FRIDAY 3RD OCTOBER 2025

Capital Market Operators Seek Review of Proposed 30% Capital Gains Tax to 25%

Mukuru: New law lacks equity, will put enormous pressure on NGX, increase cost of Nigerian equities Investors’ return on stock market rise to N27.82 trillion in nine months

James Emejo in Abuja and Kayode Tokede in Lagos

Operators in the Nigerian capital Fiscal Policy and Tax Reforms introduction of a 30 per cent In an open letter to Oyedele, market have urged Chairman (FPTR), Mr. Taiwo Oyedele, tax on capital gains from the which was dated October 2, of Presidential Committee on to reconsider the proposed disposal of shares.

2025, the operators said the rate,

expected to take effect from Continued on page 9

Friday 3 October, 2025 Vol 30. No 11135. Price: N400

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Okpebholo, Umahi Lament Terrible State of Federal Roads in Edo... Page 26

There Are No Constitutional Breaches

By Damagum, PDP Replies Anyanwu Insists national convention will go on as planned Dismisses Tinubu’s Independence Day broadcast as uninspiring, boring

Chuks Okocha in Abuja and Okon Bassey in Uyo

The leadership of Peoples Chairman, Ambassador Illya alleged by the national secretary, dated October 1, 2025, said, Democratic Party (PDP) has Damagum, never committed Senator Samuel Anyanwu. ‘’It has become imperative to insisted that the party’s National any constitutional breaches as Anyanwu had in a letter formally bring to your attention

the violation of the provisions Continued on page 9

Lokpobiri: Oil Sector Divestments Added 200,000 bpd to Nigeria’s Crude Output Seeks greater integration amid $4tn in Africa’s domestic capital Says continent spends over $120bn annually on hydrocarbons imports Highlights people, asset integrity, reliability as growth drivers

Emmanuel Addeh in Abuja Amid recent divestments by International Oil Companies (IOCs), the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has revealed that the takeover of some assets by indigenous firms has led to the addition of 200,000 bpd to the nation’s crude output.

IOCs such as Shell, ExxonMobil, TotalEnergies, and Eni have recently been reducing or selling off their onshore and shallowwater oil and gas assets in the country, shifting their focus to deepwater operations.

Lokpobiri, who delivered a keynote address on behalf of Continued on page 9

MARINE AND BLUE ECONOMY ON THEIR MINDS...

L-R: Minister of Marine and Blue Economy, Alhaji Adegboyega Oyetola; Secretary-General of International Maritime Organisation, Arsenio Dominguez; President Bola Ahmed Tinubu; and Director-General of the Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, during a courtesy visit to the President in his Lagos residence, yesterday

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THISDAY • FRIDAY, OCTOBER 3, 2025

NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0807 401 0580

NATIONAL CONFERENCE OF STATE EMERGENCY MANAGEMENT AGENCIES...

L-R: Director-General, National Emergency Management Agency (NEMA), Mrs. Zubaida Umar; Permanent Secretary, Lagos State Emergency Management Agency (LASEMA), Dr. Femi Oke-Osayintolu; and First Lady of Lagos State, Dr. Ibijoke Sanwo-Olu, at the National Conference of State Emergency Management Agencies (SEMA) in Lagos, yesterday

NDIC Warns Nigerians to Steer Clear of Unlicensed Banks, Ponzi Schemes James Emejo in Abuja

Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Dr. Oludare Sunday, yesterday advised Nigerians to stay away from banks and other financial institutions that are not licensed by the Central Bank of Nigeria (CBN).

He also said customers must not patronised any bank, fintech and payment services that are not covered by the NDIC as well as avoid ponzi schemes.

Sunday made the appeal in Abuja at the NDIC Special Day at the ongoing 20th Abuja International Trade Fair (AITF) with the theme, “Sustainability: Consumption, Incentives and Taxation”.

Represented by NDIC Director, Performance Management Department, Olabimpe Akande, he noted that the corporation had over three decades played a vital role in safeguarding depositors funds, particularly the

most vulnerable, and fortifying the financial system.

He said the NDIC primary objectives included insuring deposits in licensed banks, supervising financial institutions, managing distressed banks, and ensuring a smooth resolution process in the event of bank failures.

The MD further reaffirmed its commitment to protecting Nigerians’ banks.

He said, “Furthermore, I would like to emphasise the importance for Nigerians to remain vigilant against Ponzi schemes and other fraudulent

investment platforms. Always ensure your funds are placed only in Central Bank of Nigeria licensed banks, all of which are covered by deposit insurance provided by the NDIC. This vigilance is crucial to protecting your hard-earned savings.

“Despite the rapid growth and adoption of financial technology in our banking sector, traditional banks continue to play a vital role and regulatory frameworks have been strengthened to ensure the compliance and stability of all deposit-taking institutions in the country.”

The Minister of State for Works, Bello Goronyo, yesterday conducted an on-site inspection of the ongoing reconstruction and expansion works on the 43.65-kilometre Mararaba-Keffi Road, a critical infrastructure upgrade under the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.

Executed by China Harbour Engineering Company Nigeria Limited, the minister, during the inspection, expressed serious concern over the pace

Banks, and 99.99 per cent in Payment Service Banks are protected, reflecting NDIC’s unwavering commitment to fulfilling its mandate.

He pointed out that in partnership with the CBN, NDIC strives to maintain stability in the banking sector, enforce compliance with banking regulations, and exercise effective oversight over insured deposit-taking institutions.

Sunday said, “Our mission, embodied in the tagline ‘Protecting your bank deposits,’ is to promote financial inclusion and stability by reassuring Nigerians

of the security of their savings.

Significant progress has been made in protecting depositors’ funds, notably through the increase in the maximum deposit insurance coverage, which has broadened protection across various licensed banks.”

Continuing, he said, “In the event that a bank fails, depositors with account balances exceeding the insured coverage limit receive an initial payment up to the maximum insured amount.

Their remaining balances are then paid through liquidation dividends.

Ex-President Jonathan Mourns Death of AriseTV Anchor Urges security agencies to launch thorough investigation

Emmanuel Addeh in Abuja

Former President Goodluck Jonathan yesterday joined other Nigerians in mourning the death of Arise Television Anchor, Ms.

Somtochukwu Maduagwu, who lost her life following a violent armed robbery attack at her residence in Abuja.

In a “Condolence Message to Prince Nduka Obaigbena

Minister Inspects 43.65km MararabaKeffi Road, Laments Delay Emmanuel Addeh in Abuja

He said currently, NDIC insures depositors of Deposit Money Banks (DMBs), Mobile Money Operators and NonInterest Banks, up to a coverage limit of N5 million, adding that depositors of Payment Service Banks (PSBs) Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) are insured up to N2 million.

According to him, the enhanced coverage ensures that about 98.98 per cent of total depositors in Deposit Money Banks, 99.27 per cent in microfinance banks, 99.34 per cent in Primary Mortgage

of work and the persistent traffic congestion along the corridor, which serves as a vital link between the Federal Capital Territory (FCT) and Nasarawa state.

He noted that the daily gridlock severely affects thousands of commuters, particularly civil servants residing along the axis, many of whom struggle to arrive at work on time, a statement by the Director, Press and Public Relations Department, Mohammed Ahmed, said.

Goronyo emphasised the urgency of expediting the construction timeline,

reminding the contractor that the federal government had granted permission for nighttime construction activities to ensure faster delivery and to mitigate the hardship faced by road users.

“This project is of national importance. The volume of traffic here is massive, and many public servants are suffering. The government is fully supportive of this project, but the contractor must rise to the occasion.

You have approval to work at night — please utilise it to meet the delivery schedule,” the minister stated.

and the Staff of Arise News”, Jonathan expressed sadness over the incident, describing it as ‘heartbreaking’.

“I am deeply saddened by the shocking and untimely death of Ms. Somtochukwu Maduagwu, a dedicated staff member of Arise News, who lost her life following a violent armed robbery attack at her residence in Abuja.

“Her untimely passing, at

the peak of her potential, is a heartbreaking loss that will be deeply felt,” the ex-President said in the message he signed personally.

While extending his heartfelt condolences to Obaigbena, the management and staff of Arise News, as well as the family and friends of the deceased, Jonathan prayed to God to grant all the bereaved the strength to bear the irreparable loss and

grant the soul of the departed eternal rest.

“I strongly urge the Nigeria Police and relevant security agencies to launch a thorough investigation into this heinous crime, ensure that the perpetrators are apprehended, and bring them to justice without delay.

“May this tragic incident rekindle our collective resolve to build a safer and more secure Nigeria,” Jonathan added.

Ogun Elders: Gateway International Airport Best Investment of Abiodun’s Administration

James Sowole in Abeokuta

stated this when he led other members of the council on The Gateway State Inter- an inspection tour of the national Airport, Ilishan airport.

Okuboyejo who expressed Remo, has been described as the best investment delight with the state-of-thebequeathed to the state by art facilities at the airport the Prince Dapo Abiodun-led noted it could be compared to the best anywhere across administration.

Chairman of the Gover- the globe.

He said: “It is an excellent nor’s Elders Advisory Council, Chief Olu Okuboyejo, airport. I have traveled the

whole length of the world, and in all these places, I am proud to say that what I have seen here today measures up and is much better than a number of other airports.

“It is the best long-term investment. As it grows over the years, its developmental progress becomes so magnificent that you cannot imagine.

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NEWS

AFRICA FAMILY CULTURE VALUES CONFERENCE...

L-R: Director of Operations, Initiative for Equal Right, David Izummuna; Executive Director, Initiative for Equal Right, Afolabi Aiyela; Director of Programmes, Chimdimma Ike; and Research, Monitoring and Evaluation Officer, Oluchi Ifeanyi, during the Africa Family Culture Values Conference of Initiative for Equal Right held in Abuja, yesterday PHOTO: KINGSLEY ADEBOYE

IMO Secretary-General Commends Nigeria’s Maritime Security Gains, Deep Blue Project, Blue Economy Policy Kasim Sumaina in Abuja

Secretary-General of International Maritime Organization (IMO), Mr. Arsenio Domínguez, has lauded Nigeria’s achievements in maritime security, particularly its success in recording zero piracy incidents for over three years and the ground-breaking Deep Blue Project, which he described as a model for regional cooperation in the Gulf of Guinea.

Domínguez, who arrived in

Nigeria on Thursday, made the remarks during a courtesy visit to Minister of Marine and Blue Economy, Adegboyega Oyetola.

He stated that Nigeria’s investment in maritime safety infrastructure and the collaboration of its security agencies, especially the Nigerian Navy, had yielded tangible results in combating piracy and maritime crimes.

According to him, these efforts demonstrate Nigeria’s leadership

and commitment to ensuring safer seas, not just for its own waters, but also for the wider West and Central African region.

The IMO chief acknowledged Nigeria’s recent submission to the organisation outlining its national and regional security initiatives.

While commending the progress made, Domínguez stressed the need for continued support in infrastructure development and acquisition of modern

equipment.

He assured that IMO would remain committed to providing technical assistance through awareness campaigns, training programmes, and capacitybuilding initiatives.

In highlighting the organisation’s ongoing projects, Domínguez referenced a regional conference scheduled to hold in Ghana in January on the Safe Seas Project, designed to consolidate contributions from

Shettima Back in Abuja After UNGA80 Mission, Germany Engagements Deji Elumoye in Abuja

Vice President Kashim Shettima has returned to Abuja after a diplomatic mission, where he represented President Bola Tinubu at the 80th Session of the United Nations General Assembly (UNGA) in New York, and concluded strategic engagements in Germany.

During the week-long

international engagement, Shettima, in a release issued on Thursday by his Media Assistant, Stanley Nkwocha, delivered Tinubu’s national statement calling for comprehensive UN reforms, championed Africa’s sovereignty over its $700 billion mineral resources, and strengthened strategic partnerships with the United Kingdom, Gates Foundation, and other

international stakeholders.

Shettima later met with UN Secretary-General António Guterres and secured his commendation for Nigeria’s bid for a permanent Security Council seat.

In another engagement, Shettima showcased Nigeria’s $200 billion energy transition opportunity to global investors.

The vice president also

assured the Nigerian diaspora community of robust engagement in the Tinubu administration’s policies and programmes, before his engagements in Germany.

Nigeria and other partner states.

He also announced ongoing discussions with the European Union aimed at launching a new maritime governance project focused on port security, as well as two regional projects in southern and western Africa, where progress would be tracked through defined indicators.

Beyond security, Domínguez stressed the need for countries to prepare for wider global challenges, including the energy transition, the adoption of biofuels, and financing mechanisms to support training of seafarers, infrastructure development, and the adoption of future fuels.

He praised Nigeria’s Blue Economy Policy as a forwardlooking initiative for harnessing marine resources sustainably and expressed admiration for the facilities at the Maritime Academy of Nigeria, Oron, especially the training infrastructure.

He encouraged greater col-

laboration between the academy, Ministry of Education, and industry stakeholders to guide young Nigerians in pursuing maritime careers.

Oyetola, in his address, said the IMO chief’s visit reflected the strength of Nigeria’s relationship with the global maritime body.

Oyetola, in a statement issued by his Special Adviser, Media and Communications, Bolaji Akinola, said Nigeria’s partnership with the Nigerian Navy and other stakeholders had been pivotal in suppressing piracy in the Gulf of Guinea.

He reaffirmed the country’s determination to consolidate recent gains and expand opportunities in marine and blue economy.

He thanked Domínguez for choosing Nigeria for the visit and expressed optimism that the discussions would further strengthen bilateral cooperation.

NEXIM Bank Secures Bbb+ Rating, Declares N30.47bn Operating Profit Bello: We’ve disbursed N495 billion to non-oil exporters, created 36,000 jobs

the bank’s financial resilience aimed at improving maritime LASCOPA Receives 11,101 Consumer Complaints, Aides James Emejo inAbuja and operational efficiency. logistics across West and Reacting to the bank’s Central Africa; promotion Nigerian Export-Import Bank Recovery of Over N530m Since Establishment in 2018 (NEXIM) has been assigned performance, Managing of factoring services, aimed Bennett Oghifo The Lagos State Consumer Protection Agency (LASCOPA) has disclosed it has received a total of 11,101 consumer complaints since its establishment in March 2018, and has successfully resolved 10,474 cases, with 437 currently being processed and 197 referred to relevant agencies.

The agency also revealed it has facilitated recoveries worth N530,266,592.31 and $14,901.80.

These recovered amounts are

for consumers across various sectors, including electricity, automobiles, banking, healthcare, telecommunications, insurance, logistics, hospitality, food and beverages, oil and gas, among others.

According to a statement by the Head, Public Affairs, LASCOPA, Toyin Oni, the General Manager of LASCOPA, Afolabi Solebo, stated these achievements at the maiden edition of the Consumer Service Week and Award Ceremony held on Tuesday, 30th Septem-

ber 2025, at the Adeyemi Bero Auditorium, Alausa, Ikeja.

Solebo noted the agency had also carried out multiple enforcement operations across supermarkets, open markets, and retail outlets to rid the state of expired and hazardous products, while intensifying consumer education campaigns through partnerships with NYSC, schools, trade associations, market leaders, and community groups to empower Lagos residents to know and assert their rights.

a Bbb+ rating by leading credit rating agency, Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in the country.

The milestone came as the bank reported an impressive N30.47 billion operating profit for the 2024 fiscal year, a significant increase from N13.75 billion in the previous year.

The feat further underscored

Director/Chief Executive, NEXIM, Mr. Abba Bello, said the development finance institution had intensified its intervention in the non-oil export sector, disbursing over N495 billion, which had led to the creation and sustenance of over 36,000 direct and indirect jobs.

In a statement issued yesterday, Bello listed key initiatives being driven by the bank, including the regional sealink project – a public-private partnership

at alternative export financing options for SMEs; and the Joint Project Preparation Fund (JPPF), launched in partnership with Afreximbank to enhance the bankability of export projects.

The statement said NEXIM was also developing tailored financing schemes for the mining sector, including contract mining, equipment leasing, and Buyers’ Credit/ECA financing, designed to unlock export potential and boost foreign exchange earnings.

FRIDAY, october 3, 2025 • T H I S D AY

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HARMONISATION MEETING OF HOPE...

L-R: Senior Health Specialist, World Bank, Dr. Ritgak Tilley-Gyado; Senior Public Sector Specialist, Mr. Ikechukwu Nweje; National Coordinator, Human Capital Opportunities for Prosperity and Equity (HOPE-PHC), Dr. Muntaqa Umar Sadiq; National Coordinator, HOPE Governance, Dr. Assad Hassan; and Operations Officer, Global Governance Practice of World Bank, Helen Ogochukwu Okeke, at a harmonisation meeting of HOPE PHC and HOPE Gov in Abuja, yesterday

Oloworaran: We’ll Expand Pension Coverage to Informal Sector, Enhance Retiree Welfare, Strengthen Governance Says monthly pensions rose to N14.837 billion from June 2025, from N12.16 bn PenCom, stakeholders meet to clear obstacles to CPS

James Emejo in Abuja Director General of National Pension Commission (PenCom), Ms. Omolola Oloworaran, yesterday, said going forward, the commission will diversify pension asset investments to improve returns, strengthen governance and oversight, and expand coverage to millions more Nigerians, particularly, in the informal sector.

Oloworaran also reaffirmed PenCom’s commitment to enhancing retiree welfare, particularly health and gratuity buffers.

She spoke at the opening of a stakeholders’ conference on the workings of the Contributory Pension Scheme (CPS), which was jointly convened by PenCom and National Salaries, Incomes and Wages Commission (NSIWC) in Abuja.

The conference, which attracted representations from both government and private institutions, sought to brainstorm and address

lingering challenges in the CPS administration.

