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Nigeria’s Who’s Who Joins Otedola to Turn Sod for FirstBank’s 43-Storey New Headquarters

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By Eric Elezuo
Conducted in an atmosphere of class, beauty and wholesome networking, the event drew the likes of the Vice President of Nigeria, Senator Kashim Shettima, who represented President Bola Tinubu, as the special guest of honour.
Other dignitaries that graced the occasion were the governors of Lagos State, Mr. Babajide Sanwo-Olu; Ogun State, Prince Dapo Abiodun; Ondo State, Mr. Lucky Aiyedatiwa; and former governor of Delta State, Mr. James Ibori.
Also joining the retinue of the first class citizens were the Ghagoury brothers; Gilbert and Roland, Senator Daisy Danjuma, Mr. Deji Adeleke, Mustapha Ndimi, Alhaji Aliko Dangote, Mr. Tunde Folawiyo, Dr. Bukola Saraki, Mr. Ben Murray-Bruce, Chief Dele Momodu and a host of white cap chiefs, who represented the Oba of Lagos, Rilwan Akiotu.
Known for its penchant for creating firsts, the Nigeria’s premier and leading money deposit bank, as well as financial institution of choice, the bank is set to deliver a state-of-the-art edifice, described as the first of its kind in Nigeria, the West African subregion, and by hindsight, in the entire African continent.
It is also reported that on completion, the edifice will house a variety of facilities that will buttress, and toe the line of the Eko Atlantic City original manuscript, and lend candour to the skyline and nightlife of the exclusive city.
Earlier, the Managing Director and Chief Executive Officer of FirstBank Nigeria, Mr. Segun Alebiosu, had remarked in a statement that the building is a significant milestone and an ambitious project set to be an engineering and environmental delight due to its technologically advanced, eco-friendly and sophisticated construction that would set a new standard for the financial services sector in Africa.

“The groundbreaking ceremony signifies the beginning of a transformative journey that reinforces FirstBank’s commitment to excellence, innovation, and customer satisfaction.

“We are proud to mark this significant milestone in our journey towards excellence. Our new Head Office is envisioned as a world-class structure that represents our dedication to innovation, customer satisfaction, and sustainability.

“We believe that this development will play a crucial role in fostering economic growth and development across Africa, creating long-term value for all our stakeholders,” Alebiosu said.

The statement by the bank further revealed that the new headquarters is designed with sustainability in mind, featuring a green-certified building that reduces operational costs, and positions the bank as a leader in sustainable banking practices.

In his welcome address however, Alebiosu said that “The groundbreaking ceremony is a momentous occasion for us to redefine our commitment to position solidly as the bank for the future. Therefore, this new headquarters is not just about a modern architectural masterpiece; it is reimagining banking for generations yet unborn. It will serve as a hub for financial innovation, digital transformation, and operational excellence, ensuring that FirstBank remains ahead in an era where technology is reshaping activities.

“Situated in the heart of Eko Atlantic City, the iconic FirstBank headquarters complex, a 43-story edifice, will become the tallest building in Nigeria upon its completion.”

In his speech, the chief host, who is also the Chairman FirstHoldCo, Mr. Femi Otedola, praised the resilience of his FirstBank team, the Chagoury brothers for ‘creating land’ for Nigerians, stakeholders and the banking community, who have supported the FirstBank brand in 131 years of existence.

He noted that the gathering highlights the importance of collaboration and support from various sectors in bringing ambitious plans for the new headquarters to life.

“I appreciate the CBN for its efforts in sustaining the stability of the Nigerian financial services industry. I commend the Chagoury Group for their commitment to the infrastructural growth of the Nigerian economy. Worthy of note is that Chagoury has always been an inspiration and business model to me. I have personally felt that the creation of Eko Atlantic City is the ninth wonder of the world, coming after the eighth wonder, which is the Dangote Petrochemical City. These two wonders continue to reaffirm that Nigeria is indeed a great nation.

“To our customers and stakeholders of the bank, we must constantly be reminded that FirstBank is and will continue to be a legacy to behold. We shall continue to invest in cutting-edge technology, vibrant human capital, strategic partnerships, and customer-centric innovation that will define banking globally even as we detail our footprint across Nigeria, Africa, and the world. Thank you all for being a part of our rich heritage as we unveil this iconic building that will serve as the engine room of the bank’s next phase of dominance in the financial services sector and efforts to contribute our quota to the financial inclusion,” Otedola said.

