Business
Capital Market scam: Okumagba absent as Court adjourned case

By Joseph INOKOTONG
Chief Magistrate Court Zone 6, Abuja on Monday adjourned till January 25, 2018, for further hearing on the matter between the Federal Government and the BGL Group and its officials.
This is even as Managing Director of the Company, Albert Okumagba was again absent in court.
Presided by Chief Magistrate Chinyere Elewe Nwecheonwu, the adjournment became necessary after counsel to Deputy Managing Director of the Company, Chibundu Edozie, K.B Asunogie drew the attention of the Magistrate to a pending application before another court challenging Edozie’s arraignment.
Asunogie informed the court that “we are aware that there is a pending application challenging this arraignment. When an applicant is challenging a charge; his appearance on the dock is suspended until that preliminary objection is determined
I want to therefore ask that since that preliminary injunction subsists, the accused should be discharged from the dock”.
However, counsel to the Federal Government, Moshood Adeyemi told the court that they have not been served any notice of preliminary injunction, but also informed the court he was ready for an adjournment to enable the prosecution regularize its papers and produce Albert Okumagba in court so as to be able to get justice for all parties concerned.
Presiding Magistrate therefore directed the defense team to serve the notice on the prosecution before the next adjourned date to enable the court hears the notice of preliminary injunction.
There was a mild drama outside the court when counsel to the accused tried to prevent journalists from taking photographs of the accused person, threatening to sue anyone that publishes a photograph of the defense team or the accused.
In the end, some of the defense team formed a human barricade around the accused while others blocked the lenses of one of the photojournalists.
Recall that the BGL Group and its officials were last month arraigned at the Chief Magistrate Court Zone 6, Abuja on charges of criminal conspiracy, Breach of Trust and cheating contrary to Sections 96, 312, 322 and 323 of the Penal Code Law, Chapter 89.
Edozie who was docked along with three other accused were alleged to have conspired among themselves with some other staff of BGL and committed the offenses against the investing public which includes Mahmoud Usman, Ann Awase Orsule, Sylvanus C. Ghasarah, Eno Efanga, UN Staff Thrift Credit Cooperative Society of Anambra State, Abuja office and Adejoke Atte among others who filed complaints against them before the Securities and Exchange Commission.
Managing Director of the Company, Mr. Albert Okumagba was not in court and also had no representation.
However, Edozie was granted bail in the sum of N1million with one surety in the like sum who should not be less than a Level 12 officer and resident in Abuja.
Presiding Magistrate, Chief Magistrate Chinyere Elewe Nwecheonwu after the arraignment, adjourned the hearing to November 6, 2017.
The SEC in exercising its responsibility as enshrined in the ISA, in tackling civil cases through its Administrative Proceedings Committee (APC) recently banned Mr Albert Okumagba, BGL Managing Director and his deputy, Mr Chibundu Edozie, from participating in capital market activities for 20 years.
The commission also ordered Okumugba’s companies to refund to investors over two billion naira.
The ban followed complaints by investors against Okumagba and his company over failure, refusal and or/neglect to liquidate their investments in both the Guaranteed Consolidated dated notes and Guaranteed Premium Notes, among others.
The SEC in a bid to obtain justice for the complainants and grant all parties fair hearing, presented the matter before its APC which sat and decided on the matter.
“During the proceedings testimonies and documentary evidence were tendered by various parties and upon conclusion of the proceedings its APC arrived at a decision which has been approved by the relevant authority,” SEC stated.
The APC decided that by their actions and/or omissions BGL Securities Ltd, BGL Asset Management Ltd., Okumagba, Edozie and other respondents engaged in acts capable of adversely affecting investors’ confidence in the capital market.
It added that the APC decided that the registration of BGL Securities and BGL Assets Management be cancelled, while Okumagba and Edozien be banned from capital market operations for a period of 20 years.
It stated further that the two companies would also pay a fine of N25 million for breaching Rule 1(iii) of the Code of Conduct for capital market operators.
“Other than Okumagba and Edozie, Peter Adebola and Ashley Osuzoka have also been banned for five years and four years respectively,” it added.
The APC, apart from the ban placed on them and some monetary fines, directed the companies to refund N24.03 million to the National Open University Staff Cooperative Multipurpose Society.
Business
Dangote Refinery Boosts Fuel Exports as Gulf Refineries Shut Down

