Ican’t believe it’s our fourth anniversary; it feels like I blinked, and suddenly it’s four years later. In those four years, we have grown as a magazine; for one, Instagram verified us, which was exciting news. The four years haven’t been without challenges; there were times when we struggled to get cover features, but somehow, God saw us through.
At this point, I also want to thank my small but efficient team for their hard work. You guys do good work, and I’m grateful for you. Many people think what we do is easy, but I must tell you that coming up with content every week for four years isn’t a piece of cake, so for our cover story this week, we can’t help but look at some of our favourite cover stories over the past year. You’ll find that on pages 8 to 10.
With the state of our economy right now, it’s not very likely that one can survive on one job, so we have an article about the best side hustles depending on what you enjoy doing naturally. Scroll to page 14 for this.
This week’s travel page highlights destinations couples can visit to rekindle their romance. I found the list very exciting. Therefore, I urge you to read it if you are looking to travel as a couple or a group of friends who want to explore. See page 11.
Many times, we underestimate the power of choosing the right lipstick. You see, lipstick isn’t just lipstick; there are different kinds, and knowing the right one to use goes a long way. I’ll let you find out the types of lipstick and how they work on page 12.
Until next week, enjoy your read.
Photo: Kola Oshalusi
@insignamedia Makeup: Zaron
OnahNwachukwu Editor, THEWILL DOWNTOWN
SUNDAY, FEBRUARY 16, 2025 THEWILL NEWSPAPER • www.thewillnews.com
THEWILLNIGERIA
SUNDAY, FEBRUARY 16, 2025
THEWILLNIGERIA
With Ude-Okoye Installed as National Secretary, PDP Plots Revival Ahead 2027 Elections
BY AMOS ESELE
After enduring several months in a lingering crisis, the main opposition Peoples Democratic Party appears to be finding its bearing.
“Our public image is being dented, and they are the people (the public) who are going to vote us back to power,” a former Deputy National Chairman of the party, Chief Olabode George told journalists last Tuesday after the Board of Trustees meeting.
“Anybody trying to drown the party won’t be tolerated. If you don’t like the laws, the door is there and if you don’t go, we’ll throw you out. It’s not that anyone hates you or is afraid of you, if you have violated the rules and regulations… you’ll be disciplined,” he added.
The post-2023 general election leadership crisis that polarised the party into factions loyal to the party’s presidential candidate, Atiku Abubakar and Minister of the Federal Capital Territory, Abuja, Nyesom Wike, has intensified with the a fresh round of crisis surrounding who becomes the National Secretary the party between Senator Samuel Anyanwu and Sunday Udeh-Okoye following an Appeal Court judgement and a pending suit at the Supreme Court.
Even so, a sequence of events bears eloquent testimony to a revival. A week after the PDP Governors Forum directed the National Working Committee of the party to respect the Appeal Court ruling on the position of National Secretary, the NWC affirmed Sunday Udeh-Okoye as the substantive National Secretary of the party, effectively excluding Senator Samuel Anyanwu, another claimant to the office.
The next day, the Board of Trustees (BoT), endorsed Sunday Udeh-Okoye, as the substantive National Secretary
of the party. An ad hoc organ, the disciplinary committee of the party led by Chief Tom Ikimi had to postpone its meeting to March 2, 2024, when those invited chose to stay away. Among those invited by the committee are former Governor Samuel Ortom of Benue State and embattled National Secretary, Anyanwu.
“The party is certainly coming back to its right path,” a party source who asked to not be named for fear of being identified with any of the warring parties told THEWILL on Friday. The politician said, “The strategy of the major group fuelling the crisis is to keep kicking the can of NEC meetings down the road until their group is in a position to conduct the national convention.”
Investigation however shows that these series of actions taken to resolve the long-drawn crisis are politically motivated, just as they are defensive. Nobody is sure of the outcome of the pending lawsuit at the Supreme Court, which had earlier granted a stay of execution to Senator Anyanwu’s petition and enjoined all parties to the dispute to maintain the status quo until the determination of the suit.
“What do they want to achieve, why the haste in affirming Okoye as Secretary? Why not wait till after the Supreme Court judgement?” Daboimabo Warmate, leader of the Concerned PDP League, stated at the weekend. For him, such hasty actions have been behind the “unceasing war” in the PDP.
National Publicity Secretary of the Party, Mr Debo Ologunagba, told THEWILL that the party respects and operates on the basis of the rule of law and would adhere to any judgement issued by the courts.
COVER
With Ude-Okoye Installed as National Secretary...
of the election when former National Chairman, Iyorchia Ayu, was removed by a court order and Umar Damagun was appointed as acting National Chairman. Ayu was an Atiku loyalist, who was accused of influencing his emergence as the party’s presidential candidate while Damagun is considered a loyalist to the Minister of the Federal Capital Territory, Nyesom Wike.
The Acting Chairman is yet to carry out reforms within the party, which Ayu, failing to implement, quickened his exit as National Chairman. Thus, polarised by its internal crisis, the party is just starting to find peace. Even the disciplinary committee led by Ikimi is yet to carry out its work and the party’s BoT is just beginning to bite with its recent decisive position on the choice of National Secretary.
The crisis, which has already seen violent clashes between rival supporters, has threatened to further destabilise the party as it grapples with internal divisions ahead of the politics of 2027. Forces loyal to its presidential candidate in the 2023 general election, Abubakar and Wike, have been battling for control of party structure.
The current dispute over the position of the National Secretary has worsened the crisis since 2023 when the South-East zone of the party nominated a former National Youth Leader, Ude-Okoye, to replace Anyanwu, who emerged as the party’s candidate for the Imo State governorship election in that year.
Besides, the role of Wike in the lingering crisis has further worsened issues. His loyalists in the National Executive Committee, NEC, have taken sides with Anyanwu, kicking against the decision of the state governors to support UdeOkoye as National Secretary.
These members of the NEC include the Deputy National Youth Leader, Timothy Osadolor, and a former Deputy National Publicity Secretary, Diran Odeyemi, who said Anyanwu remains the recognised scribe until the conduct of a national convention.
For accepting appointment in an APC administration and at a point threatening to set fire in any PDP state whose governor antagonised him, Wike was accused of being a spy for the governing party, plotting to destabilise it ahead of 2027. The FCT Minister, however, rejected the allegation.
“There is no governor today in the PDP, not anybody born of a woman can say I am an outsider. Who? I did a lot for the party. I dare anybody in the PDP to come out on national television. I dare any governor; l dare any National Working Committee member to come out on national television and say I am a mole. Let anybody come out,” Wike said.
On his part, the embattled National Secretary of the party, Senator Samuel Anyanwu, has challenged the authority of the PDP Governors’ Forum, warning them to respect the rule of law in the interest of peace and national stability.
Anyanwu insisted that the governor’s directive to the NWC contradicted a counter Abuja appeal court’s order that asked the party to maintain the status quo, pending the determination of his appeal at the Supreme Court.
THEWILL recalls that the legal tussle between Anyanwu and Ude-Okoye has created deep divisions within the party, with both camps laying claim to the position.
The Enugu Division of the Court of Appeal had, on December 20, 2024, affirmed Ude-Okoye’s nomination as National Secretary.
However, the Abuja Division of the Court of Appeal countered this ruling by granting a stay of execution and ordering both parties to maintain the status quo, pending the determination of Anyanwu’s appeal at the Supreme Court.
In a strongly worded petition titled, “Security Alert,” addressed to the Inspector General of Police (IGP), Anyanwu warned of potential security breaches resulting from the governors’ actions.
The petition, which was also copied to the Chief Justice of
Nigeria, the President of the Court of Appeal, the DirectorGeneral of the Department of State Services, and the Commandant of the Nigeria Security and Civil Defence Corps, accused the governors of undermining judicial authority.
The PDP scribe warned that any attempt by the NWC to enforce the governors’ directive would be “an invitation to chaos” and a direct affront to judicial authority.
stating that there was nothing fundamentally wrong with the PDP and that the ongoing crisis, which is similar with what happens in other parties, is normal.
On their part, the BoT, led by Senator Adolphus Wabara, said it took the decision to recognise Udeh-Okoye as the substantive National Secretary of the PDP following the consideration and adoption of recommendations of the report of a committee, led by Barr. Kabiru Tanimu Turaki (SAN).
“I remain the validly elected National Secretary of the PDP until a competent court rules otherwise. In the interest of peace, safety of lives, and property of innocent Nigerians, all parties must adhere to the Abuja Court of Appeal’s directive to maintain the status quo. Anything contrary will be vehemently resisted,” Anyanwu declared.
REACTIONS
Contacted for reaction on the postponement of his disciplinary committee work because those summoned failed to appear, Chief Ikimi told THEWILL that he would not comment on any issue. Prominent among those summoned are Ortom and Anyanwu, both for petitions on alleged anti-party activities.
There are insinuations that the committee is targeting Wike’s loyalists. Ikimi reportedly denied this suggestion, maintaining that no member of the party was above discipline and it did not matter when the anti-party activities were committed, provided there was a petition against the person.
A party source who chose to remain anonymous told this newspaper that, “For those who were summoned over petitions against them, they are being given the chance to clear their names so that if they were suspended tomorrow, they cannot claim otherwise even if they were to go to court. Some of them are actually the legs supporting those who are causing confusion and creating factions within the party. Once we cut those legs, the troublemakers will fall apart naturally.”
However, Governor Dauda Lawal of Zamfara State who was in Ibadan, the Oyo State capital, recently to condole with Governor Seyi Makinde, over the passing of his elder brother, Sunday Makinde, stated that the crisis over the authentic party’s scribe would blow over soon with the implementation of the governor’s decision.
“We, the governors, are the leaders of this party. We have a say, and whatever we decide will be implemented,” Governor Lawal was quoted as saying in a state issued by the Special Adviser (Media) to Governor Makinde, Dr Sulaimon Olanrewaju.
Olanrewaju further quoted the Zamfara governor as
According to them, the party leadership has demonstrated its total commitment to the rule of law and rightly portrayed the party as a truly democratic institution by recognising Udeh-Okoye as National Secretary “
The board said that as a key organ of the party as enshrined under Section 13 (1)(r) of the PDP Constitution (as amended in 2017), its decision aligns with a declaratory judgement by the High Court of Enugu, which was upheld by the Court of Appeal. The board also emphasised its authority under Section 32 (5)(a), which empowers it to ensure high standards of morality within the party and to call erring officers to order.
For this, Senator Wabara faced a backlash from his Abia home when the state chapter of the party clamped a suspension order on him for supporting Udeh-Okoye.
However, Ologunagba, said the suspension violated the party’s constitution and could not stand, saying that no State Working Committee has the authority to suspend or discipline a member of the National Executive Committee without recourse to the NWC, as provided in Section 57 (7) of the PDP Constitution (as amended in 2017).
Speaking to journalists last Sunday, George said that any member who fails to obey the decision of the Board of Trustees (BoT) will be thrown out of the party.
According to him, the BoT, which is the custodian of the assets and liabilities of the party, has awakened to do the needful.
George said, “If you’re not ready to abide by the decision of the BoT you’ll be shown the way out. What is the BoT as defined in the constitution? It is the redeemer of the dos and don’ts in the party, the liabilities of the party, and assets of the party are held in trust by them.”
Hinting at the prospect of the party in 2027, he said, “24 hours in politics is a very long time, that journey started Wednesday at that meeting.”
On Anyanwu, George said he told the embattled National Secretary to calm down but if he wants to go to the Supreme Court, nobody will stop him. “But I asked him, in whose interest?”
Reacting to the decisions of the governors’ forum, BoT and NWC on the National Secretary position, two former national chairmen of the party, Dr. Okwesilieze Nwodo and Uche Secondus, have congratulated Udeh-Okoye on his new position. They commended the respective party organs for standing firm in defence of the rule of law and party discipline.
According to them, the party leadership has demonstrated its total commitment to the rule of law and rightly portrayed the party as a truly democratic institution by recognising Udeh-Okoye as National Secretary.
THE LAST STRAW
Authoritative party sources told THEWILL that once the issue of the National Secretary is rested, former President of the Senate, David Mark, who is from Benue State (Northcentral) may be drafted to lead the party as National Chairman. His personality appeals to a cross section of the party, both the civilian and military and is he being touted as the one that would be able to stabilize the party and lead it into the upcoming contest in 2027.