The gathering was boosted by goodwill messages from stakeholders present including governors Sanwo-Olu, Abiodun and Aiyedatiwa. Other goodwill messages were delivered by Senator Danjuma, Mr Folawiyo, Alhaji Dangote, Mr. Adeleke and others.

In his charge, Sanwo-Olu ssaid, “First Bank, as usual, has led the way. I want to thank the visionaries who created a new city that will be Africa’s model city that all of us will be proud of. Mr. Femi Otedola, well done, well done to your board, well done to your management, and CBN Governor, thank you for the approval. We want you to give other financial institutions approval as well. There is space for them as well.”

One of the hallmarks of the event was the presentation of certificate to the FirstBank group by the Governor Sanwo-Olu, on behalf of the Lagos State government, to authorize commencement of construction.

In his keynote address however, the special guest of honour, President Bola Tinubu, who was represented by Vice President Kashim Shettima, lauded the building as representing and symbolising Nigeria’s ambition and progress.

“Today we lay the foundation for a monumental structure in Nigeria’s financial landscape, the First Bank iconic tower, a symbol of our nation’s progress and ambition. This tower will stand as a testament to our economic strength and vitality. The tower, which will be the tallest building in West Africa at 40 stories upon completion, is a symbol of confidence in our country’s future. For 130 years, FirstBank has been a pillar of our economy, empowering businesses, supporting families, and driving financial innovation. FirstBank has extended its reach from Lagos to London and all around major financial centres worldwide, proudly flying Nigeria’s flag on the global stage.

tower will symbolise ambition and excellence in Eko Atlantic, an investment that consolidates Lagos as a leading financial hub and showcases the dynamism of Nigeria’s private sector.

“As president, I reaffirm our unwavering commitment to fostering an environment where significant investment and transformative projects like this can thrive through bold economic reforms, strategic public-private partnerships, and infrastructure development. We are ensuring that Nigeria once again becomes the top destination for investment,” Shettima said on behalf of President Tinubu.

The event of the day was concluded with the turning of the sod to signify commencement of building activities for the 43-storey ambitious project, which will change the landscape of the Eko Atlantic City, banking industry and architectural intelligence.

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Tinubu’s Fatal Blow on Rivers State

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By Eric Elezuo

When in the 19th century, celebrated writer Lord Acton, made the oft-quoted statement that “Power corrupts, and absolute power corrupts absolutely,” he had no reference to the Nigerian government of today, which has suddenly become a law unto itself, maneuvering and arrogating judicial precedents and justice system to suit its whimps and caprices.

Many has called it power intoxication while others declare it as judicial malady, but the fact remains that Nigerian President, Bola Tinubu, had wielded a big stick, albeit unconstitutionally according to many high profile respondents, to deal a fatal blow on the elected representatives of the Rivers State government, and its legislative body.

Mr. President had on March 18, 2025, during a nationwide broadcast, and contrary to expectations, declared a state of emergency on the oil-rich state, going ahead to suspend the governor, Siminalayi Fubara, his deputy, Ngozi Odu, and the 31 elected members of the legislature. In the broadcast, the president stated that the emergency rule will last for an initial six months followed by a review which will determine either an extension of the rule or its termination. He also appointed Vice Admiral Ibok-Ete Ibas as the state’s Sole Administrator.

The president’s statement, which has been declared a fatal blow on democracy, and both unconstitutional and undemocratic, by a section of Nigerians, but a peace stroke by yet another section, has elicited reactions from the length and breadth of the nation majority of which borders on condemnations, rather than approval.

The sledgehammer reaction was a consequence of an 18 months fracas between between the Governor, Fubara, and his estranged godfather, Nyesom Wike, the immediate past governor of the state, and currently Tinubu’s minister, in charge of the Federal Capital Territory. Both has been locked in battle for the soul of the state treasury, as alleged by observers, and the party structure. The battle has brought both parties to their wits’ end where interventions from well meaning Nigerians, including Tinubu himself failed to assuage the grievances of each contending party. But Tinubu’s March 18th statement put a stop to all contentions, albeit at the moment

The statement reads in full:

Fellow Nigerians, I feel greatly disturbed at the turn we have come to regarding the political crisis in Rivers State. Like many of you, I have watched with concern the development with the hope that the parties involved would allow good sense to prevail at the soonest, but all that hope burned out without any solution to the crisis.

