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Why Diezani Alison-Madueke is Fighting Back

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By Eric Elezuo

In eight straight years, a former Minister of Petroleum during the administration of former President Goodluck Jonathan, Mrs. Diezani Alison-Madueke, had consistently had a running battle with the Nigeria security agencies under the now rested Muhammadu Buhari-led administration, which accused her of crimes committed while he held sway as minister. However, in the eight long years of the Buhari administration, the agencies found it difficult to prosecute her in the court of law, having accused her of stealing up to $20 billion, but has, according to the former minister, through her lawyer, Chief Mike Ozekhome, engaged in unfruitful media trial without substance.

Consequently, having adopted the strategy of tiring them out, and waited a long time for the security agencies to transcend from the media trial room to the legitimate court room, Alison-Madueke has taken it upon herself to fight back, and redeem what is left of her battered image. As a result, she has brought the Economic and Financial Crimes Commission (EFCC) and the Attorney-General of the Federation, Malam Abubakar Malami, as first and second defendants respectively, through a Writ of Summons before a Federal Capital Territory High Court, demanding the appearance of the duo in court with a statutory 14 days period, or judgment may be given to the claimant in their absence.

The commandment was given in Suit number C4/6273/23, and dated May 26, 2023 with Mrs. Alison-Madueke as the claimant and the duo of EFCC and AGF as defendants.

The former Petroleum Minister, who considered herself a lone scapegoat of the Goodluck Jonathan administration, as she was singled out for her closeness to the former President, is praying the court to declare that certain publications “authored by the Defendant under the supervision of the 2nd Defendant and widely published by the 1st Defendant, is false, malicious, injurious and intended to lower the reputation and integrity of and did indeed lower the reputation and integrity of the Claimant in the estimation of right thinking members of the society within and outside Nigeria and also brought the Claimant into public ridicule, odium, contempt, derision and obloquy.”

Alison-Madueke also sought an order, among many orders “directing the Defendants jointly and severally to pay to the Claimant the sum of N100,000,000,000.00 (100 billion naira) only as damages for the false, injurious, malicious and libelous publications against the Claimant in the 1st Defendant’s publishing platform, and at the instance of both the 1st and the 2nd Defendants.”

The publications according to the claimant were dated from 2017 till 2021, and appeared in prominent national dailies including print and online.

The claimant, in proving the falsehood of the publications, said that the defendants had means and opportunities to verify the truth, but chose not to do so.

“The Defendants had the means and opportunities of verifying the truth or otherwise of the offensive publications, but failed to do so and were motivated in making the offensive publications by the desire to increase their public profile and perception, and to bring the estimation of the Claimant into contempt, odium and ridicule in the eyes of an average Nigerian.

“The publications have greatly prejudiced and injured the Claimant and caused her reputational damage, loss of goodwill, and confidence by her political associates and professional colleagues, whom all of now shun and keep their distance from her as a common thief and corrupt public officer,” the Summons revealed.

Recall that Mrs. Alison-Madueke was Nigeria’s Minister of Petroleum till 2015 when the Jonathan’s administration left office. She left for England shortly after to treat severe ailment, and has been in England ever since as the EFCC and the office of the AGF have not ceased to accused of humongous crimes of theft running into billions while she was in office.

In November, 2015, The Boss published an exclusive interview with the former Minister where she insisted that she never stole a dime belonging to the Federal Republic of Nigeria, adding that she left Nigeria to England to treat a ‘worse’ kind of cancer, which was ravaging her health. She told The Boss that she was deliberately lied against, maligned against, in order to project the Jonathan government in a bad light.

“If there is one issue I must pursue in this world it is the biggest lie of this money. How can $20billion disappear just like that? Where did it disappear to? Is it possible that such an amount would not be traceable? This is more painful coming from someone I considered a good friend who should appreciate the gravity of such allegation. I challenge anyone to come forward with facts showing that I stole government or public money. I’ve never stolen Nigeria’s money…

“Rather, I worked hard to halt the rampant business of round-tripping. When I brought in Reginald Stanley to clean up the place, I requested for a list of the defaulters. There were about 92 of them and I made sure we sanctioned them. You can imagine the threat to my life but I was ready to defend the economic interests of my country. In fact, we were able to reduce the oil subsidy by about half. No one has applauded our effort.

“There were those who said the then Governor of Central Bank must have been angry at me because of the way the Presidency treated him. In all honesty, he was being blocked from seeing the President by some of Oga’s people (presidential aides) but it had nothing to do with me. I was the one who even told Oga about the development and Oga said he would meet him in London on one of his trips. Unfortunately my boss fell ill and was rushed to King Edward Hospital and the meeting was aborted.”

“Sanusi and I had been friends. There was no way I would have done anything bad to him. He even came to my house to inform me about his interest in heading the African Development Bank and we discussed for about two hours. I promised to support him and I spoke to Oga about it. We were together on the Reconciliation Committee that looked into the accounts of NNPC. Yes there were gaps but not on the alarming scale being circulated. Markafi (former Governor of Kaduna State) did a thorough job. You know he is a very sound accountant.”

On allegations of owning choice properties everywhere, Diezani told The Boss that “It is so sad that anyone could say such about me. Let me say something to you, I live with my husband in the same house we’ve lived since we married in 1999. Ask anyone who knows us. Our house in Abuja was bought in 2007 by my husband and as an architect and lover of interior décor I did it up to our own taste. It is not over the top because I have good taste and appreciate bargains. I shop in regular shops like B & Q to do up all the places where I live. Anyone who tells you I have houses anywhere should feel free to publish them. That was how they said I bought an expensive property in Vienna. I went to court and I won the case. I never saw the house before except in picture. The house I stay in London is rented. As a woman I love to look good. Some of my dresses and jewelleries are often dumped on me by those I buy from and I pay them when I can.”

However, in 2017, two years after the to and fro of the security agencies on the case, Alison-Madueke spoke out again, insisting that though every human being makes mistakes, but one error that can never be ascribed to her is stealing.

Accusing the Economic and Financial Crimes Commission (EFCC) of taking advantage of her silence, she said she was prepared to face trial as long as due process is taken into consideration.

The commission has leveled many corruption allegations against her, but Alison-Madueke waved them aside, challenging the agency to provide “incontrovertible” evidence.

She said in a detailed statement where she described the anti-graft war of the current administration as witch hunt: “I have up till now chosen to maintain my silence and not to respond to inaccurate press reporting. However, given the level of deliberate inaccuracies, I am now forced to respond because it is clear that the EFCC is taking advantage of my silence to try me by media and to convict me in the eyes of the public.”

Even while a federal high court in Lagos ordered that the $153 million, which she allegedly lodged in three banks, be temporarily forfeited to the federal government, the ex-minister denied ownership of such amount of money, saying: “I wish to state that I cannot forfeit what was never mine.” She also denied ownership of a N5.7bn mansion located on Margaret Thatcher Close, Asokoro, Abuja, which the EFCC seized in June, 2017. She accused the then Ibrahim Magu-led EFCC of misleading the public.

HER STATEMENT IN FULL:

I have up till now chosen to maintain my silence and not to respond to inaccurate press reporting. However, given the level of deliberate inaccuracies, I am now forced to respond because it is clear that the EFCC is taking advantage of my silence to try me by media and to convict me in the eyes of the public.

$153.3MILLION ALLEGATION

I am deeply disturbed and bewildered by recent media reports claiming that by virtue of an order of the federal high court, I have forfeited to the federal government, the sum of $153.3m which I purportedly stole from the Nigerian National Petroleum Corporation, NNPC.

First and foremost, whilst the reasons for my being out of the country are public knowledge, the principle of fair hearing demands that I should have been notified of formal charges if truly there was a prima facie evidence or indictment against my person linking me with the said issue, so as to ensure that I had adequate legal representation.

This was never done. I wish to state that I cannot forfeit what was never mine. I do not know the basis on which the EFCC have chosen to say that I am the owner of these funds as no evidence was provided to me before the order was obtained and they have not in fact served me with the order or, any evidence since they obtained it.

As of the time of my writing this rebuttal, the EFCC have still not furnished me or my Lawyers, with a copy of the order. I am also informed by my lawyers that the legislation under which the EFCC obtained this order is for situations where the funds are believed to be the proceeds of crime and the owner is not known. I do not therefore, understand how the EFCC can in the same breath say that the monies in question are mine.

If they had evidence that the monies were mine then they would not /should not, have used the procedure which applies only to funds of unknown ownership. If indeed they used this particular legal procedure because they did not know who owned the monies, then how can they now be falsely attributing the ownership to me.

Let me re-state categorically as I have always maintained, for the record, I have NOT and WILL NEVER Steal Money from OR DEFRAUD the Federal Government of Nigeria. I am willing to respond to any charges brought against me that follow duly laid down procedures.

However, in their typical manner and style, the EFCC have gone to the media to attempt to prosecute their case as trial by TV and other media, rather than go through the onerous but tried and tested means of the Judicial Court process. In the face of the obvious falsification of facts and misinformation, it is only right and proper that the EFCC should publish the details of the $153.3M lodgements, the bank account numbers and the account beneficiaries, showing proof of my link to them. Having also alleged that the said $153.3M was ‘wired’ from NNPC, the EFCC should also publish details of the NNPC accounts from where the said $153.3 million was taken from, with proof that I authorized such a transaction/transactions acting either in my private capacity or, as The Honourable Minister of Petroleum. Let me state for the record that as Minister of Petroleum, the operation and management of NNPC finances were outside my purview as outlined in both the Petroleum Act and the NNPC Act. The only involvement I had in NNPC Finances was in terms of statutory matters, where the Petroleum Act prescribed that as Minister, there were certain duties or actions which I had to perform or take in relation to NNPC.

MALABU

With regards to the various news reports published in both the online and print media, insidiously inferring that I was indicted by Italian prosecutors for, as they put it, ‘ sharing in the Loot’ of the $1.3bn OPL 245 oil block deal that involved Malabu and the Joint Venture Multinational partners, ENI(AGIP) and Royal Dutch Shell. Let me once again State for the record, that this is another figment of the author’s imagination, which given the persistent bid to ensure my destruction and stick all of the Sins of the Corruption plagued Oil and Gas Sector of over the last 30years upon my head, probably emanated from the EFCC itself! Let me clarify the position re the history of OPL 245, otherwise known as Malabu. You will find a full chronology in the attached report that I made to the House of Representatives in late 2011 (Annex 2A/Annex-2B). In 2010, shortly after I was appointed as Minister of Petroleum Resources, the issue of OPL 245 was brought to my attention. I looked into the case and immediately became aware of the inherent and long standing sensitivities around this issue. It became clear from the onset that this case was not within the direct purview of the Minister of Petroleum Resources but in the main was centered around issues of Law. By this time there was already an ICSID(International Centre for Settlement of Investment Disputes) investigation and claims against the FGN running into billions of dollars. Therefore, we took directives from the Chief Legal Officer of the Nation; the Attorney General and Minister of Justice. In all of these matters due process was followed to the letter at all times. I wish to categorically state that I have never held any discussions on this matter, with any individuals or entities outside of official channels. As Minister of Petroleum Resources, I did not participate in any activity relating to financial payments on the Malabu matter, other than those statutorily mandated to the Minister of Petroleum Resources by the Petroleum Act. My role in this matter was a purely statutory one as required by Law in the Petroleum Act 3.

