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

SMEs Dev: Firms Launch N100m Loan Scheme

Published

1 day ago

March 30, 2026

The Tide

The Coalition of Microlending and Cooperative Institutions in Nigeria (COMCIN), the umbrella body of non-bank microfinance institutions and cooperative societies in Nigeria, in partnership with NEAT Microcredit, has unveiled a N100 million joint loan facility aimed at supporting small and medium-scale enterprises (SMEs) across the country.

The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.

The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.

Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.

“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.

He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.

According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.

“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.

Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.

He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.

“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.

He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.

“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.

Business

Yenagoa’s Radisson Hotel Ready December — NCDMB, Other

Published

1 day ago

March 30, 2026

The Tide

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has expressed confidence that the five-star Radisson Hotel and Conference Centre, Yenagoa, Bayelsa State, would be completed and commissioned this December .

He said this while addressing visiting top executives of Edison Corporation and Megastar Technical and construction company at the conclusion of a one-day project management tour and workshop at the headquarters of the Nigerian Content Tower (NCT), Yenagoa, weekend.

The Board in a statement from the Directorate of Corporate Communications said all other stakeholder assured of the delivery of world-class services in the hotel upon it’s completion.

Ogbe described the hospitality facility as a top priority project of the Board whose progress he would be following up every day and week.

“This project is critical to the Board, critical to Yenagoa, Bayelsa State and Nigeria. With this hotel becoming functional at the end of the year, I believe there will be tourism in Bayelsa State, and that’s one of my dreams.

“When I took up this job as Executive Secretary in December 2024 I said I must make this hotel work”, the NCDMB boss said.

He commended the team from Edison Corporation and the project contractor, Megastar Technical and Construction Company, for the quality and pace of work, adding “much is required from the Management to meet up the schedule delivery

“Most of the critical aspects of the project have been resolved in terms of mark-up room, scope of work in terms of financing and contracting strategies”

The Board’s Scribe said he was sure all hands would be on deck to ensure that work proceeds unhampered.

In his remarks, the Chief Executive Officer of Edison Corporation, Mr. Vivian Reddy, said the team from Edison Hotel Group was very excited to come into a contractual arrangement with NCDMB, assuring the project will put the city on the world map.

“What is so important with the group Radisson International is that, if anyone around the world looks for Radisson Yenagoa, they will see this place pop up, and it’s going to help to uplift the area in terms of visitors and tourism.

“Our role is to make sure we deliver a world-class quality hotel from start to finish. We will open the hotel, we’ll furnish it. We’re working with the main contractor to make sure the facility meets world-class standards”, he said.

Speaking on the sealing of the contractual deal with the NCDMB, he noted it took great efforts, saying “getting Radisson in the agreement was not easy, and it took several months and cumulative one and a half years of discussions and documentation”.

The Edison boss, who is reputed to be the first South African businessman to lead a high-level business delegation from that country to Nigeria during the tenure of President Thabo Mbeki in 1999, was full of commendation for the NCDMB boss, describing him as “a great and visionary leader”.

“The vision and dream of the Executive Secretary of the NCDMB are going to become a reality. We’re going to help him and make it a reality and it’s going to be the best hotel in this region”, the boss noted.

Mr Reddy also commended the project contractors and professional teams involved, stating that his team has every confidence in their technical competence.

By: Ariwera Ibibo-Howells, Yenagoa

Business

RIRS Sets Tomorrow As Deadline For Individual Tax Returns Filing

Published

1 day ago

March 30, 2026

The Tide

The Rivers State Internal Revenue Service (RIRS) has set tomorrow as the deadline for the filing of all Annual Individual Income Tax Returns for all taxable residents of the state.

This was contained in a public notice by the Service to the taxable residents of the state in compliance with statutory provisions.

The notice was signed by the Executive Chairman of the agency, Sir Israel O. Egbunefu, and made available to the public in Port Harcourt recently.

Egbunefu stated that the directive was in line with the provisions of the Nigeria Tax Administration Act 2025, which mandates individuals to declare their income for the preceding year of assessment.

According to the notice, the obligation covers all categories of income earners, including employees in both the public and private sectors, self-employed individuals, business owners, and professionals operating within the state.

The agency reiterated that the timely filing of tax returns remains critical to promoting transparency, accountability and efficient tax administration in Rivers State.

It further noted that compliance with tax obligations plays a vital role in enabling the government to meet its developmental goals and provide essential public services.

RIRS urged all eligible taxpayers to ensure that their 2025 tax returns are properly completed and submitted through its approved channels before the stipulated deadline .

The Service warned that failure to comply with the directive may attract penalties and other sanctions as prescribed by relevant tax laws.

It also stated its commitment to enforcing compliance while maintaining a taxpayer-friendly approach in its operations.

Taxpayers requiring assistance were advised to visit any RIRS office or access its official platforms for guidance on the filing process.

The agency assured residents of continuous support, including professional advisory services, to facilitate a seamless and stress-free compliance experience.

The notice forms part of ongoing efforts by the Rivers State Government to strengthen revenue generation and enhance voluntary tax compliance across the state.

Residents are therefore encouraged to take advantage of the available support systems and meet the deadline to avoid unnecessary penalties.

By: King Onunwor