President Bola Tinubu, early this morning, assured Nigerians that all their sacrifices in the last over 19 months that he took over power and in the months ahead, would not be in vain. In his New Year message, the president, who promised to
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Olawale Olaleye
On a balance of scales and given all considerations, it is hard to find anyone, who could fairly challenge President Bola Ahmed Tinubu, to the THISDAY Man of the Year commemoration.
Determined and unfazed in the face of mounting challenges and attendant hardships, the president marches on with his audacious reforms to change Nigeria.
In his first and only media interview, he told the nation "you can't be doing the same thing and expect different outcomes."
With that, he served the nation notice of his resolve to stick to his reforms.
The president, who ran his election campaign on the mantra of emi lo kan (it’s my turn to be president), has waltzed through some of the most troubling phases of his less than two years old presidency.
From merely providing leadership to introducing very unpopular but promising reforms, Tinubu has proven to be that daring and gritty leader, who is driven more by convictions of his choices than pandering to sheer sentiments or the crowd.
Although the removal of subsidy from petroleum had been settled by the previous administration of Muhammadu Buhari, and as a matter of legislation by the nineth National Assembly, owning and managing the consequences of that choice had been Tinubu’s hardest job since he took over as president.
The floating of the naira to enable it find its level against other currencies, particularly against the dollar and by extension, engender the stability of the market, was an equally difficult decision that Tinubu had to make.
No doubt, the economic situation the country found itself was desperate.
Continued on page 8
Bola
May 2025 bring you Joy, Peace and Great Success. From all of us at Zenith Bank Plc
L-R: Former National Commissioner, Independent National Electoral Commission, Prof. Adele Jinadu; former Minister of state for Defence, Senator Musiliu Obanikoro; Minister of Trade, Investment & Industry, Dr.
Jumoke Oduwole; Chairman of the union/former Attorney-General and Commissioner for Justice, Mr. Adeniji Kazeem (SAN); Vice Chairman of the union, Mr. Aderemi Bashua (SAN); and Commissioner representing Lagos State, Federal Character Commission, Hon. Kayode Bawa-Allah, during the annual general meeting of the union at Isale-Eko House, Iga dungaran Street, Lagos ... last Sunday
Ndubuisi Francis in Abuja
As part of efforts to bridge Nigeria's housing finance gap, the Ministry of Finance Incorporated (MOFI) has launched the Real Estate Investment Fund (MREIF), a N250 billion initiative designed to provide low-cost, long-term mortgage financing and stimulate economic growth through the housing and construction sectors.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun who presided over the launch in Abuja, Tuesday, explained that the initiative seeks to address Nigeria’s housing finance gap by offering mortgages with repayment terms of up to 25 years.
This he said contrasts sharply with the high-interest, short-tenor loans currently offered by commercial banks.
The first series of the fund, amounting to N150 billion, is expected to drive private sector participation, with the second series set to raise an additional N100 billion.
The programme aligns with President Bola Ahmed Tinubu’s vision to foster homeownership,
create jobs, and support economic development, the Ministry of Finance said in a statement issued by the Director, Press and Public Relations, Mohammed Manga. Described as a public-private
partnership, the fund aims to incentivize developers to build affordable homes, thereby creating jobs and increasing commercial activity in the real estate and construction industries.
In his remarks at the fund's launch, the Managing Director of MOFI, Dr. Armstrong Takang, noted that the initiative would enable Nigerians to build generational wealth through sustainable homeownership.
Key stakeholders, including government officials, private sector leaders, and financial institutions, attended the signing ceremony, signalling strong support for this transformative programme.
The launch of the MOFI Real Estate Investment Fund appears to be a significant step in the quest for economic growth and development, with its innovative approach to housing finance.
Ejiofor Alike
As part of effort to guarantee steady supply of petroleum products at affordable prices for its customers, Ardova Plc, one of Nigeria’s major integrated downstream oil and gas businesses has established a bulk purchase framework with Dangote Refinery.
Head of Brands and Corporate Communications, Ardova Plc, Mr. Grant Onome, disclosed this in a statement issued yesterday. He said the framework would see Ardova Plc offtake a full slate of petroleum products from the 650,000 barrels per day (bpd) refinery.
The statement added that the agreement would ensure that Ardova Plc delivers petroleum products at competitive prices nationwide.
"While Ardova Plc has been a significant offtaker from the refinery since its inception, this new framework will institutionalise a more robust relationship between the two companies to further enhance the emerging competitive landscape in the downstream oil and gas industry in the country," it added.
The statement added that the framework was in line with President Bola Tinubu’s drive for competition and improved efficiency
in the industry.
Dangote Refinery recently exported its first consignment of petrol to Cameroon, in what the company described as a landmark move for regional energy integration.
The product was received by Neptune Oil in the Central African country.
Neptune Oil is a leading energy company in Cameroon, committed
to providing reliable and sustainable energy solutions. Ardova Plc is a Nigerian leading indigenous and integrated energy company involved in the distribution of petroleum products. With an extensive network of over 700 retail outlets in Nigeria and significant storage facilities in Apapa, Lagos State, Onne, Rivers State, and Oghara, Delta State, the company procures and distribute petrol, diesel, kerosene, and liquefied petroleum gas (LPG). The company's services also involve the manufacturing and distribution of a wide range of quality lubricants from our oil blending plant in Apapa, Lagos. These lubricants include: Super V, Visco 2000 and Diesel Motor Oil. Ardova is also the sole authorised distributor of Shell Engine Oils and Lubricant in Nigeria.
Members of the Association of Resident Doctors (ARD) at the University of Medical Sciences Teaching Hospital (UNIMEDTH), Ondo have commenced an indefinite strike over alleged poor condition of service.
THISDAY gathered on Tuesday that the striking resident doctors protested on Monday after management of the hospital refused to heed to their demands.
Precisely, they demanded a stop to illegal deductions from their salaries, check on huge payment of taxes, non-payment of hazard allowance amongst others.
President of the UNIMEDTH ARD, Dr. Olaogbe Kehinde, urged the state government to expedite payment of all outstanding salaries and allowances, improve working conditions in the three centres across the state, and ensure prompt implementation of their demands.
He said the workload was too
much for doctors in the hospital, noting that many doctors have resigned while others left without prior notification due to poor conditions of service.
Dr. Olaogbe who claimed the hospital management refused to heed to their request for a review of their working conditions said the strike action was a difficult decision due to failure to address critical issues affecting its members, infrastructure, and the delivery of quality healthcare services.
He said: “We demand the correction of irregularities and discrepancies in salary payments, the implementation of the new minimum wage scale, and parity in salary payments with other tertiary hospitals as stipulated in the teaching hospital constitution, among other issues. We deeply regret any inconvenience this strike may cause to patients and the public."
The immediate past president of the striking doctors, Dr. John Matthew, said the disparity between
the salary of doctors in Ondo State and other states were huge due to illegal deductions and taxes.
Dr. Matthew said many doctors in the state have taken up appointments in other states.
According to him, "We will not return to work until our demands are met. Money is the core issue because that is what is driving doctors away. There is a huge disparity in payment between Ondo and Ogun States. Doctors will go to states that are giving doctors good welfare packages but they are worsening the terrible welfare here.
"The issues are illegal deductions from our salary and the humungous taxes we are paying. It is killing the system and driving doctors away.
The hospital was disconnected from the national grid and we were sleeping and working in the dark."
However, the Chief Medical Director of the hospital, Dr Gbala Micheal, pleaded with the striking doctors for more time to enable management address their grievances.
Blessing Ibunge in Port Harcourt
The Nigeria Customs Service (NCS), Area 2 Command, Onne, said it generated N634 billion in from January to December 2024, above the annual target for the area.
The Command's Area Controller, Comptroller Mohammed Babandede, disclosed this yesterday, while speaking with journalists in Onne, Eleme local government area of Rivers State.
The Area 2 Command recorded 76 container seizures in 2024, which included arms, ammunition, illicit medicine, vegetable oil, footwear, donkey skin, used clothing, and other uncustomed goods.
These seizures had a duty-paid value of N150.8 billion, further solidifying the Command’s reputation as a leader in anti-smuggling operations.
The Comptroller said this year's record surpassed its annual revenue target of N618 billion, generating a record-breaking N634 billion. This represented 103 percent of the target and a 98 percent increase over 2023 figures.
He said the Command with the current achievement ended 2024 on a high note, while announcing the
seizure of 12 containers of illicit drugs and other prohibited items with a duty-paid value of N20,309,890,800.
Babandede, speaking on the seized products, said the Command's dedication to public health and national security was unwavering.
“This latest seizure underscores our commitment to safeguarding the health and safety of Nigerians while upholding the integrity of our ports.
“The officers and men of the Onne Command have worked tirelessly to ensure that illicit drugs and harmful goods do not enter our country,” Babandede stated.
THISDAY observed during the display of the seized containers and products yesterday, that the intercepted items included 1,721,100 bottles of codeine cough syrup, 510,000 tablets of Diclofenac, 7.1 million tablets of Tramadol, as well as sanitary fittings, chilly cutters, and other concealed goods.
The comptroller expressed “Our success in anti-smuggling is a reflection of the teamwork and resilience of our officers,” He said. “The recognition we received as the Best Command in Anti-Smuggling Operations this year
is a testament to our dedication.” He added that eight officers of the Command were given special promotions by the Comptroller-General of Customs, Bashir Adeniyi, for their role in the interception of 844 rifles and 112,500 rounds of live ammunition earlier in the year.
In addition to its anti-smuggling efforts, the Command processed 2.7 million metric tonnes of agro and mineral resources for export, including sesame seeds, aluminum ingots, and granular urea. The Free on Board (FOB) value of these exports was $952.98 million (N1.26 trillion).
“Our export performance shows that Onne Port is a critical driver of non-oil export growth, and we are proud to contribute to Nigeria’s economic diversification efforts,” Babandede added.
The Command also exceeded its 2024 revenue target, generating N634 billion, which Babandede described as a remarkable achievement.
“This is a result of stakeholder engagement, collaboration, and intelligence sharing. We have shown that with purposeful actions, we can achieve extraordinary results,” he noted.
There was no need postponing the evil day. Tough choices needed to be made. With courage, nevertheless, Tinubu dared the consequences and took a decision he reckoned was in the nation’s best interest.
Tinubu knew from the get-go that fighting for the financial autonomy of the local government system was going to set him against the governors. This much he knew being a former governor. But after weighing his options, he knew better than to continue to perpetrate an aberration and he did that which was for the collective good.
His controversial tax reform bills that are currently before the tenth National Assembly have almost set him up against a section of the country, which, according to some of its leaders, was designed against them, and made to favour a particular region in the federation.
But at his recent presidential media chat, Tinubu made it clear: There’s no going back on the tax reform bills.
Yet, conscious of the many challenges the country has since faced, particularly the hardship believed to have been occasioned by some of the economic decisions taken by his administration, the president has continued to introduce measures to cushion the effects and across all sectors.
There was the introduction of the CNG buses as buffer for subsidy removal. He has given state governments more money than any administration in Nigeria’s contemporary history, and is constantly assisting the states with palliatives to help ameliorate the situation.
It was also the year external reserves swelled back up beyond $40 billion and trade surplus resurfaced and moribund refineries sputtered back to life. Methodical, yet forceful in his approach; deliberate and single-minded in his style, even his most implacable foes concede that Tinubu is a different kind of leader.
The president’s place and roles in global politics and governance, especially in Africa and the subregion in particular, are evident. His role as the ECOWAS chairman has been a difficult one given the unconstitutional change of governments in some of the neighbouring states, including Niger, Mali and Burkina Faso, which has created a degree of instability in the regional body polity.
Notwithstanding the notice of exit served on the three nations of Niger, Mali and Burkina Faso, Tinubu, who recently promised the German President, FrankWalter Steinmeier, that the regional body would embrace wisdom in addressing the matter, has begun to consider a way of bringing them back into the fold. Talk about thinking leadership!
There might have been a few slips here and there while testing the waters on assumption of office and trying to get a hang of the state of play, a determined Tinubu has kept his eyes on the goal and was not moved by the uninformed clattering around him.
Whether lampooned as T-Pain or lionised as T-Gain, Tinubu could not be accused of lacking courage to take tough decisions or the will to stay the course.
Without a doubt, his approach to reform and governance could benefit from more rigour, consultation and inclusion, and his interventions could be better paced and executed. But it is difficult to argue that Tinubu did not earn his stripes as the most consequential Nigerian of 2024.
Overall, the President of Nigeria, Bola Ahmed Tinubu, has by every note, caution, indication and inaction, earned the THISDAY Man of the Year, because of his doggedness, resilience and his ability to take tough decisions, even against the grain.
Without doubt, no Nigerian government has in recent years given the oil and gas sector, easily Nigeria's cash cow, the focused attention that it has received from the Bola Tinubu administration.
Quite early in his government, Tinubu, who also oversees the sector, appeared to be quite cognisant of the critical role it plays in the economic survival of Nigeria's most populous black nation.
To underscore the urgency of revitalising the waning sector, on June 8, 2023 just over a week after taking over the reins of power, the president began engaging the global leadership of the International Oil Companies (IOCs), starting with ExxonMobil.
This was followed on July 3, 2023 by a high-level meeting with Shell's global leadership; Italy's Eni on July 19; TotalEnergies’ top officials on December 18 as well as Chevron's team, first in New York in October 2023 and then in Abuja in January, 2024.
Apparently, these initial engagements with both foreign and local oil companies laid the groundwork for the milestones that were to come later. Some of these include:
In February 2024, the president signed three Executive Orders as part of his commitment to improving the investment climate and positioning Nigeria as the preferred investment destination for the petroleum sector in Africa.
They included: The Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order, 2024; Presidential Directive on Local Content Compliance Requirements, 2024 and the Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines.
With oil production oscillating between 1 million bpd and 1.1 million when he took over, Tinubu
immediately set out to revamp the fight against oil theft and assets vandalism which had hobbled output.
As a result, on November 14, 2024, the NNPC announced that production had hit a peak of 1.81 million bpd. The upstream regulator also reported circa 1.5 million bpd average volume for November, a major boost for foreign exchange.
In the last few months, Nigeria has achieved two major Final Investment Decisions (FIDs) with two key IOCs. Shell's recent FID on the $5 billion Bonga North oilfield, with approximately 350 million barrels of crude oil and the $550 million Ubeta oilfield FID, a partnership between TotalEnergies and NNPC are other major milestone achieved by Tinubu.
In the 18 months of the Tinubu administration, there has been a conscious effort to accelerate some pending oil and gas divestments in Nigeria. All these have yielded results.
They include: Shell's divestment of its Nigerian unit, the Shell Petroleum Development Company (SPDC) to Renaissance Consortium and ExxonMobil's divestment of its entire share capital from Mobil Producing Nigeria Limited (MPNU) to Seplat Energy.
Besides, TotalEnergies has divested its 10 per cent stake in its onshore operations to Chappal Energies; Equinor has concluded the divestment of its interests to Chappel and Oando has successfully acquired Nigerian Agip Oil Company (NAOC) from Eni.
Although it still elicits mixed emotions, the removal of petrol subsidy by Tinubu on the day of his inauguration on May 29, 2023 is still seen as one of the boldest decisions by any administration before him.
The aftermath of this decision, aside the temporary pains, has helped reduce smuggling, increased government revenue, reduced dependence on imported fuel as
Obinna Chima
A major challenge that has over the years mired the growth of the Nigerian economy is economic waste. Economic wastes significantly drag national economies as they divert resources away from productive investments and lead to wrong economic choices.
This was why immediately he assumed office, President Bola Tinubu took the bold step of removing the country’s petrol subsidy policy and the multiple exchange rate regimes that were major drains to the
Nigerian economy. Though these twin policies exacerbated socio-economic challenges and brought about unprecedented economic shocks, even though they have helped in addressing some inefficiencies in the Nigerian economy. With these two policies, the President has unlocked opportunities to boost prosperity, improve overall well-being and stimulate economic growth as for the first time in about two decades, Nigeria’s proposed national budget for 2025 does not have allocation for petrol subsidy. Beyond these two reforms,
President Tinubu in his aggressive drive to positively change the Nigerian story is also reforming other critical sectors of the economy. For instance, through the Electricity Act 2023, the President seeks to improve power supply, encourage renewable energy by offering incentives like feed-in tariffs and tax breaks. Also, President Tinubu has signed three executive orders to reform the oil and gas sector. These included fiscal incentives for non-associated gas projects, reduced contracting costs and timelines, and measures to address local content compliance. Additionally,
the President is vigorously pushing for a reform of the country’s tax system with the Tax Reform Bills that are president before the National Assembly.
These reforms have gotten the support of multilateral institutions such as the International Monetary Fund, the World Bank, the African Development Bank, among others.
World Bank’s Managing Director of Operations, Anna Bjerde, recently assured Nigeria that, “the World Bank will continue to support the reforms of the President Tinubu’s administration through the supportive instrument that we have
and we will be stepping up our financial support to Nigeria in line with all the different initiatives that are being taken and all the needs that the economy has”.
She expressed optimism that the Bank would grow its programme currently running with the Nigerian government. Overall, while these reforms come with their pains and discomfort, President Tinubu has shown that by doing the heavy lifting in the early years of his administration, Nigerians would in the coming years enjoy the benefits of these policies.
well as significantly curbing the corruption associated with fuel subsidy payments.
With market forces now determining the prices of petroleum products, for about the first time in a long time, Nigerians are not complaining of scarcity during the Yuletide season. This is a plus for the administration.
Long dependent on importation, the re-streaming of the first phase of the 210,000 bpd on November 26 as well as the announcement by the Nigerian National Petroleum Company Limited (NNPC) on Monday 30, of the partial commencement of production at the Warri refinery are major feats by the Tinubu government.
Now operating at 70 per cent and 60 per cent respectively, coupled with the Dangote refinery in Lagos, Nigeria is set to become a net exporter of petroleum products in the next few years.
Described as a game-changer for the economy, this policy by the Bola Tinubu administration allowed local refiners to purchase crude oil and sell their products in Naira to the Nigerian public, thereby reducing reliance on foreign exchange for petroleum product transactions.
The president also recently inaugurated three critical gas infrastructure projects, which include: the ANOH-OB3 CTMS gas pipeline and ANOH gas processing plant in Assa, Ohaji/Egbema in Imo State as well as the expansion of the AHL gas processing plant 2 gas project in Kwale in Delta.
James Emejo in Abuja
Part of the FX reforms focused on the settlement of about $7 billion inherited liabilities to investors, a situation that had eroded confidence in the CBN and the economy.
Cardoso had since cleared
In the monetary policy space, following key reforms directed and approved by President Bola Tinubu, the Central Bank of Nigeria (CBN) under the leadership of Mr. Olayemi Cardoso, has introduced major policies that have restored investor confidence in the Nigerian economy and repositioned it on the path of growth.
those genuine FX backlogs with the support of the president.
With the directive of the president to reshape monetary policy to respond to the needs of the country, the CBN under Cardoso had introduced policies to liberalise the FX segment, particularly floating the Naira.
This singular initiative
ensured that the value of the local currency is determined by market forces, leading to price discovery, and further serving as incentives for foreign investors.
In November 2023, the central bank further, hinted at a new directive to banks to raise their minimum capital thresholds
by March 31, 2026 through a range of options including equity issuance, mergers, or license adjustments. The capital mobilisation exercise is intended to help banks play their strategic role in the $1 trillion economy envisaged by Tinubu. Under Tinubu, the CBN's Monetary Policy Committee
President Bola Tinubu further took the bull by the horns by initiating efforts to overhaul the country's inefficient tax system.
In August 2023, the president inaugurated the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Mr. Taiwo Oyedele - reaffirming Tinubu’s commitment to addressing inherent challenges in tax administration and ushering transformative reforms in fiscal policy and taxation.
Oyedele's primary objective was to simply taxation, enhance revenue collection efficiency, ensure transparent reporting, and promote the effective utilisation of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance among others.
The committee had since concluded its assignment while four bills to reform major aspects of the tax system have been transmitted to the National Assembly for passage into law.
The tax reform bills before the National Assembly are aimed at economic transformation to empower Nigerians and facilitate inclusive economic growth.
They include the Nigeria Tax Bill - harmonises all the major taxes such as corporate income tax, personal income tax, VAT
among other; Nigeria Tax Administration Bill - provides a framework for tax management covering taxpayer identification, registration, assessment, collection, enforcement, among other things; Nigeria Revenue Service (Establishment) Bill - seeks to replace the FIRS with the NRS to perform a broader role of revenue administration in Nigeria and drive collaboration with subnational governments and MDAs and the Joint Revenue Board (Establishment) Bill - to transform the JTB to JRB with an expanded mandate and enhanced role for cooperation and tax harmonisation.
The bill also sets up the office of the tax Ombudsman to protect taxpayers and advocate for tax simplification.
Although, the proposed tax reforms promises to exempt certain categories of tax payers particularly Micro Small and Medium Enterprises (MSMEs) from taxes as well as income earners - and collapse the existing multiplicity of taxes at both federal and local government levels into single digit, the exercise had continued to face push backs from some aggrieved stakeholders, particularly some Northern politicians.
Efforts by Oyedele's committee to introduce fairness and equity in Value Added Tax (VAT) administration had been largely
politicised and criticised by some uninformed audience.
Yet, in the face of the opposition, Tinubu had stood his ground, adding in a recent interview that the proposed new tax regime had come to stay though the initiative was still open to further consulta-
tion and negotiations.
The president had maintained that there was no going back in his administration's current efforts reform the tax system, adding that it served to benefit the vulnerable and expand the tax base.
In showing empathy with
Nigerians, he said ongoing reforms were not designed to inflict pains on anybody but to grow the economy. He said a "new dawn is here, and I am convinced" and asked Nigerians to be patient over his reform efforts.
(MPC) has raised the Monetary Policy Rate (MPR) successively to 27.50 per cent in a bid to address inflation initially attributable to liquidity surfeit in the economy at the inception of the current administration.
Analysts believe that but for the several policy interventions by the CBN, the country's headline inflation would have been worse than its current rate, which would have further weakened the purchasing power of Nigerians.
In addition, the MPR hikes have also made the economy attractive to foreign investors. It is generally believed that the Nigerian economy has since turned the corner due to recent improvements in macroeconomic indices that had eluded previous administrations.
Michael Olugbode in Abuja
Although the present administration of President Bola Tinubu, has recorded some milestones in the war against insecurity, which has seen banditry at its lowest, Boko Haram hardly heard of, significant reduction in kidnapping, and the IPOB threat in the Southeast no longer what it used to be, the nation cannot still be said to be out of the woods yet.
Nigeria has faced new security challenges in the last 18 months of the Tinubu presidency, resulting in significant losses of lives and property.
If there was any doubt about this, another look at the latest Crime Experience and Security Perception Survey (CESPS) conducted by the National Bureau of Statistics (NBS) and released a few days ago would put such
doubts to rest.
According to the survey, Nigerians paid a total of N2.23 trillion in ransom over the 12-month period from May 2023 to April 2024. This amount was reportedly paid by households affected by kidnapping, justifying the inherent threat posed by criminals across the country.
The CESPS, while providing a detailed account of the crime situation in Nigeria, noted that a total of 51.89 million crime incidences were experienced by households during the period under review.
The North-West region recorded the highest number of crimes, with over 14.4 million incidents, followed by the North-Central region at 8.8 million. In contrast, the South-East recorded the fewest incidences, with 6.18 million cases.
The survey also highlighted that
rural areas were more affected by crimes than urban areas, with rural households experiencing a total of 26.53 million crime incidents, compared to 25.36 million in urban settings.
A major finding by the CESPS was the alarming number of kidnapping incidents. The report stated that approximately 4.14 million households in Nigeria fell victim to home robbery.
Also, a significant 65% of households affected by kidnapping were forced to pay a ransom to secure the release of their loved ones. The average ransom paid was said to be N2.67 million, contributing to the total sum of N2.23 trillion allegedly spent by Nigerians on kidnappers’ demands during the 12-month period.
The survey also found that only 36.3% of those affected by home robbery reported the
incident to the police, while the reporting rate for kidnappings was similarly low. The reasons for not reporting crimes, the report stated, included a lack of confidence in law enforcement agencies and the belief that police intervention would not result in meaningful action.
On an individual level, the survey revealed that 21.4% of Nigerians reported being victims of crime. The most common crime was phone theft, which affected 13.8% of Nigerians. But despite the high incidence of phone theft, 90% of victims reported to the police.
While the report has been dismissed in some quarters as not correct, point to the improbable statistic, the verdict is that while Tinubu might have made some effort in this area, it’s been clearly not enough.
Chiemelie Ezeobi
Considerably, President Bola Ahmed Tinubu has demonstrated a commitment to promoting gender inclusivity and empowering women in his administration through several affirmative actions. These initiatives highlight his dedication to giving women a more prominent role in governance and national development.
The increased representation in his ministerial cabinet marked a significant step towards gender inclusivity in the highest levels of governance with the likes of Jumoke Oduwole as Minister of Industry, Trade, and Investment of Nigeria and Hanafi Musawa as Minister of Arts, Culture, Tourism and Creative Economy, amongst several others.
Also in aligning with global ad-
vocacy for women’s empowerment in leadership positions, he appointed women to head critical agencies and advisory positions, ensuring they contribute to decision-making processes across various sectors like Zainab Ahmed, who was appointed as his Special Adviser on Economic Matters.
More importantly, Tinubu’s economic reforms, such as financial inclusion initiatives and support
for small and medium-sized enterprises (SMEs), are even tailored to empower women entrepreneurs, who make up a significant portion of Nigeria’s informal sector, just as women have been included in policies like the Students Loan Bill and palliatives for vulnerable group.
In his commitment to Gender Equality, Tinubu has reaffirmed Nigeria’s commitment to international frameworks like the Beijing
Declaration and the UN Sustainable Development Goals (SDGs), which emphasise gender equality and women’s empowerment with his administration promising to enact and enforce laws that protect women’s rights, combat genderbased violence, and promote equal opportunities.
Also, through women-focused programs, the Tinubu administration has expanded women’s participation in programs for education, skills acquisition, and healthcare under the National Social Investment Program (NSIP).
Dike Onwuamaeze
The Lagos Chamber of Commerce and Industry (LCCI) has forecasted that the Nigerian economy could witness transformative economic growth in 2025 if decisive and strategic policy actions are formulated and implemented to address lingering economic challenges.
This view was expressed by the President of LCCI, Mr. Gabriel Idahosa, in the chamber’s New Year statement on the economy, which reviewed Nigeria’s economic performance in 2024 and projected the country’s economic outlook for 2025. Idahosa said: “The Nigerian economy experienced a tumultuous period marked by persistent rising
prices, burdening interest rates, high cost of production, low demand, and an uncertain macroeconomic policy direction.
“It stands at a critical juncture, presenting hope for possible transformative growth, which requires decisive and strategic policy actions to address lingering challenges.”
According to him, “Inflation is
expected to ease as monetary policies take effect, with trade, agriculture, and manufacturing poised to drive job creation vital for addressing unemployment and poverty.”
He, however, stated that closing infrastructure gaps should remain a top priority of the government, which would necessitate innovative funding models and enhanced public-private
partnerships to accomplish.
Idahosa also tasked the federal government to do more to improve the country’s business environment in order to attract more direct foreign investments, especially in power (and in renewable and CNG projects), oil and gas, and telecommunications sectors.
He cautioned that even though Nigeria’s public debt had been projected to grow modestly in 2025, there was still a need for a delicate balance between borrowing for growth and maintaining debt sustainability.
foreign exchange volatility, and energy shortages.
It, however, noted that despite these challenges, sub-sectors like food processing and textiles showed resilience and were supported by domestic demand.
