Business
Controversy Surrounds Nigeria’s Oil Subsidy Scheme: Allegations of Financial Exploitation
A major controversy has emerged surrounding Nigeria’s oil subsidy scheme, with accusations that President Tinubu is personally benefiting from the subsidy payments.
Despite the official removal of the subsidy, reports suggest it is still being secretly paid, effectively allowing Tinubu to pay himself. Critics argue this represents an extraordinary level of financial exploitation.
Additionally, allegations have surfaced that the government will continue to subsidize Tinubu even after he leaves office, ensuring his monopoly over Nigeria’s oil sector remains intact.
In 2023 alone, Nigeria reportedly imported over $2 billion worth of petroleum products through the Malta refinery. This stark increase in petroleum importation highlights a troubling trend in Nigeria’s oil importation future.
Historical data shows that Nigeria’s petroleum import from Malta was minimal from 2013 to 2022, with a sudden spike to $2.08 billion in 2023, raising concerns about potential financial manipulation and exploitation within the sector.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.
The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.
The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.
Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.
The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.
“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”
“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”
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