We are encouraged by the Minister’s assurance to the troops of the President’s support in crushing bandits across the country. The President’s commitment to providing all necessary resources to the troops is a clear indication of his dedication to ending the security challenges in the region.
We beseech Mr. President to do his best to fish out the sponsors of banditry and other forms of insecurity within the region. This will help to address the root causes of the problem and bring lasting peace to the region.
The presence of the Defence Minister and security chiefs will significantly improve security in the region. Firstly, it will boost the morale of the troops, who will feel supported and motivated to intensify their efforts against the bandits. Secondly, it will enable the security agencies to develop a more effective strategy to tackle the security challenges, with the Minister and security chiefs providing guidance and oversight. Finally, it will demonstrate to the bandits and terrorists that the government is committed to ending their reign of terror, and that they will be brought to justice.
Furthermore, the strategy will also involve the local communities, who will be encouraged to provide intelligence and support to the security agencies. This will help to build trust and confidence between the security agencies and the local communities, and will enable the security agencies to respond more effectively to security threats.
Additionally, the presence of the Defence Minister and security chiefs will also facilitate the deployment of additional resources and equipment to the region, which will enhance the capacity of the security agencies to tackle the security challenges.
We acknowledge the presence of the Armed Forces in the region all these years, but the recent visit has boosted the morale of the troops. The people of the region now feel safer with the troops combing everywhere to get results done.
We applaud the Minister of State for Defence, Bello Matawalle, for his leadership and commitment to ending the security challenges in the North-west. He has proven his dedication to finding solutions to the region’s security problems.
We hail the troops for their bravery and sacrifices in the fight against banditry and terrorism. Their efforts have not gone unnoticed, and we commend them for their unwavering commitment to protecting the lives and properties of Nigerians.
We urge them to remain focused and undeterred in their efforts to flush out the bandits and terrorists. The recent failed mission should not be a setback, but rather an opportunity to regroup and intensify efforts to bring peace to the region.
We call on all stakeholders, including the local communities, traditional leaders, and civil society organizations, to support and cooperate with the security agencies in their efforts to bring peace and stability to the North-west. This is a collective responsibility, and we must all work together to achieve this goal.
We urge the federal government to provide all necessary support and resources to the security agencies, to enable them to effectively tackle the security challenges in the region. This includes providing additional funding, equipment, and personnel, as well as ensuring that the security agencies have the necessary legal and policy framework to operate effectively.
Signed,
Comrade Abba Gana Abba
President
Usman Abubakar
Secretary General
The reordering is sequel to a letter dated August 9, 2024 and sent to the House by the State Governor, Mr. Babajide Sanwo-Olu.
The House at plenary on Thursday gave the approval after the Chairman of the Committee on Economic Planning and Budget, Hon. Lukman Olumoh, presented the report and recommendations of the Committee which were adopted as the resolution of the House.
Though the total budget size remains the same, the recurrent expenditure was reduced from N952,430,566,998 in the original budget to N935,377,028,422 while the capital expenditure was increased from N1,315,545,553,871 to N1,332,599,092,448 following the reordering.
“That a bill for a law to authorise the issuance and appropriation of N935,377,028,422 from the Consolidated Revenue Fund for Recurrent Expenditure and N1,332,599,092,448 from the Development Fund for Capital Expenditure thereby totalling a revised budget size of N2,267,976,120,869 for the year ending 31st December, 2024 be passed into law,” the Speaker, Rt. Hon. Mudashiru Obasa, announced to his colleagues who unanimously voted in favour.
The Speaker, thereafter, directed the Clerk of the House, Barr. Olalekan Onafeko, to forward a clean copy of the bill to the Governor for his assent.
Prior to the passage of the reordered budget, Hon. Olumoh reminded the House that in the letter sent by the Governor, the latter explained that the rationale for the request to redistribute the budget included the need to boost the appropriation to some Ministries, Agencies and Parastatals.
The letter requesting the reordering had also emphasised the need to meet the State Government’s commitments to the residents through the budget.
Lagos Assembly Pledges Collaboration With Nigerian Army On Security
The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has pledged the support of the House for the Nigerian Army with the goal of sustaining the peace experienced in the State.
Dr. Obasa gave the assurance on Thursday when he received Brigadier General Olawale Matthew Oyekola, 48th Commander of the 9 Brigade of the Nigerian Army, who visited the House of Assembly with his team.
According to the Speaker, the State’s legislature with 40 lawmakers is committed to ensuring peace and stability in all the local government areas of Lagos and welcomes every support from the right quarters in this regard.