Although these actions underline Tinubu’s recognition of women as essential partners in driving Nigeria’s growth and stability, like Oliver Twist, stakeholders posit that more needs to be done to ensure that women’s voices are heard even louder. Bauchi Gov: Kolmani Crude Oil Project in North Abandoned By FG
The Governor
oil exploration project located between Gombe and Bauchi communities, had been abandoned. Although many Nigerians had posited that the project which former President Muhammadu Buhari vigorously pursued, was politically
motivated, rather than for its economic viability, the government at the time had maintained that the oil find was real and viable. In November 2022, Buhari flagged off the project, stressing that the oil exploration in the area had already attracted over $3 billion foreign direct investment and will boost Nigeria’s earnings, with discovery of over 1 billion barrels of oil reserves and 500 billion Cubic Feet of gas. At the event attended at the time by
then Senate President, Ahmad Lawan; the then presidential candidate of the All Progressives Congress (APC), Bola Tinubu; Minister of State for Petroleum Resources, Timipre Sylva; and the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, Buhari said the project was expected to start with a daily production of about 50,000 barrels of crude oil. Others included Bala Mohammed
Inuwa Yahaya
Simon Lalong
It was meant to be funded by the Frontier Exploration Fund (FEF) with the allocation of 30 per cent of the profit from NNPC’s upstream oil and gas contracts.
But speaking yesterday on a national television, Mohammed said that not much activity was going on around the area, stressing however that the government was no longer serious about the project.
He said: “Implementing fiscal discipline, diversifying revenue sources, and attracting private investments through public-private partnerships will be critical to managing debt while fostering economic development.”
The LCCI observed that Nigeria's manufacturing sector experienced sluggish growth in 2024 and contributed approximately 8.9 per cent to the country’s GDP, as it faced significant headwinds, including high production costs driven by inflation,
“Looking ahead to 2025, the manufacturing sector is projected to grow moderately, driven by anticipated improvements in infrastructure, enhanced access to foreign exchange, and government policies aimed at promoting local production and reducing reliance on imports.
“Addressing structural bottlenecks, fostering innovation, and expanding public-private partnerships will be critical for unlocking the sector's growth potential,” Idahosa said. He said that the agricultural sector is expected to grow tremendously in 2025 and would be supported by government’s initiatives to enhance food security, improve rural infrastructure, and expand agricultural value chains.
L-R: Former World Heavyweight
Onyebuchi Ezigbo in Abuja
The Nigeria Labour Congress (NLC) said it would convene a national dialogue on the State of nation this month in Ibadan, Oyo State, to brainstorm on the new national tax reform bills.
In a New Year message to Nigerian workers signed by its President, Joe Ajaero, the NLC said policies of government must be citizen-driven, adding that people's welfare remains the primary justification for the
existence of any government.
The NLC said in order to create a thriving, democratic nation, government needs system built on the tenets of social dialogue, allowing critical stakeholders to participate actively in nation-building.
It said that such inclusiveness would foster deeper ownership of government policies, ensuring stability and sustainability.
“It is on this premise that we once again call on the federal government to withdraw its present tax bills before
the National Assembly so that all key national stakeholders will be part of the process.
"As we embark on a National Dialogue in Ibadan in January, 2025, we want to join hands in co-creating a new national Tax law that would enjoy wider acceptance and would fulfill its purpose of propelling national development which we believe is the main objective of government," it said.
The labour movement said government policies must reflect
transparency, honesty, and inclusivity, devoid of chicanery, nepotism, and strong-arm tactics.
"We call on the government at all levels to ensure that governance translates into real benefits for the people.
'The welfare of the citizens remains the primary justification for the existence of any government. Access to food and Nutrition, better healthcare, Quality Housing, Education, Transportation and greater Security of lives and
Peter Uzoho
Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has predicted that the prices of petrol will drop further and become cheaper as Warri, Port Harcourt and Dangote Refineries ramp up output and make more products available in the local market.
President of PETROAN, Dr. Billy Grillis-Harry, stated this yesterday during an exclusive chat with THISDAY, following the resumption of refining operations at the 125,000 barrels per day Warri Refinery in Delta State.
Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mallam Mele Kyari, had Tuesday announced the restart of crude refining operation at the Warri Refinery during a tour of the facility in company of the company's top officials and the midstream and downstream regulator.
However, reacting to the development and its significance to the country's energy security and the petroleum products market, the PETROAN president said with more refineries now working and making more products available to the market, prices will further drop and products become more
affordable.
Grillis-Harry stated, "Well, first and foremost, PETROAN's position is, once there is availability of petroleum products, then affordability will be the next conversation on the line.
"And you can see that our analysis is accurate. The moment petroleum product was available, prices started spiraling down on its own by the entrepreneurial economic factors, and they are working.
"Now, with this third refinery that's producing PMS coming on stream, availability will be higher, and prices spiraling down will become much more feasible. So, we are good. 2025 looks good.
"Prices will likely come down very sharp and fast based on cost of input into producing one liter of fuel."
He expressed confidence that Nigeria was going to perform better in the coming years, adding that he knew that the Bola Tinubu’s government was going to do something spectacular and was going to change the country's economy.
He said Nigeria was now doing what must be done to reset the economy and launch the country to the path of growth and sustainability.
Although he declined giving Tinubu's government a pass mark due to the mass hunger in the
country and a lot of issues yet to be addressed, he expressed confidence that the current administration will change the narrative of Nigeria.
properties including the right to participate in decisions on how they are ruled are the key expectations of the people and workers," it said.
As the country enters 2025, the NLC urged the federal government to prioritise industrial peace by taking social dialogue seriously, pursuing pro-human-progress policies, and respecting agreements with trade unions.
It said the increasing use of violence in engagements with workers and unions must cease, as it is a recipe for industrial disharmony.
It further insisted that governments at all levels must comply with the provisions of the 2024 National Minimum Wage Act from the very beginning of the year.
our nation is run compelling us to thus seek to ensure that government policies give our nation optimal outcomes.”
Meanwhile the former Minister of Labour and Employment, Senator Chris Ngige has urged Nigerians to de-emphasise issues that divide the people and promote unity.
In his New Year Message, Ngige urged the citizens to show more understanding and support for the efforts to help pull the country out of the bad economic situation.
"So, as we enter 2025, let us do away with all forms of negative mindset and think in the direction of a brighter future for our dear country. Once we embrace a positive mindset, the nation will overcome and become stronger."
"But, however, I still have a confidence somewhere locked into my spirit that Tinubu's administration will change the narrative of Nigeria.
"And Nigeria will become the better. We are heading to become the world power. And that's exactly what I believe will happen", GrillisHarry said.
"I will not score Tinubu's government a pass mark because people are hungry, and there's quite a lot that needs to be fixed. And I would have thought that being an accountant and a businessman and a politician, you would have been ready from day one to change the narrative in 180 days.
It added that given the economic realities imposed by recent government policies, the leadership of Labour will engage the government for a wage review to safeguard workers' welfare.
"Trade unions which we are, as a pan-people organisation remain a committed partner in progress, striving for the development of Nigeria while protecting the rights of workers and citizens at large.
"We have a very large stake in our nation and are concerned about how
Regarding the off-cycle governorship election in Anambra State billed for November this year, Ngige called on the Independent National Electoral Commission (INEC) to exhibit transparency and abide by its set rules, processes and guidelines in the election, to ensure a free and fair polls.
He advised all aspirants to embrace the spirit of sportsmanship and play according to the rules of their political parties and the electoral umpire.
Peter Uzoho
Stakeholders in the Nigerian energy sector have advocated urgent interventions such as tax reliefs and other innovative funding solutions to enable successful indigenous energy companies overcome their operational challenges.
The stakeholders made the call at the 8th Solewant Energy Summit held recently in Rivers State, with the theme: "Pioneering Technology Innovation for Transition to Sustainable Energy Development in Africa."
In a communique issued at the end of the summit, the stakeholders
stressed that the creation of enabling environment through supportive policies and regulatory frameworks by government at all levels had become inevitable.
"Government at all levels should initiate policies that can give the indigenous energy firms some tax reliefs to enable them to overcome operational challenges.
"Innovative funding solutions should be initiated to provide buffed and support for indigenous businesses that have demonstrated proven success models because of the challenges they face in accessing affordable loans from Money
Deposit Banks (MDBs) and Industrial Development Banks in the country," the communique stated. They also recommended that increased funding for research and development in sustainable energy technologies be initiated and sustained.
The communique was jointly signed by Prof. S.A. Jaja, Prof. D. I. Hamilton, Prof. J. M. O. Gabriel, Dr. P. E. Igharo and Dr. B.A. Ubleble. Powered by Solewant Energy Training Institute (SETI), an arm of Solewant Group, one of Nigeria's indigenous energy solutions providers, the summit was aimed at addressing
the pressing energy challenges facing the African continent. It was also aimed at exploring innovative solutions that promote sustainable and enhanced energy access for all. According to the communique, government should smoothen regulatory hurdles in order to attract both local investment and Direct Foreign Investment (DFI) into renewable energy projects. However, delegates at the summit expressed their commitment to advancing sustainable energy initiatives and pledged to work collaboratively to overcome challenges.
Email: deji.elumoye@thisdaylive.com
08033025611 sms only
Fidelis David in this report, examines Ondo’s N698bn 2025 budget signed into an act on Monday by Governor Lucky a iyedatiwa.
No doubt, budgeting is one important economic policy instrument at the disposal of the government which is key to the attainment of the economic prosperity of the people.
Unfortunately, over the years, billions are budgeted yearly to improve the living standard of the residents of Ondo state through an increase in output but these dreams have been elusive perhaps due to the failure of the government to implement the content of the budget to the letter.
Between year 2020 and 2024, Ondo had a budget proposal of over N1. 434trn. Specifically, 2020 budget proposal tagged “Budget of Growth” was N177.9bn, 2021 “Budget of Hope”: N159.79bn, 2022 “Budget of Economic Re-Engineering” : N191.638bn, 2023 “Budget of Shared Prosperity”: N313.145bn while 2024 “Budget of Economic Resilience” was N492.045bn.
Particularly, the primary purpose of budgeting is to provide control over the revenues and expenditures of the government at all levels.
For Ondo State, this, perhaps best explained signing of the 2025 Appropriation Bill totaling N698.659bn into law. The budget was increased by N43,429,496,000 above the N655,230bn initially proposed by Governor Lucky Aiyedatiwa when he presented the 2025 “Budget of recovery” to the Assembly.
The budget allocates N433bn (62.06%) to capital expenditure and N265bn (37.94%) to recurrent expenditure.
Speaking at the signing ceremony, at the Exco Chamber, Governor’s office in Akure, the state capital, Aiyedatiwa said the event marked a significant step at fulfilling the promises he made to the people of Ondo State during the electioneering processes.
Governor Aiyedatiwa described the 2025 fiscal plan as a bold and strategic step towards rebuilding the state’s economy and addressing critical socio-economic challenges.
According to him: “This is a critical moment for our administration, one that marks a significant step towards fulfilling the promises we made to the people of Ondo State during the electioneering processes.”
Highlighting the administration’s priorities, Governor Aiyedatiwa noted that the 2025 budget allocates significant resources to agriculture, infrastructure, education, healthcare, security, and social welfare. He described these allocations as investments in the lives of the people.
“These allocations are not just numbers on a page; they are proposed investments in the lives and well-being of every resident of our State. It is through these resources that we will continue to create opportunities, improve livelihoods, and build a sustainable future for ourselves and generations to come,” he stated.
Earlier in an address during the presentation of N655.230bn budget proposal for 2025 Fiscal year to the state House of Assembly, Aiyedatiwa said expectedly, the budget captured the planning, decisions, and policy actions that will be executed to achieve the his fresh mandate’s agenda tagged- “O’ Datiwa, O’Dirorun” which literally means “Our Ease”.
The governor, while presenting the budget tagged “Budget of Recovery ” to the lawmakers during a plenary presided over by the Speaker of the House, Hon. Olamide Oladiji said, the projection for revenue of 2025 would largely be informed by some major macro-economic assumptions contained in the MTEF and Fiscal Strategy paper adopted by the secretariat of the Nigerian Governors’ Forum (NGF).
“The 2025 budget has been appropriately christened Budget of Recovery. The resolve of our administration to make life easy for our people is non-negotiable. This is in line with our campaign slogan for the recently
concluded Ondo State gubernatorial election of 16th November, 2024 in which we recorded an unprecedented victory in all the 18 Local Governments of the State.
“We are fully determined to explore the economic reform agenda of the Federal Government as encapsulated in the Renewed Hope Agenda of President Bola Tinubu, and the enormous goodwill and entrepreneurial enthusiasm of our people in the best possible way to record an economic upturn in the New Year.
“In the outgoing year, our budget was christened Budget of Resilience. Our people have demonstrated unwavering resilience and uncommon courage that had enabled us sail through despite all odds. We have therefore set for ourselves a path to socio-economic recovery in the 2025 Budget Of Recovery, with a bold resolve to break new grounds that will usher in prosperity for the good people of Ondo State.”
He listed the objectives and policy thrusts of 2025 Budget to include “achieve sustained food security; Increased investment in infrastructure; Refocused drive on Independence Revenue (IR) generation; Resilient Community Development Initiative; Facilitate social inclusion and social security and Diversification of the
State’s economy.”
Aiyedatiwa further said the budget will be funded by Statutory Allocation - N28. 75bn (34.39%); Mineral Derivation - N21.250bn (3.24%); Independent Revenue - N40.500bn (6.18%) VAT N71.559bn (10.92%); Exchange Gain - N50.000bn (7.63%); Ecological Fund - 5.000bn (0.76%).
Others are Electronic Money Transfer Levy - N5.001bn (0.76%); Other FAAC RevenueN60.000bn (9.16); Grants - 31.493bn (4.81%); Health Insurance - N4.250bn (0.65%); Roll Over Fund -143.166bn (21.85%) and Financing -194.258bn (29.65%).
“As at last report on Multidimensional Poverty Index in Nigeria, Ondo State is the least multi dimensionally poor State in Nigeria at 27%. We will continue to pursue projects and programmes that will make the State maintain its leadership position and further reduce the percentage. One of such is the universal access to health facilities across the State. To this end, we are deploying more than N7 billion as intervention fund to upgrade and construct appropriate health facilities across the State”, Aiyedatiwa added.
The 2025 budget proposal is higher than that of the total projected budget outlay for 2024 fiscal year which was N492.045bn.
The governor told the Assembly; “Mr Speaker, Honourable Members, you will recall that, the 2024 fiscal year started with
m ore importantly, the Hon. o ladiji-led o ndo state House of Assembly must ensure that the budget implementation process is transparent, with clear reporting and monitoring mechanisms while members must prioritize regular oversight and monitoring to ensure that the budget is implemented effectively, efficiently, and in the best interests of the people of the sunshine state.
a Budget tagged “Budget of Economic Resilience” with a total size of N395,257,000,000.00. Shortly after the budget was passed, the full manifestation of the effect of fuel subsidy removal and the floating of the exchange rate took inflation and energy cost to a record high, making the Budget almost inoperable. By June, the Federal Government approved a new national minimum wage of N70,000 only which was not in the initial Budget.
“All these made the review of the 2024 inevitable. Hence, the 2024 budget was reviewed upward from N395.257 billion to N492.045 billion to reflect current economic realities. In the revised budget, the sum of N246,727,852,786.00 and N245,317,247,214.00 were allocated to Recurrent and Capital Expenditures respectively.
“On the revenue side, Mr. Speaker, the cumulative revenue target as at the end of the third quarter of the year is N369,033,825,000.00. It is heartwarming to note that the total actual receipts during the period was N352,099,200,847.65 which represents 71.56% of total budget performance level. It must however, be noted that this impressive revenue turnout is inclusive of a N51.200bn contra-entry debt negotiation deal with the Federal Government.
“On the expenditure side, Mr Speaker, Recurrent Expenditure posts a formidable performance of N156.666bn against the year target of N246.728bn representing a 63.50% performance. This is in spite of the fact that the New Minimum Wage was yet to be implemented. By the end of the year when minimum wage would have been captured, recurrent expenditure would substantially increase.
“Capital expenditure performance was limited by the very prohibitive inflationary pressure I mentioned earlier on. Some of the provisions in the initial budget became inadequate to procure the projects they were provided for. Some contractors even stopped ongoing projects to be able to negotiate a competitive price for some of the projects, until all these bottlenecks were resolved with the revision of the Budget which unfortunately came very late.
“Hence, capital expenditure only posted a N49.957bn representing an appreciable level of performance as at the end of the third quarter. However, it is pertinent to note that the situation has changed considerably since the completion of the review of the budget. More capital projects are already being implemented to ensure that the objective targets for the year are met.”
Annual Ritual of Unrealistic Expectations
In its reaction, the state chapter of the Peoples Democratic Party believed that the 2025 budget is an annual ritual of APC full of unrealistic expectations.
Speaking with THISDAY, the state Publicity Secretary Kennedy Peretei, said: “The budget is just like every other rituals meant to fulfill all righteousness.
“On ground, the people don’t feel anything, so what’s the use of the budget? Every year, they say they’ve budgeted some amount of money, but the people continually go hungry, the schools aren’t attended to, healthcare system is in shambles, our roads aren’t passable.
“So, what’s the use of the budget? For me, it’s meaningless. Just a ritual that they do every year, it has no practical implication for the people of Ondo State. The budget has meaning only if it has impact on the lives of the ordinary people which is meant for but this one is just figure for experts, economists. They should just address issues of well-being of the citizens. That’s when we know they’re doing budget, anything outside that just a waste of time” Peretei added.
As the foremost Nigerian bank, First Bank of Nigeria no doubt has a history of curating products and services that not only meet the immediate and future needs of its customers. In this interview with THISDAY, the bank’s Managing Director/Chief Executive Officer, Mr. Olusegun Alebiosu described 2025 as the beginning of the bank’s new strategic planning horizon when it is poised to double down on its market dominance position across all the markets where the bank operates
What’s your view on the global economic outlook in 2025, and what implications does this have for FirstBank’s strategy?
In line with the views of most analysts, the current global economic growth trajectory should continue in 2025. Indeed, the International Monetary Fund (IMF) forecasts the global economy to grow at about the same rate of 3.2% at which it is estimated to have grown in 2024.
Also, I expect the inflation rate to continue to decline across the major global economies such as in the United States of America, United Kingdom, China, etc., and as such, interest rate normalization in these key markets is expected to continue. This should create opportunities for most emerging markets.
However, major risks to this forecast exist in terms of the ongoing geopolitical tensions around the world and its likelihood to worsen depending on the extent of some of the expected actions of the incoming President Donald Trump of the United States of America. Severe trade sanctions and tariff impositions in China might further repress global productivity and taper real global growth in 2025.
Given this context, FirstBank’s plans for 2025 are aligned towards positioning for this global economic growth by strengthening the Bank’s intermediation and facilitation role across all our markets in a way that empowers every customer segment to achieve their objectives for the new year. To this end, we are enhancing our value propositions across each customer segment to fully reflect and capture the opportunities we see in the external operating environment.
What opportunities and challenges do you see for African economies in 2025, and how will FirstBank capitalize on these trends?
Across many African economies, especially in Sub-Saharan Africa, rising inflationary pressures and currency depreciation characterized most of 2024. These realities led to significant increases in interest rates by the monetary authorities to curb the surging inflation rate.
Similarly, to correct fiscal imbalances, several African countries, such as Nigeria, South Africa, Kenya, etc., pursued major reforms which are aimed at repositioning the economies on a path of predictable progress, despite the immediate pains caused by these reforms.
Therefore, going into 2025, the general expectation is that inflation and interest rates will reduce, albeit at a much slower pace than projected for the advanced global economies. The reforms are also expected to have yielded more visible signs of progress, thereby improving the overall resilience of these economies.
As a Bank with a Pan-African focus, FirstBank is prepared to support Africa through this journey to economic stability by providing relevant products and services to every sector of the economy. Our suite of consumer and business products can provide immediate relief for households and Micro, Small & Medium Enterprises (MSMEs).
FirstBank also possesses deep technical capabilities and a rich bouquet of investments, collections and payment products that can support various governments’ aspirations for the revitalization of their local economies.
Nigeria’s proposed 2025 budget has significantly increased by 74.18% aimed at addressing developmental challenges. With this in perspective, what are your expectations for Nigeria’s economic performance in 2025, and how will FirstBank respond to potential challenges or opportunities?
The Federal Government of Nigeria (FGN) has proposed and submitted an NGN49.7 trillion 2025 Appropriation Bill to the National Assembly. This budget, the highest in the nation’s history in nominal terms, is on the back of an improved Government revenues position and the need to address critical developmental challenges confronting the nation.
With the proposed significant allocations to critical Ministries such as Health, Education, Defence, Power, Works, etc., and the NGN13.39 trillion deficit financing proposed in the budget, the economic expansionary intent of the 2025 Appropriation Bill is unmistakable.
Therefore, I expect that the 2025 national budget will sufficiently stimulate economic activities and lead to increased economic outputs within the year.
Olusegun-Alebiosu-MD,CEO
Also, the growing revenue generation capacity of the Government reduces the likelihood of poor budget implementation which has plagued previous budget performances.
As the premier financial institution in Nigeria, we are keenly aware of the opportunities that the Nigerian market presents to us, and we are poised to take advantage of them leveraging our unparalleled local knowledge and suite of innovative financial services and products.
What role do you envision technology, and innovation would be playing in shaping the banking industry in 2025, and how will FirstBank stay ahead of the curve?
I believe it has become quite apparent to all stakeholders in the financial services industry that “digital” is the future of banking. Not only is “digital”
the future, but it is also gradually becoming the primary means by which financial services and products are delivered and consumed, even today.
In 2025, I expect this trend to continue with the growing adoption of Digital Financial Services (DFS) among the banking populace. DFS will also be very critical if the significant financial inclusion gaps that still exist in the country (and indeed on the continent) are to be closed in record time.
The appeal for the infusion of technology into the delivery and consumption process of financial services and products stems from the ability of technology to confer significant scale on banking operations and deliver the ultimate customer experience at the same time. These advantages will remain relevant in 2025 and beyond.
As a Bank that has pioneered several innovations on the Nigerian banking landscape, such as the first
FirstBank is deliberate in investing in targeted talent identification and development initiatives for each workforce cadre – junior, middle, and senior management
to introduce ATMs in 1991; the first to introduce instant debit card issuance; the first to launch a wholly human-less branch with the FirstBank Digital Xperience Centers in 2021, etc., FirstBank is already ahead of the curve.
FirstBank has also taken proactive steps to institutionalize innovation with the establishment of Nigeria’s first-ever fully-fledged Digital Innovation Lab in 2018 to ensure we continue to curate products and services that not only meet the needs of our customers today but also their future needs.
What policies had the most overwhelming impacts on banking in 2024?
While several monetary and fiscal policies impacted the operations of Nigerian banks in 2024, in my opinion, two policies probably had the most impact on banks in the outgoing year – the successive increases in Cash Reserve Ratio (CRR) for Commercial Banks from 32.5% in January 2024 to the current 50% and the Central Bank of Nigeria’s (CBN) announcement of new minimum capital requirements for all categories of banks in March 2024.
As part of its efforts towards taming inflationary pressures, the CBN’s Monetary Policy Committee (MPC) has rightfully increased the CRR to reduce the overall money supply in the economy and in so doing, generally curtailed banks’ ability to create money via lending activities or pursue other investments as the banks would have loved to. With the CRR at 50%, only half of customer deposits within the banking system are available for banks’ use.
Also, in support of the FGN’s objective to build a $1 trillion economy by 2030, the CBN announced new minimum capital thresholds, requiring, for example, banks with international license (like FirstBank) to have at least NGN500 billion in paid-up capital by 31st March 2026. This directive is responsible for the flurry of capital market activities which you have seen among banks over the last few months.
Last year, most banks posted extraordinary FX gains, at a time when many manufacturers were wallowing in FX losses. This raised a question on the relationship between banks’ profitability and economic prosperity with some even insinuating the banks even profit from the misery of the people. Do you think otherwise?
While I understand the optics and sentiments around these insinuations, I must strongly state that they are not well-placed. In line with the fundamentals of the formal banking systems, banks are mere financial intermediaries that facilitate the exchange of value between economic units. In support of the real economy and at a time of significant FX paucity, Nigerian banks deployed their balance sheets to fund the importation of raw materials required by local manufacturers, thus helping to keep factory doors open at one of the direst FX periods in the nation’s recent history.
The advent of the current administration and the move to float the currency impacted everyone within the economy. However, since banks have created assets in foreign currencies to support local manufacturing, it therefore means manufacturers would have liabilities in foreign currencies. Hence, the decision to float the naira would naturally impact both parties in opposite directions. The reverse scenario would have been the case had the domestic currency significantly appreciated during this period.
Nevertheless, I am aware that most banks have adopted several measures (including availing of naira funding to enable manufacturers to exit the volatile FX positions) that are aimed at providing necessary cushions for some of the affected manufacturers. What are FirstBank’s strategic priorities for 2025, and how will you allocate resources to achieve these goals?
Coincidentally, 2025 marks the beginning of our new strategic planning horizon (that is the 2025 – 2029 strategic planning cycle) which is a period we intend to double down on our market dominance position across all the markets where we operate. In line with this broad objective, we have identified a few priorities for the FirstBank Group beginning in 2025. Specifically, we would be making necessary investments to elevate customer experience across
all our touch points to make it easier for existing and prospective customers to interact and do business with us.
The Bank would also be accelerating its process automation program (including the adoption of robotics technology and Artificial Intelligence, at scale) to gain a distinct competitive advantage in the industry. In addition, commencing from 2025, we intend to deliberately pursue our expansion plans which will see us entering new markets both within and outside of the continent.
At FirstBank Group, we are very excited about the next strategic plan cycle, which is commencing in 2025, and we are confident that the strides we will be making will translate to an undisputable market leadership position for us.
One of the key impacts of high inflation is increased cost of production with businesses facing the challenges of being unable to thrive. How will Nigerian banks assist operators of small and medium-scale enterprises which form the bulk of businesses in Nigeria?
First, it is important to point out that the high cost of operations affects businesses across all sectors (including banking) as we all operate within the same environment. Given this reality, all businesses should be exploring creative ways to stay afloat whilst keeping operational costs under control.
Nevertheless, Small and Medium Enterprises (SMEs) might be particularly more vulnerable given the fragility of their business dynamics. In this regard, they might benefit from critical skills and development initiatives organized by banks (such as the SME Connect Hub from FirstBank) to acquire relevant insights and cost-saving ideas required to thrive during this period.
In addition, opportunities for concessioned funding from commercial banks or other developmental partners may arise from time to time for longer-term capital projects while the traditional commercial lending facilities might be targeted for shorter-term transaction-based business funding activities.
Finally, the current economic realities highlight the need for businesses to be more deliberate in keeping a firm rein on costs without sacrificing operational quality, which remains the ultimate source of a sustainable competitive advantage. You took over a FirstBank that has undergone tremendous transformation and growth in the past decade under a management you were part of. Do you feel pressured about this when charting your tenure’s vision for the bank?
Indeed, the previous Management team, led by the former CEO, Dr Adesola Adeduntan, did a remarkable job of turning FirstBank around and setting it on a sustainable growth path. Luckily for me, besides the former CEO who retired in the course of 2024, the rest of the management team is still very intact. So, I guess this helps to reduce any “pressure” I may feel from time to time!
Therefore, I am confident that the Bank will not only continue its growth trajectory but also step up momentum as we commence the execution of our new strategic plan.
As a risk management expert, how do you intend to balance the accelerated growth path seen in the past few years with the call for restraint most risk managers are known for?
As you noted, as the Executive Director/Chief Risk Officer in the previous Management team of FirstBank, I made modest contributions to the successes recorded under that regime. As such, I am not new to business development.
In fact, I spent the first half of my professional career in several business development roles and functions prior to my venture into risk management. As a result, you can view me as one possessing the right blend of business development and risk management skills and competencies.
I would like to note that risk management should not be misconstrued as an impediment to business growth, rather, effective risk management should be viewed as a strategic lever required for a business to grow sustainably, and that is what we want to do at FirstBank.
