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We Are Not Investing $600m AP Moller Counters FG

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APM Terminals-Nigeria, the Danish Shipping company has unveiled plan to invest $500 million in Nigeria’s maritime sector.

The funds will be used to expand infrastructure in majorly Lagos and Onne ports facilities, including rail and barge networks “to connect directly to mainline shipping” the company stated yesterday.

The company is not investing $600 million contrary to the federal government’s claim.

Ajuri Ngelale, the Special Adviser to the President On Media and Publicity had claimed in a statement last week that President Bola Ahmed Tinubu secured the $600 million investment from the Danish company during the World Economic Summit in Riyadh, Saudi Arabia.

But in a statement made available to the media on Thursday, titled, ‘Our Vision For Nigerian Ports and Growth’, by the chief executive officer, APM Terminals, Keith Svendsen, the firm said a huge chunk of the investment will be on the Apapa port to increase its draft to allow access for big vessels.

The company’s chief executive stated that talks have been ongoing since February this year on the investment, adding that interaction with the federal government over the deal only intensified last month, noting that the company believe in the country’s future, and the role of foreign capital investments to achieve this.

“At APM Terminals, we believe strongly in the future prospects for the Nigerian economy, and the long-term opportunities that the current economic reforms and invitation for international investments will generate. At Onne, we are concluding a USD115m upgrade project to ensure the terminal has sufficient capacity and capabilities to service the south/eastern Nigeria market and the growth expected in coming years, while the Apapa port continues to offer a unique access to Nigerian importers and exporters to international markets through not just road, but also rail and waterways, by means of barges.

“Having been present there for close to two decades, we believe that Lagos, as the main port, needs further investments to cater for increasing trade volumes and to be able to attract large container vessels. While greenfield terminals like Lekki and later on Badagry will support economic growth in the long run, the more urgent requirement is in our view to upgrade the existing port infrastructure to ensure road, rail and barge networks can connect directly to mainline shipping.

“We have developed plans to undertake the necessary terminal upgrade investments in Apapa to give access to vessels with deep draft and requiring large ship-to-shore cranes. We seek to do this under a long-term agreement with the government to support our ambition to continuously improve the import and especially export opportunities for the country, creating jobs and diversifying opportunities locally.

“As we are still not at the finish line, we have intensified talks with the administration and port authority to make these plans concrete and I’m pleased with the significant progress made towards implementation. That is why I earlier this year publicly told about the proposal to invest more than USD 500 million that we have discussed with the President Tinubu both in February,  and which we further elaborated in late April. It should go hand-in-hand with a long-term partnership.

“For us in APM Terminals, it is important that we not only operate highly efficient terminals, but also that we play a role contributing to the development of the local communities and bring in opportunities for growth and new prospects for Nigerians,” he stated.

CBN Laments Worsening Economic Crisis Due To Exchange Rates

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The Central Bank of Nigeria, CBN, has lamented the worsening economic crisis in the country.

The apex bank said it’s “concerning” that the purchasing power of many Nigerians have dropped due to various government economic policies.

The concern was expressed by the Deputy Governor in charge of Corporate Services, Bala Bello, in a statement published on the bank’s website on Thursday.

According to Bello, the exchange rates pressures have sparked both inflation and insecurity across the country, stressing that the purchasing power of Nigerians have dropped marginally by over nine percent to 48 percent from 39 percent within one month, between January and February this year.

He explained that the economic problems have lingered for eight months consecutively, despite the efforts of the government to address the situation.

He said the federal government strategic responses to the problem include the release of grains from the strategic reserves, distributing seeds and fertilizers, and supporting dry season farming, amongst others have failed to address the current hardship in the country.

Bello said: “It is concerning to note that the Composite Purchasing Managers’ Index declined sharply to 39.2 index points in February 2024 from 48.5 index points in the previous month.

