MONDAY 10TH MARCH 2025

In Key Policy Shift, US Halts Plan to Pressure Nigeria, Others to Jettison Fossil Fuels

Emmanuel Addeh in Abuja In a major shift in its position on the

Fubara Obeys S’Court Order, Invites 27 Rivers Lawmakers for Reconciliation Meet

Blessing Ibunge in Port Harcourt

The political crisis in Rivers State may be thawing gradually as Governor Siminalayi Fubara, has invited the embattled 27 members of the State House of Assembly for discussion, by way of putting the interest of the state first.

In a letter by the Secretary to the State Government, Dr.Tammy Danagogo, addressed to the Speaker, Martins Amaewhule, he stated that the governor's action was in obedience to the recent Supreme Court judgment on the political crisis in the state.

The Supreme Court, had last Monday, stopped the Central Bank of Nigeria and the accountant general of the federation from releasing any funds from the federation account to Rivers state until an appropriation law was made by the Rivers State assembly.

The apex court also ordered that

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NCDMB Acquires 20% Equity in 100,000 Bpd Refinery in Rivers

Nigerian Content Development and Monitoring Board (NCDMB) has sealed a deal to acquire 20 per cent equity in a 100,000 barrels per day (bpd) refinery project being established by African Refinery Group Limited (ARPHL) in partnership with the Nigerian National Petroleum Company (NNPC) Limited.

The share purchase agreement for the investment will make NCDMB

a key partner in ARPHL, being colocated with Port Harcourt Refining Company Limited, operated by NNPC at Alesa Eleme, Rivers State. NCDMB announced the deal in a statement issued yesterday by its corporate communications department.

According to the statement, Executive Secretary of NCDMB, Mr. Felix Ogbe, signed the agreement at the board’s liaison office in Abuja, while Managing Director, African

Refinery Port Harcourt Limited, Mr. Tosin Adebajo, signed on behalf of the company.

Ogbe stated that the equity investment was the first to be sealed under his leadership.

He confirmed that the board subjected the proposal to rigorous technical, commercial and regulatory reviews and decision gates, in line with NCDMB’s commercial Ventures Investment Policy.

"The board has also instituted

IN KEY POLICY SHIFT, US HALTS PLAN TO PRESSURE NIGERIA,

untapped due to insufficient financing.

ExxonMobil and Chevron, two of the biggest oil companies with massive operations in Nigeria, are American multinationals.

Speaking at the weekend in Washington DC, at the 10th edition of the annual “Powering Africa Summit,” US Energy Secretary, Chris Wright, a keynote speaker at the event, told African leaders that the Trump administration will not dictate to Africa how it intends to put its abundant resources to use.

The global shift towards cleaner energy had significantly hindered Nigeria’s ability to fully exploit its vast natural resources, particularly oil and gas, as the West continued to pressure Nigeria and other African countries to move away from fossil fuels in favour of what it said were cleaner sources of energy.

Following the push, the demand for Nigeria’s primary exports gradually declined, as investment thinned out and stranded assets increased, making it increasingly difficult for Nigeria to secure funding for new exploration and production efforts. The last time Nigeria got a major investment before the new regime was over 13 years ago.

Despite Africa's less than three per cent contribution to global methane emissions, the US and Europe had continued to pressure the continent to slow down the production of oil as well as other “dirtier” hydrocarbons.

In 2022, President Joe Biden sent his Special Envoy on Climate Change, John Jerry, to try to convince Nigeria on why it should reduce the harnessing of

Martins Amaewhule and 26 other lawmakers should resume unhindered sittings immediately.

Justice Emmanuel Agim, who delivered the lead judgment held that Fubara, had no justification for distorting the affairs of the assembly.

The Supreme Court, also voided the Rivers State local government elections held on October 5, 2024, upholding the judgment of the federal high court in Abuja, which barred the Independent National Electoral Commission from releasing the voters’ register to the Rivers state’s electoral for the conduct of local government polls.

Justice Jamilu Tukur, while delivering judgment, last week, agreed with the All Progressives Congress (APC) that relevant laws and conditions governing the conduct of the election were not complied with.

Following the judgements, the assembly issued a 48-hours ultimatum to the governor to represent the 2025 appropriation bill.

Responding, Fubara assured that he would implement the Supreme

including N364.6 billion, $214.5 million, £54,318.64, €31,265, CAD$2,990, and AUD$740, the anti-graft agency has announced. Statistics released by the commission revealed that it made strides in cases involving advance fee fraud, money laundering, and cybercrime across all its zonal directorates nationwide.

Other recoveries include CFA7,821,375, UAE DIRHAM 170, RIYALS 5,115, W73,000, 105

its fossil fuels, despite over 80 million Nigerians being without reliable power supply. Up to 80 per cent of Nigeria's power supply is from gas.

However, Nigeria is banking on its over 37 billion barrels of oil reserves and 209 trillion cubic feet (tcf) of gas to boost its industrialisation drive.

While solar, wind, and hydropower have potential, Nigeria lacks the necessary financial resources and technological expertise to fully capitalise on these alternatives, placing it in a difficult position.

But Wright, who received a resounding ovation from his audience, in a video posted by the Voice of America (VOA) and seen by THISDAY, argued that the climate change conversation did not rank among the top 10 biggest problems in the world.

He said, “Our goal is that Africa needs massively more energy. Africans will do that. Africans will deliver that. The United States is thrilled to partner with you in that endeavour. At least this government has no desire to come and tell you what you should do with your energy system. (That) this is good and this is bad. That's just so nonsensical.

“It's a misunderstanding of energy. It's a paternalistic post-colonial attitude I just can't stand.

“Let's look at the United States for a second. We have the electricity grid; we have states where their biggest source of electricity is hydropower. We have states where their biggest source of electricity is oil. We have lots of states where their biggest source

Court judgment without reservation.

Thus, in keeping to his words, the governor first ordered the Heads of Local Government Administration (HLGAs) to take over the administration of the 23 local government councils pending the conduct of fresh elections by RSIEC. Fubara said though he disagreed with the judgment, he was bound to obey the orders made because he ran a law-abiding government.

He, however, stressed that his administration would take necessary action on the judgment only after his legal team had received and analysed the implications.

The governor is said to have received the certified true copy of the apex court judgement, and on Friday, through his SSG, invited the lawmakers to chat a way forward for the state.

The letter stated that the invitation was in furtherance of the governor's promise, noting that he had received the Supreme Court judgment.

Danagogo stated that the meeting

Yen, GH¢225 and RAND 50. The commission revealed that its 2024 asset recoveries included the forfeiture of over 750 duplexes and other apartments to the federal government, marking its largest single recovery since inception.

A breakdown of recovered assets includes: 173 vehicles, N9,477,977,318.78, $2,605,858.30, and £1,600. Others included Cryptocurrencies: 13.37 BTC ($572,992.86), 5.97886094

of electricity is coal.

“Most states, their biggest source of electricity is natural gas. But it's different across all of our states. There are different resources there. There are different needs there. There are different degrees of an economy that's decided by people in marketplaces.

“Africa has enormous natural resources and we've had years of Western countries, including my own, shamelessly saying, don't develop coal. Don't develop coal. Coal is bad. That's just nonsense. Hundred per cent nonsense.

“Coal has been the largest source of global electricity for a hundred years. Coal transformed our world and made it better, extended life expectancy and grew opportunities. And coal globally will be the largest source of electricity for decades to come. That's not a policy. That's not a desire. That's just a reality.”

As a scientist, Wright pointed out that he had spent his whole life digging into the issues. He explained that he has been speaking about climate change for 20 years, admitting that though it is a real physical phenomenon, there has to be trade-offs.

The US energy secretary maintained, “But if you look at the physical data of climate change and read the economics around climate change, it is impossible to come up with climate change in the top five of the world's problems. If you're really honest, you can't put it in the top 10 of global problems.

“We should be aware of it. We should think about it. That technology

would discuss, "Provision of a befitting space for the Assembly's sittings; Payment of all outstanding remuneration or allowances of the Honourable members; Presentation of Budget and sundry matters and any other matters as may be necessary, to chart the way forward in the best interest of the state."

Noting that the meeting would be held today, March 10, 2025, at the office of the governor in Port Harcourt, the letter thanked the Speaker, adding that, "We look forward to your kind attendance with a view to charting the way forward in the interest of the good people of Rivers State."

Meanwhile, reacting to recent threat by some members of Ijaw ethnic group over the suspected impeachment of Fubara, former chairmen of Ijaw-dominated local government areas in Rivers have condemned what they referred to as empty threats by non-state actors to unleash violence in Rivers.

The former chairmen condemned the threat to hit oil production in

Ethereum ($13,353.06), 298.4770071 Green Satoshi tokens ($6), 1,002.547631 USDT ($10,022.22), N2,699,233 in Tether (USDT TRC-20), 378 electronics, one factory, one hotel, two gold chains, 14 parcels of land, petroleum products, and 70 tons of unidentified solid minerals

According to the EFCC report, some of the recovered funds have been reinvested into national initiatives benefiting Nigerians. For instance, N50 billion

a robust corporate governance procedure that will safeguard its investment and ensure optimal performance of the refinery project," he added.

He said the deal was part of the board’s commercial venture programme, supported by Section 70 (h) of the NOGICD Act, which says NCDMB is to “assist local contractors and Nigerian companies to develop their capabilities and capacities” in furtherance of Nigerian content

evolution will ultimately drive down greenhouse gas emissions, but making it the source of policy or direction, this has not only been hamstringing for Africa, for finance or investment, telling what's good and what's bad, it's been destructive in our own societies.

“We've had major industrial economies that are de-industrialising. They're not lowering greenhouse gas emissions.

“They're just making their own energy more expensive and less reliable. And everyone that makes energy intensive stuff is just leaving those countries to another locale. That's not reducing greenhouse gas emissions. That's just moving emissions.”

Stating that the only goal of energy was to expand human opportunity, make people live longer and healthier, as well as increase food security, Wright said it did not matter where the energy came from.

He reiterated that the Trump administration will not stop Africa, pointing out that the government has the most climate-knowledgeable people because it works with numbers, data, science and economics, and trade-offs.

“But are we going to continue the days of climate change as more important than human lives and human opportunity? Absolutely not,” he stressed.

Other Trump officials, who spoke at the event, which took place near the White House, said the days of shying away from fossil fuel investment in favour of renewables were over.

“There are no restrictions anymore on what kind of energy we can

the state if there was any attempt to impeach Fubara, following the Supreme Court judgement.

Former campaign coordinators for Fubara in their various local government areas had called on the police, the Department of State Security (DSS) and other security agencies to enforce the judgement of the Supreme Court.

The former members of the Association of Local Government Nigeria (ALGON) said Fubara failed to take the opportunity offered him by the Presidential intervention to end the crisis.

The Ijaw leaders, who said they remained the substantive chairmen of their local government areas following their aborted tenure extension, said they heaved a sigh of relief that the Supreme Court had ended the crisis.

"Unfortunately, our attention was drawn to both subtle and frontal threats to the government, instigated by some individuals and organisations, who ostensibly are beneficiaries of the crises.

was allocated to the Nigerian Education Loan Fund (NELFUND) to support students in completing their education and contributing to the workforce.

Also, the commission secured 4,011 convictions in 2024, with Lagos leading (685), followed by Enugu (516), Ibadan (501), Benin (412), headquarters (290), Kaduna (273), Ilorin (230), Uyo (220), Port Harcourt (185), and Makurdi (161). Other figures

development in the oil and gas industry.

The statement added, "The Board’s commercial venture investments are also geared to catalyse Federal Government’s strategic policies, provide job creation opportunities in the construction and operation phases, and add value to the nation’s hydrocarbon resources.

"The shares for the African Refinery Port Harcourt Limited project were purchased under

promote,” a senior State Department official and former Ambassador to Guinea, Troy Fitrell, said.

Despite the advice for Nigeria to abandon its fossil fuels, Minister of State Petroleum (Oil), Heineken Lokpobiri, had always said it will be unfair to compel Africa, which contributed a meagre amount of emissions, not to exploit its resources.

At the just concluded Nigeria International Energy Summit (NIES), Lokpobiri, again, emphasised that Nigeria did not intend to rely on international aid or grants to facilitate its transition from fossil fuels to cleaner energy sources. He argued that massive investment in the oil sector must continue.

Recently, some African countries floated the $5 billion African Energy Bank (AEB), in collaboration with Afreximbank, to accelerate the exploitation of hydrocarbons on the continent.

Chief Executive of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, had also argued that an immediate "phase-out" of fossil fuels in Nigeria was impossible. Komolafe emphasised that the energy transition strategy should align with Nigeria's national interests.

Meanwhile, Minister of Power, Chief Adebayo Adelabu, at the event, emphasised the need to strengthen collaboration between the US and Africa to tackle energy poverty, drive sustainable development and foster economic growth.

Speaking at the summit, Adelabu,

"It’s even worse that they use the Ijaw identity to fuel the embers of violence and intimidation of the federal government. In this category, are organisations such as the Ijaw National Congress and some renegades of the Ijaw Youth Council.

"As a matter of fact, these organisations stated publicly that the Ijaws will resort to violence against critical national oil Infrastructure if Governor Fubara is impeached. This implies that this pro-Ijaw ethnic organisations have not read the Supreme Court Judgement they so condemn."

Those, who endorsed the position were Daniel O. Daniel, Abua/Odual; Dr Rowland C. Sekibo, Akuku Toru; Dr Erastus C. Awortu, Andoni; Onengiye George, Asari Toru; Michael John Williams, Degema; Chief Vincent Nemioboka, Ogu Bolo; Akuro Tobin, Okrika; Tamunotonye Douglas, Vice-Chairman Port Harcourt City and Ubile Jack, Vice-Chairman Ahoada West.

"We stringently condemn those

include Kano (148), Gombe (147), Abuja (140), Sokoto (108), and Maiduguri (95).

Additionally, EFCC received 15,724 petitions, with Lagos recording the highest (3,224), followed by headquarters (1,576), Kaduna (1,456), Enugu (1,362), Kano (1,270), and Port Harcourt (1,185). The agency investigated 12,928 cases, with Lagos again leading (2,454), followed by Headquarters (1,520), Benin (1,347), and Kaduna (940).

the Nigerian Content Intervention Company LTD/GTE, a company limited by guarantee, and wholly owned by the NCDMB.

who represented Nigeria, highlighted the significant progress achieved through initiatives, such as Power Africa, which he said had played a pivotal role in expanding electricity access, mobilising investments, and supporting policy reforms across Nigeria and the African continent. The summit, according to a statement by the minister's spokesman, Bolaji Tunji, brought together African leaders, global investors, and energy sector experts to address Africa’s energy challenges and unlock sustainable development opportunities. The minister also commended the recent launch of “Mission 300”, an ambitious initiative aimed at providing 300 million Africans with electricity access by 2030. He called for stronger partnerships among stakeholders to achieve the goal, underscoring Nigeria’s commitment to leveraging technology transfer, infrastructure development, and capacity building to accelerate energy transition and drive economic growth.

Adelabu also met with Wright, where the US official reaffirmed his country's commitment to partnering with African nations to address energy poverty and promote sustainable development.

He expressed enthusiasm for deepening collaboration in renewable energy, off-grid solutions, and privatesector investments.

Adelabu said other outcomes from the summit included a platform for building strategic relationships with global investors and industry leaders.

empty threats and urge the federal government and Nigerians to disregard such comments which project the Ijaws in a bad light.

“Moreso, it is a fact that these threats attack the sensitivity of people from other ethnic groups in Rivers State who also voted for Governor Siminalayi Fubara.

"We have also seen videos and press statements of supposed stakeholders including Prof. Benjamin Okaba, Alhaji Mujaheed Asari Dokubo threaten the energy security of the Nigerian State, if attempts at implementation of the judgement leads to the impeachment of the governor," they said. Why flaying the threats and outbursts, the Ijaw leaders queried: "Did the Judgement call for impeachment of the Governor? The simple answer is no.

“Where were these persons who claim to be fighting the so-called Ijawfight, when the governor truncated the tenure and seized the allocation of the LGA’s including those of us who are fellow Ijaws?”

A total of 5,083 cases were filed in various courts. Ibadan and Lagos led with 786 cases each, followed by Enugu (545), Benin (482), headquarters (386), Kaduna (283), Ilorin (263), Uyo (263), Port Harcourt (257), and Kano (236). The EFCC attributed its success to the dedication of its officers, management support, and ongoing efforts to enhance the knowledge and capacity of its prosecutors and judiciary.

Peter Uzoho

Ogbe

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Chatham House: With Naira Devaluation, Nigeria's Economy Most Competitive in 25 Years

Says it's tragedy country only recorded $2bn FDI inflows annually in recent years Warns against excessive strengthening of local currency

Emmanuel Addeh in Abuja

Chatham House, a UK international affairs policy think tank, said the Nigerian economy was witnessing its most competitive season in 25 years, on the back of President Bola Tinubu administration’s reforms, including devaluation of the naira from N460/$ to about N1,500/$ currently.

Chatham House, in an article titled, “Nigeria’s Economy Needs the Naira to Stay Competitive,” said to secure long-term growth, the government must resist the temptation to fight inflation

by letting the naira strengthen against the dollar.

The article was written by Chatham House’s David Lubin, a Michael Klein Senior Research Fellow, Global Economy and Finance Programme, and former Managing Director and Head of Emerging Markets Economics at Citi, an American Bank.

Admitting that two years after electing Tinubu as president, Nigerian voters had good reasons to feel unhappy by their choice, Chatham House said during the time, the value of the naira had collapsed, petrol prices had

quadrupled, and food prices were more than 80 per cent higher, while poverty had risen.

In the midst of all these, the organisation stated that Tinubu’s economic reforms gave Nigeria the best hope for sustainable growth for decades, stating that the path the reform process took next will be crucial for the country’s future.

It stated, “At the centre of the reforms has been Tinubu’s decision to allow a very substantial devaluation of the naira, which has fallen from N460 to the dollar around the 2023 election,

to just below N1,500 now. Nigeria’s currency adjustment is one of the largest anywhere for years: only the Ethiopian birr has seen a bigger move recently.”

The organisation said, “With the naira’s fall, Nigeria is arguably now more competitive than at any time in the past 25 years.”

It added, “In any developing economy, the most important price is the price of a dollar. If dollars are too cheap, then imports rise sharply. This can make a country financially vulnerable. More imports boost a country’s trade deficit, and deficits can become difficult

Housing Estates: FG Threatens to Demolish Low-quality Buildings, Revoke Contracts

The federal government at the weekend urged developers of its ‘Renewed Hope Housing Estates and Cities’ across 13 locations nationwide to maintain high construction standards or have the structures demolished and their contracts revoked.

Housing and Urban Development Minister, Ahmed Dangiwa, issued the warning when he led the ministry’s officials on the inspection of the ongoing construction work at the separate 1,500 and 500 in Kano state.

Dangiwa emphasised that construction must be based on contractual terms to ensure durability, stating that he will not hesitate to

revoke contracts of any substandard work.

“Under the Renewed Hope Agenda of Mr. President, we are very committed to ensuring that the houses that we build and the infrastructure is of good quality. To all the developers and contractors on our Renewed Hope Housing Projects, I want them to know that we will not tolerate poor quality work from any developer or contractor.

“ If we identify any substandard work at any of the project sites, we will first demolish the structure and the contractor will have to rebuild as per standard or we revoke the contract entirely,” he warned.

He, however, said that he was

impressed with the pace of work at the 1,500 Housing Unit being built through a Public Private Private Partnership (PPP) with a consortium of developers led by Continental Civil Engineering (CCE).

“I commend them for the speed and the workforce they have mobilised. For the 500-housing unit renewed hope city which we are funding under the 2023 supplementary budget, the project is not moving at the pace that we expect and we want the developers to step things up so we can complete and commission”, he noted.

He urged the developers to adhere to the timeline and finish within two to three months, stressing that the ministry is very particular about

giving Nigerians value for money, hence the reason the government will not compromise on standard.

He also explained the economic impact of housing construction, including job creation for masons, labourers, artisans, food vendors, blocks and other building materials suppliers, saying that the value chain effect of construction work is significant and creates a positive economic impact.

" We are making serious progress in our bid to actualise the agenda of this administration for housing and urban development. Our plan is to build seven Renewed Hope Cities, one in each geo-political zone and FCT.

Ogun Govt Hails Tinubu as FG Adopts Tai Solarin University as Federal Varsity

The Ogun State Government has commended the federal government for its decision to adopt the Tai Solarin University of Education (TASUED) as a federal institution.

Governor Dapo Abiodun in a statement by the Special Adviser on Information and Strategy, Hon. Kayode Akinmade, said the move by the federal government will bring positive transformation to the specialized institution.

Established by the Ogun State Government in 2005, TASUED holds the distinguished position as Nigeria's first specialised university of education named after revered activist and founder of Mayflower School in Ikenne, Dr. Tai Solarin. He highlighted the Ogun State Government’s sustained efforts in ensuring TASUED’s sustainability and growth.

Governor Abiodun reaffirmed his administration’s commitment

to educational advancement, emphasizing that TASUED will continue to serve as a centre of excellence in teacher education.

The federal government had officially adopted TASUED as a federal university, marking a significant milestone for Nigeria’s first specialized university of education.

President Bola Ahmed Tinubu approved the transition on Friday, following an invitation from the

Ogun State Government.

The President emphasized that the decision recognizes TASUED’s crucial role in teacher education and serves as a tribute to the contributions of Chief Obafemi Awolowo and Dr. Tai Solarin to Nigeria’s educational development. He also acknowledged the intervention of the Awujale of Ijebuland, whose efforts were instrumental in preventing the university’s closure in 2012.

to finance if global creditors lose their appetite for risk (which happens often and unpredictably). And when they do, painful bouts of financial instability can follow.

“At the same time, excessively cheap dollars encourage companies and individuals to find ways of getting money out of the country, to park wealth in safer havens at low cost. All in all, it is impossible to establish a basis for growth when capital has an incentive to leave the country.

“With the naira’s fall, however, Nigeria is arguably now more competitive than at any time in the past 25 years.”

The think tank added that the depreciation of the naira had had two hugely positive consequences, namely, improvement in Nigeria’s balance of payments, now in surplus, as well as

re-entering capital into the country.

As a result, Central Bank of Nigeria (CBN), according to the article, had added to its foreign exchange reserves, which now exceeded $40 billion as well as having an adequate stock of reserves, the sine qua non for financial stability in developing countries.

It added that the progress CBN had made should be congratulated, with gross reserves at a prudent level currently, more or less equal to Nigeria’s stock of external debt, but which could also be higher.

Chatham House stated, “The other positive effect is that the naira’s devaluation has given substantial support to the Nigerian budget. The World Bank argues that a misaligned exchange rate hit Nigeria’s budget harder in recent years than the cost of the government’s fuel subsidies.

Disbursement of Student Loan: NIMC, NELFUND, Data Mining Sign MoU on Biometric-enabled Cards

Michael Olugbode in Abuja

National Identity Management Commission (NIMC), Nigeria Education Loan Fund (NELFUND), and Data Mining Company have signed a Memorandum of Understanding (MOU) aimed at facilitating seamless access to education loans by students using biometric-enabled cards.

The MOU was signed at the weekend in Abuja at the headquarters of NELFUND by Director-General of NIMC, Engineer Abisoye CokerOdusote; Managing Director and Chief Executive Officer of NELFUND, Mr Akintunde Sawyerr; and Managing Director of Data Mining Company, Mr Femi Akande.

Sawyerr described the signing of the MOU as a ground-breaking event to drive financial inclusion, and promote transparency and accountability in the deployment of Government to People Service Card (G2PS-card).

He said the agreement would open a new vista for Nigerian students to access loans with multiple wallets facilitated by biometric-enabled cards from NIMC.

The NELFUND boss commended

President Bola Tinubu for rolling out socio-economic programmes to change the narrative for Nigerian students. He said the Renewed Hope Agenda of the Tinubu administration would have far-reaching positive effects on Nigerian students.

Coker-Odusote said the biometricenabled cards were part of the products from NIMC meant to drive digital and financial inclusion, as well as ensure that every beneficiary of government services had verifiable identity.

She explained that the biometricenabled cards had multiple wallets for students and could be used online and offline to access loans and other services.

According to her, the cards would also make it possible to track loans disbursement and ensure they are used for the purposes intended.

The NIMC CEO added that the card would also promote transparency and accountability, while eliminating unnecessary bureaucracy. She said, “The biometric-enabled card is unique in promoting digital and financial inclusion because of the layers of features in them. They cannot be forged or faked.

Emmanuel Addeh in Abuja

L-R: Founder, Stanbic IBTC Bank, Atedo Peterside; Chief Executive Officer, Kings Trust International, Will Straw; Secretary to the Lagos State Government, Bimbola Salu-Hundeyin; Lagos State Governor, Mr. Babajide Sanwo-Olu; British Deputy High Commissioner, Jonny Baxter; President, Wellbeing Foundation Africa, Toyin Saraki; and Chairman, Coronation Group Limited, Aigboje Aig-Imoukhuede, at the inauguration of the Youth Employability Support Project in Lagos, at the weekend

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House Secures Commitment of Seven Oil Companies to Settle $37.4m

The House of Representatives has secured the commitment of seven oil companies to remit a total of $37,435,094.52 (approximately N58 billion) to the Federation Account before

August 2025. The seven oil companies are - Belema Oil, Panocean Oil Nigeria Ltd, Newcross Exploration & Production Ltd, Dubri Oil Company Ltd, Chorus Energy, Amni International and Network Exploration.

Access Bank Bags IFC’s EDGE Green Building Certification Award

Nume Ekeghe and Dike Onwuamaeze in Lagos

The Access Bank Plc has received the International Finance Corporation’s (IFC) EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for its banking headquarters, which is called Access Tower and is located in Oniru, Victoria Island, Lagos State.

The EDGE Green Building certification program recognised Access Bank’s commitment to sustainable building practices and its efforts to reduce energy consumption, water usage, and embodied carbon in building materials.

The program is supported by the Japan Government in Nigeria and globally funded by the United Kingdom Government’s Department for Energy Security and Net Zero (DESNZ), with initial funding from Switzerland's State Secretariat for Economic Affairs, (SECO), Access Bank’s head office has achieved a 20 per cent reduction in energy use, a 33 per cent reduction in water use, and a 99 per cent reduction in embodied carbon in materials.

Commenting on this feat, Executive Director, Risk Management at Access Bank, Mr. Gregory Jobome, said: “At Access Bank, we have always understood that our purpose goes far beyond banking.

“We are architects of change, custodians of the future, and now, we stand proudly at the intersection of finance and environmental leadership. This building and this certification embody our vision to set a new standard for building, operating, and growing responsibly.

