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Portfolio Manager in N4m Fraud Mess

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By Dipo Olowookere

A fund/portfolio manager with Fragracons Limited, Mr Jonah Ekpone Chijor, has been arraigned by the Port Harcourt Zonal Office of the Economic and Financial Crimes Commission (EFCC) for an alleged case of criminal breach of trust.

The suspect was brought before Justice E.A Obile of the Federal High Court sitting in Port Harcourt, Rivers State on a two- count charge bordering on conspiracy and obtaining money by false pretence contrary to Section 8 (a) of the Advance Fee Fraud and Other Related Offences Act 2006 and punishable under Section 1(3) of the same Act.

The fund manager got into trouble when his victim wrote a petition to the EFCC, alleging that he invested N4 million with the defendant who promised to pay 15 percent interest on the amount after six months.

But at the maturity, the investor requested for both the capital and interest but the defendant failed to refund his money and all efforts to get the money back proved abortive.

At his arraignment, the anti-graft agency in one of the counts said, “That you Jonah Ekpone Chijor, Fragracons Limited sometimes between September 2014 and September 2015 in Port Harcourt, Rivers State within the jurisdiction of this honourable court, did conspire amongst yourselves to commit felony to wit: obtaining by false pretence and thereby committed an offence, contrary to Section 8 (a) of the Advance Fee Fraud and Other Related Offences Act 2006 and punishable under Section 1(3) of the same Act.”

After the charges were read to him, the defendant pleaded not guilty and in view of his plea, the prosecuting counsel, C. Okorie prayed the court to fix a date for commencement of trial. However, counsel to the defendant, C. Iyieke informed the court of a pending application for bail for the defendant.

Justice Obile granted the defendant bail in the sum of N2 million and one surety in like sum. The defendant and surety were asked to deposit two recent passport photographs with the court.

The judge said the surety should be a community member of the defendant and the residential address of the surety should be verified by the police. Justice Obile also ordered that the defendant be remanded in prison custody pending the perfection of his bail term while the matter was adjourned to November 28, 2019 for commencement of trial.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Nigeria Targets Housing Gap with Technology-Led China Partnership

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housing gap

By Adedapo Adesanya

The federal government is advancing a partnership with China aimed at accelerating affordable housing delivery and closing Nigeria’s widening housing gap through technology-driven and scalable solutions.

This followed a technical study tour to Guangzhou led by the director general and global liaison of the Nigeria-China Strategic Partnership, Mr Joseph Tegbe, alongside a delegation from Family Homes Funds Limited, the office stated in a statement on Monday.

According to the agency, the delegation included the managing director, Mr Abdul Mutallab Mukhtar, and the executive director of Operations, Mr Emeka Henry Inegbu.

The engagement focused on unlocking strategic partnerships to integrate modular and prefabricated housing technologies into Nigeria’s construction ecosystem—an approach expected to significantly reduce building costs, shorten delivery timelines, and improve quality at scale.

With Nigeria’s housing deficit estimated in the millions, the federal government is increasingly prioritising industrialised construction methods and international collaboration to drive sustainable housing delivery.

Discussions also explored potential partnerships with leading engineering, procurement, and construction (EPC) firms to strengthen execution capacity for large-scale social housing projects.

The delegation also engaged prospective financing partners to mobilise long-term capital required to fund affordable housing initiatives and expand access for low- and middle-income earners.

The agency said the meetings were facilitated by Joerno Conceptions Limited and the E-Link Group in China. The engagements were further strengthened through the cooperation of Zou Gang, the executive deputy director of the China-Africa Economic and Trade Enterprises Working Committee, underscoring the depth of institutional collaboration supporting the initiative.

The firm noted that the move signals a shift toward results-oriented bilateral engagement, where technical expertise, capital mobilisation, and policy alignment converge to deliver measurable outcomes.

“By leveraging China’s advanced construction capabilities to meet Nigeria’s urgent housing needs, the partnership is positioned not only to expand access to affordable homes but also to stimulate job creation, strengthen local value chains, and enhance urban resilience,” it said.

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Lagos Signs 60MW Power Purchase Deals with Fenchurch, Mainland Power, Viathan

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Lagos State government

By Adedapo Adesanya

The Lagos State Government has signed Power Purchase Agreements (PPA) with three firms- Fenchurch Power, Mainland Power, and Viathan for about 60MW of generation.

Governor Babajide Sanwo-Olu, in a statement, noted that plans to scale capacity to 200–400MW within two to three years through market-driven investments under the Lagos State Electricity Law 2024, aligned with the Nigerian Electricity Act.

He noted that the agreements were executed on behalf of the state by Mr Abiodun Ogunleye, the state’s commissioner for Energy and Mineral Resources,  alongside representatives of the three firms at Lagos House, Marina.