THE ALJAZEERA REPORT – $18MILLION MANSION

On the 13th of June 2016, the EFCC once again took their well-trodden path to the media. This time claiming that they had ‘discovered’ a mansion in Asokoro, Abuja, worth $18million (approx. N9billion) which they purported to belong to me. The EFCC went to the extent of bringing in Aljazeera, an International TV Station, to air a damaging documentary against me in this regard, showing a particular residential building in Asokoro, Abuja, which they told Aljazeera belonged to me.

The EFCC Chairman Ibrahim Magu, personally took the Aljazeera reporter to the building, alleging that it belonged to me. It has since become apparent that the house belongs to a company owned by Mr Kola Aluko. If this is not a witch hunt or a personal vendetta against me, how is it that one of our Country’s premier investigative agencies were unable to avail themselves of facts that are freely available in the public domain. Since the EFCC claims that the alleged $18million Asokoro property belongs to me, then they should kindly produce the ‘Authentic’ Certificate of Occupancy and Land Registry information and any other relevant information, as proof of my ownership of the property.

FAMILY HOME – YENEGOA, BAYELSA STATE

On the 9th November 2016, the EFCC visited our Family home in Yenegoa (Bayelsa State) as pre-agreed and they were escorted around the premises. I was therefore completely shocked to once again see my name sensationally splashed across the Front Pages of Newspapers and widely circulated on the internet, with blaring Headlines such as “EFCC UNCOVERS DIEZANI’S MULTI-BILLION NAIRA ESTATE”

There was absolutely nothing ‘Hidden’ or ‘Concealed’ about the home. I HAD DECLARED IT OPENLY as required by Law, in my Asset declaration forms (Annex-4B). Yet the EFCC have announced that they ‘Just Discovered’ my ‘Hidden Estate’! And labelled it a ‘Multi-Billion Naira Estate’! Even though they had been given the Bill of Quantities, showing actual amount spent. It is accepted Tradition across the length and breadth of Nigeria, for people to own country/village homes.

Given the size of the land and the location of the compound, the buildings thereon cannot by any stretch of the imagination be a “Multi-Billion Naira” palatial estate, as the news mongers would want to portray. The EFCC were taken on a tour of the compound which consisted of A Main house, and two outhouses – An Obi (meeting bungalow) and a staff quarters(BQ) building – above which we built 3 guest rooms and a parlour. The only other 2 structures are the gate and generator houses. Construction began in late 2011 and was handled in phases. During the visit the EFCC was given the bill of quantities, which up until the time construction stopped in early 2015, due to my illness, was at approximately N394million which was declared in the code of conduct documentation, attached (the costs were partially funded by a loan – see code of conduct – Annex4B, the work is still uncompleted and the contractor is still being owed).

Building costs escalated as a result of delays in construction and external factors such as the extreme flooding of late 2012, that covered most of our areas in the Niger Delta. Due to the topography of the land and the heavily waterlogged and marshy terrain, construction is infinitely more expensive than in other parts of the Country, as by its nature it requires the building of extensive piling/raft foundations before any structural work can commence. The flooding of 2012 compounded the problem and further increased the cost of construction.

$700 MILLION CASH FOUND IN MY HOUSE

Stories were circulated by unscrupulous agents of calumny that the EFCC found a mind boggling $700million in cash in my home in Abuja. Would the videos of this $700 million cash discovery not have made good viewing? Or should those who recovered this money not tell the public where exactly the money has been kept? Perhaps the Central bank should corroborate that it is in custody of these monies allegedly found in my house? But then, it is now patently apparent that Nigerians are no longer easily led to believe fables and sensational untruths.

THE MISSING $20 BILLION

In late 2013, NNPC was accused by the then CBN governor, of misappropriating first $49.8billion, then it changed to $12billion and finally it was said to be $20billion. And in the twinkling of an eye that accusation was turned around and directed at me, personally. I was accused of stealing/misappropriating the unfathomable amount of $20 billion. In a CNN TV Interview in March 2015, the former CBN Governor stated that “there was this gap of $20 billion after reconciliation between what NNPC exported and what it repatriated to the federation account and I raised a number of issues that I think have not yet been discussed and addressed sufficiently.

One of them is billions of dollars being paid in kerosene subsidy without appropriation by the National Assembly and against a presidential order and we don’t know who authorised these payments yet. Nobody has owned up to say I authorised these payments, I made a mistake, it will stop…”.

He, went on to say that…. “…It could be $20 billion at the end of the day, after reconciliation they could account for 10 or 12…”. So, as he pointed out, there was indeed a reconciliation that at first stage had begun to close the purported gap. He also referred to the non-appropriation of kerosene subsidy by the National Assembly. This was an issue for which I had tried to engender a resolution and for which I was still seeking a lasting solution to, at the time the CBN Governor raised these issues (Annex-2A). He had stated severally that a large portion of the $20billion was constituted of illegal approvals for Subsidy payments that I had given and that the late President Yar’adua had directed that the said subsidy payments should be stopped and that I did not comply with President Yar’adua’s directive. I have said it before but let me say it again. President Yar’adua’s directives were made in a presidential memo dated June 10, 2009, to the late Petroleum Minister, Rilwanu Lukman, not to me. I was not the Minister of Petroleum Resources at that time. My tenure as Petroleum Minister began in April, 2010. Those directives were not complied with by Rilwanu Lukman, not Diezani Alison-Madueke. I made several attempts when we came into office in April 2010, to get to the real truth of the matter. Even before we came in the GMD who served under Rilwanu Lukman, Alhaji Barkindo, who is today the Secretary General of OPEC, had written to the then Minister of Finance, Alhaji Muhktar, to enquire for clarity on the matter, to no avail.

Finally, I had to write to President Jonathan to get to the truth of the matter. President Jonathan pointed out that although he and President Yar’adua had wanted to cancel the entire issue of subsidies, the unions had objected and therefore the payment of subsidy had never been stopped. He directed that in the meantime we continue the payments but with the proviso that we prepare for complete deregulation as soon as possible(Annex-2C), which I of course moved to implement on Jan 1st, 2012. Today, we all know that the PWC report that was published cleared me of any wrong doing and no one up till now has been able to controvert the PWC report, nor has anyone been able to show that the $20 billion is actually, or was ever, missing.

In addition, the Makarfi-led committee in the Senate of The Federal Republic of Nigeria, in a series of publicly-held hearings, also vindicated me on the matter of the purportedly missing funds. In late 2011, due to the incessantly high subsidy figures which we knew were coming from unscrupulous marketers who were dealing in Round-tripping at the expense of the Nation, I removed all 92 PPPRA throughput marketers, amongst whom we believed were those undertaking round-tripping and substantially raising the cost of subsiding petrol for the entire Nation.

In doing that, I cut the subsidy bill to the Nation by almost 50% and put my life under immediate threat. Yet, I was accused, in the now defunct NEXT magazine, of taking bribes from these same companies. At end December 2011, I directed PPPRA to move for complete deregulation, to rid the Oil & Gas sector of the speculators, the bloated middlemen and the parasitic influence of Godfatherism. This was in an attempt to create a far less corruptible system as it was quite clear that the intended benefits of the Subsidy system were not reaching the masses but were being hijacked by unscrupulous middlemen cabals.

And finally, to allow the true market factors of supply and demand to come into play….. And as you all know, the country pushed back against it. Even after that, in early January 2012, I sought the permission and received the approval, of President Jonathan to write to EFCC asking that they please come in and investigate the entire Subsidy program and the fraudulence embedded in it(Annex-2D). And yet, I was called the corrupt one. It is pertinent to note here, that the incumbent government themselves maintained the full subsidy regime for over one year until they realised (as I had pointed out in 2011 and had championed continuously), that it was unsustainable. 7. My Stewrdship I would like to state for the record that I performed my duty as Minister of Petroleum Resources with the utmost sincerity and sense of responsibility, ensuring that all Nigerians irrespective of creed, gender or tribe enjoyed their rightful benefits from the Oil and Gas Sector. $5.6 Billion LNG Dividend Fund It is pertinent to note that at the end of my tenure, I left behind in the LNG dividend fund, for the incoming Administration, the sum of $5.6billion(five billion six hundred million US Dollars)(Annex-6A). I did this to ensure continuity in the crucial gas sector development which underpins the entire Power and Energy Sector and which was and still is, absolutely imperative for the Country’s current and future economic development. Local Content Having pushed for the full implementation of the Nigerian Local Content Act, despite resistance from various stakeholders, I actively promoted the benefits of ‘Nigerians Right to First Consideration’ in both the downstream and upstream sectors. The immediate effect of my actions was that for the first time in history, thousands of Nigerians were able to break through the barriers of a sector that had hitherto been the preserve of a few powerful groups with vested interest, and thereby earn a living. This remains a source of pride to me, that not only did it create wealth across the entire economic value chain but it also ensured the unparalleled transfers of knowledge and expertise for our indigenous operators. It is noteworthy that the template is being adapted for use in other countries. Fuel Scarcity It is on record, that I immediately took the issue of incessant fuel queues head-on and in my time as petroleum minister, Nigerians rarely experienced fuel shortages. These queues had long dominated our landscape, causing untold hardship to millions of ordinary Nigerians stuck in fuel queues for hours; like the bus driver who was unable to earn enough to go to the market, and the market woman who, therefore, earned less and so could not afford school fees. This example, though at the most basic level, caused a chain reaction which was replicated in various facets throughout the economy. So, on the macro economic level, the main benefit of ending the fuel queues was an immediate increase in GDP, reduction in inflation and easier facilitation and movement of people, goods and services, across the country. The continuing effect of all these measures were that even in the most remote locations, Nigerians could buy and sell petroleum products. Gas Supply & Infrastructure As soon as I assumed office, I put into play my wealth of experience in the oil and gas sector, knowing that gas was imperative for our future growth and prosperity. I put together a team to look at all aspects of growing Nigeria’s Gas with the intent of turning Nigeria into a Premier Gas Exploring and Producing Country, even more than an oil producing country. We started working on Gas for Industry – The commercialisation approach, Gas for home use – LPG, and Gas for Power generation. We even sponsored a pilot scheme for Gas to power vehicles. I implemented a short, medium and long term project to put in place sustainable gas supply to underpin the power sector and began laying the requisite infrastructure that was virtually non-existent when we took office. We worked with NERC and the CBN to put in place the necessary fiscal levers, to ensure that Gas supply would be competitively priced. I left behind a comprehensive and detailed plan for the rollout of LPG and the Industrialisation of GAS eg. The Ogidingben project. Petroleum Industry Bill I personally worked tirelessly through the night on many occasions, with the committee on the Petroleum Industry Bill, to finally get it to the point where for the first time in over 12 years, we could place it before the Federal Executive Council, and the National Assembly. I championed this in a bid to create aless corrupt, more transparent, accountable and responsible NNPC and Oil and Gas Industry as a whole. It was also to create additional funding inflows for the Nation. This was in spite of the fact that there was major resistance from powerful interest groups within and outside Nigeria. I take personal satisfaction even now, that the PIB template I presented to the country is still the benchmark for the current and future development of the Oil Sector in Nigeria. The Template is already being adapted for use in other countries.