“Economic activity has been contracting for eight consecutive months, mainly due to exchange rate pressures, rising input prices, security challenges, and other idiosyncratic headwinds. This calls for well-nuanced policy decisions targeted at price stability to forestall stifling economic activities and derailing output performance.

“Of more concern is the rising inflationary trend despite sustained hikes in the monetary policy rate, with forecasts of further price increases in the near term.

“Both food and core inflation rose in February 2024, underpinning an acceleration in headline inflation to 31.70 per cent in February 2024 from 29.90 per cent in the previous month.

“This continued rise in inflation was mainly due to high production costs, lingering security challenges and exchange rate pressures,” he said.

He added that the country’s inflation soared to 33.22 per cent in March, which was unacceptable and required coordinated efforts to curb it.

“Inflation is currently unacceptably high and requires decisive and coordinated efforts to curb it, given its adverse impact on citizens’ purchasing power, investment decisions and broad output performance.

“The Federal Government’s initiatives addressing food insecurity, such as releasing grains from the strategic reserves, distributing seeds and fertilizers, and supporting dry season farming, are important and commendable,” he stated.

The magazine reported that Africa’s Richest Man Aliko Dangote recently criticised the federal government over  its exchange rate policy which he said has crippled many manufacturing businesses in the country.

“We’re Constructing N15trn Lagos/Calabar Coastal Road With Fear Of God”-Umahi

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Dave Umahi, The Minister of Works, says the federal government is approaching the construction of the Lagos-Calabar coastal road with the fear of God.

The minister made this known on Wednesday in Lagos during an interaction with stakeholders and those affected by the multi-billion construction project.

Umahi spoke amidst the trenchant criticism that has greeted the project, particularly the cost which has been described to be over inflated.  

Top opposition figures in the country such as the PDP Presidential candidates, Atiku Abubakar and Peter Obi of the Labour Party, LP say the project is not a priority at this time.

The LP candidate, Obi, has demanded that the project be jettisoned in the interest of Nigeria due to the humungous funds needed for its construction. The project, according to the government will cost close to N13 trillion.  

Atiku on his part has lamented the huge job loses that will result from the project. No fewer than 20,000 people are expected to the thrown into the labour market as a result of the construction, according to checks.

Speaking yesterday at the second meetings with stakeholders, Umahi said President Bola Ahmed Tinubu has directed that the project work be done with “the fear of God.”

According to him, the federal government has ensured fairness to all that are concerned, particularly people whose property are affected by the road construction.

 Umhai said: “Mr President says that this development must have two factors. One is the fear of God, and the second is the human face, and that’s what we have tried to do.

 

“Since we came on Thursday, we have been going through the route every day from morning to about 8 p.m. or 9 p.m. We’ve made hard decisions. In some cases, we have followed the gazetted routes. In other cases, we have realigned to the coastal line, majorly. And the coastal line from the shore, 250 metres by the Supreme Court judgment, belongs to the federal government.

 

“I talk in particular about Landmark. There is none of his infrastructure that is affected. I agree that there are some people he subleased the place to, but the shoreline was never given to him by the Oniru family. These people he sublet to, he erected some caravans, makeshifts, so on and so forth within the shoreline. So, we are dealing with these people who sublet the shoreline illegally.”

Mass Abductions Of School Children: Police Launch Schools Protection Squad

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Alhaji Mohammad Husseini Gumel - Kano CP

By Suleiman Anyalewechi

Amidst increasing cases of mass abductions of school children and other vulnerable sets of the populace in the Northern Region of the country, the Kano police authorities on Thursday May 2, 2024, launched the  Schools Protection Squad SPS with a view to providing adequate security cover for primary, Secondary, and some other vulnerable tertiary educational institutions in the State.

The Kano State Commissioner of Police, Muhammad Hussain Gumel, who officially flagged off the initiative, said the establishment of the special Schools protection team, is in tandem with the vision of the Inspector General of Police,  Kayode Egbetokun, to effectively provide safe environment for schooling, through the protection of both students and teachers ,as well as schools facilities and their critical infrastructures.

