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Otedola-Obiagbena face-off over $225.8m loan dispute unsettle investors

Banking and Finance

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January 14, 2025

Otedola-Obiagbena face-off over $225.8m loan dispute unsettle investors

THE ongoing battle between the owner of General Hydrocarbons Limited (GHL), Nduka Obaigbena, and the chairman of FBN Holdings Plc-the parent company of First Bank of Nigeria Limited, Femi Otedola, over a $225.8 million loan facility has unsettled the generality of investors’ confidence stakeholders told The ICIR.

Obaigbena, who chairs GHL, owners and operators of OML 120, deep offshore in Nigeria, and Otedola have resorted to a face-off over the loan facility.

This has got stakeholders and concerned Nigerians expressing their views and insights on the matter.

In a recent statement, Otedola assured of his commitment to protecting the integrity of the Nigerian oldest financial institution.

He spoke against the backdrop of the recent face-off with Obaigbena.

He accused Obaigbena of resorting to tactics simply because his company had been asked to repay the $225.8 million loan.

“This loan, facilitated with the help of the former Central Bank of Nigeria Governor, Mr Godwin Emefiele, was purportedly for the operation of an oil block, which he obtained without competitive bidding.

“However, the funds were diverted for personal use-funding Mr Emefiele’s presidential aspirations, acquisition of luxury properties abroad, the operation of a private jet, and an extravagant $68 million spent on jet rentals in just four years,” Otedola asserted.

But Obaigbena defended his oil firm, confirming that the matter has been taken to court for the parties to resolve the differences.

He hinted that GHL has obtained a court order securing its operations pending the court’s determination.

“We hope for a favourable outcome under our system of justice. Unfortunately, First Bank continues to disregard and disobey a subsisting court judgment in favour of GHL and instead has chosen to mislead the public,” Obaigbena said.

The recent face-off between the known individuals followed a recent court injunction restraining all commercial banks in Nigeria from releasing funds or handling assets belonging to GHL.

The oil firm had denied being indebted to FirstBank to the tune of $225.8 million.

According to GHL, it entered into a legally binding, enforceable Subrogation Agreement with First Bank on May 29, 2021.

The bank agreed to fund its exploration, production and development of OML 120 in exchange for sharing profit from oil proceeds from the OML in a 50:50 ratio after statutory payments and taxes over eight years.

The FirstBank’s 50 per cent share was to be used to pay down the bank’s non-performing loans of about $718 million, which was discounted to $600 million to resolve its solvency issues, the GHL disclosed.

It said, “The FBN non-performing loan arose from FBN’s unsecured and reckless lending to Atlantic Energy under separate Strategic Alliance arrangements, in which GHL had no nexus to or connection with.

“The agreements made it clear that the Non-Performing Loan had nothing to do with GHL beyond the fact that 50 per cent of profits from OML 120 due to FBN under the Subrogation Agreement will be used by FBN to settle the hole created in its books by the Non-Performing Loan (NPL).

“For clarity, Atlantic Energy operated OMLs 26, 30, 34 and 42 – very different from GHL’s OML 120.”

Court injunction

FirstBank had, through a Federal High Court in Lagos, issued a Mareva injunction on December 30, 2024, freezing GHL’s assets linked to the $225.8 million loan owed to the bank.

The court order comes amid arbitration proceedings initiated by GHL against FBN’s alleged breach of their agreements.

According to GHL, a subsisting court order had restrained FirstBank from taking any step against its OML operations and loan requests.

The ICIR had earlier reported how some minority shareholders have demanded an Extraordinary General Meeting (EGM) to oust FBN Holdings’ chairman, Otedola, and a non-executive/deputy chief executive of Geregu Power Plc, Julius Omodayo-Owotuga.

The relationship between Obaigbena, who is deeply involved in the GHL-FBN dispute, and Otedola, who chairs FBN Holding, has added an intriguing dimension to the unfolding drama.

Amid the drama, the bank issued a statement assuring investors of taking all necessary steps to safeguard the interests of the company and its subsidiaries.

“This matter does not in any way impact the operations of the company, and all the businesses within the Group continue to provide uninterrupted services to its customers,” FBN said in a statement on Thursday, January 9.

Amid the escalating dispute, the Central Bank of Nigeria (CBN) has remained silent on the matter, despite the high stakes and potential systemic risks it might cause to the banking sector.

Stakeholders’ take on the matter

According to the national chairman of the Progressive Shareholders Association of Nigeria (PSAN), Boniface Oke, it was expected for such a huge loan facility, the apex bank would be in the know of the agreement between both parties.

