Business
Character Assassination: Akpabio Risks N25bn Lawsuit From Emefiele
The embattled former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, is on the verge of suing the Senate President, Godswill Akpabio, for alleged character assassination.
Biztellers reports that Sen Akpabio on February 18, alleged that the President Bola Ahmed Tinubu’s administration was at sea on the charges to press against Emefiele.
He opined that the ruling All Progressives Congress (APC) was confounded with the level of economic mess it inherited, which is traceable to Emefiele.
Sen Akpabio spoke at at Sen Barinada Mpigi’s thanksgiving service in Koroma, Tai Local Government Area, Rivers State.
The camp of the deposed CBN governor is irked by the Senate President’s utterances and have given him the options of formally tendering an apology or facing legal action for defamation of character.
Emefiele made his position known in a letter through his lawyer, Mathew Burkaa (SAN).
The letter was dated February 19, 2024.
According to Emefiele, the legal meaning of Sen Akpabio’s view is that the former CBN governor was a serial offender whose action had given rise to the untold hardship visiting Nigerians.
The letter partly read, “We are solicitors to Dr. Godwin Ifeanyi Emefiele, the former Governor of the Central Bank of Nigeria (hereinafter referred to as “Our Client”), on whose brief and instruction, we write this letter.
“The above statement, whether taken in their ordinary, figurative, or literal meaning portrayed our Client as:
“The cause of the entire hardship in Nigeria today is as a result of the policies of the previous administration.
“A serial offender whose action is responsible for all the hardship experienced by Nigerians today.
“A person who has committed offences that are so numerous that the government is confused as to which of the offences to prefer a charge against him.”
According to Emefiele, the thoughts expressed by Sen Akpabio undermined the integrity of the court and its independence, which made it detrimental to his ongoing trial.
“As the President of the Senate of the Federal Republic of Nigeria, you certainly know, or have reasons to know that the Federal Government of Nigeria had since August 14, 2023, preferred charges against our client to which he had long pleaded not guilty and is presently defending same to exonerate himself and show that he is not guilty of the said allegations.
“It is therefore disturbing, that such a statement would be made by the Head of the Legislature of the Federal Republic of Nigeria on a matter that is clearly subjudice.
“Your statement, with the greatest respect, clearly undermines the honour and integrity of the Court and its independence and indeed has the propensity of prejudicing the case against our Client.
“Having submitted to the jurisdiction of the Court, it is only fair and proper that the Court should be allowed to determine the issues submitted to it without unnecessary pressure from any other arm of Government,” he stated.
Emefiele also averred that since Sen Akpabio served as a Minister under the President Mohammadu Buhari administration, holding him solely responsible for hardship ravaging Nigeria was atrocious.
He added that without the approval of the President and/or the Federal Executive Council (FEC) of which Sen Akpabio was an influential member, he could not have done the things, the Senate President now accuse him of.
Emefiele said, “Secondly Sir, as a Senior member of the Bar, a former Governor of a State, A Senator of the Federal Republic of Nigeria, and a former Minister under the immediate past Administration, Your statement attributing the present economic woes of the country solely on our Client is most appalling and exposes the inaccuracies in your assertions, especially, as you were a major player in the immediate past administration and worked closely with our Client and indeed witnessed the innovations he introduced in the banking sector and its impact on the economy whilst in office, as well as the role he played despite all odds in salvaging Nigeria in the P & ID Saga and the positive result it brought for Nigeria.
“You are also aware that no single policy was carried out by our Client without the approval, directive, or authorization of the President and/or the Federal Executive Council of which you were a key and powerful member.”
Consequently, he demanded that Sen Akpabio should immediately retract his statement or be ready to meet him in court.
“It is pursuant to the above and without delving into the matter presently pending in Court that our Client has instructed that we write to your good offices and demand the immediate retraction of your statement which has gone viral and is considered defamatory of our Client;
“These baseless and false allegations defame the character of our Client and have also caused him great pains and embarrassment as it has lowered his esteem before the right-thinking members of the society in addition to the obvious odium and opprobrium from the unsuspecting members of the society as a result of the falsity contained in that statement.
