Individuals and groups both within and outside Nigeria spent a major part of Monday condemning the chairman of the Lagos State Traditional Council and Oba of Lagos, Rilwan Akiolu, for saying "any Igbo person in Lagos who refuses to vote for his own endorsed candidate would die withing seven days."
The Oba, who received some Igbo chiefs resident in Lagos at his palace during the Easter celebration, reportedly commanded the Igbo people to vote for Akinwunmi Ambode, the candidate of the All Progressives Congress (APC) as governor of Lagos State in the election that would hold on Saturday because if they vote for Jimi Agbaje, the candidate of the Peoples Democratic Party (PDP), whom he called his blood, that would be their end.
By the grace of God, I am the owner of Lagos for the time being. On Saturday, if anyone of you, I swear in the name of God, goes against my wish that Ambode will be the next governor of Lagos State, the person is going to die inside this water.
« For the Igbo and others in Lagos, they should go where the Oba of Lagos heads to. When they were coming to the state, they did not come with all their houses. But now, they have properties in the state. So they must do my bidding. And that is the bidding of the ancestors of Lagos and God.
"I am not ready to beg you. Nobody knew how I picked Ambode. Jimi is my blood relation and I told him that he could never be governor in Lagos for now. I am not begging anybody, but what you people cannot do in Onitsha, Aba or anywhere you cannot do it here," the Oba had said.
Since Monday when the report as well as the audio and video format broke, Nigerians have taken to various social media to castigate the Oba with many saying he does not know how to talk while others say his comments are inciting.
Some even made jest of him saying as a retired police officer, he has been heavily influenced financially to forget the pride that should come with his stool.
CATHOLIC GROUP CONDEMNS AKIOLU
In a statement condemning him, the Catholic Caritas Foundation of Nigeria said the Oba's threat was against morality and royalty.
in a statement signed by Fr. Evaristus Bassey, Executive Secretary of the Caritas Nigeria and JDPC, Abuja, the religious group wondered why the Oba singled out the Igbos whereas even some Yorubas and people of other tribes would vote for Agbaje.
"At the national offices of Caritas Nigeria and Justice Development and Peace Commission, we are totally shocked to read about the threat handed down by Oba Akiolu to the Igbos in Lagos. While it is understandable that a Royal Father would want for his wishes to be carried out, we are deeply concerned that the royal father is missing the point that Nigeria is a republic and a democracy and not a monarchy.
"We understand the genuine fear of the great Oba of losing Lagos to strangers. But Lagos has been one of the most cosmopolitan cities in Africa for decades and any citizen contributing to its economy and politics can be a bona fide resident. As such, the upstages as happened in the last elections are to be expected.
"Nevertheless natives and non-native residents should feel free to negotiate and clarify expectations but not in the threatening and intimidating manner the revered Oba has lashed out.
"We have just a few interrogations: why single out a particular ethnic group for this curse? Does it mean a Yoruba or Hausa person living in Lagos who votes for Jimi Agbaje will go scot-free but any Igbo who votes for Agbaje will drown in the Lagoon?
"Does it mean that people should vote out of fear and not their consciences? Would such an election be free and fair, where people have to vote out of intimidation? Does not the threat of the Oba Akiolu amount to voter intimidation?
"We humbly call on the Oba himself to withdraw his curse and rather appeal to the people, for indeed such a threat may amount to playing God and God who is a merciful father will not allow his children to die so senselessly just because they were fulfilling the dictates of their conscience.
"The fact that APC is government at the centre is a strong factor to employ and appeal to people to vote APC rather than invoking ancestral powers for destruction. Why is it that in Africa we usually invoke our powers for destruction and not for building-up?"
OHANAEZE GIVES AKIOLU 48 HOURS ULTIMATUM
The Ohanaeze Youth Council (OYC), the youth wing of Ohanaeze Ndigbo, a socio-cultural organisation of Igbo people, on Monday evening issued Oba Akiolu a 48-hour ultimatum to, not only retract his threat to the Igbo people, but tender an unreserved apology to the ethnic group.
The group which reminded the monarch that democracy gives the freedom to the electorate to make their choices without intimidation, said it was a despicable insult on the Igbo nation, home and abroad, for the Oba to issue such threats adding that it was the least expected of a royal father in the rank of Oba of Lagos.
