Business
TTB/Union bank ownership: A call for transparent investigation
By Azubike Ugwu
In the last three days, we have seen a storm of allegations regarding the ownership of Titan Trust Bank Limited (TTB) and Union Bank of Nigeria Plc (“Union Bank”), and this has captured public attention. These claims, reportedly stemming from a report submitted to the President by a Special Investigator, Mr Jim Obaze, have initiated a critical discussion around transparency. However, the lack of access to the report begs for an open dialogue to clarify the unfolding narrative.
The core accusation revolves around the former Central Bank Governor’s alleged use of intermediaries in acquiring Union Bank and doubts about whether Titan Bank met the reported purchase price. To understand the gravity of these claims, it’s imperative to grasp the financial magnitude of the investors steering these banks.
TGI Group, with assets exceeding ₦3.75 trillion and 2022 revenues surpassing ₦1.74 trillion, emerges as a financial powerhouse. To underscore this, the sale of its subsidiary “Chivita” to Coca-Cola Group companies in 2020 for more than USD 500 million, a figure nearly three times the alleged equity element in the Union Bank acquisition, speaks volumes about the group’s financial robustness. TGI Group’s financial resilience, underscored by concrete figures, paints a picture of stability.
Contrary to these allegations, documents availed necessary parties indicate that payment for Union Bank shares was indeed made, raising questions about the accuracy of claims suggesting non-payment and highlighting the importance of verifying such financial transactions. Titan Trust Bank’s chairman, Mr Tunde Lemo, has strongly refuted the allegations made by the special investigator, providing details and names that can confirm the transparency and integrity of the transaction. Drawing parallels, it’s akin to questioning a transaction’s legitimacy while the receipts stand as concrete evidence.
The news of Mr. Lemo being summoned by the special investigator once again has been making waves in the business community. The investigator has written a letter in reaction to the rebuttal made by Titan Trust Bank. The letter stated that Mr Lemo and TTB’s rebuttal was offensive.
The letter is filled with many allegations, and it has raised questions about the independence and bias of the investigation. Many wonder whether Mr Obaze is singling out Mr Lemo for unknown offences or if the investigation is truly unbiased and objective.
It is important to note that Mr. Lemo is a respected figure in the business community, and many have lauded his efforts. He has always been known for his dedication and hard work. Therefore, the allegations made against him have come as a surprise to many.
The scrutiny extends to Luxis and Magna, the UAE-based holding companies accused of lacking a physical presence in Dubai. Yet, in the global business landscape, such corporate structures are commonplace. TGI’s financial fortitude backing these entities accentuates their credibility, emphasising the need for context in evaluating business practices. TGI, in its statement, categorically affirmed that “the entire transaction was managed by highly reputed global financial institutions including Rothschild and Citibank. And like most major acquisitions, the process took years to complete. A USD 300 million loan was sourced from the African Export-Import Bank (Afrexim), and the rest of the capital was sourced from the proceeds of TGI’s sales of its Chi Ltd business to Coca-Cola, all to finance the acquisition of Union Bank.”
Another layer to the controversy involves a “mysterious shareholder” supposedly providing interest-free long-term loans. Examination of the financial records reveals that these loans were granted within the TGI Group, illustrating a standard business practice. Parallels can be drawn to global corporate scenarios, where loans within a closely-knit business ecosystem are considered normal.
The allegations surrounding Mr. Cornelius Vink, the founder of TGI Group, necessitate a balanced perspective. As a distinguished Dutch national, his cooperation in providing requested documents to the investigator showcases a commitment to transparency. Analogously, it mirrors other reputable figures in international business who willingly subject themselves to scrutiny.
Turning our attention to the alleged recommendation for the government to take over Union Bank, the financial stability of Union Bank and Titan Bank, coupled with the investigator’s apparent lack of statutory powers for such recommendations, raises questions about the credibility of this assertion. It’s akin to questioning the legitimacy of a referee’s call beyond the established rules of the game. Mr Obaze lacks the necessary statutory powers to make such calls and appears once again to be arrogating powers to himself that are not legal. Perhaps we should remember and question his many ‘allegations’ against corporate entities and individuals that were just him bloviating.