At an interactive session with the Media to mark his one year in office as the Kano Police Command, Gumel, stated that the  Squad  which comprises 60 adequately trained police operatives ,has been provided with all the necessary equipment for the task ahead.

CP Gumel, announced that the posting of the operatives of the Squad with the primary responsibility of providing robust patrols around all Primary and Secondary schools in the state  will commence immediately, .

The SPS, he noted, will also ,monitor activities in and around some vulnerable tertiary educational institutions in all locations across the three Senatorial districts of Kano state .

The Kano state police Commissioner ,while xraying the Command’s achievements since he assumed office in the last one year,pointed to the reformation of no fewer than 623 criminal elements ,as perhaps the most instructive.

“In Compliance with the directive  and vision of the Inspector General of Police IGP to all police formations and Commands to implement various problem-solving initiatives such as the Community Policing approach to tackle emerging community crimes ,the police Command in kano took the bull by the horn .

After reviewing the crime pattern and conducted crime mapping of the state ,we drew up the action plan which centred around robust community policing engagements with relevant stakeholders,synergizing  with the military and other security agencies and the use of kinetic and non-kinetic approaches .

It was through these collective efforts that we succeeded in fighting and bringing down the wave of crime and criminality in the state .

As a result of employing these approaches ,the Command received and profiled a total of six hundred and twenty three repentant thugs ,took them off streets ,and currently transitioning them away from life of crime .

Some of them have since been engaged by the Kano State Government into practicing various life changing empowerment programmes “CP Gumel stated.

The Kano State Police Chief, also, said  that the command within the period under review, arrested and prosecuted over 3000 suspected criminals, kidnappers, banditry elements ,armed robbers ,human traffickers and illicit drug dealers ..

“Within the same period, the Command has been able to flush out criminal elements who occupied the historic Dala Hills ,using it as a hide out and turning it into an enclave from where they launch mayhem and various criminal activities on the good people of Kano State.

The criminals not only attempted to destroy a major symbol of Kano’s history, but almost destroyed a world class tourist centre, a source of wealth creation and revenue generation for the state.

Thus far, the intervention of the police Command has made the historic  site safe and secure for all residents and visitors” CP Gumel noted.

The Kano State Commissioner of Police, expressed his sincere appreciation to the Kano State Government ,other sister Security Agencies, Community policing stakeholders, the Media and Civil Society Groups for their unalloyed support, cooperation and understanding, insisting that credit should also go to the Kano residents for their collaborative efforts.

Ekiti Police Command Burst Motorcycle Robbers Syndicate, Arrest Eight

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Motorcycle Robbers Syndicate in Ekiti State

By Ayodele Oni

Following clampdown on the activities of robbers that specialize in snatching motorcycles popularly known as okada, Ekiti state police command efforts have paid off with the arrest of eight suspects.

The Command’s Rapid Response Squad(RRS), swooped on the hideouts of suspects and arrested one Adebayo Bashiru a.k.a Bashy, Oluyemi Kunle a.k.a Gbegbe, Gabriel Isaac, Abubakar Abdullahi, Macon Andrew and Peter Ninfa, identified notorious vehicles and motorcycles snatchers within Ikere/Ado-Ekiti and Igede-Ekiti Axis.

Spokesman of the command, Sunday Abutu explained that “The suspects, during interrogation, confessed that they have snatched so many motorcycles from their owners within Ikere/Ado/Igede-Ekiti Axis.

“They further mentioned one Lawali Ibrahim and Kabiru Abdullahi as their accomplices who usually buy the motorcycles from them after snatching.

“Effort intensified led to the arrest of the three buyers who further confessed that they have transported seven of the stolen motorcycles to the Northern part of Nigeria for resale.

“One unregistered Yellow Color Bajaj Boxer Motorcycle was recovered from them at the point of arrest.

