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EXPOSED: How NIMCO, 54 other dredging companies defrauded Lagos govt
An interim report heard on the floor of the Lagos State House of Assembly on Monday detailed how dredging companies in the state have consistently defrauded the government to the tune of several hundreds of millions.
The report was read on the floor by Hon. Victor Akande, chairman of a seven-man committee set up to look into the activities of alleged illegal dredgers in the state.
The report named NIMCO dredging company among the ones that have carried on defrauding the state by failing to pay taxes and make returns.
The report shows that the state has 55 registered ‘Category A’ dredging companies out of which only three have operational permit. Out of these three, only one of the companies has been making returns to the government.
Akande said the report was the result of the committee’s finding through documents and evidence provided by officials of the state government and investigation.
In the course of the investigation, the committee had invited the Ministries of Waterfront and Infrastructure Development, Lands, The Environment, Physical Planning, the Surveyor-General, other government agencies and the commissioner of police in the state.
Some of the dredgers, it was learnt, engage in reclamation of land and these include NIMCO, linked to a top serving politician in the state, and another company that operate around the Eti-Osa area of Lagos State.
The Committee discovered that after reclaiming land, the companies then sell at very exorbitant prices. A member of the committee cited the case of reclaimed land sold for at least N120 million in places like Banana Island without paying government its due.
It was further learnt that another set of 74 Category A dredgers have been operating illegally in the state.
The report also showed that only 12 of the 69 recognised Category B dredgers and piling companies in the state had been making payments to the government.
It was also discovered that the state has another set of 109 illegal Category B dredgers.
The report shows that the state has 11 areas of reclamation of land with eight in Eti-Osa, one in Mainland, one in Ikorodu, and one in Kosofe.
Even though the companies have areas they are supposed to cover, many of them beat the state directive by dredging beyond the requirement, make money and defraud the government.
During deliberation on the floor of the House, Akande disclosed that all manner of people including foreigners, especially Chinese were also engaged in dredging activities enriching themselves at the expense of the state.
Many other lawmakers spoke against the activities of these dredgers.
On his part, Olowo said the dredgers were operating indiscriminately adding that some with Category C approvals operate in Category A without regard to the laws.
Akande also urged the House to give the committee additional two weeks to complete its work as it wants to embark on inspection tour of the sites.
Speaker Mudashiru Obasa directed the Clerk of the House, Azeez Sanni, to write the governor and intimate him of the preliminary findings of the committee.
Obasa also directed the Clerk to write to the state commissioner of police to provide security for the committee members when they embark on inspection of the dredging sites.
News
ZENITH BANK CHAMPIONS ENVIRONMENTAL SUSTAINABILITY WITH TWO-PHASE CLEAN-UP IN LAGOS
In line with its commitment to environmental sustainability and responsible business practices, Zenith Bank Plc has commemorated the 2026 World Environment Day with a two-phase environmental clean-up initiative in Lagos State, held under the global theme “Inspired by Nature. For Climate. For Our Future.”
The first phase was a morning clean-up conducted by staff of the Bank on Wednesday, 3 June 2026, along Ajose Adeogun Street, Victoria Island, Lagos. The exercise mobilised employees to clear waste, sensitise residents on proper disposal practices, and reinforce the Bank’s culture of community service and environmental stewardship.
The second phase, on Thursday, 4 June 2026, featured a waterways clean-up at the Falomo Waterways, Ikoyi, Lagos, executed in collaboration with the Lagos Waste Management Authority (LAWMA) and the Lagos State Waterways Authority (LASWA). The joint effort focused on removing marine debris, promoting cleaner waterways, and supporting the State’s broader climate-resilience agenda.
Speaking on the initiative, Dame Dr. Adaora Umeoji, OON, Group Managing Director/CEO of Zenith Bank Plc, said: “At Zenith Bank, sustainability is integral to how we operate. Clearing our streets and our waterways is a practical reminder that protecting the environment is a shared responsibility – and one we are proud to take up alongside LAWMA and LASWA. Through these exercises, we are taking deliberate action to preserve our communities, support climate action, and inspire others to act. Our operations will continue to align with global environmental standards as we build a more sustainable future for Nigeria and Africa.”Zenith Bank remains committed to embedding Environmental, Social and Governance (ESG) principles across its operations, investing in green initiatives, energy efficiency, and community-focused programmes. These efforts advance the United Nations Sustainable Development Goals – particularly SDG 7 (Affordable and Clean Energy), SDG 11 (Sustainable Cities and Communities) and SDG 13 (Climate Action). Sustainability remains an operational imperative across the Bank’s Nigerian base and its broader African, UK and European footprints.
News
ZENITH BANK APPOINTS ENGR. MUSTAFA BELLO AS CHAIRMAN AT ANNUAL GENERAL MEETING
Zenith Bank Plc has announced the appointment of Engr. Mustafa Bello as the Chairman of its Board of Directors. The appointment, which takes immediate effect, has been approved by the Central Bank of Nigeria (CBN) and ratified by shareholders at the Annual General Meeting held on May 5, 2026.
