Fitch: Nigeria, Mozambique to raise Africa’s LNG exports by 174.5% by 2034
Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The African Export-Import Bank (Afreximbank) and the Midstream and Downstream Gas Infrastructure Fund (MDGIF) have signed a $500 million Memorandum of Understanding
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Olawale Olaleye
In spite of recent agitations, accompanied by permutations over alleged moves by President Bola Tinubu to drop Vice President
Kashim Shettima as his running mate in 2027, THISDAY, weekend, gathered that the president is unlikely to change his deputy in his bid for re-election. A reliable Villa source, who
dismissed swirling reports about the fate of Shettima as hanging in the balance ahead of the 2027 elections, told THISDAY that the speculations or rumours were unfounded because Tinubu never
had such discussion with anyone.
To close his argument, the source, widely known in government circles as a man of few words, said with confidence, “The president will run with
Shettima. You can file it away. Stop worrying about the rumour. He will.”
To further establish his argument, the source, who allayed concerns about the place
of the ruling party in the 2027 elections, added, “We (the APC) are winning the next election is all I know. Walahi!”
Continued on page 5
Emmanuel Addeh in Abuja
Nigeria's ambition of achieving self-sufficiency in fuel production and fully harnessing the gains of local oil refining continues to hang by a thread, as both the importation of crude oil and refined petroleum products continued to soar concurrently in the first half of this year.
The Dangote refinery, once Nigeria's hope of ending all fuel imports, in the first six months of 2025, spanning January to June, imported an estimated 60 million barrels of crude oil from various parts of the world, while Nigeria's fuel importation also hit over N4 trillion during the period.
The cost of petrol importation for the period was sourced from
The Office of the United Nations High Commissioner for Refugees (UNHCR) has revealed that Nigeria is currently hosting 109,000 asylum seekers and refugees from at least 41 countries globally.
The UN refugee agency, in its multi-year strategy report, from 2023 to 2025, said Nigeria was redefining its national policies and regional
data released by the National Bureau of Statistics (NBS) at the weekend, while the 60 million barrels estimate came directly from the President of the Dangote Group, Aliko Dangote.
In July, at the West African Refined Fuel Conference in Abuja, Dangote revealed that his company's monthly import of crude oil had risen to between 9 million to 10 million barrels from the US and other countries. “As we speak today, we buy 9–10 million barrels of crude monthly from the US and other countries,” he said at the event.
The development remains a paradox and contradiction of sorts, as the challenge of capital flight in the downstream oil sector, which local refining was meant to resolve, remains far from over.
According to the NBS data, the country spent N2.3 trillion on petrol imports in Q2, 2025 as against N1.76 trillion recorded in Q1 this year, bringing the half-year total spending on importation of the product to about N4.06 trillion.
During Q2, petrol was among the top five most imported commodities nationwide, followed by durum wheat, gas oil, crude petroleum oils, and cane sugar for refineries, the data showed.
There had been speculations that in navigating a winning strategy for his 2027 re-election bid, Tinubu might have considered the possibility of dropping Shettima as his running mate.
In his stead, rumours had it that the president was considering someone else from the Northwest, being the political heartland of northern Nigeria, with the highest voting strength, as running mate.
Unfortunately, the rumour or speculation had begun to generate ill-feelings among supporters of the vice president, especially from his North-east geopolitical zone.
Things came to a head in June 2025, when All Progressives Congress (APC) stakeholders in the North-east failed to mention Shettima while endorsing Tinubu for second term at a defining zonal meeting.
continental lender at the weekend stated.
Director and Global Head, Project and Asset Based Finance, Helen Brume, signed on behalf of Afreximbank, while Mr. Oluwole Adama, Executive Director of the MDGIF, signed on behalf of the Fund, the statement said.
The MoU, it said, the statement said, emphasises private sector-led delivery models and aligns with both institutions’ mandates and strategic priorities.
engagement following the election of President Bola Tinubu in 2023.
UNHCR stated that the Renewed Hope National Agenda (2023-2027) under the Nigerian president touched upon almost every aspect of UNHCR's mandate, establishing a conducive environment for sustainable solutions.
The report said, “Nigeria continues to be a country of origin, transit, and destination currently
Nigeria has struggled to supply crude oil consistently to the Dangote Refinery, largely due to production constraints and market dynamics. Persistent underproduction has left the country unable to meet both export obligations and domestic refinery demand.
At the same time, the Nigerian National Petroleum Company Limited (NNPC), which controls much of the crude, often prioritises foreign exchange–yielding exports over local allocation. This situation has forced the Dangote Refinery, despite its promise to end fuel imports, to source crude from international markets.
But when other fuels are added, for Q2 alone, Nigeria's import of ‘mineral fuels’ was N4.42 trillion, representing 28.95 per cent of total imports for the period. This was followed by machinery and transport equipment with N4.33 trillion or 28.38 per cent of total imports and chemicals and related products with N2.46 trillion or 16.10 per cent of total imports.
Using the Standard International Trade Classification, the top-ranked group imports were mineral fuels with N4,426.16 billion representing 28.95 per cent of total imports, this was followed by machinery and transport equipment with
The meeting, which held in Gombe State, was attended by virtually all ministers, lawmakers, and governors of the party from the North-east.
APC National Vice Chairman for North-east, Mustapha Saliu, concluded his speech at that event without mentioning Shettima, even though he openly endorsed Tinubu.
Salihu told the audience, “We have no business not supporting this party with all the juicy appointments and responsibilities given to us by this government.
“I would want all members of the zonal executive committee to stand up so that we will do the proper endorsement, because it is the zonal executive committee that holds the ticket.
“We want to reaffirm and also adopt the endorsement earlier done by the National Working Committee that Asiwaju Bola
Under the terms of the MoU, Afreximbank and MDGIF will work together with the overarching intention of mobilising up to $500 million over a four-year period to support midstream and downstream gas infrastructure projects.
The investment is structured as a blend of senior debt and equity contributions, considered under both entities’ independent mandates, with a focus on accelerating the modernisation
hosting asylum seekers and refugees (over 109,000 individuals from 41 countries), a majority of whom are from the Lake Chad Basin region.
“The operation supports refugees, stateless, returnees, and Internally Displaced Persons (IDPs). Conflict with non-state armed groups, communal violence, climate shocks, and other factors contribute to large-scale forced displacement
N4,338.91 billion or 28.38 per cent of total imports and chemicals & related products with N2.461.32 billion (16.10 per cent of total imports),” the data showed.
Mineral fuels, as used in Nigeria’s trade reports, according to THISDAY checks, are a category of fossil-based energy products. They cover refined petroleum products such as petrol, diesel, kerosene and aviation fuel, as well as natural gas, among others.
The aspiration of Nigeria when the Dangote refinery was being built remains largely unmet. The operationalisation of the 650,000 bpd facility was expected to quickly end the country’s dependence on imported petroleum products.
From the outset, the project was promoted as the solution to Nigeria’s long-standing paradox of being a major crude oil producer that nevertheless spent billions annually importing refined fuels. The refinery was meant to guarantee self-sufficiency, stabilise fuel prices, conserve foreign exchange, and even position Nigeria as a net exporter of refined products in Africa.
However, the aspiration has so far remained somewhat unfulfilled. Instead of achieving immediate energy independence, the refinery
Ahmed Tinubu is endorsed to be a sole candidate for the 2027 election.”
Before Salihu concluded his speech, delegates at the forum had started to hurl insults at him, with some threatening to attack him physically. But he had to be rushed out of the meeting by security operatives.
A video footage of the meeting showed an enraged party member throwing chairs at Salihu as he fled the stage, while another delegate lobbed a plastic bucket in protest.
Things degenerated after the former National Chairman of APC, Abdullahi Ganduje, also endorsed Tinubu alone, without mentioning Shettima.
Ganduje did not mention Shettima’s name throughout his about 10-minute speech. He, too, had to be escorted out of the venue by security operatives.
and expansion of Nigeria’s gas sector.
Key areas of collaboration include: Joint identification and prioritisation of eligible projects, with annual pipeline targets to ensure investment goals are met, while Afreximbank will consider providing direct financing and credit risk guarantees to support project finance transactions, working alongside local financial institutions.
The areas of collaboration
both in Nigeria and in the region.”
According to the report, Nigeria is faced with the enormous responsibility of contributing to regional security, despite its socio-economic challenges, such as a high poverty and inflation rates.
It stated that partnerships, including existing and potential government, humanitarian and development partners, civil society, community-based organisations,
itself has had to import crude oil due to supply and pricing challenges in the domestic market.
At the same time, Nigeria’s overall fuel import has continued, showing that the promise of ending fuel imports has not yet been fully realised.
Also, analysis by commodities showed that the main commodities exported to African countries in the quarter under review were petroleum oils and oils obtained from bituminous minerals, with crude valued at N1.26 trillion, accounting for 42.49 per cent of total exports to Africa.
Kerosine type jet fuel accounted for N408.76 billion or 13.78 per cent; gas oil exported to African countries was N404.00 billion or 13.62 per cent, while other residues of petroleum oils valued at N157.51 billion or 5.31 per cent was exported within Africa.
Also, the NBS data indicated that by mode of transport, most commodities exported out of Nigeria were done by sea in Q2 of 2025, with maritime transport accounting for N22.5 trillion or 98.93 per cent of total exports during the period.
During the period, export trade was moved through the Apapa Port, with goods valued at N17.93
Though Ganduje seemed to acknowledge Shettima, when he stated, “We are proud of his deputy, his vice president, it is one ticket according to the Constitution of the Federal Republic of Nigeria,” many delegates remained unconvinced and chanted, “No Shettima, no APC in the North-east.”
To calm the situation, Deputy National Chairman of the party, Bukar Dalori, endorsed both Tinubu and Shettima for a second term.
But the message had been delivered and the people also had understood it in the best way possible.
The tension that followed had forced delegates to threaten the APC leadership that if Shettima was not included in the joint ticket, they would switch allegiance to former Vice President Atiku Abubakar, an opposition figure,
also include establishment of a dedicated support, either through funding or support framework, for feasibility studies, legal structuring, environmental assessments and other preparatory activities for bankable gas projects.
Besides, MDGIF will consider equity contributions to complement Afreximbank’s senior debt, enabling full capital structuring for eligible projects and will leverage Afreximbank’s platforms, including the Intra-
the private sector, and displaced communities themselves provided unique opportunities to address the complexities.
In that context, UNHCR said it aimed to deliver sustainable solution-driven protection services for mandated displaced communities in targeted and most in-need locations of the country.
It stated, “In 2025, UNHCR will pivot away from providing
trillion or 78.83 per cent of total exports, the NBS data stressed. This was followed by Lekki Deep Sea Port, with a value of N2.4 trillion or 10.58 per cent of total export.
Besides, import analysis revealed that Apapa Port also recorded the highest number of transactions valued at N6.96 trillion or 45.56 per cent of total imports, followed by Lekki Deep Sea Port which accounted for goods valued at N2.51 trillion or 16.44 per cent.
In the same vein, Tin Can island Port had N1.97 trillion or 12.90 per cent of total imports, according to the NBS data under review.
However, this dominance of ports in Lagos, creates bottlenecks, including congestion on access roads, overstretched port facilities, and delays that increase the cost of doing business. The reliance on these two Lagos ports also exposes the economy to risks of disruption, whether from strikes, insecurity, or operational breakdowns.
Although long delayed, government efforts to decongest and diversify Nigeria’s port system, including expansion in Onne, Port Harcourt, Calabar, and Lekki Deep Seaport are aimed at reducing the overdependence on Apapa and Tin Can.
In the same period, air transport
also from the North-east.
A delegate from Borno State, same state as Shettima, who did not want to be mentioned, said, “It’s an insult to the entire region that our own son, the vice president, was not even mentioned. This is a calculated attempt to side-line Shettima, and we will resist it with everything we have.”
Another delegate from Adamawa State also warned, “If Shettima is dropped, I will personally lead my people to vote for Atiku. We won’t be taken for granted.”
Several others threatened mass defection to the opposition Peoples Democratic Party (PDP).
But before the situation escalated, the governors of Yobe, Borno and Gombe, Mai Mala Buni, Babagana Zulum, and Muhammadu Yahaya, respectively, supported the Tinubu-Shettima ticket.
African Trade Fair, to promote its initiatives and engage stakeholders.
In terms of capacity building, it will see the development of a structured programme to enhance MDGIF’s institutional capabilities in project structuring, risk management, and innovative financing.
With respect to the collaboration between both parties, Executive Vice President, Intra-African Trade and Export Development at Afreximbank, Kanayo Awani,noted
Tinubu
substitutional services and blanket in-kind assistance to ensuring that all displaced communities have access to government services, to livelihood opportunities and other long-term support protection mechanisms with a view to becoming self-reliant over time.
accounted for N114.02 billion or 0.50 per cent, whereas road transport accounted for N40.55 billion or 0.18 per cent. Other transport channels recorded N88.29 billion or 0.39 per cent, the report released at the weekend said. Nigeria's total export for the quota was N22.75 trillion.
Similarly, maritime transport accounted for N14.4 trillion or 94.64 per cent of the value of total imports, the data indicated, while air transport accounted for goods valued at N714 billion or 4.67 per cent. Road transport accounted for N105.83 billion or 0.69 per cent of import during the period under consideration. Meanwhile, Nigeria's Organisation of Petroleum Exporting Countries (OPEC) crude oil production slumped to a five-month low of 1.43 million barrels per day in August, new data from the international oil cartel has indicated.
However, the OPEC figures, made available in its Monthly Oil Market Report (MOMR) for September, do not include condensate, which although has the same quality as crude oil, is excluded from its calculations of members’ contribution by OPEC.
Yahaya, who spoke for others, declared, “The North-east is fully behind the president and the vice president. Their leadership has brought renewed hope to this region.”
An observer, James Abass, who witnessed it all, warned, “This is more than just a misunderstanding. It’s a sign of serious internal divisions within the ruling party that could trigger mass defections or the rise of a counter-movement if not urgently addressed.”
What finally lent credence to the state of the party with respect to the fate of the vice president, was when Shettima refused to shake hands with Ganduje at a public event.
The snub took place in Akwa Ibom State during a reception organised in honour of Governor Umo Eno, who had just joined APC from PDP.
that the deal will advance the development of gas infrastructure projects in Nigeria which will add value to the country’s natural resources.
“This MoU marks a significant milestone in our shared commitment to accelerating Africa’s economic transformation. By combining Afreximbank’s deep expertise in trade and project finance with MDGIF’s national
Dike Onwuamaeze
The Centre for the Promotion of Private Enterprise (CPPE) has advised the federal government to carry out phased implementation of its six-month ban on export of shea nuts in order to safeguard investors' confidence, preserve hard-won gains in non-oil exports, and ensure inclusive, market-driven growth.
Chief Executive Officer of CPPE, Dr. Muda Yusuf, gave the advice yesterday in a policy brief, titled "Managing Nigeria's Shea Nut Export Ban: Balancing Value Addition With Economic Inclusion."
Yusuf pointed out the goal was laudable because it was intended to accelerate domestic value addition and support Nigeria’s
industrialisation drive. But he stated that the instantaneous implementation of the ban had created severe disruptions in the shea nut value chain by hurting farmers, aggregators, exporters, and logistics providers.
He stated, “Local value addition is a critical step toward Nigeria’s economic diversification, but it must be pursued in a way that is strategic, inclusive, and market-friendly.
“A phased transitionsupported by structural reforms - will protect rural incomes, sustain non-oil export growth, and ensure that processors thrive on competitiveness rather than on a regime of subsidised raw materials.
“Policy stability and stakeholder engagement are
essential to achieving a win-win outcome for farmers, processors, and the broader economy.”
Yusuf added, “This brief argues for a phased, consultative transition framework to safeguard investor confidence, preserve hard-won gains in non-oil exports, and ensure inclusive, market-driven growth.
“Nigeria holds significant potential in the global shea nut market, accounting for an estimated 40 per cent of global production. Moving up the value chain through local processing could generate jobs, foreign exchange, and industrial capacity.
“However, policy credibility is crucial as sudden bans on exports with immediate effect introduce uncertainty, heighten risk, and undermine investor
confidence—deterring investment not just in shea but across the broader non-oil export sector.”
He said the challenges that could be associated with the ban included market disruptions and price collapse, investor’s confidence risk, as well as employment and social impacts.
The chief executive officer of CPPE stated, “Shea nut prices have fallen by over 30 per cent since the ban, eroding incomes of farmers and aggregators even as existing export contracts face potential default that can expose exporters to legal and reputational risks.”
He added, “Loan defaults loom large, as many exporters rely on bank financing for procurement and aggregation.”
According to him, abrupt
Nume Ekeghe
United Bank for Africa (UBA) Plc has committed $150 million (KES 20.5 billion) to the Government of Kenya’s $1.35 billion Roads Levy Securitisation Program, underscoring the pan-African lender’s growing role in financing infrastructure and advancing inclusive growth across the continent.
In a statement, the pan-African lender said the commitment was unveiled during a working visit by its Group Managing Director/ Chief Executive Officer, Oliver Alawuba, to Nairobi, where he led a high-level delegation and met with President William Ruto and other senior government officials.
Receiving the UBA team at State House, President Ruto commended the bank for its support over the years, as discussions focused on scaling road infrastructure, strengthening small and medium-
sized enterprises (SMEs), and advancing Kenya’s long-term economic transformation.
Alawuba said: “Kenya holds a strategic place in Africa’s growth story, and UBA is committed to being a long-term partner in unlocking the immense potential here. From financing critical infrastructure to empowering SMEs that drive job creation, our mission is to deliver sustainable solutions that connect markets, foster trade, and improve lives.”
The $150 million pledge was formalised during a meeting with Davis Chirchir, Cabinet Secretary for Roads and Transport. The Roads Levy Securitisation Program, spearheaded by the Kenya Roads Board, is designed to modernise critical road networks, accelerate payments to contractors, and boost connectivity nationwide.
“Infrastructure is the engine of trade, competitiveness and shared prosperity. UBA is proud to be one of the largest financiers
of this program, demonstrating our unshakeable confidence in Kenya’s future.”
Together with the UBA delegation, which included the Executive Director/CEO, Sola Yomi-Ajayi, UBA Africa, and Managing Director/CEO of UBA Kenya, Mary Mulilu, Alawuba also held other highlevel discussions with other key leaders in government and the financial sector in the country.
He met with the Governor of the Central Bank of Kenya, Dr. Kamau Thugge, where discussions centered on strengthening financial sector resilience, enhancing crossborder trade through payments innovation, and reinforcing UBA’s strong capital position in Kenya
Alawuba reiterated that UBA has the financial capacity and expertise to support the regulator’s agenda for a sound, well-capitalised, and competitive banking system.
The Managing Director/CEO
of UBA Kenya, Mary Mulili, added: “Our participation cements UBA’s role as a trusted ally to the Kenyan government, businesses, and communities. We are paving the way for better connectivity that empowers farmers, manufacturers, and SMEs across the country.”
Alawuba and his team also met with the Prime Cabinet Secretary of Kenya, H.E. Musalia Mudavadi. Their discussions emphasised the importance of African-led enterprises in driving job creation, innovation, and sustainable growth.
Both parties highlighted the need for robust partnerships to advance quality infrastructure and regional interconnectivity as foundations for shared prosperity.
“These engagements reaffirm UBA’s commitment to collaborate with governments and stakeholders in building a prosperous, united, and self-reliant Africa,”
policy shifts send negative signals to investors, who may perceive higher policy risk in Nigeria.
Yusuf said, “The progress made in non-oil exports, which is over $3 billion in the first quarter of 2025, could be reversed if confidence declines.
“In addition, the ban threatens thousands of jobs in cultivation, aggregation, logistics, and trade in shea nuts.”
He also said, “The policy effectively penalises primary producers to benefit processors, creating a zero-sum scenario rather than a shared-growth model.”
Yusuf recommended introduction of clear timelines for phasing out raw exports, in a manner that would allow businesses to adjust their
operations.
He also recommended that government should “permit fulfilment of existing export contracts to prevent defaults and maintain Nigeria’s credibility”, and address structural challenges, such as “power supply, logistics, infrastructure and financing to enable processors to purchase raw materials at market prices and still compete internationally”. Yusuf also advised the government to promote innovation and efficiency in processing rather than reliance on artificially low input costs. He asked government to sustain rural livelihoods, incentivise production, and ensure that farmers captured fair market value for their produce.
Nume Ekeghe
Access Bank has reaffirmed its commitment to deepening Africa–Caribbean economic collaboration, with a strong focus on youth and diaspora-led growth, at the just concluded African Trade Fair (IATF) 2025.
The bank, in a statement, noted the Chief Executive Officer of the Caribbean Expansion at Access Bank, Sunmbo Olatunji, while speaking during a session themed
“The Global Africa We Want: Business Collaboration Without Borders”, highlighted the need to harness Africa’s demographic advantage, natural resources, and diaspora linkages to chart new pathways for sustainable development.
“The Global Africa we want is one without borders in spirit, vision, or opportunity, an Africa where our youth, diaspora, and private sector drive collaboration that makes us a central player in the global economy,” she stated.
Olatunji identified agriculture and food security, the creative and cultural industries, sustainable
tourism, and technology and digital innovation as sectors with the greatest potential for cross-border partnerships. She argued that Africa and the Caribbean are natural partners, noting that synergies between the two regions could unlock agricultural value chains, scale cultural exports, and foster integrated tourism and digital innovation ecosystems.
