Insists it reflects a continuation of business-as-usual fiscal practices SERAP tells Akpabio, Abbas to cut N9.4bn presidency budget for travels, meals, others
Sanwo-Olu: No events must hold in Lagos without consulting our safety commission
Anambra police confirms 22 dead, Soludo gives guideline for distribution of palliatives
Buhari, Shettima, Abiodun, NAS sympathise with victims’ families PDP slams Tinubu over tragic incidents
Chinedu Eze
In line with the Single African Air Transport Market (SAATM), Overland Airways has embarked on connecting cities in West Africa to actualise the African Union (AU) objective of enhancing intra-African trade and tourism.
This is also in line with the implementation of the African Continental Free Trade Area (AfCFTA) projected to create 13 million jobs in the region.
In its inaugural flight to Banjul, The Gambia at the weekend, Overland was welcomed by the top Gambian officials who were elated that the Nigerian carrier would connect the country to other destinations in the sub-region with three-weekly flights with firm plan to become daily in the next few months.
Speaking during the reception of the Overland Airways team at the Banjul International Airport, the Minister of Transport, Works and Infrastructure, Mr. Ebrima Sillah, said the Gambian government has granted Overland Airways fifth freedom rights to enhance regional air connectivity and foster economic growth.
The fifth freedom right will enable the airline to operate flights between two foreign countries while originating from their home base and this will enhance the optimisation of the airline’s operations, expand networks, and serve underserved routes.
The minister said The Gambia granted fifth freedom right to Overland Airways because of its commitment to regional integration and the vision of SAATM and the country’s plan to deepen its tourism market.
He said this is with the hope that Overland Airways will bring tourists and entrepreneurs to the West Africa nation to enjoy its beaches and top hospitality offered by the many resorts and hotels located along the beautiful beaches of The Gambia.
“The Ministry of Transport, Works and Infrastructure believes that establishing direct air links between Lagos and Banjul will greatly benefit the two sister countries, as it will enable greater movement of our people, which will lead to wider economic benefits and prosperity.
“ Therefore, I wish to assure you of my ministry's commitment to provide all
necessary support to the airline and all those that are interested in establishing their industries in the Gambia, in the form of incentives, granting of rights and auto routes, as well as designation where necessary,” he said .
In his speech, the Chief Operating Officer of Overland Airways, Capt. Edward Boyo, who is SAATM Ambassador for West and Central Africa, said: “Overland Airways is very
Deji Elumoye, Chuks Okocha, Olawale Ajimotokan in Abuja, Segun James in Lagos, DavidChyddy Eleke in Awka, James Sowole in Abeokuta, Laleye Dipo in Minna and Emmanuel Ugwu-Nwogo in Umuahia
The federal government has warned politicians and stakeholders not to impute political meanings to the tragic incidents in Ibadan, Abuja, and Okija, where scores of people scrambling for palliatives and food items died.
Minister of Information and National Orientation, Mohammed Idris, who made the appeal yesterday in a statement, promised that the hard times the country was currently going through would be over soon.
pleased to be here today.
“Today, Overland Airways presents itself under the African Union, the African Civil Aviation Commission, Single Air Transport Market programme, which is a programme designed to open the skies of Africa and raise the integration of African states.
“Air travel is currently, I would say, confined to the well-to-do. But we are trying to make air transport affordable and available for everybody so
stampedes, attributing them to the government’s failure to address worsening economic conditions.
Nevertheless, Abia State First Lady, Mrs. Priscilla Otti, assured children of the state that she would always fight for their rights, protection and welfare to guarantee them a secure future.
The information minister insisted that the tragic events were in no way connected to the Tinubu administration's economic reforms.
He said, “It is worth noting that similar unfortunate occurrences have been recorded in the past, before the current administration, as such, making any attempt to link these tragedies to the president’s reforms unfounded and disingenuous.”
that the African continent can progress in economy, in trade, and in the integration of people.
Our flight from Lagos to Banjul takes three hours, 30 minutes,” Boyo said.
Overland Airways which a few days ago also launched a flight to Freetown, Sierra Leone would connect Lagos to Banjul via Freetown and intends to increase the frequency of the flights to these routes in near future.
2025 BUDGET INADEQUATE TO ADDRESS NIGERIA'S STRUCTURAL CHALLENGES, SAYS ATIKU FG: DON’T POLITICISE STAMPEDE DEATHS, SAYS HARD TIMES WILL BE
Atiku stated, ''This represents a persistent trend under the APC-led administration since 2016, wherein budget deficits have been consistently presented, accompanied by an increasing reliance on external borrowing.
''To bridge this fiscal gap, the administration plans to secure over N13 trillion in new borrowings, including N9 trillion in direct borrowings and N4 trillion in project-specific loans.
''This borrowing strategy mirrors the approach of previous administrations, resulting in rising public debt and exacerbating the attendant risks related to interest payments and foreign exchange exposure.”
Atiku said the 2025 budget’s capacity to foster sustainable economic growth and tackle Nigeria’s deep-rooted challenges was questionable. He said this was because some of the key issues arose from several factors such as “weak budgetary foundations”.
The former vice president said the 2024 budget's underperformance signalled poor budgetary execution.
He stated, “By Q3 of the fiscal year, less than 35 per cent of the allocated capital expenditure for MDAs had been disbursed, despite claims of 85 per cent budget execution.
''This underperformance in capital spending, crucial for fostering economic transformation, raises concern about the execution of the 2025 budget.”
Atiku added, “Disproportionate Debt Servicing: Debt servicing, which accounts for N15.8 trillion (33 per cent of the total expenditure), was nearly equal to planned capital expenditure (N16 trillion, or 34 per cent).
“Moreover, debt servicing surpasses spending on key priority sectors, such as defence (N4.91 trillion), infrastructure (N4.06 trillion), education (N3.52 trillion), and health (N2.4 trillion). This imbalance will likely crowd out essential investments and perpetuate a cycle of increasing borrowing and debt accumulation, undermining fiscal stability.”
Addressing what he called unsustainable government
expenditure, Atiku said, “The government’s recurrent expenditure remains disproportionately high, with over N14 trillion (30 per cent of the budget) allocated to operating an oversized bureaucracy and supporting inefficient public enterprises.
“The lack of concrete steps to curb wastage and enhance the efficiency of public spending exacerbates the fiscal challenges, leaving limited resources for development.”
Meanwhile, Socio-Economic Rights and Accountability Project (SERAP) urged Senate President Godswill Akpabio and Speaker of the House of Representatives, Tajudeen Abbas, “to cut the proposed budget of N9.4 billion on travels, refreshment/meals, and foodstuff/catering materials for the presidency, and the proposed N344.85 billion for the lawmakers, and use the savings to address the budget deficit”.
SERAP urged Akpabio and Abbas “to request President Bola Tinubu to present a fresh supplementary appropriation bill, which reflects the reduced presidency budget and National Assembly budget, for the approval of the National Assembly”.
The group urged Akpabio and Abbas to give a detailed breakdown of the proposed National Assembly budget of N344.85 billion, including the details of the personnel cost, salaries and allowance of lawmakers.
It said the National Assembly should invite the heads of some allegedly corrupt ministries, departments and agencies (MDAs) to explain the position of missing public funds, “as documented in the recently released 2021 audited report by the Office of the Auditor-General of the Federation”.
In a letter dated December 21, 2024 and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said, “Any proposed unnecessary spending by the presidency and the National Assembly would amount to a fundamental breach of the Nigerian Constitution 1999 (as amended).”
In Lagos State, the government banned the gathering of people for any event without government permission, warning that organisers risk prosecution if they flout the regulations.
The Anambra State Police Command gave an update on the stampede that happened in Okija on Saturday during an event to distribute rice to indigent people, saying no fewer than 22 people died.
The state governor, Chukwuma Soludo, gave directives on how subsequent distribution of food items by philanthropists to indigent people must be done to forestall further loss of lives.
Worried by the developments, former President Muhammadu Buhari, Vice President Kashim Shettima, Governor Dapo Abiodun of Ogun State, and National Association of Seadogs commiserated with President Bola Tinubu and families of the victims of the various tragedies occasioned by stampede.
However, Peoples Democratic Party (PDP) described the tragic events as an ugly testament to the level of misery, poverty, hunger, starvation, hopelessness and desperation for survival under the Tinubu-led All Progressives Congress (APC) government.
Similarly, Human Rights Writers Association of Nigeria (HURIWA) expressed concern over the spate of deaths from economic relief-related
to approximately $900 million.
According to the report, TechnipFMC will also supply Subsea 2.0 production systems for the development, including the design and manufacture of subsea tree systems, manifolds, jumpers, controls, and services.
With water depths exceeding 1,000 meters, Bonga North will be tied back to the Shell-operated FPSO Bonga in OML 118, where production began in 2005. The FPSO, which can produce 225,000 barrels of oil per day, reached a production milestone in 2023, thanks to its one-billionth barrel of crude oil.
According to Shell, the project encompasses the drilling, completion, and start-up of 16 wells, of which half are production ones and the remaining half water injection wells, modifications to the existing FPSO Bonga Main, and the installation of new subsea hardware tied back to the unit for which Akselos provided
The minister also expressed deep sympathy with the families of those who lost their lives in the stampedes in Ibadan, Abuja, and Okija.
“Our thoughts and prayers are with the victims, their families, and all those affected by these unfortunate incidents,” Idris said.
He described the tragedies that claimed over 74 lives as deeply saddening, stating that the incidents underscore the importance of ensuring proper crowd management during such charitable activities, especially during the festive seasons.
While acknowledging the noble intentions of organisers seeking to bring relief to vulnerable members of society, the minister admonished all individuals and organisations planning similar events to comply with the directive of the Inspector General of Police, Mr. Kayode Egbetokun, on liaising with the police formations for effective crowd control and security measures.
Idris stressed the importance of collaboration with the police and the National Emergency Management Agency (NEMA), stating that it is crucial to safeguard lives and ensure that efforts to assist those in need does not lead to further distress, inadvertently.
He said the reforms by the administration were designed to uplift the lives of all Nigerians, particularly the vulnerable, without causing distress, as well as reposition
a structural digital twin in 2020. Defined as substantial, meaning it is worth between $250 million and $500 million, the TechnipFMC contract covers the design and manufacture of subsea tree systems, manifolds, jumpers, controls, and services.
President of Subsea at TechnipFMC, Jonathan Landes, , said, “Shell was the first to adopt our Subsea 2.0 configure-to-order solution, and continues to deploy it across multiple basins, underscoring its commitment to the technology globally. This award further positions us for future deepwater opportunities in the region.”
The award will be included in TechnipFMC’s inbound orders this quarter of 2024.
Last week, SNEPCo, a subsidiary of the UK-headquartered Shell, made a Final Investment Decision (FID) for a deepwater oil and gas project off the coast of Nigeria, which will be developed as a subsea tie-back
the Nigerian economy for sustainable growth. Idris called for a collective sense of responsibility and urged citizens to unite to ensure that the Yuletide season was marked by peace, goodwill, and joy, devoid of preventable tragedies.
Equally, speaking at his country home, Malagi, in Gbako Local Government Area of Niger State, Idris assured the people that the hard times being faced by Nigerians as a result of the economic reform agenda of the Tinubu government would be over next year.
He said the gains of the economic reforms of the administration would begin to manifest from next year, and bring succour to Nigerians.
The minister was at his country home to inaugurate some projects he executed for the benefit of the community.
He stated, "All the gains of the economic reforms of President Bola Ahmed Tinubu will begin to manifest in 2025. The policies are designed to put Nigeria on the path of enduring prosperity.
"All the reform programmes and initiatives of Mr President have been well-thought out, articulated and well-formulated in the interest and for the benefits of all Nigerians, irrespective of wherever they come from. Nigerians will start enjoying the benefits from next year.
"Reforms are very difficult for the people who are formulating it and difficult for people who are also enduring it but we know that, ultimately, they (reforms) will take us to the desired destination."
Further drumming support for the Tinubu administration, Idris assured, "Nigeria will definitely turn the corner and we are already beginning to see the signs of that. Our economy is going to turn around.
“So, let Nigerians give Mr President a chance and by this time next year, 2025 is a year of consolidation for the gains of all the economic reforms that Mr President has instituted. By 2025, we will see them all come to manifest."
to an existing floating production, storage, and offloading (FPSO) unit.
Shell’s investment in the Bonga North project is expected to generate an Internal Rate of Return (IRR) over the hurdle rate for the firm’s upstream business, which continues to look for ways to boost performance through near-field opportunities, like Bonga North, leveraging technical expertise, strong partnerships, and a model built on simplification and replication.
Shell believes Bonga North will help ensure its integrated gas and upstream business continues to drive cash generation into the next decade.
The operator expects the project to sustain oil and gas production at the Bonga facility because of its estimated recoverable resource volume of over 300 million barrels of oil equivalent (boe).
The Bonga North project’s peak production is forecast to be 110,000 barrels of oil per day, with the first oil anticipated by the decade-end,
Lagos State Government banned the gathering of people for any event without government permission, and warned that organisers of unauthorised events risked prosecution. The Commissioner for Information and Strategy, Mr. Gbenga Omotoso, who stated this yesterday, during a press briefing. Omotoso underscored the need for organisers of events, where over 250 participants were expected, to ensure that such events were registered with the Lagos State Safety Commission. He stated that Governor Babajide Sanwo-Olu was not happy with the tragic news from charity efforts and would not want such tragic occurrences in Lagos.
The commissioner stated that no matter the kind of event, the organisers needed to consult the state’s safety commission. He said all the emergency agencies had been activated to ensure that no tragic incident happened in Lagos.
The Commissioner for Special Duties and Intergovernmental Relations, Gbenga Oyerinde, implored Lagos residents to be their brothers' keepers by reporting any incidents likely to turn tragic to the state government.
Oyerinde said residents should call the state’s toll free lines to report for government to take necessary actions. He stated, "Lagos residents should know that we are serious about this and when residents see any act that poses threat to safety, they should cry out and alert the necessary agencies."
Director, Lagos State Fire and Rescue Service, Mrs. Margaret Adeseye, implored residents to be safety conscious by not storing inflammable items, especially this period of harmattan.
Adeseye disclosed that 1,749 fire incidences were recorded in the state in the last one year, stating that harmattan only aids, but is not the cause of fire incidents.
She also stated that the use of fireworks should be totally
it said.
SNEPCo (55 per cent) operates the Bonga field in partnership with Esso Exploration and Production Nigeria (20 per cent), Nigerian Agip Exploration (12.5 per cent), and TotalEnergies Exploration and Production Nigeria (12.5 per cent), on behalf of the Nigerian National Petroleum Company Limited (NNPC).
Shell’s Integrated Gas and Upstream Director, Zoë Yujnovich, had said, “This is another significant investment, which will help us to maintain stable liquids production from our advantaged upstream portfolio.”
This comes after Shell made arrangements in January 2024 to divest its interest in the Shell Petroleum Development Company of Nigeria Limited (SPDC) joint venture (JV), with a net book value of around $2.8 billion, aiming to turn all its attention to deepwater and integrated gas businesses in the African country.
L-R: Permanent Secretary, Ministry of Solid Minerals Development (MSMD), Dr. Mary Ogbe; Minister of Solid Minerals Development, Dr. Dele Alake; and Director, Mines Inspectorate, Engr. Ganiyu Imam, during the press briefing announcing the lifting of ban on mining exploration activities in Zamfara State....yesterday
Emmanuel Addeh in Abuja Nigeria has emerged among the top oil-producing nations in Africa with the most expensive petrol prices, after the Bola Tinubu-led government fully deregulated the downstream oil and gas sector and removed the country's decades-long subsidy on the petroleum product.
Nigeria spent as much as N4.39 trillion or $9.7 billion going by the
exchange rate at the time on petrol subsidy in 2022, data showed, a cost the government blamed for its dwindling public finances and inability to finance major impactful projects. In 2023, despite the president’s pronouncement of subsidy removal on May 29 of that year on the day of his swearing in, the Nigerian government spent N3.6 trillion, after the underpayments gradually creeped back into the government’s spending,
until recently when the downstream was freed from government control.
But new data released by GlobalPetrolPrices.com, at the weekend showed that after the total stoppage of the underpayments, Nigeria, Africa's biggest oil producer now has one of the highest petrol prices on the continent among key oil producers.
GlobalPetrolPrices.com publishes wide-ranging and up-to-date information on retail energy prices
around the world, including motor fuel prices, electricity prices, and natural gas prices.
For fuel prices, it tracks the national average prices in 150 countries and over 250 cities globally. The series are updated weekly. It's data base, it says, consists of over 100,000 data points spanning more than 10 years.
But the new information showed that among the top oil-producing countries in Africa, Gabon's price
Emmanuel Addeh in Abuja
Roughly 3,441 Nigerians were beneficiaries of the free cancer screening exercise conducted nationwide by NNPC Foundation this year as part of the Corporate Social Responsibility (CSR) of the Nigerian National Petroleum Company Limited (NNPC), the organisation revealed at the weekend.
Wth the transition into a limited liability company and the eventual establishment of the NNPC Foundation, the national oil company had recently refocused its quest to help build a healthy populace.
It said in a note yesterday, “One of the focus areas of the NNPC Foundation’s healthcare intervention is cancer.
“The foundation has carried out free cancer screening campaigns across the country. Over 3,441 persons across the country have benefitted from the free screening intervention.”
NNPC Foundation listed one of the foundation’s free cancer screening campaigns tagged, “Cancer Awareness and ZSX Screening,” as having been held across the six
geopolitical zones of the country, with screening centres in Kaduna, Rivers, Ondo, Benue, Imo and Gombe states.
The campaign, according to NNPC Foundation, went beyond providing free screening for breast, cervical, and prostate cancer, to providing health education, workshops, and consultations with healthcare professionals. It said this was aimed at empowering individuals to recognise early symptoms, adopt preventive health measures, and better understand the importance of regular screenings.
Managing Director of NNPC Foundation, Mrs. Emmanuella Arukwe, explained that the foundation’s focus on cancer was because of the urgency the disease required for early detection to have a greater chance of survival.
Arukwe said, "The fight against cancer requires a collective effort and a commitment to ensuring accessible healthcare. This campaign is about more than just screening; it’s about saving lives, building awareness, and creating pathways to preventive care for Nigerians who need it most.
"In a country of over 200 million people, too many still lack access to
the early detection tools that could make a life-saving difference.
“NNPC Foundation is dedicated to addressing this critical gap by bringing cancer screenings directly to communities. Early detection is crucial to improving survival rates, and this campaign is a vital step towards that goal."
She said the foundation had earlier carried out a similar free cancer screening campaign in February in Abuja, where the objective was to counter the trend of late-stage diagnoses, which occured frequently due to limited access to screening facilities, cultural stigmas, and insufficient awareness.
Cancer remains one of the most critical health challenges in Nigeria, with over 79,000 cancer-related deaths annually, according to the World Health Organisation (WHO).
The most common cancers affecting Nigerian men include prostate and liver cancer, while women are predominantly impacted by breast and cervical cancers.
Arukwe stated, “The foundation’s intervention in the health sector is not restricted to the provision of free cancer screening. Earlier in the
year, it also carried out a medical outreach in Garki community in Abuja. About 450 members of the community received health check-ups, treatment, and medical consumables.
“The foundation also conducted a similar medical outreach programme at the Utako Market in Abuja, which saw 291 traders benefit from the free screening for glaucoma.
“NNPC Limited’s rejuvenating touch in the health sector also reached those with heart diseases. The foundation went into partnership with the Nigerian Cardiac Society providing free heart surgeries to 40 patients with various heart conditions in the course of the year.”
The foundation’s other health and humanitarian interventions in the year also included the donation of over 20 trucks of food, water, medical consumables, and sanitary products to the Borno State government for victims of the devastating flood that ravaged the state earlier in September.
The foundation also donated 60 mattresses and dental accessories to Ile-Ife Special School for children with disabilities.
Describes demise of former jurist as significant personal and national loss
Deji Elumoye in Abuja
President Bola Tinubu has expressed profound sorrow over the passing of retired Supreme Court Justice Uthman Muhammad Argungu, describing his departure as a significant personal and national loss.
came highest with $0.952 while Nigeria sold for $0.768 as of December 2024.
However, the recorded Nigerian petrol price was before the recent minor adjustments by the Dangote refinery and the NNPC’s Port Harcourt refinery.
Libya has the cheapest petrol price per litre of $0.031 on the continent and 2nd globally, according to the data; followed by Angola at $0.329; Egypt's was $0.335 per litre; Algeria was selling for $0.343 per litre while Sudan's was $0.700; followed by Ethiopia $0.718 per litre of petrol.
The average price of petrol around the world during the period was $1.24 per litre, but with substantial difference in the prices among countries due to different taxes and levies, the report said.
“As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the US which is an economically advanced country
but has low gas prices.
“The differences in prices across countries are due to the various taxes and subsidies for gasoline (petrol). All countries have access to the same petroleum prices of international markets but then decide to impose different taxes, hence the retail price of gasoline is different," it added. Globally, the report showed that Iran has the cheapest petrol price at $0.029, closely followed by other oil-producing countries like Libya, Venezuela, Angola, Egypt, Kuwait, Algeria, Turkmenistan, among others. On the other hand, countries with the most expensive petrol prices per litre worldwide are: Hong Kong ($3.311); Monaco ($2.240); Iceland ($2.197); Denmark ($2.052); Israel ($2.052) and Netherlands ($2.050). Many Nigerians have urged the government to be more transparent in its spending of the savings from the petrol subsidy removal by giving a monthly account of the monies saved and the projects they are tied to.
Emmanuel
Addeh in Abuja
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) at the weekend announced its partnership with the Federal Ministry of Industry, Trade and Investment aimed at driving the global competitiveness of businesses in the country and enhancing economic growth.
The partnership was announced after a meeting between NACCIMA President, Dele Oye and the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, and other stakeholders, at NACCIMA’s Office in Lagos, the organisation said in a statement.
trade zone incentives was discussed, focusing on their potential impact on businesses and the necessity for NACCIMA's engagement in the policy formulation process.
According to Oye, strategies for attracting Foreign Direct Investment (FDI) were a focal point, with suggestions for improved collaboration between NACCIMA and the ministry to facilitate matchmaking between Nigerian businesses and global investors.
According to him, this will ensure that pledges made during international summits effectively benefit local enterprises, as well as the necessity of prioritising and collaborating with credible private sector organisations to avoid missteps in bilateral engagements.
Justice Argungu, who passed away at the age of 90, was a respected jurist and a cherished associate of the President. Following Islamic rites, he was laid to rest on Sunday in his hometown of Argungu, Kebbi State.
commitment.