“We, therefore have our Client’s further instruction to demand from you an unreserved apology in writing, published and circulated by the same medium with which you have defamed his character, and the sum of N25,000,000,000 as reasonable compensation for the willful and unjustifiable denigration of his hard-earned reputation.
“If you fail, refuse, or neglect to comply with this legitimate demand, our Client will be at liberty to seek the appropriate redress available to him under the laws of the Federal Republic of Nigeria,” it added.
Business
Airlines Threaten Shutdown over Skyrocketing Fuel Price
Alleging unbearable and unsustainable aviation fuel prices, domestic operators have set Thursday, April 30, 2026 as the shutdown date of local flights in Nigeria.
According to industry insiders, the airlines had engaged both the Federal Government and oil marketers without a breakthrough, and appeared left with no option but to ground flights from Thursday.
The looming shutdown comes after several complaints by operators, who have watched the price of Jet A1 surge by over 300 per cent compared to February levels, pushing operating costs to the brink.
Passengers, many of whom rely on domestic flights for business and urgent travel, now face uncertainty.
In a bid to avert the crisis, the Minister of Aviation and Aerospace Development, Festus Keyamo, convened a meeting with airline operators and fuel marketers in Abuja last week. However, findings indicate that the tripartite talks ended in a deadlock, with operators unwilling to shift their stance unless decisive action is taken.
ALSO READ: Dangote Leads East Africa’s Industrial Revolution
At the end of the two-day meeting, the minister announced a 30 percent reduction in aviation-related taxes as part of efforts to ease the burden on airlines. While the gesture was acknowledged, operators insist it falls short of addressing the root problem.
On the first day of the meeting, Vice President of the Airline Operators of Nigeria, Allen Onyema, welcomed the government’s intervention but maintained that fuel marketers must account for the sharp rise in prices.
Onyema said, “This government has helped the industry more than anyone since 1999, and the President is even willing to waive 30 percent of the debts airlines are owing.
“But the truth is that the marketers must be brought to book to explain how they came about the 300 percent increase when even Dangote is surprised because what he is selling to us is still the cheapest.”
At the end of the second day, Onyema issued a stark warning, giving a seven-day ultimatum from midnight last Thursday for action to be taken. “Since the advent of the US-Iran war, there has been a spike in aviation fuel in Nigeria, which we, the Airline Operators of Nigeria, feel is not proportionate to the hike internationally.
“We expect that in the next 48 hours something drastic should be done because no airline will fly in this country in the next seven days if nothing is done, not because they don’t want to fly, but because fuel may not be available to us at sustainable pricing.”
Providing further insight into the financial strain, Onyema disclosed that fuel prices have skyrocketed from about N900 per litre before the crisis to between N2,700 and N2,900, with some marketers selling as high as N3,500.
“Before the crisis, we were buying fuel at about N900 per litre. Now it has risen to between N2,700 and N2,900, with some selling as high as N3,300 to N3,500,” he said.
According to him, airlines are now operating primarily to service fuel costs. “All the airlines in Nigeria have been flying to pay fuel marketers only, and you don’t want to compromise safety,” he added.
Despite speculations about indebtedness, senior airline officials who spoke to our correspondent in confidence on Sunday, due to the sensitive nature of the matter, insisted that operators are up to date with payments to key aviation agencies, including the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Airspace Management Agency (NAMA).
Consequently, the Airline Operators of Nigeria (AON) have formally requested additional relief measures from the government.
In the letter dated April 21 and signed by AON President Abdulmunaf Sarina, the group called for the immediate suspension of aviation taxes, fees, and charges for at least six months.
The operators argued that the unprecedented rise in fuel costs threatens not only airline operations but also jobs and the stability of the aviation sector. Among other demands, the AON proposed the introduction of a non-taxable fuel surcharge, a standard practice in international aviation to help airlines manage rising costs.
They also urged the government to direct oil marketers to issue credit notes to airlines affected by what they described as excessive and arbitrary price hikes. In addition, the group called for the establishment of an industry tax reform committee to review existing charges, assess their relevance, and align them with global standards.
As the deadline approaches, uncertainty hangs over Nigeria’s aviation sector. Another airline executive, who spoke anonymously on Sunday because he was not authorised to comment publicly, warned that the shutdown threat remains real. “If nothing is done, no airline will be flying by Thursday,” he said.
