Rewane: Nigeria Has Too Many Underutilised Airports
Dike Onwuamaeze
Amidst a growing trend of States across Nigeria investing in airport projects, the Chief Executive Officer of Financial Derivatives Company (FDC), Mr. Bismarck Rewane, has pointed out that only two of the 33 airports in the country are profitable. Rewane also stated that only three airports in the country are responsible for handling 92 per cent of air traffic in Nigeria. The economist stated this in the May 2025 edition of his Lagos Business School
“However,
“Between
2027: Patience Jonathan Rules Out Husband's Return to Aso Rock, Endorses
wife
TINUBU HOSTS
L–R: Former Kebbi State Governors, Adamu Aliero and Saidu Dakingari; APC National Organising Secretary, Suleiman Argungu; Sokoto State Governor, Ahmad Aliyu; APC National Chairman, Dr. Abdullahi Ganduje; President Bola Ahmed Tinubu; Kebbi State Governor, Mohammed Nasir Idris; Former Sokoto State Governor, Senator Aliyu Wamakko; Former Zamfara State Governor, Senator Abdulaziz Yari; Minister of Budget and National Planning, Senator Atiku Bagudu; Senator Yahaya Abdullahi; and Senator Garba Musa Maidoki, during the
Emmanuel Addeh in Abuja The Minister of Solid Minerals
ON THE SIDELINES OF THE OECD FORUM IN PARIS.. .
L–R: Director of Global Relations and Cooperation, Organisation for Economic Co-operation and Development (OECD), Mr. Andreas Schaal; Minister of Solid Minerals Development, Dr. Dele Alake; and Secretary-General, OECD, Mr. Mathias Cormann, at the Policymakers Day on Minerals and Development on the sidelines of the OECD Forum in Paris, France, yesterday
NSA Vows Prompt Prosecution of Vandals, Oil Thieves as PINL Meets Stakeholders
Olusegun Samuel in Yenagoa and Blessing Ibunge in Port Harcourt
The National Security Adviser (NSA), Nuhu Ribadu, at the weekend pledged to ensure that oil thieves and persons engaged in incessant vandalism of crude assets in the Niger Delta are apprehended and prosecuted without delay.
Rising from a stakeholders’ meeting involving traditional rulers, civil society groups, community and youths leaders in Yenagoa, the Bayelsa state capital, the
NSA stated that the federal government was taking strong action against those threatening national assets.
The stakeholders had lamented that most vandals and oil thieves caught and handed over to the authorities always returned within a few days, to hunt for those allegedly reporting them to the authorities.
Speaking on behalf of the NSA during the meeting organised by Pipeline Infrastructure Nigeria Limited (PINL) to appraise the company's operations on the Trans Niger Pipeline (TNP), Ribadu who was represented
by his Special Adviser on Energy, Security and Finance, Mr. Amakiri Harry-Young, revealed that a special committee comprising investigative and prosecuting teams had been working round the clock to ensure offenders face justice.
The NSA added that over 100 suspects had already been prosecuted, with 15 recently sent to Port Harcourt prison.
This move, he said, followed concerns raised during a previous meeting about the arrest and quick release of oil vandals, which often
lead to further insecurity in affected communities, emphasising that the administration was fully committed to achieving the national oil production target of 2.5 million barrels per day.
“The president is serious about the 2.5 million barrels, and we are doing everything necessary to reach that goal,” Harry said, adding that success will depend on the collective efforts of all stakeholders involved.
In his opening address, PINL Consultant, Communities Relations, Dr. Akpos Mezeh, said that the company has recorded major successes in
Sterling Bank, BOI, LASG Launch N10b in SME Loans at Single-Digit Rates
Thousands of small businesses across Lagos are set to gain access to affordable financing, as Sterling Bank throws its weight behind a new credit scheme that removes the usual roadblocks to growth.
In partnership with the Lagos State Government and the Bank of Industry (BOI), Sterling Bank is guaranteeing 50% of all loans disbursed under the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO).
The initiative targets one of the most persistent challenges for entrepreneurs: access to capital without the burden of collateral and unsustainable interest rates.
With over three million MSMEs operating in Lagos, their contributions to employment and GDP are undeniable, yet most remain locked
out of credit due to rigid financial requirements.
The LASMECO scheme was formally unveiled at a Memorandum of Understanding (MoU) signing between Sterling Bank, BOI, and the Lagos State Government. Under the agreement, SMEs can access loans of up to 10 million at a competitive interest rate of 9%, with repayment periods of two to three years.
Rather than pledging physical collateral, business owners will borrow through registered cooperatives, which provide collective guarantees.
Sterling is providing a guarantee of 50% for the entire loan to be granted to all the MSMEs under the scheme. This guarantee removes the burden of collateral provisions and ensures
ease of access to the fund by all qualified MSMEs.
Speaking at the launch of the LASG–BOI–Sterling Bank MSME Fund, Governor Babajide SanwoOlu praised the partnership: “This kind of corporate commitment to social impact, while still achieving business goals, sets an example for other financial institutions,” he said, commending Sterling Bank’s “tremendous vision and confidence” in supporting the state’s entrepreneurial engine.
He continued: “That means millions of our citizens wake up every day as owners of small shops and stalls, founders of startups, operators of restaurants and factories, providers of services and artisans of trade. Together, these hard-working men and women employ most of our
workforce and provide livelihoods for countless families.
“They turn the cogs of commerce in every neighborhood, from Epe to Eko, Badagry to Ikeja.”
The fund targets key sectors aligned with Lagos State’s development agenda in healthcare, agriculture, creative industries, manufacturing, and the circular economy. “We are focusing on sectors that align with our developmental priorities,” the governor noted.
Sterling Bank’s Managing Director, Abubakar Suleiman, was represented at the event by Tunde Adeola, Executive Director, Commercial and Institutional Banking. He emphasised that the programme is not just about providing capital, but about building the financial credibility of local businesses.
FG: Abuja-Keffi Road for Completion in June 2026
Emmanuel Addeh in Abuja
The federal government at the weekend reaffirmed its commitment to the timely completion of the 43.65 kilometres Abuja-Keffi section of the Abuja-Keffi-Akwanga-Lafia-Makurdi dual carriageway.
Speaking after an inspection conducted on the project site, Minister of State for Works, Bello Goronyo, accompanied by the Permanent Secretary, Olufunsho Adebiyi and other officials, said the project will be completed by June next year.
The minister confirmed that the project constitutes section I of the contract, which spans 43.65 kilometres on one side and 87.3 kilometres in
total for both carriageways.
According to him, the road corridor is a critical segment of the larger Abuja–Lafia-Makurdi-Enugu–Port Harcourt route designed to enhance mobility, reduce travel time, and stimulate economic activities across Abuja, Nasarawa, Benue, Enugu, Abia, Imo and Rivers States.
Commenting after the inspection, Goronyo expressed satisfaction with the current pace of work, having achieved 42 per cent completion. He stated that he was optimistic that by the June 2026 dateline, the project would be completed. He assured Nigerians of the federal government’s commitment to delivering life-transforming
infrastructure that will enhance economic growth, improve regional connectivity, and enhance the quality of life.
“This is commendable progress. Our goal is to ensure that the full stretch from Abuja to Port Harcourt is completed by June 2026. We appreciate President Bola Ahmed Tinubu for prioritising this critical and life-changing infrastructure that would significantly enhance the national economy and facilitate the movement of goods and services,” the minister stated.
He also assured that funding will not hinder the project’s execution. “This is a priority project under a special funding arrangement.
Once certified payment claims are submitted, the Ministry is ready to process and disburse funds without delay,” he further noted.
Earlier, the Federal Controller of Works for the FCT, Yakubu Usman, provided a technical update on the project. He said it features a two-way six-lane structure with outer shoulders but lacks inner shoulders, which the reconstruction aims to improve for better traffic flow and safety.
According to him, the site clearing, and scarification have been completed, while the stone base and binder coarse are at 80 per cent completion. “We are also advancing work on the median drains and rigid shoulders,” he said.
safeguarding the Trans-Niger Pipeline through close collaboration with host communities, government security agencies, and other key stakeholders.
He also stated that by investing in community needs, resolving disputes, and restoring the environment, PINL has helped reduce crude oil theft and pipeline vandalism. He added that the result has been near-zero infractions on the pipeline, improved crude oil production, and greater investor confidence, all contributing to increased national revenue.
Mezeh explained that in addition to strengthening local ties, PINL has supported economic empowerment, ensured regular payment of surveillance guards, and promoted safety by deploying military camps and porta cabins.
Also, the President of the Ijaw National Congress (INC), Prof. Benjamin Okaba, stressed that Ijaw communities had always supported Nigeria’s unity and economic stability, even taking the lead in the
management of pipelines through companies like PINL.
He called for full support for PINL, emphasising that any success in protecting pipelines should also credit the Ijaw people.
Okaba criticised the current terms of the Petroleum Industry Act (PIA), especially the 3 per cent allocation to host communities, calling it an insult. He called for better agreements and full respect for such terms by both the company and the federal government.
Speaking on behalf of the traditional rulers of the host communities in Southern Ijaw, Ogbia and Yenagoa local government areas, His Royal Majesty, WSJ Igbugburu X, the Ibenanawei of Bomo Kingdom, Southern Ijaw LGA, praised the company for its consistent engagement with stakeholders.
The respected monarch commended PINL for setting an example in community engagement, noting that no other pipeline surveillance firm operating in the region had shown such commitment.
Musa: Why Senate Expunged Family Income Provision from Tax Reform Bills
Sunday Aborisade in Abuja
The Chairman, Senate Committee on Finance, Senator Sani Musa, has explained that the Family Income tax proposed in the landmark 2025 Tax Reform Bills which were passed at the Red Chamber last week, was expunged to avoid controversy.
Musa in an interview explained the issue generated a lot of arguments and controversies during the public hearing on the proposed fiscal legislation with a lot of interest groups, vehemently kicking against it.
He said: “We looked at the issue of family income or inheritance as some people choose to call it, which has created a lot of controversy and decided to expunge it.”
It will be recalled that Section 4(3) of the Nigeria Tax Bill submitted to the National Assembly by President Bola Tinubu, had provided for family income tax.
Defending the proposal then, the Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Prof. Taiwo Oyedele had said, “it is the income of a family recognised under any law or custom in Nigeria in which the several interests of individual members of the family cannot be separately determined.”
He had said: “Specifically, Section
4 of the Nigeria Tax Bill stipulates all incomes that are chargeable to tax.
“Section 4(3) covers taxable income earned by a family, not their inheritance.
“In the case of income of a family recognised under any law or custom in Nigeria as families’ income, in which the several interests of individual members of the family are indeterminate or uncertain, tax may be imposed only by the territory in which the member of that family who customarily receives that income in the first instance in Nigeria, usually resides.
“If an individual earns an income, they will be taxed accordingly. Where a group of individuals such as a partnership, community, or family jointly earn a taxable income, they cannot be exempted just because they operate as a group of persons.
“The income will therefore be taxed in the hands of individual members where their respective shares can be determined otherwise the group will be collectively taxed. This ensures equity and prevents a potential loophole in the tax law.” But Musa said the decision to expunge the controversial family income tax and other actions, were taken after series of consultations.
PDP: GOVERNORS’ RESCUE ATTEMPT...
L–R: Chairman, PDP Governors’ Forum and Bauchi State Governor, Senator Bala Mohammed; Acting National Chairman of the Peoples Democratic Party (PDP), Ambassador Iliya Damagum; Former Senate
Former Governor of Niger State, Dr. Mu’azu Babangida Aliyu; and Former Governor of Sokoto
Adeniyi Champions Nigeria First Initiative to Strengthen Trade, National Security
Emejo in Abuja
The Comptroller-General of Customs, Mr. Bashir Adeniyi, has called for the adoption of the Nigeria First initiative as a cornerstone for enhancing crossborder trade and safeguarding national security.
He spoke during a keynote lecture he delivered at the Obafemi Awolowo University Muslim Graduates’ Association (UNIFEMGA) annual conference in Ile-Ife, Osun State, over the weekend.
Speaking on “Cross-Border Trade and Security Implications on the Nigerian Economy: Taking Advantage of Global Trade Dynamics”, Adeniyi emphasised the need for strategic alignment between trade facilitation and security imperatives.
He revealed that Nigeria’s trade surged to 196.94 trillion in 2024, marking a 179.3 per cent increase over
the previous year despite persistent security threats across various borders.
He said, “Nigeria's economic prosperity hinges delicately on our ability to strike an optimal balance between security imperatives and trade facilitation."
Highlighting the achievements of the service, the CGC disclosed that the NCS collected a record N6.1 trillion in revenue in 2024, exceeding its target by 20.2 per cent.
He described the feat as a testament to the service’s resilience and innovation in a complex operating environment.
Adeniyi further dissected regionspecific security challenges and their implications on trade.
He noted that in the Northeast, the insurgency continued to disrupt established trade corridors.
However, he said the collaborative initiatives such as the World Customs
Nigeria to Debut at London Design Biennale with Inaugural National Pavilion
Nigeria is set to debut at the London Design Biennale in June 2025 with ‘Hopes and Impediments’, an official national pavilion supported by the Federal Ministry of Arts, Culture, Tourism and the Creative Economy.
This marks a pivotal moment for Nigeria’s creative industries on the world stage as it is Nigeria’s first government-backed project at the global design event.
Curated and designed by Nigerian-American designer, researcher, and social innovator Myles Igwebuike, with production and programming led by the Founder of Culture Lab Africa, Itohan Barlow Ndukuba, the Nigerian Pavilion explores identity, heritage, and the future of design from a Nigerian perspective.
The project reflects Nigeria’s growing investment in its creative industries and international cultural presence.
At the core of this exploration is Lejja, a historic community in Enugu State, known for its ancient iron-smelting technology, one of the world’s earliest metallurgical innovations.
Through a multi-sensory experience combining ethnographic research, advanced digital tools, and speculative architectural interventions, the Pavilion repositions Lejja as a conceptual “social capital” of Nigeria, highlighting its overlooked contributions to
governance, gender relations, and ecological sustainability.
By foregrounding Lejja’s legacy, the Pavilion makes a compelling case for design as an active agent of historical reclamation.
Speaking about the event, the Minister of Arts, Culture, Tourism and the Creative Economy, Hannatu Musawa, noted: “The Nigerian Pavilion serves as a pivotal opportunity to showcase Nigeria’s rich cultural heritage, design innovation, and creative excellence on an international stage, aligning with the Ministy’s Nigeria Destination 2030 vision.”
Speaking on the Biennale’s overarching theme, the Curator and Designer of the Pavilion, Myles Igwebuike, said: “This Pavilion is an intellectual and spatial provocation. By dissolving the artificial boundaries between science and the humanities, we articulate a new paradigm, one that reclaims indigenous technologies as legitimate epistemological tools, capable of informing contemporary discourse on design, history, and identity.”
Also speaking, the Founder of Design and Creative Consultancy Culture Lab Africa, Itohan Barlow, noted: “The vision for Nigeria’s creative economy is rooted in empowering our West African designers and entrepreneurs to lead not only in innovation, but in storytelling that defines our true identity on the global stage.”
Organisation’s Project Securité par Collaboration (SPC++) had provided alternative trade mechanisms suited for conflict-affected areas.
In the Northwest, he pointed to the impact of banditry and kidnapping on mining operations, stressing the urgent need for integrated regulatory and security strategies.
He added that cattle rustling in Northern Nigeria has crippled the livestock value chain, affecting associated industries like meat processing and leather production.
Turning to the Southeast, the CGC cited disruptions caused by secessionist movements, particularly on
manufacturing hubs in Aba, Onitsha, and Nnewi.
In the Southwest, Adeniyi described the smuggling of petroleum products, arms, and restricted goods as a significant threat, disclosing that contraband valued at 35.29 billion was intercepted in 2024 alone, with an additional 7.7 billion worth seized in Q1 2025.
