WEMA BANK SET TO LAUNCH SEASON 4 OF ITS 5 FOR 5 PROMO REWARD INITIATIVE From October 1st, 2024
Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, is set to launch the 4th season of its transformative reward initiative, the Wema Bank 5 for 5 Promo. The highly anticipated Season is scheduled to kick off on Tuesday, October 1, 2024.
Introduced in 2021 the Wema Bank 5 for 5 Promo is a reward initiative pioneered by the Bank with the goal of rewarding its diverse range of customers for active loyalty to the brand, its products, and offerings. The Promo is executed seasonally via thoroughly regulated live draws where winners are selected from the Bank’s pool of active and transacting customers, based on the stipulated minimum requirements and modalities of the season. With benchmarks for qualification set as low as N5,000 in monthly transactions, the Wema Bank 5 for 5 Promo has evolved through each season, solidifying its repute as a source of hope, financial support, business growth and goal acceleration for thousands of Nigerians nationwide.
Over the course of 3 seasons, the 5 for 5 Promo has disbursed over N150,000,000 to 2,378 Nigerians across the six geopolitical zones in Nigeria, with 639 customers winning N31,500,000 in season 1, 539 winning N31,850,000 in season 2 and 1,200 winning N90,000,000 in the 3rd season of the 5 for 5 Promo which spanned August 2023 to July 2024. As a new season of the Wema Bank 5 for 5 Promo approaches, tensions are heightening as Nigerians await a new season of financial rewards and pleasant surprises from Wema Bank. Customers of the Bank are encouraged to request a debit card or get onboarded on the ALAT app and *945# and start transacting via any of these channels in anticipation of the season’s kick-off. Other Nigerians interested in participating are encouraged to open Wema Bank/ALAT account(s) to get started.
Reiterating the Bank’s commitment to providing a rewarding banking experience for its customers, Moruf Oseni, MD/CEO of Wema Bank, elaborated on the significance of the Wema Bank 5 for 5 Promo for its customers. “At Wema Bank, we have made it a duty and core value to provide optimum returns for our customers, and this commitment is evident in all that we do as a Bank. ‘Optimum returns’ for Wema Bank is limitless which is why we continue to raise the bar and set new standards, innovating new and improved ways to provide a highly rewarding banking experience for our customers. It is this sense of duty to our customers that inspired the launch of the Wema Bank 5 for 5 Promo”.
“The past seasons of the Wema Bank 5 for 5 Promo have been highly successful, but I can assure you that the coming season will be the biggest in 5 for 5 Promo history to date. We are, yet again, raising the bar, and with more to win this season, every Wema Bank customer is in for a treat. It’s beyond the rewards customers are getting. With the 5 for 5 Promo, we are telling customers that we’re grateful, showing them that we care, and empowering lives and businesses to thrive. Through this initiative, we have made undergraduate millionaires, established businesses across Nigeria, boosted existing ventures despite economic fluctuations, given hope to Nigerians of various ages and walks of life; and this season, we are more than prepared to exceed all milestones, break new ground and transform more lives for the best. The Wema Bank 5 for 5 Promo Season 4 kicks off on October 1 and we have a special Independence Day live draw to kickstart the season, so I welcome every Nigerian to Wema Bank and encourage all to get on ALAT, request a Wema/ALAT card or onboard on *945# and get ready for an intriguing new 5 for 5 Promo Season, bigger than ever before”, Oseni concluded.
The Wema Bank 5 for 5 Promo season 4 promises to be a game changer and every Nigerian can participate and secure big wins throughout the season by being a Wema Bank customer and getting onboarded on the valid transaction channels which include the ALAT app, the Wema/ALAT card and the Bank’s USSD Banking platform, *945#.
All transactions made using the qualifying Wema Bank and ALAT transaction channels from October 1, 2024, are potentially qualifying transactions and could secure rewards ranking in millions for Nigerians across Nigeria.
T&Cs Apply.