“I want to assure you of our total support. Our arms are wide open. When you need us, all you have to do is just call on us. We are at the House of Assembly to protect the people’s interests, their rights and ensure they do what they are supposed to do.
“We love peace in Lagos, which you can call a mini-Nigeria. And with your coming, we hope to sustain the peace we have in the State.
“Our interest is to prosper Lagos economically, socio-politically and in infrastructure,” the Speaker said while commending Governor Babajide Sanwo-Olu for his policies that have kept the State growing.
Obasa used the opportunity to hail men of the military who, he described as gallant, for their dedication and loyalty to Nigeria. He specially commended the military men tackling insecurities in some parts of the country, particularly in the Northeast.
Speaking earlier, Brigadier General Oyekola said he was in the House to associate with the representatives of the people of Lagos who he and his men are mandated to protect.
Noting that he was returning to Lagos 20 years after he left the State, he said Lagos is peaceful and that this status needed to be sustained.
He solicited the support of Lagosians for the Army, which he called the third layer of protection with the Nigeria Police Force as the first layer.
“Wearing this uniform does not make us different from the people. We are first civilians before becoming men in uniforms,” he said.
General Oyekola resumed at the Brigade’s Headquarters in Ikeja, Lagos on August 21, 2024 after previously serving as Chief of Staff at the Headquarters of the Joint Task Force (North East) Operation HADIN KAI.
Opay Faces Mass Migration as Customers Incurs heavy loss as System Failed again
Popular financial technology company, Opay has once again rendered its over 40 Million customer base most of who are offering e-hailing services and other online deliveries stranded due to an unexplained application glitch, barely a month after customers complained of their funds disappearing into thin air.
Several customers were embarrassed and made to incur loss on Monday when transactions made to them were reversed hours after it was initially declared as successful while others were left frustrated after their attempt to perform transactions failed repeatedly without any form of solution and explanation from the fintech company which prides itself as a company that gives freedom to make quick and easy payments.
Unfortunately, the company’s reputation to provide quick and easy payments proved otherwise following the inability of customers to make and receive payments. Some had to rely on rival fintech apps like Moniepoint and Palmpay to execute their transactions.
According to Isaiah an Uber driver, “more than sixty per cent of the transfers I received as payment were reversed on Monday, making sure that most of the work of that day is in futility especially during this fuel scarcity and I don’t know how many customers I can call back now”
In another incident a customer explained ‘’I went to bokku mart to purchase some goods and because I don’t have an ATM, I use my Opay always because it’s always been easy but I was embarrassed yesterday when the payment failed. I didn’t even see my transaction history but my account was debited. It was like disappearance of money’’, said a frustrated customer.
Another customer explained that his transactions were on pending for several hours when he tried to make payments after purchasing food items for his baby.
‘’My baby’s food finished and I thought of buying some at the supermarket on my way from work. I got there, picked what I wanted and proceeded to make payment but my transactions were pending. I initially thought it was network so I changed the line I was using for data. It was the same thing, I had to leave there to my house to get my ATM so that my baby will not starve.’’
It would be recalled that one month ago, customers experienced similar situation with Opay.
ead some tweets below
@OPay_NG
please explain why I say those money add up to my account and suddenly disappeared
”I made a transfer to an account, the money was debited twice but not credited to the account and I can’t even find the transaction in my Opay history. What’s going on!?”
”I don taya for Opay o I made a transaction and there was network error before I knew it my money was debited without any receipt to show for it. I’m getting tired of all this wey person dey try survive. Be like I go soon switch wallet to Palmpay”
”This is absolutely unacceptable! I transferred 10,000 to my Opay account, and to my greatest surprise, the amount has vanished without a trace. There is no receipt or transaction history available for this transfer.I demand a proper and immediate explanation for this.”
However, there has been no statement from the fintech company to explain the reason for this application glitch.
The lack of information is forcing many of the fintech company customers to have a rethink of their association as there are others offering similar services.
Domestic Violence: Lagos Assembly Urges Enlightenment Units In Schools
The Lagos State House of Assembly has emphasised the need for a proactive approach in addressing domestic and sexual violence in the state.
At a sitting presided over by the Speaker, Rt. Hon. Mudashiru Obasa, the House stressed the importance of establishing guidance and counseling units in schools and religious institutions as a way to reach out to the public and prevent such violence.
The House also called on the Ministry of Information to continue its enlightenment campaigns.
In his position, Dr. Obasa pointed out the complexities involved in cases of domestic violence, particularly the impact on children.