In a statement issued by Customs National Public Relations Officer, Abdullahi Maiwada, he said, “These regional security challenges present Nigeria with a choice: remain trapped in a cycle of reactive responses or transform our hard-earned expertise
into strategic advantage within the AfCFTA framework.”
The CGC explained that the Nigeria First initiative had already taken root within the service’s operations, particularly through the procurement of locally assembled vehicles.
According to him, “All operational vehicles purchased by the Nigeria Customs Service this fiscal year were sourced from Nigerian auto plants,” adding that the move was a deliberate step to support domestic industries and conserve foreign exchange.
Looking ahead, Adeniyi unveiled a three-tier roadmap for securing and optimising border trade. Immediate
interventions include the modernisation of key border posts such as SemeKrake (Benin), Jibia-Maradi (Niger), and Mfum-Ekok (Cameroon). The medium-term plans involved the creation of secure trade corridors equipped with surveillance and rapidresponse mechanisms, while long-term strategies focus on establishing Special Economic Zones around border communities. He also addressed global trade disruptions, citing the recent 14 per cent reciprocal tariff by the United States on Nigerian non-oil exports as a wake-up call for market diversification.
PenCom Directs PFAs, PFCs to Suspend Heirs Life, Great Nigeria's Fresh Annuity Processing
James Emejo
The National Pension Commission (PenCom), has directed all Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) not to process new Retiree Life Annuities (RLAs) from Heirs Life Insurance Limited and Great Nigeria Insurance Plc, until further notice from the commission.
PenCom conveyed the development in a letter dated May 7, 2025, and signed by its Head, Benefits and Insurance Department, Obiora Ibeziako.
The directive followed the immediate suspension of both insurance companies by National Insurance Commission informing the Commission (NAICOM), which barred them from underwriting new (RLAs).
RLA refers to a financial product offered by life insurance companies that converts a lump sum from a retiree's Retirement Savings Account (RSA) into a regular income stream, typically monthly or quarterly, for the rest of the retiree's life.
The product allows retirees to
ensure steady income stream after retirement, similar to a pension.
Reports alleged that the companies had been subject to scrutiny and complaints regarding claim settlements.
NAICOM has a zero-tolerance stance on non-payment of claims and has taken action against some other companies for failing to meet their obligations in recent times.
The letter read, "The National Pension Commission (the Commission) is in receipt of letters referenced NAICOM/ TD/ASU/RIC094/VOL2/043
and NAICOM/TD/ASU/RIC094/ VOL2/089, dated 5 May 2025 from the National Insurance Commission informing the Commission of the immediate suspension of Heirs Life Insurance Limited and Great Nigeria Insurance PLC from underwriting new Retiree Life Annuities (RLAs).
"Accordingly, all Pension Fund Administrators and Pension Fund Custodians are hereby directed not to process new Retiree Life Annuities from the aforementioned RLA providers until further notice from the Commission."
PDP Govs Mull Way Forward for Party, Set Up C’ttee, Appoint Saraki to
Lead Charge
Declare challenges making party stronger Say APC likely behind PDP’s travails
Chuks Okocha in Abuja
After over three hours meeting with former colleagues, governors of the Peoples Democratic Party (PDP), late last night, set up a ‘Way Forward Committee’ under the leadership of former Senate President, Dr. Bukola Saraki, to find a pathway for the recovery of the party from its current ailments.
The committee is expected to reconcile members where necessary and address any issue that could impact negatively against the coming NEC meeting on May 27 and the national convention slated for August in Kano.
Tagged the way forward committee, it is a seven-member initiative intended to resuscitate the PDP.
Addressing newsmen after the meeting, the chairman of the PDP governors’ forum and Bauchi State Governor, Senator Bala Mohammed, said, the development had become imperative in the face of the party’s subsisting afflictions.
''We are here with all the governors elected under the party, that are still in the party and a substantial number of former PDP governors, with our leaders, the chairman of the party, and some members of the National Working Committee.
''We discuss some of the issues relating to our party, some existential issues, of course, that have been around in the media within us, so that we will be able to navigate smoothly for the NEC that is scheduled to take place on the 27th of this month, and
by August we will have an early convention.
''So many issues and reports have been made, and it is an opportunity to close ranks, and to make sure that at least there is no ill feeling, there are no qualms, there are no misgivings between the leaders of the party.
“Governors of the party have reached out to our colleagues who have been there before, who have more in-depth experience, and whatever suggestions or opinions they may have, will go a long way in giving an added impetus to the actualisation of our NEC, and our convention that are scheduled to take place on specific days, and of course to reassure our teaming supporters that the PDP is working; the PDP is united.
''There are some missing gaps here
and there. We set up a committee of seven, headed by His Excellency, the former Senate President, and of course former Governor of Kwara State, to make sure that at least quick reconciliation and reach out will be made, in such a manner that we will have a very rancour-free and harmonious NEC and convention.''
On the gale of defections that recently hit the party, he said, “Well, these are some of the manifestations in a democratic set-up like this that we have, and this is what is forcing us to come together.
“Rather than diminishing and weakening, it is making us stronger, and we will make sure at least, those chapters where we have history, where we have structure, are not left alone.
President, Senator Bukola Saraki;
State, Senator Aminu Tambuwal, at the PDP Governors and Former Governors’ meeting held at the Bauchi Government Lodge in Abuja, yesterday
James
Sunday Ehigiator
BOOK LAUNCH ON TRANSFORMATIONAL AND COMPELLING LEADERSHIP...
Codix Bio Now First Partner Factory Under WHO H-TAP Programme, Strengthening Nigeria’s Healthcare Manufacturing
Commissions state-of-the-art facility in Remoland, Nigeria
Codix Bio Limited has been officially announced as the first African manufacturing partner selected by the World Health Organization (WHO), SD Biosensor, and the Medicines Patent Pool (MPP) under the WHO Health Technology Access Pool (HTAP) programme.
This landmark designation places Codix Bio at the forefront of regional production for rapid diagnostic test kits (RDTs) in Africa - solidifying its role as a key partner in strengthening global health security.
The newly commissioned factory in Sagamu, Ogun State, now sits within the scope of WHO’s technical support system, allowing for technology transfer, regulatory assistance, and sustained global collaboration.
Through the sublicensing agreement with SD Biosensor and MPP, Codix Bio will receive proprietary rights, technical know-how, and materials to legally develop and produce rapid diagnostic test kits based on SD Biosensor’s cutting-edge platform.
The technology enables the production of multipurpose rapid diagnostics adaptable to both pandemic and inter-pandemic periods marking a transformative milestone in increasing equitable access to healthcare in low- and
middle-income countries (LMICs).
With the commissioning of this facility, Codix Bio is scaling innovation and it has positioned Nigeria and the African continent for self-reliant, sustainable healthcare solutions.
Speaking at the commissioning, Governor Dapo Abiodun of Ogun State expressed pride that Ogun State is hosting such a transformative project.
“We are proud to commission Nigeria’s first large-scale rapid diagnostic test (RDT) production facility—Codix Bio Limited—right here in Ogun State. Located along the Sagamu Expressway, this stateof-the-art in-vitro diagnostics factory is only the second of its kind in Sub-Saharan Africa and will produce over 147 million test kits annual for diseases such as HIV, Malaria, and Hepatitis B and C.
“This milestone marks a transformative leap in our journey to strengthen Nigeria’s healthcare system through bold investment, local innovation, strategic partnerships, and local manufacturing.”
In his keynote remarks, Nigeria’s Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate, emphasized that the commissioning supports President Bola Ahmed Tinubu’s
NIMC Increases Product, Service Rates by 20 %, Begins Implementation
Emma Okonji
The National Identity Management Commission (NIMC) has released its new rates for products and services that it renders to the public, which increased by 20 per cent, following the conclusion of the upward review of its products and services. Citing current market realities, the commission said it became necessary to increase the cost of its products and services, in order to serve the public better.
The document for the new rates, which THISDAY obtained from the official website of NIMC, was signed by the Head, Commercial Services Unit at NIMC, Mrs. Henrietta Okolo and the Director General/CEO of NIMC, Abisoye Coker-Odusote.
The new rates show that NIN retrieval query now cost N75.00, while card enquiry by SMS now cost N50.00, and VIP enrolment has
been increased to N20,000. NIN slip re-issuance now cost N3,500, while card issuance and card replacement have been increased from N5,000 to N7,000. Delivery of card within Nigeria now cost N5,000, and delivery outside of Nigeria for those in diaspora, now cost $25. For service offerings like correction on Date of Birth, Nigerians will pay N28,547, verification of other filled documents will now cost N2,000 per transaction.
Verification of services around Application Programming Interface (APIs) for private organisations, has been increased to N50 million, with an annual licence fee of N3 million, while verification fees for non-governmental agencies has been increased to N10 million, with an annual licence fee of N2 million.
Verification still remains free for government agencies.
Renewed Hope Agenda.
“With over 90% of diagnostic kits used in Africa currently imported, this facility will significantly reduce our reliance on external supply chains, conserve foreign exchange, and create high-value jobs.
“This factory will help to solidify Nigeria’s position as a health hub in the continent and globally. This is a leap forward for our national and continental health security,” he affirmed.
He added: “With this facility, we are not only boosting local production but also saving foreign exchange, creating jobs, and reinforcing our public health response capacity. We call on
other investors to come onboard by producing other medical consumables needed by the various medical diagnostic groups.”
The WHO Representative in Nigeria, Dr. Walter Kazadi Mulombo, hailed the facility as a “game-changer” in Africa’s efforts toward disease control, health security, and public health advancement as it will improve access to timely and accurate testing and reduce dependence on imported Rapid Test kits.
For WHO, this is not just another achievement but a milestone that precedent for future technology transfers and demonstration of the importance of partnership.
It also reflects HTAP’s broader goals to narrow the access gap by increasing geographical diversity in manufacturing and empowering capable local producers of health products (tests, vaccines, treatments, and medical devices) through sublicensing and technology transfer.
The Chairman and Group Managing Director of Codix Pharma Group, Mr. Sammy Ogunjimi, described the commissioning as a “defining moment in Nigeria’s journey toward healthcare security in. “We are delighted to unveil our second manufacturing plant today. But beyond infrastructure, we know that human capital is equally vital,” he said.
Through the Codix Academy, the company is investing in the future of healthcare by training a new generation of scientists and technologists. A flagship initiative is its partnership with Olabisi Onabanjo University, where students are undergoing hands-on training in biosensors and nanotechnology.
“This is how academia and industry must collaborate to secure Africa’s health future,” Ogunjimi added. He also reiterated Codix Pharma’s support for regional integration frameworks, including the Africa CDC, the African Continental Free Trade Area (AfCFTA), and the African Medicines Agency (AMA).
FG Pledges Support for Beauty Industry, BTI Graduates Fresh Talents
Emmanuel Addeh in Abuja
The federal government at the weekend reaffirmed its commitment to supporting innovation and entrepreneurship in the cosmetics and personal care industry.
Speaking in Abuja when the Beauty Therapy Institute (BTI) held its graduation ceremony for 23 students under the "Masters of Beauty" initiative, the Minister of Women Affairs, Imaan Sulaiman-Ibrahim, said the government was open to partnerships that promote economic empowerment, especially in the beauty sector.
Represented by the Special Adviser on Strategic Partnerships, Chinny Okoye, the minister applauded the graduates, highlighting that the sector has grown tremendously in recent years.
“As someone who started her own journey years ago in the beauty industry, I feel personally connected to the work being celebrated today. This sector has evolved tremendously, and I’m incredibly proud of how far we’ve come driven by the brilliance and resilience of Nigerian women and men who continue to shape and redefine beauty and entrepreneurship.
“The Federal Ministry of Women Affairs remains committed to supporting innovation, economic empowerment, and sustainable livelihoods and that includes empowering entrepreneurs in the beauty industry.
“We are open to partnerships and collaboration that help expand opportunities, scale ideas, and spotlight Nigerian excellence on a global stage,” she stated.
In her remarks, the convener of the event and founder of Uno Health Group, Dr. Hilda Titiloye, emphasised the economic and cultural importance of beauty in Nigeria, calling for unity among stakeholders to harness the industry’s full potential.
"Many people don't see the economic importance of the industry. One of the issues that we have is everyone is just working in silos, doing their own thing and in their own corner. We believe that when people come together, that we can make a greater impact.
"Other countries have tapped into the beauty industry. Its value is in the trillions of dollars in other climes of the world. We don't have a lot of documentation regarding the work that we do or our type of beauty practices.
"We need to also consciously gather data that will help us make good decisions within the industry. Making informed decisions regarding where financing should go, who should be helped, and who should be positioned in what way. Regarding an economy, you can have a whole community built around a beauty service,” she argued.
“Be it at the level of seeking financial support, at the level of influencing policy, at the level of influencing legislation, we will definitely have a stronger voice that makes a stronger noise that is difficult to ignore if we come together and work as a community," she stated. She also narrated what makes BTI different from other beauty ventures, while also reeling out the tremendous economic value of the sector.
CAPPA Raises the Alarm over Saturated Unhealthy Foods in Nigeria
Sunday Ehigiator
The Corporate Accountability and Public Participation Africa (CAPPA) has raised alarm on how food corporations allegedly use sophisticated web of marketing strategies to get Nigerians, especially children and young adult, hooked on ultra-processed foods which damage their health, undermine public health policies, and cost the Nigerian healthcare systems billions.
The organisation made these revelations at a press conference recently held in Lagos, where it also
launched a report titled ‘Junk on Our Plates: Exposing Deceptive Marketing of Unhealthy Foods across Seven States in Nigeria’.
The findings showed that through “aggressive marketing, cultural cooptation, celebrity endorsements, and deceptive labelling, the corporations had entrenched ultra-processed, high-sugar, and high-sodium products in Nigeria's food environment, targeting children, youth, low-income communities, and cultural identities to drive sales.”
CAPPA acknowledged the Nigerian government’s “bold steps” to confront
the challenge by, for example, introducing the Sugar-Sweetened Beverage (SSB) Tax of N10 per litre on SSBs aimed at discouraging their excessive consumption and reducing the risk of diet-related diseases.
It noted further that in 2023, the National Agency for Food and Drug Administration Control (NAFDAC) followed up with regulations on transfats and pre-packaged food labelling, while in March 2025, the government launched the National Guideline for Sodium Reduction, a strategic policy meant to tackle the
excessive salt content in packaged foods, a major driver of high blood pressure and heart disease in the country.
Speaking to the report, the Executive Director of CAPPA, Akinbode Oluwafemi, noted that:
“The food and beverage industry continues to exploit loopholes. They use covert marketing, target children, and take advantage of weak enforcement of existing regulations to flood the market with unhealthy products, tactics reminiscent of the deadly strategies long used by the tobacco industry.
L–R: Former Managing Director/CEO, Universal Insurance Plc, Mr. Ben Ujoatuonu; Partner, Chrisdavison Advisory Ltd, Mr. Bamgboye Babatunde; Celebrant/Author, Dr. Dan Okehi; and Chairman, Conau Group, Dr. Cyril Ajagu, at the launch of the book Transformational and Compelling Leadership by Dr. Okehi, to mark his 70th birthday at the MUSON Centre, Lagos, last Saturday
Email: deji.elumoye@thisdaylive.com
08033025611
Anambra Guber: Tinubu’s State Visit and Soludo’s Endorsement Question
David-Chyddy Eleke reports about issues around President Bola Tinubu’s working visit to Anambra State last Thursday asking whether it translates to endorsement of Governor Chukwuma Soludo for second term.
President Bola Tinubu last week embarked on a state visit to Anambra State, where he inaugurated some projects constructed by Anambra State Governor, Prof. Chukwuma Soludo, describing them as iconic and monumental. But the visit has already become a subject of controversy as it is believed that with very complimentary remarks and flowery accolades on the governor, the President may have tacitly endorsed Soludo for a second term in office.