The group, which asked security agencies to invite the Oba for questioning because of the grave dangers his current posture portends, slammed the Oba for using a crude method to attempt to coerce the people in a situation where they are free to make their choices.
In a statement issued in Umuahia, Abia State and endorsed by its National President, Mazi Okechukwu Isiguzoro, the group warned that Igbo youths would not take this insult lightly, and unless he apologises within 48 hours he should know he is courting the wrath of the Igbo people. It also asked that the Oba should be held responsible should anything happen to any Ndigbo or their business interests in Lagos in the event of APC losing the Lagos governorship race.
"Inasmuch as we do not want to get involved in Lagos politics, we want to sound a note of warning that no Igbo should be vilified or persecuted for his or her electoral choice in Lagos or any part of Nigeria.
"Every Nigerian has the constitutional right to reside in any part of the country and participate in the electoral process based on one’s convictions, and electoral choice is not a crime.
"Nobody no matter what he thinks he is, has the right to command Ndigbo anywhere on who to vote for in a democratic setting," the statement said adding that the Oba's comments only revealed his innate hatred for Ndigbo.
YOU DON'T OWN LAGOS, PDP TELLS OBA
In a statement issued by its National Publicity Secretary, Olisa Metuh, the Peoples Democratic Party (PDP) condemned what it described as "the emerging height of political recklessness in Lagos and Ekiti states ahead of Saturday’s governorship and House of Assembly elections and calls on all Nigerians to stand up against such anti-democratic tendencies."
APC members in the Ekiti State House of Assembly have commenced impeachment moves against Governor Ayodele Fayose, but the PDP said: "the senseless and unpatriotic impeachment move against Governor Ayo Fayose by out-going APC state legislators and the barbaric death threats on non-indigenes in Lagos by the Oba of Lagos, Oba Rilwan Akiolu if they voted for the PDP candidate, Mr. Jimi Agbaje, ascended to a height of unruliness that should not be accommodated.
"The PDP totally and unequivocally rejects the flimsy and unsubstantiated allegations concocted by the APC legislators against Governor Fayose. We state in very clear terms that we will stand with him and bear our full weight in defense of the mandate freely given to him by the people of Ekiti state.
"We invite all lovers of democracy and the international community to note the antics of APC and the deliberate plot to destabilize the polity even when it is yet to assume power.
"In the same vein, it is indeed most unfortunate that a royal father of the status of the Oba of Lagos should attempt to drag the revered traditional institution into partisan politics to the level of threatening innocent Nigerians with the view to prevent them from freely exercising their constitutionally guaranteed right.
"Our response to the Oba of Lagos is that he cannot play God and can never be God. God owns the universe and every part of it and can never share His glory with any human no matter how highly placed.
"We therefore call on all Nigerians in Lagos state; all Igbos, Hausas, Yorubas and people of other tribes; all northerners and southerners; all Christians and Muslims to turn against this unpatriotic stance, by coming out enmasse to vote for the PDP candidate, Mr. Jimi Agbaje on Saturday.
"Undoubtedly, this anti-Nigeria position reminds of the 2013 inhuman and callous arrest, detention and eventual ‘deportation’ of non-indigenes by the APC-led government of Lagos state and confirms fears that the APC is indeed on a mission to destroy our national unity, balkanize the nation and obliterate the personal freedom Nigerians enjoy today.
"Already, the APC has started terrorizing supporters of the PDP with vows to make life unbearable for them when it eventually assumes power. Our investigation reveals that many of our prominent supporters have been marked. The process has already started with threats to the life, family and business of the Chairman of the Transformation Ambassadors of Nigeria (TAN), Dr. Ifeanyi Ubah for supporting PDP candidates and helping non-indigenes win some Lagos seats in the National Assembly on the platform of the our great party.
"Indeed, if this threats on a duly elected state governor and innocent Nigerians constitute the picture or foretaste of the order of the day when the APC finally assumes power at the center, then the nation is in serious danger. However, the PDP states in very unambiguous terms that Nigerians would not accept such under any guise whatsoever.
"This is more so because in the last 16 years, our citizens from all walks of lives have seen civility and decorum under the PDP-led administration and would not accept any attempt by anybody to institute a reign of terror in the country
"We therefore urge General Muhammadu Buhari as the leader of the APC to call his members and supporters, particularly in Lagos and Ekiti to order; especially bearing in mind that it was the peaceful atmosphere and the level playing ground nurtured by the PDP-led administration that created the room for his emergence at the presidential polls. Our country cannot at this moment afford to slide into anarchy, reign of terror and deliberate schemes to divide the the people for selfish political reasons.