“Meanwhile, some of the victims came to identify the recovered motorcycle as the one used by the robbers to accost them and escape after robbing them.”

Last month, the Oye Divisional Police Headquarters in collaboration with some residents of Trinity Hostel Area, Oye-Ekiti, arrested a notorious motorcycle snatcher, one Bernard Shadrach, who has snatched so many motorcycles from their owners within Oye-Ekiti alongside his gang member who is currently on the run.

Abutu stated that effort is in progress for possible arrest of other fleeing suspects.

Communal Crisis Rocks Ile Epo Market, As Shops Are Been Burnt, Properties Destroyed

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Communal Clash atIle-Epo Market

By Akinwale Kasali

Shop owners, traders and residents of Ile Epo at Agbado Oke Odo Local Council Development Area of Lagos State are counting their loses, as properties, good and homes worth hundreds of millions in Naira has been burnt down by irate youths who have engaged each other in a fight since yesterday night.

It was gathered that for weeks now, there have been a brewing crisis between the Hausas and Yorubas at the popular Ile Epo Market, which escalated to a Street fight among residents who are sympathetic to each of the tribes.

This engulfed into a Communal Fight that lasted all through the night till this morning.

There was bonfire at every area in the community, with Shops and Houses

been set on fire.

Visiting the area which has become a shadow of itself as wild fire was seen in the market with the two sides burning anything on sight and also attacking each other.

As at the time of filing this report, it was gathered that there had been several casualties, with some of the victims rushed to Ile Epo General Hospital, while some of the causalities that sustained several degrees of injuries were rushed to some Private Hospitals.

The reason for the communal war is yet to be ascertained at this period, but some Policemen attached to Ile Epo Police Station who claimed anonymity said they had called for reinforcement to salvage the situation as their Men were on ground shielding some of the irate youths from both sides from wrecking more havoc.

One of the shop owners who wept uncontrollably said that she just bought goods to restock her shop on Monday, sadly, the shop had been set on fire.

The area is presently deserted as everyone had scamper for safety.

Policemen and other security agents could be seen roaming the market and the area, but the irate youths are still wrecking havoc with a reprisal attack in the offing.

Nigerian Army Disciplines Officers For Operational Negligence

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By Ayodele Oni

The Nigerian Army on Thursday said two of its personnel are to be court martialed for operational act of commission or omission.

The officers were said to have been involved in Tudun Biri incident that occurred in Kaduna State, during which civilians, mistaken for terrorists, were bombed.

The incident had drawn criticisms from across Nigerians, who called for a probe of the incident and compensations for victims that survived the attack.

Director, Defence Media Operation, Major General Edward Buba said, at biweekly media briefing that investigations on the incident have been concluded.

General Buba revealed that the military has conducted a painstaking investigation into the incident and has initiated disciplinary action against those culpable.

“Accordingly, the affected personnel are to face a court martial for acts of ommission or commission with respect to the incident.

“I’m however constrained to speak much about the incident as it would be adjudged as prejudicial being a case before court martial.

“However, it must be made clear that the incident was a mistake, as the victims of the strike were mistaken for terrorist.”

General Buba stated tha the Chief of Defence Staff, (CDS), officers and personnel of the Armed Forces of Nigeria (AFN) console with the families and loved ones of all those killed by the sad air strike.

“It is hoped that there would be no repeat of strikes on non combatants in ongoing operations. The military will take extra precautions in the future to ensure that non combatants are safe.”

Nasarawa Police Arrest Three Suspected Fake Operatives Of EFCC

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Fake EFCC Operatives Arrested in Nassarawa

By Ayodele Oni

Nemesis has caught up with three persons in Nasarawa state posing as operatives of the Economic and Financial Crimes Commission (EFCC) operatives in the state.

Nasarawa state police command announced the arrest of the three suspects that also specialized in abduction of students.

