Business

Tambuwal Rejects SSS Overture On $620,000 Bribe

Published

14 years ago

June 18, 2012

House Speaker Aminu Tambuwal, has rejected a plea by security agents to help retrieve the $620,000 cash businessman Femi Otedola gave a lawmaker, Farouk Lawan.

The police have asked Lawan, chairman of the ad hoc committee which probed the multi-billion naira fuel subsidy scandal, to surrender the cash, which he admitted collecting. But the lawmaker says he will not give up the evidence that Otedola bribed him against his wish.

Besides, he has not shown up at the police Special Task Force (STF) probing the matter to say all he knows about the bribe.

Tambuwal is said to have rejected the request because, according to sources, “he does not want to be roped in”.

The Speaker was said to have been suspicious of why security agencies were mounting pressure on him to get the cash from Lawan.

A legislative aide said: “The Speaker turned down the request because security agencies might come up with a theory that Lawan kept the bribe with Tambuwal.

“Although the security agencies were not happy with the Speaker’s attitude, the man said as a lawyer he has enough experience to know what could happen when you are turning in evidence.

“He has fears that with a little shred of evidence, he might be roped in.”

The police yesterday reached out to principal officers of the House and influential members of the ruling Peoples Democratic Party (PDP) to prevail on Lawan to appear before it today or face the consequences.

The House and the Police were involved in a hide and seek game yesterday.

The House said on June 6 it struck an unwritten agreement with the police hierarchy that Lawan could only be available in two weeks after it might have concluded its internal investigation into the matter.

A source said in the presence of the principal officers of the House, the police hierarchy communicated the agreement to the investigating desk.

Ahead of the police final decision on Lawan today, there were indications that five to 10 more lawmakers might be invited by the police based on audio tape of the conversation between Otedola and Lawan.

The Tide source learnt that the police may crack down on Lawan today, if he refuses to honour police invitation.

A source said: “We have sent emissaries to Lawan; they are talking to him to honour police invitation. We are hopeful that this persuasion will work.

“Let us see how it will go, but I think by the end of Thursday, Farouk must have chatted with the Police. We are just trying to be civil.”

But a member of the House said: “When some of our principal officers met with the police team on June 6, they asked the hierarchy to give them two weeks to investigate the allegation before asking Lawan to report for interrogation by the STF.

“The principal officers were obliged the two-week request. That is why Lawan has not appeared before the STF. We are only honouring our own part of the unwritten agreement.”

The source went on: “That claim by some lawmakers appears strange because Lawan is in the country for his recess. We are not aware of any agreement. With the international dimension the matter has taken, does he need two weeks to report to the police to make a statement?

“We have reached out to the House leadership through eminent Nigerians to allow Farouk to come to the police. That is the latest on this matter; let Farouk Lawan honour the police.”

It was learnt that the House leadership was battling last night to find a solution to the issue between it and the police.

A member of the House from the North East said: “For hours, Farouk Lawan met with Tambuwal and principal officers at the Speaker’s residence on Wednesday on how to handle police invitation.

“A solution is being found in such a manner that it will not affect our relationship with the police. Let them be patient.”

It was also learnt that five to 10 members of the House might also be invited by the police based on the audio and video tapes which were being shown some key House members yesterday.

The police source added: “Yes, we may invite more lawmakers, but we want to hear from Lawan first; that is the logical order. Let everybody talk to him to report by Thursday or else it may be a different story.”

The ongoing investigation has, however, created panic among House members following the rush to watch the video tape of the Otedola-Lawan game and listening to the audio tape by lawmakers

A source said: “From the tape, the negotiation was higher Otedola did not start video-taping, until when the rate was reduced to $5million. Later Otedola reduced it to $3million.

“There was another interesting aspect where Otedola told Lawan that the balance of the $3million was ready and the oil baron was asked to fly in the balance.

“Otedola said as soon as he got to Abuja , he would call Lawan but the lawmaker could be heard loudly saying: ‘It is possible we might be in the chamber but I will give you the number of a trusted hand… (A member of the House).

“The said member, who was a union activist before his election, was said to have come from a Yoruba speaking area in the North-Central zone of the country.”

Business

Nigeria’s Inflation Drops to 15.06%

Published

3 days ago

March 23, 2026

The Tide

Three States Record Lowest rates Published 16 Mar 2026 By Dave Ibemere 3 min read The NBS has revealed that inflation rates dropped again in February 2026 The bureau noted that both headline and food inflation eased on a year-on-year basis Inflation was lowest in Katsina, Imo, and Ebonyi, while the highest was recorded in Kogi.

