SUNDAY 13TH JANUARY 2025

$225M Debt: GHL Disputes FBN’s Claims, Insists It’s Not Indebted to the Bank

Declares financial firm scheming to take over company as moratorium subsists pending commercial oil production Accuses FBN of fraudulently obtaining order freezing bank accounts Dismisses allegation of diversion as wicked, malicious, false, injurious and

Alex Enumah in Abuja

Contrary to claims of alleged debt to First Bank of Nigeria (FBN) Plc, the management of the General Hydrocarbons Limited (GHL), has disputed any such claims, insisting it was not indebted to the bank let

in the sum of $225 million. Setting the record straight, GHL, which cited several agreements between it and FBN, explained that

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Archbishop Kaigama: Tinubu Needs to Match Message of Hope with Actions

Insists Maitama Church stampede not

Obasanjo: How Abacha Rebuffed Efforts By Carter, Others to Secure My Freedom

In an emotional tribute to ex-United States President Jimmy Carter, who died recently at the age of 100, former Nigerian President Olusegun Obasanjo, yesterday, recalled how the late American leader and other respected world leaders met with former military dictator, Gen. Sani Abacha, to try to secure his release from detention.

Obasanjo said in spite of the interventions, Abacha remained unbending and reneged on some of the understanding he had with them.

Carter, the longest-lived president of the United States and the first to reach the age of 100, died on December 29 last year.

Abacha, who died on June 8, 1998, had tried and convicted Obasanjo on what turned out to be trumped-up charges of planning a coup. But Obasanjo’s initial death sentence was commuted to life imprisonment.

BONDS FOR A GREATER AFRICA’...

James Sowole in Abeokuta

Onyebuchi Ezigbo in Abuja Catholic Archbishop of the Abuja,

FG Bans Homosexuality, Cross-dressing in Military, in Revised Terms for Forces

Linus Aleke in Abuja

The federal government has prohibited personnel of the Nigerian military from engaging in homosexuality, bestiality, cross-dressing, and other behaviours that contravene the revised Harmonised Armed Forces Terms and Conditions of Service (HAFCTCS).

HAFCTCS 2024, which was signed by President Bola Tinubu on December 16, 2024, also barred military personnel

from body piercing, tattooing, drunkenness, disorderly conduct, and other forms of public misconduct. The prohibitions were aimed at reinforcing discipline within the armed forces.

According to HAFCTCS, “An officer must not engage in homosexuality, lesbianism, and bestiality. He/she is not to belong to, or engage in activities of the Lesbian, Gay, Bisexual, Transgender, Queer or Questioning, Intersex,

Asexual or Agender, TwoSpirit (LGBTQIA2S+) group and cross-dressing, amongst others."

Military personnel were also forbidden from entering into amorous relationships with subordinates or their spouses.

The legal instrument specifically highlighted the importance of maintaining professional boundaries.

It stated, “An officer shall not engage in any amorous relationship with any soldier,

rating, airman, airwoman, or their spouses."

According to the revised terms and condition of service, other key regulations include the obligation for personnel to fulfil financial obligations, such as vehicle licensing and insurance on time. It stressed that failure to do so will be considered a serious offence, just like the issuance of dud cheques.

The revised terms also banned officers from joining

secret societies or political parties.

It stated, "An officer shall not hold membership of any secret society or political party. He shall not participate, in any way, in activities concerned with such societies or parties even in observatory capacities.”

Military personnel were equally restricted from engaging in private businesses or misusing government property for

OBASANJO: HOW ABACHA REBUFFED EFFORTS BY CARTER, OTHERS TO SECURE MY FREEDOM

Due to Obasanjo’s global rating and recognition, he had many world leaders intervening on his behalf.

Highlighting the efforts to secure his freedom, Obasanjo said he could never forget Carter. He said apart from being one of his foreign friends, who stuck their necks out to save his life and seek his release from prison, Carter’s activities as US president and after he left office, for humanity and Africa, in particular, were unprecedented.

Obasanjo read the tribute, titled, "Jimmy Carter: The Departure of a Titan,” at a memorial service held in honour of the late American president at the Chapel of Christ The Glorious King, Olusegun Obasanjo Presidential Library, Abeokuta.

Obasanjo described Carter as a humble and selfless man.

The former Nigerian president stated, “But why should I decide to have a service in memory of an American president who lived and died almost 5,000 miles away?

“It is because he was a great world leader, he was a righteous man whose righteousness spread over the whole world. He was a lover of humanity, a man of God, and a great and true friend of mine.

"In terms of early life background, I shared similarity with President Jimmy Carter. He was born into a farming family in Plains, Georgia, and I was born into a farming family in rural village of Ibogun-Olaogun in Ogun State.

“He grew up under a father and mother who were disciplinarians, who instilled in him the essence of discipline, morality, hard work, integrity, kindness and humility, compassion for the poor "In the evenings of our lives,

Referencing a January 10/11 publications in the media, including the social media wherein a "Federal High Court in Lagos was reported to have frozen the accounts of GHL in all financial institutions in Nigeria and restrained the banks from releasing funds to the company owned by Mr. Nduka Obaigbena, the Chairman of THISDAY/ARISE Media Group

“over alleged outstanding indebtness amounting to $225,802,379.79m to First Bank", GHL's Director of Strategy and Operations, Abdelmuizz Bello, stressed that the claims of FBN were untrue and misleading.

While further putting the record straight, Bello recalled how the oil firm entered into a legally binding, enforceable Subrogation Agreement with First Bank on May 29, 2021. By the terms of the agreement, FBN was to fund GHL’s exploration, production and development of OML 120 in exchange for sharing profit from oil proceeds from the OML in a 50:50 ratio after statutory payments and taxes over 8 years.

Bello explained that the FBN 50% share would then be used to pay down its non-performing loans of about $718 million, which was discounted to $600m to resolve its solvency issues therefrom.

"In its quest to stay afloat, the FBN loan was sold at $600million as an Eligible Banking Asset (EBA), with comfort from GHL. The FBN then collected the cash from Assets Management Company of Nigeria

I became a victim of a militarist man – Sani Abacha – who wanted to rule Nigeria perpetually, till the end of his life.”

Obasanjo highlighted the former American president’s role in the attempt to get him out of prison.

He said, "President Carter was one of my foreign friends, who stuck their necks out to save my life and to seek my release from prison.

“On President Carter’s visit to Nigeria, he got Abacha to agree to take me from detention to house arrest on my farm. But that did not last for too long.

"Many other friends and leaders intervened but President Carter was the only non-African leader, according to my information, that paid a visit to Abacha solely to plead for my release.

"I would remain ever grateful to all who worked for my release from Abacha’s gulag. Abacha ensured that I would not be released.

“Within a week of his death though, I was released by his successor, General Abdulsalami Abubakar, who also facilitated my going round Africa and the rest of the world to thank all those who worked for my release.

"In the US, I called on President Jimmy Carter who told me all the efforts he made with other leaders and Abacha remaining unyielding for my release.

“But the most surprising thing Carter said to me was, 'Please, see Ted Turner and thank him for his generosity. He came to me and asked me to get his friend, Obasanjo, released from prison. I will take care of him and his family here or wherever he chooses to live.’

"I was touched and moved to

(AMCON) with which they rebuilt the bank without meeting GHL's needs.

"The FBN non-performing loan arose from FBN’s unsecured and reckless lending to Atlantic Energy under separate Strategic Alliance arrangements, in which GHL had no nexus to or connection with.

“The agreements made it clear that the Non-Performing Loan had nothing to do with GHL beyond the fact that 50% of profits from OML 120 due to FBN under the Subrogation Agreement will be used by FBN to settle the hole created in its books by the Non-Performing Loan (NPL).

“For clarity, Atlantic Energy operated OMLs 26, 30, 34 and 42 – very different from GHL’s OML 120," he said.

The Director of Strategy and Operations at GHL claimed that the agreements signed with the oil company enabled FBN to return to good standing because instead of declaring a loan loss of N302Bn at the then exchange rate, the signing of the Tripartite agreement with GHL enabled FBN to declare a profit of N151Bn ($377.5million) for the year ending December 31, 2021.

Bello stated that GHL signed the agreement trusting and believing that the FBN was a bank with integrity, and would comply and continue to comply with its obligation to fund OML 120.

Certain that FBN’s failure and refusal to do the needful might have opened a challenge to its

tears. I immediately went to Ted, who expressed to me the same sentiment that President Carter expressed. He proved his generosity and I kept going back to President Carter anytime I could spare to express my gratitude to him. For

me, I would miss a great and true friend, but I know we shall meet again in Paradise."

In his sermon at the memorial service, President of the Nigerian Baptist Convention, Rev. Israel Akanji, who underlined some of

the tributes of world leaders to Carter, said the late president did not allow his humble background to leave him till death.

Making reference to the story of the Good Samaritan in the Holy Bible, in Luke 10, Akanji described

NEEDS TO MATCH MESSAGE OF HOPE WITH ACTIONS

21, 2024 palliatives distribution stampede, Kaigama hailed President Bola Tinubu's New Year message of hope to Nigerians.

He said that the president's prayer and wish for a better life for the citizens was very heart-warming.

However, Kaigama said that what remains is for the president's promises to be translated into concrete action and for positive results to come out it.

"We started the new year with a very heartwarming broadcast by President Tinubu. The only broadcast that I enjoyed since he became president because it was quite positive.

"He says he was wishing every Nigerian a happy and prosperous new year. That is coming directly from Mr. President. He was praying also that the year will bring joy, success and good health.

"He said, although 2024 posed numerous challenges to our citizens and households, in 2025, his government is committed to intensifying efforts to boost food production.

"And he continued that inflation will be reduced from its current high of 34.6 percent to 15 percent. That is coming from our president. Is that not positive? It's positive.

" Let's pray and hope that this is translated into concrete reality. It's not just about a speech, but about

audited financial statement, the oil firm wondered that, "given its non-compliance with conditions precedent for its return to profitability, could those profits remain valid? And were investors in its current rights issues duly informed?”

Bello also recalled that FBN’s market capitalisation before the agreement was N256.6Bn, adding that had it declared a loss of N302Bn, the bank would have had a negative capital of N46Bn.

"FBN then immediately realised profitability from GHL’s subrogation agreement. GHL signed the agreement believing and trusting that the FBN as a bank with integrity would comply and continue to comply with its obligations to fund OML 120.

“But it has clearly not done so. Following the agreements with GHL, FBN’s market capitalisation of N256.6Bn, more than tripled to over N900Bn as of 30th November 2024," he said.

Meanwhile, the director stated that GHL’s grouse with FBN was its failure to meet its agreed and executed financial commitments, which GHL had believed would be made, when it signed the agreement resulting in critical challenges for the development of OML 120.

According to him, although FBN had disbursed $185million, the way and manner of the disbursement which was agreed to be 5 days after funding request, sometimes lasted up to 70 days after funding request.

This, GHL stated, led to a situation

how it is translated concretely into practice," said Kaigama.

The archbishop said he wished the president will be committed to doing what he said he will do during the New Year broadcast.

"That is my prayer. And please join me in this prayer that this will happen and it must happen," Kaigama said.

Regarding the fatal incident that occurred during the distribution of food items to the less privileged last December at the Holy Trinity Church in Maitama-Abuja, Kaigama said it has nothing to do with negligence on the part of church. He said the event witnessed an unprecedented turnout of about 5,000 needy and vulnerable persons.

According to Kaigama, the large crowd outside the church premises created pressure and panic which led to a struggle as individuals scrambled to gain entry through the church gate, thus resulting in the fatalities and injuries

Kaigama insisted that blame should not be heaped on the Church, saying that: "Certainly, due to the heightened economic hardship affecting many families in the country. It was never because we were negligent that they came. It was because they were hungry that they came.

He added: "Their hunger is not the fault of the Catholic Church. If

where service providers led by Schlumberger, Baker Hughes and Century, that were supposed to be paid at the same time for various interventions were paid sporadically at different times.

The situation, it explained, resulted in massive losses in day rates and downtimes, leading to inefficiencies and losses of over $147 million, including an arbitration award to one of the service providers.

On the alleged diversion of funds, Bello revealed that contrary to the claims of FBN, its credit and risk team verified and approved all contracts and invoices due to the contractors engaged for the development and operations of the oil mining lease and made payments directly to these contractors and service providers.

"The allegations of a diversion of the monies advanced to GHL are therefore befuddling and without merit as payment were made by FBN directly to service providers after vetting and approval by its credit and risk teams.

“At the end of the day, FBN became a conflicted lender, risk manager and operator at the same time, when it got involved in vetting, approving and paying all invoices. At the same time, FBN also approved and later appointed a CFO for GHL, taking full responsibility for all financial disbursements.

"It is important to also mention that the oil block is over 75 kilometres offshore Nigeria, with a Floating Production Storage and Offloading

you are looking for a culprit, please cast your eyes elsewhere. Certainly not the Catholic Church.

"No one, I repeat, no one should be allowed to die a needless death just struggling for what to eat. Is it not shameful that we shall say in the future and in history that people died here simply struggling for what to eat?

“Is it not a shame to the nation?

And when the international community hears about it, they also wonder what is happening to Nigeria with our huge and vast human and natural resources," he said.

The archbishop assured that the church will take adequate proactive measures to ensure that such an ugly incident doesn't happen again in the future.

He also tried to shore up the morale of the priests and members of the St. Vincent De Paul who handled the palliatives distribution by declaring them the heroes of the church.

Going forward, Kaigama also urged the government to show more collaboration with the church and other faith-based organisations in providing help to the poor and the needy in the society.

He specifically admonished the Minister of the Federal Capital Territory (FCT), Nyesom Wike, to

(FPSO) that requires transportation and logistics support with over 250 personnel on the FPSO and the associated submersible rig.

“This has involved heavy logistics planning with over 500 helicopter sorties, engagement of platform supply vessels, security vessels, mooring vessels, etc., which were provided daily over the course of the last 40 months. All these expenditures, including food, were vetted, approved and paid directly by FBN’s credit and risk teams.

"In view of the approval process for the funds put in place by FBN, and the payment made directly to contractors and service providers, the allegation of diversion contained in some publications is therefore wicked, malicious, false, injurious and libellous," he said.

Furthermore, GHL maintained that the disbursed loan of $185million was not due for repayment since the loan was still within the moratorium period as per the Facility and Tripartite Agreements.

According to Bello, "The loan is only due when there are profits to be shared 50:50 from commercial oil production. Clearly, there is need for much more money, which FBN has refused to provide.

“Instead of performing its role as a lender, who was saved from the abyss, FBN is trying to bully and force GHL out of the transaction and take over the oil bloc, using its directors and other proxies with this clearly induced crisis."

Carter as a compassionate person, who believed in the philosophy of, "What is mine is yours if you need." He called on leaders to be compassionate and not fold their arms and feel unconcerned about the welfare of people.

find a way of collaborating with the Catholic Church in the effort to assist the poor and save the lives of the needy ones.

Kaigama said he is eager to have audience with Wike to share ideas with him on how the FCT can collaborate with the church to make life better the inhabitants of the Capital city. The FCT Minister who was represented by one of his Aides expressed solidarity with the Catholic Church.

Also, a representative of the FCT Police Commissioner said the Police Force has learnt from the last December incident and is to ensure there is no repeat in future.

Speaking in the same vein, the Assistant Inspector General of Police in-charge of Zone 7 in Abuja, AIG Ben Igwe said both the church and the security agents have learnt enough lessons from the December incident and are prepared to not to allow a reoccurrence.

Ten people died and 11 injured during the distribution of food items and other basic items at the Catholic Church in Maitama-Abuja last December.

The memorial church service witnessed large turn-out of people including, church members, government functionaries and foreign diplomats. personal gain. The document further warned that actions that bring discredit to the armed forces will not be tolerated.

In addition, Bello pointed out that First Bank did not make any demand for repayment of the facilities until after they recently lost in court, because they knew that the loan was not due for repayment.

"Clearly, FBN is either illiquid, unable or unwilling to fund the project as agreed after they had made profits upfront.

"GHL is seeking to exercise its options under the agreement to find new lenders and partners that can be efficient and cost-effective to save the project for Nigeria, should FBN remain intransigent.

“The Subrogation Agreement contains a clause that allows GHL to seek for alternative financing in the likelihood FBN is unable to provide such financing.

"Following FBN’s non-performance under the terms of the Subrogation Agreement, GHL was left with no option but to approach the Court to seek injunctive reliefs and protective orders to secure its commercial and economic interests and find resolution via arbitration," the firm claimed.

He further disclosed that GHL had approached the Federal High Court and after arguments by both sides, obtained the following injunctions against First Bank on December 12, 2024:

"An Order restraining FBN from obstructing or preventing GHL from obtaining or securing loan facilities or

Tinubu

COURTESY VISIT BY 2025 JCI NIGERIA EXECUTIVE TO MINISTER...

WEF: World’s Collective Security System Under Severe Pressure

UN Security Council unable to mandate new peacekeeping operation since 2014 Passed least number of resolutions in 2023

Ndubuisi Francis in Abuja

The world’s collective security system is under severe pressure from geopolitical tensions, the World Economic Forum (WEF) has warned, admonishing that amid increasing global disorder, leaders must find new ways to cooperate.

In its just-released "The Global Cooperation Barometer 2025", the Forum observed that cooperation on global peace and security has deteriorated with increased conflicts and the high number of forcibly displaced people serving as prominent challenges.

$2.58m,

According to the report, the world’s collective security system is under severe pressure from geopolitical divides, with actors unable to prevent or end conflict, adding that levels of conflict and the attendant humanitarian crises increased to record levels in the

past year. It stressed that multilateral institutions which were created to prevent and resolve conflicts have largely been unable to do so in recent years.

The result, the report noted, was the continued increase in conflicts in 2023, with the continued deterioration of security, including but not limited to the Middle East, Russia-Ukraine and

Sudan, and a significant increase in the number of forcibly displaced people, estimated at more than 118 million in 2023 and over 122 million as of 2024.

"Actions by the UN, such as new or augmented peacekeeping missions or resolutions from the UN Security Council, have been largely confined to humanitarian assistance rather than peace-making.

N276m Debts: Nova Bank Asks Court to Wind Up Sunrise Products

Wale Igbintade

Nova Commercial Bank has petitioned the Federal High Court in Lagos, requesting an order to wind up Sunrise Products Ltd for failing to pay a debt of $2,587,891.21 and N276,567,150.63 allegedly owed to the bank.

The bank claims that Sunrise Products Ltd is bankrupt and, despite repeated demands and the statutory three-week notice required under the Companies and Allied Matters Act (CAMA), the debtor has failed to settle the outstanding debt.

The petition was filed on December

19, 2024, by the bank's lawyer, Mr. Kemi Balogun (SAN), under case number FHC/L/CP/2357/24.

In the petition, Nova Bank is seeking permission to publish the winding-up petition in the Federal Government Official Gazette, a national daily newspaper, and other local publications circulating in Lagos State, where the respondent’s registered office is located, in accordance with the Companies Winding-up Rules of 2001. Nova Bank also informed the court that there is a significant risk that Sunrise Products Ltd may dissipate and dispose of its assets

within the jurisdiction, which could undermine any potential judgment in the bank’s favor.

As a result, the bank has filed a motion seeking to protect the debtor’s assets by joining the Central Securities Clearing System (CSCS) Plc and 21 other banks as respondents.

In its motion, Nova Bank seeks several orders, including the appointment of the Deputy Chief Registrar of the Federal High Court, Lagos, as a provisional liquidator to oversee the company’s affairs pending the winding-up order.

Some of the orders sought include:

"An interlocutory injunction to prevent the respondent, its directors, staff, and agents from withdrawing or tampering with the company’s funds in the listed banks.

"An order restraining the respondent from dissipating, transferring, or alienating its fixed and movable assets.

"An order requiring the CSCS and the 21 respondent banks to disclose, within five days, details of the respondent’s assets, funds, real estate, and other financial instruments worth the sum of $2,587,891.21 and N276,567,150.63, representing the outstanding debt."

Malaria: IMPACT Commences

Revitalisation of 58 PHCs in Nasarawa

Igbawase Ukumba in Lafia

The Immunisation Plus and Malaria Progress by Accelerating Coverage and Transforming Service (IMPACT) has commenced the revitalisation of 58 primary healthcare facilities in Nasarawa State to strengthen access to healthcare services in the state.

Project Manager of the IMPACT in Nasarawa State, Adamu YakubuOhagenyi, disclosed this Friday at a one-day IMPACT project stakeholders' engagement for improved health care outcome in Akwanga Local Government Areas of Nasarawa State. He said the gesture is in collaboration with the state government through the Primary Healthcare Development Agency, supported by the World Bank.

Ohagenyi said the revitalisation and upgrade of the 58 facilities across the 13 local government areas of the state will be accomplished within a space of six weeks. He also revealed that the IMPACT and partners are also building the capacity of health workers through training and enhanced incentives to enable it meet its target of reducing both maternal and infant mortality while also scaling down malaria infection threat through immunization and other interventions.

The project manager added that IMPACT will also empower the PHCs to engage more health workers who will be moblised to go to all the nook and crannies of the state through outreaches, home visits to make sure that citizens of

the state access health services.

"So far, we are strengthening the health care system by making sure that health workers especially at PHC level have the capacity to provide the much-needed services to the people as required of them by building their capacity. We have also bought some equipments for the basic health facilities and currently we have commenced the revitalisation and upgrading of the 58 PHCs facilities across the state," he explained.

He however said despite the ongoing efforts to ride the state of diseases and child birth complications, the citizens are reluctant to visit healthcare facilities and access medicare.

He said because of this attitude, IMPACT and partners decided to put

together a stakeholders’ meeting which include traditional rulers, leadership of the National Council of Women Society and religious leaders among others, to help sensitise citizens on the need to visit health facilities located near them to access medicare.

Also speaking at the occasion, the Permanent Secretary in the Nasarawa State Ministry of Health, Dr. John Ali Damian, said the state government has made significant progress in dealing with the malaria challenge through effective control but noted that total eradication of the disease has been difficult.

For the maternal and child mortality rate, the Permanent Secretary noted significant progress has also been made through sustained efforts by the state government and partners.

"Notably, the Security Council has not mandated a new peacekeeping operation since 2014. Instead, there has been a shift towards regionally led peace operations.

"Recent analysis by the International Peace Institute found that cooperative actions in peace and security decreased the most among several domains of the multilateral system,with the Security Council passing fewer resolutions in 2023 than in any year since 2013," it said.

The Global Cooperation Barometer is structured along five dimensions of global connection, including trade and capital, innovation and technology, climate and natural capital, health and wellness, as well as peace and security.

As the world transitions from what had been a stable post-Cold War global order to a new, more unsettled and unpredictable period, the report stated that political and geopolitical turbulence has the potential to degrade global cooperative efforts, adding that it does not need to.

The new Global Cooperation Barometer revealed that the world is currently grappling with heightened

competition and conflict, while also identifying various areas where leaders can drive progress through innovative collaboration.

Released amid geopolitical, technological and sociopolitical upheaval, the Global Cooperation Barometer 2025 was developed in collaboration with McKinsey & Company, uses 41 indicators to measure the current state of global cooperation.

The aim is to offer leaders a tool to better understand the contours of cooperation broadly and along five pillars: trade and capital flows, innovation and technology, climate and natural capital, health and wellness, and peace and security.

President and CEO of the World Economic Forum, Børge Brende said, “The Barometer is being released at a moment of great global instability and at a time when many new governments are developing agendas for the year, and their terms, ahead.

“What the Barometer shows is that cooperation is not only essential to address crucial economic, environmental and technological challenges, it is possible within today’s more turbulent context.”

Cashless Tolling Commences on MarkurdiKeffi-Akwanga-LafiaRoad Thursday

Adedayo Akinwale in Abuja

China Harbour Engineering Company Nigeria Limited has revealed that Cashless tolling system would commence on the Keffi-Akwanga-Lafia-Markurdi Expressway on Thursday, the 16th of January, 2025.

The expressway was built under the Engineering, Procurement, and Construction+Finance (EPC+F) model.

The construction firm in a statement issued Sunday said tolls collected would go towards funding road maintenance, rescue services, improved security services, rest areas, and more. It added that with cashless tolling, payments are guaranteed to be accounted for.

The system which follows Infrastructure Concession Regulatory Commission (ICRC) guidelines for Public-Private Partnerships

in the country, signifies begining of operations and maintenance of the road to ensure a sustainable of road network in the country.

The statement read: "The cashless tolling system is a strategic programme under the Highway Development and Management Initiative (HDMI), aimed at promoting a strong and sustainable transportation ecosystem.

"Tolls collected will go towards funding road maintenance, rescue services, improved security services, rest areas, and more. With cashless tolling, payments are guaranteed to be accounted for."

The statement then advised motorists to get their "E-tags at the Toll plazas or Touch n Go cards at the Toll plazas, Trailer Parks, Garages and POS operators all along the expressway.

“They can also just pull up with POS cards and experience a new dimension in tolling."

L-R: The National Treasurer, Junior Chamber International (JCI) Nigeria, Yetunde Adebisi; the Executive Vice President for North East, Adewale Oshinaike; the Honourable Minister of Youth Development, Comrade Ayodele Olawande; the 2025 National President, JCI Nigeria, Oluwatoyin Atanda; the Interim Executive Secretary, JCI Senator Babatunde Sanni; and the Executive Vice President for North West, Ayodeji Akinwande, during a courtesy visit by the 2025 JCI Nigeria Executives to the minister in his office in Abuja on Friday

TRANSPORTATION RESEARCH BOARD ANNUAL MEETING IN WASHINGTON DC...

In Key Breakthrough, NUPRC Data Confirms Nigeria's

1.5 Million bpd OPEC Oil Output

To curb crude losses, commission set to implement advance cargo declaration solution Goldman Sachs predicts oil to trade between $70-$85 in 2025

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that Nigeria's crude oil production reached 1.5 million barrels per day in December 2024, a major milestone in the country's quest to raise output significantly.

