Nigeria: Fidelity Bank, Obi denies meeting Tinubu in Rome over alleged $141mln debt
Former Labour Party presidential candidate Peter Obi has denied reports that he met with President Bola Tinubu in Rome to discuss an alleged ₦225 billion debt linked to Fidelity Bank.
In a statement released on Thursday, Obi described the report as part of a blackmail campaign aimed at damaging his reputation.
'I have never sought an audience with, nor met, President Tinubu since he assumed office, except about 1 minute meeting at the arena of Saint Peter's Basilica Rome during the inauguration Mass of Pope Leo XIV, where I was seated behind, and had to respectfully greet him, and other dignitaries present,' Obi said.
Obi also clarified his relationship with Fidelity Bank, stating that he does not own the bank.
'Throughout my career, I have served as Chairman/Director of 3 banks/Financial institutions, of which Fidelity is one of them. Fidelity has over 500,000 shareholders, none of whom hold a majority stake.'
The former Governor of Anambra State attributed the negative reports to paid blackmailers seeking to harm his reputation and cause distress to Fidelity Bank's hardworking employees and shareholders.
'To those peddling these falsehoods, and engaging in blackmail, I offer a simple prayer: May God grant you the virtues of gratitude and understanding to know that we came here with nothing and will go with nothing, that they cannot profit from their evil ways,' he concluded.
Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
4 hours ago
- Zawya
Natural Gas and Africa's Energy Future: Balancing Growth and Sustainability (By Adrian Strydom)
By Adrian Strydom, Chief Executive Officer of the South African Oil and Gas Alliance ( Africa is at a turning point in its energy journey. As cities expand and industries grow, the demand for electricity is rising fast. By 2040, Africa will need nearly 1,200 gigawatts of power, yet 600 million ( people still lack electricity, holding back development, healthcare, and education. This creates a major challenge: How can Africa expand energy access without locking itself into high-emission fuels? The solution must balance affordability, sustainability, and reliability. While solar and wind power are critical, most countries lack the infrastructure to rely on them alone. Grids must remain stable, industries need steady energy, and cross-border trade requires a consistent supply. Natural gas plays a vital role in this—acting as a bridge to cleaner energy while meeting urgent electricity needs. Africa houses about 7% ( of the world's proven natural gas reserves, and production has increased by over 70% since 2000, with forecasts predicting 520 billion ( cubic meters by 2050. Several African countries are already benefiting from utilising natural gas reserves. Nigeria, Africa's largest gas producer, has over 200 tcf of reserves, supporting millions of jobs across extraction, processing, and transportation. The Greater Tortue Ahmeyim (GTA) project in Senegal and Mauritania is attracting billions in investment, strengthening energy security. South Africa, facing a 'gas cliff' due to declining imports, is exploring its local reserves to protect industrial growth. Mozambique's Coral Sul floating LNG platform has already started production, with revenue projections reaching around $70 million annually between 2025 and 2027. Meanwhile, the Mozambique LNG and Rovuma LNG projects hold immense potential, boasting over 100 trillion cubic feet of recoverable gas, though they remain in early development stages. Many African countries produce only a small fraction of global emissions, yet they withstand the worst of climate change, facing extreme droughts, floods, and food insecurity. Expecting them to abandon fossil fuels without practical alternatives could slow economic development and widen inequalities. A fair energy transition must acknowledge that countries have different economic conditions and needs than major polluters. The shift to cleaner energy must be structured in a way that allows Africa to grow sustainably without compromising its ability to provide reliable power, create jobs, and strengthen its industries. Currently, many African countries don't have the infrastructure to rely on renewables alone. Power grids are weak, underfunded, and often unreliable. The main challenge with solar and wind energy is that they depend on the weather. If the sun isn't shining or the wind isn't blowing, power generation drops, causing disruptions. Batteries can store excess energy for later use, but large-scale storage technology is still too expensive and not widely available. This is where natural gas plays a crucial role. Natural gas and renewables complement each other to form a balanced and resilient energy mix. Gas provides the flexibility to fill in the gaps when renewable output is low, ensuring a constant and stable electricity supply. Additionally, gas-fired plants can ramp up quickly to meet demand and are more responsive than coal, making them ideal partners for intermittent energy sources. It is noteworthy that the infrastructure built for natural gas today, such as pipelines and generation facilities, can even be repurposed to carry cleaner fuels like green hydrogen. This synergy allows African countries to continue scaling up renewables with confidence, knowing that natural gas is there to provide reliability, bridge energy gaps, and support the transition toward a low-carbon future. Natural gas has been a key transitional energy source worldwide. In Africa, its role is even more critical. The continent has vast gas reserves, yet much of its potential remains untapped due to limited infrastructure investment and regulatory uncertainty. If developed strategically, natural gas can drive industrial growth, strengthen energy security, and create the capacity needed for long-term investment in renewable energy. However, unlocking this potential requires coordinated action. Expanding gas infrastructure requires long-term investment in pipelines, processing plants, and export terminals, which take years to build. Investors need policy clarity and predictable returns, so governments must offer stable tax structures, licensing agreements, and local value retention policies to keep revenues in African economies. Africa's energy future must grow in a way that works for its people. Electricity must remain accessible for homes, businesses, and industries while innovative technologies develop. This is not a choice between gas and renewables - it is about using the right tools at the right time. Natural gas is a cornerstone of an orderly and just transition. With careful planning, natural gas can support Africa's economy today while building the foundation for a cleaner, more resilient future. Distributed by APO Group on behalf of South African Oil and Gas Alliance.