President Tinubu, in a release issued on Sunday by his Adviser on Information and Strategy, Bayo Onanuga, rememberd the late elder statesman as a distinguished jurist whose life was dedicated to serving humanity and his country with unwavering integrity and
Reflecting on Justice Argungu's rich legacy, the President recalled his early contributions as a teacher in the old Sokoto Province.
This was followed by an illustrious legal career that began with his call to the bar in 1965 and culminated in his elevation to the Supreme Court bench in 1993.
His influence as a jurist extended
beyond Nigeria, as he also served as a visiting justice of the Supreme Court of the Gambia.
In honour of Justice Argungu’s remarkable life and service, President Tinubu offered prayers for the repose of his soul and extended heartfelt condolences to his family, the government, and the people of Kebbi State during this time of mourning.
The meeting, among other things, focused on addressing key business challenges facing the private sector, including the persistent volatility of the naira, rising interest rates, and foreign exchange issues that have exacerbated some business losses due to the currency depreciation.
It also emphasised the importance of harnessing Nigeria’s rich oil and gas resources wisely to promote sustainable growth.
The need for careful examination of the 2024 tax reform bills and their likely negative impacts on the free
NACCIMA further advocated for its representatives to be included in board appointments and decisionmaking processes critical to industrial policy development.
The forum also advocated for prioritising the needs of domestic investors through an open-door policy and advocacy to address their challenges and the need for more government support for development banks, to ensure adequate funding for the productive sector.
L-R: Bolaji Banky, Director, Country Marketing, Chipper Cash; Damilola Salawu, Board Director, Chipper Cash; Adaramola Oluwaseun, Marketing Director, Visa West Africa; Andrew Uaboi, Vice President & Head, Visa West Africa; Dr Babatunde Obrimah, Chairman, Board Director, Chipper Cash; Abiodun Animashaun, Country Director and Head of Product, Chipper Cash; and Niyi Adebiyi, Director of Corporate Communications, Visa West Africa, at the Mufasa, The Lion King movie premiere, sponsored by Visa and Chipper Cash, on Wednesday 18th December in Lagos State.
James Emejo in Abuja
Director General of National Automotive Design and Development Council (NADDC), Mr. Oluwemimo Osanipin, has said plans to establish a new auto industrial park in the country is underway.
Osanipin also disclosed efforts to boost local manufacturing of component spare parts in the country as this remained a key foundation of the auto industry.
He lamented the country's annual expenditure of about $19 million on the importation of motorcycle spare parts alone.
Speaking during a media briefing
with journalists in Abuja at the weekend, Osanipin, who is about 14 months in the saddle as NADDC boss, also said the disbursement of the N20 billion Consumer Credit Fund will commence in January 2025. The credit is designed to encourage the purchase of locally-assembled automobiles.
He said the council was working to standardise products in the auto industry to enhance its competitiveness across the continent and globally.
Osanipin said, “In most cases, most of these parts will be produced over there and shipped to us. Let's first make sure that we are competitive.
Petroleum Tanker Drivers (PTD), a branch of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) at the weekend urged the federal government to begin the repairs of major highways in the country to avoid the hardship that comes with the rainy season.
In a communiqué issued at the end of its quarterly National Executive Committee (NEC) meeting held in Benin, Edo state, the organisation said that this was even more important for projects for which funds have already been earmarked for their implementation by the government.
Besides, the PTD expressed disaffection with its exclusion from the ongoing Compressed Natural Gas (CNG) scheme of the present administration, which seeks to make cheaper fuels available for transporters.
The federal government had at the end of its Federal Executive Council (FEC) meetings held in June and October announced approval for the sum of N42.4 billion and N740 billion, respectively for repair of certain federal highways in the country.
The communiqué signed by Augustine Egbon and Oluchi Chinagorom, National Chairman and National Secretary respectively of the petroleum tanker drivers union, urged all the relevant federal agencies of government to take necessary measures to ensure that Nigerians
get the value for the public funds.
PTD called on the relevant authorities to insist that the contractors fix the federal roads before the peak of the rainy season.
"We commend the federal government for giving favourable consideration to the repair of federal highways towards making the roads safer, passable and lessen the burden of transporters whose source of living depend on quality road networks.
"We recall that the present administration had in the last one year earmarked huge public funds to put the federal highways in good shape.
"In June this year, a total sum of N42.4 billion was approved by FEC as the cost of variation for three federal roads in the country.
Again, last October, FEC approved N740 billion for the Berger stretch of the Abuja-Kano route.
"We want to also nudge the memory of Nigerians that under the past administration, specifically in 2021, the sum of N621.2 billion was approved for the Nigerian National Petroleum Company Limited (NNPC) to use for the reconstruction of 21 federal roads spread across the six geopolitical zones in the country under what was called strategic intervention under the Federal Government Road Infrastructure and Refreshment Tax Credit Scheme.
“If we are competitive, our local manufacturers will be able to stand against it. And apart from this, part of the things we are working on is the standardisation of products in the auto industry.”
He said there were plans to revive moribund companies and incentivise them to increase production of tyres for two-wheeled automobiles to meet a minimum of 60 per cent of the country’s demand for tyres.
The NADDC boss also disclosed that the council was engaging with relevant stakeholders on the production of automobile batteries locally.
He said the measures would give Nigeria an advantage over other countries ahead of the commencement of the African Continental Free Trade Area (AfCFTA) agreement next year. It will also help to avoid a situation where Nigeria would a dumping ground for other countries, he said.
Osanipin stated, “A lot of activities have started taking place in AfCFTA because Nigeria has started exporting goods to other countries.
“Nigeria is not number one in Africa. If we fail to take all the
decisions we are taking now, it means Nigeria is going to be the target of these people. And they are going to bombard us with their own products because by the time the barrier to trade among African countries is removed because of AfCFTA, we will be at their mercy.”
He said automotive parts remained the bedrock of auto industry, and without them, the industry would collapse.
He said, “Auto parts are the foundation of an auto industry and we have to lay that foundation for the industry to grow. So, when I came in, I focused on this.
“We need to start producing some of the parts we use. Not only because of the new vehicle assemblers or vehicle manufacturers, we need them, but because of after-sales.
“We need to start focusing on what parts we are using because you buy a vehicle once, but you maintain your vehicle over a long period.”
He added that the country needed to determine those component spare parts that Nigeria had the comparative advantage to produce
locally, adding that it is already working with partners on the initiative.
On the proposed industrial park, Osanipin said the council had begun talks with partners to actualise the ambition.
He said, “If we work on a new auto industrial park, why do we need that one? I've mentioned the other time that we have some people that operate in shallows. They have the expertise, but they don't have the finance.
“They have the expertise, but they don't have the equipment. They don't have the facility. So, if we build this, we provide the facility, and we can bring everybody together in an industrial park.
“We provide the electricity, security, majority of it, and they are going to have shared facility. If we put it together, we are going to have only one conference room like this, which will be available for them. If you have about 300 manufacturers there, they will use it; they will share the same facility. They will have the same content. Which means they can work there and then reduce their
cost because they are going to share most of the facilities together. And if we do this, we are going to increase their capacity to produce."
Osanipin added, “We are going to reduce the cost of production, and we are going to make it easier for them to scale up. These are part of the programmes we are putting in place to ensure that we meet the local component, and increase the local component input that we are using for our vehicles.
“We have seen areas where, for example, we needed about 500,000 air filters daily but we can only produce 100,000.
“If that is the case, it means we have to do something about having more companies to produce it locally. So, why are we establishing this? Because we have to be sure. Any policy that we come up with must not be one that will have unintended effects on the people.
“If you cannot provide it locally, there are little things you can do to stop it from coming in. So that's what we've done. We've established that, especially motorcycles, a lot of plastic parts can be manufactured in Nigeria.”
Folalumi Alaran in Abuja
After more than five years of security restriction, the federal government has lifted the ban on mining exploration activities in Zamfara State, citing significant improvement in the security situation across the state.
Making the announcement during a press briefing at the weekend, Minister of Solid Minerals Development, Dr. Dele Alake, stated the country had a lot to gain from reawakened economic activities in a highly mineralised state like Zamfara that is imbued with vast gold, lithium, and copper belts.
Alake stated that the previous ban, which was good intentioned, inadvertently created a vacuum exploited by illegal miners to fleece the country of its resources.
He emphasised that the state’s potential for contributing to national revenue was enormous.
It would be recalled that in 2019, the federal government imposed a total ban on mining activities in
Zamfara State due to escalating security concerns, particularly the links between banditry and illegal mining.
Since the beginning of the Bola Tinubu administration, however, intelligence-driven, coordinated security operations had resulted in the neutralisation of key bandit commanders, significantly reducing insecurity.
A recent success was the capture of one of the most wanted bandit commanders, Halilu Sububu, in a covert operation in Zamfara State.
Alake stated, "The existential threat to lives and property that led to the 2019 ban has abated. The security operatives' giant strides have led to a notable reduction in the level of insecurity, and with the ban on exploration lifted, Zamfara’s mining sector can gradually begin contributing to the nation’s revenue pool."
The minister added that the lifting of the ban would also facilitate better regulation of mining activities in the
state. He said this will enable more effective intelligence gathering to combat illegal mining and ensure the country benefitted from the state’s rich mineral resources.
Commending members of the fourth estate of the realm for championing the propagation of reforms and initiatives of the ministry in 2024, Alake stated that the press had been key allies in efforts to sanitise the mining sector, and promote market reforms, which had made the industry attractive to indigenous and foreign investors.
On the recent controversy surrounding the Memorandum of Understanding (MOU) with France, Alake reaffirmed the federal government's position that the agreement did not imply Nigeria was relinquishing control over its mineral resources or entering into any military pact with France.
He emphasised that Nigeria’s military remained fully capable of safeguarding the country's territorial integrity.
According to the minister, "The high point of the MOU is on training and capacity building for our mining professionals. We need all the assistance we can get in terms of capacity, technical, and financial support from abroad, and that wasn't even the first we are signing.
“We've signed similar ones with Germany and Australia. Deliberate peddling of misinformation, despite facts to the contrary, is uncalled for."
Alake also urged the media to continue to play its crucial role in educating the public about government policies in order to prevent ignorance, mischief, and the spread of misinformation.
Looking ahead to 2025, the minister hinted at upcoming policy initiatives aimed at revitalising the mining sector.
He revealed that the ministry planned to further consolidate reforms, enhance the enabling environment for investments, and continue efforts to reposition the sector for long-term sustainable growth.
Emmanuel Addeh in Abuja
The Minister of Works, David Umahi at the weekend disclosed that work on the 750-kilometre Lagos-Calabar coastal highway was progressing well, pointing out that the mega project will be reviewed to accommodate new features.
Speaking when he inspected sections I and II of the project around Lagos, being handled by Hitech Construction Company, Umahi stated that the review will allow for Closed Circuit Television (CCTV) powered by solar energy throughout the stretch of the highway and aesthetics such as trees as well as lay-bys.
The minister, in a statement in Abuja by his spokesman, Uchenna Orji,further disclosed that while the road will have security, there will be no roadblocks.
"We're going to plant trees. And of course, we are going to also have some lay-bys. We can decide every five kilometres to have a lay-by where we connect all our CCTV cameras. And then we have vehicles and the security within the cabin there, so that the response time will be like 10 minutes.
“I'm sure that you've witnessed what we did at the Third Mainland Bridge. That's what we intend to replicate in all our highways. And
so the entire stretch of 750 kilometers to Calabar will be under CCTV, powered by solar.
“We may agree we will have portal cabins where we have security posts, no blocking of the roads. We will have a viewing centre, and then you view the entire stretch left and right,” he said.
Stressing that it was never envisaged for the service lane to have CCTV cameras, the minister lauded President Bola Tinubu for initiating the ‘legacy projects’ that would connect the critical economic corridors and boost the transportation system in the six geopolitical zones.
He noted that the projects initiated
by Tinubu and the ones he inherited were still on course, explaining that ‘milestone’ project execution strategy was adopted to ensure a sense of equality among all regions.
Umahi declared that some of the sections of the projects being executed nationwide, including the inherited ongoing projects, would be ready for commissioning by May, 2025.
"Work is progressing on the LagosCalabar Coastal Highway. We have the Sokoto-Badagry Superhighway. Work is seriously in progress on the project. The first 120 kilometres work is going on in Sokoto. It has been procured. And work is going on by Hitech, using concrete.
Former Head of Service of the Federation, Mrs. Winifred Ekanem Oyo-Ita, has urged Nigerian engineers to spearhead the nation’s development through innovation and sustainable practices.
Speaking at the 9th Rev. Engr. Etteh I. Etteh Distinguished Annual Lecture, Oyo-Ita emphasized the pivotal role engineers play in modernizing economies, solving local challenges, and positioning Nigeria for global competitiveness.
Delivering a lecture titled: The Engineer in 21st Century Nigeria: A Delicate Balance of Economic Reality in Harnessing Professional Skills for Innovation and Development, OyoIta underscored the transformative potential of engineering across sectors like infrastructure, telecommunications, and energy.
She called on engineers to extend their expertise into emerging areas such as renewable energy, agriculture, and transportation to tackle Nigeria’s unique challenges.
“The contributions of Nigerian engineers are evident, but there is a need for a mindset reset to overcome challenges like climate change, population growth, and economic volatility. Ingenious solutions, indigenous innovation, and collaboration are vital to repositioning Nigeria for sustainable development,” she said.
She stressed the importance of fostering indigenous innovation to reduce reliance on imported technologies, citing the development of solar energy solutions and localized
manufacturing as key examples.
Oyo-Ita also advocated research and development (R&D) centers to enhance local engineering capabilities.
“Engineers must lead the way toward innovation rather than waiting for government policies. This requires developing cost-effective, locally sourced technologies that address Nigeria’s realities,” she added.
Oyo-Ita called for reforms in Nigeria’s educational system to prepare future engineers for practical challenges.
She recommended prioritizing Science, Technology, Engineering, and Mathematics (STEM) education from an early age, alongside handson training and entrepreneurship programs in tertiary institutions.
“To produce high-caliber engineers,
our education system must focus on practical, innovative training in fields like renewable energy, industrial automation, and agricultural machinery,” she said, citing China and India as global models for inspiration.
She further urged the government to implement policies that support certified engineers and curb quackery in the profession. The private sector, she added, must invest in engineering innovations through venture capital and partnerships.
“To transform our economy, engineers need funding, continuous professional development, and access to the tools required to compete effectively,” she stated.
Mrs. Oyo-Ita marshalled out a striking balance between economic realities and the professional skills
Yinka Kolawole in Osogbo
Bowen University, Iwo, at the weekend held its second Medical Laboratory Science Induction, Oath-Taking, and Awards Ceremony, inducting 45 medical laboratory scientists into the profession.
In his opening remarks, the Vice-Chancellor of Bowen University Professor Jonathan O. Babalola congratulated the inductees and noted that 21 out of the 45 students passed the council exams with distinction. He charged the inductees to
uphold the highest standards of professionalism, integrity, and ethics and to practice their profession for the country's interest. He also encouraged them to stay updated with the latest developments in their field to remain relevant.
The induction lecture, titled "Medical Laboratory Science: The Bedrock of Modern Medicine," was delivered by Prof. Kolawole S. Oyedeji, a renowned medical microbiology and molecular diagnosis professor at the College of Medicine, University of Lagos.
Prof. Oyedeji emphasised the critical role medical laboratory scientists play in diagnosing and treating diseases, highlighting that laboratory data inform up to 70% of critical decisions in healthcare.
He noted that medical laboratory science is the field where the challenges of medicine meet the complexities of science and that the discipline plays a pivotal role in providing reproducible results from performing tests.
The guest lecturer also pointed out that medical laboratory science
is essential to the growth of research laboratories in public health centres and that modern-day medicine would have been costlier and less effective without the contributions of medical laboratory scientists.
He noted that only 40% of healthcare professionals are medical doctors and nurses, while the majority are other allied health professions like medical laboratory science.
Prof. Oyedeji highlighted the importance of integrity, ethical standards, and professionalism in medical laboratory science.
“And then, you have the Kebbi section of 250 kilometres. Work is also going on there. And so, we strongly believe that we'll be able to have about 20 km in both sections to commission by May 29. In section one of the Lagos-Calabar Coastal Highway in South-west, we are very sure that we'll commission the first 20 kilometres in section one and 10 kilometres in section two," he added.
The minister said the government was funding the projects despite his interventions in other critical priority sectors of the economy.
"The president has given very serious attention to road infrastructure. Don't forget that this coastal highway and the four legacy projects all have the train track incorporated. The construction of the train track for this section I is going to take off in 2025.
“So this is what we are doing.
And we strongly believe that the president is going to give the nation of Nigeria the road infrastructure that they have been yearning for," he assured.
Earlier in her welcome remarks, the Federal Controller of Works, Olukorede Kesha, recounted that there were initial challenges encountered during the takeoff of the project.
"When you're doing a preliminary design, you cannot do a borehole at every metre…So, in the process of executing the project, we encountered a lot of refuse dumps. It was like this place was like Olushosun, where they dump dirt to the magnitude of about five meters depth in some places.
“Now the contractor has carted away all that and then replaced it with good soil. That's sand-filling from the ocean, so we had to wait a little," she added.
Michael Olugbode in Abuja
In order to end the prolonged environmental crimes in Nigeria and the rest of Africa, the Green Growth Africa has established EcoJustice Africa to bring violators of environmental laws and standards to book.
The rise of environmental crimes across Africa, and its catastrophic consequences on our socio-economic prosperity and natural ecosystems has become of great concern.
Speaking at a pre-launch press conference of EcoJustice Africa, Dr. Adedoyin Adeleke, the Executive Director of Green Growth Africa, a leading United Nations Environmental Programme (UNEP)-accredited NGO committed to the innovation, development and implementation of ‘greened’ socioeconomic development solutions to address Africa’s development challenges, quoting UNEP said: “Environmental crimes have emerged as the world’s fourth largest form of organised crime, trailing only drug trafficking, counterfeiting, and human trafficking, He lamented that: “As a continent, Africa is blessed with rich biodiversity and natural resources: a quarter of the
world’s mammal species, one-fifth of the world’s bird species, and one-sixth of the world’s remaining forests call Africa home.
“Sadly, out abundant biodiversity coupled with endemic poverty, weak regulatory frameworks, and low risks of detection and conviction makes Africa a prime target for illegal mining, wildlife trafficking, illegal logging, hazardous waste dumping, and other environmental violations.” He noted that: “These violations are concentrated in remote and marginalised communities, areas often beyond the reach of conventional security, government, and even media.
“While these crimes are properly called “crimes against the environment”, in reality, they can be described as “crimes against humanity” given their far-reaching economic and social implications.” He further regretted that every year, environmental crimes cost Africa about $195 billion, noting that: “in context, that is more than 10 times of Nigeria's total budget for 2024. For the over 70 per cent of people living in sub-Saharan Africa who depend on forests and woodlands for their food and livelihoods, environmental crimes threaten their food security, jobs, and incomes.
Email: deji.elumoye@thisdaylive.com 08033025611 SMS ONLY
Kemi Olaitan writes that the recent Children’s Funfair Carnival tragedy in Ibadan, Oyo State Capital which claimed lives of no fewer than 35 children may have its root in the poverty that is ravaging the land
Ibadan, the Oyo State capital was in the news last Wednesday but for the wrong reason as not less than 35 people, predominantly children, lost their lives, while many others sustained varying degrees of injuries during a Children’s Funfair Carnival at the Islamic High School, Basorun.
The event, organized by Women in Need of Governance and Support (WINGS), an initiativeby Queen Naomi Silekunola, an ex-wife of the Ooni of Ife, was promoted by an Ibadan-based radio station, Agidigbo FM and aimed at benefitting 5,000 children with promises of N5,000 cash gifts and free meals.
However, chaos was to be the order of the day as over 15,000 people stormed the venue before dawn, far exceeding the planned capacity thus leading to the tragic incident when parents, desperate to gain access for their children, caused a stampede at the entrance.
The unfortunate incident sparked various reactions with Governor Seyi Makinde describing the day as a sad day for the state due to the multiple loss of lives and injuries, adding that the state has taken steps to ensure no further deaths are recorded at the venue by deploying security agents to restore order at the venue.
According to him, “Earlier today, an incident occurred in Islamic High School Basorun, the venue of an event organised for families. Sadly, a stampede at the venue has led to multiple loss of lives and injuries. This is a very sad day for us here in Oyo State. We sympathise with the parents whose joy has suddenly been turned to mourning due to these deaths.
“We have taken steps to ensure no further deaths are recorded at this venue by deploying security agents to restore order at the venue. We also deployed medical personnel and ambulances to the venue. The event has been stopped, and attendees have been escorted out of the venue. We are taking all realistic measures to ensure that the venue is secured.
“While investigations are ongoing, the primary organisers of the event that led to this stampede have been taken into custody. I want to reassure our people that anyone directly or remotely involved in this disaster will be held accountable. Please remain calm as the security agencies investigate this unfortunate incident.
“Our hearts remain with the families and loved ones impacted by this tragedy. May the souls of the departed rest in peace. Amen.”
In order to douse tension over the number of casualities recorded in the incident, the Oyo State Police Command last Thursday issued a statement disclosing that 35 children were confirmed dead in the tragedy, six others injured, while eight persons were arrested.
The state Police Public Relations Officer (PPRO), SP Adewale Osifeso, in the release tilted, “Re: Ibadan Children Tragedy“, said the case has been transferred to the Homicide Section of the State Criminal Investigation Department, Iyaganku for further investigation, and revealed the identity of the organisers of the event. He added that among the eight people arrested were the main organiser, Olori Silekunola and the principal of the school, Fasasi Abdulahi.
His words: “Sequel to the stampede incident recorded on Wednesday, 18/12/2024 at the Islamic High School, Basorun, Ibadan venue of the family event organised by Wings Foundation and media partners, Agidigbo Fm, the Oyo State Police Command wishes to inform the good people of the state that eight persons have since been arrested for their various involvements.
“These persons include the main event
sponsor, Prophetess Naomi Silekunola ’f’ age 31yrs; Fasasi Abdulahi, ’m’ age 56yrs (School Principal, Islamic High School, Ibadan); Genesis Christopher, ’m’ age 24yrs; Tanimowo Moruf, ’m’ age 52yrs; Anisolaja Olabode, ‘m’ age 42yrs; Idowu Ibrahim, ‘m’ age 35yrs; and Abiola Oluwatimilehin, ’m’ age 25yrs.
“So far, 35 minors have been documented dead, while six others are critically injured and on various medical interventions.
