In a country where over 130 million people are trapped in multidimensional poverty, where hunger gnaws at the bellies of millions, and where the echoes of protests against bad governance are still fresh, President Bola Tinubu has committed an unforgivable act of extravagance. His administration’s decision to spend $150 million on a new presidential jet is not just tone-deaf; it is a brazen act of contempt for the very people he was elected to serve.

This move is particularly galling when juxtaposed with the actions of leaders in other parts of the world. U.S. President Joe Biden continues to use a 34-year-old aircraft, which has served multiple American presidents, without so much as a whisper of complaint. Meanwhile, Tinubu, barely a year into his presidency, has deemed it necessary to discard a 19-year-old aircraft—a plane that has served Nigeria through the terms of four presidents—as unfit for use.

The Tinubu government’s rationale for this purchase is as weak as it is insulting. The claim that the old Boeing Business Jet (BBJ) was embarrassing because of mechanical issues on trips abroad is laughable at best. If the American Air Force One, which has been in operation for decades, can be maintained to the highest standards, why couldn’t the federal government ensure the same for its presidential aircraft? This is not about the age of the aircraft; it is about the glaring failure of leadership and a misplaced sense of priority.

The audacity of this purchase, in the face of widespread suffering, is nothing short of scandalous. Nigeria is reeling from economic hardship that has pushed millions into poverty. Basic amenities are out of reach for many, and the cost of living is skyrocketing. Yet, the Presidency finds it appropriate to spend $150 million on a luxury jet, including $50 million on unnecessary retrofits and upgrades. This is the height of irresponsibility, a stark reminder that the Nigerian political elite are grossly disconnected from the reality on the ground.

Oby Ezekwesili, a former Minister of Education, aptly described this situation when she called the Presidency and the National Assembly “bandits” against Nigerians. Her words are a painful truth that resonates deeply with the masses. The political class in Nigeria seems to have abandoned any pretense of serving the public good. Instead, they have chosen to enrich themselves, disregarding the suffering of the very citizens who put them in power.

The timing of this purchase adds salt to the wound. Coming on the heels of the #EndBadGovernment protests—a movement born out of frustration with corruption, mismanagement, and disregard for human life—this action is a slap in the face of every Nigerian who dared to dream of a better country. It is a reminder that, in the ears of those in power, the cries of the masses are mere noise.

This jet is not just a symbol of luxury; it is a symbol of everything that is wrong with Nigerian governance. It represents the skewed priorities of a government that would rather spend billions on personal comfort than address the critical needs of its people. It is a blatant display of power and privilege, a message that the elites will continue to live in opulence while the masses suffer in silence.

Nigerians must not allow this affront to go unanswered. This is not just about a jet; it is about the future of a country where the gap between the rich and the poor grows wider every day. It is about demanding accountability from those in power and insisting that the needs of the people come first. Tinubu’s extravagant purchase is a betrayal of the Nigerian people, and it must not be forgotten or forgiven. It is time for Nigerians to be more determined to hold their leaders accountable, to demand a government that serves the people rather than one that exploits them.

Africa has the youngest population of any continent, and recent protests in Kenya, Nigeria and Uganda suggest growing youth disillusionment. Will they be able to turn discontent into action?

The youth-led protests that have broken out in several African countries over the past weeks should, say observers, serve as warnings that a disillusioned generation blame the elders of the ruling political classes for missed economic opportunities.

From mid-June to early August, young people in Kenya hit the streets protesting against what they described as runaway corruption and high taxes levied by President William Ruto’s regime. In Uganda, what was shaping up as protests against the government in July were nipped in the bud by police after President Yoweri Museveni’s warning that those thinking of such protests “were playing with fire”. Nigeria saw short-lived protests against the poor handling of the economy by President Bola Tinubu’s government.

But beyond these protests, Africa’s demographic bulge finds itself at a crossroads; distrustful of the ruling class but seemingly unable to drive the change.

Last week, more than 400 young people, mostly in their early to mid-20s, converged at the UN offices in Nairobi for the Africa Youth Forum 2024 in order to stimulate an intergenerational dialogue that promotes the perspectives of all age groups in a continent where older ones’ viewpoints are rarely questioned.

“We are here to share our values, our challenges and harmonise the potential within the young people in Africa,” says Mohamed Abdulhalim from the coastal Kenyan county of Lamu.

The continent has the youngest population in the world with more than 400 million people aged between 18 and 35 and by 2030, it is estimated that 42% of all young people entering the workplace will be African.

Abdulhalim says the generational gap that exists between the youth and Africa’s leadership denies young people a chance to show their abilities, energy, and their contribution to the continent’s economy, hence the widespread protests in Kenya and elsewhere in Africa.

“Look, we have the capacity, but we don’t have a platform to showcase [our abilities],” says Abdulhalim. “And that is the reason we went to the streets. We are saying our voices must count, that we must be part of the decision-making process, including those of us from far away in Lamu.”

After the protests in Kenya, the government was forced to drop the contentious finance bill that contained harsh taxation measures. Ruto also disbanded his cabinet hoping the measures would appease the young protesters, or the generation Z. His pleas for dialogue were shrugged off as they demanded that he too, step down.

The young protesters in Kenya styled themselves as “leaderless and tribeless”, thus complicating government efforts to arrange any dialogue. Without dialogue, however, organisers of the Nairobi meeting say Africa’s youth will have no meaningful contribution to state affairs and will always be at the mercy of crafty politicians.