Amidst this uncertainty, the call for transparency echoes louder. TGI Group’s financial resilience, fortified by concrete evidence, underscores the importance of a candid dialogue to address the swirling allegations surrounding the Union Bank/Titan Trust Bank transaction. The figures presented and the parallels drawn serve as signposts guiding the need for clarity in this complex financial tapestry.
The business community eagerly awaits the outcome of this investigation and hopes the truth will come out. Until then, these questions must be answered.
1. Why did the Special Investigator go to the media instead of taking the usual investigative or legal route?
2. Is this an attempt to create negative publicity for the Banks, TGI and personalities involved without presenting any evidence?
3. If the Special Investigator believes that Mr Godwin Emefiele owns the bank as he has alleged, why hasn’t he provided any evidence after such a lengthy investigation?
4. Why is he specifically targeting and harassing legitimate business owners and professionals?
5. Is the Special Investigator suggesting that the government is willing to face significant consequences by seizing private investments, especially when the nation is actively trying to attract foreign investments?
It is prudent for Mr Obaze to remember that rather than this media trial that he has embarked on, “affirmanti non neganti incumbit probation” – the burden of proof lies on him, who asserts.
Business
Dangote Refinery is “Eight Wonder of the World,” says Femi Otedola
Dangote Petroleum Refinery has been described as the ‘Eight Wonder of the World’ that has changed global oil industry dynamics, putting Nigeria at a vantage position among other countries.
Nigerian billionaire businessman Femi Otedola, stated this when he visited the 650million MPD capacity Refinery in Lekki, Lagos state.
In a post shared on his official X account on Sunday, Mr Otedola, chairman of First HoldCo Plc, expressed profound admiration for the project. “Today 15 February 2026, I visited the Dangote Refinery, what I call the 8th wonder of the world,” he wrote.
He added that, following the successful completion of the ongoing expansion project, the refinery’s capacity would rise to 1.4 million barrels per day.
The Dangote Refinery, Africa’s largest and the world’s biggest single-train facility, only days ago reached its full nameplate capacity of 650,000 barrels per day. This milestone, announced earlier in the week, marked the first time any refinery of this scale had achieved 100 per cent of its designed output in a single train.
Plans to expand the complex were first disclosed by Aliko Dangote, president of the Dangote Group and Africa’s richest person, in October 2025.
The project, supported by technology and services from Honeywell International, is intended to more than double current capacity to 1.4 million barrels per day by 2028. Once completed, the enlarged facility would surpass India’s Jamnagar refinery to become the largest in the world. The expansion will also incorporate additional petrochemical production, including increased output of polypropylene, linear alkylbenzene and base oils.
Mr Otedola’s visit comes at a pivotal moment for Nigeria’s energy sector. The refinery’s attainment of full capacity is widely expected to reduce the country’s dependence on imported petroleum products, ease pressure on foreign exchange reserves and support broader economic stability.
The businessman has previously praised the project’s transformative potential, stating that domestic refining at this scale could strengthen the naira and reshape energy supply across Nigeria and the African continent.
Photographs shared alongside Mr Otedola’s post show him touring the vast industrial complex, underscoring the scale of what is regarded as one of Africa’s most ambitious industrial undertakings.
Business
Business and Human Rights in Nigeria 2025: Standing Firm and Looking Forward- Agabaidu Chukwuemeka Jideani
Executive Summary
In 2025, Nigeria’s Business and Human Rights (BHR) landscape reflects a nation at a critical juncture, struggling to achieve a critical mass of stakeholders to comply with and implement the National Action Plan on Business and Human Rights, balancing economic ambitions under the National Development Plan (NDP) with persistent human rights challenges exacerbated by divestments in the oil sector, economic reforms, and global regulatory shifts.
