- Questions Business Magnate’s Criticism Of President’s Reforms
A Senior Special Adviser to President Bola Ahmed Tinubu, O’tega Ogra, has challenged prominent businessman and economic critic Atedo Peterside over his criticism of the administration’s economic reforms, drawing attention to the remarkable financial performance of businesses associated with him.
Ogra questioned Peterside’s argument that Nigeria’s economic growth under Tinubu has failed to translate into improved living standards for ordinary Nigerians, citing the performance of Stanbic IBTC Holdings, which Peterside founded, and Anap Business Jets, which he chairs.
In a presentation titled The Other Side of Prosperity, Ogra examined the growth recorded by Stanbic IBTC since May 2023, when Tinubu assumed office, and raised questions about how the benefits of corporate prosperity are distributed among workers.
According to the figures presented, Stanbic IBTC’s share price has risen by 314 per cent, from N39.55 in May 2023 to N163.90 as of November 3, 2026.
The bank’s profit after tax also climbed from N80.81 billion in 2022 to N380.80 billion in 2025, representing a 371 per cent increase.
Dividends per share rose by 85.7 per cent over the period, from N3.50 in 2022 to N6.50 in 2025.
Ogra acknowledged that the performance was neither illegal nor improper, noting that Nigerian businesses and investors should benefit from economic growth.
“None of this is wrongdoing. Nigerian businesses and investors should prosper, and this one has,” he stated.
However, he questioned whether the gains recorded by the financial institution had translated into comparable improvements in workers’ welfare.
The presentation showed that Stanbic IBTC’s profit after tax increased by 69 per cent in 2025, while executive directors’ remuneration rose by 47 per cent.
Total staff costs increased by 31 per cent, covering 3,374 employees, while total board remuneration reportedly rose by 22 per cent.
Ogra questioned whether the company’s cleaners, security guards, outsourced personnel and junior employees had benefited proportionately from the impressive financial performance.
“How much of that reached the people at the bottom of the building? The cleaners, the security guards, the outsourced staff. Has their pay moved with the share price?” he asked.
The presidential adviser also drew attention to Anap Business Jets, the private aviation company founded and chaired by Peterside, which serves executives and investors.
He questioned whether the company’s growth had translated into better compensation for its pilots, engineers and ground staff.
“How has employee pay moved with the business? Is there any profit-sharing for pilots, engineers and ground staff? Will the company publish the figures?” the presentation asked.
Ogra stressed that the questions were not allegations of wrongdoing, noting that Anap Business Jets does not publish staff compensation data.
The presentation also disclosed that First Anap Domestic Trust, historically associated with Peterside’s investments, held 235.125 million Stanbic IBTC shares valued at approximately N38.54 billion at the November 3, 2026, closing price.
The intervention appears to challenge the broader argument that economic growth has failed to benefit Nigerians, suggesting that the debate should also examine how private-sector wealth is distributed among employees.
While Peterside has criticised the Tinubu administration over the disconnect between economic growth and living standards, Ogra’s presentation shifts attention to the responsibility of business owners to ensure that corporate prosperity reaches workers.
The presentation concluded that accountability should not be limited to government.
“Government must answer for its decisions, and this administration has a duty to turn reform into living standards. That job is not finished. Corporate Nigeria owes its workers the same accounting,” it stated.
The exchange comes amid continuing debate over the impact of Tinubu’s economic reforms, including fuel subsidy removal and foreign exchange liberalisation, on businesses, investors and ordinary Nigerians.