“Africa and the Caribbean are natural partners. By combining Africa’s scale with Caribbean expertise and diaspora networks, we can unlock value chains in agriculture, export our culture more effectively, and create unique tourism and digital innovation ecosystems,” she added.
Olatunji further stressed that the private sector must play a pivotal role in building resilience and driving inclusive growth across regions.
She noted that financial institutions have a responsibility to provide platforms that enable trade, simplify remittances, and support entrepreneurs.
Eromosele Abiodun
Chairman of Nigeria’s second oldest bank, Union Bank Plc, Mr. Farouk Gumel, has been appointed Chairman, Board of Directors of Botswana Sovereign Wealth Fund Limited, by President of Botswana, His Excellency Advocate Duma Gideon Boko. Gumel, the immediate past Chairman of Nigerian Sovereign Investment Authority (NSIA), is currently Vice Chairman of Tropical General Investments (TGI) Group.
The announcement was made at the official launch of the new multi-billion-dollar Sovereign Wealth Fund at the president's office in Gabarone, Botswana.
In a statement, Boko underscored the significance of the step, placing it at the heart of his government's vision for economic diversification and long-term resilience: According to him, “The launch
of the Botswana Sovereign Wealth Fund represents an investment in the future of our country. It is about creating jobs, driving growth, and ensuring that our nation's wealth works for all Batswana.
“This is a foundation upon which we will diversify our economy, open new frontiers of opportunity, and build lasting prosperity for future generations. We are sending a message to the world that Botswana is ready to compete, invest, and lead.”
He said BSWF was designed to reduce the Botswana's historical reliance on diamond mining by channelling resource revenues into strategic investments across diverse sectors, such as infrastructure, technology, healthcare, and renewable energy.
It is believed that the fund will be among the largest in Africa.
Boko stated, “Farouk Gumel will chair a deeply experienced and diverse board selected to
Olusegun Samuel in Yenagoa
A Consultant at the ‘Zero Malaria Project’, Dr. Nduku Maxwell, has revealed that Nigeria accounts for about 27 per cent of the world's malaria burden, resulting in over 200 deaths per day.
Maxwell, speaking in Sagbama, Bayelsa State, at an ongoing Zero Malaria Project sponsored by the Minnesota, USA-based Rotary club of Maple Grove in collaboration with its counterparts, Rotary Club of Yenagoa Towers and Sagbama Primary Healthcare, said the statistics make Nigeria the country with highest malaria prevalence globally.
While insisting that malaria is preventable through the use of insecticide-treated nets, he said initiatives like the Zero Malaria Project are crucial in assisting government health institutions in eradicating this disease from Nigeria.
THISDAY reports that over 15,000 residents from 15 communities in rural communities in the state have so far benefited from the project initiated by the
Rotary Club.
According to the Project Director and Assistant Governor of Rotary District 5059, USA, Jennifer Borel, this year-long project includes free malaria testing and treatment, the distribution of insecticide-treated nets, blood pressure test, blood sugar test and free medicated eyeglasses provided by health professionals.
She said the project emphasises prevention over treatment to eradicate the malaria scourge.
She said: "Rotary International has seven focus areas, one of which is disease prevention and treatment. Bayelsa state was selected for the project in the Niger Delta area because it is highly characterised by high water table and low land that is susceptible to water logging during floods with resultant increase in breeding of mosquitoes.
"These communities experience a high prevalence of malaria. It's also a hard-to-reach area, so I took on the responsibility to bring the project here to help save lives from this deadly disease.
provide comprehensive and strategic oversight. The board’s composition reflects a powerful blend of local expertise and global vision, uniting key national and international figures.”
Vice Chairperson of the board is Ms. Emmah Peloetletse, who is currently Head of Service to the Government of Botswana, as well as Secretary to the President and Cabinet of Botswana. Peloetletse is also Chairperson of Debswana, the world's largest diamond mining company.
Other members of the board include Ms. Malebogo Mpugwa, Chief People Officer at De Beers Group, the world’s leading diamond company; Mr. Anil Dua, Co-founder of Gateway Partners and Non-Executive Director of Afreximbank; and Mr. Boingotlo
Toteng, Senior Managing Partner of Toteng & Company and Legal Advisor on Presidential Affairs.
Others are Mr. Sunil Sabharwal, former U.S. Executive Director to the IMF; Mr. Lesego Caster Moseki, Deputy Governor of the Bank of Botswana; and Mr. Rizwan Desai, Managing Partner of Desai Law Group and former Chairman of the Botswana Stock Exchange.
Boko said, “Together, this board represents a powerful blend of national leadership, international investment expertise, and corporate governance experience, ensuring the fund is equipped with both global insight and local depth.
“In his role as Chairman, Mr. Gumel will lead the board in setting the fund’s investment
strategy, governance framework, and risk management policies. His extensive experience at the NSIA, capital markets and manufacturing will be instrumental in guiding the BSWF towards achieving its dual mandate of financial returns and positive national impact.”
Upon his appointment, Gumel stated, “As a sovereign wealth fund, we are setting our sights on a future built on transparency, good governance, and a steadfast dedication to Botswana's prosperity.
“The board is committed to delivering lasting value, seeking global opportunities and investing for the future.”
The launch of the fund and the appointment of the highly qualified board were met with widespread acclaim from
as a signal of Botswana's serious commitment to prudent fiscal management and attracting toptier global investment expertise. Farouk is a Group Executive Director and Vice Chairman, Africa for Tropical General Investment (TGI) Group.
The Secretary-General of the African Continental Free Trade Area, His Excellency Wamkele Mene, and the acting governor of Oyo State, Barr. Abdulraheem Bayo Lawal, have declared that the AfCFTA will unlock prosperity, create employment and boost the economy of the state.
Mene maintained that Oyo State's decision to integrate with the rest of Africa through the AfCFTA, will result in the expansion of economic opportunities for the state, as according to him, the initiative will boost the state's trade volume, unleash economic prosperity on the youth, the informal sector, farmers, manufacturers and entrepreneurs in the state.
Speaking at the launch of the Oyo State Sub-national Implementation Strategy for the African Continental Free Trade Area (AfCFTA), held at the International Conference Centre, University of Ibadan, on Friday, Mene noted that Oyo State has, by leveraging the opportunities provided by AfCFTA, become a beacon of resilience, competitiveness, job creation and prosperity for all.
He added that the implementation strategy launched by the state would tackle the challenges of youth unemployment, drive economic growth, reduce poverty and improve the living standards of residents of the state, as the strategy has short-, medium- and long-term benefits for the state.
The AfCFTA Secretary-General lauded Governor 'Seyi Makinde for his vision in recognising the importance of AfCFTA and in driving the launching of the implementation strategy.
He described the launch as a bold step, which attests to Governor Makinde's visionary leadership and understanding that "AfCFTA is not a distant aspiration, but a present-day opportunity to unlock prosperity, create employment for young people, for players in the informal sector, for farmers, entrepreneurs and manufacturers in Oyo State.
He said: "The AfCFTA Secretariat stands ready to work with you, to support you within our modest means to implement this strategy, to ensure that when we say Oyo
State was the first state across the continent to have a sub-national strategy that that does not end as a slogan, that indeed it does become a reality."
In his speech, the Chief Host of the event and acting governor of Oyo State, who spoke on behalf of Governor Makinde, Barrister Lawal said the launch of the implementation strategy was a statement of intent and another definitive step to show that the state means business and is ready to be proactive and strategic to external trade policies.
He pointed out the medium-, short- and long-term benefits of the strategy, stating that it will help to create employment, prepare farmers, artisans and entrepreneurs in the state for export and reduce poverty exponentially.
According to him, the strategy will, among other things, improve the export readiness of the state's Small and Medium Enterprises through training, support for compliance with standards on packaging and certifications and also signal to investors that Oyo State is ready and that it is a good
place to invest.
Makinde added that the strategy will equally help to focus by identifying priority sectors such as agriculture, manufacturing, and the creative industry, while the state can also devote resources where they will bring the highest returns.
He said: "Our gathering here today is not just for show. As of now, no sub-national entity in Nigeria or Africa has formally adopted the domestic strategy to operationalise the AfCFTA Agreement. But today, Oyo State becomes the first of the 591 subnationals in Africa to create an AfCFTA Implementation Strategy.
"You may ask, why now? Some people who are used to politics without purpose may begin to look for ulterior motives. Some may even ask whose interest will this serve?
"Let me declare that we are acting now because we believe that while many states are waiting for a perfect alignment, we know that the sooner you prepare, the sooner you gain and that is why Oyo State chose not to wait.
Peter Uzoho
President/Chief Executive of Dangote Industries Limited, Aliko Dangote, has called for the prioritisation of food security and self-sufficiency across Africa, highlighting the continent’s vast agricultural potential.
Speaking at the weekend at his Lagos office, during a courtesy visit by AfricaRice Centre, a pan-African Centre of Excellence for rice research, development, and capacity building, Dangote emphasised agriculture as a key pillar for sustainable development on the continent.
He stated, according to a statement by Dangote Group, “Africa is richly endowed with arable land. With the right policies, adequate investment,
and the adoption of modern technology, farmers can significantly increase their yields and return on investment.”
He stated that strengthening agriculture could help tackle many of the continent’s socioeconomic challenges, given its role as a major source of employment and income.
Dangote added, “With effective policy frameworks and technological advancement, Africa can achieve food security and become self-sufficient.
“Investing in agriculture will also unlock growth across various sectors of the economy.”
Dangote Rice Limited, a subsidiary of Dangote Industries, recently signed a landmark N1.8 trillion purchase and sale agreement with Niger Foods
The Nigeria Association of Resident Doctors (NARD) has suspended their nationwide strike which had caused serious disruption in healthcare services in parts of the country.
To this end, the association has directed its members to resume work immediately.
The Resident doctors had commenced strike Friday morning after the expiration of the 24 - hours additional grace period given by the association after expiration of its earlier 10-day deadline on September 10.
President of the association, Dr. Tope Osundara, confirmed the suspension of the industrial action to THISDAY in a text message on Sunday. He said the decision of doctors to stop the two-day old strike was sequel to a commitment by the federal government to immediately begin payment of Medical Residency Training Fund,
(MRTF) to beneficiaries.
THISDAY learnt that Minister of Labour and Employment and Minister of State for Health and Social Welfare met with the leadership of NARD at the weekend to convey government's decision.
When THISDAY sought to know the outcome of NARD's engagement with the government, Osundara said: "Our strike has been suspended, doctors are to resume work today. Some of our demands have been met. One of them is the payment of Medical Residency Training Fund.mGovt has also promised to look into other issues.
"We did this as a sign of goodwill and to assist Nigerians who are seeking healthcare in our various facilities".
Osundara said that other outstanding demands that are not of immediate attention include: Unpaid Arrears, Downgrade of Membership certificate, Manpower shortage, Immediate release of corrected circular on remuneration for doctors from NSIWC.
Security Systems and Logistics Company Limited, owned by Niger State Government.
The agreement was to ensure a steady supply of high-quality paddy rice to Dangote Rice in support of Nigeria’s broader food security agenda.
The statement said Dangote Rice had made substantial
investments in rice mills and plantations across Nigeria, adding that through its outgrower scheme, the company aims to create employment opportunities while promoting food self-sufficiency nationwide.
Director General of AfricaRice, Dr. Baboucarr Manneh, commended Dangote’s renewed
focus on agricultural investments, describing it as a critical step towards achieving food security on the continent.
He also lauded the recently formalised partnership with Niger State, emphasising its potential to transform regional food systems.
Manneh stated, “Niger State has set an ambitious target of producing five million tonnes of rice over the next five years. To put this into perspective, Africa currently imports around 15 million tonnes of rice annually.” He added “If realised, this target will have a significant impact on rice self-sufficiency and food security in Africa.”
We're Rebranding Asaba Mega City, Complementing Govt's Efforts, Says Asagba Azinge
Omon-Julius Onabu in Asaba
The foundation stone of the Asaba Heritage Museum has been laid on the nascent Asagba of Asaba Permanent Palace ground in Asaba, the Delta State capital, with the monarch stressing the project was in line with the palace's complementary initiatives to rebranding Asaba to a megacity.
Performing the ceremony at the weekend, the Asagba of Asaba, Prof. Epiphany Chigbogu Azinge (SAN), noted that the gigantic project was an impressive response to his appeal to sons
and daughters of Asaba to contribute to the rebranding of Delta State's capital as the nation's fastest-growing city.
His Majesty, who thanked Ogbueshi Tony Ndah and Tony Ndah Foundation for stepping forward to singularly execute and bankroll the multi-million project, stated the government could not do everything hence the citizens should complement government's efforts as much as possible.
Although, the Asaba Palace Museum was not captured in the original plan and contract for
the permanent palace building, Tomy Ndah elected to undertake the project at an estimated cost of N400 million, he disclosed.
The museum project, with half of the contract sum already provided, should be completed by December even as work on the main palace building progressed steadily with funds already generated by the Asaba community, he added.
Asagba Azinge said, "Today, by the grace of God and thanks to our son, Ogbueshi Tony Ndah, who has not only promised but, in fullness of the vision, made
available the money for the building of this museum.
"We are so grateful to him and we are here to lay the foundation of the project. We envisage that come December this year the building would have been fully completed and handed over to us for use.
“We are also conscious of the fact that this building cannot stand alone or in isolation, and we are working assiduously to ensure that other corporate and complimentary structures are also completed within the same period.
Onyebuchi Ezigbo in Abuja Down Syndrome Foundation Nigeria, a non-governmental, nonprofit organization has unveiled an education and skill acquisition centre for persons suffering a form of intellectual disability known as Down Syndrome.
The centre is to serve as a rehabilitation, training and empowerment place for those affected by the peculiar health challenge.
Speaking yesterday at the
official opening of the centre known as Abuja Resource Centre in Lugbe - in the Federal Capital Territory (FCT), Abuja, National President of the Down Syndrome Foundation Nigeria, Mrs. Rose Mordi said the facility will provide support and advocacy and ensure the rights for persons with Down Syndrome and intellectual disabilities are protected. She said that her Foundation has been involved in providing care for persons with Down Syndrome for over 24 years with
headquarters in Lagos.
Mordi also explained that contrary to public perception, Down Syndrome is not an illness but a condition of a person with an extra genetic material.
"I'm blessed with a daughter who was born with a condition called Down syndrome. I would also want to explain that Down syndrome is not a disease, it's not an illness, it is a condition the person will be born with an extra genetic material.
"All of us have 46 chromosomes, inherited from our parents, 23 from the father, 23 from the mother, making it 46. So, we all have 46 chromosomes in all the cells in our body, but the person who is going to born with a condition called Down Syndrome will be born with an extra chromosome that makes it 47 and it is that single extra chromosome that predisposes someone to be born with that condition, called Down syndrome," he said.
Email: deji.elumoye@thisdaylive.com
08033025611
The tension in the a frican Democratic Congress since its adoption by the opposition coalition, worsened last week following the decision of the Independent National Electoral Commission to recognise the new leadership structure chaired by a former President of the Senate, David Mark. Sunday Aborisade in this piece examines the fears of legal and electoral jeopardy probably awaiting the party if the 2023 presidential candidate of the party, Mr. Dumebi Kachikwu, have his way in court.
The African Democratic Congress (ADC), once considered a relatively quiet player in Nigeria’s bustling political scene, has suddenly found itself strategically planted in the national spotlight.
What began in June, 2025 as a series of leadership adjustments has exploded into a full-blown crisis, one now widely described as a battle for the soul of the party. At the heart of this political storm are the competing claims of the party’s 2023 presidential candidate, Dumebi Kachikwu and a new interim leadership headed by former Senate President, David Mark and former Interior Minister, Rauf Aregbesola.
The tension has not only raised questions about party ownership and internal democracy, but also about the future of the opposition movement ahead of the 2027 general elections.
The root of the crisis can be traced to the sudden resignation of the party’s long-time National Chairman, Ralph Okey Nwosu, in late July 2025. Nwosu, who had led the ADC since its inception, had for years been the face of the party’s image.
His exit came at a time when opposition forces were beginning to align with a view to forming a broad coalition capable of challenging the ruling All Progressives Congress (APC) in 2027.
Just weeks after his resignation, the party’s National Executive Committee (NEC) met and adopted a set of resolutions empowering itself to act pending its National Convention.
In that same meeting, a new list of national officers was released, naming David Mark as interim National Chairman and Rauf Aregbesola as interim National Secretary.
This move was believed by many as a strategic masterstroke, a timely alliance of seasoned political veterans designed to breathe life into the party and position it as a formidable platform for the coming elections.
The involvement of influential figures such as former Vice President Atiku Abubakar; Labour
Party leader, Peter Obi; former Rivers State governor, Hon Rotimi Amaechi and former Governor of Kaduna State, Nasir El-Rufai, among others, further signaled that ADC might serve as the crucible of a united opposition front.
However, Dumebi Kachikwu, who ran on the ADC’s presidential ticket in 2023, quickly emerged as the most prominent dissenting voice.
He accused the interim leadership of illegitimacy and described their emergence as a hijack orchestrated by political veterans with no real connection to the grassroots of the party.
In several public statements, Kachikwu questioned the legality of the NEC resolutions, arguing that the tenure of the former chairman, Nwosu, had actually expired in August, 2022. According to him, any decisions made under Nwosu’s authority since that expiration lacked constitutional backing and could not be used to usher in a new leadership.
Further intensifying the drama, Kachikwu accused leaders of the newly
formed coalition of attempting to buy their way into control of the ADC. He alleged that sums as much as ₦20 million were being offered to state chairmen to resign and thereby create leadership vacancies to be filled by loyalists of the interim executive.
These claims, he insisted, were emblematic of an elite-driven power grab designed to disenfranchise the party’s base and undermine its democratic ethos.
In his view, the ADC was in danger of being transformed from a party of ideals into a mere platform for the ambition of recycled political heavyweights.
Parallel to Kachikwu’s objection was a curious development. The party’s Deputy National Chairman, Nafiu Bala, also threw his hat into the ring, declaring himself interim National Chairman.
Citing the party’s constitution, Bala argued that the resignation of the chairman automatically elevated the deputy into the vacant office, a position he said he intended to occupy until a proper convention was held. His claim, though not as widely publicized as Kachikwu’s, added another layer of complexity to the unfolding
As the ADC continues to navigate these troubled waters, Nigerians will be watching closely, not just to see who wins the leadership contest, but to determine whether the party can still live up to its founding promise. In the end, it may well be that the real measure of who controls the ADC is not INEC’s list or court judgments, but whether the party can convince ordinary Nigerians that it is a platform worth believing in.
crisis.
Amid these competing claims, the Independent National Electoral Commission (INEC) was faced with the unenviable task of determining which faction had legitimate standing.
After several weeks of internal review and document verifications, INEC on September 10, 2025 formally recognised the Mark-led interim executive as the official leadership of the ADC. The list published by the commission named David Mark, Rauf Aregbesola, Mani Ibrahim Ahmad (National Treasurer), Akibu Dalhatu (Financial Secretary), and Professor Oserheimen Osunbor (Legal Adviser), among others, as the newly recognised officials of the party.
This INEC recognition was, by all accounts, a significant victory for the Mark-led coalition. It meant the group now had full access to the party’s national secretariat, official correspondence channels with INEC, and most critically, the authority to submit candidate names and conduct party primaries in the build up to future elections.
With this recognition, the coalition also succeeded in consolidating its control over the party’s administrative structure, marking a turning point in the leadership tussle.
Yet, for all the weight that INEC’s recognition carries, it has not settled the question of legitimacy in the minds of many party faithful.
Kachikwu, for one, has continued to insist that the entire process that led to the Mark-led leadership was riddled with constitutional breaches, financial inducements, and even instances of document forgery.
He pointed to inconsistencies in court submissions, signatures allegedly forged, and what he described as a grand conspiracy to undermine the party’s integrity.
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George Elombi has the hands-on institutional experience to take Afreximbank to greater heights, write SIMBO OLORUNFEMI AND ADE ADEFEKO
YUSUPH OLANIYONU argues the need for government to prioritise issue of national security
The Ajaokuta Steel Complex is repositionedbeing as a cornerstone of national development, reckons MUSA WADA
“As we look to the future, I see Afreximbank as a force for industrialising Africa and for regaining the dignity of Africans wherever they are. I will work to preserve this important asset.”
– Dr George Elombi
Like Professor Benedict Oramah from Nigeria, who joined Afreximbank in 1994 as Chief Analyst, rising through the ranks to become the President of the Bank in 2015, Dr. George Elombi, a Cameroonian lawyer, joined Afreximbank in 1996 as Legal Officer, rising through the ranks to the position of Executive Vice President in charge of Governance, Legal, and Corporate Services in 2015. Following Oramah’s two terms as President of the bank, Elombi now caps his run, succeeding him as the bank's fourth president. The same was the case with the pioneer President of the Bank, Mr. Christopher Edordu, who led the Bank from 1993 to 2003, and Jean-Louis Ekra, who joined the Bank in 1996 as Senior Executive Vice President, and subsequently served as the Bank’s second President between 2005 and 2015.
