Business
Multiple FOREX Regime Not Good For The Economy – Peterside
By Our Reporter with agency reports
A renowned businessman and the founder of Stanbic IBTC Bank, Mr. Atedo Peterside, has accused Nigerian government of deliberately stifling businesses in Nigeria through its unfavorable economic policies particularly the practice of multiple exchange rates.
Peterside, a keynote speaker at the 2017 first quarterly dinner of the Kings College Lagos Old Boys Association held in Abuja on Friday, lampooned the Central Bank of Nigeria (CBN) for adopting multiple exchange rates that has been rejected globally as a bad economic policy.
He was, however, happy that CBN has heeded to public outcry on the futility of starving almost all sectors of the economy of forex because they wanted the manufacturers to receive 60 percent of the available forex.
CBN, according to him, later saw the need to make little adjustments by making forex available through the banks at N360/1$ to hundreds of thousands of Nigerians that had been needlessly starved before, thus driving them to parallel market to access forex for business travel, school fees, medical bills and others.
Peterside, who is also the Chairman of Cadbury Nigeria ,registered his dissatisfaction with the CBN policy of embracing multiple exchange rate, bank quotas and all sorts of forex window as part of deliberate policy.
He said, “It is mind boggling and difficult to understand why Nigeria, in 2017, would embrace multiple exchange rates which have been rejected globally as a bad economic idea that was only embraced by intellectually and morally bankrupt economists.
“There is no known economic theory on earth that favours multiple exchange rates as a viable medium or long term economic policy prescription. The instrument that is globally accepted for discriminating between types of users is trade policy, which could administer tariffs, levies and special taxes.”
Peterside who spoke on the topic, “Evolving Economy, Good Governance and Repositioning Nigeria” appealed to CBN to salvage Nigerian economy and business investments by speedily dismantling the concoction of multiple exchange rates, bank quotas and special windows in record time.
Aside the forex management by the CBN, Peterside identified 10 other major impediments to speedy economic recovery which, he believed, if tackled would jump-start the economy if given adequate consideration. They include; truce with Niger Delta militants, strategic asset sales, deregulation of downstream petroleum sector, unaffordable and bloated public service, political restructuring.
Others are social and physical infrastructure deficit, dysfunctional legal system, anti corruption crusade and rule of law, restoring business confidence and strengthening the regulatory agencies.
Business
Ex-Naval Chief Named in ₦100m Property Transaction Dispute
A property transaction dispute has emerged involving Zoe New Dawn Nigeria Limited and a former Chief of Naval Staff, following claims by the company’s chairman, Engr. Dr. Stephen Achema Akpa, that a ₦100 million payment made for land was not followed by a transfer of ownership.

According to Akpa, the payment was made in connection with a land transaction reportedly facilitated by the former naval chief. He alleged that despite documented payments, the land in question was neither transferred to the company nor was the money refunded.
Akpa said Zoe New Dawn Nigeria Limited possesses transaction records and related documents which, he claims, support its position in the dispute. He added that the company has initiated steps to seek redress through appropriate legal channels.
The matter has drawn attention due to the profile of the parties involved, particularly against the backdrop of recurring disputes linked to land ownership and property transactions in Nigeria’s real estate sector.
Industry observers note that unresolved land transactions remain a common source of litigation, often arising from disagreements over title documentation, intermediaries, and contractual obligations.
Zoe New Dawn Nigeria Limited stated that it intends to pursue the matter through lawful means to determine liability and recover any funds deemed outstanding.
As of press time, no official response had been issued by the former Chief of Naval Staff regarding the allegations. The dispute has not yet been confirmed as the subject of any court proceedings.
Business
Umahi Inspects Lekki Corridor’s 7th Axial Road Project, Expresses Confidence in CHEC
Minister of Works Senator Dave Umahi over the weekend inspected the progress of the 7th Axial Road project in the Lekki Corridor of Lagos.
The project, located behind the Dangote Refinery, is a crucial cargo handling route for the Lekki Deepwater Port and connects the Lekki Corridor with the Sagamu route.
The Minister expressed confidence in China Harbour Engineering Company Limited (CHEC), the project’s contractor, citing its successful delivery of the Lekki Deepwater Port and high-quality progress on the Makurdi-Enugu road reconstruction and expansion project. Umahi instructed that the roadbed filling work for Project LOT1 be completed by the end of April and directed the project team to accelerate resource input and tangible works to meet the deadline.
