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Labour Party chieftain, Okupe, Makes a u-turn and applauds Tinubu for hitting the ground running, showing determination and courage in leadership
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Achieftain of the Labour Party (LP) Doyin Okupe has commended President Bola Tinubu for showing commitment, zeal and courage in directing the affairs of the nation.
Okupe, an ex-aide to former President Olusegun Obasanjo in his piece titled: “For President Bola Tinubu: Still Many Rivers to Cross,” applauded the President for abolishing fuel subsidy and equalising foreign exchange.
He said: “President Bola Tinubu actually hit the ground sprinting; showing much determination, zeal commitment and courage. He has taken 2 extraordinarily bold steps by abolishing fuel subsidy and equalizing foreign exchange.
“This without doubt is causing very severe pain and hardship on the populace. However, in order to ground these policies properly, and reduce the pain on the populace, the President will still need to take more bolder steps.
“1. Nigeria must quit OPEC. – In about two decades from now, oil reserves may become meaningless. The present allocation of less than 2 million barrels per day for Nigeria with a population of over 200 million people and it’s prevailing strangulating economic conditions, given volumes of export to our main foreign exchange earner (90%) is inimical to our growth as a nation and to the wellbeing of the citizens.
“Outside OPEC, Nigeria can reduce it’s selling price of crude but also increase it’s exports to 3 million barells and above per day.
“This will increase accruable revenue from forex by up to 200% or more, which will allow the CBN have more supply of forex to the banks. In the face of surplus liquidity in forex supply, Naira will gain tremendous value over the Dollar.
“2. The present situation whereby the oil majors earn 60% of our accruable revenue from sales of oil leaving Nigeria with only 40% is no longer economically and financially prudent or reasonable. Saudi Arabia, using its own Aramco drills its own oil and earns 100% of the revenue from sales.
“We may not be able to achieve this instantly, but we should renegotiate with the oil majors for the ratio to shift in the favour of Nigeria to 60:40 minimum, even if we must add considerable investment in the processing for oil.
“3. The NNPC can no longer serve fully, neither can it meet the full expectations of it’s obligations to the Nigerian people. I am inclined to recommend that the President and his team should take a look and study the Atiku Abubakar model as it concerns the NNPC as a commercial entity.
“4. Most of the local refineries can still be made to be functional for the next 50 years. Part of the massive revenue inflow from the equalization of the forex regime should be used to refurbish once and for all, all our refineries, employing the best acceptable international bidding procedures to choose reputable international contractors to be engaged in the refurbishment programme.
“This should be done outside the purview of the NNPC and by a special presidential team that will abide by the best principles of honesty and transparency.
“5. Government must instantly liberalize licensing for investors who are interested in building petroleum refineries in Nigeria; especially modular refineries.
“6. The present crop of Nigerians engaged in crude petroleum refining who are scattered all over the place should no longer be hounded by task forces but rather harnessed officially into the downstream sector and licensed under supervision to produce and sell petroleum products.
“7. Government must deploy all powers and resources available to it to put a final end to crude oil theft and limit to the barest minimum, pipeline vandalization throughout the country.
“8. In spite of our leadership of ECOWAS in this period, the Nigerian government should encourage the deployment of diplomatic crises management approach and seek ways by using its influence with the organization to end the crises in Niger as quickly as possible as a precursor to urgent steps that need to be taken towards the activation of the plan to build the trans-sahara gas pipeline from Nigeria to Algeria and Europe, through Niger and Algeria.
“If this can be accomplished in the next 3 years, with Nigeria being the 9th highest deposit of gas in the world, sales of gas to Europe will bring in revenue in excess of $30b per annum.
“9. In order to ameliorate the present hardship in the country and give succor especially to the poor, government will have to revisit the 100% abolition of fuel subsidy pending the time when some of the items enumerated above can be accomplished. In the mean time, part of the excess inflow from forex equalization can be deployed to fund a supplementary budget to the National Assembly to cover for whatever percentage of the subsidy regime that government considers will suffice to grant the desired relief of the current hardship.
“10. The equalization of the foreign exchange regime instantly brings in massive revenue into the federation account from NNPC. Last month, for the first time ever, a sum if 1.5tr was available for sharing among the 3 tiers of government.
“The implication of this is that each tier of government will have the requisite financial cushioning to increase minimum wage to at least N60,000 per month.
