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Pinnacle Oil and Gas: The Limits of Propaganda

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By Uche Anichukwu

In teaching the mystery of the little beginning of the gospel, Christ gave the parable of the mustard seed, which someone sowed in the field. Although it is the smallest of all the seeds, it ultimately grew into a tree so that birds of the air made nests on its branches. This is only true about the gospel; it is also true about life, generally. Big things start small. And that includes today’s big accomplishments and trillion dollar businesses.

In the 1950s, many publishers turned down the manuscript of a 28 years old Nigerian. Only Heinemann gave the author and African fiction any chance and published it. But it ultimately became the most widely read book in modern African literature. According to Wylie Agency, it sold over eight million copies in 60 languages, globally. This is the story of the legendary Chinua Achebe and “Things Fall Apart”.

Apple started off in the garage of Steve Jobs’ adopted parents in Cupertino, California where the Reed College dropout later teamed up with another dropout, Steve Wozniak. Today, Apple is worth $2.65 trillion in market capitalisation. The HP brand started off in a 12-by-18-foot garage with just $538 investment in California, but it worth $26.24 billion. Amazon.com began from a garage in Seattle, USA. Its current market capitalisation is $1.42 trillion. Larry Page and Sergey Brin rented Susan Wojcicki’s 1,900-square-foot home in the course of Google’s journey to being corporate giant. Alphabet Inc., Google’s parent company is worth $1.54 trillion. Walt Disney started in 1923 in a garage belonging to Walt’s uncle, Robert Disney. The company’s net worth today is $203.63 billion.

So, today’s big businesses started small yesterday and on the Nigerian scene, that includes Pinnacle Oil and Gas Ltd., which was registered by Dr. Peter Mbah in 2004 (not 2007 as some claim), but started operations in 2008 with a N1 million capital base and two staff in a one-room apartment in Lagos. But by dints of radical innovation and unimpeachable integrity, Pinnacle weathered the odds in already saturated petroleum downstream subsector dominated by the oil majors to become the number one in the industry. And this is something the people of Enugu, Nigerians, and the Nigerian President, Muhammadu Buhari, are proud of.

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One therefore wonders why the malicious propaganda around Pinnacle Oil and Gas Ltd. simply because its Founder and CEO, Dr. Peter Mbah, is running for the governorship of his home state, Enugu. If the inspiring stories of Amazon.com, Apple, and Google etc. are possible, why do some desperate politicians want to sell the falsehood that Pinnacle revolution was powered by funds looted from Enugu’s treasury? It is an unfortunate debasement of Enugu people before the world as low-thinking people, who know nothing about how modern businesses are financed or built.

By the way, how much of Enugu’s money for the short period Mbah spent in government as Chief of Staff and Commissioner could have built just the Pinnacle’s $1 billion offshore, subsea terminal that President Buhari commissioned recently?

Modern businesses thrive on ideas. Once you have a brilliant idea and the credibility, and pass the due diligence check, financiers are likely to bankroll your project. For instance, it is a fact that a consortium of banks, namely, First Bank, Fidelity Bank, Globus Bank and Coronation Bank, who believed in the pioneer project, financed Pinnacle’s $1 billion terminal. This and the fact that reputable international partners are eager to do business with Mbah and Pinnacle is a testament to his integrity, scrupulousness, and good governance of the company. No bank puts a dime into a project without due diligence.

Pinnacle is audited by KPMG, a foremost audit firm in the world. Obviously the propaganda peddlers do not know what it means to be audited by KPMG. That firm cannot possibly audit a company without due diligence check on both the company and its promoters let alone sit on any proceeds of crime as an auditor.

Furthermore, an American is Pinnacle’s Chief Operating Officer (COO) in addition to 12 expatriate staff from US, UK, Netherlands, etc. You can’t attract and retain such without an irreproachable integrity, transparency, and good corporate governance.

Those who think Mbah just went into business after serving in the Government of Enugu State got it all wrong. He has paid his dues in the business world starting from the late 1980s and early 1990s as a young man. By 1992, he had already set up companies and was importing 18 containers of electronics and spare parts from Europe. He built his first house in Lagos in 1992 and set up FOCUS International School that early in life.

By 1993, Mbah had already penetrated the petroleum downstream subsector as a representative of the U.S-based International Oil Company (IOC) courtesy of the late Dr. Lazarus Agbowo, who was the Vice President of the IOC. He was earning commissions on every barrel of crude oil lifted. He achieved these as a young man before heading to the University of East London for his Law degree and returned to the country immediately after to manage his businesses.

His stint in the public sector as Chief of staff and later as Commissioner was by chance because it was offered to him when he came to Enugu for his Law School programme. He was never a subject of any Economic and Financial Crimes Commission investigation and neither he nor Pinnacle was ever charged to court let alone enter into any plea bargain with the EFCC. His name was struck out before any matter concerning Enugu went to court. He has publicly challenged anyone with proof to the contrary to come up with it.