This new information from the upstream regulator aligns with a THISDAY report last week, quoting secondary sources, that Nigeria had finally met its Organisation of Petroleum Exporting Countries (OPEC) quota, a feat that took a four-year struggle to achieve.

“The average crude oil production was 98.97 per cent of OPEC quota, that is 1.5 million barrels per day,” a footnote on the December production data just released by the upstream petroleum commission, stated.

In all, the data showed that when crude oil and condensate, which is excluded from OPEC computation, were combined for the December output circle, Nigeria's total average liquids volume hit 1.667 million barrels per day last month.

In December, the NUPRC figures further showed that the country's peak production in any day within the month was 1.79 million bpd, while the lowest was 1.57 million bpd.

“Lowest and peak production in

December were 1.57 million bpd and 1.79 million bpd respectively. The daily average production in December was 1,667,560 barrels per day, comprising both crude oil (1,484,585 bpd) and condensate (182,975 bpd),” the data highlighted.

Nigeria had consistently blamed its inability to meet the quota on massive oil theft in the Niger Delta, waning investment in the sector, outright sabotage as well as deteriorating infrastructure. These issues are being gradually tackled by the current administration.

Also, the NUPRC, led by its Chief Executive, Gbenga Komolafe, is set to enhance transparency and accountability in Nigeria’s oil and gas sector through the implementation of the Advance Cargo Declaration Solution (ACDS) and the Engineering Audit of Upstream Measurement Equipment and Facilities.

In a post on its social media handles, the NUPRC stated that these initiatives were being executed in collaboration with P-Lyne Energy and PE Energy Limited.

The advance cargo declaration solution with P-Lyne, it said, is designed to establish a robust framework for declaring and tracking crude oil transportation and exports from Nigeria.

“Its primary objectives include

FCT-IRS Issues January 31 Deadline to MDAs, Employers of Labour to Fill Annual Tax Returns

Olawale Ajimotokan in Abuja

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has mandated private companies, Ministries, Departments and Agencies (MDAs)) of government and all other employers of labour in the FCT to file their employee annual tax returns for 2024, before the deadline of January 31, 2025.

The FCT-IRS Acting Executive Chairman, Mr. Michael Ango, stated in a statement the ordinance was in compliance with Section 81 of the Personal Income Tax Act (PITA) 2011 (as amended) and the PAYE Regulations, which mandate all employers of labour in the FCT to file annual returns of all emoluments paid to their employees and the total taxes, not later than 31st January of every year

in respect of all employees in their employment in the preceding year.

The returns are to be filed using the prescribed forms provided by the FCT-IRS.

It would be recalled that Ango, had at a stakeholder’s engagement for 2025, described the filing of the employee annual returns by all employees as a mandatory provision of the law, adding that failure to do so will attract penalties and other sanctions on any defaulters.

He enjoined all private organisations, MDAs, governmentowned enterprises and even sole proprietorships, who are employers of labour in the FCT, to comply with their tax obligations in order to avoid sanctions, noting the best form of compliance is voluntary compliance.

monitoring and accounting for the movement of crude oil within the country, preventing disruptions, theft, and under-declaration, and ensuring that only certified products are exported.

“This solution will also enable real-time tracking, reconciliation, and reporting of crude oil exports, thereby facilitating accurate revenue billing and generation,” the commission stated.

Besides, the Engineering Audit of Upstream Measurement Equipment and Facilities, in partnership with PE Energy, NUPRC said, aims to establish reliable baseline data for all measurement points, identify gaps in production and allocation measurement, and implement targeted interventions to enhance metering infrastructure.

“It addresses critical issues such as obsolete equipment, the lack of a comprehensive database, and the absence of real-time production measurement. These challenges have been identified as significant contributors to oil losses, with inaccurate measurement accounting for a substantial portion of crude oil losses in Nigeria,” the commission said. These initiatives, the commission said, align with NUPRC’s mandate to ensure optimal government revenues from upstream petroleum operations, as specified in the Petroleum Industry Act (PIA)2021.

Meanwhile, this year, Goldman Sachs Research has forecast that Brent oil will trade within a range of $70-$85 per barrel and will average about $76, heavily influenced by the rate

of production in non-OPEC countries and potentially also by geopolitical factors.

This is coming as it said that conflicts and geopolitical uncertainty impacted oil markets in 2024, making for an unpredictable year. The price of Brent crude oil averaged roughly $80 per barrel throughout 2024, but it fell to the low $70s at times, it recalled.

“The team’s forecast sees the price of oil increasing moderately in the short term, before dropping back to a similar level due to producers’ high spare capacity. But energy prices are impacted by geopolitical events, which can be difficult to predict, and could cause prices to break out of the $70-85 range,” it added. High spare oil capacity is likely

to restrict oil prices from climbing substantially this year in spite of continued solid demand, according to Goldman Sachs Research. In fact, the market’s expectation for a large surplus in oil production in 2025 may partially explain the decline in prices last year, it said, forecasting a modest surplus of 0.4 million barrels per day.

“This surplus will be driven in part by an increase in production from non-OPEC nations. In total, Goldman Sachs Research forecasts that non-OPEC hydrocarbon liquids supply (excluding Russia) will increase by 1.7 million barrels per day in 2025.

“Most of the growth will come from four American countries: from the US in particular, but also Canada, Brazil, and Guyana,’ it said.

FG, Power Ministry Sued Over N39.1bn Metering Project

Alex Enumah in Abuja

A metering company, Ziklagsis Network Ltd, has dragged the federal government, the Federal Ministry of Power, and four others before the Abuja Division of the Federal High Court, over the recovery of N39.1 billion meant for metering.

The firm is specifically seeking the sum of N1.1 billion in damages and the cost of instituting the court action against the defendants which also includes; the Minister of Power, the Debt Management Office, Providus Bank Ltd, and De-Haryor Global Services Ltd for their alleged interference with the metering project, which it was granted the loan to execute and repay in seven years.

Ziklagsis Network Ltd, in the suit marked: FHC/ABJ/CS/576/2024, is claiming that based on articles 3, 4,5,6,10, and 18(i),(ii),(iii),24 and 29(ii) of the Judgement Compromise Agreement it entered with the Federal Ministry of Power on August 28, 2017, the ministry and the federal government had no powers to tamper, confiscate, seize, withhold, divert, convert and appropriate the sum of N39,171,985,233.95 granted it for the supply or provision of electric meters in Nigeria.

The company, which pointed to the Covid-19 pandemic as the cause of its non-execution of the contract, further submits that there are calculated attempts by the federal government and the Ministry of Power

to frustrate and sabotage its efforts in the performance of the terms of the Revalidated Tripartite Agreement as modified by the Addendum No. 2, “which attempts are done in utter bad faith with the ultimate end of truncating and or divesting the plaintiff of the benefit of the project.”

Ziklagsis through its counsel, Chief Wole Olanipekun, SAN further submits that the defendants frustrated efforts to execute the project by refusing to release the funds despite it being awarded the contract and receiving the presidential approval on the compliance on its part.

In their joint response to the suit, the federal government and the Minister of Power argue that they acted in accordance with the agreement

However, in a counter affidavit, Providus Bank, through its lawyer, Adesegun Ajibola (SAN), described parts of Ziklagsis’ affidavit in support of the originating summons to be false and full of half-truths to mislead the court, adding that the company being only a fixed deposit account customer seeking higher interest on the deposit than offered by Polaris Bank, Providus is not aware of the terms of the agreement it reached with the federal government.

Similarly, in a counter affidavit, an electricity installation company, De-Haryor Global Services Ltd informed the court that the suit was “brought in bad faith, and the court should not lend support for the plaintiff (Ziklagsis)’s action but

should rather condemn it.”

De-Haryor's lawyer, Marcus Abu, submitted that the contract was awarded to Ziklagsis to cushion the effects of the hardship faced by Nigerians in the estimated energy billing through the deployment of free pre-paid meters but the company denied Nigerians the benefit of the project.

The firm added that Ziklagsis has not placed anything on the ground in the court to demonstrate what it has done pursuant to its Exhibit ZNL 5 Agreement while De-Haryor, on the other hand, has substantially executed the contract it has with it.

"By the provision of Article 5(d) of the JCA, the plaintiff (Ziklagsis) was given two years of moratorium within which to supply or provide electric meters in Nigeria according to the JCA,” De-Haryor’s lawyer submitted.

"Meanwhile, the plaintiff (Ziklagsis) did not invest any funds in the performance of same but the 1st and 3rd defendants (federal government and Minister of Power) had already given the sum of over N39 billion to the plaintiff for the execution of the metering project. Rather than perform its obligation under the contract, the plaintiff deposited the said sum in a fixed deposit.”

He continued: "My lord, the mere fact that the 1st and 3rd defendants (federal government and Minister of Power) had already paid the contract

sum to the plaintiff (Ziklagsis) shows that the defendants have performed their obligations under the said contract.

“On the other hand, the plaintiff depositing the contract sum in a fixed deposit account is a clear indication that it had no intention to utilise the contract sum for the project intended by the JCA.

“Rather than declaring estoppel against the defendants as prayed in relief 1, the court should declare that the contract is already discharged by the plaintiff's breach.”

While questioning why the plaintiff's metering service agreement it executed with the Yola Disco and received the letter of drawdown from the 2nd defendant (Ministry of Power) without supplying a single meter towards the project, he asked "Is the world still being ravaged with Covid-19 pandemic till the time of filing this suit? It is common knowledge that Covid-19 did not last the whole of the year 2020.”

De-Haryor joined the suit as an interested party after delivering on phase one of the barracks metering project for the Nigerian Army under the Ministries, Departments and Agencies (MDAs) metering project. The army had introduced it to the Ziklagsis to receive a loan of N7.5bn of the N39bn granted to the company.

Justice James Omotosho fixed February 4 for the hearing of the suit.

L-R: Deputy Corps Marshal, Training Department, Nigeria Road Safety Corps, Chidiebere Nkwonta; representative, Morgan State University, United States, Dr. Oludare Owolabi; Director, Special Duties, Morgan State University, Vivian Nwosu; Corps Marshal, FRSC, Shehu Mohammed; former Corps Marshal, Dr Boboye Oyeyemi; and Technical Adviser to the Corps Marshal/ Corps Information Technology Officer, Wasiu Adenekan, at the transportation research board annual meeting in Washington DC, USA...recently

Emmanuel Addeh in Abuja

COMMEMORATION OF THE 2025 ARMED FORCES REMEMBRANCE DAY CELEBRATION...

after the governor’s arrival for the Inter-denominational

Cancer Society to Mobilise N10bn Fund to Tackle Scourge in Nigeria

Onyebuchi Ezigbo in Abuja

The Nigerian Cancer Society (NCS) has said it is planning to launch a N10 billion cancer health fund to be driven by the private sector to serve as an alternative source of funding for cancer treatment and management in the country.

The body also appealed to the federal government to increase the amount allocated to Cancer Health Fund to help address the health menace.

It said that NCS expected the government to vote at least N1 billion for the Cancer Health Fund for this fiscal year.

Speaking at a Seminar for Health Correspondents in Abuja organised by the Nigerian Cancer Society (NCS) in conjunction with PATHFINDER, President of NCS, Prof. Abidemi Omonisi, said the organisation is working on an initiative to mobilize funds from individuals and private sector entities to the tune of N10 billion in support cancer management

interventions in the country.

"The government is committed to addressing cancer in Nigeria, but we need more resources to effectively tackle the disease. We are launching this initiative with the goal of raising at least N10 billion naira to support treatment, research, and awareness programs,” said the NCS President.

He explained that the fund will be an independent initiative, with prominent Nigerians and organizations being mobilized to back the cause, including leading figures in the medical, philanthropy and the private sector.

Omonisi further said: "We are appealing for reasonable allocation government but whether this materializes or not, NCS will still go ahead to launch an initiative to attract N1 billion into the Cancer Health Fund from private sector stakeholders".

He described as paltry, the money allocated by government for the Cancer Health Fund in the proposed 2025 budget.

He said in view of the huge cost

Nigerian Delegation Arrives China to Cement Chino-Nigeria Relations

Michael Olugbode in Abuja

A Nigerian delegation led by the Director-General of the Nigeria-China Strategic Partnership (NCSP), Joseph Tegbe, has arrived China to put muscle to Chino-Nigeria relations.

According to a statement on Sunday Tegbe’s trip marks a significant step in furthering the comprehensive strategic partnership between Nigeria and China, with the goal of building a high-level China-Nigeria community with a shared future.

The statement said upon arrival in China, Tegbe was warmly received by representatives of the Chinese Business Community and officials from the Nigerian embassy.

The statement read: “During his (Tegbe) visit, he is expected to engage with top Chinese government officials and participate in a series of strategic meetings aimed at sealing agreements that will bolster the Nigerian economy in key sectors.

“These sectors include Agriculture, where efforts will focus on enhancing agricultural productivity and food security; Alternative Energy, which

involves developing renewable energy sources to reduce dependence on fossil fuels; Healthcare, with an emphasis on improving access to quality healthcare services and medical infrastructure.

”Also included is mining, which seeks to harness Nigeria's mineral resources to drive economic growth; Education, aimed at strengthening educational institutions and promoting cultural exchange; and Technology, focused on fostering innovation and technological advancement in Nigeria.”

The statement added: “As the Director-General of the NigeriaChina Strategic Partnership, Tegbe leads the initiative to drive Nigeria's socio-economic transformation through targeted Chinese investments, supporting China's Belt and Road Initiative (BRI) and Nigeria's Renewed Hope Agenda.

“Tegbe's visit underscores the commitment of both nations to deepen their economic cooperation and foster sustainable development. As Nigeria seeks to become a net exporter to China in the next five years, this partnership is poised to play a crucial role in achieving this goal.

attached to cancer management, NCS will mobilize a private sector-led fund to tune of N1 billion to help provide hospital facilities and assistance to cancer patients.

According to Omonisi, cancer disease treatment is very capital-intensive exercise which often requires about N20 million for a single individual case management.

He further said: "We are pressing on to see that federal government increases its allocation to cancer fund in this year's budget. If they do so we will still launch the private sector-led fund.

“Cancer management is very capital-intensive health exercise and we are serious pressure to assist many

patients who are confronted by the disease situation. We expect the federal government to do its own while we will do ours".

Omonisi however acknowledged that giant strides are being made by the federal government as well as significant progress made in the effort to tackle cancer disease in the country.

According him, Nigeria has recorded significant increase in provision of cancer screening and treatment facilities.

He said there are about 20 cancer specialists’ centres across the country

The immediate past president of NCS, Dr. Adu Hassan said the focus of the seminar with the journalists was to seek better working relationship

and need to create more awareness on the deployment of HPV vaccine for girl child between the age bracket of 9 and 14 years.

He said that presently two-third of cancer cases in Africa are preventable if only people are aware of the need to seek early medical diagnosis and treatment.

Explaining the reason for administering the HPV vaccine to female children within age bracket of 9 to 14 years, Dr. Adamu said that the aim is to ensure that they are given vaccine immunity to prevent them from being infected by virus, hence preventing them from coming down cervical cancer later in life.

He also said a good reason for vaccinating children within the age bracket is that HPV vaccine is more effective in prevention of the cervical cancer disease if applied to individuals not yet exposed to sex.

In his presentation, a Public Health Specialist and Consultant to the NCS, Dr. Uzoma Ugochukwu stressed the importance of adequate public awareness on the ongoing HPV vaccination. He said that the vaccine has the potential to bring an end to health challenge posed cervical cancer in the country if every female child within the age bracket of 9 and 14 were to be vaccinated with the HPV vaccine.

Empowerment: 3,000 Youths to get Sanwo-

Olu's Free ICT, Vocational Training

At least 3000 young residents in Lagos are set to benefit from the sixth edition of Governor Babajide Sanwo-Olu’s yearly ICT and Skill Acquisition programme.

The programme, executed by Project LOUD Sanwo-Olu ICT and Skill Acquisition Centre, in collaboration with the State Ministry of Wealth Creation and Employment, has concluded plans to host the 2025, two months intensive training for interested residents of the state with the promise to equip participants with skills to function maximally in today’s ICT compliance world.

The coordinator of the centre,

Kenny Bakare, disclosed this to newsmen in Lagos while giving an update on the upcoming event.

Bakare recalled that over 1,500 residents of the state successfully participated in the training and graduated in the year 2024.

Bakare explained that Project L.O.U.D, is aimed at equipping vulnerable youths with invaluable skills free of charge.

He said: “The beneficiaries are positioned to gain the expertise to start their own business or get a great job and become self-reliant and financially independent.

“Turn your passion into profit, learn from experts, and access

hands-on training.

“Registration is ongoing and over 3000 beneficiaries are targeted for the programme, while over 1,500 trained fifth edition beneficiaries will be graduating as well during the graduation and induction ceremony scheduled for January 29, 2025.

“Therefore, interested residents should not miss this opportunity to secure their future. Invest in yourself today, because skills are the keys to success.

“Governor Bababjide Sanwo-Olu-led administration is committed to building a community where opportunity

thrives, where everyone is not just self-sufficient, but a driving force for progress. Imagine a world where financial barriers are but a distant memory.”

He further stated that online registration has closed, while physical registration takes place between January 15 and 16, 2025. The programme is also aimed at unlocking the potential of beneficiaries with vocational skills, such as; tailoring, catering, baking and pastry, shoe making, mixology, micro-blading, lash extension, wig making, tie and dye/adire, facials/ massage and pedicure/manicure, among others.

Ekiti Airport Set for Commercial Operations, As NAMA Commences Calibration of Landing Equipment

Gbenga Sodeinde in Ado Ekiti

The Nigeria Airspace Management Agency (NAMA) last Friday evening commenced the calibration of landing system at the Ekiti Agro-Allied International Cargo Airport in readiness for commencement of commercial flights operation.

This is coming barely a month after the Nigeria Civil Aviation Authority (NCAA) granted approval for non - scheduled flight operations at the

airport for a period of six months.

The calibration aircraft that conveyed NAMA officials touched down on the runway of the airport at exactly 4.13p.m.

The exercise commenced immediately. Calibration, in the air system industry is a process that allows safety of air navigation by conducting regular flight inspection, calibration of test equipment systems, and surveillance of airspace system. It is also part of the final stages of ensuring the facility meets global aviation standards for

safe and efficient operations.

On hand at the airport to receive the NAMA team were the Technical Adviser to the Governor on Airport Project , AVM Sunday Makinde (rtd); Commissioners for Information, Rt. Hon. Taiwo Olatunbosun; Environment, Chief (Mrs.) Tosin Aluko- Ajisafe; Transport, Hon Kolawole Akobiewe; Special Adviser to the Governor on Media and Strategy, Mr. Yinka Oyebode, among others.

Briefing journalists at the airport,

AVM Makinde (Rtd) said the landing of the calibrator aircraft as well as the calibration exercise by NAMA officials was a major step in the final approval for commercial operations at the airport. According to him, the exercise was to assess and fine-tune the navigational aids equipment installed at the airport which include, instrument landing systems, communication radios, and other essential equipment required for safe and efficient operations.

L-R: Former Governor of Rivers State, Dr Peter Odili in a handshake with Governor Siminalayi Fubara, while the state Deputy Governor, Prof Ngozi Odu (2nd right); and retired Justice Mary Odili, JSC (2nd left), look on, shortly

Thanksgiving Service in commemoration of the 2025 Armed Forces Remembrance Day Celebration at Our Lady of the Holy Rosary Chaplaincy, Catholic Institute of West Africa (CIWA), in Port Harcourt, yesterday

deji.elumoye@thisdaylive.com

Mbah Factor and Tinubu’s Game-changing Trip to Enugu

President Bola Tinubu’s recent visit to Enugu State on the heels of Governor Peter Mbah’s performance marks a paradigm shift in all Progressives Congress-led government at the centre’s disposition to opposition and South East in particular, Deji Elumoye reports.

Addressing the nation on the eve of the 1936 presidential election in which he was seeking a second term in the White House, having won the previous election in 1932, America’s 32nd President, Franklin Delano Roosevelt, expressed his indignation at a form of campaign he considered bitter. But the statesman, nevertheless, reaffirmed his belief that anyone worthy to be called the President of USA, should be able to rise above partisanship and adopt a wider worldview to build America.

In that important address at Madison Square, New York City, Roosevelt said, “I prefer to remember this campaign not as bitter, but only as hard-fought. There should be no bitterness or hate where the sole thought is the welfare of the United States of America. No man can occupy the office of President without realising that he is President of all the people.”

Regrettably, the dearth of this statesmanly disposition has been the bane of Nigerian politics and development, as leaders often see those who did not vote for them as nothing less than sworn enemies.

For instance, many easily point at the statements and actions following the 2015 presidential election as the lowest.

However, with his recent visit to Enugu state and other overtures, President Bola Tinubu appears determined to change the narrative, showing a much-needed capacity to differentiate and rise above an election and its bitter rhetoric and the leadership demanded of him as a president.

For various reasons, the South East has consistently given the ruling All Progressives Congress (APC) the least support since 2015. Former President Muhammadu Buhari polled 198,248 in the South East in 2015 and 403,968 in

2019, his highest ever. Tinubu got 127,370 votes. So, Buhari got more votes than Tinubu is his first term.

Asked how he intended to unite the country and give every tendency a sense of belonging after a bitterly fought 2015 election, Buhari responded, “Constituencies that gave me 97 per cent cannot in all honesty be treated equally, on some issues, with constituencies that gave me five per cent, I think these are political realities…. I see this as really fair.”

Conversely, hear President Tinubu in Enugu: “Election is over and we have to move the nation forward and you have demonstrated that commitment, an irrevocable commitment towards human development. I don’t care which party you come from. You are my friend. You are doing well and very focused. We must build this house called Nigeria to not just satisfy our immediate need, but our tomorrow too.

“It’s not about difference in languages and place of birth. No one of us has

control of the mother tongue. You are created by God and you found yourself in Enugu or Onitsha or you find yourself in Lagos. We are all a member of one big huge family called Nigeria, but living in different rooms in the same house. This house, we must build it. We must build it to satisfy our immediate needs, which is not going to be enough yet, but our tomorrow too.”

Nothing can be more presidential and statesmanly. Facts show that Tinubu has treated the South East better. For instance, Tinubu appointed Rear Admiral Emmanuel Ikechukwu Ogalla from Enugu State as Chief of the Naval Staff, while Senator David Umahi from Ebonyi State was appointed the Minister of Works and Dr. Doris Uzoka-Anite as Minister of State, Finance.

Only recently, Nwakuche Ndidi Sylvester, who hails from Imo State, was appointed the Acting Comptroller-General of the Nigeria Correctional Service.

But beyond appointments, the President has made commitments to lifting the South East in terms of infrastructure and optimising its natural blessings like gas for the good of the

Even President Tinubu, could not help but confess to the palpable warm reception and affection he got from Enugu residents, starting from the airport and through the streets and event venues. He confessed the solidarity and kinship saying it is a great turn-up for me to be in Enugu. It is a joy and I feel relaxed and at home with you. It is a homecoming for me. This is a serious demonstration of what we can do together and what we can build together.

region and the nation. It is recalled that while ex-President Buhari, among other railways projects, embarked on an ambitious $1.9bn Chinese loan-funded project which traverses’ major towns and cities like Port Harcourt, Aba, Enugu, Otupko, Igumale, Makurdi, Kafanchan, Kuru, Bauchi, Gombe and all the way to Maiduguri, it was neglected. This was a very sore point in the relationship between Buhari and the South East.

Deputy President of the Senate and leader of the opposition at the time, Senator Ike Ekweremadu as well as Senator Enyinnaya Abaribe were among those who led the opposition against the exclusion both in and outside the parliament.

In one of his interventions on the matter, an angry Ekweremadu told his Senate, “All the loans for railway projects by the current administration, totally excluded this vital corridor. But the questions are: Why would loans taken on behalf of Nigerians and to be repaid by all Nigerians exclude more than a half of the country from the benefits of such loans? Why should the South East, South South, North Central, and North East pay for what they were inexplicably excluded from enjoying? Fairness and equity demand that every part of the country should be carried along”. It was on account of such protests that Buhari’s subsequent loan request for railway projects was thrown out by the Senator Bukola-Saraki-led Senate in 2018. But the $30bn external loan request was returned by Buhari, again to the exclusion of the South East, but was approved by the Senator Ahmad Lawan-led Senate amid uproar.

Tinubu (left) and Mbah

Kayode Tokede

The Central Bank of Nigeria (CBN) has revealed that Nigeria’s foreign trade by Letter of Credit (LC) payments depreciated by 52.5 per cent Year-on-Year (YoY) in the nine months of 2024 to $506.1 million when compared to $1.07 billion in nine months of 2023.

Letter of credit is a financial instrument commonly used in international trade. It provides a guarantee by a bank (on behalf of an importer) to pay a specified amount to an exporter (the beneficiary) upon meeting predefined conditions.

This significant decrease in the nine months of 2024 highlights the challenges the country faced in international trade and financial transactions.

Part of these challenges include: Foreign exchange scarcity, importation restriction, CBN monetary policies, among others. The reduced global demand or

Nume Ekeghe

The Guaranty Trust Holding Company Plc (GTCO) has announced the outcome of its N400.5 billion public offer, which was undersubscribed by 48 per cent, raising approximately N209.01 billion against the initial target.

The shortfall of N191.09 billion has been attributed to several factors, including the share price of N44.50 per share and the absence of a rights issue.

GTCO offered subscription, 9 billion ordinary shares of 50 kobo each at N44.50 per share on the Nigerian Exchange Limited (NGX).

The offer garnered 130,617 valid applications for 4,705,800,290 shares,

disruptions in international supply chains may have impacted Nigerian trade during the period.

In 2023, the CBN in its ‘international trade’ statistics reported $1.31 billion letter of credit, about 4.01per cent drop from $1.36 billion reported in 2022.