“Our collaboration with the EEN team was transformational, and together, we have shown that environmental performance and business performance are not rivals, but partners. We believe that in that partnership lies the future of

banking, the future of corporate Africa, and ultimately, the future of our planet.”

Features of the head office building are made up of sustainability measures such as insulated roof, high-performance glass, fresh air pre-conditioning system, smart meters for energy, water-efficient faucets in bathrooms and kitchen, efficient water closets and low embodied carbon materials reflecting Access Bank’s commitment to environmental responsibility. The building implemented retrofits to meet the EDGE water standard by installing flow regulators in all their water closets, faucets and showers. These reductions in energy, water, and embodied carbon are expected to result in significant cost savings and a reduced environmental footprint for the Head Office.

The EDGE certification is a globally recognised standard for green buildings, designed to make buildings more resource efficient.

The certification process involves a rigorous assessment of a building’s design and construction, including independent third-party audits, ensuring that it meets the highest standards of sustainability.

IFC's EDGE program is aimed at promoting green building practices globally by providing a standardised approach to designing and certifying resource-efficient buildings.

The program has been utilised in nearly 200 countries, with over 100 million square metres in certified floor space, enabling developers worldwide to create buildings that reduce energy use, water consumption, and embodied carbon.

Globally, IFC collaborates with financiers, governments, developers, and building owners to accelerate green building development in emerging markets. In Nigeria, cumulatively, over 800,000 square meters of offices, homes, hospitals, retail stores, student accommodation, hotels, and mixed-use projects are EDGE-certified.

The spokesperson of the House, Hon. Akin Rotimi, in a statement issued yesterday said the decision of the oil companies followed the ongoing investigation by the Public Accounts Committee which scrutinized the financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The committee had during the investigation flagged significant lapses in royalty payments and

reconciliation processes across the sector.

The pledged repayment forms part of a N9 trillion outstanding liability queried by the Auditor General for the Federation in his 2021 report submitted to the National Assembly.

Rotimi said the debts, some of which have accrued over a period of four years, highlight long standing revenue leakages in the oil and gas sector.

The spokesperson added that

Owed FG

beyond these seven companies, the Committee’s investigation has uncovered $1.7 billion (N2.5 trillion) owed by 45 oil and gas companies in unpaid royalty payments as of December 31, 2024.

Rotimi noted that nine companies, with a combined outstanding balance of $429.2 million, have contested the figures and requested a reconciliation process with NUPRC to verify their actual liabilities.

The companies include: Aradel/Niger Delta, Chevron, Star Deep, Shore Line, Seplat Producing Unlimited, Esso Erha, Esso Usan, Eroton Exploration and Seplat Energy.

Rotimi, however, said the Committee has directed that the reconciliation process be concluded within two weeks, after which companies must settle their confirmed debts without further delay.

NGA: FG Must Remove Impediments to Investments in Gas Sector

Peter Uzoho

The Nigerian Gas Association (NGA) has called for urgent reforms to address multiple taxation, multiple agency fees, overlapping laws and regulations that continue to increase the cost of doing business in the gas sector in order to unlock its huge investment potential.

The President of NGA, Mr. Akachukwu Nwokedi, made the call in Abuja while delivering his goodwill message, titled: "Aligning Nigeria’s Gas Industry with Africa's Energy Evolution", at the just-ended 8th Nigeria International Energy Summit (NIES).

While commending the federal government for its significant strides in advancing the gas sector, mainly through the actualisation of the Petroleum Industry Act (PIA) and issuing forward-looking Executive Orders, the NGA boss emphasised the need for further regulatory streamlining.

He noted that conflicting laws, multiple taxation, some denominated in foreign currencies, as well as too many agency fees were stifling growth and discouraging much-needed investments in the upstream, midstream, and downstream segments of the gas industry.

The NGA president also highlighted the importance of synchronised investments, supported by integrated policies and financial frameworks, to maximise the benefits of Nigeria's Decade of Gas initiative.

Noting that Nigeria's Decade of Gas is also the country's Decade of Investment, he said this was due to the necessity of significant investment inflows within this relatively short period of time.

The synchronisation, he pointed out, requires a measure of sustained transparency, confidence and interdependencies between investors and stakeholders such

that investments in the upstream, midstream and downstream can move in a synchronised manner in order to enjoy optimal utilisation and returns", he said.

However, to drive and encourage more investment, he said that Nigeria must sustain the effort to keep enacting investor-friendly policies, laws, and regulations.

"That said, despite the welcome stability provided by the PIA, we still see laws and regulations that overlap and significantly increase the cost of doing business, which is unsuitable for the gas sector. It is, therefore, time to take stock and address them", Nwokedi added.

He stressed that Nigeria's abundant gas resources position the country as a natural regional gas hub, capable of driving energy security and economic growth across Africa.

The NGA also underscored the critical role of regional collaboration and intra-African trade in

addressing energy poverty and fostering sustainable development, noting that by leveraging its gas potential, Nigeria can play a pivotal role in connecting Africa's energy markets and unlocking its vast energy resources.

"Nigeria has sufficient gas, as we all know, and is naturally positioned to become a regional gas hub in the continent, but we must seize the opportunity by maximising the Decade of Gas initiative. This requires a combination of smart regulations, a top-down focused project approach for key backbone pipeline infrastructure coupled with integrated policies, and financial frameworks that would make access to financing for gas projects possible", Nwokedi stated. He, however, praised the administration of President Bola Tinubu for his commitment to prioritising gas as a key driver for the realisation of Nigeria's strategic economic goals.

Musk’s DOGE Finds $333M in Federal Loans to 110+ Year Olds

The Small Business Administration (SBA) approved 3,095 loans, totaling $333 million, for borrowers listed as 115 years or older in the Social Security database between 2020 and 2021, according to a post on Elon Musk’s D.O.G.E’s official X account yesterday.

One of them, officially 157 years old, received $36,000. The Department of Government Efficiency (D.O.G.E) called the records part of a massive federal scam.

In the same period, the SBA granted 5,593 loans, worth $312

million, to businesses owned by children aged 11 or younger. While some legal business arrangements could make this possible, all 5,593 cases had one thing in common—each loan application used a Social Security number (SSN) that did not match the name on file.

The Social Security Administration (SSA) is reinstating full benefit cuts for seniors who were previously overpaid, reversing a Biden-era policy that reduced clawbacks to 10% of their monthly checks. The agency aims to recover $7 billion

over the next decade.

“We have the significant responsibility to be good stewards of the trust funds for the American people,” said Leland Dudek, SSA’s acting commissioner. “It is our duty to revise the overpayment repayment policy back to full withholding.”

Under Biden’s administration, the SSA limited overpayment recovery to 10% of a person’s Social Security check to prevent seniors from losing their entire income at once.

The new policy, set to start March 27, means recipients who received

excess payments—often due to SSA errors—could see their monthly benefits reduced to zero.

Former Social Security Commissioner Martin O’Malley warned that cutting SSA staff increases the risk of these errors and makes it harder to fix them. “This return to the 100% interruption and clawback of a beneficiary’s monthly payments will inflict dire financial hardship on greater numbers of innocent seniors who depend entirely on their monthly Social Security benefit to survive,” he said.

L-R: BOT acting Chairman, Hezekiah University, Umudi, Amb. Onyinye Gift Uwaechia; Governor of Imo State, Hope Uzodimma; his wife and awardee, Chioma Uzodimma; and Pro-Chancellor, Hezekiah University, Umudi, Lady Ogechi Ibeagi, at the maiden convocation ceremony of the university held at the University Arena, Umudi, Nkwerre LGA, over the weekend

Adedayo Akinwale in Abuja

FEMALE LEGISLATIVE AIDES MARK 2025 IWD PEACEFUL WALK...

IWD: Musawa, NEITI, Others Seek More Women Inclusion, Seek Action Against Barriers

on cultural, institutional and economic limitations restricting women from achieving inclusivity in the country.

Various groups and individuals in Nigeria have called for more women inclusion in critical decision-making positions. stressing that it is the right time to remove all barriers to women empowerment. They spoke on this year’s International Women's Day (IWD), where Minister of Arts, Culture, Tourism and the Creative Economy, Hannatu Musawa, called for action against cultural barriers limiting women's empowerment and inclusivity in the economy and governance.

Musawa made the comments at the weekend at the Nigerian Exchange Group's Annual "Ring the Bell for Gender Equality" symposium, to commemorate the International Women's Day.

The event was held at the Nigerian Exchange Group House, Lagos.

While calling for an acceleration of action on women's empowerment, the minister sought the speedy dismantling of multifaceted barriers mainly focused

Musawa called for urgent steps against deep-rooted stereotypes that continued to define women's role in many cultures, further limiting their impact in the larger society.

She expressed concerns that gender norms still dictated career choices, family expectations and leadership opportunities in Nigeria.

"We must challenge these narratives and redefine what it means to be a woman in Africa today," she stated.

She further stressed that unequal access to education, healthcare and financial services continued to set women back, adding, "Policies must shift from being gender-neutral to gender-intentional, actively levelling the playing field."

Musawa stated that the lack of financial inclusion prevented female-led businesses from scaling and contributing more significantly to economic growth, saying overcoming these barriers requires deliberate effort from governments, businesses and society.

Tinubu Condoles with Jimi and Segun Agbaje over Mother's Demise

Deji Elumoye in Abuja

President Bola Tinubu has expressed his sympathies to Jimi and Segun Agbaje and the entire Agbaje family on the sad passing of their mother, Margaret Olabisi Agbaje.

Tinubu, in a release issued on Sunday by his Adviser on Information and Strategy, Bayo Onanuga, joined friends, associates, the Catholic community in Nigeria, and the many students whose lives Mama Agbaje touched in mourning her loss. She peacefully departed this world on March 5.

Tinubu, while commending her dedication to education and nation-building, recognised her as a beacon of teaching, learning, and discipline.

The president lauded Mama Agbaje’s enduring legacy as a mother and leader, which continued to thrive in those she mentored to success, including her distinguished children and others who excelled in their fields.

"Mama Agbaje's life was a testament to kindness, humility, and unwavering dedication to education.

To her students, her greatest fulfilment was seeing their triumphs," the president stated.

Tinubu encouraged the Agbaje family and all who mourned her passing to find solace in their faith and the enduring impact of her well-lived life.

He also offered prayers for her soul's peaceful repose.

"May her goodness be a lasting memory to all whose lives she enriched," he stated.

Mrs. Agbaje was a distinguished educator, community leader, and former President of the Catholic Women Organisation (CWO), Lagos Ecclesiastical Province.

Beyond her educational endeavours, Mrs Agbaje was a pillar of strength within the Catholic community. She served with distinction as President of the CWO, Lagos Ecclesiastical Province, and held key leadership roles in numerous church societies.

Throughout her illustrious career, Mrs. Agbaje made significant contributions to education. She taught mathematics at Holy Child College, Lagos (1953–1959), served at St. Joseph's Teacher Training College, Surulere (1960-1971), and led as the Headmistress of St. Catherine's Model School, Surulere (1971–1982). Her influence on her students was profound and lasting.

Musawa stated, "Women must not only be present in decision-making spaces but must be actively leading in business, politics, and governance."

Nigeria Extractive Industries Transparency Initiative (NEITI) equally called for gender inclusivity in policy making positions in the extractive industry to enhance the principles of fairness and unlock the full potential of the country.

Executive Secretary of NEITI, Dr. Ogbonnaya Orji, made the call at a special event to commemorate the 2025 IWD held at NEITI House, Abuja. Orji stated that globally the extractive industry had been characterised by a significant gender imbalance, with women underrepresented in key top positions, often facing barriers that hinder their full participation and advancement.

“The disparity limits the potential of half of the world's population and deprives the industry of diverse perspectives essential for sustainable

growth and innovation,” he said. He called on policy makers at all levels of governance to foster a wider space for inclusion, gender equity, and support within our society, particularly in the extractive sector and governance at large, especially, at the leadership level.

The keynote speaker at this year’s NEITI IWD, President of the International Federation of Women Lawyers (FIDA) and General Counsel at Nigeria Sovereign Investment Authority (NSIA), Mrs. Ezinwa Okoroafor, underscored the importance of commemorating the Women’s Day, saying it is an opportunity to assess the progress that has been made on gender equality.

In Sokoto, Nigeria Association of Women Journalists (NAWOJ), Sokoto State chapter, commended the wife of the governor, Hajiya Fatima Aliyu, for her efforts to empower women and girls across the state.

According to a statement by the state NAWOJ Secretary, Hajia Hadiza

Muhammad, the governor’s wife’s commitment to women's development has been inspiring, with various initiatives aimed at promoting education, healthcare, and economic opportunities for women and girls.

In Bauchi, NAWOJ, Bauchi State chapter, marked this year's IWD with a call for collective efforts from government, organisations and individuals to remove all forms of barriers impeding women's progress, to give equal opportunities for the women to excel in their various endeavours.

As part of the events to commemorate the day, NAWOJ, Bauchi State chapter, in partnership with the Office of the Special Adviser to Governor Bala Mohammed on Media and Publicity trained its members on career mentorship to help their journalism profession.

Speaking during the training, which held at the NUJ Secretariat weekend, Chairperson of NAWOJ, Bauchi, Hajiya Rashida Yusuf, appreciated the special

adviser, Mukhtar Gidado, for supporting the association to celebrate the IWD in grand style and also thanked office of the SDGs for their support.

Meanwhile, National Association of Seadogs (NAS), Pyrates Confraternity, called for adequate protection for women.

In a statement signed by NAS Capn, Dr Joseph Oteri, the association maintained that women's universal entitlement to equality, dignity, and freedom was non-negotiable and aligned with IWD 2025 theme, "Accelerate Action."

NAS pointed out that while many countries had implemented robust frameworks to protect women's rights, Nigerian women often faced systemic barriers that were less prevalent elsewhere.

"For instance, the prevalence of child marriage and maternal mortality rates in Nigeria are higher than global averages, indicating a need for targeted interventions," NAS stated.

Threatens to stop contributions if these boards are not constituted

Dike Onwuamaeze

Nigeria Employers’ Consultative Association (NECA) has called on the federal government to immediately constitute the boards of the Nigeria Social Insurance Trust Fund (NSITF) and National Pension Commission (PENCOM), among others, to ensure effective governance, transparency, and accountability in the management of employer’s contributions and workers’ pension funds.

Speaking in Lagos yesterday, Director-General of NECA, Mr. Adewale Smatt-Oyerinde, expressed deep concern over the prolonged delay in constituting these boards.

Smatt-Oyerinde emphasised that the absence of proper governance

structures was creating significant accountability concerns and uncertainty in the fund’s administration.

He said, “The NSITF Act of 1993 mandates the establishment of a board to provide oversight and policy direction in the administration of social insurance contributions.

“Similarly, the Pension Reform Act (PRA) 2014 requires the PENCOM Board to safeguard the integrity of the pension industry. Without these Boards, there is a glaring governance gap that weakens regulatory oversight and exposes the NSITF and the Pension funds to intended and unintended risks.”

He also highlighted that “the contributions to NSITF and PENCOM are not government’s income. They are

strictly employer’s funds, contributed for specific purposes”.

According to him, “Employers, and, indeed, workers, who make mandatory contributions to these schemes, are becoming increasingly concerned about the absence of governance structures to ensure judicious fund management.

“Moreover, this deviation from international best practices contradicts the principles of good governance upheld by global organisations such as the International Labour Organisation (ILO), which stress the importance of effective governance in social security and pension management.”

Smatt-Oyerinde warned that the continued failure to constitute these boards was a contravention of statutory

provisions, which was eroding public trust and could compel employers to stop their contributions due to concerns over fund transparency and mismanagement.

He stressed that maintaining employer confidence in these institutions was crucial to ensuring the financial security of Nigerian workers and retirees.

Reiterating its stance, the directorgeneral urged the government to act swiftly in constituting the boards in line with legal requirements.

“The business community remains committed to fulfilling its statutory obligations but expects the government to uphold principles of good governance and global best practices,” he stated.

British Envoy Upbeat as The Body Shop Opens in Abuja

Michael Olugbode in Abuja

The Body Shop, 48 years after its establishment in Brighton, England has opened its first store in West Africa. The store was opened in Abuja, Nigeria’s capital on Saturday.

The latest addition to the renowned British cosmetics, skincare and perfume company which was established in 1976 by Anita Roddick was opened at the Jabi Mall by the British Deputy High Commissioner to Nigeria, Gill Lever.

Speaking at the opening, Lever said it was a momentous occasion

showing growing economic partnership between the United Kingdom and Nigeria. She equally noted that the UK’s Department for Business and Trade has identified Nigeria as a high-growth market.

Lever said: This is a momentous occasion, not only for The Body Shop as a pioneering UK brand but also for the growing economic partnership between the United Kingdom and Nigeria.

“What better moment than International Women’s Day to celebrate the arrival of The Body Shop in Nigeria. This launch is more

than just the opening of a store—it is a statement of intent. It represents the power of ethical business, the strength of UK-Nigeria collaboration, and the unwavering commitment to female empowerment.”

The Deputy High Commissioner disclosed that in 2023, the total trade in goods and services between the UK and Nigeria was valued at £7.8 billion, representing an increase from £6.9 billion in 2022.

“Nigeria is the UK’s secondlargest trading partner in Africa, and the UK is one of the largest foreign investors in Nigeria, with

investments spanning sectors such as energy, finance, and retail.

“The UK’s Department for Business and Trade has identified Nigeria as a high-growth market, with a young, dynamic population of over 200 million people and a rapidly expanding middle class.

“The Body Shop’s entry into Nigeria is a clear signal of the confidence UK businesses have in this market. It also reflects the shared commitment of both our nations to fostering sustainable and inclusive economic growth,” Lever added.

Emmanuel Addeh, Michael Olugbode in Abuja, Mary Nnah in Lagos, Onuminya Innocent in Sokoto & Segun Awofadeji in Bauchi

A cross-section of female legislative aides, led by the Special Assistant to the Senate President on Public Hearing and Events, Ms. Abisola Munis, and the Director of Administration & Protocol, Office of the Leader of the Senate, Ms. Tabitha I. Sallah, during a peaceful march to commemorate the 2025 International Women’s Day at the National Assembly Complex, Abuja, last Saturday

UNION BANK PAYS COURTESY VISIT TO MINISTER OF FINANCE...

Hunger, Insecurity Still Plaguing Nigeria, Say Catholic Bishops

The Catholic Bishops Conference of Nigeria (CBCN) has expressed worry over the persisting hardship and insecurity across the country, saying the future of the nation remained bleak despite some recorded progress.

Worried by the state of affairs of the nation, CBCN cautioned against abuse of human rights, perpetration of injustice and corruption, stressing that leaders who loot public coffers should be mindful of the dangers of provoking the populace to effect change through violent uprising.

Speaking at the opening plenary of the first meeting of the CBCN in 2025, President of the Conference and Archbishop of the Owerri Archdiocese, Most Rev. Lucius Iwejuru Ugorji, expressed worry that the country has continued to face various challenges.

According to him, these include harsh socio-economic situations, heightening insecurity, rising youth unemployment and the deplorable state of federal correctional centres.

He said: "While the economic reforms introduced by President Bola Tinubu’s administration aims

at stabilising the economy in the long term, they have significantly triggered sky-rocketing inflation, drastically reduced the purchasing power of Nigerians, and plunged millions into poverty.

"The World Bank projects that 129 million Nigerians now live below the poverty line. The 2024 Global Report on Food Crisis lists Nigeria as the second globally in terms of acute food insecurity, with 24 million people categorised as food insecure".

On insecurity, he said that more and more communities are being terrorised, traumatised, displaced,

impoverished and their ancestral homes taken over by their conquerors.

Ugorji said the bishops are concerned that the government has not fully deployed technology to complement the efforts of security agents in tackling crime in the country.

Ugorji who led the audience to observe a minute silence in honour of priests and other Nigerians who lost their lives in the hands of terrorists and kidnappers said: " Gruesome tales are told of the kidnapping and cruel slaughtering of Nigerians for harvesting human parts for sale or rituals undertaken by criminal gangs.

SSANU Decries FG's Non-release of N50bn for Earned Allowances

The Senior Staff Association of Nigeria Universities (SSANU) has expressed displeasure over the continued delay in the provision of funds for payment of earned and other allowances by the federal government.

In a communiqué issued after the National Executive Council meeting of the association held in Federal University Otuoke in Bayelsa, SSANU said that government should ensure that the N50 billion earlier appropriated should be recaptured in the 2025 budget, and that other pending allowances should be released without further delay.

The communique signed by SSANU President, Haruna Ibrahim said: " NEC-in-Session expresses

NDLEA

displeasure over the continuous delay in the release of N50 billion for the payment of earned and other allowances which was appropriated in the 2023 supplementary budget.

‘'NEC further frowns at the non-payment of the arrears of our 25 per cent and 35 per cent salary increment for federal universities, inter-universities centres and some state universities".

The communique said that SSANU unanimously resolved that the government should ensure that N50 billion earlier appropriated should be recaptured in the 2025 budget, and our other pending allowances should be released without further delay. SSANU also demanded for the immediate payments of its two months' withheld salaries.

The association commended the President Bola Tinubu-led administration for paying two months out of the four months withheld salaries of its members in federal universities and inter-university centres.

It further noted that the two months arrears were paid without remitting third party payments such as cooperative deductions, dues for professional associations and others.

"NEC appeals to the federal government through the Minister of Education, Dr. Olatunji Alausa, to as a matter of seriousness facilitate the payment of our remaining two months salaries and the third party deductions, so as to guarantee industrial harmony in all Nigerian universities and inter-university

centres," it said.

On the incessant cases of sexual harassment in the universities, the association frowned upon the rate at which students and staff are sexually harassed in the country's tertiary institutions.

It condemned an alleged case of sexual harassment involving the Vice-Chancellor of Federal University, Oye, Ekiti State, Prof. Abayomi Fashina against a Deputy Director of Works and Services of the same Institution.

SSANU warned that it was closely monitoring the developments and anything short of justice for the sexually harassed members of the union would be unacceptable. SSANU further expressed concern over what it described as the humongous tax on various goods and services.

"Enough of this senseless brutality! Enough of this barbarism! This carnage must stop! While we appreciate the efforts of the security operatives, who put their lives on the line to fight the criminals and put an end to their savagery, we wonder why the government has not deployed high technology to complement the efforts of security operatives".

Ugorji also spoke of rising youth unemployment, adding that where youths constitute 70 per cent of the population, youth unemployment in the country has remained a major concern.

As the country grapples with multifaceted challenges, the president of the Bishops Conference urged Nigerians not to give up the struggle for good governance based on free, fair and transparent elections.

He lamented the level of injustice

and inhumane treatment being meted out to persons under extended custody without court hearing, saying that such actions amounted to violation of fundamental rights of the affected individuals.

Ugorji drew attention to the situation in Nigeria's federal correctional centres which he described as deplorable.

Apart from the inhumane condition of the correctional facilities, the Bishop said that the manner in which suspects are thrown into the detention centres without trial, undermine the judicial process and perpetuate injustice.

"To reverse this sad trend, there is a need to uphold fundamental rights. We should tirelessly insist on good governance that is rooted in free, fair and credible general elections. We should continue to empower our people through civic education and the church's social teaching.

EU-funded SDN Seeks Ways to End Communal Feuds in Bayelsa

Olusegun Samuel in Yenagoa

A European Union ((EU) funded Non-governmental Organisation (NGO), Stakeholder Democratic Network (SDN) has advocated peaceful dialogue as the best option to resolve disputes among communities in Bayelsa state.

At a three-day training for community leaders and opinion drivers in Bayelsa communities which ended at the weekend, participants drawn from seven communities converged at the Ebitari hotel, Yenagoa, to dialogue on ways to foster peace in the communities.

communities in the Niger Delta. She said that in the end, the communities are able to resolve underlying issues that if not addressed could lead to conflict or violence.

"On this project we are able to address issues, support the communities in addressing issues that if not properly handled could lead to violence and conflict among these communities and for communities that don't have issues of conflict or violence, let's see how we can foster greater peace with their neighboring communities.

him over a recent attempt to export two kilogrammes of cocaine concealed in vehicle propellers to Angola.

A statement by the spokesman of the anti-narcotics agency, Femi

Babafemi yesterday said that the seizure of the cocaine consignment was made at a logistics company in Aspanda, Trade Fair Complex, Ojo area of Lagos on February 21, 2025. According to him, swift contacts were made with Angolan authorities who in turn arrested the supposed recipient of the illicit drug in Angola, after which the identity of the sender was unraveled.

He said this resulted in NDLEA operatives tracking Ubodoeze to

his house in Ago Palace Way area of Isolo, Lagos where he was caught in a KIA Sport Utility Vehicle trying to escape last Thursday.

According to Babafemi, a search of the vehicle led to the recovery of a large quantity of phenacetin, a cutting agent for cocaine weighing 75.5 kilogrammes packaged and branded as semolina, while a digital scale used in weighing illicit drugs was recovered from his house.

The NDLEA spokesman said in his statement, Ubodoeze admitted dealing in cocaine while selling motor spare parts at Ladipo market, Mushin area of Lagos. He stated that the supposed recipient of the illicit consignment in Angola alerted him the moment he was arrested in Angola hence his bid to evacuate his house and flee from the area shortly before NDLEA officers swooped on him.

Funded by the European Union and implement by the SDN in partnership with the Search for Common Ground Nigeria (SCGN) and the Foundation for Partnership Initiatives in the Niger Delta (PIND), the programme is part of efforts by the EU and it's implementing partners to end the incessant communal crises in the Niger Delta.

Speaking on the project with the theme: 'Intra Communal Transformative Dialogue' the Deputy Programme Manager, SDN, Mrs. Ifeoma Ndekwu, said the objective of the programme was to see how it can help foster peace amongst

"The way this activity is designed in such a way that they would be the ones to identify the issues and also identify the solutions. Our job is to facilitate and help them articulate these issues properly,” she added. She said for this phase of the project, Imirigi and Otuasega in Ogbia Local Government Area, Sagbama and Agbere in Sagbama Local Government Area and Nedugo, Agbia and Gbarantoru in Yenagoa Local Government Area will be involved.

One of the participants, the Paramount Ruler of Gbarantoru community, Chief Igonia Dakolo, praised the EU and its implementing partners for the project.

Onyebuchi Ezigbo in Abuja

Michael Olugbode in Abuja

An automobile spare parts dealer, Levi Ubodoeze, has been arrested by operatives of the National Drug Law Enforcement Agency (NDLEA) barely three weeks after a manhunt was launched for

Onyebuchi Ezigbo in Abuja

L-R: Mr. Eze Nwakanma, Head, Agribusiness and Exports, Union Bank of Nigeria; Ms. Kike Longe, Special Adviser to the Minister of Finance; Mrs. Yetunde Oni, MD/CEO, Union Bank of Nigeria; Chief Olawale Edun, Honourable Minister of Finance; Mr. Mannir Ringim, Executive Director, North and Public Sector, Union Bank of Nigeria; and Ms. Funmi Ajagbe, Head, Public Sector – Lagos and West, Union Bank of Nigeria, during a courtesy visit to the Honourable Minister of Finance in Abuja, last Friday

Akpoti-Uduaghan: One Suspension, Too Many

Two of the eight Senators that had been suspended since the commencement of the Fourth Republic in 1999 are members of the current 10th National a ssembly, which was inaugurated less than two years ago. Sunday Aborisade reports.

