Lokpobiri reiterates Nigeria expecting over $20bn FID in coming months Kyari says NNPC leading charge on
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Continued on page 9
mbpd Edun hails feat, says it's testament to Nigerian economy’s resilience, success of Tinubu’s Renewed Hope Agenda Senate: Nigeria will attain $1tn economy through tax reform bills Akume: FG committed to bold fiscal reforms to plug leakages, reposition economy
James Emejo, Sunday Aborisade in Abuja and Dike Onwuamaeze in Lagos
Nigeria’s annual Gross Domestic Product (GDP) growth stood at 3.40 per cent in 2024, from 2.74 per cent in 2023, the National Bureau of Statistics (NBS) disclosed yesterday.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, welcomed the latest GDP figures, which showed that Nigeria’s economy grew at its fastest pace in threeEdunyears.said it was a testament to the resilience of the Nigerian economy and the success of President Bola Tinubu’s Renewed Hope Agenda.
Equally, yesterday, the Senate said the proposed tax reform bills
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Dr. Owen D. Omogiafo, OON, Non-Executive Director Transcorp Power Plc; Peter Ikenga, Managing Director/CEO Transcorp Power Plc; and Emmanuel Nnorom, Chairman Transcorp Power Plc, at the company’s 12th Annual General Meeting held at Transcorp Hilton, Abuja ... yesterday
Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0807 401 0580
Nigeria-China trade hits $21.88bn, export to China grows by 25%
Dike Onwuamaeze
Following the upgrading of NigeriaChina economic relations from strategic to comprehensive partnership, the federal government has urged Nigerian private and public enterprises to attend the 137th Canton Fair that will be held in China in April 2025.
This is to strengthen bilateral trade and economic relations that exist between the two countries.
This message was delivered Monday by the Director of Economic Trade, Federal Ministry of Foreign Affairs, Ambassador Bolaji Akinremi, when he addressed business people during the “137th Canton Fair Lagos Promotion Seminar” that was put together by the Lagos Chamber of Commerce and Industry (LCCI) and China Foreign Trade Centre Group (CFTC).
Akinremi advanced reasons Nigeria’s government was promoting a strong participation of Nigerian businesses in the Canton Fair, which included benefiting from the fair’s status as a global trading hub, its diverse industry representation, market expansion, fostering Nigeria’s bilateral economic relations with China as well as networking and partnership development.
He said; “It is intriguing that we are promoting the Canton Fair. But Nigeria and China have strategic partnership over the years. And in September last year, the presidents of China and Nigeria agreed to elevate the partnership to comprehensive strategic partnership. We are one of the few countries that have such relationship with China.”
Akinremi added: “I know very well that Nigeria has a lot to benefit.
And I am employing both public and private sector in Nigeria to create time to attend this Canton Fair.
“The first thing why we need to enhance this fair is that we want to promote Nigeria-China trade relations. Trade is a global thing but it is not all trade that is good. There are trades that bring fake products into a country. But the Canton Fair does not promote fake products. Therefore, I am encouraging you.
“So having this kind of promotional seminar will reinforce Nigeria’s commitment to strengthen economic and trade ties with China.
“Attending the trade fair is going to assist our investment and export promotion and diversification into none oil trade. So, our participation will provide us an opportunity to showcase Nigeria export potentials, attract Chinese investments and encourage business partnerships.”
He also said participating in the fair would be good for Nigeria’s policy alignment and trade facilitation as, “we cannot be an island unto ourselves. When we attend fairs like this we know that we are aligning, particularly with Chia’s policies.
“It will support what local enterprises like the LCCI, Manufacturers Association of Nigeria (MAN) and others are doing. Nigerian businesses need to look to participate in Canton Fair. We have government support. Nothing ventured, nothing gained.
“Finally, it will strengthen bilateral agreements that Nigeria signed with China. If we do not act through this medium (Canton Fair), we will not know the strength of those bilateral agreements that we have signed.
“Therefore, participation in Canton Fair aligns with Nigeria’s broader trade and investment objectives. It reinforces
our diplomatic and economic ties with China while creating opportunities for Nigeria in the global market. And I know no one will regret participating.”
In his address during the Canton Fair promotional seminar, the Deputy Consul General of Consulate-General of Peoples’ Republic of China in Lagos, Mr. Jin Mingyu, said the occasion was to witness the grand promotional
seminar of the Canton Fair, which is China’s number one fair.
Mingyu said the fair, “serves not only as an important gateway for Chinese enterprises to enter the global market but also as a prime platform for international businesses to explore opportunities in China.
“As China’s third largest trading partner, Nigeria total bilateral trade
volume was $21.88 billion in 2024,
including $18.9 billion in export to Nigeria and $2.98 billion in import from Nigeria. China’s import from Nigeria grew by 25.2 per cent year on year in 2024.
“I firmly believe that through the Canton Fair as the bridge for Chinese and Nigerian enterprises.
“We want more Nigerian
entrepreneurs to attend the Canton Fair, discover business opportunities, expand their markets and achieve success.”
Speaking in the same vein, the President of MAN, Mr. Francis Meshioye, said the seminar marks the beginning of the journey to the 137th Canton Fair scheduled for April 2025 for Nigerian enterprises.
Ndubisi Francis, James Emejo and Michael Olugbode in Abuja
The Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has said all tiers of government currently have immense potential to optimise revenues to enhance their fiscal conditions.
Oyedele made this remarks same day the Nigerian Supreme Council for Islamic Affairs (NSCIA) made recommendations to the Tax Reforms Bill before the National Assembly via a memorandum submitted to the Senate Committee on Finance.
Oyedele spoke at the 2025 Finance Correspondents Association of Nigeria (FICAN) conference, with the theme, "Tax Reforms as Pillar for Nigeria's Economic Prosperity” in Abuja.
According to Oyedele, 85 percent of major revenue sources in the country belong to sub-national governments, adding that the calls to allocate more resources to states do not currently hold water.
He allayed concerns by state governments, that exempting small businesses from taxes as proposed in the Tax Amendment Bills before the National Assembly, would lead to loss of revenue streams at the sub-national level.
Oyedele said the total taxes currently collected from small businesses are insignificant compared to tax opportunities which the sub-nationals have left untapped.
He said even though the personal income, property taxes, stamp duties, VAT (excluding FCT), and land all
belong nearly 100 percent to States and Local Governments Areas - these have not been effectively harnessed.
He clarified that FAAC was not a federal allocation, but federation revenue belonging to all tiers of government.
He said all revenues and resources needed to be optimised, particularly the personal income tax which is less than 10 percent total tax in Nigeria, compared to 30 percent globally.
He said responsibilities and revenues should match, adding that citizens’ participation remained critical while reforms must be people-centric. Among other things, he said, "We must urgently address multiple taxation and multiplicity of taxing agencies. "We need budgetary reforms, robust accountability, and transparency."
Segun James Lagos State Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI) yesterday brought together major drivers and stakeholders in the Lekki Economic Zone for collaboration towards accelerated development of the corridor. The relations between the zones and enterprises became formalised with the signing of the memorandum of understanding (MoU) by Lekki Worldwide Investment Limited - representing the Lagos State Government, Lekki
Company
Lagos Free Zone, Dangote Enterprise
Alaro City, Lekki Ports and others at Alausa, Lagos.
The Commissioner for CCTI, Folashade Ambrose, described the occasion as historic as leaders of enterprises in Lekki Economic Zone rose above the walls of economic partitions and organisational divides, to collaborate and set off a transformational shift that would redefine business and investment landscape in the Zone. Her words: “Today’s event marks a significant milestone in our collective desire to ignite the latent potentials of the Lekki Economic Zone, exploring
its huge opportunities and accelerating its development with the entrance of additional investments.
“It is part of the broader plan to transform the region into an economic and industrial hub, catering to various sectors including manufacturing, real estate, trade, logistics, and services.
“The signed MoU reflects our concerted efforts to position Lagos as a key hub for trade and investment in West Africa, attracting both local and international businesses. The zone is expected to significantly impact the Lagos economy by creating a more diversified industrial base and
offering numerous opportunities for businesses and investors.”
Speaking further, the Commissioner stressed that the initiative would allow stakeholders such as government agencies, businesses, and local communities to pool resources, share expertise, and collaborate on infrastructure development, leading to more effective and efficient use of resources.
“By working together, we will also create a conducive environment for investments, industrial growth, and job creation, driving the growth of both the Lekki Economic Zone and
the broader Lagos economy.
“In addition, the partnership will lead to the development of world-class infrastructure, including transport systems, utilities, and communication networks, which will improve business operations and the quality of life for residents.
“It will also afford stakeholders from different sectors, including government and the enterprises, an opportunity to share risks associated with large-scale development projects, leading to minimised financial burden and making the projects more sustainable,” she said.
The presidential tax reforms chairman said the proposed tax reforms would facilitate economic growth, competitiveness, shared prosperity, and revenue mobilisation.
He said the reforms would reduce business risks, lower tax burden, reduce tax rates, and tax payments in Naira as well as usher in an era of tax refunds among other benefits. He said the proposed tax regime would address distortions in the incentives regime, and free zones as well as ensure equity and fairness between governments and taxpayers.
He said the reforms would also profit the small business regime and start-ups, including remote jobs, aid macroeconomic stability and economic growth
Also speaking at the conference, Senior Partner SPM Professionals, Dr. Paul Alaje, pointed out that the proposed tax reform bills had sparked several concerns.
He said the planned increase in VAT rates, rising from 10 percent in 2025 to 12.5 percent by 2026, had raised fears of exacerbating inflationary pressures.
Says proposed exemption of small businesses from tax won’t hurt states Alaje: comprehensive stakeholder consultations, phased implementation crucial NSCIA makes recommendations to tax reforms bill Introduces operation Quadrant Ignite to transform economic zone as Africa's premier business destination
He said, "The new tax reform could improve tax compliance via capturing of new sectors like the freelancing and self-employed individuals. “Some who oppose greater VAT contend that it might result in higher pricing for products and services, which would adversely affect low-income people and possibly curb consumer spending."
He also said adjusting the VAT revenue-sharing formula to allocate funds based on consumption may favour economically robust southern states, potentially widening the economic gap with less developed northern regions.
We have provided all relevant documents, says apex bank
The Senate adhoc Committee investigating Ways and Means facility granted to the federal government between 2015 to 2023 yesterday alleged that the Central Bank of Nigeria (CBN) was frustrating its efforts to uncover how the loans were spent.
The Chairman of the commit-
tee, Senator Isah Jibrin, made the allegation after receiving an interim report from its consultants at a meeting in Abuja. He said the CBN had refused to make relevant documents available to the consultants to enable them complete their assignment.
The representative of the CBN, who is the Director of Banking Services, Mallam Hamisu Abdullahi,
however told the Senate panel that the apex bank provided all the documents requested.
But Jibrin said: “None of the documents was submitted to us. We will not allow you to attend the next meeting because you have been coming here for the same reason.
“The least person that will attend the next meeting should be a deputy
governor of CBN. What you are telling us is not the truth. We have not received the documents. I don't want to deceive the public here”
Jibrin added that the aim of his committee’s assignment was to come up with a report within the shortest possible time, but lamented that the efforts were now being frustrated by CBN's action.
He added: “The information we
The federal government has declared that Nigeria’s journey towards sustainable economic growth hinges on building resilient infrastructure that could be facilitated with private partnership funding.
This declaration was made yesterday in Lagos, by the Director General/Chief Executive Officer of Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Oseodion Ewalefoh, during the Stanbic IBTC Bank Plc’s “Thought Leadership Session” with the theme
“Driving Gas and Infrastructure Opportunities in Africa: Focus on Nigeria.”
Ewalefoh said: “Infrastructure forms the foundation of any thriving economy. Without it, a sustainable future remains out of reach.
“Our journey toward sustainable economic growth hinges on building resilient infrastructure. This is more than just a challenge; it is a call to action.”
He added that in as much as the Liquefied Natural Gas (LNG) was a major contributor to the Nigerian economy and plays a vital role in the
country’s revenue generation, “there is still a need for more investment in infrastructure, such as pipelines, processing plants, and storage facilities, to fully realise Nigeria's gas potential.”
He emphasised that, “the government is committed to leveraging private-sector financing to achieve this.”
Noting that Nigeria was at a crucial juncture in its journey towards national development, Ewalefoh said the government was committed to expanding infrastructure and fostering strategic partnerships with private investors to achieve sustainable growth.
He said: “Recognising that sustainable and modern infrastructure is a vital driver of economic and social development, the government is focused on ensuring investments in critical infrastructure that support long-term economic prosperity.
“Nigeria’s huge infrastructure deficit requires that the government think outside the box, with the Renewed Hope Infrastructure Fund catalysing to drive infrastructure development, given the country’s budget constraints.”
According to him, this has made the government to shift its focus from ‘briefcase’ investors to attracting specialist, capital-ready partners for Nigeria’s critical infrastructure projects.
He, therefore, said that Nigeria must act proactively by exploring and implementing innovative financing solutions that would support projects and initiatives while ensuring financial sustainability and efficiency.
He said; “We are leveraging the private sector expertise and investment for public projects and services and helping to enhance the funding of infrastructure in Nigeria.
have here is not different from what we have had all along.
“What we did was to hand over the documents to the consultants, and when the consultants made available to us this interim report, our intention was to hold onto the interim report on the final report.
“We have now been compelled to make available this interim report to the general public so that they know that we let them know where the problem is.
“The problem is that the Central Bank of Nigeria has consistently denied us the documents that we need to complete this assignment. That is the truth.
“I was at the CBN sometime (ago), I met Bala the deputy governor and they promised but nothing came out of it. The clerk has been there several times.
Nothing has come out of it.
“The consultants themselves even took it upon themselves to go with CBN directly, because we introduced them to CBN and nothing has come out of it.
“So let the Nigerian public know that this assignment has been hindered by the Central Bank of Nigeria. They will deny those documents. After this, you must avail us, or avail the consultants, all the documents that they require to complete this assignment.
“The reason for this meeting is to let everybody know why we have not been able to finish this assignment and it looks as if we have compromised. The answer is that we have not. It looks like we have compromised. I just want to say that we are going to sleep."
According to the committee,
Nigerians are interested in how the monies were utilised.
“Preliminary reports show that there are major infractions, especially on the part of the Central Bank of Nigeria. We want (you) to defend that. We need all the documents without exception. Whatever documents the consultants need to ensure that this job is completed efficiently and as soon as possible, you must provide.
“As it is, we don't have a choice but to give them a time within which they must provide all the documents to the consultants. You just have to make sure that the documents are sent to the consultants," the committee added.
But the CBN representative, Abdullahi, in his response said :“We provided a schedule showing summary of ways and means taking direct ways and means and indirect ways and means.
“That folder was sent to an email provided by this committee. There was an email provided, we sent, we replied that email three times. We can resend that document as we speak here. So we have responded, we are not aware of any document requested that we have not provided.
“If there is any document that is requested we have not provided, let us know. All the documents required are in that folder.
“So after the consultant reviews what is in that folder, if he needs additional documents, our expectation is that he should say one, two, three documents are not there to provide. We have provided it separately and we can provide that again”.
Kuni
The Executive Secretary of the Universal Basic Education Commission (UBEC), Aisha Garba, has promised to ensure that every Nigerian child has access to quality education in line with President Tinubu’s Renewed Hope Agenda.
In her first quarterly meeting with Executive Chairmen of State Universal Basic Education Boards (SUBEBs), in Abuja, Ms. Garba said his agency will strive towards strengthening basic education by fostering effective collaboration at national and state levels.
According to her, there had been “poor coordination and weak partnership between critical stakeholders in the sector with inconsistent collaboration among UBEC, SUBEBs, and State Ministries of Education, resulting in inefficiencies, poor monitoring, and reduced impact of educational interventions.”
She emphasized that it was imperative to “address persistent challenges such as finances, infrastructure, quality education and relevant learning materials, shortage of teachers and conducive environment for teaching and learning” adding that the meeting provided “a unique opportunity to collectively evaluate our progress, identify challenges, and chart a new pathway towards achieving our shared goal of an efficient and effective basic education system in Nigeria.”
The UBEC boss recalled her earlier years as an international development education officer when she visited schools in remote villages all over the country, and stated that “the poor conditions in many of our schools required all stakeholders to be solution-oriented, action-driven, positive and committed to building a stronger, more efficient system for universal basic education in our country.”
James Emejo in Abuja
The Federal Competition and Consumer Protection Commission (FCCPC), yesterday summoned MultiChoice Nigeria to explain its proposed subscription price increase, set to take effect on March 1, 2025.
Exercising its mandate under Sections 32 and 33 of the FCCPA, the commission directed the Chief Executive Officer of MultiChoice Nigeria to attend an investigative hearing at the commission's headquarters on Thursday, February 27, 2025.
The action follows MultiChoice’s formal notification of the price
adjustment, which raises concerns about recurrent unilateral price hikes, potential market dominance abuse, and perceived anti-competitive practices in the pay-TV industry.
In a statement, FCCPC Director, Corporate Affairs, Ondaje Ijagwu, said, "The FCCPC is deeply concerned that Nigerian consumers continue to face frequent price increases, amid accusations that MultiChoice applies different pricing strategies in other markets, heightening questions about fairness and market abuse.
"Should MultiChoice fail to provide satisfactory explanations or
be found in violation of fair market principles, the FCCPC will be left with no other option than to impose regulatory penalties, sanctions, or other corrective measures to protect Nigerian consumers."
Furthermore, the FCCPC stated that it is engaging the sector regulator and other relevant agencies to ensure fair competition and consumer protection within Nigeria’s broadcasting and digital subscription landscape.
This came as MultiChoice Nigeria said it planned to offer a support package for DStv and GOtv subscribers to mitigate the recent
tariff adjustments announced for customers.
In a message to subscribers on Monday, the company stated that starting from March 1, new tariffs will apply to DStv and GOtv packages. According to the company, DStv and GOtv subscribers who renew their subscriptions before the expiration date will be exempt from the new rates for a specified time as a reward for their loyalty. In addition, subscribers on both platforms can take advantage of extra benefits through the Step Up offer, which began in January and will continue until March 31.
$260 million awarded to Vitol, Glencore $120 million NLNG's appeal rejected, says reviewing ruling Legal action was by Taleveras, a Nigerian venture
A London court has awarded a $380 million judgment against the Nigerian Liquefied Natural Gas (NLNG) for non-delivery of cargoes to trading
houses Vitol and Glencore.
The court awarded $260 million in compensation to Vitol, and $120 million to Glencore. The case heard in London's High Court and Court of Appeal is the latest in a string of lawsuits brought
Wole Ayodele in Jalingo
The Taraba State Ministry of Health has disclosed that the death toll of Lassa fever in the state has risen to 38.
The Director of Public Health in the Ministry, Dr. Abe Agbu, who disclosed the casualty figure in a telephone interview with THISDAY equally revealed there are confirmed cases of the deadly ailment in 10 out of the 16 local government areas of the state.
Dr. Agbu further disclosed that there were 181 suspected Lassa fever cases in the state out of which 76 were confirmed positive while 38 out of the 76 confirmed positive cases, which represents 50% case fatality rake.
The 10 local government areas so far affected by the outbreak, according to the director, are Bali, Ardo Kola; Donga; Gashaka,Gassol and Ibi.
Other local government areas
with positive cases are Jalingo, Lau, Takum and Wukari.
Dr. Agbu expressed strong conviction that there is the possibility that Lassa fever may be present in the remaining 6 local government areas. Specifically, Dr. Agbu stated that there are 33 suspected cases in the past week out of which 10 were positive while 4 deaths were also recorded within the week.
THISDAY however gathered that the mortality rate of confirmed positive pregnant women has been 100% so far as none of them survived.
Dr. Agbu however attributed the high mortality among confirmed positive pregnant women to the peculiar nature of pregnant women saying "pregnancy is also a burden and when Lassa fever now enter, they don't usually survive."
Meanwhile, there are palpable fears among health practitioners in the state over the increasing rate of positive cases and death in the state.
by buyers against sellers and producers for non-delivery of cargoes after gas rallied from lows plumbed during the COVID pandemic when Russia invaded Ukraine in February 2022.
According to Reuters, Taleveras sued Nigerian venture, known as NLNG and involving Shell (SHEL.L) TotalEnergies (TTEF.PA) and Eni (ENI. MI) as partners, four years ago.
These three companies are minority shareholders in NLNG, along with the Nigerian state-owned oil company which has 49 per cent.
Last week, Taleveras had NLNG's appeal rejected, according to an official video of court proceedings.
A full written judgment is due to be released in the coming weeks.
NLNG runs Nigeria's biggest LNG plant, which covers around five per cent of global supply.
NLNG said it was reviewing the ruling and declined further comment. Shell, Eni and TotalEnergies declined to comment.
Court proceedings focused on 19 cargoes that NLNG had been due to deliver to Taleveras in 2020-2021.
Taleveras had pre-sold some of these cargoes to Vitol and Glencore, according to court documents.
The trading houses took legal action against Taleveras for non-delivery, lead-
ing to a chain of litigation, according to court documents seen by Reuters.
The lost appeal means NLNG will need to pay Vitol about $260 million and about $120 million to Glencore, the documents said.
Vitol and Glencore did not respond to requests for comment. It was not clear how much Taleveras would receive on top of $380 million. Taleveras declined to comment.
European benchmark gas prices swung between 3.63 euros ($4.14) per megawatt-hour in 2020 as demand fell because of the pandemic and 311 euros ($328) per MWh in 2022 after the invasion of Ukraine disrupted
supplies to Europe. When prices soared, some producers cut supply under long-term deals and sold those volumes at higher prices on the spot market instead, triggering a wave of complaints about legality of such actions.
In one such case, Shell (SHEL.L) and BP (BP.L) pursued arbitration against Venture Global LNG, a U.S. gas exporter, for failing to supply contracted cargoes. Venture Global cited technical issues at its LNG facilities as the reason for delayed deliveries. In the case of Taleveras versus NLNG, Reuters could not establish the reasons NLNG cited for delays.
The Minister of Steel Development, Shuaibu Abubakar Audu, Tuesday in Abuja, lamented the absence of a comprehensive legal framework which had long hindered the sector’s growth and global competitiveness.
This was even as Audu called for robust collaborations between the government and private sector stakeholders to accelerate reforms and enhance industrial efficiency.
While unveiling the proposed Nigeria Metallurgical Industry Bill, Audu described the bill as a transformative piece of legislation set to accelerate Nigeria’s economic diversification and industrial growth.
He stressed the bill would establish a robust legal and regulatory framework, unlocking the vast potential of Nigeria’s metallurgical and steel sector.
According to him, “This bill presents a significant opportunity to position Nigeria as a leading player in the global metallurgical value chain. By leveraging our vast mineral resources and industrial potential, we can drive economic diversification and job creation.
"The bill address these challenges by ensuring operational standards, quality control, and stronger enforcement mechanisms to curb illegal mining, scrap metal theft, and substandard imports.”
He however outlined six critical
Kuni Tyessi in Abuja
The Presidential Enabling Business Environment Council (PEBEC) has assured Nigerians and foreigners seeking to invest in Nigeria that the issues surrounding the cancellation of the Visa on Arrival Policy will be resolved in no distant time.
Director General of PEBEC, Zara Mustapha Audu, in a statement yesterday, said the decision announced by the Minister of Interior, Olabunmi Tunji-Ojo, will be strengthened while the ease of doing business in Nigeria is upheld.
Audu noted that insecurity which happens to be the major reason for the minister's decision has caused anxiety within the international community, and assured that stakeholders through dialogue and collaboration are engaging with the minister to find a solution.
She therefore called on foreign communities to remain calm and confident in the ability to resolve the matter, while assuring that the council will continue to work tirelessly to ensure that Nigeria remains an attractive destination for investors, tourists, and businesses alike.
Her words: "Presidential Enabling Business Environment Council (PEBEC) wishes to address the recent concerns surrounding the Minister of Interior’s decision to cancel the Visa on Arrival (VOA) policy.
"We understand the anxiety this has caused among the foreign community and would like to assure all stakeholders that PEBEC is actively engaging with the Minister of Interior to find a solution.
"Our primary objective is to strengthen security around the VOA process while maintaining the policy, which has been instrumental
in promoting tourism, trade, and investment in Nigeria.
“We believe that with collaboration and dialogue, we can address the security issues identified and achieve a secure and efficient VOA process that benefits all parties involved."
She further reiterated that PEBEC has a proven track record of driving reforms to improve the ease of doing business in Nigeria, and has implemented various initiatives to simplify procedures, reduce bottlenecks, and create a more conducive atmosphere for businesses to thrive.
areas the bill addresses for the sector’s holistic development even as he reassured investors of the government’s commitment under President Bola Ahmed Tinubu to provide clear incentives such as tax breaks and grants, adding that efforts to revive the Ajaokuta Steel Company Limited remain a priority.
Similarly, Chairman of House Committee, Nigeria Metallurgical Industry Bill, Hon. Zainab Gimba, described the proposed legislation as a transformative instrument that would reshape Nigeria’s metallurgical sector and strengthen the nation’s economic future.
