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World Bank: 67.2m Nigerians Covered by Cash Transfers Amid Transparency Questions Reveals 10.4m households received shock-responsive payments 15.8m NINs verified, 10.95m households integrated into payment system

Emmanuel Addeh in Abuja

The World Bank has reported

that Nigeria's cash-based social intervention programmes reached 67.19 million people and 10.44

million households by August 2026, even as questions over the identification and traceability of

beneficiaries continue to trail the federal government's cash transfer programme.

In its latest Implementation Status and Results Report on the National Social Safety

Net Programme-Scale Up, the Continued on page 6

Shettima to Lead Nigeria’s Mission to 81st UNGA Kicking Off Tomorrow in New York... Page 6

Monday, Monday, September January21, 6, 2026 2025 Vol Vol29. 31.No No10865. 11488. Price: N400

www.thisdaylive.com TR

UT H

& RE A S O

See page 5

Wike to Emerge APC Campaign Council Coordinator for FCT, Rivers President moves to streamline ex-governor's role in 2027 journey Keyamo tipped as campaign spokesperson To avoid clashes, Akpabio, Barau will not report to Yari

Emmanuel Addeh in Abuja President Bola Tinubu has moved to give the Federal Capital Territory (FCT) Minister, Nyesom Wike, a clearly defined role in his 2027 re-election campaign, with the former Rivers state governor expected to emerge as coordinator of the campaign structure in Rivers State and the FCT, although he retains his membership of the Peoples Democratic Party (PDP). The emerging arrangement, according to sources familiar with the developing campaign structure, is designed to harness Wike’s political network without formally placing him inside the hierarchy of the All Progressives Continued on page 6

SARDAUNA OF ILORIN...

L-R: Kwara State Governor/Sardauna of Ilorin AbdulRahman AbdulRazaq and the Emir of Zazzau Amb. Ahmed Nuhu Bamalli, during a thank-you visit of the former to the palace of the Emir of Zazzau in Zaria at the weekend

MONDAY, SEPTEMBER 21, 2026 • T H I S D AY

T H I S D AY • MONDAY, SEPTEMBER 21, 2026

PAGE SIX

Lagos, California Sign Agreement on Tech, Infrastructure, Others Sanwo-Olu: Lagos, California can learn from each other

Emmanuel Addeh in Abuja

Lagos State and California in the United States have signed a sister state agreement aimed at strengthening collaboration between the two sub-national governments in areas including technology, culture, infrastructure and climate resilience. The agreement was signed in Sacramento by Lagos State Governor, Babajide Sanwo-Olu and California Assemblyman, Matt Haney, at a ceremony attended by members of the

Lagos State House of Assembly, California lawmakers and other officials. The pact followed the passage of Assembly Concurrent Resolution 129 (ACR 129) by the California Legislature, which paved the way for the partnership. Among those present at the signing were Lagos lawmakers: Lukmon Saheed Olumoh, Chairman of the Appropriations Committee, and Kehinde Joseph, Chairman of the Public Account (State) Committee.

California Assemblyman, Isaac Bryan, who co-authored the resolution with Haney, was also present, alongside California Transportation Secretary, Toks Omishakin, Sacramento Mayor, Kevin McCarty and other guests. Speaking at the ceremony, Sanwo-Olu said the partnership reflected similarities between Lagos and California, particularly their economic, technological and cultural strengths. “Lagos is a city-state of more than 20 million people, on a coast where the Atlantic meets the

lagoon. If she were a country, she would be among the largest economies in Africa. She is where Nigeria banks, trades, films, sings and codes,” he said. The governor highlighted the relationship between Nollywood and Hollywood, Yaba and Silicon Valley, as well as the ports of Lagos and California. “So, when Assembly member Haney and Assembly member Bryan chose Lagos, and when this Legislature passed ACR 129 with votes from both sides of the aisle, they were not doing

charity. They were recognising a mirror,” Sanwo-Olu said. He added that both regions also faced environmental challenges, although in different forms. “Both of us live in front of an ocean that is changing — you with your fires and your droughts, we with our floods and our rising tides. We have things to teach each other, and things to learn,” he said. Haney, who recalled his visit to Yaba, said the agreement could open opportunities in fashion,

Sanwo-Olu

food, culture and other sectors. He also spoke about his interest in Afrobeats and encouraged people to visit Lagos.

Shettima to Lead Nigeria’s Mission to 81st UNGA Kicking Off Tomorrow in New York

Fubara, Lawal, ministers, top officials on VP's entourage Sanwo-Olu, Radda take Lagos, north-west agenda to UN Atiku demands explanations why Tinubu won't be attending meeting for the third time

Deji Elumoye, Chuks Okocha in Abuja and Francis Sardauna in Katsina President Bola Tinubu has mandated Vice President Kashim Shettima to represent him and lead Nigeria’s delegation to the 81st

Session of United Nations General Assembly (UNGA), starting in New York, United States, tomorrow. Shettima, according to a release by his Media Assistant, Stanley Nkwocha, will lead a delegation comprising Governor Siminalayi Fubara of Rivers State, Governor

Dauda Lawal of Zamfara State, ministers, and other senior government officials. The 81st UNGA General Debate will hold from September 22 to 28, under the theme, “Restoring trust, managing transformation: A United Nations that delivers

for all.” At the General Debate, Shettima will deliver Nigeria’s national statement, outlining the country’s position and priorities on major global issues with implications for national development, peace and security, economic growth, and

WIKE TO EMERGE APC CAMPAIGN COUNCIL COORDINATOR FOR FCT, RIVERS

Congress (APC), a party he has repeatedly said he does not belong to. It also comes against the backdrop of a growing disagreement between the minister and several APC governors over how support for Tinubu should be organised ahead of the 2027 elections. Wike has repeatedly insisted that he does not require membership of the APC or a position in the party’s Presidential Campaign Council (PCC) to work for Tinubu’s re-election. He has also rejected suggestions that he was seeking the director general’s position in the campaign council, saying his concern was to deliver Rivers State and the FCT for the President. THISDAY learnt last night that the arrangement would, in effect, give the minister a defined presidential campaign responsibility in two strategic territories where he has repeatedly claimed substantial influence.

But even as the campaign structure is being assembled, the sources said there would not be a single chain of command running through the entire council. rmer Zamfara State Governor, Abdulaziz Yari, will serve as Director General of the Presidential Campaign Council, but Senate President Godswill Akpabio and Deputy Senate President, Jibrin Barau, are not expected to report to him, according to sources familiar with the proposed structure. The arrangement, THISDAY understood, reflects the political weight of the two presiding officers of the National Assembly and the desire to accommodate the different power centres expected to participate in Tinubu’s re-election campaign for next year. Rather than a conventional military-style structure in which every senior campaign official reports to the director general, the emerging framework is expected to give some of the party’s most

influential figures distinct spheres of responsibility. Although Yari is expected to coordinate the day-to-day operations of the presidential campaign council as director general, Akpabio and Barau will operate independently of him and are expected to have dire ct lines of responsibility within the bigger campaign structure. The arrangement, according to highly placed sources, is part of the effort to accommodate the various political blocs and influential figures expected to play prominent roles in Tinubu's 2027 re-election campaign without creating unnecessary overlaps in authority. According to a very reliable source, that same logic underpins the proposed role for Wike, who will be in charge of the FCT and River as Tinubu plans to ensure that clashes do not happen among the key drivers or top echelon of his campaign.

Only this month, Wike described himself as the “General Commander of the Political Infantry” and declared that he remained in charge of political structures in Rivers and the FCT. “You do not need to be governor before you can be in charge. I am the General Commander of the Political Infantry; therefore, I am in charge. So also in FCT. I owe the President to give these two,” he said. That assertion, however, brought him into direct conflict with politicians within the APC who believe elected governors should retain control of their respective party structures. The disagreement has become particularly pronounced in recent weeks, with Wike accusing some APC governors of working against him, specifically naming Imo State Governor Hope Uzodimma and Kwara State Governor AbdulRahman AbdulRazaq. Wike has also promoted the

international cooperation. The vice president will also participate in high-level meetings during the UNGA week, including engagements on Right to Development, climate action, and other issues of strategic importance to Nigeria and the

African continent. Shettima is also expected to join other world leaders at the traditional reception for Heads of Delegation and participate in a series of bilateral meetings

“Rainbow Coalition”, a cross-party political arrangement designed to mobilise support for Tinubu beyond the formal APC structure. His argument is that politicians should be free to support the President at the presidential level while backing candidates of their choice in state and other elections. However, that proposition has proved difficult for APC governors to accept. Reading the resolutions of the Progressives Governors Forum a few days ago, the Imo State Governor and Chairman of the Forum, Uzodimma, declared that the governors unanimously resolved not to have anything to do with the Rainbow Coalition. “The forum unanimously resolved that its members won’t participate in, support or endorse any alliance or political arrangement capable of undermining the reelection of Mr President, weakening the APC or adversely affecting any

candidate of the party at all levels. “In other words, the forum has no intention of supporting anybody at any level, that’s not an APC candidate because our candidates are being sponsored by our party. The governors affirm that commitment is exclusively to all APC candidates. “Any arrangement that can create confusion, divided loyalty or competing interests will not be entertained. All levels of the party campaign architectures must align with the expectations of Mr President and objectives of the APC,” the APC governors’ bloc maintained. However, Wike has reiterated that his support for the reelection of President Tinubu remained sacrosanct, saying he never promised that the PDP will not field candidates in governorship, National Assembly and States House of Assembly elections. He also said that Tinubu knew about the rainbow coalition.

Continued on page 43

WORLD BANK: 67.2M NIGERIANS COVERED BY CASH TRANSFERS AMID TRANSPARENCY QUESTIONS World Bank said 10.43 million poor and vulnerable households had received economic shockresponsive cash transfers. The report said more than 7.1 million households had received all three tranches of the transfer after undergoing biometric verification using their National Identification Numbers (NINs) or Bank Verification Numbers (BVNs). But the scale of the figures comes against continuing concerns over the ability to independently verify the beneficiaries and payments. Many Nigerians, including the opposition have raised issues over the transparency of the programme.

For instance, the Auditor General for the Federation, in its 2024 annual report on noncompliance/internal control weaknesses, had questioned the documentation supporting N33.751 billion in electronic transfers to 3,295,207 households and beneficiaries across 35 states in 2023. The audit report said the payment vouchers did not contain full beneficiary details and that the Remita statement required to reconcile those who received the payments with persons listed on the national social register and national beneficiary register was not presented for examination. The auditors consequently said

they were unable to authenticate the payments or establish whether the beneficiaries who received the money were genuine. In the same vein, former Vice President Atiku Abubakar recently questioned the difference between a 15 million-household figure announced by the Presidency in July and the later government statement that more than 10 million households had received cash transfers. He also questioned the arithmetic surrounding the government's disclosure that more than N600 billion had been disbursed, asking the government to provide a verifiable trail showing the households paid,

the number of tranches received, failed transactions and reversals. Earlier, President Bola Tinubu suspended Betta Edu, after reports emerged that she had authorised the transfer of N585 million to a private account for payments to vulnerable groups. But the latest World Bank report provided a fresh set of figures on the programme's reach. It said the number of people covered by cash-based interventions rose from 60.09 million in May to 67.19 million in August 2026, exceeding the programme's June 2027 closing target of 56 million. Overall, women accounted for 39.77 million of those covered,

while 12.32 million were youths, the report seen by THISDAY showed. The World Bank said 57.6 per cent of primary beneficiaries were women, above the programme's 45 per cent target, while 81 per cent of beneficiary households were in the bottom six income deciles. The report also said 12.9 million households had been visited as part of the verification exercise, while more than 15.8 million NINs had been verified in the social registry. Of these, it stated that 10.95 million households had been verified using NINs and BVNs and integrated into the national benefit delivery

management system. According to the global lender, 98.9 per cent of beneficiary households received transfers within 10 days of the scheduled payment date, while beneficiary satisfaction stood at 87.7 per cent. It said all transfers were being made directly into beneficiaryowned digital accounts backed by biometric identification. “The project has made significant progress in implementation and achieved all PDO (Project Development Objectives) targets. The economic shock-responsive cash transfers have reached 10.43 million poor and vulnerable households selected from the social registry.

T H I S D AY • MONDAY, SEPTEMBER 21, 2026

NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 08074010580

SHETTIMA DEPART ABUJA FOR 81ST UNGA...

L-R: Governor Siminalayi Fubara of Rivers State and Vice President Kashim Shettima, as they depart Nnamdi Azikiwe International Airport, Abuja for New York to attend the 81st United Nations General Assembly (UNGA), yesterday

GODWIN OMOIGUI

Oye: Fagbemi’s Hardwork Saved Nigeria $14bn in Arbitration Claims Says Nigeria can no longer be treated as easy target

Emmanuel Addeh in Abuja

Chairman of the Alliance for Economic Research and Ethics, Dele Oye, has hailed the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN) for ‘his role in protecting Nigeria’ from more than $14 billion in major international arbitration claims. Oye, in a tribute to Fagbemi titled: “When the Republic Found Its Voice,” said the Attorney-General’s handling of major international disputes had demonstrated that Nigeria could no longer be treated as an easy target in international arbitration. He cited the P&ID, Sunrise Power and European Dynamics

cases as evidence of a stronger and more determined legal defence of Nigeria’s economic interests. According to him, the cases collectively involved more than $14 billion in stated claims or potential exposure, making their outcomes significant not only for the country’s legal standing but also for the protection of public resources. Oye described Fagbemi as a lawyer whose contribution to Nigeria extended beyond courtroom advocacy to the protection of the public purse and the restoration of confidence in the country’s institutions. He said the P&ID case was particularly significant because the arbitral awards, which had risen to billions of dollars with

interest, had the potential to cause serious damage to Nigeria’s economic stability and international reputation. He also pointed to the recent Sunrise Power arbitration, where the International Chamber of Commerce tribunal in Paris rejected claims relating to the Mambilla Hydroelectric Power Project, which had exposed Nigeria to potential claims running into billions of dollars. According to Oye, the tribunal’s decision, including an order for substantial reimbursement of Nigeria’s legal costs, removed a major legal obstacle around a project considered important to the country’s development. He added that the European Dynamics arbitration provided

another example, with all claims against Nigeria relating to the national e-procurement project dismissed. He stressed that the significance of the cases went beyond the figures, arguing that the outcomes represented public resources protected from avoidable loss, national projects freed from prolonged legal uncertainty and a stronger defence of Nigeria’s interests in international dispute resolution. Oye, who said he had worked closely with Fagbemi in a separate matter involving the Economic and Financial Crimes Commission, also described the minister as a public official who would not compromise evidence or allow influence and status to

NHIA Enrolment Hits 23m, Expands Disease Cover

Ohiri: critical measure of insurance system should no longer be the number of Nigerians carrying insurance records, but whether those records provide meaningful protection when illness strikes James Emejo in Abuja Director General/Chief Executive, National Health Insurance Authority (NHIA), Dr. Kelechi Ohiri, said total health insurance enrolment had risen to over 23 million, adding that it is scaling up maternal and new-born healthcare interventions. He said the authority had also expanded financial protection for Nigerians confronting cancer, HIV/AIDS and tuberculosis (TB). He spoke at the inaugural Civil Society Organisation (CSO)-led Mid-Year Review of the National Health Sector Reforms in Abuja. Ohiri said the authority was increasingly shifting its focus from putting the policy and legislative framework for universal health coverage in place to ensuring

that insurance membership translated into actual access to healthcare, financial protection and measurable outcomes. According to him, the critical measure of the insurance system should no longer be the number of Nigerians carrying insurance records, but whether those records provide meaningful protection when illness strikes. The shift is particularly evident in cancer care, where the NHIA had introduced a cost-sharing arrangement with pharmaceutical company Roche for selected oncology medicines. Under the arrangement, Roche bears 50 per cent of the cost, the NHIA contributes 30 per cent, while patients pay the remaining 20 per cent. NhIA had also introduced support ranging from up to

N400,000 to full coverage for eligible radiotherapy patients, complementing existing cancer benefits covering services including mammography, CT and MRI scans, bone scans, cancer-related diagnostic tests and radiotherapy. Ohiri said the early results from the partnership demonstrated the potential of collaboration between government, insurers, healthcare providers and pharmaceutical companies to reduce the financial burden associated with high-cost diseases He said, “For us, coverage has to mean something when people become ill. Cancer is one of the clearest examples of why health insurance matters." He added that the issue was not merely whether a service was covered but whether patients

and their families could bear the cost of treatment. Beyond cancer, the NHIA is using the Global Fund Resilient and Sustainable Systems for Health (RSSH) grant to extend financial protection to people living with HIV and patients receiving treatment for TB. As of September 3, 2026, more than 51,000 people had been enrolled under the intervention across Anambra, Ebonyi, Gombe and Kwara States. The beneficiaries comprise more than 46,000 primary beneficiaries and about 3,700 household members. Of the primary beneficiaries, more than 38,000 are people living with HIV, while over 7,400 are patients with drug-sensitive TB and 594 are receiving treatment for drug-resistant TB.

override accountability. He said the matter eventually resulted in an agreement in which defendants acknowledged wrongdoing, settled the case and committed to refund several millions of dollars to victims. According to Oye, such interventions demonstrated the character of Fagbemi as a lawyer committed to justice, restitution and institutional integrity. He argued that any assessment of the Tinubu administration’s record in rule of law, economic stewardship and institutional renewal should recognise Fagbemi’s contribution.

He added that the P&ID and Sunrise outcomes should be viewed as milestones in the restoration of national confidence, economic security and respect for the rule of law. Oye said Nigeria did not need to seek fear or confrontation internationally, but should be respected as a country capable of defending its lawful interests and protecting its citizens and public resources. He described Fagbemi’s contribution as evidence that public service through the law was ultimately about protecting the Republic rather than personal recognition.

PTDF to Establish ICT Centre for Army Technical College in Kogi

Emmanuel Addeh in Abuja

The Petroleum Technology Development Fund (PTDF) at the weekend announced plans to establish an Information and Communication Technology (ICT) centre at the proposed Command Science and Technical College in Ankpa, Kogi State. The Executive Secretary of PTDF, Prof. Shehu Aliyu, disclosed this in Abuja during a visit by the Chief of Army Staff, Lt. Gen. Waidi Shaibu, and his delegation to the Fund's headquarters. Aliyu said the decision followed a request by the Nigerian Army for strategic partnership and support for the proposed college, which focuses on science, technology, engineering, ICT and technical education. He said the initiative was consistent with PTDF's mandate of developing indigenous capacity in the oil, gas and energy sector through research, scholarships, specialised training and strategic

educational institutions. Aliyu said PTDF's partnership with the Nigerian military was already ongoing, noting that the Fund currently sponsors scholars at the Nigerian Defence Academy, Kaduna, under its In-country Scholarship Scheme. He added that Government Day Secondary School, Army Barracks, Yola, Adamawa State, was also among the beneficiaries of the PTDF STEM Programme. According to him, the interventions reflected PTDF's recognition of the strategic value of Nigeria's military educational institutions and its commitment to producing highly skilled professionals. The PTDF boss also solicited the Nigerian Army's support in strengthening security around the Fund's two strategic Centres of Excellence, the General Shehu Musa Yar'adua University of Geological Sciences and Engineering Technology, Kaduna, and the Centre for Skills Development and Training, Port Harcourt.

T H I S D AY • MONDAY, SEPTEMBER 21, 2026

NEWS

INAUGURATION OF 11-STOREY KWARA REVENUE SERVICE (KWRS) HOUSE...

L-R: Plateau State Governor, HE Caleb Muftwang, Imo State Governor, Sen Hope Uzodimma, Chairman Nigeria Revenue Service, Dr Zaccheus Adedeji, Kaduna State Governor, Sen Uba Sani, Vice-President Kashim Shettima, Governor Abdulrazaq Abdulrahman and Executive Chairman of the Kwara State Internal Revenue Service (KWIRS), Mrs. Shade Omoniyi during the commissioning of the 11-storey Kwara Revenue Service (KWRS) House in Ilorin, Kwara State on Wednesday,

FG Moves to Clear N330bn Export Grant Backlog, Restructure Expansion Scheme Ring-fences 40% of export levy for new trade facilitation

James Emejo in Abuja

Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said the federal government had begun moves to resolve about N330.08 billion in outstanding Export Expansion Grant (EEG) obligations, while overhauling the scheme to make future incentives more predictable, transparent, and financially sustainable. She spoke at a stakeholder engagement on the EEG scheme in Abuja, over the weekend.

She said the ministry had been directed to address verified legacy claims and restructure the scheme around a sustainable funding framework. Oduwole said the outstanding obligations comprised about N269.45 billion in verified claims involving 195 beneficiary companies, previously approved under a Promissory Note Programme by the Federal Executive Council in May 2023, alongside approximately N60.64 billion in stepped-down claims involving 32 companies for the

Japan Agency Warns Malnutrition Threaten Nigeria's Adolescents, Workforce James Emejo in Abuja

The Japan International Cooperation Agency (JICA) has begun a school-based nutrition intervention aimed at tackling poor dietary habits among Nigerian adolescents. It warned that neglecting nutrition during the critical stage of adolescence could undermine the health and productivity of the country’s future workforce. Speaking during the intervention, launched at the Junior Secondary School, Area 10, Garki, Abuja, JICA Nigeria's Programme Coordinator for Nutrition, Water, Sanitation and Hygiene, Environment, Climate Change and ODA Loans, Princess Kelechi Barry-Chukwu, initiative came against the backdrop of significant nutrition challenges among Nigerian adolescents, with about 31 per cent of those aged 10 to 19 reportedly thin or underweight. She said the programme was designed to make schools more active in shaping what

adolescents eat, how they make food choices and their understanding of healthy lifestyles. Adolescent girls are particularly vulnerable, with the prevalence of acute malnutrition reportedly more than four times that of adult women, while about 55 per cent suffer from anaemia, a condition associated in large part with inadequate iron intake and poor dietary diversity. Barry-Chukwu said adolescence represented a critical but often overlooked window for intervention, adding that the period was the second-fastest phase of human growth after early childhood, requiring greater attention to nutrition if Nigeria was to build a healthier and more productive adult population. She said, “Nutrition is one of the most rewarding investments a government could make,” urging stakeholders to treat adolescent nutrition as a national development issue rather than a responsibility left solely to families.