"The PDP will completely resist all anti democratic forces from any quarters. We therefore charge Nigerians, especially those in Lagos and Ekiti states respectively to stand up fearlessly and reject the unpatriotic stance of the Oba of Lagos and the undemocratic move to dismantle the mandate given to Governor Ayo Fayose by the people."
FEMI FANI-KAYODE`S RESPONSE
In his reaction, the Director of Media of the President Goodluck Jonathan campaign Organisation, Chief Femi Fani-Kayode, said: "the Oba of Lagos' threat against the Igbos in Lagos that if they do not vote for the APC in the governorship elections on Saturday they should be ready for the consequences and that if they don't vote for Ambode they should be ready to perish in the lagoon is ominous and unacceptable.
"The truth is that we were threatened with ethnic cleansing and religious carnage in the north had Buhari not won the election on march 28th and had Jonathan not quickly conceded defeat and now our traditional supporters are being threatened in Lagos and in many other states.
"Let two things be clearly understood. In as much as we all want peace in this country and in as much as Jonathan has graciously and quickly conceded defeat in the Presidential election, this does not mean that we are weak or powerless.
"Let it be clearly understood by all and sundry that any attempt to kill or molest our supporters in the north, in the west or indeed in any other part of the country either before, during or after saturday's governorship elections or any attempt at ethnic or religious cleansing by the APC, their supporters or their friends and agents will be deemed unacceptable and will be met with defiance, contempt and resistance.
"Enough of all these APC threats and all this rubbish. No-one is intimidated on our side and neither do we fear for the future because God is with us, He is faithful and He is in control. We want peace and we want harmony in this country but no-one or no group of people will be allowed to turn us or our supporters into slaves or give us sleepless nights.
"The APC would do well to remember that they only won the presidential election by 2 million votes. The PDP got 12 million votes in that election which means that we have 12 million loyal foot soldiers and supporters in this country and that is no mean feat.
"We are a strong party, we are confident for the future, we are ready for anything and most important of all we are ready for the polls on saturday. We take this opportunity to urge the PDP faithful in Lagos to go out and vote en masse for the PDP.
"We urge them to vote for Jimi Agbaje and to free Lagos state from the shackles of darkness and oppression. We urge them to stand firm, to hold their heads up high and to do their very best.
"We urge our supporters in Rivers state, Oyo state, Imo state, Plateau state, Kaduna state and indeed in all the states where elections will take place on saturday to do the same, to take the destiny of their respective states into their hands and to vote for the PDP candidates in the various elections.
"What happened during the presidential election on March 28th was sad and unfortunate but we have accepted defeat and we wholeheartedly accept the will of the people of Nigeria. That does not however mean that we should close shop and not put up a good fight for Saturdays governorship elections.
"This is the time to call on the party faithful to rise up. This is the time to rally our troops and to call on our footsoldiers and loyalists to come out in their millions and wipe away the sadness of march 28th by winning massively in saturdays governorship elections.
"This is the time to prove to our detractors that despite their provocative utterances, their empty and boastful threats, their mocking words and their gratutious insults that the PDP is far from dead and is still very much alive.
"Our party shall go from strength to strength despite the monumental challenges that lie ahead. Whether we win or lose on saturday is not the issue. The issue is that whatever anyone may say and whatever they may feel, the PDP is not going anywhere and neither shall we crumble and fade away. We are here for the long haul: we are here to stay."
AMBODE'S SUBTLE DISAPPROVAL
In what seems like a subtle disapproval of Oba Akiolu's threats to the Ndigbo in Lagos, Akinwunmi Ambode said he would not be a governor to selected ethnic groups in the state but would stand for everyone in the state as governor.
In a statement released to journalists on Monday, Ambode said promised that every group in Lagos would be safe in his hands as governor adding that he would not discriminate against any religious or ethnic group if elected.
"It is our Lagos and we must build it together.
« In my acceptance speech after the primaries I made this note that I will be a governor for all and Lagos is safe in my hands. I want to build on the foundation of unity, peace and progress and development laid by my predecessors.
"And though tongue and tribe may differ, we stand in brotherhood in Lagos from the smallest ethnic groups to the major ones. We are all stakeholders," he said.