The PenCom directorgeneral pointed out that despite significant achievements recorded in the scheme, challenges, including limited coverage expansion, lack of full compliance by several states and employers, as well as public scepticism often shaped by painful experiences of the past, continued to undermine trust in the system.

Represented by PenCom Acting Commissioner, Technical, Hon. Hafiz Kawu Ibrahim,

Oloworaran said, “This is why today’s engagement is so important. It gives us an opportunity to listen, explain, and build confidence together.

“To deepen trust, PenCom will also embark on nationwide sensitization workshops across all six geopolitical zones — ensuring that every federal employee and pensioner fully understands the CPS and can access its benefits without delay.”

She stated that in line with the commission’s mandate to protect contributors and

Members of the Senior Staff Association of Nigerian Universities (SSANU) at the state-owned Adekunle Ajasin University, Akungba-Akoko (AAUA), have threatened to embark on an indefinite strike over alleged unpaid salaries, arrears, and other unmet demands.

The association vowed to join their counterpart, the Academic Staff Union of Universities (ASUU), which had withdrawn services

ensured that since July 2025, no retiree waited to access their pensions, adding that payments are now immediate, aligned with monthly salary releases from the Federal Ministry of Finance.

Among other things, she said working with the Office of the Head of the Civil Service, a framework had been developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the PRA 2014.

She also pointed to the introduction of free health

insurance for retirees, stressing that this would begin later this year, starting with pensioners in lower-income categories.

She said the scheme was meant to ensure dignity and security beyond financial pensions.

In addition, the PenCom director-general stated that the conference was not just another meeting, but the continuation of a national conversation, one that directly impacted the lives, dignity, and future of millions of Nigerian workers and retirees.

Tinubu to Inaugurate $400m Crude Oil Export Terminal in Rivers

Emmanuel Addeh in Abuja

President Bola Tinubu will on Wednesday next week commission the Otakikpo Onshore Crude Oil Export Terminal, built by Green Energy International Limited(GEIL) in Rivers State.

GEIL is the operator of the Otakikpo field PML 11, with

operational base in Ikuru town, Andoni local government of Rivers state and is the first indigenous onshore terminal to be built in Nigeria by a wholly indigenous company.

It is also the only one built in the country in the last 50 years, as the last one before the Otakikpo Terminal, which is the Forcados Terminal, was

SSANU Threatens Strike Over Unpaid Entitlements Fidelis David in Akure

guarantee dignity in retirement, PenCom had rolled out key interventions that were changing lives.

According to her, Pension Boost 1.0 – seeks to enhance pensions for over 241,000 retirees, representing 80 per cent of those under programmed withdrawal.

She added that monthly pensions rose from N12.157 billion to N14.837 billion, effective June 2025.

The PenCom chief executive said the zero-waiting time for pension payments had

since August over similar grievances.

Speaking on Thursday, Chairman of the Joint Action Committee (JAC) in AAUA, Olutayo Ogungbeni, accused Governor Lucky Aiyedatiwaled administration of reneging on promises made in June 2025 to settle arrears and increase subventions to tertiary institutions.

According to him, SSANU members are being owed more than two months salaries, with the last payment received in July, stressing that the current

subvention accruable to the institution is insufficient, making it difficult to implement the 2024 National Minimum Wage for university workers. ”The Senior Staff Association of Nigerian Universities (SSANU), AAUA, may commence industrial action if all outstanding salaries are not paid. The last salary collected was in July, and now we are in October,” Ogungbeni said.

He lamented that staff had exercised patience for too long, stressing that they are now poised for a showdown.

commissioned in 1971.

The official inauguration scheduled for October 8 is expected to be attended by the Governor of Rivers State, Siminalayi Fubara, top government functionaries at the federal level as well as key stakeholders in the oil and gas industry, to be led by the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri A statement signed by the Executive Director of Legal and Corporate Services,

Mr Olusegun Ilori, said the completion of the terminal is a strategic initiative that aligns with the determination of the Tinubu-led administration to boost oil production in the country.

Operators in the oil and gas sector have identified evacuation challenges as a major barrier to achieving the federal government’s goal of producing 3 million barrels of crude oil per day.

The Otakikpo terminal is therefore expected to provide

a lifeline to over 40 stranded oil fields who now have a ready evacuation outlet, thus unlocking millions of barrels of oil otherwise held down in the wells.

The $400 million new Terminal with an initial storage capacity of 750,000 barrels, expandable to 3 million barrels and a loading capacity of 360,000 barrels per day is also expected to support the government’s objective of lowering production cost in the industry.

House Committee Tasks NDPHC on Improvement of Safety Standards, Workers’ Welfare at Calabar Power Plant

Peter Uzoho

The House of Representatives Committee on Safety Standards and Regulations has urged Niger Delta Power Holding Company (NDPHC) to improve further on safety standards at the 565 megawatts (MW) Calabar Power Plant in Odukpani, Cross River

State.

The Committee, however, commended NDPHC for the high safety standards upheld so far at the facility.

A statement signed by the Head of Corporate Communications & External Relations, NDPHC, Emmanuel Ojor, said the lawmakers made the remarks

after their on-the-spot assessment of the 565MW facility, noting significant improvements since the committee’s last visit in 2018.

Chairman of the Committee, Hon. David Idris Zacharias, said the inspection was aimed at ensuring that Nigerians work in safe environments and enjoy long, healthy lives.

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Kekere-Ekun: Appointment of Judges Now More Transparent

Alex Enumah in Abuja

Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, has said the process for appointment of judges in the country is becoming more open and transparent.

A statement by Mr. Tobi Soniyi, media aide to the CJN, said Kekere-Ekun made the observation while presenting a paper, titled, “Innovations in Judicial Practice: Embracing Change for a Better Future,” at the Commonwealth Magistrates and Judges’ Association Triennial Conference held in

Banjul, capital of The Gambia.

National Judicial Council (NJC), at its 108th meeting held between April 29 and 30, had approved a landmark policy to publish the names of candidates under consideration for appointment as judicial officers while at the same time inviting the public for contribution.

Kekere-Ekun, who is also the chairman of NJC, in her presentation, told the gathering that the policy adopted by NJC was to introduce an additional layer of transparency into the process of judges’

appointment.

The move, according to the CJN, was to ensure that members of the public and other relevant stakeholders were able to raise objections, provide information, or endorse nominees before appointments were finalised.

In addition, she said the move was a deliberate effort to strengthen accountability, enhance public trust, and align Nigeria’s appointment procedures more closely with international best practices, including those recommended in the Constitution Hill

Guidelines.

The Constitution Hill Global Guidelines on Apex Court Appointments, published in September 2024, provide globally a set of baseline principles tailored to the singular role of apex courts as the final arbiters of constitutional interpretation and guardians of democratic governance.

Kekere-Ekun stated that members of the public were already taking advantage of the initiative, as shown in the last exercise for the appointment of judicial officers conducted by NJC.

“In a plural society such as Nigeria, with over 200 million citizens across different ethnic, religious, and linguistic identities, the visibility of diversity on the Supreme Court bench strengthens public confidence and assures citizens that the judiciary reflects the society it serves,” the statement quoted the CJN as saying.

Kekere-Ekun, however, admitted that there were still some challenges, despite several efforts to strengthen appointment of judicial officers, adding that some of the challenges include executive

Lokpobiri: Oil Sector Divestments Added 200,000 bpd to Nigeria’s Crude Output President Bola Tinubu at the Africa Energy Week (AEW) in Cape Town, South Africa, also highlighted the need for more cooperation among African countries to explore the roughly $4 trillion in domestic capital, including pension and insurance funds.

He outlined the bold policy measures implemented under the current administration, particularly the Petroleum Industry Act (PIA), which provides a clear and predictable fiscal and regulatory environment The PIA, he said, has laid the foundation for licensing transparency, host community engagement, strengthened regulatory oversight, and a fair contractual framework. “What

makes Nigeria now different is the legal, regulatory, financial, and structural transformation we are delivering,” the minister said.

A statement yesterday by Lokpobiri’s spokesperson, Nneamaka Okafor, quoted the minister as declaring that Nigeria is “open for business” and actively pursuing policies that prioritise investment, efficiency, and long-term growth in the oil sector.

“This gathering is more than a conference, it is a call to action,” he said, stressing that Nigeria is ready not just to participate in the global energy market, but to lead reform and growth on the African continent.

“Nigeria’s upstream sector is showing signs of strong recovery.

The Project ‘One Million Barrels initiative’, launched in October 2024, has raised daily crude oil production to between 1.7 and 1.83 million barrels per day, with a notable increase of 300,000 barrels per day in July 2025 alone.

“Additionally, the number of active drilling rigs has grown from 31 in January to 50 by July 2025, a clear signal that reforms are unlocking value across the sector,” he added.

Besides, Lokpobiri stated that the recent asset divestments

by IOCs have unlocked over $5.5 billion in Final Investment Decisions (FIDs) within months.

“These are not just transfers of assets, they are transfers of confidence, capability, and

ownership,” he stated. The divestments have already added approximately 200,000 barrels per day to national production, the minister said.

Speaking in the broader African context, Lokpobiri urged the continent to retain more value from its hydrocarbon resources by focusing on infrastructure, industrial development, and localised value chains. He noted that Africa spends over $120 billion annually on hydrocarbons, largely through imports, calling it a missed opportunity for economic transformation.

He advocated for stronger intra-African collaboration and financing, emphasising that Africa holds nearly $4 trillion in domestic capital, including

There Are No Constitutional Breaches By Damagum, PDP Replies Anyanwu

of PDP constitution, 2017 as Amended and the constant infraction of the duties of the office of the National Secretary. ‘’It is important to remind you that section 36(1) b and e, of the PDP constitution 2017, as amended clearly states inter Alia; b) that the National Secretary shall ‘conduct or direct the conduct of the correspondences of the Party and cause to be issued notices of meetings of the National Convention, National Executive Committee, the National Caucus and the National Working Committee; and e) shall ensure the implementation of the decisions and directives of the National Convention, National Executive Committee, National Caucus, and ensure that all units of the Party carry out their duties promptly and efficiently. ‘’Instructively the duties of issuing notices of meetings and implementations of the decisions or resolutions of the NW are within the purview of the office of the National Secretary ‘’Regrettably, you have disregarded these provisions of the constitution without recourse to the legal implications of your actions. You should be aware that any action or decisions purportedly reached by an illegally constituted NWC is null and void and of no effect. ‘’Note further, that the purported press statement issued by

the National Publicity Secretary as regards the dissolution of Akwa Ibom and Cross River State working committees and replacing them with caretaker committee is a nullity because the notice of the NW meeting purportedly held on Tuesday September 30th,2025 was not issued by me. ‘’The decision to undermine the duties of my office as provided by the party constitution is provocative and grossly unacceptable by me. ‘’It is high time you retraced your steps and conduct yourself and the affairs of our Party in strict compliance with the PDP constitution 2017 as Amended.

A stitch in time saves nine.

Accept the assurances of my esteemed regards,’’ he concluded.

The party said the November 16-17 national convention was already in progress, saying it is sacrosanct, despite perceived distraction in some quarters.

PDP criticised the Independence Day speech by President Bola Tinubu, describing it as uninspiring and boring.

Addressing the media on the position of things in the party, National Publicity Secretary, Debo Ologunagba, said by the constitution of the party, as amended in 2017, the national chairman remained the chief

executive officer of the party.

To that end, Ologunagba said he, by constitutional demand, had the rights to delegate duties and responsibilities to other members of the National Working Committee (NWC) for the smooth day-to-day running of PDP as a political party.

According to Ologunagba, “Section 35 of the PDP constitution as amended in 2027, the national Chairman is the chief executive officer of the party.

He summons and presides

over the affairs of the party and delegates duties to other members of the party as the case may be.”

He stated that by virtue of Section 29 of the party’s constitution, all meetings were at the instance of the national chairman, and this could only be overruled by a two-third of members of NWC. Ologunagba explained that Section 29 of the party’s constituContinued on page 27

pension and insurance funds.

“The question is no longer about the availability of funds, but how we can channel them into productive investments on our continent,” he said.

Addressing the topic of the global energy conversation, the minister called for balance and equity. He insisted that the narrative must shift toward a diverse energy mix, not abandonment of any resource.

“The focus should be on availability, accessibility, and affordability of all forms of energy,” he stressed. He made it clear that Nigeria, like other nations, will continue to utilise its oil resources responsibly while building a diversified and sustainable energy base.

Lokpobiri reaffirmed Nigeria’s role as a leading energy player in Africa. “We are offering opportunities at scale, reform with consistency, incentives with clarity, local participation with respect, and a vision that modernises with purpose,” he declared.

He extended an invitation to global investors, urging them to come to Nigeria and “Be part of the energy revolution.”

Lokpobiri explained that with strong reforms, ambitious targets, and an open-door policy, Nigeria is charting a bold path forward

Justice Kekere-Ekun delays in acting on recommendations for appointment made by NJC, which could impair the court’s capacity to sit at full strength.

in Africa’s energy future.

Also speaking at the event, top officials of Seplat Energy Plc, a leading Nigerian independent energy company, which acquired some Mobil Producing Nigeria Unlimited (MPNU) assets recently, stated that the firm has raised more than $4 billion in debt to develop and grow operations whilst continuing to maintain a low leverage threshold of below 1.5x through the cycle.

Chief Executive Officer of the company, Roger Brown, said Seplat recorded unprecedented growth since it was founded by acquiring divested assets, unlocking value from them, improving efficiency and safety performance of the assets, whilst driving the entire growth process with a world-class and resilient workforce.

Brown, who spoke during a Fireside Chat titled “Assets Acquisition Success Strategies: Seplat Energy”, said the company has successfully integrated major acquisitions in the last decade, each time improving efficiency and safety performance, while at the same time reducing routine emissions.

Speaking on its most recent acquisition of MPNU assets, he said the goal had been to Continued on page 27

Capital Market Operators Seek Review of Proposed 30% Capital Gains Tax to 25%

January 2026, will “put a lot of pressure on the NGX until the end of the year, as domestic and foreign institutional investors look to realise gains under the current tax regime”.

However, the average investors’ return on the stock market section of the Nigerian Exchange Limited (NGX) appreciated to N27.82 trillion, driven by the federal government’s foreign exchange reforms, among others, that boosted confidence.

Measuring the performance by market capitalisation, it was revealed that the stock market opened for trading in 2025 at N62.763 trillion, gained 44.3per cent or N27.82 trillion to close September 30, 2025 at N90.581 trillion.

In September 2025, the

market capitalisation added 2.04 per cent or N1.81 trillion, from N88.769 trillion, it closed for trading in August 2025 from N90.581 trillion.

Nonetheless, the letter to the FPTR chairman, signed

by Chief Executive, Emerging and Frontier Capital (EFC), Mr. Kato Mukuru, stated that the new CGT regime was “not in keeping with the seventh guiding principle of the FPTR”.

Mukuru said, “This principle, which calls for the equitable treatment of all stakeholders, ‘including investors and businesses, both local and foreign, and all tiers of government federal and subnational’ is not being met with the proposed guidelines, in our opinion.

“We say this because: It provides retail investors with

a N150 million (cUSD101k) annual exemption threshold, which is expected to cover 99.9 per cent of all domestic retail investors. It also provides PFAs and potentially other large sources of domestic liquidity with an exemption.

“However, there is no exemption threshold for domestic and foreign institutional investors.

They are forced to reinvest their funds in other listed or unlisted equities to be exempt. How is this equitable?”

The EFC chief executive said the proposed CGT could be reduced to 25 per cent when proceeds from share sales were reinvested in fixed income securities or other non-equity assets, adding that while the lower rate is appreciated, “how is this fair for funds that can

only invest in equities?”

Mukuru added, “The chairman recently recognised that it looks ‘unfair’ to use the purchase price at the time of acquisition as the reference cost, even if the shares were bought several years ago.

“If you recognise that this is unfair, particularly for investors who bought the shares over the past 10 years, then why not offer an exemption period and start all of this on the implementation date (1 January 2026)?”

The correspondence further stated that there was no consideration for foreign investors, who will now have to price in the CGT on top of their FX risk.

It stated, “Does the FPTR Continued on page 28

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FRIDAY, OCTOBER 3, 2025 • THISDAY

NEWS

COURTESY VISIT BY THE NYSC DG...

R-L: Governor of Lagos State, Mr. Babajide Sanwo-Olu; Director-General, National Youth Service Corps (NYSC), Brigadier-General Olakunle Nafiu; and Lagos State Coordinator, Mrs. Christiana Salmwang, during a courtesy visit by the NYSC DG at the Lagos House, Ikeja… yesterday

UNGA80: Nigeria Leads Global Workforce Reform with Skills-to-Jobs Agenda As FG champions education-employment link Partners push innovation, green economy, finance for livelihoods Sunday Ehigiator Nigeria has reaffirmed its global leadership in workforce and education transformation with the successful hosting of the Skills-to-Jobs: Strengthening Nigeria’s Workforce Systems for Economic Growth, a side

event at the United Nations General Assembly (UNGA80) in New York.

It was organised by Federal Ministry of Labour and Employment (FMLE), in collaboration with National Identity Management Commission (NIMC), Tech4Dev,

Semicolon Africa, and Avaara Partners.

The high-level gathering was convened by policymakers, private sector leaders, innovators, and development partners to showcase Nigeria’s bold steps in linking education, skills, and employment for sustainable

growth.

Minister of State for Labour and Employment, Rt. Hon. Nkeiruka Onyejeocha, said the administration was determined to deliver systemic workforce reforms that aligned with the Renewed Hope Agenda.

