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Landmark Group Slams FG Over Delayed Compensation On Demolished $200m Resort

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…relocates HQ From Lagos, expand to two African countries 

From Rotimi Asher,  Lagos 

Chief Executive Officer and Founder of Landmark Beach Resort, Paul Onwuanibe said that the federal government has refused to compensate the company nearly nine months after the demolition of his over $200m beach resort in Oniru, Lagos State.

Onwuanibe said the action is enough to scare foreign direct investors from investing their money in Nigeria. The CEO said this in an interview aired on Sunday 

The demolition of structures at Landmark Beach Resort in Oniru, Victoria Island, commenced on April 29, 2024 to give way for the 700 kilometer Lagos-Calabar Coastal Highway.

The Minister of Works, David Umahi said the government disbursed the total amount of N2.75bn as the first payment to property owners affected by the demolition.

In a statement released in May 2024, Landmark Group sought compensation for the demolition of the asset.

The CEO said, “Not a penny. To date, we haven’t been compensated”, adding “nobody has written to me and promised ,to compensate”.

Onwunibe lamented the land was acquired from the government for $17m in 2006 and the firm took a facility worth $30m to develop the property.

He said, “We were issued a seven-day notice. I mean, to be fair, it took another two or three months before it came. Till today, nobody picked up the phone, called me or wrote to me personally and said here is the issue we have or here is what is going to happen.

” That site we bought in 2006, 18 years ago and we paid $17m in 2006. We borrowed $30m to develop that beach. The pain and the hurt is that we spent $30m developing the infrastructure on that beach.

“But you know the biggest tragedy of this was the businesses that were affected by the losses of revenue. We had a beach hotel and people were sleeping in the hotel when the demolition started. We didn’t have time to take the TV from the walls, the mattress from the bed, the pictures on the wall, the plates from the kitchen and there were guests in the pool.

“There were over 160,000 members of the beach and someone has decided or a set of people decided that a road infrastructure project is more important than socio-economic activities along that 700 kilometer coastlines. Unfortunately, I was in the first kilometer”.

Meanwhile the CEO has revealed that the company will extend its reach into two other African countries, establish a presence in three Nigerian states, and move its headquarters out of Lagos.

This decision comes in the wake of the April 2024 demolition of the Landmark Beach Resort, which Onwuanibe described as a devastating setback, resulting in an estimated $80 million loss.

In an appearance on The KK Show – Key to Keys podcast, featured on Eden Oasis’ official YouTube channel, Onwuanibe explained that the demolition highlighted the need for geographical diversification to reduce the risks of concentrated investments.

He also shared plans to relocate Landmark Africa’s entire events and tourism platform outside of Nigeria.

“We’re going to have some diversification. We’re going to diversify to two other African countries. We’re going to go into three different states. 

“We’re going to move our Nigeria HQ location out of Lagos. And we’re going to move our entire sort of events and tourism platform out of Nigeria”, Onwuanibe said.

Onwuanibe shared that Landmark Africa received interest from governors in 12 states across Nigeria, with three states selected for new ventures after a six-month evaluation. He did not disclose the names of the states or new African countries for expansion.

Onwuanibe detailed the impact of the April 2024 Landmark Beach Resort demolition, revealing the short notice and ongoing financial strain.

“We were issued a seven-day notice”, he said, adding that the demolition was delayed by two to three months.

Despite this, Landmark Africa has yet to receive any compensation, although other affected properties have been paid.

Onwuanibe also questioned the changes to the Coastal Road’s planned route, which was initially meant to run in front of the resort.

“It was meant to be in front of us, not behind”, he said, adding to the confusion surrounding the demolition.

Onwuanibe stressed Landmark Africa’s contribution to the local economy, noting over 10 billion naira in taxes paid the previous year.

“We were the only private business listed on the government’s tourism website”, he said.

Describing the demolition’s chaotic nature, he recalled guests still in the hotel as it began:

“We didn’t have time to remove fridges, TVs, mattresses, or even plates from the kitchen”.

He highlighted that the financial losses are far higher than initially estimated.

“It sounds like a $30 million loss, but it’s more like $60 million to $80 million”, Onwuanibe explained, adding that the broader impact on surrounding investments could reach $200 million to $300 million.