“We thank the agencies in Lagos for their continuous efforts in raising awareness among residents.
“However, no law can entirely eliminate any crime. We must go beyond sensitisation and help people understand why relationships, which should be loving, sometimes turn sour,” Obasa said.
He questioned the effectiveness of interventions that involve removing children from their homes, asking, “If we take children away from their parents, who will care for them as their parents would? Even when NGOs intervene and ensure separation, what happens after the separation?”
The Speaker also expressed concerns about the lifestyle choices of some young people, particularly boys in their teens doing everything they can to own homes in affluent areas like Lekki, and young girls who spend days out of school in a bid to make money.
He advocated for educational programmes that would go beyond mere enlightenments to actively teach children about domestic violence.
Moving a motion under ‘Matter of Urgent Public Importance’, Hon. Omolara Olumegbon, representing Lagos Island 1, highlighted the necessity of educating children about domestic violence.
She urged that the existing laws be given the needed spark while there should be improvement in sensation and enlightenment.
She further emphasised the urgency of sustaining awareness and educating the youth. She called on the relevant ministries to intensify their efforts.
Contributing to the debate, Hon. Gbolahan Yishawu (Eti-Osa 2) expressed concern over the high incidence of domestic violence in the society.
While distinguishing domestic violence from parental discipline, he stressed the importance of prevention and the enforcement of existing laws.
On his part, Hon. Abiodun Tobun underscored the importance of teaching values and norms in schools and religious institutions.
Contributing to the debate, Hon. Rotimi Ajomale urged the concerned agencies to increase their efforts in encouraging victims to speak out.
Hon. Aro Moshood highlighted the alarming statistics of women being the primary victims of domestic violence. He called for stronger laws to address the issue while his colleague, Hon. Funke Osafile, advocated for the strengthening of laws and policies.
Access Holdings Strengthens Commitment to Child Education, Donates Buses to Bethesda Child Support Agency
In demonstration of its commitment to social impact, Access Holdings Plc has taken another significant step towards empowering vulnerable children through education. As part of its longstanding partnership with Bethesda Child Support Agency, the Human Resources and Executive Office team of Access Holdings PLC, as part of its Corporate Social Responsibility (CSR) program, acquired and formally handed over two coaster buses to the organisation during a ceremony held recently at Access Towers in Victoria Island, Lagos.
This donation marks an important moment in Access Holdings’ mission to provide quality education to 1,000 underprivileged children across Nigeria—a mission that has been at the heart of its corporate social responsibility (CSR) efforts for over a decade. The newly donated buses are set to play a crucial role in Bethesda’s operations, enabling the safe and efficient transportation of children to and from school, thus removing one of the significant barriers to education for these young minds.
The team of about 20 employees has in the last couple of years channelled resources generated mainly from personal funds under its CSR program to support Bethesda’s comprehensive services, which include education, healthcare, and essential support for underserved children. This partnership exemplifies how individuals, groups and corporate initiatives can extend beyond philanthropy, directly impacting lives and fostering community development.
Speaking at the handover event, Victor Willie, Head of Government & Stakeholder Relations at Access Holdings PLC, emphasised the transformative potential of this partnership: “This collaboration with Bethesda is more than just a philanthropic gesture; it’s about creating tangible opportunities and breaking the cycle of poverty for vulnerable children. The buses we’ve donated will help Bethesda reach more children, ensuring they have access to the education that is fundamental to their growth and the future of our nation.”
With millions of Nigerian children still out of school, Access Holdings’ initiatives address a critical need by eliminating obstacles to education. For many of these children, gaining access to education is not merely about learning; it represents a lifeline that can protect them from exploitation and abuse while offering a pathway out of poverty. By addressing transportation challenges, Access Holdings is actively contributing to the creation of a brighter, more equitable future for these children and their communities.
Pastor (Mrs.) Nkoyo Rapu, founder of Bethesda Child Support Agency, expressed deep gratitude during the event, noting the profound impact of Access Holdings’ continued support:
“Access Holdings has been a dedicated partner in our mission for over ten years. This latest donation of buses will change the lives of countless children who otherwise would have had no access to education. Their support underscores the power of collective responsibility and demonstrates what can be achieved when organisations truly commit to community upliftment. Together, we are unlocking doors of opportunity for those who need it most.”
Access Holdings remains steadfast in its dedication to driving initiatives focused on education, human capital development, and community empowerment. Through enduring partnerships and impactful programs, the organisation continues to work towards building a more just and inclusive society, where every child has the opportunity to realise their full potential.