PALACE CLARIFIES OBA'S STATEMENT
In a bid to douse the tension created by the Oba's statement, the palace has explained what it said actually transpired at the event.
In a statement signed by Chief Lateef Aderibigbe Ajose, the Opeluwa of Lagos, and made available to Huhuonline.com, the palace said: "last Sunday, all honorary Eze Ndigbos in Lagos paid a courtesy call to HRM Oba Akiolu. At the meeting the visitors praised the Oba for his fatherly support for and cooperation with Igbos in. Lagos. They assured him of their continued good neighbourliness with other tribes in Lagos and support everything that will further strengthen that harmony.
"Oba Akiolu on his part acknowledged the enviable performance of Governor Fashola and his contribution to the growth of investments in Lagos. He gave the assurance that he is not disturbed or angry with South-East and South- South votes for President Jonathan as perceived by the Eze Ndigbos.
"The Obas thereafter called on the Igbos chiefs to show appreciation to Lagos State by supporting his candidate Mr. Ambode for continuity of excellence as they have earlier promised.
"He assured them of his continued support and assistance where needed and the meeting ended with the traditional breaking of kola, alligator pepper, and bitter kola and pouring of libation on the ground.
"It was within this context that the tradition of Lagos with regard to the lagoon came up. It was noted that whoever works against the throne and the interest and peaceful co-existence of Lagos would end up in the lagoon as per tradition.
"Oba Akiolu stated further that the Igbo people have not betrayed the throne. Lagos has also not betrayed the Igbo people. Lagos has done so much to make the Igbos comfortable and to prosper. For this, we expect reciprocal respect and understanding. The Oba of Lagos prays that the Lagoon and the throne will continue to bless and protect all those who reside and visit Lagos.
"Oba Akiolu is the father of all irrespective of tribe, religion or political persuasion. In Lagos, we have an old traditional proverb that relates to the Lagoon. The Lagoon is unique to Lagos. The proverb stresses the need for unity and understanding when you do business in an environment and in this case when you live and do business in Lagos.
"Oba Akiolu prayed for peace for the land of Lagos and prosperity for all its inhabitants."
APC DISOWN OBA AKIOLU
However, the All Peoples Congress in a statement signed by Joe Igbokwe, the state spokesperson of the party, the APC apologized and appealed to Ndigbo to allow peace reign, considering the longstanding relationship that has existed between Igbo and Yoruba since the inception of Nigeria. “No human being is above mistakes,” Mr. Igbokwe said. “People can make mistakes and correct it thereafter. The Oba of Lagos can make a mistake and we believe that the statement credited to him was a mistake. If to err is human, we plead with Ndigbo to let the sleeping dog lie.
“After the March 28 2015 Presidential elections, Ndigbo in Lagos have been trooping into the Lagos APC fold in droves. They have pledged to throw their full weight behind the APC guber candidate, Mr. Akinwunmi Ambode. The support was total and unprecedented. You can therefore imagine how we feel as a party when this incident came just few days to the governorship elections.”
“Oba Rilwan Akiolu of Lagos is not a card-carrying member of APC. He is not a leader in APC. He does not speak for APC. He did not speak for Governor Fashola of Lagos State. He did not speak for our National leader, Asiwaju Bola Ahmed Tinubu. He did not speak for the incoming governor, Mr. Akinwunmi Ambode. His Royal Highness is at liberty to speak for himself and he spoke for himself only. Lagos APC appeals to Ndigbo not to take the statement as the position of the party in Lagos.”
“We passionately appeal to Ndigbo not to carry the statement credited to Oba Akiolu too far so as not to put a knife on things that have held us together for more than 50 years now. If out of annoyance you throw your cap away a mad man will take it and use it forever.”
“A lot is at stake in Lagos. Lagos has been fair to Ndigbo and Ndigbo have reciprocated by taking Lagos as their home no matter whose ox is gored. Lagos APC believes that Ndigbo will not burn the bridges because of this minor setback.
“Lagos APC has worked so hard with other Nigerians to enthrone a government at the centre and we cannot afford to throw all these gains away by allowing the mistakes of the last weekend to stand on our way to link Lagos effectively with the centre. Our own Oba Rilwan Akiolu’s slip of tongue should not be used as an excuse by Ndigbo to reverse these huge gains. Ndigbo should forgive and forget by voting APC en mass this coming Saturday.”