Global Crude Prices Dip To $76.23 After Hitting October Highs 

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…As Asian buyers focus on Middle Eastern grades

By Charles Ebi 

Global oil prices retreated yesterday, breaking a five-session rally, as a robust U.S. dollar weighed on the market ahead of critical economic updates from the Federal Reserve and the U.S. labour market, Reuters reports.

Brent crude futures fell by 28 cents, or 0.4%, to $76.23 per barrel as of 0800 GMT, pulling back from Friday’s close at its highest level since October 14.

Similarly, U.S. West Texas Intermediate, WTI, crude declined 27 cents, or 0.4%, to $73.69 per barrel after reaching its highest point since October 11 on Friday.

The recent rally in oil prices was fueled by optimism over increased demand spurred by colder weather in the Northern Hemisphere and fiscal stimulus measures in China aimed at reviving its flagging economy.

Adding complexity to the global oil market, Saudi Aramco, the world’s largest oil exporter, announced its first crude price hike for Asian buyers in February after three consecutive months of reductions. This move signals confidence in regional demand recovery despite global uncertainties.

Concerns over geopolitical factors are also shaping market sentiment. The potential for stricter sanctions on Iranian and Russian oil exports could impact supply flows. Analysts estimate that Iran’s crude production might drop by 300,000 barrels per day to 3.25 million barrels per day in the second quarter if additional sanctions are imposed.

Meanwhile, U.S. domestic production shows mixed signals. Baker Hughes reported on Friday that the U.S. oil rig count, a forward-looking indicator of output, fell by one to 482 last week. However, market watchers remain wary of the possibility of increased production under policies favoring expansion in the sector.

Despite these developments, a broader supply surplus looms over the oil market in 2025. Analysts anticipate that an increase in non-OPEC supplies, including potential growth in U.S. production, could offset global demand growth.

Analysts such as Patrick De Haan, Head of Petroleum Analysis at GasBuddy said in December that OPEC may no longer wield the market-shaping power it once did over global oil prices.

However, the strengthening of the U.S. dollar has tempered these gains, as it makes oil a dollar-denominated commodity more expensive for international buyers.

“The strength of the dollar remains a key concern for investors”,  noted Priyanka Sachdeva, a senior market analyst at Phillip Nova, in her yesterday report. The dollar hovered near a two-year high, keeping the markets cautious.

Investors are eagerly awaiting pivotal economic indicators later this week for insights into the Federal Reserve’s monetary policy trajectory and its implications for energy consumption. The minutes of the Fed’s latest meeting, scheduled for release on Wednesday, and the December payroll report, due Friday, are expected to provide critical guidance.

However, Asian buyers shifted attention to Middle Eastern grades amidst growing concerns over a potential recession in major global economies.

The oil market is off to a strong start in 2025 with Brent is currently trading above $76 per barrel during early trading hours on Monday; despite the oil balance for 2025 looking comfortable.

The strength in the market appears to be on the back of a stronger physical market in the Middle East, ING says on Monday, noting that this is well reflected in the Brent/Dubai spread which has traded into negative territory recently.

According to ING commodities strategists, there are suggestions that Asian buyers have been looking to other Middle Eastern grades amid broader sanctions against Russia and Iran.

Also, analysts said there will also be concerns over how hawkish Trump will be towards Iran when he takes office later this month. Stricter enforcement of sanctions against Iran would leave the market tighter than expected. However, it would also leave an opportunity for OPEC+ to increase supply.

Later, the international benchmark Brent crude fell by 0.6%, reaching $76.01 per barrel, down from $76.47 at the close of the previous session. The US benchmark West Texas Intermediate, WTI, declined by 0.6%, dropping to $73.18 per barrel, compared to its prior session close of $73.63.

The uncertainty surrounding the trade policies of the incoming US administration continues to influence commodity prices, while also impacting the Federal Reserve’s (Fed) policy outlook. Market participants are awaiting the release of US employment data and the minutes from this week’s Federal Open Market Committee, FOMC, meeting.