The six months suspension slammed on the Kogi Central Senatorial District Senator, Natasha Akpoti-Uduaghan has continued to generate mixed reactions across the various various segments of the Nigerian society and in the international communities because of the controversy surrounding the action.

Some analysts who had spoken out on the decision of the Senate were of the view that even if Senator Akpoti-Uduaghan had erred by speaking from the seat she was removed from, slamming a six month suspension on her was outrageous and had exposed the intolerant nature of the leadership of the 10th Senate.

They supported their position by reviewing the eight suspension cases so far witnessed in the last 26 years of the nation’s 4th Republic with the Senator Godswill Akpabio’s leadership of the 10th Senate recording two in less than two years.

According to the analysis, Senator Femi Okurounmu, who represented Ogun Central Senatorial District was suspended in 1999 after he had alleged that his fellow Senators were planning to impeach the then president Olusegun Obasanjo. He was later recalled after tendering an apology to the Senate.

The second person was Joseph Waku from Benue State who was suspended in 2000 when he suggested that a military coup would be preferable to allowing former president Obasanjo to continue ruling as a dictator.

The statement led to his suspension because it was coming at a time Nigerian democracy had yet to stabilize after years of military rule, was greeted with condemnation from Nigerians and the global community.

Another senator hit by the Senate sledge hammer was Senator Arthur Nzeribe from Imo Orlu Constituency over allegations of fraud. Nzeribe was indefinitely suspended in November, 2002 over a ₦22 million fraud allegation.

The gale of suspension continued in 2004 with Isah Mohammed from the Niger Central Senatorial District becoming a victim. Mohammed was suspended for two weeks after he physically assaulted Senator Iyabo Anisulowo

outside the National Assembly lobby. The altercation was reportedly related to the disbursement of committee’s funds.

The Senate experienced a great deal of stability from 2004 to 2017 before the incident of suspension reared its ugly head again in 2017 with Ali Ndume from Borno South Senatorial District becoming a victim.

Ndume was suspended for six months after calling for an investigation into allegations involving former Senate president, Dr Bukola Saraki and Senator Dino Melaye.

The Senator who represented Delta Central in the Eighth Assembly, Ovie Omo-Agege, got his own share in 2018 when he was suspended after opposing the election reordering bill.

Despite apologizing for his stance, he sought a court order to prevent the Senate from suspending him, but the action invariably earned him the suspension.

In the 10th Senate, two suspension incidents had been recorded in less than two years.

The first involved Senator Abdul Ningi from Bauchi Central, who was suspended for three months in 2024 after alleging that the National Assembly padded the 2024 budget by ₦3 trillion.

Few weeks into year 2025, it was the turn of Senator Natasha Akpoti-Uduaghan from Kogi Central, who was suspended on the 6th of March, 2025, for six months over alleged misconduct in the red chamber.

Akpoti-Uduaghan’s case was the most controversial that had drawn global outrage especially coming at a period when the world is celebrating the International Women’s Day and considering the fact that only four out of the 109 senators in the 10th Senate are women.

In 2018, Akpoti declared her intentions to run for Senator under the Social Democratic Party.

On 25 May 2022, she won the PDP’s primaries for the 2023 Kogi State senatorial election but lost at the general election.

On 6 September 2023, she was declared winner by the election tribunal. On 31 October 2023, the Court of Appeal in Abuja ruled that she was the legitimate winner of the February 2023 senatorial election.

On February 20, 2025, Akpoti-Uduaghan caused an uproar in the Senate when she rose

Some analysts who had spoken out on the decision of the Senate were of the view that even if Senator Akpoti-Uduaghan had erred by speaking from the seat she was removed from, slamming a six month suspension on her was outrageous and had exposed the intolerant nature of the leadership of the 10th Senate. They supported their position by reviewing the eight suspension cases so far witnessed in the last 26 years of the nation’s 4th Republic with the Senator Godswill Akpabio’s leadership of the 10th Senate recording two in less than two years.

under Order 10 of the Senate Rules to challenge the leadership of the Red Chamber for relocating her seat without informing her.

Her action made her to clash with the Senate President, who refused to listen to her because she was not speaking from the new seat allocated to her, as stipulated in the Senate Rules.

Tempers rose when Akpoti-Uduaghan, refused all entreaties from her colleagues to accept the new sitting arrangement and a shouting match ensued between her and the Senate President.

The development forced Akpabio to order the Sergeant-At-Arms to lead her out of the chamber with a threat to suspend her if she refused to accept her new seat and keep quiet.

Normalcy was however, restored in the chamber following the intervention of other colleagues who prevailed on both Akpabio and Akpoti-Uduaghan to give peace a chance.

Chief Whip of the Senate, Senator Mohammed Monguno through a point of order cited sections of the Senate Standing Rules, to justify the reallocation of the seat within the chamber. Monguno explained that the changes were necessary to accommodate changes caused by some opposition members who defected to the majority party, the APC. He said such changes fall within the constitutional prerogative of the Senate President.

Monguno further emphasized that failure to comply with the new sitting arrangement could lead to penalties for “improper seating position.” including the possibility of being prevented from participating in Senate proceedings.

The following week, the Senate Spokesperson, Senator Adeyemi Adaramodu, rose under order 10 to draw the attention of his colleagues to the comments generated by Akpoti-Uduaghan’s action in the media and urged the red chamber to investigate it.

The matter was then referred to the Senate Committee on Ethics, Code of Conduct and Public Petitions chaired by Senator Neda Imasuen from Edo South.

Akpabio

Akpoti-Uduaghan

Della Adetokunbo: Driving Business Growth through Strategic HR and Client Servicing

In today's fast-paced business world, organisations constantly seek innovative ways to drive growth, improve productivity, and enhance customer satisfaction. For Della Adetokunbo, a Marketing Communication and Human Resources (HR) expert who doubles as the Head of Human Resources at Tedell Global Resources Limited, the key to achieving these goals lies in strategic HR and client servicing. Sunday Ehigiator reports

Adetokunbo's journey to becoming a leading HR expert began with her academic background in Industrial Relations and Personnel Management. This foundation provided her with a deep understanding of labour laws, workplace policies, and employee engagement strategies.

Over the years, she has honed her expertise in HR strategy, leadership development, and customer relationship management, leading to her current role at Tedell Global Resources Limited.

With over a decade of experience in the industry, Adetokunbo has developed a unique approach that combines cuttingedge HR practices with a client-focused mindset. Her expertise has been instrumental in driving business growth, improving employee engagement, and enhancing customer satisfaction for her organisation.

Additionally, her knowledge of employee engagement strategies has helped her develop effective client relationships, ensuring seamless communication, conflict resolution, and service excellence.

A Strategic HR Foundation for Business Growth

Adetokunbo's approach to HR is built on the premise that people are the backbone of any organisation. She believes that by investing in employees' growth and development, organisations can unlock their full potential and drive business growth.

“To achieve business growth, organizations need to focus on building a high-performing team,” Adetokunbo explains.

“This involves creating a work environment that fosters engagement, innovation, and collaboration. By doing so, organisations can tap into the collective talent and expertise of their employees, leading to improved productivity, creativity, and ultimately, business growth.”

Impact of Strategic HR

Speaking on the impact of strategic HR, she noted that she has “implemented strategies such as career development programs, competitive benefits, mentorship initiatives, and an open-feedback culture, and their effectiveness is measured through employee engagement surveys, retention rates, and performance improvement metrics.

“For example, after introducing structured mentorship and career growth plans, we saw a 15-20 per cent improvement in employee retention over two years.

“My approach involves aligning HR policies with business goals by collaborating with leadership, gathering employee feedback, and benchmarking against industry best practices.

“Policies are designed to enhance productivity, foster inclusivity, and maintain compliance while empowering employees to contribute to organizational success.”

Adetokunbo's strategic HR and client servicing approach have had a significant impact on her organisation. By focusing on employee growth and development, she has seen a significant improvement in employee engagement and productivity.

According to her, “Our employee engagement surveys have shown a significant increase in employee satisfaction and engagement,” Adetokunbo reveals. “This has translated to improved productivity, creativity, and innovation, ultimately driving business growth.”

Similarly, she said the organisation’s client servicing approach has led to increased

customer satisfaction and loyalty.

“Our client retention rates have improved significantly, and we've seen a significant increase in referrals and recommendations,” Adetokunbo says. “This is a testament to the power of building strong, lasting relationships with our clients.

“I focus on proactive communication, personalised service, and consistent follow-ups to strengthen client relationships. Understanding their pain points and providing tailored solutions fosters trust and long-term partnerships.

“A key example was when a major client raised concerns about service delays. I immediately held a meeting, identified the root cause, and restructured the workflow to improve efficiency. By keeping the client informed and ensuring rapid improvement, we not only retained the account but also strengthened our business relationship.”

On how she measures client satisfaction and evaluates service successes, she said, “I use client satisfaction surveys, Net Promoter Scores (NPS), and service delivery

timelines as key metrics. Regular feedback sessions also help identify improvement areas and ensure continuous enhancement of our client service standards.”

Performance Management and Leadership

According to Adetokunbo, effective performance management and leadership development are crucial components of any successful organization. “They not only help to improve employee engagement and productivity but also ensure that the organisation has a strong pipeline of future leaders.

“I have designed and implemented performance management programs that have yielded impressive results.

“These programs include 360-degree feedback systems, goal-setting frameworks such as OKRs and KPIs, and rewards programs.

“By providing employees with regular feedback, clear goals, and incentives, we have seen a significant increase in employee engagement, productivity, and career satisfaction.

“Also, to ensure that our organization has a strong pipeline of future leaders, I have developed a comprehensive leader-

Our client retention rates have improved significantly, and we've seen a significant increase in referrals and recommendations. This is a testament to the power of building strong, lasting relationships with our clients. I focus on proactive communication, personalised service, and consistent follow-ups to strengthen client relationships. Understanding their pain points and providing tailored solutions fosters trust and long-term partnerships

ship development program. This program includes mentorship initiatives, leadership workshops, and cross-functional training.

“By providing high-potential employees with the skills, knowledge, and experience they need to succeed, we have seen a significant increase in internal promotions and a stronger leadership pipeline.

“Then to ensure that our performance management process is fair, transparent, and aligned with business goals, I have implemented several key initiatives.

“These include setting clear expectations, using objective evaluation tools, and maintaining open communication. Regular performance reviews and coaching sessions also provide employees with the feedback and support they need to develop and grow.

“By combining effective performance management with comprehensive leadership development, organisations can unlock the full potential of their employees and drive long-term success.”

Investing in Employees

Adetokunbo stressed the need for employers to massively invest in their employees if they must achieve significant business growth. She also gave nuggets on some key training to enhance the performance skills of employees.

According to her, “In today's fast-paced business environment, organizations must prioritize employee growth and development to remain competitive. I have implemented various training programs designed to enhance employee skills, knowledge, and performance.

“To ensure the effectiveness of our training programs, I have implemented a robust evaluation framework. This includes posttraining assessments, employee feedback, and performance improvement tracking. By continuously monitoring and evaluating our training programs, we can refine our approach and ensure that our employees receive the support they need to succeed.

“One of the most impactful training programs I led was a customer service excellence workshop. This program was designed to enhance our employees' customer service skills and knowledge, with a focus on delivering exceptional service in a fast-paced environment.

“After implementation, we saw a 30 per cent increase in positive client feedback and faster resolution of service issues, demonstrating the program's success.”

Recommendations to Organisations

She however recommended that “as we look to the future, there are several challenges that organisations must navigate. These include adapting to hybrid work environments, attracting and retaining top talent in a competitive job market, and managing evolving client expectations in a digital-first world.

“To address these challenges, my strategy includes leveraging technology for HR processes, enhancing employee experience, and continuously refining our client engagement strategies.

“The future of work will be shaped by automation, remote work, and skills-based hiring. To remain competitive, organisations must invest in digital transformation, prioritise employee well-being, and develop adaptable workforce strategies. By embracing these strategies, organisations can stay ahead of the curve and thrive in a rapidly changing business environment.”

Head of Human Resources, Tedell Global Resources Limited, Adegbenro Della Adetokunbo

POLITY

Why Women Must Lead Africa’s Energy Future

Simi Adeyinka

Progress is never passive. Every milestone in gender equity has been achieved through deliberate action - women stepping up, institutions creating pathways, and society recognising the undeniable value of inclusion.

As we mark International Women’s Day 2025 under the theme “Accelerate Action,” we are reminded that the future of energyAfrica’s energy - is being shaped by the very choices we make today and on who leads it.

At FIRST E&P, we acknowledge the role of women in the energy sector and actively invest in accelerating their participation, leadership, and impact. Our “Transition to Tomorrow” strategy is a commitment to ensuring a just, inclusive, and sustainable energy transition that leaves no one behind.

This means recognising that women’s leadership in the energy sector is not just about diversity; it is about innovation, economic growth, and Africa’s long-term energy security.

Too often, conversations around gender and energy focus narrowly on rural women’s energy consumption, highlighting the reliance on biomass or firewood. While these issues are important, they represent just one dimension of the conversation. Women are not just consumers of energy; they are critical to shaping the future of Africa’s energy industry as decision-makers, engineers, policymakers, and entrepreneurs.

In Africa, the paradox is clear, Sub-Saharan Africa has one of the highest percentages of female STEM graduates globally—with over 30 per cent of STEM graduates being women. Yet, women make up less than 20 per cent of the energy workforce in Nigeria, with an even smaller fraction in executive leadership positions.

Excluding women from leadership and technical roles in energy is not just an issue of fairness, it is an economic and strategic risk. The challenges facing Africa’s energy sector, from infrastructure financing and gas commercialisation to policy reforms for a just transition, require bold, innovative, and inclusive leadership. Studies have consistently shown that gender-diverse leadership teams drive better financial performance, increase innovation, and improve problem-solving.

Women as Catalyst for Innovation

The energy sector is undergoing a seismic shift; innovative technologies, regulatory reforms, and evolving market dynamics demand diverse perspectives to navigate these changes successfully.

Women bring unique approaches to problem-solving, collaboration, and longterm planning that can drive Africa’s energy

transformation. Research shows that companies with diverse leadership teams are more likely to outperform their peers, and diverse teams generate stronger financial returns.

Several women across Africa are already pioneering change in the energy sector; for example, in Kenya, women-led initiatives are turning agricultural waste into renewable energy sources. In Nigeria, female entrepreneurs are expanding solar technology and equipping communities with skills in solar installation and sustainable energy management.

Across the continent, women-led startups are revolutionising clean energy access and off-grid solutions, tackling energy poverty while driving economic growth.

Despite these successes, systemic barriers continue to hinder women’s full participation in energy leadership. Breaking these barriers requires deliberate, industry-wide efforts.

We recognise that systemic barriers to women’s advancement in energy must be addressed at every level - education, corporate leadership, and industry-wide policy. This is why at FIRST E&P, we are actively creating opportunities for women to lead in energy.

In the last couple of years, we have significantly advanced women’s impact in our industry, as demonstrated by our recent appointments of women to key management roles and board positions—underscoring the strength and talent of respected female leaders

Our internal Women’s Development Network provides a platform for female professionals to connect, share experiences, and access leadership development opportunities. We are also participating in the NCDMB Diversity Sectorial Working Group on Challenges and Opportunities for Women in the Oil & Gas Industry, ensuring that women’s voices are

heard at key policy and industry discussions. But beyond our organisation, we recognise that lasting change requires industry-wide collaboration.

That is why we are actively contributing to the broader conversation on gender inclusion - advocating for policies and initiatives that will create real opportunities for women in Africa’s energy sector. We believe that what organisations perceive as women “issues” in the workplace are opportunities for growth.

A woman’s ability to sometimes have to juggle and balance both personal and professional roles uniquely equips them with the resilience and skill to navigate complex office dynamics, excel in stakeholder management, drive effective knowledge transfer, and exemplify ethical leadership.

Women at Forefront

The energy transition is not just about shifting from fossil fuels to renewables—it is about redefining leadership, decision-making, and innovation in the sector. Africa’s energy security, economic resilience, and sustainability depend on who is at the table making decisions.

At FIRST E&P, we believe that women must be at the forefront of this transformation. Their leadership is not a symbolic gesture - it is a strategic imperative. The evidence is clear that diverse teams drive better business performance.

McKinsey research shows that companies in the top quartile for gender diversity are 25 per cent more likely to outperform their peers. Inclusive leadership fosters innovation, with studies indicating that gender-diverse teams are more likely to introduce breakthrough ideas and creative solutions.

A gender-balanced energy workforce strengthens economic growth and the African Development Bank (AfDB) estimates that closing the gender gap in economic participation could boost Africa’s Gross Domestic Product (GDP) by up to $316 billion.

The energy transition presents a oncein-a-generation opportunity for Africa. To fully seize this moment, we must ensure that women are not just participants but leaders, decision-makers, and pioneers of the industry’s future.

At FIRST E&P, we are not just talking about change, we are driving it. We will continue to champion policies, programmes, and partnerships that elevate women in energy, ensuring that the sector becomes a space where everyone, regardless of gender, can thrive and lead.

Africa’s energy future is being written today. If we are serious about accelerating action, women must be at the helm.

• Adeyinka is Deputy General Manager, Corporate Services, FIRST E&P

Alaafin Clears Air on Curfew During 21 Days Traditional Rites in Oyo

Kemi Olaitan in Ibadan

The Alaafin of Oyo, Oba Akeem Owoade, yesterday, clarified misconceptions surrounding the imposed curfew during the 21-day traditional rites, popularly known as Oro Ipebi, in the ancient town. He also addressed concerns over the choice of words in the earlier statement issued on the matter.

Chief of Staff to the monarch, Rotimi Osuntola, had initially announced a curfew from 8 pm to 6 am, starting Friday, March 29, 2025. It was later revised to, from 10 pm to 4:30 am to accommodate those observing fasts.

But the monarch, in another statement in Ibadan, the Oyo State capital, by Osuntola, explained that the wording of the initial announcement was not intended to demean practitioners of any religion, stating that he had directed that the issue of the curfew be disregarded.

“The Office of the Chief of Staff to the Alaafin of Oyo has noted the sentiments expressed by a section of the Oyo populace regarding the restriction of movement during certain hours of the day, as announced in view of the ongoing Oro Ipebi rites being performed in honour of

Oba Owoade’s ascension to the throne.

“While words such as ‘curfew,’ ‘arrest,’ and ‘detention’ were used in an earlier statement from this office, they were meant in the loose traditional sense, as is customary whenever Oro rites are performed in the Oyo Kingdom.

“Their interpretations should be understood as such and not as coercive measures or an attempt to undermine the ongoing Ramadan and Lenten seasons. Instead, they were intended to encourage residents to be mindful of their movements during the traditional rites.

“Therefore, the earlier announcement concerning curfew, arrest, and detention of violators should be disregarded. His Imperial Majesty, himself a practicing Muslim and a man of Iman (faith), would never compromise human rights and freedoms enshrined and guaranteed by the constitution.

“Oba Owoade has directed that the issue of the curfew be dismissed. As a peace-loving king, he seeks unity and harmony among his subjects. The initial statement was meant to protect lives in Oyo town during the Oro rites,” the statement read in part.

Oba Owoade urged residents to exercise caution in areas where the Oro rites are being performed.

“It is customary in Oyo to request movement restrictions during Oro rites. However, the Office of the Chief of Staff regrets the use of the words ‘curfew,’ ‘arrests,’ and ‘detention’ and accepts responsibility for any misunderstanding, as the Oba had already commenced the rites when the statement was issued.

“We urge the good people of Oyo to go about their daily activities without fear of arrest, detention, or harassment,” the statement added.

Olukoyede

With profound sadness and heartfelt gratitude for a life well-lived, the Okafor-Ozowalu family announces the passing of our loving husband, father, and grandfather,

He peacefully passed away in his sleep on February 27, 2025 and was 90 Years Old

Funeral arrangements will be announced by the family

CHILDREN:

Dr. Obi and Dr. Mrs Taisha Okafor

Mr. Ugo and Mrs Obehi Okafor

Mr. Chijioke and Bar r. Adaobi Akpati

Engr. Emeka and Mrs. Chinyer e Okafor

10 GRAND CHILDREN

Signed by W ife:

Emeritus Pr of. Chinyelu B. Okafor, MS.c Ph.D (W is.), PF (Har var d)

www.thisdaylive.com

opinion@thisdaylive.com

PRIORITISING INVESTMENT IN KATSINA

Katsina is experiencing a wave of change as a result of human capital investments, reckons ABDULLAHI SIDIQ

See page 21

EXCESSIVE ATM CHARGES

OPATOLA VICTOR urges the FCCPC to intervene in the interest of the people

See page 21 Monday March 10, 2025 Vol 27. No 10926

CHIDI ANSELM ODINKALU

questions the supreme court ruling on the political crisis in Rivers State

IN RIVERS STATE, A SUPREME INIQUITY?

The political control of the resources of the territory known as Rivers State in Nigeria’s Niger Delta has been a site of curious jurisprudence since the Acting Consul of the Oil Rivers Protectorate, Harry Johnston, procured the judicial liquidation of King Jaja of Opobo in December 1887 in Accra, present capital of Ghana. The charge against King Jaja was the violation of a treaty obligation to assist the British “in the execution of such duties as may be assigned.” At the end of proceedings which lasted less than one day before a forum described by Elvar Ingimundarsson as a “Kangaroo court”, King Jaja was convicted and sentenced to exile. The court also prohibited the people of Opobo from designating a replacement for him.

At the end of February 2025, Nigeria’s Supreme Court continued a tradition of afflicting the people of the territory of Rivers State with curious jurisprudence. Separated by 137 years, the decision of the Supreme Court in the latest of the legal disputes from the political rift between incumbent governor, Siminalayi Fubara, and his predecessor, Nyesom Wike, reprises essential parallels with the trial and exile of King Jaja with haunting similarity.

Now, as then, the underlying dispute is really about “a treaty”; in this case allegedly between the governor and his predecessor, the terms of which also appear to be about “the execution of such duties as may be assigned….” The court orders are against a ruling figure (Governor Fubara) from Opobo and the political effect is to seek to exile him from office while precluding any other Opobo person from replacing him.

Context is necessary to understand the case that the Supreme Court had to decide. Going into the 2023 election, the governor of Rivers State, Nyesom Wike, was term-limited. In 2020 and 2021, he publicly declared that he would not impose a successor on the state. In 2023, he did. His choice was a little-known public servant from Opobo-Nkoro, Sim Fubara. After the election, their relationship disintegrated. The reasons are subliminal in this case; the consequences are explicit.

In December 2023, 27 members of the Rivers State House of Assembly loyal to Nyesom Wike, including the Speaker, Martin Amaewhule, ostentatiously announced that they had defected to the ruling All Progressives Congress (APC). In 2015, the Supreme Court of Nigeria ruled that such defection is permissible only if the political party from which the legislators seek to defect is so hopelessly splintered that it “makes it impossible or impracticable for [the] political party to function as such.” If not, according to the court, “the defector automatically looses (sic) his seat.”

With the defection of Martin Amaewhule and his 26 other colleagues, the House of Assembly of Rivers State became factionalised. The remaining five members were loyal to the incumbent governor. Shortly after the defection of the Amaewhule faction in December 2023, the premises of

the Rivers State House of Assembly were demolished ostensibly on the orders of the state government. The faction loyal to the state governor relocated to the Government House where, shortly thereafter, they purported to pass into law the 2024 Appropriation Bill for the State, which became law when the governor promptly assented to it.

The outbreak of litigation that followed has been inexhaustible. The appeal determined by a five-person panel of the Supreme Court on 28 February 2025 is one them. Essentially, it sought orders to restrain the Central Bank of Nigeria from remitting to Rivers State, its share of the proceeds from the Federation Account except to finance a budget passed by the Amaewhule faction of the State House of Assembly. In other words, this was litigation asking the judiciary to take sides in what is in fact a very grubby dispute over control of Rivers State’s money.

This case traveled up to the Supreme Court with supreme alacrity. The Federal High Court delivered judgment on 30 October 2024, a mere three and a half months after filing on 15 July. Not wishing to be outdone, the Court of Appeal delivered judgment on 13 December 2024, less than a month and a half later. The Supreme Court has been equally supersonic in bringing the case to judgment.

The Supreme Court dealt with two issues when it should have addressed at least three.

First, it affirmed the jurisdiction of the Federal High Court to hear the case. Next, on the question whether the rump of the House of Assembly of Rivers State loyal to the governor could constitutionally sit to pass the 2024 budget, it held that they could not. In support of this position, the court cited precedent applicable to when the legislature sits on impeachment, a special procedure for which the constitutionally prescribed parliamentary arithmetic is different.

The third issue, it left unattended. The Court simply proceeded without deliberation or reasoning to grant all the orders asked for.

An injunction, the principal relief sought in this case, is notoriously a remedy in equity, only granted deliberatively. Over one century ago, the path-breaking decision in The

Lusitania laid down the principle that “as a general rule of both civil and common law…. the remedy must be commensurate with the injury received.”

There are four glaring problems with this Supreme Court judgment. The first is not what is in it but what is missing. Lawyers claim that “equity does not act in vain.” The Supreme Court did not bother to provide any reasoning or justification for its orders, leaving it open to legitimate accusations of having acted in vain or in a transaction. Granting the court every latitude on the violations that it found, its orders are an unreasoned overreach.

Second, ordering the Central Bank to withhold Rivers state’s share of the Federation Account is at best a rogue order that punishes the people for a dispute between politicians. It violates the maxim that “equity regards the beneficiary (in this case the people of Rivers State) as the true owner.” Their right to their share of the Federation Account is antecedent to, independent of, and unconnected with the dispute in this case.

Third, being aware of the ongoing litigation on the legal consequences of the defection of the Amaewhule faction of the State House of Assembly, the Supreme Court short-circuited a contingent appellate process and issued dispositions on a dispute that was neither before it nor necessary for the determination of the issues it was called upon to decide. In doing so, the court chose with a touch of injudicious shamelessness to accept the invitation to take sides in the underlying political dispute in Rivers State.