“In furtherance of the above, the case has since been transferred to the Homicide Section of the State Criminal Investigation Department, Iyaganku, with the Deputy Commissioner of Police in charge leading the investigations.”
President Bola Tinubu in his reaction, expressed sadness over
the tragic incident, extending his condolences to the government and people of Oyo State and, most importantly, to the grieving families who lost their children in the unfortunate event.
Tinubu in a statement by his Special Adviser, Information and Strategy, Bayo Onanuga and titled, “Tinubu Expresses Deep Anguish Over Ibadan FunFair Tragedy, Demands Thorough Investigation”, called on the Oyo State government to review and reinforce safety measures at public events across the state.
“This is a deeply painful moment for the entire nation. I extend my heartfelt sympathies to the families enduring this unimaginable loss. Our thoughts and prayers are with them as we mourn this tragic occurrence together.
“We must uncover the truth behind this tragedy. It is imperative to determine whether negligence or deliberate actions were involved, ensuring a transparent and
All of these unfortunate developments are sad consequences of the excruciating condition of poverty and misery in the midst of plenty under which mass of the Nigerian working people are forced to live across the country. Going by this background, it is absolutely clear that it is the struggle for survival that better explains why many parents largely of poor and working-class background were desperate to ensure that their children were able to attend the programme.
accountable process,” the President said.
With Nigerians mourning the 35 innocent young children, leaders of tomorrow, who lost their lives in what could have been avoided, one factor that analysts are pushing forward for being responsible for the tragic incident is the poverty in the land. To them it is nothing but ravaging poverty and hunger in the land that could cause many parents to leave their houses before 5 am to receive handouts from a children funfair.
Toeing this line, the Oyo State chapter of the Socialist Party of Nigeria (SPN) in a statement by its Secretary, Ayodeji Adigun, lamented that the struggle for survival caused victims to attend the Christmas charity event and struggle for food, maintaining that poverty pushed many of the victims to the venue because they were assured of getting something to cushion the effect of the hardship in the country.
According to him: “All of these unfortunate developments are sad consequences of the excruciating condition of poverty and misery in the midst of plenty under which mass of the Nigerian working people are forced to live across the country.
“Going by this background, it is absolutely clear that it is the struggle for survival that better explains why many parents largely of poor and working-class background were desperate to ensure that their children were able to attend the programme.”
Thus, the lesson to learn from the sad incident is for government at all levels to do more to lift a much greater number of persons from the multidimensional poverty that is ravaging the land.
Indeed, it is important for the Federal Government in particular to take a serious look at its social investment programme so that the majority of Nigerians can, at least, feed themselves.
Nigeria’s push for a cashless society has made significant progress, but challenges like limited infrastructure, digital literacy gaps, and financial inclusion hurdles persist. Nosa Alekhuogie writes that while the country strives to embrace a digital economy, the key question is whether these obstacles can be effectively addressed for a sustainable and inclusive future. For millions of Nigerians, the promise of a cashless economy brings hope for efficiency and highlights glaring challenges. Yet, the numbers paint a different picture, one of undeniable progress.
According to data from the Nigeria Interbank Settlement System (NIBSS), Nigeria processed N572.63 trillion in cashless transactions between January and July 2024, an 84.37% surge from the same period the previous year. While this signals increasing adoption of digital payments, it also underscores a nation at a crossroads, grappling with the implications of moving away from cash.
The transition to a cashless economy is not merely about convenience. It is a deliberate policy push by the Central Bank of Nigeria (CBN) to reshape the financial landscape, improve transparency, and combat illicit financial activities. Introduced in 2012, the Cashless Nigeria policy set ambitious goals to reduce reliance on cash, improve financial inclusion, and streamline the economy.
Over the years, digital transactions have flourished, fueled by increased smartphone usage and the rapid rise of fintech solutions. Instant payments now dominate, accounting for a bulk of all cashless transactions, totalling N566.39 trillion in 2023, an 86.44 per cent increase from the previous year.
As cashless systems gain traction, Nigeria is also discovering the potential to reduce illicit financial activities, from corruption to money laundering.
But beneath this apparent success lies a complex web of challenges. Many Nigerians still lack access to the infrastructure necessary for seamless digital payments. Areas with unreliable electricity and patchy internet service struggle to adapt to a system that relies heavily on consistent connectivity.
The story is even grimmer for rural communities as POS machines often serve as the only access point to banking services in these areas. The Central Bank of Nigeria’s (CBN) recent policy capping daily cash withdrawals at N100,000 left POS operators and small business owners playing a vital role in extending financial services to underserved areas scrambling to maintain their livelihoods.
The CBN has defended the withdrawal limit, explaining that it aims to advance the cashless policy, tackle operational inefficiencies, curb fraud, and standardise practices across the financial industry. This directive was communicated through a circular titled ‘Cash-out Limits for Agent Banking Transactions’, sent to deposit money banks, Microfinance banks, mobile money operators, and super-agents.
The circular outlined key measures, including a daily cash-out limit of N100,000 per customer on POS terminals. Additionally, an agent’s total daily cash-out transactions cannot exceed N1.2 million.
Despite the CBN’s intentions, POS operators raised concerns about the practicality of the new limits, arguing that they prevent them from meeting customer demands, especially during the busy Yuletide season. Cash withdrawals often exceed the stipulated threshold in many rural and semi-urban areas, making the directive a major hurdle for businesses that rely heavily on POS transactions.
The policy’s implementation highlights the tension between promoting financial inclusion and enforcing regulations. While the push for a cashless economy may bring long-term benefits, its success hinges on addressing the immediate concerns of those at the heart of Nigeria’s informal financial sector.
The rise of Nigeria’s cashless economy
A cashless economy, by definition, is one in which transactions are conducted digitally, bypassing the need for physical money. This shift allows payments to be made via credit and debit cards, mobile phones, online banking, and digital platforms. The benefits of this system are evident in various sectors, including crime reduction, lower transaction costs, and enhanced convenience. There are no banknotes to steal, fewer intermediaries in the payment process, and no need for people to carry physical cash. Despite these advantages, the transition
to a cashless economy is not without its challenges. Access remains a major barrier for many Nigerians, particularly those in rural areas with limited internet connectivity and digital literacy. Concerns over privacy and the security of digital transactions also persist, compounded by the need for reliable infrastructure.
The shift towards cashless systems has also exposed deep-seated cultural resistance. In a society where cash dominates celebratory practices like weddings, birthdays, and religious offerings, digital transactions feel impersonal and unfamiliar. This cultural attachment to physical money remains a formidable barrier. Moreover, trust issues abound. Many Nigerians fear cyber threats, with concerns about phishing, hacking, and personal data breaches growing alongside the adoption of digital banking.
Economic factors further complicate the transition. High transaction fees deter many from embracing electronic payments. For small-scale business owners, the costs of adopting digital systems can be prohibitive. Additionally, entrenched poverty means that a significant portion of the population simply lacks the disposable income to engage with digital financial services effectively.
The Central Bank of Nigeria (CBN) has been at the forefront of promoting a cashless economy since 2012. The CBN’s Cashless Nigeria policy aims to increase financial inclusion, curb corruption, reduce the reliance on physical cash, and enhance the efficiency of Nigeria’s economic system.
Initially piloted in Lagos, the policy rolled out nationwide in 2014, requiring individuals and businesses to adopt electronic means for transactions. These methods include mobile money services, Point of Sale (POS) terminals, online banking, ATMs, and agent networks. To further encourage the shift, the CBN imposed charges on cash withdrawals above specific limits: N500,000 for individuals and N3 million for corporate entities.
This policy has not only transformed
financial transactions but also offered a framework for enhancing the integrity of Nigeria’s financial system.
While it brings undeniable benefits, the shift to a cashless society is also accompanied by significant obstacles. The most pressing challenges include Nigeria’s insufficient payment infrastructure, persistent financial exclusion, and the public’s reluctance to embrace digital payments due to low digital literacy and concerns about the security of online transactions.
One of the key advantages of a cashless economy is the transparency it provides. Every digital transaction creates a traceable record, making it harder for illicit activities like money laundering and fraud to go unnoticed. With enhanced monitoring capabilities, financial institutions and regulators can now track transactions more efficiently and identify suspicious behaviour in real time. Additionally, reducing cash circulation decreases opportunities for crimes like robbery, bribery, and other forms of corruption.
Despite these benefits, resistance to the cashless policy remains a significant challenge in Nigeria. Key factors contributing to this resistance include a lack of awareness and understanding. Many Nigerians are still unfamiliar with the benefits of a cashless economy. This lack of understanding has led to apathy and scepticism, preventing many from fully embracing digital payment systems. Another is infrastructure limitations.
For a cashless economy to function properly, there must be reliable infrastructure. Nigeria faces widespread power supply issues, and many rural areas still lack access to the internet and banking services. Without the proper infrastructure in place, electronic payment systems struggle to operate smoothly, further exacerbating the digital divide.
Then, there are security concerns. Many Nigerians are wary of the security risks associated with digital payments. Fears of
cybercrime, such as card theft, data breaches, and fraudulent transactions, remain widespread. Another issue is economic challenges. The cost of electronic banking services can also deter Nigerians from embracing the cashless economy. High transaction fees, charges for ATM withdrawals, and the general costs associated with mobile banking services can discourage people, particularly in low-income areas, from adopting digital payment methods.
Looking ahead, the success of Nigeria’s cashless economy will depend on overcoming these challenges. The Central Bank of Nigeria’s Payments Vision 2025 initiative aims to address many of these issues by promoting the use of mobile payments and encouraging infrastructure improvements. By 2025, mobile technology is expected to play an even more significant role in reducing the reliance on physical cash.
The continued development of digital payment systems and targeted education campaigns to improve digital literacy and promote cybersecurity awareness will be essential to achieving the goal of a fully cashless society.
Nigeria’s transition to a cashless economy offers numerous benefits, from reducing corruption to making transactions more transparent. However, the path is not without its challenges. For a country where over 26 per cent of the population is financially excluded, according to the 2023 EFInA Access to Finance (A2F) survey report, these barriers to adoption are significant. Bridging this gap requires robust investments in infrastructure, consumer education, and technological literacy. As financial technology firms innovate to simplify digital payments, the government must prioritise building trust in these systems and ensuring that vulnerable populations are not left behind.
Infrastructure deficits, security concerns, and the country’s cultural attachment to cash are significant hurdles that must be overcome. For the cashless policy to succeed, Nigeria must invest in improving digital literacy, strengthening infrastructure, and addressing the security concerns that currently hold back widespread adoption.
Abiodun Alade
Just when Nigerians thought their wallets were running on fumes, Aliko Dangote comes to the rescue with a festive fuel price cut that’s like a vital breath of fresh air.
In a move as timely as it is generous, Dangote Petroleum Refinery slashed the ex-depot price of petrol from N970 to N899 per litre. This reduction followed an earlier cut barely a month ago, when the price dropped from N990 to N970 per litre.
But wait, there’s more! Dangote, in partnership with MRS Oil Nigeria Plc, is also offering petrol at N935 per litre across all MRS filling stations nationwide, providing relief that extends from Lagos to Maiduguri, from Sokoto to Port Harcourt. From Okpella to Kano, Numan to Arochukwu, the ripple effect of this price drop will be felt nationwide. This marks a major shift in Nigeria’s fuel pricing landscape, addressing the long-standing issue of price disparities across states.
This price reduction could be the best holiday gift Nigerians never saw coming. As the holiday season begins, families across the country are packing their bags and heading to their hometowns to celebrate with loved ones. And with the ever-volatile price of petrol, travel costs can quickly spiral out of control. Enter Dangote’s timely intervention: a cut that ensures every Nigerian, from the bustling streets of Abuja to the far corners of rural Nigeria, enjoys a fair price at the pump.
Before this reduction, many Nigerians were forced to pay wildly different prices for petrol depending on where they lived. In some states, petrol prices were as high as double the national average, leaving citizens in remote areas to foot the bill for a situation beyond their control. Dangote’s partnership with MRS filling stations levels the playing field, ensuring that every Nigerian has access to affordable fuel, regardless of their geographical location.
The reduction in petrol prices is not just about saving money at the pump. It is about boosting productivity, reducing business costs, and, ultimately, helping to revive the economy. When fuel costs go down, it impacts everything from the delivery of goods to the pricing of services. Transporters, farmers, and small businesses all stand to benefit from this reduction, which could lead to lower overhead costs and increased economic activity. Think of it as a booster shot for the nation’s economic health - small steps like
this have the potential to trigger long-term, positive change. For Nigerians already struggling with inflation, this price cut is like a breath of fresh air. It means less money spent on travel, fewer expenses on goods, and more Naira left in people’s pockets for the things that really matter, like celebrating the season with family and friends.
Dangote’s latest move is more than just a testament to his business acumen; it is a clear demonstration of his support for the Nigerian government’s economic revival efforts. In a time when the government is working to stabilise the economy, lower inflation, and revitalise the nation’s industries, Dangote’s partnership with MRS filling stations is a welcome show of solidarity and appreciation to President Bola Ahmed Tinubu for the positive impact of the naira-for-crude swap deal on the Nigerian economy.
It is a pleasant example of how private enterprise can play a pivotal role to help government achieve its economic targets. This move could inspire other businesses to
follow suit, showing that a little less profit can sometimes mean a lot more goodwill. Dangote’s bold step may just ignite a chain reaction of corporate responsibility that could push Nigeria closer to economic recovery. Taking a cue from Dangote’s generosity, the Nigerian National Petroleum Company Limited (NNPCL) is reported to have reduced its ex-depot price of Premium Motor Spirit (PMS) from N1,020 to N899 per litre.
In the grand scheme of things, this is a classic case of “when you reduce the price of petrol, you fuel the economy.” It’s the kind of win-win situation that Dangote, with his sharp business acumen, knows well. As Nigeria faces challenges, Dangote is showing that sometimes, the best way to overcome them is through thoughtful, impactful actions - like lowering prices to give people more breathing room.
It is just another chapter in Aliko Dangote’s long-running story of giving back to Nigeria. Aliko Dangote isn’t just about cement, sugar, and salt – he is about making a tangible difference in the lives of everyday Nigerians,
in line with the vision of his conglomerate. His philanthropic efforts, through the Aliko Dangote Foundation, have seen him tackle issues ranging from education to healthcare, and from water sanitation to job creation. Whether it is building hospitals to improve healthcare access or offering scholarships to empower the next generation, Dangote’s fingerprints are all over projects that uplift Nigeria and her numerous citizens. He’s a businessman with a heart the size of his empire, consistently proving that his wealth isn’t just for personal gain – it is a tool for national and continental progress. And let us not forget Dangote’s contribution to Africa’s infrastructure. His huge investments in refineries, petrochemical plants, and cement production not only boost Nigeria’s economy but help the entire continent. His commitment to reducing Africa’s dependence on imports is part of his larger vision: to create a more self-sufficient, prosperous Africa.
With the recent price reductions and the nationwide distribution at a consistent rate, Dangote is doing more than just easing the financial burden of fuel costs - he’s helping create a more equitable Nigeria. By tackling the disparity in fuel prices, he’s making sure that no Nigerian gets left behind. It’s a level of corporate social responsibility that is as rare as it is commendable, proving that when one man takes bold steps for the collective good, the whole country can benefit. So, as Nigerians gear up for the holiday season, they can rest easy knowing that Dangote’s festive fuel gift is more than just a price reduction – it is a statement. A statement that fairness matters. A statement that Nigerians, regardless of their state or circumstance, deserve a shot at a better life. A bold statement of confidence in the government’s plans to revamp the economy. And perhaps most importantly, a statement that Dangote, with his sprawling empire and mighty heart, is committed to making sure that every Nigerian gets a little piece of holiday joy - one fair-priced litre at a time. The reduction in fuel prices is a gift that extends beyond the festive season – it is an act that will continue to ripple through the economy long after the yuletide decorations are brought down. And who knows - maybe next year, he may jolly well surprise us again with even more goodwill. After all, when you are as generous as Dangote, the gifts just keep on coming! What a gesture of goodwill!
•Abiodun writes from Lagos
As part of the state government’s effort to ensure hitch-free shopping for residents, the Lagos Shopping Festival, a 72-hour non-stop shopping extravaganza, will commence today at the iconic Mobolaji Johnson Sports Arena, Onikan, Lagos.
According to the Special Adviser to Governor Babajide Sanwo-Olu on Tourism, Arts and Culture, Mr. Idris Aregbe, in a statement, the three-day shopping festival scheduled for December 23 to 25, is organised by the Ministry of Tourism, Arts, and Culture, in partnership with Chain Reaction Ltd.
Aregbe said the festival will offer an unmatched shopping experience for both local residents and tourists.
He stressed that the three-day festival would be filled with incredible deals, exclusive discounts and a world-class shopping experience.
He urged both local and
international shoppers to indulge in an unparalleled retail experience that showcases the rich culture and diverse offerings of Nigeria.
“The Lagos Shopping Festival will feature over 500 vendors, representing a vibrant mix of local artisans and internationally-renowned brands. It will offer a wide array of products, including fashion, electronics, beauty items, home decor, gourmet food, and more. Whether you are looking for the perfect holiday gifts, the latest gadgets, or unique fashion finesse, you will discover something special at every turn.
“The Lagos Shopping Festival will play a pivotal role in promoting the fashion and retail sectors, showcasing not only the latest trends in apparel and accessories but also celebrating the artistry and craftsmanship of local artisans. We aim to elevate this initiative, connecting small businesses and established brands to global markets and at the same
time use entertainment and music to drive trade.
“Beyond shopping, the festival will also provide a dynamic and exciting atmosphere with live performances, entertainment, food stalls, and much more. With nonstop shopping and entertainment, it is the perfect event to experience the festive spirit of Lagos in style.
“The Lagos Shopping Festival is more than just a shopping event; it is a celebration of Lagos’ vibrant culture, creativity, and commerce. Don’t miss the
chance to experience the best of the city and kickstart your holiday shopping with fantastic discounts and exciting entertainment,” he said.
The M-Agric partnership between Globacom and the Lagos State Ministry of Agriculture has delivered cash prizes, farming inputs and agricultural training opportunities to a set of winners in the trivia lottery.
The event was held at the premises of the ministry. Other winners outside Lagos redeemed their prizes in Gloworld shops nearest to them.
M-Agric is an agricultural support service that guides users on the practical, step-by-step procedures of running profitable farming businesses in the key areas of livestock, aquaculture, cash crops,
and value-added services.
Globacom’s partnership with the Lagos State Government is part of its effort to contribute its quota to achieving food sustainability in Nigeria, the company said in a statement.
A total of 18 subscribers emerged as cash winners across the country, with the prizes ranging from N100,000 to N1 million.
The winner of N1 million is Miss Eniola Adebiyi, a teacher in a private school who recently got admission to study Anatomy in Olabisi Onabanjo University, Ogun State.
Lucky Okri, who won N500,000, is a farmer based in the suburb of Ikorodu. He confirmed that he participated in the M-Agric trivia game because he wanted to expand his knowledge of agriculture and translate such knowledge onto his farming activities.
Rachel Moyosore, who also won the sum of N500,000, could hardly contain her joy at the presentation.
The event decoration entrepreneur and Banking and Finance student of Olabisi Onabanjo University said she had put her line on auto play every month and had won airtime and data in the past few months
when she started playing before she landed the big prize.
Speaking at the event, the Lagos State Commissioner for Agriculture, Ms Abisola Olusanya, noted that the M-Agric initiative, apart from delivering prizes to winners, enables people to get information on agriculture.
She added that M-Agric is remotely serving the information needs of those interested in agriculture as an “e-extension” of agricultural extension services since extension services officers are not enough to cover all of Lagos.
Kayode Tokede
Following macroeconomic challenges in Nigeriaand across the globe, which impacted on companies’ performance, a total of 12 banks quoted on the Nigerian Exchange Limited (NGX) reported N5.18 trillion total operating expenses in nine months of 2024.
This is about 101.9 per cent increase over N2.56 trillion reported in nine months of 2023.
The banks’ OPEXwas influenced by personnel expenses, depreciation and amortisation and other operating expenses.
Others are: deposit insurance premium, Asset Management Corporation of Nigeria (AMCON) expenses, unstable naira at the foreign exchange market, security challenges, among other factors.
With the increasing inflation rate,
specifically in Nigeria, banks were forced to hike personal expenses and it contributed significantly to operating expenses in the period under review.
Nigeria’s inflation rose to 32.70 per cent in September 2024, snapping consecutive declines in July 2024 (33.40per cent) and August 2024 (32.15per cent), according to report by the National Bureau of Statistics (NBS).
Currently at 34.60per cent as of November 2024, President Bola Tinubu while presenting the 2025 budget hinted that the government hopes to reduce Nigeria’s inflation rate to 15per cent.
Analysis of the banks results showed that Ecobank Transnational Incorporated Plc (ETI) declared the highest operating expenses in nine months of 2024, followed by United Bank for Africa (UBA), and Access
Holdings Plc.
Ecobank declared N1.17 trillion ($809.64billion) total operating expenses in nine months of 2024, about 146 per cent increase over N475.35billion ($815.92 billion) reported in nine months of 2023.
The Pan-African financial institution in a note to investors sad, “The Group’s operating expenses for the first nine months of 2024 totalled $810 million. This represents a decrease of per cent; however, when adjusted for constant currency, there was an increase of 18per cent.
“This change reflects inflationdriven costs and investments in revenue-generating areas, including staff expenses and costs related to the Growth and Transformation agenda. As a result, the costto-income ratio—a measure of efficiency—slightly declined to 54.5per cent from 53.7per cent in the
same period of the previous year.”
While UBA, another Pan-African financial institution declared N812.2 billion operating expenses in nine months of 2024, about 119per cent increase over N370.91billion in nine months of 2023, Access Holdings announced N755.08billion total operating expenses in nine months of 2024, representing an increase of 103.42 per cent from N371.2billion in nine months off 2023.
Experts believe the hike in inflation rate is affecting not only banks profit generation, but dividend payout to shareholders and lending to real sector.
The CEO, Centre for Promotion of Private Enterprise (CPPE), Dr Muda Yusuf stated that inflationary pressures remain a key concern in the Nigerian economy, both for businesses and the citizens.
He highlighted that implications of
high inflation rate include escalation of production and operating costs for businesses, leading to erosion of profit margins, drop in sales, decline in turnover and weak manufacturing capacity utilization, high food prices which impacts adversely on citizens welfare and aggravates poverty.
He further stated that weak purchasing power, which poses significant risk to business sustainability and price volatility, which undermines investors’ confidence are major implications of high inflation pressure.