It must have been in keeping with this tradition and a desire to consolidate on the gains of the Oramah era that the Board of Directors recommended Elombi, and the shareholders approved him as successor to Oramah. They must have felt that no one is better prepared to deliver on the desire of the shareholders, as expressed by his predecessor, to make Afreximbank a $250 billion institution in ten years, than a man who was an integral part of the Oramah era that saw the fortunes of the bank taking a huge leap forward. Callable capital increased from $450 million in 2015 to $4.5 billion in 2025, an indication of strong shareholder trust and confidence, with funding from African sources growing from 11.7% to 36.6% during his tenure. Shareholders’ funds swelled to $7.5 billion by April 2025, supported by dividend reinvestments and equity injections. Assets and guarantees rose more than eightfold, reaching $43.5 billion by April 2025, while annual revenue soared sevenfold to $3.2 billion, with net income jumping by nearly 700% to $1 billion.
Under the leadership of Benedict Oramah, Afreximbank became one of the major drivers of the African Continental Free Trade Area (AfCFTA), launching initiatives
such as the Pan-African Payment and Settlement System (PAPSS) to enable real-time local currency transactions across borders, to reduce dependence on foreign currencies, and save billions in transaction costs. Other initiatives include the Fund for Export Development in Africa (FEDA), an impact fund in support of investment in manufacturing, healthcare, and infrastructure; the Creative Africa Nexus (CANEX), a $2 billion investment aimed at Africa’s creative economy; the African Quality Assurance Center (AQAC) established for the harmonisation of standards across Africa’s value-added industries to help agricultural and manufactured goods from Africa meet global benchmarks; and the African Medical Centre of Excellence (AMCE) in Abuja, a $750 million medical centre set up in partnership with King’s College Hospital, London. The Bank not only rolled out the Africa Trade Centres network, but it also backed several mega-infrastructure projects across Africa.
Apart from these initiatives, the pivotal role of Afreximbank during the COVID-19 pandemic in providing emergency crisis financing stands out in the Oramah era. The bank mobilised more than $2 billion for vaccine acquisition and distribution during the COVID-19 pandemic across Africa and the Caribbean, at a particularly challenging time. It also disbursed $50 billion to help African countries facing economic challenges triggered by the Russia–Ukraine conflict, commodity shocks, and supply chain disruptions, to attain stability.
Incidentally, Dr. Elombi played a critical role as Chair of the Emergency Response Committee set up to address the pandemic. He led the
mobilisation efforts for the acquisition of the COVID-19 vaccine, credited for his ability to mobilise legal, diplomatic, and operational resources in emergencies. He was also central to the design of the bank’s current institutional architecture, including the creation of key subsidiaries. As someone who was in charge of the Equity Mobilisation and Investor Relations department, under which the bank raised $3.6 billion in ordinary equity capital earlier this year, there are firm indications that he has earned the trust of the critical stakeholders.
It is the Intra-African Trade Fair (IATF), however, that might be considered the cornerstone of Oramah’s transformative legacy at Afreximbank, as it not only symbolises his vision for a more integrated, tradedriven African economy, but has also served as a critical platform connecting African businesses, governments, and investors, supporting Africa’s economic integration agenda under the African Continental Free Trade Area (AfCFTA). It has since become a flagship event, facilitating trade deals, partnerships, and regional industrialisation efforts, serving as a stepping stone towards the realisation of the bank's mission for African countries to attain economic sovereignty.
It is instructive that the Oramah era at Afreximbank, which ends in October, is wrapping up with the fifth edition of the IATF, which has just been concluded in Algeria, with one of us participating as a speaker at one of the events. The fair had a record participation, with over 2,000 exhibitors and thousands of buyers from 48 African countries in attendance, and over $44 billion in trade and investment deals reported as having been concluded during the fair. Dr Elombi was a visible and influential figure at the Fair, promoting key initiatives of the Bank and articulating its vision to boost intra-African trade, which, according to its report, rebounded in 2024 to $220.3 billion, a 12.4% increase from 2023, an indication that there is growing confidence in regional integration and a shift towards greater diversification in trade.
Olorunfemi is a Specialist on Nigeria’s Foreign Policy and Managing Editor of Africa Enterprise, while Adefeko is Director Corporate and Regulatory Affairs Olam Agri, ex-Officio NACCIMA, and Honorary Consul of Botswana in Lagos
YUSUPH OLANIYONU argues the need for government to prioritise issue of national security
It was a bloody weekend. From Bama in Borno State to Okpella in Edo State to Dandume in Katsina, there were killings of innocent citizens such that within the three days, about 80 people, including law enforcement officers, had been cut down by bandits, insurgents, and kidnappers.
The breakdown of the victims included over 60 people, among whom were seven soldiers killed in a night, house-tohouse raid by insurgents in Darul Jamal, a resettled community in Bama LGA of Borno State. Over 20 houses and 10 buses were also razed in that bloody incident. In Okpella, eight officers of the National Security and Civil Defence Corps (NSCDC) and one civilian operative escorting five Chinese expatriates back to a cement factory were murdered. In contrast, one of the expatriates was kidnapped. Also, 13 passengers were reported to have been abducted on the Benin-Auchi road.
During that same period, armed bandits attacked the Magaji-Wanda community in Dandume LGA and killed seven people while abducting three residents. When the bandits were confronted in a shootout with local vigilantes, two of the latter group were felled in a hail of bullets while eight others sustained injuries.
Yet, the country is not at war. The menace of insurgency, banditry, and kidnapping has proved to be a more deadly and costlier war to our country than any conventional war. It is a situation that gives the impression that Nigeria is experiencing a second civil war. And this was not the first time we have witnessed a bloodbath on a weekend.
With the above real-life scenario, it is my belief that the federal government should prioritize the issue of national security and the quelling of the fire of insurgency, banditry, and kidnapping over any other issue. Even the pursuit of economic policies should start taking a second place behind the fight against insecurity on the government’s priority list.
While I am not suggesting that the Tinubu administration has neglected the fight against insecurity, I believe the government needs to review its strategy, approach, and methods. It must make the fight against insecurity one of the mandatory deliverables of the administration.
The current strategy seems to be redundant and ineffective. The security challenge demands thinking out of the box. How come that a problem which was restricted to the North East and part of the North west in 2015 has now spread to almost all states in the North Central, South South, South east, and parts of South west? Where in Nigeria is safe from the war against human existence being waged by people believed to be mainly non-Nigerians? Stories of the menace of reckless killings, carefree kidnapping, and needless arson are now very common in the nation’s media and public spaces.
A huge section of the country has become a killing field for these nihilists, sadists, and war mongers. As a result of the danger they now pose to society, farms across the country have been abandoned. Only a few daredevil people now venture to go to farms. Many local and diaspora investors in agriculture have beaten a retreat and cut their losses. The fear of criminals has contributed to food scarcity or what is now known as escalated food insecurity. Inflation is very high. Our markets are now populated by imported basic food items like beans, cassava, yams, and other staples which Nigerian farmers hitherto effortlessly grow, harvest, and sell to their compatriots.
The result is mass unemployment, rising poverty, petty crimes, and a balance of trade that is skewed against Nigeria. In essence, the high level of insecurity is an antithesis to the economic thesis which the present government is espousing. That is why as the government reels out esoteric economic indices to buttress its claim that the Renewed Hope Agenda is yielding positive dividends, Nigerians groan that the figures have no positive impact on their daily existence. Life, the people say, is not getting better even if the economic statistics are looking sexier and healthier.
What then do I propose as an additional measure for tackling insecurity in the country? The President needs to set up a joint-force, multi-disciplinary body to handle the periodic formulation and review of strategy on the fight against insecurity. The body should directly report to him every fortnight. This body should consist of the most brilliant individuals nominated by the various security agencies. The President should also do a background check to ensure that those nominated by the agencies got the slots on merit, not based on other considerations. The body should also include some of our IT specialists, security technology experts, and those whose specialty can help boost the war against terrorism with appropriate technology. This group should function as the President’s War Council. The members should help Tinubu formulate a broad strategy on how to eliminate this security crisis in the next 12 months.
Olaniyonu writes from Abuja
The Ajaokuta Steel Complex is being repositioned as a cornerstone of national development, reckons MUSA WADA
In a bold stride toward industrial rebirth, Nigeria’s steel sector is experiencing a renaissance, driven by strategic reforms, visionary leadership, and the firm commitment of President Bola Ahmed Tinubu’s Renewed Hope Agenda. At the helm of this transformation is the Minister of Steel Development, Prince Shuaibu Abubakar Audu, whose twoyear tenure has redefined the trajectory of Nigeria’s steel industry.
Once a symbol of unfulfilled potential, the steel sector is now being repositioned as a cornerstone of national development, economic diversification, and regional competitiveness. Central to this revival is the Ajaokuta Steel Complex, long dormant but never forgotten.
It would be recalled that in September 2024, Minister Audu signed a landmark Memorandum of Understanding (MoU) with the original builders of the plant—marking a historic step toward its completion and operation. This strategic move to reignite the Ajaokuta Steel Complex, typically driven by the Kogi-born seasoned technocrat and politician, is laudable. However, with the Russia-Ukraine war disrupting previous partnerships, Nigeria is now looking to strategic partnership with China to expedite the revival of the steel plant.
Recognising that steel production cannot thrive without reliable energy, the Ministry of Steel Development under the leadership of Prince Audu facilitated a landmark $500 million investment by the Nigerian National Petroleum Company Limited (NNPCL) and its partners for the establishment of five mini-LNG (Liquefied Natural Gas) plants within the Ajaokuta Steel territory. More than just a power solution, this innovation guarantees uninterrupted operations, lowers emissions, and reduces production costs—creating a ripple effect of economic activity across Kogi State and beyond.
Steering the steel sector revival, Audu continues to gain investors’ confidence –from Inner Galaxy Group’s $400 million Stellar Steel Plant in Ogun State to the Orbit Galvanised Steel Plant already churning out products, private capital is flowing into steel like never before. These are not promises on paper; they are factories on the ground, jobs being created, and hope being restored.
The groundbreaking of the Inner Galaxy Group’s Stellar Steel Plant signals growing investor confidence. Expected to be commissioned by April 2026, the plant will significantly boost domestic steel production and job creation. Meanwhile, the commissioning of the Orbit Galvanised Steel Plant, with an estimated annual turnover of $100 million, adds capacity for producing fabricated towers for telecom infrastructure, supporting indigenous projects and exports.
In line with President Tinubu’s national security priorities, Prince Audu also pioneered a groundbreaking partnership
with the Defence Industries Corporation of Nigeria (DICON) to use Nigerian steel for the local production of rifles, helmets, and vests. Once abandoned, Ajaokuta is now being transformed into a symbol of sovereignty and strength.
The minister is not just fixing the present; he is building the future. With a 10-year in-house roadmap developed by the Ministry, Audu has laid the foundation for the production of 10 million tonnes of steel annually, creating over half a million jobs and driving Nigeria toward its $1 trillion GDP vision by 2030.
Also worthy of commendation are efforts led by the minister to reoperationalise the Aluminium Smelter Company Limited (ALSCON) and Delta Steel (now Premium Mines and Steel Limited), expanding Nigeria’s metallurgical footprint. The current management of ALSCON will be investing the sum of $465 million over a period of six years to achieve full capacity utilisation of the plant, while Delta Steel has committed to begin rehabilitation and operations within 18 months.
Consistent with Tinubu’s probusiness stance, the ministry has actively incorporated private players into the revival strategy. The AIG Group has invested $600 million in a 900-hectare iron ore mine in Gujeni, Kaduna State, while KAM Holdings continues to expand its multi-million-dollar operations in Ilorin and Sagamu.
This inspiring development, which gives insights into Mr Audu’s superlative business acumen, speaks to the current administration’s reform, which aims to anchor a reinvigorated private sector as a catalyst of national development. Indeed, the AIG Group’s investments reflect growing confidence in Nigeria’s industrial policy and the enabling environment created by the Renewed Hope Agenda.
To anchor these reforms, the Ministry is partnering with the National Assembly toward the passage of the Nigerian Metallurgical Industry Bill 2023, providing the legal framework for longterm sustainability.
Wada, a public affairs analyst, writes from Abuja
Editor, Editorial Page PETER ISHAKA
Email peter.ishaka@thisdaylive.com
There is need for transparency in the management of the programme
The Minister of State for Humanitarian Affairs and Poverty Reduction, Tanko Sununu, said recently that by the end of August, no fewer than 2.2 million Nigerian households would have been reached with the conditional cash transfer. “The process is such that the National Social Safety-Net Coordinating Office {NASSCO) will now harvest vulnerable Nigerians based on their lowest cadre in the national social register,” Sununu said while making claims on the difference the programme had made on vulnerable Nigerians. He stated that N419 billion had been disbursed to five million Nigerians, with 71 per cent distributed in the northern part, and 21 per cent in the south of the country.
While we have nothing against this initiative, there are several questions begging for answers. Considering that there have been several such programmes in the past, what lessons were learnt from their failures? And what should be done differently this time? Although federal government officials have touted different figures to make claims about the success of the administration’s conditional cash scheme, there is not much evidence on the ground to suggest that it is working. Against the background of a worsening economic situation, we urge a greater level of transparency and accountability in the management of public resources.
cilities nationwide under the MSS.
Conditional cash transfers designed with the specific purpose of enabling mothers to access healthcare to have their babies are a deserving cause
T H I S D AY
EDITOR SHAKA MOMODU
DEPUTY EDITOR WALE OLALEYE
MANAGING DIRECTOR ENIOLA BELLO
DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU
CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI
EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN
THE OMBUDSMAN KAYODE KOMOLAFE
We are more concerned that this transfer is not tied to anything beyond beneficiaries being recgnised as ‘poor’. There should be more to conditional cash transfer than sharing money. Several ideas have been tried in the past. Under the Goodluck Jonathan administration, for instance, the federal government paid women who attended antenatal clinics N5,000 each in the bid to tackle the menace of maternal mortality. The plan was executed as part of the Midwifery Service Scheme (MSS) introduced in 2010. More than 4,000 midwives were deployed to 1,000 health fa-
EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA
GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU
DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE
DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI
SNR. ASSOCIATE DIRECTOR ERIC OJEH
ASSOCIATE DIRECTOR PATRICK EIMIUHI CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI
DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com
High maternal deaths in Nigeria have been traced to lack of accessible, acceptable and affordable primary, secondary and tertiary health care; lack of drugs, dearth of skilled personnel, and lack of access to skilled birth attendants. There are also lack of consumables, medical equipment, poor referral linkages in our hospitals; poor transportation and inability to access basic emergency obstetrical care. There are cultural factors too. For instance, in some parts of the country, without the express permission of their husbands, some women would not venture out of their homes, no matter how critical the circumstances. Research, however, reveals that most mothers avoid going to the hospital for ante-natal care because they cannot afford the bills. Against the background of the virtual collapse of the welfare state that has accentuated corruption in the land, supporting conditional cash transfers designed with the specific purpose of enabling mothers to access healthcare to have their babies, is a deserving cause that requires serious government intervention. We believe it is the responsibility of government to understand the culture of its people and then adopt strategies for meeting critical challenges, even if it means rewarding them for engaging in what will benefit them in the long run.
Some of the conditions tied to this initiative included transfers for parents whose children were attending and staying in school. This is because, given the peculiarities in a diverse country such as ours, we cannot take it for granted that every pregnant woman would go for ante-natal or that every parent would send their children to school. These decisions, undoubtedly, belong in the private realm. But because of the poverty that prevails in many of our rural areas (and in some of the urban slums), and the absence of so much that government should ordinarily avail its citizens, interventions such as conditional cash transfers are important.
Letters in response to specific publications in THISDAY should be brief (150-300 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (750- 1000 words). They should be sent to opinion@thisdaylive. com along with photograph, email address and phone numbers of the writer.
The recently released results of the West African Senior School Certificate Examination (WASSCE) paint a deeply troubling picture. For yet another year, the performance of Nigerian students continues on a downward slope, echoing a disturbing trend from previous years. The consistent decline in WASSCE outcomes is not just a reflection of the students’ struggles but a glaring indictment of the systemic failures plaguing Nigeria’s educational sector. Despite the critical role education plays in national development, the Nigerian government continues to pay lip service to the sector. Budgetary allocations to education remain below the UNESCO recommended benchmark, and implementation of education policies is often lacklustre or entirely absent. Apart from a few proactive states making intentional investments in infrastructure and manpower, most others have relegated education to the
background, prioritising short-term political gains over long-term human capital development.
A major factor contributing to the poor performance in WASSCE is the deplorable state of our school infrastructure. Many students are forced to learn in overcrowded classrooms, dilapidated buildings, or even under trees. Laboratories, libraries, and ICT facilities, which are essential for a well-rounded education, are grossly inadequate or completely non-existent in several public schools. Moreover, the welfare of teachers, the backbone of any educational system, is consistently neglected. Poor remuneration, lack of incentives, delayed salaries, and non-existent training opportunities have left many educators demoralised and unable to give their best. When teachers are not well taken care of, it reflects in the quality of instruction and ultimately, in the performance of students.
However, the blame does not rest solely on the government. Parents, caregivers, and families must also play their part. Monitoring a child’s academic progress should be a shared responsibility. Many parents today are disengaged from their children’s academic lives, often leaving the burden entirely on schools. A change in this attitude is urgently needed. Additionally, the students themselves must show more commitment to their academic journey. The advent of social media, while beneficial in many ways, has become a major source of distraction. Students are spending far more time on entertainment and social media platforms than on their books. This digital obsession is having a profoundly negative effect on study habits, attention spans, and overall academic focus. Tochukwu Jimo Obi, jimobi83@gmail.com
For the first time in Africa, Lagos State, the city of aquatic splendour, will host the E1 Electric Boat Race, unlocking economic potential, increasing tourism opportunities, and placing Lagos, Nigeria, on the world map as a hub for entertainment, sport, and business. Ayodeji Ake writes
The World’s First All-Electric Powerboat Championship
E1 GP, short for Electric 1 Grand Prix (E1 GP), is the world’s first all-electric powerboat racing series, designed to promote sustainability, innovation, and marine conservation through high-speed, competitive water sports. Launched in 2020, E1 GP was co-founded by Alejandro Agag, a renowned name in sustainable motorsport and founder of Formula E and Extreme E, alongside Rodi Basso, a former Formula 1 engineer and McLaren executive.
The championship features cutting-edge electric RaceBird boats, strategically scheduled for October 4 and 5, 2025, engineered to deliver exciting, zeroemission racing on water. E1 GP aims to revolutionise marine mobility while raising awareness about the health of the world’s waterways and oceans.
The series brings together world-class teams, athletes, and innovators, backed by global sporting icons and celebrities such as Rafael Nadal, Tom Brady, Didier Drogba, and Sergio Pérez, who own franchises in the series.
Lagos Joins the Global Calendar
As part of its global tour, Lagos, Nigeria, has officially been announced as one of the host cities for the 2025 E1 GP season, with the event set to take place in October 2025. This marks a historic milestone, as Lagos becomes the first African city to host an E1 GP race.
This development reflects E1’s commitment to inclusivity, global expansion, and the celebration of diverse waterfronts around the world. The Lagos leg of the championship is being organised in collaboration with key local partners, government agencies, and private sector stakeholders dedicated to positioning Lagos as a premier destination for sustainable innovation and international sporting events.
The benefits of the E1 race series to Lagos State include Tourism and global exposure as hosting E1 GP will place Lagos on the global sporting calendar, attracting thousands of local and international visitors, and boosting the hospitality, tourism, and entertainment sectors; Economic opportunities and the event will create jobs and stimulate business for local vendors, artisans, logistics providers, and hospitality businesses; Environmental advocacy: Collaborating with local NGOs and authorities on waterfront and marine ecosystem conservation, raising awareness, and initiating clean-up campaigns across Lagos waterways; Through Innovation and technology transfer, the ride will showcase cuttingedge electric propulsion technologies, offering Lagos an opportunity to explore partnerships in clean energy, e-mobility, and smart city development.
Also, in the area of Youth engagement and talent development, through educational outreach and community involvement, E1 GP aims to inspire the next generation of engineers, athletes, and environmental stewards.
Lagos Officials React
Addressing journalists at a recent media parley with the CEO of E1 GP, the Deputy Chief of Staff to the Governor of Lagos State, Samuel Egube, who also doubles as Chairman of the Local Organising Committee for the E1 Race Series, expressed enthusiasm that the race will unlock so much potential in Lagos State and boost the economy.
“It supports the idea that we are that city of aquatic splendour, and to get E1 Race here requires a lot of negotiation and manoeuvring. It presents our leadership as a businessman, and not just a political leader, but as a leader of enterprise. What this race will do is create an increment in our GDP, and present Lagos and Nigeria to the world. This is a global sport. It presents Lagos side by side with other cities around the world, like Miami, Doha, Monaco, etc. It presents Lagos as the driver of sustainability.
“The racers would be both male and female competing together. It sticks to sustainability because it is an electric race. This business is for our hotels, restaurants, nightclubs,
etc. It flags out the series for ‘Detty December’. It tells the world that Lagos is ready for business and entertainment. We are a city that holds the entertainment capital of the world in terms of Afrobeats, which taught the world how to dance.
“We are the technology capital of Africa, and now we are bringing business, sport, and entertainment in one place. This is big for Lagos. We must thank the governor and the leadership of Lagos. Everybody would participate in the goodness this race is bringing to Lagos,” he said.
