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EFCC Balances Action with Fairness as it Sanitizes Nigeria’s Corporate Sector-By Adedayo Samson

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While fighting corruption at all levels is a laudable effort, balancing action with fairness in the prosecution of justice remains pertinent in the operations of a law enforcement agency. Faced with such moral dilemma, the Economic and Financial Crimes Commission (EFCC) has ramped up its efforts to sanitize Nigeria’s corporate sector.The Commission’s attempt to rid the country’s private sector of criminals and criminality through checks and balances has led to the investigation of some businesses across several industries and the imposition of fines on some. While top shots found culpable of economic malpractices are undergoing prosecution, companies and their executives hitherto scrutinized are being acquitted. In particular, the EFCC has scaled up its scrutiny of the telecoms and lottery industries.One of the notable cases is EFCC’s investigation of telecoms giant, MTN in 2019 over alleged irregularities in the process of its listing on the bourse of the Nigerian Stock Exchange (NSE). In May 2019, the firm had listed by introduction, 20.4 billion ordinary shares at N90 on the NSE. In less than a week, the share price had risen to N131 as scarcity drives up its value. Many believed the company did not follow due process and had given insider information to some of its major shareholders, a move that led to artificial scarcity of the company’s shares following the announcement of the IPO. However, while acknowledging that it was under investigation by the EFCC, MTN reiterated that it had not been accused of any wrongdoing by the anti-graft agency. After further explanations from the Securities Exchange Commission (SEC), MTN was let off the hook.Similarly, in January 2020, Premier lotto, Nigeria’s foremost and perhaps, oldest lottery firm became the subject of a routine EFCC inquest to investigate alleged tax evasion based on unsubstantiated accusations from a competitor. An Executive Director of the company and son of the founder, Segun Adebutu, who was incidentally at the Premier Lotto office on the day, was invited to the anti-graft agent’s office for questioning without detainment. After due investigations, and further clarifications from the company, the EFCC found no malpractices in the affairs of Premier Lotto and Segun Adebutu.  The matter was thereafter summarily dismissed, and the petition was closed. In its bid to sanitize the lottery industry, the EFCC went into a partnership with the National Lottery Regulatory Commission (NLRC) in July 2019. The deal involves agreement for support in the areas of information sharing, intelligence gathering, enforcement and prosecution. With the new agreement, it became easier for the anti-graft agency to detect cases of foul play in the hitherto opaque Nigerian lottery industry, which is reportedly worth about $70 billion. The partnership with the NLRC is already yielding some results as the EFCC recently announced the discovery of 35 illegal lottery business operators in the country.EFCC’s scrutiny of the telecoms sector revealed a boost early in the years, when the House of Representatives Committee on ICT revealed that commission will join the committee to investigate telecom providers, over alleged non-remittance of the one per cent annual turnover to the National Information Technology Development Agency (NITDA). According to the Reps committee, the telecom companies are owing up to N200 billion in pending remittance to NITDA for infrastructure provided. While some people see the EFCC’s intervention in the affairs of the business world as being overbearing, others see it as a means of reining in some of the excesses of the businesses and protecting the consumers who are serviced by these businesses. Nevertheless, these moves have yielded some benefits. They have checked the excesses of the telecoms operators and brought in more revenue for government in form of fines. Lastly, thanks to the cooperation of some key lottery operators, the EFCC has made the industry more transparent and accountable. 

-Samson writes from Lagos.

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FORMAL NOTICE: FALSE, DEFAMATORY, AND MALICIOUS PUBLICATION

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The attention of UBA Group has been drawn to a false, defamatory, and malicious publication currently circulating on social media platforms, falsely alleging that the Group Chairman, Mr. Tony O. Elumelu, CFR, has divorced his wife.

These statements and all similar content are entirely fabricated, reckless, and without basis. The claims are a deliberate falsehood designed to mislead the public and cause reputational harm.

The matter has been referred to the relevant law enforcement authorities, who have commenced action. We confirm that three individuals directly connected to the creation and dissemination of these malicious falsehoods have been arrested, namely:

 

  1. Mr. Kingsley Akunemeihe (@Directorkem)

 

  1. Mr. Chigozie Success Ihebom

 

  1. Mr. John Surpruchi Nwanorue (@problemchimky)

Investigations are ongoing and are expected to lead to further arrests and prosecutions of all persons involved in originating, amplifying, or sustaining this defamatory campaign.

This serves as a formal notice to all individuals, platforms, and entities involved in the publication, reposting, or continued dissemination of this content to immediately cease and desist.

All such parties are hereby required to:

 

  • Remove the offending publication from all platforms immediately

 

  • Refrain from any further publication or amplification of similar false content

 

  • Preserve all records, including digital footprints, communications, and metadata relating to the creation and dissemination of the publication, pending further legal action

According to a statement signed by Alero Ladipo  Group Head, Brand, Marketing & Corporate Communication

United Bank for Africa, failure to comply will result in the initiation of legal proceedings, including claims for defamation, injunctive relief, damages, and any other remedies available under applicable law.