He explained that the major drivers of inflation and cost in the economy include exchange rate depreciation, which has a significant impact on headline inflation, “especially the core sub index and liquidity challenges in the foreign exchange market impacting adversely on manufacturing output.”
He added, “High transportation costs affecting distribution costs across the country. This is also reflected in the huge differential between farm gate prices and market prices; monetization of fiscal deficit (CBN financing of deficit) is highly inflationary because of the liquidity injection effects on the economy. This becomes worrisome when statutory thresholds are exceeded and high transaction costs at the nation’s ports increases production and operating costs of businesses.” Meanwhile, the World Bank in a report had stated that global headwinds are slowing Africa’s economic growth as countries continue to contend with rising inflation, hindering progress on poverty reduction.
The National Pension Commission(PenCom) and Pension Operators Association of Nigeria (PenOp) have promised to use technology to drive the growth of pension assets to N22 trillion in the first quarter of 2025.As at October 2024, the value of pension assets was N21.9 trillion.
The Director-General PenCom, Omolola Bridget Oloworaran, who stated this at a one-day media retreat organised by the commission in Lagos said the commission was particularly passionate about the Micro pension initiative adding that it would use technology to grow the segment.
“It is our way of saying that
no one should be left behind, no matter how small their earnings might be. Technology plays a vital role in driving this inclusion, from mobile enrollment to real-time account management to benefits administration. We intend to use technology to scale the micropension plan,” she stated.
According to her, this year, the pension sector achieved a major milestone with the launch of the e-Application Portal for Pension Clearance Certificates (PCC).
She said the initiative replaced the previous manual process as it enables companies to seamlessly apply for and receive PCCs online.
“Since its deployment, we have issued over 38,000 PCCs, significantly enhancing ease of doing business and ensuring
compliance.Additionally, the pension industry shared service initiative is in advanced stages of implementation. This initiative will digitise pension contributions and remittances, ensuring seamless processing of contributions and resolving discrepancies caused by incomplete remittance details,” she said.
The PenCom boss said to further enhance contributors’ experiences, the commission has introduced a revised programme withdrawal template, simplifying access to voluntary contributions and revising the threshold for en-bloc payments in line with the new minimum wage.
“These measures are designed to make retirement processes more efficient and user-centric.But
beyond policies and systems, what really excites me is the potential to transform lives. Every time I meet a pensioner who is able to live comfortably because of the contributions they made during their working years, it reminds me of why this work is so important. And every time I hear from a young entrepreneur or artisan who has signed up for the micro-pension scheme, it strengthens my belief that we are moving in the right direction,” she stated.
She said the commission wants to rebrand the micro-pension initiative and gives it a new name, adding that the objective was to remodel it to encompass the large number of the target audience in the informal sector.
She added, “We are looking at
a target of 20 million contributors from the informal sector. We are also looking at technology to drive the process seamlessly.”
According to her inclusion of state government into the scheme is another target of the commission adding that a total of eight states have so far complied fully with the provisions of the CPS.
She said the Commission was engaging with the remaining states across the federation on the issue.
Meanwhile, the commission in collaboration with PenOp has engaged four PSSPs providers to facilitate pension remittances and ensure all platforms meet industry specifications.
The PSSPs includes PayPen by Netline Limited; Paythru by Pethahiah by Rehoboth
The Chief Executive Officer PenOp, Mr Oguche Agudah, said his office was working on a technology system whereby it can engaging some firms tagged the Pension Service Solution Providers to ensure that everyone who was paying pension from April 1, 2025 has to go through this model. Explaining the process, he said, “what will happen is that when the employer pays pension, it goes straight to the
holder. There are going to be four of them that we have engaged now.
Nume Ekeghe
Kecam Technologies Limited, has announced a strategic partnership with FoxIT, the renowned global provider of cutting-edge document and digital signing solutions to revolutionise digital signing across Africa.
Together, this collaboration brings FoxIT eSign to a wider audience and market, enabling businesses and organisations to embrace seamless, secure, and efficient digital document signing capabilities.
In a statement, Vice Chairman of Kecam Technologies Limited, Bonny Mekwunye said: “We are thrilled and extremely excited to collaborate with FoxIT in introducing their industry-leading eSign technology
to our customers and working through Authorised Valued Added Resellers across Nigeria, and many African countries. This partnership underscores our commitment to driving innovation and providing solutions that enable businesses to operate more effectively and securely in an increasingly digital world and equally enhancing strong relationship with our channel partners.”
Miguel Crux of FOXIT, stated: “Kecam Technologies’ deep understanding of client needs, channel management, experience and their dedication to delivering state-of-the-art technology makes them the perfect partner for expanding FoxIT eSign’s reach across Africa. Together, we aim to redefine
Partners Financial Services Innovators to Empower Nigerian Youth
Emma Okonji
Interswitch, one of Africa’s leading integrated payments and digital commerce companies, has reaffirmed its commitment to driving innovation and empowering young talent in Nigeria by sponsoring the Financial Services Innovators (FSI) Intensive Software Testing Programme.
The recently conc luded intensive 8-week online programme, trained 100 university students, emerging innovators, and tech enthusiasts. Participants were equipped with critical software testing skills, preparing them to play pivotal roles in maintaining the quality
and security of software products.
Speaking on the partnership and success of the programme, Managing Director, Digital Commerce and Merchant Acquiring (Interswitch Inclusio), Muyiwa Asagba, said: “Innovation thrives when young minds are given the tools to succeed, and Interswitch is proud to sponsor this initiative, which aligns with our vision of nurturing a digitally inclusive future. By investing in these talents and providing them with practical, industry-relevant skills in software testing, we are not just enhancing the software testing ecosystem but also nurturing a generation of innovators who will shape the future of financial services in Nigeria and beyond.”
Oluchi Chibuzor
In line with the recent promotion of Comptroller Dera Nnadi to the management rank of Assistant Comptroller General, Tincan Island Port Area Command has welcomed a new Customs Area Controller, Comptroller Frank Onyeka.
In his inaugural address, in Lagos, Onyeka expressed his commitment to the policy thrust of the Comptroller-General of Customs and his management team.
He aligned himself to the exemplary leadership qualities of the out-gone Comptroller, Nnadi in areas of revenue generation, anti-smuggling activities and the infrastructural transformation of the Command.
The new CAC also emphasised that one of his principles is an all-
inclusive principle, as no man has a monopoly of knowledge.
He, therefore, called on all “critical stakeholders, security agencies, freight forwarders, terminal operators and the media, etc. to put all hands on deck to ensure that the legacy of the ACG is upheld.”
Before his present deployment, Onyeka was the officer in charge of the Premier Port Gate, where he worked tirelessly with the seating Area Controller in generating the massive trillions the Command has generated.
Nnadi expressed deep gratitude to the officers and men of the Command for their relentless support, while urging the officers and the various stakeholders present to give maximum cooperation to the New CAC.
how businesses handle document management and digital signatures.”
Kecam Technologies Ltd is a provider of IT solutions, offering a wide range of services that include cloud computing, cybersecurity,
and digital transformation. With a customer-first approach, Kecam Technologies empowers organizations to achieve their operational goals through innovative technology solutions.
FoxIT eSign is a robust platform designed to simplify and streamline the document signing process. Through its advanced features, businesses can eliminate cumbersome paperwork, reduce operational costs, and ensure compliance with global and international security standards. The platform’s user-friendly interface and integration capabilities make it ideal for organizations of all sizes, across various industries.
Chinedu Eze
The Minister of Aviation and Aerospace Development, Festus Keyamo, has commended the Federal Airports Authority of Nigeria (FAAN) for its collaborative efforts with the private sector in modernising airport infrastructure.
Keyamo made this remark at the weekend when he unveiled upgraded facilities at the E-Wing Departure of the international terminal of the Murtala Muhammed Airport (MMIA), Lagos meant for easy passenger movement and also
inaugurated four Compressed Natural Gas (CNG) powered buses for passengers conveyance at the airside of the airport.
The minister praised the partnership between FAAN and the United Bank for Africa (UBA) in modernizing the facilities at the terminal, highlighting this project as part of a series of initiatives aimed at enhancing passenger comfort and entertainment within airport terminals. The Managing Director and Chief Executive of FAAN, Mrs Olubunmi Kuku, assured aviation stakeholders of the organisation’s continued focus on improving
facilities and services at airports. She said contrary to reports of dwindling international passenger traffic, flight operations has been on the upswing, noting that with the opening of the new international terminal in Lagos, congestion of passengers and lack of space for airlines have become a thing of the past because the airport has adequate facilities to accommodate growing passengers and additional airlines.
In his speech, the Group Managing Director of United Bank for Africa (UBA), Oliver Alawuba, said the United Bank for Africa Plc (UBA) have been in a mutually beneficial
relationship with the Federal Airports Authority of Nigeria for the past 22 years.
He said, “This project represents not only a milestone in the enhancement of our nation’s aviation infrastructure, but it is also a testament to the power of collaboration between the public and private sectors’ Alawuba commended the Minister for improved compliance with the Cape Town Convention (CTC); increase in Nigeria’s compliance score from 49% to 70.5%, making aircraft leasing and financing more accessible to Nigerian airlines.
Maersk Nigeria has announced the relocation of its Lagos office to a new business address as part of its ongoing strategic efforts to expand services and provide better support to its customers and partners.
The new office will be located at 1226 Bishop Oluwole, Victoria Island, Lagos and is expected to resume business operations by January 2, 2025.Maersk Nigeria has assured customers that the Lagos counter will remain in Apapa, situated at the APM Terminals, Apapa facility within the Lagos Port Complex, and will be active by December 30, 2024.
that the quality of its services and commitment to customers will not be negatively impacted by this move.
The company emphasised
Technology, Real People Concept and other stakeholders.
“For any communications, shipments, or correspondences henceforth, please use the new address listed above. Should you have any questions regarding our relocation or if you need further assistance, do not hesitate to contact us. We are excited about this new chapter and look forward to serving you from our new locations,” Maersk said in a statement.
Maersk Nigeria Limited is a subsidiary of the global shipping giant A.P. Moller-Maersk, operating in Nigeria since the 1950s.
The federal government has expressed its commitment to support innovative technology that would bring sustainable development in the livestock sector.
The Senior Special Assistant to the President on Livestock Development, Mr. Idris Abiola-Ajimobi, gave the commitment in Ibadan, at the 2024 Southwest cattle, sheep and goat farmers day-out and exhibition, organised by his office in conjunction with Proteintrail
The exhibition with the theme, “Sustaining Livestock Resilience in Changing Times : Innovation Collaboration and Growth for the Ruminant Sector,” was aimed at bringing livestock farmers, feed mill producers and other stakeholders in the livestock value chain together to share ideas, experience and challenges.
Abiola-Ajimobi said the federal government has commenced work on a robust master plan that would provide a platform
for ruminants farmers in the country to thrive, adding that government through the Ministry of Livestock Development and his office would conti nue to engage with ruminants farmers in order to proffer lasting solution to the challenges facing the sector.
Speaking at the event, the CEO of Proteintrail Technology, Muritala Alade Bamgbala, said digitalization of the livestock industry would gradually stop farmer’s
herders clashes, stating that the digitization would birth a system whereby both sellers and buyers and other stakeholders in the livestock industry could be properly monitored.
He added that Nigeria has not been able to tap into the livestock export market because of lack transparency and traceability of players in the industry, insisting that the digital solution would give established institutions opportunity of knowing the history of the livestock they wish to buy.
The Group Managing Director and Chief Executive Officer of the Nigerian Exchange Group (NGX Group), Temi Popoola has called for a renewed focus on authenticity and people-centric leadership as a way to navigate the multifaceted challenges of a globalised world.
He spoke on this during his though-provoking keynote address at the Taj Lands End Leadership Summit in Mumbai, India. His address which centered on the theme Authenticity, Leadership, and Hope for the Future, provided a platform for the Nigerian business
leader to share a narrative that was equal parts personal and strategic. Popoola’s reflections were grounded in his diverse life journey, which spans an upbringing in the United Kingdom and Nigeria, a robust academic foundation in chemical engineering and finance,
and a career marked by leadership excellence across continents and sectors. He highlighted how these experiences shaped his global perspective and ability to drive innovation within complex organisational structures.
In this Interview with Kayode Tokede, the Group Managing Director, Haldane McCall Plc,Dr Edward Akinlade reveals the company’s plan to partner with the federal government to address housing deficit, reviewed his company’s activity after and the outlook for real estate and hospitality sectors in Nigeria
Congratulations on the listing of Haldane McCall on the main board of NGX on November 20, this year. In the first week of listing, the company’s share price appreciated significantly, demonstrating investor confidence. How would you respond to this?
Well, we were excited that the market is responding, though the stock price has slowed down a little bit. Obviously, those in the capital market can see value in our company. But they are looking for more information, and the information that is coming is our year end result and accounts. We are releasing it by February 2025. But we are going to be keeping the market informed about our activities. We shall continue to update the market about our activities before the year end account is released to the investing public.
How does the company plan to comply with NGX’s listing requirements and corporate governance standards?
It’s a huge task, but I’m sure we are up to that task. We have a Compliance Officer. His job is to make sure that we are complying with every regulatory requirement. With regards to the Exchange, we have received a number of letters from them already, and we have complied fully. NGX has responded that we have now made the list of companies that complied with full listing standard. Another feather in our cap is that our company has also achieved compliance with the Free Float requirements for listed companies on NGX.
The company was listed by introduction. Any plan to raise capital and if yes, by what financial instrument and how will the proceeds be utilised?
We have a huge plan next year. One is the plan to raise a N250 billion bond, in tranches of N25 billion. We have started work on that and will be coming to the market next year. The purpose of it is to fund affordable housing. We have started negotiation with a number of our partners that
will be off takers for that. A good example is the Labour Congress, TUC, and also Lagos state government. We are in negotiation with them at the moment. Whatever we build, they will buy, give it to their members. This is the purpose of that bond. We want to do what has never been done before in the affordable housing market. Remember, for example, if you look at Lagos, I think the latest statistics show that the Lagos State government has been able to build about 13,000 new homes since 1999. Can you imagine the huge task ahead of us when the Lateef Jakande report then says the deficit is 16 million. What we are trying to do is to start and deliver about 1200 units in the next five years and that is within our current
funding. But with the bond, we will be able to do substantially more than that. For example, we are raising N250 billion, if we divide that by 20, it’s going to cost us N20 million each -that is about 12,500 units. So you can see the staggering numbers of what we need to do, and we believe it’s going to be profitable. Those who subscribe to the bond will basically enjoy the return on investment.
What are the key drivers that set the company apart from its peers?
I think it’s the passion. I mean, we’ve been around for a long time. We are not the new kid on the block. I grew up in the real estate sector in the United Kingdom. I came into Nigeria and I started real estate here in 2006, registered Haldane McCall 2012 and then integrated the two businesses of Suru home and Suru Express into it. The experience is there. I am a chartered accountant in England and also in Nigeria. And also we have a chairman who is a Senior Advocate of Nigeria (SAN) that has passion for real estate. We are trying to open doors where a lot of people believe that there is no money on the Exchange to fund real estate. We will work to reverse that trend. This is why we are visiting the capital market to raise bond. And also, one of the things we will also do at the tail end of next year is that we’ll do rights issues, basically to bring equity. As we are floating debt, we’ll do the same for equity. But don’t forget, the fundamental thing about it is that we need to do a credit rating. Hopefully, we shall commence the process by January 2025. We have the structure that can support good rating.
What is the Company’s current portfolio of properties, and what are its plans for expansion?
Don’t forget, we are trading with investors’ money. We have to be careful. The market that we
know is solid in terms of land registration, particularly in Nigeria. We all know the returns on investment in Lagos and in Abuja. Some people say yes, River and others say Oyo State has good returns on land assets. But we know land in Lagos is very lucrative, and that is where our focus is for now. Meanwhile, our portfolio is mainly real estate and hotels. As you know, we have three hotels: one in Surulere, one in Ikorodu and then one in Ikeja. On real estate, we have diverse assets. At the moment, we have assets in Lagos. Republic of Benin, and London. So those are the ranges of where we are. We will soon, be moving into Abuja, an opportunity has presented itself. We believe that we will be very liquid next year in terms of expanding our land bank. We believe in the land bank business, which is buying distressed assets, add value and sell it quickly. It’s very profitable.
How does the Company manage its hospitality operations, and what are its strategies for improving occupancy rates and revenue?
The effect of the present macroeconomy challenges is huge. Everybody in Nigeria cannot be self-denial If you also add the foreign exchange issue to it, our customer is aware. The uncertain operating environment obviously impacts our room rates. But we do not compromise quality. We have faced challenges in our cost of operation, which is brought by unstable foreign exchange, and double-digit inflation, and it is obviously impacting energy costs. For instance, our energy cost has grown by 400per cent and it’s only the one in Ikorodu that is still in the normal band area. We are looking at bringing our cost down. But also, don’t forget that one big challenge that hit us aside energy cost, is our staff cost. Their cost of transportation from home to office has increased significantly.
NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
Editor:
A major stakeholder in the maritime industry and Managing Director/Chief Executive Officer (CEO) of Virgin Links Nigeria Limited, Hon. Josiah John Olu, recently spoke to journalists on the state of Onne Port, Onne Oil and Gas Free Zone and other issues. Blessing Ibunge presents the excerpts:
Looking at the Onne Port, especially The Oil and Gas Free Zone, in your opinion do you think that facility, that complex is really fulfilling its objectives vis-a-vis the Nigerian economy?
Well, incidentally I am a local: Local in the sense that Onne is my community, Eleme by extension is my local government area. I am also a key player in the marime sector, including the Onne Free Zone. We are licensed stevedores and licensed recruiters. We provide support services to the Oil and Gas Free Zone and the maritime sector. For a proper historical perspective, the Onne Oil and Gas Free Zone and by extension the Onne Port is segmented into two: the Federal Ocean Terminal and the Federal Lighter Terminal.
The Federal Ocean Terminal is the port or the area that has the capacity for deep sea or ocean-going vessels, bigger vessels. You have the water draft of close to 14-15metres at the Federal Ocean Terminal while at the Federal Lighter Terminal, smaller vessels, service boats are the ones that can go into that place with a draft even close to ten metres.
The port initially was designed to handle commercial, oil, gas cargoes and general cargoes. But when the government decided to streamline it and make it more professional, it decided to designate the two ports as the Oil and Gas Free Zone area. So, the two ports fell under the Oil and Gas Free Zone region. The whole idea behind that is to encourage oil and gas activities, bringing in oil and gas parts, bringing in oil and gas presence into Rivers State, into the Niger Delta region.
Recall that apart from the Port Harcourt Port, the Onne Port is the biggest port. It’s even bigger than the Port Harcourt Port. So, when they decided to make Onne Port Ocean Terminal and the Lighter Terminal as dedicated free zone area, the whole idea was to encourage investors to leverage on the incentives that go or come with the free zone classification, like tax haven, you have free tax; apart from the withholding tax and PAYEE, you don’t pay any other tax in there. So, you can have the benefit of repatriating all your earnings including profits out even in the currencies that you made them. So, these incentives are geared towards making sure that foreign investors are attracted to the area, like bringing in direct foreign investments.
But what we have right now, I can say that it’s disheartening because the port is not even functioning the way it should. First, I would say because of the classification, because during the COVID for instance, the COVID-19 pandemic era, you have a dip in the activities of the oil and gas majors and what happened was that the port was under-utilised. A whole lot of them closed shops because patronage was low. Even right now with most of the oil majors trying to move out of the area it became a little bit difficult.
Yes, we knew that there were some domestic issues they were facing which as a people we are trying to address. That has to do with management of the area. But the port on its own in itself has not been functioning optimally because general cargo has not been coming in. And then we have had the opportunity to talk to some of these investors and they raised concerns and explained to us reasons why they have not been pushing their cargoes through the Onne Port. So, I would say that the Onne Port has not been optimising its capacity.
So, what will be responsible for that? What has the investors been telling you is their challenge?
Because I am also a player. I am a player in the sense that my corporate office is also in the Oil and Gas Free Zone. Before now, we have a challenge of the tariff of the supposed landlord. NPA gave a concession to Intels to manage the area. The tariffs were on the high side and everybody was complaining. Yes, something has been done about it, but can we say it was too late. I really can’t say but above and beyond that, there are other issues that have been plaguing the development of the port and one of those issues I will say is the road. The road is in a terrible state. From
2014, I know that I have made passionate appeals to the government that there was need to fix the Eleme axis of the East/ West Road but that has not been done. The road, as we know it, is the gate way to about two states in the South/South; that is Akwa Ibom and Cross River. It is also the gateway to the Eleme Petrochemicals, Indorama complex, it’s also the gateway to the two refineries; Port Harcourt refinery in Alesa-Eleme and if you look at the volume of traffic on the road, you want containers, containerised cargoes to pass through the road. The road every day you see cargoes falling on the road. No importer wants to go through that stress. Yes, the Onne Port has been designated as the Oil and Gas hub. Most of the services we know is offshore but we have a whole of the services that are onshore. And for the services that are onshore, we have to make use of the road and if you have a road that is in that dilapidated condition, it becomes difficult for them to deliver optimally. I can tell you that some days you can stay as much as six hours in a spot on the road. We’ve made passionate appeals to the government. I see that the present administration is trying to do something on the road but we are also pushing because it’s going at a snail speed. Because with our topography and terrain if something is not done fast, after a while even the milestones you think you’ve achieved will be eroded because of the terrain which is difficult. So, one of the major challenges that the port has been facing is that of accessibility in terms of the road infrastructure. It is extremely poor. It’s just a section of it and I think that if government, because the whole essence of government is to provide a conducive environment for businesses to thrive and if government can step in, do more. They are working right now; the present administration is working but I think they can do more on the issue of the road. I know that I have engaged a whole lot of the individuals that use the
port. One of the major complaints I got was the number of checkpoints on the road; taking cargo from the Onne Port to may be the East. We have an instance where an importer told me that he brought in a container down from Lagos and he needs to take it to Onitsha, that he didn’t experience more than eight checkpoints on the road to get to Onitsha, but from Onne Port to Aba, he saw close to 30 and for everybody who is into logistics or supply chain, the person knows that for every break you take in terms of logistics you are losing man hour. You are losing money. So, I’m sure that government can look into these to make sure that the road will have a smooth passage because if my documentation has been confirmed to be correct by the Nigeria Customs Service and my cargo has been released, I don’t think that I should have tons of checks on the road just to pass from one state or one city to the other. So that also is a major concern. Another concern or reservation that was expressed, which I think from four-five years ago, has been addressed is the behaviour of the locals but that has been addressed. So, I think that government should do more to make sure that the port picks up, because it is important to know that the port is like the live wire of the South/South. Apart from the Onne Port, you don’t have any major port in the south. The P ort Harcourt Port cannot take the level of cargoes that the Onne Port can handle. The Port Harcourt Port is a shallow water and so it cannot handle heavy cargoes, but the Onne Port is deep sea. It can handle any other cargoes that any other Port in this world can handle. So, it’s important for government to look into this.
