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N5.5bn debt: Drama as billionaire businessman Otudeko testifies

N5.5bn debt: Drama as billionaire businessman Otudeko testifies

 

There was mild drama at the Federal High Court in Lagos Thursday as chairman of Honeywell Group Dr Oba Otudeko escaped arrest by responding to summons to testify in his companies’ N5.5billion debt suit against Ecobank Nigeria Limited.

Sporting his trademark Yoruba attire, Otudeko and his aides tried to prevent journalists from taking his photographs and videoing him as he left the court.

There was also mild drama inside the courtroom as plaintiff’s counsel Olabode Olanipekun and Ecobank’s lawyer Divine Obinna Agbua repeatedly clashed.

There were arguments between the lawyers on whether he could be examined, cross-examined and re-examined on his statement on oath.

A scuffle broke out between some of Otudeko’s aides and journalists covering the proceedings.

As his aides walked beside him out of the courtroom, they beat a quick retreat to the back of the building on sighting a TV camera.

Otudeko tried to escape through the back gate but the camera man was ahead of them.

The Honeywell chief and his group stood at a safe distance from the camera, but the TV reporter and cameraman stood at both exit points of the court premises. The move left Otudeko and his aides plotting the best means of escape.

Some of the business mogul’s aides confronted the cameraman, asking him: “Why are you doing this?” while shielding their boss.

There was a mild scrap when one of the aides tried to force the cameraman to stop recording the scene.

Otudeko succeeded in leaving the court at about 11.40am in-between his aides who shielded him from the cameraman.

On Wednesday, Agbua had told Justice Mohammed Idris that Otudeko ignored a court summons, which Otudeko denied.

He said while in the witness box Thursday: “This is a first experience, and I am extremely delighted to be here to see all professionals in practice. I was away from Lagos, and only got a call from my officers who informed me of the position, and I came back yesterday (Wednesday).

“I have great respect for the institution of the court, and so I have deposed to my witness statement and have filed it.”

Agbua asked Otudeko to tell the court his names, occupation and address. The witness replied: “My name is Dr Oba Otudeko. I am a businessman. My place of business is at No 6, Mekuwen St. Ikoyi Lagos.”

When asked about his professional qualification, Olanipekun objected, saying the proper practice was for the defence to lead the witness to adopt his written deposition.

He added that the defence could not embark on a journey of questions, adding that after adoption, the plaintiff counsel was entitled to cross examine the witness.

Agbua argued that the witness was a subpoened one, and so he was entitled to lead his witness in evidence without hindrance.

“The witness in question is our witness. The question I put to the witness being an introductory question is allowed under the law, where he lives, works, his qualifications. To that extent, I submit that the objection to my line of questioning is preemptory,” he said.

Justice Idris ruled overruled Agbua and held that the witness could only be led to adopt his witness statement.

Agbua then declined to lead the witness to adopt his statement.

During cross examination, Olanipekun asked the witness to tell the court: “Whether the then Managing Director of Ecobank was in attendance at the plaintiff’s office on July 23, 2013, when it was agreed that N3.5billion will be full and final settlement of the plaintiff’s debt.”

Before the witness could respond, Agbua objected, arguing that since the witness’ statement was not before the court, he could not be made to answer questions on it.

“We have gotten what we want and we do not want to lead the witness anymore. We hereby apply for his discharge,” Agbua said.

Olanipekun made repeated efforts to cross-examine Otudeko, but Agbua continued to insist that a witness whose statement was not adopted in court could not be cross examined.

Justice Idris adjourned until February 14.

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REA Targets 3.7GW Solar Manufacturing to Bridge Nigeria’s Power Deficit

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The Rural Electrification Agency (REA) has unveiled plans to establish 3.7 gigawatts (GW) of local solar photovoltaic (PV) panel manufacturing capacity by the end of 2027 as Nigeria intensifies efforts to expand electricity access and reduce dependence on imported renewable energy equipment.

Managing Director of the agency, Engr. Abba Aliyu, disclosed the initiative in Abuja during a benchmarking visit by officials of the Zanzibar Utilities Regulatory Authority (ZURA).

He said the agency is encouraging Chinese solar manufacturers to establish production facilities in Nigeria, noting that locally assembled solar panels are already being exported from Lagos to neighbouring Ghana.

According to him, the planned manufacturing expansion will significantly reduce imports while strengthening Nigeria’s renewable energy value chain. Aliyu attributed the rapid global growth of renewable energy to falling prices of solar panels and lithium batteries, saying technological innovation has made off-grid electricity the most cost-effective solution for millions of underserved communities.