Fourth, the Supreme Court announced revolutionary jurisprudence on the judicial fly, claiming that, in cases where there is a disputed defection, “[o]nly the [legislature] can declare a seat vacant for defection and not the Governor of a State. Not even the Courts can do so.” It takes heedless audacity for an apex court to castrate the judiciary. That is exactly what the court did with this line in italics. When the Supreme Court laid down the contrary principle in 2015, it was by a panel of seven Justices. This Supreme Court purports to overrule that principle without even citing, acknowledging, or considering its earlier decisions on the same point. Moreover, a five-person panel of the Supreme Court cannot overrule a seven-person panel.

When Chief Justice of Nigeria, Kudirat Kekere-Ekun, showed up reportedly to turn the sod on proposed judicial digs with Nyesom Wike last October, there were unheeded warnings then concerning the prohibitive institutional costs of such dalliance with a notorious political litigant who has a reputation for instrumentalizing the courts. Many will look at this recent decision from the Supreme Court and say “we told you so.” For the CJN, it will be argued that she was not on the panel; to which the response will be, she chose the judges and constituted the panel.

A lawyer and a teacher, Odinkalu can be reached on chidi.odinkalu@tufts.edu

Katsina is experiencing a wave of change as a result of human capital investments, reckons ABDULLAHI SIDIQ

PRIORITISING INVESTMENT IN KATSINA

On Sunday, February 16, Katsina State Independent Electoral Commission (KTSIEC) declared the All Progressives Congress (APC) winner of the 34 local government chairmanship and 361 councillorship seats in Katsina, following an election that was contested by four other political parties.

The Governor of Katsina State, Dr. Dikko Umaru Radda, who is also the leader of the All Progressives Congress (APC) in the state, described the sweeping victory of the party in the local council election as a reflection of public confidence in the state’s governance and underscored the noticeable investment his administration has made in the people of Katsina State since he assumed office in May 2023.

The easy reaction to Dikko Radda, as he is more informally called, is to be inherently contrarian and to dismiss it as another political speak, but a careful review would make any observer conclude that he was not indulging in vain glorification or showmanship but expressing the reality, even as the people of Katsina see it today. And like John Maynard Keynes has been famously attributed, when the facts change, I change my mind. What do you do, sir?

Before Dikko Radda assumed office in May 2023, social and economic indices from Katsina appeared bleak, from multidimensional poverty, deprivation, infrastructure gap, out-of-school children, youth unemployment, banditry, and kidnapping—the state could easily pass as the symbol of underdevelopment. Today, in a turn of fate, the state is on course to reverse those years of neglect and unlock investments that have plummeted.

One of the areas Dikko Radda has prioritised over the last 21 months is investment in Katsina people through visible intervention in education, skills development, youth and women empowerment. Development economists have argued for many years that productivity is a precondition for economic growth; however, to improve productivity, governments at all levels must invest in the productive capacities of their people by taking their education, skills, and well-being seriously.

This consensus is also underscored by data from the demography tracker Statista, which puts Nigeria’s median age at 18.4 years, making it one of the youngest populations globally. Comparatively, this is a marked difference from that of Europe at 44, North America at 38, and Japan and Singapore at 48.4 and 44.8, respectively. Investment in education—primary, secondary, and tertiary education; girl-child education; vocational and technical skills; and expanding access to economic opportunities, as demonstrated by the Katsina state government—is the most important priority of a youthful population.

At the outset, one of the things Dikko Radda sought to do was to close the infrastructure gap in education as a result of years of neglect, chronic underinvestment and insecurity. Through the Transforming Education System at State Level (TESS-Project), the government has constructed and rehabilitated 150 primary schools across the state. In addition, special model secondary schools are also being constructed in Radda, Dumurkul, and Jikamshi, while rehabilitation work is also progressing simultaneously at Government Day Secondary Schools Funtua, Jikamshi, Ingawa, Zango, and GGSS Kabomo, to mention a few.

The government understands that to improve education outcomes, it must complement physical infrastructure with enhanced delivery in classrooms by upskilling the teachers and other academic officials. Through the State Universal Basic Education Board (SUBEB), the government has trained more than 274,816 officials,

including primary school teachers, integrated Qur’anic school teachers, officials from Better Education Service Delivery for All (BESDA), and private school teachers.

To incentivise students and improve school enrollment, the government has sustained the timely payment of scholarship and bursary allowance to 136,175 students from the 2020/2021 to 2023/2024 academic session, clearing a backlog it met in office. It has also introduced immediate employment for first-class degree graduates from universities in the state, ensuring that it can attract the brightest and the best to the Katsina State civil service and shape future outcomes. This is also in addition to the academic excellence award that was introduced for current students, who are high-fliers, where more than 210 students have been recognised and provided with cash incentives.

“If you educate a man, you educate an individual; if you educate a woman, you educate a nation” is perhaps one of the oft-repeated expressions for describing the transformative power of girl-child education, and in a state like Katsina, with a significant number of out-of-school children and a conservative approach to girl- child education, it is even more telling. This is why it is quite rewarding to see that the government is taking girl- child education seriously, under the Adolescent Girls Initiative for Learning and Empowerment (AGILE). Through the initiative, it has provided support to more than 100,000 girls, across 255 secondary schools, under the Water Sanitation and Hygiene (WASH) Programme.

To expand access to technical and vocational skills, Dikko Radda established the Katsina State Enterprise Development Agency (KASEDA) government. In March 2024, the government announced its partnership with the Enterprise Development Centre (EDC) of Pan-Atlantic University, Lagos, to train 10,000 young women aged 18-35 from the 34 local governments over a period of 12 months, for free in different technical and vocational skills.

The government has also collaborated with the Nigeria Automobile Technicians Association (NATA) to train 3000 youths across the state as mechanical apprentices under the Mechatronics Apprentice Support Program (MASP) programme. Katsina Youth Craft Village (KYCV), the state’s technical and vocational hub, has also received a major boost with facility upgrades and equipment. In addition, about 634 graduates of the vocational school were empowered with starter packs to become self-reliant and employers of labour.

All of these human capital investments suggest that slowly but surely, Katsina is experiencing a wave of change, from a story of underdevelopment to a more prosperous and peaceful state that can provide opportunities for its people to thrive and flourish.

Sidiq writes from Katsina

OPATOLA VICTOR urges the FCCPC to intervene in the interest of the people

EXCESSIVE ATM CHARGES

The recent circular issued by the Central Bank of Nigeria (CBN) (Ref: FPR/DIR/GEN/CIR/001 /002, dated February 10, 2025) has sparked outrage among millions of Nigerian consumers. The revised structure for Automated Teller Machine (ATM) transaction fees, scheduled to take effect from March 1, 2025, introduces steep charges that will disproportionately impact low-income earners who depend on ATMs for their everyday financial needs. This policy, if left unchallenged, threatens financial inclusion and places an undue burden on consumers.

The Federal Competition and Consumer Protection Commission (FCCPC) has a clear and broad statutory mandate under the Federal Competition and Consumer Protection Act (FCCPA) to intervene in matters that adversely affect consumer interests. Sections 17, especially 17(l)(a), 17(1)(b), and 17(1)(c) of the FCCPA empower the Commission to review economic activities, identify anti-consumer practices, and take necessary actions to protect Nigerians from exploitation. The FCCPC must act decisively, as this policy is not a monetary or fiscal policy decision but a business decision by the CBN that in favour of bank profitability over consumer protection. The misconception that every action of the CBN is insulated from regulatory scrutiny under the guise of its monetary policy powers must be corrected. Where the CBN acts in a manner that clearly prioritizes the profitability of banks over consumer protection, the FCCPC has the authority—and indeed the responsibility—to intervene. The FCCPC is vested with broad powers to check anti-consumer practices, whether they originate from private businesses or government institutions. In this case, the Commission has both the legal mandate and the moral responsibility to intervene

The anti-consumer nature of the recent policy is evident in several ways. First, the policy places a disproportionate burden on consumers withdrawing of another bank’s ATM by introducing a N100 charge per N20,000 withdrawal at on-site and a charge of N100 at off-site ATMs and an additional surcharge of up to N500 per N20,000 withdrawal at off-site ATMs. These new charges are separate and distinct from other numerous charges that financial consumers are mandated to pay. This effectively forces people to pay extra just to access their own money. The removal of the three free monthly withdrawals for “Not-On-Us” transactions worsens the financial strain on ordinary Nigerians, making it even more expensive to use banking services.

The CBN argues that these charges are meant to accelerate ATM efficiency and ensure appropriate pricing. However, there is no evidence to support this claim. Past increases in banking fees have not led to any significant expansion of ATM infrastructure. Instead, banks have simply profited from the additional charges without improving service delivery. As a result, while the total

number of ATMs may not have decreased, the existing infrastructure remains inadequate to meet consumer demand, leading to higher withdrawal expenses by forcing many consumers to rely on even more pricey POS vendors.

On a closer scrutiny, this policy represents a violation of consumer protection principles. The FCCPC has a responsibility to prevent businesses, including government institutions, from imposing unfair and excessive charges on consumers. The CBN’s new fee structure will only widen the financial exclusion gap by making banking services more expensive and less accessible to consumers, especially for those in rural and underserved areas. When bank charges gets too much and expensive, such policy undermines financial inclusion rather than promoting it; thereby undermining the CBN’s own stated goals.

To protect Nigerian consumers, the FCCPC must take the following immediate actions:

One, conduct an urgent review – Under Section 17(1)(b) of the FCCPA, the FCCPC should immediately review the CBN’s policy to assess its impact on consumers and determine whether it constitutes an anti-consumer practice.

Two, call for a temporary hold on implementation – The FCCPC, under Section 17(l) of the FCCPA Should take immediate steps to press for the suspension of the new ATM fees until a thorough review and meaningful stakeholder engagement takes place, ensuring no consumer is subjected to unfair charges until a full review is completed.

Three, engage the CBN Directly – The FCCPC should initiate direct consultations with the CBN, advocating for consumerfriendly banking policies that do not impose undue financial burdens on Nigerians.

Four, recommend corrective measures to the federal government, as empowered under Section 17(1)(c) of the FCCPA, ensuring that any future adjustments to banking fees prioritize consumer protection alongside financial sector profitability.

In conclusion the CBN’s unilateral imposition of excessive ATM fees is an anticonsumer practice that the FCCPC cannot afford to ignore. This is an opportunity for the Commission to exercise its broad statutory mandate and take a firm stance in defense of Nigerian consumers. We urge the FCCPC to intervene decisively and set a precedent that consumer interests must always be a consideration.

Victor is the National Coordinator of Lawyers for Civil Liberties, and can be reached through victor@lacivler.org

Editor,

Editorial Page PETER ISHAKA

Email peter.ishaka@thisdaylive.com

BRIGANDAGE AT IKEDC OFFICE

The culprits should be made to account

We condemn the invasion of the Ikeja Electric Distribution Company (IKEDC) headquarters in Alausa, Lagos, by armed personnel of the Nigeria Airforce (NAF) last week. And we ask that all the people involved should be apprehended and brought to justice. Nothing should warrant military personnel to take laws into their hands or engage in such a disgraceful act of violence against innocent civilians who were only doing their lawful duties. Although the Chairman of IKEDC, Kola Adesina, has adopted a conciliatory note with the NAF, the Association of Nigerian Electricity Distribution Companies has called on the federal government to identify all the military personnel involved in the show of shame and hold them accountable. Since orderly conduct of troops is a command responsibility, the commander of the base that keep the errant troops must also be held to account.

ment damaged, individuals and families traumatised, this kind of recklessness is a disservice to the ethos of “officers and gentlemen”. And there must be consequences. Even more condemnable is that the action was taken against legitimate business outfit in the power sector that is challenged on several fronts. This culture of military personnel brutally taking the law into their hands is a travesty in a democracy.

No matter the extent of provocation, a person in uniform must not resort to taking the law into their own hands

The whole episode speaks to sheer lawlessness. Following the impasse between the Sam Ethnan Airforce Base and Ikeja Electric over unpaid bills running into billions of Naira, and the 13-day disconnected electricity supply to the base, some armed soldiers, numbering about 64, stormed the premises of Ikeja Electric to demand that their light be turned on. Apparently to demonstrate their power, the NAF personnel reportedly overpowered the IKEDC Staff, injured about 15 of them, and vandalised property worth almost a billion Naira. “What happened this morning was quite unfortunate, and certainly it will not happen again,” was all that the Air Officer Commanding (AOC) Logistics Command, Air Vice Marshal Adeniran Ademuwagun, who visited the IKEDC headquarters with his team could offer. But that is not good enough.

With staff beaten up, vehicles taken away, equip-

T H I S D AY

EDITOR SHAKA MOMODU

DEPUTY EDITOR WALE OLALEYE

MANAGING DIRECTOR ENIOLA BELLO

DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU

CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI

EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN

THE OMBUDSMAN KAYODE KOMOLAFE

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA

GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU

DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE

DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI

SNR. ASSOCIATE DIRECTOR ERIC OJEH

ASSOCIATE DIRECTOR PATRICK EIMIUHI

CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI

DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO

TO SEND EMAIL: first name.surname@thisdaylive.com

Regrettably, this recourse to violence by personnel of our armed forces is not new. Perhaps, it is the nonchalant attitude towards investigating and punishing deviants that has allowed a culture of impunity to persist. Because these serial violations hardly attract serious consequences for their perpetrators, they are being normalised. But nothing can justify the whimsical resort to lawlessness by those whose primary responsibility is to uphold the law. As we have argued repeatedly on this page, no matter the extent of provocation, a person in uniform must not resort to taking the law into their own hands. Heads of our armed forces therefore have the primary responsibility of re-educating their men regarding basic decency.

Over the years, several reasons have been adduced to explain the violent disposition of some of our men and women in uniform who have scant regards for the rights of the citizens. Such reasons include their conditions of service especially the meagre remunerations, poor living condition in their barracks and low self-esteem. But the attack on a business concern is quite worrisome in several respects. While we hope that the culprits will be fished out and brought to justice, the heads of other critical institutions of state which bear arms should learn from the ugly episode. They must begin to instill discipline in their personnel. When those who carry arms on behalf of the state begin to behave like licensed thugs, anarchy is not too far away.

IMO CHARTER OF EQUITY AND THE ORLU ZONE

Before the last governorship election in Imo State, the incumbent governor, Senator Hope Uzodimma, while on a campaign trail, had assured the people of the state, particularly the people of the Owerri zone that the seat would come to their zone after his tenure. The political promise that the governor made was what every fair-minded citizen of the state should agree with without any equivocation.

Imo State is made up of three senatorial districts -the Imo West senatorial district otherwise known as the Orlu zone, the Imo East senatorial district otherwise known as the Owerri zone and the Imo North senatorial district otherwise known as the Okigwe zone.

Just like a one-time former deputy governor, Prince Eze Madumere, in his recent article, succinctly wrote that the Orlu zone has dominated the governorship seat for over about 21 years in the present fourth republic democratic dispensation. The Okigwe zone had the seat for four years and the Owerri zone had it for almost eight months.

Therefore, as the next governorship election of late 2027 draws closer by the day, equity, justice, fairness and every adjective suitable for what is good demand that the seat should rotate to either Owerri zone or Okigwe zone particularly the former since the zone

had governed the state for a cumulative 29 months between Evan Enwerem's 22 months and Emeka Ihedioha's seven months in the history of the old Imo State created in 1976.

Recently, some governorship aspirants from Orlu zone have been expressing their interest in the seat after the tenure of the incumbent. Granted that the Constitution of Nigeria entitles every eligible citizen of the state to aspire to the position irrespective of the Imo charter of equity. However, nobody with a conscience will support the aspirations of those from the Orlu zone to take over from the incumbent when his tenure expires in January 2028.

The implausible argument in some quarters is that Governor Uzodimma himself also took over from the then Governor Rochas Okorocha, who is also from the same Orlu zone, so why can't they aspire to the position and replicate what Uzodimma did?

What happened in 2019 and what will happen in 2027 would be different. Uzodimma's case was a peculiar case. He came on a rescue mission to save the state from the inordinate ambition of a particular family to appropriate the state as a personal property. Without the intervention of Governor Uzodimma, Uche Nwosu would be the governor of the state till date. If Uzodimma didn't

wrest the All Progressives Congress (APC) state structure from the then Governor Okorocha, Uche Nwosu would have been unchallenged for the ticket of the APC. And if that had happened, Ihedioha himself wouldn't have tasted the seat for the seven months that he was there. The combined might of the then federal and state governments would have bulldozed Uche Nwosu straight into the Government House.

Senator Uzodimma had wanted to return to the Senate in 2019, but when he witnessed the state about to be annexed as a personal property, he jettisoned the senatorial ambition and plunged head on into the governorship position. His intervention was fortuitous because he had the necessary connections to those who controlled the levers of power in the party at the federal level.

Against this backdrop, Uzodimma's intervention in 2019 cannot be juxtaposed with the current quest for the governorship seat from those from the Orlu zone. None of the rumoured governorship aspirants from the Orlu zone has the kind of political gravitas that Uzodimma had in 2019.

Ifeanyi Maduako, Owerri

AS AT M AR ch 7,2025

Kayode Tokede

Amid dwindling Naira value at the foreign exchange market, MTN Nigeria Communication Plc and six other Nigeria’s leading manufacturing companies incurred a combined foreign exchange loss of N2.06 trillion in the 2024 financial year, about 28.9 per cent increase over N1.6 trillion recorded in 2023.

Others are: Nestle Nigeria Plc, Dangote Cement Plc, Lafarge Africa Plc, BUA Cement Plc and Nigerian Breweries Plc and Dangote Sugar Refinery Plc.

This is according to information contained in the financial statements of these companies, collated and analysed by THISDAY.

The size and magnitude of the foreign exchange loss were so significant that it almost wiped out the shareholders’ funds of the firms, forcing mega restructuring for others. It also led to earnings loss that denied dividend to shareholders for the second consecutive year.

The foreign exchange losses by these companies in the 2024 financial year was triggered by the devaluation of the naira following President Bola Tinubu

administration’s forex unification policy launched in June 2023.

Following a series of devaluation policy of the Central Bank of Nigeria (CBN) the naira closed the year at an official exchange rate of N1,535 against the dollar compared to N907.1 against the dollar at the end of 2023, as businesses and consumers continued to grapple with escalating costs.

This led to massive foreign currency losses incurred by most Nigerian businesses with dollar denominated obligations when translated in local currency.

From the 2024 financial year results, Nestle Nigeria, Nigerian Breweries and MTN Nigeria Communication were most badly affected by the foreign exchange losses.

MTN Nigeria topped the list with a combined foreign exchange loss of about N1.03 trillion, representing 23.7per cent increase over N834.28billion in 2023. With over N1.03 trillion foreign exchange loss in 2024, MTN Nigeria posted N550.33 billion loss in 2024 from N177.89 billion loss declared in 2023.

According to the telecommunication giant, the

improved liquidity in the foreign exchange market has enabled it to reduce its outstanding LC US$ obligations by 95 per cent to approximately $20.8 million, tapering the impact of future naira depreciation and the associated finance costs.

“The reduction accounted for approximately 86 per cent of the realised net forex losses of N561.9 billion recorded in the period, while the unrealised portion amounted to N363.4 billion,” the company added.

The CEO, MTN Nigeria, Mr. Karl Toriola in statement stated that, “In the foreign exchange market, the naira depreciated to N1,535/$ by the end of 2024 (from N907.1/$ on 31 December 2023), as businesses and consumers continued to grapple with escalating costs.

“However, we took some comfort from the improvement in US dollar liquidity in the foreign exchange market and reduced volatility over the course of the year, as the naira exchange rate held relatively stable through H2 2024.”

He noted that these headwinds significantly impacted MTN Nigeria’s costs, particularly those

Nigeria’s foreign reserves rose by $4.33 billion year-on-year (YoY) to $38.35 billion as of March 6, 2025, reflecting a 12.73 per cent increase from the $34.02 billion recorded in the comparable period of 2024.

This is according to data obtained from the Central Bank of Nigeria (CBN), which highlights a steady accumulation of reserves amid

ongoing economic reforms and foreign exchange policy adjustments by the Central Bank of Nigeria (CBN). The growth underscores improved foreign capital inflows, enhanced export earnings, and a relatively stable oil revenue environment over the past year.

and shifted in capital flows.

related to tower leases and other foreign currency obligations.

“Notwithstanding, through our focus on commercial execution and operational efficiencies, MTN Nigeria delivered a robust topline performance and an encouraging H2 improvement in the bottom line,” he added.

Dangote Cement and Sugar divisions incurred a combined N458.23 billion in 2024, about 36.26 per cent increase over N336.27billion in 2023.

While Dangote Cement declared N249.3billion foreign exchange loss in 2024, up by 52 per cent from N164.08billin in 2023, Dangote Sugar refinery posted N208.2billion foreign exchange loss in 2024, a growth oof 21.3 per cent from N172.2billion declared in 2023.

Nestle Nigeria and Nigerian Breweries also join the list of heavily impacted companies, with N290.7 billion and N157.59billion foreign exchange losses in 2024, respectively.

The declared foreign exchange losses led to Nestle Nigeria announced N221.6 billion loss before tax in 2024 from N104.03billion loss before tax in 2023, while Nigerian Breweries

posted N182.92 billion loss before tax in 2024 from N145.22 billion in 2023.

The CEO/Managing Director, Nestlé Nigeria, Mr. Wassim Elhusseini stated that net profit and equity were impacted by high finance costs associated with the revaluation of the company’s foreign currency obligations, due to an unprecedented devaluation of the Naira.

Commenting on these companies 2024 foreign exchange losses, the Vice President Highcap Securities Limited, Mr. David Adnori stated the companies with significant foreign currency debt exposure face heightened risks when the naira depreciates.

“With the naira’s depreciation, the cost of servicing foreign currency debt escalates, consuming a larger portion of their revenue,” he said.

This increase in debt servicing costs can lead to tighter financial conditions and reduced profitability, potentially increasing default risks. Such financial instability can affect the banking sector and overall financial stability.

He noted the impact of currency instability on investment adding, “uncertainty regarding the financial

health of major companies and currency stability might deter investment, causing both domestic and foreign investors to adopt a ‘wait and see’ approach.

“This hesitation can delay or reduce the capital inflows that are essential for economic growth. Moreover, companies burdened by foreign exchange losses might freeze hiring or reduce their workforce to cut costs, which could adversely affect employment levels.”

Analysts said Nigerian businesses have faced considerable challenges due to substantial foreign exchange losses, mainly due to the depreciation of the naira against major currencies.

“This foreign exchange challenge has resulted in a series of net losses for numerous enterprises, undermining shareholders’ equity in some instances,” sais Chief Operating Officer of InvestData Consulting Limited, Mr. Ambrose Omordion noted that He also highlighted the broader impact on shareholders, who have traditionally relied on dividend payouts from these businesses.

“The inability to offset losses has hindered dividend distributions, impacting shareholders’ returns and expectations,” he said.

recent monetary policy committee meeting, the Governor of Central Bank Olayemi Cardoso said: “The external reserves remained robust at $39.4 billion as of 14th February 2025, translating to an import cover of 9.6 months for goods and services. In addition to this, the Balance of Payments has remained strong with a positive current account balance of $6.06 billion as at the end of the third quarter of 2024.” RATES

Despite the year-on-year growth, monthly reserve movements have shown mixed trends, reflecting broader macro-economic conditions

Between November and December 2024, reserves recorded increases of $446.94 million and $645.53 million, respectively, reflecting improved forex inflows driven by higher oil receipts, foreign investment inflows, and seasonal remittances ahead of the festive period. The reserve increase during this period coincided with a more stable exchange rate environment and policy measures

aimed at curbing speculative forex demand.

However, the trend reversed in early 2025, with January posting a sharp decline of $1.15 billion. This drop was attributed to a combination of factors, including increased forex demand from importers, external debt service obligations, and portfolio outflows as investors reassessed their exposure to emerging markets.

The downward trend continued

in February. The persistent decline was linked to lower oil earnings due to price fluctuations in the global market, sustained capital flight, and heightened demand pressures on the naira amid inflationary concerns.

As of March 6, 2025, reserves stood at $38.35 billion, reflecting a marginal decrease of $67.57 million compared to the previous month.

Commenting on the reserves at the

Nume Ekeghe

SEC, NGX Group, Others Rally to Accelerate Gender Equality in Nigeria

The Securities and Exchange Commission (SEC), Nigerian Exchange Group Plc (NGX Group) and other stakeholders in the capital market have announced plans to accelerate gender equality in Nigeria.

They stated this at a high-impact symposium to mark International Women’s Day 2025, Themed, “Accelerate Action for all Women:

Rights, Equality, and Empowerment,” the event hosted by the NGX Group, in collaboration with Central Securities Clearing System Plc (CSCS), rallied stakeholders to drive gender inclusivity in Nigeria’s economy. Minister of Arts, Culture, Tourism, and Creative Economy (FMACTCE), Hannatu Musa Musawa, who delivered the keynote, stressed on the economic and social imperative of women’s empowerment.

SEC Warns Investing Public to Desist from UYJ Multitrade

Kayode Tokede

The Securities and Exchange Commission (SEC), over the weekend, said its attention has been drawn to the activities of MY SHARE operating under the name, Uyj Multitrade Limited stressing that the firm is an illegal capital market operator.

The commission in a statement stated that the illegal firm holds itself out as an Investment Adviser/ Fund Manager in the Nigerian capital market.

The commission, however, notified the investing public that MY SHARE and UYJ

MULTITRADE LIMITED are not registered to operate in any capacity in the Nigerian Capital Market.

It said, “Accordingly, the general public is advised to refrain from engaging with MY SHARE and UYJ MULTITRADE LIMITED or any of their representatives in respect of any business/transaction pertaining or relating to investment in Nigerian capital market.

“The commission uses this medium to reiterate that transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment.”

“Investments in education, vocational training, and capital access are crucial for sustainable growth,” she stated.

The Director General of Securities and Exchange Commission (SEC), Dr. Emomotimi Agama called for reforms to boost women’s participation in capital markets. “We must push for policies that encourage female representation in leadership and governance. This is a collective responsibility,” he urged.

The Group Chairman of NGX Group, Alhaji (Dr.) Umaru Kwairanga reaffirmed the group’s commitment to gender diversity. “We are taking deliberate steps to ensure fairness and empowerment for women, enabling them to contribute significantly to Nigeria’s economic growth,” he said.

Group Managing Director and CEO of NGX Group and Chairman of CSCS, Temi Popoola emphasised the urgency of the symposium’s

theme, “Accelerate Action.” “We remain steadfast in our commitment to creating opportunities that empower women in business, finance, and leadership. Our goal is to build an ecosystem where women not only thrive but also inspire the next generation of leaders,” he remarked.

CEO of CSCS, Haruna Jalo-Waziri highlighted the need for an inclusive financial ecosystem. “Accelerated

action is about unlocking the full potential of our capital markets. At CSCS, we are dedicated to providing women with the tools and opportunities they need to excel,” he stated.

Regional Director for Central Africa and Anglophone West Africa at IFC, Dahlia Khalifa underscored the economic necessity of gender equality. “Women are key drivers of innovation and growth.

