First Lady, Remi Tinubu Blocks EFCC Arrest Of Impeached Lagos Speaker, Obasa

Nigeria’s First Lady, Remi Tinubu, has reportedly intervened to shield impeached Lagos Speaker, Mudashiru Obasa, from arrest and prosecution over a multibillion-naira fraud investigation, sources within the presidency have revealed.

According to reports from The Gazette, anti-graft agents from the Economic and Financial Crimes Commission (EFCC) had been prepared to move against Obasa upon his arrival in Nigeria.

However, sources disclosed that Mrs Tinubu directed that Obasa should not be arrested or prosecuted now, citing the need to maintain party unity within the All Progressives Congress (APC) in Lagos State.

A presidency official said anonymously, “She said he’s useful to them in Agege and its environs, and they don’t want an immediate crack in their ranks now.

“She said they should continue their investigation but hold off now on touching him because he’s useful to the party.”

Obasa, impeached on January 13 over budgetary fraud and other corruption allegations, is believed to wield significant political influence in key Lagos constituencies such as Agege and Alimosho, which played a decisive role in the 2023 elections.

Tinubu reportedly argued that Obasa’s stronghold in these areas is crucial to President Tinubu’s re-election bid in 2027, and his arrest at this time could destabilize the party’s structure in the state.

It was learnt that the EFCC has been investigating Obasa’s financial dealings since 2020, following reports by The Gazette detailing his alleged illicit acquisition of assets and mismanagement of public funds.

 Although Obasa was not prosecuted then, fresh corruption allegations linked to budgetary misappropriation led to his recent impeachment.

 EFCC insiders had indicated he was ripe for prosecution this time, but Tinubu’s intervention halted their move.

 Sources within the anti-graft agency confirmed that they had been awaiting a presidential go-ahead to arrest Obasa, but that signal never came—an indication of the First Lady’s influence in the matter.

Despite the ongoing corruption allegations, Obasa made a daring return to Nigeria from the U.S. last week, receiving a rousing welcome from supporters.

At a press conference following his return, Obasa denied all allegations against him, insisting that his impeachment was unconstitutional and politically motivated.

“If you want to claim that I’m corrupt, please prove it, let us see it,” Obasa declared.

In the 2023 general elections, President Tinubu lost Alimosho to the Labour Party’s Peter Obi, who secured 71,327 votes compared to Tinubu’s 62,909 votes.

Tinubu is reportedly keen on strengthening APC’s hold on Lagos ahead of 2027, making Obasa a strategic political asset despite his corruption allegations.

 

Obasa’s Removal Saga: 

DSS Release Over 30 Lagos Lawmakers After 6hrs of Interrogation

. As Lawmakers Allege Seizure, Destruction of Phones During Interrogation

. Group Condemns Arrest, Says It’s Ploy To Undermine Democracy

The Department of State Services (DSS) has released all members of the Lagos State House of Assembly who had been detained in connection with a petition written by the former Speaker of the House, Hon. Mudashiru Obasa.

According to reliable sources, over 30 lawmakers were interrogated by the DSS for more than six hours on Thursday, January 30, 2025, regarding a petition filed by Obasa concerning his removal as Speaker on January 13.

The DSS investigation followed Obasa’s claims that his ousting was politically motivated and involved misconduct, abuse of office, and financial mismanagement.

Despite the lengthy questioning, all the detained lawmakers were released late Thursday evening, around 7 pm.

After their release, the lawmakers chose not to provide any details about the nature of the questioning or the petition itself.

Instead, they described the encounter with the DSS as a “friendly visit” and indicated that the issue would be formally addressed in due course on the floor of the House.

Obasa, who had been Speaker since 2015, was removed by a majority vote of the lawmakers on January 13, 2025, amid serious allegations of misconduct.

His removal came during a period when he was absent from Nigeria, having travelled to the United States.

Upon his return to Lagos on Saturday, Obasa strongly rejected the corruption allegations levelled against him and criticized the process that led to his ouster.