“The rest of the excess funds can be channeled towards the repair and refurbishing of refineries as stated above and further strategic infrastructural and human development projects especially at states and local government levels.
“Furthermore, the more export trades our small and medium scale enterprises and business concerns within the country undertake will boost and improve the percentage of inflow of Dollars from non-oil exports.
“The weakening of the naira also has a major economic advantage of making our goods and services cheap abroad. Government must seize the situation to encourage the export if anything and everything by individuals and enterprises.
“Such encouragement may include payment of special grants per tonnage of goods exported.
“11. In the same vein, a major international drive and campaign must be undertaken by the CBN to encourage Nigerians in diaspora to use the official platform for remitting money home from abroad. This may be in form of waving commissions and fees chargeable on transfers.
“With an inflow of nearly $25b per annum from the diaspora community, Dollar supply to the CBN will increase to a large extent.
“12. Power generation and distribution is a major player in our economy; creating employment and improving the living standard of people generally.
“With this in view, I will strongly recommend that government shifts the level of power generation without official licensing from 1 MW to 5 MW. The cost of generating power from various sources is about $1-1.2m per MW on the average. With this singular policy, up to 1,000 local investors can enter into the power generation market in less than 1 year thereby boosting our power generating potential by more than 5,000 MW in 1 year.
“If this policy is followed with more liberalization of the power act of 2022, the need for generating sets by millions of Nigerians will drastically reduce by more than 80%. This will also further cause a decline in the demand by the populace especially the lower class for petrol to power small generators either for business or leisure.
“In conclusion, I personally believe that President Bola Tinubu is a thinker and an achiever. I have therefore enumerated the points above just to stimulate thoughts and actions and draw attention to areas which I consider if exploited, will add value to the plans of the current administration, increase revenue inflow to the country, reduce hardship and combat poverty.”
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Our Security Crisis Troubles Me Most,” Tinubu Admits
President Bola Tinubu says insecurity remains the most troubling challenge facing Nigeria, especially the Northern region.
He said on Saturday in Kaduna that urgent efforts were required to rebuild trust, strengthen unity and restore safety across communities.
Tinubu, represented by the Speaker of the House of Representatives, Tajudeen Abbas, spoke at the 25th Anniversary of the Arewa Consultative Forum (ACF) and the launch of its Endowment Fund.
The president said insecurity must be tackled decisively to prevent further economic decline and educational setbacks.
Tinubu said, “Nothing troubles me more gravely than the security crisis bedevilling Nigeria, especially Northern Nigeria,
“We cannot prosper when one limb of the national body is paralysed.”
He said his administration inherited complex security challenges but was addressing them with “urgency and determination.”
The president said that the government was committed to eliminating terrorist and bandit groups operating in the North and reversing the region’s economic decline.
He expressed optimism about Northern Nigeria’s economic prospects, saying he looks forward to the day crude oil tankers begin to roll out from Kolmani and other northern oil fields.
Tinubu added that key infrastructure projects, including the Abuja, Kaduna,Kano Superhighway,. were being fast-tracked for completion and commissioning.
He said the North must speak with honest and courageous voices to address its challenges, warning that the region cannot progress if leaders fail to protect vulnerable communities.
“We fail the day we sleep comfortably while millions sleep with empty bellies, the day fear becomes a permanent companion for travellers,” he said.
Tinubu added that although decades of dysfunction had strained unity, the diversity represented at the ACF anniversary demonstrated a collective resolve to resist division and restore solidarity.
The president praised the ACF for serving as the conscience of Northern Nigeria for 25 years, saying that the forum had consistently defended dignity, fairness and equality for millions.
He described the Silver Jubilee as a celebration of courage, advocacy and principled service.
Tinubu urged leaders across all sectors to recommit to the values that guided the founding of the ACF, stressing that the unity and stability of the North were vital to Nigeria’s overall peace and development.
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Nestoil Secures Major Win as Court Removes Asset Freeze in $1bn Dispute
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• Security personnel vacate office premises
• Company says damage to property undergoing assessment
Nestoil last night took possession of its office headquarters in Lagos after an initial defiance by some security agencies of a November 20, 2025 court order by Justice Daniel Osiagor, which directed them to immediately withdraw their officers from the premises of the defendants.
Lawyer to the defendants, Chino Obiagwu (SAN) who confirmed the development yesterday, noted that despite the overreaching orders by the courts, the police had declined to vacate the property as well as other assets, including its bank accounts, which were earlier frozen.