The Segun Agbaje GTCo’s Underhand Tactics that Destroyed Toyin Subair‘s Highflying HiTV Media Dream
…Agbaje’s Record of Financial Betrayal: The HiTV Collapse and Beyond
By Abubakar Musa
You couldn’t have forgotten so soon, many years ago, inside the massive banking hall of GT Bank, Toyin Subair wept and wailed. Yet nothing happened. Toyin was down and out, grunting and growling, but the bankers were ready to fight to the finish.
Indeed, in the complex corridors of Nigerian power and business, tables often turn, and those once perceived as underdogs can quickly rise to newfound prominence. Such is the case of Toyin Subair, the former HiTV boss, who has re-entered the political elite as the Special Assistant on Special Duties and Domestic Affairs to President Bola Tinubu. Once ruthlessly hounded by Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company (GTBank), Subair is now determined to use his newfound clout to repay Agbaje for the calculated destruction of his once-promising digital satellite broadcaster, HiTV.
Subair’s ascension to the presidency’s inner circle has rattled Agbaje, whose insidious role in bringing HiTV to its knees is widely known. What was once a professional and financial downfall for Subair has transformed into a determined vendetta. With the tables now turned, Subair is poised to extract his pound of flesh from the GTBank boss, using his leverage to settle the score.
Agbaje’s Role in HiTV’s Collapse: A Plot of Financial Ruin
HiTV was once a beacon of innovation in Nigeria’s media landscape. Launched with the ambitious goal of bringing premium football leagues such as the English Premier League and UEFA Champions League to millions of Nigerians, HiTV held a unique position as an indigenous digital broadcaster that was competing with global media giants. Its visionary founder, Toyin Subair, was widely hailed as a trailblazer in the media industry.
However, Segun Agbaje saw an opportunity not to support Subair’s promising enterprise, but to exploit and eventually crush it. Under the guise of financial assistance, GTBank extended a series of loans to HiTV between 2007 and 2010. The N9.5 billion loan package was structured not as a genuine lifeline, but as a trap—a set of onerous terms that would suffocate the company’s cash flow and make it impossible to meet its obligations.
What followed was a carefully orchestrated financial downfall. The loans were designed to bleed HiTV dry, with crippling interest rates that drained the company’s resources. Agbaje, in his role as GTBank’s chief, weaponized the bank’s facilities to ensure HiTV’s inevitable collapse. It wasn’t a failure of business on Subair’s part; it was a deliberate and calculated plot by Agbaje to eliminate HiTV as a business rival.
By 2011, HiTV had crumbled under the weight of its debts. Agbaje’s shrewd manipulation of financial instruments, paired with GTBank’s ruthless collection tactics, ensured that Subair would never reclaim the dream he had built. Agbaje’s successful exploitation of HiTV stands as a grim case study in how far some banking executives will go to assert control and crush competition.
Corporate Warfare: How Agbaje Weaponized GTBank and Law Enforcement
Agbaje’s destruction of HiTV wasn’t limited to financial instruments alone. When the company began to falter under the weight of its debts, he ramped up pressure through more aggressive and overt tactics. With HiTV on the verge of collapse, Agbaje called in the debts and unleashed a barrage of lawsuits against Subair and his company. Legal petitions flooded the courts, and Subair found himself embroiled in a vicious legal battle, while HiTV was buried under an avalanche of litigation.
Agbaje’s cunning extended beyond the boardroom and into the legal sphere. Leveraging his influence over law enforcement and legal agencies, he ensured that HiTV would have no chance of recovery. Law enforcers and banking regulators, seemingly bent to his will, became instruments of HiTV’s demise. Subair, once a celebrated entrepreneur, was left helpless as Agbaje systematically dismantled everything he had built.
Pundits argue that if Subair had been more cautious and courageous, he might have found a way to defy Agbaje’s vampiric tactics and reclaim HiTV. But Agbaje’s elaborate scheme left little room for maneuvering. The GTBank chief’s playbook for exploiting corporate clients was perfected to such an extent that few could withstand his onslaught.