The Commissioner for Tourism, Mrs. Toke-Benson Awoyinka, stated that Lagos State waterways will be maximised to their full potential as the race will also unlock tourism opportunities for visiting countries.
“We are excited that for the first time in Africa, something great and magnanimous is happening on our waterways. For those still wondering what E1 is, it’s a race of electric boats on our waterways. It’s about sustainability and unlocking economic potential.
“As we know, fishermen are the primary users of our waterways, and we have also developed an aquatic culture of transportation on the water. However, with E1, it’s another dimension, encouraging people to explore our waterways.
This is another groundbreaking event that will put us back on the world
Hosting E1 GP will place Lagos on the global sporting calendar, attracting thousands of local and international visitors, and boosting the hospitality, tourism, and entertainment sectors… also in terms of economic opportunities, the event will create jobs and stimulate business for local vendors, artisans, logistics providers, and hospitality businesses
map,” she said during the quiz session.
Transport and the ‘Omi Eko’ Project Commissioner for Transport, Mr. Oluwaseun Osiyemi, said that although there are a lot of programmes put in place by the Lagos State Government under the ‘Omi Eko’ programme to ensure the natural waterways are used for swift transportation, the E1 Race Series is an added advantage.
“We are currently on a project called ‘Omi Eko’, making the waterways exciting for people transport-wise. We all know that when people travel on waterways, they get a shorter journey to their destination safely. Today, we are doing a lot on our waterways. We are upgrading our jetties to electric jetties. These are boats people will love to get on. We are getting it right.
“‘Omi Eko’ is a waterways project we are currently on to get people on our water regularly. We are working on infrastructure, jetties, and bigger boats that can accommodate 60 to 100 people at a time, and are electric. It saves transportation costs. In transportation, 70 per cent of the operational cost is fuel. If you take that away, it reduces the operational cost, which automatically reduces the cost. We are doing a lot in the land and rail system, and now it’s the water,” he said.
The Global Perspective
Also engaging journalists, the Chief Executive Officer of E1 GP, Rodi Basso, spoke about the inspiration for the series and said the racing boats are electricpowered with zero emissions.
“Here are big expectations because we have been working very well with all our stakeholders, from the government to our company’s stakeholders, to let people know that a new event is happening. An event based on sport, inspiration, and diversity, with our male and female races. We come here to inspire and offer a show of celebration about the water, and also, our sustainability can be achieved with our very fast boats. We have big expectations and the participation of people. Our boat is about 1300 kilograms, 200 aux. Power, full electric, with no emissions,” he told journalists.
Also speaking, the Chairman of the Sponsorship and Fundraising Committee for the E1 Lagos Race, Mr. Osayaba Giwa-Osagie, who is also of Pan African Capital, said, “About 22 per cent of the 3,500 square kilometres of this state is water bodies. When you have that kind of natural resource, you have to put it to good use. It’s not just for social impact, vegetation, but also for economic purposes.
“Seeing what this administration has done with the coming of the E1 race is to put it into use. This will unlock some of the values that are hidden in our water channels. Lagos has the potential in terms of population, trade, and tourism. As it is, what we see in other countries that we appreciate is what we are bringing back home.”
with Nicky Okoye ( digitalassets@anabelgroup.com )
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.
Recently we have found it necessary to build a specialised community, for which its mandate and objectives include to drive the adoption of the digital asset markets in Nigeria, and subsequently for Africa and the Caribbean. Our Global Investment Advisory community is made up of local and global Investment Banks, Asset Management firms, Pension Fund Administrators, Registrars, Money Deposit Bank, FINTECH Corporations, Financial & Investment Advisors etc. We are particularly expanding across global markets, in order to extend to Nigerian and African institutions seeking to participate in the digital asset market, a very strong network of liquid investors that would guarantee extensive market liquidity in the digital asset markets, as the marketplace continues to unfold.
In this respect, the Global Investment Advisory community, which I lead, has made very strong recommendations to all our current institutional members, to commence their digital asset markets journey by engaging relevant experts that would support the design and development of a comprehensive Digital Asset Markets Strategy, especially if such a member is a bank, financial or capital market operator. This digital asset markets strategy, once designed and developed, will ultimately be the working document that will guide oversight boards and executive management teams with the framework, roadmap and strategic pathways to navigate the sophistications inherent in this emerging digital asset marketplace.
According to our recommendations, the Global Investment Advisory community approaches the development of a corporatewide systemic Digital Asset Markets Strategy by including the following Six Pillars:
1. Digital Asset Markets Desk (DAMD).
2. Digital Asset Markets, Executive Capacity and Expertise.
3. Digital Asset Markets, Real-World Asset Tokenisation, Global Trade and Investment.
4. Digital Asset Treasuries, Digital Assets Management and Digital Assets Allocations.
5. Digital Asset Markets and Digital Asset Project Financed Strategies.
6. The Chief Future Officers’ Unit and the Next One Hundred Trillion Dollars (N1HTD).
The details of this approach can be emailed to us, at the above email, or by checking out our website at www.GIA.community
Integrating Global Digital Asset Markets with Nigerian Real –World Assets
Engagement with the global digital asset markets is the first step in our digital asset markets strategy for our members. The global digital asset marketplace is emerging fast, and the rules of this new investment marketplace are still unfolding. Nigeria’s digital asset marketplace will need to function and operate in line with the global markets, in this respect we will need to build strategic linkages and cross border structures for full integration to happen in real time. Nigeria’s strong retail digital asset investors provide a great opportunity for full integration with the rest of the World in a timely manner. It is pertinent to note that Nigeria’s retail adoption of digital asset markets has shown strong appeal, with Yellow card reporting that Nigeria has over twenty five million, nine hundred thousand (25.9m) citizens of various demographics, investing in crypto and digital assets across the World. This is powerful and we intend to leverage this capacity across the board.
To build a sustainable digital asset markets for Nigeria and subsequently for Africa and the Caribbean, we will need our institutional investors in a very big way. Currently investment institutions based in geographical regions across the World are responding differently to the growth of the digital asset markets in their jurisdictions. For us at the Global Investment Advisory community, we are currently recording that investments in
the United States, Canada and most of Asia, that are dominating the global digital asset markets, are coming from both the retail and institutional investment communities. We equally have noted that in the Euro Zone, there seems to be a much stronger focus on digital assets coming from Family Offices and High Net-worth Individuals Whatever the case may be, we are recording clear digital asset markets positioning being taken by the entire spectrum of Institutional investors, including but not limited to international asset management firms, sovereign wealth funds, national and sub-national governments, enterprise & conglomerate treasury departments etc. Institutional investors are building strategic asset allocations that ultimately include digital asset classes as part of the mix. This approach is supporting diversification as well as providing stability of investment portfolios over the long term. We are also beginning to witness digital asset markets being positioned as a strategic tool in the arsenal of nation builders, as they try to support the development of their local financial systems which in turn is extending extensive capital to entrepreneurs and enterprises, using digital assets markets. This is a new way of supporting and expanding the enterprise development, national development and new job creation ecosystems. We have noted this approach being used in Asia and the Middle East, and this could become more visible in Nigeria and across Africa in the coming years.
Switzerland has established itself as a leading Nation in the digital asset markets ecosystem, driving adoption through strong regulation, risk management and asset safety. This comprehensive regulatory approach has indeed positioned Switzerland as a leader among nation states in responsible digital asset markets management.
A deep dive into Switzerland’s Regulatory Environment
There is very strong regulation in Switzerland for digital asset markets. And this has been the Swiss strategy to boost investor confidence. In fact, Switzerland’s regulatory ecosystem has not only stimulated local innovation, it has also effectively balanced digital asset markets regulation with an accommodating business-friendly environment, thus attracting international investors from all over the World in the process.
The Swiss Regulation is guided by: Financial Market Supervisory Authority (FINMA): This is Switzerland’s primary regulator for financial markets. FINMA are responsible for oversight of all digital assets, including cryptocurrencies, tokens, and blockchain projects.
Swiss Code of Obligations and Civil Law: This particular legislation provides for the contractual and property rights as they are related to digital asset classes.
Swiss Federal Act on Financial Market Infrastructure (FMIA): This legislation provides the legal basis for financial market infrastructure and services.
The Swiss Money Laundering Act (MIA or FMIA): The MIA legislation regulates anti-money laundering (AML) obligations for all financial intermediaries, especially as it in particular relates to institutions that are dealing with digital assets. MIA requires that all digital asset service providers (including digital exchanges, wallet providers, and digital asset brokers) must register with the Swiss Financial Market Supervisory Authority (FINMA), as well as implement Anti-Money Laundering (AML) measures, which must include conducting customer due diligence, and reporting on suspicious activities. This regulation supports the strengthening of the Swiss financial systems providing financial integrity and ensuring compliance for new entrants as the evolving digital assets ecosystem continues to unfold.
Swiss Financial Markets Supervisory Authority (FINMA) Guidelines
Token Categorization: FINMA classifies issued tokens into three categories and these include:
a. Payment tokens (cryptocurrencies).
b. Utility tokens.
c. Asset tokens (securities or derivatives).
Regulatory Approach: FINMA applies existing financial laws based on the token’s classification, ensuring that regulation is proportional and all areas are covered.
Asset/Security Tokens: According to FINMA, once a token qualifies as a security under Swiss law, it falls under the Swiss Federal Act on Financial Services (FinSA) and the Financial Market Supervisory Act (FINMASA). In other words, the regulation, issuance and trading of those particular digital asset classes will be guided by regulation continued in this brief.
Prospectus Requirements: A comprehensive investment memorandum or prospectus is required when offering securities’ tokens. In addition, certain levels of disclosures are required under Swiss law, unless clear exemptions apply.
Anti-Money Laundering (AML): The digital asset markets AML environment is still evolving however, in recent times Switzerland has been known to align with the EU’s 5th Anti-Money Laundering Directive (5AMLD), requiring Virtual (Digital) Asset Securities Providers to register and adhere to Anti-Money Laundering rules.
Crypto Valley: The Zurich and Zug based Crypto Valley is a growing sophisticated hub for
blockchain and digital asset markets startups. The Crypto Valley ecosystem is supported by clear legal frameworks that currently stimulate innovation and aggregate top talent, including institutional investors.
Fintech and Blockchain Innovation: Switzerland is currently recognized for its very supportive stance in the digital asset markets ecosystem as it positions to take the lead in euripi in this emerging industry. In the Swiss approach, providing a “regulatory sandbox” that permits companies to test new innovative blockchain solutions under favourable regulatory, investment and technical conditions, has proven to be strategic and it is working.
Cross-border Regulation: The Swiss authorities understand and currently promote international cooperation with several Nations, this is especially visible across Europe and increasingly across the World. In addition, there is a very active engagement on improvement for the regulatory environment and possibility of global harmonization as regards the digital asset markets.
Digital Swiss Franc & CBDC Preparation: Swiss authorities are exploring the concept of a Central Bank Digital Currency (CBDC). More on this in my future articles.
Consultation on Distributed Ledger Technology (DLT) Bill: Recent efforts are being made to provide for a dedicated draft law that would clarify the legal status of distributed ledgers. It would also reduce regulatory uncertainties surrounding Distributed Ledge Technology, which ultimately would affect all tokenisation projects. This would have significant impact on Blockchain technology and its growth in Switzerland.
EU Zone (Regulation for Digital Assets): Across the European Union, regulation of the digital asset markets is also taking shape, with the Markets in Crypto Assets (MiCA) providing the primary regulatory legal framework for this emerging digital asset markets ecosystem. MiCA is designed to create a comprehensive and harmonized approach to regulating digital assets across European Union member states, covering issuances, trading, investment, service provision as it relates to digital asset classes. MiCA ensures investor protection, overall digital asset market integrity, and exceptional financial stability. MiCA mandates licensing, capital requirements, and safeguards Investment and investors, similar to the regulations inherent in the traditional financial systems which are keenly focused on growing innovation while maintaining security, safety and investor confidence.
Global Investment Advisory community’s Switzerland Retreat and Roadshow September 2025
Our Global Investment Advisory community will be participating in a number of strategic engagements over the next few months as we build out a safe, functioning and innovative Nigerian Digital Asset Markets ecosystem for Nigeria, which investors can be proud of. In this respect, we are visiting Switzerland this month of September, as part of the Digital Asset Markets Retreat and Roadshow, Sep-2025. Our delegation will be hosted in Geneva, Zurich and Zug the Crypto Valley and some of Europe’s most reputable institutions engaged in digital asset markets will be our hosts.
We are confident that effectively implementing a customized digital asset markets strategy for Nigerian Corporations, Institutions, State Regulators and sub-nationals, will provide for the first time in our history, a unique measured approach to wealth creation, which will unleash opportunities for sophisticated treasury and asset management, project finance and balance sheet structuring at all institutional levels going forward. This is very powerful and nothing short of revolutionary. We are committed to all people of African descent across the World, as we guide Nigeria, the Caribbean and subsequently Africa on this strategic journey and we continue to ensure that the ultimate benefits of the digital asset marketplace and ecosystems accrue to our own people and IM Nations over the short, mid and long term.”
•Dr Nicky Okoye Global Investment Advisor
Kayode tokede
As the federal government continue to borrow from domestic investors to bridge 2025 budget deficit, the government’s exposure to FGN Savings bond grew by 6.27 per cent Year-on-Year (YoY) to N36.23 billion in nine months of 2025 as against N34.09 billion in nine months of 2024.
THISDAY analysis of trading numbers revealed that FGN Savings bond auction during the period under review witnessed
sharp increase in investors’ patronage.
The Debt Management Office (DMO) in 2017 launched FGN Savings bond for retail investors that guaranteed interest payment and repayment of the principal. Furthermore, the FGN Savings bond was introduced to deepen the nation’s savings culture, diversify funding sources for the government and it is issued monthly in tenors of 2 and 3 years.
The government projects to borrow
approximately N13 trillion from bonds in 2025 to finance its projected budget deficit, with a significant portion expected to be raised in the first half of 2025 through a mix of new and re-opened bonds.
A quarterly breakdown of domestic investors’ investment in the FGN Savings bond showed N12.95 billion outlay in Q1 2025, about 76 per cent YoY increase over N7.35 billion declared by the debt office in Q1 2024.
In Q2 2025, the total
amount raised by DMO from the FGN Savings bond market stood at N12.65 billion, representing a decline of 12.6 per cent YoY from N14.47 billion in Q2 2024.
So far, the DMO has raised N10.63 billion via the FGN Savings bond in Q3 2025, a drop of 13.4 per cent YoY from N12.27billion in Q3 2024.
The DMO had in 2020 raised a sum of N12.29 billion but the amount raised was truncated by COVID-19 pandemic as the FGN Savings Bond
was offered only eight times.
Meanwhile, the latest coupon rate on 2-year and 3-year FGN Savings bond for September 2025 dropped to 15.541 per cent and 16.541 per cent when compared to 17.202 per and 18.202per cent 2-year and 3-year FGN Savings bond for September 2024.
The DMO in its FGN September FGN Savings bond raised N3.05 billion from the allotment, about 15.1 per cent YoY drop when compared to N3.59 billion September 2024.
According to figures published on the DMO’s website, the debt instruments were offered between September 1-5, attracting a total of 2039 successful subscriptions. Breakdown of the allotment showed that the 2-year bond, due in September 2027, fetched N631.76 million with 792 investors, while the 3-year bond, maturing in September 2028, raked in N2.42 billion from 1,246 investors.
Afrinvest West Africa Limited has expressed that more than two years into the President Bola Tinubu’s led-administration, Nigeria has yet to find a clear pathway to achieving the $1trillion economy target by 2031.
This was disclosed in the firm’s 20th Nigerian Banking Sector Report titled, “ACT-BOLD: Beyond
a Trillion-Dollar Economy,” unveiled in Lagos as part of Afrinvest’s 30th anniversary celebrations.
The firm noted that the $1trillion valuation within eight years (to 2031) vision is predicated on broadbased reforms in both fiscal and monetary policy.
The report noted that, “Instead, recent data from the National Bureau of Statistics (NBS) – based on the newly published
rebased GDP figures –reveals a sobering reality: nearly half of the economy’s size in 2022 ($478.0billion) has been eroded by a mix of external shocks and self-inflicted economic disruptions.
“While many of the administration’s announced reforms appear sound in principle and could, in theory, lay the groundwork for transformative growth, critical enablers
to translate these reforms into measurable results are missing from the playbook.”
The firm noted that in its 2023 BSR: “Getting Nigeria to Work Again!”, it had warned that policy blueprints such as the PAC report are unlikely to deliver high-impact results without deep institutional reforms.
“This position was informed by a root-cause analysis of why prior
reform programmes fell short. Two years in, the same institutional weaknesses remain –hampering implementation capacity and diluting the potential gains of announced reforms.
“As a result of these enduring structural frailties, Nigeria’s economy continues to exhibit growth- retarding characteristics: insecurity, especially in agrarian
communities, limiting agricultural productivity; large-scale oil theft, eroding vital export revenues; fiscal opacity, reducing public trust and investor confidence; public sector extravagance, diverting resources from development priorities, and gross impunity, undermining the rule of law and account- ability.
^14.55
Afrinvest: n igeri A Yet to f ind Cle A r PAthwAY to A C hieving $1trn eC onom Y tA rget
Dike Onwuamaeze
The President of the Nigeria-British Chamber of Commerce (NBCC), Mr. Abimbola Olashore, has stated that creating a structured market for the creative industry and adherence to international standards would boost the volume of Nigeria-British trade far above the current £8 billion.
Olashore stated this when he led a team of the NBCC’s officials on a courtesy visit to explore a strategic
partnership between the bilateral chamber and THISDAY and ARISE TV media group.
On his part, the Managing Director of THISDAY, Mr. Eniola Bello, thanked Olashore for putting forward the partnership proposal, saying that, “we are for you as long as the relationship is mutually beneficial. You can count on our support in terms of what you are doing.”
Olashore said that the NBCC has been at the forefront and centre of
Following recent deployments by the Comptroller General of Customs, Bashir Adewale Adeniyi, Comptroller Joe Anani has assumed duty as new Customs Area Controller for Ports Terminal Multiservices Limited (PTML)
Command with a promise to keep the lofty records of the command growing.
promoting Nigeria-UK trade through its annual trade mission to London and the Nigeria-UK Business Dialogue, which enables business people from both countries and their respective government agencies to iron out issues militating against trade.
He said: “First, go and see the trade relation between the UK and Nigeria in terms of increase. I think that it is about 8 billion pounds sterling. But I cannot come out to say that the NBCC is responsible for the increase.
“But note what we do in terms of programmes. We have our annual trade mission to London. We had one in April. It was at our chamber’s programme two years ago that Britain first unveiled the enhanced trade programme for Nigeria.”
Nume Ekeghe
A member of the Central Bank of Nigeria (CBN), Monetary Policy Committee (MPC), Professor Murtala Sagagi, has projected that the naira will continue to appreciate and could strengthen to about N1,400 to the dollar
before the end of the year. He hinged the outlook on the recent uptick in daily crude oil production, fresh capital inflows, and an improved balance of payments position.
Sagagi made the projection in his personal statement at the MPC’s July meeting, the details of which were released by
the apex bank on Friday. He said: “Previous structural reforms implemented over the last three decades have recorded limited successes in overcoming structural rigidities in Nigeria. Limited economic diversification and overreliance on debt by the government have worsened the vulnerability of the economy to shocks and fluctuations in global commodity prices. Since mid-2023, unlocking opportunities for economic diversification and associated welfare improvement has remained the ultimate goal of the current structural reforms.
Group Business Editor
Eromosele Abiodun
Deputy Business Editor
Chinedu Eze
Comms/e-Business Editor
Emma Okonji
Asst. Editor, Energy
Emmanuel Addeh
Asst. Editor, Money Market
Nume Ekeghe
Correspondents
KayodeTokede(CapitalMarkets)
James Emejo (Finance)
Ebere Nwoji (Insurance)
Reporter
Peter Uzoho (Energy)
At a brief ceremony where he took over from the immediate past Controller, Assistant Comptroller General Tenny Mankini Daniyan, the new CAC commended the successes recorded by his predecessor He described the command and stakeholders as very well organised and promised to build on the various pioneering feats ACG Daniyan achieved Comptroller Anani listed the successful roll out and subsequent revenue collection and trade facilitation achievements associated with the Unified Customs Management System, also known as B’Odogwu as great milestones that must be improved on.
The Secretary-General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene, has lauded the Oyo State government for setting a continental precedent by launching a sub-national
implementation strategy for AfCFTA, declaring the move a model for other African states to follow.
Mene while speaking at the formal launch of the strategy in Ibadan, said the initiative would significantly expand economic opportunities for the state, particularly
for young people, farmers, entrepreneurs, and the informal sector.
“By embracing AfCFTA at the sub-national level, Oyo State has become a beacon of resilience, competitiveness, job creation, and shared prosperity,” he stated.
The event, held at the
University of Ibadan’s International Conference Centre, marked a historic milestone, with Oyo State becoming the first sub-national government in Africa to develop and adopt an official implementation plan for the free trade agreement.
The Nigeria Civil Aviation Authority (NCAA) said it has recorded a sharp rise in passenger refunds, reflecting stronger compliance with consumer protection regulations across airlines, after the regulator had prolonged interface with airlines and embarked on sensitization campaign with air travellers.