“Dialogue is not being naive,” says Kjell Magne Bondevik, the former prime minister of Norway and founder of the Oslo Center that convened the Nairobi forum. “Dialogue is about listening and learning from each other. It is about identifying common values and strengthening the youth’s participation in political parties.”

Faith Norah Lukosi, a youth representative in a national fund meant to assist young Kenyans set up commercial enterprises has in the past tried to get young people on the negotiating table with mixed success. In 2021, she wrote a scathing piece in the the Daily Nation, where she castigated the youth for sitting on the fence and waiting for handouts from politicians.

“Kenya is ripe for revolution led by youth”, read the title of her article. But they have failed “to portray themselves as the solution, instead flocking around political heavyweights for financial expediency and other short-term goals … easily swayed by the highest financial bidder in the market, regardless of what one stands for,” she wrote.

Lukosi says: “I received so many negative reactions from people thereafter. Some said, ‘Do you want us to burn our country down?’ But I am happy my sentiments have been vindicated in 2024. A revolution is building up and young people are ready for it. Kenya’s gen Zs have led the way. I believe we are on the right trajectory.”

Rwanda has not witnessed the kind of political and economic protests seen in Kenya or Uganda, as young people in the country still feel the best way to forestall such chaotic scenes is by continued government engagement, “something that we have been mentioning over and over again”, says Deborah Mukundwa from the capital, Kigali.

“I think we also need to understand our leaders,” Mukundwa says. “What are they up to and how can the youth contribute into that thought process? For example, I have the privilege of accessing quality education, a privilege of expression and being informed about national matters, but I recognise the majority of young people are lacking such privileges.”

Not just education but digital access is a major challenge for many – in 2021 only 43% of Africans had access to the internet, below a global average of 66%.

As of January 2024, about 74% of web traffic in Africa was via mobile phones, over 14 percentage points higher than the world average. This is down to cost and the availability of infrastructure needed for computers with fixed-line internet connections.

“Youths in Africa lack internet accessibility and have an education system that doesn’t really serve them in order to execute the different agendas and matters that we are talking about at this meeting,” says Mukundwa.

Without physical and intellectual infrastructure, she says Africa’s youth will not reach their potential, will not have any tangible input in the global, regional, or national agendas, nor will they understand what really matters to them and how policies formulated at the highest levels affect them.

“We are lacking that meaningful youth engagement, an engagement that goes beyond inviting young people to forums, inviting them to speak. They need an engagement that enforces that collaboration and partnership to the execution of different projects and agendas, an engagement that is more meaningful and that says, ‘We see you, we see your project, and we support you with resources.’ We are not only present at these forums, but have safe spaces for such engagement,” she says.

Kalonzo Musyoka, a former vice-president and key opposition figure in Kenya, says it will no longer be business as usual. Young people, he says, are offering the continent a new viewpoint and a desire to innovate “as long as they are spared state-sanctioned brutality”.

 

The Guardian, UK

Israeli military intelligence head leaves post, takes responsibility for Oct. 7 failure

Israel's outgoing head of military intelligence took responsibility for his country's failures to defend its border on Oct. 7 at his resignation ceremony on Wednesday.

Major General Aharon Haliva, a 38-year veteran of the military, announced his resignation in April and was one of a number of senior Israeli commanders who said they had failed to foresee and prevent the deadliest attack in Israel's history.

"The failure of the intelligence corps was my fault," Haliva said at the ceremony on Wednesday, and he called for a national investigation "in order to study" and "understand deeply" the reasons that led to the war between Israel and Hamas.

The Oct. 7 attack badly tarnished the reputation of the Israeli military and intelligence services, previously seen as all but unbeatable by armed Palestinian groups such as Hamas.

In the early hours of the morning of Oct. 7, following an intense rocket barrage, thousands of fighters from Hamas and other groups broke through security barriers around Gaza, surprising Israeli forces and rampaging through communities in southern Israel.

Some 1,200 Israelis and foreigners were killed in the attack, most of them civilians, and about 250 were taken into captivity in Gaza, according to Israeli tallies. Some 109 hostages are believed to still be in Gaza, around a third of whom are thought to be dead.

The head of the armed forces, Lieutenant-General Herzi Halevi, and the head of the domestic intelligence agency Shin Bet, Ronen Bar, both accepted responsibility in the aftermath of the attack but have stayed on while the war in Gaza has continued.

 

Reuters

WESTERN PERSPECTIVE

Ukraine attacks Moscow in one of largest ever drone strikes on Russian capital

Ukraine attacked Moscow on Wednesday with at least 11 drones that were shot down by air defences in what Russian officials called one of the biggest drone strikes on the capital since the war in Ukraine began in February 2022.

The war, largely a grinding artillery and drone battle across the fields, forests and villages of eastern Ukraine, escalated on Aug. 6 when Ukraine sent thousands of soldiers over the border into Russia's western Kursk region.

For months, Ukraine has also fought an increasingly damaging drone war against the refineries and airfields of Russia, the world's second largest oil exporter, though major drone attacks on the Moscow region - with a population of over 21 million - have been rarer.