MY POSITION

It is saddening that after eight years of serving my country, my experience as a public servant has been fraught with continuous malicious castigation and character assassination, all in the name of ‘personal vendettas’ or political horse trading. It has become apparent to many that these untruths told were at best well-crafted fables. The most dramatic and damning accusation was the infamous missing $49.8 Billion Dollars, that went from to $12 Billion and then up to $20 Billion and which was alleged missing from NNPC. Today, we all know that the PWC report that was published cleared me of any wrong doing and no one up till now has been able to controvert the PWC report nor has anyone found the “missing” 20 billion, or who took it. In addition, the Makarfi-led committee in the Senate of The Federal Republic of Nigeria, in a series of publicly-held hearings, also vindicated me on the matter of the purportedly missing funds. Yet, we are all silent as if these events never occurred! The allegations that I have addressed above are no different, the character assassination continues, this time with a new set of hirelings. One of the basic tenets of the human trait is that we all have shortcomings and we all make our fair share of mistakes, whether we are in positions of Leadership, or not. However, one error that cannot be ascribed to me is STEALING FROM NIGERIA & DEFRAUDING MY COUNTRY! It is therefore sad and distressing that in spite of all that I tried to do in the best interest of our Nation, I continue to be faced with constant demonisation, unproven accusations and deeply personal insults. In response I have chosen not to insult, accuse or demonise anyone, any person or persons. In spite of all the allegations that have been made against me, not one has been factually proven. I remain very proud of the fact that all the policies, tenets and plans that I initiated in the Oil & Gas sector are still underpinning the entire structure. This is because they were put in place with the good of the entire nation and its people in mind. They were not factional, or tribal, neither were they based on religious bias. I am a woman from the Niger Delta, who through perseverance and sheer hard work rose to one of the highest positions in the Country’s premier International Oil Company, and in tune with my ethos of hard work I earned the prestigious British Foreign & Commonwealth Chevening Scholarship Award and was thereafter admitted to my MBA program at the World renowned Cambridge University. In 2006, I was appointed as the first female executive director in the history of Shell Petroleum, Nigeria. Just over a year later, I was nominated and appointed as a minister of the Federal Republic of Nigeria, culminating in my appointment as Nigeria’s first female Minister of Petroleum, where again by dint of hard work I was appointed as the first female in history(in a completely male dominated space) to hold the Presidency of OPEC. I can therefore, NO LONGER SIT BACK and allow the fabricated accusations against my person designed by unscrupulous persons with a vengeful agenda go unchallenged. As a Christian, it is my sincerely held belief that in the coming months, history will be the judge of exactly who Lied and who told the Truth. By the Grace of God, I shall be here to see the day when truth prevails. The fight against corruption in Nigeria will be far better served if the EFCC focus on incontrovertible facts, as opposed to media sensationalism and completely distorted stories, in their bid to demonise and destroy a few specially chosen Nigerians. Documentary evidence is available to support the facts.

 

ALISON-MADUEKE IN THE EYE OF HER COUNSEL

The Claimant served as the Minister for Petroleum Resources of the Federal Rep ublic of Nigeria between 2010 and 2015 in the President Dr. Goodluck Ebele Jonathan’s Administration. The Claimant before then, had served as the Honorable Minister for Transportation and Honorable Minister for Mines and Steel Development, respectively, under the Umaru Y’ar Adua Administration between 2007 and 2009. The Claimant before serving in the Government of the Federation had held the position of Executive Director in Shell Petroleum Development Company of Nigeria, being the first Woman ever to be so appointed to that position in Nigeria, in the history of the Corporation.

During the course of the Claimant’s service as Minister of Petroleum Resources, she spearheaded the enactment and implementation of the Nigerian Local Content Development Act, which made provisions aimed at encouraging and securing the participation of Nigerian companies in the provision of services in both the downstream service sector and the upstream exploration and development sector of the Oil and Gas industry in Nigeria. For the first time in Nigeria’s 90 plus years of oil exploration and producing history, an unprecedented number of Nigerian companies began doing very highly technical work within the industry. This resulted in the current figures of over 100,000 direct jobs got from over 9,600 operator and service companies, as well as over 400,000 indirect jobs. This singular iniative has also ensured current Nigerian content level of over 54%, in the downstream service sector alone.

Amongst many other implemented policies introduced by the Claimant, she also re-drafted the critical Petroleum Industry Bill in order to achieve a much higher degree of transparency and accountability in the petroleum sector and a fairer and more equitable national distribution of Petroleum profits, to increase Nigeria’s percentage share of the lucrative deep offshore exploration profits.

Towards the end of the tenure of the administration of President Good luck Ebele Jonathan, the Claimant was diagnosed with the most aggressive form of breast cancer –Triple Negative Cancer. She hurriedly flew to England on 22nd May, 2015, in order to undertake a critical course of treatment, which consisted of two operations, eight months of intensive chemotherapy and five weeks of radiotherapy. She has remained in England ever since then, constantly undergoing intensive medical care and treatment.

The Claimant is a very successful Architect and holds the Fellowship of several international bodies and associations.

The Claimant is an accomplished Public Administrator, a Politician and has achieved several international and local awards for her outstanding performances built on a solid foundation of hard-work, integrity and strength of character and illustrious family pedigree.

SOME OF THE PUBLICATIONS REFERRED TO AS DEFAMATORY TO ALISON-MADUEKE

On the 16th day of December, 2021, the 1st, 2nd and 3rd Defendants, in a publication titled ”Diezani: EFCC uncovers additional $72.8 million in Fidelity Bank”, maliciously wrote, authored and/or caused to be authored, or published to the whole world at large of and concerning the Claimant, through the 3rd Defendant’s online platform to wit: https://www.premiumtimesng.com/news/top-news/501068-diezani-efcc-uncovers-additional-72-8-million-in-fidelity-bank.html?tztc=1, through which publications they falsely and maliciously described the Claimant as a common criminal who looted public funds belonging to the Federal Republic of Nigeria for her personal gain.

In a publication made on the 8th day of August 2017, by the 1st 2nd and 3rd Defendants, titled “Unbelievable!!! EFCC traces N47.2 Billion, $ 487.5 Million to ex-Minister Diezani Alison-Madueke”, the 1st 2nd and 3rd Defendants falsely and maliciously wrote, authored and or/caused to be written, authored, or published to the whole world at large through the 3rd Defendant’s online platform, a false and incidious story to: https://www.premiumtimesng.com/news/headlines/239620-unbelievable-efcc-traces-n47-2billion-487-5million-ex-minister-diezani-alison-madueke.html?tztc=1, wherin they falsely and maliciously described the Claimant thus: “It seems Mrs Diezani Alison-Madueke, until recently, Minister of Petroleum Resources, going by the sheer amount of her acquisition of gold and diamonds, may have been fighting a spirited war against millions of compatriots who are heavily and unevenly yoked by crass poverty. To boot, the former minister is accused of having stolen – in broad daylight – the money that funded her acquisitive binge. A search of one of Mrs. Alison-Madueke’s palatial residences in Abuja, by the Economic and Financial Crimes Commission (EFCC) turned up boxes of gold, silver and diamond jewelry, worth several million pounds sterling”.

In yet another publication, made on the 24th day of January, 2022, titled, “Again, court orders arrest of ex-petroleum minister, Diezani, over corruption charges”, the 1st, 2nd and 3rd Defendants falsely and maliciously relying on the false information supplied to court wrote, authored, published and/or caused to be written, to the whole world at large through its online media and prints to wit:
https://www.premiumtimesng.com/news/headlines/507545-again-court-orders-arrest-of-ex-petroleum-minister-diezani-over-corruption-charges.html?tztc=1, where they falsely and maliciously described the Claimant as a common criminal facing multiple charges of money laundering before federal courts in Lagos and Abuja and believed to be in the United Kingdom where she is also being allegedly investigated for money laundering.

MORE REASONS DIEZANI IS FIGHTING BACK

According to legal documents obtained by The Boss, the legal team of the claimant believe that the actions of the EFCC and AGF among others are solely based on rubbishing the hard earned integrity of their client, hence the need to call a spade a spade, and put the situation into perspective. The document signed by Chief Ozekhome stated thus:

MEANING OF THE PUBLICATIONS IN THEIR NATURAL AND ORDINARY MEANING
The Claimant avers that the statements are defamatory in their natural and ordinary meaning. The publications meant and were understood by reasonable members of the public to mean that:

(i) The Claimant is not worthy of taking part in the governance of Nigeria especially occupying high profile office of public trust.

(ii) The Claimant is of dubious and doubtful character.

(iii) The Claimant is untrustworthy, unethical and a corrupt politician who promotes evil culture of stealing from the Federal Government of Nigeria and corrupt enrichment among others.

DAMAGE
The Claimant has no better heritage than her integrity and good character. They are of paramount importance to the success of her political endeavors and several achievements she has notched.

Upon reading the online and hard copy publications, the Claimant was gravely shocked, disturbed, embarrassed, traumatized, harassed, flustered discommoded, peeved and exasperated.

The publications led to several letters, sms/text messages and telephone calls from various quarters including, religious leaders, her immediate family members, loved ones, friends, associates, professional and political associates, and well-wishers of the Claimant both home and abroad.

Since the publications, the Claimant’s residence has also been inundated with visits by of relatives and friends both home and abroad, who have expressed their shock and disappointment in her over these false publications.

The Defendants had the means and opportunities of verifying the truth or otherwise of the offensive publications, but failed to do so and were motivated in making the offensive publications by the desire to make money and to bring the estimation of the Claimant into contempt, odium and ridicule in the eyes of an average Nigerian.

The publications have greatly prejudiced the Claimant and caused her reputational damage, loss of goodwill, and confidence by her political associates and professional colleagues who now shun and keep their distance from her as a common thief and corrupt public officer.

The callous and defamatory publications as maliciously made by the Defendants have effectively besmirched the Claimant’s professional and political integrity and pedigree.

PUBLICATIONS WERE ACTUATED BY MALICE AFORETHOUGHT

The acts of the Defendants destroyed the Claimant’s hard-earned reputation and all that she has laboured for over the years. The acts of the Defendants were clearly accentuated by malice aforethought and bad faith, without any justification whatsoever.

PARTICULARS OF MALICE
(i) The publications were made in such brazen manner that any reader who read the story readily believed the conclusiveness that she was an international criminal.

(ii) Making such bizarre and false allegations against the Claimant knowing same to be untrue and without any foundation, was not only dishonest and reckless, but is calculated to incite the numerous friends, associates, family members, admirers and followers against her.

(iii) The Defendants had the opportunity to very the accuracy of the publications by cross checking with the Claimant, but deliberately failed to do so.

(iv) The defamatory words of the Defendants were actually schemed and embarked upon by the Defendants to denigrate, disgrace, embarrass, humiliate and subject her to public ridicule, opprobrium and derision in the eyes of right-thinking members of the public and the society at large. And more…

PARTICULARS OF FALSEHOOD AND SPECIFIC DENIAL OF FALSE ALLEGATIONS

i) The Claimant states that no money whatsoever in the sum of $72.8 million was ever discovered in Fidelity Bank that is associated with her, which she purportedly stole from the Nigerian National Petroleum Corporation, NNPC.

ii) The Claimant avers that contrary to the ridiculous and wild allegations made against her by the 1st Defendant that the sum of N47.2 Billion, and $487.5 million, were traced to the Claimant’s home are laughable as no home can house such humongous sum in cash except the Central Bank of Nigeria.

iii) The Claimant avers that whilst the reasons for her being out of the country are public knowledge and are most certainly known to the 1st and 2nd Defendants, the principle of fair hearing demand that she ought to have been notified of any formal charges against her if truly there was any prima facie evidence, against her person, linking her with the said sums that she be afforded adequate legal representation; which was never done.

iv) The Claimant avers that she could never have forfeited what was never hers and sums she never had in the first place.

v) The Claimant avers that she was never apprised of the basis upon which the 1st Defendant accused her of being the owner of these jewelries allegedly worth $40,000,000.00, (forty million dollars), as no evidence was provided to her before the said order was obtained. They defendant whatsoever have not till the time of initiating this suit, ever served her or her Counsel with the said order, or any evidence pertaining to this matter, since they obtained same. And many more…

The Claimant vehemently and specifically denies each and every allegation of fact contained in the said publications which are nothing but a figment of the imagination of the Defendants. She states most emphatically that the entire publications are most baseless, false, malevolent and totally bereft of any truth or foundation howsoever, and without any justification for publishing same.

