Business
IPMAN leader backs police action against factional president

President of the Independent Petroleum Marketers Association of Nigeria, Alhaji Sanusi Abdu Fari, has called for calm among members of group in the face of leadership crisis.
He expressed support for the police intervention in trying to oust a factional president of the association, to allow those legally recognized as executive members o the association to run the affairs of the group.
He was reacting to the alleged invasion of the office of the IPMAN reportedly occupied by Elder Chinedu Okoronkwo, who also claims to be the president.
In a statement signed by the National Publicity Secretary and Public Relations Officer of IPMAN, High Chief Ukadike Chinedu, the president said the police had only followed due process to ensure the tenets of democracy and rule of law prevailed over sheer force, impunity and falsehood.
The IPMAN boss described Okoronkwo as an impostor, who had continued to cry wolf over a monumental lie they had tried to perpetuate since December 14, 2018 when the Supreme Court delivered a judgment in the IPMAN leadership crisis.
He declared that Okoronkwo had continued to impersonate the national president since 2014, challenging him and his team to point out one line in the judgment of the apex court which affirmed him as IPMAN’s president.
But Okoronkwo said he remained the authentic president of IPMAN, based on the Supreme Court judgement of December 14, 2018 wherein he was declared the winner of the case between him and Lawson Obasi, the erstwhile president of IPMAN.
Okoronkwo wondered where Fari, who claimed to be the president of IPMAN, was drawing his strength from, stressing that his name was never joined as a party to the suit between him and Obasi Lawson.
“Now, where is Fari coming from? I defeated Obasi, his master. Based on the judgement of the court, Obasi has paid N2m through his lawyer to me. Not only that, after all these Supreme Court judgement, last year 2020, Obasi went to court in Abuja here, based on that Calabar matter, to say I am an impostor, the court dismissed his matter,” he said.
Fari’s statement read in part, “The National President of IPMAN, Alhaji (Engr.) Sanusi Abdu Fari, and members of his executive speaking through the National Publicity Secretary/ Public Relation Officer, High Chief Ukadike Chinedu, said the NEC members are grateful to President Muhammadu Buhari, GCFR, the Minister of State for Petroleum Resources, Inspector-General of Police, the management of the NNPC and the FCT police command for showing abiding respect for due process and rule of law.
“Most unfortunately, true to their name and antics, one Elder Chinedu Okoronkwo and his band of impostors have continued to bleat about and cry wolf over a monumental lie they have tried to perpetuate since 14th December, 2018 when the Supreme Court delivered judgment in the IPMAN leadership crisis.
“We hereby challenge Elder Chinedu Okoronkwo and his rabble-rousers to point out one line in the judgment of the apex Court which affirmed him and Alhaji Danladi Pasali as National President and National Secretary respectively of IPMAN. Nothing is further from the truth!
“A lie repeated a thousand times does not transform into truth. It is common knowledge that the judgment of the Supreme Court in Appeal No. SC/15/2018 was interpreted and applied by the Federal High Court, Calabar in a judgment delivered on 21st February, 2019 in Suit No. FHC/C/CS/3/2019.
“That judgment in conjunction with the judgment of the Supreme Court put to rest the leadership dispute in IPMAN as they affirmed the provision of the 1997 Constitution of the association that the Deputy National President automatically becomes the National President!
“The apex court stated the constitutive instrument to determine the tenure of office is the ipman constitution which provides three years tenure for national executive.
“It is worthy of note that following the judgment of the apex Court and the judgment of the Federal High Court, Calabar, the Hon. Attorney-General of the Federation and the Honourable Minister of State for Petroleum Resources wrote their respective letters dated 20th May, 2019 and 27th January, 2020 recognizing Alhaji (Engr.) Sanusi Abdu Fari as the National President of IPMAN.
“The Inspector-General of Police has merely followed due process and ensured that tenets of democracy and rule of law prevail over sheer force, impunity and falsehood. It is worthy to reiterate the obvious fact that Elder Chinedu Okoronkwo and his henchmen are impostors and they ought to know that their luck will sooner or later run out!
“Chinedu Okoronkwo has continued to impersonate the office of the national president since 2014 till date .
“We thank the police and other security agencies for their courage in tackling the challenges posed by these impostors and taking steps to make right that which has been wrong all along.
“We hereby call on all members of IPMAN to embrace peace and be law-abiding as we vow to continue to cooperate and work closely with the Federal Government and other stakeholders to ensure that peace prevails in the downstream sector of the Nigerian Oil and Gas Industry.”
Business
MTN, Airtel to share network infrastructure in Nigeria