Onyejeocha stated, “The

future of work demands bold action. Our ministry is building bridges between skills providers, employers, and industries to ensure no talent is left behind.”

Minister of Education, Dr. Maruf Alausa, in his keynote address, stressed the need to

CSO Unveils Nigeria-Benin Border Peace Project Report In its bid to bring communities together, foster dialogue and create trust between citizens and security actors in regions, the Search for Common Ground has presented the Nigeria-Benin Border Project Maturity Index Assessment Report, designed to strengthen peace and security in communities across Kebbi, Kwara, and Niger states.

Search for Common Ground, an international non-governmental organisation

operating in over 30 countries, has been at the forefront of conflict prevention, dialogue facilitation, and peacebuilding initiatives for more than four decades.

In Nigeria, the organisation works across several states to promote community-based conflict resolution, strengthen collaboration between citizens and security agencies, and provide platforms for inclusive governance.

Delivering his welcome address at the unveiling in Abuja, the Country Director, Karno Outtarra, said the initiative supported by the French Ministry for Europe and Foreign Affairs seeks to enhance peace structures, foster dialogue, and build trust between citizens and security actors.

He explained that the Maturity Index provides a clear framework for measuring the

effectiveness of peace platforms across five areas: governance and structure, community engagement, resource availability, conflict mitigation capacity, and resilience.

According to the report, Niger State has made significant progress with well-structured and resourced peace platforms, while Kebbi and Kwara remain at the developing stage and require more inclusivity and resources.

At the community level, promising improvements were observed in Kebbi and Niger, while cooperative leadership continues to drive efforts in other places despite resource gaps.

Ouattara noted that the findings go beyond academic exercise, serving as a practical tool for mobilising resources, deepening grassroots participation, and strengthening early warning systems.

align classrooms with careers.

Alausa stated, “Our vision is to ensure that every Nigerian learner is acquiring future-ready skills that unlock decent work opportunities.

“By strengthening the connection between classrooms and careers, we are laying the foundation for inclusive growth and national prosperity.”

Panels at the event highlighted workforce reforms, digital infrastructure, creative and green economy opportunities, as well as financing models for youth employment.

Special Adviser to the President on Finance and the Economy, Sanyade Okoli, stressed that reforms must translate into livelihoods.

“Finance must show up on payslips, not just in statistics.

That is why we are linking innovation, credit, and social protection directly to employment outcomes,” she explained.

Kano Protesters Demand CP’s Retention, Bayelsa at 29: IPAC Lauds Diri on infrastructure, Civil Society Groups’ Coalition Seeks Probe Wants Water, Housing Issues Fixed Ahmad Sorondinki in Kano

Hundreds of youths in Kano, yesterday, staged a protest in support of the Commissioner of Police, Ibrahim Bakori, claiming that Governor Abba Yusuf’s demands were driven by politics and could compromise police’s effectiveness and security in the state.

The protest followed a press conference in support of the governor’s call to

inscriptions like, “CP Kano must stay” “Kano People Love CP” “Kano Governor Abba Kabir Yusuf Leave CP alone” and other slogans.

In a similar vein, the Kano The youth carried placards Agenda, a coalition of civil with different inscriptions society groups, has demanded arguing that Yusuf’s demands an immediate investigation were politically motivated and into the police withdrawal undermined the authority of during the Independence the police, potentially desta- Day celebration, calling for bilising security in the state. those responsible to be held The banners bore such accountable. remove the Commissioner of Police over allegations of humiliating the governor during the Independence Day celebration in the state.

Olusegun Samuel in Yenagoa

The Bayelsa State chapter of the Inter Party Advisory Council (IPAC) has commended the State Governor, Senator Douye Diri, for his recent achievements in the state, especially efforts to deliver the dividends of democracy to the people.

At a press briefing marking the state’s creation, IPAC Chairman in the State,

Simeon Imomotimi, said Diri currently stands out among the persons that have administered the state in terms of infrastructural development.

Supported by other members across the political parties in the state, including Peace Oruama, the Secretary, he said that Diri has performed well in most areas, including road network, social services, transportation, sports, education, health, among others.

He reiterated IPAC’s cardinal objectives to promote unity and tolerance among all political parties, while striving to foster peaceful and cordial relationship between the state government and the political parties for the common good of all citizens of the state.

Imomotimi, said the press release was an attempt to evaluate the democratic gains and challenges in the State since the inception of this 4th Republic in 1999.

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Politics

Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com 08033025611 sms only

X-raying Gains of Tinubu’s Working Visit to Imo

Amby Uneze captures the mood and Captivating moments of President Bola Tinubu’s visit to Imo State on Tuesday.

T

uesday, September 30, 2025 was a day destined for Imo people to heave a sigh of relief based on the accomplishment of their indefatigable governor, Senator Hope Uzodimma. It was the day, Imo people walked a distance happily because they were so obsessed with the volume of infrastructural development the governor had put in place. These Uzodimma’s signature projects are not ordinary, but tangible assets that require the president of the country to personally inaugurate.

The morning showers on that day did not hinder the people from trooping out en masse while the school children happily lined up the streets to welcome their president, Asiwaju Bola Ahmed Tinubu (P-BAT). The arrival of Mr. President at the Sam Mbakwe International Cargo Airport in Owerri, the state capital, heralded a new dawn in the administration of Governor Hope Uzodimma. Driving from the well paved road of the airport through Aba road to the glittering streets of Owerri, indicated that an August visitor was really in town.

As Mr. President’s long convoy inundated the major streets of Owerri, particularly the popular Wetheral road, Bank road and Maria Assumpta Cathedral roundabout, there was excitement all over the air. The euphoria of the president’s visit did not end there, the entire atmosphere of Owerri metropolis and the surrounding environment like Mbaise, Emekuku, Awaka, Aba road, Okigwe road, Orlu road and Port Harcourt road were painted with different colours of posters and billboards which the enthusiastic Imolites used to express their appreciation in welcoming the president to Imo. Accompanying the president to Imo were principal officers of the national assembly, all the governors of the All Progressive Congress (APC), leaders of the party at the national and State levels, Ministers, captains of industry, national assembly members, and indeed other numerous friends of Governor Uzodimma.

Before the visit, Imolites were not happy that their governor hardly spent two days in Imo. He was tagged ‘Abuja governor’. But there is a reason for that. He doubles as the Chairman of the APC Governors’ Forum. Also he is deeply involved in the happenings in the party as one of the major stakeholders. Above all, Uzodimma is not only a close ally of the president but one of those that calls the shot.

Earlier on arrival in Imo, President Tinubu took time off to inaugurate the rebuilt Owerri – Mbaise - Umuahia road, the brand new twin Flyover at Maria Assumpta Cathedral roundabout and the brand new Emmanuel Iwuanyanwu International Convention Centre (EIICC).

After the inauguration of the projects, the president and his entourage were treated to warm reception at the EIICC where the book launch that chronicles the achievements of the party in the past 10 years was unveiled.

Speaking at the launch of Governor Uzodimma’s book - A Decade of Impactful Progressive Governance in Nigeria - President Tinubu reflected on APC’s formation as a pivotal move that altered Nigeria’s political trajectory. He commended Governor Uzodimma for his initiatives on the three landmark projects that were inaugurated, (52km Owerri-Mbaise-Umuahia road, Assumpta Cathedral twin Flyover and Emmanuel Iwuanyanwu International Conference Centre).

President Tinubu also praised Governor Uzodimma’s impactful governance and equally emphasised Nigeria’s significant strides under the All Progressives Congress (APC) over the past decade, noting “The old ways weren’t viable, leading Nigeria close to collapse. Breaking with the past was not an option; it was the only way forward.”

According to him, with this book, Governor Uzodimma has given Nigeria a gift. No nation will forget its own journey and no leader will forget the beauty of stewardship.

President Tinubu expressed optimism about Nigeria’s future, pointing out that the nation has recorded great improvement since

the leadership of APC. “Nigeria is no longer where it was 10 years ago,” recalling that APC as a party began the work of stabilising the economy under the leadership of late former President Muhammadu Buhari; stating that since then the country has continued to move to the better.

He said his administration has in the second quarter of the year 2025 grown the Nigeria economy by 4.23% with inflation rate falling

to 20.12% in 2025, indicating a relief to the people, and therefore, appealed to Nigerians to remain patient, resilient and assured that the nation is changing for the better with the external reserve standing at 42.03%, the highest since 2019.

Esrlier in his remarks, the Senate President, Senator Godswill Akpabio lauded Governor Uzodimma for transforming Imo State with critical infrastructure, conveying his admiration

for the governor’s efforts in putting together a book that chronicles APC’s achievement and generally, for his vision for Imo State, and commended President Tinubu for his leadership sagacity that today attracts members of the opposition party to APC. Governor Uzodimma in his address at the book launch, reflected on Nigeria’s journey under the APC from 2015 to 2025, highlighting milestones, challenges, and lessons learned, emphasising that the book is not just a personal achievement but belongs to the APC family and the Nigerian people.

Uzodimma stated that the book is a product of deep reflection and explained “progressivism” in the Nigerian context, focusing on community solidarity, inclusion, and service. He praised President Tinubu’s visionary leadership and role in forming the APC, and commended the President for economic progress, especially for recording trade surpluses for six consecutive quarters with non-oil export contributing significantly. He noted that Imo State has seen rapid infrastructural growth, including roads, bridges, and urban renewal projects as well as other social investment initiatives.

“For me, the moment feels like the birth of something meaningful. After all the long hours and intense work, this book is now no longer mine alone; it belongs to the APC family, and indeed to the Nigerian people.

“I was partly inspired to write this book out of curiosity. I know that the All Progressives Congress entered government in 2015 with enormous expectations on its shoulders. We inherited a fragile economy, deep security challenges, and a weary citizenry. Over the next decade, we faced storms, some of them global, some of them homegrown. Yet, at every turn, Nigerians looked up to us for answers.

So my curiosity was to find out if we provided the answers after ten years.

NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Mustapha’s Selfless Legislative Service at 53 Taiwo Akanji extols the legislative sagacity and acumen of National Assembly member representing Kwara Central Senatorial District, Senator Saliu Mustapha as he turns 53.

S

enator Saliu Mustapha is a man with a helmsman’s steady hand, steering Kwara Central through the tides of challenge towards prosperity. As the Turaki of Ilorin Emirate and Aare Atunluse of Oro-Ago Kingdom, he charts a cause with care, guiding his people with roads that connect communities, boreholes that bring clean water, and scholarships that open doors to education.

On his 53rd birthday on September 26, 2025, his constituents celebrated a leader whose vision navigates their dreams to reality, setting a path for a brighter future.

In the Senate chambers, where Nigeria’s cause is plotted, Mustapha doesn’t chase applause; he charts solutions. As Chairman of the Senate Committee on Agricultural Production, Services and Rural Development, his bills are like navigational markers, guiding the nation forward.

One, he proposes a Federal College of Agriculture in Oke-Oyi, Kwara State, where farmers can learn to turn fields into abundance. Another, the Nigerian Women and Youth Enterprise Equity Fund, offers a lifeline to women and young entrepreneurs dreaming of businesses but held back by lack of funds. He’s pushed to place the National Agricultural Land Development Authority under the Federal Ministry of Agriculture, ensuring support flows directly to farmers.

And with a bill for electronic transactions, he’s steering Nigeria into the digital age, where market traders can thrive online.

Each law is a beacon, lighting the way to opportunity.

Out in Kwara Central, Mustapha’s steady hand builds pathways. In Ilorin West, he constructed a one-kilometer asphaltic road from Al-Hikmah University to Onimalu in just four months, from January to April, 2024. Soon after, another kilometer stretched to Oke-Foma, a route that carries students to lectures and traders to markets. These roads are more than pavement—they’re channels, guiding communities to connect and prosper.

When night falls, Kwara Central stays on course. Mustapha installed over 3,500 smart solar-powered streetlights across 52 wards, their glow turning quiet evenings into vibrant nights.

Traders keep their stalls open late, their chatter filling the air with life. Children study under steady light, no longer relying on dim kerosene lamps. These lights are stars on the horizon,

guiding people toward opportunity.

Water, the lifeblood of any community, was once a distant hope for many in Kwara Central.

Mustapha navigated a new path, installing solar-powered motorized boreholes across four local government areas, each with lights so families can fetch water safely at night.

These boreholes are more than wells; they’re anchors of health, reducing waterborne diseases and keeping families rooted in their villages. The relief of a child drinking clean water is a quiet victory, guided by Mustapha’s care.

Farming is Kwara Central’s heartbeat, and Mustapha has steered it with purpose. He distributed 3,500 bags of high-quality fertilizer, worth over N200 million, to farmers across the district.

Another 3,500 tons of fertilizer and 1,000 pumping machines followed, easing irrigation and boosting harvests. Tractors rolled out to cooperatives, turning backbreaking labor into mechanized promise. For farmers, these gifts are a compass, pointing toward a season of abundance.

Education is the wind that fills the sails of progress, and Mustapha has harnessed it generously. He paid NECO and WAEC fees for over 141,000 students, a N3 billion gift that lifted burdens from families.

-Akanji writes from Ilorin, the Kwara State capital.

NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

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T H I S D AY • FRIday, October 3, 2025

BUSINESSWORLD R A T E S

MONEY MARKET

A S

REPO

A T

Group Business Editor Eromosele Abiodun Email oriarehu.eromosele@thisdaylive.com

08056356325, 07034471123

O c to b er

S & P INDEX

2 , 2 0 2 5

S & P INDEX

EXCHANGE RATE

OPR

25.34%

CALL

23.25%

INDEX LEVEL

595.26

1/4 to daTE

0.24%

N1,526,27/ 1 US DOLLAR*

OVERNIGHT

25.18%

1-MONTH

21.37%

1-DAY

0.10%

YEAR TO DATE

-10.99%

*AS AT THUR, Oct. 2, 2025

3-MONTH

22.41%

MONTH-TO-DATE

0.24%

Stakeholders: How Dry Lease Will Save Domestic Airlines N26.6bn Annually

Chinedu Eze Stakeholders who are experts in aviation industry have explained how domestic airline operators could save so much money from dry leasing.

According to them, if Nigerian carriers migrate from wet leasing of aircraft to dry leasing, it will save them about N26. 6 billion ($17,853,48000) annually.

They are optimistic that domestic airlines will soon begin to experience

remarkable turnaround in their domestic operations, since lessors have agreed to offer them aircraft on dry lease basis.

This development is coming after so many years that lessors unofficially blacklisted Nigerian airlines and only allowed them to lease aircraft on wet lease basis.

Domestic airline operators have been losing money because they pay more to have

wet leased aircraft and they suspend their own crew to use the crew offered by the lessors, which has shrunk employment in the technical areas of the sector for years.

The Minister of Aviation and Aerospace Development, Festus Keyamo, enabled Nigerian airlines to access dry-lease aircraft by enacting a practice direction to the Cape Town Convention and signing the Irrevocable Deregistration and Export

Request Authorization (IDERA) agreement, which removed judicial uncertainties and ensured lessors could repossess their assets from defaulting airlines without court interference.

Keyamo also provided personal guarantees, travelled to meet with aircraft manufacturers and lessors, and worked to address issues like the need for foreign currency and local insurance to restore confidence and

make dry-lease more attractive.

The difference between dry lease and wet lease is that in wet lease, the lease period is usually short (one month to six months etc), the airline pays more because in wet lease the crew of the aircraft comes from the lessors; the same with the maintenance of the aircraft; but in dry lease, the lease period could last from two to more years and the airline uses its crew and

also maintains the aircraft, dry lease gives the airline more responsibility and trust; hence the reluctance of lessors to lease aircraft on that basis, unless certain conditions were met.

Industry stakeholder and Senior Advisor, Aircraft Acquisition, Sales and Management, Superba Consulting, Nuhu Adam, in his analysis, said dry lease would lead to significant cost elimination.

The story continues online on www.thisdaylive.com

First LNG-powered Containership, MV Sapphire, Berths at APM Terminals Eromosele Abiodun The Lagos Port Complex, Apapa, witnessed a landmark moment on Monday as Gold Star Line’s first liquefied natural gas (LNG)powered containership, the MV Sapphire, berthed at APM Terminals.

The vessel, built in 2024 and sailing under the flag of Singapore, has a

carrying capacity of 7,800 twenty-foot equivalent units (TEUs). With her size and advanced LNG propulsion system, the MV Sapphire represents a significant step forward in sustainable shipping operations serving Nigeria and the wider West African region.

Speaking at the event, Todd Rives, Managing Director of Lagos and Niger Shipping Agency

Limited (LANSAL), which represents Gold Star Line in Nigeria, described the berthing as a historic milestone. He recalled that Gold Star Line, incorporated in 1958, remains one of the oldest shipping agencies operating in Nigeria, with a longstanding commitment to customer service.

He stressed that the arrival of the MV Sapphire was more than

On his part, Commercial Manager of APM Terminals Apapa, Kayode Daniel, described the moment as a significant achievement for the port and underlined the shared commitment to sustainable maritime practices. He explained that shipping lines globally are working together to reduce emissions, in line with international

sustainability targets.

He praised LANSAL for deploying LNG-powered vessels in support of the United Nations Sustainable Development Goals, reaffirming that it was aligned with the global APM Terminals ESG goals, to move to cleaner sources of energy thereby reducing carbon emissions.