2017–2020 period. She said the government was working with the Federal Ministry of Finance, Debt Management Office (DMO), Office of the Accountant-General of the Federation, Central Bank of Nigeria (CBN), National Assembly and the Nigerian Export Promotion Council (NEPC) to reconcile and process the obligations. According to her, settling the backlog was critical not merely because of the financial claims involved but because delays had affected exporters’ liquidity, investment decisions, business planning and ability to expand operations. Oduwole said the government’s objective was to restore confidence in the export incentive system while ensuring that only claims that had passed the required

verification, validation and approval processes were settled. Beyond the backlog, she said President Bola Tinubu had approved a new funding architecture under which 40 per cent of monthly Nigerian Export Supervision Scheme collections would be ring-fenced for strategic trade-facilitation and exportincentive interventions through a professionally managed Trade Facilitation Fund. She said the restructured EEG would be designed to reward genuine export performance, encourage domestic value addition and diversify Nigeria’s non-oil export base. The minister also disclosed that an EEG Restructuring Working Group comprising FMITI, Finance Ministry, CBN, OAGF, DMO, NEPC, Manufacturers Association of Nigeria Export Group (MANEG)

and other stakeholders would produce a proposed structure for the reformed scheme within 60 days. Oduwole said technology would form part of the reform, particularly in strengthening data management, claims verification and transparency, allowing exporters to track their claims and understand outstanding requirements. She stressed that the ultimate test of the scheme would not be the amount of claims paid but whether public expenditure translated into stronger exporters, increased value addition, jobs and higher foreign-exchange earnings. Earlier, NEPC Executive Director/Chief Executive, Mrs. Nonye Ayeni, said the restructuring came at a critical point in the country's export drive, noting that the country had

recorded what she described as its highest-ever volume and value of non-oil exports, alongside an increase in the number of products and export destinations. Ayeni attributed the development partly to increased value addition across sectors, including among small and medium-sized enterprises, and urged exporters to sustain the momentum. She said the outstanding EEG liabilities underscored the need for an incentive framework that was credible, transparent, measurable and responsive to exporters’ realities. Ayeni said NEPC would work with FMITI, MANEG, beneficiaries and other stakeholders to document concerns and translate the Abuja engagement into concrete recommendations and action points.

Korean Film Festival Turns Nigerian Filmmakers into New Face of Korea-Nigeria Cultural Diplomacy Michael Olugbode in Abuja

The Korea-Nigeria cultural exchange is taking a new turn, with Nigerian filmmakers using Korean culture to tell deeply local stories of abuse, grief, family, love, survival and resilience at the ongoing 2026 Korean Film Festival in Abuja. Rather than merely bringing Korean cinema to Nigerian audiences, the three-day festival placed emerging Nigerian creatives at the heart of the cultural engagement, creating a platform where Nigerian filmmakers are drawing inspiration from Korean history, music, traditions and popular

culture to reinterpret their own experiences on screen. The development, which the organisers said reflects the two-way character of cultural diplomacy, is one of the major highlights of the festival organised by the Korean Cultural Centre Nigeria (KCCN) from September 17 to 19 at Silverbird Cinemas, Abuja. At the centre of the Nigerian component is the inaugural KCCN Short Film Contest, which attracted entries from 21 filmmakers across the country and produced films that connect elements of Korean culture with contemporary Nigerian realities. The winning films demonstrated how cultural

exchange can move beyond the conventional model of one country showcasing its creative works to another, instead allowing young creatives to absorb, reinterpret and transform cultural influences through their own artistic experiences. Lagos-based filmmaker Maryam Abiola emerged winner with Too Loud, a 10-minute fiction film exploring emotional abuse, resilience and a young woman’s struggle towards independence. The film draws inspiration partly from the Haenyeo, the renowned female divers of Jeju Island, whose resilience provides a Korean cultural reference point for a story rooted in the Nigerian

experience. The second prize went to Jude Francis Terkuma of the Department of Theatre and Cultural Studies, Nasarawa State University, Keffi, for Unspoken, a romantic drama about two university friends who struggle to express their feelings. While incorporating elements of Korean popular culture, the film examines friendship, vulnerability and the difficulty of communicating emotions. Opara Barbra Ifeoma of Abuja took third place with I’ll Do It For You, which showcased a young woman preparing to travel to Korea on a scholarship connected to a culture cherished by her late mother.

MONDAY, SEPTEMBER 21, 2026 • T H I S D AY

The Dangote Refinery IPO is now available through UBA

T H I S D AY • MONDAY, SEPTEMBER 21, 2026

NEWS

MEETING OF THE SSDC WITH SOUTH SOUTH YOUTH ORGANISATIONS...

L-R: Mr. Bennet Umoru, Hon. Efosa Imasuen, representative of the South East on the South-South Development Commission (SSDC), Ozo Joe Mamel Esq; President FCT National Youth Organisation (NYO), Deji Adeola; Secretary, FCT NYO, Arch. Osahon Aghedo; Publicity Secretary NYO, Nicholas Uwadia; and Treasurer 1, NYO, Victory Brown Akwete, during a meeting of the SSDC with south South youth organisations in Abuja, yesterday

Indonesia Commits to Help Achieve Nigeria's 3m Barrels Daily Oil Production Target NUPRC opens talks with country on investments as Pertamina eyes 2026 licensing round

Peter Uzoho

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has opened discussions with Indonesia on petroleum investments even as the Indonesian national oil company, Pertamina signaled an interest in the upcoming 2026 licensing round and indicated commitment to help realise Nigeria's three million barrels per day (bpd) oil production target by 2030. This was the outcome of a recent meeting between the Commission Chief Executive of NUPRC, Mrs. Oritsemeyiwa Eyesan, and Indonesia's Vice Minister of Foreign Affairs, Arif Havas Oegroseno; and the Vice President for upstream business development at Pertamina, Toriq Abdat. In a statement signed by the Head of Media and Corporate Communications at NUPRC, Eniola Akinkuotu, Eyesan said the two countries come to the table with similar priorities which are energy security, resource utilization and attracting investments. The talks come as both countries work to increase production. Nigeria currently produces approximately 1.7 million bpd

and is targeting three million by 2030 while Indonesia produces roughly 600,000 bpd and seeks to hit 2.3 million by 2030, a target the country said it cannot meet from domestic fields alone. “We have been given a mandate to expand our business internationally, we are now in other countries outside Indonesia,” Abdat said, adding, “In Indonesia we are producing only around 600,000 barrels. We are working on exploration towards deepwater but we found more gas than oil. That is why we go outside Indonesia, Malaysia, then the Middle East, Iraq and Nigeria.” Abdat said Pertamina is looking for producing assets or projects close to production, including opportunities available before a final investment decision, and would consider both competitive bids and bilateral arrangements. “We would like to be in projects with governments, producing assets, or near production, or before FID,” he said.” "Now we are looking at how we can help you reach the 3 million, and also help us provide more energy for our own consumption." Responding to Abdat, Eyesan said Nigeria’s own targets were no less demanding.

“We have very aggressive targets, 3 million barrels per day by 2030, and today we are at 1.6, 1.7” she said. “We are committed to the objective and the licensing round is one of the strategies we are utilizing.” According to the NUPRC boss, licensing rounds in Nigeria have become a recurring exercise rather than an occasional one,

institutionalised under the Petroleum Industry Act (PIA) 2021. The last commercial bid conference was held in July 2026, with 50 assets on offer and 37 awarded. Eyesan said Nigeria's fiscal terms had been reset in direct response to competition for the same pool of capital.

She noted that Nigeria had reduced entry barriers including signature bonuses in order to incentivise investments. The Indonesian delegation noted that it was exploring other opportunities outside crude oil and gas. The national oil company is building a fertiliser plant to reduce its dependence on Middle

Eastern supply, and disruptions during the current global conflict. Food security relates to oil and gas because phosphate and the elements that make fertilizer, the Indonesian delegation said. Nigeria on its part is diversifying its own phosphate sourcing, including a long-term transatlantic pipeline project with Morocco to serve West Africa.

CPPE Raises Concern Over Chinese, Other Foreigners Incursion into Nigerian Retail Trade Dike Onwuamaeze

The Centre for the Promotion of Private Enterprise (CPPE) has raised concern about the growing participation of foreign nationals, particularly Chinese traders, in Nigeria’s retail and distributive trade sector. The CPPE emphasised that Nigeria needs foreign investment, “but it also needs to protect the entrepreneurial space that sustains millions of domestic businesses and livelihoods.” It added: “A situation where overseas manufacturers or major suppliers sell products to Nigerian importers and

distributors, and subsequently establish operations that compete directly with those same businesses at the retail end of the market, creates legitimate concerns about market structure and fair competition.” The CPPE raised this concern yesterday in a press statement over “growing foreign incursion into Nigeria’s retail trade. Commenting on the growing incursion of foreigners into Nigeria’s retail trade, the Chief Executive Officer of CPPE, Dr. Muda Yusuf, said that “the trend raises important issues around employment protection, fair competition, investment policy and the integrity of the country’s

immigration and business-permit regime.” Yusuf argued that the increasing penetration of foreign traders into the retail segment deserved urgent policy attention. He said: “Nigeria’s distributive trade sector is a major source of employment and livelihoods, particularly for micro, small and medium enterprises. “Millions of Nigerians depend on wholesale and retail trade across textiles and fabrics, ICT products and accessories, automobile spare parts and tyres, electrical products, plumbing materials, household goods and numerous other consumer and

industrial products. “The sector employs an estimated 27.5 per cent of Nigeria’s workforce.” The CPPE acknowledged that China has remained one of Nigeria’s most important trading partners and the leading source of the country’s imports that have supported the supply of machinery, industrial inputs, consumer goods, technology products and numerous other products to the Nigerian economy. The CPPE, therefore, “stresses that the concern is not about Chinese investment or Nigeria’s economic relationship with China.

Digital Identity Becomes New Battleground for Nigeria’s Economic Transformation, Says eTranzact Michael Olugbode in Abuja

Nigeria’s push to build a truly digital economy is increasingly being anchored on a less visible but critical infrastructure: the ability to securely identify every participant in the digital space. This emerged in Abuja as eTranzact International Plc reaffirmed its commitment to strengthening Nigeria’s

digital identity ecosystem, warning in effect that the country’s ambitions for digital finance, secure public services and wider economic inclusion depend on trusted identity infrastructure. The financial technology company made the commitment at the 2026 International Identity Day celebration held at the State House Banquet Hall, Abuja,

where government officials, technology companies, identity solution providers and privatesector stakeholders examined the role of digital public infrastructure in Nigeria’s economic transformation. The event, themed “Nigeria’s Digital Public Ecosystem Powering Africa’s Digital Economy,” underscored the growing importance of digital identity beyond the traditional

question of identification. At a time when banking, payments, government interventions, credit, telecommunications and other essential services are increasingly moving online, the ability to establish that an individual is who they claim to be has become fundamental to participation in the digital economy. A stronger identity

ecosystem could make it easier for citizens to access financial services, government programmes and other technology-enabled services, while providing institutions with more reliable tools for verification, compliance and protection against identityrelated fraud. It could also help bridge gaps in financial inclusion by enabling more Nigerians

to establish verifiable identities needed to access bank accounts, digital payment platforms, credit and other formal financial services. It was against this backdrop that eTranzact, which works with the National Identity Management Commission (NIMC), renewed its commitment to supporting the country’s digital public infrastructure.

T H I S D AY • MONDAY, SEPTEMBER 21, 2026

NEWS

COURTESY VISIT OF CAPITAL EXPRESS ASSURANCE GROUP TO NPERA...

L-R: Publisher/CEO, Riskshield Magazine, Mr. Roland Okoro; Head, Business Development, Lagos Market, Capital Express Assurance Limited, Mrs. Grace Okotie; Managing Director/CEO, Capital Express Life Assurance Limited, Mr. Matthew Ogwezhi; Director General/CEO, Nigerian Ports Economic Regulatory Agency (NPERA), Dr. Pius Akutah; Managing Director, Capital Express Indemnity Insurance Limited, Mr. Adewale Koko; and Director, Consumer Affairs Department, NPERA, Mrs. Ify Okolue, during the courtesy visit of Capital Express Assurance Group to NPERA, and in collaboration with Riskshield presented Award of Excellence to the Director General in recognition of his outstanding contribution and dedication, at the Agency Head office, in Apapa, Lagos...recently

AMCE Abuja, Model for Specialist Healthcare Expansion in Africa, Says Mgt Onyebuchi Ezigbo in Abuja

The African Medical Centre of Excellence, AMCE, Abuja, has emerged as a real-world example of how blended finance can be deployed to build specialist healthcare infrastructure and expand access to complex care in Africa. The Centre said that a new case study by the Impact

Investment Initiative for Global Health, Triple I for GH, has examined how the model worked in practice, showing how long-term development finance, commercial capital and specialist clinical partnerships were combined to establish the 170-bed quaternary hospital. The Centre, developed by the African Export-Import Bank, Afreximbank, in collaboration with King’s College Hospital,

London, combines specialist clinical care with advanced infrastructure, workforce development, research and medical education. A statement by Senior Client Manager at AMCE, Faith Shaib, the Centre said since commencing operations, it has delivered a growing range of complex procedures that were previously accessed abroad. "These include AMCE’s

first open-heart surgery, West Africa’s first Stereotactic Body Radiation Therapy, SBRT, for lung cancer, and its first stem cell transplant for a patient with multiple myeloma. "The hospital has also carried out more than 10 cardiac interventions, including coronary angiographies, permanent pacemaker insertions and percutaneous coronary interventions," she said.

At UNGA, Sahara Advocates Sustainable Investment, Climate Finance for Nigeria, Africa

Peter Uzoho

Sahara Power has called for stronger mobilisation of sustainable investment and climate finance to accelerate Africa’s development, strengthen economic resilience, and create lasting prosperity across the continent. Speaking at a United Nations General Assembly (UNGA) roundtable on Sustainable Global Investment, Economic Resilience and Climate Financing, Group Managing Director, Sahara Power Enterprise Group, Kola Adesina, said Africa’s growth ambitions depend on building productive economies that can withstand

economic, environmental, and geopolitical shocks. According to Adesina, sustainable investment, economic resilience, and climate finance should be pursued as interconnected priorities, particularly as Africa continues to face significant infrastructure, energy, food security, and employment challenges. Experts say the scale of the opportunity in Africa is substantial as almost 600 million people in Sub-Saharan Africa lack access to electricity, in addition to a continent-wide annual infrastructure financing gap of between $68 billion and $108 billion. “Africa’s most pressing

challenge is expanding its productive capacity at scale. We need sustained investment in energy, infrastructure, industry, agriculture, and enterprise development to create jobs, strengthen competitiveness, and support long-term resilience,” Adesina said, according to a statement by Sahara's corporate communications department. He noted that the global investment landscape presents significant opportunities for Africa. He recalled that foreign direct investment reached approximately $1.6 trillion in 2025, while assets linked to sustainable investment strategies

have grown to $16.7 trillion globally, reflecting increasing investor demand for projects that deliver both financial and developmental value. Adesina highlighted climate finance as a critical enabler of resilient growth, particularly as African economies face increasing exposure to droughts, floods, extreme heat, and other climate-related risks despite contributing less than four per cent of global greenhouse-gas emissions. “Africa requires substantial investment not only to grow, but also to protect the infrastructure, businesses, food systems, and communities that underpin development,” he said.

PSN Warns over Proliferation of Medicines Outlets Exposing Nigerians to Drug Abuse Hammed Shittu in Ilorin The Pharmaceutical Society of Nigeria (PSN), Kwara State Branch, has called for urgent reforms in Nigeria’s drug distribution system. The society therefore warned that the proliferation of medicines through unlicensed outlets is exposing Nigerians to drug

abuse, irrational medication use and substandard products. The newly elected chairman of the association in the state, Mrs. Munirat Kikelomo Bello, made the call in Ilorin while outlining her priorities and concerns over the state of pharmaceutical practice in the country. Bello, the first female pharmacist to lead the PSN

in the State, described the country’s drug distribution network as a major challenge requiring decisive action by the federal government and relevant regulatory agencies. “We have a very serious, chaotic drug distribution in Nigeria. In fact, I will call it a national emergency,” she said. She urged the government to

ensure effective implementation of existing national guidelines on drug distribution, stressing that medicines should reach Nigerians through regulated and legitimate channels. According to her, unrestricted access to medicines through unlicensed outlets increases the risk of inappropriate medication, drug abuse and unsafe treatment.

The case study highlights the urgency of such investments. African patients are estimated to spend between US$6 billion and US$10 billion annually on medical treatment outside the continent, reflecting both strong demand for specialist care and gaps in locally available tertiary services. AMCE Abuja was developed to help bridge this gap by building advanced tertiary capacity within Africa, enabling more patients to access complex treatment closer to their families and support networks. Over its first five years, the

Centre aims to provide specialist care to more than 200,000 patients in Nigeria and a further 150,000 patients from other African countries. On financing, the hospital said the case study provided new detail on the structure that supported AMCE’s development. According to case study, Afreximbank’s financing was backed by long-term debt from the Japan International Cooperation Agency, JICA, in partnership with Mitsubishi UFJ Financial Group, MUFG, and Sumitomo Mitsui Banking Corporation, SMBC.

Court Freezes Fairmont Petroleum Funds, Assets over $274,620, N256.98m Claim Wale Igbintade

The Federal High Court in Port Harcourt, Rivers State, has frozen funds and assets belonging to Fairmont Petroleum Limited over a claim of $274,620 and N256.98 million allegedly owed to PP Energy Suppliers Limited for marine services. Justice Phoebe M. Ayua, in an order, granted a Mareva injunction restraining Fairmont Petroleum from withdrawing, transferring or otherwise dissipating funds in its bank accounts up to the claimed amounts. The court also restrained the company from transferring, selling or otherwise dealing with its movable and immovable assets, shares and funds held in financial institutions, pending the hearing and determination of the Motion on Notice. The order followed a suit, marked FHC/PH/CS/157/2026, filed by PP Energy Suppliers against Fairmont Petroleum. The plaintiff is claiming the sums as outstanding hire charges

allegedly accruing from the use of its vessel, MV Ocean Lady Tiana, for mooring, pushing and towing Fairmont Petroleum's marine equipment, as well as other professional services. According to the court order, the services were rendered in connection with the movement of the defendant's marine equipment from 777 Jetty, Port Harcourt, to its base of operation at Cawthorne Channel 1 and Bonny Anchorage within the Port Harcourt coastal waters. Justice Ayua granted the interim relief after considering an affidavit of urgency and an affidavit filed in support of the plaintiff's ex parte application. Counsel for PP Energy Suppliers, T.G.E. Nwugha, appeared with H. Aigbiremolen and N.C. Kanu and urged the court to grant the application. The court's order covers $274,620 and N256.976 million claimed by PP Energy Suppliers as outstanding hire sums arising from the use of MV Ocean Lady Tiana and the related marine services.

T H I S D AY • MONDAY, SEPTEMBER 21, 2026

NEWS

MAKINDE BACK TO WORK...

L-R: Oyo State Governor and Allied People's Movement (APM) Presidential Candidate, Seyi Makinde; his deputy, Barr Bayo Lawal; Deputy Speaker, Oyo State House of Assembly, Hon. Abiodun Fadeyi; and Head of Service, Mrs. Adenike Fasina, during the welcoming back of Governor Makinde to office from his annual leave, at the Governor's Office Outer Pavilion, Secretariat, Ibadan

Tinubu Extols Wife, Oluremi, at 66, Says He'll Always Choose the Road That Led Him to Her Describes her as his truest friend, confidante, compassionate, kind with generosity of spirit and steadfast faith Sanwo-Olu, Barau, Otu, Mbah others too hail First Lady

Deji Elumoye, Sunday Aborisade in Abuja and Chinedu Eze in Lagos

President Bola Tinubu, yesterday, paid glowing tribute to his wife, Senator Oluremi Tinubu, as she clocks 66 today, September 21, 2026. The president, in a birthday message signed by him, eulogised his wife, saying he would choose same road that led him to her several decades ago. According to Tinubu, "If life returned me to the beginning, I would choose the same road that led me to you. Through every mile, my heart has always remained at home with you." He described the First Lady, whom he called “Oluremi mi” in his opening remarks, as his truest friend and confidante, who is compassionate, kind with generosity of spirit and steadfast faith. The President, in the 15-paragraph release, stated: "Oluremi mi, today, I celebrate the woman who has walked beside me with patience, grace and uncommon courage. "Àwon àgbà so pé, “Ìyàwó rere ni adé oko rè.” A good wife is her husband’s crown. The Book of Proverbs, which you know far better than I do, also speaks eloquently of the worth of a virtuous woman. "You have given these words true meaning in my life. You have stood by my side through every season. "The burdens that were mine to bear often found their way onto your shoulders. The thoughts I could not put into words somehow found their way to you. "In difficult times, when the future was uncertain, you stayed calm beside me and prayed with me. Through all these years, you have remained the one who truly understands me.

"More often than not, you sense when I need counsel before I ask. There have been nights when your presence alone was counsel enough. I call you my truest friend and confidante because you speak the truth plainly, even on the days I would rather not hear it. "After a demanding day, you wait until we are alone before telling me what I need to hear. I have always cherished you for that honesty. "Our home bears the lasting imprint of your devotion. Our children and grandchildren have grown beneath the shelter of your prayers. They carry your values of faith and kindness wherever life takes them. "Nigerians know you for your compassion, kindness, generosity of spirit and steadfast faith. I have watched you touch lives quietly and consistently, offering hope and support to those in need. "From the New Era Foundation during our years in the saddle in Lagos to the Renewed Hope Initiative today, your care has reached many young boys and girls, widows, elderly citizens. and women farmers across the country. "Those affected by tuberculosis or any disease at all have found in you a compassionate advocate and a determined champion. I know the prayers you offer for people whose names you may never know. “I also know many whom you have helped without ever meeting them. For you, compassion has never recognised the boundaries of tribe, region or religion. "A long journey teaches a man the true value of a good partner. We have travelled a long road together. I think of the difficult decisions we talked through for hours and the sacrifices no one else saw. Laughter and prayer carried us through many of them. "If life returned me to the beginning, I would choose the

same road that led me to you. Through every mile, my heart has always remained at home with you. "I thank you for the life we have built and the love that has held it together. Happy 66th birthday, my darling Oluremi. I pray that God Almighty will grant you many more years in good health and joy. "May the years ahead bring you the same comfort and happiness you have so freely given to me and many others. With all my love."

Babajide Sanwo-Olu Lagos State Governor, Mr. Babajide Sanwo-Olu, has also congratulated Nigeria’s First Lady, Senator Oluremi Tinubu, on her 66th birthday, describing her as an Amazon and a dependable mother of the nation. The Lagos governor said Senator Tinubu was a passionate and kind-hearted leader, who has positively influenced many lives throughout her public career. Sanwo-Olu, in a statement issued by his Special Adviser on Media and Publicity, Mr. Gboyega Akosile, further described the former threeterm senator as an advocate of social justice, a philanthropist, a voice for the oppressed and the downtrodden, and a compassionate leader. “As mother of our dear nation, Senator Tinubu has dedicated herself to the service of elevating humanity through her numerous initiatives from her days as the First Lady of Lagos State. “Dedicating almost three decades of her life to serving the people, especially as a member of the Red Chamber representing Lagos Central Senatorial District for three consecutive terms, Senator Tinubu has sponsored and supported bills and legislations that touched on the elevation of

women, children and vulnerable persons in our country. “She has personally supported individuals and groups in need of assistance for personal development. “As Nigeria’s First Lady, Senator Oluremi Tinubu has positively impacted millions of lives through her pet project, the Renewed Hope Initiative, which has brought relief, hope, progress and development to many families in different parts of the country. “Without a doubt, Senator Oluremi Tinubu has written her name in gold as an advocate of social justice, a philanthropist, a distinguished federal lawmaker, and a dependable partner to President Bola Ahmed Tinubu. “On this 66th birthday of our Amazon, Senator Oluremi Tinubu, I wish her continued divine guidance and good health. May God bless her with strength to serve more and do greater good for humanity, Lagos, and Nigeria. “On behalf of my wife, Ibijoke, family, the Government and the people of Lagos State, leaders and members of our party, the All Progressives Congress (APC), I wholeheartedly congratulate Senator Oluremi Tinubu, wife of our leader and President, Asiwaju Bola Ahmed Tinubu, GCFR, on her 66th birthday.”