Mark, a retired military top brass, according to THEWILL checks, is open to serving as national chairman if the current crisis is amicably settled as he does not want to be seen as part of any faction.
When THEWILL sought to know the way forward for the party, Ologunagba said the media would be informed every inch of the way as developments unfold.
L-R: South West State Governors, Senator Ademola Adeleke (Osun); Prince Dapo Abiodun (Ogun); the Chairman, Mr. Babajide Sanwo-Olu (Lagos); Engr. Seyi Makinde (Oyo); Mr. Biodun Oyebanji (Ekiti) and Mr. Lucky Aiyedatiwa (Ondo), addressing the press shortly after their zonal meeting at the Lagos House, Alausa, Ikeja, on February 13, 2025.
The Deputy Spokesperson of the House of Representatives, Philip Agbese, has threatened legal action against Binance executive, Tigran Gambaryan, over allegations that he and other lawmakers demanded a $150 million bribe while the cryptocurrency firm was facing scrutiny in Nigeria.
Gambaryan, Binance’s Head of Financial Crime Compliance, made the claims in an interview with Wired’s Andy Greenberg, where he detailed his eight-month ordeal in detention. THEWILL reports that Gambaryan and his colleague, Nadeem Anjarwalla, were arrested in February 2024 upon arrival in Nigeria for discussions with government officials regarding Binance’s operations. They faced charges of money laundering and tax evasion, but while Anjarwalla later escaped custody, Gambaryan remained in detention at the Kuje Correctional Centre until October 2024, when he was released due to health concerns and diplomatic intervention.
In his interview, Gambaryan alleged that lawmakers, including Agbese, the Chairman of the House Committee on AntiCorruption, Ginger Obinna Onwusibe, and the lawmaker representing Obanliku/Obudu/Bekwara, Peter Akpanke, orchestrated a bribe request under questionable circumstances.
According to him, a meeting with the lawmakers on January 5, 2024, had the backing of the Department of State Service, which allegedly advised Binance executives to comply with any directives from the House members.
Gambaryan claimed, “They set up fake cameras and media to make the meeting appear official, but the cameras weren’t even plugged in. As you may already know, this ended with them asking for a $150 million bribe, paid in cryptocurrency into their personal wallets. A Mickey Mouse operation at its best.”
financial transaction. “The House leadership referred Binance to the appropriate authorities, and the company has since apologised,”Agbese stated in a post on X. He further clarified that he is not a member of the House Committee on Economic and Financial Crimes and was only present at a meeting as a courtesy visit to his colleague, Peter Akpanke.
He added, “It was during this visit to Hon. Peter Akpanke’s office, alongside Hon. Peter Anekwe, that I learned they were interfacing with Binance representatives. That was my only interaction with them. I never attended any further meetings with Binance executives, the EFCC, or the DSS.”
Agbese also denied any involvement in cryptocurrency transactions, stating that he does not own a crypto wallet. “I have never used cryptocurrency, nor do I have a crypto wallet anywhere in the world. So, it is impossible for me to request payment into a non-existent wallet,” he said.
He reiterated his demand for an apology from Gambaryan, failing which legal action would be taken. Meanwhile, Gambaryan also refuted claims by the Central Bank of Nigeria
that Binance facilitated suspicious transactions amounting to $26 billion. CBN Governor, Olayemi Cardoso, had in February 2024 accused Binance of processing the transactions from unknown sources. However, Gambaryan dismissed the claim as misleading, arguing that the figures represented cumulative trade data rather than illicit fund movements.
He said, “The $26 billion they keep mentioning is complete nonsense. This was simply trade volume generated by Nigerians on the platform.
“For example, if someone trades $100 a hundred times, it adds up to $10,000 in volume, but in reality, only $100 was used. The authorities misrepresented this to justify their flawed investigation.” He accused the Nigerian government of scapegoating Binance for the naira’s decline, stating that the devaluation was a direct result of President Bola Tinubu’s monetary policies.
“They knew the naira’s devaluation was due to Tinubu’s decision to remove currency controls. Instead of owning up to this reality, they pinned the blame on Binance,” he added.
USAID Funded Boko Haram, Al-Qaeda - Congressman Scott Perry
AUS lawmaker representing Pennsylvania in the Congress, Scott Perry, has alleged that developmental funds provided as aid by the United States Agency for International Development (USAID) are being diverted to fund terrorist organisations, including Boko Haram, ISIS and Al-Qaeda. The USAID has faced increasing scrutiny, particularly from President Donald Trump’s Department of Government Efficiency (DOGE), over allegations of mismanagement and wasteful spending of U.S. taxpayer funds.
your money, $697 million annually, plus the shipments of cash funds in Madrasas, ISIS, Al-Qaeda, Boko Haram, ISIS Khorasan, terrorist training camps. That’s what it’s funding.
“You are funding terrorism, and it’s coming through USAID. And it’s not just Afghanistan because Pakistan’s right next door.
In a swift reaction, Agbese dismissed Gambaryan’s claims as a ploy by foreign entities to undermine Nigerian lawmakers who advocate national interests. Describing the allegations as false and defamatory, he challenged the Binance executive to provide evidence or retract the claim within seven days or face legal consequences.
“These allegations are completely baseless. I was never part of any meeting with any Binance executive regarding any
Speaking on Thursday, during the inaugural hearing of the Subcommittee on DOGE, Perry alleged that the Agency’s funds are diverted to finance terrorist organisations. He emphasised the misappropriation of about $136 million meant for building 120 schools in Pakistan. Perry, who spoke in defence of Trump’s administration action to stop Aid to countries, especially Arab and Africans, said: “Who gets some of that money? Does that name ring a bell to anybody in the room? Because your money,
“USAID spent $840 million in the last year, the last 20 years, on Pakistan’s education-related programmes. It includes $136 million to build 120 schools, of which there is zero evidence that any of them were built. Why would there be any evidence? The Inspector General can’t get in to see them. “But you know what? We doubled down and spent $20 million from USAID to create educational television programs for children unable to attend physical school.
“Yeah, they can’t attend it because it doesn’t exist. You paid for it.cSomebody else got the money. You are paying for terrorism. This has got to end.”
L-R: Pro-Chancellor, Michael Okpara University of Agriculture Umudike, Comrade Fidelis Ede; Director of Research and Innovation, Enugu State University of Science and Technology (ESUT), Prof. Nnenna NwobodoNzeike; Deputy Vice Chancellor, Prof. Chike Nwoha; Director General Raw Materials Research and Development Council (RMRDC), Prof. Nnanyelugo Ike-Muonso; Pro-Chancellor, Gregory University Uturu, Abia State, Prof. Augustine Uwakwe and Director, Planning and Statistics, ESUT, Mrs Rachael Kotso, during a maiden public lecture organized by ESUT Department of Mathematics and Computer Science Education in Enugu on February 13, 2025.
AU Leaders Back Homegrown Credit Rating Agency to Tackle Bias
BY FELIX IFIJEH
African leaders have endorsed the establishment of the African Credit Rating Agency to address biases in global credit ratings that have long hindered the continent’s economic growth. The decision was reached on Thursday during the 38th Ordinary Session of the Assembly of the African Union Heads of State and Government in Addis Ababa, Ethiopia.
THEWILL reports that Nigeria’s President, Bola Tinubu, arrived in Addis Ababa on Thursday night to participate in the summit. During a high-level dialogue, African leaders argued that existing global credit rating agencies have unfairly downgraded African economies, making it more difficult for countries to access affordable financing. According to the African Peer Review Mechanism and the United Nations Development Programme, Africa loses an estimated $75 billion annually due to biased credit ratings.
Kenyan President William Ruto, who is championing the AfCRA initiative, decried the systemic downgrades affecting African nations despite their vast natural resources, strong diaspora remittances, and economic potential. “In the past decade, 94 percent of downgrades have targeted African economies, with only two countries on the continent attaining investment-grade ratings,” Ruto stated. He added that an improvement of just one level in Africa’s credit rating could unlock $15.5 billion in additional funding, far exceeding Official Development Assistance by 12 percent and covering 80 percent of Africa’s infrastructure needs.
“This opportunity is within our grasp, and we must seize it,” Ruto told the gathering of African heads of state and financial experts. Other speakers at the summit included Algerian President Abdelmadjid Tebboune, Chairperson of the Africa Peer
The Independent National Electoral Commission office in Gwadabawa Local Government Area of Sokoto State has been razed by fire, destroying critical electoral materials.
Confirming the incident during a meeting in Abuja on Thursday, INEC’s Administrative Secretary in Sokoto, Hauwa Aliyu Kangiwa, said the fire broke out on Tuesday, February 11, 2025.
In a statement issued on Friday, INEC’s National Commissioner for Information and Voter Education, Sam Olumekun, said the inferno consumed the entire building, furniture, and essential election materials.
Review Forum of Heads of State and Government; Ethiopian President Taye Selassie; Zambian President Hakainde Hichilema; and African Union Commission Deputy Chairperson Monique Nsanzabaganwa. AfCRA, which is expected to be officially launched in June, aims to provide fair, transparent, and development-focused credit ratings tailored to the realities of African economies.
The initiative seeks to reduce Africa’s reliance on the three dominant global credit rating agencies—Moody’s, Fitch, and Standard & Poor’s—whose assessments have often been criticized for failing to account for the continent’s economic diversity and potential. Ruto argued that Africa’s economic story has been distorted for too long, adding that the new agency would help reclaim the continent’s financial sovereignty. “The time has come to rewrite our history, reclaim our narrative, and drive Africa’s economic renaissance forward,” he said.
He accused global rating agencies of using outdated models, flawed assumptions, and systemic bias, which have led to exaggerated risk assessments, inflated borrowing costs, and deterred foreign investment. He said, “This financial straitjacket imposed on Africa punishes our economies while rewarding others with comparable or even weaker fundamentals.
“African nations deserve an independent, credible, and globally recognized rating agency that reflects our reality. AfCRA must be backed by strong data, rigorous reporting standards, and full transparency from our own governments.” The agency, leaders said, will help African economies attract fairer investment terms and build resilience against external financial shocks.
Fire Guts INEC Office in Sokoto, Destroys 558 Ballot Boxes
“Items destroyed include 558 ballot boxes, 186 voting cubicles, 186 election bags, and several materials meant for Registration Area Centres, including 12 large water tanks (1,000 litres), 400 sleeping mats, and 300 plastic buckets,” he stated.
Although the exact cause of the fire is yet to be determined, Olumekun disclosed that preliminary investigations suggested a sudden power surge before the outbreak.
He assured that efforts were underway to secure a temporary facility in the local government area to prevent disruptions to INEC’s operations.
TheNational Examinations Council has released the results of the 2024 Senior School Certificate Examination for external candidates, with 57,114 candidates—representing 63.35 percent—securing five credits and above, including English Language and Mathematics.
NECO Registrar, Prof. Dantani Wushishi, who made the announcement on Friday at the council’s headquarters in Minna, Niger State, disclosed that 86,067 candidates registered for the examination, while 84,799 sat for it between November 14 and December 14, 2024.
“A total of 62,929 candidates, representing 75.62 percent, obtained credit and above in English Language, while 77,988 candidates, accounting for 93.94 percent, secured five credits and above in Mathematics.
“The number of candidates who obtained five credits and above, including English Language and Mathematics, stood at 57,114, representing 63.35 percent. Additionally, 70,711 candidates, or 83.39 percent, passed with at least five credits, irrespective of English and Mathematics,” Wushishi said.
The council has taken disciplinary action against 14 examination centres—10 in Ogun State and four in Oyo State—over cases of malpractice in nine subjects.
“A total of 6,169 candidates were booked for various forms of malpractice, reflecting a 27.7 percent decrease from the 8,518 cases recorded in 2023,”Wushishi stated.
Furthermore, seven supervisors—two from Oyo, two from Ogun, and one each from Lagos, Cross River, and Ebonyi—have been blacklisted for offenses including poor supervision, lateness, and aiding malpractice.
“The Federal Ministry of Education has directed that the names of these blacklisted centres and supervisors be forwarded to other examination bodies, including JAMB and WAEC,”he added.
