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Criticisms: Atiku Envious Of Tinubu’s Position — Presidency

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The Presidency says former Vice President, Atiku Abubakar, is envious of President Bola Tinubu’s position, an office the Peoples Democratic Party (PDP) candidate in the 2023 election has unsuccessfully sought six times.

The ex-VP was criticised by the Presidency for proposing economic reforms and anti-corruption measures in a recent tweet titled, “What We Would Have Done Differently.”

A State House release on Sunday signed by the presidential Special Adviser on Information and Strategy, Bayo Onanuga, claimed that since Atiku’s loss to Tinubu, he has “shown more interest in undermining President Bola Ahmed Tinubu than in addressing his party’s internal crises. We suspect he is envious of Tinubu’s position—an office he has unsuccessfully sought six times.

The statement partly read, “It is perplexing that he would elevate his untested, hypothetical proposal, which Nigerians soundly rejected during the 2023 presidential election, as a superior alternative to the multi-faceted reform programmes implemented by the Tinubu administration. If his plan lacked popular appeal, he must accept that repackaging it will not address the social and economic challenges his People’s Democratic Party (PDP) left after 16 years in power.”

The statement further noted that Atiku’s economic analysis demonstrated a significant misunderstanding of Nigeria’s current realities, saying “His narrative, ‘What We Would Have Done Differently’, indicates a lack of awareness of the pressing economic needs, which are now being addressed through President Tinubu’s leadership.

“What reforms would Atiku propose in his hypothetical presidency? While he suggests a consultation period upon assuming office, the Nigerian economy requires immediate, decisive action. A leader must be ready to tackle challenges from Day One, as President Tinubu has done.

“Atiku went further to accuse President Tinubu of ‘stealing his presidency,’ which exposes his sense of entitlement and disconnect from the electorate. Tinubu rightfully won the presidency, a position Atiku was unqualified for due to his arrogance, insensitivity to Nigeria’s diversity, and his disregard for his party’s power rotation arrangement between North and South after eight years of President Muhammadu Buhari.”

According to the Presidency, Atiku’s idea of a consultation period upon entering office shows a troubling lack of awareness regarding the state of the economy, which was in dire need of urgent action.

It hailed Tinubu’s administration for a firm action plan to address the shortcomings that persisted during President Olusegun Obasanjo’s time when Atiku was vice president.

“Atiku’s idea of a consultation period upon entering office shows a troubling lack of awareness regarding the state of the economy, which was in dire need of urgent action. The Tinubu administration came prepared with a firm action plan to address the shortcomings that persisted during President Olusegun Obasanjo’s time when Atiku was vice president.

“We can only speculate what detrimental impact Atiku’s proposed lengthy town hall and Village Square meetings would have had on Nigeria’s economy if he had been elected president and taken such an approach. The country needed a proactive leader such as Tinubu, who immediately set to work on addressing economic challenges rather than one who would have squandered precious time on consultations and a questionable privatisation agenda.

“Atiku’s critiques of Tinubu’s presidency are mere harebrained propositions devoid of realistic alternatives. He must reckon with the decades of mismanaged economy inherited by the current administration, including exorbitant subsidy expenditures far exceeding government earnings from crude oil.

“As of mid-2023, the landing cost of fuel was between N500 and N600, while it was sold nationwide at an average of N200. The 2023 budget allocated N3.36 trillion for fuel subsidies until June 2023 against a projected N2.23 trillion in oil revenue for the year. The Nigerian state was on life support.”

It added that instead of conjuring imaginary scenarios, the former vice president should engage with these urgent realities.

The statement further read, “The estimated N5.4 trillion savings from subsidy removal in 2024 are being actively directed toward infrastructure development and social intervention programmes, initiatives that will benefit all tiers of government and enhance Nigerians’ quality of life.

“We expect Atiku to commend what the Tinubu administration has done concerning revenue generation for the Federation. Without factoring in oil sales, revenue proceeds generated by the Federal Inland Revenue Service almost doubled in the first half of 2024, compared with the level Tinubu met in 2023. The states and councils are more prosperous because of it, as many states have increased the minimum wage for their workers to between N70,000 and N85,000.