Zainab said bill is not merely a legislative document; but a strategic instrument poised to shape the future trajectory of our metallurgical network,” Gimba declared.
She noted that the establishment of the Federal Ministry of Steel Development, following its separation from the Ministry of Mines and Steel Development, necessitated a comprehensive review of the bill.
“This will ensure industry-aligned operations, prevent overlaps, and enhance operational efficiency,” she said.
Gimba emphasised regular inspections, adherence to international best practices, and the adoption of modern technologies to minimise environmental impact while ensuring industry integrity.
The bill prioritises local content policies, training programs, and incentives for companies utilizing local resources.
Further according to Gimba, “A
well-defined legal framework will deter unethical practices and promote a culture of accountability. The bill also outlines dispute resolution mechanisms, research and development incentives, and frameworks to foster innovation and collaboration.
“Let us transform these challenges into strategic advantages. By integrating our diverse expertise, we can pioneer a regulatory framework that sets a global standard for sustainable and safe production.”
“The steel sector must be fortified as a cornerstone of Nigeria’s economic progress and developmental stewardship. Together, we can build a sector that is globally competitive and capable of driving sustainable growth," she said.
Meanwhile, the Professor Abdulkarim Kana Abubakar, Chairman of the Steel Council, painted a stark picture of the sector’s current state, describing it as “a massive shame and national embarrassment.”
“The potential of the steel sector is as significant as that of the petroleum industry. But the reality is far from encouraging. The sector remains largely unregulated, with foreign players exploiting our resources unchecked,” Abubakar lamented. Abubakar criticised the foreign dominance, especially by Chinese and Indian companies, who he said had set up recycling plants that deprive Nigeria of its resources.
“Thousands of Nigerians depend on this sector, yet it remains neglected. Without proper legislation, we risk the total collapse of the steel industry,” he warned.
and
The Federal High Court in Yenagoa, Bayelsa, has delivered a landmark ruling reaffirming Halkin Exploration and Production Limited as the rightful owner and operator of the Atala Marginal Oil Field (OML 46), bringing an end to a prolonged legal dispute over its ownership.
In his judgment, Honourable Justice Ayo Emmanuel dismissed a suit filed by Bayelsa Oil Company Limited (BOCL), ruling that the case was statute-barred and that the plaintiffs lacked the legal standing to challenge the re-award of OML 46 to Halkin Exploration.
In its reaction, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which filed an objection to the suit by Bayelsa Oil Company, said: “This judgment upholding Halkin E&P’s ownership of OML 46 marks a significant victory for the upstream oil and gas sector.”
Speaking through its counsel, Mr. Chikaosolu Ojukwu, (SAN) the NUPRC added: “This outcome underscores the seriousness and integrity behind the bidding and awarding processes of marginal fields and deep offshore assets.”
Besides, Ojukwu affirmed that “Under the leadership of Gbenga Komolafe, the NUPRC has consistently upheld the rule of law, ensuring that all operators in the upstream sector comply with regulations.”
He added: “This commitment has contributed to improved crude oil production and promoted the seven pillars of divestment, fostering sustainable development within the industry.”
In its ruling on the objection filed by the NUPRC and Halkin Global Investment Limited’s counsel, Mr Ademola Abimbola (SAN), the court further held that the plaintiffs failed to meet the required legal conditions before initiating the lawsuit, making their claim an abuse of court process.
The dispute dates back to February 25, 2003, when the then Department of Petroleum Resources (DPR) awarded OML 46 to Bayelsa Oil Company Limited.
However, on April 6, 2020, the federal government revoked the lease due to the company’s failure to develop the field and bring it into full production. Years after Bayelsa Oil Company failed to contest the revocation, OML 46 was re-awarded to Halkin Exploration on July 7, 2021. Seeking to overturn this decision, Bayelsa Oil Company filed a lawsuit on June 20, 2024, at the Federal High Court, Yenagoa Judicial Division, requesting a declaration that the re-award of OML 46 to Halkin Exploration was unlawful, null, and void.
On July 18, 2024, Halkin Exploration, represented by its counsel, Mr. Kehinde Ogunwumiju (SAN) filed a notice of preliminary objection, challenging the court’s jurisdiction. But in its ruling on February 24,
the court, citing Section 2 of the Public Officers Protection Act and Section 307 of the Petroleum Industry Act 2021, which bar certain claims after a specified period, dismissed the suit by Bayelsa Oil Company in its entirety.
According to the judge, Section 2(a) Public Officer Protection Act stipulates that, “Where any action, prosecution, or other proceedings is commenced against any person for any act done in pursuance or executions or intending execution of any act or law or any public duty or authority, or in respect of any alleged neglect or default in the execution of any such Act, law, Duty or Authority, the following provision shall have effect — (a) The action, prosecution, or proceedings shall not lie or be instituted unless it is commenced within three months next after the act, neglect or default complained”.
Justice Emmanuel observed that by paragraph 25 of the statement of claim and paragraph 8 of the Plaintiff's counter affidavit to the defendant's
affidavit in support of his application, the Plaintiff made reference to the letter from the Chief of Staff to Mr. President dated November 24, 2020.
"The implication of the said letter is that there was a process or procedure in which the 10 revoked marginal fields were to be re-awarded on discretionary basis to qualified companies including the Plaintiff. For the Plaintiff to possess the necessary locus standi to institute this suit he must show among other things that he participated or showed interest in the subsequent process leading to the re-awarding of the 10 Marginal fields including OML 46 to qualified companies.
"The Plaintiff has not pleaded any fact in his statement of claim showing that he participated in the subsequent bid round to qualify for consideration of re-awarding OML 46 to it.
"The Plaintiff therefore lack the legal capacity to institute this suit as he no longer has sufficient interest
REASSURES GLOBAL OIL INVESTORS OF EASY REPATRIATION OF THEIR INVESTMENTS
business-friendly regulations.
Tinubu gave the assurances while delivering his keynote address at the official opening ceremony of the 8th Nigeria International Energy Summit (NIES) in Abuja themed: "Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential."
Represented at the event by the Minister of State for Finance, Dr Doris Uzoka-Anite, Tinubu expressed his confidence in Nigeria's potential to be a global powerhouse in the energy sector, driven by strategic reforms, innovative policies and steadfast commitment to sustainable development.
"As many of you are aware, we are currently implementing a series of comprehensive reforms in our fiscal and tax policies. These reforms are designed to create a more business friendly environment and attract both local and international investments by simplifying our tax regulations, offering incentives and ensuring a more transparent and predictable fiscal framework.
"We aim to remove barriers to entry and support the growth of businesses in Nigeria. These measures will not only make it easier for companies to invest and operate in our country, but also stimulate economic development, create jobs and enhance overall prosperity for our nation.
"Ladies and gentlemen, the investment landscape in Nigeria's energy sector is brimming with opportunities driven by a favourable regulatory
environment and strategic initiatives, aimed at attracting all kinds of investors," the president said.
Highlighting some policy interventions taken by the government to attract investment, the president mentioned that in the oil and gas exploration and production sector, Nigeria offers lucrative opportunities for investors to explore and develop new oil blocks.
He said the government's commitment to improving security in oil and gas producing regions and streamlining regulatory processes has created a conducive environment for investment.
Tinubu added: "In the area of renewable energy, our commitment to diversifying our energy mix presents significant opportunities in the renewable energy sector. Investors can export solar energy projects, giving Nigeria's abundant solar resources, as well as green and hydro power projects."
In his address, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, hinted that a company, whose name he did not disclose, will be announcing a $20 billion Final Investment Decision (FID) on an oil and gas project in the next few months.
He said Nigeria's oil and gas landscape has experienced transformation under the current administration, noting that Nigeria is now ready for business and willing to attract the needed investments under Tinubu.
He again clarified that no Interna-
tional Oil Company (IOC) was exiting Nigeria contrary to some narratives, pointing out that the multinationals were only leaving the onshore and shallow water terrains and moving into the offshore.
In his remarks, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, said that the world recognises Africa as the next destination of providing greater support to the global energy market, recognising Nigeria’s position as the largest producer of oil and gas in the continent.
Kyari, who noted that Nigeria stands as Africa’s largest producer of oil and gas, playing a pivotal role in the global energy market, affirmed that oil will remain a critical component of the global energy mix well into 2025, contributing over 39 per cent of global oil demand as the world will require more than 100 million barrels of oil daily.
“At NNPC, we view gas not merely as a transitional fuel, but as a vital and sustainable alternative for the future. Currently, over 70 per cent of Nigeria’s population lacks access to clean cooking fuel, and more than 50 per cent remains without reliable access to electricity. These gaps present a significant opportunity for gas to play a transformative role,” Kyari noted.
He explained that it was based on these realities that Nigeria decided to prioritise the development of the essential infrastructure, regulatory
frameworks, and fiscal incentives needed to harness gas as a key solution for improving energy access and driving national development.
Underscoring the immense opportunities Africa holds in the energy sector, Kyari said gas infrastructure development remains critical to driving a trillion-dollar economy in Nigeria.
“Nigeria is poised to take a leading role in unlocking the continent’s full potential in terms of natural gas. The NNPC is leading the charge in delivering gas to domestic gas-based industries and power plants, while building the needed infrastructure to ultimately bolster economic growth,” Kyari stated.
While attributing the reforms in the industry to the right leadership which has created fiscal terms for gas, Kyari stressed that many FIDs announced were as a result of Tinubu’s executive order on oil & gas, which he said provided fiscal incentives for ease of doing business.
“Today, investors are increasingly recognising that investing in Nigeria, particularly in the oil and gas sector, offers not only the potential for solid returns but also a stable fiscal environment that promises long-term profitability,” Kyari said.
Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, while speaking, highlighted the progress made in gas infrastructure development, policy reforms, gas utilisation, and domestic initiatives, marking a remarkable turnaround
NBS: AIDED BY NON-OIL SECTOR, GDP GREW BY 3.40% IN 2024, 3.84% IN Q4
would serve as a critical step in achieving Tinubu’s vision of a $1 trillion economy.
The macroeconomic data released yesterday by NBS showed that GDP grew by 3.84 per cent, year-on-year, in real terms in the fourth quarter of last year (Q4 2024). The performance represented 0.38 per cent increase compared to 3.46 per cent recorded in Q4 2023.
Similarly, GDP indicated an increase of 0.38 per cent compared to a 3.46 per cent growth rate in the preceding quarter (Q3 2024).
NBS, however, clarified that the figures were based on the old method of computation rather than the proposed rebased GDP.
According to the Nigerian Gross Domestic Product Report, Q4 2024 released yesterday, the performance reflected an economic improvement compared to the preceding quarter, with the services sector remaining the major driver of the economy.
The services sector contributed 57.38 per cent to the aggregate GDP and grew by 5.37 per cent in the review period.
In real terms, economic activities improved to N22.61 trillion in Q4 compared to N20.12 trillion in Q3 2024 and N21.77 trillion in Q4 2023.
In nominal terms (current price), aggregate GDP stood at N78.37 trillion in Q4, indicating a year-on-year nominal growth rate of 18.91 per cent compared to N71.13 trillion in the preceding quarter, and N65.91
trillion in Q4 2023.
The economy was driven by the non-oil sector, which contributed 95.40 per cent to growth in Q4, compared to 94.43 per cent in the preceding quarter and 95.30 per cent in Q4 2023.
The services sector’s contribution led the non-oil segment with 57.38 per cent, followed by agriculture, which contributed 25.59 per cent, and industry 17.03 per cent.
In total, the non-oil sector contributed 94.49 per cent to GDP in 2024, compared to 94.60 per cent in 2023.
On the other hand, the oil sector contributed 4.60 per cent to real GDP in Q4, down from 5.57 per cent in the preceding quarter and 4.70 percent in Q4 2023. In Q4, the country recorded an average daily oil production of 1.54 million barrels per day (mbpd), higher than 1.47 mbpd in Q3 2024, and lower than 1.56 mbpd recorded in Q4 2023. On an annual basis, the oil sector contributed 5.51 per cent in 2024 compared to 5.40 per cent in 2023.
Agriculture contributed 22.02 per cent to nominal GDP in the review period compared to 25.01 per cent in the preceding quarter and 24.65 per cent in Q4 2023. Overall, the sector contributed 20.97 per cent to the aggregate GDP in 2024.
The manufacturing sector contributed 8.07 per cent to real GDP, lower than 8.21 per cent in Q3 and 8.23 per cent in Q4 2023. In total, the sector contributed 8.64 per cent to the economy in 2024,
lower than 8.81 per cent in 2023.
Similarly, in real terms, trade's contribution to GDP in Q4 was 15.11 per cent, compared to 14.78 per cent in Q3 and 15.50 per cent in the previous year. The sector contributed 15.46 per cent in 2024, compared to 15.83 per cent in 2023.
Moreover, finance and insurance contributed 6.10 per cent to GDP in Q4 compared to 5.51 per cent in the preceding quarter and 4.95 per cent in Q4 2023. In total, the sector contributed 6.22 per cent to GDP in 2024, compared to 4.97 per cent in 2023.
Edun welcomed the latest GDP figures that showed Nigeria’s economy grew at its fastest pace in three years.
Commenting on the development, Edun stated, “We are pleased to see the continued growth momentum, both from a quarterly and annual standpoint.
“It is a true testament to the resilience of the Nigerian economy and the success of President Bola Tinubu’s Renewed Hope Agenda. The expansion of the services sector and our ongoing efforts to strengthen food security through agricultural investments are yielding positive results.
“Efforts to ensure that economic growth translates into improved livelihoods for all Nigerians continue through initiatives, such as the direct benefit transfers scheme.”
Centre for the Promotion of Private Enterprise (CPPE) said the Q4 2024
GDP growth of 3.84 per cent was a reflection of both the gradual recovery of the economy and the resilience of Nigerian entrepreneurs.
Commenting on the GDP, Chief Executive Officer of CPPE, Dr. Muda Yusuf, said private investors had continued to forge ahead, despite the daunting macroeconomic and structural headwinds.
Yusuf, however, said that it was worthy of note that the macroeconomic challenges started to ease in the second half of 2024.
He also identified the relative stability of the naira exchange rate, marginal deceleration of inflation, decline in energy prices as positive as investors' confidence.
Yusuf said, "One striking outcome of the Q4 GDP report was the recovery of the petroleum refining sector from decades of recession to a positive GDP growth of an impressive 9.6 per"Thiscent.was one of the best sectoral performance among the strategic sectors of the economy.
"This, of course, could be attributed to the commencement of refining operations by Dangote refinery and the NNPC Refineries."
The Senate said yesterday that the proposed tax reform bills will be a critical step to achieving Tinubu’s vision of a $1 trillion economy.
Chairman, Senate Committee on Finance, Sani Musa, made the
in the subject matter to sustain same and I so hold.
"I will therefore resolve this ground against the Plaintiff".
The court therefore reaffirmed Halkin exploration’s legal ownership and operational rights over the Atala Marginal Oilfield.
for the sector.
"The federal government is attracting investment in LNG, CNG, and gas-to-chemicals, and by fostering a business-friendly environment, Nigeria is building a sustainable gas ecosystem that drives industrialisation, job creation, and energy security, ensuring a cleaner and prosperous future," he stated.
The gas minister who was also on the ministerial panel during the event reaffirmed the government's commitment to the ‘Decade of Gas’ initiative, launched in 2021, which aims to position Nigeria as a leading gas-powered economy by 2030 through infrastructure expansion, increased domestic utilisation, and export growth.
Key projects, he said, include pipeline development, gas-based industries, and gas-to-power initiatives.
He said in response to the 2023 fuel subsidy removal and subsequent petrol price surge, the government initiated a nationwide Compressed Natural Gas (CNG) programme to provide cost-effective and environmentally friendly transportation alternatives.
"With over 100,000 vehicles targeted for conversion and a $200 million investment in CNG infrastructure, this programme is crucial in reducing transportation costs and promoting energy sustainability," Ekpo said.
The Obrikom, Obiafo, Oben (OB3) and Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline projects remain flagship initiatives in Nigeria's national gas expansion drive, according to Ekpo.
He said the AKK pipeline, spanning 614 kilometres, is expected to enhance
gas supply to key industrial and commercial hubs across Nigeria.
"With an expected completion date of 2025, this $2.8 billion initiative will stimulate industrialisation, create jobs, and attract investments in manufacturing and power generation," he explained.
Chairman of the Independent Petroleum Producers Group (IPPG) and Waltersmith, Mr. Abdulrazak Isa, assured the federal government and other stakeholders that his members companies that acquired Shell, TotalEnergies, Exxonmobil, Eni and Equinor's onshore assets will optimise the oil blocks in a way that benefits the country.
According to Isa, with the conclusion of the of IOC divestment, IPPG members now have a national responsibility and will be at the forefront of the nation's quest for industrialisation, by significantly investing across industry value chain in order to stimulate a wide array of strategic sectors, from petrochemicals to agriculture, power to manufacturing, construction to transportation and so many more sectors. He said the divestment also meant that indigenous exploration and production companies' contribution to national oil and gas production was now about 50 per cent and expected to increase over time.
"Let me once again, assure all stakeholders that the transferred assets are in safe hands. As we march towards this new era, we will act as worthy stewards, upholding global best practices and operational excellence", Isa assured.
PRESIDENCY TO EL-RUFAI: IT'S TIME TO MOVE ON
Onanuga, advised El-Rufai to move on and stop expressing resentment over not being appointed minister in Tinubu’s cabinet.
Speaking in an interview in Abuja, Onanuga alleged that El-Rufai's continued criticism of the government stemmed from his exclusion from the ministerial list. He urged the former governor to let go of the past.
Onanuga said, “As a person, I think I will pity the former governor of Kaduna State, Mallam Nasir El-Rufai. He feels hurt that he was not made a minister, but I think it’s a long time; the ministers came in in August 2023. I think it’s time for him to move on."
He stated that while it was understandable for El-Rufai to feel disappointed, it was unnecessary for him to go on a public campaign against the president.
Onanuga said regarding El-Rufai, “It’s natural for him to feel hurt, it’s natural for him to feel bad that he’s been excluded. And as the president acknowledged in a recent birthday tribute to him, Nasiru actually helped a lot in installing President Tinubu. But if he’s not there, it doesn’t mean that he must bring down the roof.”
Addressing concerns about the relationship between Tinubu and El-Rufai, Onanuga insisted that Tinubu held no personal grudge against the one-time Federal Capital Territory minister.
According to him, “The president has nothing personally against Nasiru, and so if Nasiru feels naturally hurt that he has been excluded, and that’s why he’s going about everywhere campaigning against the president, it shows a man who resents being left out of the moving train and who will not let go.”
Onanuga stressed that El-Rufai had been in public service since 1999 and should embrace a new phase of life.
He stated, “My advice for him as a brother, as a former governor, is to appeal to him that he should forget it if he’s not made a minister.”
Onanuga dismissed El-Rufai’s criticisms of the administration's policies and governance approach as personal opinion that did not align with reality.
Onanuga explained, “This government inherited a lot of problems, and if you look at the figures and other things that we are witnessing, things are getting better. We are certainly not where we were in 2023.”
He pointed to improvements in economic indicators as proof of the administration’s progress.
Onanuga said, “This administration has done a lot to re-engineer the economy, and we are seeing positive figures. We’re seeing inflation coming down, our foreign reserves growing, and so many positive things happening.”
L-R: CFO, Union Bank of Nigeria, Mr. Oluwagbenga Adeoye FCA; Mr. Ali Kadiri FCA, District Chairman; Olumide Adedeji, PhD, FCA, ICAN President; Chief
and other members from UBN and ICAN ... yesterday
Says it doesn’t depend solely on technology Jega lists challenges of credible election; must include non-interference
Former President, Dr. Goodluck Jona-
than, has stressed that a credible and transparent election must not depend solely on technology alone, but through a credible political leadership.
He spoke at an event organised by Yiaga Africa in partnership with European Union and Germany Embassy, where the former chairman
of the Independent National Electoral Commission, INEC, Prof. Attahiru Jega canvassed new electoral framework that would return the confidence of the electorate on the electoral system.''
Former President Jonathan who was the Special Guest of honour spoke on the theme: “Reflection Conference on Democratic Elections in West African,” noting there cannot be. a transparent election with only technology.
He explained that much as technology plays an important role in elections, he queried that how come that in 2015 general election with the level of technology involved that his name, his wife's name and that of his mother's name cannot be captured by the BIVAS system introduced by the Independent National Electoral Commission, INEC.
According to Jonathan, ''the election management bodies must be independent to the last word of it. This includes funding.
''The method of appointments of the leadership of the electoral commission must be clearly spelt out. The
The former president who called for an electoral framework that would not include human contacts said the election management bodies must be guided by credible leadership.
Promises to win guber primary, main election
Frontline aspirant for the Anambra State November 8, 2025 off-cycle governorship election on the platform of the All Progressives Congress (APC), Prof. Obiora Okonkwo, has returned his completed expression of interest and nomination forms to qualify him to contest the party's April 5, primary, expressing confidence he would emerge the party's candidate. Okonkwo, who arrived the national headquarters of the APC in Abuja in a glamorous carnival-like fashion with drummers, was received by thousands of his supporters who stormed the secretariat in many buses.
His arrival at exactly 1.24pm with multiple supporters bearing posters with same inscriptions eulogising him as the choice and supporting his aspiration grounded vehicular and human activities along Blantyre Street housing the APC Secretariat, throwing the headquarters into a
frenzy with many dancing to various musical bands.
Addressing newsmen, Okonkwo boldly declared that by the grace of God, he would not only win the APC primary but also the main election in November 8, to give Anambra new lease of life.
He said: "I want to tell you that after praying, seeking God's face, we have successfully submitted the completed forms. We have no doubt that we have entered other phase of the race and that we will be declared the winner after the primaries by God's grace."
"Yes, power belongs to God and having submitted the forms, I totally submit to the will of God. What I am assuming is that an earthquake will erupt in Anambra to remove the rudderless incumbent governor.
“We will win Anambra for the APC. We will bring the state and
the South East into the APC fold."
On why he is confident, Okonkwo said: "I am the only aspirant coming from Anambra Central, the zone where AC and ACN held sway before the party transmuted into APC. Returning to APC is a home coming for me and I am happy to be home. God made it possible for AC and ACN to win elections in Anambra Central before, using me and other men of goodwill to actualise them.
"I hope to lead the campaign and be on the ballot paper. We already have the advantage and with the support of the party and God Almighty, APC will win Anambra State governorship election.
"We have only gotten pain, sorrow and agony from Governor Chukwuma Soludo instead of his promise to reproduce Taiwan, Hong-Kong and Japan in Anambra.
Anambra State government has disclosed plan to unveil a campaign to sensitise indigenes and investors to think home and take part of their investments to the State.
Spearheaded by the State liaison office in Lagos, the government plans to formally launch the programme next weekend at Villa Park, Amuwo Odofin, Lagos.
Briefing newsmen yesterday, the Special Adviser and Liaison Officer in Lagos, Mr. Leo Chiegboka, explained that thinking home by taking part of their investments to Anambra State would have the youth engaged as well as provide them with means
of survival through steady income which would draw them away from criminality.
"The Anambra Homeland Consciousness Initiative seeks to strengthen the bond between our people, harness our collective resources and create pathways for sustainable development in Anambra State.
"During this event, we will engage in discussions that will address critical aspects of our progress- economic empowerment , investment opportunities, infrastructural development and our role as stakeholders in the Anambra project.
“We believe that through meaningful dialogue, collaboration and strategic planning, we can unlock
new possibilities that will drive our state forward.
"I urge every son and daughter of Anambra, particularly those in Lagos and beyond to make it a priority to attend this event. Your voice, ideas, and contributions matter. Together, we can create lasting impact and ensure that Anambra State remains a beacon of excellence in Nigeria and beyond," Chiegboka charged.
Explaining efforts of the government to provide adequate security, he pointed at the exploits of Agunechemba which has been cleaning up the state and with the assistance of technology, ridding the state of bad boys, assuring that every other utility to encourage investment in the state were being put in place.
“Why did it take him this long to start doing something about the insecurity in the state? It is medicine after many deaths and the spirit of those who lost their lives will not forgive us if we give Soludo second term ticket."
On the speculations that the presidency may have entered into an agreement with the state governor to deliver 25 per cent to President Bola Tinubu in the 2027 presidential election, Okonkwo dismissed it, saying: "This is the time for Anambra people to pay him back. Soludo claimed that he worked for President Tinubu during the presidential election but he did not.
nature of their independence must be such that they would be ready to resign their appointments when it is compromised.”
According to Jonathan, ''the electoral system must be strengthened. It must be independent, but how independent is our election management bodies? Our election management bodies must be strengthened. How independent is INEC in Nigeria?
''Let there be political tolerance, our elections must not be hijacked by money bags. The outcome of our election must not be regionalised. Its prediction by poll must not be on regional basis. It should be holistic
'' Our elections must not be based on manipulations. It must not be the winner takes it all. If you manipulate the electoral process and the system that returned you as the winner, it has done a great damage to the system and indeed removes the credibility in the system. Election management bodies that are not willing to do a credible election must get ready to resign.''
