The Economic and Financial Crimes Commission (EFCC) raided Dangote’s headquarters in Lagos on January 4.
Nigerian electricity companies are short of an estimated 2 trillion naira ($2.5 billion) in capital and need new investors to revive the industry that can barely supply power to its 200 million residents.
“We are very focused on resolving all investment-related issues. There is no bottleneck that is too difficult for us to remove”, the president said. “We need each other … we want you to do more.”
"On a domestic political level, however, the reappointment is savvy: Tinubu knew he needed to hand big jobs to northern officials, and it doesn’t get bigger than leadership of NNPC.”
The cabinet faces a number of pressing issues, not least the economic headwinds as a result of the decision to scrap subsidies.
“There are notorious navy commanders known to be kingpins in this business.”
The Nigerian National Petroleum Company said it’s owed more than $6 billion by the country’s government that the firm has spent to keep gasoline cheap, a day after newly sworn-in President Bola Tinubu announced an end to the subsidy program.
Tinubu won 36% of the votes cast, securing support from 12 of the 36 states. He received 8.79 million votes on Saturday, while Buhari – in 2019 – pulled in 15.19mn.
However, a number of election polls have suggested surprising support for Peter Obi, of the Labour Party.
Presidential hopeful Bola Tinubu has set out his plans for Nigeria, aiming to scale up oil production and phase out the fuel subsidy.