Category: Business

The Sino-Afrik Media Documentation and Development Network a non-governmental organisation (NGO), has unveiled plans to publish its first yearly report on China Africa media experience this year, noting that it would further boost cooperation and mutual understanding between Chinese and African media practitioners, while at the same time taming the monster of fake news and misinformation about China Africa relations

This is contained in a press released signed by the Executive Director of the Centre, Dr. Austin Maho, and made available to the press today in Abuja

Dr. Maho stressed that the initiative seeks to enhance media consciousness in the digital media age and to educate media practitioners on the nuances of reporting China and African issues in the face of global media propaganda fake news and misinformation

” Our goal is to provide authentic news about China Africa. As we all know the global information flow is skewed in favour of the global north and the only way to be able to correct this news imbalance is through collaboration and providing the platforms and network for verification of news to enhance objective, balanced and truthful journalism that serves the interests of our peoples”

*To achieve this Sino-Afrik, starting from 2025 plans to carry out a yearly research to document and assess media experience about China African relations., with emphasis on news accuracy, objectivity, fairness and balance. This enables the center to make make appropriate recommendations to address, cases of negative media propaganda, fake news and mis- information”.

Dr. Maho also commended the board of directors of the center for their support and efforts in ensuring that the Sino-Afrik is able to carry out its mandate assuring that once the report is ready it would be made public

A coalition of Civil Society Organizations (CSOs), including OilWatch Nigeria (OWN), Workers’ Rights Alliance (WRA), and Concerned Citizens, has voiced strong support for President Bola Tinubu regarding the reported removal of Bayo Ojulari as Group Chief Executive Officer of the Nigerian National Petroleum Corporation Limited (NNPCL).

During a press briefing held near the headquarters of the Economic and Financial Crimes Commission (EFCC) in Abuja on Thursday, the coalition accused Ojulari of causing significant harm to Nigeria’s economy and eroding public trust in governance.

Emmanuel Ekpeyong of OilWatch Nigeria, Danladi Usman of Workers’ Rights Alliance, and Babatunde Anifowoshe of Nigeria Concerned Citizens spoke on behalf of the coalition.

They stated, “We demand the immediate arrest and prosecution of Ojulari to ensure accountability for his egregious actions, which have robbed Nigerians of their collective wealth and future.”

Describing the alleged dismissal as timely and necessary, the group commended Tinubu for what they described as a decisive action against corruption.

“This bold decision demonstrates the President’s commitment to rooting out corruption and restoring integrity to Nigeria’s vital oil sector. By acting swiftly, President Tinubu has sent a clear message that his administration will not tolerate economic sabotage or a betrayal of public trust. This action aligns with the Renewed Hope Agenda, which promises transparency, accountability, and prosperity for all Nigerians. We applaud the President for prioritizing the interests of the nation over those of a corrupt few and urge him to maintain this momentum by ensuring justice is fully served,” the CSOs said.

The organizations also praised the EFCC and other security agencies for their prompt actions, which reportedly included preventing Ojulari from fleeing the country by confiscating his passports and issuing a red alert at airports.

“These actions ensure that Ojulari cannot escape accountability for his alleged crimes, including the ₦34.65 billion scandal. We commend the professionalism of our security forces and encourage them to continue their resolve as they pursue a thorough investigation and prosecution of Ojulari and his accomplices,” the coalition stated.

They also expressed plans to engage the international community regarding this issue.

“To further safeguard justice, OilWatch Nigeria, Workers’ Rights Alliance, and Concerned Citizens will submit formal letters to the US Embassy, EU Delegation, and UK High Commission in Nigeria by Friday, August 8, 2025, urging them to impose a travel ban on Bayo Ojulari and his known associates,” they added.

Additionally, the group urged President Tinubu to go beyond the reported dismissal by ordering the immediate reopening of the Port Harcourt Refinery, which they consider vital to the country’s economic future.

“We call on our dear President Tinubu, whose love for Nigeria has been demonstrated through this action, to take further steps by ordering the immediate reopening of the Port Harcourt Refinery. Reviving this critical asset will restore Nigeria’s energy self-sufficiency, create jobs, and benefit millions of Nigerians. It is the height of economic sabotage to keep this refinery closed due to one man’s desire to sell it to his allies as scrap and divert its crude oil allocation to cronies for personal gain.”

The coalition also demanded that the EFCC expedite Ojulari’s prosecution for the alleged ₦34.65 billion scandal, crude oil diversion, and other corrupt practices. “Justice must be swift and transparent to deter future economic sabotage,” they concluded.

A witness has told the Federal High Court in Abuja how top bosses of SunTrust Bank — Halima Buba (MD/CEO) and Innocent Mbagwu (Chief Compliance Officer) — allegedly helped oil businesswoman Aisha Achimugu move $12 million in cash outside normal banking channels.

Suleiman Ciroma, the first EFCC witness, said the huge cash was paid out from SunTrust branches in Abuja and Lagos within just 10 days in March 2025. He said the deals didn’t follow proper banking rules.

Both bank bosses were charged by the EFCC on 13 June for money laundering — six counts in all. The EFCC said they broke sections of the Money Laundering (Prevention and Prohibition) Act 2022 by allowing large cash transactions outside the formal banking system.

They both pleaded not guilty and got bail of ₦100 million each.

Ciroma, a bureau de change operator, told the court he acted as the go-between for Ms Achimugu and the bank bosses. He said he got a call from Ms Achimugu in March about some forex transactions. He then called Ms Buba, who confirmed she was aware.

