General
Benedict Peters Denies Funding Political Movement
By Modupe Gbadeyanka
Business mogul, Mr Benedict Peters, has refuted claims that he is the main financial of a new political movement in Nigeria called the Third Force.
The oil magnate, in a statement issued last weekend, distanced himself from the speculations, emphasising that he is not a “financier of the said organisation or any socio-political partisan association or political party in Nigeria or anywhere else in the world.”
According to him, he has received calls and messages advising him to “ignore” the tweet and regard the reports as the “handiwork of detractors,” but having taken into consideration his travails in recent times, fuelled largely by the adverse effects of incomprehensible media falsehood, he was forced to “immediately authorize the release of a rebuttal, given the malicious, damaging effect the unprofessional tweet is capable of creating.”
In the statement personally signed by him, Mr Peters said, “As an International businessman of repute, I have deliberately kept stayed away from politics preferring, instead, to focus and give my all to the development of my business interests across the African continent.
“Corporate Social Responsibility contributions has seen the Aiteo Group, which I lead, provide investment support in Medicine and Medical Research dedicated to seeking cures for several ailments which affect the African continent as well as investment in Sport and Sport as a panacea for the development of Africa’s teeming youth population.
“The latter has been particularly evident in the Sport of football where we have major relationships with the Nigerian Football Federation and Confederation of African Football (CAF). This is even as we continue to regularly provide financial support and investments to encourage building the ‘Nigerian Dream’ through multi-dimensional and multifaceted socio economic interventions.
“Neither I, my immediate family nor companies in which I have interests would embark on the sponsorship of a movement which is unknown to us. This would be crass, irresponsible and inconsistent with the commercial prudence that a businessman of my accomplishment would consider. To, therefore, name me as a financier of such a venture is not only vile and callous, it is insensitive and inconsiderate.
“It is a sad reminder of the length that some people, manipulating the malleable, depraved and downright dishonest elements of the media, can go (for reasons best known to them) in their despicable and contemptible attempts to continue to pitch me against the government of the day in Nigeria!
“Apart from seeking to impugn my integrity as the publication has done, the authors appear to premise the absurdity of their fabrication on my very well publicized relationship with former President Chief Olusegun Obasanjo.
“I confirm that I know the former President very well. He is like a father to me. He was a friend of my father, the late Chief F.B Peters and has a relationship with my family that dates back over 30 years.
“In the publishers’ indecent haste to malign the former president and I, amongst others, they demonstrated a shameful shallowness that paid no heed to the very personal nature of our relationship.
“For the avoidance of any doubt whatsoever, I also confirm, categorically, that the former President has, on no occasion, discussed or mentioned any such plan or intention to me. This situation very pointedly affirms the irrationality and farcicality of the allegations as a whole.
“As unconvincing and implausible as these allegations are, I am constrained to take steps to address these unbridled excesses as a means of protecting my family, my business and I from these unwarranted personal attacks.
“Accordingly, I have instructed my lawyers to immediately take steps to obtain a retraction, in the absence of which they are to take all steps available to provide me with protection, remedy and relief.
“I ask the general public and well-meaning Nigerians at home and abroad, to disregard the tweet and its contents. It is nothing but FAKE NEWS.
“Finally, my message to the COWARDS who have, again, sought to use cheap, fabricated publicity and dirty media propaganda to cause me embarrassment, is that no assemblage of hatchet jobs/men or media manipulation can shake my unwavering stand and belief in the fortunes of the Nigerian economy and the success of the ‘Nigerian Project’.
“Aiteo as a business endeavour has come to stay and will grow bigger in the years to come.”
General
Tinubu in UAE for 2025 Abu Dhabi Sustainability Week
By Modupe Gbadeyanka
President Bola Tinubu on Saturday, January 11, 2025, left the shores of Nigeria for the United Arab Emirates to take part in the 2025 Abu Dhabi Sustainability Week (ADSW 2025).
He was accompanied by the Minister of Foreign Affairs, Mr Yusuf Tuggar, and other senior government officials.
A statement issued by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed that Mr Tinubu was invited for the event by his UAE counterpart, Mr Mohamed bin Zayed Al Nahyan.
He will attend the programme starting from today, Sunday, January 12 to Saturday, January 18, 2025.
However, President Tinubu is expected to return to Nigeria before the end of the summit on Thursday, January 16, 2025.
The event, themed The Nexus of Next; Supercharging Sustainable Progress, is expected to bring together global leaders to accelerate sustainable development and advance socioeconomic progress.
