General
HSBC, Looters Ruined Nigeria’s Economy—Presidency
By Modupe Gbadeyanka
Senior Special Assistant to President Muhammadu Buhari on Media and Publicity, Mr Garba Shehu, has accused global banking giant, HSBC, of not being happy with the anti-corruption campaign of the present administration.
Mr Shehu made this allegation in a statement issued in Abuja on Saturday in reaction to the warning by the lender last week that the second term of Mr Buhari would stunt the nation’s economy.
In the statement issued by the presidency, the financial institution was further accused of being part of those who ruined the nation’s economy in the past by laundering N100 million of the Abacha loot.
Mr Shehu therefore called on HSBC to do Nigeria a favour by returning the stolen wealth of the country in its possession.
The presidency said HSBC cannot boast of not being dubious, claiming that in a book titled ‘Secrecy World: Inside the Panama Papers Investigation’ published in 2017, Jack Bernstein told the story of global money laundering highlighting the unenviable place of the HSBC.
“This is a bank that states and federal authorities in the U.S. forced to pay $1.92 billion to settle charges of money laundering; fined $1.2 billion in Hong Kong for “systemic deficiencies” in bond sales and was made to pay $100 million in currency rigging settlement as reported by The Telegraph of January 18, 2018,” the statement said.
Mr Shehu stressed that “what killed Nigeria’s economy in the past was the unbridled looting of state resources by leaders, the type which was actively supported by HSBC.”
He said a bank that soiled its hand with “millions of US dollars yet-to-be-recovered Abacha loot” and continued until a few months ago to shield the stolen funds of one of the leaders of the Nigerian Senate has no moral right whatsoever to project that a “second term for Mr Buhari raises the risk of limited economic progress and further fiscal deterioration.”
“Rather, we ask them to heed President Buhari’s constant refrain: return our stolen assets, then see how well we will do.
“From the facts available to our investigation agencies, HSBC’s put down on President Buhari is no more than an expression of frustration over the administration’s measures put in place which has abolished grand corruption, the type which this bank thrives on in many countries.
“They may also just be out to discredit the President out of the fear of sanctions and fines following the national assets that are stolen.
“With the coming of President Buhari, it is not a secret that corruption, corrupt individuals, banks and other corporate entities that aided corrupt practices are under investigation for various offenses.
“For many of them, including their friends in the media, they would rather have President Buhari out of their way, for business as usual to return.
Our investigation agencies believe that HSBC had laundered more than $100,000,000 for the late General Sani Abacha in Jersey, Paris, London and Geneva.
“Among these accounts on the records are: AC: S-104460 HSBC Fund Admin Ltd. Jersey ($12,000,000); AC 37060762 HSBC Life (Europe), U.K ($20,000,000) and AC: 38175076 HSBC Bank Plc. U.K ($1,600,000).
“The bank is also suspected in the laundering of proceeds of corruption involving more than 50 other Nigerians, including a serving Senator as earlier indicated,” the presidency said.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has stressed the need for Nigeria to prioritise its domestic energy needs before fulfilling international obligations, as the federal government intensifies efforts to strengthen energy security and promote greater transparency in the petroleum market.
Mr Lokpobiri stated this in his goodwill message at the West Africa Refined Fuel Market Conference 2026, themed Funding West Africa Infrastructure and Distribution to Create a Transparent Market for Regional Price Benchmarks.
The minister said the country’s energy security strategy must begin with fulfilling its obligations to Nigerians, stressing that the ongoing deregulation of the downstream petroleum sector had created a framework for greater participation and accountability among industry stakeholders.
According to him, energy security starts with fulfilling “our domestic obligations before extending to international obligations.”
He said the conference provided an opportunity not only to discuss sustainable pricing mechanisms but also to showcase investment opportunities and competitive advantages in Nigeria’s and Africa’s midstream and downstream petroleum sectors.
Mr Lokpobiri said the federal government remained committed to creating a conducive environment for investment in the petroleum industry, particularly as Nigeria seeks to increase refining capacity and improve fuel distribution.
“Under President Bola Ahmed Tinubu, Nigeria continues to implement measures and initiatives designed to unlock the full potential of the petroleum sector,” he said.
He identified increased refining capacity, efficient distribution infrastructure, transparent pricing and stronger regional integration as critical to building a competitive West African refined-fuel market.
The minister said improved infrastructure and market transparency would also help establish reliable regional price benchmarks and strengthen confidence among investors and other industry participants.
He added that Nigeria, as a major player in the global energy market, had an important role to play in developing an integrated West African petroleum market and positioning the continent to compete more effectively in global energy trade.
The conference brought together stakeholders in the petroleum industry to examine financing, infrastructure, distribution and pricing mechanisms for the refined-fuel market across West Africa.