For the nine months of 2024, CBN recorded $102.6 million highest and $21.5million lowest letter of credit in February and May 2024, respectively.

Further breakdown showed that letter of credit in January 2024 was at $58.33 million, about 46 per cent decline from $107.78million in January 2023. However, in February 2024, it stood at $102.6million, representing a 40.33 per cent YoY decline when compared to $123.95million February 2023.

The trend continued in March 2024, with payments dropping to $43.54 million, a significant decline of 83.6 per cent YoY from $269.49million March 2023.

representing a total subscription of 52 per cent. Despite the shortfall, GTCO described the exercise as the first tranche of its equity capital raise programme, positioning it as a strategic milestone for the group’s future growth initiatives.

It added that the capital verification exercise was completed by the Central Bank of Nigeria (CBN), and the approval of the Basis of Allotment of the Offer was obtained from the Securities and Exchange Commission (SEC).

The Group Chief Executive Officer of GTCO, Segun Agbaje, in a statement, said: “We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for

According to the data by CBN, letter of credit closed April 2024 at $54.03million, a decline of 64.58 per cent from $152.52million April 2023 and dropped to its lowest figure in May 2024 at $21.49million, a drop of 64.4 per cent when compared to $60.29million May 2023. letter of credit stood at $32.3million June 2024, a 59 per cent YoY from $79.18million June 2023, while in July 2024, the CBN reported $79.65million, an increase of 12 per cent from $71.14million July 2023.

The CBN’s director in charge of financial markets, Dr. Omolara Duke, had disclosed a total sale, $67,500million to 27 dealers, while the sum of $2.5milion was bought from one authorised dealer on July 10, 2024.

The range of the bid for the July 10, 2024 sales was N1,480.0/ US$- N1,500.0/ dollar, while the value date for the payments, going by the settlement cycle of two days,

their unwavering support during this initial phase of our equity capital raise.”

He added: “The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities. This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s Banking and Non-Banking businesses.”

When the bank in August 2024 concluded its capital-raising exercise, its stock price was trading above N45.00 per share on the Exchange. This, according to capital market

is July 12, 2024.

The 12 per cent YoY increase in July 2024 followed the sale of about $122.67 million to 46 authorised dealers by the CBN, in its determination to promote stability and reduce market volatility in the foreign exchange market.

Between August and September 2024, the CBN reported $62 million and $52.15million letter of credit, respectively.

The CBN had extended the timeline for the issuance of letters of credit from 24 hours to five working days as the country continues to struggle with foreign exchange scarcity.

In the approved 2020 service charter of the CBN, the timeline for the issuance and management of LC was 24 hours. However, the newly approved 2023 service charter shows that the timeline is now five working days.

It is likely that weakened naira

stakeholders, was a higher price that discouraged new investors from participating in the public offer.

A reliable shareholder stated that new investors were not interested in the price, given it was a public offer that came with a higher price.

The shareholder stressed that a hybrid offer could have given room for existing shareholders to take up their rights.

The likes of Access Holdings and FCMB Group, which recorded successful capital-raising exercises from the Nigerian capital market, extended their rights issue or public offer by one or two weeks, creating room for more investor participation.

at the foreign exchange hindered the ability of businesses to open letter of credit. Towards the end of September 2024, Nigeria’s naira depleted significantly to $1,601.03 against the dollar from $768.76 as of September 2023.

On the flipside, the external reserves increased to $38.35 billion as of September 2024 when compared to $33.24 billion reported by CBN September 2023.

According to the CBN, external reserves closed 2024 at $40.88 billion, about 24.2 per cent or $7.97 billion increase over $32.91 billion it closed 2023.

Analysts believe the reduction in letter of credit could have several implications on domestic economy.

“A sharp decline in such payments could indicate decreased import activity, which might be a result of foreign exchange scarcity, stricter import regulations, or other economic constraints,” said Vice President, Highcap Securities

In a regulatory filing at the NGX, Access Holdings stated that it had secured full regulatory approvals from the CBN and the SEC for its recently concluded rights issue of 17.77 billion ordinary shares of 50 kobo each at N19.75 per share, successfully raising the target amount of N351 billion.

FCMB Group announced that it had successfully completed its public offer and raised about N147.5 billion from the investing public, while Access Holdings successfully raised N350.96 billion to surpass the new minimum capital requirement of N500 billion stipulated by the CBN.

Fidelity Bank Plc, FBN Holdings Plc, and Zenith Bank Plc also

Limited, Mr. David Adnori. The CBN Governor, Mr. Olayemi Cardoso, had stated that Nigeria’s $42.01billion reserves can finance imports for over nine months in 2025, bolstering economic stability and resilience. He said, “External Reserves rose from $38.35 billion it was on September 30, 2024, to $42.01billion as of December 12, 2024.”

He explained that the increase in external reserves within the stated period, was driven largely by receipts from crude oil related taxes and third-party receipts in the third quarter of 2024.

He explained, “We maintained a current account surplus and saw remarkable improvements in our trade balance. Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks.”

extended their capital-raising exercises with the hope of attracting more investors to take up their rights. In the case of GTCO, the management rejected the opportunity to extend its N400.5 billion public offer and will be heading back to the capital market in 2025 to raise fresh capital. Proceeds from the combined equity raise, the bank said, will be strategically deployed to recapitalise the group’s flagship subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria), enhancing its ability to meet regulatory requirements and further solidify its position as a leading financial institution.

Ejugwu: We Anticipate Growth in Oil & Gas, Banking, Agriculture in 2025

Head, Equities Research, Vetiva Capital Management Limited, Victoria Ejugwu in this interview, speaks on the Nigerian markets outlook for 2025, forecasting real GDP growth of 3.57 per cent, growth in oil & gas, banking, and agriculture, the role of foreign investors and factors that will shape the economy. Excerpts

The equities market returned about 30% in 2024, should we be expecting same or an even better performance in 2025?

Thank you for the question. The market outlook for the new year is mixed, presenting both opportunities and persistent challenges that will significantly shape market sentiment. Macroeconomic factors, particularly their impact on corporate earnings, will be crucial.

We anticipate weak results from the real sector in the first quarter, reflecting the currency depreciation and inflationary pressures experienced in 2024. This will likely lead to cautious trading early in the year as market participants react to these results. However, we believe that companies have been actively re-strategizing to adapt to the challenging environment. Therefore, we expect a recovery for these companies, particularly in the real sector, throughout the 2025 fiscal year. This suggests a potential shift towards renewed market optimism beyond the first quarter.

Fixed income rates will also play a significant role in shaping market sentiment. These rates will be heavily influenced by inflation figures. Our view is that fixed income rates will remain elevated for the majority of 2025, which could temper market enthusiasm. While the possibility of rates tapering down isn’t entirely off the table, this is contingent on substantial improvements in macroeconomic fundamentals. Consequently, we foresee the potential for the equities market to deliver another positive return in 2025. However, a substantial rally will depend on significant improvements in the broader macroeconomic environment.

What has foreign investors participation in the market been like and what is the outlook for 2025?

Foreign investor participation is a key metric that is being tracked by analysts. Data shows that foreign investor participation in the Nigerian equities market rebounded significantly in 2024, with total foreign transactions reaching N744.34 billion by October, a substantial 155.5 per cent increase compared to the same period in 2023. This surge in activity suggests an easing of previous deterrents to foreign investment, such as foreign exchange illiquidity. This improvement can be attributed to enhanced foreign exchange liquidity resulting from market reforms, which has facilitated easier capital movement, coupled with renewed investor confidence stemming from the NGX’s positive performance and broader economic reforms. Looking ahead to 2025, the outlook for foreign participation depends on several key factors. The sustainability of foreign exchange reforms and further improvements in liquidity will be crucial for attracting and retaining foreign capital. Foreign investors are expected to maintain a cautious stance, closely monitoring fiscal policy and its effectiveness in addressing macroeconomic challenges. A sustained commitment to economic turnaround will be crucial for attracting foreign capital. Global economic conditions and broader investor appetite for emerging markets will further shape investment flows.

What sectors should investors be betting on in 2025?

That’s a good question. Despite prevailing macroeconomic headwinds, certain sectors are poised for expansion. We anticipate growth in Oil & Gas, Banking, and Agriculture. The Oil & Gas and Agriculture sectors are expected to benefit from persistently high global commodity prices. Meanwhile, the Banking sector is likely to see positive impacts from the elevated interest rate environment. Consequently, we project healthy corporate earnings and strong dividend payouts from companies within these sectors.

What are the key economic drivers and risks for the Nigerian economy in 2025?

Vetiva Research is forecasting real GDP growth of 3.57 per cent in 2025. It’s a decent improvement from the estimated 3.45 per cent in 2024. The services sector, especially financial services and ICT (Information and Communications Technology) is expected to lead the charge. We’re also anticipating a boost from the oil and gas sector, thanks to increased production and the Dangote Refinery coming online. The industrial sector as a whole should also see some improvement. However, several risks could impede growth, including persistent inflation, fiscal sustainability concerns, and potential external shocks. The government’s ability to implement effective policies and address these challenges will be crucial for achieving sustainable economic growth.

Everyone’s worried about inflation. What’s the outlook for 2025? Are prices going to keep rising?

The sentiments you refer to are understandable. Even though we might see some brief periods of relief, inflation is expected to remain a challenge in 2025. Vetiva Research forecasts a slight increase to 33.95 per cent, up from 33.19 per cent in 2024. This indicates that prices will continue to rise, although at a potentially slower rate than observed in recent periods. Several factors underpin this projection. Notably, robust external demand for Nigerian agricultural products is putting upward pressure on domestic food prices. The weakened Naira further exacerbates this issue by making Nigerian exports more attractive, allowing farmers to command higher prices, particularly given the expectation of sustained high global food prices. Consequently, we anticipate continued increases in food inflation during the year.

The government’s budget is based on an oil price of around $75 a barrel. What do you think about that?

Our view is that we might see oil prices ease a bit next year. This thinking is based on a couple of key factors. First, we anticipate that global economic activity will remain somewhat subdued, which naturally means less demand for oil. Second, on the supply side, we’re expecting to see more oil coming onto the market. Even though OPEC+ hasn’t officially decided to increase production, it’s likely that some member countries who previously made voluntary cuts will start to increase their output again from around April. This would mean more OPEC+ oil overall compared to this year. Plus, with continued support for the US oil industry (particularly if Trump-era policies persist), we could also see stronger production growth from the US and other non-OPEC nations. So, all in all, it looks like supply could outpace demand, which would generally push prices downwards. This is worth noting in relation to the government’s budget, which is currently based on an oil price of around $75 a barrel. If prices do come in lower, it could present some fiscal challenges in terms of revenue projections and budget implementation.

Should we still be expecting elevated interest rates in 2025?

We expect elevated interest rates to persist in Nigeria throughout 2025. The Central Bank’s aggressive 2024 tightening, driven by high inflation, signals this continued trend. While some inflation moderation is possible, the gap between core and food inflation suggests it won’t be enough to prompt lower rates. As we had earlier stated, we don’t foresee inflation hitting the 20 per cent target.

The CBN will likely continue basing rate decisions on its inflation target, meaning further increases are probable. This mirrors 2024’s approach of raising rates despite temporary moderation. Structural issues in agriculture and external demand are likely to keep inflation sticky, supporting this view. Additionally, considering the interplay between exchange rates and interest rates,

lower rates may hinder portfolio inflows, as hot money hunts for yields across emerging and frontier markets. In 2024, Nigeria recorded a net foreign portfolio inflow of $3.1 billion (2023: $0.5 billion), lured by the carry trade appeal of local currency fixed-income assets. With yields on Open Market Operations (OMO) instruments averaging 30 per cent since the end of Q3 ’24, we have observed increased foreign portfolio inflows, taking advantage of these high yields. Should the apex bank continue to offer juicy yields, Nigeria could see more foreign portfolio activity, especially as global central banks cut interest rates. Thus, we foresee a cumulative 200 basis point benchmark rate hike to 29.5 per cent in 2025 should inflation remain stubborn, and as the CBN strife’s to keep exchange rates in check.

Even though the CBN has taken an aggressive tightening approach, money supply growth remains significant, with M2 surging by 51.4 per cent y/y in November 2024. Does this suggest that the tightening measures aren’t working?

That’s a very pertinent question, and it highlights a complex dynamic. While the CBN has indeed implemented tightening measures, the substantial growth in broad money supply (M2) suggests that these measures are facing significant countervailing forces. It’s not necessarily that tightening isn’t “working” , but rather that its impact is being offset by other factors, primarily the substantial increase in domestic borrowing by the Federal Government which injects significant liquidity into the economy to fund growth projects.

Let’s come to the exchange rate, should we be expecting an appreciation? our analysis indicates that the currency remains undervalued. This suggests that there is scope for appreciation. We observed instances of short-term Naira strengthening in both Q1 and Q4 of 2024, driven by factors such as attractive money market rates and, in Q4, the support of Eurobond issuance and improved FX market transparency via the EFEMS. However, as expected, we maintain some degree of caution. Sustained appreciation will require specific catalysts. These include the continuation of a tight monetary policy by the apex bank, which could attract foreign investment, and, importantly, a tangible increase in net oil export revenues to bolster external reserves. While the undervaluation suggests potential upside, the actual trajectory of the Naira will depend on the interplay of these and other macroeconomic factors.

Given the expectation of elevated interest rates, what investment strategy should one consider in 2025? Should we overweight equities?

Thats a great question. Given the mixed outlook and the expectation of persistently high fixed income rates, a balanced and selective approach is likely the most prudent strategy for 2025. With high interest rates expected to persist, fixed income instruments offer attractive yields and a relatively lower risk profile. Allocating a significant portion of a portfolio to fixed income can provide stable returns and act as a buffer against potential volatility in the equities market. On the flipside, a selective approach to equities, focusing on specific sectors and companies that are well-positioned to navigate the challenging macroeconomic environment, is key. Sectors that are less sensitive to currency fluctuations and inflation, or those that benefit from higher interest rates (like the banking sector as highlighted earlier), could be attractive. Additionally, the anticipated recovery in the real sector throughout 2025 could create compelling investment opportunities. Current valuations in certain segments of this sector may offer attractive entry points for investors seeking long-term growth.

Ejugwu

Adebajo: FG Must Reduce Debt Burden, Restore Credit Rating to Investment Grade

Nume Ekeghe

The Chief Executive Officer of CFG Advisory, Tilewa Adebajo, has emphasised that to revive the economy, the government must prioritise reducing its debt burden, restore its credit rating to investment grade and curb inflation.

According to Adebajo, these measures would lower borrowing costs, stimulate investment, and drive sustainable growth, productivity, and employment.

He stated this in CFG’s Nigeria’s 2025 Economic Forecast, titled, “From Reform Fatigue Quagmire to Sustainable Growth.”

He stated: “To get the economy back on track, the government must reduce its debt burden, restore its credit rating to investment grade and tame inflation. This would reduce borrowing

costs and provide stimulus for investment, sustainable growth, productivity, and employment. To accomplish this, FGN must restructure its capital structure and balance sheet. Selling down its JV oil assets will raise $30-50 billion, that can be applied to reduce the debt burden, improve the foreign exchange regime, provide dollar supply for naira appreciation, restore credit rating and boost net reserves. We see another year of high interest rates with inflation trajectory downwards to about 22 per cent by year end, with effective rate cuts to sub 20 per cent by Q1 2026.”

He added that the naira position could be sub-1000/$ or north of 2000/$ depending on how government manages its debt profile, boost oil production and asset sales.

Furthermore, on the 2025 budget, he stated:

“Ultimately, the success of this budget cycle, economic policies and reform strategies rests with the FGN. The sincerity and commitment to a coordinated monetary, fiscal, trade, industry and investment policy execution, the decisive factor.”

He stressed that the Nigeria’s 18-month economic reform program has yielded mixed results, largely due to poor implementation and putting the cart before the horse.

He said, “The program’s biggest impact on the economy has been the devaluation of the naira from about 450-1700Naira/$. The cost push effect of fuel subsidy removal worsened the situation in an economy already in stagflation with sharp increases in inflation trajectory. This led to reduced household purchasing power and higher interest rates for the firms and the economy. The social intervention program has also not made any impact failing to provide succour”

Popoola Harps on Stronger Regional Collaboration to Unlock Africa’s Economic Potential

Kayode Tokede

The Group CEO of Nigerian Exchange Group Plc, Mr. Temi Popoola has emphasised on the need for stronger regional collaboration, governmentprivate sector synergy, and innovative market solutions to unlock the continent’s economic potential.

He reiterated the transformative potential of Africa’s capital markets at

the launch of the Ethiopian Securities Exchange (ESX).

NGX Group’s strategic investment in ESX underscores its leadership in advancing Africa’s capital market infrastructure. “The launch of ESX represents a pivotal moment for Ethiopia and the broader African financial landscape,” Popoola stated. “ESX will serve as a crucial mechanism for capital formation and market liquidity,

Card Payments in Nigeria Will Surge in 2025, Says Expert

Emma Okonji

Given the growing trend in card transactions in Nigeria, Fintava, a fast growing Fintech company that provides financial solutions to businesses of all sizes, has predicted that card payments in Nigeria will surge in 2025.

Fintava’s Co-founder, Samuel Ojerinde, who gave the prediction in his outlook for Nigeria’s payment landscape in 2025, said: “The shift towards a cashless economy accelerates this trend, with more consumers relying on physical and virtual cards for everyday financial transactions. Cards have become the backbone of modern transactions globally, and Nigeria is catching up rapidly. As 2025 unfolds, the stage is set for an unprecedented surge in card payments, presenting

businesses with unique opportunities to tap into this growing market and redefine their payment strategies.”

According to him, globally, the use of card payments has witnessed exponential growth over the past decade. He cited a recent report by World Bank, which explains how cashless transactions are increasing at an annual rate of over 12 per cent, with card payments leading the charge.

“Emerging technologies such as biometric authentication and tokenisation have also bolstered trust and security in card transactions, further driving their adoption. The global shift towards digital transactions is clear, and developing nations, including Nigeria, are beginning to align with this trend. In Nigeria, the growth in card

usage is a testament to the country’s increasing digital transformation. Data from the Nigeria Inter-Bank Settlement System (NIBSS) reveals a consistent annual increase in card transactions, driven by the government’s push for a cashless economy,” Ojerinde said.

He however said challenges like network reliability and consumer trust have historically slowed its adoption rate, but explained that the recent policies and technological advancements were already addressing the bottlenecks, creating a more enabling environment for card payments.

“As more Nigerians embrace online shopping and digital services, cards—both physical and virtual—are

IGP Announces Enforcement of Compulsory Motor Third Party Insurance Feb 1

The Police will on February 1,2025 commence the enforcement of compulsory Motor Third Party Insurance among motorists nationwide, Inspector-General of Police (IGP), Kayode Adeolu Egbetokunhas saidd. Egbetokun stated this at the weekend when the Commissioner for Insurance, Mr Ayo Omosehin, paid him a courtesy visit in his office in Abuja.

Egbotokun during the visit said the Nigerian Police Force (NPF) would commence total enforcement of the compulsory Motor Third Party insurance and other relevant laws on compulsory insurances in the country from February 1,2025.

He affirmed the importance of Motor Third Party insurance and announced February 1, 2025, as the commencement date for the enforcement of the relevant laws on compulsory insurances.

Section 68 (1) of Insurance Act 2003, states: “No person shall use or permit any other person to use a motor vehicle on a road unless

a liability which he may thereby incur in respect of damage to the property of the third parties and or injury caused to third parties is insured with an Insurer registered under this Act.”

Sub-section 4 of the Act says : “A person who contravenes the provisions of this section commits an offence and liable on conviction to a fine of N250,000.00 or imprisonment for one year or both”.

Also Section 53 sub section 1 and 2 of Motor Vehicle Third Party Insurance Act 1945 states: “Subject to the provisions of this Act no person shall use, or cause or permit any other person to use a motor vehicle unless there is in force in relation to the user of that motor vehicle by such person or such other person as the case may be such a policy of insurance or such a security in respect of third party risks as complies with the provisions of this Act.”

or to imprisonment for one year or to both such fine and im- prisonment and a person convicted of an offence under this section shall be disqualified for holding or obtaining a driving licence.”

He urged Nigerians to comply with these laws adding that violations were punishable by imprisonment, fines, or both.

“The NPF remains steadfast in collaborating with all MDAs and companies in ensuring that the protection of lives and property of all citizens of the Federal Republic of Nigeria remains paramount”, he stated.

emerging as a preferred payment method, setting the stage for unprecedented growth in 2025,” Ojerinde further said. He explained that the surge would be fueled by a combination of global trends, government policies, and increasing consumer demand for convenience.

driving sustainable economic growth.”

Expounding on NGX Group’s investment rationale, Popoola highlighted Ethiopia’s immense market potential and the shared vision of fostering economic growth through innovation.

“Our partnership transcends traditional investment parameters,” he explained. “It is about ensuring that ESX evolves into a key player in Africa’s financial ecosystem, enabling cross-border investments and setting benchmarks for market development.”

Popoola also drew parallels with global success stories like India, which has leveraged its capital markets to achieve significant economic transformation. He emphasized the importance of responsible market opening to attract local and continental capital. “By following this path, Ethiopia can become a financial hub in Africa,” he remarked.

Prime Minister Abiy Ahmed lauded the launch of ESX as a transformative milestone in the country’s journey toward economic modernization.

“Today, we have officially rung the bell to launch the Ethiopian Securities Exchange, our nation’s first stock exchange,” the Prime Minister announced on X. “This is a call to global investors: Ethiopia offers immense potential, a fast-growing economy, and a clear trajectory toward shared prosperity.” CEO of the Ethiopian Securities Exchange, Tilahun Esmael Kassahun expressed confidence in the partnership with NGX Group. “We are pleased to welcome NGX Group as a strategic partner, building upon the existing support we continue to receive from them,” he said. Kassahun also emphasized the value of NGX Group’s expertise in shaping ESX’s growth and success.

Sub section 2 of the same act states: “Any person acting in contravention of this section shall be liable on conviction to a fine of four

naira

Omosehin congratulated the IGP on his significant achievements, particularly the establishment of the Police Insurance Bank Limited. He emphasised the need for police’s assistance in ensuring public compliance with insurance laws. He also requested the Nigeria Police Force’s support in the nationwide enforcement of compulsory third-party insurance, which provides substantial benefits to all road users.

Ebere Nwoji

AfDB, World Bank, AU to Host Africa Energy Summit in Tanzania

The African Development Bank Group (AfDB) is set to host the Mission 300 Africa Energy Summit in collaboration with the World Bank Group, the African Union (AU), and the Tanzanian government. The summit will take place in Dar es Salaam, Tanzania, from 27–28 January 2025, and will address Africa’s electricity access challenges.

The event will bring

together African heads of state, government leaders, private sector stakeholders, development partners, civil society organizations, and academics to advance the continent’s electrification agenda. Central to the discussions is the ambitious Mission 300 plan, which aims to provide electricity to 300 million people in Sub-Saharan Africa by 2030.

Launched in April 2024

by the AfDB and the World Bank, the Mission 300 initiative seeks to combine increased infrastructure investments with comprehensive policy reforms across the energy supply chain. With nearly 600 million Africans lacking access to electricity, representing 83 per cent of the global energy deficit, the summit highlights the urgent need for action.

AfDB to Partner LAMATA to Expand Existing Rail System

Arthur Eriye

The African Development Bank (AfDB), has disclosed plans to work with the Lagos Metropolitan Area Transport Authority (LAMATA), to boost the state’s transport system with the development of another rail line.

This was contained in a statement signed by, the Head, Corporate Communication, LAMATA, Mr. Kolawole Ojelabi in Lagos.

Ojelabi said that the AfDB Vice President, Private Sector Infrastructure and Industrialisation, Mr. Solomon

Quaynor, gave the assurance during a visit to LAMATA.

He added that the bank was interested in partnering LAMATA to expand the capacity of the existing rail system.

“Quaynor was also in the company of the Non-Sovereign Operations and Private Sector Equity Specialist, Mr Mayowa Ayodele ahead of a visit of the technical team to assess the Purple line,” he said.

The Purple Line is a 60-kilometre railroad along the Redemption Camp in Ogun State, traversing Berger, Agege and Alimosho and

terminate at Volkswagen to join the Blue Line.

“The visit follows a recent pitch for investment on 60-kilometre Lagos Rail Mass Transit (LRMT) Purple Line at the African Development Bank forum in Morocco, where the Lagos delegation was led by Governor Babajide Sanwo-Olu.

“This is to further discuss collaboration on the project and other lines outlined in the Lagos Strategic Transport Master Plan. The delegation toured the LRMT Blue Line and expressed satisfaction with the progress of the Blue Line rail system,” he said.

Economy: NBS to Rebase Nigeria’s GDP, CPI to Reflect Current Realties

The rebasing aims to align economic statistics with current realities and account for structural changes in Nigeria’s economy.

The year 2019 has been chosen as the new base year, replacing the previous base year of 2010, while 2024 is set as the new base year for the CPI.

The data agency said it is in the final stages of validating the data collected for the rebasing.

The rebased figures are slated for release by the end of January 2025.

Post-rebasing activities will include further analysis and dissemination of the data.

The rebasing is expected to increase the perceived size of Nigeria’s economy. Also, it is expected to reflect changes in the economic structure, potentially altering the economic about Nigeria.

Tax to GDP ratio and debt to GDP ratio might adjust; for instance, the debt to GDP ratio will decrease from 18.5% if the GDP size increases significantly.

Furthermore, the rebasing will improve policy-making by providing policymakers with data that reflects the true state of the economy, thereby facilitating more effective economic planning and strategy formulation.

Once the new figures are released, there is the likely going to be a surge in per-capita income.

Sectors with the largest Contribution after rebasing

Crop production, trade, and real estate sectors will emerge the largest contributors to Nigeria’s GDP. while Telecommunications, crude petroleum and natural gas, construction, and food, beverages, and tobacco make up the top seven.