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Tinubu Meets Bolloré in Paris Over Expanded Investment in Nigeria’s Creative, Digital Economy
President Bola Ahmed Tinubu has held talks with French businessman Vincent Bolloré in Paris on plans to expand investment in Nigeria’s creative and digital economy.
The meeting, held during the President’s working vacation, focused on opportunities to deepen the localisation of operations by the Bolloré Group and increase investment in sectors including film, entertainment, fibre-optic infrastructure and digital services, according to a statement issued by the presidency.
Bolloré and members of his executive team outlined proposed investments centred on Nigeria, highlighting the country’s growing influence in global entertainment through Nollywood and Afrobeats.
The group also expressed interest in expanding its operations and local presence in Nigeria, with the presidency saying the plans could support increased production, investment and employment opportunities in the country.
Tinubu reaffirmed his administration’s focus on economic growth, job creation and digitalisation, while welcoming the group’s reported plans to deepen its activities in Nigeria.
The President said the government would continue to support investments aimed at developing the creative and digital economy, strengthening infrastructure and creating opportunities for Nigerian talent.
According to the statement, Tinubu also emphasised the potential for Nigeria to serve as a base for companies seeking to operate across Africa and international markets.
The meeting comes as Nigeria continues to promote its entertainment and technology sectors as areas of economic opportunity, with the government seeking to attract investment while expanding employment opportunities for young Nigerians.
Tinubu said his administration’s Renewed Hope Agenda seeks to harness Nigeria’s talent, entrepreneurship and growing global cultural influence to create greater economic opportunities and improve livelihoods.
News
Banks Shut 476 Branches as Nigeria’s Banking Landscape Goes Digital
Nigeria’s banks are rapidly abandoning the traditional banking model, shutting down hundreds of branches and cash centres as customers increasingly move to digital and electronic channels.
Data from the Central Bank of Nigeria show that banks closed a net 476 branches and cash centres between 2022 and 2025, cutting the country’s physical banking network by 8.8 per cent in just three years.
The number of bank branches and cash centres plunged from 5,410 in 2022 to 4,934 in 2025, signalling a dramatic shift away from brick-and-mortar banking.
The contraction has gathered pace in recent years.
Banks closed 37 locations in 2023, followed by a much steeper reduction of 229 locations in 2024. Another 210 branches and cash centres disappeared in 2025.
In effect, more than nine out of every 10 locations lost during the three-year period were closed in 2024 and 2025.
The figures, contained in the CBN’s 2025 Statistical Bulletin for the Financial Sector, cover branches and cash centres operated by commercial, merchant and non-interest banks. The data were sourced from the CBN and the Nigeria Deposit Insurance Corporation.
Lagos bears the biggest hit Lagos, Nigeria’s financial powerhouse, recorded the largest decline.
The state had 1,602 bank branches and cash centres in 2022. That figure dropped to 1,532 in 2023, 1,521 in 2024 and just 1,444 in 2025.
That represents a loss of 158 locations, or nearly 10 per cent, in three years.
Despite the closures, Lagos remains overwhelmingly dominant, accounting for almost 29 per cent of all physical banking locations in Nigeria.
The Federal Capital Territory also suffered a significant contraction. Abuja went from 400 locations in 2022 to 362 in 2025, a decline of 38, or 9.5 per cent.
But some states experienced far more dramatic cuts.
Ekiti lost almost half of its banking locations, falling from 107 in 2022 to just 57 in 2025 — a staggering 46.7 per cent decline.
Enugu lost 44 locations, dropping from 162 to 118, while Oyo shed 41, falling from 237 to 196.
Other notable declines were recorded in Ondo, Plateau, Osun, Cross River and Rivers.
Northern banking centres also feel the squeeze
The contraction was not confined to the South.
Kano, for instance, initially expanded its banking footprint, rising from 164 locations in 2022 to 183 in 2024. But the reversal was sharp in 2025, when the figure crashed to 157.
Kaduna followed a similar pattern. Its locations climbed from 148 in 2022 to 164 in 2024 before falling back to 146 in 2025.
Yet not every state is losing branches.
Delta recorded the strongest expansion among the states highlighted, adding 23 locations and rising from 173 in 2022 to 196 in 2025.
Edo added 10, while Jigawa and Kogi gained six and five locations respectively.
A widening banking divide
The figures expose a striking disparity in access to physical banking infrastructure across Nigeria.
