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

Wealth Creation: GCPBS Convenes Strategic Investment Workshop In PH

Published

1 day ago

April 20, 2026

The Tide

In a significant move aimed at strengthening financial literacy and promoting sustainable economic growth, the Alumni Association of the Garden City Premier Business School (GCPBS) has hosted its inaugural Annual Executive Workshop in Port Harcourt, drawing key stakeholders from across Nigeria’s financial and public sectors.

The workshop, themed “Wealth Creation through Investment in Money and Capital Markets,” held at the Corporate Residence, William Jumbo, Port Harcourt recently, brought together financial experts, policymakers, and professionals to deliberate on practical investment strategies in a rapidly evolving economic environment.

The event attracted a distinguished audience, including alumni of the institution, officials of the Securities and Exchange Commission, financial market leaders, top government functionaries, and seasoned professionals committed to advancing wealth creation initiatives in the country.

In her opening address, Chairman of the GCPBS Alumni Association, Her Excellency Dr. Mrs. Mina Tele Ikuru, charged the participants to take full advantage of the knowledge-sharing platform, stressing the importance of continuous learning and informed financial decision-making.

Also speaking, the Rivers State Head of Service, Dr. Mrs. Inyingi Brown, underscored the need for smart investment practices, noting that true wealth lies not merely in hard work but in the ability to make money work efficiently through strategic investments.

Deliberations at the workshop exposed participants to practical insights into navigating the financial markets, with experts emphasising the need for liquidity-conscious investments and encouraging the exploration of commercial papers issued by reputable corporations.

Speakers further highlighted the benefits of leveraging money market instruments such as bank deposits, while also stressing the importance of understanding market timing—knowing when to buy, hold, or exit investments—as a critical factor in achieving optimal returns.

The concept of compounding was extensively discussed as a powerful tool for long-term wealth accumulation, alongside the introduction of SWOOT—Stocks Worth Over One Trillion—with leading financial institutions identified as dominant players in Nigeria’s stock market.

Participants were also cautioned against common investment pitfalls, including the dangers of holding excessive idle cash, exposure to inflationary pressures, and the growing threat of fraudulent Ponzi schemes often disguised with unrealistic promises of high returns.

They also stressed the importance of diversification as a risk management strategy, with experts warning that failure to spread investments across asset classes could expose individuals to avoidable financial losses.

A panel session anchored by Prof. John Ohaka featured robust contributions from Barr. Bernard Ibe and Figbene Briggs, who examined critical approaches to monitoring investments and ensuring long-term financial stability.

A Financial expert, Uche Uwaleke (FCMA) provided further guidance, advocating the adoption of the DHL investment model—Diversify, Hedge, and Long-term planning—while emphasising the need for constant monitoring of market capitalisation and price indices.

The event also featured goodwill messages and the presentation of awards to deserving individuals and organisations, including Oida Energy Limited, Xenergi Limited, Aslan Resources Ltd, and Dr. Mrs. Mina Tele Ikuru, in recognition of their contributions to economic development and professional excellence, while special honours were conferred on Prof. Silver Opuala-Charles and Dr. Mrs. Inyingi Brown.

In a closing remark, Prof. Adline Ben-Chioma who summarised the key takeaways from the workshop, reiterated the importance of informed investment decisions, as ESV Okputu delivered the vote of thanks, appreciating organisers, speakers, sponsors, and participants for their roles in the success of the inaugural initiative.

By: King Onunwor

Banking/ Finance

Ripple Survey Reveals Appetite for Digital Assets

Published

6 days ago

April 15, 2026

The Tide

Cornerstone of Financial Services

A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.

According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.

“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.

The survey was conducted in early 2026 and the findings released in March.

Stablecoin Boon or Bane?

Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.

With a market cap of $1.56 billion, it is considered a major regulated player in the market.

No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.

Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.

Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.

In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.

The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.

The Asian city-state is one of the platform’s biggest growth markets.

The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.

The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.

Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.

Ripple converts dollars into XRP and then back into pounds.

If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.

That is a bridge Ripple will have to cross if it gets to that point.

Tokenisation Partners

Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.

Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.

The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.

Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.

Infrastructure Rules

In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.

“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”

No surprise that this is precisely where Ripple is placing much of its focus.

Business

Niger Delta Investment Summit Targets $5bn Inflows, 500,000 Jobs

Published

2 weeks ago

April 10, 2026

The Tide

The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled the plans to host a major economic and investment summit aimed at attracting five billion dollars, ( N7 trillion) investments in addition to creating about 500,000 jobs over the next five years.

The Chairman of NDCCITMA Board, Ambassador Idaere Ogan, disclosed this in Port Harcourt, recently.

Ogan stated that the initiative is designed to reposition the Niger Delta as a viable destination for sustainable economic growth and development.

He explained the summit would bring together investors, policymakers, manufacturers and business leaders from within and outside Nigeria to explore opportunities across key sectors of the regional economy.

According to him, the event is expected to attract high-profile participation, with President Bola Tinubu billed as Special Guest of Honour, while the Prime Minister of Barbados, Mia Amor Mottley, is expected to deliver the keynote address.

Ogan said the summit would focus on critical sectors including agriculture, manufacturing, logistics and the blue economy, which he described as areas with significant untapped potential.

He called on state governments, development partners and private sector stakeholders to support the initiative, stressing that collective efforts are required to unlock the region’s economic prospects.

NDCCITMA chairman further stated that improving security conditions and increasing economic confidence in the Niger Delta have made the region more attractive to both local and foreign investors.

He emphasised that ongoing economic reforms at the national level have also contributed to creating a more favourable investment climate.

Also speaking, the Chairman of the Summit Organising Committee, Dr. Solomon Edebiri, said the event would prioritise the growth of small and medium-scale enterprises (SMEs) across the region.

He noted the summit would provide a strategic platform for networking, business partnership and policy dialogue aimed at strengthening the private sector.

Edebiri disclosed that findings from a recent business roundtable revealed significant untapped investment opportunities, which the summit seeks to harness through targeted collaborations.

He revealed that the event would feature exhibitions of viable projects, facilitate business-to-business and business-to-government engagements, and also promote innovations across multiple sectors.

According to him, the expected outcomes of the summit include job creation, increased industrial activity and improved livelihoods for people in the Niger Delta.

To build momentum ahead of the event, NDCCITMA said the body would embark on awareness roadshows across states in the Niger Delta, as well as in Lagos and Abuja, to attract broad participation.

King Onunwor