In the high-profile debt dispute between FBNQuest Merchant Bank Limited, First Trustees Limited, and oil and gas conglomerate Nestoil Limited, the Federal High Court in Lagos had directed the Lagos State Police Command to immediately withdraw its officers from the premises of the defendants.
“The Court yesterday (Friday) vacated the ex parte that was granted by the court for First Trustees to take possession of Nestoil Towers, among others, and freeze the account. So, all those orders were overreaching and yesterday the courts, the same federal high court, vacated all the orders and directed that Nestoil should recover their possessions and recover the accounts and other assets.
“ So, we have been making efforts to take possession, but the CP refused to withdraw his men until this evening due to pressure from all angles, the CP has withdrawn his men and the company has taken full possession of the Nestoil Towers,” Obiagwu stated.
While stressing that gaining access into the corporate offices was difficult for the security agents since it is electronically controlled, Obiagwu, however pointed out that the CCTV cameras outside were defaced, pointing out that the company was taking steps to take inventory to ensure that there’s no substantial damage to the property.
“What we know is that in a situation like this, we will advise the company to look at their reputational damages, because there was no basis whatsoever for First Bank to come to this property. This property is not owned by Nestoil or any of the companies they are claiming are owing them.
“They are just tenants. And you cannot come to a property owned by somebody else and lock it up for two weeks and chase away people and close businesses,” he added.
The directive followed a court order which vacated an earlier ex parte order that had authorised law enforcement agents’ presence at the facilities of Nestoil Limited, Neconde Energy Limited, and their directors, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.
In a formal letter to the Lagos State Commissioner of Police, the Deputy Chief Registrar of the Federal High Court, Longwa, conveyed the court’s decision, informing the police hierarchy that the legal basis upon which officers had been deployed to the premises had been set aside.
The letter, dated November 20, 2025, referenced Suit No. FHC/L/CS/2127/2025, and confirmed that Justice Osiagor’s ruling effectively nullified the earlier enforcement actions taken in connection with the plaintiffs’ claims.
“We refer to the Order of Honourable Justice D.E. Osiagor delivered on the 20th day of November, 2025, in respect of the above-mentioned matter. We hereby request that you withdraw your officers from the premises of the defendants, in view of the fact that the said order has been set aside. We look forward to your kind cooperation in this regard,” the letter stated.
The court’s decision restored control of the affected premises to the defendants pending further hearing of the substantive suit, which the Lagos State Police Command was expected to comply with.
Plot to take over Nestoil/Neconde’s interest in OML 42 unravels
Nestoil refutes defamatory claims, reaffirms integrity, commitment to rule of law
But despite the court’s explicit directive, officers of the Lagos Police Command earlier on Friday reportedly refused to leave and went further to block Nestoil staff from accessing their offices, an action that triggered outrage within the company and raised fresh concerns about institutional disregard for judicial authority.
Before the decision of the police to leave the premises, speaking at the premises, Nnaji Iwe, Associate Director and Chief of Staff at Nestoil, said the company had fully complied when the initial ex parte order was served, only to be confronted with resistance when the same court vacated it.
“When the ex parte order was served on us, we complied without resistance. Now that the Federal High Court has vacated that order, we expect the Commissioner of Police to obey. It is not for him to pick and choose which orders to obey,” he noted.
Iwe disclosed that officers not only denied access but also tear-gassed staff, forcing them to flee for safety. “We came in peace, ready to take lawful possession. Instead, we were tear-gassed. We are law-abiding citizens. No one should be above court orders,” he stressed.
Nestoil’s Group General Counsel, Abimbola Atitebi, described the police defiance as a dangerous affront to judicial authority, revealing that court bailiffs were told by police officers that the Federal High Court “needed permission” before its order could be enforced.
“This is beyond terrible. Ex parte orders are temporary. The court vacated it, wrote formally to the Commissioner of Police, and directed him to withdraw officers. For the police to remain there is a complete breakdown of the rule of law” Atitebi said.
The counsel warned that the prolonged occupation of the premises, despite the vacated order, sent troubling signals to foreign investors and undermined the federal government’s efforts to attract investment.
“This is a company in a critical sector. Foreign tenants are trapped. Some cannot access their belongings. What message are we sending? If police will not obey the Federal High Court, what will they obey?”, he said.