While Lagos had 1,444 branches and cash centres in 2025, Yobe had only 23, Taraba 26 and Zamfara 28.
Bayelsa and Gombe had 31 each, while Ebonyi had 32.
The imbalance underscores how heavily physical banking infrastructure remains concentrated in Nigeria’s major commercial and economic centres.
The bank branch may be losing its battle
The shrinking branch network comes despite the number of banks operating in Nigeria initially increasing.
The country had 32 banks in 2022, 33 in 2023 and 35 in 2024, before the figure slipped slightly to 34 in 2025.
That means the branch closures cannot simply be explained by a shrinking number of banks.
Instead, the figures point to a much bigger transformation: Nigerian banking is moving away from physical locations and towards digital platforms.
The CBN has itself been pushing greater adoption of alternative payment channels, particularly among farmers, traders, small businesses and informal-sector operators who may have limited access to conventional banking services.
Speaking at the 2026 CBN Fair in Lokoja, the Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali, stressed the importance of alternative payment channels in expanding financial access and stimulating economic activity.
The message from the numbers is even clearer.
The era of banking halls on every major street may be fading.
With hundreds of branches disappearing in just three years — and the pace of closures accelerating — Nigeria’s banking industry is betting increasingly on phones, apps, electronic payments and other digital channels rather than physical walls and counters.
For millions of Nigerians, the next bank branch may no longer be a building. It may be sitting in their hands.
Business
In The Spotlight
Dangote: OPM Made You 36th Globally—How Many Investors Will Become Billionaires?
Alhaji Aliko Dangote has done what very few Africans have ever done. He has built a business empire of extraordinary scale, crossed the $50 billion mark in personal wealth, and reportedly risen to the 36th position among the world’s 3,397 billionaires.
That is an achievement Nigerians can acknowledge. But today, I want to ask a different question. Alhaji Dangote, how many of the Nigerians who are now investing their hard-earned money in your businesses will you help turn into millionaires—and eventually billionaires? That, in my view, is the more important question. Because behind every great fortune is an army of people whose money, labour, patronage, trust and participation helped create that wealth. And that brings us to OPM—Other People’s Money.
Other People's Money Built More Than One Fortune
Let us be honest: no business empire is built by one person alone. Investors provide capital. Banks provide financing. Workers provide labour. Consumers provide revenue. Suppliers provide goods and services. Governments provide infrastructure and an operating environment. And ordinary Nigerians have been buying Dangote products for decades. Now, Nigerians are being invited to take another step—from being customers to becoming owners.
The public offering of shares in the Dangote Petroleum Refinery gives ordinary Nigerians an opportunity to put their money into one of the country's biggest industrial projects. That opportunity comes with risk, of course. Nobody should invest money they cannot afford to lose, and nobody should assume that buying shares automatically guarantees wealth.
But there is a bigger principle here.If Nigerians are going to put their money into Dangote's business, Nigerians should also have a meaningful opportunity to participate in the wealth that business creates.
Don't Take Nigerians for Granted
Alhaji Dangote, Nigerians have supported your businesses.They have bought your cement.They have bought your sugar. They have bought your flour. They have bought countless other products connected to your business empire.Nigerian workers have built factories, transported products, operated plants, sold products and provided services.
Now, ordinary Nigerians are being asked to invest directly. That creates a responsibility—not merely to shareholders, but to the broader Nigerian public.
Don't take Nigerians for granted. Treat the small investor with the same seriousness you would give the institutional investor. Give shareholders transparency. Give them accountability. Give them information. Give them confidence that their money is being managed responsibly. And when the business succeeds, shareholders should have the opportunity to benefit from that success.
Your Greatest Legacy Should Be Bigger Than Your Net Worth
There is nothing wrong with becoming extraordinarily wealthy by building successful businesses.But there comes a point when the conversation should move beyond “How much is Dangote worth?" The more interesting question becomes:How many people became wealthy because Dangote built these businesses?
Imagine the impact if hundreds of thousands of Nigerians who invest today eventually build substantial wealth from their investments. Imagine a young Nigerian who starts with a modest investment and, over decades, builds an investment portfolio capable of paying school fees, buying a home, funding a business or securing retirement. Imagine Nigerian families passing shares from one generation to another. That is how an ownership culture is created.And Nigeria desperately needs an ownership culture.
