General News
Chevron, Shell Flee OKFTZ Because of Dangote’s Investment in the Area
Senator Ibikunle Amosun, Ogun State Governor, has said that Chevron and Shell, pulled out of the Olokola Liquefied Natural Gas (OKLNG) Project within the Olokola Free Trade Zone (OKFTZ) due to the expertise and quantum of investment Dangote Group and other indigenous entrepreneurs are bringing into it.
He said that the massive investment and expertise which the indigenous investors, such as Aliko Dangote, Jim Ovia and others, are planning for Olokola FTZ sent away the foreign investors away.
The governor who spoke with reporters in Abeokuta after a meeting with members of the Ogun Elders’ Consultative Forum that paid him a courtesy call at his Oke-Mosan Governor’s Office, Abeokuta Office, on Monday.
According to him, the Refinery and Petrol-Chemical project would soon commence operation there in full force.
Amosun noted that other local investors, including Jim Ovia, are planning to build fertilizer and amonia plants at the area and said about 90 percent of what is being done in Olokola FTZ, falls within the jurisdiction of Ogun state just as neighbouring Ondo state is also playing a role in the project.
Amosun: “may be you don’t understand this, not only Chevron, there are about four and five parties and because they realized that nothing was happening then and now, they realized, yes Alhaji Aliko Dangote and us as a State that some of the people that are there have actually been bought over, that I can confirm to you.
“And what will Chevron be doing there when of course, there are big players as well, the gentleman that is building the Refinery is not a novice; he will get the best in the world to come and build it and it’s like what he is doing is a direct competition with Chevron, so if he is doing it, so how?
“Look at the quantum of money being invested there; it is even far more than, probably more than ten times what Chevron wanted to invest there.
“Let me even be modest and say that almost all 90 percent of what is being done now in Olokola falls directly within Ogun state. If you look at the bigger picture, it is between Ogun and Ondo states, but not that probably we will still not go and may be do phase two with Ondo state.
“But as we speak today, the deep seaport, the fertilizer and amonia, everything that Dangote wants to do is in Ogun state and I’m sure by October, we should be there and the Refinery will commence. Dangote is partnering with us, but it is not Dangote alone, I am aware that Mr Jim Ovia is bringing in Amonia to the site, fertilizer is coming, some people are building; it is a whole lot of things that are coming.”
Earlier, the state’s Elders Consultative Forum lauded the efforts of Senator Ibikunle Amosun at rebuilding the state through urban renewal projects, clean environment, infrastructural developments and security of lives and property among others.
Prince Bola Ajibola, former World Court judge who spoke for the group, described Amosun as “hardworking, effective and performing Governor” whose “concern for Ogun State very much at his heart,” said the Governor’s “diligence” would surely enables him to be counted at surely end of the day among “kings and not among mere men.”
And drawing analogy from the experience of the old Roman empire and Emperor Nero who ignited the whole of Rome and subsequently burnt it down but another person – Augustus Caesar, emerged to rebuild Rome from its ruined state and Prince Ajibola concluded that Amosun remains the “Augustus Caesar” of the state following his commitment to rebuilding Ogun.
The International Jurist and University Proprietor, noted that the Elders’ Consultative Forum were impressed with the Governor and said a symbiotic relationship would be fostered to support him in further development of the state.
Kaspersky has detected a wave of phishing attacks preying on former customers of the bankrupt crypto lending platform BlockFi.
These scams leverage the ongoing distribution of customer assets following BlockFi’s 2022 bankruptcy, tricking victims into surrendering cryptocurrency wallet seed phrases, potentially leading to financial losses.
BlockFi, once a prominent provider of high-yield interest accounts and crypto-backed loans, announced bankruptcy in November 2022. The company began disbursing repayments to affected clients in 2024 as part of its restructuring plan.
Kaspersky has detected fraudulent emails mimicking BlockFi’s official branding, which falsely invite recipients to “claim the payment” they are “entitled to.” After clicking on the link, users land on a phishing page and are prompted to “connect their wallet”.
The attackers suggest that users import their existing wallet by typing in the secret phrase – this grants attackers direct access to the funds in the victim’s wallet.