Russia's defence ministry said its air defences destroyed a total of 45 drones over Russian territory, including 11 over the Moscow region, 23 over the border region of Bryansk, six over the Belgorod region, three over the Kaluga region and two over the Kursk region.

Some of the drones were shot down over the city of Podolsk, Moscow Mayor Sergei Sobyanin said. The city in the Moscow region is some 38 km (24 miles) south of the Kremlin.

"This is one of the largest attempts to attack Moscow using drones ever," Sobyanin said on the Telegram messaging app in the early hours of Wednesday. "The layered defence of Moscow that was created made it possible to successfully repel all the attacks from the enemy UAVs."

Along Moscow's boulevards, the cafes, restaurants and shops of the capital - which has been carefully insulated from the war - were crowded with little sign of concern, while President Vladimir Putin met Chinese premier Li Qiang in the Kremlin.

Two Russian citizens who spoke to Reuters on condition of anonymity said the foiled drone attack simply showed how well defended Moscow now was, and that Ukraine was "playing with fire" by attacking Russia both in Kursk and in Moscow.

Russia meanwhile is advancing in eastern Ukraine, where it controls about 18% of the territory, and battling to repel Ukraine's incursion into the Kursk region, the biggest foreign attack on Russian territory since World War Two.

Russian media showed unverified footage of drones whirring over the dawn sky of the Moscow region and then being shot down in a ball of flame by air defences.

Moscow's airports, Vnukovo, Domodedovo and Zhukovsky, limited flights for four hours but restarted normal operations from 0330 GMT, Russia's aviation watchdog said.

Sobyanin said that according to preliminary information, there were no injuries or damage reported in the aftermath of the attacks. There were also no casualties or damage reported following the attack on Bryansk in Russia's southwest, the governor of the region, Alexander Bogomaz, wrote on Telegram.

Russia's RIA state news agency reported that two drones were destroyed over the Tula region, which borders the Moscow region to its north. Vasily Golubev, governor of the Rostov region in Russia's southwest, said air defence forces destroyed a Ukraine-launched missile over the region, with no injuries reported.

The Russian defence ministry did not mention either Tula or Rostov in its statement listing destroyed Ukrainian air weapons. Ukraine's military said on Wednesday it overnight struck an S-300 anti-aircraft missile systembased in the Rostov region.

Reuters could not independently verify the reports.

The drone attack on Moscow was on a par with a May 2023 attack when at least eight droneswere destroyed over the capital, a strike Putin said was a Ukrainian attempt to scare and provoke Russia.

In Kursk, Russian war bloggers said intense battles were ongoing along the front in the region where Ukraine has carved out at least 450 square km (175 square miles) of Russian territory.

 

RUSSIAN PERSPECTIVE

Russia saved from ‘talks trap’ – Medvedev

Kiev’s decision to launch an offensive on Russian soil has benefited Moscow, since it can no longer be pressured to compromise for the sake of peace, former president Dmitry Medvedev has suggested.

Ukrainian troops occupied some border areas in Kursk Region this month in a move that the country’s leadership claims would strengthen its position in eventual peace talks. However, President Vladimir Putin has ruled out negotiations with Kiev following the incursion, accusing Ukraine of targeting Russian civilians during the attack.

Medvedev, who serves as deputy chair of the Russian Security Council, argued that Russia should take a more hardline position in response to the incursion.

”In my view, there was a theoretical threat of a talks trap, which our nation could fall into under certain circumstances. That is, unnecessary early peace negotiations, offered by the international community and imposed on the Kiev regime,” he wrote on social media on Wednesday.

”After the neo-Nazis committed an act of terrorism in Kursk Region, every piece got into its place,” he added. “Everyone realizes that there can be NO TALKS BEFORE THE ENEMY IS FULLY DEFEATED!”

Medvedev lashed out specifically at Britain and its former prime minister Boris Johnson, who enthusiastically welcomed Kiev’s move. The UK has hurt Ukraine a lot with its support, since it led to unnecessary destruction and loss of life, Medvedev said.

Before the offensive started, Moscow was willing to order a ceasefire in exchange for Kiev renouncing its aspirations for NATO membership and pulling troops out of all territories claimed by Russia.

Politico reported on Monday that the Ukrainian government wanted to have mediated, indirect talks with Russia similar to those that resulted in the Black Sea grain initiative, an arrangement that provided safe passage to certain merchant ships sailing to or from Ukrainian ports. The 2022 deal was technically two separate agreements that Russia and Ukraine signed with Türkiye and the UN, but not with each other.

Ukrainian officials have told the outlet that they are hoping for the same model and expect Russia to accept an outcome based on the so-called ‘peace formula’ penned by the country’s leader Vladimir Zelensky in 2022. Moscow has rejected his proposal from the start, calling it a de facto demand for capitulation that is detached from reality.

 

Reuters/RT

Following the seizure of the country’s assets based on the ruling of a French court, former Ogun governor Ibikunle Amosun, put out successive press releases clarifying his role in the embarrassing situation. The first, explaining his responsibility in the matter between Ogun State and two Chinese companies (which culminated in the seizure of three presidential aircraft), was just as self-indicting as the second, a rejoinder to economist Pat Utomi. Both succinctly summarise everything wrong with leadership in this part of the world and why we just never seem to move forward. It is no longer news that we have bad leaders, but it was always distressing to see—through their self-narration—that we are ruled by people who are unethical, unthinking, and unsophisticated.

