General News
Corporate Blackmailers as Tinubu’s Enemies
By Aliyu Gaya
Corporate blackmail is fast becoming the fancy of some netizens, corporate bodies, individuals, especially fly-by-night persons who target the rich and their businesses for diverse reasons. It’s not restricted to Nigeria, though.
The likes of Aliko Dangote, Mike Adenuga, Leo Stan Ekeh, Segun Agbaje, Tony Elumelu, and corporates like GTCO (Guaranty Trust Holding Company), Zenith Bank, Zinox, Globacom, among others, have at one time or another faced a blizzard of blackmail. The blackmailers’ intents are multifarious: to make easy money (ransom), damage the reputation of their target, ruin an enterprise, or inflict emotional trauma on their victims.
In the past few years, several multinationals have left the country. On paper, some of the multinationals claim forex crunch, rising cost of doing business and in some cases, their inability to remit their profits out of the country to service loans in their home countries or elsewhere as reasons for exiting Nigeria, Africa’s largest market for all products and services.
But those who ever cared to investigate the cause of the unprecedented exodus of these multinationals would easily point to blackmail as the chief reason for the mass exit of these mega corporates as well as a major reason why other foreign investors were frustrated from investing in Nigeria. The Nigerian bureaucracy can blackmail you out of business by denying you all necessary niceties, documents and requirements that would enable you set forth or grow your enterprise.
How about this? In September 2023, when President Bola Tinubu attended the G20 Summit in India, one of his first assignments was a meeting with Mr. Prakash Hinduja, Chairman and CEO of the Hinduja Group of companies, a conglomerate with a total asset portfolio exceeding $100 billion. The Indian billionaire lauded Tinubu and pledged to invest in Nigeria only because of his confidence in the Nigerian president. But he did not fail to remind President Tinubu how he was frustrated years back when he attempted to invest in Nigeria.
His exact words: ”I have had paperwork stalled in Nigerian bureaucracy for over one year, especially in FCT. But I knew that you would be purpose-driven in this endeavour and God will help you to turn Nigeria’s rich promise into rich reality for all of its citizens.”
Any discerning mind would notice the rebirth of hope in an investor who had been frustrated out of Nigeria by Abuja bureaucracy. In case you don’t get it, Mr Hinduja was referring to another type of common blackmail in Nigeria. “If you don’t see us, you won’t get the support you need.” Plain bribery and corruption which runs in the civil service.
In the United States, a country with unapologetic capitalist culture, blackmail is considered a serious crime under federal law and every state law. Culprits can be jailed and/or punished with huge fines in some cases. The same applies in Europe and Asia where the blackmailer is neither spared nor pampered.
Nigeria has a panoply of laws including the Cybercrime Act to deal with corporate blackmailers. However, the laws are made weak because, in some cases, the legal processes are convoluted and drag leisurely, making the suspects exploit loopholes within the system to dodge conviction. The blackmailers are like the cunning fox. They know that reputational damage is a high risk for their victim; hence, they often drag the case in a court of law to keep it perpetually on the front burner of public discourse in the media.
But truth be told, these blackmailers are the real enemies of Nigeria and President Tinubu. For while Tinubu is making genuine efforts to woo investors to Nigeria, blackmailers are busy rubbishing existing investors and especially indigenous investors. If we don’t treat our indigenous investors well, how do we expect a foreigner to invest in our economy? This is the paradox and the real reason Tinubu should come hard on corporate blackmailers.
A few instances of corporate blackmail and embarrassment. Nigeria’s highly successful business honcho, Mike Adenuga, had his office brusquely raided in 2006 by operatives of the Economic and Financial Crimes Commission (EFCC). The raid and ‘arrest’ of Adenuga were widely exposed in the media. At the end, it turned out that Adenuga had nothing sleazy in his closet that the accusers could use to nail him in the court of law. But he was sufficiently terrified and blackmailed such that he had to go on temporary exile from Nigeria to Ghana to the UK.
Another Nigerian business success story, Aliko Dangote, has been in and out of blackmail, sometimes from competitors, career blackmailers who want a chunk of his money, or even public institutions who, rather than help his business empire to thrive and keep thriving, prefer to bring him down. The most recent of such serial blackmail is the running campaign to discredit his $20 billion refinery. First, they claimed it was non-existent, and that failed. They switched to, it can never take off, which also failed. They tried the fib that the refinery was producing low-quality products; this also failed. Then, there was that disingenuous yarn that he had no approval, no licence for the project, yet the same Federal Government acquired 7.5% of an unlicensed company shares with public fund? This, again, failed to fly. There were many more, but they all crashed, as does every lie.
Then, there was the failed but long-drawn corporate blackmail against Leo Stan Ekeh, the listless and gifted founder of the Zinox Group, a global conglomerate spanning ICT, e-commerce, real estate, pharmaceuticals, entertainment, and more. His case is such that pools tears in the eyes. A case of a fry threatening to swallow a barracuda. Several studies have identified envy, money (ransom), extreme competitiveness, desire to tarnish a reputation, a knack to hurt an enterprise and inflict emotional pain on the business owners as some of the drivers of corporate blackmail. In some cases, it may just be one of the factors named above. But in the case of Ekeh, it’s a combination of envy, extortion, and reputational damage.