Djibouti’s Mahmoud Youssouf Elected AU Commission Chairperson
BY FELIX IFIJEH
Djibouti’s Foreign Minister, Ambassador Mahmoud Ali Youssouf, has been elected new Chairperson of the African Union Commission (AUC).
Youssouf was elected on Saturday, at the 38th Ordinary Session of the Assembly of the African Union (AU) Heads of State and Government in Addis Ababa, Ethiopia. He succeeds Moussa Faki Mahamat of Chad, who completed his second four-year term limit on Saturday.
While the position was strictly reserved for East Africa, three contestants including Djibouti’s Foreign Minister, Mahmoud Ali Youssouf, Madagascar’s ex-foreign minister Richard Randriamandrato and Kenyan politician Raila Odinga,
contested the seat.
THEWILL reports that Youssouf eliminated Odinga in rounds 6, securing 26 votes to oust the Kenya politician, who trailed with 22 votes.
At the end of the exercise in round 7, Youssouf polled 33 votes to clinch the seat of the AUC Chairperson.
Born September 2, 1965, Youssouf is a Djiboutian diplomat. He has served in the government of Djibouti as Minister of Foreign Affairs since 2005. Meanwhile, Angola President Joao Manuel Gonçalves Lourenço, has assumed the Presidency of the Continental union following the expiration of the tenure of Mauritanian President Mohamed Ould Ghazouani.
BIPC Demands N65.8bn Equity Shares From Dangote Cement
BY KAJO MARTINS, MAKURDI
Benue Investment and Property Company Limited (BIPCL) has vowed to pursue all available options to recover its outstanding equity share payment of N65,871,293,212.30, which Dangote Cement Company PLC has failed to settle 19 years after taking over the management of Benue Cement Company PLC, Gboko.
Managing Director/CEO of BIPC, Dr. Raymond Asemakaha, who made the disclosure at a news conference in Makurdi, expressed shock that 19 years after the change of ownership as a result of the federal government privatisation policy, Dangote PLC has failed to honour its agreement with the Benue State government, who owned joint shares with the federal government.
He said, “Other shareholders, including the Federal Government, sold their shares. Benue State Government kept its stake equity of 10%, representing 111,4381,493 unit shares in the sum of N65,871,293,212.30 respectively.”
The BIPC Managing Director said Dangote PLC’s failure to pay the alleged amount compelled the Benue State Government to seek redress at the Industrial Tribunal,
revealing that they both resolved for an out-of-court settlement.
According to him, during one of the meetings for an outof-court settlement, it was agreed that BIPC managing shares on behalf of the Benue State Government should be converted to appointments on the board of Dangote PLC as Deputy Managing Director, with two directors nominated by the Benue State government as members on the board. He lamented that non of the terms of the agreements have been honoured by the Dangote Cement Company.
He disclosed that some citizens of the state who held high public offices in the past connived with Dangote PLC to defraud the government either in cash or property, disclosing that the names of such people would be made public in due course.
While assuring the public that BIPC will do everything possible to reclaim its stake at Dangote PLC, he appealed to the Benue people to remain calm and wait for the outcome of the steps being taking by the government, including the court option.
Keystone Bank Safe, Sound, Fully Operational – CBN Assures
BY FELIX IFIJEH
The Central Bank of Nigeria (CBN) has assured the public, including depositors and other stakeholders of Keystone Bank Limited, that the financial institution remained safe, sound, and fully operational.
The assurance followed Tuesday’s ruling of an Ikeja Special Offences Court, which ordered the forfeiture of Sigma Golf Nig. Ltd. rights, title and interest in 6,250,000,000 units of the Keystone Bank Ltd. ordinary shares of N1.00 each, to the Federal Government.
The apex bank, in a statement signed Friday, by its Ag. Director, Corporate Communications, Hakama SidiAli, admitted that the court order could have raised concerns among depositors and other stakeholders of the bank, but that it has taken steps to protect the depositors and ensure the smooth operation of the bank.
The statement reads: “Following the court order that the shares of Keystone Bank Limited previously held by the shareholders be forfeited to the Federal Government of Nigeria, the Central Bank of Nigeria (CBN) wishes to reassure the public that Keystone Bank Limited remains safe, sound, and fully operational.
“We acknowledge that this development may have triggered customer concerns; however, we wish to underscore that the stability of the banking system and the safety of depositors’ funds remain our top priorities. Keystone Bank’s operations are entirely secure, and there is no reason for concern. “For clarity, the Court Order merely reaffirmed the Central Bank of Nigeria’s prior decision to take over the management of Keystone Bank Limited in January 2024, following a change in its leadership.
“Since then, the CBN has closely monitored the bank’s operations to ensure they are in full compliance with regulatory standards, operational transparency, and the interests of depositors.
“As part of our commitment to safeguarding the financial system and building public trust, we shall continue to monitor the bank’s performance. We will take all necessary steps to protect the interests of depositors, staff, and stakeholders.
“Customers are also encouraged to contact Keystone Bank’s customer support or visit any Keystone Bank branch for inquiries or concerns.”
First Lady of Nigeria, Senator Oluremi Tinubu delivering address at the High Level Meeting on Domestic Health Financing in Addis Ababa, organised by Rwanda President, Paul Kagama on the margins of the on-going 38th AU Summit in Addis Ababa, Ethiopia.
Zamfara Quranic School Where Teachers Send Underage Children to Work as Labourers
BY TUNDE OMOLEHIN, GUSAU
This undercover investigation at Zawiyya, an Islamic Centre in Gusau, Zamfara State reveals how pupils, mostly underage, are rented to ‘Strangers’ as labourers by their teachers. The investigation also engaged a crosssection of underage children, mainly male on their plight and wellbeing within the facility.
At a glance, Zawiyya Islamic Centre situated at Kanwuri in Gusau, the Zamfara State capital, cuts the picture of a modest Qur’anic learning institution where pupils are coached to memorise the holy Quran in the shortest duration possible with long-term retention.
With solid infrastructure, including well-painted classrooms for Quranic recitations, hostels for the pupils and a small mosque for daily prayers, Zawiyya Islamic Centre looks just like any standard tertiary institution in Nigeria. Beyond this, it serves as a place where children are given out to potential labour merchants for exploitation, this reporter’s encounter with Audu Kaura, a Qur’anic teacher at the centre, has revealed.
Wearing a long and white kaftan, Malam Audu, as he is fondly called by the pupils, guided this reporter through a mini hall behind the centre’s mosque to hear his mission.
The conversation started shortly after a 16-year-old Sadique, a Nigerian, and one of the pupils in the overcrowded learning centre accompanied the visitor to meet the Qur’anic teachers at the institution.
The mission was to get any of the Qur’anic teachers to facilitate the ‘hiring’ of some pupils for a fee. The hired pupils are to be engaged in a marathon clearing of a new apartment newly secured by this Reporter and then take them to a farmland for cultivation, which Audu was ready to do.
landed here.” Saidu explains. Since his arrival at the camp, the teenager has continued to be exploited by his teachers disguised to be helping him to source for income for personal upkeeps. Each day, Saidu and his contemporaries said they often assigned by their teacher to follow individuals to farmlands or similar labour work for a fee. The advanced money collected by this teacher is handed as a way of compensation for his gesture. “We worked for different people that want our services through any Malam (Teachers). Mostly, Mallam Audu helped sort for those who wanted our services, and we also returned part of our earnings as he had instructed.” Saidu said.
Dauda, 24 said he had been working as a labourer after completing his Quran recitation four years ago. “I decided to stay back in the Center to sort for menial jobs because there is no other place to go again. “People are coming to the camp to seek for our ‘service’ like working on their farmland or any available jobs they might have, request our service.”
On how he scheduled his daily activities, he said; “We wake up at 4:30 in the morning to enable us to prepare for morning prayers and then a Qur’anic recitation starts. After this, a break is given for us to solicit alms or follow people to farmland to do all kinds of soil tidying and cultivations. We then return to the Center for evening prayers and it goes on and ends at 10pm.”
He explained. The duo’s’ stories were part of windows to the extensive abusive labour against children seeking Quranic knowledge at the Zawiyya Center.
day was scheduled for the journey which this Reporter never returned.
According to Nicholas Ajadi, a legal practitioner with interest in labour law said Audu’s role in exploiting his pupils it is a clear violation of the country’s signing of the UN Convention on the Rights of the Child in 1999 and the African Charter on the Rights and Welfare of the Child in 2001.
ZAWIYYA: LEARNING OR LABOUR CAMP?
Zawiyya Islamic Centre is a household word in Gusau, Zamfara State capital, founded in the 18th century. It is located within the bustling area of Kanwuri of the ancient town and known for housing the largest number of pupils seeking Quranic knowledge memorization otherwise known as Almajiri in Northern Nigeria.
Bashir Auwal (named changed), a resident of the area recounts that in December 2024, two cases of sexual abuse of these pupils were reportedly traced to the same Qur’anic center.
“These incidents of child labour are a common practice here, and there have been further reported cases of sodomy and other sexual abuses happening in the Center.” He spoke. In May 2019, a Zamfara based lawyer, Hamza Shinkafi, told this Reporter how he facilitated the arrest of one Murtala Mode, an Islamic teacher in a similar Islamic center, after being accused of child abuse and sodomy.
Within some minutes, he had assembled three of his pupils for the ‘job’. “You will follow this ‘God’s sent’ man (referring to this reporter). He will engage you for some days to clear his new apartment and do some cultivations in his farmland.” Audu orders. After negotiating with Audu, the sum of N5,000 in cash was handed to him as fee for facilitating the services of three students, while an additional N2,000 was handed for the cost of renting farming tools as requested.
Saidu Abubakar, 13, Dauda Yakubu 24, and Nasir Ali 15 were the three pupils instructed by Audu to follow this reporter. At a safe location far from the centre, this reporter interacted with Saidu who said he was brought from Salka in Magama local government area of Niger state by a friend. According to him, he had left his hometown without informing his parents while the Islamic Center did not bother to know his family background.
Saidu was enrolled and joined about 10, 000 learners already in the camp with little personal details about his family background. “A friend informed me about the Qur’anic center in Zamfara state, and we just boarded a vehicle and
Unlike Saidu and Dauda who hailed from the same town in Nigeria, Nasir said his parents who live in the Mafara town of Zamfara state had in 2020 dropped him off at the Centre to pursue Quranic memorization. Four years on, rather than grow fast in the Qur’anic knowledge, the young Nasir has been preoccupied in begging skills to enable them fund their welfare rather than concentrate on the learning.
The next day, this reporter returned to the Centre to schedule a fresh engagement of another set of pupils from Audu. This time, the children will travel about 40 kilometres to Maru, a neighbouring town, where they are expected to work on farmland for three days in a row. Audu did not have a second thought before agreeing with the terms of engagement.
In a few minutes, he had assembled four pupils for the task. The children were much younger than the previous ones. “These are the boys and as I told you, I am their teacher and they will comply with my directives,” Audu said, in a show of authority.
The pupils brought forth were Aliyu, 13, Garba, 15 and Muhammad, 12. The teacher had a brief chat with them, apparently to discuss the task by the teacher. In their presence, the teacher demanded the sum of N5,000 as his fee and another N2,000 to rent farm ‘tools’ from this reporter which was handed to him. After the payment of the demands, a latter
The suspect was alleged to have serially raped his pupils, who were mostly from the neighboring Zamfara state, and had suffered this fate because they were under his custody for the purpose of receiving Quranic knowledge, - they had for years been turned into his sex slaves until he was apprehended. “The pupils, aged between four and fifteen, also said the teacher also collected money from some external homosexual clients and forced the children to submit themselves to sexual acts
“The suspect was paraded by the police but the trial was obstructed by the nature of the Islamic justice system, which requires at least four witnesses against the accused before being prosecuted.. So, he was later set free” Hamza said in an interview.
THE GROWING NUMBERS
Nearly 160 million children, are involved in child labour, making it a significant issue on a global scale while in Nigeria, over 24 million children are in child labour, according to the 2022 data from National Bureau of Statistics. Out of these, Zamfara has the highest number of over 6.4 million children in child labour.
•This investigation was carried with support from Tiger Eye Foundation, Ghana and MacArthur Foundation, United States.