Jibril Barau On his part, the Deputy President of the Senate, Senator Jibrin Barau, on his part, commended the first lady’s contributions to national development and democratic governance. Barau said her interventions through her various initiatives had positively impacted Nigerians, particularly women, children, youths and vulnerable citizens.

In a statement by his Special Adviser on Media and Publicity, Ismail Mudashir, the Deputy Senate President highlighted the First Lady’s Renewed Hope Initiative (RHI), describing it as a platform through which she had continued to address critical social challenges. According to him, the initiative had focused on key areas including education, healthcare, social welfare, women and youth empowerment, as well as support for vulnerable Nigerians. Barau said Tinubu’s contribution to public service and nation-building, however, predated her emergence as First Lady of Nigeria. He described her 66th birthday as a significant milestone and prayed for continued strength, wisdom and fulfilment for the First Lady as she supports President Bola Ahmed Tinubu in the administration of the country.

Peter Mbah Governor of Enugu State, Dr. Peter Mbah has also has congratulated the First of Nigeria, Senator Oluremi Tinubu, on her 66th birthday. Mbah described her as an icon of unity and service, recalling her many empowerment programmes targeted at vulnerable groups. In a statement signed by his media aide, Uche Anichukwu, on Sunday, Mbah said Mrs. Tinubu remained a living inspirational to the nation. "From your years as First Lady of Lagos State to your time as a senator, and now as First Lady of the Federal Republic of Nigeria, you have remained a tireless advocate for inclusion, a towering support to numerous households and countless youths, and an enduring symbol of unity. "As you celebrate your 66th birthday, we are indeed happy

to be associated with you, and proud, as well, of the fact that you are a worthy recipient of our revered traditional title _Ugosimba I of Enugu State. "May your years of lifelong service to our dear country and humanity continue to stand as living inspiration to all. "On behalf of the Government and the good people of Enugu State, I wish you a very Happy Birthday and more years in good health and excellence," the statement quoted the Governor as saying.

Bassey Otu Speaking, too, the Cross River State Governor, Bassey Edet Otu, has described the first lady as a remarkable testament to grace, resilience, compassion and who has dedicated her life to the service of the nation. Otu, in a goodwill message by his Chief Press Secretary and Special Adviser on Media and Publicity, Mr Linus Obogo, conveyed the warmest felicitations and profound goodwill of the Government and people of Cross River State, saying the milestone offered a fitting occasion to celebrate a life distinguished by an abiding commitment to humanity and the advancement of Nigeria's collective destiny. According to the governor, the milestone is “not just a celebration of longevity,” but “a fitting tribute to a life adorned by grace, fortified by resilience and distinguished by an abiding commitment to humanity, national service and the advancement of our collective destiny.” He noted that over the years, Senator Tinubu had brought “uncommon compassion, dignity and purpose” to the vocation of public service, particularly through her advocacy for women, children, families and vulnerable members of society.

MONDAY, SEPTEMBER 21, 2026 • T H I S D AY

OFFICE OF THE VICE PRESIDENT Federal Republic of Nigeria

A Toast to Wisdom, Grace, and

Years of Purposeful Living Her Excellency,

SENATOR OLUREMI TINUBU, CON, OON FIRST LADY, FEDERAL REPUBLIC OF NIGERIA

Your Excellency, On behalf of my family and myself, I warmly congratulate you on your 66th birthday. The true gift of the years is not simply longevity, but perspective. Time has a way of deepening wisdom, sharpening our sense of what matters and teaching us that the most enduring legacy is found in the lives we touch. Your own journey reects this truth. Through decades of public service, you have remained a steady advocate for women, children and those whose voices are too often unheard. As First Lady, you have carried this responsibility with grace, compassion and a quiet strength that speaks louder than ceremony. Through the Renewed Hope Initiative, you have continued to translate concern into action, extending a hand to families and communities across our nation and investing in the generation that will inherit the Nigeria we are building today. I am also personally grateful for the warmth and kindness you have always extended to my family. In public life, where so much is measured by titles and ofces, such gestures remind us that the bonds of humanity remain the most precious. At 66, Your Excellency, there is much to celebrate: a distinguished record of service, a family nurtured with devotion, and a life still dedicated to the good of others. My prayer is that Almighty God grants you many more years in good health, peace and fullment, and continues to strengthen you for the service of our dear nation. Happy 66th Birthday, Your Excellency

Signed:

Senator Kashim Shettima, GCON Vice President, Federal Republic of Nigeria

MONDAY, SEPTEMBER 21, 2026 • T H I S D AY

T H I S D AY MONDAY SEPTEMBER 21, 2026 20 TR

UT H

& RE A S O

DANGOTE REFINERY IPO AND CARDINALSTONE

See page 21

ALZHEIMER'S: BEYOND MEMORY LOSS

MIMI OSAWAYE OSAMWONYI argues for better control of blood pressure, diabetes, cholesterol, in addition to regular exercise

See page 21

EDITORIAL

WHY DEMENTIA DIAGNOSIS MATTERS

See page 22

opinion@thisdaylive.com

www.thisdaylive.com

Cardinalstone brings to the transaction market intelligence, investor connectivity, and disciplined execution, writes SOLA ONI

Monday September 21, 2026 Vol 27. No 11479

CHARLES MERIBOLE condemns the surge in political violence and enjoins the electorate not to be intimidated

2027 ELECTIONS: A CHOICE, NOT WARFARE A disturbing trend of rising political intolerance is emerging in Nigeria’s political landscape in the build-up to the 2027 general elections. This troubling phenomenon, which has escalated in recent weeks since the official lifting of the ban on political campaigns by the Independent National Electoral Commission (INEC), has manifested as incendiary remarks, outright threats, sponsored attacks and violence, hate speech, and unfortunately, killings in Nigeria’s political space. Sadly, Nigeria’s President, Bola Ahmed Tinubu, set the tone for this dangerous political culture with his ‘’all is fair in politics’’comment whilst hosting the Catholic Bishops’ Conference of Nigeria (CBCN) at Aso Rock Villa in July 2026. Taking a cue from the President, Senator Francis Fadahunsi, the All Progressives Congress (APC) Senator representing Osun East, had, in a viral video before the August 15 Osun governorship election, directed APC members to ‘’kill’’ members of Accord, whose platform incumbent governor, Senator Ademola Adeleke, contested the governorship election. A similar reckless statement has been attributed to the Chairman of Kuje Area Council in the Federal Capital Territory, Samuel Shekwolo, who threatened voters not willing to vote for the APC in the 2027 general election to leave the area. In Ebonyi State, Governor Francis Nwifuru has threatened to sack Council Chairmen who fail to deliver their councils to the APC by dealing mercilessly with the opposition members. He has practically turned local government chairmen elected to serve all the people at the grassroots, irrespective of political interests, into political enforcers of narrow interests and partisan political mobilisers. He even boasted that his shameful threat should be reported in the media. In Borno, the State Commissioner for Youth and Sports Development, Sinna Buba, threatened to cut off the fingers of voters who refuse to vote for the APC, while in Yobe, the State APC chairman, Muhammadu Gadaka, has directed women whose husbands prevent them from voting for the APC to leave their marriages, promising to refund their dowries and marry them. The violent nature of these inflammatory comments has snowballed into a blockade of the convoy of the Presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, on Tuesday, September 8, at

the Gboko-Makurdi expressway on his way to condole with victims of a terror attack at Yelwata in Guma Local Government Area of Benue State. Obi was apparently stopped from proceeding to his destination because he is a rival presidential candidate. Another manifestation of the festering political belligerence was the brutal killing of a renowned social media political commentator in Kano State, Ibrahim Khalil Dan Shagamu, at his residence in Kano State on Tuesday, September 8. Equally culpable are Muslim and Christian clerics who continue to frame the 2027 general elections along Nigeria’s religious fault lines. They have attempted to portray the election as a contest between Christians and Muslims and a struggle between ethnic groups in Nigeria. In their distorted logic, they have reduced political competition to a vehicle of religious and ethnic prejudice and resentment. The National Association of Seadogs (Pyrates Confraternity) unequivocally condemns the surge in political bigotry, violence and the broader deterioration in civility among Nigeria’s political class. It is irresponsible and reprehensible for members of the political class, especially those of the ruling party, to threaten the electorate ahead of the 2027 elections. We reject in its entirety attempts by politicians to intimidate voters and inﬂuence voting patterns in 2027 through threats, harassment, and coercion. Electoral violence does not begin on election day. It begins when political opponents are prevented from campaigning, when citizens are threatened for expressing political preferences, when political meetings and electioneering are violently disrupted, when campaign oﬃces are attacked, and when citizens are made to believe that supporting a particular candidate should

cost them their lives or livelihood. We ﬁnd it unacceptable for politicians in Nigeria to turn every election cycle into a season of political gangsterism and an orgy of bloodletting. Many lives have been destroyed due to the ‘do-or-die’ attitude exhibited by Nigerian politicians. Elections are not war but a period when ideals, policies, and programmes are placed before the citizens for interrogation to make informed choices of the best candidate for their representation. Unleashing violence on the electorate and treating elections as a battle is completely unacceptable. It undermines democracy and threatens the very foundation of Nigeria as a country. Nigeria has had its own fair share of truncated democratic governance as a consequence of the reckless and winat-all-costs disposition of Nigerian politicians. The First and Second Republics are reference points for how desperate, unchecked inﬂammatory utterances and despicable actions by politicians triggered electoral violence that set the country on edge and aided the fall of democracy. The bloodletting in Northern Nigeria in the aftermath of the 2011 presidential election is another tragic pointer of how unguarded statements by the political class have triggered chaos. During the 2023 election in Lagos, several SouthEasterners’ lives were endangered by anti-democratic elements because they were not willing to vote for the candidate of the ruling party. We must not allow history to repeat itself. To be sure, the inclination of the Nigerian political class towards electoral violence has continued unabated because there are no consequences for their irresponsible actions. The perpetrators of electoral violence have sustained their bare-faced recklessness because they have not been brought to book. This impunity must stop! We are aware that the Nigeria Police has invited some politicians for questioning over recent provocative comments. We have also taken note of the arrests in connection with the disruption of the movement of Mr. Peter Obi and the murder of Ibrahim Khalil Dan Shagamu. We commend the Nigeria Police for its swift response. However, we want to state that this is not the time to sweep any of these issues into oblivion. Dr Meribole, NAS Capn, writes from Abuja

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MONDAY SEPTEMBER 21, 2026

Cardinalstone brings to the transaction market intelligence, investor connectivity, and disciplined execution, writes SOLA ONI

MIMI OSAWAYE OSAMWONYI argues for better control of blood pressure, diabetes, cholesterol, in addition to regular exercise

DANGOTE REFINERY IPO AND ALZHEIMER'S: BEYOND MEMORY LOSS CARDINALSTONE

Priced at ₦525 per share, the offer of 4.1 billion shares could raise approximately ₦2.15 trillion, making the Dangote Refinery IPO a transaction of exceptional scale that demands flawless execution, strong investor confidence and sound professional judgement. For CardinalStone, one of the issuing houses behind the transaction, the assignment goes beyond successfully taking an offer to market. It is an opportunity to demonstrate whether years of navigating Nigeria’s capital market, structuring transactions and understanding investor behaviour can translate into confidence around one of the country’s most consequential listings. When investors consider the Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) Initial Public Offering, attention will naturally focus on the N525 offer price, the scale of the refinery and its prospects. Yet another factor deserves consideration: the pedigree of the institutions helping to bring the opportunity to market. CardinalStone’s role provides useful context. An Issuing house is not merely a channel for collecting applications. It bridges the Issuer and investing public, combining transaction expertise, market intelligence, investor relationships, regulatory understanding, research and disciplined execution. The Firm’s strength lies in an integrated platform spanning investment banking, securities trading, research and investment management. Its experience is reflected in several significant transactions. In 2024, the firm acted as Joint Issuing House on the N351billion Public Equity Offer by Zenith Bank, N350 billion Rights Issue by Access Holdings and the N239billion Rights Issue by UBA Plc. In 2025, the firm also acted as Joint Issuing House on the N236billion Rights Issue by Presco Plc and the N157billion Rights Issue by UBA Plc. More recently, CardinalStone acted as Lead Issuing House on FidsonHealthcare’s N21 billion Rights Issue and the N25 billion Rights Issue by International Energy Insurance Plc. CardinalStone also served as Lead Financial Adviser and Lead Issuing House on the N501.021 billion Series 1 FGN Guaranteed Power Sector Bond, which won Debt Deal of the Year at the 2026 African Banker Awards, and the more recent N728.97 billion Series 2 Power

Sector Bond, which closed in August 2026 (the largest non-direct FGN issuance in Nigerian Capital Market). The FGN Backed Power Sector Bond transaction demonstrated capital market expertise applied to a complex national financing challenge. Issued under the Federal Government’s N4 trillion Multi-instrument Issuance programme, the bond employed a cash and non-cash structure designed to address long standing liquidity constraints in the Power Sector. CardinalStone’s credentials also extend to M&A space having recently advised African Capital Alliance (ACA) on itsN387.4 billion divestment of its 15.92 per cent stake in AradelHoldings Plc. Euromoney described the transaction as the largest secondary equity sale in Nigeria’s energy sector and the largest private-equity exit and block trade in the sector’s history. These transactions help explain the significance of CardinalStone’s role in the Dangote Refinery IPO. A transaction of this magnitude requires coordination among the Issuer, advisers, regulators, market infrastructure, registrars, receiving agents, custodians, intermediaries and investors. Preparation, communication and accountability are essential to an efficient and credible process. But execution is only half of the equation. Investors also need to understand what they are buying. This is where CardinalStone’s research capability becomes relevant. Its initiation report on DPRP places a 12-month target price of N688.09 against the N525 reference price, implying 31.1 per cent potential capital appreciation. Including an assumed 2.6 per cent dividend yield, the projected total return is 33.7 per cent. The research highlights DPRP’s Nelson Complexity Index of 11.5, refined-product yields exceeding 90 per cent, its flexible feedstock model and ability to produce higher-value products meeting Euro V specifications. It also points to the planned expansion of refining capacity to 1.4 million barrels per day and the proposed increase in polypropylene capacity from 830,000 tonnes to 2.4 million tonnes per annum. Oni, an Integrated Communications Strategist, Chartered Stockbroker, Commodities Broker and Capital Market Registrar, is the Chief Executive Officer, Sofunix Investment and Communications

Each year, countless Nigerian families watch loved ones slip into the shadows of their own memories—forgetting grandchildren's names, getting lost on familiar routes to the local market, or struggling with simple daily routines like taking medication. While long brushed off as a natural, inevitable consequence of aging, this decline is not normal. It is frequently the sign of a neurodegenerative condition, most commonly Alzheimer's disease. Dementia is a medical condition in which a person has a major decline in one or more cognitive (thinking abilities) domain such as: memory (remembering information and events), attention (staying focused), executive function (planning, solving problems, and making decisions), language (understanding and using words), perceptual-motor function (understanding what the eyes see and coordinating movement), social cognition (understanding other people and behaving appropriately in social situations). The decline can be serious enough to affect a person’s independence and everyday activities. It typically occurs in clear consciousness, and is not caused by delirium, which is a sudden state of confusion, or another short-term medical problem. Alzheimer’s disease is the most common cause of dementia. It is a progressive neurodegenerative condition, meaning that brain cells and their connections gradually become damaged. Over time, it affects the ability to form and remember memories, think and reason, use language, make sound judgments, and eventually carry out even simple daily activities. Other major types of dementia include vascular dementia, caused by problems with blood flow in the brain; Lewy body dementia, linked to abnormal protein deposits in brain cells; and frontotemporal dementia, which mainly affects the brain areas involved in behavior, personality, and language. Alzheimer’s disease as well as the other forms of dementia are not normal parts of ageing. Older age is the strongest risk factor, but several other factors especially those that can be changed also affect the risk of developing dementia. These include high blood pressure, diabetes, lack of physical activity, smoking, drinking too much alcohol, obesity, untreated hearing loss, depression, social isolation, and limited access to education. Dementia affects much more than the person who has it. As the condition progresses, it reduces independence and quality of life, creates major physical, emotional, and financial pressures for caregivers and families, and increases demands on communities, healthcare professionals, and the health system. A 2019 systematic review estimated overall dementia prevalence among older Nigerians at roughly 4.9%, and calculated that the number of Nigerians aged

60 and above living with dementia rose from about 63,500 in 1995 to 318,000 in 2015. Community studies in different parts of the country have found prevalence ranging from about 2.8% to 6.4%, with Alzheimer's disease consistently emerging as the leading subtype. In one older Ibadan study, it accounted for roughly 64% of all dementia cases. The honest message is that Nigeria carries a real and likely growing dementia burden, one that will only expand as the population ages, and we urgently need better data to understand its true magnitude. The response so far rests on several pillars. Clinically, neurologists, psychiatrists, geriatricians, physicians, and allied health professionals diagnose and manage patients, with cognitive assessment available in specialist centres and treatments used to manage symptoms and control vascular risk factors. Beyond the clinic, NGOs, professional bodies, and community organisations contribute to awareness, while families remain, as they long have been, the backbone of daily care. Nigerian researchers have added meaningfully to the evidence base, even as it remains thin relative to the need. On the policy front, there has been meaningful recent progress. In July 2026, Nigeria’s Federal Ministry of Health and Social Welfare announced plans to establish a Brain Health Desk under the National Mental Health Programme and to develop the country’s first National Brain Health Agenda. The Ministry explicitly identified dementia among the neurological conditions requiring stronger national coordination and action. This policy momentum is also reflected in recent Nigerian scholarship. A 2026 paper in International Psychogeriatrics proposed a modern national framework for dementia care built around integrated care, healthy ageing and prevention, diagnostic innovation and primary-care screening, community awareness, workforce development and sustainable financing, and cross-sectoral partnerships. The most important shift Nigeria needs is from late diagnosis to early recognition. Dr Osamwonyi, MBBS, FWACP (Neurology) is Head of Department Internal Medicine, Maitama District Hospital, Abuja

22 4

T H I S D AY MONDAY SEPTEMBER 21, 2026

EDITORIAL

Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com

WHY DEMENTIA DIAGNOSIS MATTERS There is need to create more awareness on the medical condition

ith the theme, “The Earlier You Know, the More You Can Do: A Dementia Diagnosis Matters”, the World Alzheimer's Day 2026 is observed today not only to draw attention to the neurodegenerative disease but also to reduce social stigma and improve access to treatment for those who suffer the ailment. We urge health authorities in Nigeria to pay closer attention to the growing burden of a disease that affects many of our people with older citizens in the high-risk category. To create awareness on what he described as a ‘quiet crisis in a young country’, Principal Officer, Family Ark Mission, Dr David Oludare Mark, prepared a paper for THISDAY, ‘From awareness to action: building dementia-friendly communities.’ It is on how a society treats its most vulnerable persons. “Nowhere is that test harder than with dementia”, which is not a normal part of ageing,” said Mark. “Everyone forgets. We now rely on phones to remember numbers, routes and appointments, and forgetting a password or a name does not mean dementia. Forgetting where you put your keys is ordinary. Forgetting what keys are for is not.” Mark stated, “Missing a name and remembering it later is ordinary. Asking the same question again and again within minutes, getting lost on a familiar road, or being unable to manage money or cook a meal you have cooked for decades is different.” Dementia, according to medical experts, is a major decline in one or more cognitive abilities such as memory, attention, language, reasoning or judgement, serious enough to interfere with daily life. In Nigeria, Mark further explains, too often a person is described only through symptoms: “the one who forgets”, “the one who wanders” but this doesn’t help because these are individuals with each having a life story and preferences that deserve respect. Where a person disappears behind their symptoms, it can result in weak legal protection, which leaves elders exposed to exploitation and

neglect just when they are least able to protect themselves. When memory fails, judgment, communication and the ability to say “I am being mistreated” also weaken, according to Mark. “A person with dementia may not be able to report hunger, pain, theft or abuse, and may not be believed when they do. Cognitive impairment exposes people to neglect, financial abuse, exploitation, wandering and getting lost, and to the quiet loss of decision-making rights over their property, their money and their own lives,” said Mark. “This is why dementia sits at the centre of the safeguarding conversation. When a person with dementia can no longer speak fully for themselves, the systems around them must become stronger advocates for their dignity and their rights.” Mark recommends calling people by the names they know, asking what they like, involving them in decisions for as long as they can take part, and using what still works: “familiar songs, old stories, favourite foods, touch and routine. In many people, older memories and emotional responses remain reachable long after recent memory fails, which is why reminiscence and music can bring someone back into the room.” To neurologist and Head of Department of Internal Medicine at the Maitama District Hospital, Abuja, Dr Mimi Osamwonyi, dementia affects much more than the person who has it. According to him, as the condition progresses, it reduces independence and quality of life, creates major physical, emotional, and financial pressures for caregivers and families, and increases demands on communities, healthcare professionals, and the health system. On how to tackle the challenge in Nigeria, Osamwonyi advocates a shift from late diagnosis to early recognition: “Families and primary healthcare workers should be equipped to notice persistent memory decline, repeated questions, getting lost in familiar surroundings, difficulty managing money or medication, personality changes, and a decline in previously routine activities—and to recognise that these are different from ordinary ageing.”

Dementia is a major decline in one or more cognitive abilities such as memory, attention, language, reasoning or judgement, serious enough to interfere with daily life 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

T H I S D AY N E W S PA P E R S L I M I T E D

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

Letters to the Editor 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.

LETTERS

TOXIC CHEMICALS AND MINERS’ DEATH

I write to show my concern towards what happened in the custody of Nigerian Security and Civil Defence Corps (NSCDC) Niger State Command. If the scene had been properly managed, I feel that evidence could be quickly and easily gotten to prove the cause of the deaths of the suspected illegal miners. Miners use the following toxic chemicals to weaken soil and rocks, break and washing to extract mineral resources they wanted. The chemicals are Ammonium nitrate plus Fuel oil (ANFO), Sodium cyanide, Mercury, Sulfuric acid, and Xanthates. ANFO, Ammonium nitrate plus Fuel oil is an explosive for blasting hard rocks. The fumes, nitrogen oxides are toxic if inhaled. Physical signs: on cement ﬂoor, oily yellowish stains with white crystals in oil. Sodium Cyanide is the main chemical used for gold mining. It dissolves gold from iron ore and very toxic; small amount kills humans and all kinds of

animals. If combined with other metals, it forms other toxic compounds like cyanates and thiocyanides. Physical signs: white powder, white balls or flat white flakes. On soil it kills everything, insects and grass. On cement floor it leaves pure white powdery stains. Floor becomes clear if wet and whitish when dry. Mercury is used in small scale mining. It binds with gold. Extremely toxic, and causes brain and kidney damage. Physical signs: silvery shiny liquid balls that moves and bind together. On soil, shiny silvery dots, they don't stick to soil. On cement floor, dark grey to black stain after stay for a while. If the floor has cracks it holds the silver liquid. If pushed they bind together. Sulfuric acid is used for copper and uranium mining. It weakens rocks to get copper and uranium out.

