
Business
Lady Chukwudozie emerges MAN Chairman, reels out 6-point agenda for manufacturing sector

Goodwill messages were received from Sen. Victor Umeh; former Minister of State for Mines and Steel Development, Dr Uche Ogah, Oba Murawa Adedioye, representing the Ooni of Ife, Enugu Electricity Distribution Company (EEDC) and National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) among others.
Business
Amakaezes’ Property Feud, Cubana Lounge Ltd and Unfounded Allegations


By Chidiebere Nwobodo
Recently, the children of late Michael Nwobi Amakaeze, former 2nd vice president to Baba Aladura of Cherubim and Seraphim Church, were in the news for not-good-reasons. It was a feud over one of the properties that belonged to the late patriarch situated at Plot 81 Adetokunbo Ademola Crescent, Wuse 11, Abuja. Incidentally this property houses Cubana Lounge Ltd, one of the companies under Cubana Group, ably chaired by Obinna Iyiegbu, famed as Obi Cubana.
In 2009, Cubana Lounge Ltd, in respect to the property went into a ten-year lease contract with Amakaeze Estate, an estate management company run by children of the late Michael Nwobi Amakaeze, as co-administrators and beneficiaries. Upon expiration in 2019, the lease was subsequently renewed by Cubana Lounge Ltd for another ten years, with the proper payment made to Amakaeze Estate as certified by Letters of Administration dated January 16, 2018.
The validity of the lease was further upheld by the High Court of the FCT in a judgment delivered on July 16, 2021, in suit number FCT/HC/CV/1325/20— Cubana Lounge Ltd vs. Rev. Chidi Amakaeze and 5 others. As it stands today, the lease is still running and Cubana Lounge Ltd, has every legal rights to occupy Plot 81 Adetokunbo Ademola Crescent, Wuse 11, Abuja, as supported by all binding documents.

Rev. Chidi Amakaeze, Eldest son of late Michael Nwobi Amakaeze
However, it was shocking to read in the news recently that “Obi Cubana was issued a 7-day notice to quit” by Rev. Chidi Amakaeze, one of the co-administrators and beneficiaries of the Estate, who happens to be first son of late Michael Nwobi Amakaeze. Ironically, Obi Cubana was not Rev. Chidiebere Amakaeze’s tenant at the time the purported notice to quit was issued in the media. The tenancy agreement was between Cubana Lounge Ltd and Amakaeze Estate, comprising all the co-administrators and beneficiaries.
In furtherance, the lease agreement signed earlier and later renewed after expiration is still valid and running. The so-called notice made on January 14, 2025, was issued without the consent of majority co-administrators as highlighted in a statement debunking the alleged eviction notice: “We, the estate’s administrators, have not issued any notice to the company, as its lease remains valid, and it is not owing the estate,” the administrators affirmed.
Rev. Chidi Amakaeze has been having a running battle with his younger siblings who are averse to his attitude, especially in the management of their father’s properties where there were insinuations that the former is claiming sole ownership to what belonged to the entire children of late Michael Nwobi Amakaeze.
Having failed to arm-twist his siblings albeit allegedly over ownership of the property, Rev. Chidi Amakaeze decided to drag Obinna Iyiegbu, Obi Cubana, into his family feud by issuing phantom eviction notice and escalating it to the media, because he erroneously thought that bringing the chairman of Cubana Group into the midst would give him enough blackmailing power and publicity against his siblings in their battle of supremacy; unfortunately it is dead on arrival.
How do you exercise powers that you don’t exclusively possess without consulting other interesting parties, co-administrators and beneficiaries? Why issue a personalized pseudo ultimatum to someone who was not your tenant as at the time it was served, but Cubana Lounge Ltd, the occupant of the property under lease? How did the warped narrative of “unpaid debt” emerge in the first instance when lease agreement duly paid for had not elapsed?
Any discerning mind will begin to question the intention of Rev. Chidi Amakaeze to railroad Obi Cubana’s name into their family fight if not for the purpose of extortion as alleged. Why continuous demand of a separate payment from Cubana Lounge Ltd as was alleged in some quarters, when the lease payment made to the family’s property management, Amakaeze Estate, is yet to expire as affirmed in the statement released by rest of his siblings who are co-administrators and beneficiaries?
At this point, vile propaganda not backed by facts cannot fly because life time of propaganda is shorter than falsehood. No matter how fast lies run; truth will surely catch up and overtake. Rev. Chidi Amakaeze and his siblings should call a family meeting, resolve their differences. Neither Obi Cubana nor Cubana Lounge Ltd, has nothing to do with their grievances, disagreement and should not be dragged into it.
In good conscience and fairness to Rev. Chidi Amakaeze’s siblings, who are majority co-administrators and beneficiaries in the Estate, had vehemently affirmed in the statement earlier issued that Obi Cubana was not their tenant but Cubana Lounge Ltd as read: “the administrators of the Amakaeze Estate clarified that Mr Cubana is not their tenant and that the alleged eviction notice was issued without their “consent.”
So the accusation of unpaid debt is figment of imagination of those peddling it. There is no basis for such innuendos and conjectures because you cannot build something on nothing. Someone has to be your tenant within the stipulated time frame as alleged for such debt to exist. The authentic tenant—Cubana Lounge Ltd, was not owing a dime because of the validity of the lease as at the date the purported eviction notice was made. Opinions are free but facts are sacred.
Business
New increase in fuel price not our fault — Dangote Refinery