He wondered why the vote cast during election in Nigeria does not go beyond 40 or 50 percent, explaining that he has monitored elections in other countries in West And the votes cast exceed what is obtained in Nigeria.
The former president called on INEC to ensure that the names of dead people are removed from the voter registry and to ensure that transmission of election result are transmitted without human contact and avoid technical glitches as the cases
were in some elections in Nigeria and other parts of West Africa.
According to former President Jonathan, ''for Nigeria to have a credible and transparent elections, the role of the judiciary must be redefined. If the environment is not transparent, there cannot be a transparent election.
“Like in a game of football, where the referee is careless, the match will have problems. The same thing is applicable to our electoral system. Politics is not a war. You must not win by hook or crook.
'' Jonathan called for youth participation in elections, as they are the leaders of tomorrow, stating that there is the need for the youth population to be adequately mobilised during election, as they are indispensable the vanguard of democracy.
In his presentation, the former chairman of INEC, Prof. Jega said that despite the pitfalls of democratic elections in Nigeria that there are still prospects for the development of democracy in West Africa, stressing that there is still hope for growth of democracy in the subregion
According to Jega, for democracy to grow, there must be good representation where the electorate will hold those public office accountable, explaining that democracy is an agent of change that must be strengthened, The former INEC chairman called for legal frameworks that would regulate the electoral system, where there would be no political interference in the affairs of the election management bodies as in the subregion.
Environment commissioner takes advocacy to the streets
The Lagos State Government on Tuesday sought the buy-in of residents in the quest to achieve environmental sustainability as officials embarked on a one-on-one sanitation advocacy to selected locations.
The State Commissioner for the Environment and Water Resources, Tokunbo Wahab, who led state officials to inspect many locations and Oyingbo Market, with its extension, gave the traders who displayed wares on the median and walkways of the newly constructed drainage channels 48 hours to move away.
Wahab who used the occasion to interact with the traders appealed to them to see reason on why they should move into stalls instead of displaying their wares on the median and roadside thereby exposing themselves
to dangers.
"Oyingbo is where we have the interchange, the train interchange for the red line. A lot of infrastructure has been put in place by the state government.
“Unfortunately, all the road network, the passage for water, the walkway, have been turned into markets. So, traders engaging in these illegal activities were served 24-hour notice yesterday which have expired.
“I just came to appeal to the traders one-on-one, I mean one on one advocacy before the commencement of enforcement " he said.
He said illegal trading activities going on have virtually blocked the newly constructed drainage system, saying the contingency plan in place is to enforce if the carrot dangling
approach fails and that means enforcement will commence after the close of work tomorrow.
The team also visited Eko Hotel/ Zenith Roundabout and environs where he said the drainage channels/ roads have been turned into a major market as such the state officials came to appeal to these traders to go inside a proper market and desist from the unwholesome acts of trading illegally at any open space. According to him, "We came to this Zenith Roundabout and environs after receiving several complaints from people that the place had been turned into a major business place/ market; Thankfully, you can see things yourself. So, we are here to appeal to each and every one trading here to leave and stop the illegal acts immediately.”
Acting Group Politics Editor DEJI ELUMOYE
Email: deji.elumoye@thisdaylive.com
08033025611 sms only
a recent resolution notwithstanding, the last has not been heard of the Lagos House of a ssembly drama. s hola o yeyipo writes.
The proverbial brave hunter, who is so skilled and adept at hunting elephants with his magical cap, the Yoruba say, enjoys only a fleeting moment of glory of not more than 24 hours.
A corollary to this is another wise Yoruba saying, which infers that whenever the mud figurine is about to suffer intrepid humiliation, it asks to be taken to the river for a bath.
Aside from his development initiatives and evident record of stellar performance, not many people knew about the political weight that the late former governor of Lagos State, Alhaji Lateef Jakande, boasted and threw around in his days.
Nicknamed “Ase”, meaning the authority, those who knew him and worked closely with him would contend that Asiwaju Bola Tinubu’s seemingly suffocating leadership in Lagos, as controversial as it may seem, would still pass as a child’s play, compared to when Ase was still the issue in the politics of Lagos State.
His words were not only law. Nobody dared to challenge him whenever he handed his orders. Short of calling him a dictator, he gave no room for a collegiate approach to his leadership style and did not entertain dissenting views.
Citing an example of his choking authority and leadership to support these claims, a short yet interesting story was once shared by an insider about the late Alhaji Jakande.
According to the anecdote, an ally of Baba Kekere as the late first elected governor of the state was then called, had gone to see the late sage, Chief Obafemi Awolowo, to report Ase to him. Apparently, the fellow, a friend of Ase, had requested something, which Alhaji Jakande had reportedly looked away from, more so as a core party chief.
So, he went to see the former Premier of the old Western Region to express his disappointment.
Looking at him, Awolowo was said to have told the fellow that, “the man you came to report has also refused to honour a request from me, and I’ve decided to let him be.”
Stunned, the man said aloud: “But you put him there.” Awolowo did not let him land when he retorted: “The same way I put Akintola there.”
Clearly, at this time, after the battle with the late Chief Ladoke Akintola and the cost to his political capital, Awolowo had an introspection over his political engagements, going forward.
He had come to the conclusion that since political offices are public trust, the moment one was able to help any individual get into an office, the most honourable thing to do is to step back and allow them do their job without let or hinderance.
The same almighty Ase was later retired by the now President Bola Tinubu, when he joined forces with Chief Dapo Sarumi’s PRIMROSE group, to run for Senate in 1992 from Jakande’s base in Lagos West, and by extension, seized the leadership and control from him, especially knowing the place of Alimosho in the political equation of Lagos West and the state in general.
Is there any wonder, therefore, that Tinubu has never acknowledged Alhaji Jakande as an outstanding administrator in Lagos, the type the state has yet to replicate or reproduce in whatever form or shape?
It would be suicidal for a man with such humongous political ego to do so. After all, it was he who ended Jakande’s leadership and hold on the politics
of Lagos. By the way and for the record, Sarumi’s PRIMROSE had nothing to do with the “European plant of woodland andhedgerows, which produces pale yellow flowers in the early spring,” according to the Oxford definition. It meant: “People Resolve Irrevocably to Maximise Resources Of State for Excellence (PRIMROSE).
Perhaps, with all that God has done for Tinubu and in spite of his incredibly provoking inadequacies, his weakness is that he does not know when to stop or where to draw the line.
The much-expected self-regulating mechanism is missing, and therefore, his tendency to continue to grow in his obvious God complex is not surprising, either.
His concern over the removal of the Lagos State House for Assembly Speaker, Mudashiru Obasa, might seem genuine and founded. But if at the level he is now and with all that God had done for him, he never envisaged that a day would come when his leadership – as territorial and conquering as it appears – would someday face
stiff resistance, then he might have been overrated after all.
Tinubu is at a juncture in his life and career, where managing tendencies and staying above the fray other than issuing orders and manipulating people remain his only enduring strategy. The loyalty he currently enjoys is not inelastic, especially since it is mostly economically induced. There’s always an expiry date.
Thus, he would do well with facesaving measures and strategies rather than testing the patience of the people and thinking he could always “shush” them. If he lets the rubber snap, the only remedy is a replacement.
The optics from the drama that recently engulfed the Lagos State House of Assembly was not a pleasant one, albeit the matter is being gradually subdued, notwithstanding the impression of a resolution that is being created.
The notion had long been established that the Lagos assembly has never been independent and had always taken orders from Bourdillon. But, such a brazen decimation of a critical institution, even now from Abuja, is quite disturbing.
If Nigeria’s democracy is going to be reversed after 26 years of unbroken efforts at keeping it, President Tinubu should do everything humanly possible to avoid being labelled as being
Except the president is prepared to continue to gallivant like the proverbial brave hunter and suffer a fleeting glory or set himself up for failure like the proverbial mud figurine, it’s about time his approach to the politics of lagos, and the 2027 general election changed.
responsible.
He should not be seen as constituting threat to democracy. After all, he is quick to tell stories of how he fought for democracy from the trenches. His constant bullying of an otherwise independent arm of government at the state level does nothing but discredits his democratic credentials.
To consider the removal of an errant speaker, who was merely first among equals by his colleagues, a coup against him, was taking this whole thing too personally and too far.
To think President Tinubu had all the time and opportunity in the world to intervene in the assembly situation and quell whatever crisis that was simmering at the time, presupposes he, too, took things for granted. Besides, he never really created access for feedback from his Lagos base.
As bad as it may seem, the deed had been done, and everyone had moved on. But the somewhat presidential meddlesomeness, hinged on personal ego of being blindsided in a such a major decision, when he could have owned the process, is unbefitting of the credentials of a supposed democrat, and demeans the ethos of this government in all respects.
Whether or not the president likes it, the damage had been done, and this would tell on the outcome of the next elections in the state and country. The fact that the Lagos lawmakers could brush aside supposed presidential orders and stand their grounds on the speakership debacle until lately is a takeaway the president must not discountenance.
When young men who adored him and would die for him, asked that their opinion must count in a matter that was essentially theirs, it would not be asking for too much. However, to push them to the point that they refused to yield but stood their grounds smacked of trouble in paradise.
No matter how huge the political leverage of the president is, he cannot be everywhere at the same time during elections and so, these lawmakers are supposed to be some of those expected to do the leg-walk for the coming elections. Thus, managing them is as important to the election of the state as much as, his own election as the president.
Results from the 2023 presidential election in Lagos State were a timely warning of what to expect in 2027, if lessons were not taken from that experience and amendments made.
This was at a time when the APC House was one and in order, in the state. But with the house divided and some of the tendencies already disappointed, 2027 is expected to toss up a different ball game.
The subtle attempt to encourage group politics in the Lagos APC and cause a devastating division between the Mandate Group and the Justice Forum, despite a presidential order in December to dissolve all groups, is sure to hurt the standing of the party in Lagos.
Except the president is prepared to continue to gallivant like the proverbial brave hunter and suffer a fleeting glory or set himself up for failure like the proverbial mud figurine, it’s about time his approach to the politics of Lagos, and the 2027 general election changed.
Reenacting the same old approach is no longer effective, especially that what lays ahead comes off like what would consume, even the wise, if he fails to embrace a timely counsel.
Last Thursday, former military President, General Ibrahim Badamasi Babangida unveiled his memoir, which has generated a lot of reactions. While some praised him for saying his side of the story, others didn’t spare him. Adedayo Akinwale reports.
Ever since the launch of former military president, General Ibrahim Babangida’s autobiography, ‘A Journey in Service,’ a floodgate of reactions have continued to pour in from Nigerians following his admission that Chief Moshood Abiola won the June 12, 1993 Presidential poll.
Even before admitting the obvious truth, former President Muhammadu
Buhari had in 2018, directed that Democracy Day should be marked every year on June 12, rather than May 29, in honour of late MKO Abiola.
He also conferred Abiola with the highest national honour, Grand Commander of the Federal Republic (GCFR) posthumously, in recognition of him as a former president.
The GCFR is reserved for the President. Also, Kingibe, who was recognised as vice president received the second highest national honour, Grand Commander of the Niger (GCON) which is reserved for Vice Presidents.
Right at the venue of the unveiling of Babangida’s book, former President Olusegun Obasanjo had prepared Babangida’s mind on what to expect when the book hits the streets.
Obasanjo who has written several books told Babangida to expect the good, bad and ugly reactions to his book. He urged him not to be dejected as it was an indication that people are reading the book, which was the main idea of writing it in the first place.
Obasanjo stated: “Please don’t be unduly worried about critics and put him down syndrome. The book will be reviewed, read, quoted, praised and lambasted, and some will agree with you in part, and some will disagree with you in part, some may even wholly disagree with you.
“Why should you write the book? It is self glorification, they will say. Controversy may even develop. It’s all good for you and good for the book and for our nation building process.
“The more praised and condemned the book is, the better, because it means that it is being read, and that is what you write a book for, to be read. That is what justifies the discipline and effort that go into writing a book, which I strongly believe this book is.
“Please don’t be unduly worried about critics and put him down syndrome. It may even be an indication of success, but take note of objective criticism.
“A chronic critic of mine, the late Dr Tunji Braithwhite, may his soul rest in perfect peace, condemned a book of mine, and when asked if he had read it, he answered in the negative. He said he had not read it, and said that once the writer is Obasanjo, it must be condemned.”
As predicted by Obasanjo, some have praised the book while some have lambasted it. Some people were of the view that Babangida, a self-styled ‘Maradona’ had to wait till this time so that major actors mentioned in his book, who are already dead, won’t have the chance to defend their actions or respond to whatever accusations leveled against them in his book.
President Bola Tinubu, during the book launch said Babangida showed unusual courage and patriotism by admitting that the late Abiola won the presidential poll.
He described the annulment as a watershed moment in Nigeria’s democratic history, stressing that the former leader’s admission about Abiola’s victory will help to set the record straight.
Commenting on the book, constitutional lawyer and rights activist, Prof. Mike Ozekhome (SAN), urged Nigerians to accept Babangida’s public expression of remorse over the annulment of the presidential election.
Ozekhome in a statement he personally signed called on Nigerians to let the wounds heal, their hearts melt, and the spirit of national triumphalism prevail.
He praised Babangida for having the courage and humility to publicly acknowledge the wrongs that took place under his watch as president, emphasising that it takes a strong man to admit past mistakes and seek forgiveness.
He was of the opinion that the annulment of June 12 was a traumatic event for Nigeria, leading to turmoil, protests, killings, and the eventual arrest and detention of Abiola.
Ozekhome recalled that the move resulted in years of uncertainty, but Babangida’s confession now offers a chance for national healing.
He saluted Babangida for his honesty, saying, it takes immense courage to admit wrongdoings and offer a public apology for the pain caused to an entire nation.
“For years, Babangida maintained that the annulment was in the national interest. But now, after decades of reflection, he has acknowledged the tragedy of June 12 and the harm it caused. I have personally forgiven him, as it takes great strength to confess one’s sins and seek atonement”, Ozekhome
added.
Weighing in on the matter, the Committee for the Defence of Human Rights (CDHR) in a statement by its President, Debo Adeniran, said it received with heavy heart the admission of the infamous June 12 notorious fact by the former military ruler.
He said Babangida’s belated public confessions regarding his role in the illegal annulment of the June 12, 1993 presidential election was an attempt to hoodwink the unwary Nigerians to believe that the mischievous dictator actually meant well by the brazen sociopolitical and moral assault he unleashed on them by the inglorious act.
Adeniran said although Nigerians had viewed the June 12 election as being an unfair exercise, going by all the shenanigans that preceded the election.
These, he said, included; prevention of willing political associations from transmuting to political parties; creating political parties for politicians; banning, unbanning of eligible politicians from contesting in the election; the creation of political structures, programmes and manifestos for politicians and imposition of alien ideological leanings on Nigerians.
Adeniran, without mincing words emphasised that Babangida’s belated admission was not only an affront to the
Adeniran called on Tinubu to immediately order the prosecution of Babangida for crimes against humanity and for orchestrating a coup d’état that subverted the democratic will of the Nigerian people. According to him, this prosecution should not be difficult since the chief plotter has confessed to these crimes in public and in writing as published in his bloody book that could have been ‘A Journey into Perdition’ mistitled ‘A Journey in Service’.
principles of democracy and justice but also a clear acknowledgment of his direct involvement in an act that plunged Nigeria into years of political turmoil, civil unrest, loss of lives and property and inestimable economic hardship.
He said it should, therefore, be regarded as a coup d’état to the administration of M.K.O Abiola who was robbed in broad daylight and denied the opportunity of savouring his well-deserved victory at the polls.
To this end, Adeniran called on Tinubu to immediately order the prosecution of Babangida for crimes against humanity and for orchestrating a coup d’état that subverted the democratic will of the Nigerian people.
According to him, this prosecution should not be difficult since the chief plotter has confessed to these crimes in public and in writing as published in his bloody book that could have been ‘A Journey into Perdition’ mistitled ‘A Journey in Service’.
In her intervention, daughter of the late MKO Abiola and Kudirat Abiola, Hafsat Abiola-Costello, said for those that kept expressing doubt that Nigerians had spoken so decisively on that day, she was glad that Babangida’s admission that her father won the election can now lay the matter to rest. She emphasised that the importance of June 12 goes beyond them, as it represents the collective hope of Nigerians for a better and more united country.
Castello noted that Abiola might have been the symbol of the Hope ’93 campaign, but June 12 was about more than one man, it was about the promise of Nigeria that would deliver for Nigerians.
Expressing her disappointment over the annulment, she described it as an unjust action that cut short a historic moment. She stressed that it was sad that such a galvanising statement as the breakthrough vote for MKO would have been truncated by an unjust annulment.
On his part, a former chairman of Nigeria’s National Human Rights Commission, Prof. Chidi Odinkalu, questioned why Babangida waited until all members of the 1993 Armed Forces Ruling Council (AFRC) had died before portraying himself as a “passenger” in the decision to annul the June 12 presidential election.
He criticised Babangida for allegedly fabricating accusations against deceased figures while presenting himself as a “victim” of history.
Odinkalu argued that Babangida’s failure to provide corroborating evidence for claims made in his book, especially regarding the annulment of the June 12 election—widely regarded as Nigeria’s freest and fairest poll—damns him further.
He wrote: “Ibrahim Babangida’s book is filled with allegations against dead men and women. He waited until they were all dead, leaving no one alive to challenge him. He portrays himself as a victim of these deceased figures, which only further damns him as lacking in character.”
He further criticised Babangida for not producing any contemporaneous records, minutes, or notes to support his claims, calling him “The Grand Commander of the Order of Cowardice.”
“How was someone so devoid of character and values allowed to dominate Nigeria’s military-political landscape for so long?” Odinkalu asked, referencing Babangida’s role in orchestrating coups and installing military rulers like Sani Abacha.
On his part, Founder, Stanbic IBTC, Atedo Peterside, wrote on his verified X handle: “IBB admitting in 2025 that MKO Abiola won June 12 presidential election in 1993, is as significant as him admitting that night follows the day. Are we supposed to clap because he told the truth after three decades? Am I missing something?”
As more people lay their hands on the book to read, Babangida should expect more reactions, be it praise or condemnation.
Bennett Oghifo
ARM Investment Managers, a double-limited fund manager, and the fund manager of the N1 trillion Ministry of Finance Real Estate Investment Fund (MREIF), has said it would begin the pilot disbursement of the mortgages in Abia, Lagos, Abuja, Kano, Rivers, and Enugu states.
The Ministry of Finance Incorporated (MOFI) Real Estate investment Fund (MREIF) is a N1 trillion government-backed initiative designed to provide long-term, low-cost mortgage financing for homebuyers and developers in Nigeria. The fund aims to address Nigeria’s housing deficit and create a more accessible and sustainable homeownership system.
Key Features of MREIF for Homebuyers
• Affordable Mortgage Rates: MREIF provides low-interest, long-term mortgages (up to 20 years).
• Government Support: Funded through a public-private partnership, with the Federal Government ensuring stability.
• Flexible Financing: Allows pension-backed mortgage options to ease homeownership.
• Nationwide Access: Open to eligible Nigerians across all geopolitical zones.
• Simple Application Process: Designed to be transparent, efficient, and accessible.
Who is Eligible?
• Salaried employees (private & public sector).
• Self-employed individuals meeting the income and creditworthiness criteria.
• Nigerians in the diaspora looking to invest in homeownership. How to Apply?
1. Expression of interest (EoI): Fill out the online form via the MREIF portal.
2. Verification: Documentation and eligibility checks.
3. Mortgage Pre-Approval Financial institutions process mortgage applications.
4. Home Selection & Purchase: Choose from a list of vetted properties under the MREIF scheme.
5. Final Approval & Disbursement: Loan finalized and homeownership secured. Submit Your EOI Now: mreif.armcom.ng
According to ARM’s Investment Manager, Olubiyi Adekunbi, “The Minister of Finance and Coordination of Economic Development, Mr. Wale Edun has driven the development of what he calls the Ministry of Finance Real Estate Investment Fund (MREIF), which is a non-fee-forNigeria programme to establish a security-enriched income in Nigeria as a closed-ended fund that will mobilize capital from both the public and private sector in addressing the homeland economy. Now, I stated that the programme has to be registered, but the fund will be launched in series. One of the funds, which is the N150 billion, has been
registered and will be subscribed to by the Ministry of Finance and Coordination.
“And that subscription is a concessionary fund, which is aimed at bringing down the interest rates that would normally be low. The second leg of the financing is going to be for commercial investors. And the intention is to raise up to N100 billion for commercial investors, specifically the pension fund.”
He said, “Currently, the pension fund industry sits on over N20 trillion. And this fund is one of the structures that has been created to mobilize funding from this sector to address infrastructure challenges, in this instance, specifically homeownership. How the fund would address the homeownership issue will be through the provision of long-term, low-interest rate mortgages.
“And at low rate and long term, we are talking about mortgages at 12% for up to 20 years. And this will be issued through eligible financial institutions who will be pre-qualified. And non-lending arrangements will be created through these eligible financial institutions lending the mortgage facilities to qualified homebuyers.
“And that’s tackling the demand side of the transaction. The other side is the supply side. The supply side relates to the provision of housing units to the scheme.
“And we are all aware of
how challenging it has been for developers to raise funding for their projects. And what is currently obtainable is that developers try to sell their properties off-plan to raise funding for these projects. And what we’ve seen happen in the last couple of months is a situation whereby, due to rising inflation, these developers are unable to complete the projects at the prices they sold off-plan, resulting in undue losses and them not being able to deliver the properties that were committed to the homebuyers.
“What the MREIF will do is the provision of off-take guarantees to these developers, which will serve as a credit enhancement. This will enable them to approach construction lenders to raise construction finance for the development of residential homes. What this
does is it takes the pressure of committing to homebuyers at a low rate, and it also enhances their credibility, because it’s a credit enhancement, and they are able to raise sufficient funding to complete their projects and sell at market prices.
“The third thing, the fund will be aiming to do, which it has already done, is the development of an application, a platform where the application of the mortgages will be done. That platform hosts a wide range of properties across the country. Currently, it has well over 2,000 housing units, and homebuyers will have the opportunity to conduct their eligibility criteria that individually confirm how much they are able to access based on their current income, their age, and how much equity contribution they have.
“With that information, they will be able to view the properties they qualify for on the platform, and then approach or apply for the offer letters for the property, and if they qualify, the developers will be able to issue offer letters for the properties for them on the platform. For those who want to apply for the 25% of their RSA balance as equity contribution, there will be an opportunity for them to also view their funds on the platform, which can be passed on to their PFAs for that application. And lastly, they will also be able to submit their mortgage applications to qualified eligible financial institutions who will process their mortgage applications and then issue the mortgages to them through the facilities that the fund would have provided on the platform.
Fadekemi Ajakaiye
The Purple Mall Lekki is conceived as a one-stop centre for the convenience of residents in built-up neighborhoods.
The CEO, Purple Real Estate Income Plc., Olaide Agboola stated this at the official unveiling of Purple
Mall Lekki, Lagos, recently.
The ribbon cutting and unveiling was done by the Governor of Lagos State, Babajide Sanwo-Olu, which signaled “the official opening of this development. Purple Lekki is part of our neighborhood retail concept, which is essentially that we bring convenience to residential developments around, in terms of their retail activities, their entertainment activities,” according to Agboola.
“The idea is to locate mixed-use retail structures within densely populated neighborhoods, similar to what we have in Maryland, Purple Maryland. If you notice we are not a destination center per say, we’re a neighborhood center, where you can easily walk to, you can easily drive to. We are within the community, we
are part of the community, and that’s what really brought about the concept of the neighborhood concept and for us to co-locate all of these great brands doing different things within different spaces, providing the essence of essential goods like medicine, pharmacy, supermarket, retail, as well as the other aspects of things that you need, entertainment, cinema, skating, we are also infusing other elements that are essential to the soul.
“So within the building we’ve got a gym, a fitness center, we also have a health and wellness center coming up within the building as well, and at the same time we’re also going to have long and short stay apartments within the building where people can live, stay for short periods, stay for long periods, whether
you’re a domestic, whether you live in Lagos or whether you live outside of Lagos or outside of the country and you’re coming in for the station or for business or for tourism, we have all that space within this building.
“So it’s a mixed-use building and what it inspires is convenience. Those that live in the building can easily get everything that they need within the building without leaving the building. They can walk within the building, there’re some offices within the building. At the same time they can play within the building and they can shop their groceries, essential and non-essential, within the building. So it serves as a onestop center and the concept is obviously to co-locate and bring everything into one
singular place that is easily accessible.
“Mix-use is an embodiment of everything. We have retail, we have offices, we have the gym, we also have the residential and this is the first mixed-use building that is retail infused. You’ve seen buildings where you have offices.”
The Chairman, Board of Directors, Mrs. Jumoke Akinwune said, “We have 206 studio apartments within the building, 162 keys in actual fact and the reason why it’s 162 is simply because there’s some one beds, two beds, three beds and four beds, but quite a lot of studio units in there as well. So, when you look at the keys, we have 162 keys. in total. We have 206 studios, but when you combine them into two floors, then you have 162 units.