Zawya
a day ago
- Zawya
NOG Energy Week 2025 Set to Evolve Africa's Energy Transformation
NOG Energy Week 2025, themed 'Accelerating Global Energy Progress Through Investment, Partnerships&Innovation', is scheduled from 29 June - 3 July 2025, at the Abuja International Conference Centre (ICC) in Nigeria, and convenes industry leaders, policymakers, and innovators to discuss and strategise on sustaining this growth trajectory. The conference will explore how strategic investments, robust partnerships, and cutting-edge technologies can further enhance Africa's energy landscape. NOG Energy Week 2025 will also spotlight strategies to attract and increase investments in Africa's upstream sector, emphasising the importance of creating a competitive and resilient investment climate. Sessions will highlight how indigenous operators and national oil companies are enhancing asset performance and production output through targeted investments and innovative practices. Nigeria's energy sector is undergoing a transformative era, characterised by a surge in investments and a strategic focus on technological advancements and increased production. In 2024 alone, the sector attracted approximately $6.7 billion in investments, with $5.5 billion directed towards oil and gas initiatives. Notably, Shell Nigeria Exploration and Production Company's $5 billion investment in the Bonga North Deep Offshore Project is set to boost the nation's oil production capacity by approximately 110,000 barrels per day. Recognising the critical importance of a diversified energy mix for Nigeria's sustainable future, NOG Energy Week 2025 will include dedicated sessions on the integration of renewable energy sources alongside traditional oil and gas operations. These discussions aim to position Nigeria at the forefront of the global energy transition while maintaining energy security and economic growth. Speaking to why the event has included these key topics in the programme, Wemimo Oyelana, Country Director – Nigeria&Portfolio Director – Africa for dmg Nigeria events, emphasised, ''As Nigeria navigates an evolving global energy landscape, technology and investment will support increased production and long-term competitiveness. In this era of rapid technological advancement and shifting market dynamics, Nigeria must harness innovative solutions and strategic capital deployment to unlock its full energy potential. NOG Energy Week 2025 provides a vital platform where industry leaders, government policymakers, investors, and technology experts can come together to exchange insights, foster collaboration, and align their efforts toward a common goal. This conference not only facilitates dialogue but also drives actionable strategies that will enable Nigeria to expand its production capacity sustainably, attract critical investments, and strengthen its position as a key player in the global energy arena.'' Complementing the strategic discussions, the Technical Seminar, themed 'Innovating Today's Technology for Tomorrow's Energy Needs', will showcase practical breakthroughs, from Artificial Intelligence (AI) powered reservoir diagnostics to smart grid integration and modular refinery technologies, providing professionals with actionable insights into the tools transforming the industry. With over 7,000 attendees, 350 exhibitors, and representation from 85 countries, NOG Energy Week 2025 reaffirms its position as Sub-Saharan Africa's leading energy gathering, a meeting ground for deal-making, innovation, and sustainable development. Distributed by APO Group on behalf of dmg Nigeria events.
