Business
NNPC: Vested interests fight back, stage war against new management’s reform agenda
A group of persons with vested interest in Nigeria’s oil money, are said to have launched a coordinated campaign of calumny using a section of the media and other clandestine guerilla approach against the new management of the Nigeria Petroleum Company Limited (NNPCL), with the aim of undermining President Bola Tinubu’s reform agenda in the industry.
According to a source, the war is being coordinated by a former Group Chief Operating Officer (GCOO) of the Company, who after tendering his resignation, has been making overtures to those that matter at the Aso Rock Presidential Villa for a possible return to the organisation.
The source said, “What began as a quiet effort to assert internal influence has now morphed into a visible war, waged in form of campaign of calumny, with the intent to pour tar on the person of the Group Chief Executive Officer (GCEO) in particular and the company’s leadership in general; so much so that unless this dangerous moves are quickly checked, they have the potency to put the nation’s petroleum industry sector in bad light before local and international publics and stakeholders, by extension, making nonsense of the President’s energy reform legacy.”
Findings reveals that this is not the first time the former NNPCL officer’s name has been linked to disruption at the highest levels. Sources at NNPCL said that during the tenure of Dr. Ibe Kachikwu as Minister of State, Petroleum, the same subject reportedly broke ranks. But a similar attempt to unseat Mele Kyari as GMD of NNPC ended abruptly in 2020 after a covertly recorded conversation exposed internal manoeuvrings, prompting his resignation.
The same name has also surfaced in connection with past financial controversies. In the federal government’s recovery of funds related to the Halliburton bribery case, media reports identified him as one of the individuals associated with an escrow account into which over $32.5 million (₦13.5 billion) was deposited. The account, reportedly held at JP Morgan Chase under the name “Madison Avenue Escrow/CBN/FGN Litigation Settlement,” was not in the name of the Federal Government. While no charges were filed and he insisted the structure was legal and in the national interest, questions from the EFCC regarding oversight and transparency remain part of the public record.
Also, in 2023, a whistleblower alleged his involvement in a $280 million oil servicing fraud. He denied the allegation, threatened legal action, and demanded ₦2 billion in damages as well as a public retraction. None has been issued to date.
The source further said that, “yet it is his recent behaviour that has caused the greatest concern. In the lead-up to the appointment of a new Group Chief Executive Officer for NNPC Limited, he was said to have lobbied aggressively—canvassing key figures in the current administration, in hopes of securing the top job. When that effort failed, a new position was created for him”
Though high-ranking, the new position did not grant him a seat on the company’s Board, as the Petroleum Industry Act (PIA) limits Executive Director positions to the GCEO and GCFO. That lawful exclusion appears to have sparked a campaign of quiet dissent.
According to the source, almost immediately, he began placing close associates in strategic roles across the company, including within the office of the GCEO. He is believed to have cultivated influence in parts of the senior management team while quietly questioning the GCEO’s authority and leadership style—despite the fact that the GCEO was already earning praise for his operational discipline and transparency.
The source revealed further that the situation escalated just days before a major strategy retreat, when blogs began publishing unverified claims about private jet expenses and politically motivated travel. The reports were false, but the damage was done—made worse by a communications team that failed to flag the stories in time. That division, notably, was said to have been the handiwork of the same man.
“Then came the moment that stunned the organisation: while the GCEO was live on stage during a company town hall, he was said to have submitted his resignation—via text message. The timing was interpreted by many as an attempt to destabilise. Within hours, the GCEO revoked all system access and began moving to protect the company’s operations,” the source claimed.
He said, “Days later, the man was said to have started walking back the resignation, privately claiming it had been rejected by higher authorities. No formal statement ever supported that narrative. At a subsequent public event, he approached the GCEO in front of media cameras in what appeared to be a choreographed gesture of reconciliation. Few were convinced.”
Since then, intelligence sources suggest that the subject has been coordinating external pressure using media proxies, contractors, and political allies. Operational instability in certain regions has coincided with these efforts, raising concern that there may be attempts to cast the GCEO as ineffective.
Lamenting, the source said, “What’s at stake is no longer just internal cohesion but a direct challenge to the President’s bold reform of Nigeria’s most strategic state enterprise. The appointment of the current GCEO and the constitution of a new Board and management team was widely regarded as a turning point. For the first time in recent memory, NNPC Limited is led by a group of seasoned professionals with deep technical expertise, international standing, and a clear mandate to run the company commercially. The decision to remove political influence and reward proven competence was met with widespread acclaim both domestically and abroad.
“That this team is already being tested—not by failure or public opposition, but by internal sabotage—is not just unfortunate. It is telling.”
Other public commentators have described the current Board and Management as the most capable NNPC has ever had. Many believe that if this team cannot deliver the long-overdue transformation of the company, no one can.
“What they need now is not interference or engineered instability, but the space, support, and protection to succeed. This isn’t merely a test of corporate governance. It is a test of political will, national reform, and legacy,” one of them said.
Business
Boris Johnson Says He Feels “Perfectly Safe” in Nigeria, Praises Imo State’s Progress
Former British Prime Minister Boris Johnson has expressed confidence in Nigeria’s security, saying he feels perfectly safe during his visit to the country. His remarks come amid ongoing reports of insecurity in various parts of Nigeria, making his statement a notable endorsement of the nation’s stability in certain regions.
Johnson made the declaration on Thursday, December 4, 2025, while addressing participants at the Imo State Economic Summit 2025 in Owerri, the state capital. He acknowledged having read travel advisories and news reports highlighting security concerns prior to his trip but said his experience has been reassuring.
He said he feels perfectly safe in the country and emphasized that the summit environment and local hospitality contributed to his sense of security. He also asked the audience if they felt safe, receiving an enthusiastic affirmation.
During his visit, Johnson commended Governor Hope Uzodimma and the Imo State Government for their development initiatives, particularly efforts to provide 24-hour electricity. He highlighted the potential of Nigeria as a hub for innovation and economic growth, noting the opportunities presented by emerging technologies such as artificial intelligence.
While his statements have been welcomed by some as a boost to international confidence in Nigeria, analysts caution that the former prime minister’s experience reflects only a controlled and secure environment within Imo State. Several parts of the country continue to face challenges, including banditry, communal conflicts, and kidnappings.
Nonetheless, Johnson’s visit and remarks are significant, sending a positive message to investors and global observers about Nigeria’s potential for stability and progress. They also underscore the contrast between localized experiences of safety and broader security challenges across the country.
Business
Dangote to Uzodimma: Just show me where to invest
By Emmanuel Iheaka, OWERRI
The President of Dangote Group, Aliko Dangote has assured Governor Hope Uzodimma of Imo State that his group will be one of the biggest investors in the state.
Dangote gave the assurance at the opening session of the Imo Economic Summit 2025 in Owerri on Thursday.
The renowned Africa’s industrialist urged Uzodimma to indicate his preferred area of investment and forget the rest.
Dangote described the Imo governor as a personal friend of decades and commended him for providing enabling environment for investment.
“We will be one of your biggest investors in Imo. So, please tell me the area to invest and we will invest”, Dangote declared.
He called on entrepreneurs to always invest at home, adding that foreigners cannot drive the economy of any nation more than the nationals.
“What attracts foreign investors is a domestic investor. Africa has about 30 percent of the world’s minerals. We are blessed,” he submitted.
Dangote reiterated that his refinery was set to launch 1.4 million barrels per day capacity, the highest for any single refinery in the world.
Business
Fabergé egg given as Easter gift to mother of Russia’s last emperor sells for record £22.9m
A diamond-encrusted Fabergé egg that Russia‘s last emperor gave to his mother as an Easter gift has sold for nearly £23million.
Tsar Nicholas II gifted the Winter Egg to Dowager Empress Maria Feodorovna in 1913, five years before he was murdered along with his wife and children after the Russian Revolution.