After reading both press statements, I concluded that the Chinese company’s enforcement of the law against Nigeria should not stop at seizing foreign assets. They should take Amosun with them. They can put him on the plantation for all we care.

Now, let me say that I have taken note that Amosun’s statement on Zhongfu’s duplicity, as much as they give him away as a poor administrator, is also one-sided. Until an investigative journalist can obtain and analyse the legal documents in the four Nigerian courts (where Zhongfu lost their cases) and the Paris arbitration tribunal (where they won) to provide a comprehensive picture of what unfolded, all we have to go by are the self-vindicating statements of each party. I should also add that this is not a defence of either Zhongfu or Utomi. Today, I am not particularly interested in the details of their deals with Ogun to take sides; I am only concerned with the naïve actions of the people who make the decisions that affect our lives.

In his press release, Amosun stated that two Chinese organisations fought over the lawful representative of the original joint venturer, Guangdong Province, China, and the right to manage the Ogun Free Trade Zone. Here is where it gets funny:

Zhongfu International Investment FXE, pretending to be a concerned and genuine tenant and Zone stakeholder, volunteered very damaging and destructive information about the official representatives of Guangdong Province, the Joint Venturer and lawful Zone Managers, China Africa Investment FXE and subsequently requested to be appointed as Interim Zone Managers.

If a rival agency provides “damaging and destructive information” about its rival, common sense should tell anyone that whatever they are “volunteering” cannot be merely for charitable purposes. Amosun must have been wearing that his signature cap too tight for air to be let into his head because he apparently favoured the gossiping party for no reason other than their takedown of their opponent. According to him, it was only later that they discovered the information was a “tissue of lies.” When I read the part where he stated that unknown to the Ogun Government at the time, Zhongfu International Investment FXE merely sought to de-market China Africa Investment FXE and to surreptitiously covert the state-owned assets of Guangdong Province in China together with the zone ownership and management rights of their business rival, I thought Amosun should be flogged in the market square.

For a state government with an entire bureaucracy at its disposal, it should not have been “unknown” to you that you were being manipulated. You could have done due diligence by carrying out an independent fact-finding mission before taking decisions rather than letting a self-interested agent do your homework. Also, between 2012 when you appointed Zhongfu as “interim managers” and 2016 when the Chinese government clarified that China Africa Investment FXE was the rightful investor, you did not do any independent work to ascertain the truth? If it would take the Chinese government for you to know what was true, why did you not contact them all along?

But that is one part of his self-indictment. The second part is revealed in his release where he responds to Utomi. He says, Before I came into office, the Ogun State House of Assembly had passed a persona non grata on Utomi, and put its resolution in the state’s black book. So, I was curious when I became governor and called Utomi to ask what the issue was. This was entirely at my discretion and not because he reached out to me. But I reckoned that as one with some degree of name-recognition, that should not be, and I wanted to know what happened.

What you quickly notice is that in his reply to Utomi is the change of tone. In the first statement, he was careful to assume corporate responsibility for the decisions that led to the Nigerian embarrassment. He made sure to use the pronoun “we,” and to state that this and that action was taken by “Ogun” or “our administration.” When he got into the spat with Utomi, he dropped the façade and reverted to the personal pronoun. Unlike the first where he was careful to spread responsibility for the failure of intelligence that has brought Nigeria to this point, the second revealed him as a governor who basically ran a one-man show while in office.

He left me wondering, why would you—as a governor—be curious about the legislature blacklisting an individual to the point of contacting the person? If you need to find out anything, why not read the records? I am sure Ogun lawmakers did not just blacklist Utomi; there had to be a documented reason somewhere. It was not enough that he reached out to someone on the state’s black book, but he also offered them N100m.

He said by their assessment of the project, the expenditure could not have exceeded N35m or at most N50m. So, how did he arrive at N100m as compensation? What bureaucratic procedure reviewed the project and thought N100m was due to the blacklisted Utomi as compensation? The only reason anyone would have needed to award a governor a plaque to cajole him to pay the N100m balance must have been because he personalised the government, and administrative decisions were based on his gut instinct rather than official procedure. Even you confirmed that by saying, But I did not change my position on the refund of N100 million as against his N200 million claim.

And then, the finisher: I challenge everyone, including journalists, to let us meet at the construction site and see the N200 million investment he claimed to have made there. Let them also ask what benefit the project would have been to Ogun State. But this again proves how poorly he thinks and decides. To calculate whether the project was worth the N200m Utomi claims or not, he asked us to meet at the site and assess with our eyes. For a chartered accountant, one would have expected he would provide us with audit documents. Was that how he arrived at the “N35m, or at most N50m” value of the project? He went there and used his eyes to “see.” Now you see why his calculations had a yawning disparity of N15m. If this is how he makes decisions, it is unsurprising that Zhongfu could turn him around.

Then he says after using our eyes to calculate, we should ask “what benefit the project would have been to Ogun State.” So, he did not think that the project would benefit the state, but he offered N100m for it. What kind of administrator does that? If Amosun could arbitrarily spend N100m on a “useless” project, who knows what else he wastefully expended the money that could have benefited the poor people of Ogun State on?

Honestly, the Chinese can keep him as part of enforcing the arbitration award. Except that he is not an asset—not to Nigeria, and definitely not to the business-savvy Chinese.