Driven by Dr. Anthony Okechukwu Ojukwu, SAN, the Executive Secretary of the Nigerian National Human Rights commission (NHRC), grounded in the UN Guiding Principles on Business and Human Rights (UNGPs), Nigeria’s National Action Plan (NAP) on BHR, approved in April 2023 and integrated into the broader NAP on Human Rights Promotion and Protection (2024–2028), marked a foundational step toward aligning business practices with human rights obligations. However, implementation has been impacted by lack of clarity, public awareness, oil pollution legacies, judicial delays, and socioeconomic pressures from inflation and fuel price hikes.
Globally, the 14th UN Forum on BHR in November 2025 emphasized accelerating action amid crises, influencing Nigeria’s priorities.
Progress includes stakeholder dialogues and NAP rollout, but challenges like corporate divestments without remediation persist. Prospects hinge on enhanced voluntary compliance by businesses, an effort that is motivated by Dr. Anthony Okechukwu Ojukwu, SAN and is being championed by the Abuja Chamber of Commerce and Industry and NACCIMA as the leadership of the Organized Private Sector in Nigeria; as well as enforcement, international partnerships, increased involvement of stakeholders, and the integration of the BHR into the Nigeria’s Open Government Partnership (OGP) NAP 4 Commitments -being spearheaded by Agabaidu C. Jideani, Director General of the Abuja Chamber of Commerce and Industry.
This review analyzes key activities, progress, challenges, and forward-looking strategies, drawing on UN reports, national dashboards, and regional forums to advocate for a “smart mix” of measures under the NAPBHR and the UNGPs.
Introduction: Framing BHR in Nigeria’s 2025 Context
Nigeria, Africa’s largest economy and most populous nation, derives over 80% of export revenue from oil, making BHR intrinsically linked to resource extraction, labour rights, and environmental justice. The UNGPs, comprising the state’s duty to protect (Pillar I), corporate responsibility to respect (Pillar II), and access to remedy (Pillar III), provide the normative framework.
Nigeria’s NAP operationalizes these, prioritizing sectors like oil, mining, and agriculture, with actionable items on employment nondiscrimination and environmental impact assessments.
In 2025, amid global volatility, escalating conflicts, AI governance, and delayed EU directives like the Corporate Sustainability Due Diligence Directive (CSDDD), Nigeria’s BHR efforts intersect with domestic reforms. Early economic shocks, including rising inflation and petrol price surges, market uncertainties amplified vulnerabilities, exacerbated human rights violations with the NHRC dashboard showing a 15% rise in violation complaints, have given way to some form of market stability though poverty and unemployment have continued to increase and the NHRC dashboards continues to elicit concerns about human rights violations. This review evaluates 2025’s trajectory, emphasizing resilience (“standing firm”) and innovation (“looking forward”).
Key Nigerian Activities on BHR in 2025
Nigeria’s BHR agenda in 2025 centered on NAP implementation, stakeholder engagement, and sector-specific interventions.
NAP Rollout and Institutionalization
The NAP, a chapter in the 2024–2028 Human Rights NAP, advanced through the National Working Group on BHR (NWAGBHR), co-led by the National Human Rights Commission (NHRC). Key activities included:
Establishment of the African Continental Centre on Business and Human Rights (ACCBHR): The NHRC and the Abuja Chamber of Commerce and Industry established the Centre as a hub to galvanize the Organized Private Sector in Nigeria to integrate human rights into business activities and business decision making.
Multi-Stakeholder Dialogues: The May 2025 National Dialogue on BHR in Abuja, hosted by NHRC with UNDP and EU support, mapped implementation roadmaps, focusing on UNGPs integration into AfCFTA compliance. Over 200 participants from government, business, and civil society endorsed priority actions like judicial sensitization on BHR cases.
State-Level Frameworks: Engagements are continuing to facilitate subnational BHR plans, addressing land acquisition and employment rights and conflict resolution in the key sectors of Oil and Gas, Mining, Agriculture and livestock development.
