General
Residents Sue Managers of Diamond Estate Lagos
By Dipo Olowookere
Property owners and residents of Diamond Estate in Ajah area of Lagos have sued the estate’s management at an Epe High Court.
They are alleging breach of agreement on provision of social facilities reached when they purchased land for their buildings.
Hearing of the suit was, however, stalled due to absence of the defence.
The suit was filed through a Writ of Summons by Mr. Faustinus Brai, on behalf of himself and other property owners and residents of Diamond Estate, Sangotedo, Lagos through their counsel, Johnson Bryant.
The second claimant in the suit before Justice Ganiyu Safari is Incorporated Trustees of Diamond Estate Property Owners and Residents Association.
The first and second defendants in the suit are Femab Properties Limited and Diamond Estate Limited respectively.
Although the suit was scheduled for mention, neither the defendants nor their counsel was present in court.
Counsel to the claimants, Paul Olaniyi told the court that he was surprised at the absence of the defence who he said promised to be in court or send a representative, having constantly reminded him of the date for hearing of the suit.
Olaniyi however drew the attention of the court to the issue of the ‘res’ which he said has been tampered with by the defendants.
“The defendants have tampered with the’res’ by leasing a part of the project to a network provider which has installed a mast at the site provided in the residential area.
“My Lord, the defendants have continue to trample on the rights of the occupiers and do not care for their welfare”, he told the court.
Asked by the court, Olaniyi said claimants have opted for trial, having concluded CMC and explored Alternative Dispute Resolution (ADR ) without success.
The registrar, on enquiry by trial judge, said counsel to the defendants called him, seeking for adjournment of the matter to a date in January.
The claimants are asking the court for a declaration that the first and second claimants are entitled to all facilities represented by the first defendants and an order for the provision of all outstanding facilities detailed in the first defendant in its ‘offer prospectus’ and that the facilities shall comply with acceptable international standards.
In the alternative, they asked the court for an order appointing a project manager who shall be responsible for the appointment and supervision of contractors for the provision of the outstanding facilities in compliance with acceptable standards and for same to be at the full expense of the first defendant, Femab Properties Limited.
In addition, they asked the court for a declaration that the second claimant, as a trustee to the beneficial property owners and residents of the Diamond Estate, Sangotedo, Ajah, Lagos are at liberty to decide who manages the joint facilities in the estate and that the unilateral appointment of the second defendant by the first defendant, without the authority of the first claimant and other property owners is ab initio, null and void.
They asked the court for an order of perpetual injunction restraining the second defendant from providing estate management services for Diamond Estate directing and directing the company to vacate the facilities and the estate.
They also want the court to order the first defendant to give an account of all monies paid on behalf of and received from all members of the second claimant.
In their 28 paragraph statement of claim, they averred that the second defendant has consistently shown lack of expertise, ability and capability in managing the facilities in Diamond Estate and left a lot to be desired by the residents and that in a bid to ensure efficient management of the facilities and pursuant to their constitution, have indicated interest in taking over their management as trustees to its members.
Rather, they said the second defendant unilaterally sub-contracted the facilities management of Diamond Estate to Horty Benade Company.
They averred that they have been grossly disappointed and dissatisfied with the services offered by the second defendant despite meetings held with first and second defendants to register their grievances regarding their services and that in a bid to ensure accountability with regard to service charge for estate facilities maintenance, previously paid to second defendant, they resolved at a meeting, to pay the said service charge to the second claimant’s bank account.
They said that prior to that, the first claimant and other property owners had been paying their service charge to the second defendant through the first defendant.
They said that they allowed themselves to be persuaded by the first defendant to allow the management of the estate’s facilities by the second defendant notwithstanding its unilateral appointment and engagement by the first defendant.
According to them, the first defendant has till date continually refused and failed to provide most of the facilities as represented in its offer prospectus despite consistent entreaties made to this effect by the second claimant to the first defendant, while those provided are yet to be completed.
They contended that since their resolve to cede maintenance of the estate facilities to the second claimant, it has by virtue of its constitution registered with the Corporate Affairs Commission, reserves the power to manage the affairs of the estate.
However, the defendants, in their joint statement of defence and counter claims, while admitting the averments of the claimants in paragraphs 1, 4, 5, 7, 9, 10, 11 and 20 denied paragraphs 2, 3, 8, 12 to19 and 21 to 26.
The defendants, challenged the claimants to produce the originals of the documents in their possession that are relevant to the suit in court.
They expressed surprise at the suit and averred that it was to embarrass and sabotage their business and contended that the claimants are not entitled to any of the relief sought from the court.