Crude petroleum and natural

gas have been expulsed by real estate, moving from third to fifth in economic contribution. Construction has entered the top seven, while public administration has been removed from this list.

Three new indices will be introduced: alongside the traditional headline, core, and food inflation:

• Services Index: To track price increases in services like education and transport.

• Energy Index: To monitor price fluctuations in the energy sector.

• Farm Produce Index: To gauge price volatility and changes in agricultural products.

This will allow for a more detailed understanding of inflation across various sectors of the economy.

The bureau said it also plan to release two inflations reports in January 2025, the December 2024 CPI and the newly rebased CPI.

Interswitch Champions Tech Innovation at GDG DevFest Ibadan

Emma Okonji

Interswitch, one of Africa’s leading integrated payments and digital commerce companies, has again demonstrated its dedication to driving innovation and empowering the tech ecosystem through its participation as a platinum sponsor of the recently concluded Google Developer Groups (GDG) DevFest Ibadan.

The partnership highlights Interswitch’s commitment to advancing Nigeria’s technology landscape and nurturing the next generation of innovators.

The conference, which held at the Aweni Arena in Ibadan, brought together developers, tech

enthusiasts, and industry leaders for a dynamic day of knowledge sharing, networking, and exploration of cutting-edge technologies, including artificial intelligence, machine learning, cloud computing, and mobile app development.

Now in its fifth edition, DevFest Ibadan has grown in scale and impact over the years, attracting thousands of attendees from across Oyo State and beyond. Participants enjoyed a variety of engaging activities, including thought-provoking talks, hands-on workshops, and hackathons designed to inspire innovation and foster collaboration.

Speaking on Interswitch’s sponsorship, Divisional Head, Growth Marketing at Interswitch,

Olawale Akanbi, emphasised the company’s focus on empowering Africa’s tech community.

“At Interswitch, we recognise the pivotal role developers and tech communities play in driving innovation across the continent.

Sponsoring GDG DevFest Ibadan 2024 aligns perfectly with our mission to equip these communities with the tools, platforms, and opportunities they need to innovate, collaborate, and succeed. We are committed to promoting a vibrant ecosystem that accelerates Africa’s digital transformation while nurturing the next wave of innovators shaping the future of fintech in Nigeria and beyond,” he said.

Nume Ekeghe

Arthur Eriye

A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA:

Date: All fund prices are quoted in Naira as

unless otherwise stated.

Taiwan Seeks Renegotiation of Bilateral, Trade Relations With Nigeria

Oluchi Chibuzor

The Taiwanese government has made a case for the renegotiation of bilateral relations with its Nigerian counterpart to explore mutually beneficial opportunities between both countries.

Chief of Taiwan Mission at the Taipei Trade Office in Nigeria, Andy Yih-Ping Liu made the suggestion over the weekend in Lagos during an interactive session with a section of the media.

Liu, who recalled that he had sent a proposal to President Bola Ahmed Tinubu on how to strengthen the Nigerian-Taiwan relations, noted that the trading value between both countries was $400 million in 2023.

“This is not a big amount, compared with China’s $226billion. It will only take about 2% of what the Chinese are trading. But Taiwan’s industrial capability is high quality. We don’t make cheap, inferior products. So, it’s not the trade value that means everything, but the quality.

“The quality of our product has been deeply trusted and has been having good comments from the Nigerian traders and industrial companies. So the most important thing

for the government is to attract more Taiwanese companies to come to Nigeria to do trading and investment. It’s very important that Nigeria and Taiwan renew the agreement of protection of investment,” he stressed.

The diplomat whose first mission assignment to Nigeria was over 30 years ago during which time he maintained embassy offices in Lagos and Cross River states respectively, emphasised that the previous bilateral agreement was signed in 1994 now needs to be renewed with interest of both countries properly aligned.

He said, “The older version was signed in 1994. It was 30 years ago. So your federal government had already discussed with our mission about two and a half years ago how to renew that. Both sides have negotiated quite extensively, almost finished all the negotiations. Now it needs to be signed by both missions. I would sign on behalf of my government and your mission in Taiwan would sign on behalf of your government. Both sides sign and exchange. That’s it. That means Nigeria is serious enough to attract Taiwanese business people to come to Nigeria to do long-term investment and

short-term trading. So we urge your federal government to finalise the signature of the agreement for mutual investment protection. Without that agreement, our people might not have the confidence of the Nigerian government for protecting the investment.”

Pressed further, Liu reiterated that the bilateral relations between both countries can be enlarged and made more attractive.

“The second substantive proposal that I mentioned is to resume the annual governmental negotiation between Nigeria and Taiwan on a permanent secretary level from the federal government because that annual consultation was stopped in 2015 or 2016. We don’t know the reason why it has stopped. So we call for the resume of that annual bilateral.

“Let me take an example of Australia. Australia is Taiwan’s major trading partner in terms of natural resources like coal, liquefied natural gas, iron ore, ore of minerals, and our agricultural product also. Australia and Taiwan, every year we have the permanent secretary level of government negotiation, so that our two sides can benefit from trading and investment,” he said.

WACT-APM Terminals Donates Solar Power to Healthcare Centres in Host Communities

In a bold step towards enhancing primary healthcare delivery in Rivers State, the West Africa Container Terminal (WACT)-APM Terminals Nigeria has donated and commissioned solar power systems to two primary healthcare centers in its host communities of Onne and Ogu.

The beneficiaries of the solar projects are the Model Primary Health Care Centre in Onne, Eleme Local Government Area, and the Model Primary Health Care Centre in Ogu, Ogu/Bolo Local Government Area. These installations aim to address the persistent challenge of power outages, to boost healthcare delivery in the communities. WACT-APM Terminals said the initiative will improve healthcare access for over 25,000 households in the areas.

Speaking at the commissioning event, Frederik Klinke, CEO of APM Terminals Nigeria, emphasised the

Ndubuisi

Francis in Abuja

The United Nations Development Programme (UNDP) Africa, in partnership with the Timbuktoo Africa Innovation Foundation, has announced 15 ground-breaking startups, with three of them from Nigeria, which have advanced to the acceleration phase of the Timbuktoo HealthTech Hub programme.

The three from Nigeria are: Medtech Africa, Zuri Health and Mobihealth.

The 15 high-potential startups will each receive $25,000 in funding to scale innovative healthcare solutions across the continent, with an additional

company’s commitment to corporate social responsibility (CSR) and its alignment with community needs.

“This kind of programme is very much at the core of what we stand for as a company. While our business is handling containers and facilitating trade, we see ourselves as partners with the communities and governments where we operate. This initiative reflects our desire to give back and be seen as an integral part of the communities we serve,” Klinke said.

Klinke further highlighted health and education as the two primary pillars of APM Terminals’ global CSR strategy.

“If we can raise the general health of the people around us, especially women, we empower communities economically. This solar project is a pilot, and we anticipate scaling up such initiatives to create a broader impact in the society,” he added.

Echoing these sentiments,

five pre-MVP (minimum viable product) startups to receive $5,000 each to support product development.

The unveiling of the 15 startups at the weekend underlines the commitment to fostering transformative healthcare solutions in Africa.

The startups were chosen from the inaugural cohort of 40 Pan-African innovators from the HealthTech Hub Programme which was launched in November 2024 with a bootcamp designed to shortlist the startups with the most potential.

No fewer than 40 startups across the continent went through a bootcamp which

Managing Director of WACTAPM Terminals Nigeria, Jeethu Jose, reiterated the company’s dedication to improving the lives of its host communities. “Primary healthcare is the backbone of any community. Strengthening these centers reduces the burden on secondary and tertiary facilities. Access to power is a basic necessity, and we are committed to working closely with the community to ensure long-term growth, partnership, and progress,” Jose remarked.

The decision to implement solar power systems was driven by a needs assessment conducted in Onne and Ogu.

According to WACT-APM Terminals Community Relations Manager, Justin Okwuofu, this assessment revealed that a reliable power supply was the most urgent need for the health centers.

The initiative received accolades from local leaders and government representatives.

ultimately resulted in the 15 high-growth ones advancing to the Acceleration Phase.

An additional five startups still in the pre-minimum viable product (Pre-MVP) stage will take part in a customised programme designed to support product development and help bring their MVP to market.

These startups will participate in the Pre-MVP Studio and receive tailored support to accelerate their product development.

Following the HealthTech Hub’s launch, the 40 selected innovators received coaching, expert insights, and workshops to help them with their business needs.

Saharan Blend (Algeria), Djeno (Congo),

(Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic

Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Chief Executive Officer of APM Terminals Nigeria, Frederik Klinke, and Managing Director of WACT-APM Terminals Nigeria, Jeethu Jose (centre), with some staff of WACT-APM Terminals, community leaders, and staff of Model Primary Healthcare Centre, Onne, at the commissioning of the solar power project donated by WACT-APM Terminals Nigeria to primary healthcare centers in Onne and Ogu communities in Rivers State.. recently

Nigerian Firms Shortlisted in UNDP’s Africa’s 15 Startups for Next HealthTech Programme

Investors Return Rise by N1.13trn as Stock Market Surge Further

Kayode Tokede

Investors at the Nigerian stock market started the year on a high note, with stock gaining an impressive N1.13 trillion in market capitalisation during the second week of trading in 2025.

The benchmark Nigerian Exchange Limited All-Share Index (NGX ASI) surged by 1.8per cent, or 1,864.73 basis points, closing at

105,451.06 basis points up from 103,586.33 basis points at the week’s start.

This bullish performance pushed market capitalization to N64.30 trillion, a growth of N1.13 trillion from N63.17 trillion, driven by positive sentiment and bargainhunting in key stocks such as MTN Nigeria (+21per cent), Transcorp (+18.3 per cent), and Transcorp Hotels (+9.8 per cent).

Investors responded positively to signals of a potential tariff hike in the telecommunications sector, while other sectors also recorded significant gains.

Year-to-date returns for the market now stand at +2.5per cent, reflecting renewed confidence in domestic equities. Trading activity surged, with weekly trading volume jumping by 80.8% to 4.698

billion shares, while trading value climbed 22.4per cent to N85.043 billion across 72,562 deals.

The financial services sector dominated trading, contributing 73.86per cent of total equity turnover volume and 47.97per cent of total value, with 3.47 billion shares worth N40.791 billion exchanged in 34,364 deals. The services and ICT industries followed,

recording turnovers of 407.03 million shares and 237.68 million shares, respectively.

Top equities by volume –Wema Bank, FBN Holdings, and Universal Insurance –accounted for 1.679 billion shares worth N20.838 billion, representing 35.74per cent of total equity volume and 24.50per cent of total value.

However, sectoral indices showed mixed performance. Gains were recorded across

most indices, except for declines in NGX Insurance (-6.91per cent), NGX Consumer Goods (-0.34 per cent), and NGX Industrial Goods (-0.26 per cent).

Analysts at Cordros Capital said it remain optimistic, forecasting sustained momentum in the weeks ahead, driven by pre-earnings positioning, sector-specific developments, and potential policy announcements.

PRICES FOR SECURITIES TRADED ASOF j A n UAR y 9/25

HomeS & Design

Eko Pearl Towers Bring Unmatched Grandeur to Atlantic City Lagos

eko Pearl is a five-tower residential project built in eko Atlantic City, Lagos, by eko Pearl nig. Ltd in collaboration with esLA international, one of the largest and most reputable independent real estate developers in Lebanon, Bangladesh, and Moldova. Bennett oghifo writes

According to a message by Eko Pearl Nig.

Ltd’s Chairman, Elie Saad, posted on the company’s website, “Eko Pearl Towers will be the leading source of luxury living in Africa.”

This luxury living is situated at a land level of 22.738 sqm at the

city’s harbour front.

The five towers are named after five of the best pearls in the world: aqua, indigo, champagne, white and black pearls. They are a collection of three-bedroom and penthousetype apartments with sea and marina views for residential or investment purposes.

Saad said the potential of investing in this project is limitless in the message, stating that “the first tower has been fully sold out, sales on the second and third towers are currently ongoing.”

A series of impressive, highrise towers, these residential buildings are built with all amenities and comforts in

mind for a beautiful lifestyle in the lap of luxury and the centre of Nigeria’s new business hub. “With large green spaces perfect for walking around and socialising, Eko Pearl is the place to go for you and your family’s comfort. Our gated community is built with you in mind to keep you and your family safe at all times,” the company said.

Business Special

Renaissance: Championing New Era for Nigeria’s Energy Sector

The successful acquisition of Shell petroleum Development c ompany of Nigeria by Renaissance a frica e nergy c ompany, a consortium of five energy firms signals the opening of a new vista of opportunities for Nigeria’s oil and gas industry, writes  Peter u zoho

Aside from being the largest and most consequential of the oil and gas transactions proposed, analysts believe that the opportunity for transformative solutions in Nigeria’s energy sector is another major reason why the Renaissance and Shell Petroleum Development Company (SPDC) deal has attracted generous attention. The $1.3 billion onshore assets sale recently received regulatory approval from Nigeria’s Minister of Petroleum, signaling affirmation and recognition of Renaissance’s capacity and the deal’s potential to significantly change the landscape in the energy sector.

Despite being a leading oil-producing nation and having some of the world’s largest oil and gas reserves, Nigeria is still one of the countries with a significant energy deficit. This poses a major challenge for the largest economy in Africa, especially given that the oil and gas industry accounts for about 90 per cent of the nation’s foreign exchange earnings, and the petroleum sector contributes approximately eight per cent to the country’s Gross Domestic Product (GDP).

However, in such a crucial sector, the consensus appears to be that bureaucratic red tape,  lack of openness and transparency and even corruption have always been part of a negative narrative which has trailed the nation’s oil industry.

Earlier last year, President Bola Tinubu announced the issuance of five Executive Orders whose main objective was to reduce time and cost of finalising and implementing oil and gas projects to unblock and set the industry on the path of growth.

“The directives aim to immediately unlock up to $2.5 billion in new oil and gas investments in the country,” Special Adviser to the President on Energy, Olu Verheijen, declared last year in Washington DC, at an event organised as part of the inaugural US-Nigeria Strategic Energy Dialogue, hosted by the US State Department.

She said major energy reforms introduced in Nigeria since June 2023 had focused on improving energy security, attracting investment, and deepening collaboration with key partners like the United States Government.

The special adviser also added: “I cannot overstate the importance of our longstanding relationship with the US and this inaugural dialogue. The goal of this dialogue is for us to jointly proffer solutions that will close the energy access gap for close to 100 million Nigerians who still lack reliable power. We want existing and potential partners to better understand our areas of priority so that our collaboration can be better targeted, and with tangible outcomes.”

Notably, this contrast underscores both the magnitude of the challenge and the opportunity for transformative solutions in the Nigerian energy sector. According to analysts, this is just one challenge that has hindered Nigeria’s progress toward achieving energy security and improving the quality of life for millions of its citizens.

To this end, industry stakeholders view the acquisition of Shell’s onshore assets by Renaissance as a pivotal moment in the ongoing transformation, signaling a commitment to bolstering local content and empowering indigenous companies.

Although this deal continues the trend of international oil companies divesting their assets in Nigeria, the transfer to a group led predominantly by local upstream giants is a growth signal for Nigeria’s energy sector. Renaissance, a consortium of five leading energy companies comprising ND Western Limited., Aradel Holdings Plc, Petrolin Group, First Exploration and Petroleum Development Company, and Waltersmith Group, is set to become the second largest indigenous oil and

Tony Attah, CeO, Renaissance Africa energy Limited gas company in Nigeria.

The group has the vision of being Africa’s leading energy company enabling energy security and industrialisation in a sustainable manner. Its ability to combine and emulate the success of its member companies in operating Shell’s assets will be key to achieving this vision.

A look at Renaissance profile does suggest that the company could emerge as a leader in Nigeria’s energy transition, paving the way for a more sustainable and prosperous future. The consortium’s companies currently produce some 100,000 barrels of oil per day from the Niger Delta, in addition to operating two modular refineries and other oil and gas production infrastructure.

However, experts believe that achieving this vision will not be without challenges. Shell’s assets include a combined estimated volume of 6.73 billion barrels of oil and condensate and 56.27 trillion cubic feet of associated and non-associated gas. While these resources present immense opportunities, they also come with challenges. Monetising Nigeria’s gas resources, often touted as the future of the nation’s energy transition, will require innovative approaches and significant investment.

To tackle this issue, the federal government has provided some policy directives which provide tax credits over the first ten years of non-associated gas projects, allowing developers to recover their investments. Under the directives, after this period, the tax credit transitions to a tax allowance, making these projects more financially viable. By creating a more favorable investment climate, these incentives are understandably unlocking opportunities in a sector that was previously considered too costly to develop. Such enabling policies also position indigenous companies like Renaissance to take full advantage of these opportunities.

By developing the acquired assets with moderate financial exposure, industry watchers believe that Renaissance can drive innovation, increase energy production, and champion cleaner, more efficient energy solutions that align with Nigeria’s energy aspirations.

Admittedly, divestments are not new in the Nigerian oil and gas industry. Following the discovery of oil in Nigeria in the 1950s the industry was dominated by the international oil companies (IOCs) but over the last three decades, two broad divestment waves have seen indigenous players take a more significant role in the oil business.

In retrospect, the first divestment wave took place in the year 2000 with the sale of about 24 marginal fields which were undeveloped by the original lease holders for at least 10 years. The original holders of the leases at the time thought the assets contained more gas than oil and were therefore unattractive for development under the existing fiscal and market conditions.

Consequently, the concerned IOCs had to sign farm-out agreements with the successful indigenous players. The expectation was that facilitating the entry of indigenous companies would help grow Nigeria’s oil reserves and production.

According to analysts, whatever the drawbacks of this year 2000 exercise, it armed indigenous firms with the necessary experience to take oil assets to production.

Also, another marginal field bid round involving 31 fields was announced by the government in 2013 but was inconclusive.

The next wave of divestment in the Nigerian oil and gas industry was of a more voluntary nature than the first, and it involved the IOCs wanting to rationalise their asset portfolios mainly because of third party interference in the operations which had made them cumbersome to operate efficiently. That round of divestment

began with Shell divesting four onshore blocs to indigenous operators.

In retrospect, while the Nigerian divestments have not been perfect, they have introduced significant advancements to the industry. Local content, a generic term for the development of in-country skills and resources, oil and gas technology transfer, and the use of indigenous manpower and manufacturing has received a boost since 2010.

Consequently, several of today’s key independents in the Nigerian oil and gas patch are the direct products of previous successful divestment exercises. Among them are entities like ND Western, Seplat Energy, First Hydrocarbon, Shoreline, Neconde, and Aiteo. Though views may exist on either side of the conversation, but evidence supports the claim that indigenous companies tend to have better understanding of host communities and are therefore better able to resolve potential disputes much easier and quicker than the IOCs would.

In effect, the independents who assumed operatorship of divested assets have tended to pay more attention to host community issues with increased flexibility in the MOUs agreed with them, and the result has been fewer disputes related to divested assets.

The Renaissance consortium is committed to redefining the future of Nigeria’s energy landscape by leveraging cutting-edge technology, sustainable practices, and local expertise. This strategy is expected to catalyse industrialisation, drive economic growth, and foster job creation while reducing reliance on imported energy products.

From deploying digital systems and tools to optimise production processes to exploring renewable energy solutions alongside its oil and gas operations, Renaissance is taking a holistic approach to energy development. These efforts are not just about meeting immediate energy needs but also about strategically building a resilient and diversified energy portfolio to support Nigeria’s long-term transformation and growth.

The recent regulatory approval for Renaissance to proceed with the Shell onshore assets purchase followed scrutiny of the consortium’s capacity to manage such significant assets. This approval therefore underscores confidence in Renaissance’s ability to deliver on its promises and reinforces the importance of indigenous participation in oil production. With a clear mandate and a robust operations strategy, Renaissance is wellpositioned to lead Nigeria’s charge towards rapid industrial development and sustainable energy security.

The acquisition of SPDC’s onshore assets by Renaissance marks a transformative moment in Nigeria’s energy sector. As the consortium embarks on this ambitious journey, some industry analysts enthuse that it may indeed mark the opening of a new vista of opportunities and the beginning of true independence for Nigeria’s oil and gas independents. They further believe that the transaction carries with it the potential to address long-standing challenges while unlocking new opportunities for growth and innovation.

Through collaborative efforts with the government and other well-meaning stakeholders, Renaissance aspires to position Nigeria as a global energy powerhouse, capable of meeting domestic needs and contributing to the international energy market in a sustainable manner. With the appropriate mix of reform and policy support, investment, and operational excellence, the Renaissance transaction is poised to open a pathway of potential socio-economic benefits for Nigeria and Africa and hope for a nation seeking to bridge the inequality gap and provide a future of progress and prosperity for its people.

This Week In Tech

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Tech Top 5 News

META ENDS FACT-CHECKING, ADOPTS COMMUNITY NOTES: WHAT IT MEANS FOR SOCIAL MEDIA USERS

Meta, the parent company of Facebook and Instagram, has announced a major shift in its approach to combating misinformation. The tech giant will no longer rely on third-party fact-checkers to verify the accuracy of posts shared on its platforms. Instead, it plans to adopt a new feature called Community Notes, an approach inspired by X (formerly Twitter).

This decision has sparked a mix of optimism and concern among social media users, experts, and industry watchdogs.

What’s community notes?

Community Notes is a system designed to provide users additional context on potentially misleading or false posts. Instead of relying on dedicated fact-checking organisations, the responsibility shifts to a community-driven model. Contributors can submit notes to posts they believe require clarification or fact-checking. These notes are then reviewed and rated by other contributors for helpfulness, ensuring that only well-supported, unbiased information is displayed.

Meta sees this as an opportunity to empower its vast user base, which spans over 3 billion people globally, to take part in maintaining the integrity of the information ecosystem.

Why’s Meta making the change?

Meta’s decision comes amidst growing criticism of traditional fact-checking systems. Critics have argued that these systems are slow, lack transparency, and can exhibit political bias. By moving to Community Notes, Meta hopes to create a more agile, scalable, and decentralised solution to misinformation. Additionally, the company cites the success of Community Notes on X as a case study. Data from X indicates that posts with Community Notes are 40 per cent less likely to be shared once a note is attached, demonstrating their potential effectiveness in curbing the spread of false information.

Potential benefits for social media users

To begin with, Community Notes promises to enhance transparency by allowing users to see exactly how misinformation is flagged and addressed. This fosters a sense of trust in the platform’s efforts to combat false narratives. Moreover, the speed of response is expected to improve significantly compared to traditional fact-checking systems, enabling quicker interventions when misinformation spreads. Equally important, the model encourages a collaborative spirit, inviting users to actively contribute to maintaining the credibility of the information shared on Meta’s platforms.

Concerns and challenges

On the other hand, there are notable concerns surrounding this shift. A key issue lies in the risk of manipulation, as coordinated groups could potentially exploit the system to push biased agendas. Furthermore, the accuracy of community-generated notes remains uncertain, raising questions about the impartiality and reliability of the information provided. Finally, the effectiveness of Community Notes could be limited by a lack of user awareness or understanding of the feature, which might diminish its overall impact in curbing misinformation.

What this means for you

For the average user, this change could mean a more dynamic and user-centric approach to content verification. However, it also places a greater onus on individuals to engage critically with the content they consume and contribute to the platform’s credibility. Experts advise users to remain vigilant, cross-check information from multiple sources, and participate in Community Notes responsibly. With misinformation continuing to shape global discourse, Meta’s decision could either set a new standard for tackling false narratives or expose the limitations of decentralised fact-checking.

The bigger picture   Meta’s shift to Community Notes signals a broader trend in social media, the move towards decentralising content moderation and empowering users. As more platforms experiment with community-driven systems, the long-term implications for how we interact with and trust information online remain to be seen.

TECH PERSONALITY OF THE WEEK

Olusola Amusan: How Vesti Is Using AI to Streamline Financial Future for Immigrants

NIGERIA EXPLORES IRIS

BIOMETRICS TO MAKE DIGITAL ID MORE INCLUSIVE

Nigeria is taking steps to make its digital ID system more inclusive by introducing iris recognition technology. This innovation aims to ensure individuals with disabilities can easily enroll for the National Identification Number (NIN), enabling access to essential services. Director General, National Identity Management Commission (NIMC) Abisoye Coker-Odusote, shared the initiative during a Digital Public Infrastructure Journalism Fellowship in Abuja recently. Speaking through a representative, she said, “We are exploring the use of iris recognition technology to cater to the specific needs of individuals with disabilities.”

Currently, NIN enrollment uses facial and fingerprint biometrics. Adding iris biometrics is expected to streamline the process for citizens with disabilities who often face challenges with the existing modalities.

Despite challenges, the NIMC remains committed to expanding digital ID coverage. With World Bank support extended for two more years, Nigeria aims to issue 180 million digital IDs by 2026. This ambitious goal aligns with broader reforms to enhance identity management, improve interoperability among government agencies, and simplify access to services.

Coker-Odusote highlighted ongoing efforts to eliminate multiple registrations by integrating databases across agencies.

“This will save Nigerians the stress of registering repeatedly for different government services,” she noted.

However, concerns remain, as a recent report revealed that many elderly and physically challenged citizens struggle to register for NIN, resulting in blocked SIM cards and restricted bank access.

The Nigeria ID4D initiative has pledged to address these challenges, creating a more inclusive environment for issuing digital IDs.

This week’s tech personality is Olusola Amusan. He is the co-founder and CEO of Vesti, a groundbreaking platform leveraging artificial intelligence copilots to shape a better financial future for immigrants. Vesti streamlines the complex transition process for immigrants from 131 countries moving to North America and Europe for education and work. The platform has grown to serve over 150,000 users in under two years.

A serial entrepreneur, Amusan moved to the United States to launch a software talent marketplace focused on AI professionals. During this journey, he experienced firsthand the challenges immigrants face, including legal barriers and limited access to financial services. These experiences inspired him to create Vesti.

