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Dangote Travails: How FG, Oando Frustrated My Business in Sierra Leone – Chief Tony Chinyere
Published
2 years agoon
By
Eric
By Eric Elezuo
Following the war of words, or as Chief Dele Momodu puts it, the cold war going on currently between Africa’s richest man, Aliko Dangote and his refinery on one hand, and the Federal Government of Nigeria on the other hand, regarding alleged sabotage and frustration in the supply of crude oil and legitimacy, another Nigerian businessman in the oil sector, Chief Tony Chinyere, has spoken up again, calling out the government of Nigeria of deliberately seeking the downfall of Dangote Refinery on the same way they ruined his refinery in Sierra Leone many years ago.
Chief Chinyere, the Chairman of Cross Oceans West Africa Limited, who is regarded as the richest foreigner in the West African country told The Boss in an exclusive conversation that the government of Nigeria, presently led by Bola Tinubu, is on the verge of frustrating and ruining Dangote and his refinery in the same manner the frustrated him out of business many years ago, and covered it up with executive fiat.
Chinyere is also the Chairman of Nigerian Community, and President of Nigerian Union in Sierra Leone. According to him, “I’m everything for Nigeria in Sierra Leone”, and that gave him the leverage to front for Nigeria in Sierra Leone’s internal affairs.

“Chief Tony Chinyere, Chairman of Cross Oceans West Africa Limited, who owns 18.07 per cent equity in West Africa Refinery Company, WARCO, otherwise called Abacha Refinrey has, for over a year been fighting alleged sharp practices by the Nigerian Bureau of Public Enterprises (BPE) in the sale of the Federal Government’s holding in the refinery, the only such facility in Sierra Leone. Beyond dragging the parties to court of law in Sierra Leone, Chinyere had asked former President Olusegun Obasanjo and the late President Ahmed Tejan Kabbah, at different times, to wade into the crisis. He had equally made concessionary offers to end the contentious matter, but the opposing party had different ideas, allegedly conniving with the BPE and Oando Plc and deploying underhand tactics to perpetuate its hold on the disputed company.
“Genesis of the crisis
“TheNEWS gathered that the WARCO saga began after Unipetrol, (now Oando Plc), on Chief Chinyere’s intervention and facilitation successfully bid for the liquidation of Sierra Leone Refinery Company for $1.2 million.
“Chinyere stated that “WARCO was formed in 1995 after Unipetrol bid for the liquidated Sierra Leone Refinery. “After the bid, Cross Oceans, a company in which Chinyere had controlling shares, was subsequently offered 18.07 per cent of the total shares of WARCO valued at $388,000, which was fully paid for; and was, therefore, made a pioneer director of the company, alongside a representative of Unipetrol Nigeria (Oando).”
“The Federal Government of Nigeria at the inception, had no stake in WARCO but got involved when it confiscated the shares of companies in the refinery traced to the late Head of State, General Sani Abacha. After taking over Abacha’s stocks and in line with its policy to divest shares from the refinery, the Federal Government instructed the Bureau of Public Enterprises to sell the shares. Oando also decided to sell its shares, opting to do so through the BPE and the stocks consolidated as 72.66 per cent with FG’s 48.44 per cent and Oando’s 24.22 per cent.
“The Cross Oceans boss accused the officials of BPE and Oando of deliberately manipulating the bidding process, undervaluing the shares and selling to a front, Mr. Thorlu Bangura, a Sierra Leonean, owner of Majestic Oil. Conditions issued by the BPE, while inviting strategic investors for expression of interest, clearly precluded Majestic Oil, it was gathered. For instance, evidence of successful investment in and management of downstream oil and gas companies was a key qualifying demand which Majestic Oil could not have met. Official records in Sierra Leone available to TheNEWS indicated that the company was incorporated in 2002 and “remained inactive since incorporation.” It only roared to life in 2004 to emerge as BPE’s preferred bidder for the FG/Oando shares.

“It was further gathered that the provision of WARCO’s Memorandum and Articles of Association,which allowed existing shareholders right of first offer in the event that any of the owners decided to sell his holding, was disregarded. A meeting was purported to have been held where those provisions were suspended. Chief Chinyere claimed not to have been invited to the meeting.
“During the bidding process, Oando disclosed to the would-be bidders of the existence of a debenture loan granted WARCO to the tune of $602,272, which with accrued interest had risen to $922,229.04. The disclosure of the liability was meant to scare bidders to give opportunity to manipulate the process, the Cross Oceans chairman alleged. He buttressed his argument with the revelation that soon after the other bidders withdrew, Oando and BPE, without recourse to other shareholders, reduced the debenture loan to $308,809.45 without informing the other bidders.