It is noteworthy that Dr Mbah rejected a bribe of $20 million by a syndicate that wanted to defraud the IOC in the 1990s.

In any case, the malicious propaganda speaks about the character of those behind it. It takes someone, who has never built anything in his or her life, except shady enterprises and living off government patronage as appointees and contractors to think that one just needed a huge sum of money to build Pinnacle into a unicorn as Mbah has done. With all the money in the world, a late entrant like Pinnacle could still not have taken 23 per cent of the market share and topple the major distributors to emerge the number one in the downstream petroleum subsector without dints of sweeping innovation, integrity and industry.

Dr. Mbah has presented a manifesto that has impressed the people of Enugu as comprehensive and ambitious. He is also marketing it in town hall meetings across the 68 development centres. He has promised to replicate the Pinnacle success story by, among others, growing Enugu’s economy from the present $4.4 billion to a $30 billion economy in eight years. Anyone who thinks he can do better should put his manifesto and pedigree on the table for the electorate to decide because Enugu people are not interested in propaganda.

• Anichukwu is Deputy Director, Mainstream Media, Enugu PDP Campaign Orgnaisation

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2027: I’m ready to die protecting my vote — Obi

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NDC presidential candidate, Peter Obi
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Peter Obi, Presidential Candidate of the Nigeria Democratic Congress (NDC), has declared that he is ready to lose his life while protecting his votes in the 2027 election.

Speaking at a town hall meeting in Port Harcourt, Rivers State capital, on Thursday, Obi charged Nigerians to prevent a repeat of the “irregularities” witnessed during the 2023 general election.

In 2023, the Independent National Electoral Commission (INEC) failed to upload election results electronically due to the alleged failure of IReV.

Critics had accused the commission of hiding under the alleged failure of IReV to rig the election against the opposition.

Obi, who ran under Labour Party, and former Vice-President Atiku Abubakar who was candidate of the Peoples Democratic Party (PDP), had rejected the declaration of President Bola Tinubu as winner of the election and headed to the court.

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But Tinubu’s election victory was upheld by the court.

Speaking at the event tagged: “Obi Talks Nigeria”, the NDC Presidential Candidate said those plotting to manipulate the election would fail in their mission.

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He urged his supporters to go all out and exercise their franchise on election day, saying no one would intimidate them or prevent their votes from counting.

“Nobody will intimidate us again at the polling booth. If you get to any polling booth today, the highest number of officials you see is five. The average number of voters is 40 to 50. There is no way five people will intimidate 50 people.”

“This time all of us will rescue our country. Somebody said, ‘We are ready to die.’ Let me tell you, I’m ready to die too.

“We will make sure we have coordination to ensure that such intimidation does not arise. Yes, they will try to manipulate the IReV. But let me tell you, it will not be easy this time,” he said.

“There will be so many IReVs this time. If there is a network glitch, we will give them another one that has no glitch,” he said.

“By allowing them to continue, that glitch will glitch our lives. That is what we are suffering today,” Obi said.

On his part, NDC Vice Presidential Candidate, Rabiu Kwankwaso, appealed to voters to avoid past mistakes of not choosing competent leaders with the capacity to address the country’s challenges.

He said despite the number of states that the ruling All Progressives Congress (APC) currently controls, the party will still lose the next election.

“I believe that Nigerians must not make mistakes again. This is the time to get it right. And anything to the contrary, I believe people, if they make a mistake, certainly people will regret making that mistake. Because it will be too costly for the people and the country.”

“Jonathan was the president, the sitting president lost the election. I’ve given you an example, especially those who think because they have over 30 governors, they cannot lose the election. That was a very big mistake,” he said. (Daily Trust)

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Peter Obi questions President’s past, demands transparency over Educational Records

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The presidential candidate of the Nigeria Democratic Congress (NDC), Mr. Peter Obi, has criticised the moves by a sitting President to prevent the release of records concerning his past, particularly documents relating to his educational credentials.

In a tweet, the NDC presidential candidate said he was deeply saddened by the direction in which Nigeria was heading, describing it as “profoundly embarrassing” that a sitting President would ask a foreign court to withhold records concerning his past, particularly where such records relate to matters of legitimate public interest.

Obi argued that leadership requires the courage and humility to confront one’s past rather than shield uncomfortable aspects of it from legitimate scrutiny.

“Leadership, in my humble view, demands the courage and humility to confront one’s history — to acknowledge mistakes, provide candid explanations where questions arise, and, where necessary, apologise and seek forgiveness,” he said.

According to him, true authority is strengthened, rather than diminished, when leaders accept responsibility instead of attempting to conceal controversial aspects of their past.

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He said the matter becomes even more significant when it concerns educational credentials, stressing that questions surrounding foundational education, including primary and secondary schooling, should not remain unresolved or be addressed principally through legal proceedings.