Inside view of Zawiyya Islamic Center building, located at Kawuri area of Gusau, Zamfara State, Northwest Nigeria
POLITICS
The Last of the True Political Icons, Ayo Adebanjo, Dies at 96
BY FELXI IFIJEH
Chief Ayo Adebanjo, who died on Friday, February, 14, 2025 inherited the mantle of Afenifere leadership on March 16, 2021 from Chief Reuben Famuyide Fasoranti. While transferring the leadership to Adebanjo, Fasoranti eulogised Adebanjo as, “my good brother and friend, a politician of the Awolowo school of thought who worked so hard to keep Afenifere up in the times of the travails”.
President Bola Tinubu in his tribute on Friday, described Adebanjo “as a lawyer, statesman and politician, standing among the last of a generation of nationalists and independent heroes who shaped the foundation of our country. “A devoted disciple of Chief Obafemi Awolowo, his contributions spanned political eras, from his role as Organising Secretary of the Action Group in the First Republic to his leadership in the Unity Party of Nigeria during the Second Republic.
“In moments of national crisis, Baba’s courage shone brightest. When democracy hung in the balance after the annulment of the June 12, 1993 presidential election, he joined the National Democratic Coalition (NADECO) as one of the leading voices against military dictatorship, helping to galvanise a movement that became the bedrock of our collective struggle to reclaim democratic governance.
“His unwavering commitment to truth and justice extended to my journey as a governorship candidate in 1999. Baba Adebanjo’s steadfast support was instrumental in my election as Governor of Lagos State under the platform of the Alliance for Democracy. “Although our political paths diverged in later years, my respect and admiration for him never wavered. Until his death, I shared a deep personal bond with Baba Adebanjo; he was like a father figure.
According to former President Obasanjo, Chief Adebanjo had a highly successful career with selfless service rendered to his community, state and indeed, the entire nation. He said, “Adebanjo’s commitment to enthroning democracy in our dear country, his tenacity in the face of daunting odds and mortal risk to his life is very common knowledge. These qualities mark him out as a courageous political leader and true patriot. Not surprisingly, he had come to be regarded as one of our most notable elder statesmen, who had an enviable track record of purposefulness, honesty and integrity to bear in promoting the cause of national unity.”
“As a democratically-elected President of Nigeria between 1999 and 2007, we both sometimes disagreed to agree to commit to regenerate and reposition our country to meet the hopes and aspirations of the Nigerian people and chart the course to our nation’s glorious future.” “He had such an unpretentious personality! His thoughts, utterances and deeds were completely devoid of political partisanship. He had patriotism. Not surprisingly, he had come to be regarded as one of our most notable elder statesmen, who had an enviable track record of purposefulness, honesty and integrity to bear in promoting the cause of national unity.”
For the former Vice President of Nigeria, Atiku Abubakar, the late Afenifere leader was a formidable force and a fearless fighter for justice, equity and an egalitarian society. He said, “I can vividly recall the heroic role that Pa Adebanjo played in wresting power from the military and enthroning democratic governance in
Nigeria. He was at the forefront of the fight against military dictatorship. “It is on record that Pa Adebanjo spent his entire youthful days fighting against colonial rule; spent his middle age to fight against military dictatorship and his latter days to ensure that good governance, rule of law and democracy took firm roots in Nigeria. In a quick tribute, the Ogun State chapter of the pan-Yoruba socio-political group described the late leader as “an indisputable Titan of the Obafemi Awolowo School of Politics.”
Giwa Niyi Osoba, Chairman and Ogbeni Wale Adedayo, Publicity Secretary of the group said, “Adebanjo was not just one of our leaders. He was a pillar of Afenifere, an organisation to which he devoted the better part of his life. Whatever achievements are credited to the government of the defunct Western Region under the able leadership of Awolowo, part of the credit goes to Adebanjo. He was an unwavering disciple of the late sage and dutifully carried out the party’s directives with the required discipline. He was not just a great Awoist, Adebanjo was a Yoruba patriot.
“Adebanjo’s Yoruba patriotism did not blind him to the inequity in Nigeria’s flawed Federal structure.” Similar eulogies will be paid in the coming days to one of Nigeria’s finest patriots and politicians who had a robust sense of fairness, equity and justice in a country where to be addressed as a politician these days almost amounts to using a swear word.
As a political activist from the First Republic and a protégé of the first Premier of Western Nigeria, Chief Obafemi Awolowo, whose philosophy of progressive politics targeted at producing social and economic benefits for the citizenry, Adebanjo was a devoted ‘Awoist.’ His ideas, thoughts and actions were based on this ‘Awoist’ philosophy. He thus devoted his life to the service of his compatriots. But how did he acquire all these attributes that stood him out of the maddening crowd of politicians all through his active years in political activism?
In a past newspaper interview, he stated that he had
always taken part in politics out of conviction. “When I was in school, I was an avid reader of West African Pilot published by Nnamdi Azikiwe. There were many columnists, including Zik, who fired our zeal.” But all through his political life, Adebanjo never contested for any elective position. Why?
“Well, you see,” he answered in that interview, “ I was the pioneer organising secretary of the Action Group, when Chief Awolowo propounded the theory of good governance. That we could be better than the white colonialists and that if we gained independence, ‘this is what we will do and this is what is required of us.’ I worked so close to Chief Awolowo. I became so attached to his ways.
When he was asked that his critics accused him of being too rigid and uncompromising, he replied that, “the moment you compromise there will be no principle.” Until his death, Adebanjo canvassed for the practice of true federalism whereby the federating units in the country are allowed to own and manage their resources. In recent political outings, he supported the restructuring of the country on the basis of true federalism.
In the 2023 General Election, for example, he stirred anger in the South-West when as leader of Afenifere, he joined forces with the Middle Belt Forum, the Pan Niger Delta Forum to support the candidacy of Peter Obi, the Presidential candidate of the Labour Party, whose candidacy, they believed, would redress the perceived political marginalisation of the South-East geopolitical zone in the current democratic dispensation. It was for this same principled stand that he also supported the presidential ambition of Muhammadu Buhari in 2007, who promised to restructure the country if elected.
“We soon realised that the moment you established this country on purely federal principles as we had before independence, if they do federalism today, I do not care who is the president of this country,” he said, “But we soon learnt Buhari was not a man of his words. Nobody can take us for a ride again.” When asked if he was ever tempted to change camps, he said, “There was no cause for it because there was a reason I was in Awos camp.” That camp he remained in thought, words and deeds until he breathed his last on Friday.
It is on record that Pa Adebanjo spent his entire youthful days fighting against colonial rule; spent his middle age to fight against military dictatorship and his latter days to ensure that good governance, rule of law and democracy took firm roots in Nigeria “
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Chinese Cybercriminals
TThese criminalminded Chinese come from a country that pronounces the death sentence for the same offences they are allegedly committing with impunity in Nigeria. They should not be allowed to use Nigeria as a test ground for their deranged minds
he rate at which Chinese nationals have become the face of fraudulent activities in Nigeria is not only alarming but also a flip side of the otherwise rewarding official relationship between Nigeria and China, which makes soft loans available for infrastructural production and as well as the services of genuine construction companies.
From alleged crypto currency investment to suspected romance fraud and job scam, the Chinese have increasingly come under scrutiny and arraignment by the Economic and Financial Crimes Commission, EFCC, since November last year through February this year.
Together with their Nigeria accomplices and in some instance, local foot soldiers, these Chinese suspects have digitised crime and spread their tentacles abroad, using Nigeria as their base, all in clear violation of the country’s laws as clearly stated in Section l8 of the Cybercrimes (Prohibition, Prevention, Etc.) Act. 2015 (as Amended, 2024) and Section 2 (3) of the Terrorism (Prevention and Prohibition) Act, 2022, for instance..
According to the EFCC, 792 suspected investment and internet fraudsters were arrested by operatives of the EFCC on Tuesday, December 10, 2024. They are members of a syndicate allegedly involved in crypto currency investment and romance fraud. They were arrested in the Big Leaf Building at 7, Oyin Jolayemi Street, Victoria Island, Lagos.
Between Thursday, January 9, 2025 and February 6, 2025, members of the syndicate were nabbed by the Commission. The leaders of the syndicate of fraudsters with knowledge of digital equipment were Chinese. The first group, specialising in hotel review job scam, targeting mostly victims intending to travel to the United Kingdom,
were arrested in their Naka Hall Plaza in Abutu Garba Street, Gudu, Abuja. A total of 105 suspects comprising four Chinese and 101 Nigerians were arrested at the plaza. 100 compact Work Stations were recovered from the suspects.
On Monday, February 3, 2025, the Commission arraigned 29 Chinese, 10 Filipinos, one Malaysian, one Indonesian and one Pakistani before separate Federal High Courts sitting in Ikoyi, Lagos.
They were arraigned alongside a company, Genting International Co. Ltd., before Justices Ayokunle Faji ; D.I. Dipeolu; Alexander Owoeye and C.J. Aneke, respectively.
The suspects are members of the syndicate of 792 alleged cryptocurrency investment and romance fraud suspects arrested on December 19, 2024, in Lagos during a surprise operation tagged “Eagle Flush Operation” by operatives of the EFCC.
Then on February 6, 2025, the EFCC arraigned nine Chinese and a company, Genting International Co. Ltd., before Justice C.J. Aneke of the Federal High Court sitting in Ikoyi, Lagos.
This sequence of arrests of cyber fraudsters involving Chinese suspects shows an undesirable trend that should be tackled and eradicated before it blossoms into a monster that will be difficult to handle. Indeed, the elaborate scam involving hotel review jobs says it all.
According to the EFCC, Hotel Review Job Scam is a globally- entrenched Internetrelated fraud that is new In Nigeria. It operates with the assistance of the Chinese who usually recruit local and computer-savvy Nigerians as Customer Service Representatives.
The Representatives are made to work on a prepared template of criminality online. They
Let DISCOs Die for Nigerians to Have Regular Electricity Supply
BY MICHAEL OWHOKO
The unending darkness permeating Nigeria today, unarguably, was the mistake of 2013, when majority stakes in the electricity distribution companies (DISCOs) were sold to private investors as part of larger efforts to improve electricity supply, which was hitherto disrupted by constant power failure across the country.
Unfortunately, after 12 years of practical operations, these private investors have turned out to be technically incompetent with severe illiquidity challenges that weaken their capacity to perform, demonstrate competence, and deliver electricity satisfactorily to customers in line with policy and public expectations. Worse still, nothing suggests that the DISCOs can improve in performance and efficiency, translating into a burden for Nigerians in the absence of government’s interference. By their poor conduct and performance, the DISCOs have undermined the intention and objective of the Federal Government’s electricity reforms, which was aimed at strengthening the power sector through private sector participation for delivery of efficient and quality service. The reforms, which started with the enactment of the Electric Power Sector Reform Act 2005 (EPSRA), led to the formation of the Nigerian Electricity Regulatory Commission (NERC) and the creation of the Power Holding Company of Nigeria (PHCN). The PHCN was later segmented into Generation, Transmission and Distribution, from where the DISCOs were created.
The reforms were essentially necessitated at the time by constant power failure induced by the poor condition of a network of power assets, including moribund facilities and equipment, together with the government’s poor handling and management of the electricity sector. These challenges were identified as obstacles impeding the efficient and regular supply of electricity to consumers, leading to the eventual sale of six GENCOs and eleven DISCOs to private investors.
hard rock, the DISCOs have now made it a bureaucratic culture to make incessant demands to consumers for replacement of faulty lines and equipment, including transformers. Field electrical engineers of the DISCOs capitalised on this unwholesome practice to constantly push the cost of maintenance down the throats of consumers.
Besides, estimated billing has become part of DISCOs’ trick for defraying the cost of operations. Consumers are billed based on estimation as against prepaid metering, a preferred option to support their balance sheet. This explains why the process for obtaining prepaid meters is cumbersome and frustrating. Even where the prepaid meters are available, the DISCOs deliberately make the issuance process difficult just to discourage consumers.