Before founding Vesti, he led impactful projects for global organisations such as Microsoft, Amazon Web Services, the World Bank, Shell Petroleum, and First Bank of Nigeria. His work extended to initiatives with the Youth Bridge Foundation (Ghana, Zambia, and South Africa), the Schwarzkopf Foundation (Germany), GIZ, Ashoka, and the Entrepreneurs’ Organization.

With a foundation in software engineering, Olu holds a master’s degree in computer science with a focus on cybersecurity and AI. He also completed the Nonprofit Strategy course at Philanthropy University and the Blockchain Essentials specialization at IBM. Additionally, he designed educational curriculums for leading banks and universities.

As a builder and operator, he splits his time between Lagos, Dallas, and San Francisco, driving innovation and inclusion for global immigrant communities.

KENYA TOPS AFRICA’S STARTUP FUNDING AS NIGERIA FACES DECLINE TO $2.2BN

African startups raised $2.2 billion in 2024, marking a 25 per cent drop from the $2.9 billion secured in 2023. Kenya emerged as the leader, attracting $638 million, or 88 per cent of East Africa’s total $725 million, according to data from Africa: The Big Deal.gh. The shift marks the second consecutive year Kenya has outpaced Nigeria in startup investments. Nigeria secured $410 million, a significant portion of the $587 million recorded in West Africa. Investors attributed the trend to Kenya’s sustainable business models and a more favourable investment environment.

“Nigeria is grappling with challenges such as exchange rate volatility, policy inconsistencies, and ease of doing business rankings,” said an industry expert. Nigeria ranks 131st globally in the World Bank’s Ease of Doing Business Index.

Kenya’s Rise Highlights Nigeria’s Decline in Private Equity

Kenya surpassed Nigeria in private equity deals in 2023 and maintained its lead in 2024. A report by DealMakers Africa shows Kenya as the continent’s top performer, while Stears highlighted that Nigeria attracted only 23 per cent of private investments in Q3 2024. South Africa and Kenya each claimed 33 per cent of private market deals during this period. “Policy shifts and the Naira’s sharp depreciation in 2024 discouraged foreign investors,” the report added.

MIXED REALITY INNOVATIONS TAKE

CENTRE STAGE AT CES 2025

CES 2025 showcased groundbreaking advancements in smart glasses and mixed reality (MR) technology, blurring the lines between the physical and digital worlds. Attendees explored

innovations aimed at enhancing vision, accessibility, and immersive experiences. From addressing vision impairments to revolutionising entertainment, the latest wearable tech promises life-changing applications.SolidddVision’s glasses stood out for offering hope to individuals with macular degeneration. Priced for release in 2025, these discreet glasses represent a lifeline for millions. Meanwhile, RayNeo’s $1,500 X3 Pro AR glasses wowed attendees with real-time translation and AI-powered features but faced criticism for their limited 30-minute battery life. Sony’s XYN headset and Halliday’s AI-driven smart glasses also captured attention, offering tools for 3D creators and seamless daily assistance.

AI ENTERS SYNTHETIC DATA ERA AS HUMAN KNOWLEDGE RUNS OUT

The era of human knowledge fueling AI has ended, Tesla CEO Elon Musk revealed, stating that all available human data for training, including books and videos, was exhausted in 2024. Speaking during a livestream with Stagwell chairman Mark Penn, Musk highlighted synthetic data as the next frontier for AI development. “We have run out of the entire internet, all books ever written, and all interesting videos,” Musk said, adding that AI must now create and learn from its own generated data.   While synthetic data opens new doors, it presents significant challenges. Musk raised concerns about verifying accuracy, noting, “How do you know the answer is hallucinated or real? It is difficult to find the ground Researcherstruth.”have also warned of risks like model collapse, where reliance on AI-generated data could reduce creativity and increase biases. Despite this, leading companies such as Microsoft, Meta, and OpenAI are embracing synthetic data for their cutting-edge models, with Gartner estimating that 60% of 2024 AI projects rely on it.

FOCUS

Wale Tinubu’s Bold Path for Oando

Last year, Oando Plc celebrated 30 years of phenomenal growth in the Nigerian oil industry, setting the stage for its future. As the company is set to unveil its plan for the next journey, analysts believe that under Wale Tinubu’s visionary leadership, Oando PLC is set to redefine Africa’s energy landscape, evolving from an oil giant into a global force driving sustainability, innovation, and prosperity over the next two decades, writes Festus Akanbi

In compiling the recent landmark developments in the Nigerian business scenes, one story that cannot be waived aside is that of the phenomenal growth of the only indigenous oil giant in Nigeria, Oando Plc.

Analysts have described the organisation as the pride of Africa. By solidifying its eminent position in the Nigerian oil industry, it is winning more ground and breaking barriers.

It was this landmark that signposted the 30th anniversary of the company which was marked with pomp and ceremony at the tail end of 2024.

The truth is that Oando continued to turn the corner in terms of profitability which it recorded in 2023 and 2024, and which has spurred a series of decisions that have rewarded shareholders and employees for their loyalty, resilience, and steadfastness.

It was this chain of achievements that formed the theme of the celebration called ‘Symphony of Success,’ described as a grand celebration of Oando’s journey from a small oil trading business to a multi-billion-dollar energy giant.

In writing about Oando’s rise to the pinnacle of the Nigerian oil industry, one cannot but talk about its Group Chief Executive Officer, Mr. Wale Tinubu, whose transformative leadership has been the cornerstone of Oando’s meteoric rise from a modest oil marketing firm to a continental energy powerhouse.

With unparalleled vision and audacious strategy, he orchestrated landmark acquisitions, such as Agip Nigeria and ConocoPhillips’ Nigerian assets, securing Oando’s dominance in upstream oil exploration and production. His relentless drive for diversification integrated the company’s operations across the energy value chain, while bold investments in natural gas infrastructure positioned Oando as a critical player in Africa’s energy transition.

Tinubu’s mastery of complex financial engineering and commitment to sustainability has not only ensured the company’s resilience amidst volatile markets but also redefined it as a symbol of African excellence on the global stage. Under his stewardship, Oando has become a beacon of innovation, ambition, and enduring success.

Having marked its 30th anniversary to the admiration of its stakeholders, the question one is tempted to ask is can this rising organisation maintain this trajectory in the next 20 years?

Analysts explained that the future of Oando PLC shimmers like a sunrise over Africa’s boundless horizons, brimming with promise and transformation.

They argued that over the next two decades, the company stands poised to transcend its legacy, evolving into a titan of sustainable energy that marries innovation with impact.

According to industry analysts, like a river carving new paths, Oando will channel its ingenuity into harnessing the sun, wind, and earth’s latent power, becoming a vanguard of Africa’s green revolution.

“Its reach will extend beyond Nigeria’s borders, weaving a network of energy solutions that electrify industries, empower communities, and ignite dreams across the continent. Anchored by a bold

commitment to environmental stewardship and guided by technological brilliance, Oando’s journey will be one of resilience and reinvention. It will not merely adapt to a changing world but shape it, standing tall as a beacon of progress, a harbinger of hope, and a testament to the indomitable spirit of Africa.

A Profitable Performance in 2024

To Oando, Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchanges, the proof of the pudding is in the eating as it ended last year on a spectacular note when it released its nine-month performance results.

As a consolidation of its impressive showing in 2023, Oando Plc’s nine-month results showed a 36 per cent increase in revenue, as it declared N3.2trillion for the period in 2024 as against N2.3 trillion posted in the corresponding period of 2023.

Operating Profit for the period declined by 23%, primarily driven by an increase in administrative expenses mainly due to foreign exchange losses from the revaluation of payables and borrowings.

Profit-after-tax for the period was N76.3 billion, a decline of 31% from N110.2 billion in the same period of 2023, driven by foreign exchange losses and net finance costs.

The performance was also affected by the rising cases of pipeline vandalism and theft in the Niger Delta.

The positive performance, according to Tinubu is a testament to the company’s resilience amidst a challenging environment. He said: “Our performance for the nine months ended September 30, 2024, reflects our resilience and unwavering focus on delivering value amidst a challenging operating environment. We achieved a 36% increase in revenue to N3.2 trillion and a Profit After Tax of N76.3 billion, despite ongoing pipeline vandalism, sabotage, theft in the Niger Delta, and foreign exchange volatility.

“Since the acquisition of NAOC, we have increased production by 40%, growing from 22,000 boepd pre-acquisition to 30,675 boepd currently. This progress has been driven by the deployment of quick-win strategies that have enhanced operational efficiencies and demonstrated the transformative potential of the acquisition.

“The integration process is advancing smoothly, and our immediate focus remains on executing strategic initiatives to maximise the value of our expanded portfolio. With this stronger foundation and a clear roadmap for growth, we are confident in our ability to deliver long-term, sustainable value to all stakeholders.”

Looking at the figures reeled out by the company, the operating environment was unfavourable, but with a tested hand like Tinubu on the saddle, Oando Plc was able to weather the tide and set an audacious target for the company in the new year.

During the nine months ended September 30, 2024, the average production was 20,560

boe/day, compared to 21,529 boe/day in 2023. In 2024, production consisted of 6,525 bbls/day of crude oil, 254 bbl/day of NGLs, and 13,782 boe/day of natural gas. Production decrease was a result of increased shut-in wells for repairs from sabotage and theft-related activities.

No Going Back on Development of Oil, Gas Infrastructure

Despite the challenging environment, Oando’s management did not just fold its hands as it continued the development of oil and gas assets and exploration activities. According to its financial statement, during the nine months to September 30, 2024, the Group incurred $12.7 million in capital expenditure related to the development of oil and gas assets and exploration and evaluation activities, compared to $47.4 million in the nine months to September 30, 2023.

Oando has been able to build the largest indigenous integrated energy company in Sub-Saharan Africa.

These comprised Oando Marketing Limited, one of the largest downstream petroleum marketing companies in Nigeria with over 500 retail outlets across Nigeria, Ghana, and Togo. There’s also Oando Supply and Trading Limited, incorporated in 2004, one of the largest independent traders of crude and refined petroleum products in sub-Saharan Africa.

Besides, Oando Gas & Power Limited, incorporated in 2004, is a pioneer in the development of Nigeria’s foremost gas distribution network, spanning 264 km and serving over 150 industrial and commercial customers in Lagos, Calabar, and Port Harcourt. Oando Energy Services Limited, incorporated in 2005, is Nigeria’s largest indigenous oilfield services provider, enhancing indigenous participation with a fleet of five rigs, while Oando Energy Resources is regarded as one of Nigeria’s foremost indigenous upstream oil and gas companies.

Give it to the company’s chief executive, over the years, he has demonstrated expertise in structuring complex financing deals, often involving partnerships with global institutions, to fund Oando’s growth. His financial acumen ensured the company remained competitive despite Nigeria’s challenging business environment. The company also focuses on gas to power in the quest to make Nigeria environmentally friendly. Oando has invested heavily in natural gas infrastructure, becoming a key player in Nigeria’s domestic gas market. This move aligns with the global energy transition and positions the company as a contributor to Nigeria’s energy security.

Talking about the future of Oando, observers said with the global push for decarbonisation, Oando is likely to increase investments in renewable energy sources like solar, wind, and green hydrogen. The company could evolve into a leading player in Africa’s clean energy transition. Oando may also expand its operations beyond West Africa, leveraging its experience to tap into opportunities in other emerging markets. One also expects the company to focus on digital transformation with increased technology adoption, such as AI, IoT, and blockchain, which could optimize operations, improve efficiency, and enhance customer experiences.

Wale Tinubu

Golden Laurel for Dr. Ayodele Ogunsan while Championing People-centred Policing for a Safer Africa

Dr. Ayodele Ogunsan, a prominent member of the Board of Lagos State Security Trust Fund (LSSTF), recently garnered more accolade for his tireless efforts in security advocacy. At the 18th Africa Security Watch Awards and Conference, held at the prestigious Radisson Blu Hotel, Doha, Qatar, Dr. Ogunsan was honoured with the Golden Star Award for Security & Safety Advocacy in West Africa. While this coveted award celebrated his outstanding contributions to promoting innovative security solutions and enhancing public safety through strategic partnerships and proactive governance, Chiemelie Ezeobi writes that it was however his lecture, titled “Emplacement of People-Oriented Policing for Security and Development in Africa”, that gave policymakers, security experts, and development stakeholders across the continent an insight into what makes Lagos secure

Dr. Ayodele Ogunsan’s pivotal role as a prominent member of the Board of Lagos State Security Trust Fund (LSSTF), has been instrumental in reshaping Lagos State’s security landscape. The LSSTF, established to bridge critical funding gaps in the state’s security apparatus, has become a model of success in public-private partnership-driven security initiatives.

The fund has implemented several landmark projects, from equipping law enforcement agencies to fostering community engagement in crime prevention.

At the 18th Africa Security Watch Awards and Conference, held last December at the prestigious Radisson Blu Hotel, Doha, Qatar, Dr. Ogunsan’s immense contribution was honoured with the Golden Star Award for Security & Safety Advocacy in West Africa.

The Need for People-Oriented Policing in Africa

In addition to receiving this distinguished accolade, Dr Ogunsan was invited to deliver a lecture at the conference, where he shared his insights on innovative approaches to policing in Africa. His lecture, titled “Emplacement of People-Oriented Policing for Security and Development in Africa”, was a highlight of the event, drawing acclaim from policymakers, security experts, and development stakeholders across the continent.

Dr Ogunsan began his lecture by identifying the urgent need for a shift in policing strategies across Africa. He pointed out that traditional enforcement-driven models of policing, often characterised by authoritarian practices and limited citizen engagement, have failed to address the root causes of crime. Instead, they have contributed to a growing trust deficit between law enforcement agencies and the communities they serve.

He argued that people-oriented policing offers a more sustainable solution by fostering collaboration between security agencies and the public. This approach emphasises transparency, accountability, and community involvement, ensuring that security strategies are tailored to meet local needs. By placing citizens at the centre of security initiatives, people-oriented policing can help build trust, improve crime reporting, and address underlying social issues contributing to criminal behaviour.

The Lagos State Security Trust Fund: A Success Story

As a case study of people-oriented policing in action, Dr Ogunsan highlighted the remarkable achievements of the Lagos State Security Trust Fund (LSSTF). Since its inception, the LSSTF has adopted a multi-stakeholder approach, mobilising resources from the government, corporate organisations, and private citizens to support law enforcement efforts. This innovative model has enabled Lagos State to enhance the operational capacity of its security agencies significantly.

Key achievements of the LSSTF include the provision of thousands of patrol vehicles, body armour, and communication equipment to the police. Additionally, the Fund’s commitment to transparency and accountability has inspired sustained support from stakeholders, making it a reliable partner in security management. According to Dr Ogunsan, the LSSTF’s success underscores the importance of resource mobilisation, stakeholder collaboration, and good governance in improving security outcomes.

Public-Private Partnerships and Community Engagement

Dr Ogunsan stressed that one of the most critical lessons from the LSSTF is the power of public-private partnerships (PPPs). He noted that the security challenges facing many African nations are too complex to be addressed by government alone. By leveraging private sector resources and expertise, governments can enhance the efficiency and effectiveness of their security systems. He also underscored the importance of community engagement in security planning. Through open consultations, town hall meetings, and citizen feedback mechanisms, the LSSTF has ensured that its interventions align with the specific needs of the community. This inclusive approach has not only improved security outcomes but also strengthened public trust in law enforcement.

Preventive Advocacy: The Role of

POCACOV

In addition to his work with the LSSTF, Dr Ogunsan serves as Chairman of the Police Campaign Against Cultism and Other Vices (POCACOV) in Lagos State. He described POCACOV as a preventive advocacy initiative aimed at addressing social vices such as cultism, youth violence, and drug abuse. Through awareness campaigns in schools and communities, POCACOV seeks to educate young people about the dangers of crime and provide them with positive alternatives.

Dr Ogunsan highlighted the importance of rehabilitation programmes for at-risk youth. By offering vocational training, mentorship, and other support services, these programmes can help vulnerable individuals build productive lives and contribute positively to society.

He urged other African countries to adopt similar preventive strategies, noting that addressing the root causes of crime is more effective than relying solely on punitive measures.

Leveraging Technology for Enhanced Security

Another critical theme of Dr Ogunsan’s lecture was the role of technology in modern policing. He commended Lagos State for its innovative use of digital platforms, such as the Citizens Gate App, which allows residents to report crimes in real time. He also highlighted the integration of surveillance tools, drones, and CCTV systems in the state’s security operations.

Dr Ogunsan called on African governments to invest in modern policing tools and digital infrastructure to enhance crime prevention and response capabilities. He noted that technology not only improves operational efficiency but also enables law enforcement agencies to adopt intelligence-driven approaches to policing.

Global Best Practices in Community Policing

To provide a broader perspective, Dr Ogunsan juxtaposed the Lagos State experience with international models of community policing. He cited Japan’s Koban system, which involves small neighbourhood police stations that foster close ties with local residents, and the U.S. Community-Oriented Policing Services (COPS) programme, which focuses on building partnerships between police and communities.

Dr Ogunsan emphasised that while each country’s approach must be tailored to its unique context, the underlying principles of community engagement, decentralisation, and cultural competence are universally applicable. He urged African policymakers to learn from these global best practices and adapt them to local realities.

Strategic Recommendations for Africa

In his concluding remarks, Dr Ogunsan

offered several strategic recommendations for advancing people-oriented policing in Africa including to Build Trust through Accountability by establishing independent oversight bodies to investigate police misconduct and ensure transparency in law enforcement operations. He also harped on Leveraging Technology by Expanding the use of digital platforms for crime reporting and equip law enforcement agencies with modern tools, including drones and surveillance systems; adopting Inclusive Security Policies by ensuring that marginalised groups, including women, youth, and persons with disabilities, are actively involved in security planning and decision-making; and Strengthening Legal Frameworks by mandating community policing as a core function of law enforcement agencies and provide adequate training to officers on people-oriented policing principles.

A Call to Action

Dr Ogunsan concluded his lecture with a powerful call to action. He urged African leaders, policymakers, and stakeholders to move beyond dialogue and take concrete steps towards implementing people-oriented policing models. He emphasised that ensuring the safety and security of citizens is not only a prerequisite for development but also a moral imperative for any responsible government. By adopting collaborative, accountable, and innovative approaches to policing, he said Africa can create a secure environment that fosters sustainable development and prosperity. Dr Ogunsan’s lecture was a clarion call for a new era of security governance in Africa—one that places people at the heart of every strategy and decision.

As participants at the conference reflected on Dr Ogunsan’s insights, there was a shared recognition that the time for action is now. With visionary leaders like Dr Ogunsan championing the cause, the continent is well-positioned to chart a new course towards lasting peace and security.

Board Member, LSSTF, Dr. Ayodele Ogunsan and wife, Dr. Ajoke, receiving the Golden Star Award for Security & Safety Advocacy in West Africa from Vice Chair, Board of Trustees, Security Watch Africa Initiatives, Prof. Henri Fouche, in Doha, Qatar…recently

With 580 Suspects Arrested, Weapons Recovered, CP Olanrewaju’s Trajectory of Crushing Crime in Lagos

In a determined effort to rid Lagos State of criminal activities, the Lagos State Police Command, under the leadership of Commissioner of Police (CP) Ishola Olanrewaju, has recorded remarkable success in its recent operations. Over 580 suspects were arrested for offences ranging from armed robbery, kidnapping, conspiracy, and murder, to illegal possession of firearms and cultism. Several dangerous weapons, including AK-47 rifles, locally made pistols, and live ammunition, were recovered, while stolen vehicles and other incriminating items were seized. Many of the suspects have already been charged to court, with ongoing investigations into remaining cases. Chiemelie Ezeobi writes that this crackdown highlights the command’s resolve to enhance the safety and security of Lagos residents.

In an ongoing effort to combat crime in Lagos State, the Lagos State Police Command has achieved significant success through the arrest of numerous criminal suspects, recovery of illegal weapons, and dismantling of dangerous gangs. The crackdown, led by various tactical teams and divisions under the directive of the Commissioner of Police, CP Ishola Olanrewaju, has resulted in hundreds of arrests and the seizure of incriminating exhibits. Over the weekend, the CP paraded the suspects and the recovered exhibits while updating journalists on the status of each case recorded.

Armed Robbery and Traffic Robberies

In this regard, the CP said several armed robbery gangs operating across Lagos were apprehended. On Ikorodu Road, a gang using an unregistered Faragon bus painted in Lagos State commercial colours was arrested. The key suspect, Oguche Sylvanus, aged 27, was taken into custody. The Faragon bus and other personal effects were recovered. The case has since been charged to court.

In another operation, the CP said a notorious robbery gang led by Godwin Chukwuma, aged 23, from Orlu LGA, Imo State, and Solomon Balogun, aged 23, from Ondo State, was arrested. Exhibits recovered include one AK-47 rifle with three rounds of live ammunition and two locally made double-barrel guns with four live cartridges. The suspects, who confessed to multiple robberies across the country, have also been charged to court. Furthermore, on 28th September 2024, he said a dangerous armed robbery syndicate led by Fatai Lawal, alias Bullet, was apprehended along Badagry Road. This gang specialised in snatching vehicles and personal belongings at gunpoint. Recovered items include one locally made single-barrel gun with four cartridges and three Korope buses stolen at gunpoint. All suspects have been charged to court.

Kidnapping Cases

The Lagos Police Command recorded multiple breakthroughs in kidnapping cases. On 23rd October 2024, operatives arrested Hassan Samson, 35, and Segun Akinola, 27, after they abducted Deifiagbon Emeka, who was rescued unhurt. The suspects were charged to court.

On 24th April 2024, he said detectives

rescued a kidnapped victim at a dredging site known as Pump and Sell. Five suspects were arrested, and the case was promptly charged to court.

Another kidnapping case involved a gang that used social media to lure victims. They extorted ₦300,000 from one victim before being apprehended by the tactical team of Area Charlie. Three suspects were arrested, and the case has been charged to court.

Cases of Conspiracy and Murder

Several heinous crimes involving conspiracy and murder were solved through diligent investigations. On 9th January 2025, four suspects, Emeka Akwara, 19, David Segun, 21, Samuel Ariori, 21, and Lukman Ariori, 19, conspired to rob and murder a ride-hailing driver in Obalende. Despite stabbing the

victim multiple times, they failed to snatch the vehicle.

With the intervention of passers-by, two suspects were immediately apprehended, while subsequent investigations led to the arrest of the remaining suspects. Recovered exhibits include a Toyota Camry vehicle (AGL 650 HN) and knives. The case remains under investigation, while the deceased’s body has been deposited at Mainland Hospital, Yaba.

Another chilling case involved the arrest of Edmond Julius, 34, Abdullahi Umar, 32, and Saturday Oke, 40, for the kidnapping and murder of Oluwaseyi Fowler, an Uber driver. The suspects led police operatives to recover the decomposed body of the deceased and a Toyota Camry, which was handed over to the victim’s family. The suspects have been charged to court.

Additionally, on 17th July 2024, a violent cult clash led to the brutal murder of two individuals at Ijora Badia. Investigations culminated in the arrest of Samuel Ojenuga,

22, and his accomplice, Abdullahi Yusuf, who confessed to multiple killings during the clash. The suspects have been charged to court.

Illegal Possession of Firearms and Other Criminal Offences

On 5th November 2024, a patrol team at First Gate, Agidingbi, Ikeja, intercepted suspects aboard a commercial shuttle bus without a registration number. Recovered items included one Stanley SMG rifle and 44 rounds of live ammunition. The suspects were charged to court.

On 6th November 2024, a team on patrol at Odo Eran, Idimu, spotted suspects fleeing on a motorcycle. Abandoned at the scene were a locally made double-barrel pistol, two single-barrel pistols, and live cartridges.

The tactical team of Area B arrested a suspected cultist on 25th December 2024, recovering iron axes, cutlasses, and other dangerous weapons. The suspect was charged to court and remanded at Kirikiri Prison.

Child Abuse and Labour Unrest

On 8th January 2025, a distress call led to the arrest of a suspect for the physical assault of a male infant student. The case, supported by video evidence, was transferred to the Gender Unit for prosecution.

The command also recorded 2,270 motorcycles impounded for violating traffic laws, alongside 127 vehicles apprehended for contravening one-way traffic and BRT corridor rules. These cases have been transferred to the task force at Oshodi.

Raids on Criminal Hideouts and Vandalism

In ongoing raids on criminal hideouts, 580 suspects were arrested and transferred to the task force for further investigation. Additionally, one cultist was arrested at Ijanikin on 3rd November 2024, while another suspect was apprehended at Area C on 20th November 2024. Both cases were charged to court.

Summarily, the Lagos State Police Command remains resolute in its commitment to safeguarding the lives and property of all Lagosians. With the continued support of law-abiding citizens, CP Olanrewaju pledged that they will ensure Lagos remains safe for all.

Some of the suspects paraded at the command headquarters in Lagos over the weekend

CP Ishola Olarenwaju showing some of the recovered exhibits

EMPOWERING WOMEN IN THE CREATIVE SPACE...

Food Security: Kwara Aims to Emerge Leading Rice Processing Hub in Nigeria, Says AbdulRazaq

Governor Abdulrahman Abdulrazaq of Kwara State at the weekend said his administration has committed to reposition the state towards making the state a hub for food processing, especially rice production and other value chains, in Nigeria.

The visit facilitated by NEPC also highlighted the Council’s commitment to promoting agricultural products for export.

The tour of the I-Need Rice Mill’s facilities, which included the cassava processing unit, paddy rice storage, rice processing plants, and boilers for parboiling rice, underscored the

AbdulRazaq stated this at Elerinjare Ilobo Community in Ifelodun Local Government Area of the state during his facility visit to the "I-Need Rice Mill" in the town. The rice mill is facilitated by the Nigeria Export Promotion Council (NEPC).

government’s intention to ensure every part of the agricultural value chain is optimized.