You haven’t spoken much about where you are headed with the bank. What informs your strategic direction?
In 2023, the Management team of FirstBank Group articulated a 10-year vision aspiration for our Bank. That effort, codenamed Vision 2033, produced an overarching aspiration for FirstBank to become a Top 3 universal bank in Africa across retail, wholesale and wealth management customer segments by leveraging differentiated value propositions and customer-led innovations.
Given that the 10-year vision aspiration is still very market-relevant, and I was also an integral part of the process that birthed it, I intend to focus on ensuring its disciplined execution during my tenure as the Chief Executive Officer of FirstBank Group.
As the CEO, I have a clear vision for FirstBank Group, and I am confident that with the strong support of the rest of the Management team and Board, we will deliver a franchise that will continue to be the pride of Nigeria and Africa within the financial services landscape.
Where is FirstBank in the recapitalisation journey?
As the leading player in Nigeria’s banking industry, FirstBank had maintained a strong capital base (relative to other players) before the announcement of the new CBN’s capital threshold requirements for banks.
Recall that before the announcement of the new capital requirement by CBN, FBNHoldings, the parent company of FirstBank, had obtained its shareholder approval for a capital raise action of NGN150 billion at its 2023 Annual General Meeting (AGM) with FirstBank billed to be a major beneficiary of the proceeds. This capital raise action was executed via the FBNHoldings NGN150 billion Rights Issue program that closed on 30th December 2024. I am particularly delighted with the rate at which existing shareholders have taken up their rights under this program. In addition, at the 12th AGM of FBNHoldings held on 14th November 2024, shareholders approved another NGN350 billion capital raise action which will be executed in a combination of ways in the days ahead.
In view of the visible progress made, I am very confident that FirstBank will meet and exceed the new NGN500 billion minimum capital requirements well ahead of the deadline of 31st March 2026 set by the Regulator. The post-2005 reconsolidation crisis suggests that there is more to banking than a large capital base. How prepared is FirstBank to guide against the poor risk management crisis we had?
While I agree that capital is not all there is to a healthy financial system, a strong capital base is, nonetheless, very important to a financial institution’s ability to withstand shocks and absorb losses that might arise in the ordinary course of business.
By virtue of FirstBank’s long and uncheckered 130-year history, the Bank is quite adept at effective risk management. Indeed, as events in our recent history have also shown, sound risk management practices are required to keep the Bank on a sustainable growth path.
On the back of previous lessons learnt, the Bank has undertaken a significant overhaul of its risk management architecture to make it more resilient across multiple fronts – digital, operational, credit, cybersecurity, etc. Overall enterprise risk awareness level is also much higher across all jurisdictions where we operate.
Be assured that under this current leadership team, FirstBank’s commitment to effective enterprise
risk management principles and practices will be unwavering.
How will FirstBank continue to leverage digital technologies to enhance customer experience, improve operational efficiency, and drive growth in 2025?
At FirstBank, we have made significant investments over the years to transform our service delivery model from a branch-led to a digital-led model. Today, over 90% of FirstBank’s customer-induced transactions happen on our digital channels – FirstMobile, FirstOnline, Lit App, *894#, FirstDirect, ATMs, etc.
The Bank has also adopted several leading technologies (such as Artificial Intelligence (AI) and robotics) to improve internal operational efficiency and elevate customer experience across all our touchpoints. Nevertheless, in 2025, we will be increasing the scope of existing use cases for these technologies to better serve our clients. Similarly, several initiatives are on the way to making our digital platforms become a formidable one-stop shop for all the financial and lifestyle needs of our customers. This is in line with our strategy to strengthen our platform and ecosystem play through unique value propositions and strategic partnerships that empower our customers to do more on our platforms.
What are your plans to enhance Firstbank’s customer service network and digital banking architecture in 2025?
At FirstBank, we have elevated our view on technology as not just being a business enabler but as the business itself and given the investments we have made (and will continue to make) in building the right technological and digital backbone for our business, the Bank is well on its way to fully becoming a technological firm that provides financial services.
Beginning in 2025, we intend to ramp up our cloud migration strategy as a crucial precursor to making our services more agile with the attendant improvements in the overall customer experience. Perhaps, one of the major competitive speed breakers affecting traditional players today
‘’At FirstBank, we have made significant investments over the years to transform our service delivery model from a branch-led to a digital-led model. Today, over 90% of FirstBank’s customer-induced transactions happen on our digital channels’’
in the financial services spaces has to do with the natural advantage that new players have being cloud-natives, whereas traditional players seem to have several legacy constraints to deal with.
As the Bank implements its cloud strategy, we are focused on building a nimbler, always-on and resilient financial services group that leverages its rich legacy to serve its customers’ current and emerging needs.
What steps will FirstBank take to manage risks associated with economic uncertainty, regulatory changes, and technological disruption in 2025?
FirstBank has fully embedded the principles and practices of Enterprise Risk Management (ERM) in its operations and across all operating jurisdictions. This framework enables the Bank to assess its risk universe on a regular, ongoing and future-looking basis.
The Bank also has robust and advanced risk management functions overseeing specific risk areas within our businesses such as market & liquidity risks, credit risks, operational risks, compliance risks, legal risks, etc. This is in addition to other assurance functions such as the internal control and audit teams that ensure that pre-defined standards are adhered to.
Over and above these dedicated risk functions, we are also taking steps to strengthen the inherent risk-mitigating elements within every process in the Bank to further reduce the probability of any risk crystallizing. In addition, we continue to invest in training efforts to raise employees’ risk awareness levels, thereby empowering those closest to the risk triggers to promptly identify and manage the risks within their domains.
FirstBank’s institutionalized innovation framework ensures that we keep abreast of developments in the digital and technological space, and we are able to harness unique insights and ideas, residing in any part of the FirstBank Group, to respond to competitive trends and meet the needs of our clients.
Is the Bank planning on expanding into other markets? If yes, where are your priority areas and considerations?
As I mentioned earlier, a key strategic priority within our 2025 – 2029 strategic plan horizon is the acceleration of our African expansion plans. This thrust is in tandem with our vision to be “Africa’s Bank of First Choice”.
Within this period, we would be doubling down on efforts to expand into some of the already identified high-impact African markets. The Bank will also be exploring entry to some strategic markets outside Africa.
In summary, the 2025 – 2029 strategic plan cycle is a growth phase for the FirstBank Group, and we are super excited about the new grounds we will be breaking during this period.
How will FirstBank invest in employee development and talent acquisition to ensure it has the skills and expertise needed to succeed in 2025?
As the premier financial institution in Nigeria, we recognize that our employees are our primary source of strategic advantage in the highly competitive financial services industry. As such, the Bank runs targeted talent identification and development initiatives for each workforce cadre – junior, middle and senior management.
FirstBank currently organizes several recruitment pathways to give young and talented Africans the opportunity for a meaningful career in the financial services industry. These exercises targeted both fresh school leavers (such as the FirstBank Pan-African Graduate Trainee Program) and offer solid employment opportunities for young people on an annual basis, with some of the programs running several streams within the same year. Our flagship FirstBank Management Associate Program (FMAP) and the Leadership Acceleration Program (LAP) are specially curated talent acceleration and development.
FirstBank was again recognized as a market leader in the sustainability/ESG space in Nigeria and Africa winning amongst others the best ESG Bank in Nigeria by Euromoney Awards of Excellence. Please what is FirstBank doing in the ESG and the broader sustainable development space to achieve these recognitions and how do you intend to ensure this is strengthened to enhance your market leadership considering that ESG/sustainability space?
As a brand that has existed for over 130 years, we understand the importance of sustainable business practices perhaps better than any other player in our space. This understanding provides the seriousness with which we hold our responsibilities to all our stakeholders.
FirstBank’s ESG framework is hinged on three strategic pillars: Education, Health & Welfare; Diversity & Inclusion; and Responsible Lending, Procurement & Climate Initiatives. These pillars are operationalized through several initiatives such as our partnerships with the Nigeria Conservation Foundation, Junior Achievement Nigeria and FirstBank’s flagship annual employee give-back program known as Start Performing Acts of Random Kindness (SPARK), etc.
In addition, as an institution, the Group is also taking proactive steps to reduce its carbon footprints through coordinated initiatives aimed at transforming our operations to be more climate-friendly. We are also poised to fund Africa’s energy transition by providing critical support to emerging players in the energy ecosystem.
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A small business in addition to the main job can aid financial security, argues SONNIA AGU
CBN, NCC, DMBS AND USSD DEBTS
SONNY ARAGBAAKPORE writes that the dispute over USSD charges is being resolved
Ahead of midterm, there are emerging signs that the Tinubu Administration will yield positive results, reckons BAYO ONANUGA
Although the Tinubu Administration's midterm is five months away, President Bola Ahmed Tinubu can proudly reflect on his administration's journey over the last 19 months. After initial turbulence, the government concluded 2024 stronger than 2023, as many policies began yielding significant results that even the most ardent detractors could not ignore.
Under President Tinubu's leadership, NNPC Limited has fixed two of the four stateowned oil refineries, achieving what many had cynically regarded as improbable. The administration's efforts have led to a rise in crude oil production, with an expected inflow of more dollars into the Federation Account and remarkable accretion into the foreign reserves. The government remains focused on gas development, attracting investors' interest. Dollars have flowed into the country through fresh investments in several sectors. The administration created an innovative Ministry of Livestock Development to unlock the previously untapped potential in animal husbandry, steering the country from tragedy to opportunity.
The lucrative stock market ended the year on a high note, breaking its initial record under the Tinubu presidency. The All Share Index hit over 103,000 from 55,738 on May 30 2023. Market capitalisation is over N63 Trillion. In the last 19 months, local and foreign investors have invested unprecedented amounts in the market.
The government is also expanding the national road infrastructure stock by building legacy superhighways from Lagos to Calabar and Sokoto to Badagry.
The administration's successful euro bond issuance of $2.2 billion notably attracted over $9 billion in interest, while a domestic dollar bond of $500 million was oversubscribed. These developments indicate confidence in the Nigerian economy.
Revenue generation has increased, and all tiers of government received more funds to spend on the welfare of Nigerians, including the 774 local councils that recently won financial autonomy.
November and December 2024 proved especially remarkable. Shell and Partners announced an estimated $5 billion investment in the Bonga North oil field. Brazil's JSB, one of the world's leading integrated livestock companies, announced a $2.5 billion investment in livestock development in Nigeria, with some officials flying into the country to actualise the pledge. Fuel prices began to decrease amid competition from local refineries, supporting President Tinubu's belief that market forces would lower the prices of consumer goods to benefit Nigerians. For the first time in our history, the proposed 2025 budget included no provision for a fuel subsidy. There was no scarcity, too. Instead, the government has proposed more funds for capital expenditure, health, education, and national security in the record-breaking N49.7 trillion budget. Critics remain silent as positive indicators continue to emerge.
Not an accidental president, Tinubu took office on May 29, 2023, with a clear vision for Nigeria: to renew hope through a programme
of action to foster economic diversification, stability, and prosperity and build a trilliondollar economy.
He has implemented many of his campaign promises and those in his Renewed Hope Agenda.
Although unintended consequences have emerged, temporarily affecting the well-being of all Nigerians, the administration is working hard to ameliorate the burden on the masses.
President Tinubu consistently implements reforms, daring to confront headlong the country's many hydra-headed socioeconomic problems and committing to the transformative change the country urgently requires. Posterity will be kind to him and remember his era as a reform-minded leader.
Positive signs continue to emerge: apart from declining fuel prices, the country recorded foreign trade surpluses for three consecutive quarters, foreign reserves are rising, and the Naira is gaining strength against the US dollar.
One notable achievement of President Tinubu's tenure is fulfilling his promise to implement a student loan programme. This initiative financially supports students, ensuring that higher education is accessible to all, regardless of economic background. Investing in the education sector, the administration aims to empower the youth and equip them with the skills needed for Nigeria's future growth.
In addition to the student loan scheme, President Tinubu has advanced the consumer credit initiative, another campaign promise, and plans to deepen it in the first quarter of 2025. Promoting access to credit is part of the administration's broader strategy to stimulate consumption, drive entrepreneurship, and boost the domestic economy.
On his first day in office, President Tinubu decisively eliminated the fuel subsidy, which had long burdened Nigeria's economy. While the initial removal triggered higher fuel prices, the market is now experiencing a downward trend. This development illustrates the administration's commitment to marketdriven pricing and economic efficiency, which should benefit public investment in critical sectors in the long term.
The administration introduced electric vehicles and Compressed Natural Gas (CNG) as alternatives to reduce Nigerian dependency on petrol. In the past 12 months, more Nigerians have converted their vehicles to CNG, spurred by government and private
sector investment. A new industry is gradually unfolding, creating new jobs along the value chain whilst promoting a cleaner environment.
Another bold economic reform was unifying Nigeria's multiple exchange rates, which previously caused economic distortion, criminal arbitrage, and speculation. Following an initial depreciation, the Naira has stabilised against the US dollar, reflecting increased investor confidence and a more transparent foreign exchange policy.
Investment inflows further testify to the positive impact of President Tinubu's policies. The oil, gas, and solid minerals industries are experiencing renewed interest and investment. These sectors are crucial for enhancing Nigeria's export capacity and creating jobs, thus driving economic diversification and growth. Moreover, Nigeria's foreign reserves have shown a promising increase, bolstered by improved trade balances and strategic monetary and fiscal management.
Looking ahead to 2025, President Tinubu plans to introduce what could be his most transformative reform yet—tax restructuring. With four bills before the National Assembly, the proposed reform seeks to streamline tax systems and administration in Nigeria to promote better investment and a friendly business climate.
Under the proposed tax reform, low-income earners under the minimum wage bracket and small businesses within a certain threshold will be exempt from paying taxes. The administration's mantra is that taxes should focus on prosperity, not people's or businesses' hardships. The government focuses on expanding the tax net, making taxes less burdensome to taxpayers, and getting wealthy people to pay their fair share. This progressive approach reflects the administration's commitment to equity and fiscal sustainability.
However, the road to reform does not come without challenges. President Tinubu faces resistance, particularly from politicians and tax evaders who have expressed concerns about the implications of the changes that will come with reforming our tax systems.
President Tinubu, who is not oblivious to the pushback, has said he is willing to make necessary adjustments, as democracy is about negotiations, give and take.
President Tinubu's administration has demonstrated firm determination over the last 19 months to succeed against all odds and reposition the economy for better performance. While challenges remain, especially with food inflation, President Tinubu's leadership has shown a proactive and committed approach to addressing these issues. The administration's trajectory suggests a path toward Nigeria's economic stability and social development. Though it is not midterm for the administration, realising a prosperous and equitable country looks promising and achievable. The Tinubu administration is undoubtedly steadfast in its resolve to improve Nigeria, and it's on course to achieve all the campaign promises to the people.
Onanuga is the Special Adviser on Information and Strategy to President Tinubu
A small business in addition to the main job can aid financial security, argues SONNIA AGU
Out of the 88.9 million Nigerians in the country’s labour force, 71.2 million are self-employed, 12.96 are salary and wage earners, and the remaining 4.74 million are unemployed but looking for work.
These statistics show that that over 80% of Nigerians who can work have taken their future into their hands by creating jobs for themselves because there are only nearly 13 million jobs for nearly 90 million people. And majority of those Nigerians who earn salaries and wages cannot survive on these alone, so they must create additional income streams. Even some self-employed Nigerians cannot survive on their entrepreneurship revenue alone and have to take up side hustles.
Enter the side hustle: a side hustle is a small business that someone pursues in addition to their main job to earn extra income. Side hustles usually provide either a daily income or an income you don’t have to wait a month for. These include web designing, language tutoring, event ushering, public speaking and content videography, just to name a few.
A successful side hustle can become a fulltime business, giving you control over your career and future. If done diligently and to the highest standards, the side hustler will begin to gain a reputation as a high performer and can begin to charge a premium for their services, leading to more income. More income can make them employ others who they will pay salaries or wages to.
Side hustles are so diverse that they offer opportunities to everyone over the age of 15 (which is the legal age to start working in Nigeria) no matter their educational level, background, languages spoken or physical appearance. Side hustles solve problems that Nigerians encounter daily; and Nigerians are willing to pay for these problems to be solved. So, you don’t need academic degrees to sell airtime, run a cab-hailing service or make meals. But you do need academic qualifications to be a charge-and-bail lawyer, business
advisor or physiotherapist. All these can be side hustles.
Side hustles allow you to keep your main job. Someone can work at an office or remotely from home and still have a house cleaning, plumbing or nanny business. These latter jobs in the beginning years of them being side hustles will not come every day so the side hustler can still earn their salaries or wages while making additional income when the side hustle requests come up.
You will develop more skills when you operate a side hustle. When you realize that you really need an additional income and it makes you take on the responsibilities of your employer such as finding a shop or office space, dealing with an industry regulator and buying work equipment, you will be pleasantly surprised that you can do these things. Because as an employee your job is to come to work, do your job, go home, repeat for four weeks and get paid, without knowing or caring where your employer gets your salary from! A side hustle will even make you a more efficient employee because you will be able to empathize with your employer after being in their shoes.
Most importantly, a side hustle will give financial security. Nobody knows when or if they will be fired by their employer. Firings are caused by several factors, not all to do with the fired employee. Sometimes the employer simply cannot afford to keep that employee. Sometimes the employee may not fit the company culture. Sometimes the employee is not competent at the job. There are several reasons, and the real reason may not be told to the fired employee. A side hustle will help cushion the blow of a lost salary, particularly when this side hustle has been done for a long time. That is why the quicker an employee starts a side hustle the more beneficial that side hustle will be to them in the long run.
Dr. Agu is the Founder, SapioWorks
SONNY
ARAGBA-AKPORE
writes that the dispute over USSD charges is being resolved
After over five years of bickering on the debts owed by Money Deposit Banks (DMBs) for Unstructured Supplementary Service Data (USSD) platforms, respite is underway.
USSD is the platform through which bank customers transfer money digitally on their phones without resorting to the internet.
USSD banking is an SMS-based mobile banking service, where a USSD shortcode is used to access financial services like transfers, bill payments, airtime, among others.
Unstructured Supplementary Service Data allows users without a smartphone or data/internet connection to use mobile banking through codes specific to each bank.
There is however a 150.18 percent decline in USSD usage for financial transactions as users move to Internet banking. According to the CBN, the total transaction value with USSD was N2.19 trillion between January and June 2024, a decline of 54.75 percent from N4.84 trillion in the same period of 2023. The volume of transactions fell by 150.18 percent to 252.06 million from 630.6 million.
In 2021 when GSM services turned 20 in Nigeria the then Group Managing Director of Zenith Bank Plc, Mr Ebenezer Onyeagwu, said, “The introduction of USSD changed everything. Without telecoms infrastructure, there is no USSD code.”
But this sentiment is not shared by many bank executives including Segun Agbaje, CEO of GTCO, who recently stated, “If you want to charge N20 for the service, go ahead. But collect it yourself. Don’t come to us.”
According to industry sources, the non-payment of this debt, which telcos peg at N250 billion, has led to an investment slowdown in USSD infrastructure.
The December 20, 2024 joint memo by CBN and NCC seeks to clean up the protracted USSD mess and enforce payment timelines.
While the banks own the accounts, the Mobile Network Operators (MNOS) own the networks.
But there have been disagreements on payment terms that have plagued the banking and telecommunications sectors so much that the CBN and the NCC had to intervene several times in the past to see how the matter could be resolved.
All that failed until December 20, 2024 when a circular was endorsed by both regulators on the way forward.
The circular signed by Ag Director, Banking Payments System Department at CBN, Oladimeji Yisa Taiwo and Chizua Whyte, Head, Legal and Regulatory Services at the NCC stated that: the CBN and the NCC are deeply concerned that the protracted dispute between Deposit Money Banks and Mobile Network Operators over the usage of the MNOs USSD platform for banking services has remained unresolved despite best efforts. “In view of the foregoing, the CBN and the NCC hereby direct DMBs and MNOs as follows: That 60% of all pre-API invoices must be paid as full and final settlement of such invoices. In this regard, payment plans (lump sum or installments) must be agreed between a concerned DMB and MNO by January 2, 2025. For the avoidance of doubt, where instalmental payment is proposed by a DMB, such proposal must be based on equal monthly instalments, and payment must be completed by July 2, 2025 at the latest. That in furtherance of earlier resolutions by the CBN and the NCC, M B s must pay 85% of all outstanding invoices issued after the implementation of Application Programming Interfaces (API) (i.e. February 2022) between the concerned DMB and MNO (i.e. postAPI debts) by December 31, 2024. Similarly, 85% of all future invoices must be liquidated within one month of service of the invoice. That subject to satisfactory implementation of the directives in Paragraphs one and two, and in furtherance of the understanding between DMBs and MNOs on transition to End-
User Billing (EUB), the NCC will activate the necessary regulatory processes to revert to EUB. Only MNOs and DMBs in full compliance with Paragraphs one and two above will be allowed to transition to EUB. The NCC and the CBN will provide guidance on public enlightenment measures in respect of the transition in due course.
That pending completion of the transitional arrangements in Paragraph three above, MNOs are to adopt the "10-seconds rule" for USSD invoicing. This means that any USSD session lasting less than ten seconds is not billable.
DMBs on prepaid billing would also have the opportunity to migrate to EUB subject to conclusion of the regulatory processes stated in Paragraph three above.
That DMBs and MNOs should immediately discontinue any legal proceedings on the subject matter forthwith.
The circular advised that “DMBs and MNOs should immediately discontinue any litigation by them or on their behalf on the matter. DMBs and MNOs are directed to ensure full implementation of the directives contained in this joint circular and to note that non-compliance will attract necessary sanctions within the respective regulatory powers of the CBN and the NCC”.
Gbenga Adebayo, an Engineer and Chairman of Association of Licensed Telecommunications Operators of Nigeria (ALTON) confirmed the development saying:
“The dispute over Unstructured Supplementary Service Data charges between Nigerian banks and telecommunications companies (telcos) has been ongoing since 2019. The disagreement centers on who should bear the costs associated with USSD services used for financial transactions.
“In October 2019, the issue became public when banks refused to pay for USSD services utilized by their customers, proposing instead that telcos adopt end-user billing. Telcos disagreed, citing potential double billing and regulatory restrictions.
By August 2020, the Nigerian Communications Commission reported that banks owed telcos approximately ₦17 billion in USSD charges. Despite regulatory interventions, the debt continued to accumulate.
On Friday December 27, 2024 the Nigerian Communications Commission approved the disconnection of Exchange Telecommunications Ltd. from MTN Nigeria network due to the nonsettlement of interconnect charges.
The commission made this known in a public notice signed by Reuben Muoka, the Public Affairs Director at NCC. “The Exchange Telecommunications is a local and international interconnect carrier.
Aragba-Akpore is a member of THISDAY Editorial Board
Editor, Editorial Page PETER ISHAKA
Email peter.ishaka@thisdaylive.com
There is extreme need to cut down on the cost of governance
Whether for an individual or a nation, the beginning of a new year is all about reflecting on the past and looking ahead to the future. As Nigerians join the rest of the world to celebrate the beginning of 2025, there must be a new resolution to do better. While leadership by example seems alien to many public officials in Nigeria, that is what a time like these demands. The economic downturn offers a great opportunity to prune the cost of running government at all levels. That must be the national resolution if the country is to grow and thrive. When public officials sacrifice for something bigger than themselves, it reawakens people’s faith in government and strengthens community bonds.
Unfortunately, even at a time like this, our public officers still allocate to themselves jumbo allowances while our legislators remain the highest paid in the world. Today, in most of the 36 states, salary arrears are mounting and so are pension obligations, leaving their workers in desperation and want. And with unrestrained official profligacy, many states and local governments are almost bankrupt while the federal government is piling up debts to stay afloat. There are indeed several questions begging for answers today about the structure of government. With houses of assembly in all the states, what is the justification for retaining the legislative council in each of the 774 local government councils and the six area councils in the FCT? Many other pertinent questions beg for answers. Does democracy have to sack the treasury to serve the cause of freedom? Can a democratic polity led by an unproductive elite promote development? Where the laws and rules for the appropriation of public funds are made
by the same people responsible for the high cost of government, who will bring the system to order? But much more importantly, how long can we continue to sustain this gruelling rip-off at the expense of the poverty-stricken people of Nigeria?
The economic downturn offers a great opportunity to prune the cost of running government at all levels
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 T
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
Up till now, no tier of government in the country has taken steps to reduce the expensive cost of running the public service. Over 70 per cent of the budget still goes for servicing our parasitic bureaucracy. No government has reviewed projects that constitute a drain on public treasury. To worsen matters, across the country, there is no sign that we are going through tough times. Public officials still move around in long convoys while retaining hundreds of idle aides. In many states, there are scandalous pension package for ex-governors in terms of salaries for life, houses in the state capitals and Abuja, medical, vehicle and other hefty allowances.
At the federal level, some officers serve for four or five years and retire at less than 50 years of age in some agencies only to be paid an exit package running into hundreds of millions of Naira. Democracy is expensive. But it is scandalously more so in our country due largely to the personal aggrandisement and greed of the average Nigerian political office holder. However, against the background of recent policy decisions that have made life difficult for the ordinary people, should public officials at the state and federal levels still retain all their privileges? We believe that there can be no better time than now to review the structure of government in Nigeria. If the ordinary people on the street must sacrifice to keep the country afloat, those elected or appointed to serve them cannot continue to live in obscene opulence.
We wish all our readers a prosperous year 2025!
The river of recriminations has continued to boil in Rivers State as a direct fallout of the acrimonious relationship between the former governor and current FCT Minister, Nyesom Wike and Siminalayi Fubara, his successor in office.
All was rosy and cozy between the two men until shortly after Fubara replaced Wike in office as governor. What started as a minor turf war has since become a bitterly acrimonious fallout between two men who worked together for eight years enjoying unsupervised access to the resources of Rivers State.
Fubara,the current governor, has stopped just short of saying that Wike wants to wreck the treasury of the state. The former governor on his part has alluded to the governor’s failure to respect their agreement.
What is clear is that there has been a political fallout between political gladiators in the state with grave consequences for the welfare and security of the people in the state. The Rivers State House of Assembly has remained a fierce battleground in the fight. A couple of local government secretariats were also burnt when the last local government elections turned deadly.
But perhaps, the most damaging fallout of the feud between
the two men is what it has meant for their relationships with others. As governor, Wike showed no qualms about making enemies. Loquacious and controversial, his strong character and fierce outbursts always meant he would get on the wrong side of many people. Even as FCT Minister, he has largely stuck to his personality script, even making more enemies along the way.
Fubara is the somewhat unknown quantity. Though, many view him as a hero for supposedly standing up to Wike, there is an element of casuistry in the character of a man who seemingly backed out of an agreement once he had what he wanted. Recently, former Governor Peter Odili was dragged into the almighty mess made by the two men. At a Christmas carol organized to honour the governor, he paid glowing tributes to the governor for preventing one man from turning the state into his private estate. The criticism was a clear missive fired in the direction of Wike who has dredged up details of how the former governor has turned Rivers State into his personal fiefdom.
Peter Odili’s unprovoked outburst showed stubborn
streaks of sycophancy in a man sworn to political expediency. With his age and years of experience, one would expect that he should exercise more discretion and prudence in criticizing Wike whom he undoubtedly benefitted from when he was governor between 2015 and 2023.
There are many who are rejoicing over how quickly Wike has lost grip of Rivers State where he once reigned supreme. His travail since he left office should serve as a lesson to himself and others on the ruthless transience of power.
Those privileged to hold public office should concentrate on ensuring that their legacy endures beyond office as power can quickly prove to be an extremely tricky and slippery customer.
Nigerians are not exactly privy to how the two former governors and the current governor have continued to shortchange their people. Whatever it is, they should spare their long-suffering people the dirty details of how they have turned the state into a machinery to reward themselves and their cronies.
