President Bola Tinubu is currently meeting with Rivers State Governor Siminalayi Fubara and the Minister of the Federal Capital Territory, FCT Nyesom Wike, at the State House Abuja.

Some Ogoniland leaders from four Local government areas of the state are also in the meeting.

Although the details of the meeting cannot be ascertained at the moment, it may not be unconnected to the political crisis plaguing the state since late 2023.

Reports has it that Fubara and Wike have been engaged in supremacy battle.

Some of the Ogoniland leaders sighted at the Council Chamber of the State House include Senators Lee Maeba, Magnus Abe, Olaka Nwogu, Victor Giadom, Kenneth Kobani, Monsignor Pius Kii, Leedom Mitee, Senators Bennett Birabi, Barry Mpigi, Kenneth Kobani, and Prof. B. Fakae, among others.

Also in attendance are the National Security Adviser, Nuhu Ribadu, Chief of Staff to the President, Femi Gbajabiamila, Minister of Information and National Orientation, Idris Mohammed, Minister of Regional Development, Abubakar Momoh, Minister of Environment, Balarabe Abbas, and the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari.

A Federal High Court sitting in Kaduna has granted bail to four individuals, (including Jimi Lawal, a senior advisor to former Kaduna State Governor Nasir El-Rufai), who were arraigned on fraud and money laundering charges.

The defendants, who were arraigned by the Independent Corrupt Practices and Other Related Offences Commission, were accused of diverting N64.8 million in three tranches to the bank account of Solar Life Nigeria Limited, where Lawal was believed to be the sole signatory.

The other defendants are Lawal Adebisi, a former Senior Special Adviser to El-Rufai; Umar Waziri, the former Accountant-General of Kaduna State; and Yusuf Inuwa, a former aide to the former Governor.

To secure their bail, the defendants must provide two sureties with N50 million each, who must have landed property in Kaduna with verified Certificates of Occupancy.

Additionally, they must deposit their International Passports, National Passports, Green passports, and official passports, if any, with the Deputy Chief Registrar of the Federal High Court in Kaduna.

Speaking to journalists shortly after the court sitting on Tuesday, Counsel to the defendants, Johnson Usman, SAN, expressed optimism that they would meet the bail conditions soon, allowing them to be released from prison remand.

“The Court however ordered that, pending the perfection of their bail condition, they should be remanded in prison custody and we hope the perfection would be done in a jiffy, possibly tomorrow.

“The defendants were asked to provide two sureties, with some of N50 million in a like sum. That, the sureties must have landed properly in Kaduna and the CofO must be verified by the Registrar of the Court.

“We are hopeful that the defendants will meet the bail conditions as soon as possible, and they will be released from prison custody,” Usman said.

PUNCH Online reports that ICPC had alleged that the defendants conspired to divert the N64.8 million, which was sent in three tranches to the bank account of Solar Life Nigeria Limited.

According to the ICPC, the suit filed at the Federal High Court, Kaduna Judicial Division, the Commission was accusing Lawal of conniving with the two other accused persons to have diverted the total sum of N64.800 million.

“The money was sent in three tranches of N10 million, N47.840 million, and N7.320 million to the bank account of Solar Life Nigeria Limited where Mr Lawal is believed to be the sole signatory.”

The defendants have denied the allegations, and their counsel has promised to prove their innocence in court.

The case has been adjourned to March 26 and 27, 2025, for trial.

Ahmad Farroukh, who was appointed CEO of Nigerian telecom giant Globacom in October 2024, resigned after just one month in the role, multiple sources close to the matter confirmed. While Globacom has not issued an official statement or communicated the resignation internally, several industry insiders suggest the decision was linked to significant challenges within the company’s organisational structure.

A mid-level manager at Globacom, speaking on the condition of anonymity, speculated Farroukh’s departure was tied to problems with the organisational setup. A top-level executive at the Nigerian Communications Commission (NCC) who asked not to be named confirmed Farroukh’s exit but declined to share specifics.

Globacom did not respond to multiple requests for comments.

Farroukh’s abrupt resignation highlights significant internal challenges at the company, which has long been criticised for its centralised decision-making process. According to a former Globacom executive, the company’s founder, Mike Adenuga, is key to most decisions within the company. Adenuga has managed the telecom giant alongside his other business interests, including oil and gas, financial services, and real estate, with minimal structural separation between his other ventures and Globacom’s operations.

This approach has historically worked for the company but may have presented obstacles for Farroukh, whose experience at more structured organizations like MTN and Airtel might have led him to expect a different level of operational autonomy.

Farroukh’s departure also comes when Globacom is facing heightened regulatory scrutiny. In late 2024, the NCC’s sector audit revealed that over 40 million subscribers were not properly registered with their National Identification Numbers (NIN), violating government regulations. This led to a significant loss of market share, with Globacom’s share of the Nigerian mobile market shrinking by approximately 60%, leaving it with just 12%.

Globacom has also faced ongoing cybersecurity issues, including a high-profile hack in 2023 that exposed the personal data of millions of its subscribers. These issues may have created an environment where Farroukh’s leadership efforts could not make a meaningful impact quickly.

“A CEO leaving in one month is unprecedented in the industry. The NCC can investigate the reason for his exit. The commission can seek an explanation from the CEO, who is not obligated to respond, or from the company because this is about corporate governance, which the NCC Act covers,” said Ayoola Oke, a former Special Adviser to the former Executive Vice-Chairman of NCC, Ernest Ndukwe.

Globacom’s leadership void following Farroukh’s departure will raise questions about the company’s ability to navigate its ongoing internal challenges and regain its competitive edge. Without significant structural changes, it is unclear how Globacom can address the organizational weaknesses that led to Farroukh’s exit.

TECH CABAL