“CBN must come out to clear the air because it cannot claim ignorance of such transactions, including NDIC. They must be aware of it.

He expressed that the banking business is built on trust and carried out on proper documentation.

He, therefore, urged other banks to learn lessons from what is happening between FirstBank and GHL.

“There must be total documentation. The CBN must be put on the known. This denial is harmful as all the shareholders will be made to bear the brunts. It is not good for the economy and banking system.

“The Banks must attach more security checks on all the customers they deal with, very important, no matter how big they are,” Okezie said.

He asserted that only the common man who gets loans and refuses to pay them back gets punished for it and jailed, but big men go scot-free.

The executive vice chairman of Highcap Securities Limited, David Adonri, said the law should be allowed to take its course on the matter.

He noted that financial disputes have been very rampant between banks and their customers in the course of business, pointing out that there are adequate legal and regulatory frameworks in the banking industry to get justice.

“CBN regulates banks and not customers. Any dispute between banks and customers that cannot be resolved internally goes to court for redress.

“The case between GHL and FBNH is just one of the numerous delinquent loan cases in the industry that banks grapple with daily,” he said.

Adonri also pointed out that the bank’s prudential guidelines stipulate how to provide for such disputes.

“I don’t think that this matter is material enough to cause panic among investors,” he added.

The national president of New Dimension Shareholders, Patrick Ajudua, corroborated that the matter is purely a business transaction between both parties.

“I believe it should be settled legally within the context of the agreement signed. Hence, it has not much effect on us as shareholders of the bank.

“I want you to realise that dispute can arise at any time in the normal course of dealings. Hence that is why it should be settled amicably or, in alternative, resort to the court for arbitration,” he urged.

Police threaten legal action against Amnesty International over #EndBadGovernance report

News

Mustapha USMAN

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January 14, 2025

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Police threaten legal action against Amnesty International over #EndBadGovernance report

THE Nigeria Police Force (NPF) has issued a seven-day ultimatum to Amnesty International (AI), demanding a retraction and public apology over its report on the #EndBadGovernance protest in the country in August 2024.

The NPF accused the AI of making unsubstantiated allegations of police brutality, human rights violations, and excessive violence in its report titled “Bloody August: Nigeria Government’s Violent Crackdown on End Bad Governance Protests.”

In a statement on Tuesday, January 14, signed by the Force spokesperson, Olumuyiwa Adejobi, the police described the report as “misleading and entirely baseless.”

According to the statement, the police acted with professionalism and restraint during the protests, even under severe provocation and attacks by criminal elements.

“Evidence, including national media coverage, demonstrates the police’s efforts to maintain law and order while safeguarding peaceful protesters. Criminal elements attempting to exploit the protests were, however, arrested and dealt with according to law,” Adejobi stated.

These claims, however, contrast with several evidence-based reports of police attacks on Nigerians during the protest. The ICIR in several reports documented how the security operatives including the Nigeria police violated the human rights of protesters, Nigerians and journalists during the demonstration.

While The ICIR can’t confirm the number of deaths during the protest, this organisation reported a series of police brutality, harassment and arbitrary arrests during the protest in FCT, Kano and Sokoto.

Among those arrested were minors and individuals who claimed not to be involved in the protests. Most of these individuals were kept incommunicado without trial for days, against the Nigerian Constitution.

Recall that between August 1 and 10, 2024, Nigerians took to the streets to protest against the country’s rising cost of living and widespread corruption.

The latest rebuttal is the third in a series of rejection of the AI’s report by the police.

At a press briefing on Sunday, December 22, 2024, the police described the claims as false, misleading, and harmful to the police’s image.

The ICIR reported that AI had in a report on November 28, stated that at least 24 people were killed and over 1,200 others, including minors, were detained during the protest.

The report accused the police authorities of using “excessive force” against demonstrators during the protest.

The organisation said the police used extreme force against protesters nationwide during the protest leading to fatalities in states namely Borno, Kaduna, Kano, Katsina, Jigawa and Niger.

The AI said in all cases, the victims were shot by the police, firing live ammunition at close range, often at the head or torso, suggesting that officers were shooting to kill.

But Adejobi said a report from a special investigative panel constituted to verify the claims, highlighted inaccuracies in AI’s report.

The NPF, in its latest statement, further criticised the report for undermining public trust and demoralising officers who risk their lives to protect citizens. “This publication harms the reputation of the organisation and undermines years of diligent efforts to build trust with Nigerian citizens,” the statement read.