Engr. Bello’s appointment represents a strategic step to ensure the continuity, stability, and sustained effectiveness of the Board, while reinforcing the high standards of corporate governance, regulatory compliance, and strategic oversight for which Zenith Bank is widely respected. He joined the Board of Zenith Bank Plc on 29 December 2017 and has served on several Board committees, including the Board Audit and Compliance Committee, Board Governance, Nomination and Renumeration Committee and as Chairman of the Board Risk Management Committee until his appointment as Chairman of the Board of Directors.
He has extensive leadership experience at Board and executive levels, a strong understanding of corporate governance principles and regulatory expectations, and a proven track record in strategic oversight and organisational growth. He has consistently demonstrated integrity, independence and sound judgement, qualities that distinguished him as the natural choice to lead the Board into its next chapter.
Engr. Mustafa Bello is a distinguished engineer, statesman and corporate leader. His career spans more than four decades across the public and private sectors of the Nigerian economy. He served as Minister of Commerce of the Federal Republic of Nigeria from 1999 to 2002 under President Olusegun Obasanjo, GCFR, where he led the development of Nigeria’s WTO-consistent Trade Policy. He also oversaw the Corporate Affairs Commission (CAC) online project of 2002, which modernised the way businesses register and operate in the country. From November 2003 to February 2014, he served as Executive Secretary and Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC), where he was instrumental in attracting foreign direct investment into Nigeria, building multilateral and bilateral partnerships, and representing the Federal Government at international conferences and missions.
He graduated from Ahmadu Bello University (ABU), Zaria, in 1978 with a B.Engr. in Civil Engineering (Second Class Upper Division), winning the Shell Prize for the best project and thesis in the Faculty of Engineering. He began his career with the Nigerian Army’s Directorate of Quartering and Engineering Service from 1978 to 1979, before joining the Niger State Housing Corporation as a Senior Civil Engineer from 1980 to 1983.
He is currently the Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle for the economic and social transformation of the Northern Nigerian economy, and has previously served on the boards of Eskom Holdings Limited of the Republic of South Africa (2004 to 2008) and FrieslandCampina WAMCO Nigeria Plc as an Independent Non-Executive Director. He is a Fellow of the Nigerian Society of Engineers and a Registered Member of Council for the Regulation of Engineering in Nigeria (COREN) as well as Fellow of the Academy of Natural Sciences & Engineering in Nigeria (ANSEN).Zenith Bank stands among Africa’s leading financial institutions, with a strong capital base and operations across Nigeria, the United Kingdom, the United Arab Emirates, Ghana, Sierra Leone, The Gambia and Côte d’Ivoire.
News
FirstBank Confirms Appointment of Olayinka Ijabiyi as Group Head, Marketing and Corporate Communications
FirstBank, West Africa’s premier financial institution and financial inclusion service provider, has confirmed the appointment of Olayinka Ijabiyi as the substantive Group Head, Marketing and Corporate Communications. The appointment takes immediate effect and reinforces strong corporate governance at a pivotal point in the Bank’s growth and transformation journey.
Olayinka Thomas Ijabiyi is a seasoned marketing and corporate communications professional with over 25 years of experience driving brand transformation, strategic visibility, and stakeholder engagement across financial services, telecommunications, media, and international development sectors.
Ijabiyi joined FirstBank in 2011 and has served in acting capacity as the Group Head of Marketing and Corporate Communications from December 2024 until his recent confirmation. In his role, he leads the development and execution of integrated marketing and corporate communications strategies across the Group’s markets. He oversees brand and reputation management, executive positioning, Corporate Responsibility and Sustainability as well as strategic communications initiatives aligned to the Bank’s business objectives/aspirations.
Prior to his current role, Ijabiyi has held leadership positions within the Marketing and Corporate Communications Department in FirstBank, including Head Brand Strategy and Special Projects, Head Digital Marketing and Head Brand and Stakeholder Management.
Before joining FirstBank, Ijabiyi built a diverse career across leading organizations including British Council, Multichoice, MTN and Etisalat Nigeria, where he played key roles in brand building, corporate communications and digital transformation initiatives.
Widely recognized for his strategic mindset, leadership ability to translate business objectives into impactful marketing and communications strategies, he has successfully led major brand initiatives, including milestone anniversary campaigns and brand refresh programs, while consistently delivering efficiencies and enhancing brand equity.
Ijabiyi holds a Master’s degree in Public and International Affairs from the University of Lagos and a Bachelor’s degree in English Language from the former Ondo State University, Ado Ekiti. He is a Fellow of the National Institute of Marketing of Nigeria (NIMN) and a member of the Nigerian Institute of Public Relations (NIPR), amongst other industry bodies.
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