““As if that was not enough fraud, soon after the alleged sale (to Majestic Oil), they (Oando and BPE) met again without reference to shareholders and further reduced the debenture loan to $194,804.50,” Chinyere stated. According to him, the value of the consolidated shares of FG and Oando (72 per cent), which is $1,560,000 was surprisingly sold to Majestic Oil for a paltry $363,300. “The amount is below the $388,000 my company paid in 1995 for a mere 18.07 per cent shares,” the Cross Oceans boss lamented. “Could that be said to be a very transparent way of selling government shares and interest in a company?” he queried.
“Cross Oceans headed for court
“Apparently aggrieved by the developments, Cross Oceans headed for the law court in Sierra Leone and got an injunction against Majestic Oil. The Federal Government and Oando were the other defendants in the suit, challenging the sale of WARCO shares. The trial judge, A.B. Raschid, ordered officials, employees and agents of Majestic Oil to “vacate the offices and facility of the first defendant (WARCO).” The Judge further pronounced that Majestic Oil should not re-enter the premises and facility of WARCO at Kissy Dockyard in Freetown until the hearing of the application brought by council to Cross Oceans had been heard. Cross Oceans was also granted the right of access to WARCO to verify that Majestic Oil was complying with the injunctions.
“Despite the court injunction, BPE and Oando were eager to hand over WARCO to Majestic Oil and at a meeting held in Freetown, they purportedly appointed Mr Thorlu Bangura and his relations as alternate directors to represent their interests in the company. “How can you explain a situation whereby shares held by a Nigerian in a foreign land, whose transfer was put on hold by a law court, was now consigned to a family whose members were never legally known to the BPE and Oando? This is the mother of all frauds being perpetrated by officials of a country that is supposedly fighting corruption,” Chief Chinyere lamented.

“Sierra Leonean government’s intervention
“Because of the strategic importance of WARCO to the Sierra Leonean economy, Attorney-General summoned a meeting of the contending parties in February 2005 and despite the count injunction in his favour, Chief Chinyere conceded to the brokered arrangement excluding both Cross Oceans and Majestic Oil from running the refinery. A committee comprising Sierra Leonean government agencies was set up to run the refinery until contrary instructions come from the court.
“The Cross Oceans boss said he consented to the Sierra Leonean government’s arrangement for an independent body to oversee the refinery’s operation to avoid being blackmailed as being adamant and out to sabotage that country’s economy.
“Majestic Oil has, with the connivance of Sierra Leonean government officials been allegedly circumventing the arrangement, operating WARCO and diverting its moneys into private accounts. Bangura, it was learnt, mockingly offered to buy out Cross Oceans from WARCO, offering $165,000 for the company’s 18.07 per cent holding bought for $388,000 in 1995.
“This is contrary to Cross Oceans concessionary offer to refund $363,300 paid to BPE/Oando to Majestic Oil and in addition offer the company 10 per cent of the FG/Oando’s consolidated shares free of charge and make Mr. Thorlu Bangura chairman of WARCO. Alternatively, Chief Chinyere offered to be bought out for the sum of $500,000.
“FG’s disturbing silence
“Although it is believed that the mishandling of the WARCO shares sale led to the sack of former Director-General of BPE, Dr. J.J. Bala, the Federal Government’s intervention to redress the wrongs in the WARCO affair is yet to materialise. The Sierra Leonean Attorney General was said to have quoted his Nigerian counterpart as affirming that the Federal Government’s shares were sold to Majestic Oil and pleading that the matter be resolved to avoid embarrassing the Nigerian government in the on-going court action. The Sierra Leonean Attorney-General also urged Chinyere to seek redress in Nigeria as Majestic Oil was holding FG and Oando’s shares, threatening that he would advise his government to impose a decision and repossess the refinery.
“The development appears to be assuming the status whereby Sierra Leone would protect one of her own against a foreigner, while Nigeria looks eager to sacrifice her own citizen in a deal made awry by government officials. The question about who wins at the close of this two-nation contest blows in the wind.
“The matter was taken to the ECOWAS Court for adjudication. TheNEWS was reliably informed that the ECOWAS Court has referred the matter to the Nigerian Courts for further adjudication.”