With the crisis persisting, there is no way democratic governance, which we have all fought and worked for over the years, can thrive in a way that will redound to the benefit of the good people of the state. The state has been at a standstill since the crisis started, with the good people of the state not being able to have access to the dividends of democracy.

Also, it is public knowledge that the Governor of Rivers State for unjustifiable reasons, demolished the House of Assembly of the state as far back as 13th December 2023 and has, up until now, fourteen (14) months after, not rebuilt same. I have made personal interventions between the contending parties for a peaceful resolution of the crisis, but my efforts have been largely ignored by the parties to the crisis. I am also aware that many well-meaning Nigerians, Leaders of thought and Patriotic groups have also intervened at various times with the best of intentions to resolve the matter, but all their efforts were also to no avail. Still, I thank them.

On February 28, 2025, the supreme court, in a judgment in respect of about eight consolidated appeals concerning the political crisis in Rivers State, based on several grave unconstitutional acts and disregard of rule of law that have been committed by the Governor of Rivers State as shown by the evidence before it pronounced in very clear terms:

“a government cannot be said to exist without one of the three arms that make up the government of a state under the 1999 Constitution as amended. In this case the head of the executive arm of the government has chosen to collapse the legislature to enable him to govern without the legislature as a despot. As it is there is no government in Rivers State.”

The above pronouncement came after a catalogue of judicial findings of constitutional breaches against the Governor Siminalayi Fubara.

Going Forward in their judgment, and having found and held that 27 members of the House who had allegedly defected

“are still valid members of Rivers State House of Assembly and cannot be prevented from participating in the proceedings of that House by the 8th Respondent (that is, the Governor) in cohorts with four members”

The Supreme Court then made some orders to restore the state to immediate constitutional democracy. These orders include the immediate passing of an Appropriation Bill by the Rivers State House of Assembly which up till now has not been facilitated.

Some militants had threatened fire and brimstone against their perceived enemy of the governor who has up till now NOT disowned them.

Apart from that both the House and the governor have not been able to work together.

Both of them do not realise that they are in office to work together for the peace and good governance of the state.

The latest security reports made available to me show that between yesterday and today there have been disturbing incidents of vandalization of pipelines by some militant without the governor taking any action to curtail them. I have, of course given stern order to the security agencies to ensure safety of lives of the good people of Rivers State and the oil pipelines.

With all these and many more, no good and responsible President will standby and allow the grave situation to continue without taking remedial steps prescribed by the Constitution to address the situation in the state, which no doubt requires extraordinary measures to restore good governance, peace, order and security.

In the circumstance, having soberly reflected on and evaluated the political situation in Rivers State and the Governor and Deputy Governor of Rivers State having failed to make a request to me as President to issue this proclamation as required by section 305(5) of the 1999 Constitution as amended, it has become inevitably compelling for me to invoke the provision of section 305 of the Constitution of the Federal Republic of Nigeria, 1999 as amended, to declare a state of emergency in Rivers State with effect from today, 18th March, 2025 and I so do.

By this declaration, the Governor of Rivers State, Mr Siminalayi Fubara, his deputy, Mrs Ngozi Odu and all elected members of the House of Assembly of Rivers State are hereby suspended for an initial period of six months.

In the meantime, I hereby nominate Vice Admiral Ibokette Ibas (Rtd) as Administrator to take charge of the affairs of the state in the interest of the good people of Rivers State. For the avoidance of doubt, this declaration does not affect the judicial arm of Rivers State, which shall continue to function in accordance with their constitutional mandate.

The Administrator will not make any new laws. He will, however, be free to formulate regulations as may be found necessary to do his job, but such regulations will need to be considered and approved by the Federal Executive Council and promulgated by the President for the state.

This declaration has been published in the Federal Gazette, a copy of which has been forwarded to the National Assembly in accordance with the Constitution. It is my fervent hope that this inevitable intervention will help to restore peace and order in Rivers State by awakening all the contenders to the constitutional imperatives binding on all political players in Rivers State in particular and Nigeria as a whole.

