Business
Dangote Threatens Kaduna Businessman, Kailani Mohammed With N100bn Lawsuit
The President of Dangote Group, Dr. Aliko Dangote, has given Kaduna-based businessman Kailani Mohammed a seven-day ultimatum to retract a libelous publication against him and his company, warning that failure to do so will result in a N100 billion lawsuit.
Dangote, in a letter to the businessman demanded immediate public explanation, retraction and unreserved apology from the Kaduna businessman for accusing him of engaging in an unclean business especially in 1980s in Port Harcourt, Rivers State.
Dangote’s letter was served on the Kaduna businessman by his lawyer Dr Ogwu James Onoja, a Senior Advocate of Nigeria of Onoja law firm in Abuja.
In the letter dated December 20, 2025, Dangote complained that the Kaduna businessman defamed him, lowered his reputation and tarnished his business engagements with the accusation that he engaged in unclean business in Port Harcourt and also queried his source of wealth as the richest man in Africa.
The offending remarks were said to have been made by Engr. Kailani Mohamed during an interview aired on Wednesday December 17th, 2025 on TrustTV news in reaction to his petition against Dr Farouk Ahmed submitted to independent Corrupt Practices and other Related Offences Commission ICPC.
The letter is titled “Demand for public explanation, retraction and unreserved public apology on your libelous publication against Alhaji Aliko Dangote, GCON” and signed by Dr. Ogwu James Onoja SAN.
It read “We are solicitors to Alhaji Aliko Dangote and we write pursuant to his express instructions regarding grievously libelous statements broadcast by TrustTV news and uttered by you during an interview aired on Wednesday, 17th December, 2025 in reaction to the petition submitted by our client to Independent Corrupt Practices and other Related Offences Commission (ICPC).”
“Our client is a widely reputable international businessman. He is the richest black man on earth and he has the largest business conglomerate in Africa.
“Our client, through dint of hard work, integrity, diligent and perseverance over the years earned for himself the reputation and honour he is reckoned with all over the world.
“Our client’s attention has been drawn to statements made by you during the televised broadcast on TrustTV on the aforementioned date in reaction to our client’s petition submitted to Independent Corrupt Practices and the other Related Offences Commission (ICPC) to investigate and possibly prosecute Engr. Farouk Ahmad if found wanting, wherein you made false, reckless, malicious, scandalous and libelous publications concerning our client as a man that has monopolistic tendencies, corruptly enriched himself in business and engaged in economics cerbutach.
“Your statement also portrayed our client as a very cruel businessman whose stock in trade is vendetta and campaign of calumny to bring down others and exert monopolistic powers.
Among others you started as follows: “Can Dangote tell us the source of his money in the 80s when he was in Port Harcourt. Who is clean? Every time you want to monopolize, you bring allegations against people. Let him come and prove it. In the 80s we are aware of what happened in Port Harcourt and how he got his money. Nobody came out and said all these things”.
“These statements are false, scandalous and gravely deliberately impute unlawful or morally questionable conduct to our client and are calculated to expose him to public hatred, ridicule, suspicion and odium.
“By your reckless and unguarded defamatory statement and assertions, our client’s reputation has been greatly lowered in the sight of reasonable members of the International Community, including his business partners, associates and various governments of nations of the world where our client carries on business.
“Take Note that our client categorically states that at no time in his life has he carried out any business, commercial activity or wealth generating enterprise in Port Harcourt, whether in the 1980s or at any other period whatsoever as you alleged.
“Your assertion are therefore entirely fictitious, unfounded, malicious and without doubt, render you susceptible to both civil and criminal defematory action.
“In view of the gravity and depth of the allegations made by you against our client, you are hereby demanded to do the following within 7 days upon receipt of this letter:
“That you publicly explain on the same TrustTV platform and to the same audience, when, where and in what capacity our client was allegedly involved in any unclean activity or any activity whatsoever in Port Harcourt as claimed by you.
“That in the absence of verifiable facts capable of substantiating your assertions, you immediately and unequivocally retract the said statement in their entirety.
“That you issue a full, clear and unreserved public apology to our client which must be broadcast with equal prominence as your original publication.
“To pay our client the N100Bn only in damages for loss of reputation, character defamation and public redicule our client has been subjected to since the said statements were published.
“That you give a written undertaking to desist from making or publishing any further false or defamatory statements concerning our client.
“Be advised that allegations of this nature made without proof on a national media platform are indefensible in law and amount to a gross abuse of the right to freedom of expression which will culminate in both civil and criminal liability.