Diezani is therefore, asking the defendants to as a matter of urgency to tender publications of apology as a prelude to settlement, or in the alternative, the court should make certain declarations including “A DECLARATION that the publication made on the 16th day of December, 2021, titled ”Diezani: EFCC uncovers additional $72.8 million in Fidelity Bank”, authored by the 1st Defendant under the supervision of the 2nd Defendant and widely published by the 3rd Defendant, is libelous, untrue, malicious, injurious and intended to lower the reputation and integrity of and indeed lowered the reputation and integrity of the Claimant in the estimation of right thinking members of the society within and outside Nigeria and also brought the Claimant into public ridicule, odium, contempt and derision.”

And in addition, orders including “AN ORDER directing the 1st, 2nd and 3rd Defendant to retract the libelous publications against the Claimant and consequently publish an unreserved apology in at least three (3) national newspapers including This Day, PUNCH and The Sun Newspapers within seven (7) days from the date of Judgment.

 

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Boss Picks

Nigeria vs Sunrise: The Battle on the Mambilla – Obasanjo, Buhari Testify –

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By Eric Elezuo

For Eti-Osa Lagos born Chief Leno Adesanya, Founder of Sunrise Power Limited, business must be not only be transparent, but seen to be transparent, and that has necessitated his long drawn battle with the Federal Government of Nigeria over the real awarded contractor of the Mambilla Power Project in Taraba State. The duo of Leno Adesanya and Sunrise Power are seeking $2.3 billion in compensation for an alleged breach of contract by the Federal Government.

The stories behind the Project has remained a riveting story of power play at the highest level, involving presidents, ministers and former ministers of high profile portfolios, businessman of profound abilities and other top past and present government functionaries. A previous The Boss investigation into the matter revealed that corruption, in addition to unnecessary powerplay contributed, and is still contributing to the comatose state of the project, and the unwarranted legal processes that have caused a great deal in revenue and man labour time loss to the country. 

Many observers had wondered why such high octane misgivings and intrigues were witnessed during the Buhari Presidency.

On October 10, 2017, Sunrise initiated arbitration against Nigeria at the ICC International Court of Arbitration in Paris, seeking $2.354 billion in damages for “breach of contract” related to a 2003 agreement to construct the 3,050MW Mambilla power plant in Taraba State on a “build, operate, and transfer” basis, valued at $6 billion.

In a second arbitration, the company is demanding $400 million as compensation for the Nigerian government’s failure to honor the terms of a 2020 settlement agreement intended to resolve the dispute.

The tussle, which has dragged for an upward of 12 years since 2003, when it was first awarded by the Obasanjo administration, and counting, took another another dimension the previous week, when two former presidents of the country; Chief Olusegun Obasanjo and General Muhammadu Buhari (retd) volunteered to testify against the businessman in far away Paris. Both, as well as former Minister of Power, Mr. Babatunde Fashola, among others attempted to prove that the contract awarded Sunrise and Leno Adesanya, was invalid.

Former Presidents Obasanjo and Buhari’s appearance at the Paris hearing could very well have been described as cameo, but for the seriousness of the situation. It was not a movie; a country’s integrity, and man’s quest to clear were at stake. Obasanjo and Buhari knew this. So their appearance to testify before the International Chamber of Commerce Court of Arbitration in Paris, France, stating that the Federal Government never awarded a contract for the $6 billion Mambila Power Project to Sunrise Power, was well thought out.

Obasanjo and Buhari argued that the 2003 agreement, which Sunrise Power based its claims on, is invalid. They claimed that the agreement was signed by former Minister of Power, Dr. Olu Agunloye, 24 hours after the Federal Executive Council rejected the contract award to Sunrise Power. Agunloye is currently facing trial for forgery, disobedience, and corruption related to the power project.

The testimonies of Obasanjo and Buhari were corroborated by other high-ranking officials, including Justice Minister Lateef Fagbemi, former Minister of Power Babatunde Raji Fashola, and former Minister of Water Resources Engr. Suleiman Adamu. They were of the unanimous agreement that their testimonies are in the interest of the nation.

“It is very important for nation’s case that the Minister of Justice and Attorney-General of the Federation, Lateef Fagbemi, was successful in bringing two former presidents – Chief Olusegun Obasanjo and Muhammadu Buhari to testify at the hearing.

“By this action, the government of Nigeria sent a signal of its strong commitment to defending the nation’s interest.

“Both leaders-Obasanjo and Buhari-are known for speaking forthrightly and unequivocally, and this they were said to have exhibited in Paris.

“To the delight of the international team of lawyers representing Nigeria, the two past presidents did extremely well, exposing the Sunrise/Leno’s claim for what it is: an attempt at using fraud, deceit and lies to scoop settlement from Nigeria in the first instance, for the alleged violation of a 2003 contract for which there is no valid approval, a source told The Nation Newspaper.

The Nation’s source, which described the testifiers as team Nigeria, and united, abducted frowned at Leno for not producing any witnesses, added that “It was by and large a great showing, consolidated by the equally outstanding testimonies of former ministers Engineer Sulaiman Adamu, formerly of Water Resources, and Babatunde Raji Fashola, Power.

“The Arbitration Court in France had a week-long hearing 18th-23rd January in Paris on the ongoing dispute between Sunrise Company/Leno Adesanya and the government of Nigeria on the existence or the absence of a contract for the construction of the Mambilla Power Project.

“Although it is up to the chairman and other members of the tribunal to decide on who is right and who is wrong, it can be said at this point that Nigeria had a very good outing on the basis of certain facts that have emerged from Paris.”

It accused Adesanya and his Sunrise of relying on a purported 2003 agreement.

“The 2003 contract was established not to have been validly in existence. This is worsened by the fact that the complainants failed to produce their major witnesses.

“The much-touted appearance of a one-time Minister of Power, Dr. Olu Agunloye, did not also materialise. He was the one who allegedly signed a letter communicating the approval of the contract 24 hours after its rejection by the Federal Executive Council (FEC) which meeting was presided over by Obasanjo.

“A third ‘key witness” a Senegalese lady, did not also appear at the hearing.

“So who spoke for Sunrise/Leno Adesanya?

“He did everything for and by himself.

“Another major setback suffered by the complainants was their over-reliance on an earlier witness statement deposed to by Abubakar Malami, Minister of Justice and Attorney General under President Buhari.

“Malami, on whose testimony the complainants made heavy weather, ended up lining up behind his former boss, President Buhari, to support and prepare him well for his (Buhari’s) testimony.

“This strategy had the dual benefits of ensuring Buhari’s successful testimony and at the same time pulling the rug from under Leno Adesanya’s feet,” the paper concluded.

It is still not clear however, why Sunrise was disqualified, except for the testimonies of the Nigerian government, and now the former presidents that the contract was invalid. Another question that continue to re-echo is which company has taken its place as Local Content Partner, and since the Chinese had committed to paying $millions of dollars to Sunrise, who will be receiving this payment? Again, was there was a tender, and under which circumstances did Bureau of Public Procurement (BPP) issue these Chinese firms Due Process Certificates?

Much as Sunrise is no longer interested in the above question, but the recovery of it $2.3 billion, the Economic and Financial Crimes Commission (EFCC) has not stopped hounding Agunloye of awarding the contract without budgetary provision, approval, or cash backing. However, Agunloye claims that the government is using him as a scapegoat to undermine Sunrise Power’s claims.

WHY I TESTIFIED – OBASANJO 

In an exclusive interview granted Premium Times, former President explained his reasons for standing in the dock to testify.

He said, “I volunteered myself to testify in this case. Nobody sent me to do so. President Tinubu did not ask me to do so as speculated. I didn’t speak to anybody on my intention to testify,” Mr Obasanjo said.

“I decided to testify because of the statement made on the matter by Olu Agunloye. I considered his claims atrocious and thought it necessary to set the records straight.”

Obasanjo was Nigeria’s president between 1999 and 2007, the period when the contract with Sunrise was supposedly entered into. He is joined in blaming his former Minister, Agunloye, for the effrontery to award and signed the contract, even there was no executive permission. He described claims claims made by Agunloye as regards the $6 billion project as ‘atrocious’.

Obasanjo emphasized that his decision to testify was not influenced by President Bola Tinubu or any government official. Instead, he wanted to set the record straight about the contract, which was awarded during his administration in 2003.

 

“I volunteered myself to testify in this case. Nobody sent me to do so. President Tinubu did not ask me to do so as speculated. I didn’t speak to anybody on my intention to testify.

“I decided to testify because of the statement made on the matter by Olu Agunloye. I considered his claims atrocious and thought it necessary to set the records straight,” Obasanjo concluded.

In the same vein, the administration of President Bola Tinubu has defended Buhari’s appearance at the arbitration, saying the former president was not was pressured to testify, and that he did so willingly and out of patriotism.

HOW IT ALL STARTED – THE BOSS 2018 INVESTIGATION, DISCOVERY 

Documents in the possession of The Boss indicate that a Nigerian company, Sunrise Power Transmission Co. Limited had been in the forefront of promoting this Project from the outset.  

Prior to the official tender process, Sunrise started promoting the Mambilla Project as early as year 2000. It reportedly engaged the offices of former President Olusegun Obasanjo and former Vice President Atiku Abubakar as well as the Nigerian Embassy in China.

Its successful promotion of the project led to the first state visit of then President Obasanjo to China in 2001 and Vice President Atiku in 2002.
 
It was thereafter, that a bidding process was opened for the project and the Ad-Hoc Inter-Ministerial Committee recommended Sunrise and its Chinese Partners. On April 7, 2003, the Committee wrote the President for approval to officially issue an award letter.
Therefore, on May 22, 2003, the then Federal Ministry of Power and Steel (Now Part of the new Ministry of Power, Works and Housing) issued a letter of Award to Sunrise Power and Transmission Company Limited in consortium with North China Power Group as Technical Partners. The contract was for the construction of a 3, 960MW Hydroelectric Power Project in Mambilla on a Build, Operate and Transfer (BOT) arrangement for a provisional six billion dollars. Sunrise accepted the offer.
 
In August 20, 2003, Sinohydro, which has its principal place of business at no.1 Ertao Biaguang Road, Xuanwu District, Beijing, PR China, North China Power Engineering Co. Ltd with its business address as 24a Huangsi District, Beijing and Sunrise located at Oluwa (Fowler) Road, Ikoyi, Lagos Nigeria, signed a contract to work together on what was then the 3, 960MW project.  Sunrise engaged Sinohydro to construct the project on an Engineering, Procurement and Construction (EPC) basis.
After it has begun work, it got a shocking letter on September 3, 2003 from the Ministry of Energy (FMOE) claiming that the Federal Executive Council did not approve the memo recommending Sunrise for the project and directing Sunrise to tender for the project when it is advertised.
 

Sunrise sought a resolution without success. Sunrise and North China engaged Chief Afe Babalola, (SAN) to demand compensation.

A letter written by Chief Babalola dated February 4, 2005, read in part: “Your ministry cannot seek to repudiate the contract as it has attempted to do in the Ministry’s letter ….not after our clients have incurred expenses on the preparation incidental to the execution of the project.