The story continues online on

www.thisdaylive.com

M a r k e t d ata A s at T h u r s d ay, O c t o b e r 2 , 2 0 2 5

BONDS

Description Price Yield Change Updated Time (%) ^16.2884 17October 99.42 16.73 0.36 2, 2025 MAR-2027 October ^19.94 200.37 2, 104.00 16.73 2025 MAR-2027 ^13.98 23October 95.00 16.57 0.20 FEB-2028 2, 2025 ^21.00 20October 108.68 16.56 0.20 MAR-2028 2, 2025 ^14.55 26October 107.61 16.37 -0.07 2, APR-2029 2025

just a routine docking, but rather a symbol of progress and partnership, designed to reduce voyage costs, promote operational efficiency, and reinforce environmental sustainability.

According to him, the vessel is the beginning of a new era in Nigerian maritime trade, and he expressed optimism that her sister ships would also call at the port in the near future.

BILLS Maturity NTB 9-Oct25 NTB 6-Nov25 NTB 4-Dec25 NTB 8-Jan26 NTB 5-Feb26

Discount Yield

Change (%) Updated Time

Maturity

16.32

16.37

October -0.01 2, 2025

16.47

16.73

October -0.02 2, 2025

17.17

17.69

October -0.02 2, 2025

16.55

17.32

October -0.02 2, 2025

18.62

October -0.02 2, 2025

SALC CP II 3-OCT-25 SIBP CP I 11DEC-25 CILE CP V 11-DEC-25 EULL CP IX 18-JAN-26 SKIS CP XV 23-JAN-26

17.50

CLEARED NAIRA-SETTLED NDFS

CPs Discount Yield 20.86

20.87

19.16

19.89

22.82

23.86

19.96

21.21

20.46

21.84

Change (%)

Updated Time

October 0.01 2, 2025 October -0.02 2, 2025 October -0.03 2, 2025 October -0.01 2, 2025 October -0.02 2, 2025

Contract Current Tenor Contract Rate ($/₦) (Month) NGUS OCT 13M – 28 2026 NGUS NOV 14M – 25 2026 NGUS DEC 15M – 30 2026 NGUS JAN 16M – 27 2027 NGUS FEB 17M – 24 2027

Updated Time

October 2, 2025 October 2, 2025 October 2, 2025 October 2, 2025 October 2, 2025

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FRIday, October 3, 2025 • T H I S D AY

BUSINESSWORLD

Air watch

Ground Handling Companies Hamstrung A i r w i t h O v e r B l o a t e d Wo r k f o r c e

Chinedu Eze

The major challenge facing ground handling companies (GHAs) or agents is that they are being overwhelmed by over bloated workforce, which promotes inefficiency and erodes profitable operation, industry players have alleged.

The solution to the challenge, they stressed, is for the handling companies to trim their workforce, adopt permanent engagement of their personnel and give then professional training to

effectively handle airlines data base during passenger facilitation, airside services and cargo handling.

A stakeholder in the sector and the Chief Executive Officer of Mainstream Cargo Limited, Seyi Adewale, raised these concerns during the presentation he made recently at the 21st Akwaaba African Travel Market in Lagos.

In the presentation, he disclosed that different airlines have different tech solutions used by GHAs that negatively impacts on costs, manpower utilisation, and overall

efficiency in the air-cargo process.

According to Adewale, there is inadequate tech communication between primary segments in the air-cargo business (airline to customs, gha to airlines, GHA to consignee) and resultant higher charges to consignee (demurrage, pass on running costs, others).

He observed that there are higher running costs on airlines that need to have a retinue of ground staff to operate and manage some aspects of the ground handling process, or the inefficiencies.

Watch

Revamping Maiduguri’s Airport for International Operations

Chinedu Eze

Finchglow Partners Other Agents to In June 2023, President Bola Ahmed renamed the Maiduguri Tackle Challenges, Boost Travel Demand Tinubu, airport to Muhammadu Buhari International Airport and designated

Blessing Ibunge in Port Harcourt

Worried by the low traveling rates and increase airlines ticket fares experienced in the post COVID-19 era, travel agents have brainstormed to tackle the challenges and boost the travel demands.

The agents made the move during the PartnerPlus Connect (PPC), an interactive live session organised by Finchglow Travels in Port Harcourt, Rivers State.

Designed to deepen engagement between trade partners and airline

collaborators, the industry stakeholders during the session, held at the weekend lamented that the advent of technology has impacted negatively on the rate of travels.

The Managing Director of Finchglow Travels, Mr Ezekiel Ikotun, said the forex issue has posed a challenge to the travel sector, urging the agents and customers to be professional in their operations.

He said the PPC, with the theme, “Boosting Travel Demand, Airline and Consolidator Insights,” brought together top international and regional

airlines, including Emirates, Delta Air Lines, United Airlines, Air Peace, and SABRE, alongside longstanding trade partners from across Nigeria’s travel sector”.

Ikotun said PPC aimed at consolidating knowledge and stakeholders on how to be professional travel agency.

He said: “Travellers buying strength has gone down due to so many factors, including; Forex, when airlines funds was trapped, airlines have to increase the ticket fares, and that has affected the travel behaviors of our buyers.

Africa Posts Strongest Growth as Global Air Cargo Demand Climbs The International Air Transport Association (IATA) announced that Africa posted the strongest growth, as the global air cargo industry

Group Business Editor Eromosele Abiodun Deputy Business Editor Chinedu Eze Comms/e-Business Editor Emma Okonji Asst. Editor, Energy Emmanuel Addeh Asst. Editor, Money Market Nume Ekeghe Correspondents KayodeTokede(CapitalMarkets) James Emejo (Finance) Ebere Nwoji (Insurance) Reporter Peter Uzoho (Energy)

is maintaining its resilience as demand rose 4.1 per cent in August 2025 compared to the same period last year.

According to the report, the growth marks the sixth consecutive month of year-on-year expansion, underscoring the sector’s crucial role in global supply chains at a time of shifting trade flows and tariff uncertainties.

Strong Growth Despite Trade Volatility Total demand, measured in cargo tonne-kilometers (CTKs), increased 4.1%, while international operations performed even stronger at 5.1% growth.

Available cargo capacity, measured in available cargo tonne-kilometers (ACTKs), also expanded by 3.7%, providing support for

sustained market growth.

IATA’s Director General, Willie Walsh, emphasised the adaptability of the air cargo industry as a key driver of resilience.

“Air cargo demand grew 4.1 per cent in August, marking the sixth consecutive month of year-on-year growth.

Volumes continue to grow even as global trade patterns change. Shippers are shifting some high-value goods from sea to air to reduce risks from tariff changes. Europe–Asia, Within Asia, Africa–Asia, and Middle East–Asia routes are driving growth, while North America is showing weakness. This adaptability is vital as shippers navigate the evolving landscape of US tariff policy,” Walsh said.

it as international facility.

The re-naming of the airport, according to industry stakeholders, will allow the airport to provide services to both foreign and local airlines for scheduled international flights.

Maiduguri Airport was established in 1950, 10 years before Nigeria’s independence and in those days, it provided connectivity to many Nigerians who arrived from the four neigbouring countries of Cameroon, Chad, Niger and Central Africa Republic into other parts of Nigeria, as a domestic airport.

Due to its strategic nature, it has been providing international service for Hajj operation even before its designation as international airport.

Last week, the Borno State government, in collaboration with the Federal Airports Authority of Nigeria (FAAN), continued to upgrade the infrastructure at the airport.

THISDAY spoke with the acting Airport Manager, Ibrahim Bello, about the infrastructure renewal of the airport. According to him, the upgrade of facilities is aimed at modernising the airport, adding that the governor of the state, Babagana Umara Zulum, who has shown uncommon commitment to the airport, decided to work with FAAN to rev the activities at the facility.

“The infrastructural upgrade, the terminal extension came up when the Governor expressed the passion to collaborate with FAAN and the Ministry of Aviation.So, he went to see the Minister. He spoke with the Minister and the Minister gave his word. The Minister came here with all the heads of agencies, FAAN, Nigerian Airspace Management Agency (NAMA) and the Nigeria Civil Aviation Authority (NCAA) and other aviation stakeholders.

“We took a facility tour of what is on ground here with the Minister and the state government officials. Later we went to the government house, we sat down, and so many things in terms of facilities, were brought out, what is on ground, what is not on ground, what needs to be upgraded, what needs to be provided. And the Minister asked

all the agencies, the heads of agencies, to come up with their plan for the upgrade,” he disclosed.

Bello said FAAN brought out its working plan and itemised the facilities that must be in place to modernise the airport and this include not just the facilities but also manpower.

“So, immediately, FAAN submitted the drawing, how it wants the terminal to look like, and the drawing was adopted.

In response, the state government started work. The work took some time; thank God, we are seeing to its over 90 per cent completion. So, FAAN has brought all the necessary equipment, as you can see. We have all the needed equipment and facilities, including check-in counters which are digital. They have the weighing scale attached to them, so you don’t need to have the weighing scale separate and the counter separate. So, this one has modern checking counters provided by FAAN management.

“And the FAAN Management also provided seats for passengers. They also provided the screening machines, as well as belts, the conveyor belts and the carousel. All of them are on ground right now. And some of them have been fixed. Some are still being fixed,” Bello disclosed.

According to Bello, the terminal now has capacity to process 500 passengers at the same time, an improvement from the 300 capacity in the past. This means that during Hajj the airport will efficiently accommodate and process 500 passengers, he said.

The Acting Airport Manager also said the facility provides service to schedule airline operators and also for non-schedule operators, which include the United Nations Humanitarian Air Services, World Food Programme and others.

“Then we have medicines and products here, that is Doctors Without Borders. We have ICRC as well, International Community of Red Cross. They also schedule, they do a scheduled non-commercial flight. We have the helicopter services here, global helicopters. In a day, we will have like five helicopter movements. So, there is a lot of traffic in Maiduguri,” he added.

The story continues online on www.thisdaylive.com

T H I S D AY • FRIDAY, OCTOBER 3, 2025

FACTFILE

21

with Lanre Alfred

…truth behind the headlines, conspiracies, cover-ups, trials and triumphs

Renaissance Man: Dapo Abiodun’s Mission to Rizhao

I

have always believed that destiny, when it chooses a man, wraps him in both burden and brilliance. And watching Prince Adedapo Abiodun, the Executive Governor of Ogun State, navigate the treacherous waters of Nigerian politics while scripting a new industrial renaissance for his state, I am persuaded that fortune has handed him a historic script; and he is doing justice to it.

Ogun is not new to promise. From the days of Obafemi Awolowo, the state has been celebrated as a hub of intellect, artistry, and culture. But promise without power is tragedy deferred.

For years, Ogun, despite its proximity to Lagos and its wealth of land, minerals, and talent, lagged behind in industrial reckoning.

It remained a supporting act in Nigeria’s economic arena, never quite stepping boldly into the limelight. That script, I daresay, is being rewritten, and Dapo Abiodun holds the pen.

When I read of his exploits in Rizhao, China, I realized Ogun had crossed a Rubicon. What business does a governor from a relatively small Nigerian state have engaging titans of Asian industry, walking their factory floors, selling Ogun as though it were the new frontier of prosperity? Everything. Absolutely everything.

For a governor who understands that industry is not wooed by speeches but by strategy, not seduced by promises but by proof, Abiodun’s diplomacy is no perfunctory performance. It is Ogun’s industrial revolution set to music.

Take Rizhao’s automated seaport, for instance. A spectacle of cranes, containers, and clockwork precision. Abiodun stood there as a titan with ambition. He has long dreamed of the Olokola Deep Sea Port, a facility that could reposition Ogun as West Africa’s maritime hub. Standing in Rizhao, he glimpsed the future. For once, I felt a Nigerian governor had stepped out of the narrow dance of survival politics into the expansive dome of justifiable stewardship.

But it wasn’t just about ports and ships.

He courted BlueCarbon, one of China’s solar Dapo Abiodun giants. He spoke of Ogun’s endless sunlight, say geography alone explains Ogun’s rise: its silica deposits, and its readiness to lead its nearness to Lagos, highways, and industrious Africa’s green energy revolution. He turned people. But geography without vision is a a factory visit into prophecy, making a case waste. Lagos is close to many states, yet for Ogun as Nigeria’s renewable energy Ogun is the one hoovering investments at capital. a pace that startles pundits. I insist: it is not At Inspur, China’s IT powerhouse, he proximity but policy. marketed Ogun’s Tech Hub in Abeokuta What Abiodun is constructing is nothing less as Africa’s future Silicon Valley. At Shandong, than a new identity for Ogun. For too long, Abiodun was less a politician and more a Ogun has lived in the long shadows of Lagos, Renaissance envoy, turning Ogun into a its neighbor and rival, whose booming ports promise that investors could no longer ignore. and glittering skyline often drown out every And investors are not ignoring him. The other story in the South West. But Abiodun Lee Group, already established in Nigeria, is has refused to allow his state to remain in committing another $50 million into Ogun. that muted corner. His blueprint is about Factories are multiplying. Detergents, food reshaping how Ogun is seen, not only by products, and other commodities will soon Nigerians but by the rest of the world. It is flow out of Ogun into Nigerian markets and about giving the state a reputation beyond across oceans to Europe and America. being Lagos’ hinterland or a historical footnote Royal Ceramic has lauded Ogun’s in the tale of Yoruba intellectualism. He is infrastructure and policies, expanding in crafting Ogun as a powerhouse in its own Sagamu because the ground has been fertilized right, a state that trades in culture and promise by purposeful leadership. alongside tangible, industrial might.

Now, let me confess: I have seen governors For decades, Ogun’s children have been its drown in slogans and choke on mediocrity, their greatest exports. Ask anyone who follows the grandstanding louder than their achievements. intellectual, professional, or cultural history But Abiodun has distinguished himself by of Nigeria, and they will confirm this. The embracing quiet but decisive diplomacy. He state has given the country some of its most does not court cameras as much as he courts brilliant scholars, its boldest writers, its most investors. And that, I dare say, is the very innovative entrepreneurs, and its most definition of leadership in this unforgiving era. formidable public servants. Names like Wole Does he have critics? Of course. Some

Soyinka, Fela Anikulapo-Kuti, and Obafemi Awolowo resound across time as proof that Ogun has never been short of human talent.

Its sons and daughters have excelled abroad, taking their Ogun heritage into boardrooms in London, lecture halls in the United States, and diplomatic missions in Geneva. The irony, however, is that while Ogun’s people carried its torch abroad, the soil itself seemed to wait, neglected and untransformed.

Abiodun is flipping that script. He is ensuring that Ogun no longer measures its pride only by the exploits of its children overseas or across state borders. Now, the state itself is stepping into the role of an exporter: sending products, commodities, and industrial outputs far beyond its boundaries. In Sagamu, tiles and ceramics are already rolling out of factories that compete in quality with those from Italy or Spain. This is not the Ogun of old, waiting for applause from the diaspora; this is the Ogun that stands at the frontier of global commerce, making sure its name is stamped not only on diplomas but also on export certificates.

In Ota, the story is similar. The town, long known for its bustling markets and its manufacturing clusters, is being positioned as a hub for consumer goods. Detergents, food products, and other essential commodities are being produced there not only for Nigerian

homes but increasingly for foreign markets.

Where once the state could boast mainly of producing lawyers and academics, it now takes pride in producing what every household needs.

And then there is Abeokuta, the historic capital that has always been the intellectual heart of Ogun. Under Abiodun, it is becoming the nerve center of technology. The Ogun Tech Hub is already attracting startups, coders, and investors, making Abeokuta a place where new ideas are incubated and launched. The dream is that one day soon, young innovators in Abeokuta will design apps and digital solutions used across Africa, if not the world. Ogun, once known only for raising poets and politicians, will also raise billion-dollar tech companies. In that shift lies the deeper renaissance Abiodun is determined to script.

And looming on the horizon, gleaming like a promise beneath the skies, are solar panels; factories that will one day convert Ogun’s abundant sunlight into power, for its industries and millions of homes across Nigeria. Imagine Ogun as the capital of Africa’s renewable energy revolution, producing solar technology that powers Lagos skyscrapers, Abuja villas, and Ghanaian farmlands alike.

That is the identity Abiodun is building: a state that no longer exports only people but power, technology, and products that define modern living. It is an Ogun reimagined, an Ogun reborn, an Ogun finally living up to the potential its children always embodied.

But let us not be deceived. This renaissance is delicate. Nigeria’s larger political and economic quagmires threaten every state, Ogun included. Investors are notoriously fickle; confidence can turn to skepticism at the hint of insecurity, corruption, or instability.

Abiodun must remain relentless in curbing these threats. The enemies of progress are never far; they lurk in bureaucracy, in rival camps, and in the temptation to rest on laurels.

Still, I cannot shake the sense that we are witnessing something remarkable. History rarely grants Nigerian statesmen the opportunity to be both visionary and effective, to dream audaciously and deliver concretely. But Abiodun has been handed that delicate balance. From Rizhao to Sagamu, from the boardrooms of Shandong to the streets of Abeokuta, he has charted Ogun’s ascent with the calmness of a diplomat and the boldness of a pioneer.

I will remember this moment as Ogun’s golden dawn, when a governor chose to lead by opening doors across oceans. It is a rare gift: a Renaissance man at the helm of a state on the cusp of industrial glory. And if he stays the course, Ogun will not just be Nigeria’s industrial capital, it will become Africa’s economic compass.

So, when next the cynics scoff and the critics sneer, I will remind them that industrial renaissances are not born in noise but in vision, not in chants but in contracts, not in politics as usual but in diplomacy that matters.

Prince Dapo Abiodun has chosen the harder path; the path of building. And that is why Ogun, once muted in Nigeria’s industrial chorus, now sings at the center of Africa’s economic overture.

And as I watched him declare Ogun’s promise in Rizhao, as I listened to his conviction about ports, solar plants, ceramics, and tech hubs, I thought to myself: Here walks not just a governor, but a Renaissance man, leading his people from the margins into the sunlit core of destiny.