Agbaje’s Reputation as a Corporate Villain
In many circles, Agbaje’s reputation as a shrewd but morally bankrupt banking executive has only grown since his success in neutralizing HiTV. His modus operandi—extend generous loans under predatory terms, then crush the debtor when repayment becomes impossible—has been employed in multiple instances, with Subair’s case being one of the most publicized.
Agbaje’s track record of exploiting and extorting promising entrepreneurs has earned him the image of a corporate thug—someone more interested in financial domination than in legitimate business growth. As critics point out, he has turned GTBank into a weapon of financial destruction, targeting companies like HiTV, only to leave them in ruins while the bank walks away unscathed.
The collapse of HiTV was not an isolated event but part of a broader pattern of corporate treachery. Agbaje, through his shadiness and corporate criminality, has positioned himself as a figure more feared than respected in the world of Nigerian banking. His critics argue that his success comes not from brilliance or innovation, but from his ability to manipulate financial systems to serve his personal ambitions at the expense of others.
Subair’s Return: Poised for Payback
Fast forward to today, and Toyin Subair is no longer the defeated entrepreneur licking his wounds after the HiTV collapse. As a close aide to President Bola Tinubu, Subair has regained his footing and now wields significant influence in Nigeria’s political high society. This newfound relevance has become a source of anxiety for Segun Agbaje, who must now reckon with the possibility that Subair will use his position to seek retribution for the destruction of HiTV.
Pundits speculate that Subair is leaving no stone unturned in his quest for payback. The scars of HiTV’s collapse remain fresh, and Subair’s determination to even the score has only grown stronger over the years. Now, with the backing of the country’s highest office, Subair is in a position to bring Agbaje to book for the calculated corporate warfare that ruined his digital broadcasting dream.
Agbaje, once the predator in control, may now find himself vulnerable as Subair eyes the opportunity to extract his pound of flesh. The former HiTV boss is poised to turn the tables, using every tool at his disposal to ensure that Agbaje faces the consequences of his ruthless tactics. For Subair, this isn’t just about financial retribution—it’s about justice for a dream destroyed and a legacy stolen.
As Agbaje continues to face public scrutiny for his role in the collapse of HiTV, the rise of Toyin Subair serves as a stark reminder that power dynamics can shift dramatically. And for Segun Agbaje, the reckoning may have only just begun.
Sterling Bank may face Customers’ Exodus after 2 Weeks Operations Shutdown over Suspected Cyber Attack
The exodus of IT egghead from the banking industry due to administrative lapses is a problem that has exposed many bank clients to untold hardship, recently customers of Sterling Bank were left stranded as the financial institution’s banking operations were disrupted due to what the bank called technical glitch but was alleged to be cyber-attack.
Findings revealed that the crisis that lasted for two weeks was an indiscriminate disappearance of money from customers’ account being experienced by some while other customers also have huge amounts appearing in their account out of thin air, and before these could lead to bigger disaster the whole banking operations was shut down preventing nearly all banking activities for more than 14 days.
It was more than two weeks after that the bank later allowed their customer access back to their account, this situation has thereby caused the customers untold hardship with no form of compensation from the bank apart from opening their banking hall on Saturday for banking activities.
Many Sterling Bank customers were left stranded and unable to gain access to their account both in the banking halls and other platforms for this period and some were made to suffer embarrassments while other incurred losses.
According to one of the affected customers “I was embarrassed by the person who is supposed to collect thrift from me as I am the coordinator of a thrift group, the worst is people are sending money into the account from other banks and the bank is not rejecting it, but I can’t verify if the money entered into my account or not, the worst is the person collecting next want to you it to pay her house rent, for the one week before the issue was rectified, her calls did not give me any breathing space” she explained.
