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
Soludo takes over Onitsha main market as IPOB declares compulsory sit-at-home
The Governor of Anambra State, Prof Chukwuma Soludo has announced that his government will take over the running of Onitsha Main Market.
The governor had last Monday visited the market and also announced a one week closure over the continued adherence to sit at home protest by traders in the market.
The closure had generated a lot of tension, leading to protests by the traders, while the governor stuck to his gone, insisting that the market will remain closed for one week. He also held a meeting with the leaders of the market yesterday, where he presented them with two options.
Though it was a closed door meeting, which held at the Light House, Awka, a source in the meeting told THISDAY that the traders chose to open their shops on Monday, against an earlier option of demolishing and remodelling the market.
The source said: “The governor gave them two options. The first included; they will resume full trading activities on Mondays, mark attendance as required, while he regenerate and reorganise the market, demolish all illegal structures and plazas and create proper spaces and car parks. The second includes; To continue with Sit-at-Home on Mondays and risk the demolition of the market and use two-years for its reconstruction to restore it to its original master plan.
“The governor told them that restoring parking facilities in Main Market is an emergency, and any illegal structure erected at the park would be demolished soonest.”
It was gathered that the traders choose the first option, which will involve them opening on Monday, and giving the governor the go ahead to remove illegal structures to make way for wider roads in the market and restoring its packing space.
During the meeting, the governor told the traders that a committee will be set up to rectify all occupants of shops in the market, and that this will commence work soon, insisting that the government needs to know those who are trading in its market.
The governor was also said to have rejected a plea for the market to be opened on Saturday, insisting it can only be opened on Monday, when their compliance will again be re-accessed.
“The traders agreed to the terms, and will on Monday reopen the market to recommence business,” the source said.
Meanwhile, secessionist group, Indigenous People of Biafra (IPOB) has declared what it called Biafra-wide solidarity lockdown which is to hold on Monday in solidarity with Onitsha traders and to demand for Mazi Nnamdi Kanu’s immediate release.
A press release by the group’s publicity secretary, Mr Emma Powerful said the total shutdown across Biafraland is a direct, peaceful, and unified response to the shutting down of Onitsha Main Market for one week by Soludo.
The release said: “We remind Governor Soludo and his Abuja sponsors that the Monday sit-at-home originated as a peaceful protest demanding the unconditional release of Mazi Nnamdi Kanu, the very cause that has galvanized global attention to Biafra’s quest for self-determination.
“Attempts to twist this into “economic sabotage” or “criminality” will fail. The markets thrived during Christmas Mondays without incident, proving that voluntary compliance stems from genuine solidarity, not fear. Soludo’s escalation only exposes his desperation to provoke confrontation at a time when Biafra’s international profile is rising and diplomatic efforts are gaining traction.
“On Monday, February 2, 2026, we call on all Biafrans traders, transporters, banks, schools, civil servants, and every sector across Anambra, Abia, Imo, Enugu, Ebonyi, and beyond to observe this solidarity strike peacefully.
“Remain indoors, refrain from all commercial and public activities, and demonstrate to the world our disciplined resolve. This is not about disruption for its own sake; it is about standing with Onitsha traders who are being punished for demanding justice, and reaffirming that no governor can coerce free citizens into abandoning their rights or their solidarity.”
Business
BUA Chairman Is My Ex-Husband – Tinubu’s Minister Opens Up On Past Secret With Abdul Samad Rabiu
Nigeria’s Minister of Art, Culture and the Creative Economy, Hannatu Musawa has opened up about her former marriage to BUA Group chairman Abdul Samad Rabiu, describing it as a meaningful and life-shaping experience.
In a conversation on the MIC On Podcast with Channels Television journalist Seun Okinbaloye, Musawa reflected on her bond with Rabiu, saying their connection has remained strong despite their separation.
She explained that their relationship has evolved into one grounded in family ties, mutual respect, and continued support.
Musawa shared that although they are no longer married, they remain close and involved in each other’s lives.
She also pointed out the lasting connection between their families, noting that her daughter, Khadija, was named after Rabiu’s grandmother, showing the enduring link between them.
The minister described her time with Rabiu as one of the most memorable periods of her life.
She stated that there is no bitterness between them and that she will continue to support him in his endeavors, maintaining respect and care for their shared history.
She said: “We love each other because you love your family, obviously. But Samad is my brother. He’s my family. That’s what he is. And I’m his sister and his family, too. The marriage of the greatest experiences I’ve ever had.
“He is my ex-husband, but we are still family. We juggle coming from a background where, once you’re joined together, you continue to participate in each other’s lives. And so, we were married, and now we are just family.
“My daughter Khadija was named after Samad’s grandmother.
“We continue to share a deep respect and a love, and more than anything, support for each other. I’ll continue to be his greatest cheerleader.”
Abdul Samad Rabiu leads BUA Group, a Nigerian conglomerate with investments in cement, sugar, and other industries, and is regarded as one of the country’s leading business figures.
Business
LIRS reiterates January 31st deadline for employers’ Annual Tax returns filing
The Lagos State Internal Revenue Service (LIRS) has reiterated the statutory deadline of 31st January 2026 for all employers of labour in Lagos State to fulfil their statutory obligation to file their annual tax returns for the 2025 financial year.
In a statement issued on Thursday, January 19, the Executive Chairman of LIRS, Dr Ayodele Subair, reminded employers that the obligation to file annual returns is in accordance with the provisions of the Nigeria Tax Administration Act 2025 (NTAA).
Dr Subair explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to their service providers, vendors and consultants, and to ensure that all applicable taxes due for the year 2025 are fully remitted. He emphasised that filing of annual returns is a mandatory legal obligation, and warned that failure to comply will result in statutory sanctions, including administrative penalties, as prescribed under the new tax law.
According to Section 14 of the Nigeria Tax Administration Act 2025 (NTAA), employers are required to file detailed annual returns of all emoluments paid to employees, including taxes deducted and remitted to relevant tax authorities. Such returns must be filed and submitted not later than January 31 each year.
Dr Subair stated
“Employers must prioritise the timely filing of their annual income tax returns. Compliance should be part of our everyday business practice. Early and accurate filing not only ensures adherence to the law as required by the Nigerian Constitution, but also supports effective revenue tracking, which is important to Lagos State’s fiscal planning and sustainability.”
He further noted that in Lagos State, electronic filing via the LIRS eTax platform remains the only approved and acceptable mode of filing, as manual submissions have been completely phased out. This measure, he said, is aimed at simplifying and standardising tax administration processes in the State.
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