Business
Dangote Leads East Africa’s Industrial Revolution
The ship of industrial revolution is about to berth in East Africa, with the continent’s leading industrialist, Alhaji Aliko Dangote, making clear his intention to take the driver’s seat on investments conceived to lead the continent into energy security and industrial revolution.
To this end, Alhaji Dangote whose company operates the largest petroleum refinery on the continent has offered to lead a consortium to build a major crude oil refinery in East Africa, as governments across the region push for greater energy self-sufficiency following supply disruptions linked to the Iran conflict.
The cost profile of the proposed East Africa Refinery was not disclosed but the proposed facility, to be located in the Tanzanian port city of Tanga, is expected to mirror the scale and capacity of Dangote’s flagship refinery in Lagos, which processes about 650,000 barrels per day.
The project is being discussed as a joint regional initiative, with crude supplies expected from Democratic Republic of Congo, Kenya, South Sudan and Uganda.
Kenyan President William Ruto stated at a conference in London that the refinery would serve multiple East African economies, many of which remain heavily dependent on imported refined petroleum products.
The region currently relies largely on supplies from the Middle East, leaving it exposed to global price volatility and logistical disruptions, including those caused by instability around the Strait of Hormuz.
Dangote said he would take the lead in delivering the project if participating governments reached agreement, with a proposed construction timeline of four to five years.
The move reflects a broader shift across Africa toward building domestic refining capacity after recent geopolitical shocks exposed vulnerabilities in fuel supply chains.
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In Nigeria, Dangote’s refinery has already reshaped the domestic energy landscape since operations began in 2024, significantly reducing the country’s long-standing dependence on imported fuel despite being Africa’s largest crude producer.
The facility has also positioned the Dangote Group as a central player in regional energy markets.
The proposed East African refinery is expected to complement emerging upstream production in the region, particularly in Uganda, which is preparing to begin commercial oil output. Kampala has also announced separate plans for a smaller refinery project in partnership with a United Arab Emirates-based investor.
Beyond refining, Dangote indicated plans to expand industrial investments across the continent, including the development of around 20 fertilizer blending plants by 2028 to support agricultural productivity and reduce import dependence.
He also signaled that a future listing of the Nigerian refinery could be opened to African investors, encouraging broader continental participation.
According to Dangote, the expansion strategy is aimed at building integrated industrial capacity that keeps more value within Africa while reducing exposure to external supply shocks.
Analysts say the success of the Tanga project will depend on regional coordination, regulatory alignment and financing, but note that it represents one of the most ambitious attempts yet to create a shared energy infrastructure serving multiple African economies.
Business
NNPC Ltd Denies Selling Refinery Scrap
The NNPC Limited has raised alarm over what it described as a growing wave of fraudulent claims suggesting that the company is selling refinery scrap materials and equipment to individuals and private entities.
In a public notice by its Chief Corporate Communications Officer, Andy Odeh, the company categorically dismissed the claims as false, clarifying that it has not initiated or approved any process for the sale of scrap metals, refinery components, or equipment from any of its facilities.
According to the company, it has neither issued requests for bids, tenders, nor expressions of interest relating to such transactions, contrary to information being circulated in some quarters.
More troubling, the company revealed that certain individuals have been impersonating NNPC officials, falsely presenting themselves as authorised agents to facilitate the sale of so-called refinery scrap.
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“These individuals are not authorised by NNPC Limited and are attempting to mislead members of the public,” the statement noted, highlighting the sophistication of the fraudulent scheme.
The development raises concerns about the exploitation of public trust and the potential financial risks to unsuspecting individuals and businesses.
NNPC therefore urged stakeholders, corporate organisations, and the general public to exercise vigilance and avoid engaging in any transaction linked to such claims.
“For the avoidance of doubt, NNPC Limited is not conducting, nor has it authorised, any sale of refinery scrap or equipment,” the company reiterated.
It further emphasised that any legitimate disposal of assets would be carried out through transparent, regulated processes and communicated through its official platforms.
The company also encouraged the public to report suspected fraudsters to law enforcement agencies, as part of efforts to curb the spread of such criminal activities.
NNPC reaffirmed its commitment to transparency, accountability, and the responsible stewardship of Nigeria’s energy assets.