 

Punch

The dream of getting rich often feels out of reach, particularly if you believe that wealth requires a hefty initial investment or a lucky break. However, the truth is, many successful entrepreneurs have built their fortunes not from a windfall or a massive inheritance, but by leveraging something they already possessed: their skills.

If you have a skill set you’re passionate about, you're sitting on a goldmine.

Here’s how you can use what you already have to start a business and get rich:

1. Identify Your Core Skills

Before diving into the business world, it’s essential to identify the skills that set you apart. Are you a natural problem solver? Do you have a talent for writing, designing, or coding? Maybe you’re great at teaching, organizing, or managing projects. Start by making a list of all the skills you possess, both soft and hard skills. This list will become the foundation for your business idea.

2. Find a Market Need

Once you've identified your core skills, the next step is to find a market need. Research industries or niches where your skills are in high demand. If you're a skilled writer, businesses are always in need of quality content for their websites, blogs, and marketing materials. If you’re a web developer, there’s a constant demand for websites and apps. The key is to match your skill set with a problem that needs solving.

3. Start Small and Lean

One of the biggest misconceptions about starting a business is that it requires significant upfront capital. However, many successful entrepreneurs started with little to no money. You can start small by offering your services as a freelancer or consultant. This allows you to test the waters, build a client base, and gain experience without the financial risk of starting a full-fledged business.

For example, if you’re a graphic designer, you can start by taking on freelance projects. As you build a portfolio and a reputation, you can gradually expand your services and client base.

4. Leverage Technology

Technology will help you start your business. You can use online platforms to market your skills, find clients, and even automate parts of your business. Social media, freelancing websites, and personal websites are powerful tools for reaching a global audience without spending a dime.

Platforms like LinkedIn can connect you with clients looking for your specific skill set. Meanwhile, a well-maintained social media presence can help you build your brand and attract customers organically.

5. Network and Collaborate

Networking is a critical component of growing your business. By connecting with others in your industry, you can gain valuable insights, find opportunities for collaboration, and increase your visibility. Attend industry events, join online communities, and don’t be afraid to reach out to people who might be able to help you grow your business.

Collaboration can also open new revenue streams. For example, if you’re a web developer, partnering with a graphic designer can allow you to offer a more comprehensive service to your clients.

6. Upskill Continuously

To stay competitive and continue growing your business, it’s essential to keep learning. Invest time in upskilling and staying updated with the latest trends in your industry. This could mean taking online courses, attending workshops, or simply dedicating time each week to learning something new.

Upskilling can also allow you to diversify your services. For example, if you’re a content writer, learning about SEO can make your services more valuable to clients looking to improve their online presence.

7. Focus on Delivering Value

Ultimately, the key to getting rich using your skills is to focus on delivering value. When you consistently provide high-quality work that solves your clients' problems, you build a reputation that leads to repeat business and referrals. Over time, this can lead to higher rates, bigger projects, and more significant opportunities.

8. Scale When the Time is Right

As your business grows, look for opportunities to scale. This might mean hiring additional help, expanding your services, or even creating products based on your expertise. For example, if you’re a consultant, you might create an online course or write a book to reach a broader audience.

Scaling should be done strategically and only when you have the processes in place to handle the increased workload. However, when done correctly, scaling can significantly increase your income potential.

The bottom line is that getting rich doesn’t necessarily require a revolutionary idea or a large amount of startup capital. By leveraging the skills you already have, identifying a market need, and delivering consistent value, you can build a business that grows over time. Remember, wealth is often built slowly through persistence, continuous learning, and smart business decisions.

 

Forbes

As Nigerians grapple with soaring petrol prices and widespread scarcity, the firm currently responsible for importing petrol into Nigeria has controversially changed its ownership.

The downstream arm of the Nigerian National Petroleum Company Limited (NNPC Retail) officially no longer exists after it asked a court to transfer its ownership and properties to a firm it claimed to have bought.

PREMIUM TIMES reported NNPCL’s controversial purchase of OVH Energy Marketing Limited and how the purchased company essentially took over the management of the buyer, which an NNPC insider described as “the most ridiculous business acquisition in the world.”

NNPCL bought OVH from Nueoil Energy Limited a month after Nueoil Energy acquired OVH in September 2022.

However, two months ago, the three firms – NNPC Retail, OVH and Nueoil – jointly filed a petition at the Federal High Court in Lagos. In it, they asked the court to grant eight orders, including an order that NNPC Retail and Nueoil “be dissolved without being wound up” and that “the resultant company from the scheme shall be” OVH.

The court granted all the eight orders.

The court’s decision was then published in the official gazette of the Nigerian government.

C.J. Aneke delivered the ruling, which was based on a petition filed on 24 June by NNPC Retail Limited, Nueoil Energy Limited, and OVH Energy Marketing Limited.

The affidavit of suit No: FHC/L/CS/921/2024 was deposed by Valentina Ine Kodjo-Soroh.

Meanwhile, the affidavit, with 17 exhibits attached and a written address signed by Abimbola Akeredolu was filed at the court registry in Ikoyi, Lagos.

The Prayers

According to the Certified True Copy (CTC) of the court’s order, published on 18 July in Punch Newspaper, the petitioners requested the court to sanction their merger as agreed upon by their shareholders during a court-ordered meeting.