“Phishing attacks like this are widespread, capitalising on real-world events to build trust and urgency. Victims who fall for these scams risk exposing their crypto wallets to theft. It’s critical for individuals to verify any communications directly through official channels and to check the address from where the email originates for legitimacy,” comments Roman Dedenok, anti-spam expert at Kaspersky.
The phishing emails feature convincing logos, colour schemes, and language, making them difficult to spot at first glance. Kaspersky recommends the following steps to avoid falling victim to this or similar scams:
- Do not click on links or respond to unsolicited emails.
- Protect Sensitive Information: Never share banking credentials, wallet seed phrases, or other private keys in response to an email or online form.
- Use Security Tools: Enable two-factor authentication (2FA) on all financial accounts, employ reputable security software like Kaspersky Premium, and consider using a password manager to safeguard credentials.
Universal Insurance Plc has secured the approval of its shareholders to raise additional capital of N15 billion through a proposed recapitalisation exercise, as the insurer intensifies efforts to strengthen its balance sheet and position the company for long-term sustainability.
The approval will be granted at an Extraordinary General Meeting (EGM) scheduled for February 5, 2026 in Lagos.
Currently, Universal Insurance’s share capital stands at N8 billion, with 16 billion ordinary shares held by existing shareholders on the NGX. The board is seeking to revalidate, authorise, and regularise 14 billion unissued ordinary shares for the planned capital raise and also secure approval to list and admit the new shares for trading
Following resolutions passed at the Extraordinary General Meeting (EGM), Universal Insurance Plc is moving forward with a comprehensive recapitalisation programme aimed at reinforcing its capital base and improving its capacity to underwrite larger and more diversified risks.
Shareholders approved the plan to raise new equity through a combination of capital market instruments, subject to regulatory approvals, as part of efforts to meet industry capital requirements and support future growth.
Gross premium written rose to N18.59 billion, up from N12.29 billion a year earlier, driven by increased underwriting activity across key insurance segments. Insurance revenue also grew to N14.68 billion, compared with N9.85 billion in the prior period, reflecting stronger risk acceptance and improved pricing discipline.
Despite higher insurance service expenses, the company posted an insurance service result of N1.13 billion, while net investment income surged to N2.79 billion, supported largely by fair value gains on financial assets. As a result, net insurance and investment income increased to N5.18 billion, nearly double the N2.61 billion recorded in the same period of 2024.
On the balance sheet, total assets expanded to N21.82 billion as at September 30, 2025, from N18.14 billion a year earlier, supported by growth in financial assets and investment properties. Shareholders’ funds rose to N14.38 billion, up from N12.33 billion, reflecting improved profitability and reserve accumulation.
Investors have also responded positively to Universal Insurance’s performance, with its stock delivering an 83.33 percent return in 2025, rising from N0.66 to N1.21 per share, and trading volumes exceeding 6 billion shares.
The recapitalisation initiative, combined with the improving financial performance recorded in Q3’25, underscores Universal Insurance Plc’s determination to reposition itself as a more resilient and competitive player in Nigeria’s insurance industry.
The company aims to deliver improved value to policyholders, investors, and partners, while supporting broader economic activity and generating sustainable returns for shareholders.
Federal Ministry of Solid Minerals Development has debunked allegations by the Northern Elders Forum that the Federal Government sited a gold refinery in Lagos, breaching the federal character principle.
Minister Dele Alake
In a statement from Abuja, Special Assistant to Minister Dele Alake, Segun Tomori, described the claim by the forum’s spokesperson, Prof. Abubakar Jiddere, as “false and misleading.” He clarified that the minister never announced any government-owned gold refinery in Lagos or elsewhere.
Mr Tomori stressed that Minister Alake explicitly described the refinery as a private initiative by Kian Smith, one of several such projects nationwide. “The Federal Government does not compel private companies to site operations in specific regions,” he added, crediting founder Nere Emiko’s leadership.
The project supports the government’s value-addition policy to curb raw mineral exports and boost local processing. Reforms over two years have spurred investments like a $600 million lithium plant in Nasarawa, a $400 million rare earth facility there, and a $200 million ASBA lithium plant in Abuja.
Tomori highlighted the policy’s role in attracting foreign capital and creating jobs, describing the Lagos refinery as proof of successful reforms. He urged the Northern Elders Forum to back efforts for a stronger Nigerian economy rather than spreading misinformation.
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