Anambra State will on November 8, 2025 hold her governorship election, and Soludo is seeking re-election as governor, just as the president’s party, All Progressives Congress (APC) is also sponsoring a candidate for the same position.
Earlier before the visit, there had been tough rivalry between the governor’s party, All Progressives Grand Alliance (APGA), and the APC. Some members of the APC had first flown a kite, signalling that the president send a representative to avoid making complimentary comments for Soludo that may diminish the efforts of his own party in ensuring that APC wins Anambra State. Some of the supporters of the candidate of the APC for the forthcoming election, Prince Nicholas Ukachukwu had rejoiced over the news that he may send a representative instead. Some of them who described President Tinubu as a core party man, said the scenario that had played out in previous years in the state, where APGA governors from Anambra had supported presidents from other parties to gain their confidence had led to steady victory for them.
In 2010, then Governor Peter Obi who was seeking re-election on the platform of same APGA had enjoyed the confidence of President Goodluck Jonathan, which earned him victory. Obi subsequently used the same tactics to gain the support of Jonathan again to install a successor in 2013. Chief Willie Obiano, his successor adopted same strategy by supporting then President Muhammad Buhari, despite fielding General John Gbor, who the party ignored for Buhari. In the forthcoming election, Soludo seems to have adopted the same strategy, and it is already working in his favour. He claimed that both APC and APGA are progressive parties and have resolved to work together.
Contrary to speculations, President Tinubu arrived Anambra at about 12:15pm, through the Chinua Achebe International Airport, Umueri, from where he moved to Nnamdi Azikiwe University, Awka to inaugurate the Emeka Anyaoku Centre for International Studies and Diplomacy. The story quickly shifted to the fact that the main reason Tinubu accepted to visit was to honour former Secretary-General of The Commonwealth, Dr Emeka Anyaoku, who is a statesman, after which the centre was named. Even though this may be true, the president later arrived Dr Alex Ekwueme Square to the rousing welcome of the people of the state, after he had inaugurated some key projects including the new Government House, Solution Fun City and the Light of the Nation Tower.
Unlike other presidential visits, President Tinubu was so relaxed in the arms of Governor Soludo that he exceeded the time announced earlier for his stay. His physical presence has fired up the people of Anambra state, who saw it as endorsement of their choice of governor.
Also, Soludo leveraged the visit to thoroughly mesmerize the president with a rousing speech which has been described by many as ‘Maradonic’.
He lauded Tinubu for his economic policies,
insisting that everything that was due to Anambra has been given to her because of the pragmatic governance of the president. He pledged to also support the president until 2031, to make sure he gets a second term and finish strong.
Part of Soludo’s speech read:
“Your visit today is historic and consequential. This visit is not just to commission projects, because we have over 500 kilometers of roads to be commissioned. We have schools, water projects, hospitals and others that await commissioning. These projects are mere symbolism for a new Anambra State. We are in a haste to lay solid foundation and we are determined to change the trajectory of Anambra from a departure lounge to a destination.
“We are deeply grateful for the several road projects you are doing in the South east, and the list is quite a long one, running into hundreds of billions. Part of our master plan in Anambra is to dualize all trunk A and B roads. We are spending about N170billion on that. Our partnership with federal government is working well and we benefit from all interventions in roads,
scholarship, health and education. We are benefiting. Whatever is due to us, we are getting. We will however need intervention in some critical areas. Anambra remains the gully erosion capital in Nigeria and they are far beyond what any state government will be able to take on.”
The Governor further added that: “For the future of Nigeria, Tinubu must succeed and we will support him in every possible way not only to succeed but to excel. Before I joined the APGA, we adopted a position to support any government in power, and we have always supported the government in power and that position has not changed. Coincidentally, today I can say that the government in power APC is a progressive government. We in APGA are also progressives, and I can say that the progressives are working together, no matter the party. APC are brothers to us in APGA. I can say that even though we are all progressives, we know who is the leader of progressives. It is time for all the progressives and federalists to unite and form a front for the good of Nigeria. Mr president is the leader of the biggest progressive party, while I’m the leader of the oldest progressive party in the country”.
In reply to this welcome speech, President Tinubu in his address came shortly of assur-
Unlike other presidential visits, President Tinubu was so relaxed in the arms of Governor Soludo that he exceeded the time announced earlier for his stay. His physical presence has fired up the people of Anambra state, who saw it as endorsement of their choice of governor. Also, Soludo leveraged the visit to thoroughly mesmerize the president with a rousing speech which has been described by many as ‘Maradonic’.
ing Soludo of a second term, insisting that he was his friend and close ally for years. Tinubu said: “Two years ago, I stood here as a presidential candidate of my party to seek for your votes. I’m thankful for your support and I am happy to be here to commission some legacy projects. Soludo your son is my friend and still remains my friend. He is a brilliant man, he has the brain and he knows the way and we will work together. We will work together to bring prosperity back and ensure Anambra is on the rise.
“I have just commissioned several landmark projects today, these are bold statements and they point to his ability as a leader. I remember when he (Soludo) wanted to consolidate banks and many people said it was impossible, but he did it and today we are benefiting from that action. We will continue to partner with the states and the South east to protect our people. I have taken note of the appeals, especially about Anambra being the gully erosion capital of the South east, we will assist through the ecological funds and that will be rectified. I feel very happy about the conferment of traditional chieftaincy title and I feel humbled. Going forward, I’m not just friends with Soludo, but I’m now one of you. I want to ask Soludo to look for a land for me where I will build my retirement home,” Tinubu added jokingly.
Earlier, some prominent indigenes of the state who spoke pointedly told Tinubu that the state was in safe hands with Soludo as governor. They insisted that Soludo was performing well and needs all the support of President Tinubu to achieve a second term in office, so as to continue his good works. The indigenes included the South East chairman of Manufacturers Association of Nigeria, Mrs Ada Chukwudozie; prominent businessman, Sir Emeka Offor; former Secretary-General, Commonwealth of Nations, Dr Emeka Anyaoku and Secretary of Ohanaeze Ndigbo, Mr Emeka Sibeudu.
President Bola Tinubu (left) and Anambra state Governor, Prof Chukwuma Soludo in Awka... last week
Kayode Tokede
Amid growing Non-Performing Loans (NPL) and unstable global oil prices, a total of nine banks’ exposure to the Oil & gas sector increased to N15.6 trillion in 2024, representing about 94.4per cent increase from N10.17 trillion reported in 2023 financial year.
The banks investigated by THISDAY are; Access Holdings Plc, Guaranty Trust Holding Plc (GTCO), United Bank for Africa (UBA) Plc, Zenith Bank Plc and FBN Holdings Plc.
Others include; Fidelity Bank Plc, Wema Bank Plc, FCMB Group Plc and Stanbic IBTC Holdings Plc.
The nine banks’ gross loans & advances to customers, however, closed 2024 at N53.15 trillion, representing an increase of 39.8
per cent from N38 trillion in 2023.
THISDAY findings revealed that banks operating in the country in the 2024 financial year made huge loan provisions for Oil & gas, among other key sectors as demanded by the Central Bank of Nigeria (CBN) prudential guidelines.
The decline in crude oil prices and slow growth in production continued to impact Nigeria’s foreign exchange reserves in 2024.
Tight monetary policies and improved oil earnings provided some stability, but external factors kept pressure on the economy. Bonny Light crude averaged around $77 per barrel in December, down from $80.76 in January 2024. Oil production continued to fluctuate, reaching around 1.5 million barrels per day by 2024-end, falling short of the 1.78 million barrel per day
benchmark set in the national budget.
According to a report by the National Bureau of Statistics (NBS), the Oil & gas sector in Nigeria experienced a modest performance in fourth quarter of 2024, reflecting both ongoing challenges and emerging opportunities.
The sector contributed 4.6 per cent to Nigeria’s total real GDP in Q4 2024, a slight decline from 4.7 per cent in Q4 2023 and 5.57 per cent in Q3 2024.
A breakdown revealed that Zenith Bank, followed by First Holdco and Access Holdings led Tier-1 banks with the highest amount of exposure in the oil & gas sector in 2024 financial year-they crossed the N2 trillion mark.
According to the 2024 audited results, Zenith Bank exposure to the oil & gas stood at N4.11 trillion in
2024, about 94.4 per cent from N2.11 trillion declared in 2023.
As First Holdco announced N3.34 trillion exposure in the oil & gas sector in 2024, a growth of 53 per cent from N2.19 trillion in 2023, Access Holdco posted N2.07 trillion exposure in the sector, representing an increase of 41.3. per cent when compared to N1.46 trillion reported in 2023.
First Holdco in the year under review saw its NPL ratio increasing to 10.2 per cent from 4.7per cent in the previous year, which is above the CBN requirement of 5 per cent. Its management explained that, “The growth in NPLs is driven primarily by only one oil and gas loan from which proactive steps have been taken to sustain the resilience of our balance sheet. In addition, the Oil & Gas Portfolio has been largely
driven by the exchange rate impact. Loan book, continuously being derisked, showcase prudent and proactive approach to risk mitigation that strengthens long-term financial position. Excluding the oil and gas name, the NPL ratio would have been 5.4per cent. On the back of the robust risk management capacity, NPLs are expected to reduce to normalised levels over the year.”
The gross loan distribution by sector in Access Holdco showed that the Oil & gas- upstream increased to 7.9 per cent in 2024 from 6.3 per cent, while in the Oil & gas -service sector, it dropped to 4.3 per cent from 6.3 per cent in 2023.
Analysts expressed that the lingering war between Russia and Ukraine affected Nigeria’s crude oil inflow in the international oil market with a dip in demand from
the once-dependable Asian market like India. They added that banks’ in 2024 exposure to the sector was based on cautious lending to key operators in the upstream sector.
Despite a recovery in oil prices, Nigeria has struggled to meet its production targets due to operational challenges and insecurity coming from pipeline vandalism.
Speaking with THISDAY, the Vice President, Highcap Securities Limited, Mr. David Adnori stated that banks are meant to lend to key sectors in the economy, stressing that increasing exposure by banks to the oil & gas is an indication that the sector remains lucrative amid IOCs leaving the country.
MTN Nigeria Communications Plc, and four other multinational companies recovered from 2023 & 2024 financial losses, fuelled by foreign exchange revaluation burden to declare N367.4 billion profit before tax in the first quarter (Q1) ended March 31, 2025.
MTN Nigeria Plc, Nestle Nigeria Plc, Nigerian Breweries Plc, Cadbury Nigeria Plc, and International Breweries Plc foreign currency exposure led to a whooping N937.17 billion
loss before tax in Q1 2024.
These five multinational companies experienced substantial foreign exchange losses in 2023 & 20024 financial year, primarily due to the Central Bank of Nigeria (CBN) exchange rate liberalisation in June 2023.
The policy by CBN led to a sharp depreciation of the Naira, adversely affecting MTN Nigeria, among others with foreign currency denominational obligations.
The companies have now returned to profitability. Analysis of their Q1 2025 results showed that
MTN Nigeria announced N202.65 billion profit before tax, as against a loss before tax of N575.69 billion in Q1 2024, while Nestle Nigeria, the leading Fast-moving consumer goods (FMCGs) company quoted on Nigerian Exchange Limited (NGX) posted N 51.15billion profit before tax in Q1 2025 from a loss before tax of N196.09 billion declared in Q1 2024.
MTN Nigeria noted in a statement that its funding and liquidity position remains solid, supported by a cash balance of N303.7 billion. Foreign currency
exposure remains within manageable limits.
“We have largely settled the outstanding US Dollars Letters of Credit (LC) obligations, with only $1.4 million remaining at the end of the quarter. Consequently, approximately 23 per cent (December 2024: 28 per cent) of the total debt is denominated in foreign currency, and the balance in local currency.
“Our debt metrics are healthy and remain well within all our financial covenants, with a net debtto-EBITDA ratio of 0.5 times and an
interest cover ratio of 9 times as at 31 March 2025. These metrics position us well to meet our operational, financial, and investment obligations while maintaining flexibility to navigate the evolving macroeconomic environment,” the telecommunication company said in a statement.
On its part, Cadbury Nigeria declared N8.5 billion profit before tax in Q1 2025 from a loss before tax of N10.46 billion in Q1 2024. Nigerian Breweries reported N69.99 billion profit before tax in Q1 2025 from a loss before tax of
Kayode Tokede
NECA Calls for Enabling Environment for MSMEs to Boost Economic Growth
Kayode Tokede
The Nigeria Employers’ Consultative Association (NECA) has stressed the need for enabling environment via the provision of infrastructure, access to finance and capacity workshop to drive economic growth
This was the submission of Treasurer, NECA, Richard Ayibiowu at the annual MSMEs Fair held in Alausa, Lagos.
The MSMEs Fair, a premier event designed to support micro, small, and medium enterprises (MSMEs) in scaling and sustaining their businesses, is targeted at empowering startups and business owners with practical strategies to drive long-term success.
Ayibiowu stated that some of the ideas generated from the dialogue if properly implemented would help to stabilize the economy and drive growth.
Speaking on the theme,
“Galvanising MSMEs for Economic Growth and Stability,” he stated that MSMEs should be encouraged to demonstrate their capacity, realise their potentials and consequently contribute to economic growth.
He further called for innovative and inclusive approaches to MSME development, urging public and private sector players to treat support for MSMEs as a long-term investment.
Delivering her keynote address, the Managing Director, Fate Foundation, Adenike Adeyemi emphasised the need for a favorable operating environment for MSMEs in Nigeria, noting that without their active contribution, meaningful economic development in Nigeria is impossible.
“To truly unlock the potential of MSMEs as a cornerstone for economic growth and national stability, we must foster an environment where stakeholders are empowered and encouraged to
demonstrate their capabilities and contributions. This starts with a strong policy framework, one that guarantees access to infrastructure, professional financial guidance, and sustained government support,” Adeyemi said.
Also speakting at the event, Country Director, International Labour Organisation(ILO), Ms. Vanessa Phala-Moyo, stated that MSMEs owners must ensure that the running of their enterprises are devoid of any human right violations most especially child labour. According to PhalaMoyo, respect for human rights must be upheld particularly as it relates to eliminating child labour for inclusive and sustainable development.
“Eliminating child labour is not merely a moral imperative; it’s a business necessity and pathway to sustainable economic transformation,” Phala-Moyo stated.
Survey: Nigerians Call for Lower Interest Rates as Inflation Expectations Remain High
Nume Ekeghe
A new report by the Central Bank of Nigeria (CBN) has revealed that most Nigerians believe interest rates are too high and are calling for a reduction in lending and savings rates, even as inflation expectations remain elevated in the months ahead.
The April 2025 Inflation Expectation Survey released by the CBN’s Statistics Department, showed that a significant number of respondents comprising households, businesses, and market watchers expressed frustration with prevailing borrowing costs, which they say are making it harder to meet personal and business financial needs.
“Most respondents believed that interest rates on savings accounts and lending rates were too high,” the report stated, reflecting a growing desire for more affordable access to credit amid widespread cost-of-living
Dakuku Peterside
Mourns Demise of Maritime Technocrat, Asoluka
Former Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dakuku Peterside has stated that the demise of Dr Chris Asoluka, an authority in the maritime sector, has created a huge vacuum that will take ages to fill.
Peterside, who received the news with a shock, described the deceased as a “mentor supporter and adviser,” during his term as the helmsman at NIMASA.
He noted that the late Asoluka represented progressive thinking and was ever willing to share his thoughts on maritime matters, just as he opened his doors for mentorship to so many people.
According to him, “Dr Asoluka was an authority and quintessential consultant on maritime issues. I looked up to him during my time and after in NIMASA, he was ever willing to offer admonitions.
His dedication to maritime development was second to none.
“He contributed in diverse ways to the making of cabotage act and strengthened its implementation. He was a policy thought leader, whose ideas shaped the Nigerian maritime industry.”
concerns.
