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Propertymart Knocks Sanwo-Olu’s Aide Over Defamatory Remarks

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Toke Benson-Awoyinka

By Modupe Gbadeyanka

An alleged defamatory statement credited to Mrs Toke Benson-Awoyinka, the Special Adviser on Housing to Governor Babajide Sanwo-Olu, on Thursday, June 11, 2020, has not gone down well with the management of a leading real estate company in the metropolis, Propertymart Real Estate Investment Limited.

The firm, in a statement signed on Sunday by its Head of Legal and Counsel, Mr Oyelami Sogo, knocked the Governor’s aide for the remarks, saying it was wrong for her to speak on a matter “yet to be investigated or follow the expected due process.”

Mr Sogo said there is no way Mrs Benson-Awoyinka can be an investigator, the prosecutor and the judge in the case, stressing that the company does not take the “defamation of our brand” lightly.

“We shudder at how the Special Adviser became the investigator, the prosecutor and the judge in a case yet to be investigated or follow the expected due process.

:Propertymart Real Estate Investment Limited is a reputable organization, and defamation of our brand is something we don’t take lightly.

“Despite the challenges of the industry or the fluctuations of the Nigerian economy, it took us over 12 years to attain this height, a height only a few real estate companies in the country can boast of,” the statement said.

Mr Sogo further declared that Propertymart Real Estate Investment Limited is properly established with a board and management comprising highly accomplished Nigerians from different walks of life, emphasising that, “Mrs Toke Benson-Awoyinka should, therefore, know that we are not a flight by night briefcase company.”

“We have contacted the Special Adviser to obtain further information that will aid the investigation process. We hope this will be received by Monday, June 15, 2020.

“We are willing to support LASRERA in achieving its objective as we believe this will be to our advantage.

“This move will help improve the reputation and general outlook of the industry while unfounded cowboys will be exposed if the right steps are taken,” Mr Sogo stated.

Propertymart, since its establishment in 2008, has delivered over 6,000 housing units and serviced plots to customers in Lagos, Ogun and the Federal Capital Territory (FCT).

The firm is one of the big operators helping the government meet the housing needs of Nigerians and creating jobs for thousands.

According to Mr Sogo, within the group, the company has a direct staff strength of over 150 Nigerians and have generated employment for over 5,000 indirectly across the housing delivery value chain.

Some of Propertymart’s completed and ongoing housing projects include Citiview Estate, Arepo, Ogun; Fairmont Hilltop, Alagbado; Cranbel Court, New Makun City, OPIC; Cranbel Edge 1 & 2, Lekki Ajah; Edensville Estate, Simawa; Mitchel Mews 1 & 2, Magodo, Lagos; Micheville Estate and Bel Terraces in Abuja.

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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Tinubu in UAE for 2025 Abu Dhabi Sustainability Week

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Bola Tinubu 2027 presidential election

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.

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Lagos Speaker Mudashiru Obasa Faces Renewed Scrutiny Over Financial Mismanagement

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mudashiru obasa

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.

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Nigeria Suffers First National Grid Collapse of 2025

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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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