By: Fabian Apechihin
The Dangote Petroleum Refinery has ramped up fuel exports to international markets amid widespread refinery shutdowns in the Middle East, industry sources confirmed.
A senior official at the $20bn Lagos-based plant told The PUNCH that the facility exported significant volumes of petrol (PMS), diesel (AGO), and aviation fuel (Jet A1) to foreign buyers in August, following earlier shipments in June and July.
The surge comes as Saudi Aramco and other regional producers face heavy maintenance schedules, tightening fuel supply. Aramco has already shut down two plants and plans further closures, including its 460,000 b/d Satorp refinery in Jubail for a 60-day turnaround in November–December. Kuwait and India are also scaling back capacity for maintenance and seasonal demand.
According to Argus Media, these shutdowns are pushing Gulf nations to import record volumes of gasoline, with Saudi Arabia and the UAE sharply increasing purchases from Europe and other markets in recent months.
While some reports pointed to operational constraints at Dangote’s 650,000 b/d facility, the company dismissed such claims, insisting production is on track to reach 700,000 b/d by December. Earlier this year, Aliko Dangote announced the refinery had sold two cargoes of jet fuel to Saudi Aramco and recently achieved exports of about 1 million tonnes of petrol between June and July.
“With Gulf refiners offline, Nigeria has now emerged as a net exporter of refined products,” Dangote said.
Analysts suggest the extended refinery outages in the Middle East will further strengthen demand for Dangote’s output, positioning the Nigerian plant as a key supplier in regional fuel markets.
Would you like me to tighten this further into a 5–6 paragraph wire-style news brief, or keep it as a detailed feature-style report with more context on Gulf refinery shutdowns?
Business
US Oil Exports to Nigeria, Others Fall to 3.3m bpd as Local Output Rises

By: Fabian Apechihin
The United States’ crude oil exports to Nigeria and other African countries fell for the fifth consecutive month in July 2025, averaging 3.3 million barrels per day (bpd), the lowest level since March 2022.
The Organisation of Petroleum Exporting Countries (OPEC) disclosed this in its August 2025 Monthly Oil Market Report (MOMR), attributing the decline to weaker flows to Europe and Africa, particularly Nigeria, but without giving further details.
Industry analysts link the slowdown to the ramp-up of local refining capacity, especially the 650,000 bpd Dangote Refinery, which has reduced Nigeria’s reliance on imported crude, including from the US. Vanguard checks also show that crude importation has slowed further in recent months due to improved domestic production.
According to OPEC data, Nigeria’s crude oil output—excluding condensates—rose by 11 per cent year-on-year to 1.559 million bpd in July 2025, up from 1.386 million bpd in the same period of 2024. This marks the country’s highest monthly production level so far this year.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) corroborated the figures, stating that overall output, including condensates, exceeded 1.8 million bpd in July.
Gbenga Komolafe, Chief Executive of the NUPRC, said the milestone was achieved through the agency’s “Project 1 MMBOPD Incremental” initiative, supported by a multi-stakeholder collaborative framework.
“We are glad to report that we crossed the 1.8 million bpd mark on peak production last month, with average production hovering at 1.78 million bpd,” Komolafe stated.
He added that the Commission is working to sustain production growth by optimising the Maximum Efficient Rate (MER) framework, improving produced water management, and aligning operational shutdowns and maintenance schedules to minimise disruptions.
“With these measures and continued collaboration, the presidential mandate on production increase is well within reach,” he said.
Do you want me to make this rewrite more concise for a newspaper front-page brief or keep it detailed like a full energy market report?
Business
NDYPC Hails Otuaro’s Reforms in Presidential Amnesty Programme

• Lauds transparency, fairness in beneficiary selection and grassroots empowerment
• Says reforms align with Tinubu’s Renewed Hope Agenda, restore trust in Niger Delta
The Niger Delta Youths for Positive Change (NDYPC) has commended the Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, for what it described as bold, people-focused reforms that are restoring trust and delivering tangible benefits to the Niger Delta.
In a statement signed and issued by Comrade Elliott Yibakeni, after the conclusion of leadership training sessions with ex-agitator leaders in Abuja, the group said the PAP, once in urgent need of renewal, is now undergoing a transformation that reflects transparency, fairness, and accountability.
“At a time when public trust in institutions was waning, Dr. Otuaro has emerged as a symbol of credibility and transformation,” the statement read. “His visionary leadership is restoring integrity, empowering communities, and driving a sustainable development agenda that resonates with the aspirations of the Niger Delta.”
According to NDYPC, under Otuaro’s leadership, beneficiary selection has become fair and merit-based, ending years of favoritism and political interference. The group added that access to education, skills training, and empowerment opportunities, both locally and abroad, is now guided by equity and open competition.
The group highlighted several internal reforms, including improved staff welfare, strengthened professional capacity, and strict adherence to best practices in public procurement. These, it said, have made the PAP more efficient, responsive, and transparent.
NDYPC also praised Otuaro’s inclusive governance style, noting his sustained engagement with traditional rulers, women leaders, civil society organizations, and local communities. This approach, the group said, has strengthened peace-building efforts and deepened trust between the PAP and the people it serves.
In line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the PAP has maintained consistent payment of stipends to ex-agitators and extended direct support to vulnerable populations. NDYPC also applauded new healthcare interventions for ex-agitators facing health challenges.
The statement further commended the programme’s investments in scholarships, vocational training, and economic empowerment initiatives aimed at preparing Niger Delta youths for leadership, innovation, and sustainable livelihoods.
“Every decision reflects a deep commitment to public trust, responsible stewardship, and long-term development,” NDYPC stated. “Under Dr. Otuaro’s watch, the Niger Delta is rising stronger, united, and filled with renewed hope.”
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