THE INABILITY OF THE DISCOS TO IDENTIFY FROM THE OUTSET THE DEPTH OF FACILITY DECAY BEFORE AGREEING TO TAKE UP RESPONSIBILITY FOR THE JOB EXPOSES THE GAPS IN THEIR TECHNICAL KNOW-HOW. AND FAILURE TO REPLACE MOST OF THE MORIBUND EQUIPMENT AND FACILITIES IS A CONFIRMATION OF THEIR POOR FINANCIAL HEALTH, A FACTOR THAT SHOULD HAVE
So far, the DISCOs have failed to inspire public confidence, as they often attribute their failure to inherited obsolete and unviable equipment, a defence mechanism evidently too weak to attract public sympathy. The inability of the DISCOs to identify from the outset the depth of facility decay before agreeing to take up responsibility for the job exposes the gaps in their technical know-how. And failure to replace most of the moribund equipment and facilities is a confirmation of their poor financial health, a factor that should have been activated for their disqualification.
Perhaps as a device to mitigate this financial deficit, DISCOs resort to sharp practices, using estimated billing, varied service bands, passing incidence of cost relating to faulty equipment replacement to consumers and unjustifiable blackouts.
For example, consumers are fraudulently asked by DISCOs to pay for faulty distribution facilities and equipment, including wires, cables, conductors and transformers, despite leveraging government and banks. Even after compelling consumers to fund the replacement of faulty equipment, ownership of such assets reverts to the DISCOs. Yet, no payment waiver or concession is extended to customers for electricity consumed. Implicitly, consumers indirectly bear part of the DISCOs’ operational cost despite payment for electricity bills. And because the consumers are caught up between the deep blue sea and the
Categorisation of consumers into different bands is also a strategy to shore up revenue, particularly in Band A. This category of consumers is allocated a minimum of 20 hours a day but receives less supply quality, despite the associated high tariff of about N207 per kilowatt/hour (KWhr).
Consumers that are migrated to bands B, C, D, and E also complain of inadequate supply that is not commensurate with their service bands. From the approved minimum, Band B is entitled to 16 hours, Band C - 12 hours, Band D - 8 hours, and Band E - 4 hours per day, yet the blackout persists with supply at variance with the approved service minimum in the different bands. It appears to be a ruse designed to fleece consumers.
This inefficiency has so negatively affected the DISCOs to the extent that their reputation and public trust have waned. It is so bad that, for example, pickup ladder trucks conveying field workers of DISCOs, now conjure an image of crooked personnel going around to extort consumers over nonexistent faults. The presence of these field engineers triggers apprehension among consumers over possible alteration of electricity balance. All these are in violation of regulatory operating standards as depicted in the Key Performance Indicators (KPIs) set by NERC. The KPIs are metrics designed to measure the performance of the DISCOs. When organisations entrusted with responsibilities to deliver electricity to final consumers have consistently failed to achieve target, resulting in poor quality of life and business downturn, with implications on gross domestic product (GDP), the government has the obligation to mediate, and put the sector on a new trajectory to guarantee improved and regular supply of electricity. This is where the NERC, which was established to oversee the activities of the DISCOs, is expected to act on behalf of the government to compel them to operate within the framework of the established KPIs through regular monitoring and enforcement of compliance. The KPIs include management accountability, increased operational performance, improved electricity delivery, customer service satisfaction, metering, customer complaints resolution, estimated billing and quality of service delivery.
But so far, the NERC has not lived up to its billing as evident by failure of the DISCOs to meet
I was a witness to that day when the sun crimsoned, the wind roared, and the earth bled. It was the Nyanya bomb blast of April 2014. By cheer happenstance, I was within the area, though removed from the immediate theatre of the carnage. The Cable broke the unfortunate story. I was a staff member of the newspaper at the time.
The thundering blast ripped through the evening air. It was deafening and jarring. Fear and anxiety seized the busy Nyanya junction, which became gridlocked in a barbecue of human parts. Confusion simmered. Making sense of the situation instantly was a bit difficult. What had just happened? Could it be it? And yes, the fears were confirmed.
This experience survives in the recesses of my mind. The trauma never really leaves. At the time and in subsequent years, Nigeria grappled with a number of security challenges – Boko Haram, kidnappers, bandits, terrorists and the like. Swathes of territories were carved out by terrorists, the roads became gateways to hell, violent agitations tore at the very fabric of the nation, and school children became merchandise for criminals.
But over time, Nigeria’s security forces have been dutiful in pushing back the frontiers of terror. We must always thank and appreciate our security agencies. They are our last line of defence. They are awake while we are asleep - far removed from the warm embraces of their families to keep us safe.
BY FREDRICK NWABUFO
AS COMMANDER-IN-CHIEF, THE PRESIDENT IS SILENCING THE GUNS ON THE ROADS, RETURNING CONFIDENCE IN ROAD TRAVELS; HE IS RESTORING PEACE TO FARMLANDS, BOOSTING AGRICULTURAL PRODUCTIVITY, REMOVING THREATS EVEN IN FORGOTTEN PLACES AND BUILDING A COHESIVE SOCIETY WHERE RECOURSE OVER DISPUTE AMONG DIVERGENT GROUPS IS DIALOGUE AND NOT WAR-WAR
President Bola Tinubu pledged to ensure the security of lives and property, especially
as security is a fundamental ingredient for attracting investments and fostering the growth and survival of businesses. The President has been absolutely faithful to his solemn pledge.
As Commander-in-Chief, the President is silencing the guns on the roads, returning confidence in road travels; he is restoring peace to farmlands, boosting agricultural productivity; removing threats even in forgotten places and building a cohesive society where recourse over dispute among divergent groups is dialogue and not war-war.
It is important to underline the critical role of the Office of the National Security Adviser under Mallam Nuhu Ribadu as regards pre-emptive, kinetic, non-kinetic, and conciliatory approaches to a myriad of security concerns and potential concerns. There has been a clear demonstration of forward-thinking, innovation, adroitness and professionalism in the coordination of security apparatuses.
It is not all blue skies, as security is always in flux. But we are not where we used to be. We have gone a leap forward. With the President’s bold and transformative leadership, the ambits of peace will continue to expand and Nigeria shall continue to prosper.
Stock Market Investors Record
N1.82trn Gain in February2nd Week
Nigeria equities market continues to reward investors with enhanced gains as the local bourse remained bullish at the end of the second week trading in February, 2025. Market capitalisation, closed at N67.41 trillion on Friday, February 14, resulting in a N1.82 trillion gain against N65.59 trillion that trading opened with on Monday, February 10, constituting a growth of 2.7 percent.
This was a significant improvement over the N589 billion gain recorded by the stock market in the previous week. The NGX All-Share Index also showed a positive sentiment of 2 percent rise last week – closing at 108,053.9 points against 105,933.05 points on the opening of trading during the week.
On the detailed weekly activities performance, a total turnover of 2.414 billion shares worth N55.512 billion in 80,988 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 3.051 billion shares valued at N98.350 billion that exchanged hands the previous week in 72,535 deals.
As has been the trend, the Financial Services Industry (measured by volume) led the activity chart with 1.398 billion shares valued at N24.039 billion traded in 31,919 deals; thus contributing 57.92 percent and 43.30 percent to the total equity turnover volume and value respectively.
This reflects investors’ enhanced appetite for the bank stocks as the financial institutions begin to release their FY 2024 reports and declare dividends.
EDITOR Sam Diala
Functional Dangote Plant Halts Unending Repairs
In a dramatic coincidence, Nigeria’s four moribund refineries, which have laid comatose for well over two decades, have returned to life. This is happening at a time Dangote Petroleum Refinery has begun production and inching close to full capacity operations.
Dangote Petroleum Refinery, the largest single train refining plant in the world, took the globe by surprise when it commenced actual production of petrol on September, 3, 2024 -- shocking sceptics and snubbing mortified government officials who saw the new facility as a threat.
Although Dangote achieved the feat through thick and thin underlying several unsuccessful attempts to start production on September 3, 2024 remained indelible in the annals of Nigeria’s economic history: the muchdesired petrol rolled out from a Nigerian refinery, other than the NNPC plants, after 28 years.
STRANGE COINCIDENCE
Since the Dangote ‘magic’, the four state-owned refineries (Warri, Kaduna and two in Port Harcourt), which are run by the Nigerian National Petroleum Company Limited (NNPCL), have “commenced production” and are now “producing”. The second Port Harcourt Refinery is said to be on the verge of commencing production “without prior announcement”. This strange coincidence has put paid, at least for now, the unending repair of the refineries which has lasted for well over two decades, gulping tax payers’ money in mindless dimensions, to the tune of over N11 trillion –without results.
ERA OF UNFULFILLED PROMISES
Before now, the promise of fixing the refineries was the cliché in government cycles, including law makers, seeking for an opportunity to shine. On the whole, the scenario exposed Nigeria as a country with heartless leadership where impunity runs unchecked.
YEARS OF DEAD PLANTS
Into the era of empty promises to fix the refineries, the Senate on October 24, 2023, constituted an ad-hoc committee to investigate all contracts estimated at over N11.35 trillion awarded for the rehabilitation of the four moribund refineries in the country.
This followed a motion brought by Senator Sunday Karimu on the unending repairs of the nation’s refineries despite the huge resources invested in fixing them.
While presenting his motion, Senator Sunday Karimi (Kogi West) averred that from 2010 till date, the Nigerian Government had spent N11.35 trillion on contracts to rehabilitate the four refineries, but they remained unproductive.
In graphic details, the lawmaker said, “Despite the moribund state of the four refineries, the operating costs of these refineries between 2010 and 2020 is estimated at N4.8 trillion naira.
The refineries are estimated to make a cumulative loss of N1.64 trillion, within four years.”
He added, “We are concerned that the Federal Government of Nigeria has carried out rehabilitation projects in Port Harcourt Refinery Company (PHRC) over a period of seven (7) years from 2013-2019 at an estimated cost of N12,161,237,811.61.
the contract, Phase 2 within 24 months and Phase 3 within 44 months of execution. Despite this, the Port Harcourt Refinery remains a money pit.
“Going by projections and representations from NNPCL the renovation works ought to be completed and operations of the Refinery commenced by June 2023.” Senator Karimu expressed further concern that in a bid to revitalise the Warri Refinery, the Federal Government injected huge public funds into revamping the facility to the tune of over N28, 219, 110, 067.10 between 2014 and 2019.
The Senate, consequently, constituted a 7-member ad-hoc committee to investigate the matter and to submit their findings to the upper legislative chamber within four weeks – November 21, 2023. No report was submitted.
MOMENTARY DETOUR
However, in a dramatic turn of events, the NNPCL on August 30, 2024 announced that it was seeking private Operations and Maintenance (O&M) companies to bid for the Warri and Kaduna refineries (while repairs of the Port Harcourt refinery were in progress).
The Services industry followed with 247.303 million shares worth N1.165 billion in 6,277 deals. Third place was the Consumer Goods Industry, with a turnover of 153.776 million shares worth N3.939 billion in 8,405 deals.
Trading in top three equities namely Sterling Financial Holdings Company Plc,
Continues on page 35
“In addition, on 18th March, 2021, a rehabilitation contract was executed between NNPC/PHRC and Tenenimont SPA at a Lump Sum of $1,397,000,000.00, about N75 billion naira amidst global public criticism, no result has been achieved.
“Phase 1 of the Project is expected to be completed in 28 Months after
“NNPC Ltd is seeking to engage reputable and credible Operations & Maintenance (O&M) companies to operate and maintain two of its refineries, Warri Refining and Petrochemical Company (WRPC) and Kaduna Refining and Petrochemical Company (KRPC), to ensure reliability and sustainability to meet the nation’s fuel supply and energy security obligations,” the company said in a circular.
As expected, this was not achieved. Instead, the plants have suddenly begun production, according to NNPCL.
Last week, NNPCL disclosed that the rehabilitation of Kaduna Refinery and Petrochemicals Company (KDPRC) is at more than 60 per cent mechanical completion.
NNPCL Executive Vice President (Downstream), Isiyaku Abdullahi broke the news in Abuja at the NNPC Workshop/ Engagement session with Kannywood artistes.
He said the company had been working flat out to deliver the refinery this year and is simultaneously working on the pipelines with in-house capacity.
“Kaduna in sha Allah should come on stream this year. We are working tirelessly on the pipelines. We are working on Kaduna. “God willing, it should come to the stream this year. We are working tirelessly on the pipelines.
“All the three refineries work directly under my superintendence. And as you are aware, God has been wonderful that with good leadership we have been able to revamp Port Harcourt and Warri Refineries.