The Command’s spokesman, Ramhan Nansel, who disclosed this in a statement, revealed that the command, at about 3:45 p.m. on April 17, received a distressed call that four persons in a green-coloured Toyota Corolla car abducted a student of Federal Polytechnic, Nasarawa.

He noted that the suspects robbed and abducted one ND II student at their lodge behind Government College in the Nasarawa Local Government Area of the State.

The Police Spokesperson said: “On receipt of the call, the police immediately gave the suspects a hot chase and a roadblock was mounted at Laminga junction to stop them from escaping with the victim, but they hit the barrier and fled.

According to him, a follow-up investigation into the case led to the arrest of three other members of the gang who were residents of Custom Quarters and Up Market area in Masaka.

The police spokesman said one iPhone 12 Pro Max, Huawei and one Tecno Spark 5 earlier collected from some victims, and fake EFCC identification cards were recovered from the suspects.

Nansel noted that the suspects confessed to being the syndicate responsible for robbing and terrorizing student areas in Keffi and Nasarawa Local Government Areas of Nasarawa State.

Nansel said the Nasarawa State Commissioner of Police, Umar Nadada, had directed that the case be transferred to the Criminal Investigations Department (CID) in Lafia for further investigation.

The suspects, he said, would be charged to court upon the conclusion of an investigation.

OPINION: What’s in a Book? You’ll Never Know, Until…

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Azu Ishiekwene

By Azu Ishiekwene

Earlier this week, I teased on my social handle about my encounter with a deity. Of course, not in the sense that one might meet a deity in the groove of a village forest.

Yet, those who have met this man – who know him – might agree that Sam Amuka, fondly called Uncle Sam, is a deity of sorts. The trail that forged the seasons of his career goes back many decades to his years at Daily Times which at its prime, was Africa’s leading journalism shrine.

On Sunday I went to see Uncle Sam, to talk about my new book, Writing for Media and Monetising It. I had dispatched a copy to him in advance, but the ritual would be incomplete without a libation.

So, I took along an extra copy and went to his Anthony Lagos residence, where he has lived like a regular Joe for many decades. As I waited for him upstairs on the balcony of his house, I glanced back and forth between the Sunday newspapers strewn on a cane table, and a silver tray with a big flask, teacups, a box of Lipton and assorted teas, a bottle of honey, skimmed milk and over a dozen of packets of Kemps cracker biscuits.

It wasn’t long before Uncle Sam emerged from the corridor, his imminent presence announced by the barking of a puddle that first accosted me when I climbed the stairs. The puddle was not here when I visited a few years ago.

“Superstar!” Uncle Sam teased, as he came out.

I replied, smiling, that 88 was good on him. He corrected me: “I’m 89!” He then tore a packet of Kemps crackers and sat on the bed-shaped cane chair to my right, waiving the young man who had followed behind to make him some tea.

The young man took out two Lipton tea bags, and after pouring hot water from the flask went on to add not one or two, but I think three teaspoons of honey. Then, he grabbed the tin of skimmed milk. I looked at Uncle Sam, thinking the young man was mistaken and expecting he would ask him to stop. He didn’t. Instead, he looked approvingly, even expectantly, munching his Kemps.

At 59, in my obsession to live a long, healthy life, only God knows how many things I have given up. I can’t remember the last time I used any sweetener, gluten-free or not, for my tea or pap, much less milk. I was puzzled to see an 89-year-old man having his tea not just with plenty of honey but also topping the brew with spoonsful of milk.

Uncle Sam smiled as he took the steaming teacup from the young man, stirred it gently, and took a sip. As if to create the perfect ambience for his refreshment, he turned on music stored in a flash drive that was plugged into a player.

“You don’t know I’m called Daddy DJ?” he joked in response to my puzzled look.

Sam Amuka, I know. Uncle Sam, I know. Who doesn’t? He is the Jimmy Breslin of Nigeria’s journalism. Writing about Breslin, who died seven years ago at 88, Tom Wolfe described him as, “The greatest columnist of my era.” And that, from Wolfe, a master of the craft in his own right, says a lot.

