News
Tinubu’s men to Atiku: Remember you still have many past unanswered questions
Atiku Abubakar, was on Tuesday reminded of his days in office as Vice President between 1999 and 2007 and the fact that he still has too many questions to answer over some shady deals associated with his name, thus he was in no position to throw jabs at President Bola Tinubu’s handling of the affairs of the country.
Coming from Independent Media and Policy Initiative (IMPI), a group that prides itself as a body of independent policy analysts, the body railed against the former VP over his recent series of attacks on Tinubu, insisting he had no moral right to do so, considering that he also had eight years to fix the county, but failed.
In a statement, signed by Niyi Akinsiju, its President, the group, while reminding him of his past record, particularly the too many unanswered questions, said: “Among these is the lingering allegation that Waziri Abubakar provided the $20million to secure Globacom telecommunication license in August 2002 and that he has a front representing his shareholding interest in the company.
“This is more galling when considered against the background of the fight between him and Obasanjo, his boss, over who will take control of the national telecommunications company, NITEL. After many rigmaroles, the two leaders left the company commercially asphyxiated without any value left in it.
“It is today a shadow of its old self with implications for national development. We find this conduct inappropriate and a shameful exhibition of conflict of interest for the man who was the chief superintendent of the sale of national assets.
“Under the same privatisation exercise that Waziri Abubakar supervised, the Kaduna refinery was concessioned to a consortium of companies, the Blue Star. The allegation still subsists concerning the consortium’s claim that it paid $250 million for the purchase of the refinery through the National Council on Privatisation (NCP). The CBN Governor at that time declared that the money never got into the federation account.
“There was also a report of the Nigerian Senate in 2007 accusing Abubakar of diverting $145 million from the Petroleum Technology Development Fund (PTDF) to private companies. We expect the former Vice President to be more decorous and truthful in his approach to national issues even as a member of the opposition.”
Picking holes into what the termed Atiku’s recent moves at demonising President Bola Tinubu’s policies through deceptive generalisations, the statement argued that criticisms were mostly borne out of grudges against the President rather than reality.
Akinsiju further maintained that the recent media outings of the former VP showed an uncharacteristic poor understanding of issues by an individual who was once a Vice President, listed some of them, thus: “In one of the statements, Waziri Abubakar sought an explanation on the conditions precedent to the Nigeria National Petroleum Corporation Limited (NNPCL) securing a $3.3billion loan from the African Export-Import Bank (Afrexim Bank), and had gone ahead to make irreverent and commonplace imputations and conclusions that we considered as belittling his station.
“The second statement queried why the President directed the NNPCL to commence payment of crude oil receipts to the federation account domiciled with the Central Bank of Nigeria (CBN). We find this rather perplexing knowing that Waziri Abubakar had once occupied the second highest office in the land and thus, should understand the basic nuances of the corporate power structure and decision-making process. We also find it perplexing as Atiku in his rejected “Covenant with Nigerians”, supported “transparency and accountability in the operation of NNPC Limited and associated enterprises”.
“The NNPCL had come to the public space to clarify the fact that in compliance with the Petroleum Industry Act that set it up, decided to collaborate with the CBN as its revenue receiving authority and there are indeed enough provisions of the Act to back its position.
“To our minds, a neophyte business administrator will know that a company’s board of directors has proprietary rights over the company and, by extension, its management. Such decision can be made at the level of the board of directors without much ceremony, especially in consideration of the fact that the CBN is the federal government’s banker. We wonder which bank can better receive NNPCL’s revenue than the CBN? The Waziri is intentional about mudslinging in this circumstance.
“The third in the series of grudge statements poignantly accused President Tinubu of police misbehaviour. We find that rather pedantic. In 1999 when Waziri Abubakar was sworn into office as Vice President and supposed head of the economic team, the inflation rate was 6.9 percent but by 2000, that is a year after, it had risen to 17.8 percent. That was about an 11 percent increase. We noted that there was no policy on fuel subsidy removal at this time that could have possibly triggered this rapid increase in the inflation rate.