Nigerian economy, the stock market, and broader market trends. The National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate slowed further in February 2026. According to the bureau in its latest CPI report, the headline inflation dropped slightly to 15.06% from 15.10% in January 2026. Nigeria’s inflation eases to 15%, offering relief to households. It was 11.21 percentage points lower than the 26.27% recorded in February 2025. From breaking news to viral moments. On a month-on-month basis, inflation stood at 2.01% in February, up from -2.88% in January, showing that prices rose at a faster pace than the previous month. Nigerian stock market records weekly gain as turnover hits N164.8billion Urban vs Rural Inflation NBS noted that urban inflation stood at 15.53% year-on-year, down from 28.49% in February 2025, while rural inflation was 13.93%, compared with 22.73% in the same period last year. Every month, urban inflation rose to 2.55% in February from 2.72% in January, while rural inflation eased to 0.71% from -3.29%. Food Inflation Food inflation dropped to 12.12% year-on-year in February, down sharply from 26.98% in February 2025. Monthly, food prices rose by 4.69%, higher than the -6.02% recorded in January. The NBS attributed the moderation to slower price increases in staples such as beans, cassava tuber, yam flour, crayfish, millet flour, cowpeas, and okazi leaf. The twelve-month average for food inflation was 19.08%, compared with 37.40% in February 2025. States breakdown for All Items The states with the highest all-items inflation rates were: Kogi (23.57%) Benue (22.85%) Anambra (22.09%) The lowest rates were recorded in: READ ALSO Naira appreciates by N27 against US dollar as external reserves cross $50bn Katsina (7.78%) Imo (11.66%) Ebonyi (11.71%) On a month-on-month basis, the highest increases were in Enugu (5.92%), Ogun (4.39%), and Anambra (4.11%), while declines were seen in Zamfara (-2.14%), Bauchi (-1.23%), and Katsina (-1.06%). Food staples contribute less to inflation as prices moderate in February. Photo: Bloomberg Source: Getty Images State Breakdown for Food Inflation Food inflation was highest in: Kogi (26.91%) Adamawa (23.12%) Benue (21.89%) The lowest food inflation rates were seen in: Katsina (5.09%) Bauchi (7.09%) Imo (7.65%) Month-on-Month Food Inflation The states with the highest month-on-month increases in food inflation were: Bayelsa (8.81%) Ebonyi (8.51%) Edo (7.72%) The states that recorded declines were: Katsina (-0.70%) Nasarawa (0.17%) Kano (1.39%) Food price changes across markets in Nigeria Earlier, The Tide source reported that due to Ramadan, staple food prices across the country are recording sharp increases as Muslims begin the Ramadan fasting season Ramadan is not only a period of abstinence from food and drink, but also a time for ‘reflection, discipline and heightened devotion’ Several traders in Abuja, Taraba, and Kaduna states are taking advantage and have hiked price. The NBS has revealed that inflation rates dropped again in February 2026 The bureau noted that both headline and food inflation eased on a year-on-year basis Inflation was lowest in Katsina, Imo, and Ebonyi, while the highest was recorded in Kogi.

Business

NDCCTMA, NDDC MDS Challenge Niger Delta Indigenes On Investment In The Region

Published

3 days ago

March 23, 2026

The Tide

The Nigeria Delta Chamber of Commerce, Trade, Mines and Agriculture (NDCCTMA), and the Niger Delta Development Commission ( NDDC ) have challenged Niger Delta entrepreneurs to close the gap in Gross Domestic Products (GDP) differences between the region and that of the South Western part of the country by coming home to invest.

The bodies made the call at a Business Round Table organized by NDDCTMA, in Port Harcourt.

Chairman of NDDCTMA, Ambassador Idaere Gogo Ogan, said to close the gap between the south west region which he said has a GDP seize of about #59 trillion and that of the Niger Delta which is about #34 trillion was to massively invest in the region.

He said no other persons can do this except sons and daughters from the region.

“For me I believe in statistics,I believe in data and everyday I looked at the data concerning development in Nigeria and from the GDP point of view, the South West has #59 trillion, that is the seize of the south west region economy, the second region following them is the Niger Delta region with GDP seize of #34 trillion,so there is a yearning gap of #25 trillion that separates the south west and the Niger Delta region, that is why we are here.”

Ogan said the region has the capacity to close the gap and even surpassed it but regretted that indigenes of the region have chosen to ignore it in terms of investment.

“We need to close that gap .If we close that gap and even surpassed it,all the negative problems of militancy and unemployment will automatically erase”, he stated.

Ogan noted that the event was organized to remind the people that past efforts of militancy and agitations have not led the region to any where saying “that is why we are gathered here in this room”.