“Atiku’s proposal to privatise the four government-owned refineries, which collectively can only meet a fraction of the nation’s daily fuel consumption when activated, lacks originality.

“In 2007, investors were only willing to offer $160 million for 51% equity in the Port Harcourt Refinery, while the Kaduna Refinery had an offer of $102 million. According to industry experts and the late President Umar Musa Yar’Adua, Nigeria’s Head of State at the time, who cancelled the sale of the refineries by the Obasanjo-Atiku government, the offered bids were considered scrap value.

“As vice president, Atiku oversaw the sale of the nation’s assets to private individuals and cronies at low prices. Today, most public enterprises Atiku sold have been stripped and become dead assets.

“The model of farming the completely rehabilitated refineries to private sector managers at an agreed-upon rate of return to the government, as adopted by Tinubu’s government, is more practical and value-laden than selling our national patrimony to some private interests that are not technically capable of operating the refineries. The Tinubu administration focuses on revitalising these refineries while supporting modular refineries and the Dangote Refinery, which has greater capacity.

“This approach will guarantee domestic production and stabilise retail prices by reducing foreign exchange challenges. It includes selling crude oil to the refineries in Naira, enabling potential cost reductions that could reflect in retail prices.

“Regarding Atiku’s allegations of corruption within the NNPC, the fuel subsidy has historically been the leading corruption enabler in the state-owned oil company. President Tinubu’s removal of this subsidy eliminated the most significant incentive for corruption within the NNPC. During his eight-year tenure as Vice President, Atiku and his boss had an opportunity to address this issue but failed to make any significant reforms in the oil sector.

“In any case, is it not ironic that an Atiku, who was entangled in corruption allegations, including one in which his wife was indicted and his business associate, former US Congressman William Jefferson, was jailed for 13 years, is now talking about corruption matters?

“The suggestion of phased-out subsidy removal is an outdated approach that has historically led to fiscal challenges for countries like Indonesia, which Atiku references. Nigeria has gradually phased out subsidies since 1978, with numerous adjustments made. Fuel prices were adjusted 22 times between 1978 and 2020. Rather than pushing for unrealistic timelines, Atiku should recognise the necessity of President Tinubu’s bold reforms.

“Notably, while Atiku peddles his economic fantasies, he has yet to denounce President Tinubu’s removal of the fuel subsidy because he knows that the reform was necessary and correct. We can only urge him to purge himself of the petty, derisive politics of a sore loser.

“To alleviate the effect of the fuel subsidy removal on the very poor and vulnerable, the Tinubu administration has embarked on an active social intervention campaign involving cash transfers and the distribution of palliatives. So far, 20 million Nigerians are being targeted for direct cash transfers, an established social protection mechanism described as economically transformative by the World Bank and many development partners. The Tinubu administration has designed well-targeted social inclusion programmes, including student loans, consumer credits, and the Presidential CNG Initiative, all initiated within the first 12 months.

“In his foreign exchange management proposal, Atiku declared that a fixed exchange rate system was out of the question. Yet his managed float proposal, another gradualist approach, is still the same as the old fixed exchange rate system, which stagnated the national economy by subsidising forex up to $1.5 billion monthly to a privileged few.

“Atiku should remember that a managed float is also known as a dirty float because of its inherent flaws. The system combines elements of fixed and floating exchange rates. The CBN will still have to set the exchange rate and make it available to people and businesses. Access is not guaranteed to all, as it is now.

“In conclusion, Atiku’s economic proposals fail to present a viable alternative to Tinubu’s decisive reforms. We encourage him to reassess his approach and repair his reputation as a statesman. The rejection of his proposals in the 2023 election indicates that Nigerians will be reluctant to entertain his future political ambitions.

“President Tinubu remains focused on leading Nigeria toward a prosperous future and addressing our nation’s real challenges. Atiku Abubakar should abandon his politics of distraction and fantasies and focus on constructive discourse.”