While the Fed is expected to implement only two interest rate cuts this year, market players will look to the FOMC meeting minutes, due on Wednesday, for further insights into the central bank’s future policy direction.

The Fed is likely to maintain its policy rate at current levels in its first monetary policy decision of the year on Jan. 29. Richmond Fed President Tom Barkin, speaking on Friday, highlighted the key variables influencing the Fed’s interest rate decisions and suggested that it would be prudent to wait and gather more information before making decisions.

Developments in the US, the world’s largest oil consumer, highlight concerns about an economic slowdown that could dampen oil demand. Also, analysts noted that economic activity in China remains below desired levels, with weak domestic demand continuing to pose a challenge.

Experts cautioned that potential risks in China, the world’s biggest crude importer, could significantly affect the global economic landscape.

The natural gas market has also strengthened. TTF broke above EUR50/MWh last week, although it finished the week just below this level. This is after confirmation that Russian pipeline flows via Ukraine were halted with the expiration of Gazprom’s transit deal with Ukraine.

This means that Europe will lose around 15 bcm of annual gas supply. However, this shouldn’t come as too much of a surprise, ING said.

It has been well-telegraphed for over a year that Ukraine had no intention of extending the deal. Adding further support to European gas is the forecast for colder-than-usual weather over the next two weeks, which could see storage falling at a quicker-than-expected pace.

At the moment, storage is a little more than 70% full, well below the 85% seen at the same stage last year and also below the five-year average of around 76%.

Storage levels should still mean that Europe gets through this winter comfortably; however, the refilling of storage through the injection season will be a bigger job than last year, which should provide some support to summer prices.

This is well reflected in the TTF forward curve, with summer 2025 prices trading at a premium to 2025/26 winter prices.

School Explosion: Police Confirm ‘2 Visitors’ Dead, Others Injured 

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..Say 3 men suspected of bringing IED to the school 

…School owner in custody 

By Uche Onyeali, Abuja 

 Federal Capital Territory, FCT, Police Command has confirmed the death of two persons in an explosion that occured at  Tsangagyar Sani Uthman Islamiyya School, located in Kuchibuyi Village, Byazhin, Bwari Area Council of the Territory.

Police Public Relations Officer,  

FCT Command, SP Josephine Adeh,  who confirmed the incident in a press release said the explosion occured “at approximately 11:00 am”.

The release quoted her as saying that “preliminary investigations revealed that three men from Katsina had visited the owner of the Islamic school, Mallam Adamu Ashimu. The three visitors are suspected of having brought the explosive device with them. Tragically, two of the men died in the explosion while tampering with the improvised explosive device, IED, on the school Veranda, while the third man and a female trader sustained severe injuries and are currently receiving treatment under police guard”.

She added that “the FCT Bomb Squad has confirmed that it was an IED explosion, as remnants of the device have been recovered.

“Mallam Adamu Ashimu, the owner of the school, has been taken into custody for questioning, and further findings will be communicated in due course”.

According to her, upon receiving a distress call from the Sarki of Kuchibuyi, a team of police operatives, including the Command’s Explosive Ordnance Disposal, EOD, team and the Area Commander of Kubwa, swiftly mobilised to the scene. The area was immediately cordoned off to protect residents and facilitate a thorough investigation. 

During the rescue operation, victims were promptly evacuated and rushed to the Hospital for medical attention, the spokesperson said.

Earlier, a security source who does not want to be mentioned because he is not authorised to on the matter said “a student died in the explosion, “the dead student, whose identity is yet to be ascertained, bore the substance suspected to be IED while it exploded and injured the other students, thereby causing pandemonium in the centre.

“The students involved were recently admitted into the school and that they resumed on 3rd January 2025″.

Meanwhile, Commissioner of Police, FCT, 

CP Olatunji Disu, urges members of the public to remain vigilant and report any suspicious activity, behavior, or items that may resemble improvised explosive devices to the police via our emergency numbers: 

– 0806 158 1938

– 0803 200 3913

– 0802 894 0883

– 0705 733 7653

– CRU: 0810 731 4192

– PCB: 0902 222 2352

Safety Advice for Residents of FCT:

1. Stay Alert:Be aware of your surroundings and report any unusual behavior or items to the authorities.

2. Do Not Touch Suspicious Objects:If you encounter any suspicious items, do not touch or attempt to move them. Instead, call the police immediately.