“And by God’s grace, this year, we will deliver Port Harcourt Refinery.” The NNPCL had on December 30, 2024, announced the restart of the 125,000 barrels per day (bpd) Warri Refinery and Petrochemical Company (WRPC), which was first approved for rehabilitation at the sum of $897 million in 2021.
“Additionally, we have made substantial progress on the new Port Harcourt Refinery, which will begin operations soon without prior announcements,” Olufemi Soneye, NNPCL’s spokesman said in a press release on 26th November 2024, while announcing the commencement of production by the Old Port Harcourt Refinery.
DANGOTE’S DEFT MOVE
Amid this search in a mixed bag, Dangote has moved on, causing ripples in the behemoth called NNPC. Recently, the move by Dangote Petroleum Refinery to slash the price of diesel by N55 per litre sent ripples through Nigeria’s downstream petroleum sector. This left diesel importers in a precarious position and challenging Europe’s long-standing dominance in supplying petroleum products to Africa’s biggest oil producer.
The Head of Refinery, Edwin Devakumar, disclosed recently
that the Dangote Petroleum Refinery, the largest in Africa, could begin operating at full capacity of 650,000 barrels per day in 30 days, as reported by Reuters last Monday.
According to him, the 650,000-barrel-per-day refinery built by Nigerian billionaire Aliko Dangote in Lagos began processing crude into products, including diesel, naphtha, and jet fuel, in January last year and started processing petrol in September.
“The refinery is currently operating at 85 percent capacity, and we can go 100 percent in 30 days,” Devakumar was quoted as saying.
Fuel marketers in Nigeria’s downstream petroleum sector are experiencing significant financial losses as their petrol prices become less competitive following a recent price cut by Dangote Refinery. The refinery has reduced its ex-depot price to N890 per litre, affecting sales at NNPC-affiliated and independent fuel stations that rely on imported fuel.
SOMETHING BIZAARE
In a report on Thursday, Nairametrics claimed that a confidential report exclusively obtained by it from a reliable source tracking the movements of motor tanker vessels, which monitors cargo tanks entering the country, revealed that NNPCL has imported 159,000 metric tons of Premium Motor Spirit (also known as petrol) between February 1, 2025, and February 12, 2025.
“Based on a standard conversion of 1,341 litre per metric ton, this translates to approximately 213 million litres of petrol, imported by the state-owned oil company, according to the Motor Tanker Vessels report.
“The revelation comes at a time Dangote Refinery is locked in a legal dispute with NNPCL and major oil marketers over the importation of refined petroleum products, which are already being produced locally without any shortfall,” the news outlet disclosed in a yet to be confirmed report.
Meanwhile, Abdullahi has urged Nigerians to prepare for the purchase of the Initial Public Offer (IPO) of NNPC very soon, saying setting aside funds for investment in oil and gas produces several derivatives.
“For all Nigerians, there is an opportunity. Very soon, we will go IPO. We will go public. Put certain amount of money aside so that you can come and get from oil and gas,” he said.
Access Holdings Plc and Secure Electronic Technology Plc (measured by volume) accounted for 455.469 million shares worth N5.273 billion in 6,654 deals, contributing 18.87 percent and 9.5 percent to the total equity turnover volume and value respectively during the week.
On last Friday’s daily trading result, a total of 478,758,200 shares in 15,613 deals, corresponding to a market value of N13,906,231,745.64, were traded.
Compared with the previous NGX trading day (Thursday, February 13), Froday’s data shows a 12 percent improvement in volume, 51 percent rise in turnover, but 4 percent decline in deals.
The current market capitalisation of the NGX is N67.41 trillion.
In the aggregate, 125 NGX listed equities participated in trading, ending with 38 gainers and 28 losers. Regarding the performance of NGX market indices, the benchmark NGX All-Share Index (ASI) declined 1,118.09 (-1.02 percent) points to close
Guaranty Trust Bank Ltd (GTBank) has scrapped processing fees on all its pointof-sale (POS) terminals, allowing small and medium-sized enterprises (SMEs) to receive payments at no cost.
The bank announced the initiative in a notice to customers on Thursday, stating that the removal of Merchant Service Charges (MSC) took effect on 11 February.
The move comes as Nigerian businesses grapple with rising operational costs amid high inflation and currency depreciation, driving many to shift to neobanks for their POS transactions, where they claim to benefit from lower costs and faster processing times.
By eliminating transaction fees, GTBank says it aims to ease financial pressures on merchants while strengthening its position in the increasingly competitive digital payments market.
“With this initiative, all qualifying SME Merchants can now receive payments at zero cost, allowing them to reduce operational expenses, whilst promoting the merchant’s enterprise, and enhancing customer experience,” it said in the notice.
The Managing Director of Guaranty Trust Bank Nigeria, Miriam Olusanya, said the initiative aligns with the bank’s strategy of supporting business growth.
“At Guaranty Trust Bank, we are always looking for ways to add value to our financial ecosystem. By implementing the zero processing fees on POS transactions, we are empowering businesses to get the full value of every payment
at 108,053.95, representing a 1-week gain of 2 percent, a 4-week gain of 5.57 percent, and an overall year-to-date gain of 4.98 percent.
THEWILL reports that positive sentiment prevailed in the domestic stock market the previous week (the first trading week of February), with all five trading sessions closing in the green as investors reacted positively to a fresh batch of corporate earnings reports, thereby sustaining the positive outlook that ended the month of January.
Stock market analysts predict continued bullish momentum in the coming week, driven by a fresh round of corporate results and dividend announcements, with investor optimism leaning toward stocks with strong financial performance.
They noted, however, that the trend in the CBN Monetary Policy Rate decision in the MPC meeting this week will also affect investors’ sentiments as fortune hunters continue to look for greener pastures in the financial markets.
GTBank Introduces Zero Processing Fee on POS Terminals for SMEs
they receive, whilst also ensuring a more seamless and efficient payment experience,” she said.
The decision is expected to boost the bank’s transaction volumes.
It said the zero processing charge campaign aligns with GTBank’s ongoing efforts to empower businesses with innovative financial solutions that drive growth and efficiency.
Businesses using GTBank’s POS terminals can now process payments without additional charges, with further details available through relationship managers or the bank’s digital banking support team.
THEWILL recalls that in line with its long-term commitment to growing small and medium enterprises GTBank in May 2019 announced its partnering with the Development Bank of Nigeria (DBN) to disburse N25 billion funding to entrepreneurs in Nigeria’s Micro, Small and Medium Enterprises (MSMEs) sector.
The funding is the single largest disbursement by the DBN to any financial Institution in Nigeria since it commenced operations.
The Development Bank of Nigeria (DBN) was set up by the Federal Government of Nigeria (FGN) as a wholesale development finance institution (DFI) to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria. In 2018, the DBN disbursed a total of N31.364billion to 35,000 end borrowers through Participating
Financial Institutions (PFIs). This was expected to grow significantly following the N25billion funding partnership with GTBank due to the Bank’s focus on creating greater access to credit for small businesses.
GTBank has been at the forefront of driving innovative solutions and socio-economic initiatives that empower small businesses with the financing, resources and access to markets that they need to grow.
Among these are the Bank’s free business platforms, the GTBank Food and Drink Festival and the GTBank Fashion Weekend,
through which it is accelerating growth for Small Businesses in Nigeria’s food and fashion industries. The Bank also offers a wide range of low-interest loan products designed exclusively for MSMEs, and will be taking its support further with its partnership with the DBN.
GTBank Nigeria is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world-class corporate governance standards, excellent service quality, and innovation.
The Tier-1 financial services institution had reaffirmed its position as a leading global brand with its recognition as ‘Nigeria’s Best Bank & Africa’s Best Bank for SMEs’ during the 2017 Euromoney Awards which held in London on in July 2017.
According to Mr. Clive Horwood, Euromoney Magazine’s Editor, “Nigeria went through a difficult year, as low oil prices and capital flight continued to hurt the country’s economy. Many banks struggled as a result of this but GTBank remained strong, recording significant and enviable financial and non-financial performance.
According to him, the bank’s digital transformation drive had been very successful as it has enabled the bank to deepen financial inclusion across Africa with its array of tailormade digital solutions that had made banking simpler and more accessible.
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MONEY MARKET
Adverse Effects of High-interest Rate Spreads on the Nigerian Economy
BY MUSTAFA CHIKE-OBI AND ADETILEWA ADEBAJO
The interest rate spread—the difference between the rates charged on loans and those paid on deposits—has been a growing concern since the liberalisation of Nigeria’s banking sector.
The unusually wide spread compared to regional and global counterparts indicates significant inefficiencies and distortions within the Nigerian banking system and the broader economy.
Stringent monetary policies and a tight regulatory environment further exacerbate these spreads, which have surged from an average of 6 percent to a record high of 19 percent between 2023 and 2025.
High-interest rate spreads have profound implications for Nigeria’s economy and key economic indicators. Such spreads often signal structural inefficiencies, heightened risks, or restrictive monetary conditions, all of which can stifle economic growth.
Conversely, lower spreads suggest a competitive financial system conducive to growth and stability. This article explores the causes, impacts, potential remedies, and strategies to reduce interest rate spreads.
CAUSES OF HIGH-INTEREST RATE SPREADS IN NIGERIAN BANKS
Regulatory requirements, charges, and taxes: The Central Bank of Nigeria’s (CBN) stringent regulations, especially the high Cash Reserve Ratio (CRR) of 50 percent and liquidity ratios, reduce the funds available for lending. Additional costs from AMCON levies, NDIC premiums, and impending windfall taxes further push banks to charge higher interest rates on loans to offset these costs.
Monetary policy stance: The CBN’s tight monetary policy, characterised by high benchmark rates, directly influences lending rates. Higher Monetary Policy Rates (MPR) aimed at controlling inflation lead to increased lending rates and, consequently, wider spreads.
Liquidity and funding: Limited access to affordable funding impacts the interest rate spread. When banks face funding challenges, they may raise loan interest rates to maintain profitability.
High credit risk: The prevalence of non-performing loans (NPLs) forces banks to increase rates to mitigate default risks. Additionally, perceived higher lending risks in Nigeria contribute to a wider interest rate spread.
IMPACT OF HIGH-INTEREST RATE SPREADS ON THE ECONOMY
Reduced investment: High spreads discourage borrowing for productive investments, which stifles economic growth.
Limited Access to Credit: Small and medium enterprises (SMEs) and individuals struggle to find affordable credit, hindering their ability to invest, expand, and create jobs.
Higher cost of borrowing: Increased borrowing costs elevate operational expenses, diminishing business profitability and competitiveness, and leading to reduced demand for loans.
Slower economic growth: Constrained credit markets limit business expansion, adversely affecting GDP growth. Inequality and poverty: Limited access
to credit exacerbates income inequality and poverty, particularly in rural areas and among low-income groups.
Low savings rate: High loan interest rates and low deposit rates can deter savings, negatively impacting the overall savings rate in the economy.
KEY ECONOMIC INDICATORS AFFECTED
Gross Domestic Product (GDP): Higher interest rate spreads correlate with suppressed growth rates; our research indicates a strong inverse relationship between spreads and GDP growth. Unemployment: Restricted financing limits business expansion and job creation.
Financial Inclusion: High spreads make financial services less affordable for the general population.
LOWERING HIGH-INTEREST RATE SPREADS
To address highinterest rate spreads, a combination of regulatory, structural, and market-based approaches can be employed:
Lowering cash reserve requirements: Reducing statutory reserve ratios can increase available lending funds.
Monetary policy reforms: Adjusting the monetary policy framework to achieve lower benchmark interest
rates in a non-inflationary context.
Fiscal Policy Reform: Reducing government deficits and borrowing levels, which can lead to inflation and prompt monetary authorities to raise rates.
ADVANTAGES OF A LOW INTEREST RATE SPREAD REGIME
Lower credit risk: Effective risk management and a stable macroeconomic environment reduce borrowing costs.
Competitive banking sector: A competitive market compels banks to narrow margins.
Supportive monetary policy: Lower reserve requirements and favourable policy rates can cut borrowing costs.
Increased borrowing and investment: More affordable loans encourage borrowing and investments. Higher economic growth: Enhanced credit availability fosters business expansion and innovation. Greater financial inclusion: More individuals gain access to affordable credit products.