Also speaking, the Managing Director/Chief Executive Officer, NDDC, Dr Samuel Ogbuku urged indigenes of the region not to use the problem of insecurity as an excuse to continue to deny the region of investment as every part of the country have in one time or the other experienced crisis.

Ogbuku said most indigenes have displayed high level of unpatriotism towards the region by taking investments that would have benefited the people to either Lagos or Abuja.

“With little threat we have left the city, we have gone to Lagos,we have moved our families to Abuja and Lagos. If you go round GRA all the property, you will see,”to let to let”most of them are now empty “he said.

The NDDC MD said despite the fact that people from the region are doing well in the oil and gas, banking and other sectors, its impact are not being felt at home because they are stationed outside the region.

By; John Bibor

Business

Cash Handouts Unproductive For Sustainable Agricultural Development – Engineer Kii

Published

3 days ago

March 23, 2026

The Tide

Rivers State by its natural disposition is gifted with strategic economic advantage, particularly in agricultural potentials and fortunes. This informs successive governments’ interest in developing the agricultural sector, such as the School to Land Program, the Shongai Project, among several others.

The objective is to engender and leverage the sector beyond mere subsistence practices into a full thriving economy, with the engagement and involvement of the youthful and productive population.

The Farm to Future Agro Based Training for Rivers youths by the present administration is notably one of the most pragmatic efforts of the Rivers State Government to engage the prospective creative capital of both the natural and human resources in the agricultural sector for sustainable development.

The concept, premised on the imperative of maximizing the huge agrarian prowess of the state, targets creation of sustainable livelihood for the teeming youth of the state. The project is also intended to achieve the chore needs of food sufficiency and job creation in the state.

This implies a significant deviation from the acculturised norm of expectations of financial benefits as the outcome of government programs and policies.

The tenets of the program are expressly difined in concept and practice as shown in the phases of its execution.

However, some beneficiaries of the project recently staged a protest, allegdging unpaid largesse, diversion of funds and perceived slighting by the Rivers State Ministry of agriculture. The said protest has stirred up concerns among stakeholders about how people view government policies.

Many see the protest as an attempt to create tension around the program and sabotage its original objectives.

Stakeholders and commentators are of the view that the Rivers State is in dire need of development in every critical sector, as such the Ministry of Agriculture and its partners should be given the benefit of the doubt to implement the project to its logical conclusion without being hauled with accusations.

The former Commissioner for Agriculture, Engineer Victor Kii who was at the fore of driving the program has in a press statement debunked the allegations and sued for calm, restraint and understanding. Engineer Kii assured the participants that the empowerment phase will be implemented as soon as administrative normalcy is restored.

He commended the participants for their commitment and discipline during the training and urged them to uphold the norms of the program rather than misrepresenting its intentions.

Some pundits who commented on the recent development decried the fact that many people still hold on to the notion that incentives billed to create sustainable impact through skills based programs, should be given out as largess, without adroit supervision of its utility function. This practice has however created a culture of economic doldrum, dependency and servitude in the past.

Thus the idea of seen the Rivers Farm to Future project as a mere quixotic experiment for cash benefits without achieving set goals is counter productive. Such opportunistic thinking have stunted government efforts over the years in achieving long term objectives of development.

As disclosed by the former commissioner for Agriculture in his detailed explanation, the Farm to Future project was strategically designed to address this culpable deficit in institutional planning and consolidation of results.

The former commissioner gave an explicit description of the nexus of operation of the program.

As revealed by him; ” The program is a strategic intervention to equip young people in Rivers with practical skills and to nurture a new generation of agricultural entrepreneurs. 500 beneficiaries received intensive agri business training in the first phase.”

He pointed out that the program was conceived and designed in line with global best practices which de emphasizes indiscriminate cash handouts for beneficiaries. Rather it promotes practical engagements in agricultural activities and business initiatives.

At the end of the training in February, beneficiaries were encouraged either individually or in cooperative clusters to identify value chain for establishment of viable businesses.

They were also asked to produce structured business proposals for perusal and review by the ministry of agriculture and appointed consultants, after which successful proposals would be forwarded to the Bank of Agriculture with Rivers State Government providing guarantees.

The strategies for implementation include field inspections and evaluation for beneficiaries who had already commenced practical activities in identified locations.

The approach was to discourage the commonplace ideology of diverting funds meant for specific projects for unrelated purposes, thereby undermining the conscious exploration of creative potentials into long term benefits.

The process was however temporary interrupted by the dissolution of the Rivers State Executive Council and the ongoing renovation of the Rivers State Secretariat complex but the profound optimism and positive expectations that are the hallmark of the project remains sacrosanct.

Engineer Kii assures.

By: Beemene Taneh