Business

I Was Paid N800,000 By A Foreign NGO To Run Down Dangote Refinery – David Hundeyin

Published

1 year ago

August 11, 2024

Dangote

Social media critic, David Hundeyin, has revealed that he was offered N800,000 by a foreign Non-Governmental Organisation, Dialogue Earth, formerly known as China Dialogue Trust, to write a damaging article on Dangote Refinery and Petrochemical Company.

Hundeyin, who is not a fan of the Founder of the refinery, Aliko Dangote, revealed this in a detailed write up on Saturday.

He said in a post he shared on his X handle: “I debated long and hard whether to do this publicly, but I think a message needs to be sent to a group of external interests working in tandem with the internal interests described in the quoted tweet to counteract the interests of half a billion West Africans. A message that at whatever level we exist, we take our destiny seriously and we are not to be trifled with.

“Last week, I received an N800,000 offer from an international NGO called Dialogue Earth (formerly known as China Dialogue Trust) to write an article essentially saying that Dangote Refinery is terrible for the environment because something something ‘Environmental Concerns,’ something something ‘Climate Change,’ something something ‘Energy Transition Policy,’ something something ‘COP 28.’

“The (unstated but clearly implied) thrust of the brief was for a prominent local voice to put their name on an article that is an argument or a premise for the Nigerian government to kill the refinery based on its ‘energy transition commitments’ and ‘environmental policy.’ This conclusion wasn’t immediately apparent when they reached out to me, but I suspected where it was heading, and I quickly accepted the offer so that I could see the brief and obtain hard evidence. I’ve attached screenshots from the brief below.

“Basically, this London-based NGO is headed by Sam Geall, an Oxford professor and is funded by several American intelligence fronts such as Ford Foundation and ClimateWorks (which is blacklisted in India for funding organisations working against India’s national interest). For whatever reason, it is now quietly mobilising a resistance campaign against what it describes as ‘Nigeria’s first refinery.’ Apparently, the status quo of Africa’s largest oil producer having no functioning oil refinery to beneficiate its own oil was not a problem for Dialogue Earth and the American CIA fronts who fund it.

“The human poverty caused by exporting this raw material and importing refined fuel was not bad for the environment. Also, the fact of European refiners regularly blending West African fuel cargoes with toxic waste and sulphur content 200 times the European legal limit (leading to asthma, bronchitis and eye infections in West Africa) was also not bad for the environment. But Nigeria having a refinery that will wean West Africa off import dependency on those European refiners (and allow West Africa control the sulphur content of its own fuels) is where Dialogue Earth and its funders draw the line. That one is bad for the environment, and David Hundeyin should write an article calling for the refinery to be shut down or limited.

“I’m putting this out there publicly so that nobody will henceforth use the term ‘conspiracy theory’ when it is pointed out for the umpteenth time, that there are American and European state and private interests that are heavily invested in keeping Africa exactly as poor as it is, and that they regularly push levers most of us do not even know exist, to make sure that this status quo is protected. These people believe that Africans should not exist or have nice things in this world. Apparently, the sole purpose of our existence is to enhance their experience of the planet and all that it has to offer.

“It is because of them that I have to make a public spectacle out of this, even though I know that doing this is probably going to cost someone their job. The message needs to be passed that as poor as we are, you cannot convince us to campaign for the elongation of our own poverty by commissioning $500 hack jobs in the hope that we will be greedy enough to only see the money and ignore the bigger picture of what we can clearly see you trying to do.

“I will reiterate something I have said multiple times – I am not a believer in the religious faith called Climate Change/Saving The Environment. I care exactly as much about the environment as do the rich white men who destroyed it to begin with. I firmly believe that if what it takes for Africa to industrialise is for it to burn so much fossil fuel that snow stops falling in Wisconsin and it starts raining concentrated sulphuric acid in Doncaster, it is not too big a price for Europe and North America to pay – it is certainly not bigger than the price Africa had to pay for Europe and North America to develop.