The underlying lawsuit was filed by FBNQuest Merchant Bank and First Trustees Limited, who alleged significant indebtedness on the part of Nestoil and its affiliates. The earlier ex parte order had paved the way for a purported receiver-manager to take possession of certain assets.
However, the court found that the order meant to preserve the subject of litigation pending formal hearing had overstayed its legally allowable lifespan and was improperly used to take possession.
In the same vein, Atitebi confirmed that the company’s senior counsel will escalate the issue to the highest levels of the police hierarchy and federal security architecture, describing the officers’ refusal to obey court orders as part of “a broader breakdown of constitutional order.”
“We are a law-abiding enterprise,” he said. “We will escalate this to the highest authorities. No democracy can function where court orders are subjected to personal discretion.”
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Renewed Hope : No governor can complain of lack of funds under Tinubu’s administration, Says Sanwo-Olu,
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Lagos State Governor, Babajide Olusola Sanwo-Olu, has declared that under the administration of President Bola Ahmed Tinubu, no state governor or local government chairman can genuinely complain of a lack of funds.
He said the Tinubu administration has significantly increased allocations to subnational governments, ensuring that states and local councils have more resources to meet their developmental obligations.
Sanwo-Olu stated this on Tuesday, November 11, while delivering the keynote address at a one-day public lecture organized by the Arewa Think Tank (ATT) to commemorate Nigeria’s 65th Independence anniversary at the Arewa House, Kaduna.
The lecture, themed “65 Years of Nigeria’s Independence: The Journey So Far with the Renewed Hope Agenda in View,” brought together political leaders, academics, youth groups, and other stakeholders to reflect on Nigeria’s national progress and future under President Tinubu’s Renewed Hope Agenda.
The Lagos Governor praised the resilience and ingenuity of Nigerians since independence, noting that despite the country’s challenges, its capacity for growth, reform, and unity remains unmatched.
“Today, that story has changed. Ask any State Governor or Local Government Chairman, and they will tell you just how much revenue has surged under the watch of President Bola Ahmed Tinubu. There is now more money to do more that benefits the people of Nigeria,” Sanwo-Olu said.
He attributed the improved fiscal outlook to deliberate policy reforms by the Tinubu administration, particularly those designed to strengthen federalism and empower the states and local governments.
According to him, between 2023 and 2024, federal allocations to state governments rose by about 62 percent, while allocations to local governments increased by 47 percent. He said the recently enacted tax reforms, which reduced the Federal Government’s share of Value Added Tax (VAT) from 15 percent to 10 percent, further underscored the President’s commitment to fiscal decentralization and grassroots development.
“With the new tax laws, states now get 55 percent of VAT, while local governments receive 35 percent. This is another bold step by the President to ensure that governance is closer to the people,” he noted.
Sanwo-Olu also lauded the President’s insistence on local government financial autonomy, recalling the administration’s Supreme Court victory, which secured historic legal backing for that autonomy.
He disclosed that President Tinubu’s next major reform focus is restructuring Nigeria’s security architecture through the creation of State Police, an initiative he described as “long overdue and fundamental.”
Citing Tinubu’s recent remarks during a meeting with Katsina leaders, Sanwo-Olu quoted: “I am reviewing all aspects of security. I have to create a State Police. We are looking at that holistically. We will defeat insecurity.”
He described the Renewed Hope Agenda as a bridge-building framework aimed at uniting Nigeria’s diverse regions through equity, reform, and inclusive development.
“President Tinubu is a veteran unifier and a bridge-builder. His Renewed Hope Agenda is about connecting Nigeria, bridges of reform, prosperity, and national unity,” he said.
Drawing inspiration from Nigeria’s founding fathers, especially the late Sir Ahmadu Bello, the Sardauna of Sokoto, Sanwo-Olu emphasized that true national development must be homegrown and context-specific.
“More than six decades later, Sardauna’s words still ring true. Our duty is to build on those legacies, planting trees we may not sit under, but ensuring a better Nigeria for future generations,” he said.
He reaffirmed that Nigeria’s diversity remains its greatest strength, saying: “We will continue to affirm that Nigeria is a proudly multi-ethnic, multi-religious, and multicultural country. What binds us together is far stronger than what divides us. We shall overcome every challenge, poverty, hunger, and terrorism.”
Sanwo-Olu pledged Lagos State’s continued partnership with the Federal Government in actualizing the Renewed Hope Agenda and building a prosperous, inclusive, and resilient nation.
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