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Oando Shareholders Beg Buhari to Sack Adeosun

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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.”

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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Economy

Dangote Plans Seaport in Ogun to Ease Export of Petrol, Fertiliser, Others

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Dangote host media

By Adedapo Adesanya

Nigerian billionaire businessman, Mr Aliko Dangote, plans to build a seaport in Ogun State to ease the movement of goods from his factories bound for export.

According to a report by Bloomberg, the proposed Atlantic seaport in Olokola, Ogun state, lies about 100 kilometres (62 miles) by road from the Dangote fertiliser plant and petrochemicals refinery in Lagos.

He will be constructing the port at the same site he had previously planned to build his refinery until infractions with the government led him to change his mind despite fulfilling some financial arrangements.

Speaking to the publication, the businessman said he has sent the paperwork to the government for permission in late June.

“It’s not that we want to do everything by ourselves, but I think doing this will encourage other entrepreneurs to come into it,” he noted.

The establishment of a seaport will make it easier for him to export goods, including petrol, liquefied natural gas, urea, fertiliser, among others, which are limited by constraints and bottlenecks on Nigerian road networks and congested seaports.

Dangote currently exports urea and fertilizer through an on-site jetty he built, that also receives heavy equipment for the refinery.

It was reported that the port will link his logistics and export operations and other competitors facilities in Lagos,  including the Lekki Deep Sea Port in Lagos.

According to the Vice-President of Dangote Industries Limited, Mr Devakumar Edwin, the firm also plans to export liquefied gas from Lagos, a project that will involve constructing pipelines from Nigeria’s oil-rich Niger Delta.

“We want to do a major project to bring more gas than what NLNG is doing today,” he said, adding that, “We know where there is a lot of gas, so run a pipeline all through and then bring it to the shore.”

These developments mark the next step in plans by the further expand his empire both home and abroad. Already, the company plans to start distributing fuel to retailers in Nigeria from August, using a fleet of 4,000 CNG-powered trucks.

Business Post reported last week that he has also started plans to construct storage tanks in Namibia to hold at least 1.6 million barrels of petrol and diesel to supply refined fuel to the southern Africa market.

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Economy

Nigeria May See 4.4% GDP Growth, 17.1% Inflation in H2 2025—FSDH

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0.51% GDP Growth

By Adedapo Adesanya

Nigeria may achieve an economic growth of 4.4 per cent and a moderate inflation of 17.1 per cent if crude oil production improves, analysts at FSDH Merchant Bank have projected.

In a report released last week, the firm in its Nigeria Macroeconomic Report for the First Half of 2025, offered critical insights into the global and domestic economic environment.

The report titled Balancing on the Edge in a Fragile World dissected the complex interplay of global disruptions and Nigeria’s economic performance, while providing a forward-looking projection for the second half of 2025.

It said despite global trade tensions, geopolitical unrest in the Middle East, and fragile capital flows, Nigeria showed signs of resilience, underpinned by expanding non-oil exports, moderating inflation, and improving investor sentiment.

“Nigeria has demonstrated encouraging signs of macroeconomic stability in the face of global headwinds. Our PMI data suggests an expanding economy, inflation is decelerating, and exchange rate reforms are strengthening market confidence. However, sustaining this progress requires deep structural reforms, especially in energy, trade, and fiscal management,” the chief executive of FSDH Merchant Bank, Mrs Bukola Smith, was quoted as saying in the note.

For the first half of the year, the report noted that Israel-Iran conflict and a renewed tariff war under US President Donald Trump have triggered global uncertainty, with the IMF cutting global growth projections, adding that oil price volatility and trade disruptions are shaping Nigeria’s external outlook.

It also noted that Nigeria’s inflation has moderated following a revision in the Consumer Price Index (CPI) methodology, inflation slowed from 24.5 per cent in January to 23 per cent in May 2025.

The firm also affirmed that exchange rate reforms were working.