Zawya
a day ago
- Zawya
Nigeria: Minister urges stronger private sector role in boosting intra-African trade
Nigeria's Minister of Foreign Affairs, Ambassador Yusuf M. Tuggar, has made a clarion call for the private sector to play a central role in unlocking Africa's economic potential through intra-African trade. Speaking at the Private Sector Roundtable preceding the West Africa Economic Summit (WAES), held at the Metropolitan Club, Victoria Island, Lagos, Tuggar highlighted the urgent need for deeper economic integration across the continent. Addressing an audience of business leaders, diplomats, and policymakers, Tuggar emphasised that Africa stands at a critical juncture — one where business is no longer a peripheral concern but a strategic pillar of regional policy and diplomacy. 'This is the period in which the voice of business is not merely recognised at the margins, but is systematically institutionalised within the core processes of policy formulation and regional economic diplomacy. 'It reflects a deeper entanglement of corporate interests and statecraft, wherein the private sector emerges not as a peripheral stakeholder but as a central architect of economic governance frameworks,' Tuggar stated. While outlining the opportunities, the Minister also presented a stark picture of the current reality. Citing recent data, he revealed that intra-African trade accounts for only 15 percent of total trade on the continent, with the figure dropping to between 12 percent and 13 percent in West Africa. In contrast, intra-regional trade in Asia hovers around 60 percent, and Europe nears 70 percent, highlighting a significant gap. Tuggar pointed out that the constraints to West Africa's economic integration are not a matter of potential, but rather of practical shortcomings — infrastructure gaps, weak coordination, and a lack of sustained political commitment. 'The challenge lies not in envisioning a prosperous, interconnected region, but in establishing the institutional mechanisms, logistical frameworks, and governance consensus required to actualise that vision,' he said. Nevertheless, he acknowledged progress in recent years, citing efforts such as the ECOWAS Trade Liberalisation Scheme, the Abidjan-Lagos and Abidjan-Dakar transport corridors, SIGMAT, the West African Power Pool, and the planned African-Atlantic Gas Pipeline. 'These are not just abstract ideas — they are West-African-led initiatives that will prove advantageous to businesses across the sub-region in the near future,' he affirmed. Tuggar also expressed concern over rising global protectionism and the reordering of global tariff systems, noting that such developments make regional alignment even more essential. 'In a world witnessing protectionist tendencies from global market leaders, it is only right that neighbours and regional blocs align for the common good of their people. 'The West African response must be clear and deliberate, not reactionary and disjointed. That is why WAES is a timely and strategic platform,' he said. WAES, scheduled for June 20–21, 2025, in Abuja, is a flagship initiative championed by Nigeria's President and supported by other West African leaders. According to Tuggar, the Summit aims to shift the region from dependency to productivity, and from fragmented markets to integrated value chains. 'The idea is to use our size to generate efficient productivity in order to outcompete others in the global market,' he explained. 'A broader West African market will drive down costs and enable our businesses to scale up and compete internationally.' WAES is expected to bring together Heads of State, Ministers, investors, and key stakeholders from across West Africa, along with private sector leaders. The Minister underscored the importance of this inclusion, stating that business voices must directly influence policy decisions. 'When we succeed in integration, when we improve on policy predictability, secure property rights, and the effectiveness of contracts — investors will come,' Tuggar said. 'This is the largest market on the continent, and it must be leveraged.' He emphasized the need for candid conversations between the private sector and policymakers during WAES. 'We're bringing along the decision makers to hear directly from you — to understand the challenges, identify the low-hanging fruits, and even resolve some issues on the spot,' he said. Tuggar urged participants not to underestimate the impact they could have. 'Sometimes it just takes one phone call. We are serious about removing barriers to business so that commerce can thrive,' he said. 'It's not just about size, it's about scale — the kind of scale West Africa provides.' He commended Nigerian companies already operating across the sub-region — in banking, cement, fertilizer, fintech, and startups — as evidence that cross-border business is both viable and beneficial. He concluded by reinforcing the collective nature of the challenge: 'Let's not forget — it's not just Nigerian policymakers involved. Policymakers from other countries are also on board. Heads of State will be there. So let's work together to resolve the problems and build an integrated, competitive West African economy.' As anticipation builds ahead of the June 20–21 Summit in Abuja, Tuggar's message was clear: the future of Africa's economic strength lies in regional collaboration, and the private sector must lead the charge. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