Dangote Refinery has clarified that the recent adjustment in its ex-depot price of Premium Motor Spirit (Petrol) was directly related to the significant increase in global crude oil prices.
In a statement on Sunday, the refinery noted that “any fluctuation in its international price inevitably impacts the cost of the finished product.”
Earlier last week, Dangote implemented a 5% increase in the depot price of petrol, raising it from N899.50 to N950 per litre.
However, the statement clarified that “it is important to note that this increase is considerably lower than the 15% rise in global crude oil prices.”
The 15% increase in global crude oil prices has seen Brent Crude rise from $70 to $82 in a matter of days, in addition to the premium for Nigerian crude (approximately $3 per barrel) in international markets.
Despite this, Dangote Refinery has maintained the Single-Point Mooring, SPM, ex-vessel price at N895 per litre.
All its partners, including Ardova, Heyden, and MRS Holdings, will retail petrol to Nigerians at a price of N970 per litre nationwide.
Business
CBN fines 9 banks N150m each over scarcity of cash in ATMs


The Central Bank of Nigeria, CBN, has imposed fines on at least nine Deposit Money Banks for failing to ensure cash availability via automated teller machines, ATMs, during the festive season.
The fines total N1.35bn, with each of the banks fined N150m.
The banks were found culpable after spot checks revealed non-compliance with the Central Bank’s cash distribution guidelines.
A statement released by CBN acting Director of Corporate Communications, Mrs Hakama Sidi Ali, on Tuesday, read: “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make naira notes available through automated teller machines during the yuletide season.
“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.
“The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.”
The fine will be debited directly from the banks’ accounts with CBN.
-
News2 days ago
Anambra govt arrests popular Native Doctor, Chukwudozie Nwangwu, a.k.a Akwa Okuko Tiwara Aki
-
Entertainment21 hours ago
My wife sent nude photos to other men—Gospel singer Paul Nwokocha gives reason for ending second marriage
-
News2 days ago
Police officer commits suicide in Niger
-
News1 day ago
Supreme Court dismisses Fubara’s appeal against Amaewhule-led Rivers assembly
-
News2 days ago
Breaking: Gunmen abduct Ohanaeze youth president
-
News1 day ago
Nnamdi Kanu challenges court’s jurisdiction as Justice Nyako adjourns case indefinitely
-
News2 days ago
DR SIR EMEKA OFFOR AT 66: Celebrating A Legacy Of Humanitarian Impact
-
News2 days ago
Retirement: Crisis brews in Nigeria Police as IGP sets up disciplinary committee