Despite these sentiments, the survey also revealed that Nigerians remain cautious about the country’s inflation outlook, with the majority expecting prices to keep rising over the next six to twelve months. According to the report, “The overall median expectation of prices in the next 12 months remained unchanged in April 2025,” suggesting persistent anxiety over inflationary pressures. Food, transportation, medical expenses, rent, and education were identified as the top factors expected to drive price increases. These essential categories have consistently featured as key inflationary drivers in recent months and continue to weigh heavily on household budgets. “Respondents attributed the likely increase in prices in the next 12 months to food, rent,
medical expenses, education, and transport,” the survey added.
Notably, the proportion of respondents who anticipate higher prices in the short term has risen compared to the previous month.
“The share of respondents expecting higher prices over the next 6 months increased relative to March 2025,” the report noted, underscoring continued uncertainty despite recent policy efforts. Respondents expressed some optimism about the broader economy, particularly on the value of the naira and labour market conditions. “The respondents’ expectations on the naira exchange rate showed that the value of the naira would appreciate in the short term,” the report said. There were also expectations of improvements in unemployment and business conditions within the next year.
DIGITAL ASSET MARKETS
with Nicky Okoye ( digitalassets@anabelgroup.com )
Digital Asset Markets and the Next One Hundred Trillion Dollars (DAM-N1HTD) series…A01
Nicky Okoye discusses the strategic impact of digital asset markets in the growth and dynamics of the global markets and dives deep into the monumental forces that are driving the growth of the next hundred trillion dollars in global GDP. In this series of essays, policy makers, legislators, enterprise executives and investors can gain strategic positioning variables as they unfold in real time.
Digital transformation is driving an unprecedented growth in global GDP (gross domestic product), according to several sources, including the World Bank, the World Economic Forum etc. by the year 2050, global GDP is expected to grow to over $200 trillion, this is up from $105 trillion global GDP recorded in 2023, and $115 trillion recorded today. According to Statista, as at December 31st 2023, the total market capitalisation of global equity capital markets stood at $111.2 trillion USD. This indicates that as at December 2023, the global equity markets total capitalization was recorded at over 100% of global GDP, indicating that growth in global GDP, is driving a consistent rise in global equity capitalisation. Our African capital markets are recording a very different relationship with GDP. Let’s look at the Nigerian capital markets for instance, our total equities market capitalisation is hovering between $39 billion to $43 billon, depending on the exchange rate and prices of equities on the day of calculation. This is currently 10% to 15% of Nigeria’s GDP. In this respect, if we are to make very serious impactful efforts to grow the Nigerian economy to reach its true potential, which I believe should be north of $1 trillion in GDP, it will require a comprehensive transformation and transition of Nigerian asset classes and the Nigerian capital markets into 21st century Digital Asset Markets. This is my opinion and I intend to make a case, as best I can, for this strategic approach in investment and capital structuring which supports Nation building, for national, sub-national and enterprise development over the long term.
As we undergo tectonic shifts in key economic indies across the World, especially in terms of geopolitics, access to capital and access to technology, we must remind ourselves that we are fortunate to be alive to witness these disruptive times. Disruptions and transformations in technology, in business, in governmental geopolitical alliances and so on, are all coming at us left, right and centre. And to be honest, it can get quite overwhelming. This is especially true for some of us that have lived through several other disruptive global shifts during the course of our lives and our careers. In this regard, I have taken it upon myself to provide strategic navigation and guidance for investors who seek to rise above these disruptions, the tariffs wars, the technology wars, the battle for access to capital and subsequently the drive for job creation and prosperity, which are the ultimate goals for all leaders of good conscience, and determined nation
builders. In my cases, my thesis and my reports, you will always find it is written with a bias in favour of Nigeria, in favour of Africa and to provide strategic support for the repositioning for all people of African descent wherever they may be or live. Looking closer at what I consider my most intriguing subject matter, the global battle for access to capital, I will make bold to say that Africa is being short changed and this generation of Africans must address this once and for all, if we are going to leave a strong legacy for the next generation of Africans. My position in this DAM-N1HTD series, will consist of specialised advocacy which seeks to dump the traditional pathways for access to global capital, which includes going to London or New York, with our caps in hand asking for investment to be made in our projects and our companies. My preferred approach will involve using our ability to leverage our own tangible assets to build sophisticated structures that will unlock wealth and capital for the short, mid and long term. In other words, a truly 21st century methodological solution, which I call Digital Asset Markets Strategy (DAMS), for which I have authored a strategic comprehensive guideline, we will get into this in future reports in this DAM-N1HTD series.
As Digital Transformation drives disruption across industries, the capital markets and financial systems industry stands out as most strategic and most ready for a full digital transformation. Once we are able to guide Nigeria, and other African Nation states in the processes required for adopting this new strategic investment digital assets marketplace, we will be guaranteeing the creation of monumental fortunes for wealth conscious investors, institutions, Nation States and sub-nationals across Nigeria
and subsequently across the entire African continent. In my opinion, the proposed full adoption of “Digital Asset Markets” within Nigeria’s capital market ecosystem and subsequently across Africa, is going to be a game changer for wealth creation and economic growth sustainability for many years to come.
In regard to supporting stakeholders on their nation building journey, I will be sharing elements and exerts from my “Digital Asset Markets “Strategy” guideline, within this DAM-N1HTD series from time to time.
My “Digital Asset Markets Strategy” guideline will be especially useful for designing new institutional wealth-maps that are ideal for developing national and regional digital assets investment infrastructure. A very exciting resulting benefit for implementing my “Digital Asset Markets Strategy”, will be the sustainable access to the capital liquidity that will be unlocked, this is so badly required at this stage in our history, for nation states, subnational regions, enterprises as well as for entrepreneurs.
It is pertinent to note that as far back as 2019, in a study conducted by PWC, it stated that in the Nigerian economy was sitting on as much as $700 - $900 billion worth of, what is considered dead assets in financial terms. PWC, defined dead assets as capital assets that are not producing revenue or due to certain challenges cannot be leveraged to enhance productivity. Assets across Nigeria, that currently fit this description include, but are not limited to, billions of dollars in valuable real estate, economic and structural infrastructure, movable and unmovable assets, music files & catalogues, art work, sports franchises, pipe lines, power plants, the list is endless. Once we get started, the digital asset markets will completely redefine the
future of African finance, investment and Africa’s capital markets industry. We are indeed living in exciting times. It is pertinent to note, that with the full adoption of the digital asset markets across Nigeria and subsequently Africa, we will be providing a golden opportunity, for us Africans to create new monumental wealth for all our people, regardless of our vocation and regardless of wherever, on the planet, we may live. I am very confident that effectively implementing the digital asset markets in Nigeria and subsequently across Africa, we will be providing for the first time in Nigeria’s and Africa’s history, a unique opportunity to demonstrate the true measure of Nigeria’s and Africa’s entire wealth position. This is nothing short of revolutionary. I am committed to supporting the efforts to build this new digital asset marketplace on the World’s newest technology platforms including supporting efforts to build and operate a pan-African blockchain ecosystem. This approach, which will be unique to us in Africa, will make our digital asset markets’ impact and global transparency even more powerful over the long term.
I have designed and authored this Digital Asset Markets and the Next One Hundred Trillion Dollars (DAM-N1HTD) series, as my own contribution to support policy makers, legislators, investors, enterprise executives and entrepreneurs all across Nigeria, Africa, the Carbbean and subsequently across the World. This DAM-N1HTD series will be especially impactful and useful for investors of African descent to make strategic and informed investment decisions as we navigate the disruptions of the 21st century and the forth industrial revolution.
•Dr Nicky Okoye is a Global Investment Advisor
Tinubu Canvasses Greater Africa, Urges Next Generation to Step-up
Michael Olugbode in Abuja
President Bola Tinubu has charged the next generation of Africans to step up with courage and contribute to the making of a united, peaceful and prosperous continent in science and technology, education and governance, entrepreneurship and the arts.
He made the call as special guest of honour at the 25th Anniversary of the Millennium Excellence Prize, held Saturday night, at the Manhyia Palace, Kumasi, Ghana.
Represented by the Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, President Tinubu said that Africans must continue to
work together in shaping their shared destiny.
He said the Renewed Hope Agenda of his administration was aimed at transforming lives, fostering inclusive growth, and positioning Nigeria as a cornerstone of regional integration and leadership.
He urged guests at the event to
continue to inspire excellence, strive to uphold the values of leadership with service and invest in the youth while championing collaboration across borders.
The President praised the Life Patron of the Millennium Excellence Foundation, His Majesty, Otumfuo Osei Tutu II, Asantehene, for the invitation
extended to him and hosting the distinguished event.
she was found to have inserted three wraps of cocaine in her private part, and two large parcels hidden in false compartments of her handbag while she swallowed 67 pellets of the Class A drug. He said she was placed under excretion observation and after four excretions that lasted days, she expelled
the 67 wraps of the substance in her stomach. She claimed she was to swallow 70 pellets of cocaine but after ingesting 67 pieces she could no longer swallow the remaining three and decided to insert them into her private part, adding that the total weight of the three consignments hidden in different parts of her body came to 2.523 kilogrammes.
Tinubu, while noting that the award ceremony had from inception in 1988 remained a beacon of inspiration and recognition across the continent, stated that its mission of identifying, celebrating and supporting those who had distinguished themselves in the pursuit of African development, resonated deeply with the aspirations of Nigeria and indeed, all African nations. He said: “I salute the visionaries who have nurtured this institution for a quarter of a century, and also celebrate the values of honour, integrity, service and excellence that underpin its work.”
The Nigerian President lauded the organisers for identifying and celebrating Africa’s shining lights, individuals whose lives and work had lifted the continent and inspired generations.
He said: “It is no small achievement to have honoured such illustrious
figures as the late
and
He, then, congratulated the Millennium Excellence Foundation, its Life Patron, and all past and present laureates.
Odumegwu-Ojukwu received the Lifetime Africa Achievement Prize on behalf of President Tinubu. Some other notable Nigerians honoured at the event were President/Chairman, African Export-Import Bank (AFREXIM), Dr. Benedict Oramah (Global Intra-Africa Trade Excellence in Africa), Akwa Ibom State Governor, Pastor Umo Eno (Lifetime Africa Achievement Prize for Governance and Public Service), Founder/Chairman, BUA Group, Alh. Abdul Samad Rabiu (African Excellence in Business) and Chief Dumo Lulu-Briggs (African Traditional Leadership and Business Excellence).
Michael Olugbode in Abuja
Archbishop Desmond Tutu, Professor Wole Soyinka, President Cyril Ramaphosa,
Dr. Mo Ibrahim, among others.”
The Fearless and Pop Power Identity Theft and Trademark Infringement Debate BUSINESS SPECIAL
Raheem Akingbolu writes on the debate trailing the clash between the Rite Foods Limited and Mamuda Beverages over similarities between the Fearless Energy Drink and Pop Power, pointing out its possible effect on consumption, marketing and issues related to trademark infringement and intellectual property debate in Nigeria
Trademark and intellectual property have become legally binding intangible assets for corporations to leverage on. Brands like Google, Microsoft and Facebook are among the foremost global brands that have consistently benefited from this legal provision even after selling off part of their investments.
Businesses, the world over, assign much importance to trademarks for easy identification of their products and its usage dates back to prehistoric times. It is a type of intellectual property consisting of a word, phrase, symbol, or design (or a combination of any of these) that identifies the source of a product or service and distinguishes it from those of competitors.
For example, the trademark “Coca-Cola” distinguishes the brown-coloured soda water from that of Pepsi.
Indeed, about two thousand years ago, Roman craftspeople left their distinctive marks on almost everything made, from tableware, brickwork and roof tiles, to decorative vases, gravestones, lead slingshot ammunition, and even plumbing. Though, without any real legal clout, they were ways of claiming bragging rights over their work.
In the United States (US), trademark law went through a few incarnations before arriving in what now exists in modern times. It started with an old law in 1870, to a new act in 1881, revised in 1905 and in 1946; the Lanham Act spelt out federal trademark protection and registration rules.
COMING DOWN TO NIGERIA
In Nigeria, trademarks are provided for by the Trademarks, Patents and Designs Registry, Commercial Law Department of the Federal Ministry of Industry, Trade and Investment. And this is under the Trade Marks Act, Cap T 13, Laws of the Federation of Nigeria 2004 and the Trademark Regulations 1990.
The importance of trademark and product style protection against passing-off by others trying to deceive the consumers to believe their product shares the same quality with the original cannot be over-emphasised.
Disputes arising from infringements of trademarks copyrights, identity theft and product style copying abound in the western world, as well as in Nigeria.
Some of the cases recorded in the country’s business locale include that of Nabisco Inc., and Allied Biscuits Company Limited, in 1998, where both companies were entangled in a lawsuit on the trademark RITZ.
Allied Biscuits first registered the mark eight months before Nabisco, and the court held against the appellant, Nabisco, on the premise that it has not used the mark sufficiently to acquire a reputation for it in the country, that its intention is to destabilise the Nigerian market and her economy.
“Passing off is a strict and serious commercial offence and infringement when it bothers on trademark. Looking at the issues at hand, the two bottles; Fearless and Pop Power, is a clear case of passing off… From the cover, to the bottle, to the size and even the colour, put side by side, it is obvious… Reaping from the efforts of another manufacturing company to sell your product is illegal.”
ISSUES AROUND CATCHING UP, PASSING OFF, AND PRODUCT IDENTITY
Interestingly, one of the major global marketing disputes regarding trademarks is usually associated with established brands and a catching up or weaker brand passing off the established brand. This appears to be the bone of contention in a current legal battle regarding product identity theft and trademark infringement by the Mamuda Beverages on its Pop Power energy drink with similar identities in bottle, cover and size, which is a reflection of a similar identity of the current market leader, named Fearless, a product of Rite Foods Limited.
Unfortunately, this is not the first time Mamuda Beverages Nigeria Limited would swim in troubled water. In 2022, the Coca-Cola Company had sued Mamuda for infringing on the Trademark of Coca-Cola in Nigeria. The global beverage company filed a lawsuit against Mamuda that claimed the latter had been using the word ‘pop’ when selling its fizzy drink in Nigeria for years. The issue was whether Pop Cola, a product sold by Mamuda Beverages Nigeria limited, was an infringement on the Coca-Cola trademark.
As a result of the current alleged violation, Mamuda Beverages was dragged to a Federal High Court of Nigeria, Abuja Judicial Division on 28th day of January, 2025 by Rite Foods Limited for infringing on the trademark and design elements of its Fearless Energy Drink with the launch of a similar-looking product, Pop Power.
Pursuant to this, on the 4th day of March, 2025, before his Lordship, the Honourable Justice I.E Ekwo, consent judgement was delivered, as published by many news platforms.
The case led to the grant of injunctive reliefs, including Anton Piller orders, after which Mamuda opted for a settlement. Under the terms of that settlement, Mamuda in admittance of the violation undertook to destroy all infringing Pop Power Energy Drink products — an exercise
confirmed duly carried out, with visual and pictorial evidence provided. Mamuda equally pledged to desist from any further violations of Rite Foods’ intellectual property rights. Under the terms of that settlement, Mamuda in admittance of the violation undertook to destroy all infringing Pop Power Energy Drink products — an exercise confirmed duly carried out, with visual and pictorial evidence provided. Mamuda equally pledged to desist from any further violations of Rite Foods’ intellectual property rights.
When it was assumed that the issue had been laid to rest, especially with the destruction of the existing Pop power energy drinks as ordered by the court, Memuda allegedly, in what appears like a circumvention of the earlier consent judgment, came out through a backdoor again with a new package that even appears closer and strikingly similar in identity to the Fearless Energy drink than the previous subject of Consent Judgment for Pop Energy destruction. Then, Rite Foods raised fresh concerns over what has been described as “ circumvention of a consent judgement previously agreed between the parties.”