“Consequent upon the preliminary steps towards execution of the contract, our clients have incurred well over Three Million Pounds while there are commitments to several consultants local and international in excess of Thirty Million British Pounds.”

While the dispute was on, Sunrise and it partners were still at work. An indication of this was a letter of intent written on April 15, 2005 by Dai Chunning, General Manager, Banking Department oF China Export-Import Bank to Sinohydro Corporation indicating its interest to provide $5.5 Billion for the Mambilla Project; the bank further stated that “We perused the information provided on the issue and are pleased to show interest and support in the proposed project by way of this Letter of Interest”.  

Nothing was heard on the project until May 29, 2007 when, allegedly influenced by a Senior Government official, the Government awarded a part of the SUNRISE contract (Lot I, Civil/Hydraulic Steel Structures) of the (2,600MW Mambilla Hydroelectric) First Phase of the project to Messrs CGGC/CGC Ltd, in the sum of US$1.46billion.

The source of funding envisaged at the time of award was a combination of an Exim Bank of China loan of US$1 billion and funds from the Excess Crude Savings Account.

Of course, Sunrise did not take this lying down. It took the matter to the Federal High Court, Abuja suit No. FHC/ABJ/CS/384/2007. The defendants in the case were The Minister of Energy, The Attorney-General of the Federation, China Gezhouba Group Corporation (CGGC) and China Geo-Engineering Corporation (CGC).

Late President Umaru Musa Yar ‘Adua directed the Federal Ministry of Justice to investigate the Breach of Contract and USD 960 Million (Nine Hundred and Sixty Million United States Dollars) damage claim filed by Sunrise, and a Report (a copy of which is in our possession) from the Federal Ministry of Justice Indicted the Federal Ministry of Energy and CGGC/CGC of Gross Violation of Sunrise’s BOT Contract.
 
Furthermore, Mr. Michael Kaase Aondoakaa noted that Sunrise was not duly disengaged as Contractor on the project before government went ahead in May 2007 to engage CGGC/CGC for the same project.
He therefore, opined that Sunrise was in strong legal position to pursue a successful claim against the Federal Government; stating that “The best interest of the country can only be served by an amicable settlement of the parties so as to avoid the embarrassment that litigation would bring (to) the image of the country.” He sought Presidential approval to explore efforts of settlement of the matter.

Following a Presidential Visit to China in 2008, word reached late President Yar’Adua about an alleged $15m bribery that led to the award of the $1.46 billion contract to CGGC/CGC on May 29, 2007.

Late President YarAdua, we gathered then invited Sunrise, then Minister of State, Power (Late Hajiya Fatima Balaraba Usman), Minister of State and the accused Presidential official for a meeting.

After the meeting, President Yar Adua instructed then Attorney-General, Mr. Michael Aondoaka, SAN, to cancel the CGGC/CGC contract and restore the BOT Contracts to Sunrise immediately which was done at the Vice President’s Conference room in the presence of all Directors and Permanent Secretaries of both the Ministry of Power and the Ministry of Justice.
 
After this unfortunate episode, Sunrise agreed to resolve its legal dispute against the Federal Government and CGGC/CGC Consortium amicably, by proposing that Sinohydro Corporation in partnership with Sunrise, on the one hand, should form a Consortium at a cost to be determined by the final project design to be undertaken.

In October 2012, the Federal Government decided it wanted to own the Mambilla HydroPower Project and wanted an urgent settlement. This led to the signing of the Settlement and General Project Execution Agreement (GPEA) between the Federal Ministry of Finance, then Honourable Minister of State, Power, Architect Darius Ishaku now Governor of Taraba State signed, and then Solicitor-General of Federation, Mr. Abduallahi Yola signed for the Federal Government. 

Sunrise and Sinohydro also signed but CGGC and CGC refused to sign because the Ministry of Power/Federal Government had allotted only 30% of Engineering Procurement and Construction (EPC) works to them.

When the Federal Government filed the Settlement Agreement in Court at the Federal High Court, Abuja, the Court rejected it because CGGC/CGC did not sign the Settlement and GPEA Agreements.

Thereafter a Stakeholders’ Meeting was convened at the Ministry of Power on November 23, 2012 and over 40 Stakeholders reportedly attended. 

It was at this meeting that Mrs. Zainab Kuchi, new Minister of Power and the Solicitor-General of the Federation signed a new Out of Court Settlement Agreement with Sunrise (Its Chairman, Mr. Leno Adesanya signed) and also a new GPEA with Sunrise and Sinohydro (Its Technical and Financial Partners) was affirmed with a mandate to execute 100% of the EPC Contract.

In 2013, then President Goodluck Ebele Jonathan during a State Visit to China was called upon by the Chinese President “To please consider both Sinohydro and CGHC as EPC Contractors.” 

The new Minister, Professor Chinedu Nebo then appealed to Sunrise to vote CGGC (Not CGC) as Co-contractor, a position that was accepted by Sunrise so that the project will be up and running.

As a result  of that parley, On January 14,  2015,  the Federal Ministry of Power, issued an Award Letter (No FMP/6145/S.11.1.185 of January 14, 2015) to Messrs CGCC and Sinohydro, specifically informing both Chinese companies that “Please note that based on the General Project Execution Agreement and Terms of Settlement agreed on the 23rd November, 2012 between the Federal Government on one hand and Sunrise/Synohydro on the other hand, Sunrise Power and Transmission Co. Ltd will serve as  local content Partner on the Mambilla Project
 
THE STORY CONTINUES…
When President Muhammadu Buhari assumed Power, like all past Presidents, the issue of power was key on his agenda. In fact during one of his very first interviews on Channels Television in 2015, he stated that “The 3050MW Mambilla Hydropower Projectis stalled because FGN refused to pay 15% counterpart funds to Chinese Contractors; Just 15 per cent”.

It was not therefore, a surprise that on June 29, 2015, President Buhari reportedly hosted Alhaji Lawal Idris for over an hour at the Presidential Villa. He was in the company of Mr. Leno Adesanya, the Chairman/CEO of Sunrise.

We gathered that Adesanya presented a comprehensive briefing on the history of his company’s involvement with the Mambilla Power Project and how Sunrise, his company already has subsisting contractual agreements with the Federal Government as regards its execution.

There was an indication that since there was another Sheriff in town, the project will start revving again. When it didn’t, Sunrise wrote Mr. Babatunde Raji Fashola, (SAN)  on February 26, 2016, notifying him that it had held joint meetings with the two companies (SINOHYDRO and CGGC) in Beijing, and they have agreed to split the EPC Contract on a 50/50 basis; The Minister notified his Permanent Secretary, Mr. Louis Edozien in the letter.

A month later, on March 8, 2016, Engr. E.O. Ajayi, Director (Energy Resources) on behalf of the Minister, wrote to Mambilla project Consultants, Coyne et Bellier/Decrown, urging the company to send a reminder to Messrs Sinohydro and Messrs CGGC to submit the cooperation agreement detailing the division responsibility/section of works of the parties, noting that the consortium is jointly and severally responsible for the full implementation of the project. The Consortium was directed to submit the said agreement not later than March 31, 2016.

That was not all, many people involved in the project were now more enthusiastic when it was announced that President Buhari was preparing his first official visit to China.

He eventually embarked on the 4-day visit on April 10, 2016 but for some inexplicable reasons, this all important Mambilla project was not on the agenda.

We gathered from the delegation, that with pressure from Mr. Leno Adesanya, Governor Nasir El Rufai of Kaduna State, Governor Mohammed Badaru Abubakar of Jigawa State and Chief Audu Ogbe, decided to bring the situation  to the attention of a very angry President Buhari, who was upset that the Taraba Governor was not invited on the trip by the Minister of Power Works and Housing. In any case, that was how Mambilla hit the front burner and became one of the key issues of the Presidential visit.

On his return later that month, President Buhari sent his Chief of Staff back to Beijing to conclude the negotiations, which resulted in the agreed price of $5.79 billion 

In addition, on April 25, 2016, Mr. President wrote through his Chief of Staff (Letter No. SH/COS/05/A/1847) to the Honourable  Attorney-General, Mr. Abubakar Malami, SAN, copying the Minister of Power Works and Housing (HMOPWH), to propose a strategy for resolving all the legal issues and disputes relating to the Mambilla Power Project including the matter of the “warring parties”.

As per the directive given by Mr. President, The Boss learnt that the Attorney-General held series of meetings with the parties involved, and on May 20, 2016 in a letter addressed to Mr. Babatunde Fashola SAN, the Attorney-General made the following recommendations:

1)  Government should engage Sinohydro Corpration and CGGC jointly for the purpose of executing the Mambilla Project in line with the Spirit of the Letter of Award dated January 14, 2015, on a 50-50 basis or based on other technical parameters to be determined by the Project Consultants

2)  Engage the Chinese Embassy in Nigeria/Chinese Government to ensure the success of the plan to award the job to two companies

3)  Sunrise Power & Transmission Company Limited should be engaged as Local Content Partner on the Mambilla Project as a means of accommodating its prior contractual interests on the project

4)  A joint meeting of the Federal Ministry of Justice and the Ministry of Power, Works and Housing for the purpose of streamlining the above positions and advising Mr. President through the Chief of Staff accordingly should be convened.

Curiously, six days after this legal advice, the Chief of Staff allegedly invited a Kaduna-based Chinese Company (CGC Nigeria Limited) to a meeting at the Presidency.

Present at the meeting were Sinohydro, CGC, CGGC, Mr. Fashola and some top Ministry officials. It was at this meeting that Mallam Kyari urged these three companies to cooperate and form a Joint Venture.

Despite being told by the Chairman of Sinohydro, and Fashola about the existing agreements with Sunrise, the CoS insisted that they should go ahead with the new arrangement, and instructed the Chinese to deal directly with the Presidency and the Ministry; not their local partners.

Not still satisfied with that move, on January 23, 2017, the Attorney General, wrote the Minister of Power, Works and Housing. The letter, HAGF/SH/2017/Vol.1/14 was titled: Request To Convene A Meeting On Procurement Process For The 3020MW Mambilla HydroElectric Power Project in Light of Outstanding Legal Issues.

Fashola replied three days later in a letter: FMP/6145/S.11/Vol.11/517, noting that his ministry welcomes the meeting requested that aims to resolve all issues raised.

The Minister also wrote a letter to Mr. Leno Adesanya on May 3, 2017 in response to a letter that the former had written him on March 31, 2017. He asked Mr. Adesanya to present his observations at a Stakeholders Meeting to be scheduled by the Chief of Staff to the President as proposed by the Attorney-General. 

While everyone involved was looking forward to that meeting, Mallam Abba Kyari fired a letter he personally signed to The Honourable Minister of Power, Works and Housing on May 22, 2017 with the title: Re: Letter Referenced FMP/6145/S.II/569 In Respect of Mambilla HydroProject

The two paragraph letter stated:

 “Further to our discussion, kindly note that Messrs Sunrise Power and Transmission Company Limited is not party to the existing arrangements on this project.

“The Contractor engaged is Messrs CGGC-Sinohydro-CGCOC Joint Venture”.

Interestingly this letter was written when Mr. President was having his medical vacation abroad.

Messrs Sunrise must have been enraged by this unilateral decision of the Chief of Staff and consequently wrote the Vice President, Professor Yemi Osinbajo, who was Acting President at the time to intervene.

Mr. Leno Adesanya, who signed the letter as Chairman/CEO, updated the Acting President on the project, alerting him that it was the Chinese that informed them of the sad news.