 

 

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Court Mandates Interim Forfeiture Of Nine Assets Associated With Timipre Sylva

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May 7, 2026

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A Federal High Court in Abuja, presided over by Justice Obiora Egwuatu has ordered the interim forfeiture of nine properties linked to Timipre Sylva, the former Minister of State for Petroleum Resources, to the Federal Government.

The order follows an ex parte application by the Economic and Financial Crimes Commission (EFCC), which alleges the assets are proceeds of “unlawful activities”.

Justice Obiora Egwuatu made the order after the Economic and Financial Crimes Commission counsel, Oluwaleke Atolagbe, moved an ex parte motion to the effect.

The News Agency of Nigeria reports that though Justice Egwuatu delivered the ruling on April 24, the enrolled order was sighted on Wednesday, May 6.

The affected assets are located across high-value areas in Abuja.

They include four blocks of terraces at Dakibiyu; a duplex with penthouse and office complex at No. 3, Niger Street, MStreet; one standalone duplex at Villa 1, Unit 1, Palm Springs Estate, Mpape; and a block of flats with 10 units of flats at No. 8, Sefadu Street, Wuse Zone 4, Abuja.

Others are blocks of flats with six units of flats at No. 1, Mubi Close, Garki, Abuja; two blocks with 12 units of flats at Plot 1181, Thaba Tseka Crescent, Wuse II, Abuja; one standalone duplex at No. 18, Nile Lake, Plot 1271, Maitama, Abuja,

The ninth property is a two-block building, which is currently occupied by the National Information Technology Development Agency, and is located at No. 5, Aguta Street, Garki, Abuja.

The judge said: “It is hereby ordered as follows: An interim order of this honourable court is made forfeiting the properties listed in the schedule attached herein, being properties suspected to be proceeds of some unlawful activities pending the publication and hearing of the motion on notice for final forfeiture order of the said properties.

“An order of this honourable court is made directing the publication of the interim order under order (1) above for anyone who is interested in the property to appear before this honourable court to show cause within 14 days why the final order of forfeiture should not be made in favour of the Federal Government of Nigeria.”

Justice Egwuatu also granted the EFCC’s request that the publication of the order shall be made in any two of the following newspapers: Thisday, Guardian, PUNCH, Vanguard, Tribune or Independent Newspapers within seven days from the receipt of the certified true copy of the order.

The judge then adjourned the matter until May 25 for a report of compliance.

The commission had, in the suit marked: FHC/ABJ/CS/607/2026, filed the application under provisions of the Advance Fee Fraud and Other Related Offences Act, 2006.

Moving the motion, Atolagbe sought an interim order, forfeiting the properties to the Federal Government pending the publication and hearing of the motion on notice for a final forfeiture order of the said properties.

He said the properties were suspected to be proceeds of some unlawful activities.

The lawyer urged the court to direct the anti-graft agency to make the publication of the order in any national newspaper for anyone who is interested in the properties to show cause within 14 days why the final order of forfeiture should not be made in favour of the Federal Government.

The PUNCH reports that Sylva, a former governor of Bayelsa State, has also been mentioned in connection with an alleged failed coup plot against President Bola Tinubu, though he has not been formally charged in that case and is reportedly still at large.

Nathaniel Shaibu is a correspondent at The PUNCH with three years of professional journalism experience. He covers the Federal Capital Territory (FCT), civil society, religion, and the Ministries of Women Affairs and Youth Development. In addition to his primary beats, Nathaniel also reports on politics, metro, security, and judicial matters, bringing clarity and balance to a wide range of public-interest stories. His work reflects hands-on newsroom experience, strong beat knowledge, and a commitment to accurate, responsible journalism.

 

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BANKING BEYOND THE BALANCE SHEET: UNION BANK’S ASBON RECOGNITION AND NIGERIA’S SMALL BUSINESS ECONOMY

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May 6, 2026

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Union Bank of Nigeria has been named winner of the Best SME Growth Banking Initiatives Award (2025) at the Nigeria National SME Business Awards, organised by the Association of Small Business Owners of Nigeria (ASBON) in partnership with the Lagos State Government through the Ministry of Commerce, Cooperatives, Trade and Investment.