Kebbi State Partners MSM for Cement Plant, Creating 45,000 Jobs

The Kebbi State Government has entered into a strategic partnership with MSM Group of Companies to establish a state-of-the-art cement plant, a move expected to generate 45,000 jobs and accelerate economic growth in the state.

Speaking at the signing ceremony in Abuja, Governor Nasir Idris described the project as a major breakthrough for economic development and a lifeline for

thousands of unemployed youth and women in the state.

He said, “I am delighted that Kebbi has been chosen for this major investment. The MSM Cement Plant will provide direct and indirect employment to 45,000 people, boosting our economy and transforming lives.”

The chairman of MSM Group, Muazzam Mairawani, highlighted the strategic importance of the

exchange from the sector, which is the mainstay of earnings for some countries on the continent.

investment, noting that the MSM Kebbi Cement Plant will utilize cutting-edge technology to enhance production and efficiency.

The Minister of Finance, Olawale Edun, praised the initiative, stating that it aligns with President Bola Ahmed Tinubu’s economic vision of attracting private investment, fostering industrialization, and reducing poverty.

Similarly, Minister of Budget

and Economic Planning, Senator Atiku Bagudu, commended Kebbi State’s efforts to attract large-scale investments, reaffirming the federal government’s commitment to creating a business-friendly environment.

“President Tinubu’s reforms are opening doors for investments like this. Kebbi State is setting an example of how industrial projects can transform communities and drive economic progress.”

Olawale Ajimotokan in abuja

Nigeria has been awarded the hosting rights for the 2026 World Public Relations Forum (WPRF).

The announcement was made yesterday during a courtesy visit by the President of NIPR, Dr. Ike Neliaku, and his delegation to Minister of Information and National Orientation, Mohammed Idris.

The minister congratulated the Nigerian Institute of Public Relations (NIPR) on the feat and emphasized the significance of the WPRF, a globally recognised event that brings together leaders of thought in public relations and strategic communication.

He noted that Nigeria considered it an honour to be the second African country to host this prestigious gathering.

“This is a major milestone for Nigeria and aligns with our government’s commitment to enhancing the country’s global reputation. At a time when we are implementing key reforms and strengthening our international standing, hosting the WPRF sends a strong message that the world is paying attention to Nigeria. The government will provide full support to ensure the success of this event,” Idris stated.

In his remarks, NIPR President Dr. Ike Neliaku commended the minister for his leadership in advancing effective information management. He also announced that Nigeria will host the Global Alliance’s 25th Anniversary celebration in 2026, further solidifying the country’s reputation as a key player in global public relations.

As foreigners, Nigerians in Diaspora and others are becoming interested in visiting the country, tourism stakeholders are advocating that government introduces policies that will encourage more people to come to the most populous country to boost in-bound tourism and attendant flow of more revenues from abroad.

The stakeholders who met during the launch of Travel Inn Booking at the Oriental Hotel, Lagos recently, urged governments at all levels to initiate policies that will enhance sustainable tourism, so that Nigeria will begin to earn more foreign

Nume Ekeghe

The VioletsForHer initiative, an investment platform by i-invest, designed to promote financial independence among women, has recorded over N1 billion in savings, underscoring a growing shift in women’s approach to wealth creation. This was disclosed at i-invest’s flagship International Women’s Day (IWD) conference in Lagos over the weekend, where the

The stakeholders emphasised that existing policies that are positive should be enforced, while visa process should be liberalised to serve as incentive to genuine tourists and entrepreneurs who would want to visit Nigeria.

Speaking at the launch, the Managing Director, Metro Aviation, Tayo Orisadare, emphasised the importance of general aviation to tourism development,

“Over 40,000 aircraft are involved in general aviation while it offers about 4.2 million jobs globally

platform convened customers and women from diverse professional backgrounds to promote financial literacy, investment strategies, and personal development.

Chief Operating Officer of i-invest, Tobi Olusoga, highlighted the importance of mindset transformation in achieving financial empowerment. She also noted that since its launch last year, VioletsForHer has attracted at least 200 women monthly, actively investing and saving.

but Nigeria needs to improve infrastructure to realise potential of general aviation because it has the penetrating ability to access hinterlands and places that people would not want to go to normally, high valued tourism is enhanced by general aviation. For instance, how do people get to Davos during the World Economic Forum? Sometimes by sea or by chartered flights, it has a lot to contribute to aviation,” he said.

Toni Ukachukwu, publisher, Aviators Africa, who spoke on Sustainable Tourism and Environmental Responsibility, urged Nigerians to be advocates of

sustainability by practicing it in their homes, adding also that eco-tourism is one of the ways Nigerians can improve responsible tourism. Also speaking, Professor Evidence Akhayere, an Environmental Scientist said, “Bottles and plastics are a threat to our environment but how much of awareness have we created in our communities on the fact that they are not going to decompose, how much do they know about the fact that they are not environmental friendly. It is either we stop producing plastics or we face the consequences. If we cannot dispose it properly, we should not use it”.

She said: “So far, it has been a successful initiative. We’ve seen a lot of women come on board.

Month on month, at least 200 women are actively investing and saving.”

On her part, the keynote speaker at the event, House of Tara International Founder, Tara Fela-Durotoye, emphasised the need to reshape financial narratives among women. She further stressed that financial empowerment extends beyond purchasing power, giving

women greater autonomy and influence.

She said: “The primary message is about reshaping how women think about money. Many of us have been conditioned by societal norms that shape our financial mindset. Some women believe that money is insignificant, while others have been taught that financial security comes only through marriage or being the child of a wealthy father, rather than aspiring to build wealth independently.

Kayode Tokede

Chinedu Eze

L-R: Deputy Head of Mission, Turkiye Embassy, Ms. Elif Durdu; Turkiye Ambassador to Nigeria, Hidayet Bayraktar; his wife, Mrs. Fusun Bayraktar; National President, Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Chairman, Nigeria-Turkiye Business Council (NTBC) & Organized Private Sector of Nigeria (OPSN), Dele Kevin Oye Esq., and DG NTBC, Ms. Uche Osoka, at a farewell dinner in Abuja in honour of the Ambassador in Abuja... recently

Nigerian Official Statistical Figures Are not Misleading

Isiaq Ajibola

It is indeed a challenging time for Nigerians to believe any positive statistical data relating to income, prices and standard of living due to the hardship experienced by the citizens.

When recently the National Bureau of Statistics ( NBS) released the report of the rebased consumer price index(CPI ) which indicated a reduction in inflation from 34.5% in Dec 2024 to about 24% in January 2025, it was reasonably expected that there would be a backslash.

Expectedly, this has come even from well-respected economists and financial analysts who found it inexplicable to unwoven the tie around the “good” figures from the reality of a rising “cost of living” in Nigeria today.

Interestingly, this conundrum for analysts is not peculiar to Nigeria. It has happened in most other countries where rebasing was done at one time or the other.

While GDP and CPI rebasing may have aimed at improving data accuracy in a country, it is common that pundits misinterpret or politicize it to look good in the “eye of the public” or simply to win an economic argument and sometimes out of ignorance.

The misinterpretation arises from the myth that GDP growth or inflation figures for a particular period are often linked with economic hardship

Sometimes it is asked, “If GDP has increased, why are people still poor?”. “ If the inflation rate has declined, why are prices still high?”

Believability in other countries. Starting from our neighbours, Ghana is no different.

In 2018, Ghana rebased its GDP 2018, which led to a 24.6% rise in the size of GDP. In the previous rebased figure of 2013, it increased the size of their economy by 60%. The opposition and civil society questioned whether the growth was real or politically motivated. Critics argued that the new data made Ghana ineligible for concessional loans, despite persistent economic struggles.

Inflation calculations were also challenged, with some believing they underreported the actual cost of living.

The same thing in Kenya in 2014 GDP Rebasing.

After the rebasing, Kenya’s GDP increased by 25%, leading to its classification as a lower-middle-income country.

The opposition claimed the new numbers were misleading and did not reflect job losses and high living costs. The government faced criticism for losing access to concessional funding due to the upgraded classification.

Many Kenyans felt the GDP rebasing was a “paper exercise” that did not improve their economic conditions.

A similar thing happened in South Africa in their 2021 GDP rebasing which showed an 11% increase in the size of the economy. Despite the GDP rise, South Africans continued to experience high unemployment and declining household incomes. The government was accused of using statistical adjustments to mask economic mismanagement. The rebasing coincided with political instability, fueling suspicions about the timing.

In far-away China, ongoing - GDP growth figures have been repeatedly accused of an overstatement. Independent economists claim China’s real growth rate is lower than what is officially reported. Western analysts and some Chinese economists argue the government adjusts numbers to meet political goals. There have been reports of local governments inflating economic data to receive more funding from Beijing. In the United States, there have been instances where national statistics, especially after methodological changes appeared unbelievable or did not align with public perception. These cases often led to debates about whether official data truly reflected economic reality. Eg

In 2013 when the U.S. Bureau of Economic Analysis (BEA) changed how it calculated GDP, incorporating intellectual property (IP), Research & Development (R&D), and artistic works (movies, software, patents).

It led to an increase in GDP of about 3% ($560 billion) overnight.

People found it unbelievable. They said that the economy had not actually grown overnight, yet GDP figures suddenly looked much bigger. Many critics argued that this overstated economic strength because intellectual property value is intangible and does not directly translate to job creation or higher wages.

The reality, however, was that while the GDP increase was technically correct under the new methodology, it did not mean Americans were richer or had better jobs.

Why the mistrust?

The reality is that GDP measures economic output, not how wealth is distributed in society. Growth in GDP does not mean automatic improvement in living standards for an individual.

For example, even though Nigeria’s GDP rebase revealed a larger economy in 2014, poverty and unemployment remained high due to structural issues, e.g. corruption, poor infrastructure, reliance on oil, etc. It would be foolhardy, therefore, that there would be a contradiction in the expected figures of rebased GDP that would be released compared to the current standard of living in Nigeria.

The fact is that it is often a mistake

for GDP to be taken as a measure of individual wealth, creating unnecessary panic. The same thing applies to inflation figures derived from the consumer price index ( CPI), which underestimates the true cost of living. Inflation statistics are based on average price changes nationwide, where some regions experience higher price hikes due to market instability, import dependence, exchange rate fluctuations, etc.

For example, food inflation may feel higher in urban areas than official CPI figures suggest because of import costs and supply chain disruptions.

In the recently rebased CPI, there was no way inflation would not have gone down due to these reasons

(I) Methodology Changes and updated weighting of the basket of goods and services.

(II) Base Year Change.

The National Bureau of Statistics (NBS) changed the base year from 2009 to 2018, which better reflects current consumer spending patterns.

Older base years tend to overestimate inflation due to outdated consumption weights.

(III) Updated Basket of Goods and Services

The rebased CPI includes newly relevant items like data subscriptions, e-commerce expenses, and modern household goods.

It removes or reduces the weight less frequently.

(iv) Weight Adjustments Based on New Consumption Patterns

The expenditure weightings now reflect Nigeria’s latest consumption habits from household surveys.

Some high-inflation items (e.g., food) may have had their influence reduced, leading to lower overall inflation readings.

Food Inflation particularly is moderate in the new weighting. In the old CPI, food had a higher weight, making inflation figures more volatile.

In the rebased CPI, food’s influence might have reduced relative to services and other expenditures, leading to a lower overall inflation rate.

(v) Also important is that the new base year (2018) likely had lower price increases, making recent inflation appear less severe in percentage terms.

In summary, the fall in inflation figures in the rebased CPI does not necessarily mean prices are dropping—it reflects a more updated and accurate measure of how inflation is calculated.

More importantly, the most potent weapon for destroying statistical figures is a political interpretation of it.

For example, after Nigeria’s GDP rebasing in 2014, some critics argued it was a political move before the 2015 elections, whereas the methodology was verified internationally. It was later found out by investors that the Nigerian economy had grown bigger.

Investors in retail businesses like “H- Medix Supermarket” in Abuja would testify today that the retail sector, which basically expanded GDP size in the 2014 rebase figure, is indeed real. The retail store has been expanding its operations from one location to the other.

The only national statistics that seem to have less political interpretation in Nigeria in recent times was the release of living standards statistics, which showed that about 130 million people were dimensionally poor.

This data was released some weeks before the presidential election in 2023. It was a big credit to the Government of President Muhammadu Buhari that the figures were released despite the promise of the government then to lift 100m Nigerians out of poverty.

• Isiaq Ajibola, an economist, and former Managing Director of DailyTrust, lives in Abuja

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VFD Partners Utopia to Empower 5,000 Women-led SMEs

VFD Group, a leading African financial services conglomerate, has announced a strategic partnership with Arcadia Africa Day, a subsidiary of Utopia Media Group, to support 5,000 women-led small and medium-sized enterprises (SMEs) across Africa.

The initiative, set to launch as part of Africa Day 2025 celebrations, will provide financial backing

and strategic support through the Abada platform, fostering inclusive economic growth in countries such as South Africa, Namibia, and Ghana.

In a statement, Founder of Arcadia Africa Day, Akintunde Marinho said: “We are thrilled to partner with VFD Group to provide funding and support to female-owned SMEs. This initiative has the potential to unlock economic opportunities that will

Commemorates Africa Safer Internet Day 2025

Emma Okonji

In commemoration of Africa Safer Internet Day 2025, ipNX Retail Division hosted an interactive cybersecurity webinar, equipping Small and Medium-Sized Business (SMB) owners, remote workers, young adults, IT professionals, and senior citizens with essential strategies to safeguard their digital activities.

Themed: ‘Preparing for the Next Generation of Cyber Threats- Emerging Trends and Strategies for Defense’ the webinar featured insightful discussions led by cybersecurity experts Blessing Ezeobioha, who is a Security Operations Center (SOC) Analyst at Cytek, and Adesina Odukoya, Head of Information Systems and Technology at ipNX Nigeria Limited.

Speaking at the event, Ezeobioha emphasised the urgent need for cybersecurity awareness in today’s digital landscape. “Cybersecurity is everyone’s responsibility, and anyone can fall victim to online

threats. Business owners must prioritize training their employees, as they are often the weakest link in social engineering attacks,” she noted.

Odukoya highlighted the role of emerging technologies in strengthening cyber defense. “Artificial Intelligence (AI) and Machine Learning are powerful tools in cybersecurity. To stay ahead of cyber threats, individuals and businesses must regularly update their systems and leverage the latest security technologies,” Odukoya said.

Head of Retail Sales Akintunde Taiwo, said: “At ipNX, we recognize that cybersecurity is not just a necessity but a responsibility. Through initiatives like this webinar, we empower individuals and businesses with the knowledge to navigate the digital world securely. By fostering cybersecurity awareness, we continue to provide value beyond connectivity, ensuring that our customers and communities remain protected digitally.”

create lasting ripple effects across the continent.” He noted that this partnership will leverage the Abada platform

to provide not just funding but also resources aimed at ensuring long-term business sustainability. He added: “Female-owned

SMEs looking to benefit from this initiative can sign up on Arcadia Africa Day’s SME platform, Abada, and meet specific eligibility criteria.

The partnership seeks to offer sustainable solutions to ensure the growth and long-term success of these businesses.”

Africa World Airlines Promises More Travel Options

Chinedu Eze

Africa World Airlines (AWA), Ghana’s leading airline and longest serving carrier on the Lagos – Accra route, has promised to further consolidate its operations and offer its customers greater travel options.

Speaking at a Trade Partners’ Forum and Award Reception, Head Commercial Mr. Jonathan Kofi Appiah, noted that it is often said that most airlines that operate

Kayode Tokede

In a bold step towards sustainability and digital skills empowerment, Hydrogen Payment Services Company Limited (Hydrogen), in collaboration with the Lagos State Ministry of Education, Education District II, has donated a 5KVA solarpowered inverter system to Ikosi Senior High School, Ketu.

This innovative initiative provides a clean, renewable energy source dedicated to ensuring sustainable access to clean water while reducing reliance on non-renewable energy.

In line with its commitment to enhancing learning environments, Hydrogen has also renovated the school’s water outlet area,

improving both its aesthetics and hygiene. Taking its support a step further, the dedicated Hydrogen team donated purchased textbooks to the school library, ensuring they have the academic resources needed for a well-rounded education.

“At Hydrogen, we believe sustainability is about more than just environmental responsibility, but about investing in people, communities, and the future we are building together,” commented Fiyinfoluwa Olorunsola, Head Cards & Switch, Hydrogen. This initiative is a comprehensive investment in young minds, ensuring they have both the resources and the skills to lead Africa’s digital transformation,” Olorunsola added.

on the Lagos – Accra route only survive for between 5 and 10 years at most.

However, Africa World Airlines did both by surpassing both limits and continues to provide excellent, safe and secure services to its esteemed guests.

“We pride ourselves as the leading carrier on the route with an impressive on time performance. This is because we always do all we can to ensure that our flights

depart and arrive on schedule at our various destinations. And in the near future we hope to offer our guests more travel options with plans to commence flights to Port Harcourt,” Mr. Appiah said.

The Airline’s Country Manager in Lagos, Mr. Kingsley Chima said; “Since recovering from Covid-19, we have been struggling to return to 5 flights daily. However, our immediate goal is to take it to 3 daily flights and we plan to

restore the early morning flights out of Accra and Lagos. We are here today and have survived this long because you supported us and keep supporting us and we would like to thank you.”

The Airline’s Sales and Marketing Manager, Mr. Aaron Nortey said; “Our values at AWA is to be a safe, efficient, punctual, cost conscious, and reliable airline that is committed offering the best service.”

Chartered Boosts Investment in Futuremakers Women in Tech

Standard Chartered has announced a partnership with Village Capital to continue and expand its Futuremakers Women in Tech Accelerator across Africa, the Middle East, and Pakistan.

Part of Futuremakers by Standard Chartered (Futuremakers), the Bank’s global youth economic empowerment initiative for disadvantaged young people, and with funding from the Standard Chartered Foundation, Futuremakers Women in Tech Accelerator will provide specialised training,

Agnes Ekebuike

The National Coordinator for the Office for Nigerian Digital Innovation (ONDI), Victoria Fabunmi, has reiterated government’s commitment to fostering a thriving startup ecosystem in Nigeria through the Nigerian Startup Act (NSA).

Speaking at a sensitisation workshop in Lagos recently, Fabunmi emphasised the importance of

Agnes Ekebuike

Darey Otaye, a leading digital skills development platform, has announced the official launch of its physical training hub, marking a significant milestone in its mission to equip Nigerians with in-demand tech skills that will bridge the country’s tech skills gap.

The company, which has been operating remotely for over four years, introduced the new facility to provide hands-on training, mentorship, and community engagement opportunities. The launch event featured key executives, including its CEO

catalytic funding, and access to a global network of peers, finance providers, industry leaders, and ecosystem partners.

The Chief Strategy and Talent Officer at Standard Chartered, Tanuj Kapilashrami in a statement said:

“Empowering women is critical to economic growth, and central to our stand of lifting participation by unleashing the financial potential of women and small businesses.

“We believe equitable access to funding and resources is essential to fostering innovation and driving meaningful social impact – whether it be through our Futuremakers

engaging startups to maximise the benefits of the Act and drive innovation-led economic growth.

“The Nigerian Startup Act was passed in 2022, but we are reinvigorating activities because if startups are not aware of what they stand to gain, there is no incentive for them to participate. This gathering is about sensitising the startup ecosystem on the various incentives available under the Act,” she stated.

and Founder, Darey Olufimilayo;

Head of Growth and Marketing Operations

Priscilla Otukoya; and Community Manager Daniel Morgan, who emphasised the platform’s commitment to upskilling Nigerians for global competitiveness.

According to Olufimilayo, the motivation behind the initiative stems from the rapid technological evolution and the growing demand for skilled professionals in fields such as artificial intelligence (AI), cloud computing, cybersecurity, and product management. He highlighted that many aspiring tech professionals struggle with

philanthropic programmes, our banking propositions such as the SC Women’s International Network, or the work we do towards supporting a diverse supplier base,” he said.

Speaking on the impact of the program in Nigeria, CEO Standard Chartered Bank Nigeria Limited, Dalu Ajene in a statement said, “Empowering businesses founded or led by women is crucial to accelerating progress towards fulfilling our Sustainable Development Goals in Nigeria. Since the country launch of the SC Women in Technology initiative in 2019, this first of its kind initiative in Nigeria

According to Fabunmi, the Office for Nigerian Digital Innovation under the National Information Technology Development Agency (NITDA), has been spearheading digital economy initiatives. “We facilitate interventions, build capacity, and champion policies like the Nigerian Startup Act to ensure that digital innovation thrives in Nigeria,” she explained.

“One of the key components of the Act is the Startup Portal,

career transitions due to a lack of experience and industry-relevant training.

“Our platform is designed to break these barriers. Regardless of your background, you can join our network and acquire the necessary skills, experience, and confidence to enter the global tech workforce,” Olufimilayo said.

Darey Otaye’s ecosystem comprises two key platforms: Darey.io, which offers foundational training in various tech disciplines, and Xterns, which provides hands-on experience through industry projects. The dual-platform approach ensures

has supported greater diversity in gender representation of women in the country’s technology sector.” Chief Strategy and Innovation Officer at Village Capital, Rachel Crawford added that: “Our partnership with Standard Chartered is a gamechanger for women-led start-ups across Africa, the Middle East, and Pakistan. By providing critical resources, catalytic capital, and market-level support, we aim to drive inclusive economic growth and ensure that women entrepreneurs can scale their businesses and impact communities at a transformative level.”

designed as a one-stop hub for startups, investors, and other stakeholders. The portal will serve as a bridge between the private sector, public sector, and academia, promoting the growth of the digital innovation ecosystem,” she further said. Fabunmi outlined various incentives designed to support Nigerian startups, including financial backing, tax reliefs, and market access.

that learners not only gain theoretical knowledge but also practical expertise that aligns with employers’ expectations. A major highlight of the event was the company’s partnership with the 3 Million Technical Talent (3MTT) initiative, a governmentbacked program under Nigeria’s Renewed Hope Agenda. The initiative aims to train three million Nigerians in technical skills, bridging the country’s talent gap and positioning its workforce for global opportunities. Darey Otaye is a key partner in delivering this initiative, offering free training supported by the government.

Kayode Tokede

Nume Ekeghe

L-R: Finance Director, Vitafoam Nigeria Plc, Joseph Alegbesogie; Commercial Director, Gambo Dahiru; Group Managing Director, Taiwo Adeniyi; Chairman, Zakari Sada; Company Secretary/ Legal Adviser, Olalekan Sanni; Technical Director, Bamidele Owoade and Supply Chain Director, Ola Ogunfeyitimi, during Vitafoam’s 63rd Annual General Meeting in Lagos… recently

Busin E ss S PECI al

0803 350 6821

nGX Group: championing Gender e quality a cceleration in n igeria

The Nigerian Exchange Group Plc in collaboration with the Central Securities Clearing System Plc last Friday hosted a high-impact symposium to mark International Women’s Day in its continued efforts to champion the acceleration of gender equality, writes Goddy Egene

Over the years the Nigerian Exchange Group Plc (NGX Group) has been providing a platform for capital formation being the engine room driving activities in the nation’s capital market.

Through its trading facilities, NGX Group has helped in the creation of wealth for individual investors, funding for corporates to sustain their operations and governments to finance infrastructure.

Several trillions of naira have been raised from the capital market through NGX Group. The internal reforms and transformation it embarked upon recently led to a record performance in its audited results for the year ended December 2024.

In its audited NGX posted a profit before tax (PBT) of N13.6 billion, marking an impressive 157.3 per cent growth compared to the previous year.

The group’s gross earnings surged by 103.2 per cent to N24.0 billion in 2024, up from N11.8 billion in 2023, propelled by significant growth across key revenue streams with transaction fees rising 64 per cent, driven by improved market activity.

Listing fees increased by 397.1per cent, reflecting stronger capital market participation, while technology related income grew by 105 per cent, reflecting the success of the group’s digital transformation efforts.

Other fees recorded a 174.8 per cent growth, reinforcing the group’s diversified revenue base, just as treasury investment income climbed 45.6 per cent, highlighting NGX group’s effective asset management.

Market data revenue grew by 100.5 per cent, contributing to a 102.6 per cent rise in other income, which now accounts for 29.6 per cent of gross earnings.

Commenting on the results, the Group Managing Director/Chief Executive Officer, NGX Group, Mr. Temi Popoola said: “NGX Group’s remarkable performance in 2024 reflects our strategic focus on execution, operational excellence, and innovation.

“The 157.3per cent increase in profit before tax underscores the strength of our execution strategy and the dedication of our team. By leveraging technology, expanding market data solutions, and strengthening our partnerships, we have built a more resilient and diversified business model that positions us for sustained growth.”

“Looking ahead, we remain committed to deepening market participation, broadening investment opportunities, and driving efficiency across the capital market ecosystem. We will continue investing in innovation, enhancing market infrastructure, and developing new platforms that improve accessibility and attract a wider range of investors.

“Through these efforts, we are shaping NGX Group into a leading force in Africa’s financial landscape, delivering sustainable value for all stakeholders.”

Still reveling in that impressive performance and in line with its efforts to rally other stakeholders to champion gender equality, the NGX Group last Friday hosted a high-impact symposium to mark International Women’s Day 2025. Themed “Accelerate Action for all Women: Rights, Equality, and Empowerment.” the event rallied stakeholders to drive gender inclusivity in Nigeria’s economy.

economic imPeRaTive of GendeR equaliTy

The event attracted the Honourable Minister of Arts, Culture, Tourism, and Creative Economy (FMACTCE), Hannatu Musa Musawa, who delivered the keynote where she stressed the economic and social imperative of women’s empowerment.

“Investing in women is investing in the future of our nation. When we ensure that women have access to quality education, financial resources, and equal opportunities, we are not only uplifting individuals but strengthening the entire economy,” Musawa said. Her words resonated deeply, reminding us of that sustainable economic growth cannot be achieved without the full participation of women in all sectors. Indeed, the evidence is clear: economies that prioritise gender equality tend to be more resilient, innovative, and prosperous.

According to the World Economic Forum, closing the gender gap in economic participation could add $12 trillion to global GDP by 2025. In Nigeria, where women constitute nearly half of the population, the potential economic benefits of gender equality are immense. However, despite progress in recent years, significant barriers remain. Women in Nigeria continue to face challenges in accessing education, healthcare, and economic opportunities. They are underrepresented in leadership roles and often face discrimination in the workplace. Addressing these issues is not just a matter of fairness; it is essential for Nigeria’s economic

They are underrepresented in leadership roles and often face discrimination in the workplace. Addressing these issues is not just a matter of fairness; it is essential for Nigeria’s economic development.