He went on to make an appeal: “Your Excellency, permit me to say that over the years, we have pleaded with our financial partners to be patient with the FGN as various developments that delayed the project played out. 

“We are however constrained to observe that the latest developments, if not rectified in line with the legal recommendations of the HAGF, prior to seeking FEC approval, shall leave us with no choice but seek legal redress where appropriate including against the Chinese government. We are however, confident that with your expected intervention, this reluctant prospect can be avoided.

“We trust your sense of justice and your commitment to the early realization of this project…”

The Attorney-General certainly was also unhappy with this development, little wonder that on July 24, 2017 he also wrote the Acting President.

Titled “Re: Correspondence In Respect Of The Procurement Process For The 3050MW Mambilla Hydro-Electric Power Project In Light Of Outstanding Issues”, he noted that following Mr. President’s directive of April 2016, he had developed a legal opinion, and had forwarded same to the Minister of Power, Works and Housing. 

He re-affirmed his recommendation insisting that he informed the Chief of Staff to the President and Minister about this and he wanted the Acting President to give appropriate directive.

Well, it seemed the letters from these two men did not carry much weight because just like he had promised in the meeting in 2016, and his letter of 2017, Mallam Abba Kyari had his way and the Nigerian Company was kicked out. There was no word from the Vice President or his office on the matter.
 
We were told that many moves were made for a meeting, even President Buhari’s main man, Alhaji Mamman Daura, reportedly tried to arrange one of such meetings on September 30, 2017, but the Chief of Staff will have none of it.

He advised Mr. Leno Adesanya, whose company, Sunrise, had been short-changed to “go to court”.

Of course following the November announcement by Fashola, there was a chain reaction. Sunrise activated the Arbitration Clause of its November 23, 2012 GPEA Agreement, and approached the International Chambers of Commerce, International Court of Arbitration in Paris, France to take charge; and it is claiming $2.3 billion in damages and profit loss.

The ICC Case No. 23211/TO is between Sunrise, Federal Government of Nigeria and Sinohydro Corporation Limited.

Already the legal fireworks have begun: While Mr. Jeremie Chouraqui is lead Counsel for Sunrise, Mr. Richard Smellie is representing Sinohydro while Supo Shashore, SAN is representing the Federal Government of Nigeria.
 
Despite this move at arbitration, Sunrise, through its Lawyer, Mr. Femi Falana, SAN has written to the Attorney-General (copied to Minister of Power, Works and Housing and Presidency) still seeking ways of an amicable settlement; because Sunrise wants to execute the EPC contract based on the full compliance of the July 24, 2017 recommendations of the learned Attorney-General, Mr. Abubakar Malami, SAN, to the Federal Government.
The February 2018 letter was a last ditch request and appeal to the nation’s Chief Law Officer to intervene and midwife the resolution in line with his earlier recommendations which will save Nigeria over $2 billion, as well as stem the negative publicity that the trial will generate, especially now that Nigeria is trying to project itself as an investment-friendly destination.
 

THE MAN, CHIEF LENO ADESANYA 

According a document made available to The Boss by the Sunrise office, Chief Adesanya’s personality is captured in the following lines:

Chief Leno Adesanya is a prominent Nigerian businessman and entrepreneur, renowned for the role he is playing in Nigeria’s energy sector. He hails from Eti-Osa Local Government Area in Lagos State and has spent several decades advancing power generation and transmission initiatives in the country. His expertise and ventures have placed him at the center of several high-profile projects aimed at addressing Nigeria’s energy deficits.

Business Ventures

Chief Adesanya is the CEO of Lutin Investments, a Geneva-based company, and serves as the promoter of Sunrise Power and Transmission Company Limited (SPTCL). Through these entities, he has spearheaded significant energy projects, leveraging strategic partnerships and investments to drive development in Nigeria’s power sector. His companies have collaborated with international partners, including Chinese firms, to propose large-scale solutions for the country’s energy challenges.

Involvement in the Mambilla Power Project

One of Chief Adesanya’s most notable endeavors is his involvement in the Mambilla Hydroelectric Power Project, located in Taraba State, Nigeria. This ambitious project, with an expected capacity of 3,050 megawatts, is among the largest hydroelectric initiatives in Africa. Designed to alleviate Nigeria’s chronic power shortages, the project’s progress has been hindered by delays, funding challenges, and legal disputes.

In 2003, Sunrise Power, in collaboration with Chinese partners, was awarded a $6 billion Build, Operate, and Transfer (BOT) contract by the Nigerian government.

However, the contract was annulled in 2007, prompting a series of legal disputes between Sunrise Power and the government. Chief Adesanya’s company subsequently filed a $2.3 billion claim for breach of contract, with the case currently in arbitration in Paris (Nairametrics, 2025).

Legal Disputes and Arbitration

The Mambilla Power Project has been entangled in prolonged legal battles, with multiple arbitration cases involving Chief Adesanya and his company. Testimonies from former Nigerian presidents and ministers have featured prominently in these cases, reflecting the project’s high stakes. Past administrations, including that of President Muhammadu Buhari, sought out-of-court settlements to resolve disputes with Sunrise Power. However, agreements were often reneged upon, prolonging the conflict (Businessday NG, 2025).

Controversies

Chief Adesanya’s involvement in the Mambilla Power Project has been subject to scrutiny and controversy. Allegations of bribery and corruption have emerged, with claims that he offered incentives to public officials to secure favorable outcomes for his company. In 2024, the Economic and Financial Crimes Commission (EFCC) declared Leno Adesanya wanted in 2024 for an alleged case of conspiracy and corrupt offer to public officers related to the Mambilla project (Nairametrics, 2024). Despite these challenges, he remains a key figure in Nigeria’s energy landscape.

Legacy and Impact

Through his leadership of Lutin Investments and Sunrise Power, Chief Leno Adesanya has played a role in shaping discussions around Nigeria’s energy future. While his involvement in the Mambilla Power Project has been marked by legal and political complexities, his efforts underscore the critical importance of private sector participation in addressing Nigeria’s infrastructural challenges.

THE MAMBILLA POWER PROJECT: AN OVERVIEW 

The Mambilla Hydroelectric Power Project is a Hydroelectric Power station that is being developed on the Dongo River. When completed, it will be Nigeria’s largest power plant. 
The Project goals include Increase access to electricity, Improve living standards for Nigerians and neighboring countries, Increase Nigeria’s electricity generation by 30, and Increase renewable energy use to 30. 

Project details
  • The project is being developed by Nigeria’s Federal Ministry of Power 
  • The project is made up of four dams and two underground stations 
  • The project is located in the eastern Nigerian state of Taraba 
  • The project is being funded by the Chinese Export-Import Bank

Project challenges

  • The project has been involved in legal disputes 
  • The project has faced challenges due to unreliable transmission and distribution networks 

With the testimonies of the likes of Obasanjo and Buhari, the Nigerian government may be on a roller coaster of victory, but Chief Adesanya appears to still have some aces up his sleeves, and may pull a surprise comeback, armed with all the documents of the transactions at his disposal.

Time, as always, will tell.

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Boss Picks

The Femi Otedola Crackdown at FirstBank – His Many Battles –

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By Eric Elezuo

From the moment Geregu Power Plc boss, Mr. Femi Otedola, took over the leadership of Nigeria’s premier bank, FirstBank of Nigeria Plc as its Chairman, it was clear that there was bound to be a systemic change. This, according to source, was premised on his thorough methodologies in approaching administration, and the need for corporate sanitization, which has seen him climbed to the peak of entrepreneurship.

This, no doubt created a sobriquet to qualify his tenure as the highest shareholder in the apex commercial bank, as a no-nonsense person, and made the statement ‘the fear of Femi Otedola is the beginning of wisdom at First Bank, Nigeria’s oldest bank’ a reality.

As expected, the billionaire businessman wasted on time to begin a crackdown in the bank. In fact, a section of the populace had labeled it Otedola’s cleasing spree. As at date, many high profiled officers of the bank have been relieved of their positions while many other highbrow customers of the bank at the moment have one question or another to answer with the security agencies just as accusations and counter-accusations continue to fly in the media space, prompting brouhaha and discontent.

It is worthy of note that in its 130 years of chequered history, FirstBank has paraded a galaxy of financial wizards and iconic figures, including a former Governor of the Central Bank of Nigeria (CBN), who is now the Emir of Kano, Sanusi Lamido Sanusi.

Observers, stakeholders and the general public are of the unanimous opinion that though the bank has gone through its fair share of boardroom turbulence, none has been as chaotic, and potentially catastrophic as the present one. A cross section of respondents told The Boss that the bank is probably on a precarious voyage if the principal stakeholders don’t come together to urgently arrest the speedy descent to economic tragedy. It is believed that a disarray FirstBank portends a disaster to the nation’s economy considering its pride of place as the oldest, and arguably the most experience bank in the country, and the sub-region.

So like an experienced headmaster, Mr Otedola, ever since he became the Chairman of the 130 years institution, has been wielding the big sticks on those he perceives as parasites feeding fat on the sweat and investments of shareholders. He is sparing nobody if actions that have taken place so far are anything to go by. And so less than two months after, his big stick has whipped the likes of the much respected Global Head of Marketing and Corporate Communications, Mrs. Folake Ani-Mumuney; the immediate past Managing Director, Mr. Adesola Adeduntan, erstwhile Managing Director, Dr. Olabisi Onasanya, Chairman, ThisDay Newspaper, Prince Nduka Obaigbena and a host of others. It is alleged that all these personalities have questions to answer as regards the lavishing of shareholders’ funds.

On December 2, 2024, the media space was awashed with news of the resignation of Folake Ani-Mumuney. It was later revealed by insiders that she was prevailed upon by Otedola to resign after 15 years of sitting atop the bank’s marketing and corporate communications. Her supposed ‘sack’ took the banking world by storm. She was known to be diligent and highly influential.

Reports that made the rounds alleged that Otedola was pissed when he learned that a whopping sum was spent on a send-off party for Adesola Adeduntan, the former MD of the bank who was reportedly forced to resign over alleged negligence in a N60 billion electronic fraud. While no statements have proved that Ani-Mumuney’s resignation is directly linked to the party, insider source told The Boss that Adeduntan and the communications expert shared a common administrative bond during his nine years tenure as MD.

The same report stated that Otedola, who was conspicuously absent at the party, declared the exercise as “insensitive and wasteful” considering that the clear direction and mandate of the bank lies behind recapitalising and repositioning the institution from excesses of past management.

The stick that fell on Ani-Mumuney, stakeholders foretold, was the beginning of more “drastic” decisions and actions Otedola had to take in succeeding days to return FirstBank on the track of impeccable banking “devoid of extravagance and waste of shareholders’ resources”.

While the top echelon of the bank was still recovering from the hammer that befell Ani-Mumuney, many of them were swept away as more restructuring policies were enforced. Reports had indicated that the bank’s top executives were asked to leave as part of its corporate restructuring and repositioning plan for 2025 following the confirmation of Olusegun Alebiosu as the MD/CEO in June last year. A total of about 100 senior staff members were said to have been affected in the organisational shakeup.

SHAREHOLDERS REACT, RALLY TO REMOVE OTEDOLA AS CHAIRMAN 

The high flying FirstBank flag

With the avalanche of sack that swept through the institution, many, who believed that Otedola is fighting on too many fronts, and had to be termed, plotted to have him removed as the Chairman of the bank, with non-executive director, Mr. Julius B. Omodayo-Owotuga.