Represented at the event by the State Commissioner for Agriculture and Rural Development, Mrs. Oloruntoyosi Thomas-Adebayo, the governor commended the establishment of the facility for its pivotal role in transforming Kwara State’s agricultural narrative.

The governor highlighted strategic focus at ensuring that goods and

produce from Kwara are processed within the state, enhancing value addition, reducing reliance on imports, and boosting local economies.

He said: “The days when Kwara was known merely as a producer of raw agricultural commodities are fading.

"We are building a new Kwaraone that processes and adds value to what we produce, particularly rice.

"Being one of the leading riceproducing states, Kwara State is well

Jega Commends Zulum for Establishing

‘First of its Kind Ranch in Nigeria’

Michael Olugbode in Maiduguri

Former Chairman of the Independent National Electoral Commission (INEC) and Co-Chair of the Presidential Livestock Reforms Committee, Professor Attahiru Jega has commended Borno State Governor, Babagana Zulum, for establishing a cattle ranch that is the first of its kind in Nigeria.

Jega made the commendation on Saturday in Mafa Local Government Area of Borno State, at the commissioning of Ngarannam Livestock Improvement and Ranch Settlement constructed by Zulum’s administration, with the support of the federal government.

He said: “I must say that I witnessed something I had never seen in our country today. We have

seen today the vision of a leader, the passion and commitment to what clearly will help drive economic growth, uplift the lives and livelihood of people and provide employment to our citizens.

“It is highly commendable and encouraging that Borno State has shown leadership and commitment to livestock development based on what we have seen at today’s event.”

He also said: “It is gratifying that the state is ahead with the launching of the Annual Animal Vaccination Scheme and distribution of livestock for livelihood restoration and economic empowerment of the citizens.

“It is commendable that the state has both the Ministry of Livestock and Fisheries Development and Borno State Livestock Management Agency (BOLMA).”

Delivering his address, Zulum noted that Ngarannam Livestock Improvement and Ranch Settlement is a 4-square km project built for 461 nomadic families from eighteen communities affected by Boko Haram insurgency.

He said: “In addition to a house, each of the 461 families received pairs of bulls and heifers, goats, and a humanitarian relief package consisting of essential food and non-food items.

“The project has facilities that include a housing estate with road networks, schools, health clinics, veterinary services, and state-of-the-art dairy and beef upgrading centres.

“Other facilities are pasture development centres, milk collection centres, earth dams to secure water supply, markets to foster local trade, and security outposts to ensure a

safe and secure environment for all.”

Meanwhile, the minister of Livestock Development, Idi Mukhtar Maiha has branded Borno State Governor with the ministry’s logo appreciating his commitment to livestock development.

The minister said: “I am delighted to join you at this occasion of the commissioning of Ngarannam Livestock Improvement Ranch Settlement built by Borno State Government.

“I wholeheartedly congratulate and commend His Excellency, the Executive Governor of Borno State, on this laudable project which will immensely benefit the good people of Borno State and Nigeria in general, with attendant implications for addressing the food security challenges in our nation.”

NASFAT, DARMAT Commend NAHCON over Appointment of New Acting Secretary for the Commission

The commendation was contained in separate statements issued by the two Islamic organisations and made available to journalists in Ilorin, Kwara State.

National Hajj Commission of Nigeria (NAHCON) on the recent appointment of Alhaji Alidu Shutti as the acting Secretary of the Commission.

They said: "There is no doubt that the appointment of Alhaji Shutti as the acting Secretary would add more values to the operations of the Hajj activities in the country".

However, the NASFAT in a statement issued, signed by the

National President of the organisation, Alhaji Ayodeji AbdulWahid AbdulRauf, stated: "Alhaji Shutti, a prominent member of NASFAT, has consistently demonstrated dedication to the Islamic faith and remains a trusted figure in the Muslim community".

Alhaji AbdulRauf, described the appointment as a well-deserved recognition of Alhaji Shutti’s exemplary leadership and unwavering

commitment to service.

He praised his diligence and integrity, emphasizing that these qualities will contribute significantly to the efficient management of Hajj operations in Nigeria.

Also, the Chief Missioner of NASFAT, Imam Maroofdeen AbdulAzeez Onike, in his remarks, commended Alhaji Shutti’s devotion to the faith and offered special prayers for Allah’s guidance in his new role.

positioned to become the leading State in rice processing.

"This strategic shift ensures that our people benefit from fresh, locally grown and processed foods, while driving economic growth in the State.

"We are also going to collaborate with NEPC to promote the export of made-in-Kwara products".

The governor however praised "I-Need Rice Mill" for its remarkable achievements, including its 100-ton rice polishing machine and capacity to produce over 2,000 bags of rice daily.

He said: "This aligns with the State’s objective of reducing post-harvest losses, creating jobs, and improving the livelihoods of farmers and processors across the value chain.”

AbdulRazaq expressed his

admiration for the inclusion of women in the workforce at the mill, aligning with the present administration's commitment to gender inclusion and empowerment.

He encouraged the staff to remain dedicated to their duties and lauded the management for their innovation and resilience in addressing agricultural challenges. Also speaking, Mr. Tajudeen Olaoye, representing the NEPC, commended the state government for its remarkable strides in agriculture.

He noted: "Under the leadership of Governor AbdulRazaq, Kwara State has witnessed significant progress in farming, harvest, and food processing. “Our intention at NEPC is to promote agricultural products for export.

Unilorin VC Condemns Infighting within Institution's Alumni

Association

Inaugurates varsity’s advancement board

Hammed Shittu in Ilorin

The Vice Chancellor of the University of Ilorin, Professor Wahab Olasupo Egbewole, at the weekend expressed concern over continued infighting within the alumni association of the university.

Egbewole however said that, "Any Alumni Association worth its salt should look for ways to assist the university and not create issues for the university or bring out the university in negative light.

Speaking in Ilorin during the inauguration of the newly constituted members of the University of Ilorin Advancement Board, Egbewole stated that, "Alumni Association should be engaged in a way to give back to the University that produced them.

"And the Alumni Association is not supposed to be bickering over positions or fighting over pecuniary benefits for themselves".

The vice chancellor added that, "the University of Ilorin Advancement Board is established to provide strategic guidance, innovative ideas, and invaluable networks that will propel our institution to new heights of excellence".

He said: "Apart from this,

the University Advancement Board will be instrumental in helping us achieve this vision by strengthening our resource base, identifying opportunities for resource mobilization, partnerships, and endowments.

“Others are enhancing institutional visibility, advocating for our university on national and international platforms, driving strategic initiatives, offering insights to guide our priorities in areas such as infrastructure, academic excellence, and community development".

Professor Egbewole who said that membership of the board was carefully chosen by putting into consideration the values of integrity, excellence, courage, and commitment, among others, added that, "We equally chose the external members from the body of our alumnus to demonstrate that we have the capacity to deliver. This is especially important in light of the fact that 2025 is our golden anniversary.

"The board actually represents a convergence of talent, expertise, and dedication. Comprised of leaders from diverse sectors - academia, industry, government and beyond".

Hammed Shittu in Ilorin

Hammed Shittu in Ilorin Islamic organisations in the country, the Nasrul-Lahi-L-Fatih Society (NASFAT) and Daaru-r-Rahmat Society of Nigeria at the weekend commended the management of the

L-R: Special Adviser on Ministries, Departments and Agencies (MDAs), Ms Love Idoko-Uloko; Honourable Minister of Women Affairs, Imaan Sulaiman-Ibrahim; Actress, Omotola Jalade-Ekeinde; and Hajiya Rukkayah Mohammed, Special Assistant on Creative Economy and Innovation to the minister during a meeting on promoting and empowering women in the creative space in Abuja at the weekend

SACKED KANO COMMISSIONER JOINS APC...

L-R: Chairman of the All Progressives Congress (APC) in Kano State, Prince Abdullahi Abbas; Former Commissioner for Rural and Community Development, Hon Abbas Sani Abbas; and the Deputy President of the Senate, Senator Jibrin Barau, welcoming Abbas, a former New Nigeria People's Party (NNPP) Chieftain to the APC...at the weekend

FG, States Urged to Strengthen School Infrastructures in Flood-prone Communities to Advance Education System

Federal and state governments in the country have been called upon to strengthen school infrastructures in flood-prone communities in the country in order to advance education system in the country.

This development would go a long to reducing cases of closures and ensure schools remain operational during flood events.

The Founder and Senior Project Lead of Geohazards Risk Mapping Initiative (GRMI), Mr. Taiwo Ogunwumi, stated this in Ilorin, Kwara state capital at the weekend while highlighting the findings of a survey conducted by the organisation to assess the impact of flooding on students and educational activities in Lagos and Kogi states.

He said that investment in resilient infrastructure, such as elevated buildings and improved

drainage systems would assist the schools to provide quality education for the students during the floods situation.

According to him, "there is urgent need for proactive measures to protect education systems and build resilience against the growing threat of climate change-induced flooding in Nigeria".

He said: "The report revealed that while most schools surveyed in the two states are strategically located in low-risk zones, the intensity of flooding often forced some schools to close temporarily, leading to disruption of academic activities.

“Beyond physical school closures, the emotional and mental toll of flooding on students is significant, with many expressing anxieties over falling behind their peers academically.

"These disruptions create

disparities between students in flood-affected and unaffected schools, potentially exacerbating educational inequalities".

He further disclosed that an estimated 2.5million children and youths in Nigeria reside in flood-prone areas, which exposed them to increased risks.

To address these challenges, the GRMI founder called for the strengthening of school infrastructure in flood-prone communities, stressing that investment in resilient infrastructure, such as elevated buildings and improved drainage systems, can reduce cases of closures and ensure schools remain operational during flood events.

Going by the mental health impact of flooding on students, as revealed in the GRMI survey, the founder of GRMI urged governments to provide

psychosocial support to students in affected areas to help them cope with the emotional distress caused by flooding and other climate-related disruptions.

Ogunwumi stated: “Floodrelated school closures highlight the need for alternative learning platforms.

"To ensure continuity of education during flood-induced school closures, we advocate for the development of remote learning platforms that will help students maintain academic progress.

“Empowering Youths and Children in Flood Risk Management is equally important. Training programmes should be designed to teach students and young people how to map and identify flood-prone areas.

"By involving children in disaster risk reduction efforts, they become active participants

NDLEA Seizes 6 Vehicles, 40ft Trailer Load of Skunk in Abuja

Intercepts Australia-bound cocaine in face cream bottles in Lagos

Olugbode in Abuja

A 40ft trailer load of skunk, a strain of cannabis, weighing 2,217.6 kilogrammes has been intercepted by operatives of the National Drug Law Enforcement Agency (NDLEA) at an abandoned fuel station in Kagini, Kubwa area of the Federal Capital Territory, FCT Abuja.

The truck was intercepted while the drug in it is being distributed into six vehicles for onward distribution to some Northern states.

A statement on Sunday by the spokesman of the anti-narcotics agency, Femi Babafemi, said the intelligence-led operation which took place at 1:20am on Saturday led to the seizure of not only the large illicit consignment but also the trailer and the six vehicles: Toyota Van, Toyota Camry car, Toyota Sienna bus, JAC 4-wheel-drive Hilux truck, Toyota Corolla car and a Vento Passat car as well as the arrest of a suspect: 42-year-old Isaac Desmond.

Babafemi added the consignment was loaded into the trailer at Uzebba in Owan Local Council Area of Edo State.

In another raid in the FCT, according to the spokesman, two suspects: Anthony Nnamdi, 42, and Abba Ali, 27, were arrested by NDLEA officers at Nyanya, where a combined 1.398 kilogrammes cocaine and a precursor substance used in preparing crack cocaine were recovered from them.

He said no fewer than 20 wraps of cocaine weighing 330 grammes have been recovered from a cargo going to Australia at a logistics firm in Lagos by officers of the Directorate of Operations and General Investigation (DOGI) in NDLEA, noting that the cocaine parcels were concealed around the body of face cream containers in the shipment.

Babafemi added that a total of 338,200 bottles of codeinebased syrup worth more than

N1,190,168,200.00 in street value, were intercepted in two containers watch-listed by the agency following processed intelligence.

He revealed the illicit consignments were discovered during joint examination of the containers by NDLEA operatives, Customs and other security agencies last Thursday and Friday at the Port Harcourt Ports Complex, Onne, Rivers State.

In Lagos, the traditional chief priest of the Igunuko Shrine, Alpha Beach Ajah Lekki where 2,760 kilogrammes skunk was recovered on 25th October 2024, Bariu Aliu (alias Malo) has been arrested by NDLEA operatives after over three months of manhunt for him.

Though two of his accomplices were earlier arrested at the shrine last year and had since been charged and convicted in court, Bariu was said to be the leader of the syndicate.

A suspect, Habibu Ya'u, 23, was nabbed by NDLEA officers who

raided Gadar Tamburawa, Zaria Road, Kano, last Thursday where they recovered 45 blocks of cannabis weighing 24.2 kilogrammes; and 40,800 pills of opioids including tramadol from him.

Babafemi said with the same vigour, commands and formations of the agency across the country continued their War Against Drug Abuse (WADA) sensitization activities to schools, worship centres, work places and communities among others in the past week.

Meanwhile, the Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (Rtd), while commending the officers and men of DOGI, FCT, PHPC, Lagos, and Kano commands of the agency for the arrests and seizures, stated their operational successes and those of their compatriots across the country especially their balanced approach to drug supply reduction and drug demand reduction efforts are well appreciated.

in building safer communities.

“The government should collaborate with organisations like ours to conduct workshops and school campaigns aimed at educating youth about the causes and effects of floods.

These programmes can foster a culture of preparedness and resilience among students and communities.

“Flooding is not just an environmental issue; it’s a threat to the education and future of our children. We implore governments at all levels to take bold and decisive steps to implement these recommendations.

“We must act now to ensure schools remain safe and accessible, and that students do not lose their right to quality education.”

Also speaking on the report, Head of Research at GRMI, Mr. Kayode Adeniyi said

flooding poses a severe risk to the educational sector in Nigeria, as it disrupts academic activities, damages critical school infrastructure, and creates unsafe conditions for both students and staff.

Adeniyi, who revealed that students from marginalised communities, many of whom reside in flood-prone areas, were among the most affected, stressing that “this situation threatens the achievements of United Nations Sustainable Development Goals, especially Goal 4 which advocates inclusive and equitable quality education and promote lifelong learning opportunities for all.”

Quoting the National Bureau of Statistics (NBS) report, he disclosed that students in flood-affected areas missed an average of 53 school days in 2022 alone due to severe flooding.

Commissioner Lauds Effort to Make Sokoto Environment Green

The Commissioner for Environment in Sokoto State, Alhaji Nura Shehu Tangaza, has lauded efforts of the "Make Sokoto Green Development Initiative" to lead the campaign for environmental sustainability in the state.

He made the commendation when the Executive Director of the Initiative, Mr. Nasir Abbas Babi, led members of the group on a courtesy call at his office recently.

The Commissioner said effort of the group aligns with the vision of his ministry to promote environmental sustainability through proactive actions that would help address effects of climate change on the state.

According to him, the Sokoto State Government is unrelenting in the effort to address the adverse effects of climate change with deliberate steps to ensure that state was in prime position to produce environmentally friendly products that would value to human lives and promote livestock farming.

The commissioner praised the initiative's efforts in combating climate change and mitigating soil erosion, offering full support for their projects.

He also assured the delegation

of the ministry's openness to partnership and collaboration in driving environmental conservation efforts.

The meeting was also attended by key members of the 'Make Sokoto Green' management team, including Communications Manager Mr. Nafiu Muhammad Lema and Procurement Officer Abubakar Dauda Zazzau. This visit signals the beginning of a strengthened collaboration between the Sokoto State Ministry of Environment and the Make Sokoto Green Development Initiative, as both parties agree to work together to address critical environmental challenges in the state.

During the visit, Project Manager Miss Ruth Manu presented the organization's major achievements from the past year, particularly focusing on its tree planting programs and community awareness campaigns aimed at promoting environmental sustainability.

Mr. Babi expressed gratitude for the opportunity to explore potential areas of collaboration with the ministry to further the green development agenda.

Hammed Shittu in Ilorin

Michael

CONFERMENT CEREMONY...

Govs, Nigerian Leaders Honour Servicemen at Armed Forces Remembrance Day Salute

Emmanuel Ugwu-Nwogo in Umuahia, James Sowole in Abeokuta and Gbenga Sodeinde in Ado Ekiti

Many Nigerian leaders, including governors, yesterday, honoured fallen military heroes, veterans, and serving men in celebration of this year’s Armed Forces Remembrance Day. Alex Otti

Abia State Governor, Alex Otti, said members of the Nigerian Legion and the entire Nigerian military personnel in active service should be celebrated, given the unquantifiable service they rendered to the nation.

Speaking at an interdenominational thanksgiving service held at the Queen Elizabeth Chapel, Federal Medical Centre, Umuahia, as part of activities marking the 2025 Nigerian Armed Forces Day, Otti stated that fallen heroes had made huge sacrifices.

"The truth about it is that it is not easy to make sacrifices. You sign up for a job and you know that

the chances of dying are 50-50. So, for you to have taken that decision, you deserve to be celebrated, and today we celebrate you," he said.

The governor stated that his administration would not only celebrate the fallen heroes but also do everything within its power to provide comfortable living for members of the Nigerian Legion in Abia State.

He directed his Special Adviser on Security "to sit with the leadership of Nigerian Legion, so that we see how we can make life easier for them and their families.

"So, today, we are not just remembering, we are also celebrating you, the indefatigable men and women of our armed forces for the day and night that you spend on duty to ensure that we sleep with our two eyes closed."

Dapo Abiodun

The Ogun State Governor, Dapo Abiodun, called on Nigerians to join hands with government at all levels to build a country where unity and

peace will continue to prevail over division and silence the echoes of conflict.

Abiodun made the call during a special church service held to mark the 2025 Armed Forces Remembrance Day at the Cathedral Church of St. Peter, Ake, Abeokuta.

The governor also called on the people to ensure that the legacies of the fallen heroes remained alive. He stated that they fought for the territorial integrity of the country.

He said, "Today, let us pledge to honour their memory not only with ceremonies but with actions. Let us build a Nigeria where unity prevails over division, where peace silences the echoes of conflict, and where the sacrifices of our heroes inspire us to serve one another selflessly."

Abiodun added that the welfare of the families of the country's fallen heroes should not rest solely on the shoulders of the Nigeria Legion, but should be a shared responsibility of the people of Nigeria. He added that their sacrifices should be enshrined in the heart of the country's history and the fabric of the collective

consciousness of the people.

Hope Uzodimma

Imo State Governor, Hope Uzodimma, assured Imo people that soon, those involved in kidnapping for commercial purposes in the state will not have a hiding place any more, as government was already deploying both kinetic and nonkinetic measures to bring them to book.

Uzodimma assured that God would not fail to help the state expose all those hiding in the bushes to perpetrate crimes in Imo State.

He gave the assurance while speaking at the end of an interdenominational church service to mark the 2025 Armed Forces Remembrance Day at Government House Chapel, Owerri.

While thanking the congregation for joining the armed forces to celebrate the Mass as a prelude to January 15 ceremony proper, the governor reiterated that the celebration was necessary because "the peace we enjoy today is as a

AIG Zone 3 Reveals Secret Behind Reduced Kidnappings in Adamawa, Taraba States

Daji Sani in Yola

The Assistant Inspector-General of Police (AIG) Zone 3, Afolabi Adeniyi, has attributed the significant decrease in kidnappings and other criminal activities in Adamawa and Taraba states to the concerted efforts of government agencies and security forces.

Adeniyi made this disclosure in his office in Yola, Adamawa State, over the weekend.

According to Adeniyi, the government and security agencies have taken serious measures to curb the menace of kidnapping, which has been a major concern for residents of the two states.

He emphasized that these efforts have yielded positive results, leading to

a significant reduction in kidnapping cases. Adeniyi also seized the opportunity to issue a stern warning to remaining criminals in Adamawa and Taraba states, stating that there is no place for them in the two states.

He emphasized the government is committed to driving out hoodlums who perpetrate heinous crimes that create fear and panic among the people.

The AIG attributed the success in reducing kidnappings to the collaborative efforts of government agencies, security forces, and the general public.

He called on the public to continue reporting suspected issues to the police, stressing that their cooperation

is essential in maintaining law and order.

Adeniyi's revelation is a welcome development, especially considering the alarming rate of kidnappings in Nigeria.

The AIG's commitment to combating crime and his call for public cooperation are laudable steps towards ensuring the safety and security of residents in Adamawa and Taraba states.

As the AIG Zone 3, Adeniyi brings a wealth of experience to the table, having served in various capacities, including as Area Commander Yola, Commander 16 PMF Abeokuta, and Commissioner of Police Adamawa State Command ¹.

The reduction in kidnappings

in Adamawa and Taraba states is a testament to the effectiveness of the measures put in place by the government and security agencies. It is essential that these efforts are sustained to ensure the continued safety and security of residents in the two states.

Adeniyi's call for public cooperation is a crucial aspect of maintaining law and order. By working together, the police and the public can help to prevent and combat crime, ensuring a safer and more secure environment for all.

As the year 2025 begins, the people of Adamawa and Taraba states can look forward to a safer and more secure environment, thanks to the efforts of AIG Adeniyi and the security agencies.

result of the supreme price some of our brothers and sisters paid to keep the nation together and give us peace”.

He stated, "It is in the wisdom of the federal government that the period is set aside to pray for the souls of these our brothers and sisters, and to commiserate with their families to bear the loss with fortitude."

Uzodimma said Imo State was doing its best to support the armed forces to keep and maintain peace, stating, "The ugly stories of yesterday about Imo State is now a thing of the past."

Biodun Oyebanji

Ekiti State Governor, Biodun Oyebanji, saluted the men and officers of the Nigerian military for their sacrifices and bravery against those carrying out terror attacks against Nigeria in some parts of the country.

Commending the federal government for supporting the military to defend the country, Oyebanji hailed the appointment of Lt. General Olufemi Oluyede as Chief

of Army Staff, saying appointing an Ekiti man to such position is historic and heart-warming. The governor spoke at an inter- denominational church service to mark the 2025 Armed Forces Remembrance Day, held at Government House Chapel, Ado Ekiti, on Sunday. Oyebanji, represented by the deputy governor, Mrs Monisade Afuye, commended the military for remaining undaunted despite losing many of their officers and men to the fight against terrorists operating as Boko Haram insurgents, bandits, kidnappers, and cattle rustlers. He urged Nigerians to continually lend support to soldiers fighting at the battlefields to safeguard Nigeria's territorial integrity and the families of war veterans, who had either paid the supreme price or suffered infirmities in the course of defending the country.

Stating that Nigerians won't forget the exploits of the war veterans, the governor said the service was organised to remember and pray for the brave military officers and soldiers who fought in various battles to defend the unity of the country.

$225M DEBT: GHL DISPUTES FBN’S CLAIMS, INSISTS IT’S NOT INDEBTED TO THE BANK

funding necessary for the exploration or operation of OML 120.

"An Order restraining FBN from making any calls or demands, or taking any steps whatsoever to enforce any security, receivables, instrument, finance documents or assets of GHL, which have been charged as security.

"An Order restraining FBN from appointing an operator, asset manager or any person/institution of the same/similar ilk in respect of OML 120, pending the hearing and determination of the arbitration proceedings between GHL and FBN."

The director regretted that despite the existence of a subsisting court order, FBN, using the same lawyers, who lost at the Federal High Court,

presided by Justice Allagoa, went to another judge of coordinate jurisdiction, during recess without disclosing the earlier judgement, to obtain an interim Mareva injunction restraining GHL and its shareholders from operating their accounts over a purported and unfounded debt of $225.8million.

"FBN had since weaponised the Mareva injunction, which it obtained on December 30, 2024, to confuse the public and befuddle the issues," he explained, describing the incidence as a clear abuse of the court process.

While observing that, "this impunity is now back before the Federal High Court, Lagos," GHL expressed confidence that sooner or later, justice would be served.

L-R: President of Isaac Amao Foundation, Dr. Isaac Amao with Oba (Dr) Solomon Oloyede Atobatele Olusin of Isanlu-Isin Kingdom during his conferment ceremony as Otunba Mayegun of Isin Land, Isin Local Government, Kwara State… recently

CONFERMENT OF THEIR CHIEFTAINCY TITLES...

L-R: Ifechinyere Oko, Chief (Prof). Henry Aginam; Osuofia Oko, Chief (Dr) Nelson Ilodigwe; Akajiugo Oko, High Chief Reuben Muoka; Chinechendo Oko, Chief. Joseph Obi; and Ifemba Oko, Chief Uchenna Okonkwo-Okom, at the Conferment of their Chieftaincy Titles by Eze ljikala II, HRH Igwe Prof Laz Ekwueme, at the Alex

ECOWAS Condemns Attack on Beninese Border Districts with Niger, Burkina Faso

Terrorists attack Nigeria’s border facilities Yar'adua visits families of 23 local security personnel killed in Katsina SERAP takes Tinubu’s govt, govs to regional body’s court over ‘misuse of Cybercrimes Act’

Chuks Okocha, Michael Olugbode and Sunday Aborisade in Abuja with agency report

The Economic Community of West African States (ECOWAS) Commission has condemned an attack on Benin Republic by suspected terrorists, which left many people dead, including soldiers.

In a related development, suspected terrorists also attacked Nigeria’s border facilities at the Kangiwa Border in Kangiwa Local Government Area of Kebbi State. That was as Chairman, Senate Committee on the Army, and Chairman, Northern Senators Forum, Senator Abdulaziz Yar'adua, condoled with the security forces of Yan Sakai over the loss of 23 of their members on January 7 to a terrorist attack in Kwantan Bauna, Baure town, in Safana Local Government Area of Katsina State.