Kene Obiezu, keneobiezu@gmail.com
Kayode Tokede
After several years of bearish performance, especially between 2015 and 2019, the Nigerian equities market sustained the turnaround which commenced in the 2020s this year to close 2024 norward.
Following the oil price crash in 2015 and the ensuing recession in 2016, the 2020s ushered in a period of unprecedented growth for Nigeria’s stock market.
However, since 2020, the NGX All-Share Index (ASI) has delivered a stellar return of 283.45 per cent, climbing from 26,842.07 basis points at the end of 2019 to 102,926.40 basis points as of December 2024. The index closed 2024 with an impressive annual growth of 37.65per cent.
In terms of market capitalisation, it closed at N62.763 trillion as of December 31, 2024, about N21.8 trillion increase over N40.917 trillion
it closed 2023.
The depreciation of the naira, driven by macroeconomic reforms by the Central Bank of Nigeria (CBN) and the federal government, significantly boosted the performance of the stock market. Also, foreign capital inflow has steadily increased, rising from a low of 4 per cent in mid-2023 to an average of 16 per cent by November 2024.
Additionally, high-profile listings energised trading activities on the exchange, providing investors with a broader range of blue-chip stocks.
Notable entries include Geregu Power Plc, Transcorp Power Plc, Aradel Holdings, and BUA Foods Plc.
These listings have propelled the market capitalisation from N12.79 trillion at the end of 2019 to N62.76 trillion as of December 2024, representing a meteoric increase of N49.97 trillion.
Meanwhile, major stakeholders
have applauded the management of the NGX Group for providing the enabling environment for players to thrive.
Speaking at the Closing Gong Ceremony marking the end of 2024 trading activities, NGX’s Chief Executive Officer, Mr. Jude Chiemeka, represented by the Head of Trading and Products, Mr. Abimbola Babalola, commended key stakeholders, including the stockbroking community represented by the Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON).
“The year 2024 witnessed significant activity in the secondary market, a testament to the efforts of our trading license holders. Complementary macroeconomic fundamentals were instrumental, and we appreciate the impactful policymaking by the CBN and the Federal Ministry of Finance.
We also commend the Securities and Exchange Commission for its effective oversight, especially during the smooth banking recapitalization process,” he said.
CIS President and Chairman of Council, Mr. Oluropo Dada, and ASHON Chairman, Mr. Sam Onukwue, represented by the 2nd Vice Chairman, Mrs. Ify Rita Ejezie, emphasized the pivotal role of stockbrokers in driving capital market growth. They reiterated their commitment to advocating for policies that enhance market development.
GMD/CEO of Nigerian Exchange Group, Mr. Temi Popoola reflected on the market’s resilience and growth trajectory: “Nigeria’s capital market has proven itself as a hub of resilience and innovation, consistently offering valuable opportunities for investors. The strong performance of our bluechip companies over the past decade has been a key driver of returns,
even amid challenging economic cycles. Inflationary pressures have made equities an attractive hedge, and strategic new listings have significantly boosted market activity.”
He further highlighted the transformative impact of policy reforms: “Macroeconomic shifts, particularly in the oil and gas sectors and currency devaluation, have been transformative. These changes, coupled with the liberalization of exchange rates, have enhanced operational efficiency and contributed to the robust performance of listed companies. As we approach 2025, we remain optimistic that continued reforms and a stable macroeconomic environment will sustain growth, boost liquidity, enhance investor confidence, and deliver long-term value for all market participants.”
In the same vein, capital market said the stock market performance in 2024 is on the backdrop of
mixed corporate earnings by listed companies, federal government’s reforms in the foreign exchange market and fuel subsidy removal. Analysts at Cordros Research in a report titled, “Nigeria in 2025. Reform to Recovery: Navigating the Rebound,” stated that the financial market in 2024 has been a story of “two unequal halves”. “In the first half, the domestic equities market surpassed previous highs, hitting the 100,000- point mark for the first time, as elation about reforms remained rife amongst investors. In the second half, fixed income yields hit unprecedented levels, moving in tandem with the MPC’s aggressive stance and, thus, reinstating investors’ belief in the rate transmission mechanism,” the report stated.
Despite the massive return on the local bourse in 2024, GlaxoSmithKline Consumer Nigeria Plc, joined a list of 15 other companies who voluntarily or forcefully delisted from the Nigerian Exchange Limited (NGX). While some adduced their exit to their management’s strategic plan related to their operations as reason for leaving the exchange, others were removed for non-compliance to post listing requirements.
Specifically, GlaxoSmithKline Consumer Nigeria voluntarily
delisted its entire 1,195,876,488 ordinary shares from the Daily Official list of NGX as part of a larger restructuring effort to streamline operations in Africa and focus on markets where it had a stronger strategic presence.
The company said it has been working to simplify its portfolio and improve efficiency, and delisting from the NGX was seen as part of that process.
But Niger Insurance Plc, Resort Savings and Loans Plc, and RAK Unity Petroleum Plc were delisted by the exchange on the grounds that they are operating below the
listing standards and their securities were no longer considered suitable for continued listing and trading in the market.
The NGX had announced to the investing public the delisting of three companies from its daily market activities for failing to submit 2023 financial year results.
Others delisted in 2024 include: Goldlink Insurance Plc, Medview Airline Plc, STACO Insurance Plc, Standard Alliance Insurance Plc, Greif Nigeria Plc, Union Dicon Salt Plc, and Austin Laz and Company Plc, ASO Savings and Loans Plc, Union Homes Savings & Loans
Plc, Capital Oil Plc and The Tourist Company of Nigeria Plc.
The board of NGX RegCo, the regulating body of the sxchange at a meeting in June 2024 had approved the commencement of the delisting process of these 14 companies.
THISDAY investigations revealed that most of the affected companies are faced with operational and regulatory bottlenecks, making it difficult to submit audited result and accounts on the Exchange.
Until it was delisted, the stock price of Medview Airlines on the floor of the NGX has not moved
below or above N1.62 per share in the last two years.
As at October 15, 2021, data obtained from the local bourse disclosed that the company recorded zero trade and zero volume within the period under review.
Chairman of the airline, Sheik Abdul-Mosheen Al-Thunayan, had blamed the performance on political tension and tight liquidity.
On the other hand, RAK Unity Petroleum completed its liquidation process on September 26, 2023 and has since been dissolved, “and on that note no longer needs to remain
listed on the platform of NGX.” THISDAY further gathered that, The Tourist Company of Nigeria Plc, Standard Alliance Insurance Plc, failed to submit 2020 audited results. Union Homes Savings & Loans Plc, Aso Savings & Loans Plc failed to submitt over six years audited result and accounts to the Exchange. The NGX said the delisting of the three companies that took effect on July 18, was because the companies were operating below the listing
For insurance sector operators, the year 2024 was a year of hardwork to overcome challenges and ensure easy claims payment to win public trust, writes Ebere Nwoji
Insurance sector operators and analysts in Nigeria and other climes had at the beginning of 2024 business year projected that the year would be one full of upheavals and challenges. They also saw the year as one which business climate would be misty and as such required hardwork and innovations on the part of insurers and their board members to navigate through the difficult business terrain. They anticipated that the situation portends challenges to both insurance managers and their board members.
In Nigeria, one of the major challenges to the sector in 2024, according to insurance marketers, was the harsh economy which eroded the purchasing power of the masses forcing many to drop insurance expenses from their scale of preferences.
According to the marketers, though insurance had always ranked last in the scale of preference of an average Nigerian, the harsh economy worsened the situation during the year. They, however, added that some Nigerians were wise enough to know that it was a period they needed insurance cover most.
For the National Insurance commission (NAICOM), there was much determination to deal with problem of claims repudiation and delays as well as individual firm’s financial capacity. NAICOM had unequivocally cautioned insurance operators that the year 2024 was a year of zero tolerance to outstanding claims as the commission would not want to see any unpaid claims figure in the financial book of any insurance firm.
The commission also proposed that from year 2024, it would maintain zero tolerance to unnecessary delays in claims payment. Consequently, the commission reiterated its commitment and determination to enforcing laws and taking action against insurers failing to meet their claims obligation and thereby underscoring the importance of financial stability and soundness of financial institution and robust capital for operating firm through the enthronement of robust capital regime.
The commission towards the end of November demonstrated its determination not to spare any
firm failing in its financial obligation by removing the board and top management of one of the prominent life insurance firms, the African Alliance insurance and in their place, installed interim managers to oversee the affairs of the company. It further alerted operators that there were more of the likes of African Alliance existing in the sector that would leave the business stage if the board and management of such firms fail to put their houses in order before the commission’s regulatory baton hits their doors.
Within the African Insurance market, Deloitte reports indicates that during the year 2024, operators passed through a transformative period, influenced by changing economic landscapes, rapid technological advancements and regulatory reforms. According to the report, amidst economic challenges such as high interest rates and inflation, South Africa’s largest insurers, representing over 80 percent of the insurance market, have demonstrated resilience. Deloitte observed that the introduction of IFRS 17 took a huge effort to implement and has impacted financial reporting and analysis of financial results –something that will be focused on more over the coming years. The report forecasted that as climate change and economic inequality become more pressing, the insurance industry faces dilemma.
Against this backdrop, insurers were urged to move beyond traditional risk aversion towards creating stakeholder value. The report foresees that by aligning financial products with Sustainable Development Goals (SDGs) and fostering innovation for inclusion and resilience, industry can turn challenges into opportunities, thereby driving sustainable development.
The Deloitte report expressed optimism that the East African insurance market was showing resilience and growth despite macroeconomic and geopolitical challenges, driven by a rising
demand for risk transfer solutions. According to the report, in 2022 the insurance penetration rate in East Africa was 1.39 percent, with Kenya at 2.14 percent leading, while Tanzania, Uganda and Ethiopia had lower rates of 0.62, 0.74 percent and 0.3 percent, respectively. This presents both growth potential and challenges, necessitating innovation and enhanced customer engagement.
Maintaining that the trend did not change significantly negatively in 2024, the report said the industry’s future hinges on its ability to adapt and turn challenges into sustainable growth opportunities.
At the global arena, Senior Managing Director, Global Insurance Lead, Kenneth Saldanha in his analysis early in the year highlighted five major issues that the sector contended with, saying that Property and Casualty insurance carriers slowed down to 2.6 percent on average for 2024 and 2025—down from 3.4 percent in 2023 (Swiss Re Sigma). According to him, Life insurance segment witnessed stronger demand for savings and retirement products, while in emerging markets, revenue growth reached 5.1 percent on average in 2024 and would be same in 2025.
Deloitte, during its global insurance outlook for the year 2024 hinged the future of insurance success on insurance industry’s ability to be customer-centric. It advised that insurers must evolve through digital and cultural transformation to address changes in their operating landscape and meet new societal expectations.
Apparently, high inflation rate, refinancing and insolvency pressures, geopolitical; Economic, Social and Governance issues (ESG) were witnessed during the year. These aligned with signals, warnings and advise of sector analysts to the insurers early in the year
to be prepared for these headwinds and have a strategy that could adapt when confronted with challenges of the business.
They recommended that diversity in the choice of boardroom members for insurance institutions would allow companies to have varied approaches to such problems during the year while board members and company executives should be held liable for an increasing number of unhealthy scenarios.
Few weeks before the year, NAICOM subjected members of board of various insurance firms to intensive training with emphasis on sustainability. Investors in insurance stocks often accuse insurance managers of investing their money in unprofitable ventures and using their money to pay regulatory fines resulting from regulatory infractions. They also accused insurers of not involving in claims reduction techniques that would reduce their risk exposure, meaning that managers use money that would have been paid to them as returns on investments to pay claims resulting from avoidable risks. Experts further cited that the year witnessed investors dragging insurance managers to court as well over lack of returns on their investments.
Against this backdrop, NAICOM was very much emphatic on the need for insurance managers and directors to be on their toes in 2024 to help in managing their companies’ businesses in a way that would ensure continuity and avoid collapse that might attract litigations by investors and other stake holders in the business.
At the board of directors’ training, the commission emphasised on the need for directors to be fully involved in the business activities going on in their various firms. The commission noted that being a director and sitting on the board of an insurance firm was no longer business as usual rather directors must contribute efforts towards ensuring the sustainability and continuity of their individual companies.
The story continues online on www.thisdaylive.com
Victor Liman and Ade Adefeko
In the heart of Africa, Nigeria stands as a beacon of economic potential, rich in natural resources, a burgeoning youthful population, and an expanding market.
Yet, the nation’s path toward sustainable growth has been anything but linear. From oil dependence to fluctuating foreign direct investment (FDI), Nigeria’s economic narrative has been defined by cycles of boom and bust. However, as the global economy pivots towards sustainability, innovation, and diversification, Nigeria’s strategic investment policy is poised to become a critical tool in shaping the country’s future.
The 21st century presents Nigeria with an unprecedented opportunity to recalibrate its investment policy, moving beyond resource extraction to foster industrialization, technological innovation, and inclusive growth. This shift is not just about attracting foreign capital but about channelling it into sectors that create long-term value, reduce inequality, and bolster resilience in the face of global economic shocks.
Nigeria’s economic structure, heavily reliant on oil and gas, has long been a double-edged sword. While oil revenues account for over 50% of government income and 90% of export earnings, this dependence leaves the country vulnerable to price volatility and market disruptions. The 2014 global oil crash and the subsequent recession in 2016 underscored the urgency of diversifying Nigeria’s economy.
President Bola Ahmed Tinubu’s administration has recognized this vulnerability, signalling a shift towards non-oil sectors, including agriculture, manufacturing, technology, and renewable energy. A strategic investment policy must now address the structural imbalances that have stifled growth for decades, ensuring that investments align with national development goals, such as those outlined in the National Development Plan 2021-2025.
Infrastructure remains the backbone of any thriving economy. Nigeria’s $100 billion
infrastructure deficit poses a formidable barrier to growth. Inadequate power supply, poor transport networks, and underdeveloped digital infrastructure deter investors and constrain local enterprises. To address this, Nigeria must prioritize Public-Private Partnerships (PPPs) to finance large-scale infrastructure projects.
The Lekki Deep Sea Port, completed in 2023, exemplifies how strategic partnerships can catalyse economic growth by boosting trade and easing supply chain bottlenecks.
Expanding such models to sectors like transportation, housing, and renewable energy will position Nigeria as a key player in West Africa’s industrial revolution.
Nigeria’s tech ecosystem, dubbed “Africa’s Silicon Valley,” has attracted global attention. In 2021 alone, Nigerian tech startups secured over $1.5 billion in venture capital, outpacing other African nations.
Companies like Flutterwave and Andela are not only transforming fintech and talent outsourcing but also demonstrating the potential of a digitally-driven economy.
However, sustaining this momentum requires robust digital infrastructure and policies that protect intellectual property, foster innovation, and create an enabling environment for startups. Strategic investment in 5G technology, broadband expansion, and e-governance platforms will further unlock Nigeria’s digital potential, driving economic growth and creating millions of jobs.
As the world accelerates towards net-zero emissions, Nigeria must reposition itself as a leader in renewable energy. Despite being the largest oil producer in Africa, over 40% of Nigeria’s population lacks access to electricity. Solar, wind, and hydropower projects present immense opportunities for investment, offering a sustainable solution to Nigeria’s energy crisis.
The Desert to Power initiative, driven
by the African Development Bank (AfDB), aims to transform the Sahel region into a renewable energy hub, and Nigeria must seize this opportunity to expand its green energy footprint. A strategic investment policy should incentivize renewable energy projects through tax breaks, low-interest loans, and investor-friendly regulatory frameworks.
Agriculture employs over 35% of Nigeria’s workforce, yet the sector operates below potential due to outdated practices and inadequate value chain integration.
Investments in agro-processing and mechanization can unlock higher productivity, reduce post-harvest losses, and enhance food security.
The government’s Anchor Borrowers’ Program, aimed at boosting agricultural production, demonstrates how targeted investments can revitalize the sector.
Expanding such initiatives to cover cash crops, livestock, and fisheries will drive export diversification and rural development.
Despite Nigeria’s potential, several barriers hinder investor confidence:
• Regulatory Uncertainty – Frequent policy reversals create unpredictability for investors.
The Petroleum Industry Act (2021) was a step in the right direction, but similar reforms are needed across other sectors.
• Security Concerns – Insecurity, particularly in the northeast, remains a critical concern. A stable security environment is essential for attracting and retaining investment.
• Bureaucratic Red Tape – Streamlining business registration, customs processes, and land acquisition can significantly improve Nigeria’s ease of doing business ranking.
Nigeria’s strategic investment policy must leverage regional integration under the African Continental Free Trade Area (AfCFTA). With access to a market of 1.3
billion people, Nigeria can position itself as a manufacturing and export hub for West Africa. Developing regional value chains, particularly in pharmaceuticals, textiles, and automobiles, will attract FDI and foster job creation. Nigeria’s automotive industry, with major players like Innoson Motors, exemplifies how regional demand can drive industrial growth.
Strong institutions and transparent governance are essential for sustaining investor confidence. Nigeria must strengthen anti-corruption measures, enhance judicial independence, and promote fiscal accountability. The Nigerian Sovereign Investment Authority (NSIA) has made strides in managing oil revenues transparently, but scaling such governance frameworks across all sectors is imperative.
Nigeria stands at a critical juncture. By embracing a strategic investment policy rooted in sustainability, innovation, and inclusivity, the nation can unlock its full economic potential. The future demands policies that not only attract FDI but also empower local enterprises, drive industrialization, and address social inequalities. As Africa’s largest economy, Nigeria’s trajectory will shape the continent’s economic landscape. Through visionary leadership and strategic partnerships, Nigeria can build a resilient, diversified economy that thrives in the 21st century.
• Victor Liman was the former Chief Trade Negotiator of Nigeria and Acting Director General, Nigerian Office for Trade Negotiations. He was also the Head and Trade Commissioner, Nigeria Regional Investment and Trade Office, Shanghai, China; with concurrent mandate to oversee the South Asian countries’ trade relations with Nigeria (vboffiong@gmail.com).
• Ade Adefeko is director of corporate and regulatory affairs at Olam Agri, Chairman of the Industrial Group, Lagos Chamber of Commerce and Industry (LCCI), and honorary consul of Botswana in Lagos (adeadefeko@gmail.com)
Established in 1956, the Federal Mortgage Bank of Nigeria (FMBN) has the the primary objective of providing affordable housing finance for Nigerians. Despite the huge housing deficit in the country, the bank is steadily fulfilling its mandate, writes Emmanuel Addeh
Nigeria, Africa’s largest nation, faces a significant housing challenge, characterised by a huge deficit in housing supply, inadequate infrastructure, and unaffordable housing options for many citizens.
With the debate surrounding the country’s actual housing gap continuing, this recently prompted the Ministry of Housing and Urban Development to set up a panel to establish the actual number. But for now, Nigeria’s housing deficit is put at circa 17 million to 20 million units, with an annual demand of roughly 700,000 to 1 million new housing units.
This challenge has not been made easier by the country’s surging population, which is now approximately 230 million, and is projected to reach around 400 million by 2050, further exacerbating the housing deficit.
Coupled with these is the fact that housing prices are mostly out of reach for many Nigerians, with limited access to mortgage finance, inadequate infrastructure as well as poor urban planning, often characterised by a lack of coordination and insufficient public spaces.
These factors have various impacts, including implications like reduced economic growth, increased poverty, and slumping productivity. The housing challenge also has social implications, including increased homelessness, overcrowding, and social unrest.
Among the major objectives of setting up the FMBN as spelt out in its enabling Act and other related legislations, are to provide longterm credit facilities to mortgage institutions in Nigeria as well as encourage the emergence and promotion of the growth of viable primary and secondary mortgage institutions to service the need of housing delivery.
Besides, the FMBN which metamorphosed from the Nigerian Building Society (NBS) in 1973 has the mandate of mobilising both domestic and offshore funds into the housing sector, linking the capital market with the housing industry as well as administering the National Housing Fund (NHF).
Furthermore, the FMBN provides mortgage finance to individuals, cooperatives, and corporate bodies for the purpose of acquiring, constructing, or renovating residential properties. It also has the job of promoting homeownership by providing liquidity, promoting standardisation, and enhancing the overall efficiency of the mortgage market.
Like every organisation, the FMBN despite its efforts to provide affordable housing finance to Nigerians, faces several challenges and like all financial institutions, is impacted by the vissicitudes of economic instability, including inflation and exchange rate fluctuations.
Similarly, as an institution operating in a highly regulated environment, changes in regulations can impact its operations and challenges in the housing market, including a shortage of affordable housing and ability to provide housing finance.
In addition, FMBN faces challenges with nonperforming loans, which impacts its profitability and ability to provide housing finance as well as challenges in recovering loans from defaulting borrowers.
Because of the nature of its operations, the FMBN needs to interact closely with its various stakeholders. Sometimes, coordinating with these stakeholders, including state governments, to provide housing finance, remains an issue.
But despite the hurdles, the FMBN says it is collaborating with key stakeholders to expand its reach and access new resources.
Shehu Osidi’s leadership at the FMBN has been marked by significant achievements. As the Managing Director/Chief Executive, Osidi has been instrumental in driving the bank’s vision of providing affordable housing finance to Nigerians. Like a strategist, he has gone ahead untangling all the issues and setting forth to solve them.
Less than a year since his appointment, Osidi is showing a clear understanding of the challenge, engaging and partnering with critical
stakeholders and leading a transformation at the bank. He has since initiated and pursued crucial reforms to strengthen the bank’s capacity to perform, optimise its processes, enhance customer service delivery, and generally increase its impact on Nigerians. Others include:
Osidi has also prioritised improving corporate governance at the FMBN. He has implemented various reforms aimed at strengthening the bank’s governance structure and promoting transparency and accountability.
One of his notable achievements in this area is the establishment of a robust risk management framework that ensures the bank’s operations are aligned with international best practices.
The FMBN is the only institution in Nigeria that offers housing loans and mortgages at single-digit interest rates, mostly between 6-7 per cent, while also offering a repayment tenor of up to 30 years.
It is the institution mandated to oversee the NHF, a contributory scheme set up to provide a pool of funds through monthly contributions from Nigerian workers. This includes economically-active Nigerians from both the public and private, formal and informal sectors.
Once an individual has contributed 2.5 per cent of their monthly income to the scheme for up to six months, such an individual qualifies to apply for a mortgage loan of up to N50 million depending on affordability, and for up to 30 years, depending on age or number of years left before their 60th birthday.
Some others are: NHF Mortgage Loan, Individual Construction Loan, Rent-to-Own, Home Renovation Loan (HRL), Estate Development Loan (EDL), Cooperative Housing Development Loan (CHDL), as well as the soon-to-be-launched Rental Assistance Loan, and NHF Diaspora Mortgage Loan.
As of September 2024, barely seven months after Osidi’s takeover, the bank had delivered 1,033 housing units out of the 39,425 recorded since the FMBN’s inception.
Similarly, a total of N10.477 billion in NHF refunds have been recorded within this short period of Osidi’s administration. Total loans disbursed within this period is placed at N28.328 billion out of a total of N453.954 billion disbursed since the bank’s inception. The bank boasts 6,853 ongoing housing projects in 106 locations across the country, with a potential of creating 171,325 jobs for Nigeria’s teeming unemployed populations.
Leveraging Technology
The importance of technology in driving business growth in today’s fast-paced business landscape cannot be overstated. Aware of this fact, the Osidi-led FMBN, said it had at the top of its seven-point agenda, “deepening process automation” to enable it stay ahead of the business curve.
To this end, the bank says it has been working on concluding the deployment of the Core Banking Application to usher in a new era of automated service delivery to its corporate and individual customers.
By deepening process automation, the bank streamlines operations, reduces turnaround times, and improves service delivery. This will enable the bank to respond more swiftly to market demands and better serve its customers, ultimately repositioning FMBN as a leader in the mortgage finance industry.
The FMBN has continued to leverage and expand strategic partnerships with key stakeholders, both within the public and private sectors. By building and nurturing these partnerships, the bank leverages synergies, accesses new resources, and expands its reach.
As a direct result of these engagements, the bank was able to recover N12 billion out of the N19 billion trapped 40 per cent deductions from NHF by the Office of the Accountant General of the Federation (OAGF) through the intervention of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Also, as part of these strategic engagements, the bank said it has concluded arrangements to sign a Memorandum of Understanding (MoU) with Shelter Afrique Development Bank to explore lines of funding for its new initiative like rental housing and the development of student hostels. Additionally, the bank is strategically engaging with the International Union for Housing Finance (IUHF) with a view to improving access to mortgage financing in Nigeria.
FMBN notes that under the leadership of Osidi, it has reinforced its commitment to delivering exceptional customer service. With customercentricity as a pillar of the bank’s core values, the current management has consistently emphasised professionalism and a customer-first approach. One such measure, it said, is the introduction of mystery shopping as a strategic tool to improve customer service delivery and enhance customer experience and satisfaction. This initiative is expected to ensure that staff conducts are properly monitored and a culture of excellent service delivery
is enthroned.
For optimal results, the management says it consistently encourages employees to uphold professional and courteous behaviour, supported by a determination to enforce strict consequences for any unprofessional actions.
The FMBN has demonstrated this recently with the introduction of the Rental Assistance Loan and the Diaspora Mortgage Loan. The FMBN Rental Assistance Loan was introduced in response to the need to engage a more inclusive and equitable housing finance system for Nigerians and to alleviate the financial burden of rental payments for eligible Nigerians. This micro-housing product has been crafted to ensure accessibility, affordability and flexibility, making it a viable solution for many who have found it challenging to secure housing finance through other traditional financial arrangements. Similarly, in order to cater to the housing needs of Nigerians living outside the shores of the country, the bank, in collaboration with the Nigerians in Diaspora Commission (NiDCOM), introduced the NHF Diaspora Mortgage Loan. The Diaspora Mortgage Loan is designed in such a way that a Nigerian subscriber living abroad, who has contributed to the NHF for a period of at least six months, can access up to N50 million to buy or build their own home in Nigeria.
N100bn Guarantee
Driven by the vision to provide affordable housing for Nigerians of average income status, the FMBN recently provided N100 billion in off-taker guarantee in support of the Renewed Hope Cities and Estates Programme of the Federal Ministry of Housing and Urban Development. This is in addition to the bank’s commitment to provide mortgage loans to the off-takers upon completion of the houses, which would be spread across the nation.
To reduce the bank’s Non-Performing Loans (NPLs) which rose to a disturbing point, thereby hindering the bank’s capacity to effectively deliver on its mandate of providing access to affordable mortgages, the FMBN inaugurated seven Loan Recovery Task Teams to drive the recovery of its delinquent loans across the country’s six geopolitical zones and the Federal Capital Territory (FCT). This was a significant milestone in the bank’s ongoing efforts at enhancing its financial stability and operational efficiency, given that it would ensure the availability of funds for disbursement to new beneficiaries, while maintaining the integrity of the Bank’s lending operations.
Inaugurated about six months back, the loan recovery task teams have successfully recovered N5.7 billion as disclosed by Osidi recently. By implication, N5.7 billion that was earlier tied down somewhere has been released within this period for the benefit of Nigerians desiring access to mortgages.
The CEO has also emphasised the importance of employee development and capacity building at FMBN. He has implemented various training programs aimed at enhancing the skills and knowledge of the bank’s employees. Under his leadership, FMBN has also established partnerships with various international organizations, including the World Bank and the International Finance Corporation (IFC), to provide training and capacity-building programmes for the bank’s employees.
The bank is poised to continue its transformative journey, driven by Osidi’s clear understanding of the challenges facing the housing sector. Coupled with its strategic initiatives and commitment to customer-centricity, the FMBN is well-positioned to make a significant impact in addressing Nigeria’s housing deficit.
Emma Okonji
Telecoms operators under the aegis of the Association of Licensed Telecons Operators of Nigeria (ALTON), have stressed the need for upward tariff review as well as the introduction of new reforms in the telecoms sector in 2025.
According to them, the sector risks total collapse in 2025, if telecons tariffs are not reviewed upwards.
