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Jimoh Ibrahim, NICON to challenge AMCON takeover of assets

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NICON Investment and billionaire businessman Jimoh lbrahim are set to approach the court for an order quashing the interim injunction obtained by AMCON against them.
AMCON had in a statement last week said it had taken over Ibrahim’s assets over an unsettled N70 billion loans obtained from Union Bank.
AMCON listed the assets as the building of NICON Investment Ltd at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Ltd on Plot 557, Port-Harcourt Crescent, Off Gimbiya Street, Abuja and the building of NICON Lekki Ltd also on No. 5, Customs Street, Lagos.
Others are the building of Abuja International Hotels Ltd located on No. 3, Hospital Road, Lagos; another Property on Plot 242, Muhammadu Buhari Way, Abuja; the former Allied Bank Building on Mile 2, Oshodi ExpressWay, Apapa Road, Lagos; Energy House located on No. 94, Awolowo Road, Ikoyi, Lagos; NICON Building at No. 40, Madeira Street, Maitama, Abuja; a Residential Apartment at Road 2, House A14, Victoria Garden City, Lagos; NICON Hotels Building at Plot 3, Road 3, Victoria Garden City, Lagos as well as the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.”
A report by The Nation said both NICON Investment and Ibrahim would plead before the court that the order granting AMCON possession of the assets was not properly obtained.
They are set to contend that AMCON did not avail the court of all the facts of the dispute between them.
Some of the questions they would want the court to answer are:
• How did AMCON secure a second interim injunction when the first injunction it obtained some years ago had allegedly been discharged?
• Did AMCON inform the court that on October 2, 2019 Justice Oguntoyinbo of the Federal High Court, Lagos, in a suit it instituted against NICON Investment and others, held that in view of the facts contained in the affidavit before the court, the court was minded to stay proceeding in the suit pending the outcome of the suit before a Lagos high court presided over by Justice Oyefeso?
NICON Investment and Ibrahim are wondering if judicial notice was taken of Justice Oguntoyinbo’s ruling in which he said “the lone issue formulated for determination by the court is hereby resolved against the plaintiff (AMCON) and in favour of the defendants (NICON INVESTMENT).”
A NICON Investment executive, in an interview with The Nation, wondered whether Justice Aikawa’s attention was drawn to Justice Oguntoyinbo’s order before the temporary order granting AMCON the possession of the assets was given.
He said, “In the High Court of Lagos before Justice Oyefeso, Union Bank, in her statement of defence filed in court, admitted that Jimoh had a deposit of over £137 million.
“The bank prayed the court as follows: ‘an order for the sale of the funds standing to the credit of the pound sterling fixed deposit account maintained by the 1st defendant to the counter claimant; the proceed of which shall be applied in liquidation or part liquidation of the judgment sum as may be awarded against 1st and 2nd defendant counter claimants.”
According to him, the £137 million with Union Bank is three times higher than the amount he and his companies borrowed from the bank.
Besides, he claimed the bank acknowledged another deposit of £125 million from another company of his, Global Fleet Oil and Gas Limited, making a total deposit of £250 million with it 10 years ago at five per cent interest.
“Out of the total deposit of £250 million with Union Bank, £137million was used to secure the loan, he said adding, who is owing who?” he asked.
Ibrahim and his company, the executive said, are upbeat that AMCON cannot sustain the interim order against him and his companies “because there is no returnable date on the court file.”
He also claimed that AMCON “did not sign an undertaking for a temporary injunction in the event that facts were misrepresented to the court as requested by the rules of the Federal High Court.”
According to him, Mr. Kemi Pinheiro (SAN), AMCON counsel in the new case had represented Union Bank in the suit before Justice Oguntoyinbo while Mr. Yusuf Alli (SAN), represented AMCON. Union bank, according to him, opposed AMCON joining the case at the Lagos High Court.

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World Bank Deletes Nigeria Development Update Report Days After Release

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World Bank

World Bank Deletes Nigeria Development Update Report Days After Release

The World Bank has removed its latest Nigeria Development Update (NDU) report from its official website, just three days after its publication, raising concerns over the reasons behind the sudden action.