At the same time, Socio-Economic Rights and Accountability Project (SERAP) filed a lawsuit against President Bola Tinubu’s government and the state governors over “the repressive use of the Cybercrimes (Amendment) Act 2024 to criminalise legitimate expression and violate the human rights of Nigerians, including activists, journalists, bloggers and social media users.”

Reports had it that Benin forces suffered heavy losses in the attack near the border with Niger and Burkina Faso, two Sahelian countries, which left ECOWAS after the military regime of the countries came under attack.

The national guard's chief of staff, Colonel Faizou Gomina, was reported to have said one of Benin's most well-equipped military positions was hit in the north last Wednesday evening.

“We've been dealt a very hard blow,” he had said. No group has claimed responsibility for the attack, but Benin Republic has in recent years witnessed increasing attacks in the northern region blamed on jihadist groups based in neighbouring countries.

More than 120 Beninese military officers were killed between 2021 and December 2024, a diplomatic source told the AFP news agency.

Though Gomina did not provide a death toll for Wednesday's attack, the main opposition party, The Democrats, said about 30 soldiers were killed in the Alibori region.

Just last month, gunmen killed three soldiers and wounded four others who were guarding an oil pipeline in the north-east of the country.

The recent attack could have led to 28 deaths, according to AFP.

In 2022, Benin deployed nearly 3,000

troops to curb cross-border incursions and reinforce security in the north.

In a communique at the weekend, ECOWAS Commission condemned the heinous attacks in the Point Trible area by unidentified armed men on Wednesday, 8 January 2025, which it resulted in dozens of casualties.

The communique read, “The ECOWAS Commission expresses its deepest condolences to the government, security forces, and people of the Republic of Benin, as well as to the families of the brave soldiers who lost their lives protecting their country and wishes a speedy recovery to the injured.

“ECOWAS remains steadfast in its commitment to eradicate terrorism in West Africa, including through the on-going operationalization of the Counterterrorism Plan of Action in all its forms. ECOWAS calls on all Member States to intensify their cooperation in intelligence sharing and border security.

“ECOWAS expresses its full solidarity with the Government and people of Benin. It reiterates its determination to accompany Member States in their efforts to ensure the safety and security of Community citizens.”

Meanwhile, terrorists were said to have killed four persons, a local watchman and three contractors, at

a Nigerian border town.

A statement by the spokesman of the Nigeria Immigration Service (NIS), Kenneth Udo, said, “The service regrets to announce a recent attack by a suspected terrorist group on Border facilities and contractors on site, at the Kangiwa Border in Kangiwa Local Government Area of Kebbi State about 1920 hours on Friday, 10th, January 2025.

“The attack led to the death of four persons; a local watchman and three contractors. No Immigration officer was killed during the attack. However, the service recorded substantial damages on its border facilities.

“Our heartfelt condolences go out to the families of the deceased. The service is actively working alongside other sister security agencies to identify and apprehend those responsible for these heinous acts and bring them to justice.

“The Nigeria Immigration Service remains steadfast in fulfilling its core mandate of border security, aligned with the overarching objective of enhancing national security.”

Yar'adua Visits Families of 23 Local Security Men Killed by Terrorists in Katsina

Chairman, Senate Committee on

Work for Peace, Nigeria’s Unity, Peter Obi Urges Mbata, Ohanaeze Ndigbo Executive

Army, and Chairman, Northern Senators Forum, Senator Abdulaziz Yar'adua, condoled with Yan Sakai over the loss of 23 of their members on January 7 to terrorists in Kwantan Bauna, Baure town, in Safana Local Government Area of Katsina State.

Yan Sakai is a local Hausa vigilante defence group helping to repel terrorist attacks in the North-west geopolitical zone.

Safana, like many parts of Katsina State, has faced reoccurring attacks from bandits targeting vulnerable communities over the years.

Yar'adua, who represents Katsina Central Senatorial District, visited the community on Saturday in company with Deputy Speaker of Katsina State House of Assembly, Hon. Abduljalal Runka.

On his team, according to a statement by his media office, yesterday, were also Chairman of Safana Local Government Area and a chairmanship candidate for Batsari Local Government Area.

The statement explained that they visited the families and relatives of the deceased local security personnel, as well as the Emir of Ruma Hakimin Batsari, to offer their condolences.

“In a show of support, Senator Yar'adua presented N50,000 to the

families of each officer, who lost their life in the attack. This gesture demonstrates the senator's commitment to standing with the people of Katsina State in times of hardship and tragedy,” the statement said.

SERAP Takes Tinubu, Govs to ECOWAS Court over ‘Misuse of Cybercrimes Act’

Socio-Economic Rights and Accountability Project (SERAP) filed a lawsuit against the Tinubu government and the 36 states governors over “the repressive use of the Cybercrimes (Amendment) Act 2024 to criminalise legitimate expression and violate the human rights of Nigerians, including activists, journalists, bloggers and social media users”.

The ECOWAS Court had in its judgement dated March 25, 2022, “ordered Nigerian authorities to stop using section 24 of the Cybercrime Act 2015 to prosecute anyone on the grounds of insulting or stalking public officials online”.

The court declared section 24 as “arbitrary, vague and repressive” and ordered Nigerian authorities “to repeal it in conformity with the country’s human rights obligations”. Kalu

Chuks Okocha and Sunday Aborisade in Abuja

Leader of the opposition Labour Party (LP), Peter Obi, has admonished the newly elected leadership of Ohanaeze Ndigbo Worldwide, led by Senator John Azuta-Mbata, to work towards peace and unity of the nation.

A former Abia State governor, now representing Abia North senatorial district, Senator Orji Uzor Kalu, also congratulated Azuta-Mbata on his emergence as President-General of Ohanaeze Ndigbo Worldwide.

Writing on X in a congratulatory post to the executive, Obi urged the new executive to leverage their position, which showed the

people's confidence in them to strengthen the Igbo family and unite the country.

Obi stated, "On behalf of my family and the Obedient movement, I congratulate the newly elected President General of Ohanaeze Ndigbo, Senator John Azuta-Mbata; the Deputy President General, Prince Okey Nwadinobi; the Secretary-General, Emeka Sibeudu, and other newly elected executive members, on their emergence as the leaders of the noble organisation.

"Their emergence as the leaders of Ohaneze Ndigbo, the umbrella body that unites the Igbo people, underscores the level of confidence and hope the people have in their leadership ability and their

commitment to the development of the region and the nation in general.

"I pray that they will leverage their new offices to continue to work for the peace and unity of our nation and contribute immeasurably to ideas that will drive development, peace, and progress among the people.

"May God give you all, the wisdom and strength to serve the people. A new Nigeria remains possible.”

Kalu, in a statement, said he was confident that Azuta-Mbata would bring his wealth of experience into the role.

He stated, “I extend my heartfelt congratulations to you, Senator John Azuta-Mbata, on your

emergence as the PresidentGeneral of Ohanaeze Ndigbo Worldwide.

“Over the years, you have established yourself as a distinguished businessman, politician, and statesman, serving Rivers State and Nigeria with excellence and dedication.

“I am confident that your wealth of experience and expertise will greatly benefit this role.

“There is no doubt that you possess the necessary credentials to champion the cause of Ndi Igbo and strategically position the Igbo people within the complexities of today’s Nigerian politics.

“Please, know that I remain fully committed to supporting you as we move forward together.”

Tinubu is Committed to S’East Devt, Arthur Eze Declares

Gideon Arinze in Enugu

Business mogul and philanthropist, Chief Arthur Eze, has declared that the President Bola Tinubu-led administration was committed to the development of the South East zone.

Eze, who is the Chief Executive Officer of Atlas Oranto Petroleum, made this known yesterday in Enugu while reacting to the recent visit of President Tinubu to Enugu State, where he commissioned infrastructure projects by governor Peter Mbah.

In his reaction, Eze described Tinubu’s visit to Enugu as a moment of celebration and unity and a clear expression of his determination to develop the entire South East region.

"The visit reminded us of Awolowo, who fought for independence with Michael Okpara, yet he was jailed for seven years in

Calabar,” he said, adding: "Tinubu has continued in that path.” Eze further noted that the president’s establishment of the South East Development Commission was another expression of his commitment to bring about meaningful change to the region.

“While past administrations neglected the region, he came on board and remembered us, that the commission will solve a lot of problems, including provision of jobs for our teeming youths,” he said.

Meanwhile, the business mogul has also commended Mbah for his giant development strides, particularly in the area of security since coming on board as governor. He called on other governors in the Southeast to follow Mbah’s examples in addressing security challenges, which according to him, is a major guarantee for investment.

Ekwueme Civic Centre, Oko in Anambra State... recently

AT PRE-LAUNCH OF THE RETIRE AND RE-FIRE SOLUTIONS...

PDP Leadership Crisis Festers, Gladiators Adamant over Office of National Secretary

Anyanwu:

I remain party’s scribe Ude-Okoye: I’ll keep my date with history Planned NEC meeting not listed in party's activities in first quarter

Chuks Okocha in Abuja

The national secretariat of Peoples Democratic Party (PDP), yesterday, opened for business after a 20-day Christmas and New year break, with the lingering leadership battle festering further over the office of the party’s national secretary.

The PDP schedule of activities did not include the National Executive Committee (NEC) meeting mandated by the governors to take place in the first week of February this year.

Senator Samuel Anyanwu was still claiming to be the national secretary, while Sunday Ude-Okoye, the Court of Appeal-mandated scribe, insisted he had a date with history.

Anyanwu told THISDAY that as far as the party was concerned, before it went on break on December 20, he was National Secretary and nothing had changed. He said there were processes to any change in

office.

Anyanwu explained that no change had taken place since the party went on break and moreover, the National Working Committee (NWC), of which he was a member, had not met since the break.

"I am the Chief Accounting Officer and National Secretary of the PDP. We are on break and the secretariat is closed. I wonder where and how it is said that I have been changed,” he said.

Besides, Anyanwu had written a letter to members of the NWC, Board of Trustees, and NEC on why the Court of Appeal judgement should be stayed till the Supreme Court decided.

In the letter addressed to the NWC, BoT and NEC members, titled, ''The Legal position on the Enugu Court of Appeal Judgement,'' Anyanwu cited legal precedence why the Court of Appeal judgement should be stayed.

He stated, “Please, regarding the appeal court judgement in Enugu on the issue of the office of the National Secretary, it is important you note the following:

“In Nigeria, the general rule is that when an application for a stay of execution has been filed and is pending, the judgement cannot be enforced until the application is determined.

“According to the Nigerian Court of Appeal, in the case of OGBUNYANWA V. OKUDO (2013) LPELR20815(CA), ‘once an application for stay of execution is filed and pending, it operates as a bar to the execution of the judgement, pending the determination of the application.

“Similarly, the Nigerian Supreme Court, in the case of A-G . FEDERATION V. S.P.D C. NIG. LTD. (2014) LPELR-2314XSC), held that, ‘Where an application for stay of execution is pending, the

judgement creditor is restrained from executing the judgement until the application is determined.’

“An exception to this general rule is when the application for stay of execution is deemed abandoned or withdrawn, then the judgement can be enforced. In this instance, my application for the stay of execution has been filed and pending in court for determination.

“In addition, the judgement has been appealed in the Supreme Court with case number assigned. I have not in any way shown a loss of interest in prosecuting the case, as a result my position as National Secretary of the party remains sacrosanct.

“Anybody or group of persons wishing to subvert this provision of the law is, therefore, cautioned to restrain from such. We are believed to be law-abiding citizens and should conduct ourselves with utmost decorum.”

Kano Emirship Tussle: Bayero Heads to S’Court, Groups Reject A’Court’s Verdict

Ahmad Sorondinki in Kano

The 15th Emir of Kano, Aminu Bayero has concluded plans to file all necessary papers of appeal against the Court of Appeal ruling on the Kano Emirship tussle at the Supreme Court, via his legal team, today. This was as some political groups, including a Kano-based private lawyer, Barrister Shuaibu Balarabe Nasidi, have disputed the stance of Kano State government on the recent ruling of the Appeal Court over emirate dispute in the state.

Speaking on behalf of the 15th Emir, Aminu Dan Agundi, said the State government has misquoted the judgement andthat Bayero remained the subsisting Emir, until all the legal actions instituted against his removal were concluded.

The deposed Emir stated this

yesterday, while reacting to Saturday’s World Press Conference, addressed by the Kano State commissioner for Justice, and Attorney-General, directing all interested parties in the matter to abide by recent ruling of a Court of Appeal sitting in Abuja.

“Since, the ruling was that the case, should be reassigned by the Kano Chief Judge to another state High Court to be adjudicated upon, no one can claim to have won the case, as we have since instructed our lawyers to appeal the ruling at the Supreme Court," Dan Agundi stated.

Also, a legal practitioner, Barrister Nasidi berated the stance of Dederi on the disputed court ruling.

He said in a statement that despite being a legal practitioner holding the Office of the Attorney General, Dederi has shown high disregard for the law and notoriety for brash

support of the government even when it erred in the face of law.

"It is quite mischievous, and we believe the press briefing conducted by the Kano State Attorney General was intentional," he said, adding: "The verdict of the appellate court clearly set aside the judgement of the Kano state High Court in its entirety, but he was applying otherwise."

He said by intentionally attempting to give a different interpretation of the judgement of the Court of Appeal just to assure the government he serves and the embattled Emir, Muhammadu Sanusi, Dederi was ruining his career as a legal practitioner, disputing court ruling.

Another group under the umbrella of Coalition for Justice and Rule of Law, in a statement by its convener, Dr. Bashir Danmalam, expressed concern over the stance of the government on the disputed

court ruling.

He said contrary to the opinion of the government, the Court of Appeal never validated the disputed Emirate Council Law of 2024 neither did the Court of Appeal validate the disputed current government's actions regarding the chieftaincy appointments and reforms in the state's traditional institutions.

Danmalam stated that the Court of Appeal never validated or legalised or upheld the disputed actions of the Governor of Kano State pursuant to the disputed Emirate Council Law of 2024.

"Independent and unbiased minds appreciate the fact that the judgement of the Court of Appeal are two in numbers. One overturned the ruling of the Federal High Court on jurisdiction and the other overturned the entire judgement of the Kano State High Court," he said.

On his part, Ude-Okoye said, "I have the Court of Appeal order in my favour and it is the second highest court in the country. I will keep date with history by assuming my position as the national secretary.”

Ude-Okoye went further to list his agenda as the national secretary of the party, saying he would ensure that NEC meetings took place as and when due. He claimed that no court had given a stay of execution with regard to the Court of Appeal judgement against Anyanwu.

Anyanwu stated that he had appealed the sack order on him by the Court of Appeal and within the week, the stay would be granted.

He explained that the stay was

delayed due to the Christmas and New year break, arguing that legally, he would continue to hold the office until a final decision is made by the Supreme Court. But Ologunagba disagreed, and stated that the Court of Appeal judgement was a declarative judgement, whose permission must be obtained before an appeal to the Supreme Court. Meanwhile, the party’s 2025 TimeTable and Schedule of Activities released by the party’s Directorate of Organisation and Mobilisation in Abuja did not contain any NEC meeting whether in February or the first quarter of the year. It was, however, gathered that the NWC would meet on Monday, February 10.

Asue Ighodalo, PDP Vow to Upturn Sept. 21 Governorship Election Results in Edo State

Adibe Emenyonu in Benin City

The Edo State chapter of the Peoples Democratic Party (PDP) and its candidate, Dr. Asue Ighodalo, have vowed to upturn the results of the September 21, 2024 governorship election, which the Independent National Electoral Commission (INEC), declared the All progressives Congress (APC) and its candidate, Monday Okpebholo, won.

This is ahead of resumed sitting of the Edo State Governorship Election Petition Tribunal today.

This position was contained in the communiqué released at the end of a meeting of the leadership of the party, including its governorship, Ighodalo.

In the communiqué signed by the Secretary, Edo State PDP Caretaker Committee, Henry Tenebe, the meeting was convened at the instance of the Chairman, State Caretaker Committee, Dr. Tony Aziegbemi.

“After extensive deliberations on the state of affairs of the party and Edo State, the following resolutions were reached:

“The party reaffirmed its resolve to reclaim the mandate duly given to it by the people of Edo State in the last governorship election. It called for the continuous support and prayers of all party faithful and the people of Edo State as PDP and its candidate progress on this arduous journey.

“The meeting acknowledged and deeply appreciated the commitment, loyalty, and steadfastness of party members and faithful supporters across Edo State, urging them never to relent in their support and prayers for the party and its leadership.

“The attendees expressed grave concern over the current state of Edo under the All Progressives Congress (APC)-led administration. The party observed with dismay that the State has suffered significant setbacks in the last few months.

“The PDP reaffirmed its unshakable commitment to the rule of law and upholding constitutional democracy in the State. The party strongly believes that law, order and security are essential for the peace, progress and development of Edo State and Nigeria as a whole.”

L-R: Guest, Igbekele Adefeye; Keynote Speaker, Edward Adebeshin; Founder/ Chief Executive Officer, RAR Solutions, Mrs Patience Ukor; Chairman, RAR Solutions, Elder Obukaroro Ovadje; and Business Development Officers, Cedrus Group Africa- Solomon Aighua and Folorunsho Ekumdayo, at the Pre-launch of the Retire and Re-fire Solutions themed ‘Unveiling Secrets of Averting the Challenges of Retiring into Confusion’ in Lagos... weekend

OPENING OF ETHIOPIAN SECURITIES EXCHANGE…

L-R: Group Managing Director/Chief Executive Officer, Nigerian Exchange Group (NGX Group), Temi Popoola; Chief Executive Officer, Ethiopian Securities Exchange (ESX), Tilahun Kassahun, and President, Africa Securities Exchanges Association (ASEA), Pierre Celestin Rwabukumba, during the opening of ESX in Addis Ababa…recently

Kidnapped Benue Farmer Murdered by Herdsmen after Collecting Ransom

George Okoh in m akurdi

A gang of criminals has killed their victim a farmer and businessman in Akor village, Nzorov Council Ward of Guma Local Government Area, LGA, of Benue state, Mr. Terzungwe Shaku. The victim was murdered by suspected armed herdsmen

who abducted him and after collected N5.5million from his family members for his release.

The murder of the deceased has forced members of his community and neighbouring villages to flee their homes for fear of being targeted by the marauders.

A close family source

Contractors to Protest Nonpayment by DESOPADEC

Sylvester Idowu inWarri

Members of the Delta State Oil Producing Areas Development Commission (DESOPADEC)

Indigenous Contractors Forum have threatened protest over failure of the commission to pay for contracts executed and review of existing ones due to high cost of materials.

Chairman of the Forum, Engr. Ogie Samson Oritsebemigho, in a statement issued yesterday, said the members resolved to embark on a protest to the commission’s office within 14 days following refusal to attend to some of their grievances after several peaceful approach to

‘12

resolve them.

He disclosed that the protest, which will come up on January 24, has become a last resort to draw the attention of the Board and management of DESOPADEC as well as the Delta State Governor, Hon. Sheriff Oborevwori to the plight of the indigenous contractors in the state.

Ogie, in the statement titled “Indigenous Contractors Seek Justice/Give Notice for Peaceful Protest Within 14-Days to Commence January 24th, 2025” lamented the plight of members of the forum and demanded urgent action by the board of the interventionist agency.

PDP Lawmakers in Abia Assembly Won’t Defect’

Emmanuel Ugwu-Nwogo in umuahia

The Chairman of the Abia State chapter of the Peoples Democratic Party (PDP), Elder Amah Abraham, has assured party faithful that the 12 state lawmakers on its platform would not abandon the party.

Abia PDP has been hit by a gale of high profile defections after it lost power to the Labour Party in 2023, thereby sparking persistent speculation that the party may lose its lawmakers to

either LP or APC.

But speaking at a meeting of Abia North PDP stakeholders, weekend at Abam, Ohafia Local Government, Abraham said that the harmonious working relationship between the lawmakers and Governor Alex Otti should not be misconstrued.

The former ruling party, despite losing the governorship seat, still secured 12 state legislative seats in the eighth Abia House, giving it 50 per cent share of the 24-member Assembly.

Oyo to Host Largest Robotics Innovators’ Summit

Kemi Olaitan inIbadan

Experts and stakeholders in artificial intelligence(AI) are expected to gather in Ibadan for the inaugural Robotics and Artificial Intelligence Nigeria (RAIN) Tech Summit.

The Chief Executive Officer, RAIN, Olusola Ayoola, who made the disclosure in a statement issued yesterday said Governor Seyi Makinde will inaugurate the summit, expected to be the largest gathering of artificial intelligence and robotics experts in the country.

According to him, the summit will feature the Minister of

Communications, Innovation, and Digital Economy, Bosun Tijani as guest speaker and will address the theme, ‘The RAIN of Transformation Is Upon Us: CEOs Arise!’

Ayoola added that the summit expected to hold on Saturday, January 25, is aimed to inspire innovation, showcase cutting-edge projects, and foster connections among industry leaders.

“The Vice-Chancellor of Summit University, Abiodun Aibinu, will discuss the ‘SWOT Analysis of Hardware Development in Nigeria,’ focusing on challenges faced by hardware startups.

who preferred anonymity disclosed yesterday that Mr. Shaku, who early last year survived an attack by the marauding herdsmen was, however, not lucky few

days to the new year when the armed men stormed his business place and whisked him away.

He stated that the abductors had demanded

N10 million as ransom for his release but his family members negotiated and paid N5.5million to secure his freedom.

“It is true, Akor is my

Military Airstrike Destroys Bandits’ Enclave in Zamfara, Kill Scores

Linus Aleke in abuja

The Nigerian Air Force (NAF) said that the air component of operation Fansan Yamma has destroyed bandits’ enclave in Zamfara killing many of them in the process.

A statement by Director Public

Relations and Information, Nigerian Air Force, Air Vice Marshal Olusola Akinboyewa, also revealed that a notorious bandit leader,Kachallah Turji’s whereabout is unknown following the coordinated air and ground onslaught on bandits’ hideouts in Zamfara State.

According to him, “Operation Fansan Yamma, has delivered a crushing blow to banditry in Zamfara State, through a devastatingly well-coordinated air-ground assault executed on 10 January 2025.

“Air strikes and synchronised ground assaults at Fakai Hills

decimated scores of bandits, leaving many others gravely wounded”. He stressed that this bold operation underscored the unwavering resolve of the Armed Forces of Nigeria to restore peace and security to the region.

APC Chieftain Tackles FG’s Economic Team over Poor Budget Implementation

Onyebuchi Ezigbo in abuja

A top member of the ruling All Progressives Congress (APC) and former Director-General of the Voice of Nigeria, Mr. Osita Okechukwu, has asked the federal government’s economic management team to do more to assist in ensuring the success

of the President Bola Tinubu’s Renewed Hope Agenda. In an Open Letter which Okechukwu said he wrote to the Economic Team, the former DG wondered how the Renewed Hope Agenda program could be successfully executed when only 25 per cent of the 2024 capital budget was released.

He also expressed concern over the refusal by the Economic Team to publicly disclose how much accrued from fuel subsidy removal when the Joint Appropriation, Budget and Finance Committees of the National Assembly demanded it last week

“May I humbly appeal via this Open Letter and earnestly urge the Presidential Economic Team to patriotically consider the gruesome economic hardship in the land, so as to stop derailing President Tinubu’s Renewed Hope Agenda meant to uplift millions out of poverty.

Fake Councillors Now Impeach Council Chairmen, Deputies in Edo

AdibeEmenyonuinBeninCity

The desperation to get council chairmen and their deputies impeached climax last week with deployment of fake councillors to do the hatchet job.

It is as alleged agents of the state government assembled impostors to

say the Etsako West local government chairman and his deputy have been impeached

The imported local government legislators in a kangaroo arrangements sat and pronounced the impeachment of the Chairman, Marvelous Zibiri and his vice, Benjamin Ojetu.

In a viral video, the 12 legislators

representing the 12 wards of the local government area claimed that the purported impeachment took place at about 4:30 pm, Friday when the bonafide legislators were together in another location.

In another viral video, the six impostors along with a speaker masquerading as leader sat in the

legislative chamber of the local government in a manner the camera cannot capture their faces.

The motion to impeach the chairman was moved by a majority leader and seconded by another legislator with none of them announcing their names in line with parliamentary procedure.

Niger Gov Approves N80,000 for Casual Health Workers in General Hospitals

Laleye Dipo in minna

Niger State Governor Alhaji Mohammed Umaru Bago has approved the payment of N80,000 monthly to each casual worker in general hospitals across the state.

Governor Bago also directed that casual staff who had served in the health institutions for 15

years with first university degrees should be given automatic appointments into the civil service.

Addressing protesting health casual workers from the Minna General Hospital at the government house last weekend the governor also said that the same category of workers with Diploma certificates should be given appointments on probation, but that they should upgrade their certificates within three years.

Bago said the decision was to ensure casual workers were paid the new minimum wage though he submitted that not all casual workers could be employed on permanent basis into the civil service.

Meanwhile, Governor Bago at the weekend also inaugurated two committees, the 21-man Committee on Population and Housing Census and the 18-man Committee on Boundary Dispute between Bida and Kontagora Emirates.

Lakurawa: Kebbi Gov Donates N10m to Families of Two Deceased Police Officers

Onuminya Innocent

The Governor of Kebbi State Governor, Comrade Nasir Idris has donated the sum of N10 million to the families of two police officers, who lost their lives following an attack by Lakurawa sect at Natsini village of Augie

Local Government Area of the state

A statement by his Chief Press Secretary noted that the governor presented the donation to the Commissioner of Police in Kebbi State alongside families of the deceased.

He urged the family members to take heart and accept the will

of God Almighty in good faith.

The governor, who was represented by the State Director, Security, Abdulraham Usman and Danko Wasagu Local Government Council Chairman, Alhaji Hussaini Aliyu-Bena, reiterated the commitment of the state government to improve

the welfare of security agencies serving in the state.