The operators spoke at the end of year dinner organised for its members, stressing the need for government to revisit the issue of tariff hike as earlier demanded by the telecos.
They were of the view that if nothing was done about tariff hike, the operators may not be able to sustain the industry in 2025. According to them, this is not a time for further deliberation or delayed decisions, insisting that the federal
government must act fast. In a statement issued at the end of year dinner, the operators said: “The survival of the telecoms sector demands immediate and bold reform for its sustainability, our tariffs must be reviewed to reflect the economic realities of delivering telecoms services at a minimum for industry sustainability. Without this, operators cannot continue to guarantee service availability.”
Chairman of ALTON and spokesman for telecoms operators, Mr. Gbenga Adebayo, said: “I must say it again with even greater urgency that we are in the last days for the survival of this sector and if immediate and decisive action is not taken, the hope for a better 2025 will remain just that—a hope. The challenges we face are not new, but they have become more acute and more threatening with this passing year. Rising opera-
tional costs, skyrocketing energy cost, the relentless pressure of inflation, volatile exchange rates, amongst other have all placed an unsustainable burden on network operators. Despite these mounting pressures, tariffs have remained stagnant, leaving operators trapped in a financial quagmire. The resources needed to maintain, expand, and modernize our networks are simply no longer available. Without intervention, the future of this sector is at grave risk.”
According to the statement, “If nothing is done, we might begin see in the new year grim consequences unfolding, such as service shedding; and operators may not be able to provide services in some areas and at some times of the day leaving millions disconnected. There will be significant economic fallout, because businesses will suffer from a lack of connectivity, stalling growth and innovation.”
The Underwriters for the Holidays Lagos, held on December 23, 2024 - Heirs Insurance group,has released its new web drama titled “The Underwriters” on its YouTube channel.
This is the first insurancethemed web series in Africa, unveiled in time for the holidays, the web series is part of the group’s “Unwrapping Smiles” campaign aimed at elevating the holiday experience for many. In addition, the project aligns with the group’s goal of demystifying and simplifying insurance. A unique slant for a web series, “The
Underwriters” challenges common misconceptions about insurance while driving insurance literacy. Set in an urban corporate environment, the film tells the story of a couple fighting to keep their relationship relevant while handling cases in an insurance company.
Commenting on the development, Chief Marketing Officer, Heirs group Ifeyinwa Okpanku, noted that this initiative marks a significant stride in both African entertainment and the insurance sector, shedding light on the pivotal role insurance plays in safeguarding human lives, she said the series explores
relatable cases in each episode, promising a balance of entertainment and education.
This project, the first of its kind across Africa, stands as a testament to Heirs Insurance group’s unwavering dedication to transforming the insurance landscape through literacy, advocacy, and innovation.
Okpanku said the Heirs insurance team has always known that insurance acceptability requires a different approach. “We need bold initiatives such as “The Underwriters” film series, which can pass across the urgent and bold message that everyone needs insurance.”
Oluchi Chibuzor
The Managing Director of Seven-Up Bottling Company (SBC), Ziad Maalouf, has said the company is committed to driving the green economy in the country.
This is as the company recently wrapped up its highly anticipated Sustainability Week themed, “Championing Circular Economy in our Business and Communities-THE SABI WAY,” which brought together participants from 18 schools across the six districts of Lagos to compete in a green-themed skills challenge.
Speaking at the event held at the SBC manufacturing plant in Ikeja, Lagos, Maalouf said the company is happy to Wrap 2024 with Strong Commitment
to drive sustainable development.
He said the event focused on promoting sustainability practices, particularly plastic waste management and upcycling, while also fostering solutions aligned with the circular economy.
According to him, “We are incredibly proud of these future leaders who have participated in the Green Skills School Challenge and Exhibition as part of our ongoing commitment to sustainability. This initiative aligns with SBC’s core values of fostering innovation, promoting environmental awareness, and supporting the next generation of leaders who will drive the green economy forward.
It’s inspiring to see how passionate and committed the students are to making a difference. We believe that through initiatives like this, we can empower youth to become the sustainability champions of tomorrow.
“This initiative, which was part of a broader sustainability effort by SBC, brought together students, educators, environmental advocates, NGOs, and government representatives to showcase the creativity and innovation of young minds in the fight against plastic pollution through upcycling of plastic waste in pursuance of SDG 11 Sustainable Cities and Communities, SDG 12 Responsible Production and Consumption and SDG13Climate Action.”
Coronation Insurance Plc has unveiled the winners of the first phase of its ‘Insure & Win’ Promo following a live raffle draw held at its corporate head office in Lagos. Speaking at the event, the Managing Director and Chief Executive Officer of Coronation Insurance Plc, Mr. Olamide Olajolo, highlighted the objectives behind the campaign. “The ‘Insure & Win’ Promo is our way of appreciating our loyal customers while reinforcing the importance of insurance in Nigeria,” Olajolo remarked.
He also pointed to the broader challenge of low insurance penetration in Nigeria and Africa, adding, “Through this campaign, which launched in October and has now been extended into the new year, we aim to further drive public awareness and encourage the adoption of insurance products,”
just about winning prizes but also about ensuring our customers have access to the protection they need to secure their futures,” he remarked.
The Managing Director/CEO of Coronation Life Assurance, Adebowale Adesona highlighted the campaign’s focus on comprehensive protection and customer satisfaction. “This initiative is a testament to our commitment to delivering value through innovative solutions. It is not
One of the winners, Ejoke Joseph, who won a bedside refrigerator, shared their excitement. “I’m thrilled to be one of the winners in this promo! Beyond the prize, it’s reassuring to know my insurance needs are well-catered for by Coronation Insurance. This is a great way to encourage people to see the value in protecting what matters most,” Joseph said.
The price of OPEC basket of twelve crudes stood at $87.33 a barrel on Monday, compared with $86.00
Kayode Tokede
Nigerian Breweries Plc, yesterday announced that the allotted 20,706,894,542 ordinary shares of 50 Kobo each, arising from its rights issue of 22,607,491,232 ordinary shares of 50 Kobo each at N26.50 per share, were formally listed on the Daily Official List of the Nigerian Exchange Limited (NGX).
The Company Secretary, NB, Uaboi Agbebaku in a statement said, “With this listing, the
total outstanding shares of the Company listed on the NGX have now increased from 10,276,132,378 ordinary shares to 30,983,026,920 ordinary shares of 50 Kobo each.”
The multinational company had planned to raise N599.1 by way of a Rights Issue on the Exchange. A total of 22,607,491,232
Ordinary Shares of 50 kobo each in the share capital of Nigerian Breweries was offered to shareholders whose
names appear in the register of members as of the Qualification Date being 12 July 2024.
The offer was on the basis of 11 new ordinary shares for every 5 ordinary shares held as of the qualification date and at an Issue price of N26.50 per Ordinary Share.
The offer is part of Nigerian Breweries’ Business Recovery Plan to strengthen the Company’s capital base by deleveraging its balance sheet, eliminating certain
FX-related exposures and reducing bank borrowings, thereby giving the Company greater financial flexibility to promote business growth and continuity.
Vetiva Advisory Services Limited and Stanbic IBTC Capital Limited acted as the Lead Issuing House and the Joint Issuing House to the Issue respectively, to assist the Company in managing the Issue process. The acceptance list for the Issue is expected
to open on 02 September 2024 and close on 11 October 2024.
At the signing ceremony held in 2024, the Managing Director, Nigerian Breweries, Mr. Hans Essadi, explained that the Issue represents an opportunity for shareholders to support the company’s strategic vision and participate in the next phase of its growth.
Essaadi further disclosed that the proceeds of the Issue will be channeled towards payment of its foreign and local cur-
rency denominated obligations, thereby eliminating foreign exchange risk and revaluation losses and enhancing long term profitability and sustainable value creation for its shareholders.
In his remarks, the Managing Director, Vetiva Advisory Services Limited, Mr. Olutade Olaegbe, commended the management of Nigerian Breweries for their visionary leadership and their commitment towards executing the Issue.
Bennett Oghifo
Former U.S. President Jimmy Carter, who passed on last week and his late wife Roslynn partnered individuals, communities and organizations to build decent and affordable homes for people around the world, on the platform of Habitat for Humanity.
Habitat for Humanity partners with people in your community, and all over the world, to help them build or improve a place they can call home. Habitat homeowners help build their own homes alongside volunteers and pay an affordable mortgage. With your support, Habitat homeowners achieve the strength, stability and independence they need to build a better life for themselves and for their families. Through our 2020 Strategic Plan, Habitat for Humanity will serve more people than ever before through decent and affordable housing.
Non-proselytizing policy
Habitat for Humanity and its affiliate organizations will not proselytize. Nor will Habitat work with entities or individuals who insist on proselytizing as part of their work with Habitat. This means that Habitat will not offer assistance on the expressed or implied condition that people must adhere to or convert to a particular faith or listen and respond to messaging designed to induce conversion to a particular faith.
“Habitat has successfully removed the stigma of charity by substituting it with a sense
of partnership,” said former U.S. President Jimmy Carter.
Habitat for Humanity said its vision is “A world where everyone has a decent place to live.”
Their mission is “Seeking to put God’s love into action, Habitat for Humanity brings people together to build homes, communities and hope.”
“Our principles: “Demonstrate the love of Jesus Christ; Focus on shelter; Advocate for affordable housing; Promote dignity and hope; and Support sustainable and transformative development.
According to the The Jimmy & Rosalynn Carter Work Project Team, the good work will continue. They wrote: “Dear friends, The passing of President Jimmy Carter is a loss felt by millions around the globe and certainly throughout the Habitat for Humanity organization. A man deeply committed to social justice and basic human rights, President Carter dedicated himself to alleviating human suffering. In addition to promoting peace and human rights through the Carter Center, President and Mrs. Carter led the Jimmy & Rosalynn Carter Work Project for Habitat for Humanity for more than 30 years. Together, they’ve worked alongside over 108,100 volunteers who have built, renovated or repaired more than 4,447 homes in 14 countries, all while raising awareness of the critical need for affordable housing. In the coming days, we hope you will join us by adding a message to our online memory book on habitat.org
to recognize this extraordinary leader. We also hope you will join us and others around the globe in celebrating this selfless humanitarian and ensuring his legacy lives on through your continued support of our mission.
“Please know that the 2025 Jimmy & Rosalynn Carter Work Project, taking place in Austin, Texas, on Oct. 26-31, is continuing as planned. We know President Carter wouldn’t want it any other way.”
They said, “We have been deeply honored to have two of the world’s most distinguished humanitarians as dedicated Habitat volunteers for more than 35 years.
“Throughout their involvement with the Jimmy & Rosalynn Carter Work Project, former U.S. President Jimmy Carter and former first lady Rosalynn Carter were tireless advocates, active fundraisers and some of our best hands-on construction volunteers.”
The idea that became Habitat for Humanity first grew from the fertile soil of Koinonia Farm, a community farm outside of Americus, Georgia, founded by farmer and biblical scholar Clarence Jordan.
On the farm, Jordan and Habitat’s eventual founders Millard and Linda Fuller developed the concept of “partnership housing.” The concept centered on those in need of adequate shelter working side by side with volunteers to build decent, affordable houses. The houses would be built at no profit. New homeowners’ house payments
would be combined with no-interest loans provided by supporters and money earned by fundraising to create “The Fund for Humanity,” which would then be used to build more homes.
Beau and Emma were the owners of the first home built by Koinonia’s Partnership Housing Program. They and their five children moved into a concreteblock home with a modern kitchen, indoor bathroom and heating system, replacing the unpainted, uninsulated shack with no plumbing where they had previously lived.
In 1973, the Fullers decided to take the Fund for Humanity concept to Zaire, now the
Democratic Republic of Congo.
After three years of hard work to launch a successful house building program there, the Fullers then returned to the United States and called together a group of supporters to discuss the future of their dream: Habitat for Humanity International, founded in 1976.
The times have changed, the build site locations have grown in number, but the very real change that Beau and Emma’s family experienced is shared by families today who partner with Habitat to build or improve a place they can call home. Thanks in no small part to the personal involvement of U.S. President Jimmy
Carter and his wife Rosalynn and the awareness they have raised, Habitat now works in all 50 states in the U.S. and in more than 70 countries and has helped more than 59 million people achieve strength, stability and independence through safe, decent and affordable shelter. In September of 1984, former U.S. President Jimmy Carter and former first lady Rosalynn Carter led a group of Habitat for Humanity volunteers to New York, building alongside 19 families in need of safe, affordable housing. That was the inaugural Carter Work Project, which is now a weeklong event somewhere around the world each year.
Bennett Oghifo
The homeowners in Banana Island, Ikoyi, Lagos are gravely concerned that the Bella Vista estates the Economic and Financial Crime Commission (EFCC) ceased from Diezani Alison-Maduake is beginning to blight the pristine community for lack of payment of maintenance fees.
The homeowners are also accusing the facility management board, which they said is headed by Indians, of imposing huge facility management charges on them that can run into billions of Naira annually, while they pay the Nigerians working for them peanuts.
The EFCC sold the Bella Vista estates to the Lagos State Development and Property Corporation (LSDPC), “which has refused to pay the accumu-
lated service charges during the seizure,” according to the immediate past Chairperson of the homeowners association, Chief Mrs. Adunni Udu.
However, a source at LSDPC, who wishes to remain anonymous, said, “They gave us a ridiculous bill from the period EFCC confiscated the estates. Our position, which we told them, is that we are not the ones using them, but that we are willing to pay for the maintenance of the common facilities, because the buildings are unoccupied. But they said we must pay for the buildings and the common facilities and this runs into millions of Naira. We negotiated and gave them an offer, which they turned down.”
He did not disclose what they offered to pay.
Regardless, the homeowners have warned prospective buyers
of the estates of the huge debt, saying, “We will not accept indiscipline from LSDPC. Their ostentatious behavior is unacceptable in Bella Vista Estate. “We must be in control of Bella Vista, where law and order takes precedence, ruled by disciplined homeowners of good repute. We will not allow LSDPC to destroy our esteemed estate as they have done to their other estates. LSDPC has refused to accept that the onus of assets and liabilities is upon the buyer.”
About the homeowners’ discontent with the facility management board, they said, “The motive of this Cartel is to milk the residents of Bella Vista through continued outrageous facility service charges.”
The homeowners said they engaged a company named Oyenuga Sulaiman and Co for forensic auditing of some of the
years. Chief Udu alleged that the torchlight exposed “how the service fees of residents were elevated to sponsor supermarkets whose majority shareholders’ ownership were linked to the foreigners, using Nigerians as their perpetrators.”
The homeowners association, said they “feel the facility management company influenced membership of the board obnoxious managerial interest abinitio.
“These foreigners are here in Nigeria to suck the economy dry; they are mainly fair-weather friends of Nigeria.
“The homeowners have resolved that prospective buyers should take the responsibility to carry out their search to avoid looming legal battles in their position.
“The Homeowners resolved to notify all purported purchasers
and members of the public generally interested in acquiring any apartment in Block B3, Bella Vista Estate, Banana Island in Pursuant to our earlier publication made via THISDAY Newspaper on Monday, January 9, 2023.
“The public is hereby cautioned against entering any transaction involving the purchase, lease, or any other dealing with Units of Block B3, Bella Vista Estate (the “Property”), located at Plot 1, Zone N, Banana Island, Lagos.
“This caveat is issued due to an outstanding debt due to Bussecomm Nigeria Plc, the lessors of Bella Vista Estate. The said debt remains unpaid by the new sublessor, and as such, the Property is subject to a cautionary interest held by Bussecomm Nigeria Plc to secure the settlement of these dues.
“For the avoidance of doubt,
any individual or entity purporting to purchase or deal with the Property does so at their own risk.
“Buyers be prepared to pay for the liabilities of accumulated bills to Bussecomm Nigeria Plc. Buyers will be refused possession and documentation.
“Members of the public are therefore strongly advised to exercise due diligence and seek independent legal counsel before proceeding with any transactions involving the Property.
“This serves as a formal warning to avoid dealings that may result in financial loss or legal complications. For further inquiries or to verify the status of the Property, kindly visit Bella Vista Estate Office at Plot 1, Zone N, Banana Island, Lagos. Call 0803 278 5509, 0704 8667454, 0706803 4686 or send an email to sadekoya@atislimited.com.”
Fadekemi Ajakaiye
Managing Director of top notch engineering construction company, Julius Berger Nigeria Plc, Dr. Peer Lubasch has reiterated that the company has always have shared commitment with the government and people of Rivers State, stating emphatically that it has to do with reference to the progress and development of the state. He spoke at the flag-off of the reconstruction of the Buguma-Abalama-TemaDegema-Abonema road last week, even as the the state Governor, Siminalayi Fubara declared that he trusted Julius Berger to deliver a quality job on schedule. According to Lubasch, we are deeply grateful for your unwavering support and the privilege to contribute to improve to your administration’s ambitious developmental initiatives which continue to improve the; lives of the good people of Rivers state, adding that this event marks another milestone in our shared commitment to progress and development.
the country, and Rivers State inclusive. We assure you that this project will uphold the same exceptional standards Julius Berger is known for.
The significant project was awarded to Julius Berger in August with a completion period of 15 months
Lubasch said further that over the years, Julius Berger has built a reputation for excellence and reliability in delivering high-quality projects on schedule across
The project, which is worth N30.4 billion will connect nine separate communities in Asari-Toru, Degema and Akuku-Toru Local Government Areas in Kalabari Kingdom.
“This project is a 19.7km long road. It is awarded to Julius Berger Nigeria Limited at the cost of N30.4 billion. We have already paid 30
per cent of this project cost, even at the hit of our trouble when our allocation was withheld. We paid N9.1 billion for you to understand how we feel and how we value the Kalabari people. The contractor has assured us, that it will do a good job, and I believe that before the 15 months are over, life will be different here.
Fubara said, “We know Julius Berger very well. We know their ability and their good quality. And they have never disappointed us. So, we are not afraid to award them this project.
On the importance of the road Fubara said the recurring
issues of criminality along the bad section of the road will be a thing of the past, and maybe, other develop- ment will also come into your kingdom, even as he called for the cooperation of the communities with Julius Berger for a quality and timely delivery.
The former Attorney General of Nigeria who performed the flagging off ceremony, Odein Ajumogobia, Julius Berger is the right company for the job given the bad state of the road.
Abonema was a very active seaport. My father used to tell me as a boy how he used to see huge ships
coming to the Abonema Ports. So, transportation and connectivity were at the heart of development. But generations of neglect have brought us to this point. And it is you, Your Excellency, that is restarting the process of development to bring us to where we should be. And we thank Julius Berger for its commitment and assurance to do a good job for us.
Team Julius Berger at the historic event alongside the Managing Director included, Regional Manager, Region South South, Friedrich Wieser, Project Manager, Drodowski Finn and Project Coordinator, Chief Sam Ngbor.
L-R: Chief Security Officer (South-south), Airtel Nigeria, Melford Lawson; Senior Business Manager (South-south), Airtel Nigeria, Ehijele Aburime; the traditional ruler of Evo Kingdom, His Royal Majesty Eze Leslie Eke; Regional Marketing Manager (South-south), Airtel Nigeria, Uche Egbuzie; and HBB Manager (South-south), Airtel Nigeria, Priscilla Avishigh, during the Rivers State leg of Airtel 5 Days of Love where the telco presented packed meals to 1,000 individuals at Woji Town Hall, Port-Harcourt, River State… recently
L-R: Team member, Live Well Initiative, Olukoya Taiwo; Community Liaison Officer (CLO), Ipakan Community, Tajudeen Yinusa; Head, Corporate Communications and Branding, Egbin Power, Felix Ofulue; Managing Director, Live Well Initiative, Dr. Bisi Bright; and Brand, Events and CSR Specialist, Egbin Power, Stella Olugbemi, during the GenCo’s 2024 Medical Outreach in Ikorodu, Lagos... recently
Head, QHSE, Julius Akpong; CSR, Brand and Event Specialist, Stella
the presentation of first position trophy to
in
L-R: Proto Presbyter, Methodist Church of Nigeria, Very Rev. Jonathan Osin; Bishop of Trinity Church Council, Rt. Rev. Oladapo O. Babalola; Prelate,
and Secretary of
Rev. Babatunde Abiodun Taiwo, during the 2024 Christmas Services at Methodist Church, Tinubu, Lagos… recently
As the clock for 2025 begins to tick, Nigerians eagerly anticipate a year of transformation and growth. After years of navigating economic uncertainty, security challenges, and social upheaval, citizens are hopeful that this New Year will bring about meaningful change. In this recent survey, Nigerians revealed their top expectations for 2025, with personal development, economic boom, and security emerging as the leading priorities. Sunday Ehigiator reports
For many Nigerians, 2025 is expected to be a year of personal growth and self-improvement. With the rising demand for skills training and education, Nigerians are eager to acquire new knowledge and skills to enhance their career prospects and improve their overall well-being.
After years of economic stagnation, they are optimistic that 2025 will bring about a long-awaited economic boom. With the government's efforts to diversify the economy and attract foreign investment, Nigerians are hopeful that the new year will bring about increased job opportunities, improved infrastructure, and a higher standard of living.
Despite security remaining a top concern, the country faces numerous challenges, including insurgency, banditry, and kidnapping. Nigerians are hopeful that 2025 will bring about a significant security improvement, with the government's efforts at strengthening the military and thriving on successes recorded in 2024.
CEO, RJ Ventures, Sarah Ehigiator
As we step into 2025, I aspire to continue learning and growing, embracing new experiences and challenges that help me become a better version of myself. I hope to strengthen my relationships with loved ones, nurture my passions, and contribute positively to my community.
For Nigeria, my aspirations are rooted in the country's potential for growth, development, and greatness. I hope to see improved security and a significant reduction in insurgency, banditry, and kidnapping, allowing citizens to live without fear and fostering a sense of unity and national pride.
I also hope to see economic growth In Nigeria. I hope for a thriving economy that creates jobs, promotes entrepreneurship, and reduces poverty, enabling Nigerians to live dignified lives.
I hope for good governance which is transparent, accountable, and effective leadership that prioritizes the welfare of citizens, tackles corruption, and ensures the rule of law.
I hope for more infrastructure development, and significant investments in infrastructure, including roads, healthcare, education, and energy, to improve the quality of life for all Nigerians.
Lastly, I hope to see a more united and inclusive society, where everyone has equal opportunities to succeed.
Youth Corps Member, Ibeh Chinecherem Grace
In 2025, I declare my commitment to advancing my career by taking on more leadership responsibilities and acquiring new skills through advanced training and certifications. I am determined to make a meaningful impact on my community, driving positive change.
I am resolute in my aspirations to grow professionally, expand my skill set through certifications, and strengthen my public speaking abilities. I will prioritize my well-being by maintaining a regular exercise routine and a balanced diet.
For Nigeria's future, I envision substantial economic growth, robust infrastructure development, and improved security. I am dedicated to advocating for a corruption-free governance system rooted in transparency and accountability. My ultimate goal is to see a Nigeria with enhanced education and healthcare systems, leading to an improved quality of life for all citizens.
CEO, D'Johnsons Kiddies Wears, Onyinyechi Peace Ononiwu
My aspirations for 2025 are centred around growth, education and skill enhancement....there are many things I hope to accomplish and do before the end of 2025.
First of all, I have always liked nursing but wasn't opportune to study the course because of some unforeseen circumstances, in 2025, I will be going fully into it by the grace of God.
Secondly, I'm into kiddies' wear and accessories and I would like to take my business to another level. I need to expand my business in order to give my kids the sweet life that they deserve. Last but not least, I'm also going to learn at least one skill before the end of 2025.
My aspiration for this Country, Nigeria is for our politicians to stop corruption which is one of the major reasons that is hindering the growth of this nation. Instead of making an effort to serve the growth of the country the officials and politicians are busy filling their own pockets. So, I dream of Nigeria where the ministers and officials are dedicated to their work and wholly to the development of the country. Secondly, if this can be done, then hunger will be a thing of the past.
Energy Sales Specialist, Saheed Olukotun: I aspire to be a better version of myself in all ramifications. Unfortunately, I have stopped having aspirations for Nigeria.
Businessman, Macdonald Irabor
As a lover of Nigeria my aspirations in 2025 are to help people of various cultures and religions actualize their dreams and help live a fulfilled life, also to help sustain our environment to an appreciable level.
CEO, Gee Realtor Resources, Godfrey Umanah
In 2025, I will focus on personal growth by dedicating time to self-care, learning new skills, and nurturing meaningful relationships. I will also commit to being more present in my interactions with family and friends, ensuring I create lasting memories and connections.
As a country I see a lot of positives from the policies of our current government yielding great benefits for us as a people.
Head of Marketing & Partnerships, Dixon & Ricks, Tolulope Soetan
As we step into 2025, I aspire to foster more transformative educational solutions for individuals and organizations across Nigeria. I envision empowering young adults with the tools and knowledge to navigate their career paths confidently and bridging the gap between ambition and achievement through innovative skill-focused development initiatives.
For our beloved Nigeria, my hope is for tangible and sustainable growth across key sectors that affect our daily lives. I dream of an economy
that thrives, where businesses flourish, the cost of living stabilizes, and opportunities abound for everyone. I yearn for advancements in the energy sector, ensuring affordable and consistent power supply while seeing health services upgraded to world-class standards accessible to all.
May 2025 brings renewed infrastructure, a significant reduction in the cost of petrol and foreign exchange rates, and a return to affordability in essential goods and services.
Together, we can build a nation that thrives not just for a few but for all, where resilience meets innovation and prosperity becomes a shared reality.
Here’s to a year of growth, hope, and success, both personally and nationally. Together, we rise!
Broadcast Journalist and Communications Manager, Joshua Maradesa
2025 will be a year of grits, I see myself building on the strength that has kept me through 2024. I look forward to building resilience while collaborating more with like and unlike minds on projects.
Moreover, the only religion I preach is Family, so I look forward to nurturing relationships with family and friends, trying new fun experiences, and investing more in voluntary services. Nigeria has been, and will always be an untapped market, and 2025 is an opportunity for exploring new possibilities. In 2025, I see a Nigeria where, against all odds, prosperity will be more pronounced amongst the people, especially for those who can provide solutions.
Managing Partner, Option 38 Company Limited, Jolaoso Timothy Sunday In the Year 2025, I hope to be more of myself rather than imitate someone else. I hope that my wife supports me more than ever before. For Nigeria, I hope the pump prices of petroleum products keep dropping. I also sincerely hope our Leaders are authentic in managing the nation's resources.
As Nigerians look to 2025, there is a sense of hope and optimism in the air. Despite the challenges facing the country, Nigerians are confident that this New Year will bring about meaningful change and improvement for all.
With the dawn of a new year, experts have called for a shift towards higher quality across key areas in the education sector, including having passionate and dedicated teachers, improvements in educational facilities and resources, embracing artificial intelligence, reviewing curricula to align with industry demands, and fostering a culture of student entrepreneurship. They also emphasised the importance of internationalisation, which will create unprecedented opportunities for collaboration, knowledge exchange, and cultural integration. Funmi Ogundare reports
Towards the end of 2024, President Bola Tinubu presented the 2025 proposed budget of N47.90 trillion before the 10th National Assembly. Titled ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity’, the budget is higher than the 2024 budget of N27.5 trillion.
He explained that the theme reinforces his administration’s commitment to securing peace, prosperity, and hope for a better future for Nigeria. Aside from security, infrastructure development and health, N3.52 trillion was earmarked for the education sector. Tinubu commended the collaborative efforts of the National Assembly, saying that the 2025 budget proposal lays the foundation for peace, prosperity and muchneeded hope.
However, in a report, the National President of the Academic Staff Union of Universities (ASUU), Prof. Emmanuel Osodeke, expressed disappointment about the budget allocation, saying that it was a clear reflection of the government’s lack of commitment to the revitalisation of the education sector.
He stated that the N3.5 trillion education budget of the federal government may seem large, “but it only constitutes seven per cent, a figure unchanged from previous years.”