22

T H I S D AY • FRIday, OCTOBER 3, 2025

business/MOnEYGUIDE

Dantsoho: Abuja’s Centrality, Agro-allied Potentials Strategic to Boosting Non-oil Revenue Eromosele Abiodun

The Managing Director of Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho has said that the centrality of Abuja coupled with its rich agro-allied potentials is germane to strengthening NPA’s commitment to supporting the federal government’s efforts to continuously grow non-oil revenue by connecting local value producers in the nonoil value chain to identified international clusters of demand for their goods.

According to him, the position of Abuja as the centre of the country is strategic to the NPA’s renewed trade facilitation focus that places a high premium on porthinterland connectivity, which Abuja’s centrality accentuates, presents a seamless linkage with the comparative advantages inherent in all regions of the federation that

can be harnessed to sustain growth in the volume and value of Nigeria’s exports.

Dantsoho who stated this while speaking at the Abuja International Trade Fair, stressed that as Nigeria’s foremost trade facilitation platform, the NPA is always proud to be associated with the noble cause the trade fair represents, especially seeing that trade remains the most veritable tool for actualising most of Nigeria’s economic aspirations.

He used the opportunity of the occasion of the “NPA Special Day” to invite the entire trading and investing public to explore the tailormade simplified export processes and other vistas of opportunity present at the Nigerian Ports Authority.”

He said, “As some of us are aware, in our bid to contribute to the strengthening of the domestic economy through the promotion of balance of trade we established the

Export Process Terminal (EPTs) to simplify the hitherto burdensome process of exporting Nigerian goods.”

Dr Dantsoho explained that the EPTs were conceptualised to serve as a one-stop-shop for cargo consolidation, stuffing, documentation, packaging, certification and onward shipment through electronic call-up to the Ports in quick turnaround time thus eliminating the duplications and bureaucratic overlaps that previously rendered Nigerian exports uncompetitive in the international marketplace.

He said to facilitate the port-hinterland connectivity and create pathways for Small and Medium Scale Enterprises (SMEs) to play in the export value chain; the EPTs have been structured to have a seamless handshake with the Domestic Export Warehouses (DEWs) in synergy with the Nigerian Exports Promotion Council (NEPC) as well as the Inland Dry Ports.

The Commissioner for Insurance, Mr Ayo Olusegun Omosehin, has taken a critical look at major changes brought to the insurance sector by the Nigerian Insurance Industry Reform Act (NIIRA2025) saying it has introduced significant updates to the regulation of the entire insurance market.

Omosehin who stated this at the 2025 annual NAICOM seminar for journalists held at Abeokuta, Ogun State also highlighted achievements made by his 16 months old administration as the Chief Executive Officer of the National Insurance Commission(NAICOM).

Describing the NIIRA as a modern rulebook for a modern market, Omosehin said NIIRA 2025 above other things strengthened financial stability of the industry enthroning the regime of

stricter capital requirement and Risk Based Capital by spelling out new minimum capital of N10 billion for Life underwriting firms, N15 billion for general business and N35 billion for reinsurance firm. The new legislation according to him set up a new fund called Insurance policy protection fund for protection of policyholders in case of insurer insolvency.

He said NIIRA also refined criteria for licensing and classifying insurers, ensuring that only robust and well-governed entities operate in the market.

He said it enhanced supervision framework that focused on the actual risks faced by insurers, enabling more effective oversight and intervention.

On Risk-Based Capital requirements,he said the new insurance Act strengthened capital adequacy standards that required insurers to hold

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) NOVEMBER

Month

Money Supply (M3)

108,966,480.44

-- CBN Bills Held by Money Holding Sectors

19,796.18

Money Supply (M2)

108,946,684.26

Quasi Money

72,672,756.90

capital commensurate with their risk profiles, protecting policyholders and promoting fair competition.

“These reforms aim to create a more resilient and competitive insurance market, ultimately benefiting policyholders and the broader economy.”The Nigerian Insurance Industry Reform Act (NIIRA) 2025 introduced key statutory provisions, including innovation hub/sandbox framework: Providing a formal structure for testing and refining innovative insurance products and services in a controlled environment, fostering creativity while ensuring policyholder protection. enhanced Data Obligations: Strengthening data reporting requirements to ensure timely and accurate information, enabling datadriven regulatory decisions and effective oversight.

-- Narrow Money (M1)

36,273,927.36

---- Currency Outside Banks

4,652,527.74

NIIRA 2025: Omosehin Highlights Major Changes to Insurance Sector Ebere Nwoji

L-R: APM Terminals’ Way of Working Transformation and Strategy Manager, Jan Jensen; Head of Operations at APM Terminals Nigeria, Riyaz Melekolangath; APM Terminals Apapa Commercial Manager, Kayode Daniel; Port Manager, Lagos Port Complex Apapa, Adebowale Lawal Ibrahim; Captain of MV Sapphire, Tyson Allan; General Manager, Lagos And Niger Shipping Agencies Limited, (LANSAL), Todd Rives; APM Terminals Apapa Government Relations Manager, Olayinka Akinlade and Deputy Comptroller of Customs, Musa Sama at the berthing of the first LNG-powered containership at APM Terminals Apapa in Lagos... recently

---- Demand Deposits

31,621,399.62

Net Foreign Assets (NFA)

17,347,112.78

Net Domestic Assets(NDA)

91,619,367.66

-- Net Domestic Credit (NDC)

115,576,757.67

---- Credit to Government (Net)

39,616,629.91

---- Memo: Credit to Govt. (Net) less FMA

0.00

---- Memo: Fed. and Mirror Accounts (FMA)

0.00

---- Credit to Private Sector (CPS)

75,960,127.77

--Other Assets Net

12,147,461.96

Reserve Money (Base Money)

30,871,571.25

--Currency in Circulation

4,878,125.22

--Banks Reserves

25,993,446.02

--Special Intervention Reserves

278,860.37 • Source - CBN

Money Market Indicators (in Percentage) Month

November

Inter-Bank Call Rate

28.88

Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)

27.50

Treasury Bill Rate

18.00

Savings Deposit Rate

6.56

1 Month Deposit Rate

8.48

Learn Africa Post N474.98m Profit After Tax

3 Months Deposit Rate

9.53

6 Months Deposit Rate

12.13

12 Months Deposit Rate

14.22

Learn Africa Plc has revealed it has posted a profit after tax (PAT) of N474.98 million in the financial year ended March 31st, 2025.

Speaking at the 52nd annual general meeting of the company, Chairman, Learn Africa, Emeke Iwerebon, said with many industries, the publishing sector experienced both setbacks and emerging opportunities.

He noted that while demand from some schools declined due to economic hardship and rising book

Prime Lending rate

18.39

Maximum Lending Rate

31.06

Oluchi Chibuzor

prices, their strategic agility enabled them to adapt through pricing reviews, improved operational efficiency, and market expansion efforts.

According to him, “Amid challenging headwinds, Learn Africa Plc remained resilient and results-driven.

The Company achieved a revenue of N5.18 billion, a 26.9% increase from N4.08 billion in the previous fiscal year. This was driven by strong market acceptance of our titles, strategic sales initiatives, and enhanced collections efficiency.

“Profit after tax rose sharply

to N474.98 million, compared to N11.19 million in the prior year, reflecting the effectiveness of the cost-control strategies and financial discipline implemented

by Management. However, our cost of production rose to N2.17 billion up from N1.63 billion.

This increase was driven by the Naira devaluation, rising logistics costs, and continued disruptions in global paper supply.”

Managing Director, Learn Africa Plc, Hassan Bala, said the company made significant strides in advancing operational and strategic goals despite a challenging business climate.

NSE MARKET INDEX CAP

0.75%(52%YoY)

Index

0.9% (29%Y/D) • Monetary Policy Rate - 27.50%

OPEC DAILY BASKET PRICE As At 6TH JANUARY , 2025

The price of OPEC basket of twelve crudes stood at $76.18 a barrel on Monday, compared with $75.89 the previous Friday, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

23

T H I S D AY • FRIday, OCTOBER 3, 2025

mARKET NEWS

Buy Interest in GTCO, Others Lift Stock Market by N1171bn Kayode Tokede Investors buying interest in Guaranty Trust Holding Company Plc (GTCO), MTN Nigeria Communication Plc and 32others, yesterday pushed the market capitalisation up by N171 billion as the

stock market maintained its winning streak.

Following the 2.1 per cent and 0.5 per cent stock price appreciation in GTCO and MTN Nigeria, respectively, the Nigerian Exchange Limited All-Share Index (NGX ASI) gained by 268.98 basis points, or 0.19 per cent to close at 142,979.46 basis points.

P R I C E S MaiN Board

F O R DEALS

Consequently, the Monthto-Date and Year-to-Date returns settled at +0.2per cent and +38.9per cent, respectively.

Also, market capitalisation appreciated

by N171 billion to close at N 90.752 trillion.

Sectoral performance was broadly positive as the NGX Insurance

S E C U R I T I E S Market Price

quantity traded

index (+0.4per cent), NGX Consumer Goods Index (+0.4per cent), NGX Banking index (+0.2per cent) and NGX Oil & Gas inde (+0.1per cent), while the NGX Industrial Goods index remained unchanged.

PZ Cussons Nigeria recorded the highest price gain of 10 per cent to close at N37.95, per share. Eterna

T R A D E D

value traded ( N )

MaiN Board

A S O F

followed with a gain of 9.94 per cent to close at N37.05, while Champion Breweries rose by 9.82 per cent to close at N15.10, per share.

Tantalizer appreciated by 5.96 per cent to close at N2.49, while AIICO Insurance rose by 5.43 per cent to close at N3.69, per share.

O C TO B E R DEALS

On the other hand, R.T. Briscoe (Nigeria) led the losers’ chart by 9.89 per cent to close at N3.37, per share.

Thomas Wyatt Nigeria followed with a decline of 9.82 per cent to close at N3.58, while Sovereign Trust Insurance declined by 9.33 per cent to close at N2.72, per share.

/ 2 / 2 5 Market Price

quantity traded

value traded ( N)

This

Weekend

T H I S D AY • FRIday, OCTOBER 3, 2025

Group Features Editor: Chiemelie Ezeobi chiemelie.ezeobi@thisdaylive.com

07010510430

TR

N

Weekly Magazine UTH

& R E ASO

Adaora Onyechere Sydney-Jack: Championing the Reserved Seats for Women Bill to Create a More Equitable Nigeria

25

T H I S D AY • FRIday, OCTOBER 3, 2025

Cover

Adaora Onyechere Sydney-Jack: Championing the Reserved Seats for Women Bill to Create a More Equitable Nigeria In a country where women’s voices are often silenced, Adaora Onyechere Sydney-Jack is a beacon of hope. As the host of Gender Agenda on AIT, she has dedicated her career to amplifying women’s voices and advocating for inclusive governance. With the Reserved Seats for Women Bill, Sydney-Jack is leading the effort towards a fairer Nigeria. More than just legislation, the Reserved Seats for Women Bill signifies a Nigeria where women’s voices are assured, respected, and valued. Sydney-Jack believes that this bill will be transformative for Nigerian women, especially those in marginalised or underrepresented communities. In this exclusive interview with MARY NNAH, she shares her perspectives on the Reserved Seats for Women Bill, the obstacles women face in Nigerian politics, and her vision for a more inclusive democracy What inspired you to get involved in the Reserved Seats for Women Bill, and why do you think it’s such a crucial issue for Nigeria? y inspiration stems from years of gender advocacy and witnessing the exclusion of women from political spaces despite their competence and contributions.

Throughout my broadcasting career, I’ve championed inclusive governance and amplified women’s voices in Nigeria’s democratic process. As host of ‘Gender Agenda’ on Africa Independent Television (AIT), I’ve spotlighted structural gaps women face in accessing power.

My 2019 bid for a seat in the Imo State House of Assembly and subsequent role as Special Adviser on Information and Advocacy exposed me to party bias against women, a heartbreaking experience that reinforced my commitment to change. As former Chair of the Women and Gender Affairs Cluster Committee of the African Union Economic, Social and Cultural Council (AU-ECOSOCC) Nigeria, I saw firsthand the importance of gender parity in continental development.

As founder of Gender Strategy Advancement International (GSAI) and WeWe Network Afrique, I’ve designed programmes on gender advocacy, civic literacy, and youth inclusion. These experiences have driven me to support the Reserved Seats for Women Bill Campaign, a historic opportunity to guarantee women’s voices in governance. After nearly 26 years of democracy, this legislation represents a crucial step towards inclusive governance, and I’m committed to advocating for it.

which in turn help dismantle the deeper structural issues over time. In that sense, the Bill is not tokenistic at all; it is a strategic entry point, a bridge toward long-term parity

M

How do you envision the Reserved Seats for Women Bill impacting the representation of women in Nigerian politics, particularly in the National and State Houses of Assembly?

When I think about the Reserved Seats for Women Bill, I see endless possibilities. I envision a Nigeria where women are no longer fighting for a seat at the political table, but where their voices are guaranteed, respected, and valued. This Bill ensures women’s representation in the National and State Houses of Assembly, changing the conversation and making our laws fairer and politics richer.

With women in the room, our perspectives will shape the laws governing this country, inspiring future generations. As Producer & Host of Gender Agenda, I’ve witnessed the importance of this fight. In Imo and Abia States, for example, not a single woman sits in the State Assembly, leaving half the population underrepresented.

The Reserved Seats Bill (HB 1349) proposes reserved seats in the Senate,

Adaora Onyechere

House of Representatives, and State Assemblies – not tokenism, but real power and influence for dozens of women. The 16-year sunset clause aims to normalise women in politics, making quotas unnecessary in future elections.

Countries like Rwanda, Senegal, and South Africa have shown that women’s leadership improves maternal health, prioritises girls’ education, and strengthens laws against gender-based violence.

When women lead, societies thrive.

This Bill represents that vision for Nigeria. If we achieve this, future generations of young women will know that politics is for them.

What specific challenges do you think women face in Nigerian politics, and how does the Reserved Seats for Women Bill aim to address these challenges?

Women in Nigerian politics face complex, interconnected challenges.

Patriarchy and cultural expectations frame politics as a male domain, discouraging women despite their competence. The high cost of running for office, coupled with limited access to financing, further hinders women’s participation. Party gatekeeping and biased nomination processes favour established male networks, while electoral violence, intimidation, and harassment deter women from pursuing political careers.

With few women in elected positions, young women lack role models, making it harder for them to envision politics as a viable path. The Reserved Seats for Women Bill addresses these

realities by guaranteeing a baseline of representation. Reserving seats exclusively for women ensures their voices are heard without locking them out of general seats. This Bill doesn’t replace open contests; it simply levels the playing field, providing a crucial foothold for women in politics.

How might the Reserved Seats Bill be seen as tokenistic, and how does it address deeper issues facing Nigerian women?

First, it’s important to define what people mean when they say “tokenism.” Tokenism is when you include one or two individuals from a marginalised group, not because you are committed to real change, but just to create the appearance of diversity. It’s a superficial representation without power or influence.

The Reserved Seats for Women Bill is the opposite of that. It is not about sprinkling a few women into politics for optics; it is about creating constitutional guarantees that open the doors of governance to women in a structured and sustainable way.

By reserving seats, we are not saying women can only come in through this path. Women will still be able to contest in general seats, but the Bill ensures that no matter how steep the barriers remain, women will have a real presence in the National and State Assemblies.

Of course, this legislation alone will not erase patriarchy, cultural bias, or financial exclusion. But it will shift the baseline. Once women are inside, they gain legislative experience, visibility, and networks,

How do you respond to critics who might argue that reserved seats are a form of “handout” or “special treatment” for women?

I think it’s important to reframe that argument. Reserved seats are not handouts, and they are certainly not about special treatment. They are corrective measures. For decades, women have been excluded from Nigeria’s political process not because they lack competence, but because the structures of our politics: party systems, financing, cultural bias, even electoral violence, have consistently blocked them out.

When a system is already tilted, creating a mechanism to level the playing field is not charity; it is justice.

The Reserved Seats Bill is designed to give women a fair shot at participation by guaranteeing that their voices are present in governance. It’s worth remembering that this is a temporary measure. It comes with a 16-year sunset clause precisely because the goal is not to create permanent exceptions, but to correct a historic imbalance so that, over time, women can compete on equal footing.

So, when people call it a handout, I would counter by saying it’s really a bridge that allows women to cross into legislative spaces where they have always belonged but have too often been denied.

What role do you think men can play in supporting the Reserved Seats for Women Bill and promoting greater representation of women in Nigerian politics?

Men play a critical role in supporting the Reserved Seats for Women Bill and promoting women’s representation in Nigerian politics. As historical dominants of politics, men hold significant influence and decision-making power. Meaningful change requires their buy-in. When male leaders openly support women’s participation and the Bill, it normalises women’s leadership. Men can also directly support women candidates through mentorship, financial backing, and campaign guidance – investments in a stronger democracy.

Within parties, men can advocate for fairer nomination processes and reforms, reducing barriers for women.

By challenging harmful norms, such as sexist comments or intimidation, men can shift culture. Ultimately, men should vote for women and support the Reserved Seats Bill. Equality isn’t a threat; it’s progress. When men back women, society wins.

The story continues online on www.thisdaylive.com

26

FRIDAY, OCTOBER 3, 2025 • THISDAY

NEWS

AT 65TH INDEPENDENCE DAY PARADE AT LAGOS HOUSE...