3. Emergency Numbers: Keep emergency contact numbers handy and ensure your family members are aware of them.

4. Community Vigilance:Collaborate with your neighbors to maintain a safe environment.

Bauchi NUJ Condemns  Attitude Of JED Officials 

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From Abdullahi Idris, Bauchi 

 Nigeria Union of Journalists, NUJ, Bauchi State Council has condemned the ugly attitude of officials of Jos Electricity Distribution Company, JED, in Bauchi State. 

The union, in a statement yesterday, expressed displeasure over the activities of JED officials who embarked on unnecessary disconnection, particularly to customers  with prepaid meter, simply to force them back to estimated billing. 

The union faulted the activities of some JED officials who deliberately frustrate and embrass their customers, even those operating with prepaid meters, simply to force them adopt  estimated bills for their personal benefit.

The NUJ advised the state government, ministries and agencies to look for alternative power supply, so that they would make a lot of savings from the outrageous estimated bills being issued to them on a monthly basis. 

It called on JED management to always engage trained personnel that have good human relations with customers to enable them provide effective services. 

50 In Police Net Over Manhole Cover Vandalism In Abuja

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Federal Capital Territory, FCT, Police Command said it has arrested 50 suspects over the theft of manhole covers. 

FCT Commissioner of Police, Mr Olatunji Disu stated this at a media briefing yesterday in Abuja.

Disu said a targeted operation by operatives of the command led to the arrest of the suspects and recovery of 25 manhole covers, three vehicles and some vandalised solar street lights.

He listed other items recovered from the suspects to include: galvanised rods used in the construction of flyovers, other tools used in vandalising government installations and several other exhibits.

The police commissioner said  the operation was carried out at various “panteker” hotspots in Kabusa, Garki, Mabushi and Wuse areas.

He said investigations revealed that the suspects were operating as part of a larger network, selling stolen manhole covers to scrap dealers.

Disu said the diversity and volume of the items recovered highlight the extensive and organised nature of the syndicates, whose activities had caused significant harm to public infrastructure  and services in the FCT.

According to him, the criminal activities endanger the lives of the public by creating hazards on roads and walkways, while undermining the integrity of public infrastructure.

“I want to emphasise that the FCT Police Command and our  security agencies operate a zero-tolerance policy toward acts of vandalism and theft that undermine public infrastructure and safety.

“This achievement underscores our unwavering commitment to protect the critical infrastructure of the FCT,” he said.

Disu added that the command would continue to ensure that all those responsible for the criminal acts are brought to justice. (NAN)

Again, Abaribe Offers To Stand As Guarantor For Kanu

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Senator representing Abia South Senatorial District, Enyinnaya Abaribe  has again expressed  willingness to stand as a guarantor for the detained leader of the Indigenous People of Biafra, IPOB, Mazi Nnamdi Kanu.

Abaribe made the remark while addressing journalists after his visit to Governor Alex Otti of Abia State.

The senator also urged President Bola Tinubu to listen to the Attorney-General of the Federation, AGF, Lateef Fagbemi and other stakeholders over their calls to release Kanu.

Abaribe informed Tinubu that releasing Kanu would put a stop to the issue of criminalities in the South-East.

“I expect that the president will listen to  his AGF and every one of us who have been agitating that the issues in the South-East; first of all the insurgency, the sit-at-home on Mondays and every other thing we have noticed in the zone, what we now know in the South-East is that criminals and  other people who advocate for violence have taken over and are using the name of Kanu to perpetuate  these  despicable acts.

“We know that Tinubu, being a listening president, will also look at all the issues  that we have presented to him and do the needful, so that it will put a stop to  these things that are happening in the South-East.

“So he needs  Kanu out so that  those things that are holding us down in the South-East, that have made us not produce as much as we ought to do, will not be there.

“So, we continue to call on President Tinubu to release  Kanu and we are ready and willing to be guarantors for him so that life can come back into the South-East and take it away from  criminals, kidnappers, cultists and dangerous elements that are floating around us who have made it a point that they would perpetrate violence, do criminal activities and use  Kanu’s name as their reason.”