Long live a united, peaceful, secure and democratic Rivers State in particular and the Federal Republic of Nigeria as a whole.

But the reactions that followed the speech have fallen with the ranks of disdain and condemnation with the president’s loyalists stepping out to defend the ‘brazen’ declaration.

In his defence of Tinubu’s emergency rule, the Attorney-General and Minister of Justice, Lateef Fagbemi, on his advice the emergency law came into effect said unequivocally that everything the president said in the statement is the fact, adding that the declaration saved Fubara, who he completely blamed for the crises in the state, from imminent impeachment. He exonerated the FCT Minister of any wrongdoing while alleging that Fubara teleguided militants, who he claimed blew up oil pipeline in the wake of an impeachment notice by the pro-Nyesom Wike House of Assembly. These men, 27 in number, led by Hon Martins Amaewhule, literally took instructions from the former governor.

BACKGROUND OF THE CRISES

The Vanguard reports that for fear of trading off his structure since all his opponents whom he drove to Abuja as governor, had returned, and were frolicking with Governor Fubara, Wike insisted on having all the commissioners and other key appointees nominated by him. He nominated 14 of the commissioners while mandating Fubara to nominate only one.

A source told The Vanguard that trouble heightened when Fubara forwarded two nominees to the House of Assembly with Rt. Hon Amaewhule as Speaker for screening. Wike was immediately informed and a war of words started.

The Commissioners, according to the source never “respected the governor”, to the extent the governor could not make approval exceeding N30million without “authorization from Abuja”.

Vanguard wrote, “Unbearably frustrated, Fubara told those who could listen to him that rather than tolerate such despicability, he would resign as governor. Several nocturnal meetings were held to save the embarrassing situation both in Nigeria and outside the country. It only went from bad to worse.

“The cloud of war became thickened when on October 29, 2023, the Dome edifice of the House of Assembly on Moscow road was riddled with dynamite. And the next day, October 30th the complex was mercilessly demolished on the allegation that it had some “structural defects”.

The governor, steadily gathering support across the state and the country, became more emboldened so that when he got wind of a possible impeachment process, he stormed the Assembly very early in the morning in pretense of supervising bulldozers. This stalled the activities of the Wike-lawmakers, and gained more grounds for Fubara. Wike was losing on a fast lane. And so to further frustrate Fubara’s government, he instigated his loyal commissioners to resign, and they did in droves, while Wike sought presidential/federal assistance, prompting Tinubu to broker a peace deal. The deal though signed by both gladiators, was later discovered to be lopsided, and counterproductive to Fubara, and favored Wike. It wasn’t long before the agreement was jettisoned, and the gladiators returned to the trenches, but it dawned on Fubara that he was surrounded by disloyal staff even as his cabinet of commissioners was depleted. So he withdrew Dr. Edison Ehie who by then had become the Speaker of the House of Assembly and made him his Chief of staff, thereby sealing the gap through which government sensitive information was leaked to Wike. Ehie was replaced as a speaker in the House by Rt. Hon Victor Oko-Jumbo with only three men to form a new House, as the 27 lawmakers loyal to Wike officially defected to the APC. The lawmakers in December, 2023, factional chairman of the APC, Chief Tony Okocha, Abdulkarim Kana the Legal adviser, and other national leaders of the APC officially received them at the Port Harcourt Polo Club. These situations were since denied by all those involved, and sadly supported by the Supreme Court.

At this time, it became the House of Assembly, string-pulled by Wike, against Fubara. While the 27 lawmakers continued to make laws against Fubara and his administration, Fubara only recognised and functioned with the 4-man legislature of Oko-Jumbo. This was until the Supreme Court presented its surprising verdict.

“That Supreme Court judgment look like what Wike and his cohorts wrote,” a Rivers stakeholder said.

But that was the beginning of additional crisis as the House gave the governor 48 hours to represent the 2025 budget. But the governor appeared later after the 48-hour ultimatum, but was locked out of the premises by the lawmakers. Then the forth and back continued, resulting in the House issuing a notice of impeachment after accusing the governor of gross misconduct.

Then Tinubu struck – suspended the elected gladiators in a state of emergency broadcast, but sparing Wike, who was exonerated.