He said Nigeria’s electricity access rate currently stands at 61.2 per cent, leaving about 80 million people without reliable power supply.

To address the challenge, REA has adopted a least-cost electrification strategy that determines the most suitable technology for each community rather than relying solely on national grid expansion.

The agency has mapped more than 700,000 communities nationwide, with plans to serve about 45 per cent through solar home systems, 31 per cent through mini-grids and the remaining 24 per cent through grid extension.

Aliyu added that REA has developed one of Africa’s most extensive geospatial electricity databases, covering more than 51,000 health facilities, 11,000 markets, thousands of schools, factories, dams, electricity feeders and existing mini-grids to support investment planning.

He noted that the agency’s interventions also target underserved communities receiving less than six hours of electricity daily. The REA boss warned that electricity demand would continue to rise sharply as Nigeria’s population grows, more sectors become electrified and emerging technologies such as artificial intelligence and data centres consume increasing amounts of power.

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Budget Office Explains PFIPC Allocation, Says Agency Emerged During Buhari Administration

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•Explains how PFIPC was allocated money in the budget.

The Budget Office of the Federation (BOF) yesterday explained that the Presidential Foreign Intervention Promotion Council (PFIPC), which the presidency declared as fake and is currently being investigated by the Independent Corrupt Practices Commission, ICPC, had its origin in the last administration of late President Muhammadu Buhari.

The Director-General of the Budget Office, Mr. Tanimu Yakubu who provided the explanation in a statement, after appearing before members of the House of Representatives, in Abuja said the PFIPC’s institutional origin was premised on the Presidential Economic Advisory Council inaugurated by President Muhammadu Buhari on October 9, 2019. He also explained how the fake agency was allocated money in the 2026 budget.

His words, “PEAC/PFIPC did not enter the 2026 Budget merely because it asked for funds. The Council had its origin in the Presidential Economic Advisory Council inaugurated during the administration of the late President Muhammadu Buhari on October 9, 2019. By the time preparation of the 2026 Budget began, official instruments had already been issued by the institutions charged with those functions.

“The Office of the Accountant-General of the Federation had assigned an administrative code to the PFIPC. The Office of the Head of the Civil Service of the Federation had approved an authorised establishment and a recruitment waiver. The applicable public-service salary structure also existed. These instruments did not come from the Budget Office. They came to it.

“The Budget Office did not create the Council. It did not assign its code. It did not approve its establishment. It did not grant its recruitment waiver. It received official instruments and did what the law required of it: it measured their fiscal effect.”

Mr. Tanimu further explained that the Council submitted a personnel estimate of N3.850 billion for the 2026 Fiscal Year and that his Office had to reduce that figure to N802.978 million, using the authorised establishment, the approved recruitment waiver, the applicable public-service salary structure and the extant costing methodology

According to the D-G, “Council later submitted a personnel estimate of N3,850,935,000.00. That estimate did not form the basis of the Budget Office’s recommendation. The Budget Office disregarded it and made an independent calculation using only the authorised establishment, the approved recruitment waiver, the applicable public-service salary structure and the extant costing methodology.

“That calculation produced N802,978,783.00. This was not a concession to the Council. It was the Budget Office’s own fiscal judgment. It was the amount placed in the Executive Budget proposal and later appropriated.

Mr Yakubu said that the Council could not receive the approved funds for personnel because its promoter, Prince Adeyemi Adeniyi could not secure Financial Clearance, an instrument that confirms that necessary fiscal and regulatory had been met.

He said, “Financial Clearance is the point at which a personnel provision may begin to acquire legal force as expenditure. It is not a routine letter. It is the confirmation that the fiscal and regulatory conditions for recruitment have been met. Until it is issued, the figure remains in the budget. It does not create staff. It does not open payroll. It does not produce salary. The Budget Office did not issue Financial Clearance for PEAC/PFIPC because the conditions were incomplete.

“The 2026 Appropriation Bill did not become law until Presidential Assent on 31 March 2026. Before that date, the Budget Office could cost the proposal. It could not grant final Financial Clearance against a bill that had not yet become law.

“After assent, a further condition remained outstanding. The National Salaries, Incomes and Wages Commission had not confirmed that the proposed staffing and remuneration arrangements complied with its prescribed template and the approved public-service compensation framework.

“The Budget Office could calculate the cost. It could not open the gate. There was therefore no Financial Clearance. There was no lawful recruitment. There was no payroll enrollment. There was no salary payment.”