Physical signs: oily looking patches. On soil and cement ﬂoor there's yellow to dark brown stains. Close by metals turn white or green. If litmus paper is used to touch the edge of the wet spot it turns bright red. Xanthates are chemicals miners use to separate the valuable minerals from soil and stones, and very toxic to both humans and animals. Physical signs: pale yellow to green powder. On cement ﬂoor, it leaves a yellow or dark yellow green stain after wet and dry. The stain is not white like cyanide but yellow. On soil, yellow wet patch, soil looks like oily or soapy, sand grains stick together. Death from Heat: Exposure to high temperature causes three conditions of which death may occur. Samson Okechukwu, Abuja

T H I S D AY • Monday, September 21, 2026

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

S eptember

S & P INDEX

1 8 , 2 0 2 6

S & P INDEX

EXCHANGE RATE

OPR

25.34%

CALL

23.25%

INDEX LEVEL

595.26

1/4 to daTE

0.24%

N1,381/ 1 US DOLLAR*

OVERNIGHT

25.18%

1-MONTH

21.37%

1-DAY

0.10%

YEAR TO DATE

-10.99%

*AS AT Fri., September 18, 2026

3-MONTH

22.41%

MONTH-TO-DATE

0.24%

Relief as Banking Sector Lending Rate to Businesses Drop to 29.19%

Kayode Tokede Amidst outcry by businesses in Nigeria over the high cost of borrowing, the banking sector average maximum lending rate closed August 2026 at 29.20 per cent, about 3.96 per cent drop when compared to 33.16 per cent in July 2026. According to the Central Bank of Nigeria (CBN) “Money Market Indicator”, the 29.19 per cent average maximum lending is the lowest this year amid a drop in the Monetary Policy Rate (MPR) to 26.50 per cent from 27 per cent. Maximum lending rate refers to the highest

permissible interest rate that Nigerian banks can charge borrowers. The rate is crucial for ensuring fair lending practices in the Nigerian banking sector and protecting borrowers from excessive interest rates. Analysis of CBN data revealed that the average maximum lending rate reached a peak of 35.17 per cent in February 2026 from 32.68 per cent in January 2026 despite the Monetary Policy Committee of CBN reducing MPR to 26.50 per cent. As of July 26, 2026, market data showed that Stanbic IBTC, followed by Ecobank,and FCMB Bank had the highest “General”

maximum lending rate in Nigeria’s financial sector during the period. Stanbic IBTC’s general average maximum lending rate closed at 60 per cent, while Ecobank and FCMB Bank were at 48 per cent and per cent, respectively. The data showed that Citi Bank, Rand Merchant Bank Nigeria Limited had “General” maximum lending of 20 per cent in the period under review. Before now, the International Monetary Fund (IMF) had responded to the unchanged average average maximum lending rate in the Nigerian banking sector between February and April

2026 , expressing that banks raise lending rates rapidly when monetary policy is tightened but are slower to reduce borrowing costs or increase returns to savers. “Interest rate transmission displays a clear “rocketsand-feathers” pattern, with borrowing rates adjusting upward rapidly during tightening cycles but declining only gradually when policy is eased,” IMF said. “When the CBN tightens, wholesale and lending rates respond strongly and more than proportionally: a 100 basis-point MPR hike raises T-bill and lending rates by roughly 175–180 basis

points on impact, whereas a comparable cut lowers them by only about 25–30 basis points. “This asymmetry – statistically significant – implies that banks transmit tightening rapidly and even amplify it but adjust much more slowly during easing cycles. By contrast, while the interbank rate responds symmetrically (around 0.6 in both directions) and deposit rates show little response either way (around 0.12), both are not significant,” the report by the IMF had stated. In 2025, the maximum lending rate was 29.32 per cent, when the MPC voted

to retain the MPR at 27.00 per cent from 27.50 per cent. The average maximum lending rate has sparked concerns regarding the potential impact on the cost of credit for businesses already facing economic hardships due to foreign exchange unification and fuel subsidy removal by the Federal Government. CBN data revealed that the average maximum lending rate rose to 29.79 per cent in January 2025 from 29.71 per cent in December 2024 when MPC members of CBN voted to retain MPR to 27.50 per cent. The story continues online on www.thisdaylive.com

Credit to Private Sector Hits N84.55tn as Government Credit Falls N7.7tn Nume Ekeghe

Credit to the private sector rose for the third consecutive month in August, climbing to N84.55 trillion, as lending to government fell for the third straight month to N32.70 trillion, highlighting a widening shift in the direction of domestic credit. This is according to the Central Bank of Nigeria

(CBN) latest money and credit statistics, which showed that private-sector credit increased by N1.13 trillion, or 1.35 per cent, from N83.43 trillion in July. The August increase followed a N171.8 billion rise in July, when private-sector credit moved up from N83.26 trillion in June. Overall, private-sector credit has gained N3.51 trillion, or

4.33 per cent, since May, when it stood at N81.04 trillion. The recovery comes after a sharp contraction earlier in the year. Private-sector credit rose to N94.61 trillion in February, its highest level in the period, before falling to N80.59 trillion in April. From that April low, credit has recovered by almost N4 trillion, although it remains about N10.06 trillion below

the February peak. The year-on-year picture is stronger. Private-sector credit was N75.88 trillion in August 2025, meaning the latest figure represents an increase of N8.67 trillion, or 11.43 per cent, over the year. Government credit, however, has been moving in the opposite direction. It fell by N1.22 trillion, or 3.60 per cent, from N33.92 trillion

in July to N32.70 trillion in August. That extended the decline which began in June. Government credit stood at N40.38 trillion in May, fell to N40.03 trillion in June, N33.92 trillion in July and N32.70 trillion in August. The result is a N7.68 trillion, or 19.02 per cent, decline in three months. Despite the recent fall, government credit remained well above its level

a year earlier. The August figure was N9.75 trillion, or 42.47 per cent, higher than the N22.95 trillion recorded in August 2025. The divergent trends have widened the gap between private-sector and government credit to N51.85 trillion in August, from N40.66 trillion in May. The story continues online on www.thisdaylive.com

M a r k e t d ata A s at F r i d ay, S e p t e m b e r 1 8 , 2 0 2 6 BONDS Description Price Yield Change Updated Time (%) ^13.98 23September 96.75 16.60 0.00 18, 2026 FEB-2028 ^21.00 200.00 September 105.65 16.60 18, 2026 MAR-2028 ^19.30 17105.33 16.65 0.00 September APR-2029 18, 2026 ^14.55 26September 95.94 16.51 0.00 APR-2029 18, 2026 ^18.50 21105.44 16.70 -0.05 September FEB-2031 18, 2026

BILLS Maturity NTB 8-Oct26 NTB 5-Nov26 NTB 3-Dec26 NTB 7-Jan27 NTB 4-Feb27

Discount Yield

Change (%) Updated Time

17.00

17.16

-0.01 September 18, 2026

17.30

17.70

-0.01 September 18, 2026

17.79

18.47

-0.01 September 18, 2026

18.54

19.65

-0.01 September 18, 2026

18.18

-0.01 September 18, 2026

17.00

CLEARED NAIRA-SETTLED NDFS

CPs Maturity PCLL CP V 25-SEP-26 AGRO CP IV 7-DEC-26 DAIL CP II 26-NOV-26 JVIL CP XXIV 29-DEC-26 EMZO CP II 14-JAN-27

Discount Yield 23.15

23.26

22.48

23.65

20.88

21.73

22.07

23.51

21.64

23.26

Change (%)

Updated Time

0.00 September 18, 2026 0.00 September 18, 2026 -0.01 September 18, 2026 -0.01 September 18, 2026 -0.01 September 18, 2026

Contract Tenor Contract (Month)

Current Rate ($/₦)

Updated Time

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Monday, September 21, 2026 • T H I S DAY

BUSINESSWORLD

News

Credit to Private Sector Hits N84.55tn as Government Credit Falls N7.7tn

Investors’ Return in Nigerian’s Stock Market Up N4.6tn in One Week Kayode Tokede

Investors’ average return on the Nigerian stock market appreciated by N4.6 trillion week-on-week (W-o-W), driven by renewed demand across selected major indices. The benchmark indicator, Nigerian Exchange Limited All-Share Index (NGX ASI) gained 2.78 per cent or 6,751.82 basis points WoW to close at 249,804.56 points from 243,052.74 basis points. The demand for First Holdco Plc (+17.7per cent), Aradel Holdings Plc (+9.6per cent), BUA Cement Plc (+6.8per cent), MTN Nigerian Communications Plc (+3.1per cent) and Zenith Bank Plc

(+2.4 per cent) drove the NGX ASI’s Month-to-Date and YtD returns to +2.3per cent and +60.5per cent, respectively. Consequently, the market capitalisation increased by N4.6 trillion to close the week by N162.157 trillion from N157.587 trillion. Sectoral performance was broadly positive, as the Banking (+4.4per cent), Insurance (+3.8per cent), Oil & Gas (+3.7per cent), Industrial Goods (+3.1per cent) and Consumer Goods (+0.5per cent) indices all closed higher for the week. Market breadth remained firmly positive during the week, with 61 gainers against 39 losers. The strong breadth

reflected improved investor sentiment, as advancing stocks significantly outnumbered declining counters. Sovereign Trust Insurance led the gainers table by 30.95

per cent to close at N2.20, per share. Mutual Benefits Assurance followed with a gain of 22.03 per cent to close at N3.60, while Nigerian Exchange Group went up

by 21.55 per cent to close to N179.90, per share. On the other side, Transcorp Power led the decliners table by 18.94 per cent to close at N178.00, per

share. John Holt followed with a loss of 18.89 per cent to close at N7.30, while Ellah Lakes declined by 18.14 per cent to close at N8.35, per share.

Recapitalisation: NAICOM Wanted All Insurers to Sail Through Ebere Nwoji

The Commissioner for Insurance, Mr Olusegun Omosehin has said that the original plan of the National Insurance Commission ( NAICOM) at the on set of the recapitalisation exercise that saw the withdrawal of operating licenses of six insurance firms was that no

insurance underwriting firm would go down on account of the exercise. Omosehin who stated this while giving an update on the recently concluded recapitalisation and re licensing of insurance firms said his administration in NAICOM actually did its best to ensure that all insurance operators

remain in business after recapitalisation but for the deviant attitude of the owners of the six firms that met their demise on account of the exercise. Omosehin said, “Having clearly stated the guidelines for the exercise, I called companies that showed signs of inability to make it for a close door meeting

where I pleaded with them to consider mergers, but they would not listen as the owners insisted they would make it.” “I invited the chairmen; board and managements of some firms to ascertain their positions and even encouraged them to merge if they can’t make the recapitalisation,” he stated.

Wema Bank Sustains Telcos Back NCC’s Zero-rated Access to Educational Platforms Profitability, On Track to Telecom operators (Telcos) Communications Commission In a statement issued to communication services, the aegis of the (NCC), the Federal Ministry by ALTON and jointly digital networks create Surpass Previous Record under Association of Licensed of Education and participating signed by its Chairman, opportunities for learning,

Kayyode Tokede

Wema Bank’s Plc for unaudited half year (H1) ended June 30, 2026 declared profit before tax of N154.5 billion, about 53.65 per cent increase from N100.6billion in half year ended Jun 30, 2025, while profit after tax closed at N131.3 billion in H1 2026, up by157 per cent from N87.5 billion in H1 2025.

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)

The H1 2026 performance, however, reinforced the view that the one of Nigeria’s oldest financial institutions has moved into a new phase of earnings expansion. The H1 2026 profit after tax of N131.37 billion already represents about 67.5 per cent of 2025 earnings, indicating that the bank is on track to surpass its previous profit record. The latest performance builds on a five years earnings transformation that has seen profit after tax rise from N8.93 billion in 2021 to N194.48 billion in 2025, representing a compound annual growth rate of 116 per cent. The H1 2026 profit already represents about 67.5 per cent of the bank’s full year 2025 earnings, highlighting the strength of the current growth momentum. In its results filed on the Nigerian Exchange Limited (NGX), Wema Bank’s Basic Earning Per Share (EPS) dropped by 19.81 per cent to N6.55 per share in H1 2026 from N81.67 per share in H1 2026, a function of the enlarged 40.12 billion share count following 2025’s N150 billion rights issue.

Telecommunications Operators of Nigeria (ALTON), has welcomed strongly the federal government’s Zero-rated Access to Educational Platforms and Content Programme, being implemented in collaboration with the Nigerian

telecommunications operators. The initiative represents a significant step towards expanding educational opportunities, promoting digital inclusion and accelerating Nigeria’s transition to a knowledgedriven digital economy.

Gbenga Adebayo and its Publicity Secretary, Damian Udeh, the association said: “The telecommunications industry has long recognised connectivity as a powerful enabler of social and economic development. Beyond providing access

innovation, entrepreneurship, healthcare delivery and economic participation. As education increasingly moves into digital spaces, ensuring affordable access to educational resources becomes critical to national development.”

CMFC Boss Applauded for Corporate Transformation Kayode Tokede

President & Co-CEO, Critical Minerals Financing Corporation (CMFC) Plc, Dr Israel Ovirih, was at the weekend honoured as one of Nigeria’s 25 topmost chief executives, an award

that highlighted Dr Israel Ovirih’s transformational leadership and impact in Nigerian economy. Ovirih was awarded as one of ‘BusinessDay Top 25 CEOs’, in a selection process coordinated by Nigeria’s leading

business and economy daily, BusinessDay in collaboration with the Nigerian Exchange (NGX). The data were primarily collated by the NGX based on corporate performances and records of listed companies.

Chief Executive Officer, Nigerian Exchange (NGX), Mr. Jude Chiemeka, said Dr Israel Ovirih and others top chief executives were selected based on scientific parameters for measuring corporate governance excellence and performance.

Olorundare Receives 2026 eGovernment Advocate Award

Emma Okonji

President of the Internet Society (ISOC) Nigeria Chapter, Kunle Olorundare, has been honored with the eGovernment Advocate of the Year Award 2026 at the Nigeria eGovernment Excellence Awards held in Lagos recently. The award, presented by

the Chairman of the Nigeria eGovernment Summit, Lanre Ajayi, recognises Olorundare’s outstanding contributions to advancing digital governance and his sustained advocacy on internet safety, and for governments at all levels to adopt digital technologies for more transparent, efficient, and inclusive governance. The honor was presented

during the Nigeria eGovernment Summit, themed: ‘Mainstreaming Technologies in Nigeria Election Management’, which brought together technology leaders, policymakers, government representatives, and digital advocates from across Nigeria. Speaking after receiving the award, Olorundare

stated that the recognition underscored his core belief that digital governance must empower every citizen, from urban professionals to underserved grassroots communities. Describing the award as a call to greater action, he pledged to expand his impact across Nigeria, Africa, and the global digital ecosystem.

Monday, September 21, 2026 • T H I S D AY

BUSINESSWORLD

PERSONALITY

Abdulrazaq Isa: Journey, Strides and Influence of a Man to Watch

From Lokoja to the centre of Nigeria’s energy conversation, Abdulrazaq Kutepa Isa’s journey is a story of enterprise, persistence and the growing influence of indigenous Nigerian business leadership, writes Juliet Akoje

ome men become prominent because they seek the spotlight. Others become prominent because, over time, the weight of what they have built makes it difficult to ignore

them. Abdulrazaq Isa belongs to the second category. His is not a story that began in the oil fields or in the corridors of political power. It began in Lokoja, Kogi State, where he was born on February 7, 1961, and where he remains identified as a son of the ancient confluence city. More than six decades later, his name has become associated with one of Nigeria’s more significant indigenous energy businesses and increasingly, with conversations about the country’s energy future. That journey from Lokoja to the centre of Nigeria’s energy industry is worth examining because it reflects more than individual business success. It mirrors in many ways, the changing story of Nigerian enterprise itself from a period when major sectors of the economy were dominated by foreign capital and multinational companies to an era in which indigenous entrepreneurs are taking ownership of assets, developing infrastructure, creating institutions and increasingly demanding a seat at the table where the future of the economy is discussed. Today, Isa is best known as the Co-Founder and Chairman/CEO of Waltersmith Petroman Oil Limited, an indigenous Nigerian independent oil and gas company operating the Ibigwe field in Oil Mining Lease 16 in Imo State. But the path that brought him there did not begin with petroleum. It began with education and a professional career in banking, an experience that would later become one of the foundations of his approach to entrepreneurship. Isa studied Sociology at Ahmadu Bello University, Zaria, where he obtained a Bachelor of Science degree between 1979 and 1982. For a man who would eventually build his career around finance, energy and enterprise, the choice of Sociology is an interesting part of his story. It gave him an academic grounding in understanding people, institutions and society, while his subsequent professional life exposed him to the mechanics of finance, investment and business development. His quest for further professional development later took him to programmes at Citibank Global Training School in New York, the Lee Kuan Yew School of Public Policy at the National University of Singapore and the Cox School of Business at Southern Methodist University in Dallas, among others. His early professional years were spent in banking, where he accumulated about 15 years of experience. He worked with African International Bank Nigeria Limited and later Chartered Bank Nigeria Plc, now part of Stanbic IBTC. The experience exposed him to business development, project finance and financial risk management disciplines that would become particularly useful when he eventually began taking on the much larger risks associated with entrepreneurship and the oil and gas business. The move from banking into entrepreneurship was therefore not an abrupt departure from everything he had

A b d u lrazaq

known. It was, rather, an extension of an already developing understanding of capital, investment and institutions. Isa was part of the team that established Safetrust Savings and Loans Limited, a mortgage finance institution that eventually became part of Sterling Bank. It was another indication of a career that was gradually moving away from simply managing businesses for others towards building and owning institutions of his own. Then came Waltersmith and with it came the defining chapter of his business career. Waltersmith Petroman Oil Limited was established as an indigenous exploration and production company, with the Ibigwe marginal field in Imo State becoming central to its development. The company was awarded the Ibigwe marginal field during Nigeria’s first marginal field licensing round in 2003 and subsequently entered into a farmout agreement with Shell Petroleum Development Company and its partners in 2004. Under Isa’s leadership, the company went on to transform what was once a marginal field opportunity into a producing asset. That transformation did not happen overnight. In an industry where the size of an opportunity can be measured in billions of dollars but where the road from acquisition to production can be long and demanding, indigenous companies have often had to contend with the additional challenges of raising capital, accessing technology, developing infrastructure and proving that they can operate assets effectively. Waltersmith’s progress at Ibigwe became one example of what was possible when an indigenous company stayed the course. Commercial production from the field commenced in 2008, with the company’s

production capacity growing substantially from its early levels. The company subsequently developed infrastructure around the field and expanded its operations, with its production profile eventually reaching thousands of barrels per day. But producing crude oil was not where Isah’s ambition ended. If there is one decision that says a great deal about the thinking behind his business journey, it is Waltersmith’s decision to move into refining. For decades, Nigeria has lived with one of the most frustrating contradictions in the global petroleum industry: a major crude oil producer that has historically depended heavily on imported refined petroleum products. The argument for domestic refining has therefore never been merely commercial. It has been tied to energy security, industrial development, employment and the broader question of how much value Nigeria retains from the resources beneath its soil. Waltersmith’s modular refinery at Ibigwe emerged against that background. The facility was commissioned in 2020 with an initial capacity of 5,000 barrels per day and has since been expanded, reflecting the company’s effort to move beyond crude production into value addition. That shift from producing crude to refining it is important because it captures a broader philosophy that has increasingly defined Isa’s public business outlook: Nigeria should not be satisfied with extracting resources and exporting them while importing the finished products. The greater opportunity lies in moving further down the value chain, building capacity and retaining more economic value within the country. It is this thinking that makes Isa’s story

larger than the story of an oil businessman. His career has become part of the wider evolution of indigenous participation in Nigeria’s petroleum industry, particularly at a time when Nigerian companies are taking on greater responsibility for assets previously operated by international oil companies. His influence has consequently extended beyond Waltersmith itself. Isa has played a role in industry advocacy, including leadership of the Independent Petroleum Producers Group, giving him a platform to participate in discussions around indigenous production, regulation, investment and the challenges confronting local operators. Those responsibilities placed him not only in the position of an entrepreneur defending his company’s interests, but also as one of the voices involved in the larger conversation about how Nigeria’s petroleum industry should develop. That distinction matters because oil and gas in Nigeria has never been simply another business sector. It sits at the intersection of government, national revenue, foreign exchange, energy security, industrialisation and politics. Anyone who builds a substantial indigenous business in the sector inevitably becomes part of that national conversation. The scale of Isa’s business journey became even more evident in March 2025, when Waltersmith Group joined ND Western Limited, Aradel Holdings Plc and FIRST Exploration and Petroleum Development Company Limited, alongside international energy company Petrolin Group, as part of the Renaissance consortium that completed the $2.4 billion acquisition of Shell Petroleum Development Company’s onshore assets in Nigeria. The transaction was more than a major commercial deal. It marked another significant step in the changing structure of Nigeria’s petroleum industry and reinforced the capacity of indigenous companies to take on greater responsibility for developing the country’s hydrocarbon resources. For Waltersmith, participation in the Renaissance consortium placed the company in a very different league from the marginalfield business with which its name had initially become associated. The acquisition brought together Nigerian companies with established experience in exploration and production, creating a consortium positioned to operate and develop a substantial portfolio of assets previously managed by one of the world’s largest international energy companies. In that sense, the transaction also reflected how far indigenous participation in Nigeria’s oil and gas industry has evolved, with local companies increasingly moving from smaller producing assets into larger and more complex operations. The $2.4 billion transaction was also significant from the standpoint of what it could mean for the Nigerian economy. The consortium said the acquisition was expected to enhance Nigeria’s energy security, drive industrial and economic growth, create jobs and boost local capacity development. For a businessman whose career has increasingly been associated with the argument that Nigerians should participate more substantially in the ownership, development and value creation surrounding the country’s natural resources, Waltersmith’s involvement in such a transaction adds another important dimension to Isa’s story. The story continues online on www.thisdaylive.com

T H I S D AY • Monday, September 21, 2026

BUSINESSWORLD

NEWS

L-R: President, Federation of Tourism Association of Nigeria (FTAN), Dr. Badaki Aliyu; Convener, Akwaaba African Travel Market, Ikechi Uko; Consul- General, Republic of South Africa, Prof. Bobby Moroe; Enugu state Commissioner for Culture and Tourism, Dame Ugochi Madueke; Lagos State First Lady, Mrs. Claudiana Ibijoke Sanwo-Olu; Gambia Minister of Tourism, Arts and Culture, Hon. Abdoulie Jobe and Chairman, Lagos State House Committee on Arts and Culture, Hon. Bonu Solomon Sannu, during opening ceremony of 2026 Akwaaba African Travel Market in Lagos… recently PHOTO: KOLAWOLE ALLI

OADC: CBN’s Directive on Data Localisation Will Attract Foreign Investments Emma Okonji

The Chief Executive Officer of Open Access Data Centres, Ayotunde Coker, has said the directive given by the Central Bank of Nigeria (CBN), mandating all

financial institutions to host their data locally in Nigeria with effect from January 1, 2027, will attract foreign direct investments to Nigeria. According to him, the directive, if fully implemented, will send strong signals to

foreign cloud providers that host Nigerian data abroad that they’re going to be losing their Nigerian customers, if they don’t invest in Nigeria and if they refuse to partner with established local cloud providers in Nigeria. Coker said this in Lagos, while reacting to trending issues making the rounds that financial institutions, whose data are already

domiciled and hosted abroad, may decide to return a fraction of their data to Nigeria in the name of compliance, but still host the bulk of their data outside Nigeria. He advised banks and other institutions that still host their data outside of Nigeria, to begin to work out the processes and risks that are associated with

the CBN directive, and to seek clarification from experts where necessary in order to have a seamless compliance process. According to him, banks and financial institutions run their core banking applications and sensitive data on clouds that are hosted outside the shores of Nigeria, adding that some local cloud providers also host Nigeria’s data on

AWS Cloud or Microsoft Cloud or Google Cloud, or Oracle Cloud platforms that are domiciled in the United States of America, United Kingdom and other countries outside Nigeria. He said such foreign hosting negates Nigeria’s sovereignty with grave security implications, which the Nigerian Data Protection Act is against.