NASS ENDORSES TINUBU’S EMERGENCY RULE DECLARATION 

But contrary to expectations, the Senator Godswill Akpabio and Hon Tajudeen Abass-led National Assembly hurriedly endorsed the declaration via a voice vote. This, according to stakeholders, is contrary to constitutional provisions, where two-third majority votes are required to approve the emergency rule.

“These people just took Nigerians for a ride. Why voice vote? Is that the constitutional provision?” A concerned citizen queried.

Nigerians have insinuated that that Senators were induced with $15,000 while members of the House Representatives received $5000 to lend support to the unpopular declaration. The National Assembly has since denied the allegations.

But the Policy and Legal Advocacy Centre (PLAC) in its reaction, among many reactions, said in part, “Instead of safeguarding democracy and the rule of law, the National Assembly has chosen to passively endorse an unconstitutional overreach of executive power, thereby weakening the checks and balances that are essential to our democratic system. The decision to do this via voice vote, when section 305 (6)(b) of the Constitution clearly requires that the proclamation of a State of Emergency by the President must be supported by two-thirds majority of all the members of each House of the National Assembly, is a travesty and flies in the face of constitutionality, legality and good reasoning.”

WELL MEANING NIGERIANS KICK

Following the emergency rule declaration, Nigerians from all walks of life have risen in unison to condemn the act, describing it as a brazen show of power.

Among the early individuals to called to question Tinubu’s emergency rule declaration were a former Vice President and presidential candidate of the PDP in the 2023 presidential election, Atiku Abubakar, former Governor of Anambra State, and former Labour Party presidential candidate, Mr. Peter Obi, former Kaduna State Governor, Mallam Nasir El-Rufai, former President Goodluck Jonathan, Prof Wole Soyinka, Dele Farotimi, Chief Dele Momodu among others. They described the effort as political manipulation, where the president stylishly seeks the corner the resources of Rivers State for personal aggrandizement, and in view of the 2027 general election.

Also, a coalition of civil society organisations in Nigeria condemned the declaration of emergency, describing it as a threat to democracy and an unjustifiable overreach of executive power.

Speaking at a press briefing in Port Harcourt, Christian Onyegbule, representative of the Civil Liberties Organisation (CLO), read the coalition’s statement, rejecting the emergency rule and demanding its immediate reversal.

As at today, Tinubu’s declaration has the force of law as the National Assembly has given approval, and have it in Gazette, though many organisations including SERAP has gone to court to seek a reversal and maybe a punishment for the president for overreaching the Constitution.

“The Supreme Court cannot do less than they did at the Election Petitions trial or at the Rivers State judgment. The truth is Tinubu’s blow has come to stay, and may be unleashed on more states in the near future. Osun State, where his nephew, Gboyega Oyetola, is having a running battle with Governor Ademola Adeleke, may be the next in the line of target.

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Tambuwal, Abaribe Joined Me to Oppose Tinubu’s Emergency Declaration – Dickson

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By Eric Elezuo

The senator representing Bayelsa West Senatorial District, Seriake Dickson, has named Senators Aminu Tambuwal and Enyinnaya Abaribe among a few others, who stood with him to oppose the unconstitutionality of the suspension of the Rivers State Governor, Siminalayi Fubara, his deputy, Ngozi Odu, and the members of the House of Assembly.

The senator, in a statement, also revealed the reasons he walked out of the red chamber on Thursday following a heated argument regarding the approval of the State of Emergency in Rivers State.

In the statement, Dickson, who already told as many that cares to listen before the sitting that he will never support the emergency rule on the floor of the senate, met a brick wall in the visibly angry senate president, Godswill Akpabio, who he claimed tried to deny him his freedom to express himself, resulting in the heated argument that ensued.

The senator noted that when it was obvious that the red chamber was bent on validating the President’s emergency rule, he staged a walkout from the senate, saying he wouldn’t want to be present when the report of what he opposed is read.

Dickson’s detailed analysis of what transpired is presented below:

SENATOR SERIAKE DICKSON GIVES DETAILED UPDATE ON WHAT TRANSPIRED TODAY

Today at the sitting of the Senate, the issue of the President’s proclamation of a state of emergency in Rivers State came up for discussion and as I have stated repeatedly, I raised my objections in the closed session on how the declaration fell short of constitutional prescription, based on my view as a Democrat, sworn to uphold the Nigerian constitution.