The 7th Axial Highway is expected to synergize with key infrastructure projects like the Coastal Road, Dangote Road, and Lekki Port, creating a comprehensive transportation hub model and boosting Nigeria’s port economy and industrial corridor. Umahi emphasized the need for environmental protection agencies to ensure efficient construction and steady progress while maintaining ecological safety.
A representative of CHEC who spoke during the inspection stated that the company would maintain a high level of resource input, implement the Minister’s directives, and coordinate safety, quality, and environmental protection to ensure the project’s timely and high-quality completion in other to unluck its port relief and regional economic benefits.
Business
Nestoil: Lagos CP dragged to court for contempt, risks imprisonment
This is certainly not a good time for the Lagos State Police Commissioner, Mr. Moshood Jimoh as he has been dragged to court for commiting contempt by defying a clear court order that he and his men must not go near the business premises of Nestoil Group which belongs to Drawcok Estates LTD.
The fresh suit by Drawcok Estates LTD followed Monday’s deployment of over fifty armed police officers by Mr. Moshood Jimoh to seal off the business premises of Nestoil Group which belongs to Drawcok Estates LTD despite an order by Justice Ofili Ajumogobia.
Also, despite a directive by the federal government that police escorts be withdrawn from VIPs, Mr. Moshood Jimoh illegally allocated several police officers to be guarding Mr. Sulu Gambari, the self-acclaimed Receiver Manager which was appointed by a former judge that was handling the case, Justice Isaac Dipeolu.
Recall that Justice Daniel Osiagor of the Federal High Court in Ikoyi vacated all the orders made by Justice Isaac Deinde Dipeolu who wrongly appointed the Receiver Manager.
Meanwhile, dissatisfied with the action of the Lagos Police Commissioner, Drawcok Estates LTD yesterday filed a case of contempt against the Lagos State Commissioner of Police, Mr. Olohundare Jimoh Moshood (Contemnor) before a Federal High Court in Abuja.
In Suit No: FHC/ABJ/CS/2385/2025, the applicant wants Police Commissioner Moshood Jimoh to be found guilty of contempt of court and also be committed to prison unless he obeys the directives contained in Justice Ofili Ajumogobia’s Order of November 24, 2025.
Recall that Justice Ofili Ajumogobia had on November 24, 2025 ordered that the building in question belongs to Drawcok Estates LTD, adding that no police officer must be seen carrying out orders of the Lagos State Police Commissioner around the premises.
The Orders made by Justice Ofili Ajumogobia on November 24, 2025 in suit number FHC/ABJ/CS/2385/2025 were that:
The applicant has a right to own and possess her properties as mentioned in the addresses above as guaranteed by the 34 Constitution of the Federal Republic of Nigeria, 1999 as amended and the African Charter on Human and People’s Rights..
That the sealing-off and occupation of the applicant’s properties on the addresses mentioned above by the Respondents constitute an infringement on the right of the applicant to own property, as guaranteed by Sections 43 and 44 of the he Constitution of the Federal Republic of Nigeria, 1999 as amended.
That the Respondents, whether by themselves , their agents, agencies and servants, acting for it through them or any other person(s) howsoever described or claiming through them, to vacate the applicant’s properties on the addresses mentioned above, and deliver possession over to the applicant forthwith.
That the Respondents, whether by themselves, their agents, agencies, and servants, acting for or through them or any other person(s) howsoever described or claiming through them, to provide security for the applicant to take back possession of her properties on the addresses mentioned above.
That the Respondents is restrain, whether by themselves, their agents, agencies and servants, acting for or through them or any other person(s) howsoever described or claiming through them, from harassing the applicant and refusing her access to her properties on the addresses mentioned above.
Nigerian Concord Newspapers reporters that visited the business premises yesterday reported that pollice officers have been denying workers of several companies access to their offices located within the Nestoil building in Lagos on the order of Moshood Jimoh, despite a subsisting court order directing that they be allowed into the premises.
The affected workers had resumed duties following a court order delivered by Hon. Justice Ofili Ajumogobia of the Federal High Court, Abuja on November 24, which directed that they be granted access to their offices.
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