“Take further notice that should you fail to comply with the conditions stated above and within the time frame, our client shall, without further recourse to you, institute a legal action at a competent court of law against you and claim aggravated damages.
“This is without prejudice to our client’s right to make a formal report against you to the law enforcement agencies for your investigation and and prosecution for criminal defamation,” the letter said.
Business
CBN Releases New Age Limit, Guidelines On BVN Operation.
The Central Bank of Nigeria (CBN), has declared that banks and financial institutions must establish and maintain a temporary watch-list for Bank Verification Numbers (BVN) implicated in suspected fraudulent transactions.
According to the CBN in a circular dated March 12, 2026 and signed by its Director of Payments System Policy Department, Musa I. Jimoh, the apex bank said such a suspected BVN may remain on the temporary watchlist for a maximum period of twenty-four (24) hours during which the owner would be contacted to make clarifications.
The circular explained that the move is part of several new measures under a revised regulatory framework aimed at enhancing financial system stability.
“A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours, during this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s),” the circular stated.
The circular also sets an age requirement for BVN enrolment, restricting registration to individuals who have attained eighteen (18) years and above.
The CBN also added that amendments to phone numbers linked to a BVN shall be allowed only once.
“Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular noted.
The apex bank stated that access to BVN databases will remain tightly controlled.
“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions.
“Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws,” the circular said.
Financial institutions are expected to comply with the new requirements, and customers may be contacted by their banks if their BVNs are temporarily flagged during the new fraud monitoring process.
The new policy, as stated by the CBN, takes effect from May 1, 2026.
Business
NNPC Reduces Fuel Price
NNPC Reduces Fuel Price
The Nigerian National Petroleum Company Limited has reduced the pump price of Premium Motor Spirit, also known as petrol, at its retail stations in Lagos and Abuja.
The adjustment took effect on Wednesday as the national oil company reduced the price to N1,130 per litre in Lagos and N1,165 per litre in Abuja.
The new price means motorists in Lagos are now paying N100 less than the previous pump price of N1,230 per litre.
In Abuja, the new rate represents a reduction of N95 from the former price of N1,260 per litre.
Checks showed that the new price was already in place at several NNPC filling stations in Lagos, including outlets located along Isheri Oshun Road, Apple Junction and Ago Palace Way.
The same adjustment was also recorded in the Federal Capital Territory, where NNPC stations in areas such as Jabi and Wuse began selling petrol at N1,165 per litre.
The reduction comes at a time when many private oil marketers have not yet adjusted their pump prices to match the recent drop in the gantry price announced by the Dangote Petroleum Refinery.
Dangote Refinery had earlier lowered its gantry price for petrol by N100 per litre, bringing it down to N1,075 per litre.
The change followed a fall in international crude oil prices.
Global oil prices had earlier risen sharply due to tensions in the Middle East involving the United States, Iran and Israel.
The crisis raised fears of possible disruption to oil supply, especially around the Strait of Hormuz, an important route for global crude shipments.
Prices later began to fall after the President of the United States, Donald Trump, indicated that the conflict might end soon.
Business
INNOCHRIS FOUNDER SIR INNOCENT ONUOHA DIES AT 71
Grief has swept through the business and faith communities following the passing of Sir Innocent Chinedu Onuoha, the respected entrepreneur and Executive Chairman of InnoChris Group. He died peacefully in his sleep on December 11, 2025, at his home in Lagos. He was 71.
Born in 1954 in Umuoma Umuaro II Autonomous Community, Isiala Mbano Local Government Area of Imo State, Onuoha grew to become a symbol of enterprise, generosity, and unwavering faith. A devoted member and evangelist in the Anglican Communion, he lived a life that blended business success with service to God and humanity.
Long before many came to know his vast business interests, the name Innochris had already echoed in popular culture. In the 1990s, legendary Ogene music maestro Oliver De Coque famously chanted “Ugbo ndi oma Innochris eh!” in one of his songs — a line that celebrated the Onuoha brothers and helped make Sir Innocent Onuoha and his brother Christian Onugha widely known during that era.
Onuoha’s entrepreneurial journey began after years of professional experience working as secretary to a former Chief Engineer at Flour Mills of Nigeria. With determination and vision, he went on to establish InnoChris Group, a conglomerate that grew to include InnoChris Transport, InnoChris Computers, and InnoChris Spare Parts, serving customers across Nigeria.
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