The report, titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,” was released on April 7, 2026, but the document link is no longer accessible, returning a “page not found” error when users attempt to download it.

Despite the removal, the accompanying press statement remains available, outlining key findings on Nigeria’s economic performance and policy outlook.

In the now-withdrawn report, the World Bank said Nigeria’s economy recorded 4 percent growth in 2025, with inflation dropping significantly to 15.1 percent in February 2026 from 26.3 percent recorded in the same period a year earlier. The improvement was attributed to tighter monetary policies and better food supply conditions.

The report also highlighted that Nigeria’s macroeconomic environment has strengthened following recent stabilisation reforms, noting improvements in key indicators and steady expansion across major sectors of the economy.

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Early data for 2026, according to the report, suggested that growth momentum had been sustained, although global tensions posed a mild drag on economic activity.

A major focus of the publication was early childhood development, which the World Bank described as critical to Nigeria’s long-term growth. It stressed that stronger investment in human capital is essential for translating macroeconomic gains into job creation, poverty reduction, and improved living standards.

The report painted a worrying picture of child welfare in the country, revealing that more than 110 out of every 1,000 children die before the age of five, while many others fail to meet basic developmental milestones due to poor nutrition, limited access to healthcare, and inadequate early education.

It warned that without urgent intervention, Nigeria risks missing out on the demographic dividend expected from its young population.

In addition, the report reportedly addressed ongoing structural reforms, including exchange rate unification, fiscal adjustments, and subsidy removals, noting that while these measures have helped stabilise the economy, their full benefits will depend on sustained implementation and targeted social support for vulnerable households.

However, parts of the report—particularly policy recommendations around the downstream petroleum sector—have drawn attention. The World Bank was said to have advised that Nigeria may need to continue importing petrol (PMS) in the short term to ensure supply stability while transitioning to a fully liberalised and competitive market.

The recommendation comes amid ongoing reforms in Nigeria’s oil and gas sector and has been viewed by some analysts as sensitive, given the country’s push for domestic refining capacity.

In a subsequent clarification following reactions, the World Bank emphasised that its recommendations should be seen within the broader context of energy security, market stability, and global supply uncertainties, rather than as a fixed policy directive.

The NDU is a bi-annual flagship report that evaluates Nigeria’s economic and social developments and provides policy guidance for sustainable growth.

As of the time of filing this report, the World Bank has not issued an official explanation for the removal of the April 2026 edition, fuelling speculation that the document may be undergoing revisions or internal review.

Economists say the development highlights the sensitivity of reform-related recommendations in Nigeria’s current economic climate, particularly those touching on fuel policy and social welfare, as the country navigates a delicate recovery path.

World Bank Deletes Nigeria Development Update Report Days After Release

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Tinubu Promises Stable Electricity as Bayelsa Unveils 60MW Power Project

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Bayelsa Unveils 60MW Power Project

Tinubu Promises Stable Electricity as Bayelsa Unveils 60MW Power Project

President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to delivering stable electricity capable of driving economic growth, industrialisation, and national development, saying ongoing reforms in the power sector will soon yield tangible results.

Tinubu made the remarks in Bayelsa State during the commissioning of major infrastructure projects executed by the state government, including a 60-megawatt Independent Power Project (IPP) located at Elebele in Ogbia Local Government Area.

He described the power project as a “significant step” toward strengthening energy security and subnational electricity generation, noting that no meaningful industrialisation or job creation can happen without reliable power supply.

“There can be no industrialisation, skill development and empowerment without power. I assure Nigerians that we will have electricity to power our growth,” the President said.

The IPP, powered by gas turbines, is expected to supply electricity to Yenagoa and surrounding communities, reducing dependence on the national grid and improving power reliability for households and businesses.

Alongside the power project, Tinubu also commissioned several key infrastructure projects, including the 27-kilometre dualised New Yenagoa City Road 1, the 630-metre Angiama–Oporoma Bridge, and the Sagbama/Ekeremor Road, all aimed at improving connectivity and boosting economic activity across Bayelsa State.

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He praised the state government led by Governor Douye Diri for what he described as “purposeful and progressive leadership,” adding that collaboration between federal and state governments remains essential for sustainable development.

“Development advances further and faster when the federal and state governments work in partnership toward a shared purpose,” Tinubu said.