“Nigerians deserve clear, credible, and verifiable explanations, especially when such had been submitted in the past,” Obi stated.

The former Anambra State governor also expressed concern about the example such conduct could set for the country’s younger generation, particularly the more than 30 million Nigerians currently in school.

He said the highest office in the land should exemplify integrity, accountability, transparency and ethical leadership.

Obi noted that an imperfect past was part of the human condition, but maintained that what mattered was the willingness to confront it with humility and honesty, apologise where necessary, make amends and, when circumstances demand, place the interests of the nation above personal ambition.

He questioned when Nigeria’s political class would fully appreciate that individual ambitions are temporary, while the nation endures.

“When will our political class fully appreciate that individual ambitions are temporary, while the nation endures?” he asked.

Obi further observed that although the Presidency is an office held for only a season, the moral standards established by those who occupy it could influence generations.

He reaffirmed his loyalty to Nigeria, stating that he had never sought citizenship of another country, even when doing so became fashionable.

“Nigeria is greater than any one person, and the integrity of the Republic must always come before the interests of the individual,” he said.

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Tinubu, APC governors move to resolve campaign list crisis

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President Bola Tinubu on Thursday held closed door talks with governors elected on the platform of the All Progressives Congress, otherwise known as the Progressives Governors‘ Forum, at the Aso Rock Presidential Villa, Abuja.

Thursday’s meeting is the latest in a back-to-back series of engagements with governors and top chieftains of the party at Aso Rock to resolve the crisis trailing the controversial Presidential Campaign Council list released by the party last Saturday, August 23, 2026.

The governors marched to the President’s office shortly before 4:00pm on Thursday, after emerging from a separate session of the National Economic Council chaired by Vice President Kashim Shettima.

The consultations, which began since Wednesday, were aimed at reviewing and reworking the PCC list which has continued to generate controversy since its release.

The ruling party had faced severe backlash over the inclusion of some controversial party chieftains, particularly those currently facing corruption charges.

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It was also alleged that some key sections of the party were not carried along in the drafting of the PCC list.

Multiple party sources, who spoke with The PUNCH on Thursday, said the meeting, which initially held from around 4pm to 11pm on Wednesday, could not be concluded.

Consequently, the meeting continued on Thursday after the regular NEC meeting.

As of press time on Thursday, The PUNCH could not confirm the extent of the changes made to the list.

However, sources close to the APC governors and party heavyweights said the list had been reviewed.

One of the sources said the initial list had been deleted from the party’s X handle and that a new list would be posted as soon as the President approves the deliberations at the meeting and the proposed changes.

“The list is part of the main agenda of the meeting. You can notice that the other controversial list has been deleted from the Twitter handle of the party,” a top source close to the APC governors said.

Also speaking on the list, another top party chieftain said, “Can you believe that the party was not carried along in the formation of the list? The President’s Special Adviser on Political Matters and a few persons in the Presidency came up with the list.

“You can see the backlash that has trailed it. The President is handling the matter, and it is believed that some changes will be made after the two-day meeting.”

Meanwhile, further findings by our correspondent showed that the party would double down on social intervention programmes ahead of the January 2027 poll.

It was learnt that this was part of the ruling party’s plan to reach out to Nigerians and ameliorate the suffering of the masses.

The APC had recently released the complete membership list of its 2027 Presidential Campaign Council.

As earlier reported, President Bola Tinubu will chair the council, with Vice President Kashim Shettima and APC National Chairman, Professor Nentawe Yilwatda, serving as vice chairmen I and II respectively. Senator Abdulaziz Yari was named Director-General, while Imo State Governor, Hope Uzodimma, will serve as Secretary.

The expanded list, numbering 223 entries, adds directorates covering finance, extractive industries, education, manufacturing and MSMEs, support group coordination, faith-based mobilisation, protocol, labour union relations, special duties, stakeholders’ mobilisation, community support, digital operations, grassroots engagement, and welfare.

Following series of controversies that trailed the list, the Special Adviser to the President on Media and Public Communication, Sunday Dare, said later that adjustments would made to the list where necessary.

Dare said the list remained valid because the campaign structure was not yet complete, with several subcommittees still to be constituted.

“As it is with every other list, there’s a room for subcommittees. Those subcommittees have not been formed, and so many other names will come into that subcommittee,” he said.

Dare also referred to a statement issued by the APC, insisting that the party had not withdrawn the list.

“But of course, there will be adjustments. The list is not cast in stone, just like every other list,” he added.

Asked whether the expected changes amounted to a review of the council, Dare drew a distinction between the two terms, saying the changes would only be made where necessary.

“Not a review, just adjustments where necessary,” he said.

Explaining the distinction, Dare said a review would amount to a broader overhaul of the existing structure.

“Review is wholesale, this is not wholesale,” Dare said.

He added that the planned subcommittees would provide room for more party members and political stakeholders to be accommodated within the campaign structure. (PUNCH)

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