Fadekemi Ajakaiye
The Real Estate Developers Association of Nigeria (REDAN) has said that it seeks the promo- tion and the institutionalization of Environmental, Social, and Governance (ESG) principles within the real estate sector.
The President of REDAN, Prince Akintoye Adeoye stated this at the REDAN ESG press conference recently, describing the ESG as “one of the most
critical initiatives in the history of REDAN.”
The benefits of ESG adoption, he said: “For developers, embracing ESG principles offers clear advantages: enhanced reputation, improved risk management, increased property values, and greater market competitiveness. For homebuyers, it means healthier living environments, lower utility bills, and peace of mind knowing they are
contributing to a sustainable future. For the nation, it means fostering economic growth, reducing urban poverty, and positioning Nigeria as a leader in sustainable development on the African continent.”
On why ESG matters now more than ever, Adeoye said, “The world is changing rapidly, and so too must we. Climate change, social inequality, and governance challenges demand urgent action from
all sectors, including ours. In Nigeria, where urbanization continues to accelerate, the need for sustainable practices in real estate has never been more pressing.
“By adopting ESG principles, we can: Reduce environmental degradation and contribute to national climate goals; Build equitable societies by promoting affordable housing, fostering community engagement, and enhancing well-being,
and Strengthen trust through transparent and ethical business practices that protect the interests of investors, tenants, and communities alike. In short, ESG is not just about compliance or ticking boxes—it is about creating lasting value for everyone involved in the real estate ecosystem.”
He said, “As the President of REDAN, I stand before you not only as a leader but also as a passionate advocate for
sustainable development—a vision that aligns with our commitment to building a better future for Nigeria and its people. The real estate industry plays a pivotal role in shaping our cities, communities, and economies. However, this responsibility comes with an obligation to ensure that our developments are environmentally friendly, socially inclusive, and governed ethically.”
Kayode Tokede
The average maximum lending rate in Nigeria’s banking sector increased to 29.79 per cent in January 2025, signifying the high cost of borrowing from financial institutions, according to statistics by the Central Bank of Nigeria (CBN).
Though the CBN last week retained its Monetary Policy Rate (MPR) at 27.5 per cent, the apex bank’s report showed that the average maximum lending rate rose to 29.79 per cent in January 2025.
In December 2024, the maximum lending rate was 29.71, when the Monetary Policy Committee (MPC) voted to retain the MPR at 27.50 per cent.
The average maximum lending rate, according to CBN’s “Money Market” statistics was at 27.07 per cent in January 2024.
Maximum lending rates refer to the average of the highest lending rates charged by deposit money banks in Nigeria.
THISDAY analysis of the CBN’s ‘money market indicators’, showed that an increase in the average maximum lending rate has a relationship with a hike in MPR.
As gathered by THISDAY, the average maximum lending rate closed December 2024 at 30.28 per cent from 26.62 per cent reported in December 2023.
The steep increase in the MPR rate has sparked concerns regarding the potential impact on the cost of credit for businesses already facing economic hardships.
Further analysis of the data CBN revealed that the average maximum lending rate rose to 29.79 per cent in January 2025 from 29.71 per cent in December 2024 when Monetary Policy Committee members of CBN voted to retain
MPR to 27.50 per cent.
Early in 2024, the money market indicators of CBN showed a 27.07 per cent average maximum lending rate in January 2024 when MPR was at 18.75 per cent, while in March 2024, it closed at 29.38 per cent as MPR stood at 24.75 per cent in March 2024.
When the MPR increased from 26.75 per cent in August 2024 to 27.25 per cent, the average maximum lending rate also rose from 29.93 per cent in August 2024 to 30.21 per cent in September 2024.
The banking sector lending rate in Nigeria averaged 14.17 per cent from 1961 until 2024, reaching an all-time high of 37.80 per cent in September of 1993 and a record low of six per cent in April of 1975.
In 2020, the average maximum lending rate reached a peak of 30.73 per cent when the MPR
rate stood at 13.5per cent
The Manufacturers Association of Nigeria (MAN) had lamented that the average maximum lending rate charged by banks on loans to its members rose to 35 per cent in the second quarter (Q2) of 2024, up from 28.6 per cent in the first quarter (Q1) of 2024.
A report by MAN showed that the aggregate index score of the manufacturing sector decreased from 53.5 points to 51.9 points in Q2 2024.
But CBN numbers revealed that the average prime lending rate dropped to 18.49 per cent in January 2025 from per cent in January 2024.
The prime lending rate indicates the possible rate offered to the most creditworthy customers by Nigerian banks.
Analysts predicted a further increase in the average maximum lending rate amid an unstable
foreign exchange market and double-digit inflation rate.
The unanticipated rise in MPR has impacted the banking sector lending rate as the CBN sustained pressure in tackling inflationary pressure.
This unprecedented move has not only set the MPR at its highest level to date but also reflects the CBN’s determined effort to address the persistent pressure on foreign exchange and inflation.
In an interview with THISDAY, the Vice President of Highcap Securities, Mr. David Adnori explained that commercial banks review their lending rates regularly, subject to their respective cost of funds and the direction of MPR, not necessarily using MPR as a distinct value.
He stated that the MPR gives them the direction of interest rates in the market and the price they will pay if they have to borrow
from or lend to CBN. On the MPC outlook for 2025, a group of analysts at Cordros Research in a report titled, “Nigeria in 2025. Reform to Recovery: Navigating the Rebound,” said, “As we have stated in our domestic macros report, we think the MPC is set to pause its rate-hiking cycle as inflation begins to moderate in 2025, owing to the high statistical base effect and reduced naira volatility.
“Furthermore, the anticipated reduction in interest rates in the advanced economies will reduce the pressure on the MPC to raise interest rates further.
“However, the still elevated inflation risks will likely induce the MPC to hold the policy rate steady for a longer period to consolidate gains of previous rate hikes while achieving a lower negative real rate of return.”
Credit to the Nigerian government declined sharply by 38.1 per cent in January 2025 to N24.52 trillion from N39.62 trillion in November 2024, reflecting a significant contraction in net government borrowing.
On a year-on-year basis, however, data from the Central Bank of Nigeria (CBN), showed that credit to the government
recorded a modest increase of 4.3 per cent from N23.52 trillion in January 2024, highlighting the dynamic shifts in fiscal policy and funding strategies.
The latest decline according to market watchers, follows months of fluctuating government credit levels. In October 2024, credit to the government stood at N39.39 trillion, slightly lower than the N39.47 trillion recorded in September. This relative
stability in borrowing suggested a steady financing approach in the latter part of 2024. However, in August, government credit dropped to N31.15 trillion, marking a significant decline from the N33.93 trillion recorded in February 2024.
July 2024 recorded one of the lowest credit levels at N19.83 trillion, before witnessing an increase in August as government borrowing picked up again. In June, credit
stood at N23.93 trillion, reflecting a moderate rise compared to the N19.97 trillion in April. March had also recorded a low of N19.59 trillion before climbing to N33.93 trillion in February, making it one of the highest levels of credit to the government within the year.
Despite the sharp decline in January, the annual increase in credit to the government indicates that borrowing remains a critical tool
for fiscal management. The rise from N23.52 trillion in January 2024 to N24.52 trillion in January 2025 suggests that while short-term contractions may occur, the overall trajectory of government borrowing is still upward.
Market observers anticipate further fluctuations in government credit levels in the coming months as the government continues to navigate economic pressures.
“Rising global interest rates, exchange rate volatility, and revenue collection challenges could influence borrowing decisions. As policymakers seek to balance expenditure demands with available resources, the interplay between monetary policy, fiscal discipline, and credit allocation will remain a focal point for economic stakeholders,” financial analysts submitted.
As CPS enters its 21st year of practice in Nigeria, the National Pension Commission recently encapsulates achievements since inception in a platform it tagged Pension Industry Dashboard, e bere n woji reports
Stakeholders in pension industry in June last year celebrated 20 years anniversary of contributory Pension scheme regime in Nigeria, saying it was a period of gainful reforms in the pension industry.
As the sector marches into 2st year, operators flashed back at major achievements recorded by the sector. The industry regulator, the National Pension Commission (PenCom), in its bid to encapsulate these achievements, developed a comprehensive information box tagged, “The Pension Industry Information Dashboard,” which according to the commission offers a comprehensive, user-friendly overview of historical vital pension statistics.
PenCom said the dashboard aimed to enhance data transparency and provide stakeholders with an insightful, accessible tool for monitoring and analysing Nigerian pension trends over time.
In the latest edition of the dashboard the commission captured major achievements made in the industry since inception as well as growth recorded by the sector in the past five years after the COVID-19 period. The dashboard also provided an overview of the pension industry in the Q3 2024, saying assets under management stands at N21.38 trillion as at October 2024 while a total of 10.5 million workers have registered in the CPS scheme 48 percent of these were from private sector while 52 percent came from public sector.
ASSetS unDer mAnAgement
According to PenCom, the accumulated N21.38 trillion were invested in various asset classes in the following order: Infrastructural fund took N216.11 billion, private equity took N96.95 billion, Mutual fund N106.16 billion, Money Market securities took N2,040.90, Supra -National bond took N23.48, corporate debt securities took 2,249.12, state government securities took N 258.48billion Federal government
securities took the lion share of N13,468.16trillio. While equities took N2,324.41 trillion bringing total assets under management to N21.38 trillion as at October 2024.
Regarding monthly pension payment, the commission said a total of N 8,572.28 billion were paid by the PFAs under programme withdrawal while the sum of N 17,341.65 billion were paid under annuity. Total lump sum paid under programme withdrawal was N 55,374.22, billion while total lump sum paid under annuity stood at N 1,141,684.00.billion.
Regarding retirement savings account registration, the commission said by Q3 2024, there were 10,536,088 registered retirement savings accounts (RSAs), holders representing a growing adoption of the pension system.
According to the commission, highlights include 118,339 new RSA registrations in the year-to-date period for 2024, reflecting consistent awareness and inclusion efforts.
It said over the past five years, RSA registration increased by 13.93 percent from 9,215,788 in Q4 2020 to 10,499,358 in Q3 2024. According to the commission, out
With these achievements, both the operators and regulator agreed that the pension sector has indeed recorded tremendous growth in the past 20 years and are optimistic that as the sector commences another journey into the future, the next 20 years will reposition the sector as the beacon of other finance service sector of the economy.
of these, 61 percent were male and 38 percent were female.
The commission said in terms of contributed funds, cumulative contributions since the inception of the Contributory Pension Scheme (CPS) stood at N10.97 trillion as at Q3,2024, with Public sector contributing N5.71 trillion, while Private sector contributed N5.25 trillion.
On the performance of the Micro pension plan which the commission launched in 2019, the commission said the total Micro Pension Registration count from inception to Q3 2024 stood at 164,031.
It said specifically, the number of informal sector workers with funded RSAs was 12,241.
From 2020 to Q3 2024, the number of funded RSA registration increased by 5,971.
The total amount saved in the RSAs of Micro Pension Participants was N967,194,762.23 as of Q3 2024, which represented a growth of N878,065,827.85 from the 2020 figure of N89,128,934.38.
Regarding Accrued Rights payment which are the accumulated pension benefits for employees of FGN Treasury funded MDAs, from their date of first employment up to June 30, 2004 (before the Contributory Pension scheme, the commission said in 2020, a total of 11,385 benefited from the total sum of N57.84billion paid by the federal government.
The commission said in 2021 a total of 13,045 people benefited from the N62.33 billion paid by the federal government while in 2022, a total of 11,551 workers
benefited from N 54.66 billion paid by government. In 2023, a total 14,873 benefited from the sum of N 61.71 Accrued right paid by government.
The Pension Reform Act stipulates that an RSA holder is statutorily allowed to transfer his/her RSA from one PFA to another once in a year. The RSA transfer system enabled greater flexibility for contributors.
PenCom said since after flagging off the transfer window, N1.26 trillion have exchanged hands. These, it said, were transferred on behalf of a total number of 289,545 RSA holders who migrated from one PFA to another as of Q3 2024.
With these achievements, both the operators and regulator agreed that the pension sector has indeed recorded tremendous growth in the past 20 years and are optimistic that as the sector commences another journey into the future, the next 20 years will reposition the sector as the beacon of other finance service sector of the economy.
They however said despite these achievements, one of the major challenges of the pension sector has remained the need to get many Nigerians see the value of financial planning through pension savings. They regretted that after these 20 years of existence, many Nigerians know little or nothing about financial planning through pension savings. This, they said, has thrown up a big challenge for the operators to embark on massive awareness campaign of which PenCom, Pension Fund operators (PenOp) should be at the fore front. This, they added, would grow the Micro pension scheme which the operators have been striving to push but have not achieved the desired result.
As digital payment solutions gain traction worldwide, Nume e keghe reports that Nigeria can harness the New Quick Response payment solution to transform its financial ecosystem
As consumers and businesses embrace technology-driven solutions, the demand for efficient digital payment options continues to rise.
Financial sector players are expanding IT infrastructure to enhance payment processing, collections, and the overall transaction experience. One such solution is Quick Response (QR) codes, which have revolutionized industries, including Transportation, Tourism, Security, and Aviation by significantly improving user experiences.
NQR presents a game-changing opportunity for Nigeria’s financial landscape, offering a secure, convenient, and efficient alternative to cash transactions. Similar to successful implementations in China, India, and Egypt, Nigeria’s increasing smartphone adoption provides a strong foundation for NQR penetration. The scan-to-pay system enables quick person-to-business (P2B) and person-to-person (P2P) transactions, unifying various QR code schemes into a consistent, user-friendly platform.
Designed to be cost-effective for merchants, NQR allows customers to scan seller-generated QR codes to make payments directly from their bank accounts via mobile banking apps. Each QR code contains transaction-specific details, ensuring a seamless payment experience. Under the supervision of the Central Bank of Nigeria (CBN) and NIBSS, this secure and instantaneous platform, offers a compelling alternative to cash transactions.
Despite its advantages, NQR has yet to achieve widespread adoption in Nigeria compared to other countries. To address this, NIBSS recently hosted an NQR Payment Demo Day at its headquarters in Lagos, bringing together banks and financial stakeholders for live demonstrations and discussions on enhancing the platform’s reach and usability.
Speaking at the event, NIBSS Managing Director and CEO, Premier Oiwoh, emphasized the urgent need for financial and payment stakeholders to accelerate NQR adoption, given the global shift towards contactless payments powered by technologies such as Near Field Communication (NFC).
“NQR is an innovative product that stands out, and we need to understand, innovate, and leverage it to drive financial inclusion,” Oiwoh stated.
Highlighting its unique capabilities, he noted that NQR is the world’s first account-based QR payment solution, delivering instant value to merchants and consumers.
“As we showcase the various use cases for NQR, it is important to highlight that this account-based QR solution is the first of its kind globally, offering instant value to merchants and other beneficiaries. In addition to peer-to-peer (P2P) transactions, NQR also supports business-to-person (B2P) payments, with most banking apps already integrating this feature.
“Our goal today is to demonstrate the unique capabilities of NQR and the opportunities it presents. Ultimately, my aspiration is to see Nigeria adopt a payment culture where digital transactions become the preferred choice over cash, just as seen in other developed economies. NQR offers a seamless and accessible payment solution that does not rely on electricity or complex infrastructure; just a QR code that ensures payments are credited directly to the recipient’s account.
“I envision a future where even street hawkers can generate and display their QR codes, perhaps on a lanyard, allowing customers to scan and pay instantly,” he added.”
He noted that NQR as a payment and collection platform has recorded impressive growth since its introduction in the financial payment landscape, adding that it has proved to be a seamless tool for deepening financial inclusion as well as a means of effecting digital payment transactions.
He maintained that its relevance is even more appreciated in its ability to fast-track money transfers or payments between customers/ individuals and merchants, merchants and merchants, and even between individuals and individuals.
“NQR is an indigenous, QR-code-based payment and collections solution powered by NIBSS on behalf of the Financial Services Industry in Nigeria. It offers a fast, easy,
secure and reliable account-based option for making and receiving payments for goods and services. Designed to unify all existing closed QR code schemes, NQR ensures a seamless and consistent user experience, promoting digital adoption across the country.
“In countries like China and India, QR payments have become the dominant method of transactions, offering speed, convenience and seamless payment experiences. What we are introducing here not only replicates but enhances these capabilities. Today’s demo session highlights the key features of NQR, and we hope that those in attendance will take this insight back to their organizations to explore how best to leverage this solution in driving digital payments and financial inclusion across Nigeria,” he said.
For the NIBSS boss, NQR adoption is gaining momentum, revealing that Lagos state government is already incorporating the technology into its revenue collection processes. Thanking the Lagos state government, he said, “Over the past week, in collaboration with NIBSS, they have successfully generated over 750,000 QR codes. This means that once individuals receive their bills; whether for land use, utilities, or other payments, they can simply scan the code from the comfort of their homes and complete their transactions seamlessly.
“This adoption continues to grow because it prioritizes convenience. There’s no need for additional steps; just scan the code on your receipt via a mobile app, enter the amount and proceed with payment. The system is fully integrated with the ERP, ensuring proper identification of the payer.
“For banks, this presents a significant opportunity, as collections are routed directly to them. I am also excited about two other major players currently exploring NQR, with plans to issue over 10 million QR codes. They are already engaging with us to drive this initiative forward.”
Addressing security concerns, Oiwoh assured stakeholders that NIBSS has designed NQR to be domesticated and highly secure. Since its launch, it has remained one of the safest and most cost-effective digital payment platforms in Nigeria.
“NQR is an account-based system,
not a standalone solution. Payments are made through users’ mobile banking apps, requiring authentication via PIN or facial recognition for every transaction,” he explained.
He also highlighted that two-factor authentication (2FA) is embedded in every transaction, ensuring fraud prevention.
Speaking on its track record, he added, “NQR has been running successfully for over three years now. This underscores its reliability as a secure digital payment platform.”
Oiwoh acknowledged the positive reception of NQR among Nigerian financial institutions, citing UBA as a frontrunner in NQR transaction volume and adoption.
“UBA leads the market in NQR transactions, on-boarding, and usage. Other banks and fintech firms are also embedding NQR within their ERP systems to streamline QR issuance and payment processing,” he disclosed.
He further emphasized that other banks and fintech companies are also integrating NQR into their offerings, embedding it within ERP systems to facilitate seamless QR code issuance and payment processing.
“Beyond banks, fintech firms and tech-driven organizations are leveraging NQR by integrating it into ERP systems, enabling automated QR code generation and payment reconciliation. “Additionally, insurance companies have adopted NQR as part of their invoicing system, allowing users to scan and pay seamlessly while instantly receiving digital third-party or comprehensive insurance certificates,” he added.
Oiwoh reaffirmed NIBSS commitment to enabling a fully digitized payment ecosystem that enhances customer experience across industries.
“Looking ahead, I envision a future where subscriptions for newspapers and similar services are seamlessly integrated into the NQR ecosystem. With every transaction tied to the payer, businesses can easily identify their customers and streamline payments. It’s important to note that NQR is the world’s first account-based and instant QR payment solution, uniquely designed to address the specific needs of the Nigerian market,” he concluded.
NIBSS Executive Director, Business Development, Ngover IhyembeNwankwo, underscored the company’s
commitment to working with banks to improve NQR accessibility for everyday transactions.
“As demonstrated today, we are actively collaborating with banks to simplify NQR access. If users struggle to locate the feature in their banking apps, it diminishes the convenience versus cash. However, if we position NQR as the go-to payment solution for small businesses and vendors, its impact could be transformational,” she emphasized.
Powe RIN g Payme NT
Th R ough mCash+
Expressing enthusiasm about the transformative potential of NQR USSD components for traders, transport operators and other small-scale businesses, the Executive Director of NIBSS, Mrs. Ngover IhyembeNwankwo, highlighted the unique advantage it offers for low-value, high-frequency, last-mile payments particularly for those who are cost-conscious. She emphasized the critical role of the USSD string on the NQR mCash+ platform in addressing these needs.
“This is where mCash+ plays a vital role. It was important for us to develop a solution that operates seamlessly on the USSD framework. Imagine the impact of combining this with a SoundBox for a food vendor who traditionally has to pause, handle cash, give change and manage small cash wallets.
“With a USSD-enabled payment option, transactions can be confirmed audibly via the SoundBox, ensuring that payments are received instantly. For those who require more advanced solutions, a POS device that prints receipts remains an option; where the only expense incurred is for receipt paper, without additional transaction fees,” she explained.
Ihyembe-Nwankwo reaffirmed NIBSS commitment to driving financial inclusion through innovative digital payment solutions that cater to all segments of the economy.
“Some merchants may prefer card payments, and we fully support that. Others may opt for instant payments, that’s where NIP (NIBSS Instant Payments) and now NQR, continue to automate and enhance efficiency across Nigeria’s payment landscape.” she concluded.
However, THISDAY observed that despite the growing adoption of NQR codes, some banks remain hesitant. Guaranty Trust Bank (GTBank), for instance, is yet to integrate the technology fully into its payment platform. While observant of its potential, especially at events such as the recent Lagos Food Bank initiative, the bank’s reluctance remains a concern for some customers given its significant customer base.
Nume Ekeghe
The Nigeria Deposit Insurance Corporation (NDIC) has emphasised the need for greater collaboration with legal professionals to enhance the liquidation and debt recovery processes following bank failures.
Managing Director/Chief Executive Officer, Bello Hassan, stated this while speaking at the sensitisation seminar for external solicitors in Lagos.
He highlighted the role of external solicitors in ensuring the smooth resolution of failing financial institutions, particularly in the aftermath of Heritage Bank’s collapse.
Hassan, who was represented by the Head, Legal Department, NDIC, Henry Fomah, noted that bank liquidation is inherently tied to litigation, requiring extensive legal expertise to recover debts, resolve creditor claims, and maximise asset realisation.
He said: “The recent failure of Heritage Bank, highlighted the intricate nature of bank liquidation and the vital role of collaboration with our external solicitors. Liquidation, by its nature, is intertwined with litigation. The NDIC, in fulfilling its responsibilities, engages in legal proceedings both as plaintiff and defendant, representing the interests of depositors and creditors while also pursuing debt recovery from debtors of closed banks. The recovery of these debts and the realization of assets are crucial to achieving our corporate objectives.
“Beyond paying the insured sums to depositors from the Corporation’s deposit insurance funds (DIF), the NDIC is as liquidator is also obligated to settle uninsured portion of deposits and all legitimate creditor claims from the realised assets of the insured institution in-liquidation. I am pleased to report that the Corporation
has consistently fulfilled this responsibility, a success largely attributable to our collaborative partnerships, including the invaluable contributions of our external solicitors. While we acknowledge the challenges some of you have encountered during litigation, we urge you to continue your diligent efforts in assisting the Corporation with debt recovery and asset realization.
“The NDIC deeply values its stakeholders as essential partners in achieving its corporate objectives. We actively seek your continued collaboration and support in promoting financial system stability through a deeper understanding of the dynamics of the Deposit Insurance System in Nigeria.
The consistent support we have received from our external solicitors is evident in the impressive attendance and active participation at previous seminars.”
The Director General of Nigerian Insurers Association, (NIA) Mrs. Bola Odukale has stated the need for continuous insurance awareness creation across the country to eliminate the prevailing negative perception about insurance.
Odukale made the assertion when the executive members of the Nigerian Association of Insurance and Pension Editors (NAIPE) paid a courtesy visit to NIA head office in Lagos.
According to her, insurance practitioners must always put themselves in the face of the people through collaboration with the media. She said: “Image making is part of the
business of insurance especially for an industry like ours that everybody claims much of the time that they don’t know much about. We keep hearing things like ‘we don’t know anything about insurance’ and the feedback is always like everybody seems to lack knowledge of insurance in its entirety.
“Everybody seems to be in the dark about insurance or what insurance is all about and this has been a recurrent decimal as far as the trajectory of the industry is concerned. So, what that says to me is that there must be continuous engagement, we must continuously put ourselves in the
face of the people. Nobody will say he does’t know what the banks do. Many people don’t claim the kind of ignorance about the banking sector like they claim about the insurance sector.”
According to Odukale, the fact remains that the media is part of the industry and the image maker of the industry. She said collectively as an industry, the media remained the image maker of insurance industry.
“You are a vital part of us as far as this industry is concerned, hence matters with you cannot be taken with levity and I want to assure you that we are going to be working together,” she assured.
Heirs Energies, Africa’s fastest growing indigenous integrated energy company, hosted its inaugural Petroleum Industry Leadership Dialogue at the Transcorp Hilton Abuja, bringing together public and private sector leaders to accelerate Nigeria’s production growth.
Heirs Holdings’ subsidiary, Heirs Energies, convened the forum, moderated by CEO of Heirs Energies, Osayande Igiehon, and which featured distinguished speakers including the Minister of State for Speakers highlighted how a series of Presidential Executive Orders had radically reshaped the operating environment and catalysed industry growth Indigenous oil and gas companies were now responsible
for more than 60% of Nigeria’s crude output and the successful indigenisation programme was delivering a bold new chapter in Nigeria’s natural resources history.