Thematic Focus: NHRC’s March and June 2025 Human Rights Dashboards highlighted BHR violations, including 12% rise in employment-related complaints, prompting Advisory Opinions on freedom of expression in business contexts.
Practitioners’ Certification Course on Business and Human Rights: The NHRC in conjunction with the Abuja Chamber of Commerce and Industry, and the African Continental Centre on Business and Human Rights held a two-day intensive program (December 2 and 3, 2025). The course equipped practitioners with proficiencies and skills to become champions and advocates for the integration of respect for human rights into business and commercial activities and forms the foundation of the establishment of a Register of BHR practitioners in Nigeria.
Sectoral Initiatives
Oil and Gas: Post-divestment scrutiny dominated, with UN letters to Shell, Eni, ExxonMobil, and TotalEnergies (July 2025) demanding remediation for Niger Delta spills. The Petroleum Industry Act (PIA) 2021’s host community provisions saw initial implementation, with $12 billion estimated cleanup costs allocated via the Host Community Development Trusts.
Labour and Gender: The Women in Leadership Coalition advocated for the Reserved Seats for Women Bill, linking BHR to gender quotas in corporate boards. ILO-aligned training reached 1,200 police on human rights in labour disputes.
Digital and Emerging Risks: NHRC addressed AI’s BHR implications, aligning with global consultations on technology due diligence.
Remedy Platform: The Registrar General of the Nigerian Chamber of Commerce Dispute Resolution Centre (NCCDRC) Mrs Hauwa Kaka Usman offered the platform for the independent resolution of Human Rights Violation Complaints, offering victims easy access to effective, speedy and cost friendly platform for the resolution of human rights disputes.
These activities underscore Nigeria’s proactive NAP domestication, though funding gaps persisted.
Global Activities Influencing Nigeria
Global BHR dynamics in 2025 shaped Nigeria’s priorities, emphasizing crisis-responsive implementation.
UN Forum and Working Group Engagements
The 14th UN Forum on BHR (November 24–26, Geneva) themed “Accelerating Action Amid Crises” drew 4,000+ participants, urging a “smart mix” of regulations. Nigeria’s NHRC and UN Global Compact Network participated, aligning NAP with Forum outcomes on conflict zones and Indigenous rights, relevant to Niger Delta disputes.
Regional and Bilateral Developments
Africa BHR Forum (October 7–9, Lusaka): The 4th edition, building on the 2024 Nairobi Declaration, tracked NAP progress across Kenya, Uganda, Nigeria, Liberia, and Ghana, focusing on child rights mainstreaming, where Nigeria’s provisions remain minimal. It called for common reporting frameworks, influencing Nigeria’s AfCFTA BHR clause negotiations.
Conclusion
2025 tested Nigeria’s BHR resolve, with NAP progress and the organized private sector buy in amid economic hardship, environmental pollution in the oil and gas and solid minerals sector, insecurity and conflicts within the agriculture subsector. Standing firm on our NAPBHR and the UNGPs foundations, while looking forward to integrated reforms, offers a pathway to increased progress in the coming years.
Agabaidu Chukwuemeka Jideani is a Business and Human Rights, Compliance, Risk, and Governance Expert. He Serves as the Director General of the Abuja Chamber of Commerce and Industry and a Director of the African Continental Centre for Business and Human Rights.
Business
Dangote Refinery to supply 1.5bn litres of petrol monthly
….Writes NMDPRA, Engages Marketers to Stabilise Fuel Market
Photo caption: L R: Chief Executive Officer, Dangote Fertiliser Limited, Vishwajit Sinha; Chief Executive Officer and Managing Director, Dangote Petroleum Refinery, David Bird; President and Chief Executive, Dangote Industries Ltd, Aliko Dangote; Managing Director and Chief Executive Officer, South South Development Commission, Usoro Akpabio, during the visit of SSDC members to the Dangote Petroleum Refinery and Fertiliser Plant in Lagos on Sunday, November 30, 2025.