 

The recognition arrives at a moment when the relationship between Nigerian banks and Nigerian small businesses is being quietly redefined. Awards in this space have historically rewarded scale and product breadth. The ASBON criteria, by contrast, ask a more practical question: which banks are actually making it easier for entrepreneurs to operate?

 

WHY THIS AWARD, AND WHY NOW?

Across Nigeria, growth is no longer the only measure of success for a small or medium-sized enterprise. For most owners, success now looks like stability. Cashflow that holds up. Payments that clear without disruption. Financing that arrives in time to seize an opportunity rather than rescue a crisis. Operations that are not slowed by administrative friction.

 

That shift in what SMEs need has changed what they look for in a bank. The institutions earning their attention are the ones that take the daily reality of running a business in Nigeria seriously, not those with the longest catalogue of products. It is in that environment that the ASBON recognition reads as something more than ceremonial.

Union Bank’s SME work over the past year has been organised around a small number of practical priorities, and many of the issues SMEs cite as their biggest pain points sit at the centre of them.

 

FASTER ONBOARDING, MORE USABLE DIGITAL TOOLS

Account opening and customer onboarding have long been one of the slowest stages of business banking in Nigeria. For an entrepreneur trying to receive payments, pay suppliers, or qualify for a tender, days lost at this stage are days lost from the business itself.

 

Union Bank addressed this directly with enhancements to its Union360 platform and the rollout of a Straight-Through-Processing (STP) Digital Onboarding Platform. The intent was simple: cut the time between an SME deciding to bank with Union Bank and actually being able to transact. The improvements have meaningfully shortened onboarding, raised digital activity among SME customers, and brought in a notable cohort of new business clients.

 

Behind those improvements is a recognition that Nigerian SMEs are increasingly multi-channel by default. A small retailer may take payments by transfer, POS, mobile money, and online checkout in the course of a single afternoon. The bank that supports them has to be reliable across all of those rails, not just the ones that photograph well in product brochures.

 

FINANCING THAT MEETS BUSINESSES WHERE THEY ARE

Access to credit remains the most frequently cited barrier for Nigerian SMEs, particularly for businesses without conventional collateral or a long paper trail of audited accounts.

Union Bank’s response has been less about loosening criteria and more about widening the range of evidence that counts.

 

Consistent transaction history, active account use, and clear cashflow patterns now carry meaningful weight in how the Bank assesses a small business. For a generation of entrepreneurs whose operations are real but whose paperwork is light, that is a material change.

 

The Bank’s SME lending over the review period reflected this orientation, with funding directed at working capital, inventory, equipment, and the kind of operational expansion that sits between mere survival and genuine scale.

 

THE HUMAN SIDE OF THE WORK

Digital infrastructure matters, but it does not replace the value of someone an entrepreneur can actually call.

Union Bank’s SME engagement is supported by a network of relationship managers, direct sales agents, and branches across the country. The Bank’s “Adopt, Engage and Grow” campaign was designed to reach SMEs at this human level, not as a once-a-year touchpoint, but as a sustained relationship that meets businesses where they are, both physically and operationally.

The approach reflects a basic truth about small business banking in Nigeria.

 

Entrepreneurs operate under pressure that is rarely visible from a head office. The institutions they trust tend to be the ones whose people understand that pressure, respond when it matters, and treat the relationship as ongoing rather than transactional.

 

UNION BANK OF NIGERIA AND ASBON

Union Bank’s recognition is also tied to its partnership with ASBON, through the SME Empowerment Challenge run jointly by the two organisations.

 

The Challenge encouraged entrepreneurs to open or reactivate business accounts, maintain proper transaction records, and develop structured plans for growth. On its surface, it was a campaign. In substance, it was an attempt to nudge a behaviour that Nigerian SMEs themselves often identify as one of the hardest to sustain: the discipline of running the business as a business, with clean books, separated finances, and a clear view of where it is going.