In a tribute to Breslin, The Guardian wrote that he was the champion of the trials and troubles of the ordinary people in New York. “He filled his columns with gangsters and thieves, whom he knew first-hand from drinking in the same bars. He told stories that smacked of blarney behind their anger.”

And Breslin himself once said, “Rage is the only quality which has kept me, or anybody I have ever studied, writing for newspapers.” That was Sad Sam, the tempered version of which we now know as “Uncle Sam.”

But “Daddy DJ?” I was meeting him in that incarnation for the first time this Sunday morning. Yet, it made no difference. I could see a common thread of empathy and humanity binding the three persons in one man. I was happy and comfortable to share the story of my new book, in-between sips of my own tea – sugarless, milk-less – and yes, also in-between mouthfuls of Kemps cracker biscuits which I had not tasted for a very long time.

I did not start out to write a self-help book. As my career as a journalist crossed the 35-year mark and I inch closer to the sixth floor of life, it became increasingly difficult to ignore suggestions to share my experience in a more permanent form. I’ve been writing for the media since I was 22 and even managed to write a book on Nigeria’s anti-corruption war in 2008. But the urge to share more has increased.

In yielding, I wondered what I could do differently. In recent times, I have been invited by universities and professional groups to speak on the challenges facing journalists and young writers, especially in light of the extraordinary explosion in the use of artificial intelligence in the workplace, at school and at home.

Decades after TIME magazine famously predicted that journalism could be on its death throes and it turned out that the death was exaggerated, the technology appears to have sparked the second panic wave.

So what? I thought perhaps it might be useful to combine my speaking experiences with decades of writing a weekly column now enriched in both audio and visual formats to serve the needs of a younger generation of content providers, especially students and those in the earlier stages of their writing career, trying to find their way. And not just trying to find their way – but also, trying to earn some extra money or attract value, while doing so.

The book title clearly suggests a media bias – media here meaning traditional and social media. That is deliberate as audiences in these areas are my primary focus. Whether you are still in school, just starting out on a writing career path or are, in fact, in the middle levels of your career, you would find this book useful.

It draws not only on my personal experience – struggles and triumphs – I also interviewed professionals across age brackets who generously shared their experiences with me.

For me, writing this was like walking back through the years of my career, beginning from when there was even no career but just the dream to become a writer someday, to my schools when I was formally introduced to the craft, through many changes along the way, a good number of which I didn’t even see coming.

You don’t have to wear my shoes or tread my path. But this book is a good guide for common obstacles many literary content providers face in the new world as they try to find their own way.

I set out to do an online course largely on journalistic writing for value, not to write a book, but ended up with a resource that will benefit a much larger variety of audiences than I had envisaged.

Uncle Sam listened patiently. When I finished, he asked one question, with a worried look: “How will you get this book out, and get people to read it?”

No easy answer. Research increasingly suggests declining interest in reading, especially among younger populations. I replied that I did what I could to make the book simple, anecdotal and relatable.

“I’m hoping,” I told Uncle Sam, “that young people would see something of themselves in my stories and the stories of others across a generational spectrum and from it, chart their own course.”

He didn’t seem fully persuaded, but he was in earnest for me – for us – to find a way.

How can one claim to be a journalist, for example, without reading Peter Enahoro’s You’ve Gotta Cry to Laugh, Babatunde Jose’s Walking a Tightrope or AladeOdunewu’s Allah De? Or even the more recent Battlelines: Adventures in Journalism and Politics by Olusegun Osoba, to mention a few?

What is in a book is the thing that might just change your life; but you’ll have to read it to find it. On that, deities whether in journalism, carpentry, medicine or the good old craft of fortune-telling, might agree.


Ishiekwene is Editor-In-Chief of LEADERSHIP

Dangote Vs Tinubu: Who Wins As Mogul Launches Vicious Attack On Govt?