Governor of Lagos State, Mr. Babajide Sanwo-Olu flanked by his wife, Dr. Ibijoke (left), Deputy Governor, Dr. Obafemi Hamzat with the Diplomatic Corps in Lagos during the 65th Independence Day Parade at the Lagos House, Marina, on Wednesday

Okpebholo, Umahi Lament Terrible State of Federal Roads in Edo As Tinubu approves 100km coastal road Adibe Emenyonu in Benin City Edo State Governor, Senator Monday Okpebholo, and Minister of Works, Engr. David Umahi, have lamented the appalling condition of federal roads in Edo State, describing the plight of motorists as both tragic and unacceptable.

Okpebholo and Umahi expressed their frustration during an inspection of the Benin–Warri dual carriageway bypass. They stated that the situation reflected years of neglect that could no longer be ignored.

Speaking after the inspection, Okpebholo and Umahi commended President Bola Tinubu for his swift intervention and commitment to reversing decades of infrastructural decay.

They underscored the urgency of delivering immediate and lasting solutions.

The minister said no motorist could travel 100 kilometres on federal roads nationwide without encountering major challenges.

He stated that Tinubu inherited an extensive backlog of failed road and bridge projects from past administrations, but stressed that the president had demonstrated courage, commitment and determination to reverse the situation.

Umahi stated, “President Tinubu met an overwhelming situation in terms of roads and bridges. You can’t travel 100 kilometres on federal roads without encountering serious difficulties. But the President is showing resolve, and Nigerians are already commending his efforts.”

The minister cited commendations from prominent Nigerians, including Arise Television Chairman, Nduka Obaigbena, as evidence that the Tinubu administration’s road interventions were already resonating with the public.

He dismissed criticisms in some quarters, insisting that the president remains focused on delivering durable roads.

Umahi also praised Okpebholo for promptly intervening

in critical failed portions of the Benin–Warri highway after the termination of a contract earlier awarded to Levante Construction Company under the NNPC Tax Credit Scheme.

He explained that Levante executed only four kilometres of reinforced concrete pavement in stable sections of the road, neglecting the worst

Renowned political economist and founder at the Centre for Values in Leadership (CVL), Professor Pat Utomi, will be a keynote speaker at the forthcoming maiden discourse series on poverty reduction in Nigeria.

An event organized

by Conversation Media Limited, a leading media agency, will mark the first in series of planned annual

events to commemorate the international day for eradication of poverty according to the United Nations calendar every October 17.

The remarkable event was scheduled to hold at the Nigerian Institute of International Affairs (NIIA), Victoria Island, Lagos on Friday, October 17th, 2025.

Themed “Pathways to Inclusive Development: Rethinking Communication, Policy and Partnership,” the event will bring together thought leaders, policymak-

The minister added that the federal government had directed the new contractors to reinforce the road base, elevate the carriageway, and ensure no weak points were left unaddressed. He appealed to Okpebholo to extend his intervention to an additional nine kilometres, praising his willingness to collaborate.

Umahi further assured that Tinubu’s road projects were designed with reinforced concrete technology to last between 50 and 100 years. He urged contractors to accelerate construction, working even at night, and directed the Federal Controller of Works in Edo State to provide photographic updates of progress.

Ugborodo 7-Day HCDT Ultimatum: Chevron Multibillion Dollar EGTL, Shell, IOCs Operations Threatened Warns Delta gov’s aide over alleged sabotage

Sylvester Idowu in Warri The people of Ugborodo Community in Warri SouthWest Local Government Area of Delta State have given a seven-day ultimatum to Shell Petroleum Development Company (SPDC), now operating under the name Renaissance, as well as NPDC, SEPLAT, NGIC, NPSL, Mobil Offshore,

Utomi to Deliver Keynote Speech at Maiden Discourse Series on Poverty Reduction in Nigeria Benjamin Nworie in Abakaliki

segments, despite repeated warnings.

Umahi disclosed, “The contract was terminated after months of delay and poor work. We appealed to Governor Okpebholo to take over the first 23 kilometres, which he promptly awarded to CBC. The quality of their work is commendable.”

ers, media professionals, academics, and business executives for a robust engagement on the role of media in tackling poverty and promoting sustainable development in Nigeria.

In a statement issued by the organiser, Victor Ikem, the Media Agency has positioned the event as a step in advancing the United Nations Sustainable Development Goals (SDGs), particularly SDG 1 (No Poverty) and SDG 10 (Reduce Inequalities).

and other international oil companies (IOCs), demanding the immediate incorporation and operationalisation of their Host Community Development Trusts (HCDTs) across onshore, offshore, and deep offshore assets, in their domain.

The community is also host to multi-billion Dollars Escravos Gas to Liquid Project (EGTL) operated by Chevron Nigeria Limited in Warri South West LGA of Delta State.

Speaking at a tripartite press conference held yesterday

at Ode-Ugborodo, the community’s global headquarters, the Ugborodo Community Management Committee (UCMC), Ikpere Alemeje Women Traders Association, and the Ugborodo Community Youth Development Body (UCYDB), jointly accused the oil multinationals and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) of deliberate neglect, disrespect, and exploitation of host communities in violation of the Petroleum Industry Act (PIA) and the Host

Community Development Regulations.

The community leaders, who spoke through Mr. Emmanuel Onuwaje (UCMC Chairman), Madam Helen O. Nuco (Women Traders Chairlady), and Mr. Wilson Ejeh (UCYDB Chairman), alleged that despite decades of oil exploration and billions of dollars generated from their land, Ugborodo people were left without potable water, electricity, employment, or meaningful youth empowerment opportunities.

Nigeria Records Drop in Lassa Fever Infection, Says NCDC 895 confirmed cases with 166 deaths recorded so far

Onyebuchi Ezigbo in Abuja

published by the Centre, it said that cumulatively the country The Nigeria Centre for Disease has so far recorded a total of 895 Control and Prevention (NCDC) confirmed cases and 166 deaths said the country has recorded in 2025, with a case fatality rate a decrease in the number of of 18.5 percent which is higher confirmed cases of Lassa Fever than 16.9 percent same period from 13 to 11 in week 36 of 2025. in 2024 The cases were reported In a report of the Lassa Fever Situation Report for Week 37 in Ondo, Bauchi, Kogi and

Anambra States.

NCDC said 21 states recorded at least one confirmed case across 106 LGAs while 90 percent of confirmed cases were from Ondo, Bauchi, Edo, Taraba, and Ebonyi State.

According to NCDC, the predominant age group affected is 21- 30 years.

27

THISDAY • FRIDAY, OCTOBER 3, 2025

NEWS

BusinessDay Top 25 CEO Award...

L-R: Head, Brands and Events, Rex Insurance Limited, Mr. Emmanuel Ndoh; Chief Financial Officer, Rex Insurance Limited,Mr. Abayomi Kayode; Publisher, BusinessDay Newspaper,Mr. Frank Aigbogun; Managing Director/CEO, Rex Insurance Limited and recipient of award,Mrs. Ebelechukwu Nwachukwu; Company Secretary/General Counsel, Sheila Ezeuko; Executive Director, Business Development, Sunny Uwagboi; and Head, Corporate Communications,Mr. Wilson Okoh-Esene, during the presentation of BusinessDay Top 25 CEO Award to Mrs. Nwachukwu, at the award night in Lagos ... recently

Atiku: I Didn’t Say I’ll Stepdown for Anyone, I Vowed to Support Whoever Wins Chuks Okocha in Abuja Former Vice President Atiku Abubakar, yesterday, said at no point did he expressly state, suggest, or even imply that he intended to step down his presidential bid for anyone.

Atiku explained that what he said was that young

people, as well as other prospective presidential aspirants, were free to contest and he would support whoever emerged from a decent contest.

He stressed that insinuations being peddled that he would step down for another candidate were false.

The former vice president

explained further that he only said if a younger candidate were to emerge through a competitive primary, he would readily support such a candidate without hesitation.

He said while interpretative journalism was a legitimate aspect of reporting, stretching interpretation to

the point of mischief was unacceptable and must not be encouraged.

In a statement by his media office, signed by Paul Ibe, Atiku stated that it became necessary to clarify certain misrepresentations arising from the reportage of an interview he granted to BBC Hausa Service in some

Lokpobiri: Oil Sector Divestments Added 200,000 bpd to Nigeria’s Crude Output

move quickly to re-engage wells and facilities – resulting in the delivery of immediate results; investing early in integrity and reliability – thus reducing downtime while setting a foundation for future growth; and integrating not isn’t just systems, but people.

“We found strong cultural alignment with our new colleagues, and that’s been key to seamless performance. We’ve welcomed their expertise and insights and the entire Group is benefiting from them,” Brown hinted.

According to the Seplat CEO, by combining Seplat’s onshore experience with decades of offshore know-how from new colleagues, the company has built a stronger operation from day one, which is already delivering higher cash flow.

“The recent reserves upgrade shows we have acquired a highquality asset with significant production potential in both oil and gas, and much of this is within easy reach, close to export infrastructure that we control. We are confident we can increase production and that aligns with the government’s target to increase liquids production to 3 million barrels, and to increase gas production for both domestic energy and export markets,” he added.

Speaking of the company’s strong operator mindset, Brown said Seplat Energy focuses on acquiring assets where its operating capability can unlock hidden value – especially mature fields that benefit from a more agile, entrepreneurial operator.

“We’ve already proven we can acquire assets onshore and bring them up to high levels of production, whilst keeping tight control of costs, and this has helped us build up a strong balance sheet, invest in our future and return a healthy dividend stream to investors,” Brown stressed.

On the company’s clear appetite for success, the Seplat Energy boss said the focus had always been on safety and operational excellence, which are targeted at maximising production and cash flows that strengthen the business.

“We’re a low-cost operator, meaning we can be profitable at good oil prices and we’ve proven we can survive periods of low prices and prolonged lock-ins. We look after our staff, all of whom are very highly qualified, mostly Nigerian, and ensure they are fully aligned with our success, which in turn will bring success for Nigeria’s energy system. We’ve got a deep bench and a strong succession pipeline,” he explained.

In the same vein, Chief Financial Officer (CFO), Seplat Energy Plc, Eleanor Adaralegbe, who spoke during a panel discussion titled: “Financing Upstream Projects for Domestic Energy Security”, said since inception, the company has continued to blaze the trail with a highly successful capital raising history, of which the company had raised more than $4 billion in debt to develop and grow operations.

On the various financing options the company had leveraged since inception,

Adaralegbe identified the Initial Public Offer (IPO), Revolving Credit Facility (RCF), Bonds, Advance Payment Facility, as well as other financings like taking over the $110 million RBL, which is currently being refinanced (on Eland acquisition of 2019; and putting in place a $320 million project financing for ANOH, Seplat’s 50/50 JV with the Nigerian Gas Infrastructure Company (a 100 per cent wholly owned subsidiary of NNPC).

Speaking on financing challenges and what Seplat Energy had done to overcome them, she said: “Corporates are always looking to access lowcost financing for development and growth, more so, Nigerian energy companies, as Nigerian banks have a high USD cost of borrowing. As such, we knew that we had to become a first mover and shape our credit profile to appeal to a wider group of banks and investors.

We are the first and only dual listed Nigerian oil and gas company.”

On the company’s key credit highlights, the Seplat Energy CFO listed: Balanced assets with substantial production; portfolio diversification through gas business; uniquely positioned to capture future growth; strong financials and well-tested risk management; well managed liquidity; focus on tax efficiencies; experienced management and strong governance; and leading indigenous and ESG-focused operator.

“Seplat Energy has repeatedly been able to refinance to extend maturities and bring

down our cost of debt while keeping leverage moderate.

We have been able to do this because we are focused on things that lenders are focused on – asset diversification, steady production, strong financials, low leverage, focus on tax efficiencies, strong leadership,” Adaralegbe explained.

On the importance of financing, she said Nigeria’s energy security depended heavily on upstream oil and gas, which fuels both domestic consumption and foreign exchange earnings; declining investment in upstream projects due to global energy transition pressures and perceived risks; and rising domestic demand for gas and power requires urgent expansion of upstream activity, particularly gas exploration and production.

“Until utility-scale renewables, storage, and transmission are materially larger, Nigeria’s ability to keep lights on, vehicles moving, industries running, and households cooking cleanly is fundamentally constrained by upstream oil and gas development, output and associated midstream delivery - that is upstream development is a direct lever on national energy security,” she advised.

According to Adaralegbe, a stable and predictable fiscal framework is the single most powerful enabler of upstream financing; of which consistent application of PIA provisions, timely JV cash-call settlements, and clarity on commodity pricing policies are essential to de-risk projects and crowd in long-term capital.

sections of the media.

The statement emphasised that after a thorough review of both the video and transcripts of the interview – in the original Hausa and the English translation – it was evident that at no point did Atiku state, suggest, or even

imply that he intended to step down for anyone.

“For the records, therefore, the insinuations attributed to the Waziri Adamawa from his BBC Hausa interview are inaccurate and do not reflect what he actually said,” the statement said.

There Are No Constitutional Breaches

By Damagum, PDP Replies Anyanwu

tion made it explicit that the national chairman of the party should provide leadership or delegate.

Ologunagba dismissed the position of Anyanwu that the chairman was in breach as contained in Section 36 subsection B and C of the party’s constitution.

“By our constitution, the national secretary is the Chief Administrative officer, who takes responsibilities from the National Chairman. He cannot act unilateral. He cannot summon a meeting, unless so directed by the national chairman,” he said.

The national secretary had Wednesday issued a statement accusing the national chairman of breaching and violating the party’s constitution, especially Section 36.

But the November 16 and 17 dates of the national convention of the party, Ologunagba said, were sacrosanct, as they were destined to take place for the general purpose of reinventing the party.

He acknowledged that the party was aware of distractions from some quarters against the national convention, but said, “We won’t be distracted. The convention train has since left Abuja and will soon be landing in Ibadan.”

Ologunagba described Tinubu’s independence day speech as uninspiring and boring, and said it was merely cosmetic He stated, “The speech of the president to mark the 65th independence of Nigeria is uninspiring, boring and full of propaganda. It dashed hopes

with false statistics.

“It did not address the rising youth employment, high cost of living and the growing level of insecurity in the country. One wonders how the President could say that the economy is improving.

“The All Progressives Congress (APC) has taken Nigeria down the lane of bandage and servitude. The president should endeavour to humanise governance for the general welfare and wellbeing of Nigerians.”

In a related development, the sacked chairperson of PDP in Akwa Ibom State, Mr. Aniekan Akpan, who had openly declared loyalty to Governor Umo Eno of APC, denounced the dissolution of the PDP State Executive Committee by the party’s NWC. PDP had, through Ologunagba, announced the dissolution of the Akwa Ibom State and Cross River State executive committees.

In a statement, PDP also announced the composition of a caretaker committee to oversee activities in the two states for the next three months.

But Akpan told journalists at a press conference at the PDP state secretariat in Uyo that he would resist “impunity”.

He declared that the NWC was acting outside its powers, stressing that no formal meeting was convened to approve the dissolution.

Akpan particularly cited a letter by the party’s National Secretary, Anyanwu, which “affirmed that no decision was taken to disband the Akwa Ibom executives”.

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FRIDAY, OCTOBER 3, 2025 • THISDAY

NEWS

Foursquare Holy Spirit Refreshing Dew...

L-R: Wife of National Secretary, Foursquare Gospel Church in Nigeria, Rev. Dr Sarah Alawode; National Secretary,, Rev Samson Alawode; General Overseer, Rev. Dr Sam Aboyeji; Wife of General Overseer, Rev. Mrs Olabisi Aboyeji; National Treasurer, Elder. Felix Omofuwa; and his wife, Mrs. Margaret Omofuwa, during the Foursquare Holy Spirit Refreshing Dew tagged “ Jubilee Praises Jubilee Blessings” to mark Foursquare 70th Anniversary at Tafawa Balawa Square, Lagos ... recently

Troops Thwart Planned Terrorists’ Attacks, Eliminate Two, Recover Weapons in Taraba Joint security forces neutralised leader of notorious kidnapper, Maidawa, in Kwara AbdulRazaq visits, sympathises with victims, says security forces working to restore calm

Hammed Shittu in Ilorin and Linus Aleke in Abuja The High Command of the Nigerian Army has revealed that troops of 6 Brigade/Sector 3, Operation Whirl Stroke (OPWS), successfully foiled a terrorist attack and eliminated two terrorists in Taraba State.

A statement by the Acting Assistant Director of Army Public Relations, 6 Brigade, Nigerian Army, Lieutenant Umar Muhammad, stated that the successful operation was part of ongoing efforts across Taraba State, code-named Operation Lafiya Nakowa, aimed at flushing out terrorists and criminal elements within the state.

“Acting on credible intelligence, troops on 1 October 2025 advanced to Tor Ikyeghgba village, where bandits were reported to be converging.

“On arrival at the general area, the troops made contact with the terrorists along the Powerline axis and immediately engaged them with superior firepower, resulting in the elimination of two terrorists.”

Lieutenant Muhammad stated that the troops recovered one locally fabricated pistol, two dane guns, three rounds of 7.62mm special ammunition, one Baofeng radio, one motorcycle, and other items during the operation.

While applauding the troops for their swift response, resilience, and professionalism, the Commander of 6 Brigade, Nigerian Army, Brigadier General Kingsley Chidiebere Uwa, urged them to maintain the momentum.

He assured residents of Taraba State that the Brigade remained fully committed to ensuring peace, safety, and

security within the state.

He called on the public to continue supporting ongoing operations by providing timely and credible information to aid the fight against criminality.

In a related development, the war against banditry and kidnapping in Kwara State recorded positive results as the joint security forces neutralised

one of the leaders of a notorious kidnappers’ group, ‘Maidawa’ and some of his foot soldiers that have been terrorising the people of Isanlu-Isin community in Isin Local Government Council Area of the state.