In an unexpected turn, Mamuda didn’t only reintroduce Pop Power into the market, but with only cosmetic adjustments to its appearance. Rite Foods maintains that these changes are minor and do little to address the original issues of consumer confusion. Reports from the market indicate that the new Pop Power continues to be informally referred to as “small Fearless,” reinforcing concerns that the revised product may not only breach the spirit of the earlier agreement but could also undermine consumer clarity and brand differentiation. A source said that the major concern of Rite Foods Limited is consumer protection as most Fearless Energy consumers erroneously mistake a lower quality product for their market leader product.
This sequence of events, in Rite Foods’ view, raises broader questions about adherence to judicial outcomes and the integrity of the system
safeguarding intellectual property rights. By proceeding with a product that perpetuates confusion so soon after a formal resolution, Mamuda’s actions risk compromising confidence in dispute resolution mechanisms critical for fair business practice.
On the fresh matter before the court, our source clarified that, contrary to some media misinterpretations, Rite Foods’ ex parte motion before the Federal High Court was not denied. Rather, the Court elected to first hear Mamuda’s preliminary objection—a procedural step that does not affect the substance or merits of Rite Foods’ case. In reaffirming its position, Rite Foods stressed its continuous commitment to the protection of its brands, its consumers, and the principles of innovation and fair competition in Nigeria’s marketplace. The company emphasised that genuine business growth must be anchored on originality and respect for intellectual property, rather than imitation and fraudulent business practices.
Meanwhile, Memuda, the producer of the Pop Energy drink, has described Rite Foods’ fresh legal move as “bullying,” stating through the paid post in several publications that it had complied with the earlier consent judgment by the court. In what appears like inadvertently advertising its earlier guilt and underplaying the trademark effect on consumers, Memuda is relying on certain slight changes it has made to the Pop Energy drink to rationalise its current strikingly similar package to that of Fearless Energy Drink.
Commenting on the development, a constitutional lawyer, Mr. Kabir Akingbolu, has argued that trademark, passing off and similar identity concerning businesses and products are infringements.
Akingbolu, who is the Principal Partner at Salawu, Akingbolu & Co.said: “Passing off is a strict and serious commercial offence and infringement when it bothers on trademark. Looking at the issues at hand, the two bottles; Fearless and Pop Power, is a clear case of passing off. To start with, Fearless has been in the market for years. It came earlier, and it has become known and registered in the consciousness of consumers. From the cover, to the bottle, to the size and even the colour, put side by side, it is obvious that Pop Power was out to benefit from the market acceptability profile and identity that promoters of fearless have built over the years. To this end, it’s safe to conclude that Pop Power is liable for passing off Fearless drink as a registered brand and under commercial law that guides competition. It is never allowed. It’s a law cleverly put in place so that owners of established and registered trademarks are not infringed upon or exploited. Reaping from the efforts of another manufacturing company to sell your product is illegal.”
Speaking further, Akingbolu argued that Fearless, having been in the market for years and registered in the consciousness of all - including those who are not lettered, has earned consumers’ trust and loyalty, which can be eroded by Pop Power infringement if not immediately nipped in the bud.
Fearless Energy Drink vs Pop Power Drink
APM Terminals Apapa Hits Highest ExportVolumes in One Month
Oluchi Chibuzor
APM Terminals Apapa has recorded its highest volume of exports in one month since inception in 2006. This was made known in a press statement made available to the media on Sunday.
The terminal had in April 2025, handled 8, 687 TEUs of export cargo, an over 30 per cent rise as against 6,606 TEUs recorded in April 2024.
Terminal Manager at APM Terminals Apapa, Steen Knudsen highlighted the positive trend of consistent growth in Nigeria’s export volumes over recent years. He emphasized that this development significantly benefits Nigeria’s trade balance, noting, “It’s advantageous for Nigerian shippers when ships depart our ports fully loaded with exports. Preventing ships
from leaving empty positively influences the overall cost of shipments into Nigeria.”
Attributing this upward trajectory to strategic enhancements implemented at the terminal, he said, “Our aim aligns with the Federal Government’s vision of transforming Nigeria into an export-driven economy. To support this, we launched a new rail service in February to expedite the movement of goods from the hinterland to Apapa port. Additionally, we’ve expanded our yard capacity for exports and introduced dedicated truck lanes to streamline the process, reducing the time exports spend in the terminal and ensuring timely ship departures.”
Expressing gratitude for collaborative efforts, Knudsen praised the Nigerian Ports Authority, Nigerian Railway Corporation, and other key
agencies. “Their unwavering support enables us to focus on delivering top-tier services to our customers,” he stated.
In the last four years, APM Terminals Apapa has recorded a steady rise in export volumes. In 2022, the terminal handled 53, 807 TEUs of exports. This number rose to 70, 432 TEUs in 2023 and 77, 631 TEUs in 2024.
A leading global container terminal operator and a subsidiary of the A.P. Moller - Maersk Group, APM Terminals Apapa is Nigeria’s largest container terminal. Since taking over the concession of the Apapa terminal, APM Terminals Apapa has invested in significant upgrades and expansions to increase efficiency, capacity, and productivity, making it a key player in Nigeria’s maritime industry.
RMB Reaffirms Commitment to W’Africa’s Trade-led Growth
Rand Merchant Bank (RMB), a leading African corporate and investment bank, reaffirmed its commitment to fostering trade-led growth in West Africa.
The bank in a statement reiterated this at the Global Trade Review (GTR) West Africa 2025 conference held recently in Lagos.
RMB in a statement noted that the two-day event, themed, “Financing Growth in West Africa’s Trade Epicentre,” convened over 45 speakers and a diverse mix of stakeholders across the trade and finance ecosystem. It served as a strategic platform for deepening regional trade integration, sharing insights on policy trends, and strengthening business-to-business engagement across borders.”
Speaking during a high-level
panel session titled “Ghana, Nigeria and Beyond: Assessing Trade Prospects,” Head of Treasury and Trade Solutions at RMB Nigeria, Oluwaseyi Onanuga, underscored the growing confidence in Nigeria’s economic environment following recent policy adjustments.
“The robust economic reforms initiated by Nigeria’s current administration are commendable steps towards advancing the economy. Measures like removing fuel subsidies and liberalising the foreign exchange market aim to foster macroeconomic stability and attract both local and foreign capital. Additionally, the Central Bank of Nigeria’s financial sector reforms are strategic efforts to safeguard the economy and bolster investor confidence.”
within trade finance and supply chain sectors, as Nigeria seeks to reposition itself as a key economic hub on the continent.
With West Africa’s two largest economies Nigeria and Ghana entering a phase of structural reforms and enhanced regional cooperation, Onanuga described the 2025 outlook for intra-African trade as encouraging.
“We anticipate robust growth in intra-African commerce under the African Continental Free Trade Area (AfCFTA),” he noted. “Enhancements to regulatory frameworks and payment-settlement infrastructures will broaden the trade-finance market, drive down transaction costs, reduce concentration risk, lower barriers to entry for emerging players, and foster a more inclusive and resilient trading environment in the region.”
CSCS Shareholders Commend N8.8bn Dividend Payment
The shareholders of the Central Securities Clearing System (CSCS), have expressed satisfaction with the company’s impressive financial performance and the declaration of a N8.8 billion dividend payment for the 2024 financial year.
This represents a 17.3per cent increase from the N7.5 billion dividend approved in the previous year. Shareholders will receive a dividend of N1.76 per share, up from N1.50 per share in 2023.
The shareholders expressed their satisfaction during the company’s 31st Annual General Meeting in Lagos, where the 2024 financial report was presented. The shareholders present at the AGM commended the company for its improved financial performance and the significant dividend payout, urging the Board and Management
CIBN
to sustain this positive trajectory.
Chairman of the Progressive Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie described the company’s financial result as excellent despite the economic headwinds.
He tasked the CSCS on extending its operations to other African countries, considering its status as the biggest security depository registrar in West Africa. Also speaking, President of the Highly Favoured Shareholders Association of Nigeria, Mrs Adetutu Shiyanbola lauded the company’s 2024 financial performance.
Chairman of the Board of CSCS and GMD/CEO, NGX Group, Mr. Temi Popoola highlighted the company’s strong financial performance in 2024. Stating that it underscores CSCS’s ability to translate revenue growth into robust bottom-line results despite the prevailing inflationary pressures
Set to Hold AGM
Nume Ekeghe
The Chartered Institute of Bankers of Nigeria (CIBN) has announce that its 2025 Annual General Meeting (AGM) will be held on Saturday, May 17, 2025.
The institute in a statement
it noted that Tthis year’s AGM will be a hybrid event, offering
members the flexibility to participate both online via the Zoom platform and physically at Bankers House, Victoria Island, Lagos at 10 a.m. The event, it said, promises to be an engaging and interactive experience, providing members with updates on the Institute’s activities, industry
and currency headwinds.
Popoola attributed this financial strength to increased capital market trading activity, favourable yields in the fixed income space, and foreign exchange gains, further supported by growing demand for CSCS’s expanding suite of services and solutions.
The Managing Director/CEO of CSCS, Haruna Jalo-Waziri in his statement to shareholders gave a comprehensive overview of the business environment and CSCS’s operational resilience. He noted the complexities of the global economy in 2024, and the specific challenges faced in Nigeria, including elevated inflation, naira devaluation, and rising borrowing costs. Despite these, he emphasized that “economic growth was driven by robust government spending, stronger services sector performance, and improved oil revenues, helped by favourable global oil prices and a depreciating naira.”
trends, and networking opportunities.
President/Chairman of Council of the CIBN, Prof. Pius Deji Olarewaju, said: “We are excited to host our 2025 AGM as a hybrid event, which will enable us to reach a wider audience and promote greater participation among our members.”
Head, Retail Sales of StanbicIBTC Asset Management Limited, Omamofe Ugboma, and Chief Operating Officer of Fund Managers Association of Nigeria (FMAN), Oludare Moses-Adenekan with some Corp members at the NYSC Orientation Camp, Iyana Ipaja during the Skill Acquisition and Entrepreneurship Development (SAED) program…recently
The stock market sustained its positive momentum last week, gaining 2.54 per cent in its Week-on-Week (WoW) growth, fuelled by strong first quarter (Q1) 2025 corporate earnings results. .
The market’s benchmark indicator, the Nigerian Exchange Limited All-Share Index (NGX ASI), rose by 2.54 per cent
WoW to close at 108,733.40 points basis. Similarly, the overall market capitalisation gained N1.69 trillion to close the week at N68.339 trillion. This uptick was largely driven by strong buy-side activity, particularly within the consumer goods sector, as investors responded positively to solid corporate performance and earnings expectations. However, a deeper look at
sectoral performance revealed a mixed picture. The NGX Oil & Gas sector index the laggards, shedding 2.90 per cent W-o-W. The NGX Insurance index followed with a weekly loss of 2.89 per cent, while NGX Commodities and NGX Banking indices dipped by 1.12 per cent and 0.38 per cent for the week.
On the brighter side, the Consumer Goods index emerged as the best performer for the
week, recording a weekly gain of 2.89 per cent, while the Industrial Goods index closed the week in positive territory with a gain of 0.4 per cent.
Also, market breadth for the week was positive as 68 equities appreciated in price, 28 equities depreciated in price, while 52 equities remained unchanged. Multiverse Mining and Exploration led the gainers table by 57.48 per cent to close
at N10.00, per share. Academy Press followed with a gain of 50.52 per cent to close at N4.32, while Beta Glass went up by 46.31 per cent to close to N160.65, per share.
On the other side, Abbey Mortgage Bank led the decliners table by 15.66 per cent to close at N7.00, per share. Meyer followed with a loss of 13.51 per cent to close at N8.00, while Veritas Kapital
Assurance declined by 10.81 per cent to close at 99 kobo, per share.
Overall, a total turnover of 2.645 billion shares worth N77.005 billion in 86,110 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 2.200 billion shares valued at N75.409 billion that exchanged hands prior week in 70,329 deals.
PRICES FOR SECURITIES TRADED ASOF MAY/08/25
3RD EDITION OF MADE IN NIGERIA AWARD CEREMONY...
TBS Management, Tenants on War Path over 150% Increase in Rent, Closure of TBS Gates
Tenants: Increasing rent, service charges by 150% is crazy Management: They are mostly debtor tenants, owe FG N6 million
Dike Onwuamaeze
The Tafawa Belewa Square Management Board (TBSMB) and tenants at the Tafawa Belewa Square’s (TBS) complex, are on war path over the board’s unilateral increases in rent and service charges by 150 per cent and introduction of new tenancy agreement for existing tenants without their input.
The tenants also alleged that the TBSMB is denying them basic services like electricity and water for flushing their toilets and other needs as well as locking the gates of the complex against them.
The tenants said the TBSMB locked the major entrance and exit gates of the complex since April 28, thereby denying them and their clients free and unhindered access to their offices.
They therefore warned the TBSMB that “using self-help, intimidation, refusal to sell power to those who have paid for it and other such illegal actions do not help the management of the TBSMB but rather portrays your organisation as a non-law abiding organisation.”
According to the tenants, the management of the TBSMB on January 23, 2025, issued a “very important notice
to all tenants,” informing them that “the new rent rate in the complex is now N25,000 per square meter (psm) and new service charge is now N10,000 psm,” without any input from them.
The notice added that the “management has been mandated by the government to take all necessary steps to recover revenue owed to the federal government.”
It also advised tenants to “make necessary efforts to pay up their outstanding and current rent.”
The Managing Director/Chief Executive Officer of TBSMB, Ms. Lucia Shittu, told THISDAY in an
exclusive interview that the tenants owe the government N600 million in unpaid rents and service charges.
However, the Chairman of TBS Tenants’ Association (TBSTA), Commodore M. B. Babatunde (rtd), told THISDAY that the new increase in rent “amounts to craziness. Your tenant is in court over N10,000psm and you just overnight hiked the rent to N25,000psm. This has left us wondering why and what the problem is all about.”
Babatunde also advised members of the association to ignore the new rent and service charge.
South Korea Boosts Cultural Relations with Nigeria
Showcases in Abuja works of 11 contemporary Korean artists
South Korea has boosted cultural relations with Nigeria with the showcasing in Abuja of Korea’s traditional attire - reimagined by 11 contemporary Korean artists using modern artistic techniques.
The art exhibition was hosted by the Embassy of South Korea in Nigeria at the Nike Art Gallery in Abuja, titled “Hanbok Reborn as Art”, was organised to deepen cultural diplomacy with Nigeria through a unique art exhibition.
Speaking at the exhibition, the Korean Ambassador to Nigeria, Mr. Kim Pankyu, described the exhibition
as a celebration of Korea’s identity and a bridge for deeper friendship with Nigeria.
He explained that while the Hanbok has evolved over centuries, it continues to embody the Korean people’s history, beliefs, and identity, and remains relevant in the modern world.
Kim praised the partnership with Nike Art Gallery and appreciated the gallery’s founder, Chief Nike Okundaye, whom he described as a friend of Korea.
He said: “It is with great honour that I stand before you all today for the opening ceremony of the Hanbok exhibition termed ‘Hanbok Reborn
as Art.’ This concept evolves from the basic and crucial foundation of Korean tradition and heritage - the traditional Korean outfit - the Hanbok.
“We are also grateful for the friendship we have cultivated with Mama Nike and applaud her for always being a supporter of Korean culture.”
Chief Okundaye, on her part, thanked the Korean Embassy for making the partnership possible and spoke about her experience visiting South Korea.
She called on Nigerian artists and the public to take advantage of the rare opportunity to explore Korean creativity and culture through the
exhibition.
She said: “I was sent to South Korea by the Embassy, and when I got there, I was so impressed. Everything in South Korea is art - even the food.
“South Korea should come with the art; art and culture is the next thing to the country. I would love for everybody who is an artist in Nigeria to come and see this beautiful world.”
The exhibition featured works by eleven Korean artists: Kwon Ki Soo, Kim Si Hyun, Nam Kyung Min, Yang Dae Won, Lee Don Ah, Lee Bong Yi, Lee Soo In, Lee Joong Keun, Lee Hoo Chang, Jung Myoung Jo, and Jung Hai Yun.