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Africa’s Richest Man Aliko has expressed his most daring criticism of the President Bola Ahmed Tinubu’s administration since the latter came to power on May 29, 2023.

The respected business mogul was recently named among the Economic Advisory team of President Tinubu, which also include his rival Abudulsamad Rabiu, the chief executive of BUA, Tony Elumelu of United Bank for Africa, amongst other top Nigerians.

Dangote’s appointment many insist was meant to pacify him after his embarrassment, in January this year, by the Economic and Financial Crimes Commission, EFCC, over alleged forex scam involving the Central Bank of Nigeria, CBN and some individuals and companies.

The Dangote Group is believed to be among the over 50 companies being investigated by the anti-graft commission over alleged money laundering under the embattled former CBN governor Godwin Emefiele.

Recall that some EFCC operatives stormed the company’s Lagos office four months ago demanding for documents to assist them in their investigations in the alleged forex deals involving the conglomerate. The incident, those close to the businessman told the magazine did not go down well with him “because Dangote considers himself as an establishment person” that cannot be touched due to his closeness to previous governments in the country.

Jim Obaze, the Special Investigator appointed by President Tinubu last year investigated billions of dollars allegedly allocated to Dangote and other companies under the Emefiele-led CBN. Obaze submitted his report to the president last December which former part of the evidence now being used by the anti-graft agency to prosecute the former CBN boss.

Barely four months after the EFCC raid on Dangote, close watchers of events in the country say the businessman “has broken” his silence “and attacked” the Tinubu administration for embarrassing him.

Speaking on Tuesday at the Annual General Meeting of Dangote Sugar Refinery Plc, the mogul criticized the administration for floating the naira, stating that many manufacturing companies have been hit by the policy.

The CBN floated the naira last year by merging the exchange rates in the official and parallel markets. The policy has destabilsied the naira, according to experts, who blamed the apex bank for the slide in the exchange rate of the naira against the American currency, Dollar.

The Nigerian currency is now exchange for at least N1,370 to the American green back.

Dangote appears not happy with the current exchange rate which he claimed has affected his businesses and other investors in the country.

According to him, the CBN policy has created huge mess in the economy so much so that manufacturers had not been able to pay dividends to their shareholders due to the loses they suffered.

He said, “The biggest mess created (by the government) was the devaluation of the naira from N460 to N1,400.”

As a result, he said, many manufacturers have incurred huge loses and “You can see that almost 97 per cent of companies in the food and beverage business, none of them will pay dividends this year. But we will try and get out of it.”

Those close to the administration of Tinubu has exposed the frosty relationship between the president and the Chairman of Dangote Group.

“The president is not happy that his 2023 presidential bid was not supported by the businessman. Considering that Dangote has benefited in no small way from Lagos where Tinubu is the ‘godfather’ the president expected reciprocity from Dangote when he contested against Atiku,” a source said on Thursday.

The businessman was alleged to have supported Atiku Abubakar for the presidency last year which Tinubu later won with Atiku coming a distant second.

“How can you be happy, the source said, “after supporting him to build one of the biggest refineries in the world in Lagos. That’s Dangote biggest investment so far. There was no way that could have been achieved without Tinubu’s support. Yet, this person stabbed you at the back when you made your biggest political move. It’s a stab on the back.”

Since Tinubu swept to power last year, Dangote has visited him at least twice in Aso Villa, Nigeria’s seat of power in a perceived effort to “mitigate” the perceived damage in his relationship with the president.

In one of such visits to ‘beg’ Tinubu, Dangote had accompanied Bill Gates in June 2023 to the Presidency, according to analysts who insist that it will be difficult for Dangote’s businesses to survive under a hostile government.

The mogul, accompanied by his close ally, Femi Otedola later met with President Tinubu in his Bourdillon, Ikoyi home on April 10, 2024 as part of the ongoing trouble shooting efforts by prominent Nigerians to mend fence between the duo, sources familiar with the controversy informed the magazine.