Chinyere recalled with copious documents, some of which are on Federal government reports requesting that he be invited and compensated to the role he played for Nigeria and ECOMOG, and how ‘one thousand battalion of soldiers were released by the rebels’.
He added that “I negotiated for their release, and they wrote me that they were going to give an award, but till date, there’s no award.”
Further in his narrative, Chinyere called out the Bureau for Public Enterprise for their role in making it impossible for him to get what belongs to him.
He said: “How can BPE give me support when they took the role to act as informers against a Nigerian investor by giving information to a Sierra Leone company that has no track record about Oil Refinery and was recently registered, and has not even paid taxes to Sierra Leone Government, now became the winner of highly prepared tender by BPE. All that took place was inside dealing and suppling information about my business to Majestic Oil in Sierra Leone.
“After admitting that they did things very wrong in their own report and recommended that I should be invited to be paid compensation up to date after winning all court cases in Sierra Leone, they still did not invite me to discuss my settlement while they agreed that after the release of their visit to Sierra Leone that they will act with honesty to settle this matter.
“Now it’s the Government of Sierra Leone and other fake Nigerian business men that are enjoying the benefits of my investment while I’m left to suffer all humiliation.
“This not good for our country that I have saved in many capacity even saving the life of 1,000 Nigerian soldiers that were captured by the rebels in Sierra Leone where the Embassy nominated me as president of Nigerian Union in Sierra Leone to go and release my brothers from the rebels, which I did and they asked me that I should use my helicopter to bring out the rebel leader from the bush which I did because the western Government failed to render such help to ECOMOG and Nigerian Government but I did again because I believe in my country Nigeria, and we are taught to be good ambassadors when we are in a foreign country.
“The Nigerian government recommended that I should be honoured by our government, but up till now I did not even receive a thank you letter from our Government or any invitation for what I have been doing for our Government rather it’s the opposite to help other people to destroy all my business I worked hard to build.
“I’m lost with words as I don’t know what to do anymore when everyone has condemned what BPE did even the man that BPE sold to his company in writing and all these are captured in the federal Government report written to the presidency for action to settle my payment.”
Chinyere has maintained that till present, his payment has not been initiated not to talk of completed.
“The same gang fighting Dangote today is the same gang that destroyed my business in Sierra Leone,” Chinyere concluded.
Documents supplied by Chief Tony Chinyere
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LP: Nenadi Usman Floors Julius Abure at Appeal Court
Published
20 hours agoon
April 21, 2026By
Eric
The Court of Appeal in Abuja has dismissed the appeal filed by Julius Abure challenging the legitimacy of the Nenadi Usman-led leadership of the Labour Party (LP).
A three-member panel of the appellate court, in a Tuesday judgment, unanimously affirmed the January 21 judgment by Justice Peter Lifu of the Federal High Court in Abuja, which upheld the legitimacy of the 29-member caretaker committee of the LP, led by Senator Usman.
In the lead judgment delivered by Justice Oyejoju Oyewumi, which Justices Abba Mohammed and Eberechi Nyesom-Wike agreed with, the appellate court held that the earlier Supreme Court judgment conclusively settled the leadership dispute within the LP by nullifying the convention that purportedly returned Abure as National Chairman.
Justice Lifu had, in the January 21 judgment, relied on an April 4, 2025, decision of the Supreme Court, which held that Abure’s tenure as the party’s National Chairman had expired. The judgment directed the Independent National Electoral Commission (INEC) to recognize Senator Usman and other members of her committee as the legitimate leaders of the party, to the exclusion of all others.
The court further held that the lower court had the power under Section 251 of the Constitution to compel a statutory Federal government agency to perform its functions when it ordered INEC to recognize Senator Nenadi Usman as the National Chairman of the Labour Party.
It was equally agreed with the trial court that constituting the LP’s caretaker committee, headed by Usman, was a doctrine of necessity required to provide leadership in the party when a vacuum appeared to exist.
The court faulted Abure’s claim that the trial court denied him a fair hearing and accused him of abusing the court process.
The court also accused Abure of forum shopping by appearing before the Nasarawa State High Court in a case already decided by the Supreme Court, and of persisting in the claim the party’s leadership despite the apex court’s clear and unambiguous pronouncement.
It held that the appeal, marked: CA/ABJ/CV/255/2026, was devoid of merit and constituted an abuse of court process.
“On the whole, I agree with the decision and conclusion of the trial court as the same, being in accordance with the Constitution,” Justice Oyewumi held, adding that the lower court reached a reasonable conclusion that the Court of Appeal cannot fault.