By Adedapo Adesanya
The Federal Competition and Consumer Protection Commission (FCCPC) has warned importers, manufacturers, distributors and other operators in the bakery and confectionery business against compromising food safety, using unsafe substitutes and misleading consumers as rising production costs put pressure on their businesses.
The Executive Vice Chairman of the FCCPC, Mr Tunji Bello, gave the warning on Tuesday at a stakeholder engagement with bakery and confectionery operators organised by the South-West Zonal Office of the commission at the Lagos Chamber of Commerce and Industry (LCCI), according to a statement.
Mr Bello, who was represented at the event by the South-West Zonal Coordinator, Mr Olubunmi Otti, explained that the engagement focused on strengthening compliance with consumer protection, product safety, quality and labelling requirements across the sector.
Mr Bello emphasised that bread and other baked products were consumed daily by millions of Nigerians, “making food safety and consumer confidence critical responsibilities for operators.”
“Consumers ordinarily had no way of knowing where ingredients came from, how they were stored or the conditions under which products were manufactured. They rely on producers to maintain proper hygiene, use appropriate ingredients, accurately represent their products and supply the quantity promised,” Mr Bello said.
Mr Bello said effective consumer protection covered the entire production chain, including the sourcing and quality of ingredients, production, hygiene, handling, packaging, labelling, storage, transportation and display.
He said it also covered the information businesses provided to consumers, the quantity promised and supplied, as well as the actions taken when something went wrong.
According to him, food safety cannot be compromised in the pursuit of profit.
He stressed that the Federal Competition and Consumer Protection Act (FCCPA) 2018 gives consumers the right to goods that are reasonably suitable for their intended purposes, such as good quality, free of defects and compliant with applicable standards set by sector regulators.
Mr Bello, however, acknowledged that businesses were operating in an economic environment where the costs of flour, sugar, energy, transportation, packaging, equipment and financing could fluctuate and place pressure on profit margins.
He noted that such commercial realities could not justify practices that endangered consumers.
The official warned that operators must not respond to rising input costs by resorting to unsafe substitutes, harmful or prohibited additives, poor-quality ingredients, compromised hygiene, manipulated expiry information or other shortcuts that transfer commercial risks to consumers.
He also cautioned operators against misleading consumers through product labels, advertisements and other forms of marketing.
Mr Bello explained that information supplied to consumers on products, packaging, accompanying materials, at points of sale, social media or conventional media must be accurate and not misleading.
He added that information on production dates, shelf life, allergens, storage conditions and other material characteristics required under applicable laws, regulations or standards must be provided and must not mislead consumers.
The FCCPC helmsman also pointed out that the FCCPA prohibits false or incorrect representations, materially misleading representations that were erroneous, fraudulent or deceptive in the promotion or marketing of goods and services.
By Modupe Gbadeyanka
The Manufacturers Association of Nigeria (MAN), under the leadership of Mr Segun Ajayi-Kadir, has visited the Arridex Omnifactory in Lagos.
A few months ago, the facility was commissioned as West Africa’s first multi-technology industrial additive manufacturing facility. A second phase, the Mega
Omnifactory, is programmed for commissioning in 2027, and it is expected to rank among the world’s largest single-site industrial 3D manufacturing facilities.
During the recent tour, Mr Ajayi-Kadir welcomed the innovation additive manufacturing is bringing to Nigeria’s industrial sector.
He said MAN would work with its members to identify areas in which additive manufacturing can have the greatest impact, and committed the association’s continued advocacy and policy support for domestic component manufacturing.
The delegation sight-sawed the Advanced Manufacturing Gallery and the Omnifactory production floor, where they saw the equipment and materials behind the on-demand production of industrial components for Nigerian operators.
During the tour, the chief executive of Arridex, Mr Kayode Adeleke, presented the company’s case for additive manufacturing as infrastructure for Nigeria’s industrialisation drive, setting out three tests of industrial sovereignty: whether a country can make a component, whether it can sustain it, and whether it owns the design, the data and the standard behind it.
Citing figures from MAN and the National Bureau of Statistics (NBS), he said the more serious damage is to planning; a manufacturer whose critical inputs are decided elsewhere must forecast failures that may never happen, buy to a supplier’s minimum, pay in foreign currency at the rate of the day, and tie up working capital in a warehouse.
“Sovereignty is not the same as self-sufficiency. No nation makes everything it needs, but every nation must be able to choose what it depends on and when. That is what the Omnifactory represents: the ability to support the strengthening of operational resilience by manufacturing the critical components that Nigerian industry needs, on demand, at home. This is a capability for the country, and we are glad that MAN’s leadership could see it first-hand,” Mr Adeleke stated.