NBCC Seeks Investable Energy Ecosystem to Drive Long-term Economic Transformation Benin-Asaba Expressway Concession Innovation and Sustainable Dike Onwuamaeze

The President of NigerianBritish Chamber of Commerce (NBCC), Mr. Abimbola Olashore, has called for the building of “an efficient, investable, innovative and sustainable energy ecosystem that can support Nigeria’s long-term economic transformation.” Olashore made the call last week during the NBCC’s maiden power summit the with the theme “Powering Nigeria’s Economic Transformation: Unlocking Investment,

Energy Solutions.” He said: “Energy is the foundation of every modern economy. It powers businesses, industries, homes, transportation and digital infrastructure. Where energy is reliable, affordable and sustainable, businesses can grow, investments become more attractive, industries become more competitive and innovation can flourish. Conversely, unreliable and expensive energy affects productivity, competitiveness, employment and the pace of national development.”

Nigerian Breweries Plc, Nigeria’s foremost brewing company, has flagged off activities to mark its 80th anniversary, turning the spotlight away from itself to Nigerians who have shaped its story. Through its nationwide anniversary campaign “Together, Every Moment,” the company is inviting Nigerians at home and abroad to search their photo albums, family archives, camera rolls and personal memories for moments that show how Nigerian Breweries, its brands, people, investments or its wider impact have been part of

their lives, businesses and communities over the last eight decades. Speaking on the campaign, Thibaut Boidin, Managing Director/CEO, Nigerian Breweries Plc, said: “An 80th anniversary can easily become a company talking about itself. That would miss the point. Long before our history was captured in corporate archives, it was being lived in Nigerian homes, businesses and communities. “For 80 years, Nigerians have welcomed our brands into their celebrations, friendships, traditions, businesses and everyday lives.

Company Appoints Onwodi COO

The Benin-Asaba Expressway Concession Company Limited (BAECC) has announced the appointment of renowned Public-Private Partnership and infrastructure specialist, Dr. Emmanuel Onwodi, as its Chief Operating Officer (COO), strengthening its executive leadership as it advances the development and management of the critical Benin-Asaba highway corridor. Onwodi, a chartered accountant, infrastructure

finance specialist and former senior official of the Infrastructure Concession Regulatory Commission (ICRC), brings more than 25 years of professional experience covering infrastructure development, concession management, project finance, risk management, transport and logistics. In his new role, he will help drive the operational execution of the Benin-Asaba Expressway concession, with

responsibility for strengthening project delivery, coordinating key stakeholders and supporting the implementation of the concession company’s long-term objectives. “Infrastructure is the bridge between vision and prosperity. Through balanced risk, transparent partnership, and rigorous execution, we turn concession agreements into lasting public value — for generations to come,” Onwodi said.

with a gala event held at the Bola Ahmed Tinubu International Conference Centre, Abuja. President Bola Ahmed Tinubu, the special guest of honour, was represented by Secretary to the Government of the

the Coca-Cola system for its sustained investment in Nigeria. Delivering the President’ remarks, Senator Akume said: “Seventy-five years ago, Nigerian Bottling Company began a journey in Lagos.

look forward to what the next chapter can bring: more investment, stronger industries, better jobs, deeper local production and greater opportunities for Nigerians.” Reflecting on the company’s origin, Chairman of Coca-Cola

whole of Nigeria. It was a big, bold decision, but it was also a statement of belief. Belief in Nigeria, as a country of exceptional importance, scale and prospect. Belief in its people—in communities across the nation.”

Data localisation will top discussions at the inaugural GrowthX by Techeconomy conference, scheduled to hold September 24 in Lagos. A strong line-up of technology, financial services, digital infrastructure, cybersecurity and fintech leaders have

been confirmed to discuss the implication and benefits of data localisation in Nigeria. Themed: ‘Driving Digital Growth Through Innovation and Collaboration’, the forum will feature both conference and award sessions. Convener of GrowthX by

Techeconomy forum, Peter Oluka, said: “We want the conversations at GrowthX to be useful to the people building, regulating, funding and using digital services in Nigeria. The speakers bring different experiences to the table, and that is important because digital growth does

not depend on one sector alone.” Organised by Techeconomy Business Series, GrowthX by Techeconomy & TiLAwards are part of activities to mark the ninth anniversary of Techeconomy.NG, a leading technology, business and economy news platform.

NBCBottling Commemorates 75 Years, Reaffirms Commitment to Nigeria Nigerian Breweries Flags Off Nigerian Company Federation, George Akume, Tonight, we celebrate what HBC, Anastassis David, said: (NBC) Limited, has marked who congratulated NBC on that journey has produced. “In 1951, Anastasios Leventis 80th Anniversary Celebration its 75th anniversary in Nigeria the milestone and commended But more importantly, we negotiated the rights for the

Data Localisation Tops Discussions at Forum

T H I S D AY • MONDAY, SEPTEMBER 21, 2026

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 17th September 2026, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 0.00 0.00 0.00 Nigeria International Debt Fund 0.00 0.00 0.00 Afrinvest Plutus Fund 0.00 0.00 0.00 Afrinvest Dollar Fund 0.00 0.00 0.00 Afrinvest Halal Fund(AHF) 0.00 0.00 0.00 Web: www.alphamorgan.com, Tel: +2347018898523 Fund Name Bid Price Offer Price Yield / T-Rtn ALPHA MORGAN BALANCED FUND 3,254.36 3,279.28 48.21% ammf@aiicocapital.com AIICO CAPITAL LTD Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 17.39% AIICO Balanced Fund 9.76 9.95 24.50% AIICO Eurobond Fund 109.41 9.41% 109.41 Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 18.63% Anchoria Equity Fund 1.88 1.88 15.35% Anchoria Fixed Income Fund 591.99 600.61 44.66% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) info@anchoriaam.com Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 1.00 1.00 1760.53% ARM Discovery Balanced Fund 1.25 1.25 4.98% ARM Ethical Fund 1.45 1.45 12.36% ARM Eurobond Fund 1.29 1.29 13.29% ARM Fixed Income Fund 1.23 1.23 13.54% ARM Short Term Bond Fund 1.08 1.08 4.97% ARM Shariah Fixed Income Fund 1.06 1.06 4.48% ARM Short Term Eurobond Fund 1,462.06 0.00 37.35% ARM Specialized Dollar Fund 151.26 (0.05) 34.52% ARM Money Market Fund 0.00 0.00 41.01% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn 122.17 122.17 8.13% AVA GAM Fixed Income Dollar Fund 1,417.35 1,417.35 22.51% AVA GAM Fixed Income (Naira) Fund 1.00 1.00 17.50% AVA GAM Money Market Fund AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn 0.00 0.00 0.00 AXA Mansard Equity Income Fund 0.00 0.00 0.00 AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn 3.00 3.00 13.49% CEAT Fixed Income Fund 9.05 9.27 71.60% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.14 1.14 12.07% CardinalStone Fixed Income Alpha Fund 1.30 1.30 6.74% CardinalStone Dollar Fund 2.90 2.94 62.30% CardinalStone Equity Fund 1.77 1.78 45.99% CardinalStone Balanced Fund 1.00 1.00 19.73% CardinalStone Money Market Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapel Hill Denham Money Market Fund 100.00 100.00 18.51% Nigeria Bond Fund 114.30 115.00 5.81% Nigeria Dollar Income Fund 1.08 1.09 0.01% Paramount Equity Fund 74.15 74.48 56.33% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 17.45% 117.08 117.08 11.92% Cordros Fixed Income Fund 130.26 130.26 14.20% Cordros Halal Fixed Income Fund Cordros Dollar Fund ($) 118.50 118.50 6.21% Cordros Milestone Fund 305.81 308.07 36.55% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 19.67% Coronation Balanced Fund 2.76 2.81 39.77% Coronation Fixed Income Fund 1.62 1.62 10.47% Coronation Premium Fixed Income Fund 1.09 1.09 11.48% Coronation Dollar Fund 1.03 1.03 4.60% CFG Asset Management Limited Portfoliomanagers@cfgafrica.com Web:https://cfgafrica.com/cfg-am/ , Tel: 02018870020 Fund Name Bid Price Offer Price Yield / T-Rtn CFG Ethical Fund 1,279.24 1,279.24 20.68% CFG AM Naira Fixed Income Fund 1,106.20 1,106.20 15.05% CFG AM Fixed Income Dollar Fund 0.00 0.00 0.00% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund 0.00 0.00 0.00 EDC Nigeria Balanced Fund 0.00 0.00 0.00 EDC Nigeria Halal Fund 0.00 0.00 0.00 assetmanagement@emergingafricafroup. EMERGING AFRICA ASSET MANAGEMENT LIMITED com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 0.00 0.00 0.00 Emerging Africa Bond Fund 0.00 0.00 0.00 Emerging Africa Balanced Diversity Fund 0.00 0.00 0.00 Emerging Africa Eurobond Fund 0.00 0.00 0.00 Emerging Africa Halal Fund 0.00 0.00 0.00 FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn First Asset Money Market Fund 100.00 100.00 16.27% First Asset Bond Fund 1,788.13 1,788.13 10.42% First Asset Dollar Fund 134.98 135.01 7.88% First Asset Halal Fund 156.43 156.43 14.23% First Asset Specialised Dollar Fund 131.78 131.81 8.09% First Asset Balanced Fund 619.29 624.27 44.59% First Asset Smart Beta Equity Fund 594.29 601.91 31.10% First Asset Blended Dollar Fund 113.21 113.21 1.23% FCMB ASSET MANAGEMENT LIMITED FCMBAMhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn FCMBAM Money Market Fund 0.00 0.00 0.00 FCMBAM USD Bond Fund 0.00 0.00 0.00 FCMBAM Debt Fund 0.00 0.00 0.00 FCMBAM Equity Fund 0.00 0.00 0.00 FCMB-TLG Private Debt Fund 0.00 0.00 0.00 FSL ASSET MANAGEMENT LIMITED Adeniran.Daniel@fsl.ng Web: https://www.fsl.ng/asset-management ; Tel: +2348062727759 Fund Name Bid Price Offer Price Yield / T-Rtn FSL Money Market Fund 0.00 0.00 0.00 FSL Euro Bond 0.00 0.00 0.00 FIRST ALLY ASSET MANAGEMENT LIMITED blossom.omojughare@first-ally.com Web: https://first-allyasset.com/ ; Tel: +2348023217850 Fund Name Bid Price Offer Price Yield / T-Rtn FAAM Money Market Fund 0.00 0.00 0.00 FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1

Fund Name Bid Price Offer Price Yield / T-Rtn Coral income fund 5,093.94 5,093.94 10.08% Coral money market fund 100.00 100.00 16.38% FSDH HALAL FUND 1,447.14 1,447.14 12.96% FSDH dollar fund 1.41 1.41 7.06% Coral Balanced Fund 14,474.13 14,581.57 41.56% HILLCREST CAPITAL MANAGEMENT dabbey@hillcrestcapmgt.com Web: https://hillcrestcapmgt.com/; Tel: +2348075144540, 0214540094 Fund Name Bid Price Offer Price Yield / T-Rtn Hillcrest Balanced Fund 0.00 0.00 0.00 LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn LOTUS HALAL FIXED INCOME FUND 1,327.84 1,327.84 11.33% 3.85 LOTUS HALAL INVESTMENT FUND 3.92 39.10% 96.02 LOTUS HALAL EQUITY EXCHANGE TRADED FUND 106.13 63.75% LOTUS WAQF ENDOWMENT FUND 1,476.47 1,476.47 22.20% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 0.00 0.00 0.00 Meristem Value ETF 0.00 0.00 0.00 Meristem Growth ETF 0.00 0.00 0.00 Meristem Fixed Income Fund 0.00 0.00 0.00 Meristem Dollar Income Fund 0.00 0.00 0.00 Meristem Money Market Mutual Fund 0.00 0.00 0.00 MANGO ASSET MANAGEMENT jetadafe@mangoam.com Web:https://mangoam.com/; Tel: +234 7030839517 Fund Name Bid Price Offer Price Yield / T-Rtn Mango Naira Money Market Fund 1.00 1.00 15.67% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Money Market Fund (NMMF) 100.00 100.00 18% Norrenberger Islamic Fund (NIF) 109.29 109.29 18% NORRENBERGER DOLLAR FUND (NDF)-----($) 106.95 106.95 13% NORRENBERGER TURBO FUND (NTF)-----(N) 108.83 108.83 14% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 10.00 10.00 YTD PACAM Fixed Income Fund 13.20 13.41 1714.00% PACAM Money Market Fund 4.39 4.43 65.65% PACAM Equity Fund 2.95 2.98 1.72% PACAM EuroBond Fund 158.84 165.07 -0.26% SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn The Frontier Fund 0.00 0.00 0.00 SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.10 1.10 16.02% SFS REIT 336.36 336.36 1.38% UH REIT/SFS 152.29 152.29 5.17% UPDC REIT 13.75 13.75 0.00% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Money Market Fund Stanbic IBTC Guaranteed Investment Fund Stanbic IBTC Bond Fund Stanbic IBTC Dollar Fund (USD) Stanbic IBTC Shariah Fixed Income Fund Stanbic IBTC Enhanced Short-Term Fixed Income Fund Stanbic IBTC Balanced Fund Stanbic IBTC ETF 30 Fund Stanbic IBTC Ethical Fund Stanbic IBTC Imaan Fund Stanbic IBTC Nigerian Equity Fund SIAML Pension ETF 40 Stanbic IBTC Aggressive Fund Stanbic IBTC Conservative Fund

STL ASSET MANAGEMENT LIMITED Web: WWW.STLASSETMGT.COM; Tel: 8136115170 Fund Name STL MONEY MARKET FUND STL BALANCED FUND STL DOLLAR FUND

UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name United Capital Money Market Fund United Capital Sukuk Fund United Capital Fixed Income Fund United Capital Nigerian Eurobond Fund United Capital Global Fixed Income Fund United Capital Stable Income Fund United Capital Equity Fund United Capital Balanced Fund United Capital Wealth for Women Fund United Capital Children Investment Fund VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Griffin 30 Exchange Traded Fund Vetiva Money Market Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund Vetiva USD Fixed Income Fund QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Zenith Balanced Strategy Fund Zenith Income Fund Zenith Income Fund Zenith Money Market Fund ZEDCREST INVESTMENT MANAGER LIMITED Web: www.zedcrestwealth.com; Tel: +2348075881240 Fund Name Zedcrest Money Market Fund Zedcrest Fixed Inocme Fund Zedcrest Dollar Fund Zedcrest Equity Fund

REITS Fund Name SFS REIT UPDC REIT EXCHANGE TRADED FUNDS Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

1.00 402.95 262.70 1.7181 161.51 181.34 13,548.79 503.01 6.84 1,452.76 61,486.84 733.82 17,484.90 11,219.85

1.00 402.95 262.70 1.7181 161.51 181.34 13,686.63 511.59 6.94 1,472.88 62,321.84 746.49 17,740.76 11,274.55

16.49% 6.59% 1.88% 2.81% 12.87% 12.73% 0.11% 0.62% -0.07% 2055.96% -48.96% 0.46% 0.22% 0.12%

jemenike@stlassetmgt.com Bid Price 0.00 0.00 0.00

Offer Price Yield / T-Rtn 0.00 0.00 0.00 0.00 0.00 0.00 unitedcapitalplcgroup.com

Bid Price 1.00 1.18 1.91 122.48 1.22 131.09 2.44 2.90 2.25 1.50

Offer Price Yield / T-Rtn 1.00 16.33% 1.18 9.65% 1.91 8.23% 122.48 6.03% 1.22 7.05% 131.09 14.63% 2.46 42.22% 2.92 40.74% 2.26 39.67% 1.50 36.89% funds@vetiva.com

Bid Price Offer Price Yield / T-Rtn 90.01 90.21 46.70% 25.78 25.88 58.66% 40.79 40.89 4.33% 102.14 102.34 59.59% 147.62 149.62 2.17% 1.00 1.00 18.23% 1.17 1.17 1.55% service@quantumzenithasset.com.ng Bid Price Offer Price Yield / T-Rtn 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 investmentoperations@zedcrest.com Bid Price 1.00 1.53 1.55

Offer Price 1.00 1.53 1.55

Yield / T-Rtn 19.33% 16.58% 5.91%

2.01

2.03

97.17%

NAV Per Share

Yield / T-Rtn

13.75 0.00

0.00% 0.00%

Bid Price

Offer Price

Yield / T-Rtn

0.00

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

T H I S D AY • MONday, SEPTEMBER 21, 2026

business/MOnEYGUIDE

TAJBank Bags Championship Award, Founder Rated Best Global Islamic Banker Oluchi Chibuzor For his sustained commitment to Islamic banking best practices and people-oriented strategies in deepening non-interest products and services at the grassroots, the Global Islamic Finance Awards (GIFA) organisation has conferred the ‘Islamic Banker of the Year Award 2026’ on the Founder/ Managing Director of TAJBank Limited, Mr. Hamid Joda, at the organisation’s 16th annual awards ceremony held in the United Kingdom. This is as the GIFA group, also honoured TAJBank Limited with the GIFA Championship Award (Digital Banking) 2026 at the event. The GIFA Chairman, Prof. Humayon Dar, in a pre-event email sent to the TAJBank’s Managing Director, stated the awards for him and the bank were

conferred on them after the GIFA Committee had, “considered a number of distinguished nominees in these categories and, after careful deliberation, decided in favour of TAJBank and Yourself based on various factors outlined in the GIFA Methodology.” Conferring the ‘Banker of the Year Award 2026’ on Mr. Joda, who was represented at the ceremony by TAJBank’s Chief Compliance Officer (CCO), Dr. Muhammad Kabir Muhammad, the Founding CEO of Fajr Capital; Pioneer CEO of HSBC Amanah and a member of the GIFA committee, Dato’ Iqbal Khan, expressed the organisation’s delight in honouring the banker with the award. Similarly, Iqbal Khan, described the award to TAJBank as well deserved given the parameters set for such awards in the GIFA Methodology. Commenting on

global recognition of his contributions to the global Islamic Banking system, Joda said the awards to him and TAJBank represented a call for “a renewed commitment to Islamic banking practices in the country as we continue to leverage our innovative products and services delivery strategies to ensure that more Nigerians benefit from TAJBank’s offerings on a sustainable basis in the years ahead. “Let me say that the Global Islamic Banker Of the Year 2026 award is conferred on me but the commendation goes to our Board of Directors, the management and staff of TAJBank as well as our cu s t o m e r s , w h o a re creating the enabling environment for my performance. I thank the GIFA Committee for honouring me a n d TA J B a n k w ith the global awards,” Joda assured.

Social Impact Summit Takes Africa’s Financing Push to UNGA Nume Ekeghe The Africa Social Impact Summit (ASIS) is taking its campaign for greater development financing and stronger cross-sector partnerships for Africa to the global stage, with a new Global Action Forum scheduled to hold in New York alongside the 81st United Nations General Assembly (UNGA 2026). The forum, themed, “Financing Africa’s Future: Mobilising Capital, Strategic Partnerships and Collective Giving for Sustainable Development,” is expected to bring together African policymakers, investors, development institutions, philanthropists, businesses and social impact organisations to examine how more capital can be mobilised for sustainable development across the continent. Speaking ahead of the

forum, Chief of Strategic Partnerships, United Nations Population Fund (UNFPA), Dr. Mariarosa Cutillo, said stronger partnerships would be critical to ensuring that development resources translate into tangible outcomes. “Achieving sustainable development requires more than resources; it requires the right partnerships to mobilise, align and deploy those resources where they can deliver the greatest impact. Strategic collaboration across governments, development institutions, the private sector, philanthropy and civil society is essential to advancing inclusive development and ensuring that investments translate into meaningful outcomes for people and communities,” he said. The CEO & Founder, InnoPower Global, Emil Ekiyor, challenge is less about a shortage of ideas than connecting African solutions with the capital and

policy support required to take them to scale. He said, “Africa has no shortage of ideas, entrepreneurs and locally developed solutions capable of addressing some of the continent’s most pressing challenges. What we need is stronger alignment between capital, policy and innovation to move these solutions from potential to scale. The Global Action Forum provides an important platform to connect African innovators and solutionbuilders with the investors, institutions and strategic partners needed to unlock sustainable growth and create meaningful impact.” Chief Executive Officer of Sterling One Foundation, Olapeju Ibekwe, said taking the conversation to the UNGA was intended to give greater visibility to African priorities while connecting them with the resources required to implement solutions.

Firm Holds W’Africa Sustainability Summit and Awards Emma Okonji

The West Africa Sustainability Summit & Awards (WASSA) 2026, the region’s premier annual platform dedicated to advancing the Environmental, Social and Governance (ESG) agenda across West Africa and the broader African continent, is set to convene key stakeholders to advance dialogue, learning, networking and practical action on sustainability. Scheduled to hold on October 2 in Lagos, this year’s summit, themed:

‘Accelerating Africa’s Green Transition: People, Planet & Prosperity’, is organised by The Sustainable Report Africa Media Limited, a global news and ratings leader focused on sustainability, providing Environmental, Social and Governance (ESG) research, ratings and analysis on organisations and institutions. This year ’s summit reflects the need to pursue climate and sustainability objectives without losing sight of human development and economic opportunity. The three pillars

place social inclusion, environmental protection and broad-based prosperity at the centre of Africa’s transition. Discussions at WASSA 2026 will focus on six thematic pillars: ESG Integration and Corporate Accountability; Climate Finance and Green Investment; Sustainable Agriculture and Food Security; Youth, Gender and Inclusive Sustainability; Policy, Regulation and the Green Economy; and Technology, Innovation and the Digital Green Transition.

