Business
Why Northern Industries Collapse – Dangote
“Without electricity, you cannot have growth, no matter how hard you try,” he warned.
Africa’s richest man, Alhaji Aliko Dangote, has linked the North’s slow economic growth and rising insecurity to decades of policy inconsistency and chronic electricity shortages.
Dangote spoke today during the Arewa Consultative Forum (ACF) 25th anniversary dinner in Kaduna State.
He told the ACF leaders that many promising northern industries collapsed because government policies “kept shifting the goalpost,” eroding investor confidence.
He recalled that Arthur Andersen (now part of KPMG) was commissioned to study why northern textile magnates and other industrialists failed despite strong starts.
The findings, he said, pointed largely to unpredictable government policies and an unreliable power supply.
Dangote disclosed that his group connects to public electricity to public electricity only in South Africa and Ethiopia, because of Nigeria’s unstable grid.
“Without electricity, you cannot have growth, no matter how hard you try,” he warned.
He added that today’s insecurity — banditry, youth joblessness and economic displacement — is a direct consequence of long-standing neglect.
Dangote urged northern leaders to commit to a coherent, long-term economic roadmap anchored on education, industry and agriculture, aligning with the transformation agenda highlighted by the former Vice President Atiku Abubakar.
Atiku stressed that the ACF was conceived not only to foster political harmony, but to drive development in line with the vision of Sir Ahmadu Bello.
He cited the Sardauna’s 1961 priorities — education, agriculture and industrial growth — noting that they remain more urgent today than ever.
He outlined past initiatives such as the Northern Education Project, which exposed the region’s crumbling school system and triggered reforms that boosted enrolment and transition rates.
He also referenced the Northern Development Project, NDP, which sought to rebuild agricultural value chains and address climate-induced productivity challenges.
Yet, he lamented that key obstacles— from energy poverty to multiple taxation — still plague northern industries two decades on.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.
The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.
The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.
The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.
The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.
Current status
The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.
As the case is pending before the court, the allegations remain subject to judicial determination.
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Business
CBN revokes 46 MFBs’ licences
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).
CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.
She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
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