About three months ago, the Comptroller-General of Nigeria Customs Service visited the Port complex and they displayed a large cache of arms
and ammunition, sophisticated rifles and all that. And because of that they declared a state of emergency at the Onne Port and said it has become a channel where importers use to ferry in contraband and counterfeit goods. Can you address that issue as regards what the Comptroller-General said? Or are you disturbed by the number of arms and ammunition and counterfeit drugs that are coming via the Onne Port?
While I don’t want to say that it’s an indictment on the Nigeria Customs, the truth of the matter is that over time we’ve heard repeatedly that the ports have been so computerised that it should be able to detect these things. First thing first, the customs needs to collaborate with the country of origin. These items are coming from a country, how did they get on the vessels? Manifest are sent to us and when they get here, two things I will like to look at in this regard is; one, the agency is working because if they are not working in the first place, they should not be able to detect those counterfeit drugs and the ammunition. Secondly, there are ways to check this. It’s to tighten what they are doing. You cannot check for counterfeit drugs or the ammunition on the road. It is at the port, at the point of loading the cargo that is where you have to arrest it. But I think they can do more. Do more by partnering with other countries, other agencies in other countries so that at the point of loading these cargoes to Nigeria you know that. And then if you have manifest that are well spelt-out you will know that it’s Mr. ‘A’ that is bringing in this cargo and Mr. ‘A’ will know that there are consequences for carrying out such actions. So, it makes it easier. I will say that let’s allow the system work, encourage the system to work because in most cases they collude with officials to evade and try to escape with these heinous crimes. So, yes, while I will commend the Nigerian Customs for detecting the ammunition and the fake drugs on time, I think that with what we’ve been told, they should have a system in place that, without making a show out of it, should pick out these things.
These things happen in other climes. That’s how the big countries identify drug peddlers because at the airport they have machines in place that will detect if you are carrying those drugs. So, we should have it in place and when these peddlers know that the country as it is, has a system in place to apprehend them, you will see that they will desist from it.
Last week, the Managing Director of NPA, Dr. Abubakar Dantsoho, was at the Onne Port on tour of various facilities in the Port. And during that period, he told newsmen that the authority is positioned for increased investment in the ports. Considering the position of the MD, what is your own call to investors?
While I will applaud the MD’s visit, because it is only when you visit that you have a first-hand knowledge of what is on ground, I will say that there are some issues that need to be tackled to encourage investors. First is the issue of power. The entire Free Zone, the two ports, we don’t have power from the national grid. You don’t even have a turbine. I was expecting that is one of the issues that NPA as an agency should tackle and by extension the Oil and Gas Free Zone. We have two major agencies of the federal government operating or overseeing the Free Zone and the Port. You have a dedicated agency called the Onne Oil and Gas Free Zone Authority, you also have the Nigerian Ports Authority, and that since inception till now you don’t have the National Grid in the Port, it’s alarming.
Secondly, as at the time the port was actually functioning, we had close to 250 oil servicing companies operating in the port. Everybody was running on their personal independent power plants which is not supposed to be so. We have the Alakiri Gas Plant next door, not even up to five kilometres from the Free Zone.
NOTE: The story continue online
Oluchi Chibuzor
For conceptualising and developing actionable solutions to bridge gaps in Nigeria’s agribusiness ecosystem, winners of this year’s First City Monument Bank (FCMB) Agritech Hackathon and venturebuilding programme have been rewarded with N23 million. The bank in a statement said the 10 finalists in the venturebuilding program received N16 million at the demo day event held in November, while three agritech startups that topped the hackathon challenge in October received N7 million.
“At the end of the keenly contested three-month competition, powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO), Agrocist emerged as the winner of the venture-building programme and received N6 million. The agritech startup stood out for developing a solution that uses
artificial intelligence to detect livestock diseases and provide veterinary extension services and inputs to farmers to address high animal mortality,” it said. Commenting on the 2024 agritech hackathon and venture-building programme, the Divisional Head of Agribusiness and Non-Oil Exports at FCMB, Kudzai Gumunyu, said: “Young Nigerians have the talent and drive to revolutionise agriculture. We provided a platform for them to showcase their skills and contribute to a more prosperous future.”
Stephen Obe of Agrocist expressed gratitude to FCMB, FMO, and Heave Ventures, saying: “Agrocist ensures quick, convenient, and affordable veterinary services using digital technology to address poor livestock health care and farm productivity. Winning the FCMB agritech hackathon validates our work. We will use the prize to optimise our
technology and supply chain to serve our customers better.”
In her comment, the Technical Assistance Manager of the Dutch Entrepreneurial Development Bank (FMO), Martine Sanders, said: “FMO is pleased with the outcomes of this hackathon and venturebuilding programme. The young entrepreneurs who presented their investment opportunities at the Demo Day are a testament to the wide range of opportunities Nigeria’s agritech space offers to increase productivity and add value to the agricultural sector, building on local knowledge.”
Also speaking, Executive Partner at Heave Ventures, Abiodun Lawal, stated that: “Supporting valuable businesses that end up having a trans-generational impact and creating reverberating effects on people who will not be able to say thank you in person is the core value that drove us throughout this project.”
The Connecting One Million Women Who Trade (CWT) recently launched an initiative in Nigeria with the aim to empower one million women who trade, fostering economic growth and shattering gender barriers in trade.
As the Former Vice President of Liberia, Chief Jewel Taylor aptly stated, “When women are empowered through trade, a synergy is created that boosts economies and strengthens communities.”
CWT embodies a powerful vision; to harness the potential of women in trade
to promote sustainable economic development. This is accomplished by unifying associations, organizations, and individuals who are dedicated to supporting the success of women in business across Africa, the Americas, and the Caribbean.
CWT recognizes the immense potential of women in trade. By fostering collaboration, providing access to resources, and dismantling the silos that often hinder women’s advancement, this will create a robust ecosystem for female entrepreneurs to thrive. The initiative will connect women with expertise and training, increase access to
capital, and drive economic growth by empowering women entrepreneurs.
CWT’s strategy hinges on building a network of strong partnerships by collaborating with at least 10,000 business associations and cooperatives that support women in trade and will reach a vast network of female entrepreneurs. The pre-launch phase began in October 2023 and has already engaged with many stakeholders, including the World Bank, George Washington University, Ronald Reagan Trade Center, United Nations Headquarters, National Black Chambers of Commerce, Prosper Africa, and Amazon.
To sustain operational excellence and boost the human capital development of its workforce, Tincan Island Container Terminal, Apapa has trained 250 team members on Lean Six Sigma Yellow Belt continuous improvement methodology.
Lean Six Sigma certification, a globally recognized standard, is a powerful approach to process and quality improvement across industries. It fosters a collaborative team effort to improve performance by systematically removing process waste and reducing process variation.
According to the Head of Process Excellence for TICT, Tai Fadipe-Davids, the Lean Six Sigma Yellow Belt training was a key milestone to align
the team with the Company’s vision of promoting efficiency improvements in its operations –and towards the larger Nigeria’s maritime sector.
He said: “The Maritime industry is increasingly competitive with various players emerging. The onus is on us to promote organisational efficiency and one way to do this is to embark on training our staff on the Lean Six Sigma Yellow Belt. For this training, we examined the basics of Lean Six Sigma concepts, principles & tools, Voice of the Customer, Next Operation as Customer, Quality at the Source. Our goal is to have all of our team understand the basic lean processes as a preliminary step to our Process
Excellence journey”.
Country Managing Director, AGL (Tincan Island Container Terminal), Etienne Rocher, hinted that the Company is always looking for ways to maximise efficiency in its operations. “As an organisation with a global interface, we have continued to adopt global tools that have helped streamline our operations. Our Process Excellence journey that is now in progress is a key step that we have taken as a Company to develop our team and foster an even stronger collaborative improvement culture. Our end goal is that our customers and clients see an always better version of TICT emerge, as we remain committed to provide them.
Nigeria’s leading information and communications technology company, ipNX, has clinched two prestigious awards at the 10th edition of the Nigeria Technology Awards (NiTA), held recently in Lagos. The event, which brought together key stakeholders and leaders in the Nigerian ICT sector as well as other government Ministries, Departments and Agencies (MDAs), recognised ipNX as the ‘Most Reliable Fibre Internet Service Provider of the Year’ and ‘Residential Broadband Service Provider of the Year’.
Accepting the awards on behalf of the company, Head of Sales at ipNX’s Retail Division, Akintunde Taiwo, expressed his gratitude, highlighting that the awards mark the third consecutive year the company has been recognised at the prestigious event. He attributed the awards to ipNX’s commitment to continuous innovation, the delivery of reliable internet connectivity, and exceptional customer service. Taiwo also thanked the company’s loyal customers for their unwaver-
ing support and assured them that ipNX would continue to prioritise their needs as it strives to build a better future through technology.
“We are truly honoured to receive these awards. They reflect our dedication to delivering superior services and our passion for pushing the boundaries of internet connectivity. These accolades motivate us to continue working relentlessly to exceed customer expectations and contribute to Nigeria’s technological advancement,” Taiwo said.
KayodeTokede
The stock market segment of the Nigerian Exchange Limited (NGX) moved closer to 36 per cent Year-to-Date (YtD) return as the market continued on its positive momentum for the third consecutive week.
Capital market analysts have projected positive sentiment to linger on the stock market in the last trading week of the year, as investors’ bargainhunting in fundamental stocks.
The Nigerian market extended its winning streak in the just-concluded week, achieving a historic milestone as the benchmark NGX AllShare Index (ASI) surpassed the psychological 100,000 basis point threshold for the first time since July 2024.
The increase was driven by investors’ renewed confidence across multiple sectors. This rally was buoyed by favourable market dynamics, including festive season optimism and
Christmas-related activities.
The consistent rise underscores strong investor appetite for Nigerian equities, spurred by year-end window dressing and a positive macroeconomic outlook. The year-to-date return on the NGX ASI as at December 20, 2024 went up to an impressive 35.25 YtD per cent increase.
The domestic market last week sustained its bullish momentum with the All-Share Index recording a week-on-
week (W-o-W) gain of 1.76 per cent to close at 101,129.09 basis points. Also, market capitalization rose by N1.06 trillion to close the week at N61.303 trillion.
Meanwhile, sectoral performance remained predominantly positive. The NGX Insurance and NGX Banking indices emerged as the week’s top-performing sectors, posting solid gains of 8.83 per cent and 3.23 per cent W-o-W.
The NGX-Consumer Goods
and NGX Oil & Gas sectors also performed commendably, rising by 2.92 per cent and 0.99 per cent for the week. However, the NGX Industrial Goods index recorded a weekly decline of 0.83 per cent. Also, the market breadth for the week was positive as 61 equities appreciated in price, 26 equities depreciated in price, while 66 equities remained unchanged. MRS Oil Nigeria led the gainers table by 36.36 per cent to close
at N180.00, per share. Eterna followed with a gain of 32.36 per cent to close at N29.45, while Honeywell Flour Mill went up by 31.52 per cent to close to N6.05, per share. On the other side, John Holt led the decliners table by 18.67 per cent to close at N5.88, per share. Multiverse Mining and Exploration followed with a loss of 18.58 per cent to close at N4.60, while University Press declined by 16.27 per cent to close at N3.50, per share.
Governor of
and his
Former Senate Chief Whip, Senator Ali Ndume, yesterday insisted that the federal government must withdraw the tax reform bills from the National Assembly, arguing that they were coming at the wrong time.
He said in a statement in Abuja that the economic hardship being suffered by Nigerians may get worse if the federal lawmakers consider and pass the fiscal bills.
He said: "I’m still insisting that the tax reforms bills be withdrawn for more consultations and by-in of critical stakeholders like state, local government and private sectors.”
He advised that the Federal Inland Revenue Service (FIRS) should expand its tax net just as he called for greater demonstration of accountability.
"The FIRS should concentrate on expanding the tax net and collecting more. Also, accountability and transparency should be increased," he stated.
Ndume also called on the Central
Bank of Nigeria (CBN) to beam its searchlight on commercial banks to ensure that banks which declare huge profits every year should pay more taxes, urging the President Bola Tinubu administration to focus on governance reforms before tax reforms.
The bills include a proposal to establish the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombudsman, all part of Tinubu’s comprehensive tax reform package.
Ndume, who represents Borno South Senatorial District in the National Assembly, noted that all states, zones and regions in the country need each other to survive, no matter how rich.
He said: "The North was, is and will never be a parasite or dependent on any region or even the country. We are assets not liabilities to Nigeria. Those who think that the current tax reforms are only against Northern interests are naive. As it is, the law is against all the low and middle income Nigerians.”
Onyebuchi Ezigbo in Abuja
The Minister of State for Health and Social Welfare, Dr. Iziaq Adekunle Salako, has said that one of the key strategies of the federal government for improving the healthcare system in Nigeria, is to enhance the quality of care in hospitals and to change people's attitude towards embracing preventive healthcare.
Speaking during an interview with journalists in Abuja over the weekend, Salako said that the ultimate goal of the new healthcare sector policy is to improve the health and wellbeing of Nigerians.
He identified two key priorities including improving the quality of patient's care at hospitals and promotion of preventive healthcare through improved health seeking behaviours among Nigerians.
According to the minister, it is important that patients receive top-notch service in hospitals, and that hospitals are evaluated on the basis of the impact they make, rather than just their physical infrastructure.
He said: "The level of awareness in terms of health issues, in terms of immigration, in terms of health-seeking behaviors, and in terms of improving
the health efficiency of the people, cannot be said to be optimized yet.”
He added: "Research has shown consistently that when the health efficiency is high, then the healthseeking behavior is better, and the health indicators are still better".
In addition to improving the quality of care in hospitals, the minister also emphasized the need to promote preventive healthcare among Nigerians.
Salako said that prevention is key to improving health outcomes and reducing the burden on the healthcare system.
The minister also pointed out that the importance of collaboration with the media in achieving these priorities.
"The media plays a critical role in disseminating information and raising awareness about health issues, he said."
Salako further stated that the ministry's priorities are aligned with the global movement towards Universal Health Coverage (UHC), which aims to ensure that all people have access to quality healthcare without financial hardship.
His words: "The Nigerian government has made significant progress in recent years in improving the healthcare system, but there is still much work to be done.
The lawmaker called for a demonstration of prudence in governance so that the resources of the country can be properly harnessed to the benefits of the people.
He expressed his opposition to the
bills because of the wrong timing, the question of derivation, Value Added Tax (VAT) and the lack of consensus or buy-in from Nigerians.
Ndume said: “First in Nigeria, what we need to do is reform the government. Our personnel and
overhead expenditure for 2024 is about 50 to 60 per cent of the budget itself. We are here in November, and 20 per cent of the budget has not been implemented. But if you check the recurrent expenditure, it has already been exhausted.
“So, that means over N15 to N20 trillion is going into personnel, debt servicing, and recurrent expenditure. We should reform the government, not only the executive – we need to reform the government holistically,” he added.
Michael Olugbode in Abuja
Operatives of the National Drug Law Enforcement Agency (NDLEA) have thwarted an attempt by an import and export businessman, Olisaka Chibuzo, to smuggle 256 wraps of cocaine weighing 6 kilogrammes into the country through the Mallam Aminu Kano International Airport, MAKIA, Kano.
The spokesman of the antinarcotics agency, Femi Babafemi, in a statement on Sunday described the seizure as the single largest interception of cocaine at the Kano airport since the creation of MAKIA Command of NDLEA in 2006.
He said the seizure was made on Sunday 15th December 2024 during the inward clearance of passengers on Ethiopian Airlines flight ET 941 from Abidjan, Côte d'Ivoire via Addis Ababa, Ethiopia, noting that Olisaka who claims to be into import and export business was subjected to body screening during which he was found to have packed hundreds of cocaine pellets in his body.
Babafemi said a similar attempt by an ex-convict, Olanrewaju Akorede, to export a consignment of rohypnol to South Africa through the export shed of the Murtala Muhammed International Airport, Lagos, was equally frustrated by NDLEA officers at the airport, noting that consignment was hidden in a cargo containing gari, shoes, men’s singlets and other items.
He said Olarenwaju was convicted for a similar crime earlier this year following his arrest on 12th December 2023 for attempting to ship 4.9 kilogrammes of tramadol and 2.1 kilogrammes of rohypnol to South Africa through the export shed of the Lagos airport.
He said the suspect had earlier been sentenced to two years imprisonment by a Federal High Court in Lagos with an option to pay a fine of N900,000, which he paid and was freed before returning to repeat the same crime.
Babafemi also revealed that an Italy-based businesswoman Cynthia Akaeen was last Wednesday arrested by NDLEA officers while
trying to board a Royal Air Maroc flight to Italy via Addis Ababa.
He said the suspect was intercepted at the departure point of terminal 2 of the Lagos airport during an outward clearance of passengers going to Italy.
A total of 9,190 tablets of various brands of tramadol weighing 6 kilogrammes were recovered from her. She revealed she was promised 1,000 Euros upon successful delivery of the consignment in Italy.
Babafemi also said no fewer than 418,330 pills of tramadol 225mg, 100mg and tapentadol 250mg as well as 8,000 bottles of codeine-based syrup were recovered from a warehouse at a building material market in Onitsha, Anambra State, last Tuesday, when NDLEA operatives raided the market following credible intelligence.
He said at the Tincan Island Port in Lagos, a total of 180,000 bottles of codeine syrup were recovered last Wednesday from a container, which originated from Mundra, India. The seizure was made during a joint
examination of the container by men of NDLEA, Customs, DSS, police, and other security agencies at the port, while a suspect Makata Emmanuel, who is the consignee and notify party, was promptly taken into custody.
He also said a total of 293,000 capsules of tramadol, a pistol and 26 rounds of 7.65mm live ammunition were recovered from the duo of Ishaya Wabba, 54, and Samaila Audu, 44, when they were arrested in a Toyota Sienna bus at Pompomari Bypass, Maiduguri, Borno State, while another suspect Sanusi AbdulHamid, 37, was nabbed at Gwange area of the state capital with 260,000 capsules of the same psychoactive substance last Monday. A 35-year-old suspect Modu Kolera was equally arrested last Wednesday at Custom area of Maiduguri with 8.5 kilogrammes cannabis; 5,000 pills of tramadol; 7,500 tabs of diazepam; 14,500 tablets of exol and 50 litres of ‘suck and die’, a new psychoactive substance, in his Volkswagen Golf car marked DKW 812 AA.
Mary Nnah
The Association of Practitioners of Spa and Medical Aesthetics of Nigeria (APSMAN) has issued a clarion call to the federal government to establish a regulatory board for aesthetic medicine practitioners. This move aims to sanitise the industry, promote professionalism, and ensure client safety.
Speaking at the Aesthetics Industry Award, Dinner, and Graduation Party in Lagos recently, the president of APSMAN, Dr. Felix Avajah, said the lack of regulation has led to the proliferation of quacks, who have destroyed the skins and lives of
many clients.
"When there is a full standard board, it will regulate the industry," Avajah emphasised. "We need a Board of Regulation for Aesthetic Medicine Practitioners of Nigeria to regulate the profession.
"The establishment of a regulatory board for aesthetic medicine practitioners is a crucial step towards promoting professionalism, safety, and industry standards," Avajah said, adding, “We stand for standardisation, professionalism, good ethics, and education. We believe strongly in education and regulation”, he said.
The association's efforts have
yielded positive results, with 126 medical aesthetics graduates from the Federal College of Education, Akoka, and Lagos State College of Health Technology, Yaba, receiving their diplomas. Avajah advised the graduates to know their limits and ensure clients' safety.
In addition to regulation, Avajah also emphasised the importance of collaboration between spa, aesthetic, and herbal medicine practitioners. "It is time for the spa and aesthetics industry to work with herbal medicine practitioners to promote wellness," he said.
The demand for aesthetic medicine is on the rise, driven by the increasing
demand for non-invasive, effective, and safe treatments. However, this growing demand has also highlighted the need for standardisation and regulation.
As Professor Raheem Olasupo Akewushola, Provost of the Lagos State College of Health Technology, noted, "The demand for these services is growing due to the rising trend of invasive treatments."
APSMAN has taken steps to address this issue by partnering with government-accredited institutions, such as the Lagos State College of Health Technology, to establish academic qualifications that pave the way for industry regulation.
Segun Awofadeji in Gombe and David-Chyddy Eleke in Awka
In a bid to reduce child mortality and improve healthcare outcomes, the United Nations Children's Fund (UNICEF) has launched a free healthcare initiative in Gombe State.
In another health interventionist move, UNICEF also commenced catch-up immunization campaign for children in various communities in Anambra State.
The catch-up immunization programme which is spanning nine local government areas was organized to help children who did not complete their immunization as a result of the outbreak of the COVID 19 pandemic.
Meanwhile, speaking during the launch of the free healthcare initiative in Gombe State at the Gombe Township Maternity Clinic, Chief of Field Office for UNICEF Nigeria-Bauchi, Dr. Nuzhat Rafique, explained that the programme which
takes place twice a year, provides free vaccinations to infants, free drugs for pregnant women, and free delivery kits to those in their third trimester.
She added that the initiative is part of UNICEF's nationwide efforts to improve healthcare of children and nursing mothers noting that the beneficiaries also receive micronutrition supplies, vitamin A, and gives incentives for health workers.
She asked pregnant women to avail themselves at facilities across the state
with a view to benefiting from the gesture and recording safe delivery.
Also speaking, the Deputy Facility Manager of the Gombe Township Maternity Clinic, Harira Musa, noted that within the week-long programme, they provide all health activities, including antenatal care, delivery, and immunisation to children.
She noted that the UNICEF's support has been well-received by the community, with a significant turnout of pregnant women and
Governor Babajide Sanwo-Olu of Lagos State on Saturday said his government will continue to explore waterways to develop a strong ecosystem for tourism and further expand the transportation system in the state.
He said his administration is committed to unlocking tourism potential to further grow the economy of the state.
Governor Sanwo-Olu spoke on Saturday during the 2024 Lagos Boat Regatta themed "Our Water, Our Heritage, Our Life," held at Victoria Island and across various locations in the five divisions of the State - Ikorodu, Badagry, Ikeja, Lagos Island, and Epe.