He highlighted the dire state of Nigerian universities, pointing out that while electricity costs for universities were around N20 million in the past, they now reach nearly N300 million. Osodeke also bemoaned the worsening exchange rate, eroding the allocated budget’s value.
The ASUU leader voiced scepticism about the full release of the budgeted funds, recalling that the N300 billion allocated for the revitalisation
Alausa
of Nigerian universities in 2023 was yet to be released.
He noted that the government budgeted N300 billion for university revitalisation in 2023, but “we are entering 2025, and that money has still not been released.”
“How can we be sure that this new budget won’t face the same fate?” Osodeke stated.
Nigerian Education Loan Fund (NELFUND), which is aimed at providing student loans, enhancing employability
and contributing to the country’s economic growth, also came with mixed feelings in 2024. This year, the fund plans to onboard at least 1.2 million students, significantly expanding its reach nationwide.
Its Managing Director, Mr. Akintunde Sawyerr, said, “We are not funding education for education’s sake. We want to empower students with skills and knowledge that give them a realistic chance of securing jobs.”
He stressed that, while no course is currently excluded, future funding may prioritise fields that are sellable and exportable to make Nigeria’s workforce more competitive. He states that NELFUND offers a two-year post-NYSC repayment moratorium to ease financial pressure on graduates. Beneficiaries are not required to repay loans until they secure jobs, with employers responsible for deducting and remitting repayments directly to the fund.
The MD also revealed that the fund is considering an upward review of the current N20,000 monthly stipend provided to students.
“This review reflects our commitment to ensuring that students can meet their basic needs while focusing on their studies,” he said
The year 2024 witnessed a policy twist with the government’s decision to set the minimum age for university admissions at 18 years.
However, after much pressure from stakeholders, the government was forced to revert to the 16-year minimum age for admission of candidates sitting for the Unified Tertiary Matriculation Examinations (UTME) in 2025.
Some stakeholders who have been monitoring the sector offered a roadmap for transforming universities into hubs of innovation, global
engagement, and societal impact, ensuring their relevance in an increasingly interconnected and technology-driven world in the new year.
Sharing his expectations for the education sector in 2025, the Chairman of the Governing Council of the Obafemi Awolowo University (OAU) and a professor of History, Siyan Oyeweso, stressed the need for universities across the country to adopt transformative strategies to remain competitive and relevant in the 21st century.
He proposed embracing artificial intelligence, reviewing curricula to align with industry demands, and fostering a culture of student entrepreneurship.
He also highlighted the importance of internationalisation, saying that globalisation has created unprecedented opportunities for collaboration, knowledge exchange, and cultural integration.
He called on universities to strengthen international partnerships, attract global talent, and provide students with a cosmopolitan education.
“By forming partnerships with reputable institutions worldwide, offering joint degree programmes, exchange opportunities, and research collaborations, we can enhance our global reputation and better prepare our students for an interconnected world,” he stated.
Oyeweso described AI as a revolutionary force shaping industries such as healthcare, finance, and education. He emphasised the need for universities to invest in AI-powered tools, develop AI-centric curricula, and establish research centres focused on AI applications.
NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
Environmental education has become an urgent need across the world, particularly in nations like Nigeria, where the effects of climate change, pollution and unsustainable practices are increasingly felt. In the country’s public schools, many students face challenges due to limited access to resources that would foster environmental awareness and sustainable living.
The Oando Foundation, recognising these gaps, has been at the forefront of addressing these issues, combining academic achievement with social impact to create a lasting difference in both education and the environment.
In a country where many schools lack the tools to teach environmental conservation effectively, the Oando Foundation’s efforts are critical. Through its LEARNOVATE framework, which prioritises sustainability and innovation, the foundation seeks to empower young learners with the skills necessary to address the environmental challenges of the 21st century.
The PLANET component of this strategy focuses on integrating environmental education into basic education, preparing students for academic success and leadership in promoting sustainability. The foundation’s initiative, ‘Clean Our World’ (COW), launched in 2020, is a testament to this vision. The COW project focuses on equipping students, teachers and communities with the knowledge and tools needed to tackle environmental issues such as waste management, recycling and upcycling. By introducing environmental clubs, school
gardening initiatives and comprehensive training on green skills, COW aims to cultivate a culture of sustainability within Nigerian schools, thereby empowering the next generation to lead the charge in environmental stewardship. The recently concluded fourth phase of the COW project has made a significant
impact on over 69,500 beneficiaries in 70 public primary schools across Lagos and Plateau. This phase centred around deploying a structured environmental education syllabus and lesson plans across 1,021 public primary schools in Lagos, equipping educators with the tools they need to integrate sustainability into their curricula. This comprehensive approach ensures
that environmental education is not an isolated topic but an integral part of students’ everyday learning.
Over the course of the past four phases, the COW project has reached over 95,500 individuals, including students, teachers, and officials from the Local Government Education Authorities (LGEA) and the State Universal Basic Education Board (SUBEB). These trained educators now act as catalysts for change, spreading the knowledge and methodologies from the programme throughout their schools and communities. The result is a ripple effect, where sustainability becomes a central theme in the education and activities of these young learners.
Through the ongoing success of the COW initiative, the Oando Foundation is making a clear statement: environmental advocacy is not just about awareness but about actively embedding sustainability into the fabric of educational institutions. By equipping students and teachers with the knowledge and tools needed to drive change, the foundation is creating future leaders who are academically strong and deeply committed to protecting the environment.
This way, the foundation is contributing to young minds’ education and the larger global agenda of sustainable development.
Oando Foundation, through its ‘Clean Our World’ initiative, is taking a holistic approach towards ensuring that environmental advocacy and sustainability are embedded into the fabric of educational institutions to create future leaders who are both strong academically and deeply committed to protecting the environment. Funmi Ogundare reports NOTE:
L-R: Secretary to State Government, Chief Cosmos
Deputy Governor, Lady
Governor
Thaddeus Chisom Ojukwu representing Nkwerre State Constituency; Clerk of the House/Head, Legislative Service, Barr. Chinelo Emeghara; Deputy Speaker, Rt. Hon
Leader, Rt. Hon. Kanayo Onyemaechi, during the signing of the 2025 appropriation bill into law at Government House Owerri... Monday
and
Michael Olugbode in Abuja
Nigeria has expressed its respect for the sovereignty and territorial integrity of its neighbour, Niger, and has therefore invited the Nigerien government to a discussion on issues of mutual interest.
At the same time, Nigeria, yesterday, issued a travel advisory to its citizens embarking on a trip to Australia, warning them against traveling to some cities in the country.
The statement by the Nigerian government followed recent allegation by the Abdourahman Tchiani-led administration that it was involved in the terrorist attack by a group Lakurawa on Niger.
There had been tensions in the relations of the two neighbouring counties stemming from the military coup in Niger in 2023, which also severed ties with the Economic Community of West African States (ECOWAS), the regional bloc.
President Bola Tinubu, serving as ECOWAS chair, with some other presidents of West Africa countries had initially considered a regional military intervention to restore ousted President Mohamed Bazoum.
This led to two other countries Mali and Burkina Faso denouncing alongside Niger membership of ECOWAS and forming the Alliance of Sahel States.
In August, this year, there seemed to be a reinvigoration in the relations of the two countries when Abuja and Niamey resumed security cooperation.
But this seemed to have been lost
Okon Bassey in Uyo
with the new twist as Niger accused Nigeria of the plan destabilising her country, with the Foreign Affairs Minister of Niger summoning the Nigerian charge d’affaires a few days ago.
However, the cordial relationship could be reestablished should Nigerien government accept the olive branch extended by the Nigerian government through its minister of foreign affairs, Ambassador Yusuf Tuggar.
A statement by Tuggar, addressing Niger’s concerns, read: “The Federal Republic of Nigeria reaffirms its unwavering commitment to peace, stability, and regional harmony in West Africa and is concerned about recent statements from President of the National Council for the Safeguard of the Homeland of Niger, Abdourahman Tchiani.
“Nigeria remains steadfast in its desire for dialogue which are the cornerstones of sustainable solutions. Therefore we will not embark on any actions to undermine sovereignty and security of Niger.
“As brothers and neighbours, Nigeria and Niger share deep historical and cultural ties, underscored by trade and economic interdependence. These enduring connections are reminders of our intrinsically linked destinies.
“Therefore, unfounded allegations causes needless tensions that could cause disaffection and threaten the collective progress of our region.
“To this end: We reaffirm our respect for Niger’s sovereignty and territorial integrity, in alignment with
ECOWAS principles.
“We welcome and encourage open, constructive dialogue between our governments and invite Niger’s leadership to join us in candid discussions to address mutual concerns.
“We are prepared to explore confidence-building measures, such as a collective support, to alleviate the humanitarian impact on our border communities.
“We call upon regional and international partners to support efforts aimed at fostering recon-
ciliation and stability, rather than deepening divisions.
“Nigeria remains guided by the principles of diplomacy, mutual respect, and the pursuit of peace. We are confident that through constructive engagement, we can work together towards a more prosperous and stable future for our people.”
Meanwhile, in issuing a travel advisory to Australia, a statement by the acting spokesperson of the ministry, Kimiebi Ebienfa read: “The Ministry of Foreign Affairs wishes
to advise citizens of the country planning to travel to Australia to take into cognizance the prevailing security situation in some cities.
“This is imperative for Nigerian travellers and residents in Australia due to reported cases of discrimination, harassment and verbal abuse targeted at foreigners. The unfortunate recent surge in antisemitic and Islamophobic hate crimes in Australia has increased the risk of violence, hence the need for caution.
“While Australia is generally
known for its multiculturalism and tolerance, incidents of Islamophobia and antisemitism have occurred recently in certain areas.
“In early December 2024, a disturbing incident occurred in the Sydney suburb of Woollahra, where a car was set ablaze and anti-Israel graffiti was sprayed on nearby buildings.
“This event is part of a broader increase in both antisemitic and Islamophobic incidents in Australia, coinciding with international conflicts and tensions.
Inferno Runway, a pageant and fashion event, recently held its latest edition in Akwa Ibom, Nigeria.
The event combining the glamour of pageantry with the creativity of fashion design set a new standard for the industry and left a lasting impression on attendees.
According to organisers, Inferno Runway is designed to provide a platform for emerging talent in Nigeria's fashion and beauty industries.
The event featured a competitive pageant segment, where contestants vied for the titles of Mr. and Miss Nigeria International, as well as a fashion design competition that
showcased the work of up-andcoming designers.
The highlight of the event was the coronation of the new Mr. and Miss Nigeria International titleholders, as well as the inaugural Fashion Designer Champion, Joel Namnso Thomas.
Thomas's innovative designs and dynamic personality captivated the judges and audience, earning him the top spot in the fashion design competition.
The event, which was attended by industry professionals, celebrities, and fashion enthusiasts, featured a range of activities, including a red-carpet reception, a fashion exhibition, and a live music performance.
The pageant segment featured
In an endorsement that underscores local pride and economic growth, Governor Umo Eno of Akwa Ibom State has declared Champion Breweries Plc as the official beverage for the state airline, Ibom Air.
At an event commemorating the launch of the Champion Breweries' new canned products, the governor described the brewery as a symbol of Akwa Ibom’s heritage and excellence.
His words: “This is the drink for our people and it comes in different brands - Champion Lager Beer and Champ Malta, Champion Lager with Ginger Extract, Champ Malt with Butter Cookies and Champ Malt with Tiger Nut.
"In fact, Champ Malta at some
point in this country won an award for being outstanding and I'm glad we could take it to the world. Just as Ibom Air is for Akwa Ibom, Champion is for Akwa Ibom. Ibom Air can serve these drinks, going forward.”
The governor emphasised the importance of promoting home-grown products, saying, “It is made in Akwa Ibom, recognized by Akwa Ibomites and the world. Let's celebrate what God has given to us."
The endorsement comes at a pivotal time for Champion Breweries Plc, which has recently expanded its product line to include canned beverages. This development is set to enhance distribution and cater to a broader market.
Pastor ImoAbasi Jacob, Chairman, Board of Directors of Champion
Breweries Plc, reflected on the journey that led to this milestone.
He highlighted the widespread demand for Champion beverages across Nigeria, from Lagos to the northern regions and also acknowledged the hitherto logistical hurdles.
The chairman said: “Champion is a lager beer that was launched in the '70s, and it remains the toast of the market.
"However, our challenge has always been distribution. The problem was that this market favorite was only available in bottles, limiting its reach.
"Today we have launched our can formats so Akwa Ibomites and Nigerians as a whole can now enjoy champion brands which they have always loved in cans too.
“Therefore, this king was limited from influencing the market and bringing good returns to the good people of Akwa Ibom State.
"When I joined the board a little over a year ago, it was unthinkable that Champion Breweries products could be in cans. Technology had shifted, the market had shifted, but the capital to adapt wasn’t available. Today, our can formats are a dream come true.”
He went ahead and credited Governor Eno’s leadership and business-friendly policies for making the shift to cans possible.
“Your Excellency, I can say that this means a lot to us. In the past, when we launched our products, the bottles rarely returned intact, affecting production.
contestants from across Nigeria, each showcasing their unique talents and personalities.
With its unique blend of pageantry and fashion, Inferno Runway has raised the bar for events in Nigeria's entertainment industry.
The organizers promised that future editions will be even bigger and better, providing more opportunities for emerging talent to shine.
"Inferno Runway is more than just a pageant or fashion event - it's a platform for creative expression and a celebration of Nigerian talent," said Brendan Nsikak, founder of Mr. and
Miss Nigeria International.
“We are thrilled with the success of our latest event and look forward to building on this momentum in the years to come”, Nsikak noted further.
The success of Inferno Runway is expected to have a positive impact on Nigeria's fashion and beauty industries, providing a much-needed platform for emerging talent to gain exposure and recognition.
As the event continues to grow and evolve, it is likely to become a major player in Nigeria's entertainment industry.
The Katsina State Government has recruited 254 health workers into its secondary healthcare facilities across 34 local government areas of the state.
The state deputy governor, Hon. Faruk Lawal, stated this Tuesday while unveiling the scorecards of the state government before journalists in Katsina.
He said the newly recruited health workers which comprise medical doctors, nurses, midwives, pharmacists, and laboratory scientists, were to tame the manpower shortage in the sector.
“In an effort to address issues of human capital development in this sector, the government has recruited additional 254 health personnel for secondary health facilities in the state.
“This is with a view to injecting more manpower to handle growing health demands. These include medical doctors, nurses/ midwives, medical lab scientists and pharmacists”, Lawal added.
The deputy governor explained that the entry point of salary for medical doctors has been reviewed upward and their residency training allowances have also been improved.
He reiterated that the state government has also commenced residency training on obstetrics and gynecology, pediatrics and family medicine for indigenous doctors at Turai Yar’adua Hospital and General Hospital, Katsina.
“To this end, the government has also approved the payment of accreditation of medical residency training and license fees for medical graduates”, he said.
Emmanuel Addeh in Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday released the template for the decarbonisation of activities in the upstream sector, stressing that it will henceforth be used as a condition for the issuance of licences, permits and other approvals.
In a release signed by the Chief Executive of the Commission, Gbenga Komolafe, the upstream regulator stated that the purpose of the policy statement was to strengthen the decarbonisation and sustainability agenda of Nigeria’s upstream operations to enhance its global competitiveness.
In addition, NUPRC stressed that the move will foster investment attractiveness of the sector, amid the ongoing global energy transition imperatives.
The commission explained that the development was in keeping with its mandate for technical, commercial, and op-
erational monitoring of upstream oil and gas operations in Nigeria, noting that the Upstream Petroleum Decarbonisation Template (UPDT) will serve as a regulatory tool.
Besides, Komolafe said the template was one of the measures to promote energy sustainability and environmental stewardship in Nigeria’s upstream operations in alignment with the country's commitment to net zero emissions and the imperatives for global energy transition.
It added that by the move, the commission was deepening its efforts to align the upstream petroleum industry with national priorities and international climate goals, while ensuring sustainable value creation from oil resources for Nigeria’s energy security and economic development.
In 2023, the NUPRC had introduced the Regulatory Framework for Energy Transition, Decarbonisation, and Carbon Monetisation in the
Nigerian Upstream Oil and Gas Sector to signal the direction to the industry.
The regulatory framework and its implementation architecture, it said, were rolled out to operationalise high-impact actions around seven pillars, among which is the introduction of the UPDT.
“To this end, UPDT requires licensees and lessees to reduce greenhouse gas emissions, adopt low-carbon technologies, implement energy efficiency measures, and incorporate renewables in their operations. By implementing these, the commission ensures compliance with Nigeria’s broader climate objectives, including its commitment to Net Zero by 2060.
“Against the foregoing, this template will become a mandatory component of applications for licences, permits, and approvals across upstream activities, commencing in January 2025. The UPDT mandates the integration of
decarbonisation strategies/ plans into upstream operations including Field Development Plans (FDPs), wells, drilling & rig operations, and project/ facility engineering.
“Operators would therefore establish measurable and time-bound greenhouse gas reduction goals aligned with national targets. Companies are also required to demonstrate compliance with the gas flaring, venting, and methane emissions regulations, 2023, and related guidelines, to eliminate routine flaring and venting in their operations.
“Additionally, operators must implement methane management programmes such as leak detection and repair, optimise operations using energy-efficient technologies, and integrate renewable energy sources into their projects and operations.
“The UPDT also stimulates the development of carbon management and monetisation initiatives, including Carbon Capture and Storage (CCS),
However, setting agenda for the New Year, the president who listed some of the plans in the offing, intended to make 2025 a much better year, urged the citizens, too, to play their part in collective interest.
This was as other leaders across political leanings and faiths, have sent out their New Year messages to the people, praying that 2025 brings with it better deals.
In his moderately long message delivered in an early morning broadcast, Tinubu said: “To all citizens, your sacrifices have not been in vain over the past 19 months. I assure you they will not be in vain even in the months ahead. Together, let us stay the course of nation-building.
“The New Year will bring us closer to the bright future we all desire and the Nigeria of our dreams.
“On a personal note, thank you for placing your confidence in me as your president. Your trust humbles me, and I promise to continue serving you diligently and wholeheartedly.”
Starting by way of introduction, he said, “As we enter 2025, I wish everyone a happy and prosperous New Year. May you be rich in joy, success, and good health.
“As the new year dawns, it brings many hopes, aspirations, and prospects for better days. By the grace of God, 2025 will be a year of great promise in which we will fulfill our collective desires.
“Though 2024 posed numerous challenges to our citizens and households, I am confident that the New Year will bring brighter days.”
Sharing some good news on the state of play, he said, “Economic indicators point to a positive and encouraging outlook for our nation.
“Fuel prices have gradually decreased, and we recorded foreign trade surpluses in three consecutive quarters. Foreign reserves have risen, and the Naira has strengthened against the US dollar, bringing greater stability.
“The stock market's record growth has generated trillions of naira in wealth, and the surge in foreign investment reflects renewed confidence in our economy. Nevertheless, the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024.”
However, in 2025, he said, “Our government is committed to intensifying efforts to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical
supplies.
“We are resolute in our ambition to reduce inflation from its current high of 34.6% to 15%. With diligent work and God's help, we will achieve this goal and provide relief to all our people.
“In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.
“To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.
“The Company—expected to start operations before the end of the second quarter—is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, the private sector, and multilateral institutions.
“This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people.
“We will continue to embark on necessary reforms to foster sustainable growth and prosperity for our nation. I seek your cooperation and collaboration at all times as we pursue our goal of a one trillion-dollar economy. Let us stay focused and united.
“We are on the right path to building a great Nigeria that will work for everyone. Let us not get distracted by a tiny segment of our population that still sees things through the prisms of politics, ethnicity, region, and religion.”
Appealing to the people as partners in the Nigerian project, he said, “To achieve our national goals and objectives, we must become better citizens and uncompromising in our devotion and allegiance to Nigeria.
“Citizens’ moral rectitude and faith in our country are fundamental to the success of the Renewed Hope Agenda. In 2025, we will commit to promoting adherence to ethical principles, shared values, and beliefs under the National Identity Project.
“I will unveil the National Values Charter, already approved by the Federal Executive Council, in the first quarter of 2025. I will launch an ambitious national orientation campaign that fosters patriotism and
love for our country and inspires citizens to rally together.
“The Charter will promote mutual commitments between the government and citizens and foster trust and cooperation among our diverse population and between the government and the citizens.
“As far-reaching and foundational as our reforms are, they can produce the desired outcomes only through shared common values and identities and unconditional love for our country.
“The Youth Confab will begin in the first quarter of 2025, a testament to our commitment to youth inclusiveness and investment as nation-builders. The Ministry of Youth will soon announce the modalities for selecting the conference's representatives from our diverse, youthful population.
“Dear Compatriots, I urge you to continue believing in yourselves and keeping faith in our blessed country.
“Let me use this New Year's message to urge our governors and local council chairpersons to work closely with the central government to seize emerging opportunities in agriculture, livestock, and tax reforms and move our nation forward.
“I commend governors who have embraced our Compressed Natural Gas initiative by launching CNG-propelled public transport. I also congratulate those who have adopted electric vehicles as part of our national energy mix and transition.
“The Federal Government will always offer necessary assistance to the states. God bless you all, and may God bless our beloved country, Nigeria. Happy New Year and a prosperous 2025 to you all!”
Former Vice President Atiku Abubakar, has urged Nigerians to be vigilant and carefully observe the actions of political leaders in the year.
In a statement he signed, he extended his heartfelt congratulations to the people of Nigeria for witnessing the arrival of the New Year, 2025.
Atiku declared that the New Year would usher in a momentous era of heightened public awareness, a time when every Nigerian must stand vigilant, closely observing the actions and decisions of their political leaders.
nature-based solutions, carbon offset projects, etc,” the commission said.
Rather than constituting a regulatory hurdle, Komolafe said that the measures were designed to enhance Nigeria’s upstream sector's environmental credentials, attract sustainable energy investments, and ensure alignment with international Environmental, Social, and Governance (ESG) standards.
By embedding sustainability at the core of upstream operations, the commission pointed out that it aims to enable continued access to funding for projects amidst the global shift towards low-carbon energy solutions.
“The commission therefore calls on stakeholders to adopt these measures as a pathway to achieving long-term sustainability, operational excellence, and regulatory compliance whilst mitigating defunding and financing challenges.
“In addition to technical guidance, the commission will provide capacity building
He emphasised that the dawn of 2025 presents an invaluable opportunity to reshape and redefine the national dialogue, urging citizens to actively participate in safeguarding the principles of democracy.
Atiku welcomed the nation into 2025, with a deep sense of purpose, reminding all Nigerians that the New Year is not merely a passage of time but a new chapter brimming with possibilities.
He called on all citizens to remain resolute in ensuring that political leaders, at every level of government, were held accountable and that no one wielded unchecked power that could lead to the erosion of liberties and further exploitation of public office.
Reflecting on the challenges of the previous year, Atiku observed that 2024 provided a sobering glimpse into the pressing need for governmental accountability.
He further expressed his profound gratitude to the Almighty for granting Nigerians the grace to witness another year despite the arduous trials faced in the past.
"The trials of the past year have only served to fortify our faith," he said, adding: "Our unshakable belief in divine protection has been our guiding light, and it is this same spirit of unwavering faith that will continue to propel us forward in the coming year."
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has called on Nigerians from all walks of life to be more determined and steadfast in their rejection of economic and financial crimes and other acts of corruption, pointing out that the progress of the country was awaiting their resolve in this regard.
Olukoyede, who gave the charge in Abuja, yesterday, as part of his New Year Message to the nation, argued that the progress and robust development of the the economy as well as the improvement in the quality of lives of Nigerians were hinged on rejection of corruption by Nigerians.
“We can make any progress and development we want for our nation to happen by our support for anti-corruption initiatives. The new year is offering us fresh opportunities to recommit ourselves to the ideals of transparency, accountability, and probity.
programmes and other support mechanisms to facilitate seamless implementation, commencing with an Industry-Wide Decarbonisation Workshop in Quarter 1 2025.
“With these efforts, the commission reaffirms its business-enabling posture and commitment to ensuring that Nigeria’s upstream oil and gas industry thrives in the evolving global energy landscape.
“By prioritising sustainability, the commission seeks to secure Nigeria’s position as a leader in global energy while contributing meaningfully to international climate action in a just, equitable, and balanced manner,” Komolafe said.
“The commanding heights of the economy and improvement in our lives can only be driven by our dedication to integrity and accountable conduct,” a statement by the Head of Media and Publicity, Mr Dele Oyewale read in part.
The statement added that the EFCC boss assured the people that the Commission would surpass its 2024 record, adding that its officers were unrelenting in breaking strongholds of corrupt practices across the country.
“Our work is more than a vocation but a patriotic calling. We know this and will always offer our best to move the nation forward. 2025 will be another year of bringing towers of corruption down. Our focus is set and our commitment is total,” he said.
The Peoples Democratic Party (PDP) has congratulated Nigerians on the dawn of 2025 and charged President Bola Tinubu not to taint the new year with an address that wouldnot proffer immediate and concrete steps. These, it stated, should include to reduce the price of fuel, address widespread hunger and provide clear-cut measures to guarantee security of lives and property in the country.
This position, the PDP said, was predicated on the fact that previous addresses by the president in the last 18 months dwelt only on hopeless rhetoric, unsubstantiated statistics, false promises, conjured performance claims and validation of flawed elections without concrete mechanisms to address insecurity, resuscitate the economy, create jobs, ensure credible elections and guarantee better living standard for Nigerians.
In the statement by its National Publicity Secretary, Debo Ologunagba, the PDP maintained that Tinubu must speak to the issues of unbridled corruption, deceit, budget padding, reckless and wasteful spending directed to fund luxury appetite of APC leaders, insensitivity to the pains of citizens and total disregard to the obligation of government which has made life unbearable for Nigerians under his watch.
The party also challenged Tinubu to use the address to give account of the billions of Naira officially reported to have accrued from the removal of subsidy on petroleum products.
"Mr. President should come clean on his public commitment to fight corruption by ordering an investigation and recovery of the over N25 trillion reportedly stolen by APC leaders and officials in government, who have turned government agencies to Automated Teller Machines (ATM) to siphon funds for their benefit while other Nigerians wallow in abject poverty, hunger and starvation.
''Equally worrisome is the failure of the APC government to revisit and address the reported cases of alleged state-backed killings in various parts of the country, particularly the 2020 EndSars killings and inhuman denial of the massacre of promising Nigerian youths in that sad and repulsive incident.
''The last 18 months have been the most excruciating period to Nigerians since the Civil War with citizens now resorting to suicide and slavery mission aboard due to the hopeless situation foisted by the antipeople policies of the suppressive, exploitative and insensitive APC government which continues to reject every appeal and suggestion for review of such policies.
''More disheartening is that while Nigerians die of hunger and insecurity, APC leaders and officials in government continue to flaunt their luxury appetite and lifestyle in utter disdain to the feelings of millions of impoverished citizens,'' Ologunagba stressed.
Obaseki: Let’s Be Confident Nigeria’ll Prevail
A former governor of Edo State, Mr. Godwin Obaseki, has told Nigerians to be confident that in spite of it all, the nation would prevail and emerge much stronger, united and prosperous.
In his terse New Year message, he said, “As we usher in a New year, we thank God Almighty for protecting and preserving us through a very challenging 2024.
“I thank you my friends, family and compatriots for your prayers and support as we strive to enact new hope and direction for Edo and the Nigerian state.
“Inspite of the ominous circumstances hovering over our state and country, let us dare to be confident that Nigeria will prevail and emerge a much stronger, united and prosperous nation.
“As we enter 2025, we must commit to contribute our quota to making Nigeria truly triumphant. Wishing you a happy and prosperous New Year.”