Another customer of the bank who lamented that the bank suspension of banking operations said “I missed a very great opportunity because my bank suspended financial operations on all accounts, there is a chance for me to register for a course for reduced price with a few days window but I lost it to my bank issue, there is need for me to have another bank account as I cannot risk exposing myself to such disappointment again
There is need for Tunji Bello, led Federal Competition & Consumers Protection Commission (FCCPC) to be up and doing especially in terms of the anomalies that are a regular occurrence in the country’s financial sectors. Recently the Sterling Bank held their customers to ransom over issue suspected to be a cyber-attack but which the bank claimed is a glitch.
Sterling Bank customers were left stranded for about two weeks when transactions and the only compensation to the untold hardship faced was the announcement of the banking halls opening for services just one Saturday. This has further angered some longtime customers who are hinting at migrating their banking to another bank that may be having semblance to a good cyber security to forestall being left in the loop again in the future.
N1 Trillion Profit: GTCO’s CEO Segun Agbaje under the Searchlight as EFCC, FIRS to Allegedly Investigate Suspected False Half-Year Declaration
Guaranty Trust Holding Company Plc (GTCO) is under scrutiny following its recent declaration of a staggering N1 trillion half-year profit, prompting investigations by the Economic and Financial Crimes Commission (EFCC) and the Federal Internal Revenue Service (FIRS). The extraordinary profit figure has raised suspicions, with insiders suggesting it may be an attempt to outshine competitors, casting doubt on the bank’s financial integrity.
Chief Executive Officer Segun Agbaje is at the center of the controversy. Reports indicate he is reconsidering the profit declaration amid mounting pressure from board members who are unhappy with the lack of transparency. Many directors feel that this decision could tarnish the bank’s reputation, with one board member stating, “This isn’t just about money—it’s about maintaining the integrity of the institution.”
Tensions are rising within the board, with discussions of a possible vote of no confidence against Agbaje, reflecting growing dissatisfaction with his leadership amid a series of controversies. Employees, caught in a toxic work environment, fear repercussions if the profit claim is found to be false. Many express frustration over an autocratic culture where dissent is discouraged.
Analysts warn that if GTCO is found guilty of profit manipulation, the implications could be severe. Trust, crucial in banking, may erode, jeopardizing the institution’s market position and customer confidence. The scandal raises broader concerns about corporate governance and leadership ethics within the bank.
As investigations unfold, the future of GTCO hangs in the balance, with potential ramifications not only for the bank itself but for Nigeria’s banking sector as a whole.
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.
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.
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
50,000 TARGET: FIRSTBANK, NCF EXTEND TREE PLANTING TO FCT
FirstBank, in partnership with the Nigerian Conservation Foundation (NCF), has launched a major tree-planting initiative to enhance Nigeria’s vegetation cover.
According to the bank, the tree planting exercise led by Aishatu Bubaram, the Group Executive, Commercial Banking, North, FirstBank, is part of its 2024 Corporate Responsibility and Sustainability Week.
The bank stated that the tree-planting event at Government Secondary School (GSS), Karshi, Abuja, which involves planting 50,000 trees, is part of a broader goal to combat climate change by reducing carbon emissions and preserving the environment.
Bubaram emphasised the bank’s commitment to planting 50,000 trees nationwide at the event. “The essence of planting these trees is environmental conservation,” she said. “These are economic trees that we believe will outlive our generation and benefit future generations.” “FirstBank’s goal, initiated during our Corporate Sustainability Week in 2023, is to plant 50,000 trees by 2024. We are well on our way to achieving this, with 30,000 trees planted this year,” she added.
“Trees play an indispensable role in our environment. They purify the air we breathe, stabilise the climate, prevent soil erosion, and provide habitats and food for diverse species, including humans. In a world increasingly threatened by climate change, planting trees is one of the most effective ways to restore balance to our ecosystems.
“By planting trees in Abuja, we are actively contributing to the health and well-being of the city. Each tree planted is a step towards reducing carbon emissions, improving air quality, and enhancing the natural beauty of our urban landscape,” she said.