He said the Lagos Boat Regatta is a demonstration of what Lagos
stands for and a transformation and revival of culture, noting that the idea is a shared vision for showcasing the beauty of Lagos State water tourism potential for the enjoyment of residents.
Governor Sanwo-Olu, who embarked on a boat ride with his deputy, Dr. Obafemi Hamzat, and some state executive council members, urged Lagosians to take advantage of the opportunity to unwind and be entertained as they enjoy the ambience of the Boat Regatta, sight and sound of the state.
He said: "We are indeed excited that we can finally have a boat regatta, the beginning of what will be a lot of activities that are going to happen during this yuletide
season. It is a demonstration of our commitment to developing tourism potential in Lagos.
"You know one third of Lagos is surrounded by water. So, we need to be able to use our waterways not only as a means of transportation but as a strong ecosystem for tourism, and today you will be seeing displays of various sizes of water infrastructure and displays of boat regattas from the five divisions of Lagos.
"It is going to be a day and afternoon of sheer tourism, fun, and understanding the beauty of the waterways of Lagos looks like. Let us relax, sit back, and enjoy the beauty of the serenity and tourism potential of the state and the hospitality of Lagos."
Speaking earlier, the Commissioner for Tourism, Arts and Culture, Mrs. Toke Benson-Awoyinka, said the Lagos Boat Regatta 2024 was aimed to immerse participants in the rich culture of the state's waterway.
Benson-Awoyinka said the event serves as a driver of economic growth to boost tourism and create opportunities for local businesses, and it further cements Lagos’ reputation as a premier global destination.
The commissioner said the event highlighted the vibrant community heritage and sustainability practices through an engaging as well as multisensory experience weaving together parades, dance performances, and innovative space layouts with captivating images.
Nigerian government has expressed its plan to take a leaf from China's success in cultural branding and creative industries to boost the nation’s tourism and cultural sectors.
The Minister of Art, Culture, and the Creative Economy, Hannatu Musawa, stated this on Sunday while speaking at the New Year gala celebrating China-Nigeria friendship, hosted by the China Cultural Centre in Abuja. Musawa while highlighting China's global influence through its cultural exports, such as food, martial arts, and cinema, said: “Everywhere you go in the world, you see an aspect of Chinese culture.”
The minister said: “This is something we want to explore - how we can monetize our own culture in the way China has done."
She emphasized Nigeria's rich cultural heritage and expressed optimism about forging co-production agreements and capacity-building initiatives between the two nations.
She said: “We're discussing projects that focus on infrastructure for the creative industry and cultural sectors,” while noting that: “It's essential for Nigeria to tap into China's experience in branding and tourism, with the aim of revitalizing our own creative industries."
The Director, China Cultural
Centre in Nigeria (CCCNIG), Mr. Yang Jianxing, who double as the Cultural Counselor of the Chinese Embassy in Nigeria expressed the importance of cultural and peopleto-people exchanges in enhancing China-Nigeria relations.
He noted that the China Cultural Centre would host a series of activities in 2025 to promote culture, tourism, and education, aligning with the "Beijing Action Plan" under the Forum on China-Africa Cooperation (FOCAC).
He said: “These initiatives aim to deepen the friendship between the people of China and Nigeria.”
Chairman of the House of Representatives Committee on
Nigeria-China Relations, Hon. Jafaru Yakubu, praised the long-standing ties between the two nations, stressing the need for stronger cultural and legislative collaboration.
He said: “This celebration is geared toward rebuilding stronger cultural ties," noting that: “The Nigeria-China Relations Group will continue to explore legislative means to strengthen bilateral relations across sectors."
On his part, the Director of Drum Majors for Peace, Nsikan Paul, emphasized the role of cultural diplomacy in fostering peace and understanding.
He said: “Peace is not just the absence of conflict but the presence of dialogue and collective action,”
nursing mothers.
"The organisation's efforts are crucial in addressing the healthcare challenges faced by women and children in Gombe State", she stated.
According to Safiya Mohammed, Routine Immunisation Officer at the facility, children should receive vaccinations from birth to 24 months to be fully immunised.
"We educate mothers on the importance of vaccination and the periods when they should bring their children for immunisation," she explained.
UNICEF’s catch-up immunization campaign for children in Anambra State is coming as most women in the area where the campaign is being held have praised UNICEF for such show of magnanimity.
In some of the centers visited by THISDAY on Saturday, rural Women praised UNICEF for the programme.
In Akwaeze, Anaocha Local Government Area, a nursing mother, Mrs. Amaka Egwuonwu, said: "We want to thank UNICEF for coming
to their aide, and providing this immunization free of charge to us.
"This child here is my third child, and I have consistently ensured that they are immunized. I encourage mothers to see the need to immunize their children without default."
Health officials in Anambra State have begun a weeklong catch-up programme in nine local government areas that recorded zero immunization during the period of COVID-19. The State Immunization Officer (SIO), Mrs. Edith Onwuka, while monitoring the exercise at Akwaeze in Anaocha Local Government Area and Nnokwa in Idemili South, commended nurses at the Primary Health Centers in the nine local government areas where the catch-up is being held for effective mobilization of mothers.
She said the catch-up programme will last from December, 2024 to February, 2025, and urged mothers and local government health workers not to relent to ensure that all children are immunized within the period.
Defections: Uzodimma Commends Okewulonu, Nnaji, Okere, Obi, Others as They Join APC
The All Progressives Congress (APC), Friday, recorded another political feat in Imo State with key figures in the opposition People's Democratic Party (PDP) and Labour Party (LP), dumping such platforms and pitching tent with the ruling Party in Imo and at the national level.
The prominent politicians, including serving and former lawmakers with their numerous followers, were received by the leader of the APC in Imo State, Governor Hope Uzodimma, who commended them for their courage, wisdom and foresight.
The new APC members described Governor Uzodimma as a political magnet.
The governor was joined by his Deputy, Lady Chinyere Ekomaru and the husband, Chukwuka, Imo APC Chairman, Macdonald Ebere and other key political figures and government officials in the state to welcome the new entrants at the party's headquarters on Okigwe Road, Owerri, amid pomp and circumstance.
Among the defectors are Chief Chris Okewulonu, associate and ardent supporter of the former Deputy Speaker of the House of Representatives, Rt.
Hon Emeka Ihedioha, as his Chief of Staff during his short-lived period as governor, former House House of Assembly Deputy Speaker, former Commissioner and one time PDP Deputy Governorship candidate to Ihedioha in 2015, Hon. Chuma Nnaji and former House of Representatives member for Ideato North and South, Rt. Hon Pascal Obi. Others include House of Representatives member for Owerri Municipal, West and North, Rt.Hon. Chinedu Tochukwu Okere, former Deputy Speaker of the Imo State House of Assembly, Rt. Hon. Jonas Okeke, retired Assistant Inspector General of Police (AIG) in charge of Zone 8, Lokoja, Bartholomew Onyeka and Hon Emeka Ahuoku, a PDP chieftain from Nwangele.
All the seven politicians came with their supporters who also joined the APC.
In welcoming them, Governor Uzodimma said he understands what it means to take such bold decisions, noting that he was not surprised because "genuine members of the political class in Imo wants the State to move forward regardless of political leaning."
Akinwale Adedayo in Abuja
President Bola Tinubu and the leadership of the Governor's Advisory Council (GAC), Lagos, weekend, warned the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, against disrespecting Governor Babajide Sanwo-Olu, and the office of the governor under whatever guise.
This development, THISDAY gathered, played up after members of the GAC visited the president in Lagos, on Friday, upon his return to the state for the end of the year break.
Chairman of GAC, Alhaji Tajudeen Olusi, THISDAY was told, opened the floor for the discussion, when he told the president he wanted to give him a situation report on the
state of play in the state.
The old man, who reminded the president of how highly the governor's office was held in the state, when he was governor between 1999 and 2007, allegedly told the president that the disrespect that Governor Sanwo-Olu had suffered in the hands of the speaker was no longer acceptable.
He, according to sources, went on to reel off instances, which they considered disrespectful, including the one they have had to physically intervene and reprimand the speaker.
He subsequently quit the stage for others to speak, including the speaker, who was also yielded the floor to defend himself.
After all had spoken, and it was
the turn of the president, Tinubu was said to have exhibited obvious disdain over the alleged report by the GAC leadership on the speaker and went on to openly lash him for not just disrespecting the governor and his office, but also for poorly managing the politics of the state.
According to a presidency source, who hinted at the development, and commended the president for stepping into the Lagos political situation, Tinubu allegedly cited the case of a bill being put forward by the assembly to enable them sack the chairman of the Lagos State Independent Electoral Commission (LASIEC).
He said the president scoffed at what he called a huge joke, presided
over by the speaker, and added that, "Which governor will sign such a bill into law, anyway."
After the meeting was dismissed and everybody made to leave, the speaker, the presidency source hinted, ran after the president into an inner room to properly tell his side of the story and probably persuade an obviously angry Tinubu.
Unfortunately, for him, a couple of other GAC members, about two of them, suspecting Obasa's move, allegedly joined in that second meeting, where the issues were further discussed and the speaker was still condemned, by a majority.
The most interesting part of the meeting, the source disclosed, was when the son of the president,
526 lives lost, 949 kidnapped
Onyebuchi Ezigbo in Abuja
The Policy and Legislative Advocacy Centre (PLAC) has expressed worry over what it described as the increasing cases of human rights abuses in the country.
It said that despite constitutional provisions and international obligatory conventions guaranteeing citizens' rights, violations such as extrajudicial killings, arbitrary arrests, police brutality, and unlawful detentions continue to undermine the rule of law.
In its 2024 report on human rights violations in Nigeria, PLAC highlighted several incidences of insecurity across the country as evidenced by kidnapping, banditry, communal clashes.
It said that security agents were also victims of the criminal elements, who attack security checkpoints and other security formations.
In the incidents identified by PLAC, at least 526 persons were killed in violent attacks and 949 others kidnapped by criminal elements in various parts of the country.
The Nigeria Annual Human Rights Report 2024 highlighted several incidents of abuse of civil as extrajudicial killings, arbitrary arrests, police brutality, and unlawful detentions continue to and political rights, a disturbing derogation on
the country’s democratic governance.
The report also highlights violations against vulnerable groups.
Another aspect of violations against vulnerable groups is Gender-based Violence (GBV), the report said.
The incidents documented reveal the prevalence of child trafficking, abduction and forced labour, which continued to deprive countless children of their rights to safety, education, and dignity.
PLAC noted that despite the protection of rights by Nigeria's Constitution and international obligations, violations such as extrajudicial killings, arbitrary arrests, police brutality, and unlawful detentions are continued by officials further eroding guaranteed rights.
"These issues point to systemic flaws in undermining the rule of law. Security agencies, tasked with maintaining law and order, have faced accusations of abusing their powers, with instances of harassment, extortion, and sexual law enforcement that demand urgent reform and greater accountability,” it observed.
As a means of checking abuses
PLAC suggested that law enforcement agencies should establish independent oversight bodies to investigate and prosecute cases of police brutality, sexual harassment and other human rights abuses by state actors.
It said that government must also prioritize the review and enforcement of laws that protect vulnerable groups in the society, such children and women.
It also said the manner in which the cyber-crime Act was being enforced by law enforcement agents in the country leaves much to be desired.
The Executive Director of PLAC, Mr. Clement Nwankwo, while presenting the annual Human Rights Report for 2024, said there is a growing concern that the human rights situation in Nigeria has taken a deep dive and that incidents of abuse of rights are increasingly rampant.
He said: "Security agencies, tasked with maintaining law and order, have faced accusations of abusing their powers, with instances of harassment, extortion and sexual violence by officials further eroding guaranteed rights".
According to Nwankwo, these issues point to systemic flaws in law enforcement that demand urgent reform and greater accountability.
For instance, Nwankwo said the manner in which the cyber-crime Act was being enforced by law enforcement agents in the country leaves much to be desired.
He said the major intent of the cyber-crime Act is to protect an
individual or general public from falling victims of cyber stalking but not to be used by state actors and non-state actors for intimidation or witch hunting.
However, Nwankwo said that the Act has become susceptible to misuse by security agents and wealthy individuals who now deploy it to oppress citizens.
In addition, he said that government's response to human rights violations, particularly in relation to kidnappings and violent attacks highlighted the security challenges facing the country.
"The Nigerian government's response, though marked by some successful operations, also calls for reinforced support, resources, and coordinated efforts across various levels of government and civil society to ensure a lasting reduction in human rights violations and enhanced protection for all citizens," he said.
Regarding the new Tax Bill, Nwankwo expressed the hope that the federal government and the National Assembly will utilize the opportunity to correct the fault lines in the country 's taxation system.
"Nigeria's taxation system is killing business and the manner in which taxes are administered in the country is very punitive," he said.
Seyi, walked in at this particular meeting and after listening to the conversations, asked if he could ask one or two questions.
According to the source, Seyi asked that, "Although I'm the youngest here, I just needed the clarity for my understanding. Please, why do you have groups within the party when they cannot unite the party?"
The source said the question, among other concerns raised by the first son, was so profound that it marked the end of the meeting and everyone dispersed.
He, however, said the president told the speaker and others during the first meeting that he already knew what to do on the matter and would do so when the time comes. There has been no love lost between the speaker and the governor, even though Sanwo-Olu had tried to manage the situation and pretend all was well before the observing public. But the matter came to a head during the 2025 budget presentation by Sanwo-Olu, when Obasa seized the occasion to come out and openly hit the governor.
Linus Aleke in Abuja
The Nigeria Police yesterday faulted an Amnesty International report that alleged that state forces including the police killed unarmed protesters during the #EndBadGovernance protest in northern Nigeria, earlier in the year.
Amnesty International in November 2024 had released a report titled: "Bloody August: Nigeria Government’s Violent Crackdown on #EndBadGovernance Protests," where several allegations were made against the Nigeria Police, including the killing of at least 24 persons in six northern states during the protests.
A statement by Force spokesperson, Olumuyiwa Adejobi, said the claims made by Amnesty International in the report were at variance with the records available to the Nigeria Police.
"All recorded incidents of violence during the protests were documented by the police in all 36 states of the Federation and the Federal Capital Territory (FCT). These records are available at both the Department of Operations and the Department of Research and Planning of the Nigeria Police Force.
"It is, therefore, surprising to see in Amnesty International’s report such unfounded claims that contradicted what was actually recorded during the protests. Notwithstanding, the Inspector General of Police, in response to the allegations contained in the report, directed a comprehensive and independent investigation into these claims.
"To this end, a special investigation panel was immediately constituted and given a deadline to submit its
findings. The IGP also mandated Commissioners of Police in the states mentioned in the report to verify the allegations as they pertain to their states and to submit additional reports on the incidents,” the police statement said.
Following the directives, Adejobi said the Commissioners of Police in the affected states conducted extensive inquiries in their localities and submitted their findings to the Inspector General of Police. He added that copies of these findings were sent to the special investigation panel, stressing that members of the panel visited the affected states and areas mentioned in the report, compiling their findings in a comprehensive document submitted to the Inspector General of Police, Kayode Egbetokun. This report, he said, formed the briefing, where they will present a detailed investigation report addressing the wide-ranging allegations made against the police in Amnesty International’s report.
Perforating the report, the police said that: "In Borno State, it was established that the protesters were violent, engaging in widespread looting, pillaging, and wanton destruction of public and private property.
"For example, the Skills Acquisition Centre of the United Nations High Commission for Refugees (UNHCR) was looted and vandalised. The warehouse of the World Food Programme, located on Baga/ Maimalari Barracks Road, Maiduguri, was also looted, with several items belonging to the international organization destroyed and stolen by some of the protesters.
L-R:
Sunday Aborisade in Abuja, Adibe Emenyonu in Benin and Blessing Ibunge in Port Harcourt
A former Minister of Defence and Interior at different times, General Godwin Osagie Abbe, is dead.
He died yesterday in Abuja after a protracted illness, a family source has confirmed.
Born 10 January 1949 in Benin City, Edo State. Abbe was a Nigerian Army Major General and former Defence Minister of Nigeria and Interior. Abbe joined the military in 1967
as a private, and was commissioned Second Lieutenant in July 1968, and subsequently promoted Colonel in 1986. He served during the Nigerian Civil War.
He was a graduate of the United States Army Infantry School Fort Benning, Georgia, Ghana Armed Forces Staff College and the National Institute for Policy and Strategic studies, Kuru. Abbe was the military governor of Akwa Ibom State 1988–1990) and Rivers State (1990–1991). He then became General Officer Commanding (GOC) 2 Division
Nigerian Army; Commander, Training and Doctrine Command (TRADOC) and Commander, National War College. He retired in 1999 with the rank of Major General.
Mourning the deceased, President of the Senate, Godswill Akpabio, described his pasing as a great loss to the people of Akwa Ibom State and Nigeria in general.
In a statement by his Special Assistant on Media, Jackson Udom, the Senate President said the late Abbe, who was also once a military Governor of Rivers State, was a "dedicated public
servant.
He also described him as a patriot and a trailblazer, who contributed immensely to the development of Akwa Ibom State and Nigeria as a whole.
He said, "His demise is a great loss not only to his family and the people of Akwa Ibom State but to the entire nation.
“His legacy of selfless service, integrity and leadership will continue to inspire future generations.”
Also, a former President of the Senate, Senator David Mark, described
his demise as the fall of an Iroko, a fallen hero that has left a yawning vacuum in the Nigerian state.
Mark said Abbe was an uncommon patriot, who gave his all both as an officer in the military and civil rule in the service of the nation.
"General Abbe was a great soldier, one of the leading lights in the Arms Forces of Nigeria. In all the assignments he handled, he demonstrated unwavering commitment, dedication, and patriotism and was faithful to the end,” he said.
discouraged at this period, warning traders not to warehouse fireworks without appropriate safety measures.
Commissioner for the Environment and Water Resources, Tokunbo Wahab, urged residents to embrace good environmental sanitation practices in order to ensure a sustainable environment.
"The Yuletide season is a time for celebration, but it is also crucial that we prioritise environmental cleanliness. We encourage all residents to dispose waste properly and avoid littering the streets, walkways, road medians, kerbs, open spaces, drainages and canals," Wahab stated.
Anambra Police
Confirms 22 Dead, Soludo Gives Guideline for Distributing Palliatives
Anambra State Police command gave an update on Saturday’s tragic stampede in Okija, during an event to distribute rice to indigent people, confirming 22 people dead.
Governor Chukwuma Soludo also gave directives on how subsequent distribution of items by philanthropists to indigent people should be done to forestall loss of lives.
Speaking on the casualty figures, which had become contentious, spokesperson of Anambra State Police Command, SP Tochukwu Ikenga, said the Commissioner of Police, Nnaghe Itam, visited the victims in the hospital and condoled with the families and friends of those, who lost their lives.
Itam said, "The Commissioner of Police, CP Nnaghe Obono Itam, visited the hospital where the victims of the tragic stampede that occurred on 21/12/2024 in Okija, Ihiala Local Government Area, are receiving treatment and regrettably observed that 22 people lost their lives."
He said investigation into the unfortunate incident was still
ongoing, and the police remained dedicated to ensuring the safety and well-being of Anambra State, especially with regard to crime prevention, responding promptly and effectively to emergencies, protecting vulnerable populations, and fostering a sense of security and community.
Soludo expressed deep grief over the loss of lives. The governor, in a press release by his press secretary, Mr Christian Aburime, said anyone sharing food items to indigent people must henceforth prioritise their safety.
The statement said, "In his expression of sympathy, Anambra State Governor, Professor Chukwuma Charles Soludo, CFR, extends his deepest condolences to the families of the deceased, especially the women, the elderly, pregnant, nursing mothers and children who lost their lives in this unfortunate incident.
"The state government has also implored all well-meaning individuals and organisations engaged in charitable activities to prioritise the safety and well-being of beneficiaries.
"The resulting tragedy underscores the urgent need for a more structured and safer approach to distributing such assistance.”
It added that Anambra State Government had initiated a thorough investigation into the circumstances surrounding the stampede.
Buhari, Shettima, Akpabio, Abiodun, NAS sympathise with Victims’ Families
Former President Muhammadu Buhari expressed his grief and extended condolences to President Bola Tinubu over the tragic stampedes in Oyo State, the Federal Capital Territory (FCT) and Anambra State in which several lives were lost.
In a condolence message, Buhari sympathised with Governor Seyi Makinde of Oyo State, his
Anambra State counterpart, Professor Chukwuma Soludo, and the FCT minister, Nyesom Wike.
He appealed to the leaders to pass on his words of sympathy and support to the families and friends of the victims and wishes of a speedy recovery to those injured in the stampedes.
Buhari further sympathised with the Catholic community, which was also affected, and extended his warm wishes to Nigerians on the occasion of Christmas. He called on fellow countrymen to recall the noble teachings of Jesus Christ.
Vice President Kashim Shettima offered prayers for victims of the tragic stampedes, describing them as national tragedies.
In his condolence message, Shettima, according to a release by his Media Assistant, Stanley Nkwocha, expressed deep sorrow over the losses, and offered prayers and heartfelt condolences.
He stated, "I am extremely saddened by these tragic incidents that have claimed innocent lives. My prayers and thoughts are with the grieving families of all victims, including those who sustained injuries and are undergoing treatment.
"I am particularly distraught by the fact that so many lives of Nigerians, particularly children, have been lost in stampedes that ought to have been avoided through proper planning and organisation.
"This is not just a loss for individual states; it is a loss for the entire nation. May the Almighty God grant eternal rest to the souls of the departed."
Chairman of Southern Governors' Forum (SGF) and Governor of Ogun State, Dapo Abiodun, in his message of condolence, lamented that the deaths of the innocent individuals were particularly heart-breaking, as they stemmed from their pursuit of basic needs for survival.
Acknowledging the prevailing economic challenges faced by citizens, he emphasised that the
administration of Tinubu, together with other levels of government, continued to strive towards improving the living conditions of the citizenry.
Abiodun urged Nigerians to exercise restraint and adhere to security protocols during palliative distribution events to prevent further tragedies.
"Deaths such as these diminish us as a people. These disasters came at a time when families around the world are in a festive and joyous mood. It is indeed tragic,” he said.
National Association of Seadogs (Pyrates Confraternity) said it was deeply saddened by the loss of over 60 lives in Oyo, Anambra, and Abuja during recent palliative distribution stampedes.
The association, in a statement by its Capn, Dr. Joseph Oteri, said the needless deaths were a grim reflection of the desperation gripping many Nigerians, underscoring the rising hunger and economic hardship that have engulfed the nation.
The association stated, "While we commend the efforts of well-meaning individuals and organisations in Oyo, Anambra and Abuja, to alleviate the plight of vulnerable citizens through palliatives, it is evident that these measures have been marred by inadequate planning, poor coordination."