ODODO
Kogi State Governor, Ahmed Usman Ododo (middle) flanked by the Speaker of the Kogi State House of Assembly, Hon. Aliyu Abdullahi Umar (right); and the state Commissioner for Finance, Budget and Economic Planning, Asiwaju Idris Ashiru (2nd left), during the signing of the 2025 Budget into law at the Government House in Kogi State...yesterday
The Edo State Chapter of the Peoples Democratic Party (PDP), has asked President Bola Ahmed Tinubu to call the state governor, Senator Monday Okpebholo, to order over the governor's disregard for the rule of law, and court rulings regarding financial autonomy for local government councils.
In a related development, political tension heightened in Agenebode, the administrative headquarters of Etsako East Local Government Area of Edo State as suspected political thugs on Tuesday broke into the legislative chamber and snatched the legislative mace.
The development caused panic among council workers as the ten
councillors reiterated their support for the Chairman of the Council, Princess Benedicta Attoh.
The opposition PDP also expressed deep worry at the way Okpebholo is going, stating if urgent and decisive action is not taken to address this lawlessness and restore order within the system, the state may witness an escalation that could result in crisis,
Ibrahim Oyewale in Lokoja
Governor Usman Ododo of Kogi State has signed the 2025 Appropriation Bill of N582.4 billion into law
The budget was presented before Kogi State House of Assembly for approval earlier in December.
While signing the budget into law at the Government House, Lokoja yesterday, the governor stated this step will pave the way for the implementation of the state's budget,
The appropriation bill targets stimulation of job creation, infrastructure development, food security, and staff welfare.
The 2025 budget estimates, totaling N582,404,119.489, represent a 43.34% increase from the revised 2024 budget of N406,321,130,013.
The budget is expected to address key sectors such as education, healthcare, infrastructure, agriculture, and economic development.
At the presentation of the Appropriation Bill for the governor's
assent, the Speaker of Kogi State House of Assembly, Aliyu Umar, appealed to the governor to spread the "Budget of inclusivity" to all the state constituencies for an enhanced development.
By signing the appropriation bill into law, Governor Ododo has demonstrated his commitment to shaping the financial future of Kogi State.
The move is expected to have a positive impact on the state's economy and the lives of its citizens.
anarchy, and chaos and which presents a clear and imminent danger of a breakdown of law and order.
Chairman of Edo PDP, Dr. Tony Aziegbemi, stated this in a press conference in Benin City on Tuesday tagged: Extermination of Constitutional Democracy in Edo State".
He said despite the clear and binding judgment from the Chief Judge of Edo State, Justice Daniel Okungbowa, who upheld that the Edo State Government and the Edo State House of Assembly have no legal right to suspend or dissolve elected local government councils, the state government and their agents have proceeded to enforce their individual interests and capriciously and illegally and in breach of court injunctions in purportedly suspending the council chairmen.
According to him, the Edo Chief Judge abiding by principles of stare decisis, had cited the recent judgment delivered by the Supreme Court in July, 2024, in a suit filed by the Attorney General of the Federation and Minister of Justice, (an APC chieftain) affirming that the dissolution or suspension of elected local government council members by any state government, House of Assembly, or its agents is unconstitutional, illegal, and null
Blessing Ibunge in Port Harcourt
The Ikuru Town Host Communities Development Trust (HCDT) yesterday, distributed livelihood packages worth N50million to natives and residents of Ikuru Town in Andoni Local Government Area of Rivers State. This is as Chairman of the Board of Trustees of the HCDT, Prof. Lysias Gilbert, appealed to the Green Energy International Limited and Lekoil and Gas Company Limited Joint Venture partners to further reach out to the community beyond the stipulated 3% operating expenses (Opex) by sponsoring more projects in the
community. The exercise which was the second by the HCDT saw about 17,000 persons comprising indigenes and residents receiving bags of rice, vegetable oil, tomatoes and other condiments even as board members of the HCDT led by Prof. Gilbert were on hand to ensure that no one beneficiary was excluded.
Families thronged the Ikuru Town podium venue of the livelihood packages distribution carting away their portions as the HCDT ensured that no qualified beneficiary was left out before leaving the venue when the packages were totally exhausted.
Speaking to journalists during the exercise, the Board Chairman of the Ikuru Town HCDT, Prof. Gilbert explained that the programme was a way of "reaching out to our people and putting smiles on their faces in the spirit of the season and in conformity with one of the sustainable development goals that talks about zeroHepoverty". said the Ikuru Town HCDT was a creation of the Petroleum Industry Act (PIA) that was enacted in 2021 and that on the basis of a community development plan, an outcome of needs assessment, carried out by a qualified consultant.
He added: “that is part of what we are doing. This end of year livelihood support package is to enable us reach out to a lot of people; indigent men and women especially, in the community.
"So, what we did, it took us some time, you know, members of the trust we had sent to the community and through the age grade system and through also some of the organs in the community like the elders, men, women, youths.
“So, we were able to generate names, names of households, families through which we will be able to distribute the packages that we have."
and void.
However, Governor Okpebholo went ahead to suspend local government council chairmen and their deputies without regard to the constitutional, legal, social, security, political and economic implications and consequences.
Aziegbemi also asked President Tinubu to note there was no complaint made against the Vice Chairmen and the House of Assembly but the House of Assembly still proceeded to suspend them hiding under Section 20 of the same law, which did not give the Assembly any power to suspend any local government official.
He said this flagrant disregard for the judiciary and the subversion of the country’s constitution portend a serious threat to democracy, pointing out that if this lawlessness is allowed to continue, it will not only undermine the rule of law but will also create a dangerous precedent, weakening the entire legal and democratic system.
"What we are witnessing, and we say this with all sense of responsibility, is an attempt to unlawfully and illegally remove or overthrow an elected tier of government in Edo State, a component and federating unit of the Federal Republic of Nigeria, contrary to Section 1(2) of the Constitution and judicial orders. In other words, an attempted coup d'etat in the state", the Edo PDP chair declared.
Aziegbemi further said: "We are compelled to call this press conference today to update the general public and all other stakeholders on the ongoing extermination of constitutional democracy, lawlessness, and blatant disregard for the rule of law by the Edo State Government under the leadership of Monday Okpebholo.
"We are deeply worried that if urgent and decisive action is not taken to address this lawlessness and restore order within the system, we may witness an escalation that could result in crisis, anarchy, and chaos and which presents a clear and imminent danger of a breakdown of law and order in Edo State.
"As you are aware, recent events have brought to light the unlawful
suspension of the duly elected Chairmen and Vice Chairmen of the 18 Local Government Councils in Edo State purportedly by the State House of Assembly, following the directive of the Governor-select Monday Okpebholo.
“The illegal suspension, carried out on December 17, 2024, was executed under the false pretense of 'gross misconduct and insubordination', without fair hearing and under the misplaced and mistaken belief that the Chairmen and their Vice Chairmen are subordinate to the governor, who premised his directive on Section 10(1) of the Local Government Law of Edo State which has since been voided by the judgment of the Chief Judge of Edo State.
"It should be noted that no complaint was made against the Vice Chairmen and the House of Assembly still proceeded to suspend them and this they claimed to do under Section 20 of the same law, which did not give the Assembly any power to suspend any Local Government Official!!!
"We are alarmed that despite the clear and binding judgment from the Chief Judge of Edo State, Justice Daniel Okungbowa, who upheld that the Edo State Government and the Edo State House of Assembly have no legal right to suspend or dissolve elected local government councils, the state government and their agents proceeded to enforce their individual interests and capriciously and illegally and in breach of court injunctions in purportedly suspending the council chairmen.
“This they did without regard to the constitutional, legal, social, security, political and economic implications and consequences. "The State Chief Judge, abiding by the principles of stare decisis, had cited the recent judgment delivered by the Supreme Court in July, 2024, in a suit filed by the Attorney General of the Federation and Minister of Justice, (an APC chieftain) affirming that the dissolution or suspension of elected local government council members by any state government, House of Assembly, or its agents is unconstitutional, illegal, and null and void."
LR: Joseph Oladokun, Executive Director, Technical; Jide ibitayo, Company Secretary; Dr. Akin Ogunbiyi, Group Chairman, Mutual Benefits Assurance Plc, His Wife, Mrs. Adedotun Ogunbiyi and Biyi Ashiru-Mobolaji, MD/CEO, Mutual Benefits Life Assurance Ltd. at the Carol service recently
The military high command yesterday said no fewer than 16,171 terrorist fighters and their families dropped their weapons and surrendered to troops of Operation Hadin Kai in one year.
The military also revealed that troops across all operational theatres killed 10,937 terrorists, apprehended 12,538 and rescued 7,063 kidnapped victims in 12 months.
Also yesterday, the military high command vowed to eliminate notorious bandit leader, Bello Turji, and other terrorist leaders in the coming year and threatened to send to the grave terrorist leaders issuing threats to Nigerian communities.
Director, Defence Media Operations, Major General Edward Buba, issued this threat while responding to question on viral video where bandit leader Turji threatened to attack the elderly if the government forces fail to release his top hitman in their custody within a given period, not exceeding 2025.
Meanwhile, in Katsina State, no fewer than 40 terrorists have been neutralised and 319 kidnapped victims rescued from the clutches of the criminals by police.
The State Commissioner of Police, Aliyu Abubakar Musa, disclosed this during an end-of-the-year celebration and award presentation organised by the command in Katsina.
Addressing a press conference on the operational activities of troops of the Armed Forces of Nigeria in one year, the Director Defence Media Operations, Major General Edward Buba. said that troops of operation Hadin Kai killed over 3000 terrorists
to top the chart in 2024, while troops of Operation Delta Safe killed only 78 felons.
He also revealed that troops of Operation Hadarin Daji killed over 2,900 terrorists, followed by troops of Operation Udoka with over 730, while Operations Whirl Punch, Whirl Stroke and Safe Haven killed 732, 600, and 447 respectively.
General Buba further disclosed that troops eliminated over a thousand notable terrorist leaders, commanders and combatants among others, during the course of the year.
According to him, "Some of those eliminated in the course of the year include: Dutse Mainasara Idda, Mallam Saleh Umaru, Mohammed Amadu, Chinemerem (aka Bam Bam), Jeremiah Uzuoma (aka Escoba), Tochukwu Awo (aka Ojoto) and Egwuatu amongst others.
"During the year, troops significantly degraded the military capabilities as well as the fighting capabilities of terrorist by neutralizing 10,937 terrorists, arresting 12,538 and rescuing 7,063 hostages.
"Furthermore, troops recovered 8,815 weapons, 228,004 ammunition and denied oil theft of an estimated sum over N68 bn (N68,453,376,040.00) only".
Others, he said are 56,223,002 litres of stolen crude oil, 9,735,836 litres of illegally refined AGO, 95,595 litres of DPK and 156,527 litres of PMS amongst other items.
He added that troops will continue to collaborate with neighbouring countries and regional bodies in order to tackle the menace of terrorism.
He said that troops in the battlefield are in high spirits, and are fully committed and devoted to stamp out terrorism in Nigeria.
Appealing for the support of citizens and other critical stakeholders in the defence and security sector, General Buba averred that the war is not for the armed forces alone, but for all citizens.
Director, Defence Media Operations, Major General Edward Buba while stating he would not engage in a war of words with the terrorist kingpin-Turji, General Buba told Turji that he would be eliminated, just
like other commanders before him.
Buba also described bandit kingpin Bello Turji as a “dead man walking".
Earlier in a viral video, Bello Turji challenged the military to a fight, alleging that his fighters were targeting elderly people.
Turji also demanded the release of a terrorist kingpin arrested by the Nigerian troops, Baka Wurgi, threatening to unleash mayhem on
residents of Zamfara communities in 2025 if the military continued to detain Wurgi.
The Director Defence Media Operation Major General Edward Buba responded to Turji's viral video thus: “Indeed, Bello Turji is merely a dead man walking. It will be insulting to try to join issues and words with a terrorist.
“Before him, there were other terrorists who boasted that they
would deal with security forces. Today they are all taken out. We will do the same with other terrorist leaders like him".
On his part, the State Commissioner of Police, Aliyu Abubakar Musa said the 319 rescued kidnapped victims have been reunited with their families and loved ones, while the killing of the 40 terrorists had tackled their heinous operations in the state.
Michael Olugbode in Maiduguri
Borno State Governor, Prof. Babagana
Zulum has approved the rehabilitation of Mohammed Lawan College of Agriculture (MOLCA) Maiduguri with an additional cash support of N500 million.
The college was completely submerged in the September 10th flood which affected parts of Maiduguri metropolis and the surrounding local government areas.
Zulum announced the approval on Tuesday while addressing the management and staff of the college when he paid an assessment visit.
The governor noted that government will embark on essential repairs, enhance academic facilities and provide modern teaching tools.
According to him, rehabilitation efforts will modernise the college’s infrastructure and ensure students have access to the necessary resources and
facilities to thrive academically.
He said: “I can see that this college needs a lot of support. Your existing facilities are not enough to provide the needed quality knowledge. Therefore, I want to announce that in sha Allah, we will provide more infrastructure to the school. We will build more classrooms, hostels, lecture theatres, and other facilities.
Zulum however charged the management of the school to use the N500m in investment that can generate revenue for the school and become self-reliant.
He added: “I want the provost and staff of this college to put heads together and see how you will generate revenue. But I want you to understand that education is a social service; I am not saying that you generate revenue from tuition fees, no. You can invest in aquaculture, livestock, poultry, rain-fed agriculture and irrigation agriculture.”
The governor said, in addition to
Mary Nnah
Comrade Isaac Balami, an All Progressives Congress (APC) chieftain has shared his thoughts on the military-like honour given to Seyi Tinubu. Balami believes Seyi deserves recognition for his efforts. His comments follow concerns former Vice President Atiku Abubakar raised over the use of a military-like guard in honour of the son of the president, Seyi Tinubu. According to Balami, in a press release made available to THISDAY, the Cadet Network, a group of young individuals being mentored as future leaders, paid homage to Seyi Tinubu due to his alignment with their
nationalistic ideology. Balami views this as a display of genuine appreciation, rather than an attempt to exploit Seyi's connection to the Atikupresident.Abubakar had called for an investigation to ascertain the actual reason behind the honour accorded Seyi Tinubu but reacting while addressing the media on Monday, Balami a former National Deputy Campaign Manager for Obi/Datti said the dust raised over the matter was unnecessary, saying it is a normal practice across the world. He said that the media handler of Atiku Abubakar may not have consulted him or failed to do due diligence before rushing to the
media, insisting that the former Vice President was known for picking up petty issues.
He further clarified that the group that paid homage to Seyi Tinubu were Cadet Network composed of individuals who have volunteered to be mentored as future leaders.
Establishing the relationship between Seyi Tinubu and the group, the former Spokesman of the Trade Union Congress, TUC, said Seyi Tinubu is a young Nigerian leader who has inspired many youths by his good and philanthropic deeds.
He said: “The dust raised as a result of the homage paid to Seyi Tinubu by the cadet group is completely a misplaced priority. We should be
engaged in a more robust national discourse against dwelling on things that pose no threat to our growth as a nation.
“Issues of Boko Haram, kidnapping and other insecurity challenges bedevilling us as a nation should be the focal point of our discourse against taking on individuals with good intentions for the country. The group is nationalistic and nothing more.
“My take is simply that this group of young men called the Cadet Network are young individuals being mentored as future leaders who believe they share a similar philosophy or ideology with Mr. Seyi Tinubu.
the intervention, each of the 197 staff of the institution would receive N200,000, while each of the 937 students would get N100,000 to enable them replace some of their belongings that were lost in the recent flood disaster.
He also directed the deployment of agricultural facilities and tools,
including drip and sprinkler irrigation. Zulum was accompanied by the Secretary to Borno State Government, Bukar Tijani, an elder statesman, Musa Inuwa Kubo, and the Permanent Secretary of Government House, Mustapha Ali Busuguma, among many other senior officials.
Igbawase Ukumba in Lafia
Governor Abdullahi Sule of Nasarawa State has ordered for the immediate suspension of chairman and members of the Nasarawa State Teachers Service Commission (TSC) over irregularities in the recent recruitment of teachers.
Governor Sule handed down the order during a meeting in the Government House, Lafia on Monday.
The governor equally directed the Secretary to the Government of Nasarawa State to constitute a three-man committee to investigate the activities of the TSC with a view to getting to the root of the matter.
He disclosed that he gave approval for the recruitment of only 1000 teachers but information teaching him showed that the TSC went on its own to recruit over 1000 additional teachers.
The governor expressed concern that his name is being scandalized allegedly for refusing to pay teachers that he purportedly recruited.
He expressed disappointment that even with a provision of 50 slots set aside for contingencies out of the 1000 approved, the TSC still went
overboard to illegally recruit more than 1000 teachers.
His words: "I remember, out of the 1000 that you received approval there is 50 for this kind of situation. But to go and recruit 750 and up till this moment some of the schools in the villages are still having 2 or 3 teachers?
"The information that we are getting is that all these teachers want to remain in the city. They don't want to go those other places. And then it's my name that is being scandalized that I have refused to pay teachers’ salaries?
"We are getting all sorts of information that some people collected money to offer teaching appointments. This is the most terrible thing I have heard. We have no other choice than to suspend the entire TSC and then put up a committee to investigate them.
“Put up a committee of three to investigate them. Suspend them until we are able to get the true situation of things."
The governor warned that if anybody collected money for employment, those who gave the money should go to court.
L-R: Airport Manager, Victor Attah International Airport. Uyo, Dr. Aniema Ukpong; Director of Studies, ESUT Business School, of Enugu State University of Science and Technology, Prof Fred Eze; and Board Member, Akwa Ibom State Primary Health Care Development Agency, Hon. Isaac Ukutt, at the 20th convocation ceremony of Enugu State University Science and Technology for the Award of Degrees, for Bsc , Post Graduate Diploma ,Master and PhD held at ESUT Pavilion Agbani, Enugu State.... recently.
Segun Awofadeji in Bauchi
The Bauchi State Government, yesterday, denied reports that it threatened President Bola Tinubu and the presidency over the controversial tax reform bills, saying what it did was to speak against the bad decisions and policies of the government.
It reacted to the statement by the presidency asking Governor Bala Mohammed to retract his "threat"
to President Tinubu.
In a press statement by the Special Adviser on Media and Publicity to the Governor, Comrade Mukhtar Gidado titled: "Re – Presidency's Misleading Statement on Governor Bala Mohammed's Remarks on Tax Reform", the state government declared that Mohammed did not in any way threaten the Presidency or President Tinubu but rather spoke against bad decisions and policies that could worsen the plight of the
masses across the country.
According to the government,
"The attention of the Bauchi State Government has been drawn to a statement issued by the Presidency, accusing Governor Bala Mohammed of branding the federal government’s tax reform as “anti-North” and unfairly criticising the administration of President Bola Tinubu.
"We find it necessary to set the record straight and highlight the facts surrounding Governor Bala
Mohammed’s administration and its unwavering commitment to the socio-economic development of Bauchi State and the nation.
"To start with, it is the height of mischief that Governor Bala Mohammed’s candid advice on the dangers of proceeding with bad decisions or policies that could worsen the plight of the masses, has been taken out of context, as a threat on the presidency.
“It would have been out of
Emmanuel Addeh in Abuja
Founder and President, Academy of International Affairs (AIA), Prof. Bolaji Akinyemi, yesterday paid tribute to the late President of the United States, Jimmy Carter, who recently died at the age of 100 years.
Describing him as a very principled man in a statement he personally signed, Akinyemi said that Carter's life should continue to give hope and direction to those who currently occupy public office worldwide.
“The news of President Jimmy Carter's passing provides an opportunity for me to pay tribute to this remarkable man. In 1978,
as the Director General of the Nigerian Institute of International Affairs (NIIA), I had the honour of hosting him during his historic visit to sub-Saharan Africa, the first by a sitting US President.
“President Carter's speech at the National Arts Theatre echoed a vision of mutual respect and partnership between the United States and Nigeria and called for a shared commitment to fostering bilateral ties and addressing common challenges.
“President Jimmy Carter was a highly principled and moral man who regarded power as an opportunity to enhance the lives of several people in the public domain.
Sokoto: Governor Aliyu Woos Opposition Parties
Onuminya Innocenct
In an effort to bury the hatchet, focus and accelerate his development agenda of the state, Governor Ahmed Aliyu of Sokoto State has reached to opposition parties, urging them to join forces in driving progress and growth in the state. Since assuming office, Governor Aliyu’s administration has achieved notable successes in various areas, including education, healthcare, security, economic development, and infrastructure. However, he concedes there’s still much work to be done and emphasizes the importance of collaboration, regardless of party affiliation, to improve the welfare and well-being of the people.
His words: “We have made tremendous progress, but we cannot
do it alone.
“We need the support of all stakeholders, including the opposition, to take our state to greater heights.”
He also welcomed constructive criticism and proclaimed his openess to ideas and suggestions that will help improve the lives of the people, affirming that his call for unity and cooperation is a beacon of hope for a brighter future in Sokoto State.
By dumping political differences and working towards a common goal, the state can tap into the collective expertise and resources of all stakeholders to drive development and growth.
The Livelihood Grant and Social Cash Transfer Grant for Resilience and Economic Stimulus, launched during the ceremony, is a testament to the administration’s commitment to supporting vulnerable populations.
He was not enamoured of power in itself; he saw it as a means to improve the lives of others,”
Akinyemi pointed out.
He explained that it was remarkable that Carter did not win the Nobel Peace Prize as President of the United States, but won it after he left office because of his commitment to enhancing and uplifting the lives of poor people all over the world.
“His life should continue to give hope and direction to those who occupy public office. Public office is meant to serve, not to empower and enrich the office holders,” Akinyemi
added.
Akinyemi prayed that Carter's public life continue to give hope to those in power and those they are ruling over, especially officeholders who play the role of peacemakers.
“The lasting lesson that all of us will learn from the life of Jimmy Carter is that we can get recognition even after office by going around doing good rather than going around running down one's country or running down one's successors. That is the lasting image. That's the lasting lesson that we should all embrace,” he added.
character for him to threaten the President or the presidency, an institution for which he has the greatest respect.
"His remarks were essentially precautionary, given the deepseated frustrations caused by the prevailing economic situation, and were aimed at ensuring that the proposed tax reforms are equitable, inclusive, and sensitive to the unique socio-economic challenges of the constituent parts of the country.
"His overall aim, as he has always done, was to foster dialogue and advocate for policies that protect the interests of ordinary Nigerians, particularly those in economically disadvantaged states.
"When Governor Bala Mohammed asserted that the Presidency’s attempt to shove the discredited tax reforms down the throat of Nigerians was a recipe for anarchy, he spoke from the position of someone who is closer to the populace and who carries the mandate of not only the over seven million people of Bauchi State but who also possesses an intimate knowledge of a very significant subregional group in the country.
"It is not by accident that his genuine reservation against the tax reforms coincides with those of some APC governors, who have consistently warned against implementing the proposed reform in its present form.
“Therefore, it smacks of a disingenuous attempt at blackmail and a throwback to the insensitivity of the government to single Bala Mohammed out for inquisition. Could it be because he is of the Peoples Democratic Party (PDP)?” It, therefore, pointed out that, "If the Presidency had genuinely desired an all-inclusive tax reform that would command the buy-in of various stakeholder and subnational groups in the country, it could have subjected a draft to discussion before railroading it to the National Assembly. It did not.
“Even when it was given a soft landing by the National Economic Council, NEC, a body headed by the Vice President of the country and which, by that token, was expected to command the respect of the president, its advice that the reform be taken back was blatantly disregarded. So, who is against dialogue?
"To put it mildly, it is dishonest to accuse Governor Bala Mohammed, as the Presidency has done in its face-saving response, of adopting an anti-dialogue or unstatesmanlike posture.
“That is not the antecedent of Bala Mohammed who, at different times in his illustrious service to the nation, has stuck his neck out to uphold those principles that strengthen national cohesion, constitutionalism and good governance."
in Umuahia
Senator Austin Akobundu has expressed his strong belief in youth empowerment, saying that providing opportunities for youths to learn skills in digital technology was a sure way to enhance human capital development.
The Abia Central Senator stated this at the event in Umuahia marking the conclusion of a six-week digital skills training programme for youths in his constituency.
The six-week programme focused on six high demand areas of digital technology, namely Cybersecurity operations, Graphics Design, Digital marketing, Website development, forex trading and UI/UX design.
In his address at the graduation ceremony held at the training
centre, NostroCom House, Ogurube Layout Umuahia, the Senator noted that digital skills are not just tools for individual success.
“I invested in this programme because I firmly believe that empowering our youth is the most sustainable way to build the human development index of Abia Central Senatorial district and create a brighter future for all,” he said.
According to him, such skills represent path ways to innovation, economic productivity and community development, hence he charged the beneficiaries to create businesses that will contribute positively to the growth of the Nigerian economy.
This last batch of trainees has notched up the number of beneficiaries to 186 for 2024 while a total of 1,000 youths are billed
for training in 2025.
The Abia Central Senator stated that youths from the 62 Wards in the district were the main targets of the training programme, adding that a deliberate selection method had been put in place to guarantee equitable representation.
He explained that the transformative skills development programme was his personal project initiated and being implemented through the Austin Akobundu Foundation, adding that no external funding was involved.
“Let me emphasize that this programme is not sponsored by any agency. It is an initiative of the Senator Augustine Akobundu Foundation, funded solely from my personal resources," the Senator said.
Though Akobundu didn't specify how much he has invested in the programme, he
acknowledged that millions of naira has been spent cumulatively to make the programme a success. He assured the beneficiaries of his continued support to deploy the skills and knowledge they acquired for their personal livelihoods and economic development of their local communities and Abia in general. Apart from certificate presentation, the event also featured presentation of awards to six best participants that excelled in various aspects of the digital training.
The award winners include, Nwaeke
(UI/UX) and Nwokoma Oddy (Website design).
L-R: Commissioner of Police, FCT Command, CP Olatunji Disu, Newly Promoted Assistant Commissioner of Police, ACP Idowu Azeez and Deputy Commissioner of Police, Operation, DCP Ishaku
during decoration of the newly promoted officer at the command headquarters in FCT, Abuja... yesterday
The Acting National Chairman of the Peoples Democratic Party (PDP), Ambassador Iliyasu Damagum, has fired back at a former Kano State governor, Senator Rabiu Musa Kwankwaso, over his criticisms of the party, insisting the PDP was not dead.
Damagum said despite the challenges faced by PDP, the party was not dead, adding that If the party could survive his (Kwankwaso) exit then, why would anyone think
it was irrelevant now?
Damagum, who stated these during an interview with BBC Hausa Service, yesterday, while responding to recent criticisms by Kwankwaso, said the truth remained that no other party had shaped Kwankwaso’s political career like the PDP.
"It nurtured him and contributed significantly to his political success. We still hold hope that he might return to the party and contribute to its rejuvenation, so we can collectively address the
injustices of the current government," Damagum said.
The PDP Chairman refuted claims that the party was losing its relevance in Nigeria's political landscape, insisting that the PDP remained the only political party capable of winning elections without holding power.
“Every member has the right to express their opinion. But let me remind him that when he left the party in 2015, despite the challenges we faced then,
the PDP was not ‘dead.’ If the party could survive his exit then, why would anyone think it is irrelevant now?”
Damagum questioned the impact of Kwankwaso’s move to another party, adding, “the PDP is the only party that has consistently won elections without being in power. Senator Kwankwaso may have left, but how many states did he win with his new party?
The facts speak for themselves.
“For over two decades, the PDP
has remained steadfast, maintaining its identity and producing governors and lawmakers in every part of the country. Even if four parties merge without the PDP, they cannot win an election. We’ve seen this play out repeatedly. Where are those parties now? Even their alliances with other parties have not delivered the desired results.
“I admit that some of his claims about the challenges we faced back then are valid. As the Deputy
National Chairman (North) at the time, my powers were limited, but we tried to resolve the issues. Unfortunately, those efforts fell short. He himself acknowledged this in previous interviews.
“The PDP played a significant role in his political career, shaping him into the leader he is today. We remain hopeful that he will return to the party and join us in addressing the injustices Nigerians face under the current administration,” he added.