UNICEF's Education Initiative Brings Hope
to Adamawa's Out-of-School Children
In Adamawa State, a beacon of hope has emerged for thousands of out-of-school children who had lost access to education due to various challenges.
The state government has expressed its gratitude to UNICEF for its unwavering support in promoting both formal and non-formal education in the state
This initiative has not only improved infrastructure but also provided a second chance to children who had
given up on their dreams of acquiring an education. At the heart of this initiative are the Accelerated Basic Education Centres (ABEC), which have set up 62 non-formal learning centers in Gombi Local Government Area headquarters in the state. These centers provide a safe and welcoming environment for out-ofschool children, including married and divorced young girls, to attend classes and learn.
Over the weekend THISDAY met one of the students’ facilitators
at Gombi, Mrs. Shelena Daniel, who noted the learning process is designed to be fun and engaging, making it easier for children to grasp concepts and build their confidence.
She explained the impact of this initiative is evident in the increased attendance rates in schools or learning centers.
Alhaji Isa Mohammed a member of the School-Based Management Committee (SBMC) in Gombi attributed this success to community sensitization efforts, which have raised awareness about the importance of
education.
He praised UNICEF for its role in reducing crime through education, saying the organization's efforts have brought about a sense of hope and renewal in the community.
Mohammed said for students who missed early schooling, a 9-month programme has been designed to fast-track their learning and prepare them for adult education.
He said this programme bridges the gaps in both formal and non-formal education, allowing learners to progress like their peers in regular schools.
Following the locking of the gates on April 28, 2025, the tenants' association wrote the Assistant Inspector General of Police, Zone 2 Command Headquarters, Onikan, Lagos State, on April 30, 2025, appealing “for the urgent, timely and quick interventions of the police authorities to avert break down of law and order in the TBS Complex” over an alleged unlawful closure of TBS complex gates, disruption of lawful activities of tenants, threat to the properties of tenants, contempt of court and conducts of the TBSMB likely to cause breach of peace.
The letter, which was signed by Babatunde and the Vice Chairman, Mrs. I. Matebese, said that “all efforts by our members towards the amicable resolution of the dispute were not successful as a result of the noncooperation and rigid stance of TBSMB.”
The association accused the TBSMB of contempt of court in view of pending law suits as it “further took self-help and illegal actions against some tenants
AGRA,Nestlé,
The Agriculture Development Agency (AGRA), Nestlé Nigeria, and TechnoServe, have launched a programme - “Strengthening Farmers’ and SMEs’ Resilience through Climate Smart Grain Production and Accessing the Structured Markets (StreFaS) initiative in Nigeria”.
The programme aimed at supporting 25,000 smallholder farmers and eight aggregators in Kaduna and Nasarawa states to promote sustainable production of maize, soybean, rice, and sorghum.
Initiators of StreFaS explained that it is a three-year project, funded by AGRA and Nestlé, which started on June 2024 and will terminate in October 2027.
The programme is focused on integrating regenerative agriculture into every step of the value chain, with particular emphasis on empowering youth and women.
StreFaS will also help improve soil health, lower greenhouse gas emissions, increase biodiversity, and strengthen
by cutting them off/denying them of light (electricity).
“We state that the illegal and self-help actions by TBSMB are capable of leading to breakdown of law and order.
“Our humble request is for the urgent intervention of the police authorities to forestall the possible and imminent breakdown of law and order, which the illegal actions of TBS Management led by its Managing Director/CEO in the person of Mrs. Lucia Shittu, is instigating,” the association wrote.
Responding to the allegations made by the tenants, Shittu told THISDAY that the relationship between the TBSMB and its tenants has been characterised by ups and downs even before her resumption of office. She also made it clear that the TBS Tenants’ Association is not recognised by the TSBMB. “We do not, and I repeat, we do not recognise any association here. The TBS Tenants' Association does not exist. Every tenancy agreement that has been signed here has been done on individual basis.”
economic resilience.
Speaking during the launching at the faculty of Agriculture, Ahmadu Bello University (ABU), Zaria, Chief Executive Officer (CEO) of Nestle Nigeria, Mr. Wassim Elhusseini, said the company has invested over $1 million in the project for the next three years.
Elhusseini said: “At Nestle, we believe that good food starts with highquality ingredients and the well-being of the people who produce them.
“Our partnership in this initiative underscores our commitment to sustainable sourcing and decarbonizing our value chain.
“Globally, we aim to source at least 50 per cent of our key ingredients from farmers practising regenerative agriculture by 2030.
“With an investment of over $1million in this project over the next three years, we aim to contribute towards establishing regenerative agriculture as the standard in the food industry, addressing both environmental and social priorities holistically.”
Daji Sani in Yola
John Shiklam in Kaduna
Michael Olugbode in Abuja
L–R: Assistant Manager, Business Development, Advanced Concrete Technologies, Ms. Anita Adeboye; Group CEO, The Business Executive Limited, Dr. Baroness Paulette Kporo; and Business Operations Manager, Advanced Concrete Technologies, Ms. Babatope Diana Abimbola, at the 3rd edition of the Made in Nigeria Award ceremony in Lagos… recently
AFRICA-EUROPE PARTNERSHIP FOR CULTURE...
L-R: Permanent Secretary, Lagos State Ministry of Tourism, Arts and Culture, Mr. Olanrewaju Bajulaiye; Project Coordinator for the Claiming the Future Initiative, Miss Tolulope Ami-Williams; Director of Goethe-Institut Nigeria and President of the European Union National Institutes for Culture (EUNIC), Dr. Nadine Siegert; Lagos State Commissioner for Tourism, Arts and Culture, Mrs. Toke Benson-Awoyinka; Cluster Coordinator for the Africa-Europe Partnership for Culture, Miss Toluwanimi Owolana; and Heritage Consultant to the Lagos State Government, Mr. Gbolahan Ajala, during a courtesy visit to the Commissioner's office in Alausa... recently
Saudi Arabia's Oil Giant, Aramco Records $26bn
Emmanuel Addeh in Abuja
Saudi oil giant, Aramco, yesterday reported a net profit of 97.54 billion riyals ($26.01 billion) in the three months ended March 31, beating a company-provided median estimate from 16 analysts of $25.36 billion.
However, Aramco, a longtime cash cow for the kingdom, reported a 4.6 per cent drop in first-quarter profit due to lower sales and higher operating costs as economic uncertainty hit crude markets.
The shares were up 0.64 per cent to 25.00 riyals as of 0754 GMT,
though down 10.9 per cent so far this year, a Reuters report said.
Aramco confirmed total dividends of $21.36 billion for the first quarter, $219 million of which was performance-linked dividends, a mechanism introduced after a windfall from oil prices in 2022 following Russia's invasion of Ukraine.
Saudi Arabia for decades has relied on Aramco's generous payouts, which also include royalties and taxes, to fuel its growth. Oil generated 62 per cent of government revenue last year
Net Profit in Q1,
and the International Monetary Fund (IMF) has estimated Saudi Arabia needs oil at $92.3 this year to balance its budget.
The results were released before the U.S. President Donald Trump's visit to the kingdom on Tuesday. His trade war with China has spooked global markets and sent crude prices tumbling amid fears of a global economic slowdown.
"Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices," Chief Executive, Amin Nasser, said in
a statement, adding Aramco's results showed the value of its low-cost operations.
"Such periods also highlight the importance of disciplined capital planning and execution while we continue to take a long-term view. In volatile times Aramco's resilience underpins both our financial performance and our sustainable and progressive base dividend," he added.
Trump's imposition of tariffs escalated sharply in early April, meaning the impact of his biggest trade policies were not reflected in
NAPTIP on Global Manhunt for Human Traffickers
Launches manhunt for syndicate behind exploitation Air Peace chairman, Onyema begins survivors’ rehabilitation, treatment at Duchess Hospital
Chinedu Eze
and Chiemelie Ezeobi
The National Agency for the Prohibition of Trafficking in Persons (NAPTIP), on Sunday, said it has begun a nationwide crackdown on human traffickers following the safe return of 78 Nigerian victims from Côte d’Ivoire, where they had been lured into exploitation.
The rescue and repatriation effort was made possible through a free humanitarian flight provided by Nigerian carrier Air Peace, which the agency said reinforced a powerful collaboration between state agencies and private partners in the fight against modern-day slavery.
the first-quarter results.
Global crude benchmark, Brent, has been on a largely downward trajectory since a 2025 high of $82.03 in January. It closed at $63.91 last Friday. Aramco had said in March it expected to declare total dividends of $85.4 billion in 2025, down sharply from last year's payout of over $124 billion, which was based on 2023 and 2024 earnings. The performance-linked payout, which last year totalled $43.1 billion, was slashed roughly 98 per cent as free cash flow dried up.
The kingdom in recent years has been pouring vast sums into projects to diversify the economy away from oil under a programme called Vision 2030. Recently it has been building or renovating 15 stadiums for the 2034 World Cup, the most high-profile of several showpiece events Saudi Arabia will host in coming years.
2025
events over the next decade as rising costs weigh, sources told Reuters in November.
The Saudi government directly owns roughly 81.5 per cent of Aramco, while its sovereign wealth fund PIF controls an additional 16 per cent stake.
“This is a momentous occasion, a day that marks not only the safe return of our beloved daughters, but also a reaffirmation of our unwavering commitment to the fight against human trafficking,” Bello told THISDAY at the airport.
To the young women and girls who had just returned, she said: “Welcome home. You were taken far from the safety and dignity you
The victims, comprising 75 female adults aged between 13 and 30, three babies, and two male adults, arrived at the Murtala Muhammed International Airport, Lagos on Sunday, May 11, aboard an Air Peace Boeing 737 and were received by NAPTIP Director General, Binta Adamu Bello; the Chairman of Air Peace, Dr. Allen Onyema; and other stakeholders.
deserve, but today, you are back on Nigerian soil, and you are not alone; this country stands with you.”
The DG further revealed that two suspected traffickers had already been arrested in Abuja, following weeks of intelligence gathering and testimonies from some of the returnees.
“We have also apprehended some of those responsible for this heinous trade, and they will face the full force of the law. Let today be a reminder that Nigeria will never relent in pursuing justice,” she said.
The suspects were arrested in a luxurious mansion in the Lugbe area of the Federal Capital Territory, having been named by some of the victims during investigations.
Bello emphasised that the agency’s
work was far from over. “We shall commence a serious manhunt for their traffickers and ensure that they are brought to justice. There is no hidden place for them anywhere.
Let me assure every Nigerian that NAPTIP remains ever committed, ever vigilant, and ever determined to end human trafficking in Nigeria”.
The rescue operation followed public outcry, including a video appeal by social media influencer
Vincent Otse, who had visited Abidjan and highlighted the plight of the stranded Nigerian girls.
NAPTIP immediately initiated diplomatic discussions with Nigerian partners in Côte d’Ivoire, leading to the victims’ identification and documentation for repatriation.
Dakuku Peterside Mourns Demise of Maritime Technocrat, Asoluka
Former Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has said the demise of Dr Chris Asoluka, an authority in the maritime sector, has created a huge vacuum that will take ages to fill.
Dr. Peterside who received the news with a shock described the deceased as a "mentor supporter and adviser," during his term as the helmsman at NIMASA.
He noted the late Dr. Asoluka
represented progressive thinking and was ever willing to share his thoughts on maritime matters, just as he opened his doors for mentorship to so many people.
According to him, "Dr. Asoluka was an authority and quintessential consultant on maritime issues. I looked up to him during my time and after in NIMASA, he was ever willing to offer admonitions. His dedication to maritime development was second to none.
"He contributed in diverse ways
to the making of Cabotage Act and strengthened its implementation. He was a policy thought leader, whose ideas shaped the Nigerian maritime industry."
Peterside, management turnaround expert and former federal lawmaker, stated the maritime industry has lost a major stakeholder whose voice and opinions were widely respected beyond the shores of Nigeria.
He disclosed the late Asoluka was at a time, the chairman of
Nigeria’s Oil and Gas Free Zones Authority (OGFZA), member of Nigeria Chamber of Shipping Governing Board and the chairman of Maritime Development Committee.
The former NIMASA boss added the late maritime expert was also the Legislative Adviser in the passage of the Nigerian Maritime Administration and Safety Agency (NIMASA) Act, 2007, aside other responsibilities, within and outside Nigeria.
Amid lower oil prices, some of the kingdom's lofty ambitions, including a futuristic city in the desert, have been scaled back to prioritise completing projects essential to hosting global sporting
"The sharp fall in the oil price makes the financing outlook for both the fiscal shortfall and Vision 2030 significantly more challenging," said Monica Malik, chief economist at Abu Dhabi Commercial Bank, adding weaker Aramco profits already reflected in a wider budget deficit in the first quarter. Aramco's free cash flow was $19.2 billion in the first quarter, down 15.8 per cent from a year ago. Performance-linked payouts are linked to free cash flow. Capital expenditure was just over $12.5 billion in the first quarter, up 15.9 per cent from a year before. Aramco had outlined capital investments, which includes capex and external investments, of between $52 billion and $58 billion in 2025. Capex was $50.4 billion last year.
Michael Olugbode in Abuja
The Federal Fire Service has sent apologies to the families of the three killed in a head-on collision of a car with its rescue truck.
A statement on Sunday by the Controller of the FFS, FCT Command, Momodu Ganiyu read: “The management of the Federal Fire Service (FFS) has expressed profound regret over the tragic incident that occurred around 11:00 pm on Friday at the ECOWAS Junction in Wuse 2, Abuja, following a collision between one of its rescue trucks and a Toyota Camry that resulted in the loss of three young lives and left one survivor critically injured.”
The statement conveyed the FFS heartfelt condolences to the families of the deceased and expressed profound sorrow over the incident.
The Service acknowledged the immense pain and loss experienced by the families, emphasising that the victims' promising futures were tragically cut short.
The FFS also extended prayers for the swift recovery of the survivor, who is currently receiving medical treatment
in an undisclosed hospital..
The statement read: “As a service, we are sorry over the unfortunate incident that claimed the lives of three teenagers. We know that it is a difficult time for their family to cope, considering the age range of the children involved in this fatal accident.
"The Federal Fire Service is aware that losing one's children is a deeply painful experience that marks the radical change of the family’s life and involves a wide range of sad emotions."
The statement further explained that the accident occurred during a firefighting operation at Avenue Plaza, Banex, when one of the fire trucks, having exhausted its water supply, was en route to refill.
“Operating at high speed with its siren blaring, the truck collided with the Toyota Camry, which was emerging from a connecting street at the junction.”
The statement said: “We want to categorically state that at the time of the incident, the Controller-General (CG) was out of town and could not be immediately reached due to network issues. Upon being informed, the CG promptly returned to Abuja to meet with the affected families.
YOUTH MARATHON...
Enugu Air, CNG Buses, Transport Terminals Take Off this Month
Govt set to develop tourist sites Work starts on Nnamdi Azikiwe Stadium, Awgu Games Village in earnest
The Enugu Air, CNG Mass Transit Programme, and the ultramodern transport terminals all built from scratch by the Governor Peter Mbah administration are to be launched for operation before the second anniversary of the government.
The government has also approved the development of the state’s tourism industry, while total transformation of the Nnamdi Azikiwe Stadium and Awgu Games Village will start in June to get them ready for the National Sports Festival to be hosted by the state in 2026.
These were made known by the Commissioner for Transportation, Dr. Obi Ozor; Commissioner for Culture and Tourism, Dame Ugochi Madueke; Commissioner for Works and Infrastructure, Engr. Gerald Otiji;
and Commissioner for Youth and Sports Development, Barr. Lloyd Ekweremadu, after the State Executive Council meeting at the Government House, Enugu, at the weekend.
Briefing Government House Correspondents, Ozor said: “We are
Air Peace Aircraft Hits Antelope While Taking Off from Asaba Airport
Chinedu Eze and Kasim Sumaina
A major incident was averted, weekend, when an Abujabound Air Peace aircraft with registration mark 9H EDO, operating Flight P4783, hit an antelope while taking off from the Asaba airport runway.