SUMMARY AND CONCLUSIONS
The high interest rate spread in Nigeria significantly impacts GDP growth rates. A wide spread results from high lending rates relative to low deposit rates, making borrowing more expensive for individuals and businesses. This situation can lead to reduced investment, consumption, and savings, further exacerbating economic challenges.
Research shows that high-interest rate spreads negatively affect Nigeria’s output gap, contributing to decreased manufacturing output and hindering productivity. Resolving this issue requires a multifaceted approach, including measures from the Central Bank of Nigeria to narrow spreads through policy adjustments and efficiency improvements in the banking system.
Specific recommendations include releasing 20-25 percent of CRR funds for lending to critical sectors at capped interest rates, rationalising statutory costs that inflate spreads, and ensuring effective coordination among fiscal, monetary, trade, and industrial policies.
Additional costs from AMCON levies, NDIC premiums, and impending windfall taxes further push banks to charge higher interest rates on loans to offset these costs
By addressing the structural and regulatory inefficiencies driving high- interest rate spreads, Nigeria can enhance its credit market, promote economic growth, and improve financial inclusion.
With a coordinated policy implementation approach, both monetary and fiscal authorities can reduce the interest rate spread and foster sustainable economic growth.
•Chike-Obi is Chairman, Board of Directors of Bank Directors Association of Nigeria; Adebajo is CEO, CFG Advisory
ECONOMY
Nigerian Economy and Looming External Headwinds
BY MARCEL OKEKE
Exactly34 days after President Bola Ahmed Tinubu presented Nigeria’s 2025 Appropriation Bill (on December 18, 2024) to a joint session of the National Assembly, Donald J. Trump was inaugurated as the 47th President of the United States of America.
On that occasion on January 20, 2025, President Trump made far-reaching declarations and signed a number of Executive Orders whose implementation could extensively impact the entire world.
Specifically, with immediate effect, President Trump’s pronouncements and Orders had begun to impact prices of crude oil in the international market.
The early part of January 2025 had seen the price of crude on a steady rise, crossing the 80 dollars per barrel (dpb) mark; the level last attained in 2022. This trend was attributed to geopolitical tensions, particularly sanctions imposed on Russian oil export in the face of its lingering war with Ukraine.
Nigeria’s 2025 Appropriation Bill was couched on the assumption of an oil price of 75 dpb. But as the price of the commodity was shooting around 80 dpb, its immediate impact was the response by the refining giant—Dangote Refinery—by adjusting its fuel (Premium Motor Spirit, PMS) price upwards. Dangote had been compelled by the complicated and difficult circumstances around local crude oil supply from Nigeria to largely depend on imported crude for its operations.
The Dangote Refinery’s response to the purely external headwind (of rising oil prices) promptly caused ripples, as importers and distributors of PMS in Nigeria also commenced marking up their fuel pump prices. This obviously went to worsen the augury that the high PMS prices have persistently presented in the past two years or so. More will be unfolding in this vein in the coming months, this year.
However, President Trump’s Executive Order to ‘unleash American energy’ by easing the barriers to oil and gas extraction and production is indeed a ‘bombshell’. Trump’s sweeping new energy policy aims to “encourage energy exploration and production on Federal lands and waters, including on Outer Continental Shelf, in order to meet the needs of our citizens and solidify the United States as a global leader long into the future.”
The US President has followed up his Order with a message at the World Economic Forum in Davos, Switzerland, urging the Organisation of Petroleum Exporting Countries (OPEC) to bring down oil prices, citing the impact of high fuel costs on the RussiaUkraine war. Trump said he intended to ask Saudi Arabia and OPEC to reduce oil prices, which he believed would help the conflict. And apparently in response to Trump’s views, oil prices began edging lower; already dropping to as low as 77 dpb in a matter of days.
This trend is certainly an external headwind that has the potential to distort the crude oil pricing and production projections in Nigeria’s 2025 Appropriation Bill. Nigeria projects to produce 2.06 million barrels of crude per day; and selling at 75 dpb. But, given President Trump’s determination to crash oil prices, it is certain that both the ambitious production level and price would turn unrealistic. In the words of Trump: “We will bring prices down, fill our strategic reserves up again right to the top, and export American energy all over the world.” This, obviously, would translate to loss of market for Nigeria. According to recent data, in September 2024, Nigeria’s total exports to the US were valued at US$124.86 million, with a significant portion of that being crude oil.
In fact, the US is known to be one of Nigeria’s key export destinations and crude oil is a major component of Nigeria’s exports to the country. But now, President Trump wants his country not only to be self-sufficient in their energy production/supply but also to flood the global market with the products. This therefore puts Nigeria’s entire 2025 budget in danger; and portends a dreary prospect for the entire economy. On another plank, Nigeria is also facing the likelihood of receiving thousands of deportees from the US any moment this year. This is because one of President Trump’s Executive Orders is directed at flushing illegal immigrants out of the US in his efforts at ‘sanitising’ the American society. It is estimated that about 4,000 Nigerians in the US are at the risk of being deported due to Trump’s crackdown on illegal immigration.
The Nigerians in Diaspora Commission (NiDCOM) says already an inter-agency panel has been set up to manage the impending mass deportation. According to a document from US Immigration and Customs Enforcement (ICE), the Enforcement and Removal Operations (ERO) division is already processing individuals for deportation. The ICE report for 2024 shows that about 5,000 Nigerians could be affected in the ongoing deportation exercise.
Another external headwind is also imminent from a seemingly unavoidable tariff war, also being triggered by President Trump’s move to impose very high tariffs on goods and services from certain parts of the world. Specifically, Trump is proposing a 60 per cent tariff on imports from China; 25 per cent tariff on imports from Canada and Mexico; and ten to 20 per cent tariffs on imports from the rest of the rest of the world. Obviously, these targeted countries and the rest of the world are bound to react to Trump’s proposal, which he says would come into effect on February 1, 2025. With the onset of the tariff war, as the proverbial elephants would be fighting, the grass would be suffering. Nigeria, as a largely import-dependent country, would be caught in the vortex of the war— especially reflecting in very high prices of imports from even its usual trading partners.
Already, Trump’s tariff proposals have sparked concerns among economists and trade experts, who warn that they could lead to higher prices, reduced economic growth, and job losses. In this regard, the chief executive of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has warned that any titfor-tat trade wars prompted by President Trump’s tariff threats would have catastrophic consequences for global growth, urging states to refrain from retaliation.
Okonjo-Iweala who spoke at the recent World Economic Forum (WEF) annual meeting in Davos, Switzerland, said: “If we have tit-for-tat retaliation, whether it is 25 or 60 per cent tariff, and we go to where we were in the 1930s, we are going to see double-digit GDP losses. That’s catastrophic. Everyone will pay.”
“We are very much saying to our members at the WTO, you have other avenues, even if a tariff is levied, please keep calm,” she said, asking states to study their options and use the WTO’s system for resolving disputes. Given Nigeria’s vulnerabilities, however, it is difficult for the country to escape from the unwholesome consequences of the emerging adversarial global trade relations.
Yet from another external front, the exit of three members of the Economic Community of West African States (ECOWAS) on January 28, 2025, from the regional bloc portends some challenges to Nigeria. Given the ‘key man’ position of Nigeria in ECOWAS, the withdrawal of Niger Republic, Burkina Faso and Mali from the fold is bound to create cracks.
Already, apparently incensed by Nigeria’s renewed cozy relationship with France, the former colonial masters of the three exiting ECOWAS members, the three countries are now contriving diplomatic tiff with Nigeria. The trio seem to be ill at ease with Nigeria currying favour with France whose linkage and footprints they (three countries) want wiped out permanently from their lands.
Another external headwind is also imminent from a seemingly unavoidable tariff war, also being triggered by President Trump’s move to impose very high tariffs on goods and services from certain parts of the world
As it is, some or all of these potential external headwinds would be impacting Nigeria in various ways—mostly, adversely. This is because neither the initiation, the implementation nor the management of the inducing policies (of the headwinds) is within the purview of Nigeria.
Trump’s pursuit of rabid nationalism, for instance, is a hurricane that no nation can douse. Nor can Nigeria still play ‘Big Brother’ to Niger, Burkina Faso and Mali, and expect to fully win their usual cooperation. Surely, Nigeria faces massive external headwinds, the dimensions and intensity of which are yet unfathomable and indeterminate.
•Okeke, a practicing Economist, Business Strategist, Sustainability expert, is ex-Chief Economist of Zenith Bank Plc
SHOTS OF THE WEEK
Photo Editor: Peace Udugba [08033050729]
Chief Executive Officer, Airtel Nigeria, Dinesh Balsingh; Chief Lagos Field Office, UNICEF, Celine Lafoucriere; Group Chief Executive Officer, Airtel Africa, Sunil Taldar; Commissioner, Basic and Secondary Education, Lagos State Ministry of Education, Jamiu Tolani Alli-Balogun and Chief Human Resources Officer, Airtel Africa, Rogany Ramiah; during a visit to St. Agnes Primary School, Mende, Lagos to assess the progress of the Airtel/UNICEF Reimagine Education initiative in Lagos on February 11, 2025.
L-R: Hon Mohammed Saleh; Minister of Innovation, Science and Technology, Chief Uche Nnaji; DirectorGeneral, National Productivity Order of Merit Award Committee (NPOMAC), Dr. Baffa Dan’Agundi and others, during the inauguration of Raw Materials Research and Development Council’s (RMRDC), Nigeria Raw Materials Information Management System (NRMIMS) and Raw Materials e-registration Portal (RMe-regP), at the RMRDC’s Event Centre in Abuja on Februry 11, 2025.
New Director of Defence, Media Operations, Maj.-Gen. Markus Kangye (right), exchanging pleasantry with Defence Correspondents, NTA, Ismaila Musa (Left); Channels, Lucky Obewo-Isawode (2nd L); TVC, Sifon Essien (3rd L) and Spye TV, Olayemi Esan, during his maiden bi-weekly news briefing on the operations of the Military across the nation, in Abuja on February 13, 2025.
Committee
Chairman, Senate Committee on Labour, Sen. Diket Plang; 1st Deputy President, Trade Union Congress (TUC), Dr. Tommy Okon, and the President of NLC, Comrade Joe Ajaero, during Nigeria Employers Consultative Association’s Annual Labour Adjudication and Arbitration Forum, in Abuja on February 13, 2025.
2025 Economic
L-R:
L-R: Chairman, House of Representatives
on National Insurance Commission (NAICON), Rep. Ahmadu Jaha; Deputy Chairman of the Committee, Rep. David Fuoh, and a member of the Committee, Rep. Makki Abubakar, during the 2025 budget defence by NAICON, at the National Assembly Complex in Abuja on February 10, 2025.
L-R:
L-R:
Roundtable Chairman, Fola Adeola, Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele; Managing Director, Agusto & Co Limited, Mrs. Yinka Adelekan, at the Agusto & Co 2025 Economic Roundtable to discuss Nigeria’s economic trajectory, held recently in Lagos.
Inside Chelle’s Strategy: Super Eagles’ Road to 2026 World Cup
BY JUDE OBAFEMI
Eric Chelle assumed the role of Super Eagles head coach on January 7, 2025. He is saddled with the task of leading Nigeria’s bid for a place at the 2026 FIFA World Cup. His appointment came with considerable expectation, given his previous success with Mali’s national football team. He guided the team to the quarter-finals of the Africa Cup of Nations in 2023.
With Nigeria’s qualification campaign already underway and the crucial fixtures against Rwanda and Zimbabwe fast approaching, Chelle has wasted no time in implementing his strategies. His recent European tour to engage with key players is a significant early step in establishing his authority and vision for the team.
As the March 21 fixture against Rwanda at the Amahoro Stadium in Kigali looms, Chelle has been deliberate in strengthening his relationship with the squad, particularly with European-based players who form the backbone of the Super Eagles. His itinerary included meetings with Alex Iwobi at Fulham, Wilfred Ndidi at Leicester City and Moses Simon at Nantes. These engagements were not just about reinforcing the tactical approach he intends to deploy but also to ensure that these key players buy into his philosophy and leadership.