In addition, it will enable policymakers, business, and civil society leaders to explore pathways to fast-track the transformation to a sustainable economy and evolve a new era of prosperity for all.
ADSW, a testament to the power of collaboration, has been held annually for over 15 years. It provides a global platform to foster multi-stakeholder cooperation in addressing global challenges and accelerating growth.
It has birthed high-value agreements and strategic partnerships between governments, industry leaders, and clean energy pioneers worldwide, driving impactful alliances and advancing the sustainability agenda worldwide.
At the event, President Tinubu will stress his administration’s reforms, including those related to energy sufficiency, transportation, public health, and economic development.
The Nigerian leader and his entourage will also meet with the emirate’s leadership to discuss issues of interest affecting the two nations.
General
Lagos Speaker Mudashiru Obasa Faces Renewed Scrutiny Over Financial Mismanagement
By Dipo Olowookere
The Speaker of the Lagos State House of Assembly, Mr Mudashiru Obasa, remains at the centre of a storm of corruption allegations that have plagued his tenure.
Critics, anti-corruption groups, and opposition leaders have accused him of financial mismanagement, extravagant spending, and abuse of office, yet no substantive action has been taken against him.
Recent reports by People’s Gazette revealed that the 40-member Lagos State House of Assembly, under Mr Obasa’s leadership, spent over N43 billion on “back-up vehicles for honourable members” between January 2023 and the third quarter of 2024.
This expenditure, part of a larger N90.5 billion disbursed for questionable projects, has raised concerns among Lagos residents about the state’s priorities amid widespread economic hardship.
Budget documents showed the Assembly spent about N30.1 billion on vehicles in 2023 and about N13.3 billion in the first three quarters of 2024. Critics argued that these sums, which equate to roughly N1.1 billion per lawmaker, were frivolous.
Mr Obasa has faced allegations of corruptions since early in his tenure, including reports of owning over 60 bank accounts used to misappropriate public funds. In 2019, People’s Gazette reported that the lawmaker conducted suspicious foreign exchange transactions totaling $2.4 million (N1.1 billion). These funds were allegedly funneled through personal accounts and mutual fund investments.
In October 2020, the Economic and Financial Crimes Commission (EFCC) invited the Speaker for questioning over allegations of fraud. Despite evidence of financial impropriety, including allegations of inflated contracts and misappropriated Assembly funds, the EFCC has yet to take decisive action. Protests led by civil society groups like the Civil Society Network Against Corruption (CISNAC) demanding accountability have yielded little progress.
Mr Obasa has consistently denied these allegations. Speaking at a recent plenary, he dismissed claims of spending N17 billion on constructing a gate as “spurious and funny.”
He also refuted allegations of spending N200 million on a nonexistent thanksgiving service, attributing the accusations to political fear-mongering ahead of the 2027 elections.
However, critics have dismissed these defenses as self-serving. A 2020 House panel, composed of Mr Obasa’s allies, cleared him of wrongdoing—a decision labeled a “kangaroo judgment” by anti-corruption advocates.
Prominent anti-corruption campaigner, Mr Olanrewaju Suraju, has urged the EFCC to act on the mounting evidence against Mr Obasa, warning that his actions undermine legislative independence and public trust.
“These revelations justify the urgent need for mechanisms to enforce probity and accountability in public office,” Mr Suraju said.
Despite the scandals, Mr Obasa appears unperturbed and untouchable, with analysts attributing his survival to political connections and an entrenched culture of impunity.
As Lagos State prepares for the 2027 elections, the Speaker’s continued tenure symbolizes a broader challenge of corruption and governance in Nigeria’s political landscape.
Observers now await further developments as pressure mounts on anti-graft agencies to act decisively.
For Lagos residents, however, the scandals highlight a troubling disconnect between political leadership and the needs of the people.
General
Nigeria Suffers First National Grid Collapse of 2025
By Modupe Gbadeyanka
Residents of Nigeria experienced a power outage on Saturday, January 11, 2025, after the national grid collapsed.
It was the first that occurred this year and it happened at about 3 pm today, according to information gathered by Business Post.
Last year, the nation recorded about 12 grid collapse that almost embarrassed the government, which later set up a team to look into the causes of the frequent collapse of the grid.
It was later that today’s incident occurred after power generation went down from 2,111.01 megawatts at 2:00 pm to about 390.20 megawatts by 4:55 pm.
This development caused a cut in power supply in most parts of the country, but the situation has been brought under control, with electricity restored in most affected areas.
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