The petitioners further asked that all tax attributes, unutilised capital allowances, tax losses, withholding tax credits and other refunds available, but excluding the Nueoil Energy shares in the OVH Energy Marketing Limited, liabilities and business undertakings, including real property and intellectual property rights of the NNPC Retail and Nueoil Energy Limited be transferred to the OVH Energy Marketing Limited subject to the terms and conditions set out in the scheme without any further act or deed.

The petitioners also sought the cancellation of the entire share capital of NNPC Retail and Nueoil Energy Limited and requested that all legal proceedings, claims and litigations pending or contemplated by or against the NNPC Retail and Nueoil Energy Limited be continued by or against the OVH Energy Marketing Limited after the scheme becomes effective.

Additionally, they asked for an order to dissolve NNPC Retail and Nueoil Energy Limited without being wound up. They also sought an order that the resultant company from the scheme shall be OVH Energy Marketing Limited.

They told the court that the merger should be effective from 1 January 2024.

They also told the court to make such incidental, consequential, and supplemental orders as necessary to ensure that the merger is fully and effectively implemented.

The Ruling

Aneke granted all the prayers of the petitioners, ordering that the merger be effective from 1 January. The court also mandated that all necessary incidental, consequential, and supplemental orders be made to ensure the full and effective implementation of the merger.

The court also made the following orders to carry the merger into effect.

“That an order is hereby made that all assets (including all tax attributes, unutilised capital allowances, tax losses, withholding tax credits and other refunds available, but excluding the 2nd petitioner’s shares in the 3rd petitioner), liabilities and business undertakings, including real property and intellectual property rights of the 1st and 2nd petitioners be transferred to the 3rd petitioner subject to the terms and conditions set out in the scheme without any further act or deed.

“That an order is hereby made that the entire share capital of the 1st and 2nd petitioners be cancelled. That an order is hereby made that all legal proceedings, claims and litigations pending or contemplated by or against the 1st and 2nd petitioners be continued by or against the 3rd petitioner after the scheme becomes effective.

“That an order is hereby made that the 1st and 2nd petitioners be dissolved without being wound up. That an order is hereby made that the resultant company from the scheme shall be the 3rd petitioner,” the judge ruled.

The ruling signifies that NNPC retail, which is currently responsible for importing virtually all of Nigeria’s petrol, no longer exists and is now wholly owned by OVH Energy Marketing Limited.

Background

NNPC Ltd. announced in October 2022 the acquisition of OVH Energy Marketing Limited’s downstream assets. This acquisition would merge OVH Energy with NNPC Retail, a subsidiary of NNPC Ltd.

The assets acquired from the company, which operates Oando filling stations, also include a reception jetty with 240,000 metric tonnes monthly capacity and eight liquefied petroleum gas plants, three lube blending plants, three aviation depots, and 12 warehouses.

But in June 2023, PREMIUM TIMES’ investigation on the acquisition exposed the secret deals and the complicated ownership structure that left managerial control of NNPC Retail in the hands of OVH Energy Marketing.

The report also exposed that OVH Energy Marketing may not have owned as many filling stations as it claimed during the merger talks.

In addition, the report highlighted how Huub Stokman, an expatriate and former Chief Executive Officer of OVH Energy, emerged as the new Managing Director of NNPC Retail, a development that further compounded the structure of NNPC Retail.

This newspaper also found out that the acquisition of OVH Energy had turned NNPC Retail into a toxic workspace, with officials of the former taking over the latter’s running.

“Did we acquire them, or did they acquire us? How come they are now the ones in the management,” one NNPC Retail staff told this newspaper.

In July 2023, the House of Representatives, following the adoption of a motion moved by Miriam Onuoha (APC, Imo), directed NNPC Ltd to suspend the acquisition pending an investigation by its committee.

Consequently, the House set up an ad-hoc committee with Hassan Nalabraba (APC, Nasarawa) as the chairman and commencedan investigation into the controversial deal in September 2023.

The ad-hoc committee requested the NNPC Ltd to furnish it with information about “registration documents/history from CAC for OVH, Nueoil, and NNPC Retail Limited (NRL), Board Resolution of NNPC Ltd on purchase of OVH, Audited Financial Statement and Management Accounts from 2015 to Date OVH, Nueoil, NRL and NNPC Ltd” and the “payroll from 2015 to date for NRL and OVH, Board Resolution of NRL/CHQ for movement of head office to Lagos and evidence of Tax Payments for NRL and OVH from 2015 to date.”

The committee also requested documents on all financial transactions associated with the acquisition, including payment records and fund transfers.

In September 2023, the Group Chief Executive Officer of NNPC Ltd, Mele Kyari, while appearing before the committee investigating the acquisition, said NNPC Ltd now operates like a private limited liability company and entered the commercial relationship with OVH to take over market shares in the downstream petroleum market shares. He said NNPC Ltd did nothing wrong in the acquisition.

Meanwhile, some NNPC Retail ‘concerned staff’, in a letter dated 25 September 2023, addressed to the chairman of the House Committee, and signed on their behalf by Mohammed Muazuo, noted that the request by the committee was not met.

In October 2023, Nalabraba presented a report on the investigation.

In February, the House of Representatives dissolved the committee investigating the controversial acquisition after the panel presented a report many lawmakers described as “suspicious and shabby.” The task was subsequently transferred to the House Committee on Petroleum Resources (Downstream) for a fresh investigation.

