MAN BAGS EIGHT YEARS IMPRISONMENT FOR N132M MONEY LAUNDERING IN LAGOS . (PHOTO). #PRESS RELEASE

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 Man Bags  Eight Years Imprisonment for N132m Money Laundering in Lagos  The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) has secured the conviction of Onatayo Pelumi for money laundering involving funds totalling about ₦132 million. Pelumi was convicted by Justice Osiagor of the Federal High Court, Lagos, on five counts bordering on the retention of proceeds of unlawful activities in bank accounts domiciled with Guaranty Trust Bank (GTBank) and Zenith Bank. The charges alleged that the convict retained various sums of money in the accounts between January 2023 and June 2026, knowing that the funds formed part of the proceeds of unlawful activities. The court sentenced him to three years’ imprisonment, with an option of a ₦300,000 fine, on count One. On counts two, three, four and five, he was sentenced to five years’ imprisonment on each count, with an option of a ₦300,000 fine on each count. The terms of imprisonment are to run concur...
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DANGOTE DOUBTS REVIVAL OF NIGERIA’S STATE-OWNED REFINERIES, CITES $18BN WASTED INVESTMENT. (PHOTO).

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 Dangote Doubts Revival of Nigeria’s State-Owned Refineries, Cites $18bn Wasted Investment


Aliko Dangote, President of the Dangote Group, has expressed skepticism about the possibility of Nigeria’s state-owned Port Harcourt, Warri, and Kaduna refineries ever functioning again, despite an estimated $18 billion spent on their maintenance. Speaking on Thursday during a visit by Global CEO Africa members from the Lagos Business School to the Dangote Petroleum Refinery in Lekki, Lagos, Dangote criticized the operational inefficiencies of the refineries managed by the Nigerian National Petroleum Company Limited (NNPC).


Dangote highlighted that his 650,000-capacity refinery allocates over 50% of its output to Premium Motor Spirit (petrol), while the state-owned refineries, even when operational, dedicated only 22% to petrol production. He recounted a failed attempt to acquire the refineries in 2007 under former President Olusegun Obasanjo, noting that the deal was reversed by Obasanjo’s successor, Umar Yar’adua, after claims that the facilities were sold below value. Dangote and his team had paid $750 million for the refineries, only to return them following the government’s decision.


“They’ve spent about $18 billion on those refineries, and they are still not working. I doubt very much if they will work,” Dangote stated, likening their turnaround maintenance to modernizing a 40-year-old car with outdated technology. “Even if you change the engine, the body will not be able to take the shock of that new technology engine.”


His remarks echo former President Obasanjo’s claims last year that the NNPC was aware of the refineries’ operational challenges. Obasanjo noted that international oil companies, including Shell, had previously declined to manage the facilities. The refineries, briefly declared operational by former NNPC Group Managing Director Mele Kyari in Q4 2024, were shut down again, underscoring ongoing challenges.


Dangote’s comments raise fresh concerns about Nigeria’s refining capacity and the viability of continued investments in the aging state-owned facilities.

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