Founder and Chairman of Heirs Holdings and Chairman of Heirs Energies, Tony Elumelu in his opening remarks, paid tribute to the catalytic role that current government had played in reinvigorating the sector.
Elumelu also set out Heirs Holdings’ vision of transforming Africa’s energy landscape, through indigenous leadership and sustainable development.
Speaking, Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, applauded Heirs Energies for hosting this inaugural event, “Let me express
our gratitude to Heirs Energies for providing this platform for meaningful industry engagement.”
He announced Nigeria’s oil production had reached 1.8 million barrels per day in January 2025 and set an ambitious target of 2.5 million barrels per day for 2025. He also reaffirmed the administration’s “drill or drop” policy to accelerate production growth.
Heirs Energies CEO, Osa Igiehon, reinforced this perspective, showcasing Heirs Energies’ impact in Nigeria’s onshore sector.
“Our success at Heirs Energies demonstrates what’s possible in Nigeria’s onshore sector, through our Brownfield Excellence Strategy, robust security measures, and genuine community partnership,” he said.
NASD OTC Exchange Plc congratulates Hajiya Fatima Umaru Shinkafi on her re-appointment as the Executive Secretary/CEO of the Solid Minerals Development Fund (SMDF).
The OTC Exchange in a statement, signed by its Managing Director and Chief Executive Officer, Eguarekhide Longe, said NASD recognises the importance of a well-developed solid minerals sector in driving economic growth and development.
According to the statement, Shinkafi’s re-appointment will
continue to foster a conducive environment for investment and growth in the sector.
“We are thrilled that this reappointment by President Bola Ahmed Tinubu, is a testament to her exceptional leadership and dedication to the development of the solid minerals sector in Nigeria. Under Hajiya Shinkafi’s guidance, the SMDF has made significant strides in promoting the growth and diversification of the Nigerian economy.
“We look forward to continuing our collaboration with the SMDF
under her exceptional leadership and exploring opportunities for mutual growth and development. SMDF possesses clear expertise in the needs and peculiarities of the Solid Minerals sector, having brought to bear structure, data and critical skilled partnerships in the development of the sector over the last few years as well as having delivered discernible initiatives to specific mining products such as the Presidential Artisanal Gold Mining Development Initiative (PAGMI),” it said.
Kayode Tokede
Unity Bank Plc posted gross earnings of N59.36 billion for the full year ended December 31, 2023, representing a growth of 3.84 per cent year-on-year from N57.15 billion declared in the 2022 financial year.
In its audited financials submitted to the Nigerian Exchange Limited (NGX), Unity Bank also witnessed improvements across key performance indicators, includ-
ing a significant appreciation of customer deposits by 23 per cent to N402.9 billion from N327.4 billion within the period under review – an indication of sustained retail growth and customer confidence.
Other key highlights of the full-year results include the total assets which stood at N472.5 billion; net fee and income commission, N5.2 billion and an increase in interest income by 9.6 per cent to 53.7 billion from N48.8
billion within the period.
Commenting on the result, the Managing Director/Chief Executive Officer of Unity Bank, Mrs. Oluwatomi Somefun in a statement said the Bank had issued a profit alert to reflect revaluation loss arising from Naira devaluation which was due to the acute shortage of Forex that created an inclement business environment and, on the aggregate, set in an economic headwind.
She noted, however, that in
the full-year statement, this has bottomed out and the key performance indicators are rebounding from the low level of growth and negative trends that characterized the year. Somefun stated: “As we begin to see the margins being closed, it is an indication that the measures being taken to revamp all aspects of the business is being well received by the market: be it workable recapitalisation plan, aggressive drive for asset creation, product innovation, or
digital banking”. “We will need to covet the improvements and further build upon it. As a corporate brand, we have a lot that is keeping us going: the positive sentiments and optimism, the growing franchise of the business and steady growth in different segments of the retail market across all the geo-political zones of Nigeria, “ she said.
She added, “We have the right indicators to reclaim lost grounds - innovating with the
development and soon to be launched an omnichannel digital app to improve reliability, customer experience, support diverse products functionality which will impact earnings, income and profitability.”
The Central Bank of Nigeria (CBN) has recently approved a business combination with another innovative Bank in Nigeria, marking a significant milestone in the Bank’s growth strategy as it advances its recapitalization plans.
A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.
An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the
floor of the Nigerian Stock Exchange.
A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.
GUIDE TO DATA:
Date: All fund prices are quoted in Naira as at 24 February-2025, unless otherwise stated.
It was a night of prestige and celebration as Access Bank Plc reinforced its stance on the work they do being ‘More than Banking’ at the recently held THISDAY’s 30th Anniversary Award Ceremony in Lagos. The bank’s remarkable contributions to the Nigerian economy and unwavering commitment to excellence earned it multiple accolades, reinforcing its leadership in the financial sector. The event also paid tribute to the late Herbert Wigwe, former Group CEO of Access Bank, who was posthumously honoured with a Lifetime Achievement Award for his transformative impact on banking and financial inclusion in Nigeria. Sunday Ehigiator reports
The prestigious Eko Hotel and Suites, Victoria Island, Lagos, played host to the crème de la crème of Nigeria's business, politics, and entertainment industries as THISDAY Newspapers celebrated its 30th anniversary in grand style.
The event, themed, ‘When the Going Gets Tough… The Though Gets Rewarded’, was well attended by dignitaries from all walks of life, including an electrifying performance by legendary American singer Diana Ross, who thrilled the audience with some of her evergreen songs, leaving everyone with nostalgia, and Nigeria’s foremost A-list Artist, Flavour Nabania, who charged his audience to vibe to several of his popular hit songs.
As part of the celebrations, THISDAY recognised and rewarded outstanding individuals and organisations that have made significant contributions to the country's growth and development.
One of the biggest winners of the night was the Access Bank Family, which was recognised in four different categories, namely, ‘LifetimeThe Achievers Award, Titans of the Year, Bank of the Year Award, Global Bank of the Year Award’, and took home three prestigious awards.
The Access Bank Family received a total of three awards, including THISDAY’s Lifetime Achievers Award’ posthumously awarded to the late Herbert Wigwe, Co-founder of Access Bank Plc, THISDAY’s ‘Titans of the Year Award’, received by the co-founder and Chairman, Access Holdings, Aigboje Aig-Imoukhuede, and THISDAY’s ‘Global Bank of the Year Award’, won by the bank itself.
These recognitions mark the highest number of awards received by a single related entity during the award night, a testament to the bank's consistent delivery of innovative financial solutions, its commitment to customer satisfaction, and its contributions to the growth and development of the Nigerian economy, even on the global stage.
AIG-Imoukhuede, ‘Titan of the Year Award’
Justifying the recognition of AIG-Imoukhuede as one of the 12 winners of THISDAY’s 2024 Titans of the Year Award, the foremost media organisation in Nigeria, in its Style Magazine Publication of January 26, 2025, said, “Aigboje AIG-Imoukhuede transformed Access Bank into a pan-African financial powerhouse, spanning
over 20 countries and three continents.
“His leadership expanded the bank into pensions, insurance, and asset management, driving financial inclusion and sustainable growth. Beyond banking, his philanthropy and mentorship have inspired a new generation of African leaders, cementing his legacy as a visionary and economic innovator.”
Herbert Wigwe, ‘Lifetime Achievers Award’
Also speaking about Herbert Wigwe's posthumous ‘Lifetime Achievers Award’, THISDAY said, “Herbert Onyewumbu Wigwe CFR (15 August 1966 – 9 February 2024) was more than just a banker and businessman.
“He was a visionary who reshaped Nigeria's financial landscape. As the Group Managing Director and CEO of Access Bank Plc, one of Nigeria's top-tier banking institutions, Wigwe left a legacy of innovation, leadership, and excellence.
“His journey to the helm of Access Bank began in 2002 when he joined as Deputy Managing Director, rising to the role of CEO in January 2014, following his long-time collaborator and friend, Aigboje Aig-Imoukhuede.
“Together, they transformed Access Bank into a powerhouse in Nigeria’s financial sector.
“Before Access Bank, Wigwe honed his expertise at Coopers & Lybrand and later at Guaranty Trust Bank, where he demonstrated an exceptional knack for banking and finance.
“Known for his strategic brilliance, Wigwe was a driving force in expanding Access Bank's influence across Africa and beyond.
“Tragically, Herbert Wigwe’s life was cut short on 9 February 20 in a helicopter crash in the United States. He was en route to Las Vegas to attend the highly anticipated Super Bowl LVIII championship when the accident occurred.
“His untimely passing sent shock waves through the global banking and business community, leaving behind a legacy of ambition, transformation, and an indelible impact on Nigeria’s
economy.”
The award was presented by the Founder and Senior Pastor of Trinity House, Pastor Ituah Ighodalo, alongside Chairman and Editor-inChief of the THISDAY Media Group and ARISE News Channel, Nduka Obaigbena, and received by Wigwe’s daughter, Otutochi Wigwe, at the one-year remembrance ceremony of Herbert Wigwe, his wife, Doreen, and son, Chizi Wigwe, held on February 9, 2025, at Eko Convention Center, Lagos.
Access Bank, ‘Global Bank of the Year Award’
Access Bank took top honours at the prestigious award ceremony to win THISDAY’s ‘Global Bank of the Year Award’, outshining African Export-Import (AFREXIM) Bank and United Bank of Africa (UBA) to claim the coveted award.
THSIDAY cited the bank’s strategic leadership, rapid expansion, and commitment to innovation and sustainability as some of the key attributes that gave it an edge over other banks in 2024.
Similarly, the bank's leadership in digital banking has been recognised through several awards, including the 2024 Digital Jurist Award for Best Digital Bank.
Access Bank has also demonstrated its commitment to environmental, social, and governance (ESG) principles, earning the 2024 Euromoney Award for Best Bank for ESG in Nigeria and Ghana.
With a presence in multiple countries worldwide, including the United Kingdom, Ghana, UAE, China, and several African nations, Access Bank has established itself as a major player in the international banking sector.
The bank's innovative spirit is evident in its range of technological initiatives, including Facepay, Access Closa, AccessMore mobile application, and Africa Fintech Foundry.
These innovations have solidified the bank’s position as a leader in technological advancements and initiatives, further underscoring its deservingness of the Global Bank of the Year award.
In his acceptance speech, Access Bank's Managing Director and Chief Executive Officer, Roosevelt Ogbonna, appreciated the public who voted, THISDAY Newspaper and Arise Media Group for recognising the bank.
According to him, “This award represents a lot of things to us. It represents 30 years of hard work, 30 years of doing things differently, riding on the shoulders of Titans in the industry like
Aigboje Imoukhuede and Herbert Wigwe, in great memory and my colleagues at the board and management for their support and time.
“We are extremely grateful to our customers and the stakeholders who have continued to support and cheer us on. This reward is for you, and we are collecting it in your honour.”
Similarly, in his reaction to his recognition as ‘Titan of the Year’ by THISDAY, AIG-Imoukhuede noted that “Prince Obaigbena and I were acquainted as bankers and customers in 1991.
“I want to give glory to God for the fact that in 1991, Prince Obaigbena told me that anybody who is graced to manage his account becomes a managing director of a bank, and we know that God answered his prayers.
“Again, of course, I also granted him all the loans he asked for. But to stand with August's Colleagues here and some who are not present is a rare and indeed great honour. I want to thank you most sincerely, God bless you!”
Commitment to Sustainable Economy
Access Bank Plc, a wholly owned subsidiary of Access Holdings PLC, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning three continents, 24 countries and over 60 million customers.
The Bank employs over 28,000 people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE.
Access Bank’s parent company, Access Holdings Plc, has been listed on the Nigerian Stock Exchange since 1998. The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities.
The Bank services its various markets through three key business segments: Corporate and Investment Banking, Commercial Banking, and Retail Banking. The Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years, becoming one of the continent’s largest retail banks.
As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.
By developing and empowering Katsina rural communities through livelihood initiatives and sustainable projects, Francis Sardauna writes that Governor Dikko Umaru Radda has taken a bold and significant step towards economic diversification, job creation and poverty reduction in the state
In today's rapidly evolving world where technological advancements and urbanisation are transforming landscapes, rural communities face unique challenges of accessing social amenities.
Most of these communities are often marginalised and struggle with other predicaments such as poverty, insecurity, lack of accessible road networks and limited economic opportunities.
But in Katsina, Governor Dikko Umaru Radda, is changing the narratives by empowering rural communities through sustainable projects and livelihood initiatives which are fostering economic growth and development of such communities.
Radda’s profound shift towards sustainable livelihood initiatives and rural renewal projects reflects his government’s recognition of the interconnectedness between human prosperity and economic diversification that will make the rural dwellers self-sufficient.
With exhaustively researched programmes, Radda anchored his rural transformative initiatives on improved security; aggressive transformation of education, health, agriculture and water supply with boundless opportunities for citizens to pursue their goals and realise their potentials.
Sectoral Achievements
Security, being the cornerstone of his future building project, Radda is given the sector the desired attention following the creation of the state's Ministry of Internal Security and Home Affairs immediately after he assumed office as the governor of the state in May, 2023.
Another priority he accorded to the security of the state, is the establishment of Katsina State Community Watch Corps and recruitment of over 3,000 youths into the state-owned security outlet, which have contributed significantly in tackling the state's security challenges.
Similarly, N7.8 billion has been expended by his government on procurement of 10 Armoured Personnel Carriers (APCs), 65 Hilux vehicles, 700 motorcycles, surveillance cameras and other security gadgets to aid security operations in the state.
These, among other revolving security strategies, have restored peace in most communities that were ravaged by the nefarious activities of bandits in Batsari, Kankara, Jibia, Safana, Faskari, Sabuwa, Danmusa and Dandume local government areas of the state..
Residents of communities within these local governments who were ransacked from their ancestral homes have returned, and farming and other socio-economic activities are thriving in these areas after years of non-human existence.
For instance, Bakon Zabo, Wagini, Gimi, Mararrabar Gimi and Runka communities in Batsari and Safana which were christened ‘No-go areas’, are now witnessing upsurge in farming, business and educational activities.
Recognising education as the key to sustainable development, Governor Radda has recruited 7,325 teachers and constructed 160 classrooms. He also renovated 258 classrooms in addition to the provision of 612 teachers’ furniture and 14,602 two-seater pupils’ desks.
While 81 boreholes have been drilled in some of the schools to abet water supply, 46 toilets and 20 staff quarters were equally constructed by the Radda-led government across the 34 local government areas of the state.
Three Special Model Secondary Schools are currently being constructed by the state government at Radda, Dumurkul and Jikamshi towns. The government also empowered 104,111 girls through its Conditional Cash Transfer programme across 255 public secondary schools.
The initiative supported by the Adolescent Girls Initiative for Learning and Empowerment (AGILE) programme has increased girls’ enrollment in schools in rural communities and improved their educational advancement.
The World Bank funded programme, in collaboration with the state government, has
provided digital learning materials and e-books to 370 schools, as well as 1,200 refuse containers to 600 secondary schools.
Bringing Healthcare Closer to the Rural Dwellers
Before the coming of Governor Radda's administration, many remote communities and villages in the state were not having access to healthcare because there were no nearby health facilities.
Mothers would carry their sick child, often on foot, to the closest health centre which can be miles away and can sometimes take days, but the Radda-led government has brought succur to them.
He has constructed one functional Primary Healthcare Centres (PHCs) and staff quarters in each of the 361 wards of the state. Toilets, electricity and boreholes are also provided in the centres to enhance sanitation and personal hygiene.
According to residents, the health facilities render 24/7 services to patients, including admission and childbirth, but refer critical cases to the secondary and tertiary health institutions across the state.
These facilities also provide medical services to people from the neighbouring Niger Republic, especially those located in the border communities of Magaman Jibia, Dankama, Kongolam, Babban Mutum, among others.
There is an influx of the Nigeriens
into these Katsina health centres for medical services despite Niger’s withdrawal from the Economic Community of West African States (ECOWAS).
However, N13.4 billion has been expended by the government on the upgrading of 146 primary healthcare centres, while 254 health workers have been recruited by the Radda-led government to tame the manpower shortage in the sector.
Comprising doctors, nurses, midwives, pharmacists and laboratory scientists, the health personnel were recently recruited into the state's secondary healthcare facilities. Three General Hospitals are either constructed or renovated in each of the 34 LGAs in the state by Governor Dikko Umaru Radda.
This further underscores the governor's unwavering commitment to bringing affordable and accessible healthcare services to rural dwellers irrespective of their status or political affiliations.
Also, the entry point of salary for medical doctors in the state has also been reviewed upward and their residency training allowances improved with a view to boosting efficient and effective service delivery.
Radda has also commenced residency training on obstetrics and gynecology, pediatrics and family medicine for indigenous doctors at the famous Turai Yar’adua Hospital and General Hospital, Katsina, respectively.
The construction and inauguration of a 12-bed capacity dialysis centre at the General Amadi Rimi Orthopaedic Hospital is another strategic approach by Governor Radda to drive comprehensive reforms in the health sector.
Endowed with cutting-edge medical technology that meets the standards of advanced
In Katsina, Governor Dikko Umaru Radda is changing the narrative by empowering rural communities through sustainable projects and livelihood initiatives, which are fostering economic growth and development of such communities
countries, the ultramodern dialysis facility has one consultant nephrologist, pharmacist and 12 trained dialysis nurses.
At least 183 indigenous students have been awarded foreign scholarships to study medicine at a recognized university in Egypt and China. The aim is to have more qualified doctors that will later be deployed to various health institutions.
He equally revolutionised the state's agriculture by providing sustainable water resources, boosting crops yields and ensuring sufficient food production and security in the state.
Accordingly, 4,000 hand power tillers, 4,000 solar-powered water pumps and 48,000 bags of fertilizers have been procured and distributed to both irrigation and wet season farmers across the state.
To sustain irrigation farming, 2040 farmers have also been empowered with various farming equipment which led to the bumper harvest of tomato, pepper, onion, cabbage, carrot and watermelon this year
11,996 farmers in the state have also benefited from the state's agricultural inputs, while 31,990 other farmers get agric assets through the FADAMA programme. This humanitarian gesture gulfed N3.4 billion from the state government’s coffers.
The establishment of Katsina Irrigation Authority by Governor Radda, is also abetting water management practices, reducing reliance on rainfall agriculture and mitigating the effect of climate variation across the irrigation farms in the state.
The agency is equally providing responsible water use, minimises wastage and enhances the overall productivity and resilience of farming communities.
Within his short period on the saddle, Governor Radda has also prioritised the linking of all the major towns and villages to Katsina, the state capital, through road construction.
The impact of the governor’s rural feeder road projects is already being felt in the nooks and crannies of the state as corroborated by residents of the state.
Radda’s Rural Projects Excite Katsina Residents
The residents who spoke to members of the Katsina State Correspondents’ Chapel who were on tour of Governor Radda's projects across the state, praised him for his ongoing urban and rural projects.
Describing Radda as a visionary leader, they said the construction of one primary healthcare centre in each of the wards, was a testament of his commitment to revolutionise the health sector.
One of the residents from Muduri in Baure Local Government, Hassan Fatuhu, commended the state government for constructing a primary healthcare centre in the community after “20 years of neglect”.
“Before the construction of this hospital, our wives had to trek to Baure town for antenatal service and childbirth. But now, all the facilities needed for delivery are in this hospital,” Fatuhu added.
For Abdullahi Ibrahim, a resident of Doki Babba community, the drilling of solar-powered boreholes and construction of primary and secondary schools in the community has addressed their age-long water shortage and educational impediments.
During the media tour, which commenced in the Daura senatorial zone, journalists and locals assessed the impact of the completed and ongoing projects across the 12 local governments of the zone.
The nine-day tour, which covered the three senatorial districts of the state, included visits to roads, schools, hospitals, water and agricultural, as well as flood control projects that have been constructed or rehabilitated under Governor Dikko Umaru Radda’s leadership.
Israel Kehinde is the principal cofounder at LockBook Limited, an educational technology startup to close the digital infrastructure gap to distribute textbooks and provide equitable access to quality education. In this interview with Funmi Ogundare, a graduate of Computer Science, Babcock University, Ogun State, who recently won a grant of N15 million as the second runner-up of the Fund-It-Forward project organised by Channels TV, explained why investment in digital infrastructure for the distribution of electronic textbooks and resources, is imperative to make them accessible to students. Excerpts:
What inspired you to apply for the Fund-It-Forward initiative?
I applied to the Fund-ItForward initiative because I saw that the programme’s social mission aligns closely with mine, our company and the nations’, which is to use my knowledge in building LockBook as a fast-growing educational technology startup to nurture core values in myself and others, building relationships and providing an inspired vision for those around me.
Your project must have a unique vision. What is your project’s core idea, and how has Babcock University inspired you?
At LockBook, our vision is to provide equitable access to quality education as a right and not a privilege. An experience I had while schooling in 2020 during the COVID pandemic highlighted the problem of book piracy, exposing the weaknesses in local textbook distribution, and this made the message clear to myself and my team about the need to build an African solution that will solve copyright control and piracy problems of global distribution. And that is exactly what LockBook is. We are a startup company closing the gap of digital infrastructure for the distribution of books, especially textbooks. Babcock University has helped us in many ways. Personally, I would say it has instilled in me the discipline of consistency and the love of learning required to be successful in any venture I decide to pursue in life. Moreso, as a business, through the support of the Babcock Entrepreneurship Development Centre (BEDC), we have been incubated and given a grant of about one million naira to jumpstart the project at the early stage.
What challenges did you face in the house for about eight weeks while trying to perfect your project, and how did you overcome them?
Most of the challenges I faced were related to the weekly tasks, which had different topics and required different dynamic approaches.
Kehinde
So, I had to continually and rapidly evolve in my thought process.
Winning the Fund-It-Forward grant is a significant accomplishment. How will this impact the direction of your project?
The catalytic N15 million grant would bring us one step closer to actualising product-market fit. Gracefully, it is coming just at the right time as initial capital to serve our partnership with Babcock University, which requires 6 times our present capacity. We have been managing the MVP ever since because of the costs associated with getting new servers and technology.
In what ways do you believe your project will benefit the university community or society at large?
The benefit of LockBook to society is digital. Our main growth driver is to
ensure access to quality education as a right, not a privilege, starting with the university community. I started LockBook because of an experience I had while schooling during the pandemic, where there was no avenue to access my recommended textbooks. Schools have moved on since then to embrace digital learning as a standard medium with many adopting different models like hybrid learning and full online/distant learning programmes. However, the gap is still there. Students still cannot access the required materials they need to learn because copyright holders have the fear of digital piracy. To date, there remains a dearth of digital infrastructure for the distribution of electronic textbooks and resources, highlighting the need for more investment to make education a right and not a privilege. That is what LockBook.org is really all about. We are all about solving the problem of lack of access to books for learners and solving the problem of piracy for copyright holders. Part of our goal is to build the world’s first battery and glare-free e-reading consumer electronic device, which we believe is the techno-utopian ideal for digital reading, the future of education. This would be powered by our reading app as a cutting-edge solution to ultimately eradicate low attention spans and make reading easier and more enjoyable. Until now, this has only been possible with cutting-edge digital technology like the BrainComputer Interface (BCI) and smart glasses, which both break down every little barrier that could make the reading process seem like hard work such that a user can wake up in the middle of the night and without lifting a finger, using our eReader hardware, right there on his/her bed, access any library or repository globally for a sustained period of time (prolonged reading). Hence, this has a huge potential for solving attention span as it is a proven solution.
What role do you see innovation playing in the success of your project? Can you share any unique element of your approach that sets you apart from others?
Innovation is in LockBook’s DNA. We have built and commercialised the first Nigerian
digital rights management solution for institutions. We are not stopping there; our goal is to commercialise the world’s first battery-and-glare free e-reading consumer electronic device. Only one technology research company in China and in the world has gotten the hardware formula as we speak. Of course, we don’t have the zeroes, but our Research and Development (R&D) team has written a whitepaper for our ideal hardware specification in partnership with Babcock’s Research and International Collaboration Department because they have more authority as an institution. They are qualified to lobby so we would be using them to lobby as well as apply for grants for this purpose of investing into the technology. While all this is going on, we are not resting on our oars internally. LockBook would keep a keen focus on developing the most lightweight secure software that would power the hardware. The quality of the software that drives the hardware just has to be the best. It has to be proprietary at the core, just like the proprietary Apple iOS that powers the Chinese-produced Apple iPhone hardware, that is the perfect example. The software is exactly what our focus is on right now, and it has no option but to be the best. Our goal for product-market-fit is to make our e-reading software to be able to engage four out of the five learning senses at once, no digital reading platform does that yet! Think of it; worst case, if we don’t get the hardware right, we still have the best software ever for reading books. Also, our marketing team is building some revolutionary with our LockBook growth platform that combines the power of artificial intelligence and marketing automation to power our advertising across all our marketing channels. We would continue to move forward with superb research and development so we can keep at the technological forefront in the meantime and obtain durable first-mover advantages while what we do becomes the new standard.
NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
Uchechukwu Nnaike
Maths4Life Foundation has restated its commitment to delivering meaningful and lasting impact on Nigerian students by helping them learn and apply mathematical concepts, theories, and formulas and develop critical thinking, logical reasoning, and problem-solving skills.
