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Chukwuma, Innoson Boss Vows to Takeover GTB over Debt

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Innocent Chukwuma, chairman of Innoson Group, has said it is certain he will take over Guaranty Trust Bank PLC.

Chukwuma, Innoson Boss Vows to Takeover GTB over Debt

 

Chukwuma, the owner of Innoson Motors, and the bank had been locked in a legal tango for over five years now.

Chukwuma, who spoke with select newsmen on his relationship with the bank, said he was waiting for the interest on the money GTB was owing him following court judgments to move in and take over the bank.

He had secured a judgment debt against the bank in suit FHC/L/Cs/603/2006 and FHC/Cs/139/2012, which increased to over N32 billion due to accumulated interest.

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Chukwuma said he had a cordial relationship with the bank in the past during the tenure of Olutayo Aderinokun, the late managing director, of the bank.

He said: “I was GTBANK’s best customer in the South East when Tayo, the former MD, was alive.

“Because of this, they opened a branch in Nnewi.

“After Tayo, the new MD took over.

“I don’t even know him.

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“I saw him for the first time last year.

“They started fighting about tribe.

“I am not certain about this but I think the reason he (GTB) is fighting is because of tribe.

“I don’t know exactly what his problem is.

“But finally, I have proved him wrong in everything.

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“I have defeated him in all the courts we went to.

“The only thing left is for him to pay me what he owes me.

“He was going to my account and taking money anyhow.

“I discovered it, took him to court and won.

“Up till now, he hasn’t paid and we have gone up to Supreme Court.

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“Maybe he hasn’t paid because he wants Nigeria to change their law because of him.

“The beauty of the whole thing is that the money is attracting the interest of 22 per cent.

“So, I am waiting for the interest to be above their capacity so I can take over the bank.

“That’s what I am waiting for.

“I am not disturbing them anymore.

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“I am assuring all the customers of GTB that if I take over, I would still run it well.

“They shouldn’t fear.

“I haven’t done any business that fails.

“I will run it better than them.

“If they cannot pay me, I have no choice but to take over the management.”

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Atte, Nigerian Develops AI Algorithm for Hair Transplants

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Atte Ayodeji, a Nigerian computer scientist,has developed an artificial intelligence algorithm capable of detecting, counting, grouping and generating healthy hair follicles during hair transplant procedures, an innovation that earned him the Best Innovative Technology award.

Atte, Nigerian Develops AI Algorithm for Hair Transplants

Atte Ayodeji

Ayodeji also graduated with a Distinction in his Master of Science (MSc) in Computer Science from Birmingham City University on Friday, adding another milestone to an impressive academic year.

Beyond his award-winning hair transplant innovation, the Nigerian researcher developed a system and framework on Explainable Artificial Intelligence (XAI) as a professional responsibility in the diagnosis of lung cancer.

His dissertation received a silver award at the PGXPO2026 Winter, further highlighting the impact of his research in applying artificial intelligence to healthcare.

Sunday Dare, special adviser on Media and Public Communication to President Tinubu,  celebrated Ayodeji’s achievements in a post on X, recalling how he first met him in 2019 during his National Youth Service.

“In 2019 when I became a Minister of the Republic, I met a young man of medium height, genteel with penetrating eyes: Atte Ayodeji. His words rarely come out and he could easily be passed by unnoticed. But I noticed him especially when my SA Kemi Areola brought him to me asking my approval for him to do his Youth Service in my office. I approved. From then on he was unstoppable. His brilliance shown and he developed skills beyond his frame.”

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Highlighting Ayodeji’s recent accomplishments, Dare congratulated him saying, “Congratulations Atte. I am proud of you!”

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FG to Abolish Subsidies in Power Sector in 2027 – Minister

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Mr. Joseph Tegbe, minister of Power, has said that the federal government plans to end power sector subsidies from 2027 and that there are no immediate plans for tariff increases.

FG to Abolish Subsidies in Power Sector in 2027 – Minister

Mr. Joseph Tegbe, minister of Power

The minister told journalists during the media interactive session at the weekend that the government has announced plans to phase out electricity subsidy payments from 2027 as part of efforts to address mounting liabilities in the power sector.

He explained that the planned removal forms part of the broader reforms aimed at ensuring the long-term sustainability of the electricity sector, while tackling the financial challenges confronting the industry.

According to the minister, despite the planned subsidy withdrawal, there are no immediate plans to increase electricity tariffs, reassuring consumers that the government is not considering a tariff hike in the short term.


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AfCFTA Urges Africa to Stop Exporting Raw Materials

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Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.

She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.

According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.

“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.

Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.

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“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.

She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.

Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.

“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.

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