General News
2015 Polls: Controversy Trails INEC’s N9Bn Ballot Papers Contract
Crisis is reportedly brewing at the Independent National Electoral Commission (INEC) following the decision of the Commission to contract the printing of the ballot papers to be used for the presidential and governorship elections to a foreign firm at the cost of N6 billion.
The Commission is yet to award the controversial contract to any of the foreign firms, but Vanguard Newspapers gathered that it has, however, set in motion the process that will lead to the award of the pricey job to either an American or European firm any moment from now.
To ascertain which firm should be given the job, top officials of INEC are set to depart Nigeria this week for the United States of America, Germany, Italy and Ukraine in the first leg of the move to inspect elite printing companies, which can handle the job, classified as ‘security documents’ by the commission.
According to Vanguard Newspapers, under the plan, which has already been wrapped up by the commission, the sum of N6 billion is to be used in printing ballot papers meant for the presidential and governorship election slated for February next year.
Similarly, the commission has set aside the sum of N3 billion to be paid to local printers to produce the ballot papers to be used for the National Assembly and House of Assembly elections in Nigeria next year.
In all the commission will spend a whopping N9 billion for the printing of ballot papers for the five set of elections, which the electoral body has decided to stagger because of its claim that it does not have adequate logistics to run it simultaneously.
A competent source in INEC told Vanguard that many officials, who were uncomfortable with the decision of the management to farm out the job to outsiders, have made their opposition known to Prof Attahiru Jega, INEC chairman.
One of the sources close to the commission said: “The INEC officials will visit the United States of America, Germany, Italy, Ukraine, among others to inspect some printing presses that will produce the ballot papers for the next general elections in 2015.
“INEC will specifically produce the presidential and governorship ballot papers abroad while those of the National Assembly and House of Assembly will be printed in Nigeria. The proposed budget for the overseas printing is put at over N6 billion.
Vanguard learnt that those opposed to the printing of the papers abroad have reportedly drawn the attention of INEC Chairman to the fact that it was against the interest of Nigeria for such action to be taken at the time when the Presidency had already made a case for the printing of the documents locally.
The antagonists of the proposal, Vanguard also gathered, had reportedly opted to report the action of the management to President Goodluck Jonathan, who only last week made a case for the printing of security documents with the Nigerian Security and Minting Printing Compan (NSMPC), as a means of promoting national security and job creation.
The angry officials are said to have queried the rationale of taking such a huge and security-related job outside Nigeria when there were many local printing companies that could conveniently handle it.
To prove their point that the papers could be printed locally, the officials cited the successful printing of the ballot papers used in the Anambra, Ekiti and Osun elections by local contractors.
According to them, the papers that were printed within the country were foul-proof and passed all INEC’s security checks.
While kicking against the foreign contract, the officials, who pleaded anonymity, called on the Federal Government to stop the commission from awarding the job to foreigners especially as the materials needed for the printing were also available in the country.
They also pointed to the fact that the 2011 election was postponed because of the non-delivery of the ballot papers sprinted abroad on time.
But a senior INEC official told Vanguard on Monday that the commission would remain focused in its honest and earnest desire to ensure the success of the 2015 election.
Defending the decision of the management to print the papers abroad, the officials, who pleaded anonymity because he had not been authorized to speak on the matter, said that no company in Nigeria had the capacity to produce the quality and quantity of paper required and be able to deliver to the commission before December this year.
“We are concerned about the capacity of printing press in Nigeria. The time available to us as a commission to conduct the election and the quality and quantity of materials to be delivered by the local contractors do matter to us,” the official said.
“If you must know, for us to conduct the election in February 2015, it means that we must take delivery of the ballot papers in December this year to avoid a repeat of what happened in 2011 when we had to postpone an election because of the late arrival of ballot papers from South Africa,” the officer added.
Reminded that the President last week made a case for the printing of such vital documents with the NSMPC of Nigeria, the officer said, “Well, as we get along and the capacity of the company to handle such assignments grow, we will patronize it. For now, there is none in the country to do such complex job for INEC,” he said.
Dangote Petroleum Refinery is reportedly nearing completion of a $2.5 billion private placement that values the company at about $40 billion ahead of its planned public listing.
Private placement is the direct sale of company shares or bonds to pre-selected investors instead of the general public and it is used to raise money quickly while avoiding strict public reporting rules.
People familiar with the transaction said investors acquired as much as 6 per cent of the refinery, according to a BusinessDay report.
The reported terms would value the business at approximately $40 billion.
Neither Dangote Group nor the refinery has publicly announced the final amount raised, the identities of most subscribers or the precise percentage sold.
The figures should therefore be treated as transaction details supplied by unnamed sources rather than confirmed company disclosures.
The reported $2.5 billion total is nevertheless significant as it indicates strong demand for exposure to a privately controlled refinery that has rapidly become central to Nigeria’s fuel supply and an increasingly important exporter of petroleum products.