Through numerous competitions, the foundation aims to leverage the transformative power of mathematics to improve education and empower individuals at all levels.
Speaking at a press conference to announce the 2025 National Mathematics Tournament finals, scheduled for Saturday, March 1, 2025, at Eko
Hotels, Lagos, the President of Maths4Life Foundation, Omoniyi Osuntuyi, said that the foundation’s commitment to mathematics education is deeply rooted in its vision to identify and nurture students with exceptional mathematical abilities and foster a sense of healthy competition, teamwork, and sportsmanship among students.
According to him, the 2025 National Mathematics Tournament (NMT) finals will see contestants from eight schools across seven states in Nigeria compete for the opportunity to emerge as the winner and the chance to partake in the N6 million
prize money for the best three overall winners.
In addition to the cash prizes, he pointed out that winners will receive trophies, medals, certificates and other consolation prizes for participants.
Schools that will compete in the final tournament are Epe Girls High School, Lagos; Penny International School, Lagos; University of Benin, Demonstration Secondary School, Edo; Bosdem College, Ogun; Loyola Jesuit College, Abuja; Graceland International School, Rivers; Little Scholars School, Kaduna; and Austica Memorial College, Anambra.
Osuntuyi said NMT provides opportunities for students from underprivileged backgrounds and socio-economic backgrounds to participate
in national-level competitions, exposing them to quality education and resources and promoting equal opportunity for all.
“The tournament offers resources, support, and mentorship to participating students, helping to bridge the gap between their current skills and future aspirations,” he said.
Mopelola Ajetunmobi, Admin Officer, Maths4Life Foundation, said NMT provides students with opportunities to learn about various STEM careers, inspiring them to explore these fields.
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The Executive Secretary of Tertiary Education Trust Fund (TETFund), Sonny Echono, has said that the agency will this year intervene to ameliorate the high energy cost that is almost crippling teaching and learning in tertiary institutions across the country.
He stated that the intervention is to complement the federal government’s efforts, which is planning to install solar energy panels in some higher institutions.
Some public universities like the University of Lagos, University of Ibadan and Ahmadu Bello University, because of being categorized as Band A users by electricity distribution companies, are each slammed with monthly bills in excess
of N300 million.
Echono stated this in Lagos at the weekend when TETFund won the New Telegraph Newspaper’s award as the Most Improved Government Agency in 2024.
“The award is dedicated to Mr President and the minister of education who have been pushing us to ensure judicious use of allocated resources and to also ensure that our beneficiary institutions use resources allocated to them judiciously too,” said Echono.
The TETFund boss noted that 2025 would be the agency’s “brightest year of intervention,” with plans to tailor interven-
tions to the needs of beneficiary institutions like power by providing solar panels.
The TETFund chief also disclosed that the agency will improve the teaching and learning conditions, including lecturers’ research capacity and the hostel.
“We will ensure that our research centres are excellent in nature and that we won’t need to send research samples abroad again,” said Echono. “We will continue efforts to improve the capacities of our institutions to become centres of excellence, thereby improving their global rankings and making our students globally competitive.”
Echono also reiterated that TETFund is not
overburdened by the government’s constant establishment of higher institutions, as it is mandatory to cater to such institutions.
“The more the merrier,” stated Echono. “We have a high rate of population growth and a high demand for higher education. In a situation where over two million candidates seek admission to tertiary institutions yearly and between 600,000 and 700,000 are admitted, we still need more higher institutions.”
He added, “People are paying their taxes, and we have increase in our resources. Since we are judiciously using available resources, we are on course. We welcome new challenges, and we are ready to fulfil our mandate.”
L-R: Former Governor of Osun State, Chief Bisi Akande; Imo State Governor, Senator Hope Uzodimma; Speaker House of Representatives, Rt. Hon. Abbas Tajudeen; Senate President Godswill Akpabio; Vice President Kashim Shettima; President Bola Ahmed Tinubu; National Chairman of the All Progressives Congress (APC), Dr. Abdullahi Umar Ganduje; APC National Secretary, Ajibola Basiru; Deputy Senate President, Jubril Barau; and Deputy Speaker House of Representatives, Benjamin Kalu, during the APC Caucus meeting, held at the State House, Conference Center, Abuja, yesterday
Deji
President Bola Tinubu, last night, presided over the national caucus meeting of the ruling All Progressives Congress (APC), after two years of inertia by the party’s critical organs.
The meeting took place ahead of the National Executive Committee (NEC) meeting of the party.
Held at Conference Centre, State House, Abuja, it was the first of such meetings since Tinubu assumed office on May 29, 2023.
Those in attendance included Vice President Kashim Shettima; President of the Senate, Senator Godswill Akpabio; Speaker of the House of Representatives, Hon Tajudeen Abass,; and National Chairman of APC, Dr Abdullahi Ganduje, who came with nine other National Working Committee (NWC) members.
The NWC members were the deputy national chairmen for North and South, national secretary, legal adviser, treasurer, organising secretary, women leader, youth leader, and leader of persons living with disabilities; as well as APC governors, led by their chairman, Governor Hope Uzodimma of Imo State.
The meeting was expected to set the tone for the NEC meeting billed for the APC national secretariat in Abuja today.
One of the issues expected to be discussed at the caucus meeting was the date to organise a non-elective convention in accordance with the party’s constitution.
The caucus meeting might also consider the issue of the party's standing committees, a presentation on the establishment of The Progressive Institute (TPI), membership e-registration, and a report from the national legal adviser on the
We’re now stronger,
various litigations involving the ruling party still pending in the courts of law.
Speaking after the meeting, Uzodimma declared that APC had become stronger, more united, and remained the dominant force in Nigerian politics.
He stressed that APC was focused, supportive of the government, and would continue to outshine its rivals.
Uzodimma stated, “Our party is united, stronger, focused, and fully behind the government.
“Despite the challenges of governance, the party is doing so well, and we need to celebrate our own. The APC is the party to beat and the envy of other political parties, not only in Nigeria but across Africa."
The Progressive Governors Forum (PGF) chairman emphasised the party’s unwavering support for the Tinubu administration, particularly in implementing critical reforms.
Acknowledging the economic hardship that accompanied the changes, the governor expressed optimism that the benefits were gradually emerging.
He stated, “We are not unaware of the hardship associated with the various reforms going on. But gradually, the dividends are beginning to manifest. We are now better off in terms of revenue generation, with more resources available for infrastructure, social programmes, and economic growth."
Uzodimma also praised Tinubu’s handling of national security, particularly in the South-east, where he said relative peace had returned.
According to him, “If you recall, three years ago, it was almost impossible to visit any part of the South-east for any function, even for burials.
“People were being buried in townships instead of their villages,
and marriages were not held in rural areas. But now, with the way this government has managed insecurity, farmers have returned to their farms, and people can move freely again."
The Imo State governor acknowledged that isolated security challenges persisted in some remote areas, but maintained that the situation had improved significantly.
Addressing concerns about the party’s internal democracy, Uzodimma dismissed allegations that APC was a “one-man show”, insisting that its structure allows
for broad participation at all levels.
He said, “APC is a very large political party with different organs, from the polling units to the national level. Everything we do is democratic. For instance, we are preparing for the by-election in Anambra State. Forms are being sold, aspirants are buying them, and we will follow our internal processes to select a candidate."
Uzodimma argued that APC’s consistent electoral victories were a testament to its democratic processes and growing popularity among
Nigerians.
“Why are we winning all these elections? It is because we have demonstrated high capacity and respect for democracy,” he said.
On claims that the party was dominated by a single individual, Uzodimma pointed to the presence of governors from across the six geopolitical zones at the caucus meeting as evidence of inclusivity.
“I believe in practical things.
Standing here now, I see the governors of Lagos, Edo, Jigawa, and Sokoto states. If all zones are
represented, what does inclusivity mean if not this? APC is not a one-man show,” he declared. Uzodimma also highlighted the establishment of the Progressives Institute, the party’s newly launched intellectual arm, as a sign of its commitment to research, training, and capacity-building. With APC gearing up for upcoming elections and policy initiatives, Uzodimma reiterated the party’s commitment to governance, economic progress, and national stability.
Deji Elumoye in Abuja
Former presidential candidate and businessman, Mr. Gbenga Hashim, has commended former military president, General Ibrahim Babangida for acknowledging his past mistakes and offering an apology to the nation.
Babangida had last week in the course of the unveiling of his memoir in Abuja publicly apologised for his annulment of the June 12, 1993 presidential poll won by late Chief MKO Abiola.
The former student union leader described the move as a crucial step toward national healing and reconciliation.
The presidential candidate of the Alliance for New Nigeria (ANN) party during the 2019 general election stressed the urgent need for Nigerian leaders to acknowledge past mistakes, arguing that a culture of accountability and reconciliation is essential for national progress.
His words: “As a nation, we need to apologize to some people so we can close the chapter on hatred and move forward. The victims of the first coup, including our founding fathers, those affected by the counter-coup, and various crises in our history - these wounds need to be addressed. Nelson Mandela worked with De Klerk to reconcile South Africa. We must also work hard to bring our country together.”
Hashim who was detained without trial during Babangida’s eight-year military regime revealed that while he was invited to the launch of the former President's autobiography in Abuja last week, he was unable to attend.
He, however, used the opportunity of his visit to Babangida on Tuesday to congratulate him on the success of the project, which has sparked widespread debate across the country.
The former national spokesperson of the Peoples Democratic Party, PDP,
Wale Igbintade
A Federal High Court in Lagos has ordered the remand of three workers from the Lagos State House of Assembly in the custody of the Department of State Security Services (DSS) for allegedly assaulting its officers.
The three members are Ibrahim Olanrewaju, Adetu Adekunle and Fatimoh Adetola.
Justice Daniel Osiagor, to whom the case was assigned, directed the DSS to hold them in custody pending
their arraignment. The judge stated that he needed to go through the case before the defendants could enter their pleas.
In the charge, marked FHC/ L/273C/2025, dated 24 February 2025 and filed on Tuesday, the DSS accused the trio, along with others still at large, of conspiring to assault officers of the State Security Service while they were performing their official duties, without any reasonable excuse.
The agency alleged that on February 17, 2025, at the Lagos State House
of Assembly, the three defendants aided and abetted by obstructing the officers of State Security Service while performing their official duty without any reasonable cause. They were also accused of cyberstalking amongst themselves by recording and sending false information to social medial circulating same to the whole country for the purpose of causing a breakdown of law and order amongst the people without any justification.
DSS said that Ibrahim Olanrewaju, Adetu Adekunle and Fatimoh Ad-
etola, conspired amongst themselves to commit felony by willful misdirection of electronic massages to social media for the purpose of embarrassing the State Security Service and its officials.
The commission further accused Ibrahim Olanrewaju, and Adetu Adekunle of using Iphone 12 promax to record false information and sent same to social media for circulation with the intention to cause an embarrassment to State Security Services, in order to cause breakdown of law and order to the public.
explained that, rather than focusing on the controversial aspects, the significance of Babangida’s admission of past mistakes should be well noted.
According to Hashim, “Babangida is not the only leader who made mistakes in office, but not everyone has found the courage and humility to admit their errors. What he has said and written are important testimonies for national reconciliation.”
Hashim clarified that he is neither a praise-singer nor a beneficiary of Babangida’s government, recalling his strong opposition to IBB’s regime and imprisonment under Decree 2.
He added that since 2004, following mediation by the late Governor Abdulkadir Kure, Prof. Tunde Adeniran, and Dr. Esther Uduehi, he has come to appreciate Babangida’s qualities beyond politics. His words: “IBB is an enigma. Despite our differences, I have come to admire his humility, simplicity, and deep love for Nigeria’s unity. To him, national unity is like a religion.” Hashim also revealed Babangida’s pivotal behind-the-scenes role in ensuring Goodluck Jonathan became President under the Doctrine of Necessity during Nigeria’s 2010 political crisis.
Linus Aleke in Abuja
The Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, has advocated for African-led solutions to local security threats on the African continent.
Abubakar also stated that enhanced cooperation among African Air Forces is crucial for tackling emerging security threats, such as terrorism, insurgency, and transnational crime.
Speaking at the African Air Chiefs' Symposium in Zambia, the CAS highlighted the importance of regional collaboration and strategic partnerships in strengthening African airpower capabilities and addressing common threats.
Abubakar who assumed the Chairmanship of the Association of African Air Forces (AAAF), promised
to fully operationalise the association and enhance Africa-led Humanitarian Assistance and Disaster Response (HADR) operations. He underscored the role of strategic partnerships with allied nations and international organisations in building capacity, enhancing interoperability, and advancing technological innovations in aerospace operations.
A statement by Director of Public Relations and Information, Nigerian Air Force, Air Vice Marshal Olusola Akinboyewa, said the AAAF symposium is more than just a meeting of minds; it is a demonstration of commitment towards a safer, more secure, and more prosperous Africa.
“Our collaboration is a powerful reminder of the importance of finding African solutions to African problems,” Air Marshal Abubakar said.
by
to Lagos State
James Emejo in Abuja
The Chairman, Transcorp Power, Mr. Emmanuel Nnorom, yesterday disclosed that the company has fully repaid the $300 million credit facility it accessed in 2012 to boost its operations, alluding to the firm’s credit worthiness in the financial sector.
Speaking at the company’s 2024
Annual General Meeting (AGM) in Abuja, he said the company had improve power generation to 650 Megawatts (MW) in January 2024 to 625 MW as of the end of the year.
This came as shareholders approved the sum of N37.5 billion as dividend for the financial year, which translated to N3.50 per share.
The shareholder specifically commended the company for the positive financial performance amid inherent challenges in the business environment.
Nnorom further disclosed that shareholders will receive a total dividend of N5 per share, including an interim dividend of N1.50 paid in July 2024 and a proposed final dividend of N3.50 for shareholder approval.
He said despite a challenging macroeconomic environment, Transcorp Power had remained resilient and committed to delivering value to its shareholders.
He said the company’s revenue surged by 115 per cent to N305.9 billion in 2024 from N142.1 billion in 2023.
He said operating profit also increased N114.03 billion from
The South East Caucus in the House of Representatives has called on the National Agency for Food and Drug Administration and Control (NAFDAC) to consider reopening the Onitsha Bridgehead Market in Anambra State.
Recall that the agency sealed over 4,000 shops in Onitsha, 3,027 shops in Lagos and 4,000 shops in Aba in the ongoing clampdown on fake and substandard drugs in the country.
However, the leader of the caucus, Hon. Igariwey Enwo, made the call
while addressing a press conference at the National Assembly Complex on Tuesday in Abuja.
The caucus frowned at the activities of the so-called businessmen and women, who engage in the business of production and distribution of fake and adulterated medications and drugs which they pass on to unsuspecting public.
Enwo noted that their activities not only imperil public health, but have led directly or indirectly to loss of lives.
He pointed out that the sealing of the entire market has a huge collateral damage on the entire country
particularly on drug users in the South East and South South zones.
Enwo urged the agency not to punish innocent and genuine traders as well as drug/medicine users alongside the alleged criminals.
His words: “While we are mindful of NAFDAC's statutory role in curbing and stamping out of fake drugs in the country, we urge them to quickly arrest and prosecute those responsible for the production and distribution of these fake drugs.
“The wholesale and indefinite sealing of a market that caters for over 90 per cent of the medication
Sets aside N300bn for revitalization of educational infrastructures
Niger State Government has said it will impose 5% on all agricultural produce produced by the state to fund education a policy that is expected to generate over N200bn.
This is even as the government is to spend N300bn on the revitalization of basic educational infrastructure across the state this year.
Governor Mohammed Umaru Bago who disclosed this in Minna on Tuesday, at the groundbreaking ceremony for the revitalization of basic education infrastructure which has Marafa Basic School as pilot scheme, said government had completed arrangements to expend another N100bn for the remodeling and upgrading of some schools to
mega institutions. Bago said in line with the administration’s drive for quality education another N5bn would be spent to expand and upgrade 25 nomadic Schools and interventions for Quranic and Sangaya Schools while provision of N5b has also been set aside for the education of children with Special Needs in the state in the next five years.
Bago also disclosed that the government will provide 1m computers and tablets for learning across all public schools in the state in order for students to be in tandem with current global practices
The governor who described education as a fundamental Human Right submitted that every child in the state deserved to have education which is
why government has declared it "free and compulsory at the basic level".
Bago assured the people that the new Niger agenda "is determined to provide succour to Nigerlites at all levels" before appreciating the Universal Basic Education Board SUBEC for its collaboration and continued support to basic education.
The Executive Chairman of the Niger State Universal Basic Education Board, Alhaji Muhammad Baba Ibrahim, in an address, disclosed that the Marafa Basic School, when remodeled, will have 128 classrooms out of which 110 will be for teaching, 5 e-libraries, 2 basic science laboratories, 2 basic technology laboratories, 2 entrepreneurship clubs, 2 home economics centres and 2 resource centres for children with special needs.
needs of the South East and South South regions, may not be the best approach.
“More so when it is considered that many of the other traders in the same market are genuine business men and women.
“Therefore, to avoid a situation of visiting collective punishment on all the traders of Onitsha Bridgehead, which is currently in a state of lockdown, and considering the wider collateral effect of the lockdown on the health needs of the larger population.
“We urge NAFDAC to quickly resolve the situation by prosecuting the offenders, sanitizing the entire medical ecosystem, whether in Onitsha bridge head market, or in Aba, Lagos or Kano.”
N64.63 billion while profit before tax more than doubled to N113.3 billion in 2024 from N52.8 billion in 2023.
Nnorom added profit after tax (PAT) recorded a leap of 165 per cent to N80.01 billion from N30.2 billion.
He further noted that one of the company’s key achievements in 2024 was the full repayment of its $215 million foreign acquisition loan, significantly improving its financial stability.
He said, “This outstanding financial performance reflects our unwavering commitment to value creation for our shareholders.”
The chairman also revealed that the company planned to generate 50 per cent of the electricity consumed in the country in the near future, up from its current share of 12 per cent.
He said, “The power we’re generating today, our target is 25 per cent of the power consumed in Nigeria. We are presently at about 12 per cent of power consumed in Nigeria. And the plan this year is to be at 15 percent. Our target is to be at 25 percent.”
He noted that the company was focused on improving gas supply as well as infrasturcture to support the industrial growth.
Managing Director/Chief Executive, Transcorp Power, Mr. Peter Ikenga, said the company had experienced consistent growth
over the last five to six years, with revenue compounding annually at over 40 per cent.
He said, “Between 2023 and 2024 alone, we grew our revenue by 115 per cent and saw a 165 per cent increase in profit. Shareholders can expect this growth trend to continue.”
He said Transcorp Power ended 2024 with an available capacity of 625MW, up from 500MW at the start of the year, adding that the company planned to add another 150MW to its generating capacity by the end of 2025, bringing the total to 775MW.
Ikenga said, “This expansion directly translates to increased revenue, higher profitability, and stronger returns for our shareholders.”
He said, “We are not just focused on growing capacity; we are also enhancing operational efficiency and managing costs effectively. This strategy ensures that our revenue growth is matched by improved profitability.”
He added that the company was committed to continuous reinvestment aimed at strengthening its market position.
He said, “With the support of our board and the trust of our shareholders, we are entering an exciting phase. By year-end, shareholders can expect a bumper period of returns and sustained company growth.”
The Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, has mooted the establishment of a Child Development and Protection Agency (CDPA) to strengthen the implementation and enforcement of children's rights and welfare policies in Nigeria.
The minister also announced plans to train a dedicated pool of 100 to 200 child protection lawyers who will work at both state and federal levels, ensuring proper legal representation for cases related to adoption, child protection, and welfare issues.
This was the outcome of a crucial meeting with the United Nations International Children's Fund (UNICEF) management team who paid
her a courtesy visit at the ministry's headquarters in Abuja on Tuesday, reinforcing Nigeria’s commitment to safeguarding the rights and well-being of its children.
She emphasized the urgent need for a dedicated, implementing arm that will work closely with law enforcement agencies, retention centers, remand homes, and other child protection institutions to ensure the effective enforcement of child rights laws.
“The ministry is overwhelmed with implementation tasks when, in fact, our core mandate is to design and supervise policies for the government.
“This is why we need the Child Development and Protection Agency, which will take on implementation, allowing us to focus on policy-making,”
Sulaiman stated. The minister outlined a roadmap, starting with the development of a zero draft, followed by extensive consultations over the next two to three months. The proposed framework will be presented as an Executive Bill, with active collaboration from the Speaker of the House of Representatives and the Senate President.
Highlighting the urgency of this initiative, the minister stressed that Nigeria’s global standing is closely tied to how it treats its most vulnerable citizens - its children.
“Every country is judged by how it protects its vulnerable groups, and our children are the most vulnerable. This agency is not optional; it is something we must do.”
Human rights lawyer, Mr. Femi Falana, SAN, has vowed to take legal action against former Military President, General Ibrahim Badamasi Babangida, for his role in numerous violations of
fundamental human rights. Speaking on a national television "Politics Today", Falana announced his intention to challenge the malicious prosecution he and his colleagues faced during the military regime. He insisted that late Major General
Mamman Vatsa and others were sentenced to death over a "phantom coup", adding that, "the case of Mamman Vatsa was a premeditated murder."
Falana, who recounted how, during the June 12 struggle, peaceful protests
erupted across Nigeria, explained that it was Babangida, who ordered the arrest of prominent activists like the late Chief Gani Fawehinmi, Dr. Beko Ransome-Kuti, and himself. He stated that the three of them were detained and brought to Abuja,
where they faced charges of unlawful assembly, conspiracy, and sedition before a Chief Magistrate’s Court. Falana detailed the sedition charge, stating that it stemmed from their publication of election results that IBB had refused to release, which was
Sani Musa says Tinubu will spend 8 years Kalu asks APC to return him unopposed, seeks posthumous swearing-in for MKO Abiola Akpabio gets colleagues’ confidence vote, Natasha to face ethics committee Kogi senator sues senate president for N100bn over alleged defamation
Sunday Aborisade and Alex Enumah in Abuja
Two senators, yesterday, launched a subtle campaign for the re-election of President Bola Tinubu, citing different reasons.
Chairman, Senate Committee on South East Development Commission, Orji Uzor Kalu, and his counterpart in the finance committee, Senator Sani Musa, kicked off the campaign.
Kalu, a ranking senator and twoterm former governor, represents Abia North Senatorial District, while Musa is from the Niger East Senatorial District.
Kalu, who spoke with journalists shortly before the start of plenary, said since Tinubu had performed well as president, he should be elected unopposed in the 2027 general election.
Musa said Tinubu would spend eight years in office to ensure the efficient implementation of the fiscal legislations started by his administration.
The mild campaigns came as senators, yesterday, passed a vote of confidence in President of the Senate, Godswill Akpabio, over his leadership style.
The red chamber also reviewed the issue that led to a rowdy session last week and asked its Committee on Ethics, Privileges and Public Petitions, chaired by Senator Neda Imasuen, to investigate the matter.
But the row over seat rearrangement at the senate between Akpabio and a Kogi State senator, Natasha Akpoti-Uduaghan, dragged into the courtroom, with Natasha demanding a N100 billion compensation as damages she has suffered over the incident.
Speaking on Tinubu’s re-election, Kalu said, "Many Nigerian presidents, who have not performed well had won a second term in the past. We are appealing to the Nigerian people to be patient with the reform process.
“We are not looking for another presidential candidate outside of our party; we are fully aligned with democratic principles and supporting the sitting president.
“The good news is that we will win again in 2027. The president will
return, and Nigerians will celebrate with us. That is inevitable."
On the current hardship in the country as a result of the fiscal and monetary policies ofthe Tinubu administration, Kalu enjoined Nigerians to be patient as there would soon be light at the end of the tunnel.
He said, "Reforms are difficult, but they are necessary. The economy has been cut into pieces, and now we are trying to sew it back together. It is a tough process, but patience is required.
“The president is now making wider consultations, both locally and internationally, before taking key economic decisions."
Kalu equally spoke on the recent declaration by former military president, Ibrahim Babangida, in his book that the late Moshood Abiola won the 1993 presidential election, which was annulled by him.
He asked Tinubu to conduct a posthumous swearing-in for Abiola as president of Nigeria, saying, "I look forward to the second edition of Babangida’s book because the first did not reveal all the realities.
“I was present during the events of June 12, and I know what happened. Babangida should call out the names of those responsible for preventing the election declaration.
“The coup d’état in question was not an Igbo coup; it was a Nigerian coup, executed by the military. Moshood Abiola won that election, and there is no doubt about it. Since Abiola won the election his picture should be placed among Nigeria’s past presidents.
“I commend former President Buhari for giving him (Abiola) a posthumous national honour, but I would also appeal to President Tinubu to officially recognise him and place his image where it belongs. This would help bring succour to his family."
Musa, who spoke to journalists on the ongoing public hearing on the tax reform bills, said, “Mr. President has said he wants to see Nigeria having a $1trillion economy, and this is the beginning of it.