This partnership with Bethesda Child Support Agency highlights Access Holdings’ belief in the fundamental importance of education as a cornerstone for capacity building, nation-building, and sustainable community development.
In a flagrant and audacious exhibition of corporate greed and regulatory failure, Matrix Energy Limited, a prominent player in Nigeria’s petroleum industry, led by CEO Abdulkadir Adisa Aliu, has become embroiled in a scandal of monumental proportions involving the importation of subpar fuel products. This disturbing revelation, compounded by the company’s alleged complicity in illicit activities, raises grave concerns regarding the integrity of the Nigerian fuel supply chain and the potential perils to public health and safety.
Through the deliberate importation of blended low-grade petroleum products, which are subsequently sold as high-quality fuel, Matrix Energy is not only jeopardizing lives but also subverts the country’s economic governance framework. Abdulkadir Adisa Aliu, a member of the esteemed Presidential Economic Coordination Council (PEEC), is exploiting his position of influence and proximity to powerful and corrupt individuals in the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) , and The Nigerian National Petroleum Corporation (NNPC) Limited to perpetuate these nefarious activities with unbridled impunity.
Matrix Energy’s operations have been irrefutably linked to Malta, a preeminent European hub for the clandestine blending and ship-to-ship (STS) transfers of sanctioned Russian oil and petroleum products. A staggering 35% of shipments arriving in Malta comprise naphtha and other components, which are subsequently blended into petrol to produce “African Spec” products. These products are then transshipped into various vessels for ultimate delivery into Nigeria, perpetuating a complex web of clandestine transactions.
Further investigation reveals that the products from Malta are transported through a labyrinthine network of intermediate ships and companies, including Poly Pro Trading in Dubai. Notably, the listed office of Poly Pro Trading is merely a business center devoid of any physical presence, thereby obfuscating the trail of accountability. This is further complicated by the forgery of paper works and the representation of non-existent companies, which serve as a conduit for these surreptitious transactions and movements.
The fact that Malta, a country devoid of any known oil refineries, has emerged as the top European destination for blending and ship-to-ship transfers of sanctioned Russian oil and petroleum products is a damning indictment of the lack of regulation and oversight in Nigeria’s oil and gas sector. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has demonstrably failed in its duty to regulate fuel quality, thereby enabling international commodity traders and Nigerian marketers to exploit this regulatory vacuum and import low-quality fuels with impunity.
Regrettably, the presence of unpatriotic individuals such as Adisa Aliu, Farouk Ahmed, Mele Kyari, and their cohorts in positions of decision-making ensures the perpetuation of the rot in our oil and gas sector, which will continue to thrive on a “balanced diet” of corruption and malfeasance. These are people that are ready to run our economy aground with unbridled greed, bigotry, nepotism, and illegalization of Institutional corruption from one catastrophic selfish agenda to the other, under the guise of improving the Oil and gas sector.
It is intriguing to ponder the rationale behind the selection of Russia and Malta as key players in this illicit operation. However, it is hardly surprising, given that these regions, being under international sanctions, lack stringent measures to curb illegal activities, thereby becoming a haven for corrupt individuals worldwide to converge and indulge in nefarious pursuits for their selfish interests.
The fact that Russia was expelled from the SWIFT global banking framework, comprising nearly 12,000 banks, renders any oil and gas transactions between Nigerian companies and Russian refineries illicit, as Russian banks are unable to open letters of credit for exports. This exposes Nigeria to diplomatic crises that could further compound all that we are going through. Consequently, it is no wonder that Malta has emerged as the premier European destination for blending and ship-to-ship (STS) transfers of sanctioned Russian oil and petroleum products, following the Greek navy’s decision to prohibit such activities in their offshore zone.
Notably, diesel from Russia is notoriously off-spec, and diesels from Matrix filling stations have failed the ASTM D4294 test method, which provides a rapid and precise measurement of total sulfur in petroleum and petroleum products with minimal sample preparation. This egregious situation has led to Matrix Energy peddling flammable diesel with toxic fumes to unsuspecting Nigerians, while reaping enormous profits.
The sheer magnitude of Matrix Energy’s operations is staggering, with over 200,000 tons of gasoline products from Malta allegedly discharged into a Jetty owned by Matrix Energy in July 2024. This represents a staggering 25 percent of Nigeria’s monthly PMS consumption, channeled to a relatively small player with a mere 150 retail stations, highlighting the vast scope of this illicit operation.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is undoubtedly complicit in the importation of substandard diesel and jet fuel into the country, thereby fueling concerns regarding the quality of products utilized in Nigeria. It is a travesty that Africa’s largest oil-producing nation has been importing inferior petroleum products from Malta, a country devoid of any known oil refineries. The evidence of this egregious act is ubiquitous and glaringly apparent to the federal government, unless they choose to willfully ignore it, even without conducting a thorough investigation into the operations of Adisa Aliu and Matrix Energy.
