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Beaming The Searchlight; EFCC Wades Into First Bank Crisis, Invites Oba Otudeko, Others

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5 years ago

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From information gathered by Papermacheonline, the Economic Financial Crimes Commission have started investigating the management crisis rocking the First Bank of Nigeria.

A source hinted that the commission over the weekend invited businessman, Obafoluke Otudeko as well as other prominent figures over some dubious loans taken from the bank.

Oba Otudeko who owns the Honeywell Flour Mills is being asked to pay back a loan to the bank within a specified time limit.

Its alleged that First Bank gave special treatment to Honeywell Flour Mills in restructuring its loan facility.

Oba Otudeko was formerly a chairman of First Bank Plc until 2010.

It was alleged that Otudeko once collected a loan without guarantee to the tune of N11B, something considered as inappropriate.

The businessman was alleged to have used the loan to build the Reddington Blue Hotel in Lagos.

He was said to have not presented collaterals when he obtained the loan.

It was also claimed that in 2013, a N5.5B loan facility was given to Honeywell Flour Mills by Ecobank. The loan is presently a subject of litigation still ongoing at the Supreme Court.

First Bank on Wednesday announced the removal of Sola Adeduntan as the Managing Director replacing him with Gbenga Shobo and appointed ned Directors.

Interestingly, the CBN governor, Godwin Emefiele sacked the new appointees on the grounds that the apex bank was not informed before the appointment of the new management.

The CBN also retained Sola Adeduntan as the Managing Director.

 

Additional Report : Streetjournal

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Tunde Ednut Earns $5,000 Per Day! -Report

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1 month ago

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September 22, 2025

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“Tunde Ednut earns $5,000 average per day, ISWIS made approx $200,000 from live events in one month” — Chude Jideonwo unveils creator economy data at Digital Creator Africa Summit
At the inaugural Digital Creator Africa Summit, media entrepreneur and #WithChude host Chude Jideonwo unveiled new data positioning the Nigerian creator economy as one of the most commercially powerful industries on the continent.
Highlighting explosive growth and overlooked business models, Jideonwo revealed that:
 • Tunde Ednut, the former musician turned Instagram media mogul, is estimated to earn over $5,000 a day through his platform — with a business model based on affiliate promotion, Instagram advertising, and music amplification.
 • The hit podcast “I Said What I Said” (ISWIS) reportedly made approximately $200,000 in gross revenue from live events alone in a single month, drawing thousands of fans across there US, the UK and Canada.
 • “What these numbers show,” Jideonwo said, “is that creators are no longer just influencers — they are media companies, and increasingly, nation-builders.”
The summit, held in Lagos and attended by creators, investors, and media leaders, was designed to shift the conversation from virality to value — reframing content creation as infrastructure, not just entertainment.
As part of his address, Jideonwo announced his $500,000 personal commitment to the FourthMainland Creator Fund — a catalytic investment vehicle to back high-potential African creators with funding, IP support, and platform distribution.
“We’re building the Mavin Records of storytelling,” he said. “Not just with fame, but with financial tools, ownership, and a full studio system that lets creators scale across the continent and diaspora.”
The Creator Fund is part of the broader FourthMainland ecosystem, a creator commerce platform set to launch in 2026. The platform will offer monetization tools, subscription infrastructure, and joint-IP models built around African content — positioning it as the first at-scale infrastructure for the continent’s growing $100B creator economy.
Jideonwo, whose ventures include Joy, Inc., #WithChude, and YNaija, closed with a call to funders and policymakers:
“If music had Mavin Records and tech had CcHub, then creators now have their studio systems — their Mavins — and they’re building billion-dollar value chains without waiting for permission.”
The keynote, titled “Overtaking is Allowed,” argued that Africa’s most important civic and cultural shifts today are being led by independent creators, and that media-tech infrastructure for creators is now one of the biggest opportunities for economic growth across the continent.
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What Ibadan Socialite, Fijabi’s Leak Audio Has Done To Minister Adelabu’s Guber Ambition

Published

4 months ago

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July 1, 2025

By

Bayo Adelabu

 

A recent viral moment has unexpectedly stirred the political waters for Power Minister Adebayo Adelabu’s 2027 gubernatorial bid in Oyo State. Here’s how it unfolded—and the fallout that followed:

An audio featuring Ibadan socialite, Chief Akinade Fijabi and an unidentified young man surfaced online.

In the audio, Fijabi, an Ibadan high Chief and singer, Wasiu Ayinde’s closest ally bared his thoughts on political bearings in Oyo State and centred it round the Minister for Power, Adebayo Adelabu.

The audio quickly gained traction, sparking laughter and debate across social media platforms in Oyo and beyond.

The audio briefly overshadowed Adelabu’s image and critics seized the moment to question his ability, business sense and highlight potential vulnerabilities in managing grassroots affairs.

Even before the audio, Adelabu’s return to APC and flirtation with a 2027 run had unsettled internal party dynamics. The audio gave fuel to factions already uneasy about his rapid elevation and perceived attempt at imposition.

APC hardliners and youth groups, who’ve openly criticized the party’s handling of aspirants like Adelabu, echoed that the viral moment underscores deeper frustration about favoritism .

Adelabu’s allies are downplaying the audio, arguing that public interactions reflect openness and a grassroots presence and qualities essential for statewide appeal. They’ve also pointed to his achievements, including boosting national grid capacity, as evidence of credible leadership .

Fijabi in the audio also shed some lights based on what he termed ‘reliable information’ on Governor Makinde’s Presidential ambition, claiming it was a plot to collapse the PDP in Oyo State for President Tinubu with an agreement that the Governor would be granted the request to install a successor.

The clip audio shifted part of the conversation from Adelabu’s technocratic record to his public persona. Analysts say managing optics now matters more than ever for his brand.

 

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Ajimobi’s Eldest Child, Bisola Dies In The UK

Published

7 months ago

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March 27, 2025

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Late Governor Ajimobi’s first child, Bisola is dead!

 

News filtered in early Thursday, March 27, 2025 that Bisola,42 died after a brief illness in the United Kingdom.

 

The late woman before her death was the special adviser to the Minister of Budget and Planning, Atiku Bagudu.

 

Married to Kolapo Kola-Daisi, their marriage is blessed with three children.

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