“For us to do it, we must do it in a way that is not only during the time of Mr. President. Mr. President
is only going to stay for likely eight years.“After eight years, there will be another government. So we want a law that will outlive anybody that is there, even us, that we are making the law, at the end of the day we are going to be the ones also that will have to follow what we have led.”
Senators Pass Confidence Vote in Akpabio, Refer Natasha's Case to Ethics Committee
Senators, yesterday, passed a vote of confidence in Akpabio.
The senate also reviewed the issues that led to a rowdy session last week and asked its Committee on Ethics, Privileges and Public Petitions, chaired by Senator Neda Imasuen, to investigate the matter.
The resolutions of the upper chamber followed a point of order, bordering on privileges, moved by the senate spokesperson, Adeyemi Adaramodu, representing Ekiti South Senatorial District.
Adaramodu had, in his point of order, drawn the attention of his colleagues to the action of Senator Natasha Akpoti-Uduaghan, last Thursday, when she caused a rowdy session during plenary while protesting the sudden change of her seat without her knowledge.
He stated that the AkpotiUduaghan erred by raising her voice while protesting the rearrangement of seats in the red chamber thereby creating a wrong impression, which mainstream and social media commentators had been feasting on.
Adaramodu stated that the uproar caused by Akpoti-Uduaghan’s challenge to the senate president over her seat allocation had severely damaged the senate’s reputation.
He said Akpoti-Uduaghan openly defied the senate president by reading a point of order despite being ruled out of order, adding that he has been visiting various media organisations to explain the senate’s position on the matter.
Adaramodu emphasised that it was difficult to restore an image that had been shattered due to Akpoti-Uduaghan’s actions regarding
a simple issue like seat reallocation and committee chairmanship.
Leader of the Senate, Opeyemi Bamidele, in his contribution, moved a motion that his colleagues should support the actions of the senate president since the issues started last week, which was promptly done.
Bamidele also moved another motion for the matter to be referred to the Committee on Ethics, Privileges and Public Petition, which was massively supported.
Minority Leader, Abba Moro, and Senator Jimoh Ibrahim, expressed concern about Akpoti-Uduaghan’s conduct and recommended that the issue be further investigated by the appropriate committee.
They said her actions contravened relevant sections of the Senate Standing Orders, which gave the presiding officer the power to allocate seats and equally maintain order and decorum within the chambers.
They faulted her for making a matter that happened within the chambers a media issue for which the red chambers had continued to receive negative publicity and
image bashing.
The senate president, after ruling on the matter, referred it to the ethics committee for investigation, to report back to the senate in two weeks.
Natasha Slams N100 Billion Damages Suit on Akpabio, His Aide over Alleged Defamation
The row over seat rearrangement at the senate between Akpoti-Uduaghan and Akpabio dragged into the courtroom with Natasha demanding a N100 billion compensation as damages.
In the suit filed before a High Court of the Federal Capital Territory (FCT), the Kogi State lawmaker claimed that defamatory statements made against her person by Akpabio were published on Facebook by the senate president's aide, one Patrick Mfom.
Akpabio was sued on his personal capacity and as President of the Senate, Federal Republic of Nigeria as first and second defendants, respectively, while Nfom was the third defendant in the suit marked: CV/737/25.
considered a criminal act at the time.
He said the military regime believed that by silencing them and sending them to Kuje Prison, the protests would cease.
Furthermore, Falana also criticised IBB's refusal to apologise for the annulment of the June 12 election.
He pointed out that IBB's failure to acknowledge the injustice done to him and others demonstrated a lack of accountability.
"No apology has been offered for our wrongful arrests and detentions. So, I am going to sue the General for engaging in massive violations of fundamental human rights," Falana said.
Reflecting on the broader political landscape, Falana recalled that in 1985, IBB and his colleagues had promised to leave office in 1990.
However, as the years passed, IBB postponed his exit repeatedly, eventually shifting the date to 1993. Falana added that his fellow activists organised protests against the regime, including the widely popular "IBB Must Go" campaign.
He further noted that he and his colleagues (Dr. Beko Ransome-Kuti and Chief Fawehinmi) were imprisoned, denied access to their lawyers, and forced to defend themselves. Despite these efforts, he stated, they remained resolute in their commitment to challenge IBB’s regime for its abuses. Falana also revisited the tragic death of journalist Dele Giwa, alleging that the IBB regime killed without justification.
The military junta’s response to Giwa’s murder and the subsequent cover-up was part of a larger pattern of impunity, according to Falana. He stated that despite initial promises of a public inquiry, the government stifled efforts to bring those responsible to justice.
Blessing Ibunge in Port Harcourt
The United Nations representative in Nigeria, Mohamed Malick Fall, has expressed satisfaction with the ongoing environmental remediation and restoration in Ogoniland, Rivers State, by a federal government agency, Hydrocarbon Pollution Remediation Project (HYPREP).
This was as the Minister of Environment, Balarabe Lawal has inaugurated two water projects completed by HYPREP in communities in Ogoni area.
In his speech at the project inauguration held yesterday in Beeri, Khana Local Government Area and Bunu community in Tai LGA, Fall noted that UN has closely monitored the
remediation project in Ogoni.
He stated that UN was in solidarity with the federal government and Ogoni people in the ongoing cleanup.
Fall said: "HYPREP came as result of the recommendation of the United Nation on the pollution in Ogoni land. We want to see how UN can step up with technical assistance. You are not alone in this attempt to mitigate the impact of the pollution and restoration of livelihood of the people of Ogoni."
He commended the minister for allowing the UN to be part of the delegation, and the state governor, Siminalayi Fubara, for supporting the success of the project.
Inaugurating the water project at Beeri, Minister Lawal, noted that the
completed project was a testament of the commitment of the federal government to smooth implementation of the recommendations of the report of United Nations Environmental Project. "I am very happy to commission this project today. It is a show of our commitment to the remediation of Ogoniland. We thank President Bola Tinubu for committing to the remediation of Ogoni environment as recommended by UNEP.
"It is a beacon of hope for our people who have lived years of degradation in the environment. We are not only remediating polluted sites, we are also ensuring healthcare, good drinking water and improving the livelihood of the people.
L-R: Commissioner for Information and Strategy, Ekiti State, Mr. Taiwo Olatunbosun; Commissioner for Agriculture and Food Security, Ekiti State, Mr. Ebenezer Boluwade; Minister of Agriculture and Food Security, Senator Abubakar Kyari; Managing Director, Agbeyewa Farms, Mr. Seyi "Oska" Aiyeleso; Executive Secretary, National Agricultural Development Fund(NADF), Mr. Mohammed Abu
Ibrahim; and Director, Federal Ministry of Agriculture and Food Security, Mr. Ibrahim Tanimu, during the minister’s visit to Agbeyewa Farms, Ekiti State on Monday
Adedayo Akinwale and Linus Aleke in Abuja
The federal government has expressed concern over the rise in insurgency and terrorism, stating that the incidents have taken on complex international dimensions.
Speaking at a workshop on the International Criminal Police Organisation (INTERPOL) in Abuja, yesterday, Minister of Police Affairs, Senator Ibrahim Gaidam, stated that Nigeria had struggled with criminal victimisation for decades, which had
assertion while addressing journalists in Abuja.
Musa said the reforms were pivotal to strengthening Nigeria’s economic framework, disclosing that the committee would embark on a three-day retreat to review stakeholders’ submissions.
He said, “You were all present at the hall there and you saw how the proceedings went and I can say everything was going seamlessly and smoothly because everyone that was in attendance that wanted to speak was allowed to speak, and we have seen a lot of people that spoke in alignment with what Mr. President has presented to the National Assembly.
“Also, a few of them that have some divergent opinions have also presented their cases, and we are going to consider everyone that was there. So, it’s not going to be a problem. We are going to give this country a legislation that is workable.”
On when the bills would be passed, Musa said, “We are going to work assiduously and we are going to consider every submission, every memorandum that has been given. The verbatim presentation that people have done, we have it on record.
“We are going to review everything. After this today, we are going to go for a three-day retreat and during the retreat, we are going to consult with experts.
“We are consulting also with the Office of the Attorney General of the Federation so that we see how we can present a law or an Act that is workable, that would not conflict with the Constitution of the Federal Republic of Nigeria.”
He added, “We are taking the advice of everyone that had made presentation. We are going to consider everything on its merit.
“We are not particularly looking at which organisation or which entity presents, but what is going to be acceptable to all Nigerians, what is going to be acceptable to all regions
severely affected citizens' safety and well-being. Speaker of the House of Representatives, Hon. Tajudeen Abbas, lamented that insecurity was scaring away investors and creating humanitarian challenges through the displacement of families.
The federal government emphasised the importance of strengthening internal security in Nigeria through international cooperation. Gaidam stressed that adopting methodologies employed by INTERPOL could significantly mitigate Nigeria's internal security challenges.
He emphasised the need for Nigeria
of this country because what we are trying to do is to present a law that is workable.”
The senate finance committee chairman also said, “When you look at advanced economies, Mr. President has said that he wants to see Nigeria having a $1trillion economy, and this is the beginning of it. For us to do it, we must do it in a way that is not only during the time of Mr. President.
“Mr. President is only going to stay for likely eight years. And after eight years, there will be another government.”
Chairman of the Senate Committee on Sports, Abdul Ningi, said the bills had assumed “national dimension”.
Ningi, who had earlier opposed the bills, said the intervention of the state governors had made it possible for the senate to organise the ongoing public hearing to enable critical stakeholders to ventilate their minds and make their inputs.
Ningi said his reservations, when the bills were submitted, were based on the fact that the necessary consultations had not been done.
He said the bills had now received a national consensus following the intervention of the 36 state governors.
Executive Chairman of Federal Inland Revenue Service (FIRS), Zacch Adedeji, thanked Nigerians for embracing the planned reforms.
The FIRS boss made the remarks at the second day of the public hearing yesterday.Manufacturers Association of Nigeria (MAN) stated that sales of goods manufactured in Free Trade Zones (FTZs) into the customs territory (Nigeria domestic market) were not among the approved activities for the FTZs in Nigeria.
MAN also said goods made in the FTZs were not entitled to any tax exemptions when sold into the customs territory, contrary to misconceptions in some quarters.
In a statement, titled, “MAN Backs Proposed Reform of Free
to embrace international standards to safeguard lives, property, and infrastructure, thereby fostering economic development and stability.
The minister also highlighted the progress made in fulfilling the ministry's mandates, including the establishment of 24/7 internet service for the West Africa Police Information System and the signing of a Memorandum of Understanding (MOU) with INTERPOL.
The workshop, themed, "Strengthening Internal Security: A Path to a Safer Nigeria," aimed to enhance the capacity of law enforcement agencies in
Trade Zone Operations in Nigeria,”
Director General of MAN, Mr. Segun Ajayi-Kadir, said it was clear from the enabling laws and in the third Schedule to the NEPZA Act that the approved activity for firms in the FTZs was stated as “manufacturing of goods for export”, while other activities related to international services, trans-shipment and services within the zones.
Ajayi-Kadir added, “The concern of my members and the contention here are obviously pertaining to tax incentives.
“In specific terms, Section 8 on exemption from taxes only applies to the approved enterprises operating within a zone.
“They are exempted from all federal, state and local government’s taxes, levies and rates.
“Sale to the customs territory is neither an approved activity nor is it within the zone.”
He pointed out that Section 18 permitted the sale of goods and services to the customs territory, but this did not confer tax exemption on the sales, but rather a regulatory matter regarding what was permissible.
He stated, “Over time, the provisions of Sections 8 and 18 have been misinterpreted as not only permitting the sale into the customs territory but also as tax exemption.
“So again, I say this is where the concern of my members and the contention lies: this position is not consistent with the law and it undermines tax-paying entities operating within the customs territory and producing similar goods and services.
“Where does the tax exemption enjoyed by the companies operating within the zones leave my more than 2,500 members who operate outside the zone, in terms of level playing field, competitiveness, fairness and equity?
‘They find themselves in a disadvantage position and are rendered less competitive.”
leveraging INTERPOL's tools to foster peace and security across Nigeria. Gaidam urged stakeholders to embrace INTERPOL's principles and foster partnerships that will lead to a crime-free nation in the near future.
Chief of Defence Staff (CDS), General Christopher Musa, said the country was faced with rising security threats, hence, the imperative of the workshop to find innovative solutions to the threats.
Represented by Major General Olatokunbo Bello, Musa stated that the workshop would provide an opportunity for the participants to
Ajayi-Kadir expressed optimism that the tax reform bill before the National Assembly would actually come to the rescue of the members of MAN.
According to him, “The bill seeks to bring clarity and equity by stating that sales to the customs territory are taxable, not just for import duties and VAT, but also CIT purposes.
“That is to say that all sellers in the customs territory should be subject to the same tax obligations.
“Subsequently, I don’t think the relevant provisions of the tax reform bill amount to a reversal of the incentives, not at all.
“It is actually a clarification to align with the intent and letters of the enabling laws. This is in line with global best practice for free zones.
“In fact, Nigeria will continue to be more generous even after the proposed amendments. An example that is not farfetched is the situation in nearby Ghana.
“Ghana only allows up to 30 per cent sales into the customs territory subject to payment of duties and taxes, including CIT (Company Income Tax) whereas we (Nigeria) allow 100 per cent sales.”
The MAN director-general said exports by a company operating in the FTZs were tax-free only for 10 years after which up to 8.0 per cent CIT will apply, but Nigeria offered indefinite tax exemption on exports.
Akume: FG Committed to Bold Fiscal Reforms to Plug Leakages, Reposition Economy
Secretary to the Government of the Federation (SGF), Senator George Akume, yesterday, said the President Bola Tinubu administration remained committed to implementing bold fiscal reforms, revenue diversification drive, and economic policies that will reposition the economy for sustainable growth.
Akume said the president had consistently emphasised the need
share ideas, collaborate, and improve Interpol activities that will help tackle security issues in Nigeria.
Chairman of Police Service Commission, DIG Hashimu Argungu (Rtd), stated that security had taken a new dimension in the 21st century, and the threats were no longer primarily coming from conventional factors.
In his remarks, Inspector General of Police, Kayode Egbetokun, represented by Deputy Commissioner of Police (DCP) Patrick Daaor, stated that the cornerstones of effective internal security were trust between the police and the
to expand revenue sources, curb leakages, and ensure that every Naira due to the federation account was accounted for.
The SGF spoke at the opening of the inaugural plenary of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) board in Abuja.
He stated that the removal of fuel subsidies, exchange rate unification, and ongoing tax reforms were strategic moves to ensure fiscal stability.
Akume urged the commission to rise to the challenge and work towards a Nigeria that was economically self-reliant and fiscally stable.
He said RMAFC, more than any other ministry, department, or agency of government, remained a "platform where, at the end of your service, new friendships would have been fostered, enduring relationships manifested, and a renewed commitment to tolerance, inclusion, and unity created, which eventually hatches a country that is stronger".
Akume added, "The economic realities before us demand urgency, innovation, and resilience in revenue administration.
"However, these policies will only succeed if institutions like RMAFC rise to the challenge and execute their mandates effectively.
"I, therefore, wish to state categorically that governments expect key deliverables from the commission.”
He said the commission must strengthen revenue monitoring and accountability, and ensure that all revenue-generating agencies complied with collection and remittance laws.
According to him, RMAFC must plug leakages as well as sanction defaulters.
The SGF further assured that the federal government remained fully committed to providing the necessary support for the commission to achieve its constitutional mandate.
He said Tinubu had consistently emphasised the need for institutional
communities they serve. Earlier, in his welcome remarks, Permanent Secretary, Ministry of Police Affairs, Ogbonnaya Nila, stated that the three-day capacity-building workshop was a significant step towards changing the narrative in the security sector. Meanwhile, Abbas lamented that insecurity was scaring away investors and creating humanitarian challenges. He said, despite the challenges, the country's security forces had continued to work hard within their constitutional powers to maintain security of lives and property.
independence, accountability, and operational efficiency.
Among other things, he said the commission must enhance non-oil revenue mobilisation, prioritise revenue generation from solid minerals, taxation, and other non-oil sectors to reduce dependence on crude oil earnings.Akume also tasked the commission to fast-track the review of the revenue allocation formula, adding that the existing formula has not been reviewed in over two decades.
"A new equitable formula is critical for national economic stability and development," he said.
Akume explained, "Your work here will shape the financial future of Nigeria. The task ahead is daunting, but with integrity, commitment, and patriotic dedication, we will succeed.
"The nation expects results, and I am confident that this group of dedicated citizens will fulfill their responsibilities with diligence and excellence."
Chairman of RMAFC, Dr. Muhammed Shehu, said as a constitutional body, the commission played a pivotal role in the country's economic governance by ensuring the fair and transparent allocation of revenue among the three tiers of government.
Shehu said, "We are also actively engaged in developing frameworks that enhance revenue generation, fiscal sustainability, and equitable distribution, in line with national development priorities.
"We recognise the critical role of the office of the SGF in coordinating government policies, and we look forward to your guidance and support in ensuring that RMAFC effectively discharges its constitutional responsibilities."
Shehu expressed confidence that the engagement will further strengthen the synergy between RMAFC and the office of the SGF in pursuit of their collective goal of national development.”
Blessing IbungeinPortHarcourt
Rivers State Governor, Siminalayi Fubara, has stressed the need for late Chief Edwin Clark to be immotalised.
Chief Clark died on February 17, 2025, at 97 years, in Abuja.
Governor Fubara said Pa Clark was a quintessential leader who remained fearless, speaking against acts of injustice, leadership recklessness and marginalisation while also propagating national unity.
Fubara made the assertion when he led a delegation of elders, traditional and political leaders of
Rivers State to pay a condolence visit to the Clark-Fuludu Bekederemo family residence in Abuja, yesterday.
The Rivers State governor stated that late Clark was not just a South-south leader of repute but truly occupied strategic place in national history for his role in nation-building and pursuit for social justice.
He said: “Papa lived very long, 90 plus years is not a joke with full energy, still contributing positively. So, I join the family to say it pleased God at this time for him to leave us. And while he is not here with us, we cherish the wonderful work he did.”
“I am happy to be associated with such character. He was a father with character of integrity, uprightness; character that is not greedy, self-serving. He was ready to sacrifice everything.”
“I want to assure the family, Clark was a father to me. In my most trying time, he stood by me. He spoke truth to power. He wasn’t scared, and I appreciate the role he played and the impact he made.
“We came here to tell you that Rivers State feels this pain. we are going to support to make sure that we follow the decision of the family to make sure that we give him a befitting burial.”
Yinka Kolawole inOsogbo
The Chairman of Osun State Chapter of the Peoples Democratic Party(PDP), Hon. Sunday Bisi, has instituted a suit at the Federal High Court, Osogbo to enforce his fundamental rights and restrain the Inspector General (IG) of Police and his agents from carrying out his planned arrest.
Hon. Bisi described the planned arrest as a flagrant and brazen attempt to encroach upon his fundamental rights to personal liberty and freedom of movement and as an abuse of the coercive powers which the Nation entrusts
with the IG.
According to the suit, the plan by the IG to arrest the Osun PDP boss is designed to molest and punish him for opposing the IG’s unethical partisan engagements against the PDP in the ongoing political tussle in the state and for encouraging his party and members to participate in the just concluded LG election in Osun State, contrary to the purported security advice given by the IG to stop the eventually peaceful election.
There were two separate Judgments of the Court of Appeal and Osun State High Court
recognising the vacancies in Osun Local Government Councils with the latter ordering the OSSIEC to conduct election to fill the vacancies.
Not satisfied with the court judgments which did not favour the IG’s favourite party, the IG rolled out a purported security advice against the conduct of the election to counter the court judgments.
As an enlightened law-abiding citizen, Bisi said he preferred to obey the court judgments instead of the controversial bias-laden purported security report of the IG and instructed PDP and members to participate in the election.
Ibrahim Oyewale in Lokoja
The Kogi State Government has called on its citizens to actively protect public infrastructure in their communities to sustain the state rapid development.
The state Commissioner for Information and Communications, Mr. Kingsley Fanwo, made this call while speaking in Lokoja yesterday emphasized that “the real owners of public infrastructure are the people, and it is incumbent upon you to protect them.”
Fanwo highlighted the
significant progress achieved over the past year under the leadership of Governor Usman Ododo.
According to him, “Our administration is building on the achievements of previous governments and opening up new channels of development.
“From roads and educational institutions to commercial facilities and water supply networks, Kogi State is witnessing a transformation.
“Our water infrastructure has improved tremendously, particularly in major cities, thanks to the tireless efforts of the state
Ministry of Water Resources.
“However, while the government is committed to serving the people, real progress occurs when citizens take ownership and protect the infrastructure in their areas. This not only preserves our gains but also enables us to channel resources into other critical areas.”
The commissioner also highlighted the administration’s commitment to rural development through extensive projects led by the Kogi State Community and Social Development Agency.
Segun Awofadeji in bauchi
Bauchi State Governor, Senator Bala Mohammed, has reiterated the commitment of his administration to strengthening the media industry in view of the crucial role of broadcasting in national growth and development, especially in a democracy.
He also emphasised that the state remains a strong advocate for press freedom, media development, and responsible journalism.
The governor was speaking yesterday at the 80th
Broadcasting Organizations of Nigeria (BON) Meeting held in Bauchi with the theme: ‘The Broadcast Media in the Era of Economic Downturn - The Way Forward’.
The governor highlighted various initiatives his administration has undertaken to enhance the performance of state-owned media organisations, particularly the Bauchi Radio Corporation (BRC) and the Bauchi Television Authority (BATV).
Mohammed commended BON for choosing Bauchi as the host city for this gathering,
noting that the state remains a strong advocate for press freedom, media development, and responsible journalism.
The governor charged journalists to uphold the core values of objectivity, transparency and accountability through truthful reportage of events for sustainable growth and development.
He lamented that in 2019, his administration inherited a very dilapidated media infrastructure which necessitated the intervention of his administration to immediately get the stations back on air.
Onuminya Innocent in Sokoto
Sokoto State Governor, Dr. Ahmed Aliyu, has unveiled the distribution of maize and financial assistance to Jum’at Imams, their Na’ibs, Mu’adhins, Islamic scholars, and various religious organizations across the state.
Governor Aliyu stated that the initiative is aimed at easing the challenges faced during the month of Ramadan and to demonstrate unwavering support for the Ulamas who play a vital
role in guiding the communities according to Islamic teachings.
“As we prepare for the holy month of Ramadan, I am pleased to announce that each Imam will receive five bags of maize and a financial assistance of N100,000.
“Also, the Na’ibs will receive three bags of maize and N50,000, while the Mu’adhins will be given two bags of maize and N50,000,” Governor Aliyu said.
This support is intended to assist the beneficiaries and their families, enabling them to focus on their vital religious responsibilities
during the sacred period.
Additionally, 300 senior Islamic scholars will receive financial assistance of N200,000 each, while another 100 scholars will receive N100,000 each. This gesture is in appreciation of the scholars’ spiritual contributions to the people of the state.
To ensure that Islamic activities at the grass-roots level are carried out unhindered, 10 Malaman Zaure from each ward of the 23 local government areas have been selected to receive N50,000 each.
L-R: Coordinator, Finance and Admin, Island Muslim Community (IMC); Alhaja Kudirat Moyosore-Brimah; Chairman, Executive Council, IMC, Alhaji Adeniyi Akinlusi; Chairman, Mega Launch Committee/Member, Board of Trustees (BoT), IMC, Alhaji Ariyo Olushekun; Chief Imam, Lekki Central Mosque, Dr. Ridwan Jamiu; Chairman, BoT, IMC, Alhaji Rafiu Ebiti; Vice Chairman, BoT, IMC, Alhaji Tijjani Borodo; member, BoT, IMC, Alhaja Sherifat Abiola Andu, and Member, Executive Council, IMC, Dr. Basheer Oshodi, during the press conference on N5 billion social infrastructure fund for cemetery, orphanage and hospital projects by IMC in Lagos...yesterday
Wale Igbintade
The Economic and Financial Crimes Commission (EFCC) yesterday arraigned 16 Chinese nationals at the Federal High Court in Ikoyi, Lagos.
The defendants were arranged before Justice Daniel Osiagor on charges of cyber-terrorism and internet fraud, allegedly aimed at destabilizing the Nigerian economy.
The defendants, according to the charge sheet, are: Hu Hui (also known as A Bin), Liao Ri Xing (also known as Li Jun), Li Qiang (also known as Yang Huan
Linus Aleke in abuja
The Nigerian Army yesterday said that the trending insinuation currently circulating on social media that the Chief of Army Staff (COAS), Lieutenant General Olufemi Oluyede, introduced an automatic promotion initiative for personnel who have served in their current ranks for five years or more, is misleading and baseless.
A statement by the Director of Army Public Relations, Major General Onyema Nwachukwu, stated that this deliberate misinformation is not only untrue but also calculated to mislead personnel and members of the public.
According to him, suffice to state that promotion in the Nigerian Army is a structured, merit-based exercise governed by clearly defined statutory regulations and provisions.
Nwachukwu further clarified that promotion in the Nigerian Army is neither arbitrary nor subject to social media speculations.