They contended that the action of the claimants “is frivolous, vexatious, embarrassing, unfounded, gold digging and should be dismissed with substantial cost.
They argued that contrary to the claims of the claimants, the right to manage Diamond Estate was irrevocably vested in the first defendant in line with code of conduct duly executed by all the property owners.
While contending that they have capacity and personnel to manage facilities provided in the estate prudently and efficiently, they also alleged that the claimants have been forcing the residents of the estate to be paying service charge to them and thereby frustrating their effort to meet its obligation to the residents.
The defendants claimed to have been transparent in its dealing with the residents with regards to spending of service charges received from them and rendering account to the property owners and residents consistently, even when they did not demand for them.
They denied ever holding any meeting with the second claimants but only with the residents of the estate to discuss issues of their welfare.
They averred that the first claimant registered the second claimant without their knowledge and consent and property owners of the estate.
They further averred in their counter claim that the name that was approved by residents of Diamond Estate to be registered at a meeting held November 2015 was Diamond Owners Association.
Justice Safari has adjourned the matter to December 5 for trial, having obtained the commitment of the claimants’ counsel to inform the defence of the new trial date.
By Adedapo Adesanya
The European Union (EU) has officially removed Nigeria from its list of High-Risk Third Country Jurisdictions.
This decision follows Nigeria’s successful exit from the Financial Action Task Force (FATF) “grey list” in late 2025, signaling international recognition of the country’s improved anti-money laundering and counter-terrorism financing (AML/CFT) frameworks.
The development is expected to ease trade, payments and investment flows between the country and Europe
The European Commission confirmed that Nigeria, alongside South Africa, Burkina Faso, Mali, Mozambique and Tanzania, had strengthened its AML/CFT regimes and no longer posed “strategic deficiencies” under EU assessment standards.
The commission noted that the affected countries had implemented reforms that brought their financial systems in line with international standards set by the FATF.
Reacting to the development, the Minister of State for Finance, Mrs Doris Uzoka-Anite, described Nigeria’s removal from the list as a major boost to investor confidence.
On a post on X on Thursday, she wrote, “Big win for Nigeria! Removed from EU’s financial ‘high-risk’ list!Congrats to President @officialABAT on this achievement. As Minister of State for Finance, I’m proud of this boost to trade and investor confidence.”
Being on the EU’s high-risk list previously meant that transactions with European partners required enhanced due diligence, stricter documentation, and additional oversight.
Nigerian businesses and banks faced increased scrutiny, which slowed cross-border trade and complicated investment flows.
The lifting of enhanced due diligence requirements is scheduled to take effect on January 29, 2026, following confirmation by the Commission confirmed that Nigeria has addressed strategic deficiencies and strengthened its financial governance through critical legislative reforms, such as the Money Laundering (Prevention and Prohibition) Act.
The development could have a series of positive impact including the provision of several immediate and long-term benefits as well as reduction of compliance costs.
As a result, EU financial institutions will no longer be legally required to apply “enhanced due diligence” to transactions involving Nigeria, which previously involved more intrusive checks and rigorous documentation.
It will also enhance smoother cross-border trade by simplifying trade and payment flows between Nigeria and European partners, reducing the complexity and time required for transactions.
Nigerian officials, including the Minister of State for Finance, have highlighted this as a “major boost” to investor confidence, positioning Nigeria as a more credible destination for international capital.
By Aduragbemi Omiyale
Cash and gifts worth about N15 billion were given out to distributors and customers of Dangote Cement Plc at a ceremony organised to reward their continued loyalty, resilience, and outstanding performance.
At the event, held recently at Eko Convention Centre, Lagos, the chairman of president of Dangote Industries Limited, Mr Aliko Dangote, described the distributors as the heartbeat of the organisation and thanked them for their dedication in ensuring the Dangote products reach communities nationwide.
Business Post reports that the 2026 Distributors’ Awards Night, held under the theme, Partner for Growth, recipients received an impressive array of gifts, including cash prizes, containers of cement, high-end SUVs, and CNG-powered trucks.
Mr Dangote used the occasion to reiterate the company’s Vision 2030 strategy, aimed at transforming Dangote Group into a $100 billion enterprise by 2030.
The plan, he explained, focuses on industrial expansion, cross-border investments, and building Africa’s self-sufficiency in sectors such as energy, manufacturing, and infrastructure.
“Your tireless work in the field, your alluring commitment to our products and your direct engagement with our customers are what turn our vision and strategies into tangible results,” he posited.