Data released by the Director of Public Affairs and Consumer
Protection, Mr. Michael Achimugu, showed that refunds between January and August 2025 amounted to N257.2 million, a significant increase from N108.3 million recorded in the same period of 2024 and N32.8 million in 2023.
Hotel accommodation refunds under the provisions of Part 19 of the NCAA Regulations also climbed to N6.08 million by July 2025, supported by verified reports from hotels in Abuja, Asaba, and Lagos.
In this Interview, Regional President for Central and Eastern Europe, Middle East and Africa (CEMEA), Visa, Tareq Muhmood, speaks on Nigeria’s place in digital payments globally, why Visa is are making long-term commitments through partnerships with banks and fintechs to co-create products and solutions that make digital payments more accessible to individuals, SMBs, and the unbanked. Excerpts
Nigeria is one of Africa’s largest economies. How critical is the market to Visa’s long-term growth strategy?
Nigeria is central to Visa’s strategy in Africa. With its huge population, and young people, the country represents one of the most dynamic and strategically important markets for digital payments globally. For Visa, Nigeria is a large market; it is a hub that influences how commerce and payments evolve across West Africa. That is why we are making long-term commitments through partnerships with banks and fintechs to co-create products and solutions that make digital payments more accessible to individuals, SMBs, and the unbanked—enabling innovation at scale. We are also supporting Nigerian start-ups through initiatives like the Visa Africa Accelerator program, which connects them to Visa’s global expertise and network to strengthen the local ecosystem. Nigeria’s entrepreneurial energy, tech-savvy youth, and position as a regional financial hub make it central to shaping the future of digital payments for Africa, as well as for the global economy.
Consumer behaviours are shifting rapidly towards digital-first lifestyles. How is Visa adapting its products and services to meet these changing expectations?
We recognise that today’s consumers expect payments to be instant, seamless, and secure across all channels. Our approach is to meet people where they are by embedding Visa into the digital platforms and experiences that shape their daily lives. In e-commerce, for example, we are strengthening online security with innovation like tokenisation and Visa Secure, which protect card details while keeping the checkout process smooth. At physical retailers, tap-to-pay has become a trusted and convenient way to transact, and in many African cities Visa technology is powering contactless experiences, from supermarkets to transportation. We are also working with digital wallets, super apps, and fintech platforms to integrate Visa payments directly into the services consumers already rely on. Beyond consumer spending, we are enabling faster, and more reliable payment flows for SMBs and freelancers, helping them thrive in a digital economy. Across all these efforts, our focus remains clear: to ensure Visa remains the best way to pay and be paid.
Collaboration is key in today’s financial ecosystem. How is Visa working with Nigerian banks, fintechs, and regulators to strengthen the payment landscape?
Partnership has always been at the heart of Visa’s model, and in Nigeria it remains the foundation of how we strengthen the payment ecosystem. We work with leading banks to design and deliver innovative card products that expand access to digital payments and deepen financial inclusion.
Tareq Muhmood
At the same time, we collaborate with fintechs to embed Visa seamlessly into digital wallets, lending platforms, and everyday lifestyle apps, ensuring that consumers and businesses can transact with speed, security and confidence. Equally important is our engagement with regulators, where we share insights and global best practice to help shape an enabling policy environment that fosters innovation and trust. This three-way collaboration between banks, fintechs, and regulators is what allows the ecosystem to thrive. By aligning Visa’s global expertise with Nigeria’s entrepreneurial drive and regulatory vision, we are building a payments infrastructure that not only meets today’s needs but is also flexible enough to support the opportunities of tomorrow.
With the African Continental Free Trade Area opening new opportunities, how is Visa enabling faster, safer, and more affordable cross-border transactions for businesses and consumers?
The AfCFTA is a transformative opportunity for Africa, and payments are at the heart of unlocking its full potential. At Visa, we are enabling cross-border commerce by ensuring that transactions are faster, safer, and more affordable for both consumers and businesses. Through our global acceptance network, African enterprises, from large corporates to small traders, can seamlessly connect with markets across the continent and beyond, making it easier to sell goods, expand services, and attract new customers.
We are also investing in solutions that address the specific challenges
of intra-African trade. For example, we are working to lower the cost of remittances, which remain a vital lifeline for many households, while also improving settlement processes so that SMBs can move money and receive payments more efficiently. By combining our global infrastructure with local innovation, Visa is effectively building the digital rails that will support the free flow of goods, services, and capital under AfCFTA. Our vision is to make it just as simple for a business in Lagos to transact with a partner in Nairobi as it is with a partner in London or New York.
Financial inclusion remains a big priority for Nigeria. What role is Visa playing in extending access to digital payments for underserved communities, SMBs, and informal markets?
At Visa, we believe financial inclusion is more than technology, it is also about building trust and confidence in digital finance. That is why in addition to providing secure and convenient payment solutions, we invest in education and awareness. Through partnerships with schools, NGOs, and community organisations, we deliver program that teach the basics of money management, fraud awareness, and responsible use of digital tools. These initiatives are designed to reach women, young people, and rural populations who are often excluded from the financial system. For example, Visa has partnered with Junior Achievement Nigeria to launch a financial literacy program aimed at empowering young people with essential money management skills.
This is part of our broader commitment to building digital confidence across communities. We also recognise the vital role that SMB and informal markets play in Nigeria’s economy. By working with fintech’s and financial institutions, we are supporting traders, artisans, and small business owners’ access digital payment solutions that make it easier to transact, save, and grow their businesses. Education remains at the core of inclusion, and by combining digital access with digital confidence, we are ensuring that more Nigerians can participate fully and safely in the financial ecosystem.
Cybersecurity and fraud are growing concerns in the digital payments space. What steps is Visa taking to strengthen trust and security for Nigerian consumers and businesses? Trust is the foundation of payment, and protecting consumers and businesses is at the core of everything we do. At Visa, we invest a substantial amount of funds annually in technology and talent dedicated to cybersecurity, fraud prevention, and risk management. In Nigeria, this translates into advanced tools such as real-time fraud monitoring, artificial intelligence that analyses billions of transactions to detect unusual patterns, and tokenisation technology that replaces sensitive card details with secure digital credentials. We also work closely with banks, fintechs, and regulators to share intelligence and best practices to ensure the entire ecosystem is better equipped to respond to emerging threats. Just as important is our focus on consumer awareness. Through financial literacy program and partnerships with NGOs and community groups, we help Nigerians understand how to use digital payments safely and responsibly. By combining global security innovation with local collaboration, Visa ensures that every transaction is fast, convenient, and secured.
Drawing on your global leadership experience across Asia, the Middle East, and Europe, what lessons are you applying in Nigeria and Africa to unlock the next wave of growth in the payment ecosystem?
One of the biggest lessons from leading across diverse markets is that while the pace of innovation may vary the fundamentals of trust, partnership, and inclusion are universal. In Asia, for example, we saw how collaboration between governments, banks, and fintechs accelerated digital adoption at scale. In the Middle East, investment in robust infrastructure laid the groundwork for secure, cross-border commerce. And in Europe, the focus on consumer protection and data privacy-built confidence that fuelled sustained growth. In Nigeria and across Africa, we are applying these lessons in a way that reflects the region’s unique strengths.
In an era where the Central Bank of Nigeria harping on how to increase financial inclusion, United Bank for Africa has stood out as a beacon of innovation and reaching out to the unbanked populace through numerous incentives, writes Kayode tokede
United Bank for Africa (UBA) Plc, over the years, has been making bold, inclusive moves to reshape access to financial services across Africa. The pan-African financial institution strategy is multi-layered, combining tech innovation, community empowerment, and strategic partnerships to reach the unbanked and under banked.
In its latest move, UBA in August 2025 announced the beginning of its Super Savers Season 5 promo, a bold and inclusive campaign designed to deepen Nigeria’s savings culture and drive financial inclusion.UBA isn’t just giving away cash—it’s building a movement around financial empowerment, digital access, and community upliftment.
The nine-month campaign, themed, “Season of Progress’, which is expected to run from September 1, 2025, to May 31, 2026, is designed to reward both new and existing customers while encouraging a culture of savings that will enable families and individuals to plan for their children’s education, home ownership, business establishment, and other goals.
The Season of Progress promo encourages customers to open Bumper Accounts, which require only a minimum deposit of N5,000 to qualify for the monthly draws, with customers able to increase their chances by depositing in multiples.
Other qualifying products include Individual Savings accounts, which require N10,000 monthly deposits for three consecutive months, and Kiddies Accounts, Teens Accounts, and NextGen Accounts for young adults.
According to the financial institution, over N150 million will be won during this campaign and there will be over 1,500 winners.
The comprehensive reward structure features quarterly star prizes of N1 million for 27 winners, with other quarterly prizes ranging from N500,000 to N10,000, monthly airtime rewards, targeted cluster draws, and special categories for NextGen, Kiddies, and Teens’ account holders, which ensure savers across all demographics stand a chance to benefit from the promo. Kiddies & Teens Account customers stand a chance to win a scholarship while NextGen Account customers stand a chance to win a Pocket money reward of N15,000 every month for one-year.
In addition, UBA will be giving out airtime, data, branded items, available for customers and Kiddies & Teens account customers are also eligible for a 13th-month reward.
The bank has introduced improved accessibility through a new digital onboarding platform, allowing customers to open accounts online in real-time without having to visit branches or meeting staff members, further democratizing access to banking services.
To ensure transparency and credibility, all draws will be conducted live with oversight from regulatory bodies, with the bank planning extensive nationwide activations in markets, campuses, and rural communities across all states of the federation.
Speaking during the launch in Lagos,
Group Deputy Managing Director, UBA, Mr. Chukwuma Nweke, emphasised the importance of savings in nation-building, pointing out that the bank is a partner in development and is committed to ensuring that all citizens across the length and breadth of the country are financially covered.
Nweke said:“This campaign is aimed at deepening the savings’ culture among Nigerians. Savings empower families and individuals to take control of their future, whether by securing quality education for their children, acquiring homes, setting up sustainable businesses, or meeting pressing needs at different stages of life.”
Speaking further he said: “To support these aspirations, UBA has developed a range of savings products designed to help people achieve both personal and collective goals while promoting financial inclusion.
“Through these products, more Nigerians are being integrated into the formal banking system, bridging economic gaps, breaking cycles of poverty, and building stronger communities”
Group Head, Retail and Digital Banking, UBA, Mr. Shamsideen Fashola, who highlighted the bank’s five-year journey in incentivising savings culture in Nigeria, noted that this promo is further testament to the bank’s commitment to reward its loyal customers.
“Last year, in commemoration of our 75th anniversary, we launched a special promo where we rewarded thousands of customers with approximately N150 million in prizes.
“This year’s Season of Progress promotion is even more ambitious in scope and reach which reflects our unwavering commitment to rewarding our loyal customers who have stood by us through the years, but also our strategic focus on attracting new savers to join the ever-growing UBA family,” Fashola said.
He noted that a unique feature of this season’s promotion is the inclusion of dormant account holders, who simply need to fund their inactive accounts with N10,000 to qualify for special monthly N35,000 reactivation draws.
Group Head, Marketing and Corporate Communications, Alero Ladipo, reinforced that the promo extends beyond prize distribution, explaining that the core reason UBA has been doing this for the last five years is financial inclusion.
“We still have significant ground to cover in empowering Nigerian citizens toward financial independence, and we see this promotion as one of the ways to empower Nigerians, improve their financial independence, and introduce them to the innovative, safe, and secure banking solutions that we at United Bank for Africa provide at the highest standard,” she explained.
The financial institution’s major mission is to bring financial services closer to every African is rooted in a multi-pronged strategy that leverages technology, partnerships, and grassroots engagement. The bank recognizes that addressing the continent’s financial inclusion challenges requires more than traditional banking models.
Early this month, UBA announced the launch of the Mastercard prepaid card to further accelerate financial inclusion and expand access to digital payment solutions across Africa.
The card, which does not require a traditional bank account, is designed to serve individuals who have historically lacked access to formal financial services, particularly young adults, gig workers, and low-income earners. It enables users to top up funds easily, transact both locally and internationally, and manage spending with flexibility and security.
With more than 28.9 million adults in Nigeria remaining unbanked, and digital-first tools increasingly demanded by youth and freelancers, the prepaid card directly addresses pressing gaps in the financial ecosystem.
UBA’s digital transformation journey is a cornerstone of its financial inclusion efforts. With the launch of platforms like UBA Mobile Banking, Leo—the AI-powered chatbot, and UBA Connect, the bank has redefined accessibility for millions.
For instance, UBA Mobile Banking is a user-friendly app enables customers to perform a wide range of transactions, from opening accounts to transferring funds and paying bills. Its multilingual interface ensures inclusivity for diverse African communities.
On the other hand, Leo is UBA’s chatbot, accessible on popular social media platforms like WhatsApp, Facebook Messenger, and Instagram, offers 24/7 banking services. Its seamless integration into users’ daily lives has been instrumental in reaching tech-savvy youth and urban dwellers.
UBA Connect is designed for cross-border banking. This platform enables Africans to transact seamlessly across UBA’s pan-African network. It is particularly beneficial for small business owners and traders who operate in multiple countries.
UBA’s agent banking model has proven to be a game-changer in rural and underserved areas.
By collaborating with local entrepreneurs as banking agents, UBA has brought essential financial services closer to the people. The UBA’s agent banking has led to easy accessibility by many. With thousands of agents strategically located in remote areas, UBA has significantly reduced the distance and cost barriers to accessing banking services.
This initiative not only drives financial inclusion but also empowers local communities by creating jobs and fostering entrepreneurship. According to the bank, more information about the Supersavers Season 5 promo and to open qualifying accounts, can be gotten by customers by visiting any of its branches nationwide, use the new digital onboarding platform, or contact UBA customer service lines.
Nume Ekeghe
Tier-one lender Fidelity Bank Plc will host a highprofile panel session titled, “Digital Railroads: Powering U.S.–Africa Commerce Through Fintech” at the upcoming Fidelity Nigeria International Trade and Creative Connect (FNITCC) in Atlanta, USA.
The bank in a statement said the session, scheduled for Friday, 19 September 2025, will explore how fintech is reshaping crossborder trade by enabling seamless payments,
improving access to finance, and driving financial inclusion across Africa and the diaspora.
The panel will bring together some of the brightest minds in digital finance including: Aisha N. Ahmad, CFA, Former Deputy Governor, Central Bank of Nigeria; Seyi Ebenezer, Founder of Payaza Africa, and a seasoned fintech entrepreneur with over 15 years of experience scaling payment gateways across 20 African countries, Canada, the USA, and UAE; and Charles Oligbo, Founder & CEO of Sawport, an AI-powered
platform designed for realtime customer engagement in the diaspora and on the continent.
Speaking ahead of the session, Isaiah Ndukwe, Divisional Head, Agric. and Exports, Fidelity Bank Plc, highlighted fintech’s unique role in unlocking Africa’s trade potential:
“The African Continental Free Trade Area (AfCFTA) is projected to boost intraAfrican trade by more than 50 per cent by 2030. But challenges like fragmented payment systems, currency conversion, and limited trade finance continue to hold businesses back.
Ebere Nwoji
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said that the tax reforms initiative of federal government was targeted at putting more money in the pockets of individuals, reduce the cost of doing business, and remove the barriers that make small companies uncompetitive.
Speaking during a recent tax reform webiner organised by Leadway Group, he said the reform means individuals would have more disposable income, and businesses, could reinvest in growth rather than being weighed down by multiple taxes.
He further emphasised the government’s focus
on fairness and inclusivity saying, “These reforms are not just about raising revenue; they are about creating a simpler, more transparent, and equitable tax system. If we get compliance right, we can unlock growth for businesses, strengthen the economy, and build public trust in the system.”
Also speaking on the new tax reform, Group Head of Tax, Leadway Holdings, Yetunde Fadipe, highlighted Leadway’s role in driving clarity on such pressing issues saying “At Leadway, we recognise that reforms are only as effective as the understanding of those they affect. Our objective with this session was to break down the complexities of
the new tax law and equip businesses and individuals with practical insights they can act on. We believe knowledge is the first step towards compliance and opportunity.”
In his opening remarks during the session, the Managing Director/ Chief Executive Officer of Leadway Pensure, Olusakin Labeodan, reinforced the Leadway group’s leadership in shaping national conversations.
He said as a group, its role extended beyond simply providing financial services. According to him, Leadway recognised the importance of empowering individuals, businesses, households, and the broader economy to utilise financial tools and policies for creating sustainable livelihoods.
Nume Ekeghe
Chief Executive Officer of Sterling One Foundation, Olapeju Ibekwe, has been appointed to the Board of the United Nations Global Compact Network Nigeria (UNGCNN), a move that underscores her contributions in shaping Africa’s sustainable development agenda.
The announcement, made via UN Global Compact Network Nigeria’s official channels, comes ahead of the 80th United Nations General Assembly, where
Olapeju Ibekwe is expected to engage with leaders from the government, private sector, and civil society to further help forge more effective partnerships that accelerate Africa’s progress towards Agenda 2030. The appointment, highlights Olapeju Ibekwe’s track record in advancing sustainable solutions across education, health access, and women and youth empowerment.
Under her leadership, Sterling One Foundation has built global affiliations and local impact, reaching thousands of beneficiaries while influencing
policy and partnerships across Africa.
Commenting on the appointment, she described it as an opportunity to further strengthen the localisation of the SDGs, a cause she has championed through the Sterling One Foundation.
With this new role, Olapeju Ibekwe is poised to bring grassroots experience and continental insights into global conversations, reinforcing the view that Africa is not just a recipient of aid but a driver of innovation and solutions for sustainable development.
Nume Ekeghe
It its bid to drive financial literacy and youth empowerment, 9 Payment Service Bank (9PSB), recently conducted a financial literacy training session at the Liberty Career Academy (LCA) Summer Camp, engaging young minds with practical
knowledge and essential life skills to confidently manage their finances and build a foundation for long-term financial success.
In a statement, the bank said they designed the training session to help young people make informed financial decisions necessary for
their growth, empower them to build long-term financial security, and contribute to broader economic growth.
The training session focused on helping participants understand the importance of money management, regular saving, goal setting, investing, and the need to spend wisely.
Kayode Tokede
The Nigerian stock market ended last week on a positive note, snapping out of its recent cautious trend as renewed investor appetite lifted market capitlisation by N985 billion.
The benchmark Nigerian Exchange Limited AllShare Index (NGX ASI)
appreciated by 1.13 per cent week-on-week (WoW) to close at 140,545.69 basis points with the the month-to-date and year-todate returns improved to +0.3per cent and +36.7per cent, respectively..
In the same vein, the market capitalisation gained by N985 billion to close at N88.92 trillion.
The stock market last
week was driven by gains in Lafarge Africa Plc (+13.3per cent), Zenith Bank (+4.8per cent), United Bank for Africa Plc (+4.2per cent) and Dangote Sugar Refinery Plc (+9.1per cent).
Sectoral performance was broadly positive, with gains recorded across Oil & Gas (+2.4per cent), Insurance (+2.4per cent), Banking (+1.7per cent), Industrial
Goods (+1.1per cent), and Consumer Good (+one per cent) indices.
Market breadth closed strong, with 70 gainers against 22 decliners.
e-Tranzact International led the gainers table by 45.15 per cent to close at N14.95, per share. Regency Assurance followed with a gain of 27.69 per cent to close at N1.66, while
Chellarams went up by 26.67 per cent to close to N13.30, per share.
On the other side, Union Dicon Salt led the decliners table by 18.33 per cent to close at N9.80, per share.
Thomas Wyatt Nigeria followed with a loss of 16.33 per cent to close at N2.51, while Secure Electronic Technology declined by 10.42 per
cent to close at 86 kobo, per share.
Overall, a total turnover 3.188 billion shares worth N99.685 billion in 132,711 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 3.117 billion shares valued at N90.295 billion that exchanged hands prior week in 118,018 deals.
Wale Igbintade
Human rights lawyer, Femi Falana (SAN), yesterday urged Nigerians to mobilse and demand the dividends of democracy, warning that the country cannot continue to prioritise the welfare of political elites at the expense of the economy and ordinary citizens.
Speaking on Channels Television, Falana condemned the government’s economic policies, mismanagement of public funds, and what he described as the persistent deception of Nigerians by successive administrations.
“At all times, it is a boom for the ruling class but for the people it is doom. Nigerians must mobilise
this time around to demand the dividends of democracy. You cannot improve the condition of members of the political class to the detriment of the national economy,” he said.
Falana lamented that Nigeria has been trapped in a cycle of failed economic reforms since the Structural Adjustment Programme (SAP) imposed by General Ibrahim Babangida (rtd) in 1986, under pressure from the IMF and World Bank.
“Nearly forty years later, we are treading the same dangerous path. The government merely gives failed policies new names to deceive the people. We are told to suffer temporarily for a future
boom — but that boom always benefits the ruling class, never the people,” he stated.
He accused the current administration of repeating past mistakes by simultaneously devaluing the naira, removing subsidies, and increasing salaries and allowances of political office holders — a combination he described as provocative and economically reckless.
Falana also questioned why the 2024 budget, which has technically expired, is still being implemented while projects for 2025 are already underway.