Bubaram encouraged other financial institutions and individuals to contribute to a greener Nigeria, emphasising that the impact extends beyond the nation and benefits the global environment.
Also, the zonal coordinator, NCF, Muhammad Garba Beyo, expressed the Foundation’s dedication to the initiative, aligning with its biodiversity conservation and sustainable development mission.
“The Nigerian Conservation Foundation established 42 years ago, focuses on biodiversity conservation and sustainable development. Our Green Recovery initiative is designed to improve Nigeria’s vegetation cover, which currently stands at less than 3%—a critical issue given the environmental challenges we face,” he said.
He highlighted the importance of partnerships and thanked FirstBank for supporting this endeavour. “We are grateful to First Bank of Nigeria Limited for their willingness to support this effort. We assure you that we will take care of the seedlings planted today so that they grow into mature trees,” he said.
Beyo noted that the choice of GSS Karshi as the planting site was strategic, considering the school’s available space and the ageing trees on the premises.
Tanko Madugu Wando, the vice principal (Administration) at GSS Karshi, was also present at the event.
FirstBank Commemorates its Annual Corporate Responsibility & Sustainability Week
FirstBank, the West African premier financial institution and financial inclusion services provider is proud to announce its 2024 Corporate Responsibility and Sustainability (CR&S) Week, scheduled for 19 to 24 August. This year’s edition aims to reinforce the bank’s positive outcomes of sowing seeds of kindness by empowering the lives of communities, and minimizing the environmental impact environment, while advancing the Bank’s contribution to the Sustainable Development Goals (SDGs).
The CR&S Week is a dedicated week that offers opportunities for employees of the FirstBank Group (FirstBank Nigeria, FirstBank UK, FirstBank Gambia, FirstBank Sierra-Leone, FirstBank DRC, FirstBank Guinea, FirstBank Ghana, FBNBank Senegal; First Pension and First Nominees) to give their time & resources to defined causes in line with the Bank’s CR&S strategic approach.
Now in its eighth year, the FirstBank Corporate Responsibility and Sustainability Week is a week reserved by the Bank for the demonstration of kindness being a fundamental philosophy of the Bank, as the Bank and its employees “Start Performing Acts of Random Kindness” (SPARK) the value-based initiative in alignment with the ethos of compassion, civility, and charity. During the 2023 CR&S Week, 8 countries participated with over 80 charities/NGOs and 30,000 lives impacted.
The 2024 CR&S is envisioned to be an eventful week of impact, sowing the seed of kindness through the following initiatives/activities:
Tree Planting- FirstBank will plant 30,000 trees across Nigeria, furthering its commitment to plant 50,000 trees by 2025 in partnership with the Nigeria Conservation Foundation (NCF).
Women Empowerment- The bank will support Jigawa and Plateau States by driving awareness, performing surgeries, and providing post-care kits for those living with Vesicovaginal Fistula (VVF).
Visitation for Charity- FirstBank will visit orphanage homes, IDP camps, and other charities across Nigeria, SSA markets, and the UK, demonstrating kindness and empowering those at the bottom of the pyramid.
Kind Comment- Staff and management will share kind comments throughout the week, promoting a culture of compassion and civility across the bank.
Woven into the fabric of the society since over 130 years and enabling success in our customers and communities, these initiatives epitomize FirstBank’s care for the environment and humanity, aligning with the Bank’s sustainability strategic pillars and support for the Green Recovery Nigeria
Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications FirstBank, said “At FirstBank, we remain committed to creating a positive impact in the lives of our customers and the communities we serve. Our 2024 CR&S Week is a testament to this dedication, and we are excited to amplify our efforts in enabling the Giants in the lives of our communities and enhance sustainable development and community growth.”
As we celebrate the FirstBank’s Corporate Responsibility & Sustainability week, we invite all to embrace the spirit of kindness as we come together this special occasion to weave kindness into the fabric of our daily lives, leaving a lasting impact on one another,” she concluded.