Dangote Petroleum Refinery has announced plans to supply one billion five hundred million litres of Premium Motor Spirit (PMS) monthly to the Nigerian market in December 2025 and January 2026, a move aimed at ensuring uninterrupted nationwide fuel availability through the festive season and into the New Year.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, disclosed the plans at the weekend, noting that the refinery will make available 50 million litres of PMS daily beginning December 1.
“In line with our commitment to national wellbeing, and consistent with our track record of ensuring a holiday season free of fuel scarcity, the Dangote Petroleum Refinery will supply 1.5 billion litres of PMS to the Nigerian market this month. This represents 50 million litres per day. We are formally notifying the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of this commitment. We will supply another 1.5 billion litres in January and increase to 1.7 billion litres in February, which translates to about 60 million litres per day,” Dangote said.
Photo caption: L R: President and Chief Executive, Dangote Industries Ltd, Aliko Dangote; Managing Director and Chief Executive Officer, South South Development Commission, Usoro Akpabio, during the visit of SSDC members to the Dangote Petroleum Refinery and Fertiliser Plant in Lagos on Sunday, November 30, 2025.
Speaking during a visit by the South-South Development Commission (SSDC) to the refinery and the Dangote Fertiliser complex, he stated that the facility currently has adequate stock and is producing between 40 and 45 million litres of PMS daily. He added that the daily supply of 50 million litres should dispel long-standing claims that domestic refineries lack the capacity to meet national demand.
Dangote also revealed ongoing engagement with petroleum marketers to strengthen distribution systems, including expanding the use of CNG-powered haulage.
“Our priority is to ensure Nigeria receives the products it needs. This is not driven by profit motives; it is about guaranteeing the availability of essential energy products. It is similar to the transformation we delivered in the cement sector,” he added.
He further noted that the refinery is progressing with its expansion plan to reach a capacity of 1.4 million barrels per day. More than 100,000 workers are expected to be involved in the expansion of both the refinery and the fertiliser complex. Dangote emphasised that the Group remains committed to its vision, driven by the strong public support for the company’s role in shaping Nigeria’s economic development.
During the visit, the Managing Director of SSDC, Usoro Offiong Akpabio, commended Dangote’s leadership and his continued contribution to strengthening Nigeria’s industrial capability, national energy security and long-term economic competitiveness.
She described the South-South region as Nigeria’s natural energy corridor, with vast crude oil reserves, gas infrastructure, maritime assets, agro-industrial activity and emerging industrial clusters. She noted that deeper collaboration between the region and the Dangote Group could unlock opportunities in product distribution, CNG infrastructure, petrochemicals, agriculture, and employment creation.
Akpabio added that such partnerships would advance the Federal Government’s energy stability agenda and position the South-South as a strategic growth hub for the Dangote Group.
“As the statutory development body for the South-South, SSDC is mandated to drive regional economic development, infrastructure integration, human capital advancement, and private-sector–led growth. In this regard, we stand prepared to support State-level policy and regulatory support for Ease-of-doing-business across our six states. Enabling environments for Dangote Group’s expansion into strategic sectors such as gas processing, agro-industrial value chains, renewable energy, logistics, and export-oriented manufacturing,” she said.
In a letter from the refinery’s Managing Director, David Bird, to the Authority Chief Executive of the NMDPRA, the company reaffirmed its readiness to host NMDPRA officials onsite at the refinery from December 1st to verify and publish its daily supply volumes. The refinery also sought the Authority’s support to ensure unhindered importation of crude, feedstocks and blending components, as well as smooth vessel loading for product evacuation.
“In the spirit of full transparency to the public we are willing to publish our daily production and stock volumes (online and print media),” Bird stated. “We seek the full support of NMDPRA to allow Dangote refinery to import our crude, feedstocks and blending components unhindered as well as support the lifting of our products by vessel. We continue to experience delays in vessel clearance which impacts not only the refinery operations but also our customers, adding unnecessary costs and inefficiencies”.
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