“We contrasted this to the 22.41 percent inflation figure in May 2023 when President Tinubu was sworn in. The latest inflation figure is for December 2023 with the figure stated at 28.92 percent showing about a 6 percent increase. This is despite the twin policies of subsidy removal, the floating of the Naira, and the large population the current administration has had to manage.
“In addition, Waziri Abubakar had the added advantage of higher revenue to spend to ameliorate the economic conditions of Nigerians in that year, with earned revenue from mostly crude oil up to $15.81billion but did not reflect in the inflation figure of that year.
“In contrast, the President Tinubu-led administration has not generated up to $4 billion from crude oil sales from June 2023 to January 2024, yet the administration has been managing the fallouts of the removal of fuel subsidy and floating of the Naira against the background of a large population.
“While we do not contend that this is an exhaustive leadership comparative analysis template, it, however, enabled us to have a snapshot, in time, about the managerial and policy-making skills of the two personalities at issue here. We conclude that Waziri Atiku Abubakar under-performed in office despite the resources available to him to manage. And that he cannot manage a resource-shortfall economy.
Buildings seized for being used as havens for criminal activities are now to be converting to police bases or residences, instead of demolishing them, if the new proposal by the Anambra State Police Command, sails through.
Ikioye Orutugu, Commissioner of Police, who canvassed for the new arrangement on Wednesday, told reporters that it made more sense putting such buildings to good use than pulling them down or setting them ablaze.
The police boss spoke against the backdrop of the burning down of big edifice in Nkpo, a community in Idemili North Local Government to the state, said to have provided a base for criminals and hideout for kidnappers, as part of the major breakthroughs by the command in recent times.
Three kidnap people including a medical doctor, were said to have been smoked out from the building, which was instantly torched in line with the Anambra State 2025 Homeland Security Laws, which empowers the state government to demolish any property used for or suspected to be proceeds of crime.
Against the backdrop of the number of buildings that had previously been pulled down, and the empty land taken over as government properties, the police boss, said it was not the best thing to do, insisting that the government should rather acquire such buildings and designate them as police posts or residences of police personnel.
Reeling out the streak of successes recorded in recent times in the state, the police boss, said they included the arrest of kidnappers, cultists, armed robbers, child traffickers, sexual predators, separatist agitators and other criminal elements.
Citing one of them as “the strategic clearance operation on 7th May 2026 in Owerre-Ezukala, Orumba South Local Government Area, he said: “Recall that the camp was earlier destroyed by a Joint Security Team. Before the confession, one Nnamdi Nkemdilim Ogbonna, male, aged 37 years, allegedly one of the top commanders of the proscribed secessionists group, is in custody as well as intelligence received overtime points on how some escaped gang members were attempting to regroup.
“The offensive operation led to the recovery of one General Purpose Machine Gun (GPMG) with about 2,000 rounds of live chain ammunition, two fabricated rocket launchers with 25 propellers, 10 locally made Improvised Explosive Devices (IEDs), one locally made Beretta pistol, two pump-action guns, three hand grenades, 10 rounds of K2 live ammunition, one gas cylinder and one black Ecolac box.
“The operatives also dislodged the armed criminals and sustained operational dominance in the area to prevent any regrouping. We remain committed to sustaining ongoing operations against all forms of criminality and ensuring the safety and security of Anambra people.”
The door is now shut permanently in the face of the Federal Government towards taking up the 12.5 – being the remainder of its proposed 20 per cent stake in the Dangote Refineries, Africa’s first privately owned concern.
That means the government would now be stuck with the 7.5 per cent only it was able to pick up and which it currently holds in the $20 billion, 650 barrels per day capacity refinery, which came into operation in 2023 as the concern is insisting it is no longer interested in the remaining 12.5 per cent stake.
Instead of the government, the organisation, currently responsible for the supply of the major chunk of petroleum products in Nigeria and many parts of Africa, is now planning to bring in ordinary Nigerians into the mix to lap up the stake in the near future.
Aliko Dangote, President of the Dangote Group, who made the revelation, Nicolai Tangen, Chief Executive Officer (CEO) of the Norwegian Sovereign Wealth Fund (SWF), that the group had since rejected requests by the Nigerian National Petroleum Company Limited, to increase its 7.25 per cent stake in the firm.