The President also used the occasion to observe a minute’s silence in honour of soldiers killed in a recent terrorist attack on a military base in Borno State, reaffirming his administration’s commitment to defeating terrorism and banditry across the country.

“We will continue to equip and train our armed forces. We will defeat terrorism and banditry, regardless of their shenanigans,” he assured.

Tinubu further acknowledged the economic challenges facing Nigerians, including rising living costs linked to global energy disruptions, but insisted that government interventions are being implemented to ease hardship and support vulnerable citizens.

“We will continue to find ways to ameliorate the suffering of the vulnerable. This is a government that cares,” he said.

At the event, Tinubu also commended former President Goodluck Jonathan, describing him as “one of the most humble and reliable democrats on the continent,” while praising ongoing development efforts in Bayelsa State.

Governor Diri, in his remarks, appealed for federal refunds on projects executed on federal roads by the state government and highlighted ongoing infrastructure efforts under his “Assured Prosperity” agenda, including roads, bridges, civic buildings, and sports facilities.

He described the newly commissioned Yenagoa–Oporoma–Ukubie road as a transformative project that has ended years of isolation for several riverine communities in Southern Ijaw.

The Bayelsa IPP is expected to enhance power supply stability, attract investment, support SMEs, and stimulate economic diversification in the oil-rich state.

The commissioning ceremony was attended by several top political figures, including Senate President Godswill Akpabio, governors from multiple states, senior federal officials, and traditional leaders, reflecting the national significance of the projects.

Residents reportedly thronged the project sites in celebration, cheering and dancing as the President arrived at the Bayelsa International Airport aboard the presidential jet.

Tinubu concluded by expressing optimism about Nigeria’s future, saying: “Nigeria will be great, and we will succeed.”

Tinubu Promises Stable Electricity as Bayelsa Unveils 60MW Power Project

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US Embassy Suspends Abuja Visa Appointments Over Security Concerns

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US Embassy in Nigeria

US Embassy Suspends Abuja Visa Appointments Over Security Concerns

The United States Embassy in Nigeria has suspended visa appointments in Abuja following heightened security concerns, a move that has disrupted travel plans for hundreds of applicants in Abuja.

In an official notice released via its communication channels, the embassy confirmed that all visa interviews in Abuja have been cancelled until further notice, urging affected applicants to check their emails for updates on rescheduled appointments.

“U.S. Embassy Abuja is closed for visa appointments. Applicants should check their email for details on rescheduled appointments,” the statement read. It added that visa services in Lagos remain operational at the United States Consulate General Lagos, providing an alternative for applicants who can access the facility.

The embassy further clarified that American citizen services in Abuja will continue only in emergency situations and strictly by appointment, indicating a temporary scale-down of operations in the capital.

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The suspension follows a recent directive by the United States Department of State authorising the departure of non-essential staff and their families from Abuja, citing a deteriorating security situation in Nigeria.

An updated U.S. travel advisory has also placed Nigeria under a “Level 3: Reconsider Travel” status, warning of persistent threats including terrorism, kidnapping, crime, and civil unrest. Several states have been categorised under the stricter “Level 4: Do Not Travel” advisory due to high-risk security conditions.

States listed include Borno State, Yobe State, Taraba State, Niger State, Plateau State, and parts of Adamawa State, where threats linked to terrorism and kidnapping remain high. Other states such as Kaduna State, Katsina State, Zamfara State, and Sokoto State were also flagged over insecurity concerns.

The advisory has triggered reactions from the Federal Government of Nigeria, which described the assessment as “unbalanced” and not fully reflective of ongoing efforts to address insecurity nationwide. Authorities warned that such reports could negatively impact Nigeria’s global image and economic activities.

Despite the disruption in Abuja, visa processing and consular services continue in Lagos, offering a temporary alternative for applicants. However, the development is expected to cause delays in visa processing, particularly for students, business travellers, and individuals with urgent travel needs.

The US Embassy visa suspension in Abuja highlights the broader impact of security challenges on diplomatic operations and international travel, as uncertainty remains over when normal services will resume in the capital.

US Embassy Suspends Abuja Visa Appointments Over Security Concerns

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