“It is and will continue to be 100% OUR prerogative to determine what to do with our hydrocarbons. It is not the rich white men hiding behind these ‘Climate Advocacy NGOs’ who will tell us what to do with our energy reserves, and by what means we are allowed to escape the poverty that they engineered for us.

“I might not be a fan of Aliko Dangote or his monopolistic business practices – as is well known – but I’m also smart enough to know when rich white men in DC, Houston, Rotterdam and London and trying to use me as a marionette in their 400 year-old coloniser games. If you are reading this and you are one of the rich white men whose economic interests are threatened by Nigeria refining its own oil, you should come out and fight Aliko Dangote by yourself.

“Or at least go find a much stupider African to do your dirty job – there’s plenty of those.

“It will never be me.”

Business

IMO OPENS NEW ECONOMIC FRONTIER AS UZODIMMA COMMISSIONS NOVA BANK REGIONAL OFFICE IN OWERRI.

Published

1 day ago

December 16, 2025

Ekwutos Blog

By Prince Uwalaka Chimaroke
16- DEC- 2025

Imo State took another decisive step toward economic expansion on Monday, December 15, 2025, as Governor Hope Uzodimma formally inaugurated the regional headquarters of Nova Bank in Owerri, signalling the state’s growing appeal as an investment destination.

While addressing guests at the commissioning ceremony, the governor noted that deliberate reforms, sustained infrastructural development, and a more business-friendly policy environment have steadily repositioned Imo State to attract credible investors. He described Nova Bank’s choice of Owerri as a strategic endorsement of the state’s economic viability and long-term growth prospects.

Governor Uzodimma praised the Chairman of Nova Bank, Mr. Philip Oduozor, for his experience and leadership within the financial sector, assuring the institution of continued government collaboration. He added that the arrival of Nova Bank, alongside the recent establishment of Access Bank’s regional headquarters in the state, reflects increasing confidence by the private sector in Imo’s economic direction.

Reiterating his administration’s vision, the governor emphasized ongoing efforts to transition Imo from a largely leisure-based economy into a competitive commercial centre. He pointed to significant investments in road networks, security architecture, digital systems, power supply, and overall ease of doing business, while encouraging Nova Bank to expand its footprint in the state, including consideration of Owerri for its corporate headquarters.

In his remarks, Mr. Oduozor explained that Nova Bank, which began operations in 2018 as a merchant bank, has now secured a full commercial banking licence. He stated that the bank intends to play a critical role in financing small and medium-scale enterprises across Imo State and the wider South East region by improving access to credit.

The commissioning ceremony ended with a guided inspection of the new facilities by Governor Uzodimma and top executives of the bank, marking another milestone in Imo State’s economic transformation drive.

Business

Aliko Dangote Reacts to Reports that Donald Trump Is Unhappy With the Launch Of Dangote Refinery (Video)

Published

2 days ago

December 16, 2025

Ekwutos Blog

Alhaji Aliko Dangote, President of Dangote Refinery, has denied claims that U.S. President Donald Trump is displeased with the launch of the $20 billion refinery.

There were claims on social media suggesting that Trump’s recent threat to attack certain locations in Nigeria could be linked to Africa’s largest refinery.

Trump had threatened to strike terrorists targeting Christians at various locations in Nigeria, which led to the spread of various propaganda and social media reactions.

Addressing the press, Dangote said that the USA has been a major supplier of crude to the refinery, adding that the talk about Trump being angry over its establishment “does not hold water.”

“The US has been one of our major suppliers of crude, which is why when someone says Trump is not happy with our refinery, it’s not true,” he said.

“Trump is more than happy with our refinery, because on average for a year, we do not buy more than 100 million barrels from the US.”

Dangote also said Nigerians now have the option of buying high-quality, locally refined petrol at a cheaper price or opting for blended imported fuel at a higher cost.

Dangote stated that fuel importers could continue to incur losses while Nigerians enjoy more affordable petrol prices.