The group of shareholders while calling for an immediate Extraordinary General Meeting (EGM) in the next 21 days in line with section 215 (1) of CAMA, alleged that FBN has not known peace since the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, influenced Otedola’s acquisition of a significant amount of shares that led to his emergence as Chairman of FBN Holdings in January 2024.

They accused Otedola and his kitchen cabinet including Omodayo-Owotuga of seizing full control of the bank and doing as they please. They group expressed fear of disregard for corporate governance principles taking into account his private placement of N360 billion shares.

They further alleged that Otedola’s preference for private placement instead of right issue or public offer is seen as a ploy to gain control and run the financial institution as his private estate. The battle continues to rage as the quest to discover who holds the single largest share of the institution between Otedola and Oba Otudeko’s Barbican Capital.

But according to the audited accounts First Bank Holdings for 2023, Otedola was put as the single largest shareholder with a 9.41 percent stake in the financial institution. The billionaire businessman recently increased his shareholding by massive acquisition of more shares. At the moment, his exact stake is unclear.

However, data from the Central Securities Clearing System (CSCS), the widely accepted source for confirming share ownership, has Barbican Capital, which is affiliated with the Oba Otudeko-owned Honeywell Group, as the largest single shareholder with a 15.01 percent stake.

Records kept by the bank’s registrars, Meristem Registrars & Probate Services Ltd, also showed that Barbican Capital is the single largest shareholder with 5,386,397,202 shares (5.38 billion) as of May 23, 2024.

In another development, Barbican Capital had sued FBN Holdings for wrongly stating its shareholding in its audited financial statement. Another battle front.

Otedola’s next battle was at the doorstep of Chief Executive Officer, ThisDay and Arise News, Prince Nduka Obaigbena, who was accused of owing the bank a whopping $225.8 million through his General Hydrocarbons Limited. An allegation the Frontline journalist denied.

The meat of the matter became exposed  and escalated into a legal tussle following GHL’s request for a fresh $53 million facility to finance the development of Oil Mining Lease (OML) 120. Officials at First Bank have however, refused to honor the new loan request, citing concerns over GHL’s utilization of previous loans disbursed for the same project.

Nairametrics reported exclusively that the information was gleaned from a leaked letter purportedly signed by Obaigbena himself. The development has resulted into bitter accusations, lawsuits, and freezing orders, thereby deepening tensions not just between both companies, but also between the two personalities.

This refusal, coupled with growing mistrust, culminated in a Mareva injunction court ruling that temporarily froze GHL’s assets across multiple financial institutions in favour of FBN’s outstanding debt claims.

Irked by the development, Obaigbena published a notification, ostensibly to state his side of the story, with a solid premise that neither he nor GHL is owing FirstBank.

ALLEGATIONS OF DIVERSIONS OF MONIES BEFUDDLING, GHL RESPONDS 

General Hydrocarbons Limited categorically denied owing FirstBank Nigeria $225.8 million, stating that the company entered into an agreement with FBN over oil production and development of OML 120, and the project is active and still pending.

“We entered a legally binding, enforceable subrogation agreement with First Bank on May 29, 2021, with FBN agreeing to fund GHL’s 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 8 years.

“The FBN 50 percent share will then be used to pay down its non-performing loans of about $718 million, which was discounted to $60 million to resolve its solvency issues therefrom.

“In its quest to stay afloat, the FBN loan was sold at $600 million as an Eligible Banking Asset (EBA), with comfort from GHL; the FBN then collected the cash from Assets Management Company of Nigeria, (AMCON), with which they rebuilt the bank without meeting GHL’s needs.

“The FBN non-performing loan arose from FBN’s unsecured and reckless lending to Atlantic Energy under separate Alliance arrangements, events in which GHL had no connection with agreements made it clear that the non-performing loan had nothing to do with GHL beyond the fact that 50 percent of profits from OML 120 due to FBN under the Subrogation Agreement will be used by FBN 66ae nexus.

“It is important to note that FBN’s credit and risk team verified and approved all contracts and invoices due to the contractors engaged for the development and operations of the oil mining lease and made payments directly to these contractors and service providers.

“The allegations of a diversion of the monies advanced to GHL are therefore befuddling and without merit as 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 payment, which was made by FBN directly to service providers after vetting and approval by its credit and risk teams,” the statement reads.
In the last days, First Bank Nigeria Holdings has been enmeshed in controversies as its shareholders are divided over Otedola’s chairmanship.

COURT ACTIONS NECESSARY TO RECOVER DEPOSITORS’ FUNDS, OTEDOLA FIRES BACK

Femi Otedola

My attention has been drawn to articles published by ThisDay (on Thursday, January 9 and Friday, January 10, 2015), clearly instigated by Mr. Nduka Obaigbena, filled with baseless allegations aimed at smearing my reputation. It is unfortunate that Mr Obaigbena has resorted to such tactics simply because he has been asked to repay his $230 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’ 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. Mr Obaigbena’s profligacy is well known, as is his penchant for using his media platforms to blackmail and silence those who hold him accountable.

As Chairman of First Bank Holdings, my primary responsibility is to protect the interests of the bank’s shareholders and depositors. The actions initiated in the courts are necessary to recover funds that belong to depositors and ensure corporate governance.

Mr Obaighena’s penchant of blackmailing people to escape accountability must end, especially when depositors’ money is at stake. My commitment to upholding the integrity of the financial system and protecting depositors outweigh any cheap attempts at blackmail.

Let me remind the public that my integrity is not in question. As Chancellor of Augustine University and a benefactor of Save the Children Fund, I continue to dedicate my wealth to noble causes. I will not allow unscrupulous elements to derail the efforts of First Bank to recover loans or jeopardize the financial security of our shareholders.

To all stakeholders, I assure you that I remain steadfast in my mission to protect First Bank’s integrity and ensure its continued success. Media blackmail will not deter me from this responsibility.

-Femi Otedola

In the same vein, FirstBank followed suit with a similar response, stating the reasons the bank took the legal option while assuring stakeholders of maximum service. It wrote:

WE’RE BENT ON RECOVERING DIVERTED PROCEEDS, FIRSTBANK RESPONDS

In a statement by the management however, FirstBank insisted that it has been on the right side of the law while assuring customers, stakeholders and friends of the bank of its unflinching stand in the provision of first class services.

The full statement is as follows:

Our attention has been drawn to recent media reports regarding a commercial transaction between First Bank of Nigeria Limited (FirstBank) and General Hydrocarbons Limited (GHL) that is currently a subject of litigation.

As a responsible and law-abiding corporate citizen of Nigeria with utmost respect for the courts, FirstBank will not be able to offer comments on issues which are pending for determination by the courts, as such issues are sub-judice.

However, we are constrained to issue the following clarifications to correct the sponsored but false narratives on the matter presented in some of the media publications.

There is a subsisting commercial transaction between FirstBank as lender, and GHL as borrower, where FirstBank extended several credit facilities to GHL for the development of some Oil Mining Lease assets.

These facilities are backed by very robust loan agreements executed by the parties in which the obligations of the parties are clearly defined and the security arrangement clearly spelt out.

While FirstBank has diligently performed its obligations under the loan agreements, at the root of the present dispute is FirstBank’s demand for good governance and transparency in the transaction, which GHL rejected.

Upon FirstBank’s realization of breaches on the part of GHL including diversion of proceeds, FirstBank requested that an independent operator mutually acceptable to both parties be appointed in line with the terms of the agreement, to operate the financed asset in a transparent manner that will bring greater visibility to the project, protect the interest of, and bring value to all stakeholders. Not only did GHL roundly reject this reasonable and fair request, rather GHL insisted that FirstBank avails it with more funding. GHL refused to execute the terms of offer stipulated by the Bank for the availment of additional funding but rather proceeded to commence needless Arbitral proceedings.

GHL issued a notice to initiate arbitration and has no substantive claim pending at the Federal High Court. GHL approached the Federal High Court solely to seek preservative orders pending arbitration. Some of the preservative orders sought by GHL were granted while others were denied.

FirstBank is the only party that filed a substantive claim against GHL at the Federal High Court and the subject matter of FirstBank ‘s claim is not identical with the dispute GHL submitted to arbitration because FirstBank’s claim is in respect of subsequent credit facilities granted to GHL and the offer letters and finance documents pertaining to the subsequent transactions clearly state that the disputes arising from the subsequent facilities are to be resolved by a court of competent jurisdiction in Nigeria and not by arbitration.

Consequently, it is incorrect to assert that FirstBank abused the process of the court.

GHL off-took crude from the Floating Production Storage and Offloading (FPSO) vessel and diverted the proceeds. The Bank had no choice as a secured lender, under these circumstances of continued breaches, non-payment of due obligations and attempts to shield the Bank away from agreed security and repayment sources, than to approach the court for legal remedies, to preserve assets, recover the diverted proceeds, prevent reoccurrences and safeguard FirstBank’s interest. It is clear to us that the courts do not support or protect illegalities and breaches of contracts.

FirstBank has a long and very rich history of supporting and providing for the financial needs of its customers over its more than 130 years of unbroken existence. FirstBank remains committed to ensuring that it continues to support legitimate business aspirations of its teeming customers. At the same time, FirstBank is committed to the building of a strong credit culture where borrowers pay their debts when they borrow and will always take appropriate steps, within the ambit of the law, to resist attempts by borrowers to repudiate their repayment obligations.

We wish to assure FirstBank’s numerous customers, stakeholders and the general public that FirstBank remains solid, calm, steadfast and unflinching in its resolve to continue to provide first-class services to its teeming customers within and outside the country.

FirstBank also wishes to respectfully thank our shareholders for the indicatively oversubscribed Rights Issue of its parent Company, First Holdco Plc (“FirstHoldco”), in the first round of its capital raise and looks forward to an equally successful final leg of the recapitalization exercise when it is announced by FirstHoldco

THE OBA OTUDEKO AND BISI ONASANYA CONNECTION

As already stated by some shareholders, who insisted that Otedola was fighting on many fronts, and in cognizance of Otedola’s admission that he was poise to confront anyone indebted to the bank, the news of the Economic and Financial Crimes Commission (EFCC) filing a 13-count criminal charge against the Chairman, Honeywell Group, Oba Otudeko and a former Managing Director of First Bank, Olabisi Onasanya for allegedly obtaining the sum of N12.3 billion from First Bank, filtered into the public space.

They were to appear before Justice Chukwuejekwu Aneke of the Federal High Court, Lagos on Monday alongside, a former member of the board of directors of Honeywell Flour Mills Plc, Soji Akintayo and a company linked to Otudeko, named Anchorage Leisure Ltd.

All four were listed as defendants in the suit filed by an EFCC prosecutor, Bilkisu Buhari-Bala on January 16, 2025.

According to the EFCC, the four committed the fraud in tranches of N5.2 billion, N6.2 billion, N6.150 billion, N1.5 billion and N500 million, between 2013 and 2014 in Lagos.

In proof of the charge against the defendants, the EFCC listed Cecelia Majekodunmi, Ola Michael Aderogba, Abiodun Olatunji, Raymond Eze, Abiodun Odunbola, Farida Abubakar, Adaeze Nwakoby and Adeeyo David to give evidence of the fraudulent misrepresentation of the Defendants and tender relevant documents. Also listed were testimonies of representatives of Central Bank of Nigeria, representatives of Stallion Nigeria Limited and representatives of V-tech Dynamics Ltd.

According to the Commission, the offences contravene Section 8(a) of Advance Fee Fraud and Other Fraud Related Offences Act 2006 and were punishable under Section 1 (3) of the same Act.