 

That discipline matters because it is the gateway to almost everything else. Loans, grants, supplier credit, partnerships, and public sector contracts all depend on a business being able to show how it actually operates. By building that habit alongside ASBON, Union Bank invested in something that outlasts any single campaign cycle.

 

WHAT THE AWARD ACTUALLY SIGNALS

There is a tendency to read awards as endpoints. This one reads better as a signpost. Nigerian SMEs are operating in one of the most demanding business environments on the continent. They are also, collectively, the largest source of employment in the country and the most direct route to broad-based prosperity. The banks that serve them well, with patient infrastructure, accessible financing, real human engagement, and a partnership posture toward the wider SME ecosystem, have a role to play that goes well beyond commercial performance.

 

Union Bank’s recognition at the ASBON SME Awards 2025 is, in that sense, an acknowledgement of a posture as much as a portfolio. The work it points to, faster systems, more accessible credit, sustained engagement, and a habit of building alongside SME institutions rather than around them, is the kind of work that compounds quietly over years.

For a bank, that is the most useful kind of award to win. Not the one that celebrates a moment, but the one that confirms a direction.

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Polaris Bank Supports the Launch of NACCIMA Call Center to Drive Growth for Nigerian Exporters  

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2 days ago

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May 6, 2026

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Polaris Bank, Nigeria’s leading digital retail and commercial bank, has proudly facilitated the launch of the NACCIMA Export Support Call Center, a vital initiative designed to provide comprehensive support to Nigerian exporters, especially those operating in the non-oil sector and enhance their ability to access global markets.

 

This partnership marks a significant step in the Bank’s commitment to strengthening Nigeria’s export ecosystem.

 

Chris Ofikulu, Executive Director of Polaris Bank, in his address, emphasised the Bank’s commitment to empowering Nigerian businesses for global markets. He highlighted the importance of the NACCIMA Call Center as a key resource for exporters, offering valuable information, knowledge, expert guidance, and advisory services to navigate the complexities of international trade.

 

“Today, we are marking a pivotal moment in our mission to empower Nigerian businesses for global markets,” said Chris Ofikulu. “Through this collaboration, we are equipping exporters with the tools, infrastructure, and expertise needed to thrive in global markets.”

 

The NACCIMA Call Center, supported by Polaris Bank, will act as a key platform where exporters can access real-time information, technical assistance, and regulatory advisory services. This strategic initiative is in alignment with Polaris Bank’s vision to drive trade facilitation, improve market access, and support Nigeria’s economic growth.

 

Polaris Bank’s contribution includes providing advanced infrastructure such as laptops, a fully equipped workstation, internet-enabled modems, and high-capacity printers to support the operations of the center. This donation is aimed at ensuring the center runs smoothly and effectively meets the needs of Nigerian exporters.

 

During his speech, Ofikulu highlighted the importance of initiatives like the NACCIMA Call Center, emphasizing its role in bridging gaps for exporters, especially those in the non-oil export sector. “By offering exporters the right support, we are unlocking their potential to compete globally. This center is not just a call center; it is a catalyst for success, providing exporters with the resources, knowledge, and access they need to excel,” he added.

 

The partnership between Polaris Bank and NACCIMA also ties into the Bank’s broader mission to support Nigeria’s export sector. Polaris Bank provides a comprehensive range of solutions for exporters, including stock refinancing, working capital support, and advisory services on regulatory processes such as NXP documentation. Through its digital platform, VULTe, the Bank facilitates seamless intra-African trade, enabling faster and more efficient payments via the Pan-African Payment and Settlement System (PAPSS).

 

“We are excited to be part of this transformative initiative, which empowers Nigerian businesses to scale and compete on the global stage,” Ofikulu concluded. “Our focus on innovation and our dedication to supporting SMEs are central to our role in shaping the future of Nigeria’s export sector.”

 

Polaris Bank’s collaboration with NACCIMA reinforces its ongoing commitment to advancing Nigeria’s economic landscape by enhancing export readiness, improving access to finance, and supporting the growth of SMEs. The unveiling of the NACCIMA Call Center is a prime example of the Bank’s continuous dedication to driving positive change within Nigeria’s export ecosystem.

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