MTN, Airtel to share network infrastructure in Nigeria
Airtel Africa has partnered with MTN Group to expand digital inclusion by sharing network infrastructure in Uganda and Nigeria.
In a statement in Lagos on Wednesday, Airtel said the sharing agreements aim to improve network cost efficiencies, expand coverage, and provide enhanced mobile services to millions of customers.
A sharing agreement is a formal arrangement between two or more parties to share resources, assets, or services.
According to the telecommunications company, the partnership will benefit customers in remote and rural areas who do not yet fully enjoy the benefits of a modern connected life.
Airtel assured that both parties will ensure the agreement complied with local regulatory and statutory requirements.
Sunil Taldar, chief executive officer (CEO) of Airtel Africa, said telecommunications companies are driving digital financial inclusion by building common infrastructure within the regulatory framework.
Taldar noted that the collaborative approach not only advances digital transformation and financial inclusion but also reduces the duplication of expensive infrastructure.
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As a result, Taldar said operational efficiencies are boosted, ultimately benefiting customers.
He further said telecoms continue to compete fiercely in the market, differentiating themselves through their brand, services, and offerings.
“The initiative is part of a growing global trend toward network sharing. By collaborating, telecoms operators can explore innovative and pro-competitive solutions to improve service quality while managing costs more effectively,” Taldar said.
“The sharing of infrastructure has the potential to enable the delivery of world-class, reliable mobile services to more and more customers across Africa.”
Taldar added that following the conclusion of agreements in Uganda and Nigeria, MTN and Airtel Africa are also exploring various opportunities in other markets, including Congo-Brazzaville, Rwanda, and Zambia.
Ralph Mupita, MTN Group CEO, said there is a need to invest in coverage and capacity to ensure high-quality connectivity to meet customers’ increasing demands.
“As MTN, we are driven by the vision of delivering digital solutions that drive Africa’s progress,” Mupita said.
“We continue to see strong structural demand for digital and financial services across our markets.
“To meet this demand, we continue to invest in coverage and capacity to ensure high-quality connectivity for our customers.”
Mupita added that there are opportunities within regulatory frameworks for sharing resources to drive higher efficiencies and improve returns.
MTN, Airtel to share network infrastructure in Nigeria
Business
NNPCL in historic initial public offer, ready for capital market

NNPCL in historic initial public offer, ready for capital market
The Nigerian National Petroleum Company Limited (NNPCL) has announced that it is in the final stages of preparation for its much-anticipated listing on the capital market, in line with the provisions of the Petroleum Industry Act (PIA) 2021.
The company’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed this in a statement on Thursday in Abuja.
According to the statement, the Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, revealed the development during a consultative meeting with partners at the NNPC headquarters.
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He stated that NNPCL is currently engaging with potential investors through an exercise called the “NNPC Ltd. IPO Beauty Parade,” which aligns with capital market regulations ahead of its Initial Public Offer (IPO).
“According to the CFIO, the aim of the IPO Beauty Parade is to access potential partners and determine in what ways they could be of support to the company,” the statement explained.
The statement further highlighted that NNPCL is seeking partnerships in three key areas: Investor Relations, IPO Readiness Advisors, and Investment Banking Partners. Companies with the most competitive offers will be selected for each category.
An IPO is a public offering in which a company’s shares are sold to institutional investors. Under the PIA, NNPCL is required to list its shares on the capital market in compliance with the Companies and Allied Matters Act (CAMA) 1990.
NNPCL in historic initial public offer, ready for capital market
Business
Naira rises to N1,560/$ in parallel market

Naira rises to N1,560/$ in parallel market
The Naira yesterday appreciated to N1, 560 per dollar in the parallel market from N1,570 per dollar on Wednesday. But the Naira depreciated to N1,540 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,540 per dollar from N1,539 per dollar on Wednesday, indicating N1 depreciation for the naira.
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