The PUNCH, quoted the African Richest Man (ARM), as saying in the interview that the NNPC’s offer to increase its 7.25 per cent stake in the refinery was rejected because the company Dangote was planning to go public and give other Nigerians the opportunity to own shares in the plant.
Dangote had revealed that after acquiring the original 7.5 per cent in 2021, for $1bn, with an option to acquire the remaining 12.75 per cent stake by June 2024, NNPC Limited began to stall, and ended up reneging on its decision.
However, the national oil company had made attempts to acquire more stakes in the refinery, since that, but this was turned down, adding that the biggest risks the business could face were either civil war and government policy inconsistencies.
Hear him: “Actually, if there are civil wars, which is not in the offing at all. The other biggest risk is government inconsistencies in policies, and we are addressing that one because if you look at our refinery, the national oil company already owns 7.25 per cent, and they are trying to buy more. We are the ones that said no; we want to now spread it and have everybody be part of it.”
Dangote, had in 2014, informed Nigerians on how, Mele Kyari, former Group Managing Director and Chief Executive Officer (GMD-CEO), had reduced NNPC’s stake in the refinery from 20 per cent to 7.25 per cent.
He had said then: “The agreement was actually 20 per cent, which we had with NNPC, and they did not pay the balance of the money up until last year; then we gave them another extension up until June (2024), and they said that they would remain where they had already paid, which is 7.2 per cent. So NNPC owns only 7.2 per cent, not 20 per cent.
The business mogul, who painted a seducing picture of what is at stake in the new opportunities, including the provision of getting dividends in foreign currencies, told his Norwegian host: “What we are announcing is that when you invest in any of our businesses going forward, in cement or in the refinery, in petrochemicals, in fertiliser, we guarantee to pay you a dividend in dollars because we are very well into exports. 80 per cent of our revenue will be in dollars.”
Explaining how he sourced funds for building the refinery, from various financial institutions, including Nigerian banks, he said the initial plan was to fund most of the construction work from our internally generated funds, but because of naira devaluation, the group had to rely on Afreximbank, Africa Finance Corporation, Zenith Bank, Access Bank, UBA and a couple of the local banks.
“But of course we also have a very good relationship with the Standard Bank of South Africa and, at the beginning, Standard Chartered Bank of the UK. We were lucky and what happened when the plant was completed turned out to be much more than our own expectations.”
The coast has brightened for Siminalayi Fubara, Governor of Rivers State, having been given the opportunity of obtaining the All Progressives Congress (APC) ticket for next year’s governorship election, contrary to reports in some quarters that he has been denied.
Vanguard reports that he was one of the 30 governors cleared by the party’s screening committee, including Hope Uzodimma of Imo, a two-term governor, who is currently eyeing a seat at the Senate.
Others cleared, included Sarafadeen Alli, former Secretary to the Oyo State Government (SSG), for the 2027, the report said, quoting sources, who revealed that the screening report was yet to be released due to a deluge of petitions flooding the party.
To beat the deadline by the Independent National Electoral Commission (INEC), for the submission of the list of the names of successful candidates, the party said it now would publish the names of cleared aspirants on May 13.
Regarding the dithering on the release of the 2,980, comprising of one aspirants for one presidential slot, 28 governorship, 109 Senate, 360 House of Representatives, and 991 state assembly positions, a source was quoted as saying: “We are still working on the screening report to make sure everything goes well. The day is not over yet.
“We received many petitions from the eight panels that conducted the primaries. For instance, one of the panels received 10 petitions and the petitions have to be treated on their merit.”
Regarding the fate of Fubara, the source was quoted as saying the governor, whose tenure has been dogged by much of internal and external battles even after joining the APC last year, the source confirmed that he was not disqualified as speculated.
His words: “Nooo! No governor has been booted out. The party has always supported its governors. Some of them like Uzodimma got automatic clearance. To ensure we have a united front in 2027, we are working towards consensus but where that fails, direct primaries will be held in accordance with the Electoral Act. We know some of the high-profile aspirants don’t want to consent, and are ready to go to court. We don’t want that.”
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