TAJBank Limited’s Founder/Managing Director, Mr. Hamid Joda (left) displaying the certificate of the ‘Islamic Banker of the Year Award 2026, Co-Founder/Executive Director, Mr. Sheriff Idi; WITH the bank’s ‘Championship Award (Digital Banking) 2026’ certificate issued at the Global Islamic Finance Awards held in the United Kingdom…recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) October 2025

Month

Money Supply (M3)

119,037,577.07

-- CBN Bills Held by Money Holding Sectors

9,291.49

Money Supply (M2)

119,028,285.58

Quasi Money

79,681,419.97

-- Narrow Money (M1)

39,346,865.60

---- Currency Outside Banks

4,646,794.28

---- Demand Deposits

34,700,071.33

Net Foreign Assets (NFA)

34,804,442.84

Net Domestic Assets(NDA)

84,233,134.23

-- Net Domestic Credit (NDC)

99,199,655.08

---- Credit to Government (Net)

24,787,980.96

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

74,411,674.12

--Other Assets Net

2,603,854.03

Reserve Money (Base Money)

36,641,142.21

--Currency in Circulation

5,057,881.01

--Banks Reserves

31,583,261.21

--Special Intervention Reserves

284,361.95 • Source - CBN

Money Market Indicators (in Percentage) Month

October 2025

Inter-Bank Call Rate

October 2025

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

27.00

Treasury Bill Rate

15.07

Savings Deposit Rate

7.43

1 Month Deposit Rate

11.37

3 Months Deposit Rate

11.32

6 Months Deposit Rate

11.12

12 Months Deposit Rate

11.78

Prime Lending rate

18.89

Maximum Lending Rate

29.56

NSE MARKET INDEX CAP

0.75%(52%YoY)

Index

0.9% (29%Y/D) • Monetary Policy Rate - 27%

OPEC DAILY BASKET PRICE As At 24TH NOVEMBER , 2025

The price of OPEC basket of twelve crudes stood at $63.14 a barrel on Monday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY • MONday, SEPTEMBER 21, 2026

mARKET NEWS

LSE Listing: Dangote Cement Makes Global Capital Push in London

Kayode Tokede

Dangote Cement Plc will today, take its growth and expansion story to the international capital market as it hosts a Capital Markets Day in London, with investors expected to closely assess the company’s expansion strategy, production capacity, African growth opportunities, capital allocation, profitability outlook

and plans to sustain growth across its markets. The company in a statement said the London engagement is part of preparations for it’s proposed secondary listing on the London Stock Exchange (LSE). It is expected to provide international investors and analysts with a deeper understanding of Dangote Cement’s business strategy, operations, financial performance, and medium- to long-term growth plans.

P R I C E S MaiN Board

F O R DEALS

The event, which will be held physically in London and streamed via webcast, will also provide an opportunity for investors to engage directly with the company’s senior management. Dangote Cement had early this month disclosed the planned investor engagement in a regulatory filing with the Nigerian Exchange (NGX), following shareholders’ approval of the proposed secondary listing.

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

quantity traded

According to the company, the Capital Markets Day will provide investors and other stakeholders with an update on its strategy, operations and business priorities. The London investor engagement marks a significant step in Dangote Cement’s efforts to deepen its participation in international capital markets and broaden its investor base beyond Nigeria. The company said

T R A D E D

value traded ( N )

A S

MaiN Board

O F

proposed LSE listing is expected to increase the company’s visibility among global institutional investors and potentially widen its access to international capital, while complementing its existing listing on the NGX. “The company is entering the London engagement on the back of strong financial performance in the first half of 2026, giving it a robust earnings story to present to international investors.

S E P T E M B E R DEALS

Market Price

For the six months ended June 30, 2026, Dangote Cement reported a 21.4 per cent year-on-year increase in group revenue to N2.51 trillion, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 25.8 per cent to N1.19 trillion. Profit after tax also increased by 22.7 per cent to N638.5 billion, compared with N520.5 billion recorded in the corresponding period of 2025.

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BusinessSpecial

T H I S D AY • Monday, September 21, 2026 Editor: Goddy Egene goddy.egene@thisdaylive.com 0803 350 6821

NIBSS Digest: When Payment Infrastructure Finds Its Voice

The maiden issue of the quarterly publication assembles an unusually assemblage of regulators, bankers, fintech practitioners and technology specialists, making a persuasive case for taking the conversation around payments beyond transaction volumes, writes Nume Ekeghe

here is an oddity about payment infrastructure. It is everywhere and, at the same time, almost nowhere. It is present whenever a salary arrives, a merchant receives a transfer, a customer taps a card, a QR code is scanned or a business settles an invoice. Yet it remains largely invisible to the people who depend on it. Its greatest compliment may well be that nobody notices it when it works. It is only when the transfer fails, the terminal refuses to respond or the money disappears into that peculiar limbo between debit and credit that infrastructure suddenly acquires a human face. This paradox provides an interesting point of entry into NIBSS Digest, the maiden quarterly publication of Nigeria Inter-Bank Settlement System Plc (NIBSS), themed “Redefining the Future of Payments.” It would have been easy for a publication issued by an institution at the centre of Nigeria’s payments architecture to become an elaborate corporate brochure. The temptation is obvious. There is enough material in NIBSS’ history and infrastructure to fill several such publications. The Digest chooses another route. At its best, it is less interested in congratulating the industry for how far it has travelled than in asking what sort of road lies ahead. That is an important distinction. And much of the credit for setting that tone belongs to Managing Director/Chief Executive Officer of NIBSS, Premier Oiwoh, whose opening note provides the publication with its intellectual direction. Rather than beginning with the familiar inventory of transaction volumes, milestones and institutional achievements, Oiwoh started with a deceptively simple observation: infrastructure rarely makes headlines until it fails. “When a switch works, a ledger reconciles, or an instant settlement clears in milliseconds,” he wrote, “the world moves on without a second thought.” It is a revealing way for the head of a payment infrastructure company to introduce his publication. He is effectively asking readers to look beyond the visible transaction and towards the machinery beneath it. More importantly, Oiwoh framed the Digest not merely as a company publication but as a “quarterly forum” designed to examine how “code, policy, and institutional governance” are reshaping commerce across Nigeria and the continent. As Nigeria’s payment ecosystem becomes more sophisticated, the institution’s role increasingly touches questions of standards, interoperability, resilience, trust and the architecture of the wider financial system. The Digest, therefore, becomes an extension of that broader institutional ambition.

A Surprisingly Serious Cast The quality of a journal is often revealed before one gets beyond its table of contents. The publication opens with Muhammad Sani Abdullahi, PhD, of the Central Bank of Nigeria, writing on “The Future of Growth Depends on How Economies Move Value.” It follows with Dr. (Mrs.) Rakiya Opemi Yusuf, Director of Payments System Supervision at the Central Bank of Nigeria (CBN), examining trust in digital payments; Premier

The Opening Argument is Bigger Than Payments

O iwoh Oiwoh on the National Payment Stack; Abubakar Suleiman, Chief Executive Officer of Sterling Bank, on financial infrastructure; and Musa Itopa Jimoh, Director of Payment Systems Department, CBN on interoperability.The presence of Dr. Yusuf is particularly significant. As the CBN’s Director of Payments System Supervision, she brings to the publication the perspective of the institution charged with overseeing an important part of the country’s payments architecture. That regulatory perspective sits comfortably beside the commercial view offered by Suleiman and the infrastructure perspective from NIBSS. Then the geographical and institutional aperture widens. Clara B. Arthur of GhIPSS, Dr. Robert Ochola of AfricaNenda Foundation, Adédèjì Olowe of Lendsqr, Ngover Ihyembe-Nwankwo of NIBSS, Wizard He of Netis Global and Ankit K. Agarwal of Sentience Solutions Pte Ltd all contributed. This is not a collection of anonymous corporate voices. There is a deliberate mixture of regulator, commercial banker, payment infrastructure specialist, fintech operator, African payments practitioner and global technology perspective. That diversity is one of the Digest’s strongest features. It also prevents the publication from becoming entirely inward-looking. A payments system, after all, does not stop at the edge of a company’s headquarters. Its implications stretch from the regulator’s office to the bank’s back office, from the fintech developer to the roadside merchant, and increasingly across national borders. The Digest appears to understand this. Its contents move from Nigeria’s Payments System Vision 2028 to the National Payment Stack, then outward

to African interoperability, Open Banking, financial inclusion and the technological architecture of trust. That is quite a lot of territory for a maiden issue. Yet the publication’s central idea gives the diversity some coherence: payments are no longer merely about moving money. They are about moving economic activity.

A CEO setting the tone There is another reason Oiwoh’s contribution deserves attention. A publication such as this is ultimately a reflection of the institution behind it. Its seriousness, its choice of contributors and even its willingness to allow external voices into the conversation tell readers something about the philosophy of the organisation producing it. Oiwoh’s opening essay suggests a leadership that understands this. Rather than presenting NIBSS as the hero of every story, he places the company within a much larger ecosystem. The Digest acknowledges the CBN’s Nigeria Payments System Vision 2028. It gives space to a bank CEO’s concerns about shared infrastructure and competition. It allows African payments experts to discuss continental interoperability. It gives fintech practitioners room to argue for Open Banking. That is a confident editorial decision. A less assured institutional publication might have made every road lead back to itself. This one, under Oiwoh’s direction, appears willing to let NIBSS become the platform for the conversation, rather than insist on being the conversation itself. That is arguably a more sophisticated form of corporate positioning. It says something about the institution without having to say it repeatedly.

Muhammad Sani Abdullahi’s contribution is particularly useful in establishing the publication’s intellectual register. His argument begins with infrastructure in the old-fashioned sense, roads, railways, ports and power before moving to the networks that now move information, capital and economic value. The underlying proposition is compelling: the economies that will lead the next phase of growth may not necessarily be those that produce the most, but those that connect people, businesses and markets most efficiently. His discussion of the Nigeria Payments System Vision 2028 goes further. He argued that the success of the strategy should not ultimately be judged by transaction volumes or processing speed, but by whether it reduces the cost of doing business, enables MSMEs to reach markets, attracts investment, strengthens regional trade and expands economic opportunity. It is a neat way of taking payments out of the fintech silo and this is where the Digest repeatedly distinguishes itself. It keeps trying to replace the language of activity with the language of consequence. How much money moved is interesting. What the movement of that money enables is more interesting.

Trust, The Word that Refuses to Disappear If there is one word that haunts the publication, it is trust. It appears in the MD/CEO’s opening essay, in Dr. Yusuf’s contribution, in the discussion of digital infrastructure and again in the later pieces on fraud, reconciliation and payment status. Dr. Yusuf’s essay, “Trust: The True Currency of Digital Payments,” is among the more accessible contributions because it starts from something almost painfully obvious: people use digital payments because they believe their money will reach its destination, their information will remain secure, and the system will work when required. The obviousness is deceptive. A payment system can be technologically sophisticated and still lose the confidence of its users. Indeed, one of the useful observations in the piece is that customers do not care which layer of the payment chain has failed. To them, a failed transaction is simply a failed transaction. That is a profoundly consumer-centred observation for what could otherwise have been a very technical discussion. It also points to one of the publication’s more interesting editorial instincts: translating infrastructure into experience. The user does not see ISO 20022, The user sees a successful or unsuccessful transfer. The user does not see redundancy and failover, the user sees whether the POS worked. Also, the user does not see reconciliation, the user sees whether the money arrived. So, the distance between the system and the person is where the Digest is at its most insightful. The story continues online on www.thisdaylive.com

T H I S D AY • MONDAY, SEPTEMBER 21, 2026

TRIBUTE

Academic Fellowship of CIPD Recognition for Alim Abubakre Strengthens Push for Better Leadership, Stronger Institutions

Bayo Akinloye

leadership and the development of future leaders.” For Abubakre, the fellowship is not simply a credential. It carries an obligation to make knowledge more useful. “Recognition should increase responsibility, not simply status. For me, this fellowship is a commitment to make knowledge travel further: from research into teaching, from teaching into organisations, and from organisations into decisions that improve performance and widen opportunity,” stated Abubakre. “International business ultimately succeeds through people, trust and relationships. My next step is to deepen the connection between scholarship and practice, helping leaders understand complex systems better, build stronger institutions and turn insight into action that people can actually experience.” His work beyond academia, including his role as a board director of the Business Council for Africa, provides another bridge between ideas and the realities confronting leaders, investors and institutions across markets.

t a time when artificial intelligence is reshaping work, geopolitics is altering markets and public confidence in institutions is under pressure, the quality of leadership matters more, not less. For TEXEM, the case for executive learning is therefore simple: better-informed leaders make better decisions, stronger decisions improve institutions, and stronger institutions create the conditions for progress.

A recognition with wider meaning Dr Alim Abubakre has been awarded Academic Fellowship of the Chartered Institute of Personnel and Development following assessment against the CIPD’s Academic membership criteria. He can now use the designatory letters Academic FCIPD after his name. The recognition is timely. Organisations now operate across intricate networks of employees, investors, regulators, governments, communities and international partners. Technology is accelerating decision cycles. Geopolitical tensions are reshaping investment, trade and supply chains. Stakeholders expect greater transparency, competence and accountability. In this environment, leadership is tested not only by what people know, but by how well they judge, listen, learn and act. That is the territory in which TEXEM has built its work: helping leaders convert insight into action and responsibility into results.

Why leadership development matters to society TEXEM has inspired more than 4,000 leaders globally through its executive development programmes. The significance of that figure lies in what leadership can multiply. One improved decision at board or executive level can affect employees, customers, investors, communities and public institutions. One stronger institution can improve confidence, opportunity and performance far beyond its walls. This is why executive learning should be seen as part of good governance and, ultimately, nation-building. Rules and structures matter, but institutions do not govern themselves. People interpret policy, allocate resources, challenge weak decisions, set standards and determine whether accountability is real. The quality of those people, and the quality of their judgement, shape the quality of the institution. The strongest leaders therefore do not treat learning as something completed earlier in their careers. They keep testing assumptions, exposing themselves to new evidence, and building the capacity to make difficult choices under pressure.

Leadership in an age of polycrisis The demands on leaders are becoming more interconnected. Economic pressure can collide with political uncertainty. Technological disruption can create opportunity while exposing new governance risks. Artificial intelligence can increase speed and productivity while raising questions about accountability, trust and human judgement. A supply-chain decision can quickly become a reputational, regulatory or national resilience issue.

Why lifelong learning matters more now

Abubakre

No single discipline is enough for this environment. Strategy without people can fail in execution. Technology without governance can create new risk. Capital without trust can struggle to create durable value. Public policy without institutional capability can remain an aspiration rather than an outcome. TEXEM’s approach is grounded in this reality. Executive development should not remove leaders from the pressures of the real world; it should help them return to those pressures with sharper judgement, wider perspective and a clearer sense of responsibility.

Turning scholarship into practical leadership Rt Hon Graham Stuart, MP for Beverley and Holderness, who co-delivered a series of leadership sessions with Abubakre, said, “Converting the insights of the latest academic research into inspiring, practical and effective courses for political and corporate leaders sets Dr Abubakre apart. It’s great to see him recognised as a Fellow of the CIPD.” The comment goes to the heart of a long-standing challenge in leadership development: knowledge creates value only when people can use it. Research can reveal patterns that experience alone may miss. Practice can expose assumptions that theory needs to question. The most useful executive education brings both together and helps leaders turn evidence into judgement. Abubakre’s research has examined stakeholder collaboration during the pandemic across Sub-Saharan Africa and the interconnected barriers facing small and medium-sized enterprises in public procurement. Although the contexts differ,

the underlying question is consistent: how can leaders make complex systems work better for the people and organisations that depend on them?

Good governance begins with better judgement Sustainable performance cannot be reduced to finance, technology, strategy or people in isolation. Organisations operate through systems of incentives, relationships, institutions and expectations. Weakness in one part of that system can damage the rest. This makes judgement a central leadership asset. A strategy may be international, but people must execute it. A merger may make financial sense, but cultures must work together. Technology may create capability, but leaders must determine how it is governed and used. A partnership may look impressive on paper, but trust often decides whether it survives difficulty. Good governance is therefore not simply compliance. It is the disciplined exercise of responsibility: asking better questions, making sound choices, using power carefully and ensuring that institutions serve the purpose for which they exist.

Recognition should increase responsibility Victoria Winkler, Chartered FCIPD, Standards and Professional Development Director at the CIPD, said, “Academic Fellowship of the CIPD is a badge of expertise, credibility, and authority. It recognises the vital role that academics play in advancing the people profession through teaching, research, thought

One of the paradoxes of the AI era is that information is easier to access at precisely the moment when judgement is becoming harder to exercise. Leaders can obtain answers faster, but they still have to decide which questions matter, which interests to balance, which risks to accept and what responsible action looks like. That is why lifelong learning is not remedial. It is a discipline of serious leadership. Experience is valuable, but it can harden into assumption. Success can build confidence, but confidence without curiosity can become complacency. Seniority should increase the obligation to learn because the consequences of poor judgement become greater as responsibility grows. For TEXEM, the real measure of executive development is what changes after the programme: whether leaders make better decisions, boards govern more effectively, organisations become stronger, institutions widen opportunity and society experiences the difference.

From learning to nation-building The case for developing leaders is therefore larger than individual career progression. In business, government and civil society, capable leadership strengthens the institutions on which economic and social progress depend. More than 4,000 leaders globally have been inspired through TEXEM’s work. Each represents the possibility that better judgement can travel through organisations, influence institutions and improve outcomes for many more people. In an age of AI, information is abundant. In an age of geopolitical uncertainty, certainty is scarce. In an age of polycrisis, yesterday’s answers can quickly become inadequate. What organisations and nations need are leaders who keep learning, govern responsibly, make sound decisions and build institutions capable of outlasting them. That is where learning becomes leadership, leadership strengthens governance, and good governance contributes to nation-building.

MONDAY, SEPTEMBER 21, 2026 • T H I S D AY

T H I S D AY • MONday SEPTEMBER 21, 2026

Politics

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

M O N D AY D I S C O U R S E

Beyond Transmitting State Policing Bill to 36 State Houses of Assembly

The nation’s apex legislative institution has moved the 2026 constitutional alteration process to the 36 State Houses of Assembly, beginning the crucial concurrence stage with only the State Policing bill slated for deliberation. Sunday Aborisade reports.

Akpabio

igeria’s latest attempt to alter the 1999 Constitution has entered a new phase, with the National Assembly transmitting an aspect of the Constitution of the Federal Republic of Nigeria, 1999 (Sixth Alteration) Bill, 2026, to the 36 State Houses of Assembly for consideration. At least 24 states must approve the bill before the process can advance. While state police dominates the exercise, dozens of other reform proposals remain before the federal lawmakers, The transmission, effected on September 16 by the Clerk to the National Assembly, Kamoru Ogunlana, formally brings the state legislatures into a process that cannot be completed without their constitutionally prescribed concurrence. Under Section 9 of the 1999 Constitution, constitutional alteration is not solely a federal legislative affair. After the National Assembly considers and passes an alteration bill, the Houses of Assembly of the states must also participate by approving the proposal through resolutions. For the current exercise, at least two-thirds of the 36 state legislatures, which is 24 assemblies, must support the bill before the constitutional process can move to its subsequent stage. The development has consequently shifted the immediate responsibility for the next stage from the National Assembly to the state legislatures, each of which is expected to examine the proposed alteration according to its own legislative procedures. Ogunlana, in his statement announcing the transmission, urged the state assemblies to consider the bill and communicate their resolutions to the National Assembly after completing their deliberations. He also introduced a 30-day administrative window for the state legislatures to complete the exercise and return their decisions. Significantly, however, he made clear that the 30-day period is not a constitutional deadline. The distinction is important because Section 9 does not prescribe a specific period within which state Houses of Assembly must communicate their decisions on constitutional alteration bills. The timeframe is therefore intended to promote an orderly and coordinated process rather than create a statutory deadline for the states.

Abbas

Beyond the procedural development, the transmission has drawn attention to the substance of the proposal that has so far secured the approval of both chambers of the National Assembly: the proposed constitutional framework for state police. The State Police Bill has emerged as the most advanced proposal in the current constitutional review exercise. The Senate approved the State Police constitutional alteration bill in June, while the House of Representatives subsequently considered and passed the executive version in July. The proposal is designed to establish a constitutional basis for state police services alongside a federal police structure. The transmission to the states therefore represents a significant procedural step for a reform that has generated sustained public and institutional debate over the appropriate structure for policing in a federal system. Under the proposed arrangement, policing would no longer be based exclusively on the existing federal structure. Instead, the constitutional framework would provide for Federal and State Police Services, with the proposed state services expected to exercise policing functions within their respective jurisdictions. The proposal also contains provisions intended to define the relationship between the federal and state police authorities, including the circumstances

IGP Disu

under which federal intervention could occur. According to details reported on the bill, the Federal Police Service would retain responsibility for areas including national security, terrorism, cybercrime, interstate crimes, arms trafficking and international criminal networks, while state police would focus principally on policing within their respective territories. The proposal also provides for circumstances in which the President could temporarily assume operational control of a state police service. Such intervention would be subject to specified conditions and procedural requirements, including written authorisation and notification to relevant constitutional institutions. The design of the proposed system thus seeks to address two questions simultaneously: how policing can be brought closer to communities, and how a decentralised police structure can operate within a national security framework. The National Assembly’s transmission of the bill now places these questions before the state legislatures. The mathematics of the process is straightforward but constitutionally significant. Nigeria has 36 State Houses of Assembly. Two-thirds of that number is 24. Consequently, the proposed alteration must secure approval from at least 24 state legislatures before the National Assembly can take the next constitutional step. This requirement underscores the federal character of Nigeria’s constitutional amendment procedure. The state assemblies are not merely being asked to acknowledge a decision already taken in Abuja. Their resolutions form an essential component of the constitutional process.

Beyond this particular bill lies the much larger question of whether the 10th National Assembly can complete the remaining elements of its constitutional reform agenda before the end of its tenure. For now, however, the next chapter belongs to the 36 State Houses of Assembly.