We Need More Than One Dangote
Nigeria does not simply need another Dangote. Nigeria needs 10,000 Dangotes in different industries.
We need Nigerians who build technology companies, manufacturing companies, agricultural businesses, energy companies, financial institutions, pharmaceutical companies and global brands.But we also need millions of Nigerians who can become shareholders in those businesses. A country becomes economically stronger when wealth creation spreads beyond a handful of extraordinarily wealthy individuals.
The refinery therefore presents an interesting test. Can a Nigerian industrial giant create not just a massive fortune for its founder, but also a new generation of Nigerian investors? Can ordinary Nigerians who put their money into the company eventually look back and say:I was there when it started, and I benefited from its growth”?
That would be a powerful story.
From Billionaire to Wealth Creator
Dangote has already demonstrated that he knows how to create enormous corporate value. The next challenge is different.Can he help create enormous shareholder value for ordinary Nigerians?That is where the conversation about his $51.3 billion fortune becomes relevant.
If one man's wealth can grow by tens of billions of dollars, Nigerians are entitled to ask whether the people who invest alongside him can also experience meaningful wealth creation. Not necessarily overnight.Not necessarily without risk. But over time.That is what investing is supposed to be about.
The Question Nigerians Should Keep Asking
So, Alhaji Dangote, congratulations on reaching another extraordinary milestone.But don't stop at building your own fortune. Build an ecosystem in which others can build theirs. Don't let Nigerians remain merely consumers of Dangote products. Make them owners. Don't let the story end with one Nigerian becoming one of the world's richest people. Let the next chapter be about thousands, perhaps millions, of Nigerians building meaningful wealth through ownership and investment. Because the real measure of an economic giant is not only how high the founder climbs. It is how many people rise because of the platform he created.
So here is the question Nigerians should be asking: Aliko Dangote, OPM has helped take you to the 36th richest person in the world. Now that Nigerians are putting their own money into your empire, how many of those investors will you help turn into millionaires—and, ultimately, billionaires? That is the legacy question.
By Emmanuel Emeke Asiwe (EEA) Publisher/Editor-in- Chief)
In The Spotlight
Mixed metaphors: Eating them young
On this page, I have praised former Minister Nasir el-Rufai for his work in the Federal Capital Territory.
As governor, I praised some of his work, including when he fired state teachers. I also criticised him when he became arrogant and presumptuous.
Powerful people tend to misjudge distance, in terms of how long they will remain powerful, as well as the depth of their relevance, measuring how power, once in the hands of others, can remain in their favour.
El-Rufai made both miscalculations. Following over two decades of untouchability in power from Olusegun Obasanjo to Muhammadu Buhari, he has now spent 200 days in pre-trial detention on ICPC and DSS charges.
This should not happen to a citizen, any citizen. But some citizens, when fate grants them the winning lottery ticket, become Cronus, the Titan in Greek mythology who, to maintain his power, swallowed five of his six children soon after birth.
But not Zeus, his youngest son, who miraculously survived and, becoming the supreme ruler of the Olympian gods and the “Father of Gods and Men, “would exact vengeance.
In power, el-Rufai forgot not only the principle of right and wrong, but also the concept of justice.
But it was right there the whole time: on the flip side of injustice. The truth is that wearing glasses to be able to see arms, nobody to see through clouds.
Last Tuesday’s disruption by political thugs of the visit to Benue State of Peter Obi, the presidential candidate of the Nigeria Democratic Congress, is an early reminder of the temptations of power in a Nigerian election year.
The ruling party controls the state, which is in the thick of Nigeria’s insecurity crisis. Its governor, Hyacinth Alia, is a Catholic priest. Having, in 2025, been involved in trying to prevent the same Obi from a humanitarian visit, claiming that his intervention was purely on security grounds, Mr Alia is trying to persuade the country that his are not the hands behind the crude attempt to stop, particularly Mr Obi, from travelling freely and safely in the state.
As Minister Festus Keyamo wisely said, this kind of menace is not a part of our democracy. Mr Alia, show the world your strengths, not your limitations.
Big news: the 2024 Auditor-General’s Non-Compliance report, published last month, identified over N1.34trn in audit lapses.
It found that the National Cash Transfer Office paid N33.751 billion to 3,295,207 households in 35 states in 2023 with no evidence that the money reached genuine beneficiaries.