The incident aborted the flight, as the aircraft slowly taxied back to the ramp, where it was grounded and the passengers were delayed before the airline deployed another aircraft to airlift them to Abuja
An Air Peace insider confirmed the incident and said the airline informed the appropriate authorities about it.
Managing Director of Asaba
Michael Olugbode
The bill outlawing infanticide in the country would soon be sponsored on the floor of the Senate, Senator Ireti Kingibe, representing the Federal Capital Territory has promised.
The lawmaker made this promise at the weekend in Abuja during a visit to Vines Heritage Home (VHH), a home that host scores of children who were saved from infanticide from community within and around the Federal Capital Territory.
The children were declared not worthy of living for being born as twins and were to be killed before being rescued by the Home and taken care of.
International Airport, Christof Penninck, also confirmed that the incident happened at the Asaba airport.
Penninck said the Delta State government had embarked on the comprehensive perimeter fencing of the airport premises, which might have caused habitat displacement of the animals.
He disclosed that the airport management had engaged hunters to help keep the animals out of the airport territory.
Penninck stated, “Yes, the incident happened at Asaba airport. The state government embarked on the comprehensive perimeter fencing of the airport, which I think displaced the animals. We had engaged hunters to keep the animals
away.
“After the incident happened, we engaged more hunters and increased our patrol of the airside, including the runway. But the incident did not damage the aircraft, maybe, just a minor issue and no passenger was injured. The aircraft continued flight service the following day.”
Director of Public Affairs and Consumer Protection, Nigerian Civil Aviation Authority (NCAA), Mr. Michael Achimugu, stated on X that such unforeseen occurrences were part of the challenges that often led to flight disruption.
Achimugu said, "Monitoring reports yesterday indicated that an Air Peace aircraft ran into a large antelope, decimating the animal and leaving the aircraft
on ground.
“As a result, flights meant to be operated by this aircraft would naturally be disrupted, even though engineers are on the ground to assess and fix the plane. Passengers waiting would naturally be infuriated.
"While the incident was beyond the airline’s control, Air Peace is still obligated to inform passengers, provide refunds, and extend necessary care. The NCAA would not hesitate to sanction the airline if it fails in its responsibilities."
Air Peace, THISDAY learnt, deployed another aircraft to airlift the passengers, while the airline’s engineers examined the aircraft that hit the antelope and were able to put it back into operation.
starting off with the initial three aircraft and two of the aircraft are already on ground. The third one will be on ground by the end of this month. We are hoping to start the commercial operations before the second-year anniversary of this administration.
“You have also seen buses for the mass transit programme across the state. 50 of them are already parked at Okpara Square, and an additional 50 will be joining that fleet in the next few weeks. The 100 of them will be going into commercial operations before the end of this month, which is the second-year anniversary.
“Also, the bus terminals, two at Holy Ghost, one each at Gariki, Abakpa and Nsukka, will also be commissioned and go into commercial operations before the 29th of May, this year.”
He added that the government planned to bring in the electric and CNG automotive manufacturing plant into Enugu as well as launch in the next 150 days the Enugu Smart Transport Programme, which would see to the injection of over 2,000 electric vehicles.
Also briefing newsmen, Dame Madueke said funds would be invested
in the tourism industry in phases.
“We are going to have it in phases. For the first phase, we are having Awhum Waterfall, Nsude Pyramid where we are going to have the first canopy walkway in the South East. It measures about 600 metres, which will actually be the longest in Nigeria.
“We also have Ngwo Pine Forest where we are having the first zipline in Nigeria. The zipline will measure about 300 metres. In the same Ngwo, we will have a big rotunda and a smaller rotunda. We have the Cross of Hope to be located at Okpatu.
“The Cross of Hope will be sitting 580 metres above sea level and the cross itself will measure about 50 metres, making it a total of about 630 metres above sea level. The cross will have about 15 floors with a lift.
“At Awhum Waterfalls, we are going to have another canopy walkway and a boardwalk to preserve the ecosystem.
“We equally have the Akwuke/ Atakkwu Waterpark and Ovu Lake Golf and Resort at Akpawfu,” she stated.
Police Set to Reward Commitment to Duty, Exceptional Performance of Personnel
Linus Aleke in Abuja
Senator Kingibe said it was absurd for children to be blamed for the misfortune of their parents or be killed for coming as double blessings. She said she will be presenting a bill to the Senate to end this scourge and called on the members of the public to come out and speak against infanticide and help the children of the Home.
AAN, Hajia Suwaiba Dankabo, said: “Through the co-funding by European Union (EU) and AAN, a three-year project designed to raise awareness and mobilize action towards the abolition of infanticide in the FCT, these children were relocated here.
“The project established mechanisms to safeguard unborn babies and infants susceptible to being victims of infanticide, as well as those that are currently ostracized.”
programme in 57 communities across five Area Councils of the FCT, focusing on the eradication of harmful traditional practices such as infanticide.”
TNigeria Police said it had concluded arrangements to reward commitment to duty and exceptional performance of police personnel to boost their morale.
Force Spokesperson, Olumuyiwa
Speaking after having interaction with children of the Home, including the proprietor, Olusola Stevens,
Speaking earlier, the Country Director of ActionAid Nigeria, Mr. Andrew Mamedu, who led Senator Kingibe to the Home, said the organisation was happy to welcome the Senator to the Home, where children rescued from harmful traditional practice of infanticide within the FCT currently reside.
Mamedu, represented by the Deputy Country Director of
He noted that: “A core component of our work involves amplifying the voices of children - particularly girls - to ensure their meaningful participation in decisions that affect their lives. With the support of the European Union, we have implemented child protection
He added that: “We are deeply grateful for the generous funding support provided by Sony Entertainment through ActionAid Sweden. As a globally recognized organisation, Sony Entertainment understands the crucial role of investing in education and securing a brighter future for children.
“This invaluable support will significantly impact the lives of some of the most vulnerable in our society, particularly the 74 girls from Vines Heritage Home (VHH) and the 219 children under our care.” Senator
Adejobi, an Assistant Commissioner of Police, made the revelation while unveiling the second edition of the Nigeria Police Awards and Commendations, scheduled to hold on Wednesday, June 4, at Police Resource Centre, Jabi, Abuja.
Addressing a press conference in Abuja, Adejobi stated that the initiative, approved by the InspectorGeneral of Police (IGP) Kayode Egbetokun, was aimed at recognising and rewarding exceptional acts of bravery, professionalism, integrity, and service excellence across the force.
He stressed that the commendation and award ceremony formed part of a broader policy thrust to enhance personnel motivation, welfare, and operational efficiency.
Adejobi stated, "The event, organised in collaboration with
Lenders Consult International, will feature awards in various categories, including Crime Buster of the Year, Community Policing Advocate of the Year, Detective of the Year, Police Sports Person of the Year, DPO of the Year, Area Commander of the Year, Patrol Team of the Year, Traffic Officer of the Year, Awards for Gallantry and Integrity, and the prestigious Police Officer of the Year.
“The IGP Special Recognition Awards will also be given to honour officers who have distinguished themselves in specialised fields, such as Public Relations, Legal Practice, and Medical Services.”
Adejobi said, "The award selection process has been rigorous and transparent. Nominations were submitted from all formations of the Force, including Force Headquarters, Zonal Commands, State Commands, Area and Divisional Headquarters. “A dedicated collation committee comprising senior police officers and a representative of Lenders Consult International, renowned for organising credible and transparent awards, reviewed the submissions.
Governor Hope Uzodimma of Imo State, leading other government officials to declare open the "Run for Peace," Youth Marathon in Owerri.... weekend.
The Nigerian Ports Authority (NPA) yesterday refuted allegations of multi-billion naira corruption levelled against it by some online publications, describing them as spurious, false and without credibility.
Throwing light on the allegations, the NPA, in a statement, said its budget and expenditure are subject to the strict supervision of the Ministry of Marine & Blue Economy, the Budget Office of the Federation as well as the comprehensive oversight of the
Fubara Chides Supporters over Approach to Rivers Crisis, Says Their Actions Inimical
Clergy appeals to Tinubu for proactive steps to lasting peace
Blessing Ibunge in Port Harcourt
Suspended Governor of Rivers State, Siminalayi Fubara, has chided his supporters over their approach to the state’s political situation in the past months.
Fubara remarked that his supporters should have instead follow his strategic steps towards enduring peace by showing restraint in the face of the crisis.
He made the assertion, yesterday, at a Night of Tributes organised by the Rivers Elders and Leaders Forum in honour of the late elder statesman, Chief Edwin Clark, held at the Royal House of Grace Church in Port Harcourt, the state capital.
Fubara noted that some of the remarks and actions of his supporters were unnecessary and contrary to his personal beliefs and principles of pursuing peace in the midst of the political crisis.
He said sometimes he wondered if such people (supporters) asked themselves whether the path they were taking was the true way to peace, stability, reconciliation and cautioned against acts capable of escalating tensions in the state.
He stressed that as a leader, he was quite aware of the enormous responsibilities before him, and was doing what needed to be
done within the ambit of the law to restore normalcy in a bid to move the state forward.
The governor added that he now enjoyed peace of mind and appeared even healthier, emphasising the importance of drawing inspiration from the life and values of late Pa Clark, particularly his commitment to peace, unity, personal sacrifice, and statesmanship.
Speaking on the legacies of the late Pa Clark, the suspended governor regretted that some speakers had deviated from the purpose of the gathering, urging for focus on the lessons learnt from late Clark's humanity, sacrifices and undying dedication to peace, truth, justice, equity and fairness in the Niger Delta and Nigeria.
In his homily, Apostle Zilly Aggrey urged all players in the political arena to make peace with one another, saying only a people united in spirit and purpose could defeat any lurking enemies.
He thanked the former governor and Minister of FCT, Barrister Nyesom Wike, for his role in Fubara's election, and tasked him to commit himself to the path of peace and reconciliation for normalcy to return to the state.
National Assembly, making the allegation of misapplication of budgetary provisions impossible.
On the contract for dredging works at the Warri Escravos Channel, it said that this became necessary because of the need to tackle the increasing siltation of the channel and forestall the international embarrassment and huge investment losses from shipping vessels running aground.
The Authority insisted that it followed laid down processes and procedures for emergency procurement as laid down in the Procurement Act, 2007, contrary to allegations in the report.
The procurement of Marine crafts such as tugboats and pilot cutters, it said, was carried out in line with the provisions of the Procurement Act, 2007.
The process for this equipment, according to the NPA, was initiated and undertaken in response to the exigency of ensuring national
energy security through the implementation of sale of crude oil in Naira to domestic refiners which involved intensive offshore operations.
“The allegation of documents being withheld ‘for over a year’ is untenable, as the extant civil service guidelines governing the timeline for processing of official documents makes it impossible.
“Allegations made in connection with expenditures at the Authority's London office are outrightly false as there as dealings or transactions speculated in the report never took place.
“The marked increase in revenue figures for 2024 were due to exchange rate gains, since the Authority's are denominated in forex in line with global maritime best practice,” it added.
According to the NPA, the promotion of employees, as well as the appointment of Assistant General Managers and General Managers were undertaken to
address the age stagnation of personnel in the Authority.
It pointed out that management however followed due process as prescribed in the Authority's duly approved conditions of service.
On the revocation or otherwise of third-party contractual agreements of the Authority, it maintained that these were in accordance with extant law as well as contractual agreements with all the concerned parties.
“The allegation of ‘staff morale being at rock bottom’ falls flat in the face of reality.
The current management has to its credit, the clearing of all outstanding issues of employee stagnation and the conduct of promotion examinations in 2024.
The management has received commendation from the two in-house labour unions for these reasons. So, staff morale is at its peak currently.
“To sustainably assure the competitiveness of Nigerian
Ports and grow vessel and cargo throughput, the Authority recently secured Federal Executive Council (FEC) approval for the commencement of the Port Modernization Programme,” the NPA said. The Abubakar Dantsoholed management assured all stakeholders and the generality of Nigerians of its commitment to deepening the competitiveness of Nigerian ports through infrastructure and equipment renewal.
Aside from the infrastructure and equipment renewal, which it said has commenced, the NPA emphasised that process automation through the Port Community System (PCS) is already in conclusive stages in readiness for the plug-in of relevant stakeholders.
This, it said, is as the implementation of the National Single Window (NSW) project of the federal government gains momentum.
Ogoni Cleanup: Group Seeks Tinubu's Urgent Intervention
Blessing Ibunge in Port Harcourt
President Bola Tinubu has been urged to as a matter of urgency, intervene in the alleged diversion of $300 million compensation meant for the development of Ogoni ethnic nationality in Rivers State.
The President, Ogoni Liberation Initiative (OLI), Douglas Fabeke, made the call in a letter addressed to President Tinubu.
He said the appeal for urgent presidential intervention in the alleged diversion of the money and mismanagement of Ogoni cleanup funds, was to forestall Ogoni going into extinction.
Fabeke alleged that the $300 million was paid by the Nigerian
National Petroleum Company Limited (NNPCL) under the former GMD NNPCL, Mele Kyari, as compensation to the Ogoni people for Oil Mining Lease (OML) 11.
Alleging that the fund was diverted by a previous administration in the state, he lamented that the Ogoni people had again been subjected to "grave injustice, fraud and mismanagement of funds meant for their development and environmental restoration."
"It has come to our attention that the sum of $300 million, allegedly paid by the Nigerian National Petroleum Company Limited (NNPCL) under the formal GMD NNPCL, Mele
Kyari, as compensation to the Ogoni people for Oil Mining Lease (OML) 11, was diverted by the previous administration of the Rivers State Government in collaboration with certain individuals claiming to represent Ogoni interests.
"It is on record that the leadership of the Ogoni Liberation Initiative was deeply involved in a case that led to the victory of the Federal Government through NNPCL over Shell through the Supreme Court, copies of the judgement is also in our possession.
"This organisation hired consultancies that mediated between the two Organisation, and also consulted with different oil-
bearing communities to withdrew all cases against Government and shell from Court. Records and resolution were all submitted to the Formal GMD NNPCL Mele Kyari," the group noted. According to Fabeke, several meetings were held in Lagos and Abuja on how to peacefully resolve and manage all the Ogoni communities for a successful business and development and restoration of the communities. He, therefore, appealed: "Mr. President, we want you to take a bold step to address this issue, because the Ogoni communities have been sold, and you are the only courageous leader that can redeem us through the power of the Almighty God.”
L–R: Regional Sales Manager, FESTAC Region, Mr. Echeezona Ezeuko; Winner, Mr. Emmanuel Augustine; Unit Head, Consumer Banking, Access Bank, Ms. Adaeze Ume; another Winner, Pastor Alex Onyemachi Nwachukwu; and Regional Sales Director, Lagos 3 Directorate, Access Bank, during the official launch of Season 17 of the DiamondXtra promo in Lagos, last Friday
SUNDAY ADIGUN
WHEN BILLBOARD ECLIPSES VISIT
in both English and Hausa, got good press by being seen personally carrying fertilizer bags, and in two years has been largely free of controversy. His election victory in 2023 was resounding, with 63% of the vote, but weeks earlier PDP’s presidential candidate Atiku Abubakar clinched the state with 46% of the vote despite its having the APC outgoing president, Muhammadu Buhari and an APC governor, Aminu Masari. Katsina is therefore what Americans call a swing state.
President Tinubu commissioned three important projects during his visit to Katsina, including an Agricultural Mechanisation Centre that has 400 Lovol tractors, ten multi-functional combine harvesters, 400 disc harrows, 70 trailer tractors and 1,000 multi-planters. They were however overshadowed by the wedding of the governor’s daughter. Many local folks thought that Tinubu was in the state for the wedding. Maybe the president’s protocol, security and political aides should have persuaded KTSG in advance to disentangle the wedding from the presidential visit. The danger they now face is that governors all across the country who have marriageable daughters may now factor the wedding into a presidential visit.