The case of Ekeh is one that tasks your state of sanity. It got me thinking about how much premium Nigerians, nay Africans, place on their brightest and best, especially those who by sheer dint of hard work, tenacity, and courage to dare the odds, burrowed their way from the lowest nadir of their enterprise to the zenith of it.
Nigerian entrepreneurs like Ekeh and many others across the country built their businesses from scratch. They deserve praise for their industry and deserve to be protected from blackmail hawks. The various but failed attempts to link Ekeh and any of the companies associated with his name to unhealthy corporate governance smacks of desperation and a primitive show of disrespect for a man whose collateral is integrity. Any African who plays big in the Africa ICT marketplace knows that without integrity, you cannot have as much as a handshake with over 31 global brands like Microsoft, Apple, HP, Samsung, IBM, Cisco, Starlink, among others. Zinox Group does.
Every Nigerian government at national and sub-national level claims they are wooing foreign investors. But they forget that how Nigeria treats her indigenous investors will influence how foreign investors perceive the Nigerian market. You cannot expose your home-grown investors to the vagaries of blackmail and treachery and expect foreign investors to trust you. This is the task before Tinubu. He must cleanse the corporate ecosystem of both systemic and individual blackmailers.
Gaya, a Public Policy Analyst, writes from Kano
United Bank for Africa (UBA) Plc, Africa’s Global Bank, has reiterated its commitment towards building tangible economic bridges and strengthening diaspora-driven investment into Nigeria.
L-R: Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba, Chairman/CEO, Nigerians in Diaspora Commission (NiDCOM, Hon. Abike Dabiri and Chief Executive Officer, UBA UK, Loknath Mishra, during a strategic engagement with the African diaspora at the UBA UK Office, London.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, stated this on Monday, while hosting key representatives from the Nigerians in Diaspora Commission (NiDCOM) led by its chairman/CEO, Hon. Abike Dabiri, at the bank’s UK office.
The strategic visit comes on the heels of UBA’s recently launched Diaspora Banking platform, which is designed to provide a seamless, integrated platform for Africans in the diaspora to bank, invest, and manage their financial obligations back home, thus connecting global Africans with investment and wealth opportunities.
The bank launched the platform, with leading ecosystem partners representing a major step in redefining diaspora banking beyond remittances toward structured wealth creation and long-term investment.
During the strategic meeting with the NIDCOM officials at the UBA UK office on Monday, Alawuba underscored the diaspora’s critical role as a powerful economic force and a generation of builders shaping new narratives for the continent.
While emphasising UBA’s role as a trusted partner for Nigerians at home and abroad, he said, “With UBA, you have a financial partner that is with you, that understands what you are going through, and that can support you to make sure you realise your aspirations, both here and in the country.”
Alawuba further encouraged the diaspora to leverage the opportunities within Africa’s economic landscape, stating: “You are not limited here; you have opportunities on the continent, and we want you to make good use of them. That is where banking, and we at UBA, become the connecting point that you need to access the opportunities back home. Whether you like it or not, the returns are high in Africa, and we are here to help you navigate that space.”
He also took time to reiterate the Bank’s readiness to leverage its global network and innovative financial solutions to support diaspora engagement.
The Chairman/CEO, NiDCOM, Hon. Abike Dabiri-Erewa, who commended UBA for being a trusted financial partner over the years, especially with the recent launch of its diaspora platform, praised the resilience and success of Nigerians abroad while calling for a stronger focus on constructive narratives.
She said, “Many of you here are the real game-changers. “For years, it has been wonderful engaging Nigerians all over the world. When I started, it felt like we only heard the bad stories, not the good ones. What we have tried to do internationally is to tell and celebrate the good stories. We have Nigerians doing well all over the world, and they are in this room. We must continue to celebrate you.”
While remarking that the meeting demonstrates a significant step in aligning public and private sector efforts to deepen diaspora inclusion and accelerate Nigeria’s development agenda, she pledged closer collaboration in driving policies and initiatives that encourage Nigerians abroad to actively participate in the country’s economic growth.
The discussions further highlighted UBA’s unique position to facilitate cross-border payments, unlock high-yield investment opportunities, and connect diaspora enterprises to markets across the continent.
With a robust global footprint and an unrivalled African presence, UBA continues to serve as the critical link for those looking to engage with the continent’s growing economy.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
Federal government said that it is adopting technology and innovation to speed up eradication of tuberculosis and other infectious diseases.
It also said $54 million had been approved for the procurement of drugs, especially for treatment of tuberculosis and HIV, to prevent stock-outs of life-saving medicines.
Speaking at the 2026 Pre-World Tuberculosis Day briefing in Abuja, organised by Stop TB Partnership Nigeria, Dr. Charles Nzelu, director, Public Health at the Federal Ministry of Health and Social Welfare, said the present government was making giant strides in addressing challenges in the health sector.
Nzelu said the ministry, under the leadership of Professor Muhammad Pate, had prioritised TB as a major pillar of the health agenda.