He urged the lawmakers to follow the “right process” in addressing his removal, while maintaining that he had been unfairly targeted.

Obasa’s removal and the ongoing political tensions have sparked significant controversy in the Lagos State political landscape, with calls for transparency in how leadership changes are handled within the legislative body.

Meanwhile, a socio-political group in Lagos, the Concerned Citizens of Lagos have cried out over what it described as a systematic attempt to undermine democracy in the state.

The group’s reaction followed the alleged arrest and detention of some members of the Lagos State House of Assembly.

In a statement e-signed by Omoba Murphy Ajibola on behalf of Lagosians and Concerned Citizens, the group decried the recent developments, highlighting the detention of members of the House.

It was reliably gathered that DSS operatives are currently making frantic efforts to detain Hon Abiodun Tobun and Hon Gbolahan Yishawu.

While on call at the DSS office, operatives snatched and smatched Tobun’s phone.

 Poor Attitude To APC:

 Isolo Council Boss, Olasoju Begs For Forgiveness

Embattled Isolo council chairman, Otunba Adebayo Olasoju was forced to eat the humble pie as the egg heads of the All Progressives Congress (APC) found him guilty of indifferent attitude towards the progress of the party in his council area.

The council boss who came to answer charges of nonchalance preferred against him by the Isolo chapter of the ruling party literally begged for forgiveness as the APC State Chairman, Hon. Cornelius Ojelabi and his deputy reined on him as he was confronted by deluge of complaints and misdemeanors by local party chairman, Barr. Gani Bello.

At a closed door reconciliatory meeting held on Tuesday January 28th 2025 at the party secretariat, both men had appeared before the state party chairman and his deputy following a petition written by Isolo APC against the council chairman alleging indifference to party's progress.

Though details of the meeting were not immediately known but sources said Otunba Olasoju was lampooned by Hon. Ojelabi for not taking party affairs and welfare of members as top priority.

Hon Ojelabi reportedly blamed the loss of confidence of party members on the appalling poor attitude of the council boss to the party and the leaders.

The state chairman noted that the council boss cannot achieve anything without the platform created by the party. Hence, he charged him to take the welfare and progress of the party and it's members as top priority.

Going forward, Otunba Olasoju reportedly begged for forgiveness, promising to improve on the relationship between the council and the party starting with the complete renovation of the party secretariat.

He also promised to offset the backlogs of monthly subvention to the party 

In order to bridge the gap between the council and the party, Otunba Olasoju was said to have pledged to introduce the small scale business grants for the benefit of party members.

He reaffirmed this commitment at yesterday's LGA meeting held at Ansar-Ud Deen Primary School, Isolo  stating that the grants would be given to seven selected party members from each ward.

Like a hen dripping from cold water, Olasoju was astounded when the state party helsman reportedly confronted him with similar complaints from influential party leaders from Isolo.

 At this point, a humbled Olasoju pleaded for forgiveness, promising to turn a new leaf. Perhaps, the new development may have forced the party to lessen the noose on him as he desperately searches for the APC return ticket ahead of the 

 

UBA Launches Free Knowledge Series, Don't Let the New Tax Laws Catch You Off Guard

 Africa’s Global Bank, United Bank for Africa (UBA) Plc, is set to host a Knowledge Series webinar specifically dedicated towards informing and educating small and medium business owners on the 2024 withholding Tax Regulations recently implemented by the federal government. 

This special webinar has the theme ‘2024 Withholding Tax Regulations, Specific Emphasis on How They Affect SMEs’ and is scheduled to hold online on Thursday, January 30, 2025, by 12noon prompt. Business owners and SMEs who will like to be a part of this eye-opening event can access the session on Zoom via the link:  UBA Knowledge Series. 

The knowledge Series is a regular seminar/workshop organised by the bank as part of its capacity-building initiatives, where leading business leaders and professionals share well-researched insights on relevant topics and best practices for running successful businesses.