Ogunlana accordingly emphasised that the National Assembly recognised the constitutional responsibilities and independence of the state legislatures. The Clerk said the transmission was intended to facilitate the discharge of the states’ constitutional role and not to dictate the outcome of their deliberations. That distinction could become particularly relevant as individual states assess the implications of the proposed reforms for their own institutions, finances, security structures and administrative responsibilities. For the state assemblies, the exercise is therefore both legislative and constitutional. Their decisions will determine whether the particular alteration transmitted to them has secured the state-level concurrence required by Section 9. Once the resolutions are returned, the National Assembly will determine the next steps in accordance with the Constitution. The wider constitutional agenda The latest transmission should not, however, be interpreted as the completion of the wider 2026 constitutional review exercise. The current review process began with a much broader menu of proposals. According to records of the exercise, 37 priority constitutional alteration bills emerged from a much larger pool of proposals that had undergone legislative consideration and public consultation. The proposals cover electoral reform, judicial administration, policing, local government, citizenship, representation, human rights, legislative administration, devolution of powers, fiscal accountability and traditional institutions. But the State Police Bill has so far moved further than the other proposals. Reports following the September 16, 2026 transmission indicated that the state police proposal was the only constitutional alteration proposal from the current exercise to have secured passage by both chambers and consequently become eligible for transmission to the states. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY • MONDAY, SEPTEMBER 21, 2026

POLITY

GCK in Ogun: Trying Times and Transformation the World Needs

Banji Ojewale

hen the train of the nondenominational Global Crusade with Kumuyi (GCK) stopped over in Ota, Ogun State, for a five-day programme in late August, it was more than a historic homecoming for its convener, Pastor William Folorunso Kumuyi. He recalled old ties with Ogun; he had his primary and secondary education right here in Ogun, when it was part of the sprawling Western Region of Nigeria; he was born again in the state; and it was from here he got admission into the University of Ibadan; and at Ikenne, here again in Ogun, he had the unique experience of working as a teacher under the mentorship of late Tai Solarin, one of Nigeria’s greatest educationists and social critics. Of course, as the milling millions watched worldwide, starting with the gathering at the Anglican Church Grammar School, Ota, the event venue, they observed that the celebrated preacher wasn’t going into those pasts as an orthodox raconteur under the moonlight; he was making a statement to deliver a message. He was saying he had moved on, he had also gone through a change he wanted all to embrace for meaningful and profitable existence to benefit themselves, family and society. But Pastor Kumuyi needed to deploy those nostalgic landmarks to make a couple of points. First, he was a completely changed personality, no longer what he was back then; he had gone through major transmutations that offered him a turbo boost in the achievers’ highway; God through His Son Jesus Christ had been the prime change Agent. Every entity, individual or corporate, needs to encounter Him for the life-time transformation Kumuyi himself got to sail him across several decades of tireless evangelical work. GCK brought to Ogun revelation about the spiritual translation of its convener, its objective being to teach that the Impartial God Who did it generously for Kumuyi was as keen to do it for those who assiduously seek Him. The crusade, therefore, had the broad theme, “Total

Pastor Kumuyi

Transformation through Christ,” contrary to the theme I erroneously presented in my pre-crusade piece with the title, “GCK in Ogun: Dead bones will live again.” The dead did live again, as Kumuyi preached, prayed and the audience watched and believed in the Christ he presented as the sole Source of the abiding transformation man urgently requires to reset his fatally malfunctioning environment. Every meeting brought Kumuyi face-to-face with expectant congregants, who learned that Christ’s total transformation delivers from sin and

its consequences of crime, poverty, deadly diseases, family and social disharmony, national and global upheavals, tension, community unrest, loss of inner peace for individuals, joyless prosperity, vanishing moral values, giant scientific and technological strides not matched by improved quality of life etc. One of his messages had the topic, “The Divinely Planned Transformation by Grace for Glory.” Preached at the GCK Sunday Worship Service, it dwelt on the First Century personality called Saul, who was in his early years a pestilent persecutor and murderer. He pillaged and ravaged and savaged the Church of God. He sent the followers of Christ into hiding in Jerusalem; if they left town for asylum abroad, Saul sought official permission to drag them back for punishment. He fed on making miserable the ministers of the Lord Jesus Christ. However, Saul’s depressing story didn’t continue to end on that tragic thread: the man met the Ultimate Transformer, Christ Who effected a transition in his life, that translated his name from Saul to Paul. He turned out to become one of the greatest evangelists of all time. He fiercely preached and defended the Gospel of Christ, writing about half of the New Testament of the Holy Bible. According to Pastor Kumuyi, the total transformation through Christ transported Saul from the land of wickedness to the land of saints. He donned a benign apparel that translated him from “an antagonist to Christ to an ambassador for Christ,” in the words of the GCK convener. The charge from Kumuyi to the participants of Ogun GCK and the world at large is, we all must be like the changed Saul through the total transformation salvation unleashes. As Paul, he became a God-loving citizen, shunning violence and his previous proclivity to kill and destroy. He was no longer vindictive. So fully immersed in his new life, Paul would write later: ‘’Be kindly affectioned one to another with brotherly love; in honour preferring one another…Bless them

which persecute you: bless, and curse not.’’ It is citizens and religious and secular leaders bearing these visible traits of change who can make the impactful difference for better living in the nations of the world. Institutional policy bereft of the morality which God alone grants will flounder and founder eventually. Bishop David Oyedepo of Living Faith Church Worldwide who made a surprise trip to the GCK location on one of the nights also gave a homily with the title, ‘’How shall we escape, if we neglect so great salvation?’’ in which he went back to Kumuyi’s theme. He challenged believers to act out genuine transformation instead of a life of pretence. There were other aspects of the Ogun GCK, such as the equally all-faith programme called All Believers’ Conference, capturing ministers from the denominations, Impact Academy for youths and young adults as well as a pre- GCK Medical outreach that allowed health personnel to offer free treatment including surgeries to residents in the neighbourhood. The GCK convener visited the Olota of Ota, Professor Adeyemi Obalanlege, to launch the crusade. Kumuyi declared: ‘’Our desire for our country and the desire of everyone, every citizen is peace, security, progress in our land.’’ Attendees weren’t the same after the programme. There were verifiable testimonies of those saved from sin, backsliding and diverse physical and spiritual ailments that had defied old remedies. An adult was delivered from 19 years of bedwetting. A Cameroonian woman spoke of recovery from severe internal affliction. God, through the prayer of Kumuyi, broke the drinking habit of a person invited to the programme from Ondo State. These were all miracles that followed the preaching and acceptance of the Word of God by faith. The pointed expectation of God when He sends His servants to preach is to get men and women transformed for a righteous relationship with their Creator, so they can be handy citizens in nation-building and amicable homemakers ready for Heaven. •Ojewale is a writer in Ota, Ogun State.

PERSPECTIVE

The Next Big Moment: Dangote’s IPO Heralds Nigeria’s $100bn Energy, Mobility Capital Tomiwa Bayo-Ojo Nigeria has just witnessed something bigger than an Initial Public Offering! On September 14, 2026, Dangote Petroleum Refinery and Petrochemicals opened what is being described as Africa’s largest Initial Public Offering (IPO), offering 4.1 billion shares at N525 apiece to raise roughly N2.15 trillion, about US$1.6 billion at an implied valuation of nearly US$47.6 billion. That number is extraordinary. But its real significance has little to do with oil. It proves that Nigerian infrastructure can be packaged into an investable asset class capable of pulling in billions from investors at home and abroad. The more interesting question isn’t whether Nigeria can build another Dangote-scale project; it is what could happen when the country starts financing thousands of smaller ones instead of one giant one. That is where solar power, battery storage and electric mobility come in.

The Lesson is Capital, Not Crude

Dangote Refinery represents roughly US$20 billion of investment, now running at around 700,000 barrels a day with an expansion underway toward 1.4 million. In July 2026, institutional investors added

a further US$2.5 billion through a private placement led by Africa Finance Corporation. The pattern is simple: large capital finances large productive assets; those assets generate cash flow; cash flow attracts more capital; more capital builds more infrastructure. Nigeria can now run that same playbook across its next energy transition.

From Centralised Power to Distributed Assets

The old energy model ran in a straight line: power station, transmission, distribution, customer. The emerging model with solar, battery, business, Electric Vehicle (EV), charging network, and digital payment is inherently distributed, creating something Nigeria has historically lacked: millions of small, investable energy assets rather than a handful of giant ones. Nigeria’s theoretical solar resource is estimated at roughly 427 gigawatts, yet solar supplies less than two percent of the country’s electricity mix, according to the Nigerian Investment Promotion Commission (NIPC). It also reports that the country receives about 5.5 kWh per square metre of daily solar irradiation and that installations grew 45 percent in 2024. BloombergNEF estimates Nigeria added around 3.1 gigawatts of small-scale solar capacity from 2024

to 2025, taking cumulative capacity to roughly 6 gigawatts, with a path toward 87 gigawatts by 2035. That gap between potential and use isn’t a demand problem; it’s a financing and scaling problem, which is exactly where private capital can help most.

The Real Market is the Nigerian Business

The most immediate opportunity isn’t a solar farm in the desert; it’s the Nigerian factory, hotel, hospital, mall, telecom site, and warehouse already paying for diesel, petrol, and unreliable grid power every month. Solar doesn’t need to create new demand; it needs to replace existing spending. That turns financing solar into converting an operating expense into an infrastructure cash flow, a far more compelling pitch than selling panels. Storage completes the picture. Solar plus battery turns intermittent generation into a reliable service: an infrastructure fund finances the system, the customer pays for energy, and the investor collects contracted cash flow, which is the foundation of a Nigerian energy-as-a-service economy.

Where Electricity Meets Mobility

Nigeria’s EV market is young but moving. The Rocky Mountain Institute (RMI) estimated roughly

20,000 EVs in Nigeria at the end of 2025, concentrated among two- and three-wheelers, commercial fleets and ride-hailing vehicles. Its modelling suggests the country could need 1,500 to 35,000 charging or battery-swapping installations by 2040, potentially reaching around 207,000 by 2060 under high adoption. Each site is more than a charging point: it bundles land, electrical infrastructure, solar generation, battery storage, hardware, software, payments, and fleet contracts into a single asset, layering a second infrastructure opportunity on top of the renewable-energy one.

A Platform, Not Just a Product

Picture solar-powered mobility hubs strung from Lagos to Abuja, Ibadan to Benin, and Abuja to Kaduna, each combining solar, storage, fast charging, fleet charging, and digital payments under one roof, generating recurring revenue across passenger cars, logistics fleets, buses, and motorcycles. That’s no longer an EV business; it is energy infrastructure built for mobility. Capital should follow utilisation, not chase every private car at once. A commercial vehicle travelling hundreds of kilometres daily generates far more charging demand than a parked private car, so early investment logically favours ride-hailing, logistics,

corporate transport and electric buses, which are segments with predictable, contractual revenue. Behind just 100,000 electric commercial vehicles sits an entire ecosystem: charging infrastructure, battery capacity, financing, insurance, maintenance and fleet management. This is an opportunity that extends well beyond vehicle sales.

Where Capital Markets Must Evolve

Dangote proves Nigerian infrastructure can become an investable security. The next step is financing thousands of smaller assets such as a thousand solar projects, tens of thousands of charging points, and hundreds of thousands of electric vehicles. They are individually modest but collectively worth hundreds of billions of dollars over time. Call it the $50 billion question: Dangote shows a single Nigerian energy asset can approach that valuation. Nigeria’s renewable and mobility opportunity is different, comprising distributed, modular, scalable assets that may make it even more attractive to institutional investors building diversified portfolios, with risk and cash flow spread across thousands of assets rather than concentrated in one.

Building the Architecture with Volsus Energy

At Volsus Energy, we believe this transition will be won not by whoever installs the most panels, but by whoever mobilises the most patient capital and deploys it efficiently. Our platform rests on a simple proposition: power, store, charge, move. This is treating solar, storage and mobility as one interconnected Nigerian energy economy. The opportunity isn’t to sell equipment; it’s to finance infrastructure. Nigerian businesses already spend heavily to keep generators running; that spending is a real, existing market. The transition to solar doesn’t require inventing demand; it requires financing a better way to meet demand that already exists. Nigeria’s solar market has attracted roughly US$2.4 billion in investment, part of the US$13.5 billion that flowed into Sub-Saharan African renewables in 2025. Capital is moving. Demand is visible. What’s missing is scale. Great infrastructure never begins as a stock-market valuation; it begins with a thesis, then capital, then execution, then scale. The sun is already here. The vehicles are coming. The capital must now follow. •Mr Tomiwa Bayo-Ojo is a renewable energy expert and the Managing Director of Volsus Energy

FEatures

T H I S D AY • MONday, SEPTEMBER 21, 2026

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

King’s College Concession: The Fight Over a 117-year-old Public Institution

The proposed concession of the 117-year-old King’s College, Lagos, to its old students’ association has triggered protests, labour action and growing concerns among parents, teachers and other stakeholders. While the federal Government and King's College Old Boys Association say the arrangement is aimed at restoring the school through long-term investment, parents, teachers and labour unions on the other hand, fear its implications for public education, workers and access to the institution, writes Chiemelie Ezeobi

or more than a century, King’s College, Lagos, has stood as one of Nigeria’s most prominent public secondary schools. Now, the 117-year-old institution has become the centre of a dispute over how it should be managed, who should finance its future and what role its old students should play in its restoration. At the heart of the dispute is a PublicPrivate Partnership arrangement between the Federal Government and the King’s College Old Boys’ Association (KCOBA), under which the old boys are expected to finance, rehabilitate, modernise, operate and maintain the school under a long-term management lease. The arrangement, which has been described by the old boys as an effort to restore the institution, has instead triggered protests by workers, parents and other stakeholders who fear that the concession could affect public access to the school, the jobs of teachers and non-academic staff, and the future management of other federal unity schools. The Federal Government has now suspended implementation of the concession for two weeks and established a sevenmember committee to review the agreement with the old students’ association. What the Concession Provides The concession does not transfer legal ownership of King’s College from the Federal Government. Under the arrangement, the government retains ownership of the school, while KCOBA assumes responsibility for its financing, rehabilitation, modernisation, operation and maintenance. The proposed management lease is expected to run for between 35 and 50 years. The federal government’s decision to approve the arrangement followed concerns over the condition of infrastructure, funding constraints and administrative challenges at the institution. KCOBA has proposed a N100 billion investment in the school and has described its objective as a “King’s College Renaissance.” The terms of the arrangement provide that the Federal Government will retain its regulatory powers, including the authority to monitor and inspect the institution and enforce educational and safety standards. KCOBA is also prohibited from selling or transferring the school’s assets. The distinction between ownership and management has become one of the central issues in the controversy, with the government and the old boys maintaining that the school has not been sold, while opponents of the concession continue to describe the arrangement as a step towards the privatisation of a public institution. Why The Old Boys Want a Formal Role For KCOBA, the concession is presented as an extension of interventions its members have made in the school over the years. Olumide Akpata, a member of KCOBA and former President of the Nigerian Bar Association, said the association was not seeking to acquire ownership of King’s College. Speaking last week during an appearance on Arise News Channel, Akpata said: “King’s College has not been sold. We have not bought the school, the school

King's College gate

has not been offered to us, and we are not interested in buying our school. The expression Alma Mater is a Latin expression which literally translates to ‘nourishing mother.’ “You must understand that this school is our mother, and no son will sit idly by and watch his mother deteriorate in such a dastardly manner." According to Akpata, the old boys have already invested billions of naira in the school, including in building renovations, sports facilities, generators, ICT laboratories and a library equipped for visually impaired students. He said the interventions had not been sustained because of a lack of maintenance culture, prompting the association to seek a formal arrangement with the government. “Yes, we have our old boy community ready to put together these funds, the N100 billion. The commitments are on the table. They have waited for the concession agreement, which has now been executed, and the monies are rolling in,” he said. Akpata said the federal government faced competing demands and that KCOBA therefore approached it with a proposal to formalise its longstanding interventions. “So when we went to the government, we said, ‘We know you have a lot on your plate. We are ready to help. We have been helping, and we have demonstrated capacity. Going forward, can we formalise this engagement?’ “We are going to raise money to make sure that we upgrade infrastructure. We are going to raise money to make sure that the learning experience of our boys will be top-notch, world-class. We have the money, but we wanted a more formalised arrangement,” he said. The Concerns from Workers and Parents The concession has faced opposition from workers in the Federal Ministry of Education, parents, teachers and other members of the school community. The concerns include possible increases in tuition and boarding fees, job security and the status of teachers and non-academic staff. Unions have also warned that the arrangement could establish

a precedent for similar concessions involving other Federal Unity Colleges. During Wednesday’s protest, workers gathered outside King’s College in Lagos, chanting “Alausa must go” and demanding the removal of the Minister of Education, Dr. Tunji Alausa. At the ministry’s headquarters in Abuja, workers blocked the entrance and prevented Alausa and the acting Permanent Secretary, Dr. Folake OlatunjiDavid, from accessing their offices. The workers’ complaints extended beyond the concession to issues including staff welfare, delayed promotions and the stagnation of Education Officers. Chairman of the Joint Council representing four major staff unions, Comrade Onukhe Abraham, questioned the rationale for concessioning King’s College when the Federal Government had approved the employment of more than 3,000 Parent-Teacher Association staff to address manpower shortages in federal unity schools. The unions also objected to a circular reportedly signed by the acting Permanent Secretary directing teachers who could not remain at King’s College under the concession arrangement to seek postings to other schools in Lagos State. He also stressed that once King’s College goes, others will follow, adding that children of the poor must be able to attend King’s College as it's one of the assets Nigeria. The unions subsequently threatened to extend their industrial action to federal unity schools nationwide if the concession was not reversed. True to their vow, parents, teachers and other stakeholders staged a protest at King’s College, Lagos Island. The protesters gathered in front of the school with placards bearing messages including “Let the poor go to school,” “Education is our right,” “Stop the sale of public schools,” “Stop attacking and harassing teachers and parents,” “King’s College is not for sale,” and “Concession simply means selling off. We say no.” The protest came two days after the ministry workers’ demonstrations in Lagos and Abuja. The wider protest showed that the disagreement was no longer confined to the relationship between the Federal Government, labour unions and the old boys’ association. Parents and other members of the school community had also joined the opposition. The unions maintained that King’s College was a national educational asset that should remain under public management and warned against arrangements that could eventually involve other federal unity schools.

The Questions Around Access and Fees For KCOBA, concerns over access and fees are addressed in the terms of the concession. Akpata said the association understood the apprehension surrounding the arrangement and was prepared to continue discussions with teachers, parents and other stakeholders. “With regard to the fears expressed by some of the stakeholders, the teachers, the Parents Teachers Associations, as far as I know, there was engagement with the unions by the federal ministry in the course of this process. “I don’t think the door has been shut on conversations and engagement. We are ready to continue the conversation. We are ready to talk to the stakeholders so that they can hear from us,” he assured. He also referred to allegations of admission racketeering and multiple levies at the school, while making clear that he had not personally witnessed the practices. “I have heard these allegations. I cannot put my hand to heart and tell you that I have witnessed anything of the sort, but we have heard these stories so many times. Not only have we heard about admission racketeering, we have also heard about parents being made to pay all types of levies just to keep their boys in the school,” he said. According to him, such practices, if established, were among the leakages the concession was intended to eliminate. “These are the leakages that we intend to block. There is no doubt that if indeed there are persons who have been benefiting from the dysfunction, obviously they will be upset to hear that this concession is going through, because their gravy train has essentially been taken away from them. But all of that will stop. All of that must stop,” he said. A Three-year Target KCOBA says the transformation it envisages will not happen immediately but expects visible improvements within three years. Akpata said the concession agreement contains obligations relating to access, inclusivity and fees. “It is a marathon, not a sprint, but we are committed. The concession agreement holds us to a very high standard. These schools were established based on underpinning principles: inclusivity, unfettered access, not charging arbitrary fees,” he said. He also acknowledged that the association could lose the concession if it failed to comply with the agreement. “There are things in that agreement that we will be held to, and in the event that we do not keep to those principles, upon review, we could get kicked out. So we must stay true; we must pay fidelity to those provisions in the agreement. “How long will it take? I think in the next couple of years, in three years maximum, you will begin to see a turnaround. Government College Ibadan has done it. Give us another couple of years, three years, and you will see a total transformation,” he said. Akpata also said the arrangement was not commercially driven.