In January, NNPC Ltd announced that it was unable to complete the OVH acquisition. It said it intends to apply for operating licenses for the facilities under OVH Energy Marketing Limited.

NNPC Speaks

Olufemi Soneye, the chief corporate communications officer of NNPC Ltd, confirmed the court order to PREMIUM TIMES.

He said the mandate of NNPC Retail and the working conditions of its staff remain unchanged.

“The working conditions of NNPC Retail staff remain unchanged following the court order. The mandate of NNPC Retail also remains consistent, ensuring energy security across its retail outlets nationwide and continuing to serve its customers effectively,” Soneye wrote in a text response to our enquiry.

Workers at NNPC Retail told PREMIUM TIMES that they are aware of the court order and the gazette but are yet to be officially informed.

“I am aware of the gazette, it’s criminal,” one staff member told this newspaper. “They have not informed us officially about it. It is part of their plans to take over the company.”

“Nothing has changed in the working conditions of NNPC Retail. You see, it’s a gradual process for them to take over NNPC retail; that’s their plan,” the aggrieved staff member said, asking not to be named for fear of victimisation.

He expressed optimism that the whole acquisition will be challenged in court in the future.

Another staff member questioned how a profit-making NNPC Retail before the acquisition was now subservient to OVH, which NNPC Retail bought.

“It is the most ridiculous business acquisition in the world, whether in the oil and gas or banking sector,” the source said. “We bought them because we were making profits and needed expansion and they were struggling. Now they own us. How do you explain that? One day, Nigerians will know the truth about this NNPC-OVH saga.”

 

PT

After weeks of silence, the Presidency unveiled the newly purchased Airbus A330, on Monday.

Discussion about a new Presidential jet began after the problems encountered by the Boeing Business Jet (BBJ) acquired under former President Olusegun Obasanjo 19 years ago developed fault on separate trips to Saudi Arabia, The Netherlands and South Africa.

President Bola Tinubu had to make use of chartered jet, a development the presidency described as embarrassing.

As government officials argued for a new aircraft, the masses pushed back, saying that was not the priority given the widespread economic hardship and other problems confronting Nigeria. All attempts to convince Nigerians literarily fell on deaf ears and the presidency went into silence on the issue.

However, in June, an online news platform reported that the Nigerian government had acquired the Airbus A330 from a German bank. The bank had reportedly seized the aircraft from an unnamed Arabian prince who defaulted on a substantial debt.

The Presidency did not issue an official statement, leaving the public in the dark about the purchase. It was during the controversial Chinese firm saga that Nigerians got a hint that the new aircraft had actually been purchased. Yet the Presidency maintained silence until Monday when Bayo Onanuga, Special Adviser To The President of Information and Strategy, released pictures with a 4-paragraph statement.

Onanuga, who did not disclose the cost of the jet, said, “The new plane, bought far below the market price, saves Nigeria huge maintenance and fuel costs, running into millions of dollars yearly.”

The presidential spokesman justified the purchase of the new presidential jet on the grounds of the age of the BBJ purchased under Obasanjo.

However, experts say the age of an aircraft does not matter as long as the maintenance programme is adhered to.

Checks by Daily Trust indicates that the Boeing 747 (the Air Force One) used by the US President, the most powerful President in the world, is 34-year old and it has served no fewer than six Presidents, including the incumbent Joseph Biden.

Other Presidents the jet had served were George H W Bush (1989-1993), Bill Clinton (1993-2001), George W Bush (2001-2008), Barack Obama (2008-2016) and Donald J Trump (2016-2020).

In the case of Nigeria, apart from Obasanjo who used the aircraft for a few years before the expiration of his tenure, the plane had served four Nigerian leaders, including late Umar Yar’Adua (for barely two years); former President Goodluck Jonathan and immediate past President Muhammadu Buhari.

Age of aircraft doesn’t matter – Expert

An aviation expert who spoke with our correspondent on the condition of anonymity insisted that the age of an aircraft does not matter as long as the maintenance schedule is strictly adhered to,

He said, “They said this one has been operating for 19 years despite the fact that US Air Force One has been operating more than that but it has been undergoing upgrade, upgrade and renovation. I hope we would have the maintenance culture to maintain the airplane because Airbus A330 is a complex airplane. I hope we would have the manpower to maintain the aircraft and keep the parts going.”

The expert who is a Captain added, “You know my stance, age doesn’t matter if the airplane is maintained according to its maintenance schedule and spare parts are provided as when due. I don’t see any problem with the age at all.”

‘Boeing more reliable than Airbus’

Another expert, who spoke anonymously, added: “Basically Boeing aircraft are more reliable and rugged than the Airbus aircraft. I believe Boeing are better and are in existence than Airbus. Also Boeing aircraft is for all weather unlike Airbus aircraft.”

‘Airplane a Nigerian property’

Weighing in on the conversation, yet another expert said, It is not a bad thing to have a new aircraft since it is not a personal property of the President.

“It is a Nigerian property. It is a good thing to have a bigger airplane but is it the right time to have it, you can ask the politicians, even if things are hard, you ask the politicians.”

