News

Groups Plan Protest Over Ararume’s Reinstatement As NNPCL Chair

Published

3 years ago

April 23, 2023

Editor

A coalition of over 25 civil society organisations has protested against a court judgment that reinstated Senator Ifeanyi Ararume as Non-Executive Chairman of the Nigerian National Petroleum Company Limited, after his removal by the President, Major General Muhammadu Buhari (retd.).

The coalition called on the Department of State Services to release its security report on Ararume during his screening by the National Assembly while hinting at a major protest against the judgment in Abuja next week.

According to the groups, under the aegis of the Coalition of Civil Society Groups for Good Governance, the security report by the DSS on Ararume would give a clear indication of why he was dropped from the board of the NNPCL.

Convener of the CCSGGG, Dominic Ogakwu, issued the protest notice and made the call to the DSS in a statement in Abuja on Saturday, titled ‘Ararume vs. NNPCL: Coalition Urges DSS to Release Security Report, Plans Protest.’

A Federal High Court sitting in Abuja had on Tuesday nullified Ararume’s sacking by the President and reinstated him as Non-Executive Chairman of the NNPCL. In the judgment delivered by Justice Ikwo Inyang, the court had also awarded him N5bn in damages.

The President had on Wednesday sued for calm from all parties involved in the board chairmanship tussle, saying due process would take its course.

Ogakwu stated, “We have undertaken to express our dismay by protesting in Abuja next week, as the judiciary cannot be seen to overreach itself, which, unfortunately, has become the common denominator over the past few weeks.

“The political implication of what has happened in this matter is not lost on those of us that are watching events in the oil and gas sector keenly.

“After a hitch-free transition from the wholly owned government entity to a public liability company, and focused administration since the unbundling, this judgment seeks to muddy the waters and allow elements with less than noble intentions to undermine the operations of the NNPC Limited.

“We had imagined that the courts would take into account not just the national interest but also the international dimension and not project Nigeria as an unstable oil and gas investment destination.”

Ogakwu commended the President for indicating that the Federal Government was appealing the judgment.

“It is gratifying that President Buhari has directed that the judgment be appealed and that the CAMA does not supersede the constitutional provisions of the president to hire and fire any appointee of government. We are also pleased to note a groundswell of opposition to the judgment and we hope that when the federal government appeals the controversial judgment, the appellate court will see reason not to allow the miscarriage of just to stand,” he stated.

On January 5, 2022, Buhari appointed the Board and Management of the NNPCL, replacing Ararume with Margery Okadigbo, widow of the late Chuba Okadigbo who was Buhari’s running mate in the 2003 presidential election.

He also named Mele Kyari as Chief Executive Officer and Umar Ajiya as Chief Financial Officer.

The appointment came barely five months after Buhari signed into law the Petroleum Industry Act (2021).

In September 2021 the President had written to the Senate on the administrative structure amendments to the Petroleum Industry Act, which included the appointment of Non-Executive Board Members, removal of the Ministries of Petroleum and Finance from the Board of the two new institutions, and appointment of Executive Directors.

The appointments took effect from the date of the incorporation of the NNPCL on September 29, 2021.

However, Ararume’s replacement set off a long legal battle that culminated in his favour on Tuesday.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

3 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

4 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

6 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.