This, he said, is in view of their efforts in the fight against terrorists and other criminal elements in the state, adding that their gallant efforts in combating crimes and criminalities in the state would never go unnoticed.

Channels TV, Chevron, Shell Bosses, Others Bag Awards as Govt College Ughelli Marks 80th Anniversary

Chairman/CEO Channels Incorporated, Dr John Momoh, Chairman/ Managing Director Chevron Nigeria Limited, Jim Swartz and Managing Director/ Country Chair, Shell Petroleum Development Company Nigeria Limited, Osagie Okunbor have been nominated for awards by the Government College Ughelli at the school’s 80th Anniversary. Other awardees are Chairman, Brownhill Group, Amaju Melvin Pinnick; Chairman/CEO of

Air Peace, Allen Onyema; Miller Obriks Uloho; Prof. Olu Akinyanju; Dr Titus Okereke; Joseph Akpieyi; Charles Majoroh; Prof. Oritsegbemi Omatete (North America) and Niger Delta Development Commission, Dr Samuel Ogbuku.

The event holding on Friday, January 17, 2024 has Secretary to the Government of the Federation of Nigeria, Senator George Akume, as chairman and the Governor of Delta State, Sheriff Oborevwori as the chief host.

village. Terzungwe was a big farmer who also owned a provision store in Akor. Early last year armed herdsmen attacked him but he survived it.

RENAME WHITE HOUSE TO BLACK HOUSE

after the original founders.

We Africans are very familiar with this fraud called “discovery.” In our primary school textbooks [which were written by colonial historians], we were told that it was the Scottish doctor Mungo Park who “discovered” River Niger in 1896. Discovered, when humans had been living near and fishing in that river for thousands of years, all the way from Fouta Djallon to the Niger Delta?

Mr. Trump, if you rename Gulf of Mexico to Gulf of America or any other fancy White name, will that stop hurricanes bearing down from the Atlantic, through the Gulf and splashing all the way through Florida, Louisiana and the Carolinas? Even your Mar-a_Lago golf course could be washed away one day by a hurricane or a tornado, what you Americans call twister.

Sixty percent of all US oil production is in that Gulf, which your oil companies have severely polluted. That Deep Horizon oil rig owned by BP that exploded in 2010 and splashed 4.9 million barrels of oil into the Gulf, have you guys finished cleaning up the mess? If you rename the Gulf, the European eel Anguilla anguilla, which spawns in the Sargasso Sea near the Gulf of Mexico and then travels all the way to European rivers and back, would probably never come back because its map will be disoriented.

Is it only Gulf of Mexico that needs renaming? What about the English Channel? If I were President Emmanuel Macron, I will immediately rename it French Channel because the French coastline on that channel is about as long as England’s. It is even because the Americans somehow forgot. In 1944 when General Dwight Eisenhower launched Operation Overlord from England with 160,000 troops, 5,000 ships and 1,200 planes across the channel to dislodge Adolf Hitler’s army from France, if Donald Trump had been US President at the time instead of Franklin Roosevelt,

he would have renamed it Eisenhower Channel. Fortunately, Mr. Trump wouldn’t like Eisenhower because the Supreme Commander Allied Expeditionary Force [SCAEF] and his men killed thousands of soldiers from Germany, from where Trump’s grandfather Friedrich Trump bought a one-way ticket to America in October 1885 in order to escape the draft into Otto von Bismark’s army.

Ok, that is for the Whites to sort out. Meanwhile, we have our own renaming issues here in Africa. For example, why should the Indian Ocean be so named, when Africa’s 5,000 kms coastline on that ocean is as long as mainland India’s coastline on it? Africa’s coastline on the Indian Ocean stretches all the way from Sudan, Eritrea, Djibouti, Somalia, Kenya, Tanzania, Mozambique and South Africa. What about Zanzibar, Madagascar, Comoros and Seychelles, African island nations completely surrounded by that ocean? African Union should immediately take steps to rename it African Ocean instead of Indian Ocean.

That reminds me of the Red Sea, a tributary of the Indian Ocean. Why is it called Red Sea when anyone can see that, most of the time, its water is blue like most other seas and oceans? Some say it was the Greeks that named it because the Greek word for south also means red. Many Geography books however say it was Arabs that named it because the red algae Rhodophycophta seasonally bloomed in that sea, turned its colour red and causes red tides that kill fish and other marine animals. Whatever the reason was, it is time to rename it Africa Sea. We cannot rename it Black Sea only because there is such a sea somewhere.

Trouble could soon erupt in East Asia also over the name South China Sea, the western end of the great Pacific Ocean. Does it belong only to China? It is bounded in the north by South China,

TELECOM AND THE HIKE ECONOMY

vision of leveraging technology to drive economic revival. Affordable connectivity is a linchpin for progress in critical sectors like digital banking, education, healthcare, agriculture, and e-governance. A price hike risks derailing advancements in these areas, undermining efforts to build a robust, technology-driven economy. Increasing telecommunications prices will exacerbate poverty and widen existing inequalities, hitting lower-income families the hardest. Informal sector workers who depend on affordable mobile data to access gig work opportunities may find it harder to stay connected. Small businesses, which rely heavily on affordable telecommunications for operations, marketing, and customer engagement, will face additional strain. A local trade group estimates that a 10% increase in telecom costs could reduce small business profitability by up to 7%, potentially leading to closures. Education, increasingly reliant on digital platforms, will also suffer. Higher costs will limit students’ access to online learning resources, putting global competitiveness further out of reach.

Telemedicine and remote healthcare services, which rely heavily on internet connectivity, may become less accessible to rural and underserved populations, widening healthcare disparities. Farmers and rural communities increasingly depend on mobile technology for market access, weather updates, and agricultural extension services. Rising telecom costs could disrupt these advancements, reducing productivity and economic opportunities. For instance, a farmer cooperative in northern Nigeria that uses mobile apps to connect with buyers and monitor crop prices could be cut off from critical market information due to increased data costs.

The telecommunications regulator plays

in the west by Indochinese Peninsula, in the east by Taiwan and the Filipino islands of Luzon, Mindoro and Palawan, and in the south by Indonesia’s Borneo, Sumatra and Bangka Islands. All these countries could now get together and demand a change of its name. Even more combustible is the name of the Sea of Japan, another adjunct of the Pacific Ocean. This sea is bounded not only by the Japanese Archipelago but also by the Russian mainland, Russia’s Sakhalin Island as well as North and South Korea. If Donald Trump thinks he is a combustible man out to disrupt the world, North Korean leader Kim Jong Un is like the core of a nuclear reactor. He will soon demand a renaming of the Sea of Japan after his grandfather, the Great Leader Kim Il Sung.

Even the names that US imposed on the world, e.g. Near East, Middle East and Far East. Near who? Are Greece and Turkey near Australia? Middle East; middle of where? Jordan, Syria, Iraq and Saudi Arabia, which are snug in Arabia, why should they agree to be called Middle East? You call China and Korea Far East; far from where? When the Manchus were sweeping into China and forcing its emperors to build the Great Wall, did they consider it to be far, or just nearby?

We Africans have been very slow to change fake names that were imposed on us by the Whites. I know we have somehow tried by changing some names such as Gold Coast to Ghana, Malagasy to Madagascar, Dahomey to Benin Republic, Northern Rhodesia to Zambia, Southern Rhodesia to Zimbabwe, Upper Volta to Burkina Faso, the cities of Bathurst to Banjul, Leopoldville to Kinsasha, Fort Lamy to Ndjamena, Salisbury to Harare, Pretoria to Tshwane. During my primary school days, we used to have a Bight of Biafra in our Atlas maps. I think the Federal

a pivotal role in navigating this crisis. Regulatory bodies must prevent unjustified price increases, push for service quality improvements without adding financial burdens on consumers, and advocate for innovative solutions that balance operator needs with consumer affordability. For example, regulators in South Africa have successfully implemented price caps tied to inflation indexes to protect consumers. Such measures in Nigeria

Government manoeuvred after the civil war and changed it to Bight of Bonny. What are we Africans waiting for that we have not changed the name of Lake Victoria, the world’s second largest lake, a name the British imposed after their Queen Victoria in 1858 and threw away all its local names? Why can’t we rename Lake Albert, Port Harcourt, Sierra Leone, Liberia, Monrovia, Windhoek and Johannesburg? Even Sahara Desert; some linguists say the Arabic word Sahra could mean “empty”. How can we call it empty when it has so much sand, so much wind, so much sunlight and so many Berbers, Bedouins and Tuaregs living in it?

Donald Trump should have looked before he leapt. Right now, only 26 of USA’s fifty states have Native Indian names. They are Alabama, Alaska, Arizona, Connecticut, Hawaii, Idaho, Illinois, Iowa, Kansas, Kentucky, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Mexico, Ohio, Oklahoma, North Dakota, South Dakota, Tennessee, Texas, Utah, Wisconsin and Wyoming. What about the other 24? Why should the Whites arrive at a place where some people had been living for thousands of years, displace them, grab their lands, shoot all their bison and proceed to rename them after the home towns they abandoned in Europe? New York, New Jersey, New England, New Hampshire, New Orleans, New London, New Haven, New Brunswick. If they are so nostalgic about home, they should bid farewell to the Statue of Liberty, jump into their boats, sail back to Europe and allow the Indians to regain their old names.

Even that White House that Mr. Trump is about to enter should be renamed. Afterall, Black slaves drafted from Virginia and Maryland outnumbered White craftsmen in quarrying the rough stone, cutting it and building the Executive Mansion and The Capitol. It should be renamed Black House before January 20.

Their argument highlights the undue burden these increases place on consumers and the threat to Nigeria’s digital economy. As more Nigerians embrace digital solutions for education, healthcare, and commerce, higher telecom prices could force many to cut back on usage or disconnect entirely. This would reverse years of progress in digital inclusion, especially in underserved areas where connectivity is vital for accessing government services and economic opportunities.

could mitigate the effects of the "Hike Economy" while supporting technological and economic growth. Transparency in telecom operators’ cost structures can also help consumers understand the rationale behind price adjustments, building trust and accountability.

The National Association of Telecoms Subscribers (NATCOMS) has opposed the planned hike, calling it insensitive in an already challenging economic environment.

Addressing the "Hike Economy" requires more than opposition; it calls for actionable strategies. These include encouraging renewable energy use to reduce operators' power costs, offering tax incentives to telecom providers committed to affordable pricing, promoting public-private partnerships for infrastructure development, and establishing a price review mechanism to ensure fairness and transparency. For example, shared broadband networks in Kenya have reduced costs for telecom operators, resulting in more competitive data pricing for end users. Adopting similar strategies in Nigeria could alleviate the financial strain on both operators and consumers, creating a win-win scenario. Connectivity is the backbone of Nigeria’s service-based economy. Price hikes in telecommunications risk jeopardising economic recovery, worsening inequalities, and stifling technological progress. Regulatory ingenuity is essential to combating these challenges. The focus must shift towards maintaining affordability, improving service quality, and ensuring telecommunications remain a catalyst for national development rather than a source of financial strain. Addressing the "Hike Economy" with empathy and innovation will be key to securing a prosperous and equitable future for all Nigerians.

Tinubu

Enyimba’s Dream of Quarter Finals Fades with Al-Masry Draw in Uyo

Femi Solaja

CAF CONFEDERATION CUP

The quest of Enyimba FC to reach the quarter-final phase of the CAF Confederation Cup may have vanished on Sunday afternoon in Uyo following the 1-1 draw

against visiting Al-Masry of Egypt.

The Nigerian representatives needed a lifeline of a win to overtake the Egyptian side on the log after Match-day five but had to fight from behind for the 1-1 draw.

disaster struck when Mohammed Hashem scored with a header from a corner kick that beat Enyimba's goalie to the wrong side.

That goal did not have much effect on play by both sides with the home side failing to pick the bones for a more attacking play till the end of the half.

a penalty kick in the 68th minute when Hashem was brought down in the vital area.

But the resultant kick was saved by Enyimba’s goalie off the boots of Mahmoud Hamada.

While Jose Peseiro was the first Portuguese to manage the Nigerian senior national team, another milestone will be reached this morning in Abuja as Éric Sekou Chelle will be unveiled as the 42nd person to manage the Super Eagles since September 1949, when England’s John Finch became the ad hoc coach of the country’s first national selection side.

Chelle, 47, will be the first-ever non-Nigerian African to handle the Super Eagles. He is a Malian, although still qualifies to hold citizenship of France where his father comes from and where he played his club football. He could also be an Ivorian as he was born in Cote d’Ivoire.

Although it has become conventional for football powers to hand over their national teams to citizens, there has been a paradigm shift.

Even conservative England, with a long tradition as a football nation, is having its third foreign manager after the Swedish Sven-Göran Eriksson, Italian Fabio Capello and now Germany’s Thomas Tuchel.

Nigeria’s Stephen Keshi similarly coached Togo and Mali and was on the verge of getting a job as Guinea’s manager when he died.

According to a media release by the NFF, Chelle, will be formally unveiled to the public at the Media Conference Room of the MKO Abiola National Stadium, at 11 am.

At Monday’s unveiling, the NFF

will also disclose the names of Chelle’s assistants, with the crew to shepherd the Super Eagles B at next month’s African Nations Championship in East Africa, before focusing squarely on the 2026 FIFA World Cup qualifying campaign, beginning with the matches against Rwanda (away) and Zimbabwe (home) in March.

Chelle, who took Mali’s Aiglons within breathing distance of the 2023 Africa Cup of Nations semi-finals, left his job at top Algerian side, Mouloudia Club of Oran (MC Oran) – 1989 African Champions’ Cup finalists – to team up with the Super Eagles.

Al Masry retain their second spot behind their compatriot runaway leaders, Zamalek, who defeated Black Bulls of Mozambique 3-1 in Maputo.

Enyimba who desperately needed the win were however a bit lethargic in the first half to allow the visitors take the edge 1-0 into the break.

As early as the 8th minute,

However, hope was raised in the 46th minute when Ifeanyi Ihemekwe Levelled scored with a header from a cross outside the vital area.

Efforts by the home side to get into the lead were thwarted by a more composed Al-Masry side with better play in the midfield and gradually began to push forward and were rewarded with

The later part of the match was a ding-dong affair with both sides aiming for a win and to be sure to secure a next-round passage.

The result leaves Zamalek on 11 points and will host Enyimba next week in the final match day which the Nigerian side will need to win to have a mathematical chance to pick the second spot while Al Masry second on six points now will welcome hapless Black Bulls to their fortress in Port Said.

The Nigeria Professional Golf season will tee off with the 2025 Acutech Pro-Am Championship, scheduled for January 13 to 15, 2025 at Ikeja Golf Club in Lagos.

Now in its third consecutive year, the Acutech Pro-Am Championship has become the ground where players seeking to launch themselves on the professional golf ranking draw their first salvo.

Chairman of Acutech Support Systems Limited, Zed Jituboh said that being the first event on the Professional Golf Calendar is consistent with the character of the firm.

“We have done this for three straight years, and we don’t intend to stop anytime soon. Just as it is in our business concerns, we are top-of-the-mind whenever our

stakeholders think of us.”

Jituboh added that the uniqueness of the layout and the hospitable atmosphere of Ikeja Golf Club made it the top choice to host the event.

“The last two editions have produced different winners (Emos Korblah and Christopher Francis).

We are hoping this event will throw up a new winner,” he added.

Olapade Sunday leader of the 2024 Nigeria PGA Order-of-Merit will lead the chase of the N20million total purse at stake.

Other top players teeing at the event include defending championship, Christopher Francis, 2023 Order of Merit leader, Francis Epe, Okoko Godwin, Oche Odoh, Gift Willy, Mike Ubi, Mustapha Abdullahi, and Chiti Tobias.

Fernandes goal in the 52nd minute, after Alejandro Garnacho took advantage of a Gabriel slip and crossed for Fernandes to curl the ball into the top corner.

Dalot was sent off in the 61st minute after his clumsy tackle and Arsenal were level just two minutes later when centre-back Gabriel volleyed in from inside the area.

The Gunners then had a massive

chance to take the lead when Kai Havertz was adjudged to have been brought down by Harry Maguire in the box and referee Andrew Madley awarded a penalty.

There was a delay in the spotkick being taken after a melee in the box in which Maguire, Havertz and Gabriel were all booked.

Arsenal captain Martin Odegaard then stepped up but Altay Bayindir dived to his left to push away the ball and keep the scores level.

Mikel Arteta's side had big

chances through Declan Rice and Havertz again to win the game but could not beat the impressive Bayindir.

Elsewhere in the FA Cup, Tottenham Hotspur needed extra time to overcome National League side Tamworth 3-0 to progress to fourth round. Crystal Palace also progressed with 1-0 defeat of Stockport County. Newcastle were 3-1 better than Bromley while Southampton defeated Swansea City 3-0 to also progress to the next round.

After months of preparations, the Nigerian Under-19 Women Cricket Team, Junior Yellow Greens, will face their last acid test on January 18, before the World Cup begins in Sarakawa, Malaysia.

The final warm-up match is billed for today, Monday, January 13th, against Pakistan at the YSD-UKM Cricket Oval in Bangi at 3:30 pm local time.

Nigeria will be making her debut at the Cricket U-19 World Cup for Women as the sole qualifier from the African Qualifying series in Kigali last

October, edging highly rated Zimbabwe, Uganda among others to pick the spot.

Lucky Piety, captain of the Nigerian side ranked 26th, will lead her team to face the eighthranked team in the world on the T20 log in the friendly today.

The President of the Nigeria Cricket Federation, Uyi Akpata, describes Nigeria’s debut at the world stage as a milestone for the country's Cricket, and he believes the girls will not make light work of the moments that the World Cup presents.

Three former vice chairmen of Lobi Stars Football Club, Makurdi, are to refund

N2,445,012,596.92 (two billion, four hundred and forty-five million, twelve thousand, five hundred and ninety-six naira, ninety-two kobo) to the coffers of the Benue State-owned club. This follows the White Paper report on the Forensic Audit Investigation into Lobi Stars Football Club for the period of January 2020 to September 2024, released by the

Benue State government on Friday

Recall that the Governor of Benue State, Rev. Fr. Hyacinth Iormem Alia on the 7th of October, 2024, inaugurated a Forensic Audit Investigation Committee led by San-Chir-Igba Donatus (ACA), to examine the funds of Lobi Stars Football Club, Makurdi. The terms of reference included; studying the handover notes submitted by the outgoing board of the club, identifying the club's income, making recommendations to the government on appropriate actions to be taken in the interest of the club, and advising

the government on the way forward. According to the report, which was submitted on the 24th of November, 2024, N3,759,820,269.86 (three billion, seven hundred and fifty-nine million, eight hundred and twenty thousand, two hundred and sixty-nine naira, eighty-six kobo) accrued to the club during the period in question, but only N1,314,807,672.94 (one billion, three hundred and fourteen million, eight hundred and seven thousand, six hundred and seventy-two naira, ninety-four kobo) was accounted for, leaving a difference of N2,445,012,596.92. The breakdown of the White Paper report indicates that Mr. Mike Idoko and others who worked with him are to refund N243,955,081.44 (two hundred and forty-three million, nine hundred and fifty-five thousand, and eighty-one naira, forty-four kobo) for the period of 2020-2021. Mr. Emmanuel Taman and others who worked under him are to refund N434,318,964.12 (four hundred and thirty-four million, three hundred and eighteen thousand, nine hundred and sixty-four naira, twelve kobo) for 2021-2022.

Manchester United’s players celebrating defeating Arsenal 5-3 in penalty shootouts to reach the fourth round of the English FA Cup ...yesterday

Eric Sekou Chelle...to be unveiled as Nigeria’s 42nd senior national football team coach today in Abuja

George Okoh in Makurdi

MISSILE

Northern Group toTax Bills Antagonists

“We want to restate once more that there is no aspect of the tax reform bills that is prejudicial to the economic interest of Northern Nigeria...as argued by some mischief makers.We have said without number that the North in particular will become more innovative from the tax reform and as such the region should not waste time in accepting the reality of the reform..." –Convener,ArewaThinkTank(ATT),MuhammadAlhajiYakubu, hailsNasarawaStateGovernor,AbdullahiSule,forembracingthetax reform bills.

MAHMUDJEGA

VIEW FROM THE GALLERY

Rename White House to Black House

Thank you very much, Mr. Donald John Trump, for proposing to rename the Gulf of Mexico to Gulf of America.

You unwittingly reminded us that there are many, many places in the world that have been misnamed and we must hurry up and restore their old names or give them appropriate new names. For a President-elect to hold a wide-ranging press conference, Trump ignored President Olusegun Obasanjo’s wisdom, that in Africa there cannot be two chiefs in the same village. Never mind all the other inflammatory things he said during his press conference last week, threatening to make Canada the 51st state of the US, threatening to slap high tariffs on Canadian goods, threatening to use military force to take Panama Canal back from Panama despite the treaty that Jimmy Carter got the US Senate to ratify in 1978, threatening to cut off all support to Ukraine after the Western powers led by the US encouraged it into a war with Russia, threatening NATO countries if they don’t spend 5% of their GDPs on

defence, threatening to seize Greenland from Denmark, threatening to bomb Iran’s nuclear facilities and thus shower its neighbours with radiation Chernobyl-style, threatening China with very high tariffs, and threatening to “let all hell loose on Gaza”

if Hamas does not release Israeli hostages before he takes over the US Presidency on January 20 [which hell again can anyone unleash on Gaza, after a genocide lasting 14 months, which even the UN has decried again and again and for which the Western powers led by the US connived, abetted, encouraged, supplied the weapons and the diplomatic support?]

The part that really interested me in Mr. Trump’s rambling press conference was his demand to rename the Gulf of Mexico to Gulf of America. Mr. Trump has unwittingly opened a Pandora’s Box. On what basis does he want names to be changed? Is it because of ancient-ness? Well, in contrast to the United States which became a country only 249 years ago, human civilisations had flourished in present-day Mexico for 5,000 years. Even before the Mayas and Aztecs that we are more familiar with, there had been the Olmecs, Teotihuacans, Mixtecs and Zapotecs. Together with their Maya and Aztec successors, they built gleaming cities, stone temples, golden carved figures and other great cultural artifacts long before starving Irishmen arrived in dinghy boats

DAKUKU PETERSIDE

BENEATH

THE SURFACE

According to History books written by Whites, it was their son, the Italian explorer Christopher Columbus, who “discovered” the American continent. Columbus didn’t even know where he was. He only knew that the world was round, and he was trying to find a western route from Europe to India when his sailing ship crashed into an island that is now part of The Bahamas. Later, the Italian navigator Amerigo Vespucci told Columbus that it was not India that he found, but a new continent previously unknown to Europeans. White geographers and historians then conspired and named the continent America, after old man Amerigo. We now know that 20,000 years before Columbus and Amerigo, Asian wanderers known as Clovis people crossed over from Siberia, through Alaska and wandered all the way down to South America. Therefore, United Nations General Assembly should do justice here by immediately passing a resolution to rename America as Clovisia,

Continued on page 46

Telecom and The Hike Economy

The stark reality of unavoidable price hikes has woven itself into the fabric of the average Nigeria's daily existence, a grim hallmark of an unyielding cost-of-living crisis.What began with increases in petrol, gas, transportation, interest rates, food, and power has now extended to telecommunications services. This unrelenting rise in costs has prompted many Nigerians to label the phenomenon the "Hike Economy." The term encapsulates the frustration and despair of millions as essential services and commodities become increasingly unaffordable. At its core, this crisis is not just an economic challenge but a social one, threatening the very fabric of a society striving for development and stability. Understanding this trend and its implications has never been more critical. The pervasive impact of the "Hike Economy" demands urgent, innovative interventions to alleviate its burden on

households and businesses, offering a glimmer of hope in these challenging times.

In 2023/2024, Nigeria recorded one of the highest inflation rates globally, with figures hovering between 25% and 36.4% by November 2024. This marked the highest inflation peak in 30 years, pushing more citizens into poverty. Inflation has permeated every aspect of the economy, making it seem as if Nigerians are destined to face new price increases daily. For example, the price of a 50kg bag of rice—a staple food item—rose from ₦40,000 in early 2023 to over ₦100,000 by late 2024, creating food insecurity for millions of households. The term "Hike Economy" reflects the relentless escalation of costs burdening households and businesses alike.

The latest manifestation of the "Hike Economy" is the impending increase in telecommunications costs. With the active support of the regulator, telecom companies are poised to raise prices, citing rising energy costs and currency devaluation.

For instance, a leading telecom provider recently announced a 15% increase in data tariffs. While these reasons seem plausible, they warrant closer scrutiny. Rising energy costs have been exacerbated by Nigeria’s reliance on imported fuel and the lingering effects of subsidy removal. Currency devaluation, a persistent issue in the Nigerian economy, raises operational costs for telecom providers who rely on imported technology and infrastructure. However, these factors do not tell the whole story.

Consumers often question why telecom companies fail to lower prices when such factors stabilise. For example, telecom tariffs remained unchanged during periods of lower global crude oil prices, which typically reduce energy costs. This one-directional trend fuels skepticism and frustration among consumers. A glaring example is the rollout of 5G technology in Nigeria. Touted as a game-changer for connectivity, its implementation has been marred by high

costs passed on to consumers despite promises of affordability and accessibility. Such practices underscore the need for regulatory oversight to ensure price adjustments are justified and reflective of market realities. Without mechanisms for fairness and transparency, these hikes erode consumer trust.

The far-reaching effects of these price hikes deepen financial struggles for the average Nigerian. With household budgets already stretched, further increases in telecom costs will push many to the brink. For instance, a family spending ₦30,000 monthly on telephone and internet services may need to adjust to a ₦37,000–₦40,000 expense, forcing cutbacks on other essential needs. This move starkly contrasts the government’s promise to reduce inflation to 15% by 2025, raising questions about policy coherence.

Higher telecom costs threaten Nigeria’s

Continued on page 46

in Manhattan Island.

Trump