Inside the new jet

The multi-engine prestige jet, which has an elaborate VIP configuration, is 15 years old. The aircraft, which now has registration number, 5N-FGA, was manufactured in September 2009 and delivered in Novem­ber 2009 with the registration number, VP-CAC, to Midroc Aviation, based in Jeddah, King Abdulaziz International, Saudi Arabia. ­

It was with the con­figuration, VIP; engines, 2xRR and HEX CODE, 4241AC.

The Saudi Arabian aviation company operated the aircraft for 12 years before it was ac­quired by AMAC Aerospace in April 2021. AMAC Aerospace is a Switzer­land based company, which oper­ated the aircraft for three years before it was acquired by the Ni­gerian government and upgraded to the current status.

The deal was reportedly brokered by L & L International LLC, an American aviation firm based in Miami, Florida, which saw Nigeria purchase the aircraft for over $100 million.

Though the government has kept mute about the cost of the aircraft, information gathered by Daily Independent indicated that the government acquired the airplane at the cost of $100 mil­lion and retrofitted with state-of-the-art gadgets with another $50 million. This put the total cost at $150 million.

 

Daily Trust/Daily Independent

Vice President Kashim Shettima’s many attempts to paint President Bola Tinubu as a paragon of modesty are not only disingenuous but an insult to the intelligence of the long-suffering people of Nigeria. While modesty in personal life may be a virtue, history has shown us that it does not guarantee good governance or a beneficial impact on the nation.

Take Mao Zedong, who lived simply and wore plain clothes, yet his policies, like the Great Leap Forward and the Cultural Revolution, caused millions of deaths. Pol Pot, who promoted an agrarian lifestyle and eschewed luxury, led the Khmer Rouge regime, which resulted in the Cambodian genocide. Joseph Stalin, with his austere habits, brutalized the Soviet Union with purges and collectivization. Robespierre of France lived modestly but led the Reign of Terror during the French Revolution, causing mass executions and political instability, influencing revolutions worldwide. Nicolae Ceaușescu of Romania while living a relatively simple personal life, his oppressive regime and disastrous economic policies led to severe poverty, human rights abuses, and the eventual downfall of Romania.

These leaders’ modest personal lives did nothing to prevent the catastrophic impact of their policies.

Here at home, former President Goodluck Jonathan was known for his humble beginnings and modest lifestyle while in office. Yet, his tenure from 2010 to 2015 left Nigeria worse off than it was under Presidents Olusegun Obasanjo and Musa Yar’Adua. And who can forget Muhammadu Buhari, whose reputation for frugality and modest living was unmatched, but whose administration wreaked havoc on Nigeria’s economy and internal security?

These examples demonstrate that personal austerity is no guarantee of sound leadership. Instead, what we need are leaders with the vision, competence, and integrity to uplift the nation, not those who cloak themselves in the false narrative of modest living while their policies and actions betray that claim.

Is it not the same Bola Tinubu, whom the Vice President lauds, that built a N21 billion mansion for his deputy while Nigerians suffer in extreme hardship? Is this the same Tinubu who, despite public outcry, purchased a $150 million presidential jet for his personal use? The same Tinubu whose son, Seyi, took the presidential jet for a golf outing in Kano? The same Tinubu who travels across the country with convoys of over 100 vehicles? Under his leadership, Nigeria has fielded the largest official delegations to international meetings, further draining public resources.

Mr. Vice President, Nigerians see through the poor salesmanship. We do not need tales of how the president uses only one wristwatch or how his Bourdillon residence is not comparable to Buckingham Palace. What the people of Nigeria need is genuine leadership that addresses their dire needs and builds a future for all, not just the privileged few.

The Vice President’s insistence on peddling this narrative is an attempt to distract from the harsh realities faced by Nigerians every day. But the truth is clear: the so-called modesty of a leader is irrelevant if the policies they implement are harmful, their actions extravagant, and their governance detrimental to the welfare of the nation.

Mr. Vice President, spare us the rhetoric. Nigerians see through it.

Oby Ezekwesili, a former Minister of Education, has alleged that the presidency and the National Assembly have decided to be bandits against Nigerians. 

Ezekwesili stated this while commenting on the purchase of the new presidential aircraft during an interview on Channels TV’s Politics Today.

She said that Nigerians were drifting into poverty every minute.

Ezekwesili  said, “That aircraft is 19-year-old. In everything that we have heard, they are trying to justify the purchase of the new aircraft.

“The fellows dare to play with the intelligence of the public. The executive, the presidency, the National Assembly, I think they have decided that they are the bandits.

“The political class has decided that they are bandits against Nigerians. Because I do not see how it is feasible that the priority of a government that has this level of biting hunger in the land, this level of poverty where people are dropping into poverty per minute would consider the purchase of aircraft for the president.

“The construction of N21 billion home for the vice president; the purchase of all kinds of funny looking cars and the fleet of the National Assembly members and the executive, what exactly is that?”

She added that nobody should pity Tinubu because he agreed with everything former President Muhammadu Buhari was doing.

She added, “I said it publicly that it would not be a piece of cake to run the economy because of the absolute devastation of everything that even resembled economic policy. I don’t think they were doing economic policy under Buhari.

“But this administration agreed with everything Buhari was doing. There in their own case nobody should feel sorry for them.

“They were culpable in it. The problem with Nigerian societies is that they quickly forget things. I always complain about governance because I understand the basic principles.

“You cannot have education, an advanced one and have political literacy that then the country will not matter to you.”

 

Daily Trust