As part of the implementation of National Strategic Plan (2021-2026), Nzelu, said the ministry had adopted technology to help achieve the target of stopping tuberculosis from constituting a public health risk in the Nigeria.
He stated, “To bridge the gap, we are leading with innovation. Specifically, this year, the National Tuberculosis and Leprosy Control Programme (NTBLCP) is spearheading the national rollout of the Pluslife Mini Dock diagnostic platform.
“This near-point-of-care technology is a game-changer, allowing us to bring molecular-grade testing to the most remote communities, ensuring that no Nigerian is left behind due to geography.
“Nigeria is rolling out over a thousand of this diagnostic equipment. But technology is only as strong as the systems that support it.
“We are currently focused on strengthening our electronic reporting systems to ensure real-time data flow from the facility level to the national dashboard.”
Nzelu said transparency allowed the ministry to manage the supply chain effectively and prevent stock-outs of life-saving medicines.
In her remarks, Dr. Queen Ogbuji-Ladipo, board chair, Stop TB Partnership Nigeria, said the country had witnessed remarkable milestones in the fight against tuberculosis.
They included the mobilisation and engagement of high-level TB champions at the national, state, and local levels; strengthened collaboration with government and private-sector actors; increased advocacy for domestic financing; and expanded public awareness of TB prevention and care, Ogbuji-Ladipo said.
She, however, said there were challenges in funding to be addressed with the changing global health financing landscape and dwindling donor support.
According to her, “This reality makes domestic resource mobilization for TB more important than ever before. Sustainable financing from government budgets, private sector contributions, and innovative financing mechanisms will be critical to sustaining TB programs.”
In its presentation, Dr. Temitope Adetiba, TB Programme Lead – Institute of Human Virology (IHVN and Global Fund Project, said under the Global Fund Grant Cycle 7 for TB and HIV response, Nigeria had recorded over 300,000 TB case detection across the country.
In addition, IHVN said more than 3,000 drug-resistant TB cases were identified and linked to care, while over 2.3 million pregnant women were screened for TB and HIV across 2024 and 2025.
It also said Nigeria was increasingly taking TB and HIV services to the people within communities, households, and the private sector.
Dr. Mayowa Joel, executive secretary of Stop TB Partnership Nigeria, said the theme, “Yes We Can End TB”, was action oriented.
Joel said the theme challenged all stakeholders to move beyond discussions and commitments toward practical action.
He said, “This means ensuring that TB diagnostic services, treatment, and care reach everyone who needs them, especially through Primary Health Care, where most people first access health services.”
Dr. Mya Ngom, representative of Country Director of World Health Organisation (WHO), said Nigeria had made tremendous progress in responding to the epidemic.
According to Ngom, “In 2024, Nigeria reported 405,324 TB cases having increased from 106,533 cases in 2018, while 335,003 TB cases were reported in the three quarters of 2025.”
He said, “Expectantly, eighty percent (80 percent) of the estimated 510,000 incident TB cases will be detected and notified when the entire 2025 TB notification report is received. While this progress is encouraging, the fight against TB is far from over.
“The number of undetected TB cases averaging 175,000 cases constitutes a pool of reservoir that fuels on-going transmission of TB in the community as one undetected infectious TB case can infest between 12-15 persons per year.
“The emergence of Multi-Drug-Resistant TB (MDR-TB) and the high number of HIV further complicates the burden of TB in the country.”
Luno, an Africa-founded global exchange, has launched a structured Crypto Prediction Market, ushering in a new chapter for Nigeria’s cryptocurrency market.
This platform enables users to forecast short-term price fluctuations of key cryptocurrencies, such as Bitcoin , Ethereum , Solana, Dogecoin, Ripple, and earn USDC payments when when their predictions are accurate.
Powered by Limitless, the platform rewards right forecasts with USDC, a fully supported stablecoin.
This launch reflects shifting investment trends in Africa’s largest cryptocurrency market. Previously focused on long-term holding or spot trading, retail traders are now looking for tools that allow them to act on market information in a structured, short-term framework.
“We are seeing a clear shift in how Nigerians want to engage with crypto assets,” said Ayotunde Alabi, CEO of Luno Nigeria.
“Many already follow price movements closely and form strong market views; we want to lead with education as well as provide a safe and secure platform to help them apply that knowledge. This feature is designed to be a natural extension for those who enjoy forecasting.”
To mitigate risks, the platform integrates educational resources, dedicated prediction wallets, mandatory risk acknowledgements, and mechanisms preventing users from taking both sides of a market.
Unlike conventional derivatives or open-ended speculation, binary prediction markets are strictly outcome-based. Participants wager on whether an asset will close above or below a specific price target.
While this opens opportunities, it also carries high risk, as incorrect predictions result in total loss of the committed capital.
The launch could influence broader trends in African fintech. By introducing regulated, outcome-based products, exchanges can cater to a more informed investor base while promoting financial literacy.
For Nigeria, this could mark a turning point moving the market from passive participation to data-driven trading, providing a framework for responsible engagement in increasingly complex digital asset markets.
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