Economy
Oando Shareholders Beg Buhari to Sack Adeosun
By Dipo Olowookere
President Muhammadu Buhari has been urged to immediately sack Minister of Finance, Mrs Kemi Adeosun, for allegedly meddling in the forensic audit of Oando Plc.
South-South Coordinator of the Oando Shareholders Solidarity Group (OSSG), Mr Clement Ebitimi, made this plea in a statement issued on Monday in Port Harcourt, Rivers State.
The shareholders of Oando claimed that the alleged interference of the Minister in the audit of the oil firm was a bug stain on the anti-corruption campaign of Mr President, whose integrity could be marred by this action.
Last week, Director General of the Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, was suspended by the Minister.
Reports later surfaced last week indicating that Mrs Adeosun told the suspended DG to drop the forensic audit of Oando.
In the statement on Monday, shareholders of Oando alleged that Mrs Adeosun has “lost the moral authority” to remain in President Buhari’s cabinet considering “her repugnant role in shielding the embattled management of Oando Plc from forensic audit in the face of the monumental abuse in the company”.
Mr Ebitimi, who led a group of shareholders to protest at Oando’s Annual General Meeting in Uyo, Akwa Ibom State in September, said, “We condemn in strongest terms the recent suspension of the Director-General of the Securities and Exchange Commission (SEC), Dr Mounir Gwarzo, by the Minister of Finance, Mrs Kemi Adeosun.
“Facts in the public space have revealed that Mrs Kemi Adeosun acted in her capacity as a federal minister to stall the impending forensic audit into Oando Nigeria Plc.
“This is a gross abuse of power and an embarrassment to our corporate existence as a nation. It is shameful, totally embarrassing and should be condemned by all well-meaning Nigerians.
“Dr Munir Gwarzo has demonstrated exemplary leadership as the Director-General of the Securities and Exchange Commission. He is a trusted helmsman that has earned the respect of stakeholders in the Nigerian capital market operations.
“Unlike the Minister of Finance who has brazenly abused her powers for personal gains, Dr Gwarzo has used his office to protect the interest of shareholders in the country’s capital market thereby boosting investment in the market.
“We consider the suspension as an abuse of public office, completely unexpected and unacceptable of a government official. There is nothing more definitive and exemplifying of corruption than the action by the Minister. She has personally and singly rendered the anti-corruption mantle of this government rudderless by this singular action. She is not fit to remain a part of the Buhari administration and no longer fit to be entrusted with any public assignment. The Minister has failed to act honourably on this matter and consequently made it difficult to bestow honour on her.”
The activist said Oando shareholders are deeply concerned about the plight of the company and strongly believe the only solution is for the intervention of the regulatory authorities as demonstrated by SEC under Gwarzo.
According to him, “The management of Oando has for so long relegated shareholders to nonentities; we no longer have a say in the company we invested in. The management has been mismanaging the company while they continue to buy the conscience of some powerful people to support the sustained mission of wrecking the company.
“As of today, every conscientious shareholder of Oando Nigeria Plc is angry. They are angry because of the way the company is being managed. We have held protests across the country starting with the Annual General Meeting dubiously held in Uyo; we have written petitions to the National Assembly and called on well-meaning Nigerians to intervene in the well-orchestrated mission to destroy shareholders’ value in Oando.
“Just when the Securities and Exchange Commission (SEC) intervened and sought to finally unravel the extent of the financial mismanagement and corporate governance abuse, Mrs Kemi Adeosun has thrown herself on the way as a stumbling block.
“Our questions to the Minister are: 1. What is your stake in Oando Nigeria Plc? 2. What is your relationship with Wale Tinubu? 3. How much are you being paid for this job and how much have you been promised? We need answers to these questions to clearly understand why the Minister would choose to provide the umbrella for corruption while Dr Gwarzo is bent on throwing light on the darkness that has engulfed Oando Nigeria Plc.
“We will not sit by and watch our investment go down the drain without giving a fight. Many of us bought the shares of Oando at N90, today the price has dropped to N5. The drop in price is not a result of natural events; it is not a result of the drop in crude oil price as the management is trying to make us believe. The drop in price is due to the mismanagement of the company by Wale Tinubu and co. The auditors of the company for three years consecutively have cast a doubt on the going concern of the company because its liabilities are more than its assets. In this dire situation the management of the company has continued to expend company resources on frivolous things that do not add value to the steadiness of the company.
“In fact, they have continued to increase remuneration of the board while shareholders are left to suffer. Whereas other oil companies are making progress and declaring profit, Oando Nigeria Plc has continued to dwindle, racing towards liquidation with no break in sight.
“Rather than join hands with SEC to save shareholders and rescue the company, Mrs Kemi Adeosun is bent on killing Oando Nigeria Plc by retaining the current incompetent management who lack depth and thoroughness in managing a company. What we need is the forensic audit of Oando to go on. And we clearly understand that the suspension of Dr. Gwarzo is to pave the way FOR another helmsman who will either suspend the forensic audit or ensure that the company only pays fine for the weighty allegations before it.
“This is a clear distraction aimed at suppressing the main issue, which is that Oando as a company cannot survive as a going concern because of the gross abuse of trust, and corporate governance abuse of the Tinubu-led management.
“In the 2016 annual report of the company, the auditors Ernst & Young stated: “We are drawing attention to note 45 in the financial statements, which indicates that the company reported a comprehensive loss for the year of N33.9 billion (2015: loss N56.6 billion) and as at that date, it’s current assets exceeded current liabilities by N14.6 billion (2015: N32.8 billion net current liability).
“The group recorded a comprehensive income of N112.4 billion for the year ended December 31, 2016 (2015: loss N37.8 billion) and as at that date, its current liability exceeded current assets by N263.8 billion (2015: N260.4 billion).
“As stated in the notes, these conditions, along with other matters, indicate that a material uncertainty exist that may cast significant doubt on the company (and Group’s) ability to continue as a going concern. This is a major disturbing issue that must be addressed by relevant authorities and every concerned stakeholder.
“We all know that the only way to rescue Oando Nigeria Plc at this point in time is for the Wale Tinubu led management to resign and allow an unhindered forensic audit. We are well aware that there will be more discoveries at the end of the forensic audit. This needs to be done to sanitise our capital market and protect investors. To do otherwise is to show to the whole world that our capital market is populated by companies that have integrity questions. We should not allow the misdeeds of the people at Oando Nigerian Plc to become the image of our capital market. Our nation must purge itself of every untrustworthy individual and their abettors. We want the management of Oando Nigeria Plc to resign and we call on the Minister of Finance, Kemi Adeosun to resign her position for gross abuse of public office or be sacked by President Buhari who is not known to condone corrupt practices and abuse of public trust as brazenly exhibited by Adeosun.”
By Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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