The D-G added, “The personnel provision was N802,978,783.00. It represented 61.63 per cent of the total appropriation of N1,302,978,783.00. It has sometimes been described as though the Council could have received the whole amount and spent it at will. That description is false.

“Personnel appropriations are not paid to agencies as lump sums. After every legal condition has been met, salaries are paid month by month. The money moves electronically into the designated bank accounts of verified employees enrolled on the Federal Government payroll.

“The institution does not receive the annual personnel provision as cash under its control. Even in a lawful process, the Council would not have received N802,978,783.00 in one payment. The money would have gone over twelve months to individual employees. That process never began. No Financial Clearance was issued. No recruitment took place. No payroll record was created. No salary became due. Not one kobo of the personnel provision could lawfully have been drawn. Not one kobo was drawn. There is no personnel expenditure to recover because there was no personnel expenditure.”

The PFIPC controversy became public on June 11, 2026, when the Chief of Staff to the president, Mr Femi Gbajabiamila, declared the Council as fake and petitioned the law enforcement agencies.

However, at a press conference on June 26, the Director General of the PFIPC, Prince Adeniyi Adeyemi faulted the presidency’s disclaimer. He alleged that Gbajabiamila received N400 million through a proxy and demanded an additional N200 million to secure his appointment — an allegation which the Chief of Staff denied and has sued him to court claiming N15b as damages for defamation. Adeyemi is currently in custody after he was arrested by the police in connection with the PFIPC scandal and alleged forgery.

Before his arrest, Adeyemi claimed he personally approached officials of the budget office to seek the inclusion of the Council in the federal government’s budget.

Recently, Central Bank of Nigeria (CBN) confirmed that it opened two domiciliary accounts linked to the PFIPC on the directive of the Office of the Accountant-General of the Federation (OAGF).

The apex bank, however, said the accounts, one denominated in United States dollars and the other in British pounds sterling, were never funded or operated.

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BREAKING: Trump Applauds Tinubu’s Fight Against Terrorism, Pledges Continued US Backing

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United States President Donald Trump has commended President Bola Tinubu for what he described as his decisive leadership in tackling terrorism and insecurity in Nigeria, particularly attacks targeting Christian communities.

Trump conveyed the praise in a letter dated July 6, 2026, the contents of which were made public on Wednesday in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

In the letter, titled “President Trump lauds President Tinubu’s decisive leadership against terrorists,” the US President applauded Tinubu’s efforts to confront security challenges and reaffirmed Washington’s commitment to supporting Nigeria’s counter-terrorism operations.

“Thank you for your thoughtful letter. Your kind words mean a great deal to me, and I appreciate your decisive leadership on behalf of the Nigerian people.

“I applaud your resolve to tackle the issues plaguing your nation, especially the violence affecting Christian communities, and it is a true honour to stand with you in the fight against terrorists and to make the Federal Republic of Nigeria stronger and more prosperous,” Trump wrote.

Trump described the relationship between the United States and Nigeria as increasingly important amid growing security challenges across West Africa.

“The United States-Nigeria relationship is crucial at a time when conflict has spread across West Africa and around the world. We both share a mutual goal of confronting terrorism in all its forms, and our historic US-Nigeria 2026 Defence Cooperation Roadmap has established a robust framework to accomplish this feat,” he stated.

The US President also highlighted ongoing defence cooperation between both countries, noting that American Special Operations Forces had been deployed to assist Nigeria’s military.

“I am proud to have deployed the United States Special Operations Forces—among the most elite military units anywhere in the world—to equip the brave men and women in the Armed Forces of Nigeria with the skills, tools and intelligence they need to protect your homeland and ensure the safety and security of citizens, particularly those of faith who have been under attack.

“I look forward to our continued discussions over the course of my Presidency,” Trump added.

According to the Presidency, Nigeria and the United States have expanded security cooperation in recent months following the establishment of a Joint Working Group co-chaired by the National Security Advisers of both countries.

The collaboration has centred on intelligence sharing, military training and coordinated operations against terrorist groups.

The statement noted that one of the key outcomes of the partnership was the joint operation carried out on May 16 against ISIS hideouts in the Lake Chad region, which reportedly led to the killing of the group’s senior leader, Abubakar Al-Minoki, along with several of his lieutenants.

The Presidency also disclosed that the US Assistant Secretary of State for Africa, Frank Garcia, visited Abuja last week, where he held talks with senior Nigerian officials and pledged to deepen bilateral cooperation in security and other strategic sectors.

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