“The Naira showed relative stability, trading within a narrower band. FX reforms and CBN’s transparency have restored investor confidence,” it said, adding that, “Though official GDP data is pending, the Purchasing Managers’ Index (PMI) stayed above the 50-point threshold throughout H1, reflecting economic expansion across agriculture, industry, and services.”

It revealed that despite a decline in oil’s share of exports to 62.9 per cent (from 81 per cent in Q1 2024), crude oil production remains below budget benchmarks. This shortfall may affect fiscal performance unless addressed.

Other pointers include NGX All Share Index (NGX-ASI) which returned 16.6 per cent YTD, outperforming many global peers, while foreign portfolio investments surged to $5.03 billion in Q1 as well as the passage of four major tax laws in June, aiming to harmonize tax administration, increase compliance, and improve equity.

“These are expected to raise the tax-to-GDP ratio from 10 per cent to 18 per cent in three years,” it said.

The report then projects that if oil production improves and inflation continues its downward trend in the current half of this year, Nigeria may achieve GDP growth of 4.4 per cent, inflation at 17.1 per cent, and external reserves of $44.3 billion, provided oil output and reforms align in a best-case scenario.

However, Nigeria must leverage current momentum to deepen economic diversification, accelerate reforms in the power and petroleum sectors, and maintain coordination between fiscal and monetary policy.

“Investor sentiment has begun to turn positive. Nigeria’s bond and T-bill markets are attracting renewed interest, and equity markets are gaining momentum.

“At FSDH, we understand that in times like this, clarity and partnership matter more than ever. While we can’t control global events or predict every market move, we remain committed to helping you navigate the complexity with perspective, precision, and purpose,” the Executive Director for Global Markets and Institutional Banking at FSDH, Mr Hakeem Muhammed, said.

The report also noted cautious optimism in the bond and NT-Bills market, as yields softened in response to improved macro indicators, while oil sector stocks on the NGX continued to underperform due to global crude price pressures.

“With the MPR at 27.5 per cent, prime lending rates currently exceed 30 per cent, but projected downward trends in H2 2025 offer a more favourable outlook for debt-funded expansion and capital investments,” added Mrs Stella-Marie Omogbai, Executive Director, Corporate Banking and Branches, FSDH Merchant Bank, “Interest rates are expected to ease due to projections on MPC rates dropping to at least 27 per cent, supported by fresh capital inflows in the banking industry and reduced inflation concerns.”

“FSDH, in partnership with DFIs, will continue to provide funding at competitive rates to help businesses grow,” she further stated.

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Economy

Bitcoin Crosses Landmark $122,000 Milestone for First Time Ever

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The Economics of Bitcoin

By Adedapo Adesanya

Bitcoin crossed the $122,000 level for the first time on Monday.

The development marks a milestone for the world’s largest cryptocurrency as investors bet on long-sought policy wins for the industry this week.

Three major bills, the Clarity Act, the Genius Act, and the Anti-CBDC Surveillance State Act, are set to be reviewed by the US lawmakers.

The crypto asset scaled a record high of $122,482.00 on Monday, before pulling back slightly to last trade 3.9 per cent higher at $122,462.70, as of press time.

The surge in bitcoin, which is up 29 per cent for the year so far, has sparked a broader rally across other cryptocurrencies over the past few sessions, even in the face of President Donald Trump’s chaotic tariffs.

Ether (ETH), the second-largest token, scaled a more than five-month high of $3,050.90, while Ripple (XRP) and Solana (SOL) gained about 3 per cent each at $2.95 and $166.23, respectively.

Other benchmarked tokens like Finance Coin (BNB) and Dogecoin (DOGE) are also up at $703.61 and $0.2055, respectively.

Reuters reported that starting on Monday, the US House of Representatives will debate the series of bills to provide the digital asset industry with the nation’s regulatory framework it has long demanded.

Those demands have resonated with President Trump, who has called himself the “crypto president” and urged policymakers to revamp rules in favour of the industry.

The sector’s total market value has swelled to about $3.78 trillion, according to data from CoinMarketCap.

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