Economy
National Assembly Blackmailing Minister of Finance to Siphon Funds—Report
By Dipo Olowookere
A report by Premium Times has disclosed that the leadership of the National Assembly is using a ‘secret’ it has about the Minister of Finance, Mrs Kemi Adeosun, to get her approve funds for the second arm of government.
According to the report, some Senators provided insights into why Mrs Adeosun has remained exceptionally generous in funnelling billions of Naira to parliament, sometimes even against the wishes of her bosses at the presidency.
The newspaper had in a series of reports revealed how the Minister repeatedly enriched lawmakers, including by funding unapproved projects and making unappropriated cash payments to the legislative arm of government.
In April, it reported details of the controversial release of N10 billion to the National Assembly by Mrs Adeosun.
The lawmaking arm then wasted the money on exotic cars and dubious contracts. Some of the companies to which the contracts were awarded were not even registered with the Corporate Affairs Commission (CAC) and the Bureau of Public Procurement (BPP).
In June, Premium Times reported how the Minister spent about N12 billion to finance projects the presidency wanted removed from the 2017 budget.
The Minister’s action generated uproar nationwide, especially among civil society activists who wondered the motive of such curious financial relationship with federal lawmakers reputed for being self-centred, greedy and corrupt.
Two months of asking questions is beginning to provide some insights into the real reason the Minister has maintained such cosy relationship with the lawmakers.
At least five senators who spoke to the newspaper said the abnormal actions of the Minister were activated by the top echelon of the legislature.
“We have never had a Finance Minister so generous to the National Assembly,” one senator said. “But it is not for nothing. The truth is we were able to dig up something unsavoury about her and our leaders are holding her by the jugular
One ranking Senator simply said, “The Minister is being gagged by our people”.
He however said he was not sure what his colleagues were using to “gag” the Minister.
Yet another Senator said, “What I am aware of is some of our people said they have an ammunition they can use to silence her. That has given way for the leadership (of the National Assembly) to intimidate her, knowing that they could get her out of her job if she doesn’t cooperate.”
Another ranking Senator, who also asked not to be named, said Mrs Adeosun was indeed being blackmailed by lawmakers.
“Not everything is out in the public because every single one of us are beneficiaries of this situation,” he said. “But I can tell you the woman is being harassed and blackmailed into doing many things she would ordinarily not so. She is helpless in the hands of our people.”
The Minister is said to be afraid of being exposed or investigated by the legislative body, which may lead to her losing her position.
Premium Times learnt that the real “ammunition” is known only by a few high profile leaders of the National Assembly who have turned it into what an official called “a secret tool for extortion.”
But when contacted, Senate President, Mr Bukola Saraki, said the Finance Minister was not being blackmailed in any way.
“There is nothing like that and I am very sure of that,” Mr Yusuph Olaniyonu, spokesman to Mr Saraki, informed Premium Times. “If there is anything like that, I would know. Oga (boss) will hint or she will tell me. There is absolutely nothing like that. It is not true.”
Mr Olaniyonu described Mrs Adeosun as the “most cooperating minister” who answers lawmakers’ summons at all times. But he insisted that her conduct was not because of fear of any blackmail.
Spokesperson to Mrs Adeosun, Mr Oluyinka Akintunde, also denied his boss was being blackmailed by lawmakers.
“I wish to state that there is no such thing,” Mr Akintunde said. “The Honourable Minister has always operated within the ambit of the law in the discharge of her responsibilities.”
However, the newspaper said it was working hard to uncover what the real “ammunition” being used against the Minister is, promising to provide updates as information becomes available.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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