How the money moved
EFCC’s lawyer, Ekele Iheanacho (SAN), led Ciroma in evidence. He said the cash payments started on 10 March when an agent named Iliya collected $1 million at the Abuja branch to pay into the Zenith Bank account of Oceangate Energy Oil & Gas, linked to Achimugu.

On the same day, another $1 million was collected by Abdulkadir Mohammed, and another $2 million by one Kabiru.

In total, Ciroma said the cash swaps hit $12 million, split between Abuja (handled by Buba) and Lagos (handled by Mbagwu). He added that he made ₦15 million profit for his part.

When asked why Achimugu moved the money, he said she told him it was to buy an oil block and needed the dollar inflows for Oceangate.

Ciroma also gave the court WhatsApp chats with Ms Buba and other documents as proof. Even though defence lawyers Johnson Usman and M.S. Ibrahim objected, the judge, Emeka Nwite, accepted the papers as evidence (Exhibit P1).

The case was adjourned to 18 July for more hearing.

The Central Bank of Nigeria (CBN) has reaffirmed the need for strong, stable, and resilient banks to achieve President Bola Tinubu’s target of a $1 trillion economy by 2030.

Speaking at the 36th CBN Seminar for Finance Correspondents and Business Editors held in Abuja, Deputy Governor of Corporate Services, Ms. Emem Usoro, emphasised that ongoing efforts to recapitalise banks are a vital step in realising this goal. Represented by Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, Usoro said bank recapitalisation will empower financial institutions to fund large-scale projects and compete globally.

“As we work towards building a one-trillion-dollar economy, we must consider the recapitalisation of our banks to finance and power the economy,” she said. “Banks must be strong enough to support development projects and effectively carry out financial intermediation.”

She added that Nigeria’s current GDP stands at around $250 billion, indicating a significant gap that would require strategic planning, consistent policy direction, and the full engagement of economic stakeholders.

The global financial architecture, she noted, has evolved, particularly since the Trump administration in the U.S., making it crucial for Nigerian banks to align with global opportunities and risks through responsive policies.

In his presentation, Director of Banking Supervision at the CBN, Dr. Olubukola Akinwumi, explained that the recapitalisation strategy now focuses on helping banks meet their Cash Reserve Requirement (CRR) obligations and participate in infrastructure financing.

He said, “A well-capitalised bank can support large transactions and benefit from government initiatives such as infrastructure concessions. Stronger banks can lend more, especially to priority sectors like agriculture, manufacturing, and SMEs, which are engines of growth.”

Akinwumi stressed that these sectors remain central to the government’s development plans, as reflected in the 2025 national budget, which prioritises education, health, agriculture, and infrastructure.

Adding an industry voice, UBA Managing Director, Mr. Oliver Alawuba, urged greater trust in Nigerian banks, suggesting that part of the country’s external reserves be managed locally to build confidence and boost economic growth.

“We manage the reserves of other African countries. Nigerian banks should be trusted with at least 10 to 20 percent of our own reserves,” he said.

However, Alawuba raised concerns about the feasibility of reaching the $1 trillion goal, citing Nigeria’s current annual growth rate of 3.8 percent—far below the 10 percent minimum required to meet the target by 2030.

He called for synergy between fiscal and monetary authorities to support the financial sector in driving sustainable economic transformation.

The price of Bonny Light, Nigeria’s premium crude oil grade, dropped by 5.09 percent to $59.62 per barrel on Wednesday, amid rising tensions from the ongoing global tariff war sparked by recent tariff hikes announced by the United States.

The downward trend in oil prices was further compounded by the Organisation of Petroleum Exporting Countries (OPEC) and its allies’ decision to raise oil production by 411,000 barrels per day starting in May 2025.

The price plunge comes as a major concern for Nigeria, whose N54.99 trillion 2025 national budget is predicated on a benchmark oil price of $75 per barrel and a production target of 2.06 million barrels per day (bpd). Current output, including condensates, stood at 1,671,953 bpd as of February 2025, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Speaking to Vanguard, Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), described the situation as a “serious problem.” He warned that the decline could severely impact government revenue and weaken the exchange rate.

“This poses a risk to our revenue and foreign exchange earnings. We all know the implications of a weak exchange rate on the economy,” Yusuf said.

Despite the broader economic risks, lower crude prices may offer relief at the pump for Nigerian consumers. Findings by Vanguard indicate that domestic petrol prices may fall as downstream operators prepare for a likely reduction in Premium Motor Spirit (PMS) prices.

Ehimen Joseph, Chairman of the Lagos State Chapter of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), told Energy Vanguard, “This should be expected in a deregulated market. If the fall in crude oil prices persists, it would affect pricing along the entire value chain.”

Another industry source, who requested anonymity, said: “Everything is pointing towards a pump price reduction this week. One of the refineries has stopped issuing petrol tickets, anticipating a price review before Tuesday.”

Depot prices have already begun to reflect the trend. Data from petroleumprice.ng shows declines across major players: Mainland dropped from N920 to N918 per litre, A.Y.M from N920 to N919, and Ever from N920 to N918. Prudent, Eterna, and Soroman also saw slight reductions, with Eterna dropping from N900 to N897 per litre.

Meanwhile, OPEC has reaffirmed its commitment to monitoring the global oil market. A recent virtual meeting of eight OPEC+ countries—Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman—held on April 3, 2025, reviewed market conditions and reaffirmed output increases to stabilize global supply.

The situation continues to evolve, with both global market forces and domestic economic managers under pressure to adapt quickly to the unfolding realities.