This edition seeks to educate business owners on the implications of the new tax regulations and how UBA's offerings can effectively support their growth. 

Renowned leaders from diverse industries, including, UBA’s Head, SME Banking, Babatunde Ajayi; Financial Analysts with Anderson Consulting, Adeyemi Adediran and Vincent Okoukoni will be on ground to share their rich insights and explain how businesses can thrive in the new tax regime.

UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola who spoke ahead of the webinar emphasised the importance of this edition, noting that it will provide a platform for businesses, especially SMEs, to learn more about the new tax regime, implications for their business and attendant benefits for them and the economy at large.

He said, “Getting first -hand knowledge from experts on this important subject, as put together by UBA, will be invaluable for any business owner looking to build a lasting enterprise”

Also speaking on the upcoming workshop, UBA’s Group Head, Marketing & Corporate Communications, Alero Ladipo noted that the sessions frequently organised by the bank, continues to resonate with SME’s and business owners, and has in more ways than one, helped them take major leaps that has helped engender success.

Ladipo said, “At UBA, we remain resolute in our commitment to empowering businesses of all sizes, and that is why we have decided that we will help guide our customers towards making better business decisions and embracing more opportunities in 2025” that will take them to new highs. 

“We have assembled an esteemed panel of speakers who will do justice to this topic by sharing their vast wealth of experience and insights on how best to navigate the new tax regime,” she noted, adding that “this is a must-attend event for anyone serious about the long-term success of their enterprise.”

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

 

 Zenith Bank Obtains Regulatory Approval For N350 Billion Raised Hybrid Offer

Zenith Bank Plc has raised a total of N350.4 billion through its recently concluded hybrid Rights Issue and Public Offer.

In a statement released to the Nigerian Exchange (NGX) Group recently,  the Bank announced that it s secured the full regulatory approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) in respect of its recently concluded Hybrid Offer, comprising of a Rights Issue of 5,232,748,964 Ordinary Shares of 50k each at N36.00 per share and Public Offer of 2,767,251,036 Ordinary Shares of 50k each at N36.50 per share.

The Public Offer was 160.47% subscribed, with a total of 4,440,587,250 Ordinary Shares allotted based on the terms of the Offer and the CBN’s Capital Verification Exercise. The Rights Issue was also 100.18% subscribed with a total 5,232,748,964 ordinary shares allotted.

Lauding the development, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, (OON), said: “The success of our combined Rights Issue and Public Offering is a testament to the strong confidence and trust that our shareholders, investors, and stakeholders have in Zenith Bank’s vision, strategy, and brand. This landmark transaction underscores our commitment to strengthening our capital base, enhancing our competitive edge, and positioning ourselves for sustainable growth and profitability.

“We deeply acknowledge the invaluable and strong support of our regulators, the Central Bank of Nigeria and the Securities and Exchange Commission, and are grateful for their guidance in ensuring the integrity and efficacy of the exercise. This successful transaction will enable us to continue delivering value to our stakeholders, while also contributing to the growth and development of the economy.”

Proceeds from the Hybrid Offer will be strategically deployed to solidify the Bank’s position as the leading financial institution in Nigeria. Additionally, the funds will support the Bank’s expansion into other markets in Africa and Europe, investment in technology and other Group-wide growth initiatives.

The Offer, which opened on August 1, 2024 and closed on September 23, 2024 and sought to raise N290 billion through a combination of a Rights Issue and Offer for Subscription, was successfully executed largely as a digital Offer, embracing the power of technology to improve access to the equity capital market as it seamlessly leveraged the Nigerian Exchange Limited’s e-Offer platform.

The results of the Hybrid Offer, which garnered substantial interest from domestic and international investors, has positioned the Bank as one of the few banks in Nigeria to meet and even surpass the CBN’s N500 billion minimum capital requirements for Banks with International Authorization well ahead of the March 2026 regulatory deadline. The Bank’s share capital will now rise to N614.65 billion, which is N114.65 billion above the regulatory minimum requirement.