The Role of The PRivaTe SecToR

The commitment of NGX Group and its partners to gender diversity is commendable. Group Chairman of NGX Group, Alhaji (Dr.) Umaru Kwairanga, reaffirmed the group’s commitment to gender diversity, stating:“We are taking deliberate steps to ensure fairness and empowerment for women, enabling them to contribute significantly to Nigeria’s economic growth.”

Similarly, Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, called for reforms to boost women’s participation in capital markets.

“We must push for policies that encourage female representation in leadership and governance. This is a collective responsibility,” Agama said. These statements reflect a growing recognition that gender equality is not just a women’s issue but a societal one that requires the involvement of all stakeholders.

On his part, Popoola, who is Group Managing Director and CEO of NGX Group and Chairman of CSCS, emphasised the urgency of the symposium’s theme, “Accelerate Action.”

“We firmly believe that gender equality is a catalyst for economic transformation, and we remain steadfast in our commitment to creating opportunities that empower women in business, finance, and leadership. Our goal is to build an ecosystem where women not only thrive but also

inspire the next generation of leaders,” he said.

Popoola’s call to action is a powerful reminder of the transformative potential of gender equality and sets the tone for the private sector’s role in driving this change.

Also speaking, CEO of CSCS, Haruna Jalo-Waziri, stressed the importance of financial inclusion in achieving gender equality.

“Accelerating action means removing the financial barriers that hold women back. At CSCS, we are committed to ensuring that women have access to the financial services, networks, and opportunities needed to thrive in the economy,” Jalo-Waziri said. His remarks underscored the role of financial institutions in fostering a more inclusive economy where women can participate fully and equitably.

Regional Director for Central Africa and Anglophone West Africa at the International Finance Corporation (IFC), Dahlia Khalifa, reinforced the global imperative for gender equality, stating: “Ensuring equal access to finance, leadership opportunities, and economic participation for women is not just a fairness issue, it is an economic necessity. Women entrepreneurs and business leaders are key drivers of innovation and resilience. By breaking down barriers and fostering inclusive policies, we can build economies that work for everyone.”

Her remarks highlighted the link between gender equity and economic sustainability, reinforcing the need for international collaboration in advancing women’s empowerment.

The private sector has a crucial role to play in driving gender equality. Companies can implement policies that promote gender diversity, such as equal pay for equal work, flexible working arrangements, and mentorship programs for women. They can

also support women entrepreneurs by providing access to capital, markets, and networks. The NGX Group’s Ring the Bell for Gender Equality ceremony, a global initiative supported by IFC, UN Women, UN Sustainable Stock Exchange Initiatives and the World Federation of Exchanges, is an excellent example of how the private sector can champion gender equality. By honoring women’s contributions to Nigeria’s capital markets, the ceremony reinforced the importance of inclusivity and set a precedent for other organizations to follow.

inSiGhTS fRom Women leadeRS

The event, attended by veteran actress Joke Silva and female directors from NGX Group, Ojinika Olaghere, Lilian Olubi, Ummahani Ahmad Amin, Amina Mohammed as well as SEC Commissioner, Frana Chukwuogor, called for accelerated action to empower women across all sectors. Professor Folasade Ogunsola, Vice-Chancellor of the University of Lagos, emphasised the role of education and mentorship in bridging gender gaps.

A significant highlight of the symposium was the panel discussion featuring female leaders who shared their experiences and strategies for overcoming obstacles in male-dominated industries. The panel included: Hilda Baci, Founder, My Food by Hilda; Pai Gamde, Chief Talent Officer, Coronation Group Ltd; Adesuwa Okunbo Rhodes, Aruwa Capital Management; Chalya Shagaya, Senior Special Assistant to the President on Entrepreneurship Development; Kari Tukur, Regional Vice President & Head, Customer Solutions, East and West Africa, Mastercard; Odiri Oginni, CEO, United Capital Asset Management Limited; Solape Akinpelu, CEO and Co-founder of HerVest; and Adaorie Udechukwu; Senior Gender & Economic Inclusion Advisor, Africa, International Finance Corporation, World Bank Group. These women provided key insights on navigating professional challenges, advocating for gender equity, and leveraging mentorship to uplift the next generation. Discussions centred on the importance of fostering a pipeline of female talent through mentorship and sponsorship, ensuring women have access to financial resources to grow their businesses, and the need for policy reforms to create an enabling environment for women in leadership.

The panelists underscored that breaking barrier requires intentional action from all sectors, including government, private corporations, and financial institutions. By promoting inclusive leadership, challenging societal biases, and ensuring equitable opportunities for women, Nigeria can harness the full potential of its female workforce to drive national economic growth.

The Way foRWaRd

As we reflect on the outcomes of this symposium, it is clear that the time for rhetoric is over.

Musawa’s statement: “The time for rhetoric is over. It is time for action,” should serve as a rallying cry for all stakeholders. The private sector, government, and civil society must work together to implement the policies and initiatives needed to accelerate gender equality. This includes increasing access to education and vocational training, providing capital and mentorship for women entrepreneurs, and ensuring that women are represented in leadership and governance roles.

NGX Group and its partners have set a strong example by hosting this symposium and committing to actionable steps towards gender equality. However, the work does not end here. It is now up to everyone to take up the mantle and drive the change we wish to see. By empowering women, we are not only advancing their rights but also unlocking the full potential of Nigeria’s economy. The future is inclusive, and the time to act is now.

The 2025 International Women’s Day symposium was a significant step forward in the fight for gender equality in Nigeria. The commitments made by NGX Group, CSCS, SEC, and other stakeholders are a testament to the growing recognition of the importance of women’s empowerment. However, the real work begins now. It is time for all of us to move beyond words and take concrete actions to ensure that women have the opportunities and support they need to thrive. Only then can we truly achieve the inclusive and prosperous future we all aspire to.

Gender equality is not just a women’s issue; it is a societal issue that requires the involvement of all stakeholders. By working together, we can create a Nigeria where women have equal opportunities to succeed and contribute to the nation’s economic growth. The time for action is now, and the responsibility lies with all of us to make gender equality a reality. Let us seize this moment and accelerate action for all women, for the benefit of Nigeria and the world.

Popoola

InfraCredit’s Guarantee Supports GLNG’s N11.85bn 10-year Series II Infrastructure Bonds

Oluchi Chibuzor

InfraCredit, a ‘AAA’-rated specialised infrastructure credit guarantee institution has announced its guarantee of GLNG Funding SPV Plc’s N11.85 billion 10-Year Series II Senior Guaranteed Fixed Rate Infrastructure Bonds, due 2035 (the “GLNG Series II Bonds” or “Bonds”) under the N50 billion Debt Issuance Programme.

GLNG Funding SPV Plc is a special-purpose funding vehicle established by the promoters of Green Liquified Natural Gas Limited (“GLNG”) and Green Fuels Limited (“GFL”), together referred to as the “Company” as part of its capital-raising plan.

The Bond proceeds will be used to finance the construction of a mini-LNG plant with the capacity to liquefy 200,000 scm per day equivalent to 150 tons per day. The Company’s two (2) gas compression and

UBA

distribution facilities in Ogun State make it the largest in Nigeria with approximately 10.5 million standard cubic feet per day (scf/day) capacity, while its LNG business and solar power initiatives are currently in development stage.

In a statement, the Group Managing Director of GLNG, Mr. Arundeep Sira stated: “We are excited about the impact this funding will have on Nigeria’s sustainable energy future, this project will not only enhance our natural gas infrastructure but also contribute to economic growth and environmental sustainability.”

According to the Chief Executive Officer of InfraCredit, Mr. Chinua Azubike, “It has been an impactful journey working with Green Liquefied Natural Gas Limited since 2019 from the project development phase with the support of USTDA, to its

maiden debt issuance in the capital markets in July 2023 and now the second series of its guaranteed bond subscribed by our domestic pension funds. We are excited to continue to support GLNG in its next phase of growth as a diversified energy company integrating renewable energy sources into its energy mix which will reduce its levelised cost of energy alongside its commitment to carbon neutrality.

“The project upon completion, will create over 200 jobs, bolster local industries, and drive economic development, it re-affirms the commitment and appetite of domestic pension funds in financing well-structured and sustainable infrastructure assets, whilst also reinforcing the private sector’s ability to raise long-term local currency finance from local debt capital markets for infrastructure development.”

Invests in Future Leaders, Inducts over 3200 Young Professionals under GMAP Initiative

United Bank for Africa (UBA) Plc, has said that it continues to make significant impact in birthing the next generation of banking and finance professionals on the continent through its Graduate Management Acceleration Programme (GMAP), which to date has produced over 3,222 young professionals across Africa.

The bank in a statement said since inception three years ago, the GMAP, designed to equip entrants with the necessary skills and knowledge, has provided mentorship, training, and hands-on experience to young graduates for leadership roles in UBA.

Last week, a ceremony was

held in Lagos to induct another cohort of 1,138 successful graduates who were absorbed by the bank following intensive training spanning several months of rigorous learning, testing the entrants’ dedication and resilience.

The ceremony was graced by the UBA Group Chairman, Tony Elumelu, the Group Managing Director/ CEO, Oliver Alawuba, and other Board Members, Executive Management, faculty members, mentors, families, and friends of the graduates.

Elumelu, who expressed his excitement over the new graduates, highlighted the bank’s passion for youth empowerment in Africa while bridging the unemployment gap, which according to

him, remains one of the greatest challenges in the continent,

Speaking earlier at the event, UBA’s Group Managing Director/CEO, Oliver Alawuba, expressed immense pride in the graduands and reiterated the bank’s unwavering commitment to human capital development.

“This moment marks the beginning of a transformational journey that will shape your careers, your contributions to society, and Africa at large. The GMAP is a testament to our vision of empowering the brightest minds with the skills, knowledge, and mind-set required to navigate the everevolving financial landscape,” Alawuba stated.

Keystone Bank Wins Best Bank in CSR Initiatives for Women Award

Keystone Bank Limited has won the award for Best Bank in CSR Initiatives for Women Empowerment at the prestigious Africa Bank 4.0 Awards 2025 in Accra, Ghana.

The Africa Bank 4.0 Awards organised by BII World celebrates excellence in the African banking sector, recognises institutions that are driving innovation, sustainability, and financial empowerment.

According to the organisers of the award, the recognition underscored Keystone Bank’s unwavering commitment to fostering financial inclusion, entrepreneurship, and economic empowerment for women across Africa. “The bank has continued to champion programs that provide women with access to finance, business mentorship, financial literacy, and skills development, ensuring their long-term economic

sustainability,” a statement quoted the organisers to have said.

Receiving the award on behalf of Keystone Bank, the lender’s Head of Community Engagement and Sponsorship Blessing Ayorinde said, “At Keystone Bank, we believe that empowering women is not just a social responsibility, it is an economic imperative. Our initiatives are designed to break barriers, unlock opportunities, and create sustainable impact for women entrepreneurs, professionals, and grassroots businesses.”

Also commenting on the award, Izore Lami Bamawo, Group Head, Marketing and Corporate Communications, Keystone Bank reaffirmed the bank’s commitment to women’s empowerment.

According to her “At Keystone Bank, we are deeply honored to

receive this prestigious award, which reaffirms our steadfast commitment to empowering women through impactful CSR initiatives. We believe that when women thrive, economies flourish, and communities prosper.

“This recognition fuels our passion to continue driving financial inclusion, entrepreneurship, and sustainable opportunities for women. we remain committed to expanding our efforts to support more women in achieving financial independence and business.”

“Keystone Bank has spearheaded several transformative programs tailored to women’s empowerment, including capacitybuilding workshops, SME financing schemes, and partnerships with local and international organizations to enhance femaleled businesses.” she added.

Again, Chartis Recognises Dun & Bradstreet as KYC Leader

Dun & Bradstreet, one of the world’s leading suppliers of business information and research, has been recognized as Chartis Research category leader for KYC Data Solutions for the third year. According to a statement, this reflects Dun & Bradstreet’s impact on the global compliance ecosystem. “In the Chartis Vendor Analysis report, Dun & Bradstreet is noted for its D-U-N-S Number, a unique nine-digit identifier assigned to entities, which provides

an accurate identification of searches by users and assists in assessing the relationships of the individual or company being searched,” the statement said.

Dun & Bradstreet continues to enhance its approach to knowing your customer (KYC) data, which has proved successful globally. As one of the leading data providers, the company’s sanctions and watchlist data provide clients with hundreds of blacklists/sanctions lists. This

data also includes more than 590 million corporate records. Its market leadership is also reflected in the increasing number of partnerships that it has forged with other data and technology providers, helping cement its position as a central player in the corporate data ecosystem. Dun & Bradstreet recently entered into collaboration with Intercontinental Exchange to launch a new climate risk data offering for privately-held companies globally.

Saharan Blend

Basrah

(Iraq),

Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria),

Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

L-R: CEO, Fimple Egypt, Mr. Ahmed Samy Tayel; Head, Community Engagement, Keystone Bank Ltd, Blessing Ayorinde, and Ms. Victoria Oluruntoba of Keystone Bank, when the bank won the Best CSR Initiatives for Women Empowerment Awards 2025 in Accra, Ghana…recently

Oluchi Chibuzor

Transcorp Group Declares 132% Increase in Profit, Proposes N1.00 Dividend

Kayode Tokede

Transnational Corporation Plc has announced its audited financial statement for full year ended December 31, 2024 that showed a profit before tax of N136.7 billion.

This is 132 per cent growth in PBT when compared to N58.8 billion in the previous year.

The Nigeria’s leading conglomerate on the Nigerian Exchange Limited (NGX) declared N94.1 billion profit after tax, a growth oof 188 per cent from N32.6 billion

in 2023 financial year. Amid increase in profit, the management declared N10.1 billion full year ended, representing N1.00 per ordinary share in 2024 financial year.

The group has been consistent with its results track record, as it sustained its strong growth trajectory across its financial indicators, reinforcing its market leadership and strategic positioning.

In its audited results, Transcorp reported significant year-on-year growth, with a revenue of N408

billion in 2024, representing a 107per cent increase over the revenue of N197 billion in 2023.

From the profit & loss figure, it announced operating Income of N149 billion in 2024, up by 83 per cent from N81.4billion in the corresponding period in 2023.

In the period under review, operating expenses stood at N62.8 billion in the year under review, an increase f 105 per cent as it reflected the impact of inflation and strategic invest-

ments in operational capacity. Net Finance Cost decreased by 45% to N12.4 billion, owing to the complete repayment of foreign currency loans.

From balance sheet position, Transcorp announced a total assets of N751.6 billion at the end of 2024, about 42 per cent increase over N529.9 billion in 2023, while shareholders’ funds closed 2024 at N271.7 billion, an increase of 45 per cent from N187.3billion in 2023, supported by profit accretion to retained

earnings.

Speaking on the results, President/Group Chief Executive Officer of Transcorp, Dr. (Mrs) Owen Omogiafo in a statement said, “Our 2024 financial performance reflects the sustainable value creation strategy of Transcorp Group.

“We have been able to consistently record impressive growth across all indices year on year, despite the challenging macroeconomic environment. In the sectors we operate, we have

delivered consistent growth by leveraging operational efficiency, strategic investments, and an uncompromising focus on value creation for our shareholders. He added that, “Looking ahead, we will deepen our growth trajectory by seizing emerging opportunities, and strengthen our position across Nigeria’s power, hospitality, and energy sectors, even as we consider more sectors that take us closer to our purpose of improving lives and transforming Africa.”

FOOD SAFETY COMPLIANCE FOR COWPEA AND SESAME SEED...

L-R: Director-General, Standard Organisation of Nigeria (SON), Dr. Ifeanyi Okeke; Programme Officer, Sector and Enterprise Competitiveness, International Trade Centre (ITC), Simon Heisig; National President, Federation of Agricultural Commodity Association of Nigeria (FACAN), Mr. Sheriff Balogun; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; and Executive Director/CEO, Nigerian Export Promotion Council (NEPC),

during the inauguration of the Standing Working Group on Food Safety Compliance for Cowpea and Sesame Seed to boost export capacity, held in Abuja, yesterday

Saraki to Akpabio: Do Not Politicise, Trivialise the Calls for Due Process in Senate

Insists on open, transparent probe into Natasha’s allegations Femi Falana: Kogi senator’s suspension illegal, height of legislative recklessness SERAP, lawyer tell Akpabio to rescind decision, say it’s illegal, unconstitutional

Chuks Okocha, Sunday Aborisade in Abuja, Wale Igbintade in Lagos and Sylvester Idowu in Warri

Former Senate President Dr. Abubakar Bukola Saraki, has described as “cheap politics and trivialising of a serious issue” the claim that the call for transparent and open process was an attempt to remove incumbent Senate President, Godswill Akpabio, a Niger Delta person from office.

This followed the call to investigate the accusation levelled against him by one of his colleagues, Senator Natasha Akpoti-Uduaghan, from Kogi State, through an open and transparent process.

Also, a renowned human rights

lawyer, Mr. Femi Falana (SAN), has condemned Natasha’s suspension, describing it as the height of legislative recklessness.

In a statement, Falana criticised the Nigerian Senate for disregarding multiple court rulings that have consistently declared legislative suspensions illegal. At the same time, Socio-Economic Rights and Accountability Project (SERAP), has urged Akpabio to “immediately rescind the patently unlawful suspension of Senator Natasha Akpoti-Uduaghan, as the purported suspension is based solely on the peaceful exercise of her constitutionally and internationally recognised right to freedom of expression.”

This was as a former member of the Delta State House of Assembly and Warri-based Legal practitioner, Hon. Misan Ukuneyinje, has said Natasha’s suspension was against the extant rules of the Nigerian Senate regarding protection of the rights of senators under threat and intimidation.

However, Saraki, in a statement by the head of his media office in Abuja, Yusuph Olaniyonu, urged Akpabio to read his press statement dated March 1st, 2025 very well to understand that there was nowhere he suggested the resignation of the Senate President.

“Rather, he advised that Akpabio should act in the best interest of the

legislative institution by ensuring that no reasonable person is left with any doubt about the fact that the allegations raised by the Senator were investigated and justifiably dispensed with,” he stated.

According to the statement, “The attention of the Abubakar Bukola Saraki Media Office has been drawn to the statement made by Senate President, Senator Godswill Akpabio while addressing the leaders of some ‘youth ethnic groups’ on Friday that certain individuals from Kwara and Adamawa States want him removed because he is from the Niger Delta region.

“Ordinarily, Dr. Saraki would have ignored the statement as a sign of the

times in which we now live. However, its underlying motive of politicising and trivialising a serious issue that threatens the integrity, credibility, and importance of the legislature is the reason why we think we should not allow the Senate President to create a misleading impression of the issue at stake in the all-important institution that the National Assembly represents in our democracy.

to be followed in carrying out such investigation.

“Again, Dr. Saraki is of the firm belief that his suggestions are for the benefit of the legislative institution. So, he will repeat the same suggestion no matter where the Senate President comes from and whichever party he belongs to.

“It is not because the incumbent is a member of the APC, that the former Senate President is from the PDP or that the former is from the South-South zone while the latter is from the North Central zone. Far from it. It is disingenuous and crude to describe Dr. Saraki’s comment along those primordial lines.

Transcorp Group Records Outstanding Growth in FY 2024, Increases

Dike Onwuamaeze

Transnational Corporation Plc (Transcorp) has sustained its strong growth trajectory across its financial indicators, by reporting annual revenue of N408 billion as at December 31, 2024, representing a 107 per cent increase over the revenue of N197 billion it recorded in the previous year.

The strong showings of Transcorp, which is Nigeria’s leading listed conglomerate, in its audited results for the 2024 financial year, also reinforced its market leadership and strategic positioning.

Highlights of Transcorp’s results across its financial indicators showed that in the FY 2024, its “revenue increased by 107 per cent, rising to N408 billion from N197billion of 2023.

“Profit before Tax grew by 132 per cent to N136.7 billion, compared to N58.8 billion in the previous year.

“Profit after Tax improved by 188 per cent year-on-year to N94.1 billion in 2024, from N32.6 billion in the same period last year.

“Operating income grew by 83 per cent, to N149.0 billion in 2024, up from N81.4 billion in the corresponding period in 2023.”

However, its operating expenses

Revenue by 107%, PBT by 132%

saw an increase of 105 per cent year on year, to N62.8 billion in 2024, reflecting the impact of inflation and strategic investments in operational capacity.

But its net finance cost decreased by 45 per cent to N12.4 billion, owing to the complete repayment of foreign currency loans.

The Transcorp’s gearing ratio reduced to 21 per cent from 32% per cent showing positive financial leverage.

According to the group, its earnings per share were N1.45 in 2024 compared to N0.40 in 2023.

Also, its “total assets expanded by 42 per cent increasing from N529.9billion in December 2023 to N751.6 billion at the end of 2024.

“Shareholders’ funds grew by 45 per cent, from N187.3 billion in December 2023 to N271.7 billion by 2024 year-end, supported by profit accretion to retained earnings.”

Transcorp, therefore, declared N10.1 billion full year dividend, representing N1.00 per ordinary share in 2024.

Speaking on the results, President/ Group Chief Executive Officer of Transcorp, Dr. Owen D. Omogiafo, said: "Our 2024 financial performance reflects the sustainable value creation

strategy of Transcorp Group.

“We have been able to consistently record impressive growth across all indices year on year, despite the challenging macroeconomic environment.

“In the sectors we operate, we have delivered consistent growth by leveraging operational efficiency, strategic investments, and an uncompromising focus on value creation for our shareholders.

“Looking ahead, we will deepen

our growth trajectory by seizing emerging opportunities, and strengthen our position across Nigeria’s power, hospitality, and energy sectors, even as we consider more sectors that take us closer to our purpose of improving lives and transforming Africa.”

According to her, Transcorp is dedicated to its transformation agenda, which emphasised sustained growth and a relentless pursuit of long-term value for shareholders.”

“Dr. Saraki in his last comment on the Akpabio-Natasha AkpotiUduaghan crisis never called on the Senate President to resign or step aside. Rather, he urged the Senate President to be conscious of the fact that perception is reality and therefore he should avoid treating the allegations by the Senator in a manner that will create the perception that the Senate as an institution is trying to cover up issues bothering on sexual harassment, gender discrimination, and abuse of office.

“Also, Dr. Saraki made it clear that his intervention was neither about Senator Akpoti-Uduaghan nor whether her claim was right or not. He stated that since the Senator has gone public with such serious allegations against the presiding officer, the image of the institution should be saved through an honest, sincere, open, transparent, and unbiased investigation.

“In that press statement, he also pointed out that there are already existing processes recommended in the Constitution, laws of the land, Senate rules, conventions, and precedents

“This issue is definitely not one in which Akpabio should exploit ethnic sentiments, political division, or regional proclivity. This will neither be in his own interest or that of the institution over which he is presiding. He should face the reality on ground and do what is right.

“The former Senate President believes that when a sensitive matter suggesting sexual harassment, gender discrimination, and mistreatment of women comes up anywhere, it evokes the pains that thousands of women across the nooks and crannies of our society experience daily.

“Thus, when it is raised in a place like the legislative institution, it is an opportunity for us to handle it with utmost openness and transparency to ensure that justice is not only done but glaringly seen to be done.

Ogun Approves Reconstruction of 11 Additional Roads

The Ogun State Government has approved 11 roads, spread across the three senatorial districts in the state, for reconstruction.

The approval which was part of the outcome of the State Executive Council the meeting held over the weekend, presided over by Governor Dapo Abiodun.

Notable among the roads approved by the Ogun State Government for reconstruction is the Akute Bridge to Agbado (Lateef Jakande) Train Terminal/Pass/Agbado Bridge, with a length of 9.2 km.

The construction of laybys and some

adjoining roads was also approved along with the main contract.

Also approved for reconstruction are the Iperu Junction to Ilishan Roundabout (Gateway International Airport Road), with a length of 5.5 km; Imasayi-Igan Okoto-Ayetoro Road Phase 2B (4 km); Imasayi (end of phase 1) to Igan Okoto, Phase 2A (3 km); and Gao Junction to Ibiade Road (3.8 km).

Others are Abeokuta Obalende-Ijebu Ode (2.75 km); Osinubi New Road (Araromi Street) Ijebu Ode (1.1 km); Tam Balogun, Ijebu Ode (0.85 km); Federal College Road, Odogbolu (2.93 km); General Hospital - Aferiku, Ipokia

(2.8 km); and Oke Erinja to Erinja to Ilobi Road, Phase 2 (1.7 km).

It would be recalled that Governor Abiodun, at the commissioning of the 3.12 km Oke Erinja to Erinja Road on Tuesday, had promised to extend the road reconstruction to Ilobi.

The governor said: "The Ilobi and Oke-Erinja areas are among our food baskets in the state, and today we have prioritized the construction of their roads.

"It was not intentional to stop the road at Oke-Erinja. I have heard many times that the Erinja and Ilobi people are like Siamese twins, and I will not

separate them.

"So, let me assure you, we will complete that road to Ilobi; we will ensure the road ends at Ilobi." Prince Abiodun also promised to award the contract for the reconstruction of the Sango-Ijoko-Akute road within one week.

This, he said, is to ensure that the axis is properly linked with a good network of roads, adding that the efforts put in place by his administration on the Akute-Ajuwon, Alagbole-Ajuwon, Giwa-Oke-Aro, and the Alagbole-Akute roads won't be appreciated if the SangoIjoko-Akute road is not completed.

Nonye Ayeni,

PHOTO: ENOCK REUBEN

PRESS CONFERENCE ON INVEST AFRICA SUMMIT 2025 AND PROPERTY EXPO...

Managing

Africa Summit 2025 and Property Expo, held in Lagos…recently

MAN Raises Concern over Astronomical Annual Charges Imposed By FRC

Dike Onwuamaeze

The Manufacturers Association of Nigeria (MAN) has expressed grave concerns over the implementation of certain provisions of the Financial Reporting Council of Nigeria (FRC) Amendment Act, particularly those relating to charges on non-listed entities, like most members of MAN.

The Director General of MAN, Mr. Segun Ajayi-Kadir, said that these provisions pose significant challenges to the manufacturing companies, majority of whom are non-listed entities that are categorised

under Public Interest Entities (PIEs) of the said Act.

Ajayi-Kadir said that a new Section 33 introduced under FRCN Amendment Act, 2023 mandated annual charges for non-listed entities, which are calculated as a percentage of their annual turnover (maximum being 0.05% of the annual turnover for companies with turnover of more than N10 billion).

“For publicly quoted companies, the maximum payment earlier was N1 million per annum. Now, that amount is hiked to N25 million! Quite incredibly, for non-listed

companies, who were previously excluded, there is no cap and it is linked to the turnover, irrespective if the company is profitable or not,” he said.