The statement said, “However, the chaotic scenes that led to these fatal incidents are an indictment of the systemic failure to address the root causes of hunger and poverty.”
The group said rising hunger in Nigeria was a national emergency that demanded urgent action.
PDP Slams Tinubu over Tragic Stampedes
PDP described the widespread food stampede in the country as an ugly testament to the level of misery, poverty, hunger, starvation, sense of hopelessness and desperation
for survival currently plaguing the country under the Tinubu-led APC government.
The party, in a statement by its National Publicity Secretary, Debo Ologunagba, lamented the tragic stampedes at private events in Oyo and Anambra states, as well as the FCT, Abuja, which claimed about 60 lives. The party lamented that these included children in their desperate struggle for food as a result of the pervasive hunger in the land occasioned by the anti-people policies of the APC administration.
PDP said it was devastated that the APC administration had wrecked once thriving national economy and pushed millions of Nigerians deeper into abject poverty and hunger, with many citizens, not being able to afford their daily meals, now resorting to suicide and desperate measures, including slavery missions abroad and fighting for crumbs for survival.
PDP stated, ''It is heart-breaking that despite our abundant resources as a nation, Nigerians have been subjected to agonising life where they die struggling for food.
''This horrifying situation in the country further confirms the APC as a party of ‘political vampires and buccaneers’, who have no iota of regard for human life but rather derive pleasure in the suffering and death of citizens including innocent children.”
Human Rights Writers Association of Nigeria (HURIWA) expressed concern over the spate of stampedes that had resulted in deaths in some parts of the country, attributing the tragedies to government’s failure to address worsening economic conditions.
The advocacy group accused both the federal and the state governments
Edo State Governor, Senator Monday Okpebhbolo, in a statement by his Chief Press Secretary, Fred Itua, described Abbe as a revered military officer, administrator, and statesman, adding that his life was a testament to discipline, dedication, and service to the nation.
“General Godwin Osagie Abbe was a shining star whose light has been extinguished, but his legacy will continue to inspire and guide us. We celebrate his life, his service, and his contributions to our great nation.”
of “weaponising poverty,” and creating an environment where desperate citizens risked their lives to scramble for basic necessities.
HURIWA, in a statement by its National Coordinator, Emmanuel Onwubiko, maintained that the stampedes were the result of severe hunger and deprivation fuelled by skyrocketing inflation, poor economic policies, and the weaponisation of poverty. The group stated, “Nigerians are dying while rushing for staple foods that were affordable just a few weeks before President Bola Ahmed Tinubu took office. The government’s inability to implement effective economic policies has pushed millions into desperation.”
Mrs. Otti Hosts Abia Children, Assures Them She'll Always Fight for their Rights
Abia State First Lady, Mrs. Priscilla Otti, assured the children of the state that she would always fight for their rights, protection and welfare to guarantee them a secured future. She gave the assurances, weekend, during a Christmas party organised for Abia children at Government House, Umuahia, during which the first lady interacted with the kids and handed them Christmas presents. "These children are special and dear to our hearts. We are committed to championing strategic initiatives that enhance their growth, development, and well-being," she said. Otti stated that Christmas season “reminds us of the importance of creating a world where every child feels loved, cherished, and protected”. She restated her commitment to combat negative practices that impeded the growth of Abia children, adding that she would always be there to advocate children's rights and ensure that their voices are heard.
L-R: Divisional Head, Corporate Finance & Advisory Services, Bank of Industry Limited, Leonard Kange; Executive Vice-Chair/ Group Chief Executive Officer, Emerging Africa Group, Dr. Toyin F. Sanni; Chief Executive Officer, Nigeria Exchange Limited, Jude Chiemeka; Chairperson, Royal African Society, Arunma Oteh; Managing Director, Emerging Africa Asset Management Limited, Ada Ijara, and Executive Commissioner, Corporate Services, Securities and Exchange Commission (SEC), Samiya Usman, at the Emerging Africa Group’s 2024 Investors’ Summit and Awards ceremony held in Lagos…recently
Laleye DipoinMinna
Despite the claim that respite has returned to troubled areas of Niger state, a group, the Concerned Shiroro Youths of Niger State, has said that bandits have created a republic in the state.
The Concerned Shiroro Youths also claimed that “these marauding terrorists now wield so much power that they roam unsecured villages with uncommon gusto and impunity, moving from house to house to carry out their heinous activities.”
live and who not to live in their areas of strength and control.”
“They have so far succeeded in creating a republic within a sovereign nation. It can’t be
In a statement made available to newsmen in Minna yesterday the youths also alleged that the bandits now determine “who to
Daji Sani in Yola
worse than this! “ the youths claimed in the statement jointly signed by Convener of Concerned Shiroro Youths of Niger State Sani Abubakar Yusuf Kokki and the
Secretary, Shuaib Awaisu Wana, titled,”The Tragedy Of Abandoned and Forgotten Shiroro Hinterlands: Time To Act By The State Actors.”
They further said in the
statement that “The terrorists have grown increasingly emboldened, going as far as planting bombs and landmines in the villages under their control.”
The Ijaw Youths Network has raised the alarm over the intensified blackmail of huge international proportion against the Chairman of Tantita Security Services, High Chief Government Ekpemupolo, the Group Chief Executive Officer of the Nigeria National Petroleum Corporation Limited, Mr. Mele Kyari, and the Chairman of the Presidential Amnesty Programme, Dr Dennis Otuaro.
The IYN, in a statement by its President, Frank Ebikabo, and the Secretary, Federal Ebiaridor, yesterday cited a well-funded blackmail by a cabal of oil thieves who are uncomfortable with gains of the campaign against oil theft being spearheaded by Tantita Security Services and other security outfits.
The IYN leadership was reacting to a video of a sponsored protest in front of the UN headquarters in New York, United States by a group making outright false criminal allegations against Tompolo, Kyari and Otuaro. The IYN therefore, called on the National Security Adviser, Mallam Nuhu Ribadu, and others entrusted with the nation’s security to ensure a thorough investigation of those behind the blackmail and bring them to justice in the interest of national security.
According to Adamawa State Coordinator of the Federal Ministry of Agriculture and Food Security, Salisu Jenanso, the Ukraine-Russia crisis has reduced wheat supply to the country to zero percent.
“The ugly trend has forced many companies using wheat to completely fold up in different parts of the country,” he stated.
He said the Federal Ministry of Agriculture has provided subsidised farm inputs to the farmers and advised them to follow best practices to ensure a successful harvest.
The Federal Ministry of Agriculture and Food Security has launched an aggressive wheat production drive to mitigate the effects of the Ukraine crisis on Nigeria’s wheat supply. The crisis has led to a 100 per cent increase in wheat product prices, forcing many companies to shut down. However, to address this, 300 cluster farmers have begun cultivating 400 hectares of wheat in Adamawa state, with the goal of increasing domestic wheat production. The initiative is part of a broader effort to reduce Nigeria’s dependence on wheat imports, which currently account for 99 per cent of the country’s wheat consumption.
Mary Nnah
The Kuramo College, Victoria Island, Lagos, Old Students Association (KCOSA), 1989 Set, recently celebrated its 35th anniversary with a call to members to strengthen their bonds and foster a sense of community and connection among themselves.
The event, which was held in Lagos, was attended by guests and members. The ceremony featured speeches from notable members, including KCOSA National President, Mr. Felix Onoriode Uweribeno, who expressed joy and pride in the set’s growth.
“The 89th set is like a baby to me because that’s the set I belong to. And by the grace of God, I am one of those who brought this set to life. So seeing the baby you gave birth to growing, of course, you will be happy,” he said.
Uweribeno also highlighted the set’s achievements, particularly the empowerment of 14 people.
“And coupled with the fact that we can touch lives today, I am very happy. So I’m so grateful to God, so happy that the set will keep growing and it will be a set to be reckoned with by other chapters,” he added.
The Board of Directors of Nigerian Breweries Plc(NB Plc), Nigeria’s foremost brewing company, has announced the appointment of Juliet Anammah as the substantive chairman.
Her appointment becomes effective January 1, 2025. She succeeds Sijbe “Siep” Hiemstra, who has been acting as the board chairman in an interim capacity since the start of the year.
According to a statement signed by the Company Secretary/Legal Director, Uaboi Agbebaku, her appointment was announced after the Board of Directors meeting held on Wednesday, December
12, 2024.
Prior to her appointment as the Chair of the Board, she was the Chair of the Governance and Ethics Committee of the company. She joined the Board effective January 1, 2022.
She brings three decades of professional experience in Consulting, Consumer Goods, Sales, Marketing, e-commerce, and Sustainability to the board.
Until this appointment, she was the immediate past Chair and Chief Group Sustainability Officer of Jumia Nigeria, having previously held the role of Chief Executive Officer with Jumia.
Ibrahim Oyewale in Lokoja
In his determination to ignite investment opportunities for Kogi State industrial growth, the state Governor, Usman Ododo, has held a bilateral talks with the Consular-General of the Peoples Republic of China.
This was contained in a statement signed by the governor’s media aide and copy of which was made available to the journalists in Lokoja at weekend.
In a bilateral meeting held in Lagos, Ododo engaged with Yan Yuqing, the Consular-General of China recently
This significant interaction was aimed to strengthen friendly and economic ties, focusing on areas of mutual interest such as agriculture, commerce, manufacturing, and infrastructure development.
Ododo used the opportunity to highlight Kogi State’s vast potential and readiness to accommodate Chinese investors interested in tapping into the state’s diverse opportunities.
He underscored his administration’s commitment to create business-friendly environment, particularly within the State Free Trade Zone and the proposed Industrial Park.
Emmanuel Ugwu-Nwogo in Umuahia
Excitement is still in the air as the people of Abia State savour the prospect of having its own airport like most states in Nigeria, especially in the Southeast zone.
Sunday Okobi
Presently, only Abia has no airport among the five states in the Southeast geopolitical zone but it chances of having an international cargo airport has brightened. The Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, was in Abia State last week to
Ardogreen Energy Limited and its parent companies, Messrs Ardova Plc and Petrodev Oil and Gas Limited have formalised a Risk Service Agreement (RSA) with Messrs HSI Energies Limited for the development of the Olua Field on PPL (Petroleum Prospecting Licence) 203.
perform the groundbreaking ceremony of Abia Airport at Nsulu being built by the federal government in partnership with Abia.
Reacting to the prospect of an airport springing up in Abia State in the next 36 months, the Chairman/CEO, Chief Irukwu Onwuka, said that President Bola Ahmed Tinubu means well for Abia State.
The companies stated that the scope of the agreement includes drilling the Olua1 and Olua-2 wells and installing field processing and transportation facilities to facilitate the conversion of its PPL 203 into a Petroleum Mining Lease by the end of the second quarter of 2025.
In a chat with journalists in Umuahia, Onwuka said that President Tinubu has demonstrated within the last 18 months that he has the interest of Abia and the entire Southeast at heart.
A significant and related fallout of the RSA is for Ardova Plc and Petrodev Oil and Gas Limited to assign a 20 per cent working interest in the Olua Field to HSI Energies Limited in a farm-out arrangement, subject to all regulatory approvals.
Ardogreen Chairman, Abdulwasiu Sowami, in a statement said: “The transaction is a significant milestone in the realisation of Ardogreen’s vision of becoming a full-fledged E&P operator.”
Segun Awofadeji in Bauchi
Bauchi State Governor, Senator Bala Mohammed, has asserted that his administration will not compromise standards and quality in all projects it embarked upon in spite of the high cost of construction materials and equipment.
The governor was speaking in Azare last Saturday while inspecting the progress of the ongoing reconstruction and remodeling of the main market in the second largest town in the state.
Mohammed, who was not
Ayodeji Ake
The EbonyLife Group in partnership with Kuramo Capital Management has announced the Afro Film Fund’s groundbreaking participation in the prestigious Africa Investment Forum (AIF)
impressed with the slow pace of the project which is through Public Private Partnership (PPP), assured the people that the government is committed to actualising the project, and will therefore takeover the completion of the project by supporting the contractor based on its interest in conceiving and
execution of the project. This move demonstrates the Governor’s dedication to driving economic growth and development in the region as the market, once completed, is expected to become a hub of commercial activity, creating jobs and stimulating economic growth.
boardroom sessions.
Organised by the African Development Bank (AfDB) and the Africa Investment Forum, the platform connects transformative projects with global investors.
According to the Chief Executive Officer, EbonyLife Group, Mo Abudu, “We are at a pivotal moment where finding African solutions to African challenges in the creative sector is no longer optional; it’s essential by leveraging our unique perspectives, resources, and talents, we can empower African storytellers, create opportunities, and shape a future that reflects the richness and diversity of our culture.” Founder and CEO of Kuramo Capital Management, Wale Adeosun, emphasised the transformative potential of the Fund
of a record 1.727 Trillion Naira amongst the three tiers of government. These resources are meant to deliver bigger dividends of development to Nigerians.
For those who have taken the effort to be familiar with the ongoing tax reforms, the Bills currently before the National Assembly also represent another fiscal boon for the subnational governments, with the Federal government choosing for example to take an even smaller portion of VAT than it currently gets.
The Presidential Initiative on CNG marked its first year of implementation recently, with the number of vehicle conversion centers in the country rising from fewer than 10 to more than 120. The goal is to make CNG a fuel of choice for private and commercial transportation in Nigeria, bringing down costs by as much as 50 to 60 percent. We are already seeing enthusiastic uptake of the initiative, and the government is supporting this by way of fiscal incentives and subsidized conversions.
The year is closing with the massive news of the final investment decision (FID) by Shell and its partners on the Bonga North deep offshore oil project, which is Nigeria’s first deep offshore FID in over a decade. This FID was preceded by the one by Total and NNPC
Limited on the 300 million cubic feet per day Ubeta gas project. Together these two projects represent over 5 billion dollars in investment value. These long-awaited investment decisions have now finally happened because the investors behind them can see, from the President’s policies and actions, that Nigeria is truly serious and ready for oil and gas investment. A series of presidential directives issued at the beginning of 2024 have unleashed the biggest wave of investor interest in our country’s energy sector in a while. in 2024, our security forces neutralized more than 8,000 terrorists and bandits, and arrested 11,600 others, with more than 10,000 weapons recovered. Additionally, about 8,000 kidnap victims were successfully rescued. The goal is to keep driving down the numbers of victims, while scaling up efforts to make crime and criminality unattractive in Nigeria.
On the foreign affairs front, the 2024 has been a most encouraging year, despite several challenging geopolitical developments around the world, including in our corner of West Africa. This year Nigeria was awarded the hosting rights for the new African Energy Bank, which will prove to be game-changing for energy financing in Africa. As
tenure, some people will assume that his ineptitude caused it. I am only giving a rough example!
Mr. Huff’s old book illustrated one case of misleading statistics with a sales promo graph by an animal feeds firm. It presented a vertical and horizontal graph of a cow before and after it fed on the company’s feed. On the horizontal plane, the cow was much increased in size; on the graph’s vertical plane, it showed only a slight increase in height. It turned out that the increase on the vertical side of the graph was the actual result, not the exaggerated increase on the horizontal plane, which an unsuspecting reader will assume!
I am not saying that NBS lied, marred or even erred with its statistics. Far from it. Who am I to say so? I am only an amateur Biostatistician. The last time I did any statistics was during my NYSC days, when I took a secondary school Biology class in Anambra State on an Ecology field trip to estimate the number of flowers, grasshoppers and butterflies in the school compound. We used one of the most elementary tools in statistics, sampling for stationary things such as flowers and catch and recapture method for mobile things such as grasshoppers and butterflies. NBS, on the other hand, is brimming with professional statisticians, lots of computers and highly modernized computer models of statistical analysis. I learnt from a staffer that its researchers undertook cumbersome visits to all nooks and crannies of the country in order to collect information on everything from employment, incomes, poverty, food, accidents, crime etc.
Ideally, that should not even have been necessary because every state government and every local government in Nigeria, as well as the police, hospitals and school boards should have their own, very good Statistics offices. They should to this work and NBS can verify, then rely on them to compile a national report. Many of them do have figures, but most are of doubtful authenticity. I sympathise with government agencies’ compilation of figures when I remember a horrific highway accident many years ago, when
our newspaper reporters tried to ascertain casualty figures. “Eyewitnesses” at the scene gave one figure; police gave a much lower figure; Federal Road Safety Commission gave yet a different figure; the hospitals where the victims were taken to gave another figure, while victims’ families later phoned our Newsroom and gave an out-of-this-world figure.
The police, for example, may have figures only of crimes reported to their stations, which could be a fraction of the total number of cases. A case in point are rape incidents; since these have a huge social stigma attached to them, probably the majority of cases go unreported, but a good statistician will calculate the percentage of unreported cases and then extrapolate.
Extrapolation is another source of problem in compiling statistics. One newspaper reported that the NBS crime survey cost N2.7 billion. I don’t know if that is true. But even that huge sum may not enable it to cover everyone of Nigeria’s 37 states [including FCT] and 780 local governments, including FCT Area Councils. A statistician most often takes a sample and then extrapolates. A careful statistician must however ensure that the sample fairly reflects diversity, in this case of zones, states, as well as urban-rural divide. Otherwise, if you take a sample from Eti Osa and Kano Municipal and multiply it by the number of LGAs in Nigeria, “skewed” will not be enough to describe your results.
Which was why, in Biostatistics, we were careful to use Completely Randomised Design, in situations where samples are evenly distributed, and Randomised Block Design, where specimens are unevenly distributed. For example, in the whole huge secondary school compound where I led the students, there could be only one anthill. You could throw a square mesh in 50 areas and still fail to catch it. If on that basis you report that there are no anthills in the school compound, you have goofed!
When we were training on the Scientific Method, a
we reposition ourselves to be a global energy hub, this is a most fitting complement.
Nigeria is asserting itself as a country that cannot be ignored on the global stage. In 2024, President Tinubu hosted heads of State and/or government from India, the world’s largest democracy, and from Germany, Europe’s largest economy.
He was welcomed on a State Visit to France, at a very exciting time in the history of mutually-beneficial relations between Nigeria and France. Nigeria was specially invited to the G20 Summit for the second consecutive year running, and we forged deeper relations with South Africa through our joint presidential binational commission.
As we step into a new year, during which we will mark the second anniversary of the Tinubu Administration, we will surely see even more of the positive outcomes of the President’s reforms, in infrastructure, agriculture, security, healthcare, education, creative and digital economy and many other areas. The tax reforms, when passed into law and assented to, will cut personal and corporate income taxes for tens of millions of Nigerians, while also expanding VAT exemptions.
golden rule was that research begins from observation, and research cannot debunk observation. It can only explain it. No amount of research by any professors today can prove that the current generation of teenagers are not severely hooked to the social media. Similarly, no computer method used by NBS can ever prove that the cost of rice and meat has not risen in the market. At best, if it wants to please the government, it could express the increase as a small percentage [33%, for example] when the price of a kilo of meat actually increased four-fold.
There is a reason why, for decades, we did not easily believe official statistics. In 2008, during a dinner in Washington, DC, a top Nigerian government official said, “Just before we left home, it was proved that a project could be 90% completed without being visible.”
He was referring to a claim made then by the Federal Ministry of Power, that a Niger Delta Independent Power Project which was to generate 500 megawatts of power, was 90% completed even though it had not generated a single megawatt. So, what was the “90% completion”? Securing a site and paying compensation to host community, 10%; opening bids and awarding the contract, 20%; opening letters of credit, 30%; payment made to supplier, 40%; equipment shipped to ports, 50%; equipment cleared from the ports, 60% completion, etc. At the risk of spoiling the dinner, I raised my hand and said, “Sir, to me as a citizen, 90% completion means 450 megawatts of power generated out of 500.”
Let us leave the statistical methods for a while and take a look at the results. Fifty-two million crime incidents in Nigeria within one short year. There are 200 million of us here; assuming those incidents are fairly distributed, one out of every four Nigerians, including children and small babies, would have met with a violent crime incident within that period. I know some Nigerians who were kidnapped, robbed or otherwise assaulted but they were nowhere near one quarter of all the people I know.
Consumer credit and student loans will reach many more people. Important indices such as foreign reserves position, trade surplus, oil production, and GDP growth are set to continue rising, even as greater work going into permanently taming inflation. The 2025 budget – the very fittingly-themed “Budget of Restoration: Securing Peace, Rebuilding Prosperity” – is a convincing pointer of the federal government’s commitment to maintaining the positive course in which we are headed as a nation.
We will continue to seek the understanding of Nigerians on this journey of, in the President’s words in the 2025 budget speech, “economic renewal and institutional development.” The sacrifices will all surely be rewarded, and we shall surely and steadily advance towards our desired destination – a country where a progressively better life will be guaranteed for everyone, regardless of where in the country they happen to reside. Under President Tinubu’s watch, 2025 will represent a leap forward, towards that deserved destination.
•Mohammed Idris, fnipr, is the Minister of Information and National Orientation
One and a half million vehicles stolen. Holy cow! I don’t know how many vehicles there are in Nigeria right now, but one vehicle must have been stolen over and over again to account for this figure. Car theft appears to be less of a problem in Nigeria these days than in previous decades. Maybe it is overshadowed by more serious crimes such as kidnapping, but it could also be because more vehicles today have security features. More rampant these days is vandalization of vehicles; small thieves are sent to remove small but expensive parts of vehicles, which the vehicle owner could buy again at Panteka market.
N2.23 trillion in ransom paid, with an average of N2.7million paid per kidnap incident! Must be extrapolation; did all the families that paid ransom come forward and fill forms at police stations to reveal what they paid? As the NBS figures showed, most kidnapping took place in rural areas. Ransom paid in those areas is far less than what Billionaire Kidnapper Evans extracted from his victims’ families. Quite often, farms and houses have to be sold in the rural areas in order to raise the money to pay ransom. Few people in villages have the money or the desire to buy a kidnapped neighbour’s farm, and when the kidnappers got tired of waiting, they shot the victims. Higher ransoms are paid when rich folks are kidnapped on the highways, but not only are the highways now better policed by armed soldiers, rich folks also tend to travel by air or by train, or they stay put in the cities. Finally, was it true that DSS interrogated the Statistician General over these figures? The right thing for government to do, I think, is to assemble an independent team of statisticians drawn from universities, research centres and private firms to sit with him and interrogate his methods and models. In case you want an amateur statistician/reporter to listen in, draft me in there. But the most important thing is how to drastically combat kidnapping and other violent crime, whatever the true figures are.
he had spirited out of Nigeria. Since then, Nigeria has lacked any form of inheritance or estate tax, unlike its global counterparts.