The Senate did not undertake the debate in an open session however, it was quite robust. I want to thank Sen. Aminu Waziri Tambuwal for his strong support of the unconstitutionality of the declaration, especially the aspect that deals with the suspension of the elected officials of the Rivers State government.

At the end of the day, majority of the senators supported the proclamation as no room was given for an open debate at plenary. I left the plenary before the Senate President was directed to report the outcome because I didn’t want to be present while what I opposed is being reported. I believe Senator Tambuwal, Senator Abaribe and others equally left too.

I want to make it clear that as I stated repeatedly, I spoke and voted against the proclamation in our closed session, supported by Senator Aminu Tambuwal and a few other senators who were not recognized to speak.

And so I want to thank all the senators who shared the view that I vigorously canvassed.

I am however aware of the efforts made to modify the declaration as a result of the concerns and views we have expressed and canvassed the past few days. Though I acknowledge the effort being made by the leadership and President to moderate the terms of the declaration and to create a mechanism for oversight, theoretically this does not counter the primary issue of constitutionality.

The beauty of democracy is such that the minority will have their say while the majority their way. I would have wished for a more robust and open debate so that all views and opinions can be openly canvassed as I requested even at the closed session specifically and thereafter, the majority can have their way but as it is, both chambers have decided and the ball is now on the court of the other arms of government, especially the judiciary, in the event of any challenge.

My attention has also been drawn to a viral video showing parts of the unfortunate exchanges between the Senate President and I before we desolved to the closed session.

As I said on the floor, the Senate President was very unfair to me by trying to censor my freedom of expression and by deliberately misrepresenting the import of what I said in the broadcast yesterday which was the same thing I said on the floor today. It is my opposition in principle to the declaration of a state of emergency, as well as the suspension of elected officials.

I thank all those who have called to commend my composure under unnecessary and unexpected attempt at intimidation. Everyone, including the Senate President, knows I have long gone beyond that stage in my life.

The Senate as I said is a meeting of equals and everyone should be respected just as we accord respect to the Chair. No senator needs the permission of the senate president to express an opinion in an interview on a topical matter of national interest that is in the public domain.

I intend to meet the Senate President to formally express my displeasure, to prevent a reoccurrence.

I thank my constituents, Nigerians and all people of goodwill who have called to express solidarity and urge them not to be dismayed at the direction our democracy appears to have taken.

For someone like me who has been in trenches over the years, all these challenges are actually a call to duty and I therefore implore all people of goodwill to come together and ensure that participatory democracy is promoted in our country.

Our thoughts and prayers are with the people of Rivers State.”

President Bola Tinubu, on Tuesday, declared a state of emergency in Rivers, sacking all elected officers, and appointing a Sole Administrator, in the person retired former Chief of Naval Staff, Vice Admiral Ibok-Ete Ibas, for an initial period of six months.

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For Condemning Tinubu’s Emergency Rule in Rivers, Presidency Dismisses Atiku, Peter Obi, Amaechi, Others As Disgruntled Politicians

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The Presidency, on Thursday, described former Vice President Atiku Abubakar, former Anambra State governor and 2023 presidential candidate of the Labour Party, Mr. Peter Obi, the former Kaduna State governor, Mallam Nasir El-Rufai and the former governor of Rivers State, Chibuike Amaechi as disgruntled politicians that don’t have the interest of the masses at heart.

Reacting to the recent regrouping of some politicians including the former governor of Ekiti State, Kayode Fayemi, who reportedly formed a coalition against President Bola Tinubu in 2027, the Presidency described them as “a frustrated lot”.”

Special Adviser to the President on Information and Strategy, Bayo Onanuga, said President Tinubu is focused on governance to build a prosperous country.

According to him: “He (Tinubu) is on the way to achieving this. Two months to his midterm, he has many solid achievements to showcase. Intractable problems are being tackled headlong.

“He cannot be distracted by the so-called coalition of politicians. They are not politicians after the public Good. It’s all about their self-interest.

“They are disgruntled. They are a frustrated lot. The leaders are sore losers. The coalition is an amalgam of Tinubu haters. Their agenda is to stop Tinubu.”

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