He faulted the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC)
The Lagos State Government has reassured residents of the Epe Division of the completion and delivery of ongoing infrastructure projects in the area.
Speaking during the 2026 Budget Consultative Forum for the Epe division, held at the Jubilee Chalet in Epe over the weekend, the Commissioner for Economic Planning and Budget, Mr. Ope George, highlighted key areas of the 2025 budget.
He noted that several
projects under the infrastructure sustainability plan had reached completion stage, while others were still in progress across the state.
The commissioner who listed completed and ongoing projects in the Epe region as part of his presentation on Day Four of the consultative forum, reassured the division of the current administration efforts to meet infrastructural need.
According to him, “Completed projects include Dauda Buhari Street and Animashaun Street in
Epe; the rehabilitation and upgrade of Eluku Street, Modafejo Agbowa; Magbon Alade Township Road in Ibeju-Lekki; the renovation of the Primary Health Care Centre in Agbowa Ikosi and Odo Ayandelu; as well as the recently delivered Mother and Child Centres (MCC) in Epe.”
He further assured residents of the timely completion of other projects, including the Lagos Logistics and Food Hub in KetuEreyun; the Psychiatric Hospital in Ketu-Ejirin,
for failing to perform its constitutional duty under Section 70 to fix the salaries and allowances of public officers, arguing that the executive should not unilaterally review salaries.
He stressed that any salary review must be holistic, covering public and civil servants and providing measures to cushion the effects of harsh economic reforms.
Falana further highlighted several welfare laws that remain underfunded or unimplemented, including the National Social Investment Programme Act, which provides for cash transfers, school feeding, and empowerment programmes; the Basic Health
Care Provision Fund, which currently receives just 1 per cent of consolidated revenue; and the National Health Insurance Authority Act of 2022, which mandates universal health coverage.
He also cited laws establishing senior citizens’ centres and guaranteeing education for physically challenged children, insisting that these programmes are statutory obligations that must be funded.
“The removal of subsidies has tripled statutory allocations. Federal, state, and local governments must reflect that increase in social services,” he said.
On monetary policy, Falana urged the government to strengthen the naira, curb the illegal use of the US dollar for local transactions, and consider joining BRICS to reduce dollar dependency.
He decried the practice of paying
Epe; Omu Creek Road with Bridge (Phase 1); Jamiu Eletu Road; and the Eleku Road outfall in Ibeju-Lekki, among others.
On the rationale behind the consultative forum, George explained: “This process ensures that every part of Lagos State has a chance to contribute. No community is too small to be heard, and no citizen’s voice is insignificant in shaping our common future. Your inputs here will be captured, considered, and integrated into the Y2026 Budget preparation.”
An Arab-Islamic leaders summit in Doha today (Monday) is expected to rally support for Qatar in the wake of last week's Israeli attack targeting Hamas officials in the Gulf state.
The attack, which Hamas said killed five of its members but not its leadership, has prompted US-allied Gulf Arab states to close ranks, adding to strains in ties between the United Arab
Emirates and Israel, which normalised relations in 2020.
The emergency summit, bringing together members of the Arab League and the Organisation of Islamic Cooperation, began with a meeting of foreign ministers on Sunday to discuss a draft resolution, Reuters reported.
The gathering is a message that "Qatar is not alone ... and that Arab and Islamic states stand by it," Arab League Secretary
General Ahmed Aboul Gheit told Asharq al-Awsat newspaper. Hitting back at global condemnation of the September 9 attack, Israeli Prime Minister Benjamin Netanyahu has kept up pressure on Qatar over the presence of Hamas leaders on its soil, warning Doha on Wednesday to either expel Hamas officials or "bring them to justice, because if you don't, we will."
Qatar, a key mediator in
efforts aimed at ending the nearly two-year Israel-Hamas War, has accused Israel of sabotaging chances for peace and Netanyahu of practicing "state terrorism." A member of Qatar's internal security forces was among those killed.
US President Donald Trump has signaled unhappiness over the Israeli attack, saying it did not advance Israeli or US goals, calling Qatar a close ally working hard to broker peace.
bribes and conducting transactions in foreign currency, which he said constitutes a criminal offence under Section 30 of the Central Bank Act.
Turning to politics, Falana condemned what he called the abnormality of early campaigns ahead of the 2027 elections, warning that governance is being sacrificed for politicking.
“The law cannot cover every situation. INEC must draft rules and regulations to stop this illegality and charge violators to court. Disobeying a court order amounts to contempt, and offenders should be jailed,” he insisted.
He faulted the Independent National Electoral Commission (INEC) for claiming helplessness, arguing that Section 95 of the Electoral Act and Paragraph F, Part I of the Constitution empower it to monitor campaigns and issue binding regulations.
The Minister of Solid Minerals Development, Dr. Dele Alake, has described the verdict that sentenced Ansaru commander Mahmud Usman to 15 years in jail as a major victory in the war against illegal mining.
On Thursday, Justice Emeka Nwite of the Federal High Court, Abuja gave the verdict and remanded the accused in prison to face 31 other charges.
Commending the judiciary for supporting the efforts of the ministry to crush illegal mining, Alake said the verdict has finally established that bandits engage in illegal mining to fund their operations.
"It is gratifying for me that the judiciary is aligned with the ministry’s objective of zero tolerance for illegal mining. Further tightening of the noose around illegalities in mining continues as more drastic measures will be announced shortly," he said.
Alake said the ministry shall monitor the proceedings of the
remaining 31 cases of terrorism against the Ansaru commanders noting regulators of the mining sector have a lot to learn from these cases to improve capacity to counter illegal mining.
The minister praised the Directorate of State Security Services (DSS) for the yeoman's job of monitoring, detecting, and arresting terrorists to face the wrath of the law.
"We shall increase inter-agency collaboration to raise the tempo of surveillance to rid our communities of illegal mining perpetrated by bandits," the minister stated.
Translated as the Vanguard for the Protection of Muslims in Black Africa, the Ansaru group is facing court charges for attacking the Nigerian Army Wawa Cantonment and raiding Kuje Prisons, Abuja in 2022, among other terrorist activities.
It would be recalled that the Minister set up the Mining Marshals in 2024 to combat illegal mining and improve the security of the sector.
Harcourt
As the end of the emergency rule declared by President Bola Tinubu draws nearer, the Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas, appealed to Rivers people, especially the politicians to sheath their sword, rise above bitterness, rivalry and self -interest to pursue the greater good of the state.
The administrator made the
appeal yesterday, during an Inter-Denominational Church Thanksgiving Service held at the Ecumenical Centre in Port Harcourt, ahead of transition from office.
Tinubu declared a state of emergency in the state on March 18, following the political crisis which was threatening the governance in the oil-rich state.
The President, during the declaration, announced that the emergency rule would last for
six months and appointed Ibas to temporarily man the affairs of the state.
During the church service, the administrator noted that it was part of official events marking the state's transition back to democratic governance. Ibas stated that his administration had “deliberately sowed seeds of love and peace, which he said requires the collective nurturing of all Rivers people to flourish.
He recounted the challenges
the state faced, noting that it was “torn by divisions, instability, and broken trust” before the intervention by the President.
“By God’s grace, and with the support of Mr. President and all of you, we have walked through those difficult days together. The survival and relative stability we enjoy today is a testimony of God’s faithfulness”, Ibas stated.
Addressing the politicians, the administrator admonished them to “sheath your swords",
The 2023 Presidential candidate of the Labour Party (LP), Mr. Peter Obi, yesterday underscored the importance of Ibadanland to the human and capital development of the country.
Obi said this when he paid a visit to the Olubadan-designate and former governor of Oyo, Oba Rasidi Ladoja, at his Ondo Street, Bodija, Ibadan residence.
He said the socio-economic and political history of Nigeria would not be complete without mentioning Ibadan, adding that Ibadanland had always played
a pivotal role in both the socioeconomic and political history of Nigeria.
The former governor of Anambra State, who was accompanied on his visit by a chieftain of LP, Yunusa Tanko and prominent indigenes of Igboland acknowledged the contributions of the indigenes of Ibadanland, both at home and diaspora, to the growth of the country.
He said, “The position of Ibadan in the history of Nigeria cannot be ignored as a home to all because of the hospitable nature of the indigenes. Also, the ancient city is blessed with the likes of
Ladoja, who has seen it all as former governor and Senator of the Federal Republic of Nigeria.
"It is expected that his wealth of experience will be brought to bear in his new royal assignment as the 44th Olubadan of Ibadanland. Oba Ladoja will enjoy the support of all and sundry across the country in his new assignment.
“On my part, I will render necessary assistance to make the reign of Ladoja as the 44th Olubadan successful."
Oba Ladoja, in his response, noted that his aspiration to the throne of Olubadan was in furtherance of his service to
humanity.
"That I am alive today is a further confirmation of the Grace of God upon my life. It is God who enthroned Olubadan, not because you have money or influential people around you.
That is why I will continue to offer thanks to Him.
“I just see my appointment as Olubadan as another opportunity for service. Many people erroneously believe that the throne is for glamour.
“The time of glamour is gone; it is about service and what you have on the table for the people in society,” he said.
Kasim Sumaina in Abuja he Corps Marshal, Federal Road Safety Corps (FRSC), Shehu Mohammed, has approved the posting of senior officers, including a new Corps Secretary, four other Assistant Corps Marshals (ACM) as well as Sector Commanders (CC) across
several states of the Federation. Announcing the appointments, the Corps Marshal stated that the redeployments were part of efforts to reinvigorate the operations of the Corps and consolidate on its commitment to road safety management in Nigeria.
A statement issued yesterday in Abuja by Assistant Corps Marshal, Corps Public Education Officer, FRSC, Headquarters, Abuja, Olusegun Ogungbemide, hinted that ACM G. Ntukidem, formerly ACM Personnel, has been appointed as the new Corps Secretary at the FRSC National Headquarters, Abuja.
Similarly, ACM J.W. Toby moves from ACM (Policy) in Policy Research and Statistics Department to assume duty as Zonal Commanding Officer (ZCO) Osogbo, while ACM I. Abubakar, formerly ZCO RS11HQ Osogbo, now takes over as ACM Policy, in the national headquarters.
declaring that no political victory or personal gain is worth the blood of any Rivers citizen.
He stated that the progress and prosperity of Rivers State must be placed above personal or partisan interest, and that politics must never be an excuse to destroy the state they are called to serve.
To the youth, the sole administrator urged them not to be used as instruments of violence but to instead channel their energies into building a peaceful and prosperous state.
He further called on community leaders, elders, and religious figures to continue providing guidance, wisdom, and prayers for the continued stability of Rivers State.
Attributing the achievements of his administration to a collective support, he thanked God for his mercy and Tinubu for his leadership and unwavering
backing as well as the people for their patience, support, and understanding through the six months.
“The seeds of reconciliation have been planted. These seeds need your deliberate nurture to take roots. Our collective sacrifices and commitment to peace is what we must all strive to guide at this time.
“Truly it was God who kept Rivers State. This service is a solemn testimony of God's faithfulness to Rivers State. We have survived storms, political, social, economic, and through it all, God has been faithful”, the administrator stated.
In his sermon, Chaplain of the Chapel of Everlasting Grace, Government House, Barasin Ogan, echoed the administrator’s call for unity, urging citizens to let go of the past and work together to build a better Rivers state.
A sociocultural group of Akure, Ondo State indigenes, the Ooye Development Initiative, (ODI) has lauded President Bola Tinubu for approving the Teaching Hospital project in Akure and the Ondo State governor, Hon Lucky Aiyedatiwa, for the State Executive Council’s recent approval of transfer of the University of Medical Sciences (UNIMED) Teaching Hospital complex to the Federal University of Technology, Akure (FUTA) as its College of Medicine and Teaching Hospital.
In a release signed by its President, Mr. Tokunbo Jegede, the group said it was commending President Tinubu for his love for Akure and Ondo State in general, as well as the state government for its
dedication to the course of the Teaching Hospital, especially its bold moves towards its actualization.
Last Thursday, the State’s Commissioner for Health, Dr. Banji Ajaka, announced the move as one of the resolutions of the State Exco, explaining that it was as a result of President Tinubu’s approval for FUTA to establish a College of Medicine and a Teaching Hospital. Ajaka also maintained that the Akure hospital complex would be ceded to the Federal Government to serve as FUTA’s main medical sciences facility.
“The handover includes the transfer of staff infrastructure, equipment, and liabilities. All employees will be absorbed into FUTA Teaching Hospital under the Federal Government,” Dr. Ajaka stated.
Chuks
Okocha in Abuja
The convener of League of Northern Democrats and advocate of one of the political parties recently recognised by Independent National Electoral Commission (INEC), All Democratic Alliance (ADA), Dr. Umar Ardo, has called for caution as preparations for the 2027 general election gradually commences.
In a statement he signed, Ardo blamed the economic woes, security crisis, and corruption
in the country on the ruling All Progressives Congress (APC), opposition Peoples Democratic Party (PDP), and the old political order.
He said, “They have failed, and failed woefully. Their continued grip on power is a death sentence for Nigeria’s survival as a nation.”
However, Ardo said, “But a new dawn is possible – if the patriotic elites, men and women, and the Nigerian youths, unite under one banner, the ADA banner! Together, we can birth
a political renaissance rooted in justice, sacrifice, innovation, unity and service.”
Ardo explained, “The cause is clear - a visionless, venal, corrupt, supine, insensitive and banal political class has taken siege of our country! For over two decades, the operators of the system have milked our nation dry, looting the treasury while sowing seeds of ethnic and religious division to perpetuate their grip on power.
“They get richer while mass of the people gets poorer! They thrive
on hatred, fear and disunity, while the masses wallow in suffering. These political merchants have deliberately dismantled the moral foundations of governance, leaving Nigeria rudderless and adrift.
“Yet, Nigeria is not a barren land of fools. Ours is a country brimming with enlightened, well-educated, skilled and patriotic elites. But too many of these elites have stayed aloof, too detached from the so-called dirty field of politics. They have chosen silence, or at best, grumbling in private
Sunday Aborisade in Abuja
The Senate President, Senator Godswill Akpabio, has appealed to Nigerians to remain patient and hopeful as the country undergoes critical reforms under President Bola Ahmed Tinubu’s administration, assuring that the ongoing transformation will soon translate into economic prosperity and national renewal.
According to a statement by the senate president’s media office on Sunday, Akpabio stated this while speaking as Chairman at the opening of the Second Plenary Meeting of the Catholic Bishops Conference of Nigeria in Ikot Ekpene, Akwa Ibom State.
He called on Nigerians
not to be discouraged by current economic challenges, emphasizing that nationbuilding is a gradual process requiring collective endurance and faith.
The Senate President said, “Let me seize this opportunity to urge my compatriots to be patient with your government as we lay again the foundations of this house.
“Do not despair when the winds blow strong or the scaffolding shakes. For a nation is like a mighty cathedral, it is not raised overnight, but stone by stone, prayer by prayer, hand by hand.”
Quoting the scripture, the Senate President drew inspiration from Isaiah 40:31.
He said, “They that wait upon the Lord shall renew their strength; they shall mount up with wings as eagles.”
He urged collaboration between the church and the state in the task of national transformation.
He said, “Transformation is not the burden of one arm of society, nor the privilege of a select few. It is a covenant of partnership. As St. Paul declares: ‘We are co-workers in God’s service; you are God’s field, God’s building.”
The Secretary to the Government of the Federation, Senator George Akume, who representing President Tinubu at the event, reaffirmed the administration’s commitment
to delivering lasting economic reforms and inclusive growth.
Akume said, "This administration came into office with a firm commitment to renew hope, strengthen our democratic institutions, and build a Nigeria that works for all.
"We have taken bold steps to stabilize the economy, attract investment, and implement reforms that will bring enduring benefits to our country.”
He called on the Church to continue supporting the government, assuring that no segment of society would be left behind in the administration’s social investment programmes.
Yinka Kolawole in Osogbo
The Osun State Chapter of the All Progressives Congress (APC) on Sunday advised the state chapter of the National Union of Local Government Employees (NULGE) which has been on solidarity strike for the PDP-led Governor Ademola Adeleke for seven months to go back to the drawing board with a view to forestalling the suffering of the people at the grassroots across
the state.
In a statement issued and made available to THISDAY yesterday by Mogaji Kola Olabisi, the Osun State APC Director of Media and Information noted that "It is apposite to state unequivocally that with the filing of the suit on tenure by the duly reinstated APC local government council chairmen at the Federal High Court in Osogbo on Friday 12th September, 2025 is an express
attestation of the fact that if the absconding state NULGE does not change its tactics, there is every tendency the end of the needless strike is not in sight.
"In the first instance, is it not an act of stupidity for someone or any corporate body to inherit another man's enemy as the Osun NULGE is manifesting the thinking in the society that the supposed arm of an organized labour body has been operating as an extension of the Peoples
Democratic Party (PDP) in the state which is an anomaly.
"The worst part of the stinking anomalous development in the Osun State ALGON is that while its unsuspecting and hapless members have been suffering from wants and needs, the Governor Ademola Adeleke-led government has been romancing the state executive of the union which culminated into their smiling to the banks at every point in time.
circles while the country burns.
But as a philosopher once warned: when the good people refuse to join politics, they will be governed by the bad ones!”
Under the circumstances, the convener of Ada said, “Now, as 2027 looms, we are witnessing the same tragic cycle unfolding again.
The very politicians who created this disaster - those who wrecked the present and mortgaged the future – are once again jostling feverishly for power under the banners of the old political platforms that they used to destroy the country – ie - APC, PDP and sundry parties! The nation watches helplessly, as if spellbound by a curse.
“But this curse must be broken. And to do that active
participation of patriotic elites is essential. Hence, to Nigeria’s true patriots, professionals, intellectuals, journalists, entrepreneurs, religious clerics, all men and women of conscience, as critical stakeholders of the Nigerian project, we say this is your moment.
“You must all come out to participate in the political process! History is watching. Posterity is recording. The failure to act now will condemn you as accomplices in the destruction of your country.
“Silence is no longer golden; it is betrayal! Indifference is no longer safe; it is cowardice! The time has come for you to unite, to join forces, to step into the arena, so that together we help wrest Nigeria from the claws of her predators.”
Hammed Shittu in Ilorin
Ahead of 2027, prominent leaders of the All Progressives Congress (APC) in the Kwara South Senatorial District of Kwara State at the weekend converged at Oro in Irepodun Local Government Area of the state to rally support for the reelection bid of President Bola Ahmed Tinubu.
The leaders were drawn from the seven local government councils that make up the senatorial district of the state.
Among the leaders in attendance include Deputy Senate Leader, Senator Lola Ashiru, the Convener of the summit and chairman of National Institute for Cultural Orientation, Mr. Biodun Ajiboye, former chairman of APC, Hon. Bashir Omolaja Bolarinwa (BOB), Chief James Ayeni, Hon. Rasaq Owolabi, formrr commissioner for Communications, Hon. Kayode Towoju, former Commissioner for Information,
Hon. Ben Duntoye and leaders of APC from all the seven local government councils in the senatorial district of the state.
Speaking at the event, the convener of the roundtable conference and Executive Secretary of National Institute for Cultural Orientation, Mr. Ajiboye said that, President Tinubu has done a great job for the overall growth of the nation especially in the Kwara South Senatorial District of the state since assumption of office.
He said that, the leadership style exhibited by President Tinubu in the last two years remained commendable and therefore he should be supported to continue with the laudable works that he is doing for the people of the country.
Ajiboye listed various achievements in the economic, social infrastructure, empowerment and foreign programmes that have yielded positive results for the people of the country.
Chuks Okocha in Abuja
Socio-Economic Rights and Accountability Project (SERAP) has urged Professor Mahmood Yakubu, the Chairman of the Independent National Electoral Commission (INEC) “to identify politicians and political parties blatantly violating constitutional and statutory legal provisions and international standards which prohibit early election campaigns and to ensure the prosecution of perpetrators and their sponsors.”
SERAP urged him “to closely monitor political parties breaching the constitutional and statutory provisions and international standards which prohibit early election campaigns and to develop clear regulations to govern the conduct of parties and politicians regarding premature election campaigns in Nigeria.”
INEC last week expressed concerns about early election campaigns by political parties,
stating that the campaigns have undermined its ability to track campaign finance limits. INEC also claimed there is no sanction for early election campaigns.
But in the letter dated 13 September 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “INEC is not helpless when political parties, candidates and other politicians contravene the legally prescribed period for election campaigns. Early election campaigns are unconstitutional and illegal.”
SERAP said, “INEC constitutional and statutory mandates extend to sanctioning or penalising electoral offences, including early election campaigns.”
According to SERAP, “INEC should not be seen to be encouraging or giving legitimacy to political parties, candidates and other politicians carrying out early election campaigns outside the legally prescribed campaign
Yinka Kolawole in Osogbo
Former National Secretary of the All Progressive Congress (APC) and governorship aspirant in Osun State, Senator, Iyiola Omisore at the weekend revealed that President Tinubu asked him to join guber race in Osun when former Governor Adegboyega Oyetola declined to run for second term in office come 2026. It would be recalled that in the last few months the Minister of Marine and Blue Economy, Gboyega Oyetola has indicated his disinclination to run for Osun gubernatorial race. Senator, Omisore who stated this while hosting APC stakeholders in Osogbo contended that he had earlier had an instruction that they should return Gboyega Oyetola in 2026 until Oyetola decided not to run for governorship anymore.