The police warned that if AI failed to retract the report and issue a public apology within seven days, they would consider legal action.

Police reveal identity of corps member butchered by gospel singer near Abuja

Crime

Bankole ABE

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January 14, 2025

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Police reveal identity of corps member butchered by gospel singer near Abuja

THE Nasarawa State Police Command has revealed the identity of a lady butchered by her boyfriend, a gospel singer, Timileyin Ajayi, in Nasarawa State.

The police in a message sent to The ICIR on Monday, January 13, identified the victim as Eliojo Salomey, a 24-year-old serving National Youth Service Corp (NYSC) member based in Mararaba, a fast-growing community near Abuja.

According to the Nasawara Police Command spokesperson, Nansel Ramhan, the incident happened on Sunday, January 12, 2025, at about 8:30 pm.

Confirming an earlier report by The ICIR, Ramhan said Ajayi, who lives in the Pablana area, was caught around Angwan Bako near the Kaja Estate in the New Karu Local Government Area of Nasarawa State when conveying the severed head of Salomey to an undisclosed destination on a commercial motorcycle, popularly known as ‘okada’.

“He (the motorcyclist) discovered blood droplets from his passenger (Ajayi’s) luggage and immediately raised the alarm.

“Consequently, an angry mob descended on the suspect and upon receipt of the information, the Commissioner of Police directed police personnel to immediately move to the scene.

“They raced to the scene and rescued the suspect from being lynched. The suspect was then taken to an undisclosed hospital for treatment. A follow-up investigation led to the execution of a search warrant at the suspect’s residence, where the remains of the lady who was later identified as Eliojo Salomey, 24 years old of Yanyan, FCT, Abuja, and a serving Corp member, were recovered,” he stated.

The police spokesperson added that the police commissioner in the state had ordered an investigation into the matter.

The ICIR gathered that the suspect, Ajayi, is a gospel singer based in Abuja.

The ICIR revealed on Monday from a resident of the area where the incident occurred (names withheld for security reasons) that the suspect, when caught, confessed that the victim was his girlfriend and he had killed her for an undisclosed reason.

He also confirmed that the suspect was almost lynched at the scene.

“People beat him to 95 per cent death. I cannot show you the video and photos,” the source posted on his Facebook page.

The ICIR further revealed that the bike man fled the scene with his motorcycle, fearing he could be implicated in the crime.

Information provided by a source who spoke with The ICIR tallied with the police’s statement on the incident.

The source had said that police officers led the suspect to his house, where they met the butchered body of the lady. The suspect planned to wrap the parts in nylon and dispose of them.

He didn’t state why he killed the lady but previous experiences in Nigeria suggest that such killings are mostly for rituals.

The incident has continued to attract condemnation among Nigerians on social media.

The FCT has had its fair share of killings for rituals and other purposes in Nigeria.

A disturbing incident occurred in a hotel in the Wuse area of Abuja in 2024, where a man was apprehended for allegedly attempting to use a girl for ritual purposes.

The man had reportedly tied the girl’s hands and legs but was caught and forced to release her by onlookers.

A video of the incident shows the man being ordered to untie the girl.

He was eventually paraded by the FCT Police Command and charged in court.

In July 2024, a young man, Nuhu Ezra, was arrested by the FCT Police Command for being in possession of a human skull and bones.

According to the command, he had picked up the human skull and bones in a bush to sell them for N600,000.

Los Angeles faces more wildfire threats after dozens reportedly killed

World News

Bankole ABE

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January 13, 2025

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Los Angeles faces more wildfire threats after dozens reportedly killed

OFFICIALS continue to scramble to contain the blazes in Los Angeles, United States, on Monday, January 13, as fear grows ahead of high winds threatening to undo the progress made in the fight against the fires.

AT least 24 people have been killed by the conflagrations that have raged for nearly a week.

According to AP, no less than 16 people are missing, and the city’s authorities said the number of casualties and people missing could rise.

The wildfires, which have been described as one of the deadliest in California’s history, have left a trail of destruction in its wake, with several neighbourhoods reduced to rubbles.

The scale of the destruction is staggering, with over 1,000 homes and businesses destroyed and tens of thousands of hectares of land burnt.

Balls of fire and smoke billowed across the city, defying efforts by overwhelmed firefighters and other citizens the contain the tragedy.

Los Angeles’ most affluent neighbourhoods affected

The fires have raged through the city, leaving behind a destruction of monumental proportions. Affected areas include Los Angeles’ most affluent neighbourhoods and luxury homes now left in ruins.