Given that a cohesive, mentally prepared squad is as crucial as tactical adjustments, these visits underscored Chelle’s hands-on approach to player management. Iwobi has been a consistent performer for the Super Eagles in recent years, bringing versatility and creativity to Nigeria’s midfield. His form at Fulham has shown steady improvement and Chelle’s visit to London was
The coming weeks will be crucial in determining how well Chelle’s early efforts translate into actual results on the pitch “
the national team, with previous coaches showing reluctance to integrate home-based players into major tournaments. He, however, has indicated an interest in broadening his selection criteria by attending NPFL matches and identifying players capable of complementing the squad. This move aligns with the growing recognition that local talents can provide depth, particularly in positions where the team lacks established European-based stars.
If Chelle can successfully integrate a few NPFL standouts, it will not only expand Nigeria’s player pool but also provide motivation for homegrown talent aiming to break into the international scene.
Morale within the squad appears to be strengthening under his leadership. Players have responded positively to his direct communication style, which differs from some of his predecessors who were more distant in their player interactions. Several senior players have spoken about feeling a renewed sense of direction and purpose under Chelle, which will be crucial as Nigeria prepares for the crucial fixtures ahead. Establishing unity within the squad is essential, especially considering the pressures of World Cup qualification, where internal discord can derail even the most talented teams.
A detailed assessment of the opposition is underway as Nigeria prepares to face Rwanda. Rwanda’s recent performances suggest they are a well-organised side capable of frustrating stronger teams, particularly when playing at home. Their defensive discipline and counter-attacking strategy pose a challenge that Nigeria must navigate carefully. The Super Eagles cannot afford to be complacent, as previous qualifiers have shown that lesserranked teams often raise their level when facing Nigeria. Chelle is expected to tailor his tactics to ensure Nigeria dominates possession without leaving gaps that could be exploited on the break.
an opportunity to discuss how best to utilise him in upcoming matches. Under previous coaches, Iwobi has been used in multiple roles, sometimes as a deep-lying playmaker, at other times in a more advanced position. Chelle’s discussions with him revolved around solidifying his role in a way that maximises his technical ability and vision. The coach’s ability to clarify such roles early on could prove instrumental in avoiding the kind of tactical inconsistency that has hindered Nigeria in past tournaments.
Ndidi’s situation is slightly different. Injuries have disrupted his rhythm at Leicester, but when fit, he remains one of Nigeria’s most reliable defensive midfielders. His physical presence, ability to break up opposition attacks, and composure in possession make him a crucial asset. Chelle’s visit to Leicester was partly to assess his fitness but also to reassure the player of his importance to the team. Given that Ndidi is in the final months of his contract at Leicester, his immediate club future is uncertain and such offfield concerns can affect performances at international level. Chelle’s man-management skills were put to the test in ensuring the midfielder remains focused on the qualifiers.
Moses Simon remains an enigma. At Nantes, he has proven himself as a dependable winger capable of stretching defences, but his performances for Nigeria have not always been as effective.
Chelle’s presence at one of Nantes’ recent matches allowed him to observe Simon’s current form and fine-tune how best to integrate him into the Super Eagles setup. One of the questions Chelle must answer is whether Simon should continue to operate in a traditional wide role or be given more freedom to roam centrally, where he can influence play in more direct ways.
Beyond these individual engagements, Chelle has begun shaping the tactical blueprint for the upcoming matches. His philosophy leans towards a structured, disciplined approach, with an emphasis on defensive solidity without stifling attacking fluidity. While Nigeria has often relied on natural attacking talent, defensive lapses have repeatedly proven costly in major competitions. Chelle’s tenure with Mali demonstrated his preference for a balanced setup, and he is likely to implement a similar approach with the Super Eagles. Nigeria’s past reliance on attacking spontaneity has delivered moments of brilliance but also led to vulnerabilities, particularly against well-organised teams. Chelle will need to correct this by instilling a more cohesive defensive structure.
Chelle’s return from Europe will also allow him to focus on domestic scouting. The Nigerian Professional Football League remains an untapped resource for
The fixture against Zimbabwe, though slightly less daunting on paper, presents its own challenges. Zimbabwe’s squad is composed of a mix of home-based players and those plying their trade in various African and European leagues. They have traditionally been physical and aggressive, attributes that can unsettle teams unprepared for a battle in midfield. Chelle’s approach to this match will likely focus on nullifying Zimbabwe’s strengths while ensuring Nigeria’s attacking players can express themselves without unnecessary restrictions.
The coming weeks will be crucial in determining how well Chelle’s early efforts translate into actual results on the pitch. His ability to maintain momentum, refine tactics, and ensure the squad remains focused will define his early tenure as Super Eagles coach. These qualifiers are more than just routine fixtures—they will set the tone for the rest of Nigeria’s World Cup campaign. A strong showing will not only boost confidence but also solidify Chelle’s credibility in a role where scrutiny is constant. Anything less, and the questions about his suitability will begin far sooner than he would like.
Eric Chelle
Alex Iwobi
Moses Simon
ogannah@thewillnews.com
My Take on the Nigeria-Canada Visa Brouhaha
Last week, tensions between Nigeria and Canada reached a fever pitch when the Canadian High Commission denied visas to Nigeria’s Chief of Defence Staff, General Christopher Musa and several senior military officials. The initial reaction from Nigerian officials was swift and pointed. National Security Adviser, Nuhu Ribadu described the move as “disrespectful,” asserting that Canada “Can go to hell.”
The episode, which initially appeared to be a deliberate affront, has since taken on a more nuanced hue following fresh revelations that a processing error was at its root. As facts continue to emerge over the issue, some news reports have suggested that the visa application mishap appears to have stemmed not from political malice but from an administrative oversight on the Nigerian side.
The reports indicate that while part of the delegation received the necessary visas to attend an event honouring war veterans in Canada, the other half—comprising highranking military figures—was left in limbo. In this case, the absence of a mandatory Note Verbale from Nigeria’s Ministry of Foreign Affairs proved to be the culprit. This diplomatic instrument, typically used to verify the official nature of travel by highranking officials, was not attached to the applications, leading Canadian consular officers to adhere strictly to established visa processing protocols.
The role of the Note Verbale in diplomatic communications cannot be overstated. Traditionally, this formal document is used by foreign ministries to confirm the authenticity of official trips and to assure the receiving state that the travelling dignitaries pose no security risk. Such protocols have long been enshrined in international diplomatic practice.
While the Vienna Convention on Diplomatic Relations (1961) does not specifically detail visa procedures, it underscores the importance of formal and recognised communication channels between states—a principle that underpins the issuance of a Note Verbale.
In the present instance, the omission of this document was not merely a clerical lapse; it represented a deviation from well-established diplomatic norms, one that Canada’s visa officials were obliged to enforce.
If this is indeed the case, why did the Canadian consular section not request for this key document from the Nigerian military instead of outrightly denying their visa application?
I have witnessed these courtesies extended to influential persons a couple of times in instances where documentation appears to be incomplete, so why did our top military chiefs not receive the same?
In my view, I don’t think the Canadian officials who rejected the visa application have any respect or regard for Nigeria’s sovereignty and its top officials. This is clearly the case, period. Will they treat top officials of Israel, Australia, Japan or even Saudi Arabia in this same manner? I don’t think so.
The Canadian High Commission in Nigeria did not help matters when it played coy with the issue. In a post on X, the Commission preferred reticence explaining that “for privacy reasons”, they “were unable to provide any comment on the status of visa applications of specific individuals.”
The broader context of this diplomatic spat is instructive. In an era when international relations are often defined as much by procedural exactitude as by grand strategic postures, even minor administrative errors can precipitate significant tensions. Canada, like many nations, may have stringent security protocols in place for visa applications, particularly for individuals occupying positions of considerable influence. These protocols are designed to safeguard national security and to ensure that all official visits are transparent and properly vetted. In this light, some persons may see the decision by Canadian embassy officials to deny visas absent the requisite Note Verbale as a strict adherence to policy rather than an intentional slight
though I see it differently.
I insist that requesting the missing document should have been the correct approach taking into consideration the officials involved to forestall this kind of backlash.
For Nigeria, the episode has provided a moment for introspection regarding the efficacy of its diplomatic procedures. The incident underscores the necessity for clear and robust communication between Nigeria’s Ministry of Foreign Affairs and its overseas diplomatic missions. It also brings to the fore the potential diplomatic risks associated with administrative lapses, particularly when the involved parties occupy prominent positions in the military and government.
There is a growing consensus among diplomatic experts that this incident could serve as a catalyst for reform within Nigeria’s foreign affairs apparatus. By ensuring that all official communications are complete and in strict adherence to international protocols, Nigeria could not only avoid similar incidents in the future but also help to smooth over existing tensions with Canada and other nations.
The way forward appears to lie in a combination of introspection and proactive dialogue without the need for the overt sentimentality involved in Ribadu’s reaction. Officials from both Nigeria and Canada have indicated that steps are being taken to address the issue.
Discussions are reportedly underway between representatives of Nigeria’s Ministry of Foreign Affairs and officials at the Canadian Embassy, aimed at clarifying the standard procedures and ensuring that future applications meet all necessary requirements. Such dialogues are essential, as they offer both nations the opportunity to reaffirm their commitment to maintaining a respectful and constructive bilateral relationship. In this respect, the current crisis may well evolve into a learning opportunity—a chance for both sides to refine their protocols and enhance the transparency and efficiency of their diplomatic communications.
At the heart of the matter lies the intersection of national pride and procedural
rigour. For Nigeria, the involvement of high-ranking military officials in international engagements is a matter of national significance, often linked to broader themes of sovereignty and respect on the global stage.
The initial response, laced with defiant rhetoric, reflected a deep-seated sensitivity to any perceived slight by a foreign power. Conversely, Canada’s insistence on procedural adherence underscores its commitment to national security and the uniform application of its visa policies.
This juxtaposition of values—Nigeria’s emphasis on national pride and Canada’s focus on administrative precision—lies at the core of the current dispute.
The path to an amicable resolution requires a measured response from both sides. It is incumbent upon Nigerian officials to undertake a thorough review of the internal processes that led to the omission of the necessary Note Verbale. Such a review should be coupled with efforts to modernise and streamline the procedures for preparing and submitting visa applications for high-ranking officials.
At the same time, Canadian authorities might consider establishing clearer channels of communication with the Nigerian government to facilitate the rapid resolution of any future administrative oversights. By working together in a spirit of mutual respect and understanding, both nations can help to ensure that technical errors do not escalate into full-blown diplomatic crises.
Ultimately, the incident serves as a stark reminder of the delicate balance inherent in international relations. In an age where the smallest miscommunication can reverberate across the global stage, adherence to established diplomatic protocols is not merely a bureaucratic necessity but a cornerstone of international trust.
While the initial fallout from the visa denials threatened to cast a long shadow over Nigeria-Canada relations, the emerging evidence of an administrative error offers a route to reconciliation. It is a reminder that even in the realm of high politics, mistakes can be corrected through open dialogue and a renewed commitment to the principles of diplomacy.
As both nations work to address the fallout, the focus must remain on constructive engagement rather than recrimination. The current episode, while fraught with tension, also presents an opportunity to strengthen the mechanisms of communication and cooperation between Nigeria and Canada. By learning from this incident, both sides can refine their internal processes and set a positive precedent for future interactions.
The resolution of this dispute will depend not on the defiant rhetoric of the moment but on the ability of both countries to acknowledge and rectify their respective oversights, thereby reaffirming their shared commitment to the dignified conduct of international affairs.
In a broader sense, the unfolding situation invites reflection on the nature of modern diplomacy. It is a field in which national pride and procedural discipline must coexist, where the stakes are often as much about protocol as they are about policy. For Nigeria, the misstep in its visa application process offers an impetus to revisit and enhance its diplomatic practices.
For Canada, the incident reinforces the importance of unwavering adherence to security protocols—a principle that, while sometimes appearing inflexible, ultimately serves to safeguard national interests. For the sake of fostering bilateral relationships, the hope is that this episode will not be remembered solely for the tension it generated but as a turning point that spurred a renewed focus on transparent and effective diplomatic communication.
The resolution of this matter will serve as a testament to the fact that even in moments of national indignation, the path forward is best forged through dialogue, transparency, and a steadfast commitment to diplomatic decorum.
As both nations work to address the fallout, the focus must remain on constructive engagement rather than recrimination. The current episode, while fraught with tension, also presents an opportunity to strengthen the mechanisms of communication and cooperation between Nigeria and Canada