The Office could not produce REMITA records to authenticate the payments. SERAP has written to President Tinubu demanding a published audit trail and investigation of the flagged N78.8bn in total irregularities.
Similarly, Femi Falana (SAN) has called on the EFCC to investigate and prosecute officials.
Given that we are dealing with a specific regime of governance coated in colours of ruthlessness, it is doubtful that these calls will yield anything.
The truth is that the situation is worse than what we know so far, and so, I have a different call: that Nigerians pay close attention to what is actually a long-running looting spree of our poorest and most vulnerable. There is a scorched-earth assault going on.
I begin in 2019, the start of the second term of the fake anti-corruption champion Muhammadu Buhari:
The Auditor-General’s 2019 report on the FGN Consolidated Financial Statements discovered that 36 MDAs made individual transfer payments,totalingN15,534,467,561.26, without identifying the beneficiaries, ignoring the relevant budget lines for “Transfers–Payment to Unemployed” and “Transfers–Payment to Aged/Vulnerable Group.” The Auditor-General flagged the risk of “diversion of public funds” and “misapplication of funds.”
The 2020 report is more curious. In the MDA-by-MDA budget-performance schedule, the National Social Investment Office shows: Approved Budget N0.00, Supplementary Budget N0.00, Total Budget N0.00, but the actual spending is N275,010,764,595.02! That is, the NSIO somehow recorded spending N275bn with no budgetary authorisation at all.
Surely, somebody has an explanation?
The 2021 Non-Compliance report, Volume II, found under the Ministry of Humanitarian Affairs that N54,630,000,000 in N-Power Batch C1 stipends (the August–December 2021 backlog) was recorded as paid but, per the Auditor-General’s own field visits, “was not actually effected to the beneficiaries.”
The same section found N2,617,090,786 paid for the National Home-Grown School Feeding Programme (COVID-19 period), the Auditor-General recommending full recovery to the Treasury: a combined N58.05bn flagged in that one ministry in that one year.
Surely, somebody has an explanation?
The 2022 Non-Compliance file is titled as Volumes I and II merged, but despite that filename, Volume II appears to be absent, as it excludes Humanitarian Affairs, NSIPA, NCTO or NASSCO, meaning that their work was either not audited at all, or that that specific audit has yet to be published.
Again, and similarly, despite examining the two volumes of the 2023 Non-Compliance report, neither the Ministry of Humanitarian Affairs, NSIPA, NCTO, NASSCO, N-Power, GEEP nor school feeding appears anywhere, although many other agencies were thoroughly audited.
Surely, somebody has an explanation?
That brings us to the 2024 itemised findings SERAP has publicized: N33.751bn in cash transfers with no beneficiary confirmation; N36.744bn paid in December 2023 without prepayment audit; N4.616bn in unsupported expenditure which the Auditor-General says “may have been diverted”; N350.18m in enrolment payments to state coordinators with no supporting documentation; N89.51m for store items never delivered or logged; N17.42m in diesel cash advances with no traceable purchases; and at NASSCO, N2.24bn paid through 158 vouchers without prepayment audit.
These appear to be the patterns that Nigerian MDAs exhibit in their work every year, with vulnerable Nigerians exploited every year.
But the first challenge is for journalists to track Humanitarian Affairs/NSIPA through every audit year to establish the full carnage.
There is another crisis: that despite all of this, a lot of MDAs still fail to submit audited accounts to the Auditor-General, representing one of Nigeria’s worst accountability challenges. This is a problem that worsened significantly under the Buhari administration despite his anti-corruption rhetoric. According to the Auditor-General, the 2016 audit year saw the highest number of non-submissions (324) in modern Nigerian history: more than double the previous 22-year high of 148. In 2016-2017 alone, 436 agencies failed to submit accounts. Think about that.
President Bola Tinubu is in the middle of a three-week foreign trip, departing without formally informing the National Assembly or handing over to Vice President Shettima, violating the constitution.
For a man who is seeking a second term of office, this is a stark reminder of how little the rules, or for that matter, Nigeria, really matter to Mr Tinubu. Keep in mind that when he headed north, Mr Shettima headed south, to Angola.
The general debate of the 81st United Nations General Assembly will begin on 22 September. Mr Tinubu is scheduled to speak the following morning.
At a time of chaos and doubt in his leadership, and in democracy under his watch, he will confront the theme: “Restoring trust, managing transformation: a United Nations that delivers for all.”
By Sonala Olumhense