Kanu has been incarcerated since June 2021 when he was rearrested and subjected to extraordinary rendition from Kenya to Nigeria.

Upon his return to Nigeria, the Appeal Court in Abuja ordered his release, but the Nigerian government refused to let him off the hook.

Stronger Africa Will Contribute To World Peace, Devt – Chinese Foreign Ministry

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Stronger and more developed Africa would  contribute more to world peace and development, spokesperson for the Chinese foreign ministry  said yesterday.

Spokesperson Guo Jiakun made the remark when responding to a relevant question at a news conference.

Guo said  China and Africa share a time-honoured friendship.

The Beijing Summit of the Forum on China-Africa Cooperation, FOCAC, was successfully held in 2024 and China-Africa relations entered a new phase of an all-weather China-Africa community with a shared future for the new era.

Chinese Foreign Minister, Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, would this week, officially start his visit to four African countries.

This marks the 35th year that the Chinese foreign ministers have made Africa their first overseas destination at the start of the year.

The fine tradition for Chinese foreign ministers to start their year-round overseas visits with a trip to Africa speaks to the growing profound friendship between China and Africa, and the continuity of China’s friendly cooperation with Africa, Guo said.

“China always believes that Africa is never the lost continent, but the land of hope and source of dynamism.’’

Guo pointed out that it betters global governance with the power of transformation.

He said under the guidance of Pan-Africanism, African countries had accelerated the integration process of seeking strength through unity, pursuing development and revitalisation, and playing an increasingly important role in international affairs.

Guo added that the African Development Bank predicted that Africa’s average growth would rise to 3.7 per cent in 2024, exceeding the projected global average.

Among the 20 fastest-growing economies in the world, 10 are African countries.

The spokesperson noted that Africa is one of the birthplaces of the civilisation of mankind.

It is also a land full of vigor and hope, with 70 percent of its population under the age of 30, the youngest in the world.

Amid the transformation in the world unseen in a century, the booming development of the Global South, such as China and Africa, has a profound impact on world historical progress, Guo said.

“A stronger and more developed Africa will surely make greater contribution to world peace and development.’’ (Xinhua/NAN)

We Dismissed 27 Officers In 2024 Over  Fraud  – EFCC

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By Uche Onyeali 

In a quest to ensure sanity and maintain its integrity, Economic and Financial Crimes Commission, EFCC, in 2024, dismissed 27 officers found  culpable in fraudulent activities.

This was disclosed in a statement in Abuja by its spokesperson, Dele Oyewale.

Oyewale said the dismissal of the affected officers, who were involved in fraudulent activities and misconduct, was ratified by the EFCC Chairman, Mr Ola Olukoyede, following the recommendation of the staff disciplinary committee.

He said Olukoyede reiterated the commission’s commitment to zero tolerance for corruption, warning that no officer would be immune to disciplinary measures.

“Every modicum of allegation against any staff  would always be investigated, including a trending $400,000 claim of a yet-to-be-identified supposed staff of the EFCC against a sectional head.

“The core values of the commission are sacrosanct and would always be held in optimal regard at all times,” the statement said.

The spokesperson also alerted the public of the activities of impersonators and blackmailers using the name of the commission’s chairman to extort money from high-profile suspects.

Oyewale noted that two members of an alleged syndicate – Ojobo Joshua and Aliyu Hashim – were recently arraigned before Justice Jude Onwuebuzie of the FCT High Court.

“They were arraigned for allegedly contacting a former Managing Director of the Nigerian Ports Authority, Mr Mohammed Bello-Koko, and demanding $1 million from him for Olukoyede to give him soft landing on a non-existing investigation.

“Olukoyede remains a man of integrity that cannot be swayed by monetary influences,” he said.

He warned the public that such characters are still on the loose seeking victims.

Oyewale said the EFCC is also aware of moves to blackmail it’s officers through unwholesome means.

“Suspects being investigated for some economic and financial crimes, who have failed to compromise their investigators, will always clutch at any straw.

“Such blackmailers should not be accorded any form of attention. The public is enjoined to always report such disreputable elements to the commission,” he said.