Tsar Nicholas II

Dowager Empress Maria Feodorovna
The egg went under the hammer at Londonauction house Christie’s yesterday.
An unnamed buyer stumped up £22,895,000, smashing the previous global record of £8.9million that was set in 2007 when the famous Rothschild Egg was sold.
Carved from delicate rock crystal, the Winter Egg is an icy-looking orb studded with around 4,500 rose-cut diamonds, and stands at only five-and-a-half inches (14 centimetres) tall.
Carl Fabergé, the master jeweller whose creations bedazzled Russia, created 50 Imperial Easter Eggs for the then-ruling Romanov family over a 31-year period, making them incredibly rare and valuable.
They were commissioned as Easter gifts in a tradition started by Tsar Alexander III in the 1880s.
Nicholas II, Alexander’s son, had an annual standing order for two Easter eggs to be made for his mother and his wife, until the fall of the Romanovs in the 1917 Russian Revolution.

A diamond-encrusted Fabergé egg that Russia ‘s last emperor gave to his mother as an Easter gift has sold for nearly £23million
Today, only 43 of the Imperial Easter Eggs remain, with seven missing.
The ‘exquisite’ Winter Egg had a pre-sale estimate of more than £20million.
Christie’s Margo Oganesian said: ‘Today’s result sets a new world auction record for a work by Faberge, reaffirming the enduring significance of this masterpiece.’
She added the sale celebrated ‘the rarity and brilliance of what is widely regarded as one of Faberge’s finest creations, both technically and artistically’.
The imperial eggs have enjoyed renewed interest on the art market in recent decades, mainly among wealthy Russians keen to acquire a piece of their country’s history.
Beyond its opulence, it is the ‘technique and craftsmanship’ that makes the Winter Egg exceptional, according to Ms Oganesian.
‘The Winter Egg is truly one of the rarest items that you can find,’ she explained. ‘It’s really hard to comprehend how Faberge created it.’
The egg and its base are sculpted from crystal featuring diamond-encrusted platinum snowflakes.

Carved from delicate rock crystal, the Winter Egg is an icy-looking orb studded with around 4,500 rose-cut diamonds, and stands at only five-and-a-half inches (14 centimetres) tall. Inside, it contains a bouquet of flowers made of white quartz anemones held by gold wire stems, gathered in a platinum basket

The egg and its base are sculpted from crystal featuring diamond-encrusted platinum snowflakes

Tsar Nicholas and his wife, Empress Alexandra, with their five children. They were all murdered in 1918
Inside, it contains a bouquet of flowers made of white quartz anemones held by gold wire stems, gathered in a platinum basket.
Like many other Romanov possessions, the egg bears witness to Russian history. It was transferred from Saint Petersburg to Moscow in 1920 after the revolution.
As with many other Imperial Eggs, it was sold by the Soviet government to generate foreign currency and was acquired by London jeweller Wartski between 1929 and 1933, according to Christie’s.
The Winter Egg was subsequently part of several British collections but was considered lost from 1975, the auction house said in an essay attached to the sale lot online.
‘For 20 years, experts and specialists lost sight of it until 1994, when it was rediscovered and brought to Christie’s for sale in Geneva,’ said Ms Oganesian.
Eight years later, in 2002, it was sold again for a record $9.6 million in New York.
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