He remarked that he had made up his mind to give full attention and support for Oyetola based on directive, but when I decided not to run, I consulted president Bola Ahmed Tinubu
to seek his views on my 2026 Gubernatorial race.
According to Omisore, "That’s not to say I have not been to the President to take his consent. He has always asked me about the fate of our party come 2026."
He posited that he had actually informed him about his preparedness to run for the governorship ticket of All progressive Congress party (APC) in Osun State to change the narrative.
The aspirant said, "if you look at the real political challenges facing the state now, one realizes that the battle to rescue the state from the current poor governance and inept administration will not be a child play. "
He stressed that such requires experience, determination, vigor and mobilization that he has gathered over time. Senator Omisore however promised to work vigorously, religiously - days and nights to make Osun State great and restore the lost glory for the people of the state if given the mandate.
period.”
The letter, read in part: “Early election campaigns have adverse effects on economic development due to prolonged electioneering frenzy.”
“As INEC is yet to publish the timetable and schedule of activities for elections, early election campaigns are inconsistent and incompatible with the letter and spirit of the Nigerian Constitution 1999 [as amended], Electoral Act and the country’s international human rights obligations.
“Several state governors seem to be using fuel subsidy windfall for early election campaigns. Several state governors are grossly failing to invest in social and economic development and provide essential services to their residents despite a significant increase in revenue since the removal of fuel subsidies.
“Enforcing the prohibition against early election campaigns would be reasonable, justifiable and proportionate, as it would serve to achieve human dignity, equality, and freedom. INEC has broad constitutional and legal obligations to promote, protect, uphold the rule of law and defend the public interest.
“Any failure by INEC to fairly enforce constitutional and statutory prohibitions of early
election campaigns and the country’s international human rights obligations would create a culture of impunity of perpetrators and their sponsors.
“By failing to act against or sanction political parties, candidates and other politicians for engaging in early election campaigns, INEC is implicitly condoning the violations of the Nigerian Constitution, the Electoral Act and the country’s international human rights obligations.
“We would therefore be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and INEC to comply with our request in the public interest.
“Federation Account Allocation Committee (FAAC) in 2024 FAAC shared N28.78 trillion to the three tiers of government, a 79 percent increase from the N16.28 trillion disbursed in 2023. In 2024, Nigeria ranked 130th out of 141 countries for infrastructure quality.
“According to a joint report by the World Bank and the National Bureau of Statistics (NBS), over 129 million Nigerians live in extreme poverty.
“While the minimum wage has
been increased from N30,000 to N70,000 many state governors are failing to pay the new wage.
“SERAP is concerned that political parties and politicians commenced campaigns almost immediately after the 2023 general elections instead of complying with the legal requirement that campaigns begin 150 days before the 2027 general elections.
“Rather than prioritising delivering good governance to their people, state governors and other politicians are hoisting campaign banners across the country soliciting for votes.
“INEC can rely on Section 83 of the Electoral Act to seek information or clarification from political parties on how they are complying with the constitutional prohibition of early election campaigns and to direct the parties to immediately end the practice which is clearly contrary to the Nigerian Constitution and the Electoral Act.
“INEC should impose sanction on political parties and candidates who fail to comply with its directive, as prescribed under section 83(4) of the Nigerian Constitution.
“INEC should also use section 225 of the Nigerian Constitution to demand from political parties
the source(s) of funding by the parties and candidates for early election campaigns.
“Several political parties, candidates and other politicians are promoting themselves and canvassing for votes before the 150 days prescribed by the Electoral Act. Political parties, candidates and other politicians cannot elevate themselves above the law.
“Early election campaigns undermine under the provisions of chapters 2 and 4 of the Nigerian Constitution covering fundamental objectives and directive principles of state policy and fundamental rights.
“Specifically, early election campaigns violate economic and social rights, right to equality and equal protection of the law, sustainable development, and the right to free and fair elections as guaranteed by the Nigerian Constitution and the country’s international human rights obligations.
“INEC would be deemed to have violated these rights if the commission continues to fail to prevent early election campaigns or punish those conducting them, as it would be creating conditions unfavourable to the effective realization of these fundamental human rights.
Osun student
Kolawole
leaders: Adeleke has surpassed APC's 12-year
Governor Ademola Adeleke of Osun State at the weekend presided over the State Executive Council meeting during which critical state policies were reviewed and implementation directives issued to ministries and agencies.
The meeting which dragged late into the night appraised developments within each sector and appreciated the many endorsements and commendations the administration has been receiving from all cadres of Osun society.
Meanwhile, in a related development, student leaders from across higher institutions in Osun
State on Saturday overwhelmingly endorsed Governor Ademola Adeleke for a second term in office, declaring the governor has surpassed the 12-year governance records of the APC in less than three years.
Inside a fully packed Banquet Hall of the Government House, student leaders of NANS structures and the National Association of Osun Students (NAOS) appraised the Adeleke administration with high scores in terms of delivery of good governance and democratic dividends.
While presiding over the State Executive Council, Governor Adeleke said: “We must congratulate ourselves on the
series of endorsement and approval rallies and declarations from various interest groups in the state. Our job performance rating is at a very high level and our government is rated very high by all categories of Osun people”, the governor told cabinet members in his address.
While urging cabinet members not to relent in the delivery of democratic dividends, the governor said “despite the challenges facing us, we are fulfilling our obligations especially in critical areas of governance.”
The governor further said the ministry of works is working hard to deliver on schedule the ongoing infra projects, noting the administration is speeding up the
execution of the Ilesa dualization, the Ile Ife flyover bridge, the Oke Fia/Lameco flyover bridges, the Iwo dualisation among others. On the State Electricity Market law passed by the House of Assembly, the Governor directed the Commissioner for Energy to develop an implementation plan which should include seeking supportive assistance from the National Electricity Regulatory Commission. He further instructed the Commissioner for Local Government and Chieftaincy Affairs to take action on the ugly development at
the
was
Igbawase Ukumba in lafia
Governor Abdulallahi Sule of Nasarawa State yesterday threatened to institute a legal
action against former Pro Chancellor of Benue State University Makurdi, Prof. Zachary Anger Gundu, for accusing him of masking the
Omon-Julius Onabu in Asaba
The Global Peace Development (GPD), a Civil Society Organisation (CSO), has harped on the need for the Delta State Government to accelerate the process of translating the transparencyenhancing whistleblowing policy into justiciable legal instrument by legislating on whistle blower protection.
Executive Director of the GPD, Mr. Ebruke Esike, who made the appeal in Asaba on Saturday, at a one-day training for traditional media practitioners and social media influencers on the Whistle-Blower Protection Bill 2024, stressed that such legislation was undoubtedly in the interest of the masses and ordinary citizens of the state.
The theme of the media event was “Citizen Engagement and Capacity Strengthening for
investment reach, we are poised to unlock new opportunities for inclusive growth and sustainable development across Nigeria and, potentially, across the West Africa sub-region.
“We stand ready to work with the MDGIF in advancing the development of gas infrastructure projects in Nigeria which will add value to the country’s natural resources. This intervention is also important as it aligns with Afreximbank’s Industrialisation and Export development agenda,” Awani stated.
In his comments, Executive Director of MDGIF, Adama, said the partnership with Afreximbank enables MDGIF to mobilise capital as well as expand critical midstream and downstream infrastructure.
Reinforced Governance and Social Accountability,” which programme was organised with support from the Nigerian Civil Society Situation Room and the Foreign Commonwealth Development Office of the UK Aid.
Esike, who hinted at the apparently good disposition of the Oborevwori administration to strengthening Whistle-Blowing, considering Governor Sheriff Oborevwori's insistence on prudence and accountability in the management of public funds visá-vis instituting a whistleblowing policy and releasing a phone line for use by members of the public.
The government should move quickly from the level of policy to transmitting the whistleblowing bill to the State House of Assembly for proper legislation and due passage towards the state governor’s assent or signing into law.
“Anchored on our statutory mandate under the Petroleum Industry Act and aligned with President Bola Ahmed Tinubu’s agenda to harness Nigeria’s gas resources for industrialisation and economic growth, this partnership with Afreximbank enables MDGIF to mobilise capital, expand critical midstream and downstream infrastructure, reduce flaring, and deliver sustainable energy solutions that power industries, create jobs, and improve livelihoods across Nigeria,” he said.
killings in Benue State.
In a viral video circulating on some social media platforms, it was said Prof. Gundu was heard accusing Governor Abdullahi Sule of “masking the killings in Benue State” and “forcefully taking over farmlands belonging to the Tiv people of Nasarawa State and handing over same to Fulani herdsmen” among other allegations.
The governor threatened the legal action against the former University Pro-Chancellor at a press conference addressed by his Chief Press Secretary,
Ibrahim Addra, in Lafia. Sule said: "We challenge Prof. Gundu to prove his allegations with empirical evidence, detailing where the said killer herdsmen are being camped in Nasarawa State and the involvement of the governor in such.
"Brings forward, concrete evidence to substantiate the grievous allegations of land seized and handed over to herdsmen or any other persons for that matter.
"Failure to prove these allegations leaves Prof. Gundu with only option…retract his
malicious statements against Governor Sule and tender an unreserved apology to the governor and the Government of Nasarawa State".
Governor Sule added that if this demand is not met, he will institute legal actions against the former Pro-Chancellor and his cotravelers.
'We are constrained to respond to a series of allegations against the person of Governor of Nasarawa State, His Excellency, Engr. Abdullahi A. Sule and the Government of the State by
some prominent sons and daughters of Benue State in the wake of the unfortunate killings in that state.
In particular, the attention of Governor Sule who doubles as the Chairman of the NorthCentral Governors Forum has been drawn to a malicious statement made against his person and the Government of Nasarawa state by one Prof. Zachary Anger Gundu, a prominent son of Benue and former Pro Chancellor/ Chairman of Council, Benue State University Makurdi," Governor Sule maintained.
Chuks Okocha in Abuja
The North West arm of the Gbenga Hashim Vanguard has cautioned against what it described as a plot to use former President Goodluck
Jonathan as a “spoiler” ahead of the Peoples Democratic Party (PDP) presidential primary for the 2027 elections.
Reacting to reports credited to
Senator Abba Moro that the PDP had allegedly shortlisted three Southern aspirants, including Jonathan, as possible flag bearers, the group described the claim as “provincial and dangerous for party unity.”
In a statement, the group’s North West Coordinator, Hon. Aminu Bala Wudilawa, insisted that only duly elected delegates, in line with the Electoral Act,
have the mandate to determine the party’s presidential candidate.
“The PDP cannot afford to repeat the mistake of 2015, when President Jonathan was misled into a provincialist approach that weakened the party and cost us power,” Wudilawa stated.
“The party is not sectional; it belongs to all Nigerians, North and South. Any attempt to reduce the process to ethnic politics will be resisted,” he added.
Wudilawa stressed that while Jonathan had every constitutional right to contest, restricting the ticket to the South was a deliberate ploy to edge out competent Northern aspirants such as Dr. Gbenga Hashim, a founding member of the PDP and its first Deputy National Publicity Secretary.
“Through this partnership, we are unlocking the potential to mobilise up to $500 million over the next four years for Nigeria’s gas infrastructure. More importantly, we are creating a pipeline of bankable projects, supported by feasibility studies, project preparation, and risk-sharing mechanisms, that will accelerate the pace of investment in pipelines, processing,” he said.
It said the just ended IATF2025 was a huge success, exceeding all its targets, noting that the event drew over 112,000 participants, both in person and online, and generated more than $48 billion in trade deals.
The MDGIF is a strategic initiative under Nigeria’s
Witnessing the ceremony on behalf of the Nigerian Government, the Minister of State for Petroleum Resource (Gas), Ekperikpe Ekpo, noted that Nigeria was creating a pipeline of bankable projects, supported by feasibility studies through the project.
Petroleum Industry Act (PIA), focused on catalysing investment in gas infrastructure to support domestic utilisation and exportoriented growth.
Meanwhile, Liquefied Natural Gas (LNG) exports from subSaharan Africa are expected to surge from 35.7 billion cubic meters (bcm) in 2024 to 98 bcm in 2034, a 174.5 per cent increase, according to a report by Fitch Solutions.
Growth will be driven by rising output in Nigeria and Mozambique and the market entry of new producers including Mauritania and Senegal, the report added.
According to the report, net exports will reach 38.1 bcm in 2025 (+6.7 per cent year-on-year), 47.9 bcm in 2026 (+25.6 per cent),
and peak at 101.4 bcm in 2031 before stabilising above 98 bcm by 2034. Total LNG production in the region is projected to grow 172.2 per cent over the decade.
In addition, Nigeria will remain the top exporter in the medium term, supported by the country's LNG Limited’s Train 7 project, which is 80 per cent completed as of June 2025 and set to boost capacity by 35 per cent. Nigerian LNG exports are projected to reach 26.5 bcm in 2026, that is 32.5 per cent year-on-year.
Mozambique is also expected to ramp up gradually as foreign financing returns, underscored by the US Exim Bank’s $4.7 billion facility for TotalEnergies’ Mozambique LNG megaproject.
Historic LNG producers, including Nigeria, Angola,
Equatorial Guinea, and Cameroon—are together expected to raise their total exports from 30.9 bcm in 2024 to 44.5 bcm by 2034.
Meanwhile, the Nigeria Liquefied Natural Gas Limited (NLNG) is intensifying its drive to reduce methane emissions by embedding prevention measures into its facility design, upgrading existing assets, and commissioning new technologies.
The Managing Director and Chief Executive Officer of NLNG, Dr Philip Mshelbila, stated this while speaking on a high-level panel session at the just-concluded 2025 Gastech Conference in Milan, Italy, according to a statement signed by the company’s General Manager, External Relations and Sustainable Development, Sophia Horsfall.
By Louis Achi
Just 28 months in the saddle as Enugu State chief executive, Dr. Peter Mbah has simply turned the former Eastern region’s political center of gravity into a seething cauldron for innovative development and a crucible with which to forge new hope for its folk that history has curiously gamed to date.
But in externalizing his unique vision of a new Enugu State, challenges litter his path. But as Africa’s venerable sage Nelson Mandela once said, “It always seems impossible until it’s done.” Today, the trending challenge to the Enugu State Government is posed by a seemingly haughty Sijibomi Ogundele, CEO of the Nigerian luxury real estate company Sujimoto Group.
Sujimoto got a mouthwatering, privileged N11,457,930,950.52 construction contract from the Enugu State Government to build 22 smart schools. Sijibomi Ogundele has not delivered the project timeline notwithstanding that he was generously mobilized with fifty percent of the project fund. He is rather delivering dodgy stories with the undertones of a scam.
Sijibomi Ogundele, deservedly in the eye of the storm, claims mentorship of Japanese university professor, Sujimoto Koga. Background checks reveal Prof. Koga significantly influenced Ogundele’s entrepreneurial path, teaching him the value of adding value to others and encouraging him to think outside the box. The adoption of the name SUJIMOTO for his real estate organisation would then appear to have flowed from this significant oriental encounter.
Today, it is debatable whether Sijibomi Ogundele added any value to Enugu State on account of the N11,457,930,950.52 construction contract he got from the state to build 22 smart schools. On the other hand, did he “think out of the box.” It’s about time then that Prof. Koga is updated on the exploits of his suave entrepreneurial disciple in Nigeria, especially Ogundele’s underwhelming caper with the Enugu State Government.
What’s the back story. According to Dr. Malachy Agbo, Enugu State Commissioner for Information and Communication, “On July 2, 2024, the Enugu State Government awarded a contract in the sum of N11,457,930,950.52 to Sujimoto Luxury Construction Ltd for the construction of 22 Smart Schools (buildings only) in six months starting from the date of the acceptance of the award. The state government paid the sum of N5,762,565,475.25, representing 50 per cent of the contract sum, in order to fast-track the projects at all the sites.
“Rather than play to the rules of the contract to deliver quality projects for furnishing and equipping ahead of September 2025 school resumption, in line with the priority placed on the Smart Green Schools initiative by the government, Mr. Ogundele resorted to shoddy jobs and the use of inexperienced workers and quack engineers. None of his sites met the structural integrity of the projects as specified in the structural drawing.
Dr. Agbo continues: “Worse still, he vanished into thin air with the money. All efforts made by the government to get him to a roundtable to discuss the quality and progress of work proved abortive. He equally refused to attend the periodic projects briefing organised by the state government for all contractors or take numerous calls and messages put across to him.
“In fact, he practically abandoned the sites, leaving the Enugu State Government with no other choice than to petition the
Economic and Financial Crimes Commission (EFCC) to recover the funds paid to him.
“A joint team of officers of the Enugu State Ministry of Works and Infrastructure and the EFCC visited the 22 sites to evaluate the progress of work on May 8 and 9, 2025, where it was clearly established that there had been minimal to no significant work done at the said sites one year after the contract award. In some cases, he fraudulently did not do excavation for all the blocks in site.
“It is also on record that he has not shown up at the sites or made himself available to either the state government or the law enforcement agencies even after those site visits. It is also pertinent to state that it was discovered in the course of investigation that whereas he presented a bond from Jaiz Bank, he used Sujimoto Luxury Construction Limited’s Zenith Bank account number 1312731196 to receive the said payment and draw down the fund without deploying it to the projects. This clearly shows a premeditated intent to defraud the state ab initio.
“The government has since retaken and handed over the sites to new firms, who has no choice than to start the construction afresh. Tremendous progress has been made to keep the determination of the Mbah Administration to migrate Enugu children to Smart Green Schools by September on track.
“Nigerians should therefore disregard his theatrics and crocodile tears, as Enugu State Government is determined to and will surely recover every penny of Ndi Enugu fraudulently obtained by Mr. Olasijibomi Ogundele (Sujimoto).”
A close look into what really the smart schools project Governor Peter Mbah is pushing fundamentally represents would be germane to this analysis. During the 2025 Children’s Day celebration at the Nnamdi Azikiwe Stadium, Enugu, themed ‘Children: Our Future, Our Responsibility.’ Governor Mbah succinctly captured the essence of his education vision, stressing that the Smart Green Schools were not just school blocks, but a factory for the future workforce, innovators, and leaders.
His words, “That is why, from the very beginning of this administration, we put you at the very heart of our agenda. We are building 260 Smart Green Schools, one in every political ward across our great state.
“These are not just schools; they are the
schools of the future – powered by solar energy, equipped with digital smart boards, robotics labs, virtual reality, artificial intelligence, ICT centers, multimedia libraries, science labs, and smart farms.
“But even more important than the buildings is that we are moving beyond the old ways of learning. We are giving you the chance to learn by doing, by experimenting, by building, by creating, and by solving real problems. This is called Experiential Learning—and it is how the best schools in the world now teach. That future is no longer far away. It is already here in Enugu State.
“We are also providing you with free uniforms, books, nutritious meals, clean water, healthcare, and even tablets to help you learn better because we believe that education must be inclusive, free, fun, fair, and full of opportunity. We are also transforming our Technical Colleges, Senior Secondary Schools, and Universities to match the speed of the world.
“To make all this possible, we allocated 33 per cent of our entire annual budget to education in 2024 and 2025. This is the highest in Nigeria.”
Against this backdrop, distinguishing between genuine contractual disagreements and criminal behaviour is important. True accountability requires this distinction. What is playing out between Olasijibomi Ogundele who has clearly defaulted in his contractual obligation with the Enugu State Government is suggestive of dishonour. It transcends a run of the mill contractual disagreement.
What took off as a bold initiative to build 22 Smart Green Schools by Sujimoto Group has now spiraled into shocking contract default, messy allegations of a ₦5.7 billion fraud, a wanted CEO. It also raises urgent questions about Nigeria’s contract management culture.
Ogundele’s curious, dodgy responses so far are unhelpful and unfortunately indicative of a personality not truly mentored by a Japanese professor – beings who are usually sternly socialized and who cut their teeth on a strict diet of honour. The Sujimoto CEO has been evasive, slippery, and hard to pin down. He has even tried his hand at Nollywoodisation of a serious matter. There is a video depiction of him crying while trying to explain away his travails with the Enugu State Government. In saner
climes, he would be punished for very poor-quality acting.
Ogundele’s paid defenders have come up with laughable, silly pitches. One claimed that, “Construction costs have skyrocketed. Cement, rods, roofing materials, and even labor costs have more than doubled. Yet, the contract remained fixed no allowance for inflation, no room for adjustment.
“Despite this suffocating reality, Sujimoto has not abandoned the sites. He has visited Enugu repeatedly not as a distant CEO issuing directives from a plush Lagos office, but as an engineer, foreman, and supervisor, engaging directly with communities, workers, and stakeholders. The man has been seen on the ground, wearing boots, walking sites, and driving the work himself.”
In the world of contracts, particularly, constructions, there is what is called contract variation which ensures that the vagaries of materials price variations are accommodated if valid delays occasion such. Did the Sujimoto CEO submit variations to the Enugu State Government and they were rejected.
At press time, the Economic and Financial Crimes Commission (EFCC) has declared the Sujimoto CEO wanted for alleged diversion of funds and money laundering. The declaration was contained in a notice issued by the EFCC’s Head of Media and Publicity, Dele Oyewale, and circulated to the public via its official X account. According to the Commission, Ogundele is wanted in connection with an alleged case of diversion of funds and money laundering being investigated by its Lagos Command.