While dismissing the appeal, the court awarded him costs of N10 million for wasting the court’s time on an issue that had already been conclusively determined.
Earlier, the court held that Nenadi Usman, as a juristic person, had the right to file the case before the trial court, and that the trial court had jurisdiction to hear and determine the case.
The court also rejected Abure’s allegation that the lower court denied him a fair hearing, noting that the claim lacked any basis.
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Tinubu Sacks Edun, Appoints Oyedele As Finance Minister
Published
21 hours agoon
April 21, 2026By
Eric
President Bola Tinubu has approved a minor cabinet reshuffle in the membership of the Federal Executive Council (FEC).
According to a memo signed by the Secretary to the Government of the Federation, Senator George Akume, two cabinet members, Mr. Wale Edun and Arc. Ahmed Musa Dangiwa are to leave the cabinet while their replacements have been named.
A statement signed by the Special Adviser, Media and Publicity to the Secretary to the Government of the Federation, Yomi Odunuga, on Tuesday evening, said Edun, until the latest development, was the Minister of Finance and Coordinating Minister for the Economy.
“He has been directed to hand over to Mr. Taiwo Oyedele, who is now to take over as Minister of Finance and Coordinating Minister of the Economy. Oyedele was formerly a Minister of State in the ministry.
“Also Mr. Muttaqha Rabe Darma (PhD.) has been named as the ministerial nominee and minister-designate for the Housing and Urban Development Ministry,” Odunuga stated.
The memo also directed Dangiwa to hand over to the Minister of State in the ministry pending Darma’s confirmation.
The memo stated that “all handing over and taking over processes should be completed on or before close of business on Thursday 23rd April, 2026.”
Explaining the President’s decision, Odunuga quoted Akume as saying: “These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda.”
He said the President, in approving the cabinet reshuffle, has fully exercised his powers as conferred on him by Sections 147 and 148 of the Constitution of the Federal Republic of Nigeria (1999, as amended).
The President thanked the outgoing ministers for their services to the nation while wishing them the best in all their future endeavours.
The President, Akume noted, equally assured all cabinet members that “the process of reinvigoration shall be continuous.”
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Tinubu, Victim of Historical Amnesia – Atiku
Published
3 days agoon
April 19, 2026By
Eric
By Eric Elezuo
True to political permutations, the National Convention of the opposition African Democratic Congress (ADC) amid Independent National Electoral Commission (INEC) derecognition and leadership litigation, set a chain reaction in the political space, including a former Vice President and one of the leaders of the ADC, Alhaji Atiku Abubakar, berating President Bola Tinubu as lacking a good knowledge of history.
Against all odds, the party went ahead on April 14, to host a Convention, where over 3000 delegates attended, and where the leadership of Senator David Mark and Ogbeni Rauf Aregbesola as National Chairman and National Secretary respectively were ratified.
Since the April 14 event, the ruling All Progressives Congress (APC) has reacted in a manner political stakeholders and analysts categorized as panicky with statements from the presidency, and President Bola Tinubu himself. Though these responses were tagged correctional of ill-made utterances by ADC chieftains, observers have however said they portray comments by a team faced with an ultimately new challenge.
At the convention, the secretary of the ADC, Aregbesola, had dismissed Tinubu’s administration and his renewed hope policy as a scam. He lambasted the administration as a government of “scammers”, urging Nigerians to block it from retaining power in 2027.
“If allowed, this regime will continue to chant renewed hope till eternity. We have a duty to stop these scammers from retaining power,” Aregbesola said.
The former vice president followed up the convention statements, accusing Tinubu’s presidency of attempting to subvert democratic principles and silence opposition voices ahead of the 2027 elections, a position that further set the ruling party on edge, eliciting tons of reactions.
Beyond Presidential spokesman, Bayo Onanuga’s criticism of Aregbesola for failing to reflect on his own record before attacking his “former boss and benefactor”, Tinubu himself made remarks against the person’s of the leaders of the ADC and their convention, calling it ‘street convention’.
“Unfortunately, Aregbesola did not undertake any honest self-reflection on his own record in public office — as governor or as Minister of Interior,” Onanuga stated in his statement.
He alleged that Aregbesola’s tenure as governor of Osun State was marked by hardship and poor economic management.
“His eight years as governor of Osun State were characterised by unmitigated hardship for the people. Under his half-baked socialist policies, civil servants went unpaid for months, and those who were paid received only a fraction of their salaries,” Onanuga said.
