Pegasus Reporters Issues on the Wing
“Alade’s approach appears to be a deliberate strategy to shield powerful individuals and entities from scrutiny. His apparent reluctance to prioritize equitable resolutions and justice in cases of economic sabotage has not only emboldened wrongdoers but also eroded public confidence in Nigeria’s ability to tackle corruption”
*CBN Governor Olayemi Cardoso
PEGASUS REPORTERS, LAGOS | JANUARY 19, 2025
The intricate web of corruption within the Godwin Emefiele-led Central Bank of Nigeria (CBN) and the Ahmed Kuru-led Asset Management Corporation of Nigeria (AMCON) has unravelled dramatically, casting a dark shadow over Nigeria’s financial and governance institutions.
A case in point is the controversial acquisition and transfer of Atlantic Energy’s Oil Mining Licenses (OMLs) 120 and 121—an asset originally linked to Diezani Allison-Madueke associate, Kola Aluko—to General Hydrocarbon Limited, a company promoted by media mogul Nduka Obaigbena. This sordid tale of intrigue reveals organized conspiracy and corruption at the highest levels.
The Atlantic Energy Connection
Atlantic Energy’s OML 120 and 121 have long been tainted by allegations of impropriety. These oil blocks, originally obtained through questionable backdoor deals, were part of the grand corruption schemes under the Jonathan administration. Atlantic Energy, a company with little operational capacity but deep political connections, was controversially awarded these lucrative assets. Following the fallout of the Diezani era and the subsequent exposure of these fraudulent arrangements, AMCON assumed control of these assets under the guise of debt recovery.
AMCON’s Role in the Acquisition
Under Ahmed Kuru’s leadership, AMCON has faced accusations of operating as a tool for powerful political and financial interests. Instead of ensuring accountability and transparency, AMCON facilitated the transfer of these prime oil assets to General Hydrocarbon Limited, a company promoted by Nduka Obaigbena. This transaction raises significant red flags, as it was conducted without competitive bidding or adequate oversight. The opacity of this process has sparked public outcry and legal disputes, further highlighting AMCON’s controversial role.
Godwin Emefiele’s Orchestration
Godwin Emefiele, the erstwhile Governor of the Central Bank of Nigeria, is alleged to have played a central role in this scandal. As a key architect of the financial arrangements, Emefiele reportedly facilitated a loan from First Bank to General Hydrocarbon Limited. This loan, purportedly for the operational development of the oil blocks, has become the centrepiece of multiple legal battles and media wars. Critics allege that these funds were misappropriated for personal enrichment, including funding Emefiele’s rumoured political ambitions, acquiring luxury properties abroad, and indulging in profligate expenditures such as private jet operations.
The Nduka Obaigbena Angle
Nduka Obaigbena’s involvement in this scandal further complicates the narrative. As the promoter of General Hydrocarbon Limited, Obaigbena leveraged his media empire to deflect criticism and launch counterattacks against those who have sought accountability. Allegations of blackmail, diversion of funds, and financial recklessness have trailed his operations, with reports indicating that significant portions of the First Bank loan were channelled into non-oil-related expenditures, including Obaigbena’s extravagant lifestyle and business ventures.
Conflicting Legal Actions and Press Wars
The scandal’s fallout has been marked by a series of conflicting legal actions and intense media battles. AMCON’s role has come under scrutiny in courtrooms, where questions about its transparency and due diligence are being raised. At the same time, Obaigbena’s media outlets have been accused of running smear campaigns to undermine accountability efforts. These tactics reveal a deliberate attempt to weaponize the media as a shield against legitimate scrutiny. While Otedola wants to clean up First Bank, Nduka Obaigbena is busy with media engagements not schooled in facts. Mere reading of both men’s presentations in the press says a lot about where and what the facts are.
Broader Implications & Current AMCON Leadership.
The Atlantic Energy-OML 120/121 saga underscores systemic corruption within Nigeria’s financial and governance systems. The complicity of key institutions like the CBN and AMCON in enabling such brazen acts of corruption highlights the urgent need for reform. This case is not just about mismanaged oil assets; it is a stark reminder of how public trust is eroded by the actions of a few individuals who place personal gain above national interest.
The Gbenga Alade leadership in AMCON may again be a Legacy of Lethargy and Obstruction. Sadly, Gbenga Alade’s tenure as a key figure in Nigeria’s financial regulatory space is drawing widespread criticism for his laid-back leadership style and apparent unwillingness to drive accountability. While the federal government’s anti-corruption efforts and attempts to combat economic sabotage have been met with varying degrees of success, Alade’s approach has consistently undermined these initiatives, casting doubt on his commitment to accountability, justice and reform.
One of the most glaring examples of Alade’s inefficacy lies in handling high-profile cases involving Keystone Bank, Lagos Intercontinental Hotels, Arik Air, and others. It is reported that he attempted to obstruct EFCC investigations one part and even called press conferences to overwhelm press reports on cases arraigned by the Federal Government against AMCON officials, These cases, emblematic of the pervasive economic sabotage and financial malpractice in Nigeria, have been stymied by procedural delays and a lack of decisive action. Observers argue that rather than for Alade to drive equitable resolutions, through equitable interrogation of facts that he could obtain from critical investigations authorities he is invested in crying victim and calling on the judiciary to rescue AMCON, while the destruction of valuable resources/.assets and looting of the economy continues through AMCON
Alade’s approach appears to be a deliberate strategy to shield powerful individuals and entities from scrutiny. His apparent reluctance to prioritize equitable resolutions and justice in cases of economic sabotage has not only emboldened wrongdoers but also eroded public confidence in Nigeria’s ability to tackle corruption. Furthermore, his inaction has hampered the government’s broader economic reform agenda, as unresolved financial scandals continue to deter investment and undermine institutional credibility.
An oil rig
Gbenga Alade’s tenure is a stark reminder of the consequences of weak leadership in critical positions. His failure to leverage President Bola Tinubu’s reform and accountability agenda will create a new trail of unresolved scandals much more than that of his predecessor and diminished public trust.
Last Lines
The Nigerian government must act decisively to investigate and address the allegations surrounding this scandal. Accountability must be demanded from all parties involved, including Godwin Emefiele, Ahmed Kuru, Nduka Obaigbena, and any accomplices within AMCON and First Bank. Beyond this, systemic reforms are necessary to prevent the recurrence of such abuses. Without transparency and accountability, the foundations of Nigeria’s financial and governance systems will remain fragile, to the detriment of the nation’s progress and prosperity.
*Shareff SANUSI writes from Kano.
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