Scores of bandits that have been operating from Baba Sango and Babanla forests in Ifelodun Local Government

Council Area of the state were neutralised last Monday night in the state.

This latest success recorded by the joint security forces, according to THISDAY, may not be unconnected with the recent deployment of Air Force operatives and men of the 2nd Mechanised Nigerian Army, Ibadan, Oyo State to the state, to

get rid of the suspected bandits and kidnappers in the state.

This new move against bandits was due to the recent massacre of many people of Oke-Ode community in Ifelodun Local Government Council Area of the state and the purported terrorising of other communities by the bandits in the state.

Capital Market Operators Seek Review of Proposed 30% Capital Gains Tax to 25%

the new 30 per cent tax rate on gains that is set to take effect on January 2026, will put a lot of pressures on the NGX until the end of the year, as domestic and foreign institutional investors look to realise gains under the current tax regime.”

Mukuru said, “While temporary, it should be noted that bringing back this capital will be challenging and this is clearly not in the long-term interest of the NGX and its companies, that drive growth, jobs, and long-term economic development for Nigeria.”

Meanwhile, the NGX All-Share Index (NGX ASI) closed nine months of 2025 at basis points, about Urges FG to prioritize healthcare to citizens 142,710.48 38.65 per cent or 39,784.08 basis October 4, 2025 is taking She noted it was also the points from 102,926.40 basis Amby Uneze in Owerri place at Umuenyere Alayi wish of the founder of the points the stock market had In keeping to the wish of late Health Centre is expected to foundation to reach out to the closed for trading in 2024.

Analysts attributed the stock Mrs. Jennifer Ramatu Etu provide total medical care to underserved with healthcare, while alive that a foundation about 2500 patients from within adding that the five-day event market 38.65 per cent investors would enable them treat their average return to stability in should be instituted after her and outside the area.

Speaking on the need ailment such as surgery, labora- the foreign exchange market, name to provide free health care to the people of Nigeria, for the medical outreach, tory, pharmacy, appendectomy, companies recovering from the Jennifer Etu Foundation the Programme Officer of hypotony, cesarean section (CS), foreign exchange losses, has embarked on a five-day the Foundation, Goodnews cataract surgery, dental care, etc. market liquidity, capital inThe programme officer flow, dominance of domestic free medical programme in Adebayo Chike told THISDAY Amaokwe Item in Bende that the wish of the founder maintained that a team of investors, increasing portfolio Local Government Area of was to save lives of the people volunteers made of doctors, investment, banking sector at no cost to them as well as nurses, counsellors and recapitalisation by Central Abia State.

The free medical outreach hoping that with faith in other medical professionals Bank of Nigeria (CBN), and which started on Tuesday, God, their infirmities would are involved in the medical insurance sector reforms, which had played a critical outreach.

September 30 - Saturday, be cured. not recognise that this will increase the cost of equity for Nigerian equities. A higher cost of equity means that Nigerian businesses will have to make higher sustainable returns to attract foreign capital.

“Nigeria is one of many potential investment destinations for foreign allocators of capital and this makes the country far less competitive.

“Aside from not being equitable to all shareholders,

Jennifer Etu Foundation Provides Free Medical Care to 2500 Patients in Abia

role in overall stock market performance in the period under review.

So far in 2025, the stock market had seen Monetary Policy Committee of the CBN reducing Monetary Policy Rate to 27 per cent, marking the first cut since the COVID-19 pandemic in 2020; inflation rate moving to 20.12 per cent, as of August 2025; companies announcing impressive corporate earnings and half year ended 2025 interim dividend pay-out to shareholders; listing by introduction of Legend Internet Plc; and listed banks announcing the outcome of fresh capital raising on the exchange.

Equally, the yield on Nigerian Treasury Bills (NTB) dropped to 15 per cent, as of September 17, 2025, from 18 per cent.

In the nine months under review, several stocks listed on the NGX recorded strong month-to-date appreciation, reflecting heightened foreign investor confidence driven by improved macroeconomic indicators and robust corporate earnings.

Capital market analysts stated that the corporate earnings report of H1 2025, among other factors, encouraged investors seeking high returns in a volatile macro environment.

Managing Director, Globalview Capital Limited, Mr. Aruna Kebira, in a chat with THISDAY, said the stock market in the nine months of 2025 witnessed the tanking of inflation figures and CBN cutting interest rate to 27 per cent, from 27.50 per cent.

Kebira stated, “Those parameters alone gave the capital market investors a moment of respite in the nine months of 2025.

“The yields in the money market are not looking as attractive as they were in 2024, making discerning investors in search of better yields to consider the capital market as their investment destination.”

He also stated, “In the last MPC, the MPR was reduced, including other metrics. This is sending positive signals that as the inflation figure and money market yields are downward looking, the MPC would have a reason to tinker the MPR further downward. Which is not always fixed income friendly.

“If the various issuers demonstrate a performance higher than the corresponding period of 2024 and declare an impressive interim dividend, the stock market will move to appreciate their prices.”

FRIday october 3, 2025 • T H i s d ay

29

NEWSxtra

LONDON BUSINESS SCHOOL ALUMNI CELEBRATION...

L-R: Vice President, Human Resources, UAC of Nigeria Plc, Adaobi Awe; Chief Operating Officer, UAC of Nigeria Plc, Queenette Durosinmi-Etti; President, London Business School Alumni Club Nigeria, Mr. Akintayo Sanwo-Olu, and Chief Executive Officer, Chapel Hill Denham, Mr. Bolaji Balogun, at the 2025 London Business School Worldwide Alumni Celebration (Nigeria) held in Lagos… recently

Northern CAN: Insecurity, Hardship, Threats to Nigeria’s Founding Ideals John Shiklam in Kaduna

The Christian Association of Nigeria (CAN) in the 19 northern states and the Federal Capital Territory (FCT) has warned that insecurity and economic hardship are eroding the ideals on which Nigeria was founded.

In a statement to mark the country’s 65th Independence Anniversary on October 1, CAN called on Nigerian leaders to reflect soberly on the future of the country.

The statement said: “65 years after gaining freedom from the colonial rule provides an opportunity

for sober reflection on our journey as a people, the state of our nation, and the future we must build together.”

The statement signed by the factional Chairman of

Bandits have reportedly kidnapped a Nigerian

police officer, Mr. Ezra John, who is attached to the Lade Division in Patigi Local Government Area of Kwara State.

THISDAY investigations revealed that the officer was abducted early yesterday morning while returning from official duty at the Patigi General Hospital to his base in Lade.

The incident reportedly occurred on the Patigi– Lade road, a route that has recently gained notoriety for frequent criminal attacks.

The abduction has heightened concerns over growing insecurity in Patigi and its environs, with renewed calls for stronger security measures to protect lives and property.

Contacted yesterday, a senior police officer attached to the Patigi Divisional Police Office, who sought anonymity, confirmed the ugly development.

He said: “We have informed the state Police Command about the incident and all efforts are being on to rescue the police officer.”

lack of access to healthcare, education, and electricity as major setbacks for Nigerians.

The group lamented that the gap between government policies and

the realities of citizens continues to widen.

On security, Pam said Nigerians live in fear amid terrorism, banditry, kidnappings, and communal violence.

Group Tasks Journalists on Professionalism, Impactful Reportage Blessing Ibunge in Port Harcourt

Bandits Abduct Police Aorganisationpeace-building under the aegis of ‘Search for Common Officer in Kwara Community Ground,’ has tasked media Hammed Shittu in Ilorin

the association, Rev. Yakubu Pam, noted that while some progress has been made, many founding dreams remain unfulfilled.

Pam cited poverty, unemployment, and the

practitioners to abide by the ethics of their profession and ensure that their reportage positively impacts

the society.

The call was made yesterday at a two-day training for journalists on “Conflict Sensitivity Reporting and Digital Media Peace building,” organised by Common Ground Journalists Forum in collaboration with the Nigeria Union of Journalists

and Step Up for Women in Journalism Initiative, in Port Harcourt, Rivers State.

During her presentation on “Common Ground Media Content for Behavioural Change,” Folashade Seye-Ojo urged the participants to move away from just informative journalism to solution

driven and developmental journalism.

Seye-Ojo, mass media and information officer at Search for Common Ground, advised the journalists to avoid negative stereotypes or blames and steer clear of complex language or technical terms that can cause conflict in the society.

Seaman’s Schnapps Adds Ancestral Blessings to Olubadan’s Coronation

Raheem Akingbolu

Seaman’s Schnapps, one of Nigeria’s prayer drinks, once again played a historic role at the coronation of His Royal Majesty, Oba Rashidi Adewolu Ladoja, as the 44th Olubadan of Ibadanland as the official

prayer drink and sponsor of the grand ceremony, marking its timeless place in tradition as the conveyor of blessings, prayers, and ancestral reverence.

The coronation, which drew eminent traditional rulers, dignitaries, and cultural custodians

from across Nigeria and beyond including the President of the Federal Republic of Nigeria, His Excellency, Asiwaju Bola Ahmed Tinubu amplified the grandeur of Yoruba tradition. At every key stage of the rites, Seaman’s Schnapps was prominently used in prayers and

blessings, cementing its presence as a sacred part of the epoch-making event.

Speaking on behalf of Nigeria Distilleries Limited, Marketing Manager, Mr. Gbemileke Lawal, underscored the deep connection between the brand and Yoruba tradition.

Court Hears Dispute on 5% Equity Stake in Pan African Towers Case Wale Igbintade

The 2023 acquisition of Pan African Towers (PAT) has sparked a high-stakes shareholder-rights battle, as former CEO Azeez Amida drags private equity giants Development Partners

International (DPI), Verod Capital, and their limited partners before the Federal High Court in Lagos.

At the heart of the dispute, marked as Suit No. FHC/L/ MISC/608/2025, is Amida’s claim that the

investors reneged on a binding agreement to allocate him a five per cent equity stake under a management buy-out (MBO) arrangement that facilitated the takeover of PAT. Justice Akintayo Aluko

had ordered all parties to maintain the status quo and respect pending applications—including an interlocutory injunction seeking to block any sale or transfer of DPI and Verod’s stake in PAT until the case is resolved.

Emmanuel College ’88 Set Holds AGM in Port Harcourt The 1988 set of Emmanuel College Old Students’ Association, Owerri, Imo State, will hold its annual general meeting(AGM) in Port Harcourt, Rivers State, from Friday(today), October 3, to Sunday, October 5, 2025.

A statement yesterday by the association’s National Public Relations Officer, Frank Okafor, noted that the meeting would focus on issues affecting the school and the association.

Okafor added that the event would feature lectures,

a Walk for Life programme, and a thanksgiving service.

Among the dignitaries expected to grace the event are the Eze Aro, His Royal Majesty, Eze Eberechukwu Oji, and a former General Manager of the Imo Transport Company, Dr.

Emeka Ariguzo.

The Chairman of the AGM Planning Committee, Chimere Nwoji, commended the national coordinator for the confidence reposed in the team, assuring members of a well-organised and rewarding meeting.

30

FRIDAY, OCTOBER 3, 2025 • T H I S D AY

BACK PAGE CONTINUATION Datti Baba-Ahmed Tackles Kashim Shettima

crisis ravaging the Northern region. It reinforces the emergent contrasting phenomenon of two Nigerias. Hence the uniqueness of the contributions of Baba Ahmed.

There has been increasing speculation of bad blood within the Nigerian presidency, specifically, the crisis of confidence between President Tinubu and Vice-president Kashim Shettima. Mindful of the wit of not believing any rumour until it is officially denied, a backhanded confirmation was provided by a media aide in the presidency who attributed the speculations to ‘spindoctors misleading the public into believing there is discord at the highest levels of government’.

Generally speaking, such a negative relationship between Presidents and Vice-presidents, Governors and deputy governors has become the rule rather than the exception in the politics of the fourth republic. In abstract terms, this tendency derives from the constitutional enactment in which the role of the Vice-president is reducible to filling the potential vacuum occasioned by the exit of the President.

In other words, the one who stands to benefit the most from the temporary or permanent incapacitation/indisposition of the President is the deputy.

The latter is the prospective singular beneficiary of the eventuality of the former’s misfortune.

The office of the Vice- President structurally incentivizes a zero sum logic. Because a deputy stands to gain from any misfortune befalling the president, the relationship can cultivate rivalry rather than partnership.

Those engaged in the amendment of the constitution may want to take it into cognisance that this recurring source of government instability is obviated in the parliamentary system of government.

There is no deputy prime minister waiting in situ to profit from the exit of his principal.

In parliamentary systems, succession tends to be mediated by party institutions rather than embedded in a principal deputy dyad.

The Oyo empire had a peculiar antidote. The crown prince is made to have a vested interest in the longevity of the reign of his father, the Alaafin. At the death of the emperor, the former is ritually mandated to concurrently commit harakiri (suicide). Significantly, the proclamation of the edict banning this tradition by Alaafin Atiba precipitated a major civil war in the precolonial history of the Oyo empire.

In the paranoid consciousness of their vulner-

Datti Baba-Ahmed

ability to the wiles of scheming deputies, Nigerian governors, especially, have come forth with the eligibility test of priorising a docile temperament in the choice of their running mates. It was probably the search for this elusive characteristic that was responsible for the record-setting turnover of three deputy governors to Tinubu (as Lagos state governor).

Much of the suspicion around Kashim Shettima stems from his tenure as governor of Borno State during the period when Boko Haram carried out some of its most notorious attacks. Having been hitherto warned of the danger of exposing secondary students to Boko Haram terrorist attacks and the subsequent reality of the calamitous abduction of the 276 female students in a Chibok secondary school on the night of 14th of April 2014, then governor Shettima refused to initiate a call to the President to brief him because “What happens in our unwritten protocol in Nigeria is that, in the event of major security problems, it is the president that summons a governor or calls him on phone or directs the Vice-president to call on his behalf for sympathy”.

To many, this rationale strained credulity: why would a state chief executive refrain from urgently alerting the country’s chief security officer when dozens of lives were at stake? Entwined with the coincidence of the residence of the Christmas day bomber, Kabiru Sokoto, in the Borno state governor’s lodge in Abuja, credibility of conspiracy theories linking Shettima with terrorism became unfettered.

Distinguishing proven culpability from speculation is crucial. The rule of law requires evidence and due process; politics driven by rumor corrodes institutions. Yet the persistence of these suspicions, and the willingness of notable figures to allude to them publicly, reflect deeper fragilities: an insecure electorate, weak oversight mechanisms, and a political culture in which innuendo often suffices to delegitimize a rival.

Baba did not adduce any evidence to substantiate his weighty allegation but it fits perfectly into the mold of the suspected collusion of the former Borno state governor in the Boko Haram rebellion. In the allegation of being a subversive deputy, Shettima will not be the first, nor will he be the last. One experience that I wish I do not have is being privy to the precedent of former Vice-president Atiku Abubakar It was in the thick of this crisis that I was recruited as the Director and spokesperson of the 2003 reelection campaign. On my assumption of office, the first assignment I got was to ascertain the veracity of the suspicion that the Vice President’s press crew had a hand in the relentless barrage of bad press lavished on Obasanjo. I went back to Lagos to consult with the title editors and they all, without exception, confirmed the allegation.

As a matter of fact, one of them offered to come back with me to Abuja to confirm the allegation in person.

A high- ranking member of the PDP equally shared this perspective “when you look at the latest statements credited to the Vice President and for which he had not denied, you can then begin to imagine what his boss, President Obasanjo had been going through all along ...There was the issue of the presidential primaries of 2003 and which people were already beginning to overlook. But the truth of the matter is that when you look at recent statements credited to the Vice President, it would be very clear that what has been going on is a matter of clear and manifest disloyalty.”

The incriminating statements (being cited) were contained in a published interview in which the

China: Powering Ahead Without Apologies

broad areas that I’ve titled: Politics/Leadership; Economy; Social capital; and Global Initiative.

Politics/Leadership - China’s political system is water-tight. The first thing that struck me is that this is truly a sovereign nation. This is remarkable in light of my experience from a country and a continent with pseudo leaders running errands for foreign powers. China has territorial integrity.

It is in charge of its domain.

Nationally, the country favours nomination and selection of leaders, which has its pros and cons. As a visitor, it was obvious all leaders walk in total submission to the overall agenda of the country. They align with the common vision of China. Every single top official that spoke was saying the same thing in different ways.

Essentially, no one was deviating from the official talking point.

My interpretation of this is that the political system weeds out riff-raff politicians parading as leaders. There’s little space for those more inclined to hero worship and primitive accumulation.

Leadership is reserved for those ready to lead, and willing to fall in line with the national agenda.

It doesn’t mean there are no weaknesses. There have been reported incidents of malfeasance in public office; occasional fraud; leaders found wanting of wrong doing. But they deal with it.

Economy – China is the second largest economy in the world after the United States of America.

From a communist background, it is now a market economy that has lifted millions of its people out of poverty. Its model though, prefers dominance of public ownership and state-owned enterprises.

Politically it is still communist. Economically, it has modernised. President Xi Jinping once termed it a “socialist market economy.”

I often describe China as the ‘factory’ of the world in relation to the level of production that goes on there. Infrastructure including roads,

bridges, railway, dams, nuclear energy, and more are built by Chinese. Gone are the days Chinese products were viewed as inferior. They’ve acquired mastery and sophistication in production. The lesson in this is that you learn by doing.

We visited China Energy Engineering Corporation (CEEC) and Great Wall Motors (GWM). These are behemoths. CEEC is one of the world’s largest power companies, with advanced technology in wind, solar, hydro, nuclear, coal and more. With determination, the country says its share of green energy is reaching 60%. This is progress given a history of pollution due to rapid industrialisation.