According to him, the availability of locally refined petrol gives consumers a clear choice between quality fuel sold at a lower rate and blended premium motor spirit (PMS) sold at higher prices by importers.

https://www.instagram.com/reel/DSR-Ew5glpI/?igsh=MWxwYWJxcXhoYm51MQ==

Business

CBN returns to S4 platform for N365 billion T-Bills Auction

Published

2 days ago

December 15, 2025

Ekwutos Blog

The Central Bank of Nigeria (CBN) has reverted to the use of its Scruples Securities Settlement System (S4) for the electronic submission of Treasury Bills auction bids, following a brief suspension after its initial test-run in November.

Ekwutosblog understands the system was suspended following a glitch, which has now been resolved.

The latest move comes ahead of a N365 billion Treasury Bills auction scheduled for Thursday, December 17 – 18, 2025, reinforcing the apex bank’s resolve to tighten controls, enhance transparency and improve price discovery in the primary fixed income market.

The bids are to be submitted on Wednesday, December 17, 2025, while successful bidders will be required to settle their obligations on Thursday, December 18.

Market participants see the decision as a signal that the CBN is pressing ahead with reforms despite earlier operational inconsistencies. According to Mr. Tajudeen Olayinka, CEO of Wyoming Capital Partners, the move signals a renewed push for transparency in primary market auctions as the apex bank advances fixed income reforms.

Auction Details: N365 billion across three tenors

According to auction guidelines issued last weekend, the CBN will offer a total of N365 billion across three short-dated tenors:

91-day bills: N100 billion
182-day bills: N100 billion
364-day bills: N165 billion

The auction will be conducted using the Dutch auction system, with bids to be submitted exclusively via the S4 web interface between 8:00 a.m. and 11:00 a.m. on Wednesday, December 17, 2025.

Each bid must be made in multiples of N1,000, subject to a minimum subscription of N50.001 million, while successful bidders are required to settle by 11:00 a.m. on Thursday, December 18.

Second attempt after November test-run

This December auction marks the second activation of mandatory S4 usage, following the first implementation at the November 20, 2025 Treasury Bills auction, when the CBN raised over N700 billion.

Although the S4 system was briefly suspended in subsequent issuances—where bids were routed through Money Market Dealers (MMDs)—sources close to the apex bank said the pause reflected a work-in-progress transition, not a policy reversal.

Nairametrics gathered that the CBN expects to conclude the reform process before year-end, after which S4 will become fully operational for all government securities.

CBN seeks visibility, not market takeover

Speaking at a Premium Times Academy workshop in Lagos recently, Mr. Zeal Akariwe, CEO of Graeme Blaque Advisory, said the CBN’s objective is real-time visibility, not a takeover of the control of the fixed income market.

“Did CBN take over? No. What the CBN wants is transparency and visibility over the market, not takeover. That visibility did not exist,” Akariwe said.

Akariwe, whose firm provides advisory services to CBN, stressed that the Securities and Exchange Commission (SEC) remains the statutory regulator, while the CBN’s actions are corrective measures to address structural weaknesses in the market.

Why transparency matters to CBN

Akariwe highlighted how loopholes in the old system enabled profit concealment. He cited cases where banks and pension funds routed bond trades through brokers to hide gains from regulators.

In one illustration, Akariwe said a pension fund holding a 10% coupon bond bought at N100 could sell via an intermediary at N120, allowing the N20 profit to be shared discreetly among parties without regulatory visibility. “The CBN says we can’t have this where we cannot see it,” he noted.

Concerns had earlier emerged over inconsistent use of issuance platforms, with some auctions conducted via S4 and others through MMDs. Akariwe acknowledged this but described it as part of a transition phase.

Beyond auctions, the S4 rollout aligns with Governor Olayemi Cardoso’s broader reform agenda, spanning financial markets, banking supervision, compliance, and FX reforms, aimed at embedding transparency-driven systems that outlast the current administration.

With the return to S4 for the December auction, the CBN appears set to make electronic bidding the new normal in Nigeria’s government securities market.