The conflagrations have caused immense destruction to the environment. As the fires rage on, firefighters are struggling to contain them but high winds and dry weather make the task even more challenging.

Among the victims are high-profile celebrities who lost their homes and belongings to the disaster. They include popular reality TV star Kim Kardashian, singer Katy Perry, actor Neil Young, and Orlando Bloom.

Perry’s mansion in the Hollywood Hills was destroyed, while Bloom’s home in the same area was severely damaged. Kardashian, who lives in the nearby Calabasas neighbourhood, was forced to evacuate her home with her family. Fire also destroyed the homes of several other celebrities, including musician Robin Thicke.

Cause of fire unknown

Relevant officials are investigating the cause of the infernos. However, preliminary findings show that they could have been sparked by a combination of dry weather, strong winds, and human activities.

The magnitude of the fire is unprecedented, with some experts comparing it to the devastating wildfires that swept through California in 2018. However, the current misfortune is believed to be even more calamitous, with the potential to cause billions of dollars in losses, in additional to human toll.

No end in sight to crisis

Los Angeles County Fire Chief Anthony C. Marrone warned on Sunday, January 12, that the danger from the wildfires persisted and urged residents to be patient with intentional power outages aimed at preventing further blazes.

Marrone said the combination of strong winds and low humidity, among others made the threat of further fires “extremely high”.

He urged residents in fire-prone areas to understand that intentional power outages were crucial for public safety.

Trading blames

As the people of Los Angeles struggle to come to terms with the disaster, many are asking who is to blame for the tragedy.

While some fingered the city’s power company, others criticised the government for not doing enough to prevent the fire or to respond to it quickly enough.

California Governor Gavin Newsom declared a state of emergency and deployed the National Guard to assist with relief efforts.

Newsom, who has been serving in this role since 2019, on Friday ordered a “full independent review” of the city’s utilities.

He expressed concern over the lack of water supplies shortly after the crisis began, which he described as “deeply troubling.” He promised to take a closer look at the systems in place to ensure they’re working effectively.

The president-elect, Donald Trump, however, blamed Newsom for the disaster.

Responding to the catastrophe, the Joe Biden-led Federal Government pledged to provide support for the city as it declared the area a “war scene.”

Similarly, the United Nations has pledged to provide humanitarian aid, while the European Union has offered to send firefighters and equipment to help contain the blaze.

Fire sparks climate change debates

The fire has sparked a global debate about climate change and the need for urgent action to prevent similar disasters in the future.

As the people of Los Angeles await the long process of rebuilding and recovery, there have been widespread calls for greater investment in fire prevention and mitigation measures, as well as for more robust emergency response systems.

The city has announced plans to conduct a thorough review of its emergency response procedures, with a view to identifying areas for improvement and implementing changes to prevent similar disasters in the future.

Pope Francis expresses sadness over disaster

Pope Francis has expressed sadness over the blaze.

The Pope conveyed his sympathy with the victims and city in a message to the archbishop of Los Angeles.

The Pope expressed grief over the havoc wreaked by the wildfires.

Edo police arrest woman for burning house help’s genitals with hot iron

Crime

Mustapha USMAN

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January 13, 2025

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Edo police arrest woman for burning house help’s genitals with hot iron

THE Edo State Police Command has arrested a 31-year-old woman, Abigail Oluwarotimi, for allegedly assaulting her 15-year-old house help, Jude Joseph, by burning his genitals and laps with a hot metal object.

According to a statement on Monday, January 13, via the Command’s X handle the suspect accused the teenager of molesting her children, which prompted the violent act.

The incident, which took place in Uromi, led to the intervention of operatives from the Uromi Police Division, who apprehended the woman.

“Operatives of the Uromi Division had arrested 31-year-old Abigail Oluwarotimi for violent assault on her house help, 15-year-old, Jude Joseph.

“She used a hot metal object to inflict burn injuries on his laps and genitals, on allegation that he molested her children,” the statement read.

The Commissioner of Police, Umoru P. Ozigi, in the statement described the act as barbaric and unacceptable, ordering the immediate transfer of the case to the State Criminal Investigation Department (CID) for a thorough investigation.

“Miffed by this development, the Commissioner of Police, CP Umoru P. Ozigi psc, mnips has ordered the transfer of the case to the State CID for thorough investigation,” the statement added.

Other details into the incident are unclear, with the condition of the teenager not also disclosed to the public.