President of the Senate, Godswill Akpabio, has explained that the National Assembly approved the creation of the six regional development agencies to enable President Bola Tinubu, to empower Nigerians at the grassroot levels across the country.
Akpabio, according to a statement by his media aide, Anietie Ekong, gave the explanation yesterday while distributing items worth billions of naira through his empowerment programme to his constituents in Akwa Ibom North West Senatorial District.
The Senate President said, “We decided to create regional developmental nexus for the president to use in sending empowerment to most regions in Nigeria. The 10th National Assembly believes strongly that development should go to the grassroots.”
He urged the people of the South South and South East to continue to support President Tinubu’s
administration, noting that the president has shown love and commitment to the development of both regions.
The statement explained that during the event, Akpabio also empowered his constituents with business grants and various items.
They included sports utility vehicles, cars, buses, tricycle pickups, farm tricycles, tricycle keke, vulcanizing machines, knapsack, makeup kits, deep freezers, generators, grinding machines, motor cycles, computers, and mini hand tractors.
The statement added that traditional rulers from the Senatorial District were not left out as each of the 10 paramount rulers from the area went home with a sports utility vehicle while over 500 students received schorlarships and bursaries.
Akpabio noted that the items and grants would boost economic activities, improve livelihoods, and enhance the overall well-being of the beneficiaries.
Alex Enumah in
Hope of him spending the new year with family and loved ones was dashed yesterday as a Federal High Court in Abuja adjourned till January 8, 2025, for ruling in the bail application brought by an oil magnate and Chairman of Platform Capital Investment Partners Limited, Mr. Akindele Akintoye.
Akintoye, was remanded at the Kuje Correctional Center on Christmas eve, shortly after his arraignment on a four count charge, bordering on money laundering and alleged diversion of funds for the building of a refinery in Brass, Bayelsa State.
He had previously pleaded not guilty to all the counts and the trial judge, Justice Emeka Nwite had adjourned to Tuesday December 31, for hearing in the bail application.
However, moving the bail application at the resumed trial yesterday, Akintoye's lawyer, Mr. Emmanuel Esedo, who stated that the alleged offence was a bail-able one and that bail was at the discretion of the court, argued that his client be admitted to bail to enable him prepare adequately for his trial.
He supported the application with a copy of a medical report on his client as well as a ruling by Justice Adebiyi of a High Court of the Federal Capital Territory (FCT), admitting Akintoye to bail in another charge.
"We have Exhibit AA-3, which is a copy of the letter by the applicant's lawyer to the commission explaining his absence from Nigeria when he was first invited.
"We have Exhibit AA-4, which is a copy of letter directed to EFCC explaining the issue of the international passport of the applicant," he said.
However, when asked about Akintoye's International Passport; a condition for granting bail, Esedo explained that Akintoye was also facing a charge before an FCT High where the travel document was deposited.
He said when his client wanted to travel abroad for medicare, the court released the document to him through the sureties.
He said after the trip, the travel documents were deposited with the sureties who were in Lagos in accordance with the order of the court.
"If the court makes an order for the international passport to be produced, how do will reconcile this now?" the judge asked.
Esedo said if the judge insisted that the travel documents should be produced, it would be in breach of the order of the FCT High Court
"Everything they canvassed here has been canvassed before the other court which ordered that he should be released unconditionally," he said.
However, Nwite pointed out that the order of the court must be made to ensure the defendants stands his trial.
Responding, prosecution lawyer, Martha Babatunde, opposed the grant of the bail, claiming that the applicant (Akintoye) was a flight risk.
Besides, the prosecution disclosed that contrary to the applicant, his international passport was not with the FCT High Court.
"We wrote the court and the court said it is with the defendant.
"This attitude of the defendant shows that he may likely jump bail," she said.
Justice Nwite after listening to the submissions of lawyers fixed January 8 for ruling on the bail application.
Akintoye, in the four-count charge, was alleged to have diverted a sum of $26,060, 406 dollars meant to build a refinery in Brass, Bayelsa.
indirectly retained $16 million.
The amount, the EFCC said, was part of the funds dishonestly converted from the money paid by the Nigerian Content Development and Monitoring Board (NCDMB) Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investment.
The said sum of $16, 006, 000 was alleged to constitute proceed of unlawful activity. The offense, EFCC said, was contrary to Section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 (as amended) by (Act No. 1 of 2012) and punishable under Section 15(3) of the same Act.
In count two, Akintoye and Platform Capital were alleged to have, between December 2020 and January 2021, indirectly used the aggregate sum of $9,048,725 being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investment.
In count three, Akintoye and Duport Midstream Company Limited were alleged to have, sometime in March 2021, retained the sum of $785,681 being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemicals Limited as investment.
The Governor thanked Kwarans for their support, which he credited for the strides recorded in the preceding years.
"As we bid farewell to 2024, I extend my heartfelt gratitude to
In a new year message issued in Ilorin by the Governor, which was signed by his Chief Press Secretary, Mr. Rafiu Ajakaye, he congratulated the people of the State on the dawn of 2025 calendar year, wishing everyone a brighter and more prosperous year ahead.
the good people of Kwara State.
"Your unwavering support, resilience, and partnership have been the foundation of our collective progress this year," he said.
Abdulrazaq added, "2024 was a year of transformation, growth, and shared achievements across our beloved state.
"Together, we made strides in innovation, development, and
community building. Your faith in our vision made it possible.
"As we look ahead, 2025 holds even greater promise. Let us continue to work hand in hand for a prosperous Kwara, where opportunities abound for all.
"It will be a remarkable year—for you, for me, and for Kwara State. Here’s to a brighter future, together."
Akintoye, Platform Capital Investment Partners Limited and Duport Midstream Company Limited, where he is also the Managing Director and CEO, were sued as 1st to 3rd defendants respectively, by the anti-graft agency.
The EFCC, in the charge marked: FHC/ABJ/CR/641/V/2024 dated and filed on December 19, by its lawyer, Ekele Iheanacho, had alleged that Akintoye and Platform Capital Investment Partners Limited between December, 2020 and February, 2021,
The EFCC, in count four, accused Akintoye and Duport Midstream of allegedly retaining the sum of $220, 000 being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investment.
L-R: Managing Director, Sony Music Publisher Nigeria, Mr. Biodun Toni; Chief Executive Officer, The Temple Company, Mr. Idris Olorunumbe; Founder, Tyler Fray Foundation, Aisha
journalist, Anike-Ade Funke Treasure; Managing Director, Ten Strings Music Institute, Mr. Emmanuel Akapo, and Board Member, Tyler Fray Foundation, Tolu Falode, at the media launch and unveiling of Tyler Fray Foundation in loving memory of Oloruntoba Falode (Tyler Fray) in Lagos…recently
Chuks Okocha in abuja and Blessing Ibunge in Port Harcourt
A chieftain of the All Progressives Congress (APC) in Rivers State, Joe Korka-Waadah, has lambasted the Minister of Federal Capital Territory (FCT) Nyesom Wike on his recent words attack on the former of Rivers State,
Governor Peter Odili. The APC chieftain said Dr Odili is too eminent to respond to the uncomplimentary comments targeted at him by the immediate governor of the state, Wike.
Similarly, former Deputy National Publicity Secretary of APC has condemned Wike over the attack on Odili, saying
Omolabake Fasogbon
The Association of Certified Fraud Examiners (ACFE), Southwest Chapter, has sought for accountability and transparency in the fight against fraud and related crimes in Nigeria.
During a programme marking 2024 International Fraud Awareness Week (IFAW), the body also stressed collective anti-fraud initiative to achieve optimum result.
President of the ACFE, South-west Chapter, Dr Titilayo Fowokan, lamented alarming surge in financial fraud, which is said to be costing the country
about N18 billion annually.
Fowokan stressed the need to promote culture of integrity to protect the nation’s economic resources.
In marking the week, the association engaged stakeholders via a webinar themed, “Building an Anti-Fraud Programme” as well as a virtual panel session centred around: “Ethics & Fraud: Navigating Fine line between Risk and Deception”.
This followed shortly with a courtesy visit to partners, including the Association of Chartered Certified Accountants (ACCA), KPMG Nigeria and Forvis Mazars.
Olusegun Samuel inyenagoa
A socio-cultural group, the Izon Cultural Heritage Centre (ICHC), has raised the alarm over alleged arson, destruction of their spiritual place of worship, breach of public peace, threat to life, and breach of police code of conduct by a Nigeria Police officer and other suspects.
In a petition by the legal adviser of ICHC, Wisdom Meni Adike, addressed to the Commissioner of Police of Delta State, the cultural group, which worships Osuopele Deity, claimed violation of their rights to worship.
The ICHC stated: “We hereby
submit this petition to formally address the grievances resulting from acts perpetrated by Mr. Tamarauebi Elisha Owan, a Superintendent of the Nigeria Police Force, along with his associates and followers of the Great God Holy Tabernacle.
“On December 20, 2024, at approximately 12 p.n., Mr. Tamarauebi Elisha Owan, accompanied by the following individuals- Mr. Benjamin Oroso; Tony Edenbo; Mr. Aviba Akuna; and Mr. Chalington Owan- engaged in an unlawful act that resulted in the arson of our sacred worship site.
Adibe Emenyonu in Benin-city
An Edo State-based sociocultural group, Benin Nation Congress (BNC), yesterday called on the Nigeria security agencies to investigate attempts by some disgruntled individuals and rumor mongers to stoke crisis and unsettled the prevailing peace in the Nigeria Institute For Oil Palm Research, (NIFOR) through fictitious media publications.
The group, while commending the Minister of Agriculture and Food Security, Senator Abubakar Kyari, for the peace in NIFOR, however, pointed fingers at some unnamed aggrieved and retrogressive staff whom it alleged were found guilty over illegal sales of oil palm seedlings and other sundry allegations of being behind the said publication against the Research Institute.
that the FCT minister, has again exhibited his true character of betraying his friends and benefactors.
Korka-Waadah, a canadianbased political management expert was responding to Wike’s reaction to Odili’s remarks
when (Odili) he hosted Rivers Governor Siminalayi Fubara to a Christmas Ballad during which the former governor noted that
the incumbent stopped one man’s quest to capture Rivers as his personal estate, apparently referring to Wike.
Segun Awofadeji inGombe
The Gombe State Executive Council, presided over by Governor Muhammadu Inuwa Yahaya, has approved N4.205 billion for the payment of 2019/2020 gratuities to 2,204 retired civil servants at the state level.
This was announced yesterday by the Deputy Governor, Dr. Manassah Daniel Jatau, during a press briefing held after the State Executive Council meeting.
Dr. Jatau explained that this approval follows the successful clearance of the 2014-2018 backlog of gratuities, amounting to over
N13 billion, which was for 5,658 retirees at the state level and 6,027 retirees at the local government level. He further disclosed that since its inception, the administration of Governor Yahaya has settled gratuities for retired civil servants across the state and local government levels,
An Igbo group, Concerned Igbo Elites Forum, has described the selection of the Minister of Works, Senator David Umahi, as the 2024 Igbo Man of the Year by the Secretary-General of the Chidi Ibeh-led faction of the Ohanaeze Ndigbo as kangaroo nomination,
saying “it’s totally unacceptable and bias.” The group stated this in a statement signed by its Secretary, Dr. Kelvin Nwosu, and made available to THISDAY.
The Igbo socio-cultural group, Ohanaeze Ndigbo, had last Sunday announced that the former Governor of Ebonyi State, Umahi, has been selected as the 2024 Igbo Man of
totaling N17.235 billion. The deputy governor described the administration’s commitment to consistent gratuity payments and overall retirement benefit settlements as a rare benchmark, contrasting the neglect often displayed by political actors towards retirees nationwide.
the Year.
According to the group, “Umahi, since his appointment by President Bola Ahmed Tinubu as the Minister of Works, has achieved little or nothing to earn the 2024 Igbo Man of the Year ahead of Hope Uzodinma, the governor of Imo State; Benjamin Kalu, the Deputy Speaker of House of Representatives, and others.
“I don’t want to believe that the respected and most prominent largest group in the world is talking of the same Umahi that the House of Representatives c]Committee on Federal Roads Maintenance Agency (FERMA) heavily lambasted over the deplorable state of the existing roads across Nigeria.
A frontline governorship aspirant and philanthropist, Otunba Emmanuel Fayose has extended felicitations to Christians in Nigeria on the occasion of Christmas and New Year celebrations.
In a statement yesterday Otunba Fayose also lamented the developmental deficit in
his home state of Ekiti with an assurance to the people that hope is on the horizon.
Otunba Fayose called on Christians in the country to imbibe the lessons and spirit of the season, which he said is service to humanity.
He said: “I am using the
opportunity of the yuletide season to urge our Christian brothers and sisters as well as all Nigerians irrespective of tribe and religion to imbibe the spirit of love and service to humanity.
“Just like Jesus Christ who sacrificed himself for mankind, we as citizens of Nigeria must always look out for one another in love and sacrifice in our collective efforts to make our country great in the comity of nations.” Turning to Ekiti State, he said: “It is, however, unfortunate that the state has become an underachiever despite its numerous human and material resources.
Rivers State Governor, Siminalayi Fubara, has advised traditional rulers in the state to partner the government to promote peace and ensure that lives and property are protected in their domains.
Governor Fubara gave the advice
yesterday during the presentation of Staff of Office and Certificates of Recognition to four newly recognised traditional rulers at the Government House in Port Harcourt.
The recognised monarchs include HRM Winston Odize Alamina Oputibeya XII, as the Amanyanabo of Koniju in Okrika
Local Government Area; HRM Eze Noble Friday Uwoh as the Eze Igbu-Ehuda (Ahoada) IV in Ahoada-East LGA; HRH Prince Ike Ehie as the Eze Igbu Orilukwoe in Ahoada- East LGA; and HRH Alhaji Mujahid Dokubo-Asari as the Amanyanabo of Torusarama Piri in Degema LGA.
Congratulating the four monarchs for the recognition, Fubara urged them not to see their new positions as tool for personal aggrandizement, rather they should see it as a call for service and responsibility to help government protect lives and property in their respective domains.
Hammed
Shittu in Ilorin
The Executive Director of Foundation for Peace Professionals (PeacePro), Abdulrazaq Hamzat, has said that in the past years, countries such as Mali, Burkina Faso, Guinea, Ivory Coast, Chad, Niger and Senegal have taken
historic steps in asserting their sovereignty by reducing foreign military presence or discussing plans to do so.
Hamzat, however, said that the developments are significant as they signal a growing movement across the continent aimed at promoting African-led security
solutions and reducing external military interference.
A statement issued in Ilorin yesterday by the group, which was signed personally by Hamzat, noted that in the context of Africa’s growing movement toward demilitarization, the countries of Djibouti, Somalia, and Kenya
hold particular significance due to their prominent roles as hosts of major foreign military bases; and as part of PeacePro’s advocacy for reducing foreign military influence across the continent, the prioritisation of these countries in the demilitarization effort is critical.
Alhaji Mujahid Abubakr Dokubo-Asari ,Dabaye Amakiri 1, yesterday formally received the staff of office as the Amanyanabo of the Source (Elem Kalabari) from Governor Siminlayi Fubara of Rivers State. Elem Kalabari renowned
as the cradle of Kalabari development, holds a revered place in the annals of Kalabari history and socio-political development. As the first settlement of the founding fathers of the Kalabari Kingdom, it served as the genesis of the kingdom’s growth, preceding the dispersion of its people into present-day settlements.
During the ceremony held at the government house in Port Harcourt, Da-Amakiri Tubo Dokubo-Asari, expressed his profound gratitude to Governor
Fubara for the esteemed honour bestowed upon him. He pledged to utilise his position to foster and promote the social, cultural, and economic growth of the Kalabari Kingdom, ensuring the well-being and prosperity of his people.
Duro Ikhazuagbe
After claiming a precious silver at the last Africa Cup of Nations in Abidjan, Côte d’Ivoire last February, Nigeria’s Super Eagles will have to wait till December of this new year starting today before making another attempt at gunning for the trophy of the tournament to be held in Morocco. The AFCON 2025 will definitely cap Eagles year performance.
But the real deal will be Nigeria’s performance in the 2026 FIFA World Cup qualification resuming in March. Irrespective of whatever gains recorded at both the AFCON 2025 in Morocco and the African Nations Championship to be jointly staged by Tanzania, Kenya and Uganda between February 1 and 28, Nigeria must qualify for the Mundial to be jointly hosted by USA, Canada and Mexico. Based on the fact that Nigeria missed the last edition of the Mundial hosted by Qatar, the Super Eagles will certainly not want another failed attempt at qualification for the World Cup.
However, Nigeria’s campaign has not been good with the Super Eagles languishing in the fifth place with the three front runners, namely, South Africa, Rwanda and Benin Republic all on seven points each. The team in the fourth placed, Lesotho, on five points are two better than Nigeria! This is the mountain standing between the Super Eagles and grabbing the Group G sole ticket to join the rest eight other automatic qualifiers from the continent.
With six match-days yet to be played, incurable optimistic Nigerian ball fans, still believe that all is not lost yet so long as the Super Eagles are able to win all their remaining six matches. And so, as the home-based Eagles kickoff the 2025 football season for Nigeria with the CHAN in East Africa, March will stroll in with Austin Eguavoen and his Eagles praying for good luck with
the trip to Rwanda and at home to Zimbabwe. These two matches will set the tone of what to expect in the remaining four games in the 2026 World Cup qualification battles.
Already, the Nigeria Football Federation (NFF) has assured Nigerians that the task to get the World Cup qualification back on track has began.
“Our commitment is to see how we can cobble back that Super Eagles squad that did the nation proud at the AFCON in Cote d’Ivoire, coming within 23 minutes of lifting the trophy. If we can find a way to do that, we can be sure that the target of
winning the six remaining matches in the qualifiers to gain automatic qualification to the World Cup is
“Getting that FIFA World Cup ticket will set the momentum for
a sterling outing at the AFCON in Morocco later in the year,” stressed the President of the Federation, Ibrahim Musa Gusau while projecting expectations in the new year.
Although speculations of plans by the National Sports Commission to set up a Presidential Committee to assist the NFF in ensuring the qualification of Nigeria for the Mundial has been on, nothing concrete has been seen to show such moves.
What however is benumbing to many ball fans in the country is how Super Eagles fluffed opportunities to take commanding position in the
group having Rwanda, Benin Republic, Lesotho, Zimbabwe and South Africa?
A stroll into history shows that the Eagles have been struggling long before Finidi George took charge and got fired after just two competitive games. The three-time African champions have been winless in their first four matches in Group G with the 2-1 loss to Benin Republic last time out following three consecutive draws.
Overall, the Super Eagles are winless in their past seven World Cup Qualifiers, a remarkable drought that stretches back to November 2021.
Basketball Promoter and Initiator of Mark D' Ball Basketball Championship, Mr. Igoche Mark, has expressed optimism in Nigerian sports sector in the new year with the coming onboard of the National Sports Commission; as he thanked President Bola Tinubu for demonstrating a steadfast commitment to revitalizing Nigeria's sports economy.
In his 2025 New Year Message on Tuesday titled: “A New Dawn for Nigerian Sports in 2025”, Mark emphasised that the National Sports Commission (NSC) must learn from past mistakes and avoid the ineffective practices that have hindered progress in the sector especially with the allocation of over N78 billion in the 2025 budget specifically for sports development
As the world welcomes the year 2025, a wave of optimism is sweeping through the Nigerian sports community, fueled by the establishment of the National Sports Commission. This pivotal development marks a significant turning point in the nation's sports framework, with President Bola
Ahmed Tinubu at the helm, demonstrating a steadfast commitment to revitalizing Nigeria's sports economy.
In a bold move, the Nigerian government has allocated over N78 billion in the 2025 budget specifically for sports develop-
ment. This substantial investment is a clear indication of the administration's dedication to advancing sports in the country.
However, as Igoche Mark, a prominent basketball promoter and the initiator of the Mark D' Ball Basketball Championship, emphasizes, the NSC must learn from past mistakes and avoid the ineffective practices that have hindered progress in the sector. Mark calls upon sports administrators to adopt a governance framework that prioritises professionalism and accountability within the various sports federations. “The current landscape is fraught with challenges, as many federations, including the Nigeria Football Federation (NFF), the Nigeria Basketball Federation (NBBF), and the Athletics Federation of Nigeria (AFN), are plagued by internal conflicts and leadership issues,” stressed Mark while urging the NSC to address these problems shouldif it hopes to succeed in its mission.
As Nigeria gears up for the next FIFA World Cup, Mark urges the
NSC to cleanse the federations of ineffective leadership. He warns that without critical reforms, the commission risks becoming a monumental failure, jeopardizing the future of sports in Nigeria. To the athletes, Mark offers encouragement, urging them to seize the opportunities presented by the new sports framework. With the right support and infrastructure in place, he believes that Nigerian athletes can shine on the global stage and bring pride to the nation.
Mark also reaches out to the passionate fans of Nigerian sports, asking them to continue their unwavering support for athletes and teams. "The energy and enthusiasm of fans serve as a vital source of motivation for athletes striving for success." Reflecting on the journey ahead, Mark quotes the inspiring words of Nelson Mandela: "The greatest glory in living lies not in never falling, but in rising every time we fall." He calls on all stakeholders to rise to the challenge of transforming Nigerian sports, making 2025 a year to remember.
“I am an incurable optimist about Nigeria. And we have a great country. And where we are is not where God wants us to be. And I believe that sooner than later, we will get to where God wants us to be. God wants Nigeria to be a land flowing with milk and honey, not a desert, not a basket case, not a failed country. I believe God has great things for Nigeria in the immediate future” --Former President Olusegun Obasanjo, encourages Nigerians not to lose hope, concerning the country.
Although the Tinubu Administration’s midterm is five months away, President Bola Ahmed Tinubu can proudly reflect on his administration’s journey over the last 19 months. After initial turbulence, the government concluded 2024 stronger than 2023, as many policies began yielding significant results that even the most ardent detractors could not ignore.
Under President Tinubu’s leadership, NNPC Limited has fixed two of the four state-owned oil refineries, achieving what many had cynically regarded as improbable. The administration’s efforts have led to a rise in crude oil production, with an expected inflow of more dollars into the Federation Account and remarkable accretion into the foreign reserves. The government remains focused on gas development, attracting investors’ interest. Dollars have flowed into the country through fresh investments in several sectors. The administration created an innovative Ministry of Livestock Development to unlock the previously untapped potential in animal husbandry, steering the country from tragedy to opportunity.
The lucrative stock market ended the year on a high note, breaking its initial record under the Tinubu presidency. The All Share Index hit over 103,000 from 55,738 on May 30 2023. Market capitalisation is over N63 Trillion. In the last 19 months, local and foreign investors have invested unprecedented amounts in the market.
The government is also expanding the national road infrastructure stock by building legacy superhighways from Lagos to Calabar and Sokoto to Badagry.
The administration’s successful euro bond issuance of $2.2 billion notably attracted over $9 billion in interest, while a domestic dollar bond of $500 million was oversubscribed. These developments indicate confidence in the Nigerian economy.
Revenue generation has increased, and all tiers of government received more funds to spend on the welfare of Nigerians, including the 774 local councils that recently won financial autonomy. November and December 2024 proved especially remarkable. Shell and Partners announced an estimated $5 billion investment in the Bonga North oil field. Brazil’s JSB, one of the world’s leading integrated livestock companies, announced a $2.5 billion investment in livestock development in Nigeria, with some officials flying into
the country to actualise the pledge. Fuel prices began to decrease amid competition from local refineries, supporting President Tinubu’s belief that market forces would lower the prices of consumer goods to benefit Nigerians. For the first time in our history, the proposed 2025 budget included no provision for a fuel subsidy. There was no scarcity, too. Instead, the government has proposed more funds for capital expenditure, health, education, and national security in the record-breaking N49.7 trillion budget. Critics remain silent as positive indicators continue to emerge.
Not an accidental president, Tinubu took office on May 29, 2023, with a clear vision for Nigeria: to renew hope through a programme of action to foster economic diversification, stability, and prosperity and build a trillion-dollar economy. He has implemented many of his campaign promises and those in his Renewed Hope Agenda.
Although unintended consequences have emerged, temporarily affecting the wellbeing of all Nigerians, the administration is working hard to ameliorate the burden on the masses.
President Tinubu consistently implements reforms, daring to confront headlong the country’s many hydra-headed socioeconomic problems and committing to the transformative change the country urgently requires. Posterity will be kind to him and remember his era as a reformminded leader.
Positive signs continue to emerge: apart from declining fuel prices, the country recorded foreign trade surpluses for three consecutive quarters, foreign reserves are rising, and the Naira is gaining strength against the US dollar.
One notable achievement of President Tinubu’s tenure is fulfilling his promise to implement a student loan programme. This initiative financially supports students, ensuring that higher education is accessible to all, regardless of economic background. Investing in the education sector, the administration aims to empower the youth and equip them with the skills needed for Nigeria’s future growth.
In addition to the student loan scheme, President Tinubu has advanced the consumer credit initiative, another campaign promise, and plans to deepen it in the first quarter of 2025. Promoting access to credit is part of the administration’s broader strategy to stimulate consumption, drive entrepreneurship, and boost the domestic economy.
On his first day in office, President Tinubu decisively eliminated the fuel subsidy, which had long burdened Nigeria’s economy. While the initial removal triggered higher fuel prices, the market is now experiencing a downward trend. This development illustrates the administration’s commitment to marketdriven pricing and economic efficiency, which should benefit public investment in critical sectors in the long term.
The administration introduced electric vehicles and Compressed Natural Gas (CNG) as alternatives to reduce Nigerian dependency on petrol. In the past 12 months, more Nigerians have converted their vehicles to CNG, spurred by government and private sector investment. A new industry is gradually unfolding, creating new jobs along the value chain whilst promoting a cleaner environment.
Another bold economic reform was unifying Nigeria’s multiple exchange rates, which previously caused economic distortion, criminal arbitrage, and speculation. Following an initial depreciation, the Naira has stabilised against the US dollar, reflecting increased investor confidence and a more transparent foreign exchange policy.
Investment inflows further testify to the positive impact of President Tinubu’s policies. The oil, gas, and solid minerals industries are experiencing renewed interest and investment. These sectors are crucial for enhancing Nigeria’s export capacity
and creating jobs, thus driving economic diversification and growth. Moreover, Nigeria’s foreign reserves have shown a promising increase, bolstered by improved trade balances and strategic monetary and fiscal management.
Looking ahead to 2025, President Tinubu plans to introduce what could be his most transformative reform yet—tax restructuring. With four bills before the National Assembly, the proposed reform seeks to streamline tax systems and administration in Nigeria to promote better investment and a friendly business climate.
Under the proposed tax reform, lowincome earners under the minimum wage bracket and small businesses within a certain threshold will be exempt from paying taxes. The administration’s mantra is that taxes should focus on prosperity, not people’s or businesses’ hardships. The government focuses on expanding the tax net, making taxes less burdensome to taxpayers, and getting wealthy people to pay their fair share. This progressive approach reflects the administration’s commitment to equity and fiscal sustainability.
However, the road to reform does not come without challenges. President Tinubu faces resistance, particularly from politicians and tax evaders who have expressed concerns about the implications of the changes that will come with reforming our tax systems. President Tinubu, who is not oblivious to the pushback, has said he is willing to make necessary adjustments, as democracy is about negotiations, give and take.
President Tinubu’s administration has demonstrated firm determination over the last 19 months to succeed against all odds and reposition the economy for better performance.
While challenges remain, especially with food inflation, President Tinubu’s leadership has shown a proactive and committed approach to addressing these issues. The administration’s trajectory suggests a path toward Nigeria’s economic stability and social development. Though it is not midterm for the administration, realising a prosperous and equitable country looks promising and achievable. The Tinubu administration is undoubtedly steadfast in its resolve to improve Nigeria, and it’s on course to achieve all the campaign promises to the people.
•Onanuga is the Special Adviser on Information and Strategy to President Tinubu