According to him, “the FRCN Amendment Act, 2023, Section 33, Clause 3, imposes heavy penalties on a person or an entity failing to pay annual dues with 10 per cent of the annual due for every month of default cumulatively until payment, liable to sanctions prescribed by the council for any default of its agents, officer or personnel engaged in the financial reporting process for failure

to comply with the provision of the act and in case of chief executive officer to a penalty as may be prescribed by the council, or on conviction to imprisonment for a term not exceeding six months.”

Ajayi-Kadir also said that the strict penalties and possible conviction to imprisonment could be construed as having the nature of a criminal law.

“Generally, non-payment of fees/ dues typically results in other penalties or fines and imprisonment provisions are applicable only in cases where non-payment is seen as an act of defiance or fraud.

Lagos to Investigate Air Force Personnel Invasion of Ikeja Electric's Corporate Office

Segun James

Following the invasion of men of the Nigerian Air force of the Ikeja Electric corporate headquarters, the Lagos State Government has set out plans to investigate the attack.

The government disclosed that the investigation was being done alongside relevant authorities to uncover other details for the attack and ensure that all victims of the attack get justice as stipulated by law in the state.

Commissioner for Energy, Biodun Ogunleye, who disclosed this in a statement on Saturday, stressed that the attack was unacceptable and would not be tolerated in Lagos.

Ogunleye stated that the safety and well-being of all citizens, including employees of electricity distribution companies, remained a top priority for the Lagos State Government.

According to him, the Lagos government was working closely with relevant authorities to investigate this incident thoroughly and ensure

that justice is served.

While urging all parties involved to resolve disputes through lawful and peaceful means rather than confrontation, the commissioner stated that the leadership of the Nigerian Air Force must take immediate steps to prevent a recurrence.

The electricity firm serving Lagos and Ogun States was attacked by the armed military officers, who vandalised property worth millions of Naira, assaulted staff, and perpetrated

other acts.

The attack was allegedly carried out by personnel of the Nigerian Air Force in response to the disconnection of electricity supply to the Sam Ethnan Air Force Base due to unpaid debts.

While the Lagos government recognised the importance of maintaining good relationships with all stakeholders, including the armed forces, resorting to violence and intimidation was completely unacceptable

There’s a Plot to Invalidate Obasa’s Removal as Lagos Speaker, Group Alleges

Asserts judgment slated for next week written Says embattled clerk promoted with forged document

James Alausa

Except for an intervention from a higher quarter, there are plans to use the court to invalidate the impeachment of Hon. Mudashiru Obasa, as the speaker of Lagos State, a pro-Lagos development group, Agenda for New Lagos (ANL), has raised the alarm.

A press release by its Protem Chairman, Kamal Olorunnisola, stated that the court judgment to make this happen has already been written and would be delivered next Monday after hearing the case instituted by Obasa in the heat of his impeachment saga, tomorrow,

Monday, March 10th.

The group, in addition to the seemingly unending Lagos Assembly drama, claimed that the embattled clerk preferred by Obasa, Mr. Olalekan Biilamin Onafeko, was fraudulently promoted through the back door in. 2022 using “Special Advancement” subject only to the approval of the governor.

Speaking to the alleged plot to “legalise the recent illegality” at the Lagos assembly, the group, in the release titled, “Obasa: the ultimate end of the drama”, explained that, “Many of the Assembly members were tricked into accepting that Obasa will subsequently resign

after Meranda.

“But unknown to them, it was just a political gimmick. As soon as he was ‘re-elected’ out of damage control, he adjourned indefinitely, obviously awaiting judgement in the case instituted to legitimise the illegalities.

“That explains why contrary to the pledge to withdraw his case, it continued. They already have the judgment written invalidating the proceedings that removed him. All machinery has been put in place towards railroading the judge.

“Upon given the judgment, obviously wrong in law, Obasa will direct no appeal on behalf

of the Assembly while Meranda is already out of the way.

“The import is that he had never been removed while Meranda was never speaker. The further implication is that the removed clerk will equally return contrary to the resistance of his colleagues, as of right as no proceeding that is valid would have removed him.

“Then the Oga will have his way and rejoice. Bearing any last minute change of mind, the judgment cannot change, because it has been written as part of the grand plan to institutionalise Obasa in the assembly,” the group explained.

“The Section 34 of the principle Act stipulates that the proceeds of the fund established under Section 33 of the Act is to be applied for the expenditures of the council, which incentivizes excessive generation of revenue and makes collection of the fees purely for administrative purposes.

“Criminalising non-payment of dues/fees, the utilisation of which is more administrative in nature, makes the FRNC Amendment Act, 2023 a draconian law with no choice left for the entities to contest the charge, but to comply and pay the dues.”

He further posited that this is a direct assault on the government’s commitment to ease of doing business.

“Apart from the reservations against its application to private companies; the astronomical increase for listed companies; the excessive charge on non-listed companies turnover, particularly for loss making companies; the commencement of implementation at this difficult time for manufacturers and other businesses amount to yet another form of aggravated tyranny of regulation.

“The investments of the productive sector of the economy will be negatively impacted if the continued

implementation of this annual charge and the strenuous efforts of FRCN to execute same is not halted,” he said.

MAN, therefore, implored the FRCN to be mindful of the potential negative impact of its continued administration of the fees on businesses and put it on hold.

“As the umbrella body for manufacturers in Nigeria, we admonish the FRCN to await the enactments of the tax reform laws and realign its operations with the relevant provisions.

“The urgent consideration and swift action of government is needed to avert the unpleasant consequences of this annual fee.

“This will bring relief to anxious and long suffering manufacturers and other business owners.

“Quite importantly, it will boost our commitment to ease of doing and align with the broader objectives of the fiscal policy and tax reforms agenda of President Bola Ahmed Tinubu, which is primarily aimed at streamlining regulatory requirements, harmonising taxes and revenue collection agencies, promoting business growth and cultivating a competitive landscape,” he said.

IGP Deploys Newly Promoted DIGs, AIG

Linus Aleke in Abuja

The Inspector-General of Police, Kayode Egbetokun, has ordered the deployment of the newly promoted Deputy Inspectors General of Police (DIGs) and Assistant Inspector General of Police (AIG) to key departments and formations within the Nigeria Police Force.

Egbetokun said the strategic posting was designed to leverage the officers' wealth of experience and expertise to enhance operational efficiency and strengthen the force's capacity to address evolving security challenges.

A statement by the Force Spokesperson, Olumuyiwa Adejobi, an Assistant Commissioner of Police, revealed that DIG Sadiq Abubakar, has been deployed to the Force Criminal Investigation Department (FCID), while DIG Benjamin Okolo will now head the Force Intelligence Department (FID). He said that DIG Williams Adebowale assumes responsibility for the Department of Information and

Communication Technology (ICT), and DIG Bzigu Kwazi takes charge of the Department of Operations (DOPs).

The Force spokesperson stated that DIG Adebola Hamzat has been assigned to the Department of Logistics and Supply (DLS), while DIG Idegwu Okuoma will lead the Department of Research and Planning (R&P).

"In addition to these newly appointed DIGs, the IGP also ordered the reassignment of DIG Sahabo Yahaya as the new DIG for the Department of Finance and Administration (DFA)," Adejobi said. He said the Inspector-General of Police expressed his confidence in the ability of these senior officers to excel in their new leadership positions and contribute significantly to the overall effectiveness of the Nigeria Police Force. The IGP also reiterated the commitment of the Force under his leadership to strategic redeployments aimed at getting the best out of personnel.

L-R: Executive Director, Nedcomoaks Group, Rerhe Idonije; Group Chief Executive Officer, Zylus Group International, Dr. Olatujoye Oluwatosin; Managing Director/CEO, Kirkwood Properties Limited, Oluchi Arinze; Group

Director, Nedcomoaks Group, Dr. Kennedy Okonkwo; Managing Director/CEO, Haven Homes, Ufuoma Ilesanmi; and Managing Director/CEO, PropatiRadar Limited, Ediri Otomewo, at the press conference on the Invest

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June 12: IBB’s Decision to Blame Abacha

Deliberate Distortion of History, Family Says

Abacha, has described the decision of former military Head of State, Gen. Ibrahim Babangida to blame their late

father for the annulment of June 12 presidential election as a deliberate distortion of historical facts.

A statement yesterday by Mohammed Abacha, stated that, the attention of the family was drawn to recent claims made

Citing Uncompleted Zonal Wards and LG Congresses, PDP Shifts Next NEC to May 15

Supreme

Chuks Okocha in Abuja

Court decides authentic national secretary today

The Peoples Democratic Party (PDP), has announced a shift of its proposed National Executive Committee (NEC) meeting earlier scheduled to take place on Thursday March 13, to May 15.

Also, today, the Supreme Court will decide who between Senator Samuel Anyanwu and Sunday Ude-Okoye is the authentic national secretary of the PDP.

In a statement by Sunday UdeOkoye, he said, "Distinguished members of the National Executive Committee (NEC) may recall that after due deliberation by Party leaders,

Stakeholders and relevant Organs of the Party, the NEC meeting was scheduled to hold on Thursday, March 13, 2025.

''However, following emerging issues including the need to conclude our pending Zonal, State, L.G.A and Ward Congresses as well as to allow for further consultation to ensure a hitch-free conduct of the meeting especially with regard to other proposed activities of our Party, the NWC after due consultation with leaders, stakeholders and relevant Organs of the Party including the Board of Trustees (BoT) the PDP Governors’ Forum and the PDP National Assembly

Caucus hereby wishes to notify distinguished members of NEC that the 99th NEC meeting earlier scheduled for Thursday, March 13, 2025 has been unavoidably shifted to Thursday, May 15, 2025.

''All NEC Members should please note the change of date and be guided accordingly.

The NWC sincerely regrets any inconveniences this change of date will cause Distinguished members of NEC,'' the statement stated.

The NEC meeting of the PDP before the new shift was to elect a substantive national chairman to take over the remaining tenure of Dr. Iyorchia Ayo, who stepped

aside as the national chairman on the orders of the Benue State High Court.

In the last NEC meeting of April 18 2024, the meeting had adjourned to give time for adequate consultations. Since then, it has remained adjournment to adjournment.

Meanwhile, the Supreme Court will today take a decision on the lingering controversy over who is the authentic National Secretary between Anyanwu and Ude Okoye.

Ude Okoye was pronounced national secretary by the Court of Appeal sitting in Enugu, but Anyanwu challenged the decision of the Appeal court.

Osun Govt: We Acted in Line with Public Interest by Submitting Petition to EFCC

Yinka Kolawole in Osogbo

The Osun State Government has said its petition to the Economic and Financial Crimes Commission (EFCC) over the past administration of the All Progressives Congress (APC) was in public interest.

In a statement by the Commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi, stated that the state noted with interest the push back by the APC since the petition became public knowledge.

The government said it read with interest the “gibberish” pushed to the public by the Osun State APC in response to the petition to the EFCC, in a feeble and desperate attempt to distract from the weighty allegations of financial misconduct detailed in the government’s petition to the EFCC.

“Rather than address the damning revelations of corruption,

misappropriation, and abuse of office, the APC has chosen to resort to baseless propaganda, outright falsehoods, and diversionary tactics.

"This reckless approach only reinforces the fact that the party and its leaders have no reasonable defense against the allegations.

"To set the record straight, the EFCC petition is not a product of political witch-hunt but the culmination of a painstaking, evidence-based process that began in early 2023.

“A Contract Review Committee was constituted to examine the financial dealings of the previous administration, and its findings uncovered a shocking scale of malfeasance, violations of due process, and brazen acts of corruption under the leadership of former Governor Gboyega Oyetola.

"In response, a White Paper Committee was established, which

further reviewed and validated the findings, ultimately recommending the prosecution of implicated officials.

“These recommendations were subsequently approved by the State Executive Council in 2024.

Given the sheer magnitude of financial recklessness uncovered, the administration had a duty to the people of Osun State to ensure accountability rather than sweep the report under the carpet.

“Consequently, a White Paper Implementation Committee was inaugurated in late 2024, and after rigorous scrutiny of the documented infractions, a legal team was engaged to compile a comprehensive petition, which was submitted to the EFCC on Friday, March 7, 2025.

"One of the most damning discoveries was the mismanagement of funds meant for the renovation of 320 primary healthcare centers

across Osun State. Rather than follow due process, the former governor unilaterally awarded contracts without any competitive bidding—a clear violation of procurement laws.

"Shockingly, these contracts were handed to close allies, political associates, and family members of top officials, many of whom had no prior experience in construction.”

"Let it be clear: the Osun State Government will not be intimidated or blackmailed into silence. The former officials implicated in this petition should prepare to answer for their actions before the appropriate authorities instead of issuing desperate and misleading press statements.

"We trust the EFCC to conduct a thorough investigation and bring all culpable individuals to justice. No amount of noise from the APC can shield the guilty from the consequences of their actions."

by Babangida, in his newly launched book, “A Journey in Service”, where he alleged that the annulment of the June 12, 1993, presidential election was the responsibility of Abacha. Abacha noted the claim, which had sparked widespread controversy and necessitated a clear response from the immediate family of and the entire Abacha clan in the interest of historical accuracy and justice.

“It is important to state unequivocally that General Sani Abacha was neither the Head of State nor the Commanderin-Chief at the time the June 12 election was annulled.

“The decision to annul the election was made under the administration of General Ibrahim Babangida, who, as the then Head of State, held absolute executive powers and was solely responsible for the actions of his government.

“Any attempt to shift this

blame onto General Sani Abacha, who was a very senior military officer within the regime, is a deliberate distortion of historical facts,” he said.

Abacha stressed that for years, various actors had attempted to rewrite the history of that critical period in Nigeria’s democratic evolution, insisting that the facts remained unchanged. He urged Nigerians to be wary of revisionist narratives that seek to manipulate public perception for personal or political reasons. Abacha added that the memory of their late father and leader must not be tarnished by baseless accusations meant to absolve those who were truly responsible.

He maintained that despite the unfortunate attempt to shift blame, Abacha remained a true and loyal friend to Babangida up to the time of his death.

Alia Decries Attacks in Katsina-Ala LGA

George Okoh in Makurdi

Benue State Governor Rev. Fr. Hyacinth Alia, has expressed his condolences to the families of the casualties and the entire community of Kpav, particularly Dikpo and Imande Gberihwa, following an attack by armed herdsmen that led to several deaths.

The governor said the loss of innocent lives and the destruction of homes were a painful reminder of the challenges his administration encountered in the journey to peace and security of the state.

"This measure of cruelty is extremely offensive and will not be countenanced," he said, condemning the action in a press statement by his Media aide, Tersoo Kula.

He, however, reassured the people of Benue State that those responsible would be brought to justice.

He stated that in response to this misfortune, his government had already marshaled security forces to

the affected localities, stating further that enhanced security steps were being implemented to track the aggressors and forestall further incidents.

"We are striving intently with local law enforcement and community leaders to ensure that our villages can reside in peace without fear of terrorism.

"To the people of Benue State, we want to encourage you that your security is our top priority. We recognise the anxiety and fear that such incidents can produce, but we are committed to strengthening peace and security in our communities.

"Collectively, we will rise above this challenge and strengthen our willpower to protect our homes and loved ones.

"We appeal to everybody to remain wary and report any doubtful activities to the authorities. It is only through our concerted efforts that we can achieve longstanding peace," he said.

Akintoba Akintayo, during the Seyi Tinubu Renewed Hope Youth Empowerment (RHYE) Free Medical Healthcare Services in Lagos

Chuks Okocha and Adedayo Akinwale in Abuja Family of the late Gen. Sani

BACKPAGE CONTINUATION

LATEST ONE: ANTI-PALACE ACTIVITIES

being recognized by the presiding officer, engaging in unruly and disruptive behavior, making abusive and disrespectful remarks against the Senate leadership, and refusing to comply with the summons of the Senate Committee on Ethics and Priviledges.”

Phew! That’s a lot of evidence that qualifies Senator Natasha to be charged with anti-Senate activities but you know what? Preciously few Nigerians would be swayed by the Senate Leader’s meticulous compilation. The main issue, as far as most Nigerians are concerned, is the allegation of sexual harassment she made against Senate President Godswill Akpabio. Unfortunately for public officers, it is much easier to secure a conviction in the court of public opinion than in a court of law. The fact that a former managing director of the NNDC made a similar allegation against Akpabio worsens his case in the public eye. Nor does his garrulous style of leadership help matters.

However, Mrs. Uduaghan’s case is not totally credible either. For one, one should line up credible witnesses the very day an issue of this nature occurs. She said when her husband asked her what Akpabio whispered to her, she did not tell him. But her husband said in his statement last week she told him at home that Akpabio sexually harassed her. Was it because he realized that her earlier statement robbed her story of much needed corroboration? Then also, she had made similar charges against other persons over the years, notably Reno Omokri and Dino Melaye. Let me pose this question for all Nigerians to answer: is there a dividing line, however thin, between chasing a woman and sexual harassment? In other words, is making a pass at a woman automatic sexual harassment?

SAVING THE SENATE

harassment allegations have been handled suggests an institution that does not take its moral standing and reputation seriously. The institution’s approach to this issue shows a troubling disregard for fairness and transparency.

Senator Akpoti-Uduaghan was suspended without a fair hearing. She did not appear before the ethics committee because of subsisting court order. This matter was already in court. The Senate should have respected the judicial process instead of preempting its outcome. Acknowledged, the Legislative Houses (Powers and Privileges) Act 2018 outlaws the courts interfering in internal legislative processes; the Senate ought to approach the court and do the right thing. Whereas some argue that legislative matters are beyond judicial interference, precedent shows otherwise.

The Supreme Court had previously halted legislative processes during a constitutional amendment, proving that the judiciary has a role in ensuring constitutional compliance. Past rulings have shown that the courts can intervene in legislative matters, yet the Senate proceeded without regard for judicial authority. According to a 2018 report by the Centre for Democracy and Development, Nigeria has a history of executive, legislative, and judicial overreach and rascality that has significantly weakened public trust in governance.

This saga takes us back to the constitutional question, does any legislative house under our current constitution has the power to suspend an elected member for any duration without going against the spirit and letter of our constitution. It is evident that the Senate lacks the constitutional authority to suspend a senator for six months. As previous court rulings have reaffirmed, the Senate’s internal rules cannot override constitutional provisions. In 2017, the Federal High Court ruled that the suspension of Senator Ali Ndume for 90 days was unconstitutional. The court ordered his reinstatement and the payment of all outstanding salaries. In 2018, the Federal High Court also nullified the suspension of Senator Omo-Agege, ruling that the Senate could not suspend a member beyond 14 days. These precedents show that the Senate’s decision to suspend Akpoti-Uduaghan for six months is unconstitutional and will likely be overturned if challenged in court.

I do not know if that was what Akpabio did, but it appears that, from the frequency of her allegations, Senator Natasha’s sexual harassment bar is rather low. Men are making passes at women every day, as they must, because biology wired us that way. How will marriages ever take place if men are not making passes at women [and, increasingly these days, vice versa]? It is only when power relations come into play that we can usefully allege sexual harassment, such as parent-child, uncle-niece, teacher-student, boss-subordinate, police/judge-accused etc. As a former man-about-town-myself, I know that exceptions must be made even in power relations because some teachers end up marrying their students and some bosses end up marrying their subordinates, so it is not all about abuse.

There was a much more familiar story of anti-party activities at the weekend when South South PDP caucus defied the party’s National Working Committee [NWC] and insisted that the “congress” it held in Calabar was legitimate under the party’s constitution. Such a stance has already forced PDP, for the umpteenth time, to postpone its scheduled National Executive Committee [NEC] meeting from this week until May. Anyone can see that the South South PDP caucus’ stance is part of the factional power grab to disorganise and if possible seize control of the main opposition party in the service of the ruling party. There has never been a clearer case than this of anti-party activity, but PDP’s leaders are reluctant to invoke the phrase because some of its top leaders are alleged to be complicit in the scheme. Isn’t there an Isekhure-style curse in politics that can be placed on the heads of anti-party activists?

Yet another case of anti-institutional activity unfolded last week at the Lagos State House of Assembly. Mudashiru Obasa’s shock return to the Assembly Speaker’s chair, when 35 of its 40 members impeached him in the full glare of television cameras, when they roundly elected Mrs. Mojisola Meranda to succeed him, when he used doubtfully procured force to reenter the Speaker’s office, when only four members attended the “plenary” that he presided over, only for unseen hands to force the Assembly super majority to eat humble pie, for Mrs. Meranda to resign and for them to re-elect Obasa, was antiAssembly activity if ever there was one in Nigeria.

Governor Alex Otti of Abia was in danger at the weekend of being accused of antiGovernment House activities. He has been governing for nearly two years now, not from the Government House in Umuahia but from his private residence in Isiala, Ngwa South Local Government. I think the small territorial span of Abia State made this option possible. If a governor of Niger State were to live in his house in New Bussa, or a Borno State governor were to live in his house in Kukawa, he will probably lose control of the state bureaucracy. Otti, however, is not the first ruler in Nigeria to operate from his private house. Chief Obafemi Awolowo was said to have done the same thing in the First Republic as a sign of modesty, though political opponents later said it was a ploy to upgrade his house. The same thing was said in the Second Republic when Governor Balarabe Musa of Kaduna lived in a small government-owned house, instead of Sir Kashim Ibrahim House. One way or

It is unacceptable that Senate President Akpabio, who is accused of sexual harassment, presided over the suspension of his accuser. This is a fundamental violation of legal ethics—no one should be a judge in their own case. Senator Akpabio should have recused himself to ensure fairness. There is a precedent in this regard: Senator Bukola Saraki, during the 8th Senate, was accused of nonpayment of customs duty on a bulletproof official car he imported. SP Bukola Saraki stepped aside and allowed his deputy to preside over his investigation. Senator Akpabio was in the Senate at the time and should have taken a cue.

The Senate, in this instance, has

another, there is no escaping allegations of anti-Government House activities.

Even the Supreme Court was in danger last week of being accused of anti-judiciary activities. At issue was the ruling it handed down that the 27 pro-Wike members of the Rivers State House of Assembly had not lost their seats by decamping from PDP to APC. Sure there were technicalities involved, including the pro-Fubara appellants withdrawing their case at a certain point, but on the whole the ruling did not sit well with most observers because there is solid video evidence of the members decamping to APC and of Rivers State APC leaders joyously receiving them into the party. On the flip side, MPs’ decamping “due to factionalisation of the party” is a very dubious issue in this Republic. When they decamp to the ruling party, the Speaker never declares their seats vacant or invites INEC to conduct another election to fill the vacancy.

Four Northern state governments, of Kano, Katsina, Bauchi and Kebbi were accused by some NGOs last week of anti-education activities for shutting down primary and secondary schools in their states due to the on-going Ramadan fast. It was a controversial decision, even though the critics worsened matters by posing it as an inter-religious contest. Personally, I did all my schooling in this region and school was never stopped for a day because of Ramadan fast. After all, most basic school pupils are below the age of fasting, and teachers can effectively discharge their duties while they are fasting, just like all other civil servants and private sector people do. Some Premier Football League players are even fasting; is that not more energy-sapping than teaching in a classroom?

to Senator Natasha in this case when it usually is sluggish in dealing with the many petitions and cases before it. This smack of a hatchet job and it does not help the public standing of the Senate. It is unfortunate that the Senate has conducted its affairs opaquely for a matter that has come to the public's attention. The Senate's lack of transparency in this matter is a clear indication of the need for openness and honesty in governance. For the Senate to ignore and sweep under the carpet the issue of sexual harassment is a disservice to the President of the Senate and the institution.

Mr. Senate president can show he has power by suspending Senator Natasha, but it is not a cure for such a serious allegation. The best the Senate can do is to conduct a proper investigation on the issue and come out with a clean bill of health. The Senate must understand that the Nigerian public wants transparency and full disclosure of all the problems. It is not a private matter. Sexual harassment is a serious accusation and cannot be dismissed as trivial as the Senate did. It's a dark spot on the reputation of the Senate. It is also not acceptable in a democracy.

The suspension of a senator without due process creates a dangerous precedent. If allowed to stand, this decision could pave the way for further suppression of dissenting voices, weakening democracy in Nigeria. The Nigerian Senate is already struggling with negative public perception. This incident further erodes confidence in its ability to act as a “check and balance” on the other arms of government.

demonstrated an alarming lack of openness. The Ethics and Privileges Committee should have conducted its proceedings publicly to maintain credibility. Instead, the Senate moved forward with a suspension that appears politically motivated and legally unsound.

The Senate’s refusal to properly investigate the allegations against its president sends a dangerous message: that sexual harassment claims can be dismissed with political manoeuvring. This is a grave injustice that damages the Senate’s reputation. One wonders how the Senate Committee on Ethics, Privileges, and Public Petitions suddenly becomes so efficient and fast in dispensing punishment

The Senate must acknowledge its overreach on the Senator Akpoti-Uduaghan matter. The Nigerian public demands accountability. It is common sense to recognise that the Senate is at risk of permanent reputational damage. A Senate with sullied reputation does no one or the country any good. If it continues to prioritise power plays over democratic principles, it will lose whatever legitimacy and respect it still holds and enjoys. To save itself, the Senate must return to the principles of integrity, fairness, openess and constitutional adherence. The Nigerian people deserve a legislative body that upholds justice, fairness, and transparency, not one that operates in secrecy and impunity. The future of Nigerian democracy depends on it.

Senator Natasha Akpoti-Uduaghan

CELEBRATING WOMEN’S DAY…

L-R: Chief Executive Officer, Hairitage Hub, Tomi Adeola; Founder & Creative Director, Ejiro Amos Tafiri Brand, Ejiro Amos Tafiri; Director-General, National Theatre, Tola Akerele; Chief Operating Officer, i-invest, Tobi Olusoga; Founder, House of Tara International, Tara Fela-Durotoye, and Founder & Host of The Star Network Podcast, Zephia Ovia-Ikem at the i-invest #VioletsForHer Women’s Day Event in Lagos… recently

Ondo Police Commissioner Warns Kidnappers to Stay Away from State

Fidelis David in akure

Ondo State Commissioner of Police, Wilfred Afolabi, has warned criminals, particularly kidnappers to steer clear of the state as the Police and other security agencies in the state are poised not to give them a breathing space.

CP Afolabi, who stated this during an interactive

session organised by the state Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ), tagged: “The Platform”, disclosed how series of operations were being carried out in different parts of the state and how some kidnappers were arrested while victims were rescued.

However, he listed some of the challenges of the command

Omo-Agege Visits President Tinubu

The immediate past Deputy President of the Senate and Delta State All Progressives Congress (APC) governorship candidate during the 2023 election, Senator Ovie OmoAgege, has turday, met with President Bola Tinubu in Abuja to discuss issues relating to Delta State.

According to a statement, Omo-Agege confirmed the visit to President Tinubu in a post on his verified social media handles yesterday.

Omo-Agege’s visit is coming weeks after some leaders of the APC from Delta State led by the Minister of Aviation and Aerospace Development,

Olorogun Festus Keyamo, SAN, also met with President Tinubu.