According to Mr Sanwo-Olu, the signing of three power purchase agreements is designed to build on existing capacity and address what has not been working.

He said Fenchurch Power will support the state’s major water facilities in Adiyan and Iju, while Mainland Power will continue serving Ikeja, Oshodi, and Anthony, with room for expansion.

“Viathan will maintain a stable power supply to key facilities on the Island as we strengthen its integration with the distribution network,” he said.

The Governor insisted that the government will no longer pay for power that is not delivered, explaining that the commercial capital has updated those agreements to reflect current market realities.

“Payments are now tied to actual, metered supply, helping the government to reduce waste and manage costs more effectively,” he added.

He emphasised that the agreement means more reliable power for public infrastructure, better use of state resources, and a clear path to scale capacity over the next few years.

On his part, the Commissioner for Energy and Mineral Resources, Mr Ogunleye, stated that development is an attempt to expand generation and revive dormant assets to support a sustainable energy supply.

He noted that the power companies at the moment operate a combined generating capacity of about 60MW and plan to scale up to between 200MW and 400MW within two to three years through market-based investments rather than public spending.

Providing a further breakdown of the network, Mr Ogunleye revealed that Mainland Power, with an installed capacity of 8.8MW, located in the Ikeja GRA axis, has a contracted capacity of 5.8MW, supplying power to strategic public facilities, including the Lagos State University Teaching Hospital and other substations within the state’s network.

He also noted that the Akute Independent Power Plant, now operated by Fenchurch Power, has a contracted capacity of 26MW and is being repositioned as a major energy hub.

The commissioner said the plant, which had been dormant for about five years, is undergoing rehabilitation and upgrades under a long-term operational agreement and is expected to serve surrounding communities, including Adiyan Water Works.

Viathan Engineering, according to him, is expected to service the Island/Lekki corridor, overseeing the Peninsula Integrated Power Project with a combined installed capacity of 21MW — 6MW in Lekki and 15MW in Marina.

Both facilities are expected to supply electricity to major government and health facilities, including Lagos Government House, Lagos Island General Hospital, and Lagos Island Maternity Hospital.

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Dangote Refinery Expansion to Generate 95,000 Jobs

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Dangote Refinery Crude Supply to Local Refineries

By Adedapo Adesanya

African businessman and the President of the Dangote Group, Mr Aliko Dangote, has announced that the planned expansion of the Dangote Refinery to a production capacity of 1.4 million barrels per day will generate employment for no fewer than 95,000 skilled workers.

According to a statement by the firm, Mr Dangote disclosed this on Saturday in Lagos during his induction as an honorary fellow of the Nigerian Academy of Engineering, describing the project as a major milestone in Nigeria’s industrial transformation.

According to him, the expansion underscores the group’s continued commitment to engineering excellence, job creation, and sustainable economic growth.

“This award is particularly meaningful because it recognises what we are doing in the industry, especially our commitment to employing engineers and skilled professionals. At the peak of construction for this expansion, we expect to have about 95,000 skilled workers on site, and we will continue to grow,” Mr Dangote said.

Mr Dangote said that upon completion, the expanded refinery will surpass the Jamnagar refinery in India to become the largest refinery in the world, significantly strengthening Nigeria’s refining capacity.

Mr Dangote noted that the project would rely heavily on Nigerian expertise, creating substantial opportunities for engineers, technicians, artisans, and other skilled professionals. He added that the expansion reflects the group’s long-term vision for industrialisation in Nigeria and across Africa.

Beyond employment generation, the refinery said the expansion is expected to stimulate local manufacturing, enhance technology transfer, and deepen Nigeria’s oil and gas value chain.

It will also improve fuel security, reduce dependence on imported petroleum products, and deliver significant foreign exchange savings for the Nigerian economy.

“The scale of this expansion reflects our confidence in Nigerian capacity and our belief that Africa has the ability to build world-class infrastructure that meets global standards,” Mr Dangote stated.

In his remarks, the President of the Nigerian Academy of Engineering, Prof Rahamon Bello, described the honour as well-deserved, noting that Dangote’s impact transcends physical infrastructure.

“What makes this recognition fitting is not only what has been built but also what has been inspired. Alhaji Aliko Dangote’s journey continues to motivate a new generation of engineers, entrepreneurs, and innovators to think boldly, act decisively, and believe in the immense possibilities within our continent,” Bello said.

Recall that recently, the company announced phases to expand its operations and grow its turnover to $100 billion by 2030, with new venture interests, including ports, pipelines, data centres, and mining.

Key initiatives include increasing the capacity of the Dangote Petroleum Refinery from 650,000 barrels per day to 1.4 million barrels per day and boosting its fertiliser production from 3 million tonnes per annum to 12 million tonnes per annum.

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