A cursory examination of the cargo trails, the non-existent Dubai business location, and the Malta-Russia adulterated imported fuel, would reveal the extent of this malfeasance. Furthermore, an investigation into the quality of fuel being dispensed at Matrix Filling stations would provide additional evidence of the nefarious activities. If these investigations are thoroughly conducted, the evil nature of Abdulkadir Adisa Aliu’s actions will be laid bare for all to see. His genocidal actions, posing a significant health hazard to Nigerian citizens, increasing the potential mortality rate due to accidents caused by adulterated fuel, and dilapidating the economy for selfish gains, will be exposed.
Matrix Energy’s recent maneuver to seek judicial protection and restrain media houses and other entities from further publishing revelatory stories about its oil shipping business is a farcical spectacle that ranks as one of the most absurd jokes of the century. This attempt to stifle the dissemination of incriminating information constitutes a blatant assault on the sacrosanct right to free expression, a fundamental tenet of democratic societies. By seeking to muzzle the media and suppress the truth, Matrix Energy is attempting to circumvent accountability and perpetuate its nefarious activities, thereby undermining the very fabric of transparency and public discourse.
Aliu’s “dance of shame” must be met with severe consequences. The shame and disdain brought upon Nigeria must be addressed forthwith. Nigeria must not be perceived as a country of fools. We are aware of the situation, and the President must take decisive action to address this madness. The weakness in regulating fuel quality poses a grave health risk to Nigerians. International commodity traders and Nigerian marketers are exploiting this regulatory vacuum to import low-quality fuels. This is grounds for the President to immediately sanction the regulators responsible for policing the midstream and downstream sector and take action concerning the leadership of the Oil and Gas sector in Nigeria.
It is hardly astonishing that Matrix Energy would resort to extreme measures to protect and shield certain influential benefactors, whose identities and interests remain shrouded in secrecy. The primary motivation behind their decision to institute this lawsuit is to insulate and shield their accomplices within the Nigerian National Petroleum Company Limited (NNPCL) and other members of their clandestine cabal from the scrutiny of the media. By doing so, Matrix Energy seeks to conceal the complicity of these individuals and entities in their illicit activities, thereby perpetuating a culture of impunity and shielding them from accountability. This desperate attempt to gag the media and suppress the truth is another evidence to the company’s desperation to maintain the veil of secrecy surrounding their nefarious operations and protect their cohorts from exposure. This audacious move is an affront to the principles of openness and accountability, and it is imperative that it be vehemently resisted to safeguard the integrity of free expression and the public’s right to know.
To effectively mitigate this crisis, the Nigerian government must adopt a resolute and proactive stance. The leadership of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian National Petroleum Corporation (NNPC) must be held accountable for their failure to safeguard the interests of Nigerian consumers. Furthermore, the government should undertake a comprehensive overhaul of the regulatory framework governing the importation and distribution of petroleum products to prevent future recurrences of this nature.
Moreover, a thorough investigation into Matrix Energy Limited , and their Cabal’s involvement in illicit activities, including the importation of sanctioned Russian oil, is imperative. If found culpable, the company should face severe penalties, including the revocation of its operating license. It is imperative that Matrix Energy ceases its egregious activities and is held accountable for its actions. The Nigerian people deserve a safe, reliable, and uninterrupted fuel supply, and it is the government’s responsibility to ensure that this is achieved.
The issue at hand extends beyond the mere importation of substandard fuel; it encompasses a complex web of illicit activities, including the importation of sanctioned products, falsification of documents to facilitate smooth operations, and the deliberate alteration of product origin. It is high time that Matrix Energy assumes responsibility for its actions and ceases its exploitative practices.
Nigerians deserve better and demand immediate action from the President to sanction the regulators responsible and address the leadership of the Oil and Gas sector in Nigeria. Matrix Energy’s exploitation of Nigeria’s fuel market and the manipulation of our Judiciary must be halted, and those responsible must be held accountable. The citizens of Nigeria will no longer tolerate being treated as guinea pigs for corporate greed and regulatory failure.
Tunde is an oil and gas expert writing from Dundee, United Kingdom