“Vision 2030, an integral aspect of our Africa First project, was borne out of my firm belief that Africa’s future will be built by Africans who refuse to accept limits – people who dream big, work hard, and never stop believing in what is possible,” he added.
On his part, chairman of the board of Dangote Cement, Mr Emmanuel Ikazoboh, highlighted the critical role of distributor partnerships in ensuring the company’s products reach every corner of the country.
“Tonight, we are giving out about ₦9 billion in cash to our distributors. For some of you, it will be a double celebration, as you may receive two alerts in recognition of both your volume and growth results,” he disclosed.
“In addition to the cash prizes, we have prepared other exciting gifts, including CNG-powered trucks, high-end cars, and more, to show our appreciation for your commitment and outstanding performance,” he added.
The board chairman further outlined the company’s plans to start the year strong by supporting its distributor partners, stressing the importance of supply chain efficiency and profitability as key pillars for growth.
Mr Ikazoboh also noted that the company has invested in new CNG-powered trucks, as the company’s target at the end of 2027 is to have all its trucks CNG-powered, supporting both logistics efficiency and empowering customers.
“We have made significant investments in new Compressed Natural Gas (CNG)-powered trucks. This initiative not only empowers our customers but also emphasises our dedication to corporate responsibility and global sustainability guidelines. These rewards reflect our promise to support customers and champion sustainable business practices,” he stated.
By Adedapo Adesanya
The Nigerian Navy has launched Operation Delta Sentinel, a new maritime security initiative designed to curb crude oil theft, secure critical oil assets and support the federal government’s ambition to ramp up crude production to 2.5 million barrels per day by 2027.
The operation, which replaces Operation Delta Sanity II, was formally unveiled at the Nigerian Navy Ship (NNS) Pathfinder Jetty in Port Harcourt, marking a renewed push to stabilise the Niger Delta and protect Nigeria’s oil-dependent economy.
Speaking at the launch, Commander Task Group 26.1, Operation Delta Sentinel, Rear Admiral Suleiman Ibrahim, said the initiative was aligned with the Federal Government’s drive to boost oil exploration and production under the Project 1 Million Barrels Per Day initiative of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
“The transformation from Operation Delta Sanity II to Operation Delta Sentinel is necessitated, among other considerations, by the Federal Government drive to increase oil exploration and production,” he said, adding that, “It is further anticipated that oil production would be about 2.5 million barrels per day by 2027.”
Rear Admiral Ibrahim, who is also the Flag Officer Commanding, Central Naval Command, said Operation Delta Sentinel would run for an initial one-year period, subject to 90-day renewable mandates, and would focus on denying criminal networks access to Nigeria’s maritime and oil infrastructure.
“Our objective is clear and unambiguous: to deny criminal elements freedom of action, protect critical national oil assets, support legitimate economic activities and contribute to enduring peace and stability in the Niger Delta,” he stated.
He explained that the operation would rely heavily on intelligence-driven missions, enhanced inter-agency collaboration and advanced surveillance tools, including Maritime Domain Awareness infrastructure, new maritime platforms, and manned and unmanned air assets.
“Our approach will be deliberate, innovative and technology-enabled. These capabilities will enable us to optimise asset utilisation, improve situational awareness and maintain a proactive operational posture,” he added.
The Navy said early indicators already show progress, noting that crude oil losses have dropped by about 90 per cent, from 102,900 barrels per day in 2021 to 9,600 barrels per day as of September 25.
Earlier, Flag Officer Commanding, Eastern Naval Command, Rear Admiral Chiedozie Okehie, highlighted the achievements of Operation Delta Sanity II, which was launched on December 30, 2024, to combat crude oil theft, illegal bunkering and pipeline vandalism.
“Operation Delta Sanity II lived up to expectations and made measurable contributions to national security and economic stability,” the Naval commander said.
According to him, between January 1 and December 31, 2025, the operation led to the arrest of 203 suspects, the deactivation of 324 illegal refining sites, and the seizure of stolen petroleum products valued at over N3.65 billion.
“An estimated 3.78 million litres of stolen crude oil, over 1.09 million litres of illegally refined AGO, 86,210 litres of PMS and 74,300 litres of kerosene were seized and appropriately handled,” he disclosed.
Rear Admiral Okehie added that the Navy’s operations, supported by collaboration with regulators, security agencies, oil industry stakeholders and host communities, contributed to a significant decline in crude oil losses, with NUPRC reporting the lowest loss levels since 2009 in September 2025.
With Operation Delta Sentinel now in force, the Navy said it is positioning itself as a key enabler of Nigeria’s oil production growth, investor confidence and long-term stability in the Niger Delta.
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