A tour of GWM state-of-the-art factory in Xushui, Beijing, was a stunning discovery of the power of innovation, and what is possible through advanced robotics and a highly trained workforce. That factory alone produces 750,000 cars annually and has a staff of over 80,000 people.

It has ten other factories across the country.

Everywhere you look in China, the engines are humming.

Social Capital – Strong social capital is crucial in every society because it not only builds resilient communities, but also underpins economic development, good governance, and sustainable social progress. My impression is that the Chinese are highly disciplined. They have a high work ethic, self-respect and dignity. It is impossible to reach this level of advancement without these qualities. People are self-aware and contributing to the overall good. There are rules, norms, values, and expectations that govern interactions. There also seems to be stiff punishments that enforce the norms.

A good example was a mild incident on the day we were departing Beijing. One of the participants was late in joining the bus to the airport. A couple of us tried to reason with our guide. He was visibly agitated. Why? He told us

President Xi

that the driver of the bus could be punished if we were late. The severity in his tone when he used that word “punish,” was an indication to me that this was a society that did not stomach nonsense.

Time matters because it is order. Adherence to time is not just a convenience, it is the foundation of modern society. It is the underlying currency of efficiency. A society that recognises time as the bedrock of order gains the ability to function with predictability.

Global Initiative – The Chinese government over the years has been extending a hand of friendship across the world. This is deliberate.

It is curating these friendships through strategic projects including the BRI. We know that the BRI’s stated fundamental goal is to promote

Vice President vented his animus and bitterness with the president. The latter rallied to publicly respond to some of the issues raised in the Vice President’s interview. Responded Obasanjo “When there was a case of doubtful loyalty on the part of the Vice President, revealed Obasanjo, I took the Bible and the Koran and said between the two of us, I want you to swear to an oath of loyalty…but he refused to swear because there were proven cases of disloyalty on his part…it was bad...I read the interview by the Vice President in Thisday of August 22 and a couple of other statements he has made. I think they contain a lot of misinformation and misrepresentation.

He said I swore to him, I did not swear. I did not swear to him. For what?”

Two days before the Peoples Democratic Party, PDP, presidential primaries, the BBC Hausa service sought clarifications from Abubakar on the speculation that he may not run with Obasanjo. Rather than employ the occasion to calm the waters, he chose to fan the embers of discord with his principal. He said he has not made up his mind on any of the three options he entertained.

The bad blood between the two would ultimately result in the theatre of the absurd in which a serving Vice President deserted the party ticket that brought him to office to pick up nomination as presidential candidate of another political party.

The irony was that President Obasanjo had quietly fashioned an eight year succession plan intended to make his vice president the natural successor. He justified the unusually broad authority he granted Abubakar over the economy and various local matters as deliberate preparation: in a second term he planned to turn over Nigeria’s foreign affairs to the deputy, thereby pairing hands on economic stewardship with diplomatic management. The media were quick to grasp the political significance of that empowerment, observing that “apart from letting the number two citizen run the economy, the president more or less conceded to the political sagacity of his deputy in getting complex problems solved.”

Education entrepreneurs like Datti Baba Ahmed are right to insist on competence and credibility.

But transforming insinuation into investigation requires organized reforms: constitutional clarity about executive roles, robust intra party democracy, professionalised security protocols, independent oversight mechanisms, and long term investment in education and development across regions. economic cooperation and partnerships through trade, and investment. Along with that comes soft power. The rhetoric is carefully selected to mirror these intentions.

In every forum, China does not sit on the chair of a conqueror, or a superior. In fact, it still describes itself as a developing country due to income disparities, real development challenges, regional inequalities, etc.

The language used is benign and consistent.

Government officials all speak of “shared responsibility for mutual outcomes,” “people-to-people bond,” “shared development,” “shared future,” “common aspirations,” “deepening exchanges,” “shared prosperity,” “building bridges,” “winwin cooperation,” “mutual learning,” ‘collective strength,” “silk spirit of inclusiveness,” “peace and development,” “mutual assistance,” “harmonious co-existence,” “amicable ties,” “shared destiny,” “joint contribution,” and the like.

China hammers on multilateralism and building consensus as opposed to unilateralism. It clearly wants to see a new global framework that it believes should be more equal. Little wonder the Chinese President had launched a couple of initiatives such as the Global Security Initiative, Global Civilisation Initiative, Global Governance Initiative, and the Global Development Initiative to enhance international cooperation. With an enhanced international stature, China is proposing its own ideas of a different global system.

President Xi Jinping is also intent on promoting South-south cooperation. It behoves countries in this geographical location, particularly in Africa, to make the best of these opportunities, by ensuring that it is truly a win-win. African leaders need to leverage politically and economically.

Again, you may not like the Chinese way.

But it is what it is. China is powering ahead without apologies.

31

THISDAY • FRIDAY, OCTOBER 3, 2025

FRIdaysports

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

Europa League: VAR Killjoy for Iheanacho as Celtic Crash at Home Duro Ikhazuagbe

Nigerian international, Kelechi Iheanacho, looked to have equalised for Celtic against Braga in their UEFA Europa League league phase round on Thursday evening until a VAR controversially cancelled the goal.

That decision effectively turned the game around as the Portuguese side went on to add another goal to win the clash 2-0 at Celtic Park In Glasgow.

It would have been Iheanacho’s second goal in the competition for Celtic after he scored on his European debut in the 1-1 draw with Serbian

champions Red Star Belgrade.

Against Braga yesterday, Iheanacho lashed into the bottom corner in the second half after riding a tackle to surge clear through on goal.

With a one-on-one with the goalkeeper, Iheanacho made no

mistake as he arrowed into the bottom corner, as he appeared to make it 1-1 at Celtic Park.

However, to the surprise of those inside the stadium as well as those watching on TV, a lengthy VAR check was launched after the goal.

Referee Tobias Stieler signalled that a check was underway, as with all goals in the Europa League.

But there was shock as the delay continued for a few moments before Iheanacho’s goal was ruled out for a handball.

Gov Oborevwori Gifts Warri Wolves, Delta Queens Four Buses Omon-Julius Onabuin Asaba

Warri Wolves and Delta Queens football clubs have received two brand new buses each from Governor Sheriff Oborevwori, towards mitigating the clubs’ logistics challenges and as motivation for better performance.

The gesture is aimed at motivating the teams to greater performance in their domestic and international engagements, the governor stated while presenting the vehicles to the clubs, Wednesday.

Each club received a Toyota Coaster bus and a Toyota Hiace

bus.

Oborevwori explained that the donation was prompted by recent challenges faced by the teams, including travel hitches due to the clubs’ old vehicles.

He said that the provision of reliable and comfortable vehicles to Warri Wolves and Delta Queens was in line with his administration’s commitment to sports development in the state, including easing the pains of sportsmen and women in and outside the pitch.

Governor Oborevwori said, “Delta State is doing very well in sports across Nigeria; but we must continue to motivate.

RESULTS

Bet9ja Partners Heavyweight Boxer Kelechi Iheanacho left flabbergasted after VAR cancelled his equaliser against Moses Itauma to Boost Nigerian Boxing Sporting Braga in the Europa League clash in Glasgow...yesterday Fred Ojeh

Leading sports betting company, Bet9ja, has announced a strategic partnership with British-Nigerian heavyweight boxer Moses Itauma, who also joins the brand as an ambassador. The collaboration marks a significant step in Bet9ja’s ongoing commitment to promoting sports excellence and developing grassroots talent in Nigeria.

As part of the agreement, Bet9ja is working with Balmoral Group Promotions to bring world-class boxing events to the country, with a strong focus on reviving grassroots boxing.

This includes nurturing young athletes and providing platforms for emerging talents to showcase

their skills, beginning with the highly anticipated Independence Day boxing spectacle.

The partnership celebrates Itauma’s Nigerian heritage and international ambition, positioning him as a symbol of resilience, toughness, and sporting excellence. Bet9ja will also leverage the collaboration to deliver exclusive digital content, behind-the-scenes access, and fan engagement initiatives that connect audiences with Itauma’s journey.

Beyond boxing, the initiative reflects Bet9ja’s broader mission of empowering champions across sports, from football to combat sports, and investing in the next generation of Nigerian athletes.

Former world champion, Johnny Nelson, has advised Anthony Joshua to return to the ring and fight Tyson Fury in 2026 or retire from the sport.

The former two-time heavyweight champion has been out of action since suffering a knockout defeat to Daniel Dubois at Wembley Stadium in 2024.

An elbow surgery earlier this year further delayed his comeback, but his return to the gym signals the start of

preparations for a tune-up fight.

And while a host of opponents have been sounded out for the Watford star, Joshua has so far failed to book that planned comeback in the early goings of 2026.

In a chat with talkSPORT, Nelson, who held the WBO cruiserweight title between 1999 and 2006, wants Joshua to walk away from the sport for good.

“I think Anthony Joshua has nothing else to prove in this

Calls for respect for statutory provisions Oladunni Olatutu, of convening a “kangaroo congress” and setting up a three-man state electoral committee in clear contravention of the association’s constitution—specifically Article 12, Section G (sub-sections ii, iii, iv) and Article 12, Section I (sub-section ii).

According to them, the Olatutu-led executive usurped the powers of the Lagos

As Roma 0-1 Lille Bologna 1-1 Freiburg Bran 1-0 Utrecht Celtic 0-2 Braga FCSB 0-2 Young Boys Fenerbahce 2-1 Nice Ludogorets 0-2 Betis Pana 1-2 GA Eagles Plzen 3-0 Malmo Basel 2-0 Stuttgart Celta 3-1 PAOK FC Porto 2-1 Crvena Feyenoord 0-2 Aston Villa Genk 0-1 Ferencvaros Lyon 2-0 Salzburg Maccabi 1-3 D.Zagreb Nottingham 2-3 Midtjylland Sturm Graz 2-1 Rangers

Ex Champion Tells Anthony Joshua to Fight or Retire from Boxing

Lagos Chapter Backs National SWAN on Electoral Process Members of the Lagos State chapter of the Sports Writers Association of Nigeria (SWAN) have reaffirmed their support for the Isaiah Benjamin–led National Executive, urging strict adherence to the association’s statutes in the conduct of the 2025 Lagos SWAN elections.

The members accused the current Lagos SWAN Executive Committee, led by

Christian Dingert on VAR deemed Iheanacho to have handled the ball as he controlled it before finding the bottom corner.

The decision was a factual overturn according to the rules, meaning the referee did not have to go to the pitchside monitor with clear and obvious evidence of the handball needed.

Pundit Joe Hart was baffled by the decision as he said on commentary: “This is ridiculous.

I presume there must be a bad wifi connection because that must be the only reason we are not getting on with this game.

SWAN congress by imposing a SWANECO team on the chapter, despite provisions that vest absolute authority on the congress, with the National Executive holding the mandate to ratify such appointments while working with SWANECO on electoral guidelines and timetable.

The members further condemned acts of intimidation

orchestrated by the Lagos state executive in connivance with the Lagos State Police Command.

They recalled that no fewer than 15 police vehicles and over 40 officers from different divisions were deployed to the venue at the last congress to create an atmosphere of fear and raising concerns within the stadium community.

While thanking the National

game, and he should rather walk away than hang about and let someone turn him over,” Nelson told talkSPORT. “It’s either him and Tyson Fury, which we’re all sick of, is it happening or isn’t happening, or just walk out of it. He’s a very comfortable, wealthy man.”

Meanwhile, undefeated Hall of Famer Andre Ward, 41, is contemplating a boxing comeback after eight years, eyeing a heavyweight showdown with Anthony Joshua.

Ward was recently inspired to consider this ambitious move.

Joshua Camp has however said their star is open to facing Ward if their schedules align.

Ward the old two-division champ with a perfect record of 32 wins and no losses talked about coming back to boxing to fight Anthony Joshua in the heavyweight division.

Anthony Joshua, the past two-time top heavyweight belt winner, keeps planning his next moves after a hard time with losses to Oleksandr Usyk and a quick stop by Daniel Dubois last fall in September.

Anthony Joshua told to fight or quit boxing

After elbow fix-up surgery that kept him out for more than a year, he plans to jump back in early 2026 against a good top-20 fighter to build up speed one step at a time.

His boss, Eddie Hearn, just listed some possible foes, stressing matches that help build skills without too much danger right now in his spot.

Even with some people saying he should quit after the late bumps, Joshua stays sharp and even said he might like to fight Ward if it fits just right with his schedule down the line.

T H I S D AY • FRIDAY, OCTOBER 3, 2025

Price: N400

back page lead photograph

2025 Annual General Meeting of Compliance Institute...

L-R: Director, Compliance Institute, Nigeria, Oyewole Giwa; Director, Compliance Institute, Nigeria, Wumi Adeniyi; President, Compliance Institute, Nigeria, Pattison Boleigha; Registrar/CEO, Compliance Institute, Nigeria, Bawo Egbakhumeh; Director, Compliance Institute, Nigeria, Rotimi Omotayo; Director, Compliance Institute, Nigeria, Obinna Okafor and member, Nigerian Institute, Compliance, Tagbo Nwajagu at the 2025 Annual General Meeting of the institute in Lagos....yesterday

AKINOSUNTOKUN DIALOGUE WITH NIGERIA

akin.osuntokun@thisdaylive.com

Datti Baba-Ahmed Tackles Kashim Shettima

“I Don’t Blame BAT, Whoever Knows What Shettima Did Won’t Keep Him Long, Airwaves Can’t Carry It”—Datti Baba-Ahmed

T

he pithy and cryptic line from Datti Baba Ahmed — veteran educator, businessman and former vice principal on the Labour Party presidential ticket — captures the kind of blunt, insinuating commentary that has become his trademark. The remark goes beyond personal invective; it reaches into core anxieties of Nigerian politics: the mistrust between principals and their deputies, the persistence of conspiracy narratives in the face of insecurity, and the widening gap between public perception and institutional accountability.

Datti Baba Ahmed is more than an occasional commentator. He is an education entrepreneur — proprietor of Baze University in Abuja and Baba Ahmed University in Kano — and a public

Datti Baba-Ahmed

intellectual whose investments in education stand out in a region where modern schooling has

long lagged behind national averages. Education is a self-evident and indispensable precursor of socioeconomic development more so in the era of globalisation.

In Nigeria, where regional disparities shape political narratives, Baba Ahmed’s work in the North counters assumptions about the region’s resistance to modernisation. His standing gives weight to his interventions; when he offers an insinuation about a national figure, many listen.

It is a notorious fact that Nigeria has gotten quite the bad guy reputation for financial and drug related crimes in the international community.

The beguiling paradox is the rating of Nigerians as the most educationally accomplished national demographic in the United States.

This is the latest review (from five years ago) of Fareed Zakaria’s (of CNN) observation that ‘Nigerians are some of the most educated immigrants in America’. Citing the reports of

the Migration Policy Institute, 59% of Nigerian immigrants age 25 or older in the US hold at least a Bachelor’s degree, which is nearly double the proportion of the Americans born in the US (33%).

Zakaria further revealed that “Nigerian immigrants tend to work high skilled jobs, 54% are in largely white-collar positions in business, management, science and the art compared to the 39% of people born in the US,”. This positive profile is of immediate significance to the Nigerian economy whose contemporary economic sustenance is partly undergirded by billions of dollars in annual repatriation and remittances of Nigerians in the diaspora.

The sad commentary is that this good news is near exclusive to Nigerians of Southern Nigeria origin.The double jeopardy is the correlation of the deepening poverty with the raging security Continued on page 30

ConstanceIkokwu guest columnist

China: Powering Ahead Without Apologies I was invited to the 2025 Media Cooperation Forum on the Belt and Road Initiative (BRI) earlier this month by People’s Daily China, the most influential newspaper in that country with 5 million daily print circulation. I had no expectations. My interest as a journalist was simply to go with an open mind. I wanted to learn as much as possible, and learning, I did.

The first stunning observation is that China is much more than what is portrayed in international mainstream media. Although, it’s my second visit to the country, this time, the depth of understanding was acute, given the number of places visited, and the amount of information at my disposal. The realities on the ground are counter to long-held perceptions that were built over time from consuming global media.

I understand that this was a curated trip, and may be totally different if one travelled alone as a stranger in a new country. In that instance, one

President Xi Jinping of China

will be faced with the vagaries of navigating an unfamiliar environment. The language barrier often makes even simple tasks like asking for

directions or reading signs challenging, while the sheer scale of the cities, with their sprawling streets and crowded transport systems, can leave one feeling disoriented. Differences in culture, food, and daily customs further add to the sense of being out of place, testing patience and adaptability. Yet, these very difficulties also enrich the experience.

You may not like the Chinese style of doing things, and you will not in some cases. The system can be a bit rigid compared to for instance, what we’re used to in African settings. I wonder about independent mind and thought in that country.

The level of freedom that we have in Nigeria and Africa in general, I imagine is limited in China.

Having said that, it’s difficult not to acknowledge the astonishing achievements the country has made owing to clarity of vision, sheer hard work, doggedness and tenacity. China is an ambitious country. It seems that the level of investments

it makes in education, industry, innovation, technology, agriculture and all endeavours of mankind is unmatched. It has zero tolerance for shenanigans, and mediocrity, and the results speak for itself.

I will say though, that some of the cities, especially Beijing, can feel overwhelming because of its vast scale, where towering skyscrapers, massive government complexes, and endless apartment blocks dominate the skyline, making the city seem both imposing and unending. The sheer size of its roads, the density of its traffic, and the constant rush of millions of people add to the intensity, while the blend of modern infrastructure with sprawling historic sites can leave visitors feeling dwarfed. But hey, it’s a country of 1.4 billion people.

I’ll share further observations under a few Continued on page 30

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