In the best of times, a splashy wedding ceremony by a top government official is not very advisable, lest people gossip that state funds were involved. Even if not directly, our businessmen are wont to splash gifts and facilities on the celebrants and the parents. I remember attending the wedding of a governor’s daughter many years ago and as we approached the Government House, I saw more than one hundred cows and oxen tethered in a yard, with trailer trucks unloading many more. Aides whispered to me that they were all donations from well-wishers. Since splashy wedding has no bearing to the success of a marriage, Big Ogas
ought to have a rethink.
Not just wedding. A telling example was in 1980, when the Governor of old Bendel State, Prof Ambrose Alli, got a lot of media criticism for the grand burial ceremony of his father, said to have cost the state government N632,000. This was a huge amount in 1980. Chief M.K.O. Abiola’s Concord newspaper, which in the Second Republic was extremely hostile to UPN, published a large cartoon saying, “Rest in peace, Pa Alli. Rest in peace, 632,000 naira.”
A splashy wedding in Katsina State was doubly untimely, but it was the huge billboard erected at the entrance to the city on the eve of the President’s visit that caused the biggest rumpus. The message etched on the billboard boldly stated, “Katsina ba korafi.” It means Katsina has no grievances or no complaints. The billboard caused a stir not only in Katsina but all over the northern states. Many days after the president left, it was still trending on the social media.
Katsina has no complaints when, for a decade now, many of the local government areas in its western part bordering Zamfara State and in its northern part bordering Niger Republic are ravaged by bandits? Insecurity in the state got bumper headlines recently when bandits kidnapped retired General Ismaila Tsiga, a former director general of the NYSC, and held him for many weeks. It was said, not necessarily truthfully, that retired Army Generals all over the country coughed out tens of millions of naira to free Tsiga, was kept on remote rocks in Zamfara State. One of the most sensational kidnap cases of recent times was the kidnap of 340 students of Government Science Secondary School, Kankara in Katsina State in December 2020. Maybe the security situation has improved in recent times but it is yet to completely normalize.
What about the other problems bedeviling
Northern Nigeria and indeed the whole country? To ask a few questions, is petrol cheaper in Katsina? Is transport fare between Katsina towns and rural areas cheap? Are Katsina’s roads, schools and hospitals in tip top shape? Is food cheap in Katsina markets? Last year I procured a Sallah ram from a local Katsina market but at the weekend I was warned not to expect a similar good deal because General Abdurrahmane Tchiani has just banned the export of Sallah rams from Niger Republic “to foreign countries,” a clear euphemism for Nigeria. Is the dollar cheap in Katsina State? Or maybe in Katsina they don’t deal much in dollars but in CFA francs and in Saudi Riyals, this being the week when the first batch of pilgrims are departing for the Hajj.
The “Katsina babu korafi” billboard was so controversial that Governor Dikko Radda granted an interview to address it. Two Katsina elders, he said, sent messages to him to protest the billboard’s message. One of them was General Tsiga, who obviously will be the last person to say that Katsina has no complaints. The other person the governor mentioned is Alhaji Garba Dangida, my friend and former colleague at New Nigerian Newspapers with whom I have a small personal issue dating back to 1992. The details are not for public consumption.
Radda said he had nothing to do with the billboard; he did not know who erected it; he did not know that it was erected until people drew his attention to it; and he said he did not agree with its message that Katsina did not have any complaints. What better time to put forward your complaints than during a presidential visit? Ahead of the visit, the governor said he sat down with his advisers and they listed three matters that they placed before the president, including security, a water project and abandoned airport projects.
Ok, soon after the governor’s interview,
CAN AN AMERICAN POPE SPEAK TO NIGERIAN REALITIES?
time, local communities remain poor. In that moment, she said, “our wounds were not invisible anymore.”
Nigeria is home to a significant proportion of the world’s poorest populations. A pope who places the poor at the centre of his teachings reaffirms the Church’s mission of compassion and solidarity. Pope Leo XIV’s unwavering focus on social equity and economic justice will resonate deeply in Nigeria, where poverty, inequality, and limited access to healthcare and education persist. His leadership could redirect global Catholic aid priorities towards Africa, inspiring international donors and Catholic organisations to intensify their commitments to humanitarian efforts. His voice could also encourage local Catholic communities to build stronger, self-sustaining social ministries that reflect the Church’s preferential care for the marginalised, instilling a sense of inspiration and motivation in believers nationwide.
The new Pope’s empathy for migrants struck another chord. His bold defence of migrant rights, a stance that has reverberated among Nigerian migrants worldwide, is a testament to his global perspective. In a modest flat in Milan, Chidozie Umeh shared a message with his local parish group: “The Pope’s bold defence of migrants made me feel visible for the first time in many years. When he said ‘no human being is illegal,’ it wasn’t just a slogan—it was a lifeline.” For thousands of Nigerians enduring racism, statelessness, and institutional neglect in Europe and North Africa, the Pope’s stance is more than symbolic. It is a form of pastoral advocacy that they rarely receive from their home or host governments. For Nigerians navigating uncertain legal status in Europe or the Middle East, Leo XIV’s stark defence of migrant rights is surely a lifeline. But the promise of Leo XIV’s papacy is not confined to words. Its echoes are beginning to shape the ground realities
of faith communities across Nigeria. In Enugu, some Catholic faithfuls have begun mobilising funds for mobile health clinics in underserved communities. The Pope’s emphasis on structural justice—not just acts of mercy—has pushed them to reimagine healthcare as a right, not a luxury. Similar ripples are felt in Jos, where some youth leaders recently mobilise agricultural cooperatives: They’re starting a community farm project because the Pope reminds them that the Eucharist must extend beyond the altar, and charity begins in the parish.For these Catholics, papal words are seeds that must germinate in local initiatives.
A broader theological implication of this papacy is its impact on representation and hope. For many Nigerians, the election of an American pope signals that the papacy is no longer a preserve of European tradition. If a man from the United States can lead the Church, then perhaps Africa’s turn is not far, and this is no longer a distant dream. It is a possibility. The notion of a future African pope—once whispered in seminaries as wishful thinking—is now discussed with cautious realism.
And it’s not only about leadership at the top. This new papacy concerns cultural legitimacy. Our liturgy—our drums, our dance, our call-and-response chants—have always been considered secondary, something to be tolerated. But now, the Pope himself has said African worship is not an imitation of Catholicism; it is Catholicism. Diversity is no longer a concession; it is the soundtrack of Catholic universality. It is a testament to the Church's recognition of its global congregation's richness and diversity.
The most pressing issues Pope Leo XIV has thrust into the spotlight are Christian institutions' credibility, accountability and transparency. Nigeria is no stranger to ecclesiastical scandals, financial opacity, and misplaced priorities. But now, voices within the Church are rising with renewed
I read another post in the social media which provided a somewhat plausible historical background to the billboard. The man said that in the wake of APC’s contentious governorship primaries in the state in 2022, Architect Ahmed Dangiwa, the current Minister of Housing who finished fourth after Radda, declared that Katsina ba korafi, meaning he and his supporters accepted the election results and would not mount a protest. That is probably why he is a minister now; governors do not often back their rivals to bag ministerial portfolios lest they become empowered and return to challenge them in the next election. According to the man, it was this same billboard that was hoisted ahead of Tinubu’s visit, to declare that there is unity in the state APC. If so, that was very poor timing indeed. A presidential visit is very different from a party primary election. That one, you were sending a message to your supporters and other party members. This time around, you are sending a message to the man in the best position to solve the state’s problems and through him, to the whole country and the world. How can anybody not possibly know the difference between the two situations? If the president returns to Abuja, very happy that Katsina is the first place he ever visited that said it had nothing to complain about, how could Governor Radda or your senators come later to complain to him about banditry, kidnapping, stalled trade with Niger Republic, the unfinished Kano to Maradi rail line, ungoverned forests or bumpy federal roads?
Whoever erected that billboard goofed big time. No wonder it received the same treatment as the Western detergent trader who transplanted his successful billboards into Arabia. Supporters of Minister Dangiwa transplanted their billboard message from the venue of party primaries to a presidential visit. It was the political goof of a lifetime.
confidence. Leo XIV’s insistence on public diocesan audits should reverberate in Nigeria, where some parishes keep opaque books.
The Pope’s zero-tolerance stance emboldens Nigerians to ask hard questions of bishops. In a country where corruption routinely hollows out institutions, a transparent Church could model the good governance the state so often lacks.
This sense of empowerment extends into diplomacy and development, where the Pope’s background as an American could prove strategically beneficial. If this Pope speaks directly to U.S. lawmakers about ethical foreign policy, it could change how aid is delivered and how conflicts are addressed. He understands both African suffering and American power. The hope is that he could serve as a moral interpreter between Africa and the West—a bridge with a conscience.
Leo XIV’s personal familiarity with Africa deepens these hopes. Nigerians still recall the Pope’s past visits to Jos and other cities. We feel he understands our reality, which means he can interpret our needs to audiences in Washington and Rome alike.
That bridge-building potential implies that the pontiff could unlock U.S. philanthropic networks for dialogue programmes across Nigeria’s religious fault lines.
That potential is especially resonant in economic and environmental justice circles. If Pope Leo XIV addresses debt injustice or the exploitative structure of global trade, Washington will not ignore him. He’s not just a theologian. He’s an insider with prophetic courage. In the oil-polluted communities of the Niger Delta, some activists assumes that when the Pope shines the papal spotlight on our creeks, maybe then the oil giants will remember we are people, not just pipelines. The notion that a spiritual leader could steer profit-driven decisions may seem utopian, yet history is full of encyclicals that nudged governments toward unexpected reforms.
However, the Pope’s impact on domestic reform may be most transformative. Inspired by his message, parishioners in Yola’s St Theresa’s Church recently drafted an open letter urging their governor to publish a transparent and people-focused budget. In southern Kaduna, where violence has claimed countless lives, Father John Yakubu confessed: “This Pope challenges us priests to leave our comfort zones. We are called not only to preach, but to walk beside victims—to be visible where pain is present.” When moral authority radiates downward through the ecclesial chain, it can animate laity and clergy alike to confront entrenched dangers. All these voices converge on a single conviction: the Church’s relevance in Africa will depend on how deeply it listens to Africa. An American pope who learned compassion amid his nation’s contradictions may be uniquely positioned to foster that listening. He stands at the confluence of Washington’s power, Rome’s tradition, and Africa’s youthful dynamism. If he can channel those currents into a river of justice, he will do more than make history—he will help heal it.
For now, Nigerians keep watch, balancing hope with realism. They know that papal exhortations do not automatically translate into legislative victories, access to education, healthcare or clean water taps. But they also know that culture often shifts on the hinge of imagination, and Leo XIV has already widened that imaginative horizon. As youth leader Blessing Iyorah stood in her cassava field outside Jos, she captured this new spirit best: “Faith isn’t an escape plan. It’s a construction manual. The Pope has given us blueprints. Now we must build the kingdom—right here, right now, with our own hands.” And in that soil, under the sun of central Nigeria —amid prayer, planning, and prophetic courage—the significance of an American pope for Nigeria might be taking root.
MAHMUDJEGA
VIEW FROM THE GALLERY
When Billboard Eclipses Visit
It could well rank as the most memorable case of message failure since the Western detergent salesman who decided to go international. His salesmanship for his company’s detergent had been simple but very effective in the Western world. He erected huge billboards at choice locations; each billboard was divided into three parts. The first part showed a very dirty piece of cloth. In the middle part, the dirty cloth was soaked into a bucket with the detergent. And in the third part, the cloth emerged squeaky clean. Our salesman then transplanted the same billboard into Arabia. He did not know that, unlike Westerners who read from left to right, Arabs read from right to left. So what they saw on the billboards was a very clean piece of cloth, which was soaked in the detergent, and it came out very dirty. Katsina State Government and the state’s
ruling APC made elaborate arrangements for President Bola Tinubu’s visit to the state on May 2, the first since he became
President, complete with full security, gaily dressed party men and women, elaborately attired traditional rulers and many dancing troupes. Half a dozen Northern state governors were brought in to add colour to the occasion, so long convoys and the wailing of so many siren cars made it an occasion to remember. Governor Dikko Umaru Radda had factored the marriage of his daughter into the program. So, here was President Tinubu attending a wedding fatiha. Though he attended several at the National Mosque in the last two years, this was probably the first he attended outside Abuja.
Now, as we can see these days, many state governors are trying to get the president or vice president to visit their states and commission one project or another or flag off one thing or another.
A first term governor particularly covets a presidential visit because it guarantees
DAKUKU PETERSIDE
BENEATH THE SURFACE
saturation publicity from media houses and the social media, giving him something to boast about when he comes up for re-election. While a second term governor may be through with governorship election, he must be running either for the Senate in 2027 or for the history books. It is important for a governor to lay solid claim to his projects with a presidential imprimatur, otherwise a future governor may spray them with paint and then claim credit. By then you are a former governor, with fewer aides and with no media crew following you around, so you will be hurting and with little chance to correct the false claim of credit.
The Governor of Katsina is a first termer who will be up for re-election in 2027. He is tall, charismatic, dynamic, eloquent
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Can an American Pope Speak to Nigerian Realities?
When white smoke curled into the Roman sky and the world learned that the College of Cardinals had elected Robert Francis Cardinal Prevost, Pope Leo XIV—an American—it was met with mixed emotions across Africa. For many, particularly in Nigeria, it stirred a sense of cautious hope layered with curiosity. However, it also raised questions about whether a pontiff shaped by the wealth, power, and contradictions of the United States could truly understand the depth of Nigeria’s struggles and the weight of its aspirations. Could he effectively address the wounds of a country still healing from centuries of colonisation, exploitation, and spiritual marginalisation?
Yet as days passed and the new Pope began to speak—not in abstractions, but in words charged with moral clarity and
of Catholic population in Africa is home to significant church influence. From rural churches in Ebonyi to urban dioceses in Lagos and Kano, conversations shifted. What started as distant interest has evolved into an emerging conviction: that Pope Leo XIV might be the global moral voice Africa, and Nigeria in particular, has long yearned for—not because he is perfect, but because he appears willing to listen, learn, and lead with compassion.
our common humanity over and above the clashing swords of global big powers and political showmanship.
Sister Benedicta Okeke of Onitsha captured this shift in a post-mass conversation: “You can’t imagine how healing it is to hear a pope acknowledge colonialism not as a thing of the past but as a system whose aftershocks still affect our people. When he said, ‘Africa’s poverty is not a divine mystery but a human-made injustice,’ I wept. For once, our pain was not dismissed as charity fodder. It was treated as a matter of justice.” Recalling Leo XIV’s inaugural homily in which he condemned “the old and new empires that bleed the global South,” her words distilled decades of frustration among believers who have watched multinational corporations extract resources. At the same historical awareness—Nigerian Catholics began to feel a surprising resonance. Nigeria with the second largest population
The emergence of an American Pope now could mean a lot for global Christianity. It is coming at a time of great moral possibilities for a world in active realignment. Can democracy go awry while morality remains intact? Can an American political leader destabilize the world order while an American pope preaches unity and peace? Pope Leo XIV has a heavy moral burden. He can only discharge it by emulating Pope Francis, by drawing closer to the masses to emphasize
Continued on page 31
Pope Leo XIV
Tinubu
L-R: Non-Executive Director, Central Securities Clearing System PLC, CSCS, Nonso Okpala; Independent Non-Executive Directors Ibrahim Dikko and Dr. Aisha Muhammed-Oyebode; MD/CEO, CSCS PLC, Haruna Jalo-Waziri; Chairman, CSCS PLC, Temi Popoola; Independent Non-Executive Director, CSCS PLC, Chinelo Anohu; Executive Director, Adeyinka Shonekan; Independent Non-Executive Director, Bola Adesola and the Non-Executive Director, CSCS PLC, Samuel Onukwue, during the 31st AGM of CSCS in Lagos, weekend