Tinubu, on his part, while hosting the Hope Renewal Ambassadors, took a swipe at some opposition figures, especially Atiku, ridiculing and questioning their records for criticising his administration, and saying that many of them have held strategic positions in the past without delivering lasting results.
He boldly retorted that “If you look at one of them, no one without history among them – no one without history. The head was the chairman of the privatisation council of Nigeria in this country one time.
“He privatised the steel industry in Delta. Is it working today? No. Is anything they privatised working today? They want to privatise another man’s political party. That one says no.”
Responding therefore, the former Vice President launched a fierce counterattack on Tinubu, accusing him of hypocrisy, historical distortion, and political desperation.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku described the President’s remarks as a “reckless tirade” that reflects “a troubling pattern of hypocrisy and historical amnesia.”
The statement began with “Atiku Abubakar’s attention has been drawn to the latest reckless tirade by President Bola Ahmed Tinubu—a performance that exposes not just desperation, but a troubling pattern of hypocrisy and historical amnesia.”
Atiku expressed surprise that a leader facing persistent scrutiny over his own credentials would attempt to discredit others with what he described as well-documented records of public service.
On the issue of privatisation, Atiku’s camp argued that Tinubu’s criticism does not stand up to scrutiny, noting that the President had previously opposed reforms he now appears to be implementing.
The statement maintained that Atiku had long advocated the privatisation of the Nigerian National Petroleum Corporation (NNPC) and the sale of refineries to credible private investors—a position it claimed Tinubu resisted at the time.
It, however, alleged that the current administration is now overseeing a system that has effectively commercialised the national oil company “without transparency, clear valuation, or accountability.”
“This is not reform; it is privatisation without accountability,” the statement said.
Defending Atiku’s economic legacy, the statement cited several companies as examples of the success of the privatisation programme he supervised, including Oando Plc (formerly Unipetrol), Conoil Plc, African Petroleum (now Ardova Plc), Indorama Eleme Petrochemicals, Benue Cement Company, and Transcorp Hilton Abuja.
The statement also took a swipe at the President’s intellectual posture, suggesting that his comments reflect a failure to engage with documented history on Nigeria’s economic reforms.
“It is not our fault that the President does not and cannot read,” the statement said, while also referencing past controversies surrounding Tinubu’s academic records.
It added that Tinubu’s remarks could only have been made in disregard of publicly available records and credible accounts of the privatisation process.
“You cannot oppose reform when it demands courage and then execute a shadow version of it in power,” the statement added.
Atiku’s camp further criticised the tone of the President’s remarks, arguing that resorting to mockery reflects a deeper leadership concern.
“The President’s attempt to reduce a serious economic legacy to ridicule underscores a leadership more comfortable with insults than with facts,” it stated.
The statement also highlighted the current economic situation in the country, pointing to rising cost of living, inflation, and insecurity as evidence of policy failure.
“Across the country, families are skipping meals, businesses are shutting down, and citizens are struggling under the weight of inflation and declining purchasing power. What has been presented as reform has translated into hardship without relief,” it said.
The statement concluded by asserting that Atiku’s record remains “clear, documented, and defensible,” while noting that unresolved public concerns about the President’s background persist.
“A leader who has not fully addressed questions about his own background should exercise restraint before casting aspersions on others,” it added.
The statement ended with a cautionary note: “Nigerians are watching.”
While the ADC is fighting for their life, and an opportunity to feature on the ballot during the 2027 general elections, and APC solidifying their grip on the political space, the atmosphere still exudes evidence of palpable tension. The APC maintains that they are on homerun to victory, ADC counters that nothing will save the ruling party from being defeated in the coming elections.
But as it stands today, both parties are locked in battle of wits recreating the tension and bad blood that was the hallmark of the 2015, and to a large extent, the 2023 elections.
But on April 22, the Supreme Court will rule on the leadership of the ADC; this will set the motion to the credibility of the ADC to participate in the 2027 election.
But fears pervade the political terrain as Tinubu made veiled reference to the judiciary while mocking Atiku and other leaders of the ADC.
“We cannot submit to the disobedience of unlawful orders in court. We must embrace the judiciary, whether it favours us or it doesn’t, we submit to this principle of democracy, separation of powers and understanding of the dynamics of it and the nation that Nigeria is,” Tinubu had said, insinuating that the ADC had gone against the judiciary.
The coming week will determine in totality the direction the 2027 situation will take.
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