The Delta APC 2023 governorship candidate had been on a ‘thanking tour’ to members of the party across the 25 local government areas of the state.

He said the discussion during the meeting was centred on the country’s development and progress, with a special focus on happenings in Delta State.

“Last night (Saturday), I had the privilege of meeting with His Excellency, President Bola Ahmed Tinubu, at the Presidential Villa in Abuja.

Ondo Community Celebrates UNIMED VC after Completion of Tenure

The Ondo Community led by the Osemawe, His Imperial Majesty and the Paramount Ruler of Ondo Kingdom , Oba (Dr) Victor Adesimbo Kiladejo, Jilo III, rolled out drums to celebrate the Vice-Chancellor of the University of Medical Sciences (UNIMED), Ondo after the completion of his tenure on Saturday, 8th March, 2025.

in carrying out their duties in terms of patrol vehicles and other logistics needed for smooth operations.

The commissioner explained that if the command is equipped

with hi-tech devices including military drones, trackers and other devices for lawful interception, fighting crimes in the state would be done seamlessly.

According to him, the command needs assistance from government and other stakeholders in the state in terms of provision of patrol vans and repair of grounded vehicles for

Kanu’s Family Wants FHC Chief Judge, Tsoho, Justice Binta

Folalumi Alaraninabuja

The family of the detained leader of Indigenous People of Biafra ( IPOB ), Nnamdi Kanu, has called for the sanction of the Chief Judge of Federal High Court, Justice John Tsoho and Justice Binta Nyako over disobedience to court orders.

The family said the flagrant disobedience to the valid court order by Justice Tsoho and Binta

as presiding judge has brought the judiciary into disrepute.

In a statement signed by his brother Prince Emmanuel Kanu on behalf of the family yesterday in Abuja and made available to journalists highlighted key judicial pronouncements from Nigerian courts and international bodies, all of which have ruled in favour of Kanu’s release.

The statement commended the

timely and effective response to distress calls.

The commissioner said: “We can’t use orthodox method to address present security challenges.

Sanctioned over Court Disobedience

timely intervention of the Chief Justice of Nigeria, Justice Kudirat Motonmori Olatokunbo KekereEkun in ensuring that the decade long trial of Mazi Nnamdi Kanu is duly re-assigned to a competent judge devoid of bias.

The statement read: “ Whilst we welcome the timely intervention of the Honourable Chief Justice of Nigeria in ensuring that the decade long sham trial of Mazi

Nnamdi Kanu is duly assigned to a competent judge untainted by bias or one that openly and unashamedly pander to tribal sentiments or exhibit the tendency to succumb to executive manipulation; we find it shocking that it required the involvement of the conscious public and that of the most senior judicial officer in Nigeria for Binta Nyako to obey her own order of recusal she made in her own court.

Lagos PDP Factions End Feud, Vow to Defeat APC in 2027

Segun James

In a bid to end All Progressives Congress (APC)’s continued domination of the politics of Lagos, the Peoples Democratic Party (PDP) factions have reunited at a reconciliation meeting held in Lagos at the weekend.

At the meeting held at the Victoria Island residence of first Chairman of

NDDC

SundayOkobi

the party in Lagos, Alhaji Muritala Ashorobi, the party leaders resolved to work together to dislodge the APC from the state.

The meeting, which was attended by prominent party leaders including the former Deputy National Chairman and Leader of the party in South-west and Board of Trustees (BoT) life member, Chief Olabode George; former Minister,

Dr. Abimbola Ogunkelu; former BoT member; Chief (Mrs) Aduke Maina; the state Chairman, Hon. Philip Aivoji; Captain Tunji Shelle (rtd), Alhaji Ramoni Owokoniran, Dr. Niran Adeniji, the leaders resolved that status quo in the party remains, even as they urged all members to remain united.

The said party members across 20 local government areas in the

state must mobilise Lagosians to wrest power from APC in 2027. In a communique after the meeting, the leaders warned some members working for APC underground to stop or leave PDP immediately, adding that anti-party activities will no longer be tolerated. They insisted that the APC has really disappointed Nigerians, and that it must be voted out in 2027.

Trains over 200 Niger Delta Youths in Alternative Dispute Resolution

The Governor of Ondo State, Lucky Orimisan Aiyedatiwa, represented by his Special Adviser on Health, Professor Simidele Odimayo, corroborated the position of the Osemawe by saying that “Professor Fatusi has been exceptional and as a”Prince” of the Palace, your services will still be required even after leaving.”

Former Governor Olusegun Mimiko, the pioneer visitor of UNIMED, who established the University in 2014 said: “The university couldn’t have had a better Vice-Chancellor than Fatusi.”

Oba Kiladejo, who described Fatusi as a “Prince” of the Ondo Kingdom, said: “Professor Adesegun Fatusi has left indelible footprints in the sand of time with the unprecedented achievements the University recorded under his watch. History and posterity will never forget him as nobody can erase his remarkable accomplishments.”

RMB to Host Economic Forum on Nigeria’s Reforms

RMB Nigeria will host its Economic Forum on Wednesday, March 12, 2025. This exclusive event will bring together policymakers, corporate executives, and economic strategists to discuss Nigeria’s evolving reform landscape and its implications for businesses and investors.

Themed “Beyond the Change: Steering Through Nigeria’s Reform Complexities,” the forum will feature two panel sessions with expert insights from key figures in macroeconomics, financial markets, taxation, investment,

digital finance, infrastructure, and risk management. Panelists will discuss how businesses can strategically position themselves amidst policy changes, as well as explore emerging trends and risk management in the digital era.

As Nigeria undergoes significant economic adjustments, the RMB Nigeria Economic Forum will offer a strategic platform for corporate leaders to assess risks, identify emerging opportunities, and explore pathways to sustainable growth.

The Niger Delta Development Commission (NDDC) has trained over 200 selected youths from the nine states of the commission in Alternative Dispute Resolution (ADR) mechanism.

The one -day capacity building workshop organised by the Department of the Dispute and

Conflict Resolution of the NDDC with the theme: ‘Alternative Dispute Resolution (ADR) Mechanism: Facilitating inclusive youth Engagement for Transformative peace’, held in Port Harcourt, Rivers State, is aimed to equip the youths with the skills to manage conflicts and disputes in their communities.

Declaring the workshop open, the NDDC Managing Director, Dr.

Samuel Ogbuku, emphasized the importance of conflict management through ADR.

According to Ogbuku, the Niger Delta region is prone to conflicts due to its dominance in oil explorations and exploitations, and therefore requires a more convenient and peaceful approach to resolving conflicts.

Ogbuku, who was represented at the event by the Director Research,

Planning and Statistics, Dr. Patterson Ogon, stressed that Niger Delta region is at the centre of conflict due to its dominance in oil explorations and exploitations and there is the need to acquaint the youths who are always on the front burner during agitations on a more convenient peaceful approach to go about resolving conflicts without it snowballing to crisis.

PAACA Engages Stakeholders on Electoral Reforms in Adamawa

Daji Sani in yola

The Peering Advocacy and Advancement Centre in Africa (PAACA) recently engaged stakeholders in Adamawa State to discuss electoral reforms.

According to Mr. Isaah Amonye, Senior Programmes

Manager of PAACA, the goal of this initiative is to facilitate inclusive dialogue among citizens from diverse backgrounds on electoral reform and constitutional amendment

He said this was effort aims at enhancing public understanding and awareness of electoral

reform, ultimately compiling and presenting citizen-derived recommendations to the National Assembly and Independent National Electoral Commission (INEC) for consideration

“PAACA initiative is crucial in promoting credible elections and democratic governance in Nigeria as, a proper understanding of the Electoral Act is essential for citizens to hold the electoral process accountable and ensure transparency in elections.

“The organisation has also stressed the importance of voter education in sustaining democracy in Nigeria.”

Rights Group Debunks NAFDAC’s Claim of Reopening Onitsha Drug Market

David-Chyddy Elekeinawka

Despite the widely circulated news of the reopening of the Onitsha drug market early last week, a rights group, International Society for Civil Liberties and Rule of Law (Intersociety) has said that

Nickelodeon

the market has remained shut.

The group lamented that despite claims by National Agency for Food Drug Administration and Control (NAFDAC) of reopening the market, the market has remained shut and also heavily policed by armed military men numbering

over a dozen.

In a press statement by the group, which was signed by the Board of Trustees chairman, Mr. Emeka Umeagbalasi and other key members of the group, it accused NAFDAC of coming to equity with unclean hands.

Part of the statement read:

“NAFDAC has continued to go to equity with unclean hands in its ongoing militarist and collective punishment operations in the Onitsha Drug Market, which was shut and kept under lock and keys since Sunday, February 9, 2025.

Presents Exciting New Shows, Adventures for Family in March

Nickelodeon is presenting exciting new shows, adventures to the family in this month of March. It is turning up the adventure button from action-packed battles to laugh-out-loud comedy, presenting viewers favorite characters back with new episodes, epic surprises,

and family-friendly fun.

According to a statement, whether it is superheroes, talking turtles, or mischievous Smurfs, get ready for a month of non-stop entertainment, Nickelodeon is presenting The Smurfs, which are back and Smurfier than ever.

“Viewers can join the beloved blue characters in this new season as they embark on more adventures battling the evil wizard Gargamel and his mischievous cat, Azrael, which can be watched on DStv Channel 305, and GOtv Channel 87 every weekdays,” the statement said. “Viewers can also watch the Monster High, here, Life gets wild when human girl Clawdeen discovers Monster High, a school where jaw-dropping surprises lurk around every corner, and anything is possible, literally!

Ahmed Musa: Win for Super Eagles in Rwanda Key in Nigeria’s Quest to Qualify

Hammed Shittu in Ilorin

Super Eagles Captain, Ahmed Musa, has warned that Nigeria’s clash with Rwanda on March 21 in Kigali is key to the country’s qualification for the 2026 FIFA World Cup to be jointly hosted by USA, Mexico and Canada.

Musa who recently returned to the Nigerian senior national team spoke with reporters shortly after leading Kano Pillars to a 2-0 NPFL defeat against Kwara United at the Ilorin Stadium on Sunday evening.

The former Leicester City winger recalled that with the Super Eagles fifth in their Group C standing with South Africa, Rwanda and Benin Republic in the lead on seven points each respectively, Nigeria need to win in Kigali to stand any chance to fight for the lone ticket available

2026 WORLD CUP QUALIFIER

for the winner of the group.

"The important game is Rwanda. If we can get the three points from that match it's going to be a turning point for us.

"But it is not just a job for the Super Eagles alone. Every Nigerian must be involved because we need their support,” observed the most capped Nigerian player to date.

While admitting that the Super Eagles were in a very difficult situation with their placement in the group with just three points, Musa stressed that “yes the Super Eagles are in a very difficult situation right now but we believe in our selves that we can still scale through.

"Super Eagles cannot afford to be absent from the 2026 World

Paralympic bronze medallist, Eniola Bolaji, added another prestigious gold medal to her collection at the weekend, winning at the 2025 Spanish Para Badminton International II in Vitoria.

This makes it 11 out of 11 in internationals she has played so far.

The multiple African champion convincingly beat Ukraine’s Oksana Kozyba 2-0 (21-15, 21-15) dominating the women’s singles SL3 final category.

Bolaji's path to gold was nothing short of impressive. She first defeated Brazil’s Kauana Michelson Beckenka of Brazil 2-0 (21-15, 21-2) and then France’s Caroline Bergeron 2-0 (217, 21-8) at the group stage before cruising through the quarterfinals, where she beat Australia's Celine Vinot 2-0 (21-8, 21-12).

In the semifinals, Bolaji showcased her exceptional form with a dominant 2-0 (21-12, 21-6) win over India’s Neeraj, booking her spot in the final.

President of Badminton Federation of Nigeria, Francis Orbih, praised Bolaji's remarkable achievement, noting that the gold marks her second in just two months.

Orbih expressed confidence in

the Federation's ongoing investment in Paralympic athletes, emphasising continued support for Bolaji and other para badminton players.

He said, “Bolaji's victory is a testament to her dedication and her rising dominance on the world para badminton stage. This gold is her second in just two months, and it shows that our athletes are capable of competing at the highest level.

“We are committed to investing in Bolaji and all our para badminton players. Their success is a reflection of the hard work and resources we are putting into developing the sport. This victory is just one of many more to come.

“One of our focus as a Federation is to ensure more players qualify for the 2028 Los Angeles Olympics and Paralympics”, he added.

He also thanked the National Sports Commission (NSC) for its timely intervention, which has been crucial in aiding the federation’s growth.

“The Commission’s support and encouragement spells a new dawn for Sports development in Nigeria,” concludes the BFN president.

Lotus Bank has entered a strategic partnership with Inter Lagos FC, marking a significant step in the Bank’s commitment to community development and grassroots football.

This collaboration underscores Lotus Bank’s dedication to fostering sports excellence and strengthening the local football ecosystem.

Inter Lagos FC, a club renowned for its dynamic playing style and deep-rooted community engagement, has been making waves in Nigerian football since entering the NPFL in 2023. The partnership with Lotus Bank will provide the club with crucial financial backing, empowering it to continue its rise in domestic and international football.

Kafilat Araoye, Managing Director and Chief Executive Officer of Lotus Bank, emphasised the significance of the partnership, stating:

“At Lotus Bank, we are committed to fostering sustainable development through strategic partnerships that empower communities and drive long-term growth. Football, like most sports, is a powerful tool for youth engagement, economic opportunity, and social cohesion.

It is going to be a big disaster for Nigerian players not to be at the

reasoned Musa who is Nigeria’s player with most goals

at the World Cup. Musa is one of the 39 players that Head Coach Eric Sekou Chelle has called to camp with the final

Nigeria Place Second Behind Senegal at 13th ECOWAS Wrestling Tournament

Michael Olugbode in Abuja

Nigeria could only muster a second place finish at the just ended 13th Edition of the Economic Community of West African States (ECOWAS) Wrestling Tournament (TOLAC 2025).

Nigeria finished behind the tournament’s most successful country Senegal which had on few occasions conceded top place finishing to Niger Republic; country that alongside Mali and Burkina Faso withdrew membership from the regional bloc.

The best Nigeria had ever achieved was second position at the regional sport competition, which helps to

Our collaboration with Inter Lagos aligns with our vision of supporting initiatives that create lasting impact, and we are excited to be part of their journey as they continue to inspire and uplift local communities and more broadly, Nigerian football.”

Inter Lagos FC’s Co-founder and CEO, Lanre Vigo, also expressed enthusiasm about the collaboration, highlighting the alignment between both brands:

“Inter Lagos has always been about community, development, and a bold vision for the future. This partnership with Lotus Bank is a major milestone and a testament to our growth and ambition. It reflects confidence in what we're building and our commitment to elevating football in Nigeria, both as a sport and a thriving industry.

Lotus Bank shares our passion for innovation and progress, and we’ve seen their dedication to sports development firsthand. “Partnering with a forward-thinking financial institution strengthens our drive for excellence, and we’re excited to build something truly impactful together,” stressed the Inter Lagos cofounder.

The Lagos State Sports Commission (LSSC) has expressed its full commitment to supporting the Spires 5-aside Naija Street Soccer Tournament, highlighting its long-term potential for growth and development.

During a courtesy visit by the Spires 5-aside Team, led by the Convener, Dr. Femi Bankole Allibay, the Director General of the Lagos State Sports Commission, Mr. Laken Fatodu, emphasized the importance of public private sector collaboration in the advancement of grassroots sports development in Lagos State.

Fatodu, reflecting on his experience at the 2024 edition of the Tournament, shared his vision for the future growth of the competition.

He noted that the Lagos State government is committed to partnering with the tournament particularly in areas such as capacity building, talent identification, logistical support, and promotion.

The LSSC boss further expressed pride in the Spires 5-Aside initiative as a private sector-driven event that is actively investing in the local sports ecosystem and enriching the lives of

build Regional Integration, Cultural Heritage, and Gender Inclusion.

In third place was Benin Republic which had a decent showing at the competition which ended on Saturday at the Velodrome of the Moshood Abiola Stadium in Abuja

Nigeria which started strong in the final, met a superior firepower in stronger and more experienced Senegalese wrestlers. The Senegalese secured victories in the 66kg, 86kg, 100kg, and 120kg weight categories and Nigeria managed a single win in the 76kg division.

Nigeria however showed remarkable progress as she improve on the

third-place finish in 2023 to claim silver as tournament host.

While Senegal claimed the overall team title, Nigerian wrestlers made their mark in individual categories.

Ebipatei Lienbofa secured gold in the 66kg division with victory over Senegal’s Safietou Goudiaby and it was the same for Ebi Bigos who triumphed over Ivorian Youin Amy in the 76kg final.

Nigeria's neighbour, Benin Republic, came third after recording an impressive 5-0 result against their Guinean counterparts. The Beniniose rolled over Guinea across all weight categories in the third-place match displaying in depth strength, grit and determination.

Director of the ECOWAS Youth and Sports Development Centre, Francis Chuks Njoaguani, commended the high level of competition and the unity promoted by the tournament.

youths in Lagos State.

“From my experience, I now have a clear picture of level that the tournament can reach in the nearest future. The LSSC is ready to lend support in key areas, as we recognize the impact this initiative has on our youth,” Fatodu added.

Highlighting the significance of leveraging government support, the DG also stated that the Spires 5-Aside Tournament would benefit from the credibility and resources of the Lagos State government in attracting potential sponsors to the event.

“As the Director-General of Sports in Lagos, I represent the office of His Excellency, Governor Sanwo-Olu, the Spires 5-Aside Naija Street Soccer Tournament has gotten the full backing of the Governor and the State government,” as we build up to the second edition".

The convener of the Spires 5-Aside Tourney, Dr. Bankole Allibay, underscores the shared objective between the Spires Initiative and the Lagos State Sports Commission to nurture and develop grassroots talent.

“This was a remarkable improvement for Nigeria. Moving from third to second in just one edition shows

growth and determination. Senegal may have won but Nigeria proved they are a rising force in West African wrestling. Beyond the competition, the tournament served as a cultural and sporting milestone.

“Senegal proved they are the best in West African wrestling but this competition is bigger than winning. It’s about celebrating our heritage and the strength of our region. This was a fitting way to mark ECOWAS at 50,” Njoaguani stated.

While Senegal received $10,000 for their efforts, runners-up Nigeria took home $6,000 while third-placed finishers Benin were awarded $3,000. In the individual events, gold medalists earned $2,000, silver medalists received $1,500 and bronze medalists got $1,000. The tournament was part of the ECOWAS 50th anniversary celebrations, reinforcing the organisation’s unwavering commitment to regional integration, youth empowerment, and cultural preservation.

One of the five awardees of the just concluded maiden Newstap/ SWAN Five Star Sports Award, Chief Ebi Egbe has dedicated the award he received Friday night to the National Sports Commission (NSC) for its transformation agenda of Nigerian sports.

Egbe who is the Chief Executive Officer of Monimichelle Facilities Construction Company Limited, a leading stadium construction expert in the continent, said he's happy with what the Chairman of the Commission, Mallam Shehu Dikko and the Director General, Bukola Olopade, are doing to change the narratives of the country's sports sector since their appointment by President Bola Ahmed Tinubu. "I want to dedicate this award to the

National Sports Commission for the good job they're doing to reposition the country's sports sector. "It's equally important to state that this is the first time after so many years that the right people have been saddled with the responsibility of handling the country's sports sector and Monimichelle is ready to partner the Commission to give Nigerians the best stadia they'll be proud of,” positing that his company does not compromise standard.

Egbe thanked the organisers of the award for picking him as one of the awardees which he said was an indication that the good job his company is doing is being appreciated especially from critical sports stakeholders.

23-man squad expected to emerge on Tuesday. The Super Eagles on just three points are fifth in the Group C log behind Rwanda, South Africa, Benin Republic all on seven points while Lesotho are fourth on five points. Zimbabwe on two points are last in the group standing.

Nigeria will play Amavubi of Rwanda in Kigali on Friday, 21st March before taking on Zimbabwe’s Warriors at the Godswill Akpabio Stadium, Uyo four days later. Wins for Eagles in the two games this March will earn the Super Eagles hefty six points while expecting the front runners to drop points.

Cup after we missed Qatar 2022.

World Cup,”

Declan Rice rescued Arsenal from defeat against Manchester United in a 1-1 draw at Old Trafford ...on Sunday night

MISSILE

Atiku's Aide to Detractors

“We wish to clarify that the so-called news of Atiku defecting to another party is a total fallacy that holds no merit in logic. Atiku had persistently called for a coalition of opposition political parties in Nigeria ahead of the 2027 general election to oust the incompetent and pain-inflicting All Progressives Congress (APC), to give Nigerians a new lease of life" –Atiku's Media Aide, Paul Ibe, debunks the purported defection report of his principal.

MAHMUDJEGA

VIEW FROM THE GALLERY

Latest One: Anti-Palace Activities

The language of politics and politicians is so infectious that at the weekend it seeped into a very unlikely quarter: an Oba’s palace. Being much older in historical time, more deeply rooted in local culture, much better regarded in people’s eyes, existing and flourishing despite lack of constitutional mention, with persons imbued with ample constitutional power as well all bowing before it and seeking its blessing in the form of traditional titles, I thought royal palaces should jealously guard their own language.

Instead, there was this story in the newspapers at the weekend that the Benin Traditional Council, headed by Oba of Benin Ewuare II, had suspended sixty seven Enigie, or Dukes, as one newspaper roughly translated it, from their traditional titles and functions. Secretary of Benin Traditional Council Frank Irabor, who announced the suspensions, said, “This decision was made by Ewuare ll, Oba of Benin, due to their alleged anti-palace and rebellious activities against the Oba of Benin and the traditional institution.”

Anti-palace activities! I have been reading newspapers and listening to radio and

television in Nigeria for many decades but this is the first time I am coming across this term. The only hint from the news reports about the nature of their anti-palace activities was that “some of the suspended Enigie, including Prof. Gregory Akenzua

and Edomwonyi Ogiegbaen, have earlier challenged their suspension in a Benin High Court,” claiming that the Oba of Benin does not have the authority to suspend them under the Traditional Rulers and Chiefs Law.

A strange thing for them to say. Is the governing ethic of royal palaces local history, culture and tradition or is it some latter-day chieftaincy law? Did any law state that the holder of a chieftaincy title, as well as plain ordinary citizens, should prostrate before the Oba, must greet him in the morning, must wish him long life and good health, must not wear the headgear and regalia that only he is supposed to wear, must carry out their assigned roles during traditional rites and festivals, and must dress in a certain way when going to the palace?

Apart from going to court, there were no details in the news reports regarding the “anti-palace activities” of the suspended chiefs. The Oba of Benin’s palace is known to brook no disloyalty and to deal with its manifestation very firmly in a traditional manner. The best example of that was in December 1991, just when governorship elections were to hold in Edo State and in the whole country. The Isekhure [i.e. chief priest] of Benin, Nosakhure Isekhure, placed

DAKUKU PETERSIDE

BENEATH THE SURFACE

Tthe curse of the Oba of Benin on anyone who voted for the NRC candidate Lucky Igbinedion, because his father, Esama of Benin Chief Gabriel Igbinedion, was said to be “an enemy of the Oba.” That curse apparently contributed to Lucky’s shock defeat that week by the SDP candidate Chief John Odigie-Oyegun. Was there a provision in the Chieftaincy Law that the Oba has a curse that he could place on disloyal citizens’ heads, and why did these chiefs not go to court at the time to contest that one?

Anti-palace activities hit the Nigerian national scene at the weekend just when another anti-institutional activity was raging, in this case anti-Senate activities. A two-page ad placed in several newspapers by Senate Leader Bamidele Opeyemi at the weekend summarized what he said were the reasons behind the six-month suspension handed last week to Senator Natasha Akpoti-Uduaghan. They include, “persistent acts of misconduct, blatant disregard for the Senate Standing Orders, gross indiscipline, refusing to sit in her assigned seat despite multiple pleas from the Minority Leader, speaking without

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Saving the Senate

he Nigerian Senate, a crucial pillar of democracy, stands at a crossroads. Once a revered institution, the Senate finds itself at the centre of a crisis threatening its legitimacy and reputation. The ongoing crisis culminating in the suspension of Senator Natasha AkpotiUduaghan is not just about her or Senate President Godswill Akpabio—it is about the integrity of the Senate itself. The Senate, which should serve as a beacon of democracy and a voice for the people, is increasingly being perceived as a self-serving institution that adds no value to the life of the average Nigerian. The arc of public opinion on the Senate has reached an all-time low. No matter the divide on this matter, the common ground is that Senator Akpoti-Uduaghan’s saga is a dent on the reputation and stature of the Nigerian Senate. The consequences of this growing

distrust are dire. A democracy without a credible legislature is a failing one. If this trend continues, the Senate will lose not only its authority but also its aura, clout, respect, and relevance in the Nigerian democratic system. This could lead to a vacuum in the governance structure, potentially paving the way for a constitutional crisis. It is imperative that lawmakers recognise the damage a reputational crisis could do and take immediate steps to restore the sanctity of this institution.

As a former legislator, I understand the role of a presiding officer in allocating and reassigning seats based on legislative tradition. On this count, Senator Natasha Akpoti overreached herself and may have lessons in composure and understanding rules. On the issue of her suspension for six months, the Akpabio-led Senate danced to the wrong tune and ended up losing the deal. I concede to the Senate its right to use its duly constituted committees

to ensure discipline. However, Natasha’s rights of fair hearing must be balanced against the entitlement of the Senate to order and discipline. There are many things wrong with both the suspension and the Senate's approach to the issues that leave that institution vulnerable, and I will highlight a few.

Due to legislative breaks, weekends, and recesses, she could be out of the chamber for almost a year, although suspended for 6 months, leaving the people of Kogi Central without representation. This not only undermines the democratic rights of the people but also hampers their ability to address local issues and concerns.

According to the National Assembly website, each senator represents an average of 1.5 to 2 million Nigerians. This means that millions of citizens effectively have no representation. Another issue that the manner of her suspension has thrown up is the Senate’s increasing tendency to suppress dissent and operate without

transparency. The Senate is both a public and a democratic institution. However, the way the Senate has handled the issue of sexual harassment allegations against its president raises serious concerns. Such allegations must be taken seriously and appropriately investigated, yet the Senate appears more focused on silencing the accuser than addressing the claims. A 2021 report by the National Bureau of Statistics indicates that 30% of Nigerian women have experienced sexual harassment in workplaces and institutions. Ignoring such an accusation at the highest level of governance sets a dangerous precedent. It is true that Senator AkpotiUduaghan had previously benefitted from Senate President Akpabio’s liberal disposition when she was appointed Chair of the Senate Committee on Local Content. Yet, the way the sexual

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Oba of Benin, Oba Ewuare II