He said: “The conditions for elevation in rank are meticulously outlined in the Nigerian Army Administrative Policies and Procedures (Revised 2023) and the Armed Forces of Nigeria Harmonized Terms and Conditions of Service for Soldiers, Ratings and Airmen (2024).
“Among others, key requirements for promotion by the Armed Forces include, but are not limited to, serving the stipulated minimum period on a substantive rank, successful completion of requisite professional courses, maintaining a satisfactory disciplinary and performance record, and meeting medical and physical fitness standards.
“It must be emphasised that the Nigerian Army, like other Services of the Armed Forces of Nigeria, adheres to unified standards of promotion criteria. The Nigerian Army will, therefore, not deviate from these established protocols, which ensure fairness, professionalism, and operational effectiveness across the services.”
Yinka Olatunbosun
The Lagos State Domestic and Sexual Violence Agency (DSVA) has introduced two innovations aimed at enhancing access to support services for survivors and mandated reporters. These initiatives align with the state Governor, Babajide Sanwo-Olu administration’s commitment to providing holistic support and justice for survivors of domestic and sexual violence. The first innovation, Ask INU (I Need You), is a WhatsApp-based AI chat box designed to provide immediate information and referrals.
By simply sending a message to 0812 893 7058 on WhatsApp, users can access timely, confidential, and accurate information about available support services. This tool ensures that survivors and those assisting them are empowered with
critical knowledge of the resources at their disposal. Additionally, Lagos DSVA has launched a Self-Reporting Tool via the Domestic and Sexual Violence Case Management System (DSVCMS). By visiting lagosdsvcms.org and clicking on the ‘Report’ tab, survivors and mandated reporters can securely submit key case details. This tool also allows users to upload crucial evidence, including pictures, audio or video recordings, and medical reports. Strengthening evidence collection and preservation is a vital step in ensuring swift and effective justice. This intervention is particularly significant, considering that about 60 percent of survivors who originally had pictorial, documentary, or audio evidence of abuse either misplace it, accidentally or voluntarily delete it, or have their devices destroyed by their abusive partners.
Hui, Wù Hao, and Lu Qiang. These suspects are part of a group of 792 individuals arrested during a sting operation, dubbed ‘Eagle Flush Operation’, carried
out by EFCC operatives in Lagos on December 10, 2024. The operation targeted crypto currency investment and romance fraud activities.
The defendants face multiple charges, including cybercrimes, cyber-terrorism, possession of fraudulent documents, and identity theft.
Juliet Akoje in abuja
The Speaker of the House of Representatives, Abbas Tajudeen, has said that despite having about 205 federal, state and privatelyowned colleges of education across the country, the number still remain inadequate to meet the educational needs of the country.
The Speaker, while speaking
during a public hearing, said that the growing education demand in the country makes the establishment of more colleges of education imperative.
He said: “Currently, Nigeria has about 205 federal, state and privately-owned colleges of education. On the face value, this number looks substantial. However, when considered against the
backdrop of Nigeria’s population of about 230 million, with over 60 per cent under the age of 24 years, the demand for education makes the number of existing colleges of education in Nigeria quite insignificant. Therefore, these bills seeking to establish 10 colleges of education should be seen as relevant, appropriate and justified.”
Abbas further said human
Gbenga Sodeinde in ado Ekiti
The Minister of Agriculture and Food Security, Abubakar Kyari, has stated that the federal government is ready to collaborate with the Ekiti state Government and a largest private food producer in the state, Agbeyewa Farm, to promote wealth creation and improve livelihoods.
Specifically, the minister pointed out that the federal government has no other option than to collaborate with Ekiti State Government and Agbeyewa Farm since their food production and wealth creation initiatives aligned with the President Bola Tinubu’s vision for sustained food security. Kyari, who stated this in an interview with journalists when
David-Chyddy Eleke in awka
The Chairman of Peoples Democratic Party (PDP) in Anambra State, Hon. Chidi Chidebe, has disclosed that the party in the state is ready for the governorship contest in November.
Chidebe gave the assurance during a meeting of women
leaders of the party at the state party secretariat in Awka to unveil some party insignia acquired for women as uniforms.
The assurance was made after many expressed doubts that the party may not field a candidate in the forthcoming election, especially as most former aspirants of the party have moved to other parties.
capital is the key driver of development in any society, adding that material resources, though important, will remain latent until they are activated and galvanised by human knowledge, skills and innovation for national development, social mobility and economic empowerment and that at the core of human capital development is education.
he visited the 10,000-hectare of the Agbeyewa Farms Limited in Ipao-Ekiti, Ikole Local Government Area of the state last Monday commended the Founder of Agbeyewa Farms, John Olajide, for establishing such large food production and wealth creation farm in the state.
According to him, “I have seen similar facilities elsewhere, but this is what it truly means to advance food security and agro-allied industries.“
“This is not just about food production and processing; it is also about facilitating access to markets where these products can generate income. This is a fantastic idea, and I congratulate the Ekiti State Government for achieving such a remarkable feat.
But reacting to this, Chidebe said: “What we have been doing in the past four months is to reorganize the party and set the right structure that will help us to make impact in the election.
“Our aim is to build a solid party and get the foundation right before going for election. Our aim is not to just win election because if we go into the election without preparation, we will lose and we may continue to lose, but if we put the right foundation before going for election, we will win.
“As for the forthcoming election, we will contest and we will do so strongly. We came second last election, so now we should be talking of coming first.”
RusselSmith, a leading provider of innovative industrial solutions focusing on asset integrity and advanced manufacturing, has joined the Commonwealth Enterprise and Investment Council (CWEIC) as a strategic partner.
As part of the partnership, CWEIC has appointed RusselSmith’s Chief Executive Officer, Mr. Kayode Adeleke, to its global advisory council.
This represents a high-level recognition of RusselSmith’s capabilities, offering a pathway to
access more trade and investment opportunities while extending its innovative service delivery across global industries such as energy, maritime, aerospace, and manufacturing.
CWEIC is a commercial, not-forprofit membership organisation that facilitates trade and investment throughout Commonwealth member nations. The organisation’s network includes around 140 business and government strategic partners. In its statement, the Commonwealth body said: “We are
James Sowole in abeokuta
A traditional ruler in Ogun State, the Olu of Itori in Ewekoro Local Government area, Oba Abdulfatah Akamo, yesterday said he would today pay fines of no less than 15 convicts being held at Ibara,
excited to announce RusselSmith as the latest Ptrategic Partner of CWEIC and welcome Kayode Adeleke to the Global Advisory Council.
“RusselSmith is a trusted leader in industrial innovation, delivering tailored solutions that enhance resilience and sustainable development across critical sectors in Africa.”
Commenting on the development, Adeleke stated that “our decision to join the Commonwealth Enterprise and Investment Council was driven
by the natural alignment between RusselSmith’s solutions and vision for promoting industrial resilience, and CWEIC’s push to create meaningful trade and investment opportunities across its member nations.”
“We look forward to collaborating with fellow industry leaders, governments, and policymakers who share our commitment to advancing sustainable growth and building industrial resilience throughout the Commonwealth’s diverse economies.”
Abeokuta Correctional Centre to ensure their release from custody. Also, the monarch said arrangement had been put in place to pay bills of patients at Sacred Heart Hospital,Lantoro; donate ceeling fans to the State Hospital, Ijaye and to donate some items to Stella Obasanjo, Children Home, all in Abeokuta, the state capital. Akamo, who is the Chairman of Progressives Obas in Ogun Central, said this at a news conference he addressed in his palace, to herald the 21years Coronation Anniversary, where he highlighted programmes for the celebration. The traditional ruler also disclosed that no less than 20 students of JS Adegbenro Polytechnic, Itori, would be given scholarship of N100,000 each, saying that the money would be given out on Thursday.
Michael Olugbode in Abuja
The Federal Government has demanded full investigation of the circumstances surrounding the death of a Nigerian footballer, Abubakar
Lawal, in Uganda. The Chairman/CEO Nigerians in Diaspora Commission (NIDCOM), Hon. Abike Dabiri-Erewa in a statement signed by the Commission’s spokesman, Abdul-Rahman Balogun
The growing injury concerns surrounding the Super Eagles ahead of crucial 2026 World Cup qualifiers may have increased after captain William Troost-Ekong missed his second straight league game in Saudi Arabia.
Before this absence, Ekong has been ever-present for Al Kholood having played all 20 matches.
The 31-year-old central defender was not listed for his team’s 1-0 home win over Odion Ighalo’s Al Wehda
last Saturday. Yesterday, he was also not on the matchday squad for the visit to second-placed Al Hilal, where they lost 5-1.
A source close to the player told SCORENigeria that he was back in England this past weekend to celebrate his daughter’s fourth birthday.
He is not at risk of a suspension and there was no word about his health status, though.
Seven-time African champions, Nigeria’s Flying Eagles will this afternoon take on their Ivorian counterparts in an international friendly at the Stade Félix Houphouët Boigny in Abidjan starting from 3.30pm Côte d’Ivoire time (4.30pm Nigeria time). Both teams will again clash on Friday at the same venue, with the same kick-off time.
The delegation of Nigeria’s U20 boys landed in Abidjan yesterday morning ahead of the
two friendly matches against the Young Elephants of Côte d’Ivoire.
The contingent was led by a Member of the NFF Executive, Alhaji Ganiyu Majekodunmi. Coach Aliyu Zubairu selected 21 players for the task, among whom are team captain Daniel Bameyi, first-choice goalkeeper Ifeanyi Harcourt, defender Haruna Aliyu, midfielder Cletus Simon and forwards Clinton Japhet and Olalekan Sulaiman Alabi.
After successfully serving his members over the past 12 months, Tade Adekunle, Captain of the Golf Section of Ikoyi Club 1938 has ended his one year tenure with fun and fanfare.
Hailed as one of the most successful Captains in the section, Adekunle is leaving office with accolades from appreciative members.
Part of his historic achievements easily pointed at is the wire mesh bordering Hole-1 fairway and the golf range. Also of note are the remodeled and re-grassed tee boxes to international standard, especially Hole-1, which is now the signature hole and many others.
Expressing his appreciation for
the love shown him during his reign especially those who stood by him, the outgoing Captain pledged to continue to work hard for the glory of the section and Ikoyi Club at large.
Meanwhile, a special golf tournament- Captain’s Day Golf Tournament, put in place to celebrate his tenure, ended on a thrilling note on Saturday with Elias Igbinakenzua emerging winner. To finish top in the oversubscribed competition, Igbinakenzua grossed a score of 95, for 70-net, beating Kuna Ikiba on countback. Mark Yalaju was further down on the winners chart in the third position after netting a score of 70 also losing on countback.
said the news of the death of the former Flying Eagles striker in Uganda was highly disturbing.
Dabiri-Erewa while stating that
the death was under highly unclear circumstances, said the Acting Nigerian High Commissioner in Uganda, Ambassador Shama Shanga, has
demanded full autopsy and thorough investigation into the circumstances surrounding the unfortunate incident. In a statement yesterday, Dabiri-
Erewa stated that "this is pathetic and appears suspicious. We demand a thorough investigation. No cover up at all . This is so sad!
"The Nigerian government will ensure and demand a thorough and transparent investigation. May his soul Rest in Peace and God give the family the fortitude to bear this loss.”
She noted that already, the “Kajjansi Police Division say they are investigating the circumstances surrounding the tragic death of Nigerian national Abubakar Lawal, a professional footballer at Vipers Sports Club, who was claimed to have fallen from the third floor of Voicemall Shopping Arcade on the morning of February 24, 2025.”
Preliminary reports indicate that Lawal, 29, arrived at the shopping mall in his vehicle with registration number UBQ 695G to meet his friend, Omary Naima, a Tanzanian national residing in room 416 since February 20, 2025.
According to Naima, she left Lawal , who is also a final year student at Cavendish University, in the room preparing tea and proceeded to a game centre within the mall. Shortly after, at approximately 8:00 am, Lawal reportedly fell from the balcony. He was rushed to Entebbe Referral Hospital, where he was pronounced dead.
Items belonging to the deceased, including two smartphones, a pair of open shoes, headsets, a training kit, and chargers, were recovered from his black backpack. As part of the ongoing investigation, Ugandan authorities are retrieving CCTV footage and conducting thorough interrogations to establish the exact circumstances surrounding the incident.
Galatasaray authorities have said they would "initiate criminal proceedings" against Fenerbahce manager Jose Mourinho after claiming he made "racist statements" following the teams' 0-0 draw on Monday.
It was not clear which statements Galatasaray were referring to.
Speaking in the news conference after the Istanbul derby, Mourinho said the home bench had been "jumping like monkeys" and also repeated his criticism of Turkish referees, saying it would have been a "disaster" to use an official from the country.
Monday's match was refereed by Slovenian Slavko Vincic after both clubs requested a foreign official take charge of the fixture.
As well as the threat of legal action, Galatasaray said they would submit "official complaints" to football's governing bodies UEFA and FIFA.
After the game Mourinho was asked about the performance of 19-year-old defender Yusuf Akcicek and said: "I have to thank the referee. After the big dive in the first minute and their bench jumping like monkeys on the top of the kid... with a Turkish referee you would have a yellow card after one minute and after five minutes I would have to change him."
He added: "I went to the referee's dressing room after the game, of course the fourth official was there, a Turkish referee. I told him 'thank you for coming here, you come for a big match' and I turned myself to the fourth official and I said 'if you were a referee this match would be a disaster'."
In a statement, Galatasaray said: "Since the commencement of his managerial duties in Turkey, Fenerbahce manager Jose Mourinho has persistently issued derogatory statements directed towards the
the game in Turkey
Turkish people. Today, his discourse has escalated beyond merely immoral
comments into unequivocally inhumane rhetoric.
"We hereby formally declare our intention to initiate criminal proceedings concerning the racist statements made by Jose Mourinho, and shall accordingly submit official complaints to UEFA and FIFA.
"Furthermore, we shall diligently observe the stance adopted by Fenerbahce - an institution professing to uphold 'exemplary moral values' - in response to the reprehensible conduct exhibited by their manager."
On Tuesday Fenerbahce released a statement saying Mourinho's comments had been taken "completely taken out of context".
"As every sensible person can see and understand, these statements used by Jose Mourinho to describe the excessive reaction of the opposing team's technical staff to the referee decisions during the match can in
no way be associated with racism," the club said.
"Trying to portray this statement as racist is a completely malicious approach.
"We would like to inform the public that we will use our legal rights regarding this pathetic slander that was made in order to take the competition off the field, change the agenda and manipulate it."
Two-time Champions League winner Mourinho, 62, was appointed Fenerbahce manager last summer and was banned and fined earlier this season for condemning refereeing standards in Turkey.
Before Monday's game he had welcomed the decision to use a foreign official after previously describing the environment in the country as "toxic".
"I think it's important for the credibility, for the image of the match," Mourinho said.
Adibe Emenyonu in Benin City
The Executive Chairman, Edo State Sports Commission (ESSC), Desmond Enabulele, has called for the harnessing of the power of sports to unite youths and build a future filled with opportunities for them.
He stated this on Tuesday in Benin City, while declaring open the South-South zonal eliminations for ball games ahead of the National Sports Festival, tagged, "Ogun 2025".
Enabulele who noted that sports have always been a powerful tool for unity, discipline, and youth empowerment, described the zonal
elimination games as a crucial stage in the journey to the National Sports Festival.
"As we gather here today, let us remember that beyond competition, this event is an opportunity to foster friendship, teamwork, and mutual respect among our young athletes.
"We must continue to harness the power of sports to unite our youths and build a future filled with opportunities for them.
"To our athletes from Edo, Akwa Ibom, Cross River, Bayelsa, Rivers and Delta States, I urge you to compete with passion, determination, and sportsmanship.
"You are not just representing your states but also showcasing the strength and talent of the South-South region. Give it your best, and let your performance speak for itself," Enabulele said.
Addressing the officials and referees, the Edo Sports Commission Chairman emphasized the importance of fair play and impartiality in officiating.
"The credibility of this tournament depends on your integrity, and we expect nothing but unbiased and professional judgment to ensure that the best teams emerge victorious," he said.
“Yet, it was annulled without any justification during Babangida’s regime, a decision that has left an indelible mark on the nation’s democratic journey. Babangida’s candid admission of his role in the annulment of the June 12, 1993 election paints a vivid and troubling picture. It evokes the image of a criminal who, after committing heinous acts of theft and violence, brazenly takes pride in his misdeeds...” --Executive Director, Resource Centre for Human Rights & Civic Education (CHRICED), Dr. Ibrahim Zikirullahi, says IBB should be arrested and prosecuted for the annulment.
No matter our points of origin in the Nigerian encounter, we all share the experience of a fascinating national journey.
Ours is the story of a thrilling past, an engaging present, and a most promising future. Today’s event reminds us that we are not just here to remember the past but to actively shape the present and envision a bright future with hope—a future that each of you, with your unique perspectives and contributions, will help build.
The first aspect of today’s event is the public presentation of my book of memoirs: A JOURNEY IN SERVICE. This memoir, a culmination of over three decades of reflection, significantly contributes to our understanding of our national history. Through the public presentation of this book, I believe I am paying a huge part of my debt to the public. Over three decades after leaving office, the most constant question I have had to contend with is this: When will you tell your side of the story? Understandably, our period of service has somehow evoked, and rightly so, many questions and stories among our public. This book, which chronicles my experiences, decisions, and challenges during our national service, tries to answer some of these questions from my modest perspective.
My colleagues-in-arms and I presided over significant change and turbulent reform. We confronted monumental challenges in the economy, the polity, foreign affairs, and defence and security spheres of our national life. We surmounted obstacles, sought change from old ways, encountered unusual obstacles, and devised innovative solutions. We all sought to leave Nigeria a better place than we found it, often at great personal sacrifice and in the face of significant challenges. I am deeply aware of the inconveniences and sacrifices the public endured during this period, and I acknowledge and appreciate their resilience and commitment to progress.
Although the reform caused inconveniences for our people, we built lasting national institutions, some of which are still in place today.
Undoubtedly, credible, free, and fair elections were held on June 12, 1993. However, the tragic irony of history remains that the administration that devised a near-perfect electoral system and conducted those near-perfect elections could not complete the process. That accident of history is most regrettable. The nation is entitled to expect my expression of regret.
As the leader of a military administration, I accept absolute responsibility for all decisions taken under my watch. June 12 happened under my watch. Mistakes, oversights, and missteps happened in quick succession. But as I say in my book, in all matters, we acted in the supreme national interest so that Nigeria could survive. Our nation’s march to democracy was interrupted, a fact that I deeply regret. But Nigeria survived, and democracy is alive, a testament to our resilience and commitment to progress.
This book is part of my personal story of
that encounter with national history. I did not travel alone. I undertook the challenging walk of leadership in the company of many patriots. Many are still here, while others have gone the way of all flesh. I cannot name all our allies and fellow travellers. But let me acknowledge the contributions of men like the late Augustus Aikhomu, Commodore Ebitu Ukiwe, General Ike Nwachukwu, Professor Bolaji Akinyemi, Dr Kalu Idika Kalu, Dr Tunji Olagunju, Chief Olu Falae (now Kabiyesi!), the late Professor Ojetunji Aboyade (who, by the way, was an outstanding man), the late Alhaji Rilwanu Lukman, the late Professor Humphrey Nwosu, the late Professor Omo Omoruyi, the late Professor Gordian Ezekwe, the late Professor Tam David-West, the late Professor Babatunde Fafunwa, the late Professor Olikoye RansomeKuti, the late Dr Shetima Mustapha, the late Alhaji Bunu Sheriff Musa, the late Rear-Admiral Patrick Koshoni, Lt-General Alani Akinrinade, General Aliyu Gusau, General Haliru Akilu, the former Senate President, Brigadier General David Mark, Brigadier General Tunde Ogbeha, Colonel Abubakar Dangiwa Umar, the late U. K. Bello, the late General Nuhu Bamali, Colonel Sambo Dasuki and a whole list of other prominent colleagues and friends, all of them fellow travellers in the challenging walk of leadership.
The second aspect of today’s event is establishing a befitting Presidential Library, which I consider a tribute to history and a contribution to the world of knowledge and leadership.
In this regard, I thank my friend and family member, our former Vice President, Namadi Sambo, who created a unique architectural design for the Presidential Library for my 80th Birthday. As you can see from the programme details, it is an outstanding design. Thank you, Mr. Vice President.
As leaders, our activities belong to history in the form of written records. These records will serve as evidence-in-chief for posterity long after we have gone. The proposed presidential
library, which will house these records, would be a lasting tribute to our period of national service (1985-1993) and a resource for future leaders and scholars to learn from our experiences and decisions.
As I understand it, what members of the Library’s Board of Trustees have in mind is not a library as a museum where treasured historical documents and books are left to the dust. The plan is more of an interactive centre for lively exchange among people of different backgrounds and generations.
Once again, I sincerely appreciate and treasure your presence at this gathering. Your participation and the conversations following this event will undoubtedly contribute to a better Nigeria. I am grateful for your support and look forward to our shared journey towards a brighter future.
The task of recovering memory can never be easy. As I said in my acknowledgement pages in the book, apart from my publishers, Messrs Bookcraft, headed by Mr Bankole Olayebi, in writing this book, I acquired debts of gratitude to several other persons that deserve adequate mention. Dr Yemi Ogunbiyi (Mr Activity himself!), Dr Chidi Amuta, Mr Abiola Phillips, Mr Clement Fajimokun and Mr Tobi Soneye gave generously of their time, experience, and resourcefulness, not just in the area of research but also in painstaking editorial work. I thank Mr Oladimeji Bajela for the Book’s beautiful design.
Yemi Ogunbiyi’s unwavering commitment to ensuring the expert production of the book and his tireless work towards realising today’s event will never be forgotten. Thank you, Yemi.
Yemi’s efforts and those of his colleagues were amply complemented by the commitment of other young friends and colleagues, such as Mr Donald Duke, Mr Rotimi Amaechi, and Mr Francis Ogboro, who made several trips to Minna for consultations on this project. My gratitude to these and other friends who assisted is eternal.
I thank you all for your support.
I wish you all a safe return to your places of abode.
God bless you all.
God bless the Federal Republic of Nigeria.
I thought I should read an excerpt from the book which documents our efforts to deal with the challenging problems of the economy. I am reading from page 151.
“When I assumed office, I was convinced thatweneededtoreformtheeconomyurgently. My colleagues and I shared the conviction that the economy was in bad shape, but we were also confident that the nation possessed the resources and human capital to chart a new path of reform. Even before assuming office, I believed that we needed to reform the economy along free-market lines to free our people’s energies and begin to realise the full potential of our economic endowments.
Over the years, I have made extensive acquaintances with knowledgeable and experienced Nigerians in various fields. I
reached out to as many renowned Nigerian thinkersandpersonsofknowledgeaspossible, especially in business, finance and economics. I naturally started my consultations with thoseIhadmetandhadpracticalcontactwith over the years. In this regard, I reached out to Professor Gabriel Olusanya, whose intellect and experience impressed me greatly during my tenure at the National Institute for Policy and Strategic Studies (NIPSS). Through him, I expanded the group of reputable Nigerians to consult on how best to design an appropriate economic reform agenda.
In this regard, I contacted Professor Ojetunji Aboyade,ProfessorIkennaNzimiro,MrMichael Omolayole,ProfessorAkinMabogunjeandDr ChuOkongwu.Wecouldrelyonthetechnocratic expertise and vast bureaucratic experience of menlikeOluFalae.ThroughIkeNwachukwu, who had been the military governor of Imo State,IengagedandincorporatedDrKaluIdika Kalu, who had done impressive work on the state’seconomy. Beforethat,hehadworkedat the World Bank and served on theAsia Desk, where he garnered extensive knowledge on whatbecametheAsianTigers.Inparticular,his creative approach to rescuing the economy of Imo State made a positive impression on me. Under the famed ‘Imo Formula,’ he excited me, and I brought him to the federal level to help us with the economics of spending only what you have. Such prudent management and economic realism was what, in my view, our desperate economic situation required. What I found exciting about working with theseoutstandingintellectuals,menofideasand experience, was that they were a community ofideas.Theyknewandrespectedeachother. With each one you consulted and brought on board;hehadastringofothercolleagueswith similar expertise to bring along. In little or no time, we had a virtual faculty of people with extensive ideas, vast experience and diverse backgrounds.
Weinteractedthroughaseriesofdialoguesand consultationsinveryenlighteningsessions.We becamemorelikeacommunityoffriendsand colleagues. But we were united by our shared commitment to making Nigeria self-sufficient and workable. We had endless brainstorming sessions on different aspects of national life, especially the economy.
I found our brainstorming sessions very enlightening and refreshing. People brought their vast experiences to bear on the problems that faced us then. In particular, I recall the insights of Professor Ikenna Nzimiro, who brought a lot of life to our sessions by relating our present problems to his experiences from the past. He would, for instance, jovially ask me how old I was when he was active in the Zikist movement!”
*(Above are excerpts from the speech delivered by former President Ibrahim Badamasi Babangida at the public presentation of his memoirs entitled “A Journey in Service: An Autobiography” at the Abuja Transcorp Hilton on Thursday, February 20, 2025.)