Army Uncovers 20 Illegal Refineries, Arrests 11 Operators In 4 States 

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Nigerian Army has uncovered 20 illegal refining sites and apprehended 11 suspected operators of the facilities during ongoing raids in Akwa Ibom, Bayelsa, Delta and Rivers States.

Spokesman for the Nigerian Army, 6 Division in Port Harcourt, Lieutenant-Colonel Danjuma Danjuma announced yesterday that troops had also dismantled the illegal refineries.

He said soldiers also confiscated 31 boats, seven vehicles and 190,000 litres of various petroleum products, and arrested 11 suspected oil thieves between December 30 and January 5.

“At Oando Wellhead in Benkrukru, within Okordia general area of Yenagoa, Bayelsa State, troops discovered four oil sewage tanks containing over 70,000 litres of stolen crude oil.

“We also recovered 700 litres of illegally refined Automotive Gas Oil, AGO, packed in sacks, along with a suction machine.”

Danjuma said troops subsequently advanced to Amalaghakiri community in Nembe area of Bayelsa, where two additional illegal refining sites were destroyed and 15,000 litres of unidentified petroleum products seized.

In Oyeregbene, Southern Ijaw, he said soldiers dismantled an illegal artisanal refinery and consficated 1,500 litres of stolen products.

“In Omoku, Rivers State, troops interrupted oil thieves siphoning petroleum products. The suspects fled before we arrived.

“At the scene, we discovered an illegal connection point on  Oando Pipeline in Ebocha and seized four boats carrying over 22,000 litres of stolen products.

“In Obiafu oil field and Mbgede in Ogba/Egbema/Ndoni, troops dismantled four illegal refineries and confiscated five wooden boats, 108 locally made ovens and 38,000 litres of petroleum products,” he added.

The army spokesman stated that further operations in Ozaa West, Obuzor and Okoloma communities led to the dismantling of two illegal refineries.

“Other seized items include 32 drum pots, 21 drum receivers, two pumping machines and 13,000 litres of stolen petroleum products.’’

He added that soldiers on routine patrol along  Pan Ocean Nigeria’s pipeline in Ivada, Ethiope West, intercepted vehicles engaged in illegal activities.

“Two J5 Boxer vehicles were found transporting 15 cellophane bags containing 7,500 litres of stolen products.

“Additionally, 2,500 litres of crude oil were seized at Ikengbensi waterways in Isoko South Local Government Area of Delta State.

“Eight drums, holding approximately 2,240 litres of petrol were intercepted at Ibaka, Akwa Ibom, awaiting smuggling to a neighbouring country,” Danjuma said.

He said the suspects would be taken to court to defend the allegations.

“The General Officer Commanding, Major-General Jamal Abdussalam,  urged troops to intensify their efforts to eradicate illegal refining sites across Akwa Ibom, Bayelsa, Delta and Rivers States in 2025.’’

AMAC Chairmanship Candidates Forum Demand Transparency On Taxation

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By Our Correspondent

Group under the aegis of Abuja Municipal Area Council, AMAC, Chairmanship Candidates Forum has expressed concern that revenue collection and allocation are yet to reflect on the quality of life of residents.

The forum, in a statement signed and made available to AljazirahNigeria by its spokesperson, Michael Odoh, questioned the utilisation of the revenues to improve the lives of residents of the council.

According to Odoh, “The forum is concerned about the significant revenue allocation received by AMAC, which does not seem to reflect on the quality of life of citizens.”

The forum is demanding, among others, “transparent breakdown of revenues,” and “a clear and transparent breakdown of how AMAC’s revenues are being allocated and spent.”

Other demands include implementing policies focused on education, healthcare and employment opportunities; addressing the growing burden of excessive taxation on residents and ensuring that taxes directly benefit the people.

On infrastructural development, the forum wants more priority on the completion of infrastructural projects across all areas.

They emphasised that true progress extends beyond road construction and must involve a comprehensive strategy for improving healthcare, education, employment opportunities and sustainable social programmes that benefit the people of AMAC.

The forum expressed commitment to hold the current administration accountable and advocate for transparency in the management of public funds.