The ICIR reports tha the abuse and molestation of house helps have remained a disturbing trend in Nigeria, often exposing deep-seated issues of lack of regulation, and weak government intervention

Many domestic workers, particularly children and teenagers, have been reportedly subjected to physical, emotional, and psychological abuse at the hands of their employers.

In 2022, the Police Command in Plateau State confirmed the arrest and detention of a female suspect for allegedly torturing and killing her 11-year-old maid identified as Margaret Joshua.

The command’s spokesperson, Alfred Alabo, stated that the suspect, a microbiologist at a research institute in Vom, Jos South Local Government Area, forced the minor into hot water, causing severe burns to her buttocks.

Also, another woman was arrested on October 22, after she beat her maid to death and then dumped the body in a bush in Anambra state.

The National Agency for the Prohibition of Trafficking in Persons (NAPTIP), Anambra Command, arrested the woman after which she confessed to the crime.

The woman took NAPTIP officials to the bush where she buried the child.

Similarly, An Anambra lawyer, Adachukwu Okafor was alleged to have used various objects like a broken bottle, knife, and electric iron to harm her house help, identified as Happiness Nwafor, in response to an incident involving her daughter.

The lawyer was subsequently arraigned on February 2024, on two-count borders mainly on wilfully inflicting physical injuries on the body of the victim, an offence punishable under Section 4(1) of the Violence Against Persons (Prohibition and Protection) Laws of Anambra State of Nigeria 2017.

Police decline comments on man caught with lover’s severed head near Abuja

Crime

Bankole ABE

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January 13, 2025

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Police decline comments on man caught with lover’s severed head near Abuja

POLICE have refused to comment on the arrest and whereabouts of a man caught with his girlfriend’s severed head at Orozo, near Abuja, on Sunday, January 12.

A resident of the area (names withheld for security reasons) shared the news on his Facebook Page late Sunday evening.

“Something terrible happened today. Right in front of our estate. I am in shock still. So our estate policemen, while on routine patrol, stopped a guy who carried a nylon bag. Inside it was the fresh head of a very beautiful girl neatly severed.

“He confessed she was his girlfriend and he had killed her. For what, I don’t know.
Well, people beat him to 95 per cent death. I cannot show you the video and photos. Lord, this year, deliver us and our children from wicked and unreasonable men in Jesus’ name,” he posted.

More details about the arrest

The ICIR gathered that the suspect stopped a bike man in the Papalada area of Mararaba, Nasarawa State, to enable him to go drop the severed head at a location which he refused to disclose when grilled by those who arrested him.

The bike man realised that his clothes were getting wet. In an attempt to know what was spilling on him from his passenger, he stopped the motorcycle and discovered his top and trousers had been drenched by blood.

He challenged the suspect and requested to know what he was carrying. The suspect said it was a goat head.

The bike man attempted to see the goat head but the suspect repeatedly declined.

The bike man could not accept the arguments of the jittery passenger. He grabbed the nylon in his hand and forced it open. Sadly, he found a fresh human head belonging to a lady.

As the suspect attempted to flee, the bike man screamed, urging passers-by and police officers around the place to help arrest the suspect.

Within seconds, a furious mob descended on the suspect before handing him over to the New Karshi Police Station.

However, the bike man fled the scene with his motorcycle fearing he could be implicated in the crime, the source who spoke with The ICIR said.

The source noted that the police officers led the suspect to his house where they met the butchered body of the lady already cut into pieces. The suspect planned to wrap them in bits in nylons and dispose them of.

He didn’t state why he killed the lady but previous experiences in Nigeria suggest that such killings are mostly for rituals.

The source added that the Commissioner of Police in Nasarawa State directed that the suspect be moved to Lafia, the state capital.

“He should be on his way to Lafia or currently at the Police State Headquarters in Lafia as I speak with you,” noted the source.

Responding to The ICIR enquiries on the incident, the Federal Capital Territory (FCT) Police Command said the incident did not happen in Abuja.

“It is not Abuja; please, we don’t have any of such incidents reported in Orozo, Abuja. Please contact Nasarawa State,” the FCT Police spokesperson, Josephine Adeh, a deputy superintendent of police, stated.

She directed The ICIR to her Nasarawa state counterpart, Nansel Ramhan.

Meanwhile, attempts to confirm the suspect’s whereabouts from the Nasarawa Police Command were unsuccessful.

The spokesperson, Ramhan, did not pick up his mobile phone when contacted. He did not also respond to SMS and WhatsApp messages sent to his phone.