Count 1 of the charge says that Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited between 2013 and 2014 in Lagos, within the jurisdiction of this Honourable Court conspired amongst  yourselves to obtain the sum of N12,300,000,000.00 (Twelve Billion, Three Hundred Million Naira Only),from First Bank Limited on the pretence that the said sum represented credit facilities applied * for by V- Tech Dynamic Links Limited and Stallion Nigeria Limited, which representation you know to be false, and you thereby committed an offence contrary to Section 8(a) of Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act.

In Count 2, it was alleged that the defendants, on or about 26th day of November, 2013 in Lagos, “obtained the sum of N5.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V Tech Dynamic Links Limited which representation you know to be false.”

The 3rd count claims that the defendants, between 2013 and 2014 in Lagos, obtained N6.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, which representation you know to be false.”

County 4 reads, that you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 26th day of November 2013 in Lagos, within the jurisdiction of this Honourable Court conspired amongst yourselves to use the total sum of N6,150,000,000,.00 (Six Billion, One Hundred and Fifty Million Naira Only.), which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence and you thereby committed an offence contrary to Sections 18(a), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

Count 5 accuses Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 11th day of December, 2013 in Lagos, procured Honeywell Flour Mills Plc to retain the sum of N1.5 billion, which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence and you thereby committed an offence contrary to Section 18(c), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

During the session, the court addressed multiple motions, including the prosecutor’s request for a warrant of arrest, which the judge rejected due to the lack of formal service to the defendants. The judge granted an application for substituted service, and the case was adjourned to February 13 for arraignment.

I’VE FOUR DECADES OF IMPECCABLE PROFESSIONAL SERVICE, OLABISI ONASANYA RESPONDS

But on Sunday, former Managing Director of First Bank of Nigeria Plc (now FBN Holdings), Bisi Onasanya, denied any involvement in the alleged N12.3 billion advanced fee fraud levied against him and others during his tenure at the bank.

In a statement issued by his communication advisor, Michael Osunnuyi, Onasanya described the accusation as “baseless” and “unfounded,” expressing concern over the distress it has caused to his family, associates, and friends.

His statement read:

“Our attention has been drawn to allegations and charge sheet circulating on social media suggesting Dr Bisi Onasanya’s involvement in a purported commercial loan controversy at First Bank 12 years ago,” Mr Osunnuyi said.

“His stellar reputation of integrity, built over four decades of impeccable professional service, cannot and will not be tarnished by these false allegations and incorrect charges.”

The statement disclosed that the ex-First Bank of Nigeria Plc’s chief has not been issued any invite since an investigation by the EFCC since 2017, claiming that the matter is only a witchhunt.

I’LL AGGRESSIVELY DEFEND MY REPUTATION, OBA OTUDEKO RESPONDS

However, in a statement issued by General Counsel, Honeywell Group, Olasumbo Abolaji, Otudeko said he was yet to receive any official summons, adding that neither has his legal team received any official invitation from relevant authorities.The statement said, “This includes FBN Holdings, where he served as a director (then Chairman) from 1997 to 2021 and was instrumental in supporting the transformation of the bank from an old generation bank to its current leadership role as a pan-African financial services holding company.

“As he has done in the past, Dr Oba Otudeko is always ready and available to assist any government agency with appropriate oversight in the execution of their duties, with the expectation that these affairs will be conducted with the highest standard of professionalism.

“While we respect the role of the press in keeping the public informed, we urge journalists to verify such sensitive information before publication to ensure accuracy and fairness.

“At 81, after five decades of contributions to the growth of Nigeria’s economy, Dr. Oba Otudeko is now focused on mentoring the next generation of business leaders and contributing to the positive development of society through enterprise.

“He is not interested in serving in an executive capacity in any organisation in Nigeria or elsewhere, neither is he interested in serving in a non-executive capacity on any board asides those he currently sits on.

“This includes any possibility of returning to the board of FBN Holdings Plc, which appears to be the focus of the recent unfortunate news barrage. FBN Holdings, a legacy institution built over 130 years, holds a special place in Dr. Otudeko’s heart. He trusts this strong foundation to guide the institution into the next era of success.

“Dr. Oba Otudeko is confident that the truth will prevail in due course and looks forward to addressing these claims in the appropriate forum.”

Meanwhile, family sources have confirmed that Otudeko did not flee Nigeria, but traveled legally for medical reasons.

As it stands today, all eyes are focused on the expiration of the 21 days ultimatum given by the shareholders for the Central Bank under Mr. Yemi Cardoso to convene the Extraordinary General Meeting (EGM) in line with section 215 (1) of CAMA, to remove Otedola. The game obviously graded survival of the fittest, may be kind on Otedola, who is fighting on all fronts, or any other person of interest.

And like they say in all incomplete thriller, time will tell.

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Boss Picks

Jewel Howard-Taylor: An African Amazon Celebrates at 62

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By Eric Elezuo

Most Aftrican women qualify for unending celebration at every stage of their existence. They have written their names in gold, traversed barriers to stand out among a comity of achievers. Among such women is West Africa’s first female Vice President, Mrs. Jewel Howard-Taylor, who just clock 62 years.

An African of no mean ability, whose interest in the unity if the West African sub-region has remained one of her strongest point strengths as African politics and development continue to thrive. Her excellent performance has seen to emergence of another female Vice President in the region.

Born Jewel Cianeh Howard on January 17, 1963, the amiable politician of Liberian descent has practically done everything well, including being married to former warlord and president, Charles Taylor from 1997 to 2006 during which time, she showcased herself as most sought after Firstlady of the country, and in the West African sub-region.

Often revered as a Chief, Mrs Howard-Taylor is a proud daughter of Bong County, and born to the Royal Household of Kerkula Giddings of Sanoyea District. She was raised as a child on the Phebe Hospital Compound under the watch of her loving parents, Mr. Moses Y. Howard and Mrs. Nora Giddings-Howard, both of whom were enviable professional Health Workers who died in service to the people of Bong County, and are buried at the Phebe Compound.

Undeterred in her quest to be the best she can be, the 30th vice president of Liberia, who served from 2018 to 2024, Mrs Howard-Taylor has had an enviable political trajectory. In 2005, she was elected to the Senate of Liberia for Bong County as a member of the National Patriotic Party, and was Chair of the Senate Health and Social Welfare Committee on Gender, Women and Children

During the presidency of her husband, she held several official posts in the Liberian government, including Deputy Governor of the National Bank of Liberia (forerunner to the current Central Bank of Liberia), President of the Agriculture Cooperative and Development Bank (ACDB) and Mortgage Financing Underwriter of the First Union National Bank. In addition, she focused on educational, health, and social projects. These are positions she merited by qualification, dint of hard work and her goal-getting abilities other than privilege.

Mrs Howard-Taylor is not a run-of-the-mill administrator. She is well seasoned; educationally, career wise and experience. In the first instance, she holds a graduate degree in bmBanking and two bachelors in Banking and Economics, and presently a student in the MBA programme at Cuttington University in Liberia.It is worthy of note that on December 21, 2011, she graduated from the Louise Arthur Grimes School of Law of the state-owned University of Liberia, and is known to have been announced at one time as the new holder of the title “Madam Suakoko”, an honorary Bong County title memorializing the namesake of the Suakoko District.

In February 2012, Jewel, as very close friends call her, attempted to introduce legislation into the Liberian parliament that would have made homosexual activity a first-degree felony carrying the death penalty as the maximum punishment. Though the legislation was not passed after President Ellen Johnson Sirleaf said she would not sign any such bill, it became a plus for her Africanism and as a champion of sustaining African culture.

In 2017, Taylor was chosen by George Weah as his running mate on the newly formed Coalition (CDC) ticket. Following a runoff in late 2017, she became the first female Vice President of Liberia when her party won the elections.

A strong grass root strategist, Jewel has either served or currently serving in different high profile capacities, including

  • Chairperson, Women Legislative Caucus of Liberia
  • Chairperson, Education and Public Administration,
  • Co-Chairpersonon Planning & Development Committee;
  • Memberof the Joint Legislative Modernization Committee;
  • Member,  Committee on Judiciary;
  • Member, Committee on Autonomous Commissions;
  • Member, Committee on Defense, Intelligence, Security, Veteran Affairs;
  • Member, Committee on Internal Affairs, Good Governance & Reconciliation;
  • Member, Committee on Gender, Health, Social Welfare, Women & Children’s Affairs

She has also held or is holding Memberships in many Organizations, key amongst which are the following:

  • Chair, Board of Trustees, Restoration Baptist Church, Oldest Congo Town
  • Deaconess, Restoration Baptist Church, Oldest Congo Town
  • Member, Bong County Bar Association
  • Member, Bong County Women Association
  • Vice President, Board of Trustees, University of Liberia
  • Liberia’s Goodwill Ambassador on HIV/AIDS
  • Member, Liberian National Red Cross
  • Member, Liberian Rural Women Association
  • Member, YWCA
  • Member, Liberia Girls Guide Association
  • Member, Greater Monrovia Lions Club of Liberia

Mrs Howard-Taylor has also been a recipient of many accolades, Laurels and Awards from Local, National and International Organizations, ranging from humanitarian awards to outstanding Leadership awards.

NATIONAL AWARDS:

  • Women Activist Award, (2016) for her role in gender advocacy and empowerment,
  • The Nation’s highest honor as Knight Great Dame, Order of the Most Venerable Order of the Pioneers in 2005; granted to her by Former President Charles G. Taylor for her service to the Nation as the 21st First Lady of Liberia;
  • The First Female to be given the Distinguished Traditional Title of   Venerable Chief in the National Traditional Council of Liberia in 2011,  a Chieftaincy title conferred on her by Traditional Chiefs and Elders of Bong County for her role in sponsoring the a bill which created the National Traditional Council of Liberia; and in full recognition of her exemplary Services to the people of Bong, yea Liberia;
  • The Ellen Johnson-Sirleaf Presidential Recognition Award for Humanitarian Services and contribution to Youth Development in Liberia from the (AAW Peace) African & American Women in 2011;
  • Senator of the Year, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015 from various organizations;
  • The National Excellence Award for National Service in 2011;
  • The National Excellence Award for Philanthropy in 2009;

INTERNATIONAL AWARDS:

  • The Pan African Award on Leadership Excellence & Women Empowerment, an Humanitarian Award 2016;
  • Woman of the Year, 2016, West African Philanthropist Organization;
  • Women Activist Award, 2016
  • West Africa  Philanthropy Awards  as Woman of the Year,  2016
  • 2nd Chance International Award as a Woman of Distinction 2015, New York City USA;
  • (ECOWAS) ECOFEPA Good Will Ambassador, Abuja, Nigeria; 2015;
  • Women Advancement Forum Award in recognition of her contribution to the Emancipation, Motivation and Advancement of Women of the World; 2014, Gambia.
  • The Outstanding African Women Achievers Award,  as African Mentor and Role Model 2013, from the African Women Leadership Organization(AWLO), in Nigeria;
  • An African Leadership Award, as Outstanding African Female Leader of the Year 2012 from the African Leadership Award, in Dubai;
  • An Excellence Award in Recognition of her Advocacy for the Rights and Empowerment of women from the African Women in Leadership Organization (AWLO) in 2012, in Nigeria

At 62, Mrs Howard-Taylor is far from spent. She is as agile as ever; as passionate to render humanitarian assistance as ever and as rearing to deliver projects as ever. She is the stock required for a formidable and true African Renaissance, and is poised to take the continent to the next level.

Additional information: The Executive Mansion

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