The placement was said to have attracted more demand than the available shares, allowing the company to secure substantially more than the amount initially associated with the fundraising exercise.
Femi Otedola, chairman, First HoldCo, is the only major participant publicly identified in the report.
He reportedly committed $100 million to the transaction and sold his investment in Geregu Power Plc to finance the acquisition.
Nigeria’s pension industry was also reportedly cleared to participate.
Access to more than $17 billion in retirement assets would broaden the refinery’s potential investor base beyond wealthy individuals and conventional institutional buyers.
Participation by Pension Fund Administrators would, however, require careful attention to valuation, liquidity and portfolio-concentration limits.
Retirement funds must balance the attraction of a large Nigerian industrial asset against their responsibility to protect contributors’ savings.
The implied $40 billion valuation represents investor expectations about the refinery’s future earnings rather than only the physical cost of constructing the facility.
Its ability to process 650,000 barrels of crude daily gives it a central role in supplying Nigeria and other markets, but its commercial performance remains connected to crude availability, product prices, exchange rates and regulation.
The refinery has struggled to obtain all the Nigerian crude it requires under the government’s naira-for-crude arrangement.
It has consequently purchased some feedstock internationally and recently moved local petroleum-product pricing into dollars to align sales revenue more closely with its foreign-currency expenses.
Those constraints will be important during any public offering.
Prospective shareholders will want greater clarity on crude-supply contracts, debt, operating margins, export revenue and the company’s relationship with Nigerian regulators.
It is also unclear whether the private placement involved newly issued shares, a sale by existing owners or a combination of both.
That distinction determines whether the reported $2.5 billion becomes fresh capital for the refinery or proceeds received by selling shareholders.
The transaction could provide a useful price reference for the planned initial public offering.
Federal government will next month launch Nigeria’s first national organized crime strategy to strengthen the country’s response to terrorism, cybercrime, human and drug trafficking, kidnapping, illicit financial flows, and other forms of organized crime.
Major General Adamu Laka, national coordinator of the National Counter Terrorism Centre under the Office of the National Security Adviser, disclosed this in Abuja during the validation of the strategy document.
He said the strategy provides a coordinated national framework for tackling organized crime through improved intelligence sharing, stronger collaboration among security agencies, and closer cooperation with the criminal justice system, civil society organizations, and international partners.
Major General Laka explained that the document was developed through a partnership involving the Federal Government, the United Nations Office on Drugs and Crime (UNODC), the United States Government, and other stakeholders.
Speaking at the event, Cheikh Toure, UNODC representative, said the strategy would strengthen Nigeria’s capacity to combat transnational crimes, including drug trafficking, cybercrime, human trafficking, kidnapping, and illicit financial flows.
Also speaking, Douglas Grane, acting director of the United States Department of State’s Bureau of International Narcotics and Law Enforcement Affairs, reaffirmed the U.S. government’s support for Nigeria’s efforts to tackle organized crime through stronger inter-agency and international cooperation.
Representatives of the National Institute for Strategic Studies, the Nigeria Financial Intelligence Unit, and the National Cyber Security Centre also endorsed the initiative, describing it as a major step towards improving Nigeria’s fight against organized crime.
FATE Foundation, with funding from the Citi Foundation, has launched the Youth Entrepreneurship Incubation Programme to equip young people in Nigeria with financial literacy and entrepreneurship skills.
Delivered through free, safe, and accessible platforms, the programme supports the incubation and scaling of youth-led enterprises, enabling income generation and job creation.
In October 2025, FATE Foundation was selected as a recipient of Citi Foundation’s 2025 Global Innovation Challenge to Accelerate Youth Employability. Joining the cohort of 50 organisations globally, the Foundation will receive $500,000 over two years to advance its youth employability initiative.
“We are excited to be selected for Citi Foundation’s 2025 Global Innovation Challenge,” said Ayomide Akindolie-Igwe, Executive Director of FATE Foundation.
“This support enables us to equip young entrepreneurs in Nigeria with the financial literacy and skills needed to build and scale sustainable businesses.”
The programme addresses youth employability by tackling Africa’s growing jobs crisis. By 2030, the African continent will be home to 40% of the world’s youth, and with one in three under 35 already unemployed, this initiative will support Nigerian youth with a two-phase approach. It begins with financial literacy training before progressing to entrepreneurship development, incubation support, and access to tools needed to build viable, job-creating businesses.
“Through this innovative initiative, FATE Foundation is supporting low-income Nigerian youth to develop essential financial and entrepreneurial skills using accessible platforms.
“This support is not just helping individuals to succeed; it is building a solid foundation for sustainable enterprises that will drive job creation and contribute significantly to our nation’s economic vitality. This initiative is empowering and investing in the future of Nigeria, one youth at a time,” said Nneka Enwereji, MD/CEO Citibank Nigeria Limited.
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