The absence of inheritance taxes exacerbates wealth inequality, as large estates and inherited wealth accumulate tax-free over generations. As the country faces increasing fiscal pressure and economic disparities, it is imperative to consider the reintroduction of an inheritance tax system to address these challenges.
The Role of Inheritance Taxes in Equity and Revenue Generation
Inheritance taxes serve several purposes:
1. Reducing Wealth Inequality: By taxing inherited wealth, governments can prevent the perpetual transfer of wealth to a small elite class, fostering social mobility. Even in traditionally feudalistic societies like the United Kingdom, these taxes have been used as a portent force for good in ensuring a reduction of a permanent upper class that is based principally on privilege. Inherited wealth invariably serves as a disincentive to wealth creation based on merit, as it entrenches a permanent upper class.
2. Promoting Equity in Taxation: Inheritance taxes ensure that wealthier individuals contribute more to public finances, aligning with the principles of progressive taxation. There has been growing calls for the expansion of the tax net to capture even illicit wealth. It is a long established fact of tax law that the “burglar and the swindler, who carry on a trade or business for profit, are as liable to tax as an honest business man.”. So taxation can be used as a veritable tool to harness tax revenues from even dishonest activities. In the United States, when the government was unable to pin specific crimes against the Mafia dons, it resorted to tax evasion, which has a much less onerous burden of proof as it most times shifts this burden of proof to the tax payer rather than the tax man.
3. Revenue Generation: Inheritance taxes provide a sustainable revenue stream for governments, which can be used to fund infrastructure, healthcare, education, and poverty alleviation programs. The International Monetary Fund (IMF) reported that Nigeria's tax-to-GDP
ratio was 9.4% in 2023, indicating a huge shortfall from the African average of 18.8% and the OECD average of 34,2%.
Comparative Analysis of Inheritance Tax Systems
To highlight the benefits of inheritance taxes, it is useful to analyze inheritance tax structures in the UK, US and South Africa. Each of these countries implements inheritance or estate taxes with varying thresholds, rates, and impacts.
The United Kingdom
In the UK, inheritance tax (IHT) is levied on estates valued over £325,000 at a rate of 40%. However, the tax applies only to the portion exceeding the threshold, and several exemptions exist for spouses, charitable donations, and small businesses.
Inheritance tax contributes significantly to the UK's tax revenue, generating approximately £7 billion annually. It is noteworthy that the new Labour government has widened the inheritance tax net to include family owned farms, with a net worth of over £1 million, in a bid to plug the much talked about £22 billion “black hole” in UK government finances.
The UK’s progressive inheritance tax system ensures that the wealthiest estates contribute more to public finances. Funds are often reinvested in public services, reducing the wealth gap. The UK system balances fairness with exemptions to protect middle-income families while ensuring wealth redistribution across the wealthier families.
The United States
In the US, inheritance taxes are more complex, as they combine federal estate taxes with state-level taxes. At the federal level, estates exceeding $12.92 million for individuals (as of 2023) are subject to estate tax rates ranging from 18% to 40%. States such as New York and Maryland impose additional inheritance or estate taxes. The impact of some of these taxes may help explain the benevolence of wealthy Americans such as Warren Buffet and Bill Gates who plan to distribute majority of their wealth to charitable causes rather than leave their fortunes to be ravaged by inheritance taxes. A number of them have enrolled in the Giving Pledge, where they pledge to give away 50-99% of their wealth to charitable causes.
Estate taxes contribute billions to federal revenue. For example, in 2020, estate taxes generated $17 billion in revenue. By taxing the largest estates, the US ensures that ultra-wealthy individuals contribute proportionally to public finances while avoiding undue burdens on smaller estates.
South Africa imposes an estate duty of 20% on estates valued below R30 million and 25% on amounts exceeding this threshold. In addition, Donations and transfers to spouses are exempt. A primary threshold of R3.5 million ensures that smaller estates are not burdened unduly. Estate duties contribute a moderate amount to South Africa's revenue base but are essential for addressing the country's significant wealth inequality,nespecially along race lines. Given South Africa's history of economic disparity, estate taxes help address structural inequalities by redistributing wealth.
From the above comparisons, several lessons can guide Nigeria in reintroducing inheritance taxes:
1. Revenue Generation for Development Countries like the UK and US demonstrate that inheritance taxes can contribute billions in revenue annually. For Nigeria, these funds could be used to improve much needed infrastructure (roads, railways, and power supply, education and healthcare etc. In addition, a portion of such taxes may be targeted at poverty alleviation and skills enhancement effortsthat eventually reduce poverty and reduce social inequality.
2. Reducing Inequality Nigeria faces a growing wealth gap, with significant disparities between the elite class and the broader population. By taxing inherited wealth, Nigeria can reduce the concentration of wealth within a small elite and promotesocial mobility and economic opportunity for underprivileged groups. In a country such as Nigeria with a vast gulf between the haves and the havenots, reducing inequality is key to societal stability and peace.
3. Promoting Tax Equity
Inheritance taxes ensure that wealthier individuals contribute more to national development. Unlike consumption taxes (e.g., VAT), which disproportionately burden low-income earners, inheritance taxes target unearned wealth transfers, promoting fairness in taxation. So far, the uproar has largely been on the distribution of VAT revenues amongst states and regions of the federation.
4. Administrative Considerations
To ensure the successful implementation of inheritance taxes, Nigeria must set reasonable exemption thresholds to protect middle-income families (e.g., estates below N50 million – this is just a suggestion, as an ideal figure will need more empirical research).
In addition, the proposed tax must simplify tax administration to prevent evasion and improve compliance, so that it doesn’t become burdened by evasion that is induced by complexity of enforcement. We must also enlighten the general public on the benefits of inheritance taxation for national development.
Conclusion
The reintroduction of inheritance taxes or the Capital Transfer Tax in Nigeria is a necessary step in achieving tax equity, reducing wealth inequality, and generating sustainable revenue for development. By adopting lessons from countries such as the UK, US, and South Africa, Nigeria can design a fair and progressive inheritance tax system that balances revenue generation with social justice. At a time when Nigeria faces significant fiscal challenges and economic disparities, inheritance taxes offer a powerful tool to address inequality and fund essential public services. It is time for policymakers to prioritize equity in taxation and ensure that the wealthy contribute meaningfully to Nigeria’s development goals. Reintroducing the Capital Transfer Tax would not only align Nigeria with global best practices but also foster a more inclusive and equitable society.
•Mr Emeka Ndu, is a Price Waterhouse-trained chartered accountant and serial entrepreneur who has a passion for societal development and empowerment.
(Dr Dakuku Peterside , will return to this column next week)
The Nigeria/Ghana final qualifying fixture in the race to next year’s African Nations Championship (CHAN) is still delicately poised, following the scoreless draw in the first leg played at the Accra Sports Stadium on Sunday evening.
Ghana’s Black
Galaxies dominated the first period with numerous opportunities, but they found the Home-based Eagles’ rearguard marshalled by Captain Nduka Junior impenetrable.
Stephen Amankwoo found a leeway through the Eagles’ defence in the 15th minute only to
see his rising shot go inches wide of Henry Ozoemena’s goal-post.
hosts in 2008 and then getting spanked by two goals in 2022.
The scoreless affair is the best result Nigeria have earned against Ghana away in any qualifying contest for the African Nations Championship, with the Eagles losing 2-3 to their
Sikiru Alimi’s freekick, with a minute to half time, also went over the sticks as the game became a dingdong affair between the regional powerhouses.
“The era of losing our best sporting talents to foreign countries is over. Aggressive grassroots talent hunting will be put in place and those talents will be nurtured and supported to achieve their dreams and indeed to win laurels for the country without being poached by the opportunistic western world”.
National Sports Commission Chairman, Mallam Shehu Dikko, put down this marker while hosting 14 year-old serial-winning gymnast, Stephanie Ogechukwu Onusiriuka, and her mother.
Onusiriuka has been labelled Nigeria’s Simone Biles drawing marked global acclaim and the Commission has moved to tie down her future to the country. She trains at the Leeds Gymnastics and is a member of the UK Gymnastics Club.
Having just finished her Senior Secondary Certificate Education (SSCE) examinations, her parents
have been fielding calls from her UK club enquiring when she will be back. To this, Dikko jokingly asked her mother, “Why are they so keen on her returning? What is their problem? Do they want to poach her? This one is our own and we will do everything to keep her. We will invest in her so that we can authoritatively lay claim to her,” observed the NSC boss.
To this end, Dikko revealed that the Commission will accord her an elite status.
“She will be part of our elite plans and preparations. Let’s see what you have, then we will put heads together and do a new plan. Even if she is going abroad, she will be there on our own support and sponsorship. We will foot her bills. By 2026, she will be 16, so she
will feature in the Commonwealth Games. In 2028, she can be a major medal prospect at the Olympics.
“Whatever we do for the likes of Ese Brume, we will do for her. We will also get someone to adopt her in line with our Adopt-an-athlete programme so the private sector will compliment whatever we do as government. From our perspective, from now, she is part of our elite group.
“Gymnastics is such a sport that is done at a very early age. Funny enough, you will say she is only 14, but this is the beginning of the peak years of gymnastics. These next four, five years are the years she is at her peak to get us on the podium. Biles is 27, but she is in the exit lounge. She won her first Olympics gold medal at 19. That
is about the same age that we are targeting Stephanie in 2028. She will be 18 then, she should get us on the Olympics podium.”
For Dikko, it will not be all talk, no action.
“We will get a desk officer for her and others to monitor her progress . We are going to follow this through all the way right from here, this very moment. Get us your details, let us find her something for Christmas,”, he told her elated mother.
Onusiriuka, the golden girl of Nigerian gymnastics, won 1 gold, 2 silver and 1 bronze at the National Sports Festival, Edo 2021 aged just 11. With 4 gold medals, she emerged the best gymnast at the National Youth Games, Delta 2023.
She also has two gold medals from the African Club Championships in South Africa in 2019 and 2022.
Liverpool went four points clear at the top of the Premier League as they handed out a merciless 6-3 thrashing of Tottenham Hotspur in front of their own fans.
Arne Slot’s pacesetters were simply irresistible as every frailty in an injury-hit Spurs team was ruthlessly exposed.
Liverpool had already had several opportunities before Luis Diaz headed in Trent Alexander-
Arnold’s perfect cross after 23 minutes, Alexis Mac Allister doubling their lead with another header 13 minutes later.
James Maddison gave Spurs hope of an unlikely comeback when he curled in his eighth goal of the season four minutes before half-time but that was snuffed out in first-half stoppage time when Mohamed Salah set up Dominik Szoboszlai for a simple finish.
Spurs, with a lengthy list of absentees and fielding an unchanged team having played a Carabao Cup quarter-final against Manchester United on Thursday, looked leg-weary, leaving them wide open to further punishment from this smooth Liverpool machine.
Salah drew level with Billy Liddell’s record of 228 Liverpool goals when he extended Liverpool’s advantage from close range after
54 minutes, then went into fourth place in the club’s all-time list of scorers on his own when Szoboszlai repaid the first-half compliment to play the Egyptian in for his second.
Dejan Kulusevski scored for the fifth successive game with 18 minutes left, while another from Dominic Solanke threatened to give the scoreline an unrealistic appearance until Diaz swooped for his second and Liverpool’s sixth.
Both teams now look forward to the second leg of the fixture, set for the Godswill Akpabio Stadium in Uyo on Saturday, with the winner on aggregate to represent WAFU B at the biennial championship
reserved exclusively for professional footballers plying their trade in their country’s domestic leagues.
The eighth instalment of the African Nations Championship will be hosted by Tanzania, Kenya and Uganda between February 1st and 28th, 2025.
Visiting Shooting Stars of Ibadan came out top in the much-anticipated matchup against hosts, Enugu Rangers at the Nnamdi Azikiwe Stadium in Enugu.
It was Ikouwem Utin’s 27th minute goal that ended Rangers’ 10-match unbeaten run in the on-going football season and to cap the unlucky day, Rangers failed to convert a penalty awarded the side in the 88th minute.
Interestingly, it was another home loss to Kano Pillars in
mid-October that was the last time the defending champions were on the losing side.
For Shooting Stars, a resurgent team led by Gbenga Ogunbote has now won their last four matches gaining 12 maximum points to lift the side into the third position on the log with 30 points from 18 matches.
In Ikenne, Remo Stars profited from Rivers United’s loss to host Nasarawa United, to return to the top of the summit with a win against visiting Bayelsa United.
After a goalless first half,
the home side had to endure till late into the match with a brace from substitute, Jabbar Malik in the 84th and 88th minute of the match.
The win thus returned the Ikenne side to the top with 33 points from 18 matches and will have a chance to push further in the next match as they welcome struggling Akwa United again in Ikenne.
In Aba, Abia Warriors deflated high ridding Ikorodu City with a 2-0 win. Ijoma Desouza puts the home side in the lead in the 10th minute and doubled the lead on the
dot of halftime with another goal.
Earlier on Saturday, Bendel Insurance pipped fellow struggling side, Lobi Stars by a lone goal scored by Isaac Annor in the 83rd minute. Kano Pillars won 2-1 against visiting Niger Tornadoes. Played before a massive crowd at the Sani Abacha Stadium in Kano. Rashid Alhasan puts the host in front in the 30th minute but the visitors levelled up in the 60th minute through Mohammed Aliyu before Super Eagles captain, Ahmed Musa scored the winner in the added
Georgia Oboh has retained her Ladies European Tour (LET) playing rights in category 16.
The Nigerian professional golfer finished in a tie for 25th at the LET Qualifying School held at Royal Golf Marrakech and Al Maaden Golf Marrakech, Morocco over the weekend.
She grossed -9 under par over five rounds of grilling golf to finish in a four-way T-25 with Maddison HinsonTolchard of Australia, Ela Ancona of Argentina and Brianna Navarrosa of USA.
The feat also accords her membership of the Australian LPGA Tour.
It also, in addition to her EPSON Tour full card, will give her playing rights in three continental tours.
The top 20 and ties including Oboh, secured a card in a congested leaderboard in Marrakech that ended with Ecuadorian, Daniela Darquea, top of the standings.
The Ecuadorian played rounds of 65, 72, 68, 66 and 68 to give her a 24-under total and one stroke victory over Wales’ Darcey Harry.
Playing like someone infused with winning bug, Francis Epe tore through the tree-lined fairway of Ikoyi Golf Course on his way to claiming his second Ultimate Golf Challenge title.
The competition featured 39-selected top golf professionals drawn from the PGA of Nigeria’s Order of Merit list, USPGA and others from neighbouring countries.
To come tops in the 36-hole competition, Epe grossed a score of 6-under par 136, wining by two shots over hard fighting Vincent Torgah. He had shots an opening 3-under par 68, and a closing 3-under par 68 for 136-total to win the competition.
The second placed Ghanaian professional Torgah fought back in the second round with a resounding 4-under 67 but his efforts came to naught as Epe held his nerve, winning on the course on which he hold the course record.
Patrick Paul also from Ikoyi club finished third at 1-over par 143 over 36-hole. Gabriel Ejembi
and Godwin Okoko were other top golfers who gave a good account of themselves.
Satisfied with the display by the golfers, Grand Patron of Ultimate Golf Challenge, Femi Pedro, while thanking the organising committee for job well done, said there was the need to grow professional golf in Nigeria and encourage the players’ necessitated the setting up of Ultimate Golf Challenge, the team will continue to work for the progress of professional golf in Nigeria. He commended Polaris Bank, Cassava Microfinance, GTI, Mactay and GAC Motors for their support.
Chairman, Organising Committee, Akin Semowo, said efforts would be made to make the tournament better.
“It’s been awesome, especially with the support we’ve been getting. I am excited from what I have seen and I must say that the 36-hole we play in one-day is part of our plans to make the tournament unique”, Semowo concluded.
TRUTH
“TheFederalGovernmentundertheleadershipofPresidentTinubuisseriouslycommitted toensurethatthebanditryintheNorth-Westcomestoanend.Theissueofinsecurity needstobefacedwithallseriousnessbyallconcernedcitizensdevoidofpoliticalaffiliation asBanditshavenoconcernwhetheryouareAPC,PDP,APGAorwhateverpoliticalpartyyou came from" –MinisterofStateDefence,BelloMuhammadMatawalle,assuresthatPresident TinubuhasdirectedtheDefenceHeadquarterstoeliminatebandits by 2025.
As the first full year of President Tinubu’s administration, 2024 has come with its unique share of challenges and triumphs. As we look back at the ongoing year, this is the perfect time to reflect on the President’s vision for a transformed Nigeria and how 2024 has provided numerous opportunities to manifest that vision.
On so many fronts, the outgoing year has brought significant policy and legislative milestones that are helping to cement the very foundations of the President’s grand vision for Nigeria. Take the examples of the Students Loan Fund and the Consumer Credit Corporation, two institutions targeted at putting more resources in the pockets of the Nigerian people, empowering them to turn their dreams into opportunities.
With the Students Loan Fund, we are seeing, for the first time in decades, Nigerian students at tertiary level, getting targeted federal assistance to pursue their academic ambitions, through long-term loans (and stipends) that
are designed to not be burdensome in any way. In less than one year, more than 300,000 Nigerian students
have already benefited.
With the Consumer Credit scheme, we are seeing affordable financing being made available to workers, to enable them afford life’s necessities. Every developed country is built around a functioning credit system that fuels consumer spending and translates into economic growth. Nigeria is now finally on that path.
Also in 2024, we also saw the first steps in the implementation of a new electricity framework in the country, conferring the State governments with greater agency and responsibility. Building on a recent constitutional amendment, the President signed into law the 2024 Electricity Act that is now guiding a pioneering set of States into rolling out their own regulated electricity markets.
Indeed, for Nigeria to be truly able to achieve economic development, we must allow the subnational governments more room for real economic impact. With the new Electricity Act, States can now play a much bigger role in
attracting investments into on-grid and off-grid solutions, ensuring that more electricity gets to more Nigerians.
This concept of giving more power and opportunities to the States is one of the defining governing philosophies of President Tinubu – as Governor of Lagos two decades ago he was one of the leading advocates of true federalism in Nigeria. Now, as President, he has not abandoned those ideals. In July 2024 we saw the landmark ruling by the Supreme Court, empowering local governments to an extent we have not seen in our recent history. The President has since empaneled an Inter-Ministerial Committee that will ensure the full enforcement of that judgement.
For the state governments, President Tinubu’s economic reforms have triggered a dramatic surge in revenues, which is allowing the States to do more for their people. The last FAAC meeting saw the sharing
Continued on page 38
Nigerians have always received official statistics figures with smiling skepticism. Almost no one believes it when government says inflation rate is 33%, when we know that the price of rice, yam, beans, potatoes, milk, sugar and meat in the market have increased two or three-fold within a short period of time. Last week however was the first time in living memory that Nigerians expressed skepticism with official figures in the other direction, i.e. that they appear to be exaggerated.
The publication by the National Bureau of Statistics on Tuesday last week of its Crime Experience and Security Perception Survey caused a stir in government
circles and also in circles outside government. Four elements of the report caused this stir. One, that there were 51.98 million criminal incidents in Nigeria within one year, i.e. May 2023 to April 2024. Two, that 614,937 Nigerians were killed and 2,235,954 were kidnapped within the same period, 90% of it for ransom. Three, that families and friends paid N2.23 trillion to kidnappers as ransom in order to free loved ones within the same period. And four, that 1,587,363 motor vehicles were stolen all over the country within that period, majority of them in rural areas. [Why, since there are a lot more vehicles and more expert thieves in urban than in rural areas?] No wonder that the NBS report
earned screaming headlines across all media channels and caused much excitement in the social media the next day and beyond.
and DSS all kept mum.
You know what this episode reminded me of? Darell Huff’s 1954 book called How To Lie With Statistics. Lecturers forced me to read it when I took two courses in Biostatistics. It showed various ways in which statisticians could mislead the reader without actually lying, and how a reader of statistical figures can mislead himself or herself by making certain assumptions. One of the most common cases of misreading is to assume that correlation is equal to causation. For example, if crime figures jumped within a certain Police Inspector General’s
The very next day, some media houses claimed that Department of State Services [DSS] agents stormed NBS’ immaculate head office in Abuja’s Central Area, shut down its website, carted away its computers and hauled in the Statistician General of the Federation for questioning over the report. While some newspapers quoted NBS staffers as saying anonymously that their boss was questioned and released, the agency’s spokesman denied that the boss was arrested or that their website was shut down, while Presidency, police Continued on page 38
The recent furore generated by the tax reform bills sponsored by the Tinubu administration has elicited the need to look at the entire concept of tax action in Nigeria. This article will look at an often ignored aspect of taxation, that of taxing residual wealth from generation to generation.
As Nigeria continues to grapple with economic challenges, rising inequality, and the need for sustainable public revenue, the reinstatement of the scrapped Capital Transfer Tax (CTT) emerges as a compelling solution. Inheritance taxes have been successfully implemented in many economies to enhance revenue generation, reduce wealth inequality, and improve
equity in taxation. In Nigeria, the top 10% of the population holds almost 30% of the nation's income.This figure has remained trended upwards in recent years, indicating a significant concentration of income among the wealthiest segment of the population. To put this into perspective, the income inequality ratio between the top 10% and the bottom 50% is 1 to 14. This means that, on average, an individual in the top 10% earns 14 times more than someone in the bottom 50%.
It's important to note that income distribution figures can vary over time due to economic policies, market dynamics, and data collection methodologies. Additionally, while income distribution provides insight
into economic inequality, wealth distribution—which includes assets like property and investments—can present a different picture and is often more skewed.
Addressing such disparities is therefore crucial for promoting economic equity and social stability in Nigeria. We can ill-afford to create a permanent elite class that enjoys privilege in perpetuity simply because their forbears were able, in whatever manner they did, to amass wealth in the past.
This article explores the need for Nigeria to adopt inheritance taxation as part of ongoing tax reforms and compares inheritance tax structures in the UK, US and South Africa.
These comparisons highlight the potential positive
impacts of inheritance taxes in fostering equity, funding development, and closing the wealth gap in Nigeria. The Historical Context of Inheritance Tax in Nigeria Nigeria previously had a Capital Transfer Tax (CTT),introduced in 1979 under the Capital Transfer Tax Act, 1979 by the them Obasanjo military regime. The CTT was imposed on the transfer of assets, including inherited wealth, upon death or as a gift. However, due to administrative inefficiencies, tax evasion, and political pressures, the CTT was abolished in 1996, by the Abacha regime, in a move that cynical observers said was a move to protect the billions of dollars that
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