The UBA Group is resolute in protecting the reputation, privacy, and integrity of our brand, that of Mr. Elumelu and will pursue all necessary legal avenues — civil and criminal — to ensure that all responsible parties are identified and held accountable.

 

 

 


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Wale Tinubu Celebrates Folawiyo at 66

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The Group Chief Executive of  Oando Group Jubril Adewale Tinubu has paid glowing tribute to billionaire businessman and oil tycoon Tunde Folawiyo on the occasion of his 66th birthday, describing him as a distinguished figure whose influence continues to resonate across Nigeria’s socio-economic landscape.

In a warm and reflective message, Tinubu celebrated Folawiyo not only as a respected elder but as a man whose enduring legacy cuts across business, culture, sports, and the arts. His words captured the deep admiration Folawiyo commands within elite circles and beyond.

“Happy birthday to a great Egbon, Tunde Folawiyo,” Tinubu wrote. “Your impact has touched many corners of our national story—from business to culture, sport, and the arts. As you mark another year, I celebrate all you have accomplished, and the grace and consistency with which you have done it.”

The Oando boss further offered prayers for continued strength and fulfilment, expressing hope that the years ahead would bring even greater accomplishments and sustained good health for the celebrated industrialist.

Folawiyo, a scion of one of Nigeria’s most prominent business families, has long maintained a commanding presence in the corporate world, while also nurturing interests that extend into philanthropy and the preservation of cultural heritage. His measured approach to leadership and quiet philanthropy have earned him widespread respect as a man of substance and refinement.

As he marks this significant milestone, tributes have continued to pour in from across the country’s business and social circles, affirming his status as one of Nigeria’s most influential and admired figures.


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Love, Pride and Prestige: Wale Tinubu Celebrates Wife’s Rise Among Africa’s Most Influential Women

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In the glittering world of high society and corporate influence, moments of genuine pride and admiration rarely go unnoticed. Such was the case when oil magnate and business leader Jubril Adewale Tinubu stepped into the spotlight to celebrate a milestone achievement by his wife, Bola Tinubu who was recently honoured at the prestigious ARISE 100 Women of Impact in Africa Awards.

The award ceremony, organised by the media powerhouse ARISE News, brought together some of Africa’s most accomplished and influential women—leaders whose contributions have left a remarkable imprint across business, governance, philanthropy, and social development. Among this distinguished league stood Mrs. Tinubu, whose recognition reflects years of quiet excellence, commitment, and purposeful impact.

For the energy tycoon, the moment was deeply personal. Known across the continent as the driving force behind the energy giant Oando Plc, the businessman is often celebrated for his boardroom brilliance and strategic leadership. Yet, beyond the corporate boardrooms and global energy deals, he was simply a proud husband applauding the achievements of the woman who stands beside him.

Taking to social media shortly after the ceremony, Tinubu shared a touching tribute that resonated with many who admire the couple. His message was simple but heartfelt, capturing the essence of admiration and partnership. Referring to the moment as a “proud husband moment,” he congratulated his wife on the prestigious honour and praised the significance of the recognition.

The ARISE Women of Impact Awards have increasingly become one of the continent’s most respected platforms for celebrating female excellence. The initiative highlights women whose work continues to shape industries, inspire communities, and redefine leadership across Africa. For the woman , being counted among this elite group places her firmly within a circle of changemakers whose influence transcends titles and accolades.

Observers at the event noted that her recognition was not merely ceremonial but well deserved. Over the years, she has cultivated a reputation for grace, professionalism, and dedication to meaningful causes—qualities that have earned her admiration within Nigeria’s social and professional circles.

For those who know the Tinubus, the public celebration was hardly surprising. The couple has long embodied a partnership built on mutual respect, shared ambition, and unwavering support for each other’s pursuits. While  Tinubu continues to command attention in the energy sector, his wife has quietly carved out her own path of distinction.

The quiet, steady influence of a woman who commands respect without seeking the spotlight  shone brightly on that memorable evening reminding many that true influence often speaks in the calmest of voices.

Beyond her professional accomplishments and social standing, the intelligent lawyer nine years ago,  translated her deep concern for child protection into action with the launch of the Cece Yara Foundation, an organisation dedicated to protecting children from abuse and giving young victims a safe platform to speak out against injustice.

Over the years, the foundation has become a powerful voice in the fight against child abuse in Nigeria, offering support, counselling and advocacy for vulnerable children. Through its initiatives, many young victims have found both protection and hope.

Through these initiatives, she  has continued to demonstrate that her influence goes far beyond society circles. Her commitment to protecting the most vulnerable members of society has made her not only a respected figure in elite circles but also a beacon of hope for countless children and families across the country.

In a society where achievements are often measured in grand gestures and headlines, moments like this serve as a reminder that recognition carries deeper meaning when it is celebrated by those closest to us.

For the GCEO of Oando Group, the award was not just another accolade on the social calendar—it was a powerful reminder that behind every remarkable woman is a story of dedication, resilience, and a partner proud enough to celebrate her success before the world.

 


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