The EFCC urged members of the public with useful information on his whereabouts to contact its offices across the country. The notice described him as a 44-year-old indigene of Ori-Ade Local Government Area of Osun State. His last known address was listed as G29, Banana Island, Ikoyi, Lagos State.
Curiously, immediately the EFCC declared the Sujimoto CEO wanted, he went on his X handle to blame the Enugu State Government for the EFCC action, saying the contract was underpriced and also citing inflation. Bu the state government already clarified the issue, stating clearly that the Sujimoto CEO disappeared after collecting N5.7billion mobilization fee to deliver the 22 smart schools by February 2025.
Significantly, the controversies surrounding Sujimoto CEO is not new. In October 2024, he was under police investigation following allegations of a $325,000 real estate fraud. According to reports, a client had paid the sum for a three-bedroom apartment in the Leonardo Project in Banana Island, Lagos, but neither received the property nor a refund.
The Police Force Criminal Investigations Department (FCID) had invited Ogundele for questioning, but he initially failed to respond, opting instead to file a fundamental rights suit to restrain the investigation. He later appeared at the FCID headquarters in Abuja after further pressure from investigators and was interrogated before being released on bail.
In clashing with the Enugu State Government, it would appear the Sujimoto CEO has finally met his match because Governor Peter Mbah of Enugu State would never allow anybody or force to stand between him and the actualization of the governance vision for his state.
From transportation to health, education, roads, security and more, Governor Mbah has considerably impacted his state and certainly would not brook a dodgy builder who wants to derail his governance trajectory.
xecutive Vice Chairman/Chief executive officer, nigerian Communications Commission
otuaro, during a visit to the nCC boss in abuja…recently
and administrator,
Ibrahim OyewaleinLokoja
Kogi State Governor, Usman Ododo, has reaffirmed that his administration will intensify collaboration with security agencies, improve community policing, and provide more support and resources to local vigilantes
to secure every part of the state by providing adequate security.
The governor, who strongly condemned the recent bandits’ attack on Egbe community in Yagba West Local Government Area, described it as a brutal attack on the peace and humanity
Afriland Properties Plc has congratulated the Lagos State Government, on the successful hosting of the inaugural Lagos Waterfront Summit, organised by the Ministry of Waterfront Infrastructure Development.
Speaking at the summit, the MD/CEO of Afriland Properties Plc, Azubike Emodi, described the initiative as both timely and critical to the sustainable future of Lagos.
According to him, the waterways play a pivotal role in sustaining property values, enabling recreation and tourism, and creating opportunities for waterfront living.
Emodi said: “When properly managed, Lagos’ waterfronts open doors to innovation and growth. But when abused through illegal dredging and neglect, they threaten not just the environment but the future of sustainable urban development.”
He said Afriland Properties Plc had played a defining role in shaping the Lagos real estate landscape with notable commercial and residential developments.
He explained that from redefining urban living to creating thriving business spaces, Afriland has consistently shown that real estate goes beyond structures, it is about building sustainable communities.
The Administrator, Presidential Amnesty Programme (PAP), Dr Dennis Otuaro, has sought the partnership of the Nigerian Communications Commission (NCC) on engagement opportunities for some ex-agitators and beneficiaries of the programme.
Otuaro, who spoke during a courtesy visit to the Executive Vice Chairman/ Chief Executive Officer of the NCC in Abuja, Dr Aminu Maida, explained that the commission’s support would
bolster the PAP’s post-training empowerment scheme.
He said there are exagitators and beneficiaries of the programme with the requisite qualifications and skills that the commission can employ and enable them to contribute to national growth and development.
According to him, there are many of them who had successfully completed their formal educational and vocational trainings in relevant fields as part of the PAP’s effort at human capacity development.
of Kogi State.
Ododo, who was speaking during his condolence visit to the Egbe community during the weekend, and represented by his Deputy, Joel Salifu, said the state is
mourning the loss of gallant officers of the Nigeria Police Force and members of the Vigilante Service who paid the supreme price while defending the people.
“Their blood will not be
shed in vain. We will not rest until those behind this heinous crime are tracked down, apprehended, and brought to justice,” the governor said. He assured the people of the state that his administration would intensify collaboration with security agencies, improve community policing, and provide more support and resources to local vigilantes to secure every part of the state.
Segun Awofadeji inbauchi
The Bauchi State Muslim Parliament has declared total support for the Chairman of the Senate Committee on Security and National Intelligence, Shehu Buba Umar, ‘s efforts to ensure dialogue as a panacea to attaining peace, especially in Northern Nigeria.
The parliament, which also appealed to the citizens of Nigeria to support peace and avoid divisive actions, cautioned politicians against playing politics with national security.
The Chairman of the Parliament, Ahmad Yusuf, who led other members of the group to address a press
conference at the Nigeria Union of Journalists (NUJ) secretariat in Bauchi last Saturday, described the efforts of the senator, who represents Bauchi South, towards peaceful conflict resolution and national security as commendable.
Yusuf emphasised the organisation’s core vision of promoting Islamic goals,
unity, and peaceful coexistence, stressing that Senator Umar’s leadership aligns with the stated objectives.
The Muslim Parliament said Senator Buba has initiated frameworks for peaceful coexistence between farming communities and pastoralists, leveraging dialogue to address conflicts.
David-Chyddy
Senator representing Anambra North senatorial zone, Tony Nwoye, has conducted an on-the-spot assessment of a major road in the zone, decrying its dilapidated state.
The senator, who led some
stakeholders through the stretch road last Saturday, called on both President Bola Tinubu and the federal government to urgently come to the aid of the people of the area, to ameliorate their plight by commencing construction of the major road.
The long stretch
of road, Onitsha-333 Junction-Nkwelle-AguleriAyamelum-Adanroad, is known to connect seven local government areas in Anambra State and is a major link to Enugu State.
The road is also known to be the shortest link to Abuja from Anambra State, but has long
remained deplorable despite Senate intervention.
Nwoye, during the inspection, lamented that: “This all-important federal road needs to be urgently fixed by the Ministry of Works because the road is completely cut off, impassable, and in the most horrible condition.
The Adamawa State Government has announced plans to roll out a MeaslesRubella vaccination campaign from October 16 to 27, 2025, across all 21 local government areas of the state..
The state government said this at a press
conference over the weekend in Yola, the state capital, noting that the integrated approach will also ensure swift administration of MR and polio vaccines in one dose as part of a nationwide effort to protect children from vaccine-preventable diseases and strengthen Nigeria’s public healthcare system.
The Executive Chairman of the Adamawa State Primary Healthcare Development Agency (ADSPHCDA), Dr. Suleiman Bashir, said the integrated immunisation approach is more potent, cost-effective, and highly efficient.
According to him, the combination of measles and rubella vaccines significantly
improves the efficacy of immunisation, raising protection levels from 85 percent to 95 percent. He said the campaign would target children aged nine months to 14 years, and the initiative is critical to safeguarding the younger population from measles, rubella, and other childhood diseases.
Dangote Industries Limited is sponsoring the 2025 Abuja International Trade Fair (AITF) slated to open on September 25, 2025.
The company stated this yesterday, noting that it is a strategic partnership with the Abuja Chamber of Commerce and Industry (ACCI).
“Dangote Group is proud
to announce its strategic partnership with the Abuja Chamber of Commerce and Industry (ACCI), organizer of the 2025 Abuja International Trade Fair. This collaboration presents a valuable opportunity to engage with key stakeholders and boost intra-African trade and investments,” the company
said in a statement.
“The forum also serves as a platform for us to showcase a wide range of innovative products and our contributions to the sustainable development of Nigeria,” the statement signed by the company’s Spokesman, Anthony Chiejina, added. It said that
Dangote Group had been consistent in its partnership with the ACCI, stressing that company’s President, Aliko Dangote, is passionate about ACCI, which he said is strategically located in the Nigeria’s capital city which is home to policymakers and members of the Diplomatic Community.
Group Sports Editor Duro Ikhazuagbe
Email duro.ikhazuagbe@thisdaylive.com
08111813083 SMS Only
Amusan carries Nigeria’s hope for podium placement in today’s 100m hurdles
Duro Ikhazuagbe
Kanyinsola Ajayi, 21, ended Nigeria’s 18 years wait to feature in the final of the men’s 100m event of the World Athletics Championship on Sunday evening in Tokyo, Japan but failed to get to the podium in the race won by Jamaica’s Oblique Seville.
Seville stormed to the title in a new Persona Best (PB) of 9.77secs while another Jamaican, Kishane Thompson made it 1-2 in 9.82. America’s Paris Olympic Games champion, Noah Lyles, took the bronze in a season’s best of 9.89.
For Kanyisola Ajayi who had stunned the strong field in the semi final, running 9.93 to give the big boys a clear signal of his readiness to fight for a place on the podium, his sixth place finish with 10.00 was disappointing.
His 9.88 in the heat of the event a day earlier, has rekindled hope for Nigeria’s sprint. The last time any Nigerian competed in the final was in Osaka, Japan in 2007 when Olusoji Fasuba placed fourth in the race won by American Tyson Gay that year.
South Africa’s Akani Simbine finished seventh in 10.04, while Botswana’s teenage star Letsile Tebogo was disqualified for a false start.
In the women’s version of the short sprint, a new global
100m champion was crowned as America’s Melissa JeffersonWooden stormed to the title. Jefferson-Wooden, 24, sealed gold in emphatic fashion, proving a class above her rivals in a championship record 10.61secs.
Jamaica’s Tina Clayton (10.76), took the silver while St Lucia’s historic Olympic champion, Julien Alfred, settled for bronze with 10.84. Meanwhile, world record holder in women’s 100m hurdles, Tobi Amusan, will compete in the semi final of the event this afternoon in Tokyo.
Amusan ran a controlled race in the heat to qualify for the semifinals.
Running in the final heat of the race, Amusan produced a quick start off the block that included heavyweights like Devynne Charlton and Elena Carraro to finish in 12.53secs.
Charlton was second in 12.69 while Carraro’s 12.86 was enough to see her join both Amusan and Charlton in Monday’s semifinals.
Amusan’s timing was the fifth fastest in the six heats on Sunday morning. Jamaica’s Danielle Williams topped with her 12.40 in heat 2 ahead of Grace Stark in 12.46, Nadine Visser 12.48 and Pia Skrzyszowska 12.51. Masai Russell, running in heat 1 also stopped the clock the same time as Tobi Amusan.
Dream Start for Iheanacho at Celtic
Kelechi Iheanacho could not have wished for a better debut for Scottish champions Celtic when he came off the bench to net a stoppage time winner.
Iheanacho, a free agent signing after his contract was terminated by Spanish side Sevilla, came off the bench with 20 minutes left on the clock, before he put away a stoppage time penalty for Celtic to beat home team Kilmarnock 2-1.
The win maintained Celtic unbeaten start to the new Scottish League season. Celtic have 13 points from five matches
Elsewhere, Fulham Manager, Marco Silva, has admitted that he did not put Samuel Chukwueze, who is on a season-long loan from AC Milan, in the deep end against Leeds Saturday because the Super Eagles winger did not make his Premier League debut because he has yet to settle in at the London club.
“It was almost impossible for Chukwueze to be involved in this game (vs Leeds) because he doesn’t even know the names of all his teammates,” Silva explained.
Football fans in South Africa are gripped with fears as Equatorial Guinea’s appeal to overturn FIFA’s decision to deduct three points and three goals has been thrown out by the Court of Arbitration for Sports (CAS).
Equatorial Guinea were handed the punishment for fielding an ineligible player in the ongoing 2026 World Cup qualifying series. This is the same infraction committed by the South Africa Football Association (SAFA) who allowed an ineligible
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Teboho Mokoena to play against Lesotho in March. FIFA is yet to decided on the case.
But Equatorial Guinea featured Emilio Nsue who was deemed ineligible to represent the country despite playing for them for over a decade.
Nsue scored the winning goals when Equatorial Guinea defeated both Namibia and Liberia 1-0 in November 2023.
FIFA however awarded E’Guinea opponents technical
3-0 wins six months later, because of the use of Nsue in both games.
The world soccer body, FIFA, claimed the striker never received clearance to formalise his switch from Spain, who he had represented at youth level.
After FIFA officially cleared Nsue to play for Equatorial Guinea in March this year, they decided to appeal the points deduction.
However, the ruling by CAS means that second place in the
group – which could secure qualification for a continental play-off round – remains in Namibia’s hands.
This same scenario is likely to play out in the World Cup qualifying Group C where leaders South Africa are at the risk of losing three point when FIFA decides on Tokoena who was fielded against Lesotho despite already booked twice and should not have been fielded for the match.
The Guild of Sports Editors of Nigeria, the umbrella body of the managers of the sports desks of the country’s media houses, has expressed its disappointment over the way the Nigeria Football Federation (NFF) has handled the country’s bid to qualify for the 2026 World Cup.
Nigeria’s Super Eagles are third in Group C of the 2026 World Cup African qualifying series with 11 points. They are
behind South Africa (17 Points) and Benin Republic (14 points) with two games to go.
The winner of the group will qualify automatically for the World Cup to be cohosted by the United States, Canada and Mexico, while the second placed team has the opportunity of a playoff if it is adjudged as one of the four best runners up at the completion of the series.
As things stand, Nigeria may
not even qualify for the playoff unless a major disaster befalls either South Africa or Benin Republic and the Super Eagles win their remaining two games with high score margins.
Reacting to the country’s struggles in a group comprising Rwanda, Lesotho, Zimbabwe, South Africa and Benin Republic, the editors said the Super Eagles would not have fallen so low if the managers of the team planned for success
when the qualification pattern was announced in 2023.
The Guild in a statement signed by the its President, Mr Tony Ubani and Secretary, Dare Esan, said that it was unfortunate that the people saddled with the responsibility of leading the country’s charge for the World Cup dilly-dallied when decisive action was needed and also allowed indiscipline to ruin the country’s ‘bid to qualify
for the greatest football show on earth.’
The statement reads: “We watched in dismay as the NFF wasted so much time in employing a substantive manager after doing away with Mr Jose Peseiro, who could only earn the country two points from two games.
“The manner the NFF handled the Finidi George debacle did not show a federation that knew what
to do to arrest the country’s fading hope of making the 2026 World Cup.
“It is also unfortunate that the NFF allowed all manner of content creators to take over the Super Eagles’ camp when more serious countries barred such fellows and even their players from going to camp with such distractions as mobile phones and other gadgets.”
L-R:
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Don’t be surprised this week if the number of passengers queueing up to board planes in Nigerian airports declines precipitously. What with the announcement by the Nigerian Safety Investigation Bureau [NSIB] last week that the crew of an aircraft that overshot the runway at Port Harcourt airport were found to have tested positive for alcohol. Despite the denial by a crew member and the airline’s insistence that it had not received NSIB’s report, alarm bells are ringing in the heads of the travelling public. Most air passengers have their hearts in their mouths during flights. Captain Dele Ore once recounted in his aviation column what one air traveler told him. He said, “Air travel is the ultimate act of faith. You sit inside a plane; you don’t know how it works; you don’t know where you are; you don’t know the person who is driving it; you don’t know what state he is in; and if something happens, it is not like you know what to do.” Ore disputed this, saying it is like submitting to a professional, as in going for heart surgery.
NSIB’s recent report answered one of the questions agitating the air traveler’s mind, i.e. the pilot’s mental state. It worsened matters! It is bad enough when we hear stories that Okada and Keke Napep riders are often high on substances. Anytime one grabs an Okada commercial motorcycle for a ride, his or her heart is always in the mouth. The way the rider takes off like a rocket, squeezes in between cars and trucks, rushes past red traffic lights, ignores traffic wardens and hurls insults at other road users, your only consolation is that the motor bike is firmly on the ground. Which is not so with a plane.
I heard some people saying, because a pilot drinks alcohol, what is the surprise there? Airline pilots are some of the best paid of all workers. They earn much more than doctors, engineers and all civil servants. Back in 1979 when the newly inaugurated Senate was trying to determine the salaries of political office holders, its ad-hoc committee headed by Senator Jallo Waziri held a public hearing to compare salaries across all sectors. Chief Pilot of Nigeria Airways Capt. Allwell-Brown testified that his salary was N48,000 per annum while a fresh pilot earned N24,000 per annum. Grade Level 17 civil service salary then was N12,000 per annum.
In addition to a juicy salary, pilots spend
so much time in the air. Being airborne is stressful because they must listen to the endless chatter of air traffic controllers, look out for bird strikes on their aircraft engines, look out for other planes to avoid collisions, look out for columbus clouds, rain, gusts of wind, even typhoons and hurricanes. When a pilot finally makes it to the ground, what do you expect him to do to celebrate his arrival?
Don’t you see engineers of major construction companies? In the daytime you see them working in the hot sun, often stripped to their pants, shouting at labourers, reading quantity survey charts, having to explain to consultants, visiting governors and ministers on surprise visits to project sites. No wonder that when they close at sunset, they take a quick shower and rush to clubs, there to drink themselves to a stupor. No wonder that potholes pop up on recently completed roads and many bridges in Nigeria don’t have railings, because the engineer was tipsy. Not only airline pilots, but sailors all over the world are also known for hard living. What do you expect of a man who spends many months at sea, battling with high waves, when all he sees on the horizon is endless water, knowing that at any time his ship could hit a submerged rock or iceberg and once he is thrown into the sea, he must contend with Great White sharks, killer whales, barracudas or get bumped by a 120-tonne Great Blue Whale, whose tongue alone is heavier than a bull elephant?
One of the cabin crew members on the
Air Peace flight was even said to have tested positive for cannabis. That could not have been due to poor pay. Marijuana is cheaper than beer, but it is also more potent, because just one moli [as old timers used to call it] can throw the smoker into a trance. Kwam 1 and Kwam 2 will be celebrating right now, that NSIB has finally vindicated them. Who else but a cabin crew member high on cannabis will drag a passenger half naked through a tight aircraft door? Who else but a tipsy pilot will start taxiing with a plane and attempt to crush a passenger who is [innocently] standing on the runway?
I am just wondering; why did NSIB wait until a plane overshot the runway before it took blood samples of pilots and crewmen to test for alcohol and banned substances? Is that not a case of crying after spilled milk? What if the plane had landed in a Port Harcourt creek, or if it had confused the 30 kms completed [but recently washed away] section of the Lagos-Calabar coastal road for the runway? You see, from the air, the very wide coastal road could look like a runway to a tipsy pilot. Is it not in Nigeria recently that a Senator saw villages as his plane was coming in to land at Abuja airport, and he moved a motion on the Senate floor to clear all the villages because they will look like dustbins to international investors? After that motion was moved on the Senate floor, did it occur to NDLEA and its hardworking Chairman, Brigadier Buba Marwa, to storm the Senate floor and take samples of senators’ blood for testing? If a senator could mistake an aerial view of villages for dustbins, how are we sure that the Order Paper may not look to him like a roll of Indian hemp? All the extra tax bills, the subsidy removal bills, the mega foreign borrowing bills, National Anthem change bill and others that passed without debate, or the N15 trillion road that was not in the budget and no senator noticed it, are we sure it is not the work of banned substances? Is it only poor pilots that must be tested, when there are many people on the ground whose blood samples might contain higher doses of banned substances? Even in terms of threats to life, a pilot that misses the runway could at worst kill several dozen people but a legislator who messes up a primary health care bill could kill tens of thousands of babies. Which even reminds me. Is it only aviation that needs a Safety Investigation Board? How
many air crashes do we have compared to the number of road and bike crashes? Or are we saying that the lives of road passengers are cheaper than those of air travelers? We should immediately have a National Road Safety Investigation Board, NRSIB. I will even tell it where to start. Some years ago, I went to Abuja’s Jabi motor park in the dead of night, looking for diesel for my generator because it was a very hot night. I was told to go behind the lined up commercial vehicles. Lo! and behold, there I saw several dozen drivers, sleeping on cardboard mats, no mattresses or pillows. They were packed tightly together like sardine, waiting for passengers to arrive at dawn, then they will jump into their vehicles and start travelling to towns all over the country. Is that not worse than alcohol or even cannabis? No wonder you see accidents on the road that are difficult to explain.
Not only transport; there must a be a Political Offices Mental Safety Board. Many of the things that civil servants and political office holders do on their desks, you wonder if they did it under the influence, as White people call it. Just as we should conduct random checks of airline crews and commercial drivers’ blood samples, this Board should burst into the offices of civil servants at random and test their blood samples. Not only civil servants; party leaders, ministers and governors should also be subjected to random blood testing, given the way they overshoot financial runways every day.
All these cases that were are reading in the newspapers every day, that one public officer is being charged to court because billions of naira were found in his account and he owns several dozen houses, should he be taken to a court or to a mental hospital? You are even endangering the judge’s mental stability. Many years ago when I was a patient at Dala Orthopaedic Hospital in Kano, my senior schoolmate who was then a magistrate in Kano visited me. He told me he was considering resigning from the judiciary in order to safeguard his mental health. He said most of the cases police brought to his court were Yan Daba thugs. He asked one accused person why he stabbed to death the richest Alhaji on his street. The thug replied that it was because the man frowned at him as he drove past in his Mercedes. We need a Judicial Mental Safety Investigations Board.