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

T H I S D AY • MONday, SEPTEMBER 21, 2026

FEATURES

What Caused the Death of 33 Young Men in Minna NSCDC Custody? Laleye Dipo writes on what might have caused the death of 33 young men described as illegal miners in the custody of the NSCDC in Minna, Niger State, and the aftermath

Governor Bago

he premises of the Minna General Hospital was on Thursday thrown into confusion as people struggled to take a look at the contents of a vehicle that parked near the mortuary of the health facility. It was later discovered that the vehicle contained the remains of some youths who were brought by operatives of the Nigeria Security and Civil Defence Corps (NSCDC). They were all dead. The next question on the lips of the people was what caused their deaths in such a huge number. Initially, people thought they were the remains of bandits neutralised since the NSCDC is also involved in the war against bandits and terrorists ravaging parts of the state. It was, however, later known that the deceased were illegal miners. It was initially said that they were attacked by diphtheria, a disease that has been ravaging parts of the state in recent weeks, which health officials were trying to contain. This was initially believed as six young men were also brought to the hospital for treatment by the NSCDC as a result of an attack by the disease. Even the management of the NSCDC attributed the cause of death of these young illegal miners to an attack by "a disease" it did not name in a statement it later issued to confirm the deaths. "In the early hours of 17th September, 2026, scores of the detained suspects (illegal miners) were found dead, following a suspected outbreak of disease," the State Commandant of the Corps, Mr Suberu Siyaka Aniviye, said in a statement confirming the incident. Suberu Siyaka Aniviye went further to say that "The corpses of the deceased suspects have since been deposited at the General Hospital Minna, for further medical examination to establish the actual cause of death." The hospital authority is yet to release the cause of death of such a huge number of people within a short period. However, as events unfolded, many reasons were being adduced for the unfortunate incident, with some not tallying with the cause of death presented by the NSCDC. Questions Over the Cause of Death According to reports, the NSCDC, whose headquarters is located in a new area of Minna, recently fumigated its premises to keep off reptiles and other

Commandant-General of the Nigeria Security and Civil Defence Corps (NSCDC), Ahmed Abubakar Audi

dangerous animals. The result of the fumigation, it was gathered, kept the staff outside their offices for a long time during the day. However, those arrested and detained were kept in their cells, a situation that could have led to their inhaling the chemical used to fumigate the compound. Governor Mohammed Umaru Bago gave a different reason as the cause of the disaster. Bago, while receiving the Minister of the Interior, Mr Ojo, said, "though survivors reported suffocation and dehydration, preliminary forensic findings showed foam mixed with bloodstains in some mouths and peeling skin, leaving open the possibility of methane, cyanide or lead poisoning," before calling for a full investigation into the root cause. No fewer than 65 suspects were reported arrested in two different raids carried out by the NSCDC. They were all said to have been detained in one cell, a situation that could have resulted in congestion and suffocation. A survivor, Dauda Shehu, an indigene of Allawa, a town in Shiroro Local Government Area of the state, narrating what happened, said, "We were jam-packed, no ventilation for us to breathe well. "All of a sudden, we realised that we could not breathe and we were all scampering for where to get fresh air. We even appealed to them several times, banged the cell door, but they refused to answer us. "Even when we raised the alarm that some people were already dying because of suffocation, nobody answered us. They were watching us gasping for air to breathe and screaming for help, but they ignored us." "Out of the 65 of us that were in the cell, they brought only six of us to the General Hospital. Where are the remaining 26 people if they claim it is only 33 that died? We were 65 people that they arrested." Another survivor, who did not mention his name, said, "We survived because we were close to the entrance and we were screaming

Suspended State Commandant of the NSCDC Mr Suberu Siyaka Aniviye

for help. Some people died last night, and more died this morning. Even when we were telling them that people were dying, they did not believe us." One of the parents of the deceased, Mallam Abdullahi, said his son, Salim, was the breadwinner of the family and left the house three days ago for mining but did not return. "I was told later that he was arrested by the Civil Defence where they were mining. For the past three days, we have been coming and appealing to the Command for their release, but the Civil Defence officers told us they could not release them." He added that within these three days, the family was bringing food to the boy and others in custody. "Even yesterday, we brought food. He and others ate and they were okay. "It was when we came this morning (Thursday) to give them food that we saw that my son and many others were already dead." Burial, Protests and Government Response While calling for justice, Mallam Abdullahi said, "My son is not a thief. He does not steal or fight but only does mining to survive and to support us. "As I am talking to you, they have refused us to see the dead bodies for us to ascertain whether they were shot, tortured or killed. "They should tell us what truly killed our children. Is it that they poisoned them or tear-gassed them? "What is their reason for killing my son and the others? We need justice. They should release the corpses to us and we will seek an independent autopsy. We will not let this go down like this." Twelve of the deceased illegal miners were released for burial the same Thursday, with the funeral prayers for seven of them taking place at the Tunga Mosque, while the remaining five were taken to their homes for burial. As of Thursday night, the others remained at the Minna mortuary. Reactions to the ugly incident were swift and divergent. Many youths trooped into the town in protest, burning tyres along the roads and attacking government property. Apart from those in operational vehicles and with weapons, security men in uniform totally disappeared from the

roads for fear of being attacked. As the situation got worse, the state government imposed a 12-hour curfew on Minna and its environs, while the police and other security operatives were deployed to several parts of the state to secure the lives of innocent members of the public. Governor Mohammed Umaru Bago also quickly summoned a meeting of the State Security Council, where several steps to contain the development were taken, including the immediate suspension of the State Commandant of the NSCDC and his team (heads of department) and the postponement of the flag-off of the All Progressives Congress (APC) 2027 election campaigns, slated for Saturday. The governor also ordered the immediate suspension of all mining activities, "legal and illegal, across the state until soil tests determine whether hazardous substances are present." Minister of Interior Olubunmi TunjiOjo was also in Minna as a result of the incident and expressed the Federal Government's "deep sympathy and assured that the incident would not be allowed to slide." Mr Ojo said President Bola Ahmed Tinubu was concerned and that the Ministry of Interior would collaborate fully with the Niger State Government to get to the root of the matter and prevent any recurrence. Former military president, General Ibrahim Badamasi Babangida, in a statement, condemned in its totality the death of the 37 young men and called for investigations into the circumstances that caused their deaths. Babangida described the incident as not only "tragic" but "deeply disturbing." Babangida, in a statement made available to newsmen in Minna on Friday and signed on his behalf by the Tambari Kagara, Alhaji Danladi Umar Abdulhameed, urged all "parties concerned in the unfortunate incident to toe the path of peace in the interest of peaceful coexistence." He also threw his weight behind all the steps already taken by the Niger State Government to bring the situation to normal. Meanwhile, it is said that the State Commandant of the Corps has been invited to Abuja for the commencement of an investigation into the matter.

T H I S D AY • MONDAY, SEPTEMBER 21, 2026

NEWS

6TH EDITION OF THE NIGERIA OIL AND GAS OUTLOOK...

L-R: Commercial Manager, Savannah Energy, Nigeria, Edigheji Omowawa; Managing Director, Savannah Energy, Nigeria, Pade Durotoye; Commercial Advisor, Savannah Energy, Nigeria, Ibifiri Alabo; and Communications Manager, Savannah Energy, Nigeria, Okwudili Onyia during the 6th edition of the Nigeria Oil & Gas Outlook held in Lagos… recently

Kogi Loses Former Governor, Ibrahim Idris, Declares Three-Day Mourning Period Natasha grieves, hails his enduring legacy

Sunday Aborisade in Abuja and Ibrahim Oyewale in Lokoja

Kogi State Governor, Usman Ododo, has expressed deep sorrow over the death of a former governor of the state, Ibrahim Idris, describing his passing as a profound loss to Kogi State and Nigeria. This was contained in a press statement by the Kogi State

commissioner for Information and communications, Kingsley Fanwo, yesterday in Lokoja. At the same time, Senator Natasha Akpoti-Uduaghan, has also mourned the death of Idris, describing it as a major loss to the state and the PDP. Announcing his death, Hon. Abubakar Ibrahim Idris, for the family, wrote: “With total submission to the will of

Almighty Allah (SWT), the family of His Excellency, Alhaji Ibrahim Idris (Ibro), former Executive Governor of Kogi State, 2003-2012, announces his passing. “He returned to his Creator today, Sunday, 20th September, 2026, in London, United Kingdom, at the age of 77, after a brief illness. “Alhaji Ibrahim Idris, was born in 1949 in Idah, Kogi State, a renowned businessman and

a distinguished statesman who served Kogi State meritoriously for nearly (9) nine years. “He is survived by children, grandchildren and many relatives. The family will keep the public informed of the funeral rites in accordance with Islamic injunctions immediately his remains arrive in Nigeria for burial. “We thank Almighty Allah for

2027: Remo Group Warns Sons Against Breaking Ogun Zoning Pact

a life well spent in the service of Allah, humanity and the nation. “May Almighty Allah (SWT) forgive his shortcomings and grant him Al-jannatul Firdaus and give the family the fortitude to bear this irreparable loss. Please remember him in your prayers.” Idris died in the United Kingdom, yesterday, September 20, 2026, prompting an outpouring of condolences from his family members, political associates and people across Kogi State. He governed Kogi State from 2003 to 2012 on the platform of the PDP. He defeated the then incumbent governor, Prince

Abubakar Audu, in the 2003 governorship election. His 2007 election was later nullified by the courts, leading to a re-run election in 2008, which he won. He completed his tenure in January 2012 and was succeeded by Captain Idris Wada. Meanwhile, Ododo has declared a three-day period of mourning in honour of Idris and directed that the national flag and the Kogi State flag be flown at half-mast across government offices and other designated public institutions in the State throughout the mourning period, the statement said.

Says zone has had 16 years of governorship, backs power shift to Yewa Lagos Govt Tasks Nigerian A sociocultural group in received from other parts of therefore come for the zone to belonging. It is only fair that Youths on Integrity, Discipline Remoland, the Pan Remo the state when Governor Dapo reciprocate the support it had power should move to another at Chosen Revival Movement (PRM), has warned Abiodun contested and won enjoyed by allowing power to zone,” the group said. political leaders and aspirants from the zone against any attempt to derail the zoning arrangement ahead of the 2027 governorship election, saying such a move could undermine the goodwill and trust built between the various zones of Ogun State. The group, which spoke against the backdrop of the ongoing debate over the aspiration of a governorship hopeful from Remo, said the people of the zone should be mindful of the support they

the governorship in 2019 and 2023. In a release signed by its President, Otunba 'Poju Akintayo-Ayodele and General Secretary, Oloye Tunde Adekoya, PRM argued that Remo had occupied the governorship seat for 16 of the 28 years since the return to democratic rule in 1999, having produced former Governor Gbenga Daniel and the incumbent, Prince Dapo Abiodun. The group said the time had

shift to another part of the state, particularly Ogun West, in the interest of equity and fairness. “We are not ingrates. Remo has had its fair share of the governorship. Governor Gbenga Daniel and Governor Dapo Abiodun have both represented our zone and the state. “We must therefore appreciate the support extended to us by other zones and be willing to support the legitimate aspiration of other parts of the state to also produce the governor. “Yewa deserves a sense of

It cautioned politicians and stakeholders in Remo against putting personal ambition above the broader interests of the zone and the state, warning that any deliberate attempt to upset the existing understanding on power rotation could have far-reaching consequences. The group also appealed to the people of Remo not to support what it described as a selfish political agenda capable of eroding the confidence other zones have in the zone.

AAU Management Cancels Departmental Final Exams for Engaging in Sign Out Felix Omoh-Asun in Benin

Making real its threat to deal with graduating students who engage in wild celebration and sign out ceremony within the campus, the management of Ambrose Alli University

(AAU), Ekpoma, Edo State, has cancelled the MCB 414 final examination written by students of the Department of Microbiology, Faculty of Life Sciences. The students allegedly violated the university’s directive banning wild

jubilation following their final examinations. The management had threatened serious action against final year students who engage in sign out ceremony. The university warned that it would cancel the

examinations of any student(s) who fails to comply with the directive. Mrs. Oluwayomi O. Agbebaku, the Registrar of the institution disclosed this in a statement to all Deans/ Head of Departments (HoDs) and students.

Mary Nnah

The Lagos State Government has charged Nigerian youths to prioritise integrity, discipline and character as the foundation for national development, saying the government can provide opportunities but cannot build morals for the younger generation. The charge was delivered on Sunday by the deputy governor of Lagos State, Dr. Kadri Obafemi Hamzat, at a youth programme organised by the Lord’s Chosen Charismatic Revival Ministry themed “The Youth That Knows The Lord.” The event drew thousands of young people from across Nigeria and beyond to the church’s headquarters in Lagos. Speaking to the gathering, the deputy governor commended the General Overseer, Pastor Lazarus Muoka and his wife, Pastor Mary Muoka, for convening the programme. He described the large

turnout as encouraging and said both Lagos and Nigeria are proud of young people united by faith and purpose. He said the state government remains committed to creating pathways for education, skills and jobs so that young people can turn ideas into businesses and talent into impact. However, he stressed that government intervention alone will not solve the crisis of drug abuse, corruption and poor values affecting youths. “Government can only create opportunity. It cannot create character. That responsibility belongs to our families, our schools, our community, our churches,” he said. Quoting 1 Corinthians 6:1920, he warned against drug abuse and destructive habits, reminding the youths that their bodies are the temple of the Holy Spirit. He said the issue is “particularly important in our state, Lagos” where peer pressure and access to harmful substances remain high.

T H I S D AY • MONDAY, SEPTEMBER 21, 2026

NEWS

PAN AFRICAN AU AND SGF PRESS CONFERENCE AND MOU SIGNING...

L-R: Chief Executive Officer, Servelead Global, Mrs. Ijeoma Aladesaye; Country Director, Social Good Fund (SGF), Mr. Oyewole Joledo; Global President, PAN African AU, Amber. Dr. Stephen Gbaligbi Ben-Joel and Director General, PAN African AU, Amb. Elizabeth Emeka, during the SGF, Africa and PAN African AU Agenda 2063 press conference and MoU signing in Abuja, at weekend PHOTO: ENOCK REUBEN

APC-PCC Challenges Atiku to Explain Legal, Fiscal Bases of His Subsidy Proposal Says new cost can be as high as N21tr annually

Adedayo Akinwale in Abuja

All Progressives Congress (APC) Presidential Campaign Council (PCC) has challenged the presidential candidate of African Democratic Congress (ADC), Atiku Abubakar, to explain the legal and fiscal bases of his petrol subsidy proposal. The former vice-president had

recently proposed “production subsidy” for locally refined petrol, which he said would reduce pump prices. However, the APC PCC Spokesman, Dele Alake, in a statement said Atiku’s proposal raised important legal, fiscal and practical questions that he must answer. He explained that Section

205(1) of the Petroleum Industry Act 2021 provided that unrestricted free-market conditions shall determine wholesale and retail prices of petroleum products. Alake recalled that the Nigerian Midstream and Downstream Petroleum Regulatory Authority, in a statement on Saturday, explained

that it neither fixed pump prices nor issued administrative price templates, except where the statutory conditions for intervention were met. The agency maintained that the PIA provisions guide its function, saying at the moment, “No such market failure has been declared.” Alake, therefore, stressed that

Shettima to Open NGE Editors’ Conference in Enugu as 500 Editors Gather

Onaiyekan, Osigwe, Yadudu, Okunna, others as speakers

Vice President Kashim Shettima will on Thursday, September 24, declare open the 22nd All Nigeria Editors Conference (ANEC) of the Nigerian Guild of Editors (NGE) in Enugu. The two-day conference, the flagship annual gathering of the Guild, will take place at The Dome, International Conference Centre, Opara Square Road, Enugu, beginning at 2pm on Thursday and continuing on Friday, September 25. According to a statement signed by the NGE President and General Secretary, Eze

Anaba and Onuoha Ukeh, respectively, Shettima will address editors and other participants on the theme, “The Ballot, the Media and the Task of Keeping Democracy Alive,” and the sub-theme, “When Lies Look Real: Detecting and Debunking AI Disinformation Before, During and After Election.” The Vice President is also expected to speak on issues relating to democracy, elections, press freedom and national development. Enugu State Governor, Dr

Peter Mbah, will also address the conference. More than 500 editors from across the country, as well as government officials, academics, civil society representatives and other stakeholders, are expected to attend the conference, which will examine critical national and global issues with significant social, economic and political implications. The Guild said His Royal Majesty, Igwe Nnaemeka Alfred Achebe, the Obi of Onitsha, would chair the conference, while the former Catholic

Archbishop of Abuja, John Cardinal Onaiyekan, would deliver the keynote address. Other speakers include Professor Auwal Yadudu of the Faculty of Law, Bayero University, Kano, who will speak on “Public Trust, Electoral Justice and Democratic Stability.” The immediate past President of the Nigerian Bar Association (NBA), Mazi Afam Osigwe, SAN, will address the editors on “Election Petitions in the Digital Age: Independence, Evidence, BVAS and the Courts.”

Kwara Launches Statewide Artificial Insemination of Cattle, Committed to Improved Breeds, Higher Productivity Hammed Shittu in Ilorin The Kwara State Government has flagged off the artificial insemination of cattle across the state to improve local breeding and enhance milk and dairy production. The project is being implemented by the Kwara State Government in partnership with the Genex URUS American International Animal Company.

State Commissioner for Livestock Development, Hon. Oloruntoyosi Thomas, while flagging off the programme in Ilorin over the weekend said the exercise is designed to cover thousands of cattle, with the initial 500 cattle for the month of September. Hon. Toyosi said plans are underway to establish an insemination center in Malete, and later replicate such in other

identified communities within the state to improve the farmers’ access to the intervention. “One of the ways to improve breeds is through artificial insemination. We are going to inseminate thousands of cattle across the state. "We started the process this month with the synchronization of the animals, and now we are doing the insemination,” she said. She stated, "In terms of

numbers, we are going to inseminate thousands. We are starting with five hundred this month of September, but by the end of the year we are hoping to reach maybe a thousand, and then we keep going. "It's a long process but we are just starting. This intervention is one of its series by the government for us to be able to transform livestock in Kwara State.

Atiku should explain whether a refinery receiving his proposed subsidy would be required to sell petrol at a prescribed price. “If the answer is yes, he should identify the legal framework under which the government would impose that price condition and explain how it would operate consistently with the Petroleum Industry Act. “If the answer is no, he should explain how public support to refiners would guarantee lower prices at filling stations. Without an enforceable mechanism, refiners could receive the benefit while consumers continued to pay market prices,” he said. The spokesperson noted that Atiku must also disclose the cost of his proposal and how he would fund it. Alake said Atiku's earlier statement suggested that the

intervention could take the form of preferentially priced crude for domestic refineries. He added that any discount on crude would reduce the value accruing to the Federation and, consequently, the revenue available to the federal, state and local governments, triggering afresh the fiscal crisis that made 27 states unable to pay salaries and pensions before President Tinubu assumed office in 2023. Alake said based on publicly reported refinery throughput and domestic petrol-supply figures, the cost of the new subsidy could run as high as N17 or N21 trillion annually, depending on the discount size, the volume covered, and whether the support applies to the entire barrel or only to petrol sold domestically.

Bago: Not All Those That Died in NSCDC Custody Are Illegal Miners Laleye Dipo in Minna

Niger State Governor, Mohammed Umaru Bago, yesterday, disclosed that not all those that died in the custody of the Nigeria Security and Civil Defence Corp (NSCDC) last week were illegal miners. Bago gave example of an "Igbo man, who had allegedly been detained for stealing from his employer before the incident and was among those who died." The governor made the disclosure in Minna after attending the three day fidau prayer for the repose of the 37 Illegal miners and emphasised the need for the government to carryout a thorough investigation into the circumstances that led to the deaths The prayer was held at the Tunga Central mosque in Minna after which the governor assured

parents and guardians of the deceased that the government would conduct a thorough investigation to establish the circumstances surrounding the deaths, stressing that the findings would be made public. “Government is doing everything possible to get to the crux of this matter. When that is done, it will be made very public. We are not going to take anything for granted. We are going to probe deeply so that we can get the real causes of these deaths. "Preliminary information indicated that some people were already in the detention cells before the newly arrested persons were brought in. The investigation would determine who was detained earlier, who was brought in later, and the identities and ages of those arrested," Bago said.

T H I S D AY • MONDAY, SEPTEMBER 21, 2026

NEWS

CUSTOMS RENOVATED PRIMARY HEALTHCARE CENTRE...

Comptroller General of Customs, Bashir Adeniyi (middle) inaugurating a primary healthcare facility renovated by the NCS in Ebubu community, Eleme Local Government Area in Rivers State

Tinubu Hails Winners of By-elections in Delta, Gombe, Bauchi, Kano States Says victories show Nigerians trust in APC's capacity to govern effectively, tasks INEC Keyamo declares ruling party will crush opposition in 2027 presidential poll

Deji Elumoye in Abuja an Chinedu Eze in Lagos

President Bola Tinubu has congratulated the winners of the by-elections held at the weekend in five constituencies across Gombe, Kano, Bauchi and Delta States. All Progressives Congress (APC) candidates won four of the five seats, while the Allied Peoples Movement (APM) secured one. The successful APC candidates were Kallamu MaiJama’a, Gombe/ Kwami/Funakaye Federal

Constituency in Gombe State; Husseini Datti, Dawakin Kudu State Constituency in Kano State; Okolosi Ator, Udu State Constituency in Delta State; and Yakubu Ali, Disina State Constituency in Bauchi State. Adamu Yakubu of the APM won the Sakwa State Constituency seat in Bauchi State. The president, in a release by his Adviser on Information and Strategy, Bayo Onanuga, said the victories recorded by APC candidates once again demonstrated the confidence Nigerians repose

in the party’s capacity to govern effectively and deliver shared prosperity. “I am encouraged by the support Nigerians at the grassroots continue to show for our party and for the difficult but necessary reforms our administration has implemented over the past three years. “I urge Nigerians to remain steadfast and not be swayed by political opportunism. The benefits of these reforms will become increasingly evident as we enter the next phase of our programme,"

Tinubu stated. The president urged the winners to justify the confidence their constituents have placed in them through diligent and effective representation. He also encouraged the other candidates to accept the outcome in good faith and continue contributing to the democratic process. Tinubu commended voters and security agencies for maintaining peace and order during the elections while also applauding the Independent National Electoral

Commission (INEC) for successfully conducting the polls following the August 15 Osun State governorship election. The president urged INEC to build on the progress recorded in the by-elections and address any shortcomings ahead of future polls, particularly the general elections scheduled for January and February, 2027. Keyamo Declares APC will Crush Opposition in 2027 Presidential Election Meanwhile, the Minister of Aviation and Aerospace Development, Festus Keyamo, has said with the stretch of victories the APC, has recorded in recent bye-elections, the signal was

clear that the ruling party would crush its opponents in next year’s presidential election. Keyamo, who made known in his verified X (Twitter) account, noted that what was remarkable was that the victories recorded by his party spread across the country, which indicated acceptance in the six geo-political zones of Nigeria. “In less than three months to the general elections, the APC has just won bye-elections in 4 out of 5 Federal and State Assembly constituencies in 3 regions in the country, namely North-West (Kano), North-East (Bauchi and Gombe) and South-South (Delta - my State). APC lost one State Assembly constituency in Bauchi to the APM.

Makinde/Daura Presidential Campaign Begins Zonal Town Hall Meetings Tuesday NDC Crisis Looms as OK

Oyo gov, APM drag Abia, Otti, others to court over N200m campaign fee Movement Rejects Party Control, Chuks Okocha and Alex Enumah Special Adviser on Media and of Oyo State, Engr. Seyi Makinde based citizen and stakeholder Asks for Apology from Chair Digital Communication to the and his running mate, Alh. Lawal engagement slated to hold in the in Abuja The Makinde/Daura Presidential Campaign Organisation has announced the commencement of zonal stakeholders’ meetings beginning tomorrow in Katsina. Addressing a press conference to herald the commencement of the meeting, Tony Ehilebo,

Presidential Candidate of the APM, Seyi Makinde, said, ''We invite you here today to update you on the activities of our campaign particularly the ongoing nationwide consultation and grassroots mobilisation to ensure the victory of our Presidential Candidate, the Executive Governor

Daura on the platform of our great Party, the Allied Peoples Movement (APM). "As we continue with our consultation and mobilisation, it is imperative to through you, inform Nigerians that we have commenced our scheduled Town hall meetings for broad-

six geo-political zones across the country. "The Makinde/Daura Presidential Campaign Zonal town hall meetings have been scheduled to commence with the North West zone on Tuesday, 22nd September, 2026 in Katsina, the Katsina State Capital.

SERAP Takes INEC to Court over Campaign Funding, Party Accounts Chuks Okocha in Abuja

Socio-Economic Rights and Accountability Project (SERAP) has taken Independent National Electoral Commission (INEC) to court over the disclosure of political donation limits and party finances ahead of the 2027 general election. The case, marked FHC/ABJ/

CS/2114/2026, was filed at the Federal High Court in Abuja. SERAP is challenging what it described as INEC’s failure to make public whether it has set limits for political contributions under Section 91 of the Electoral Act 2026. SERAP said it wanted clarity on the rules governing donations to political parties and candidates,

including the amounts individuals are permitted to contribute. The organisation is seeking “an order of mandamus to direct and compel INEC to urgently disclose whether it has prescribed limits on political contributions, the specific limits prescribed, and the measures taken to publish and communicate them to political parties, candidates, donors and

the public.” It is also asking the court for “an order of mandamus to direct and compel INEC to disclose the systems and procedures in place to monitor, investigate and enforce compliance with prescribed limits on political contributions and campaign expenditure, particularly in preparation for the 2027 general elections.”

National assembly candidate alleges party leadership after his life

Sunday Aborisade in Abuja and Tony Icheku in Owerri

A fresh crisis is looming within Nigeria Democratic Congress (NDC) following a disagreement between the party leadership and the Obi-Kwankwaso (OK) Movement over the authority of the movement to organise and mobilise support for the party’s candidates ahead of the 2027 general election. The latest confrontation followed the movement’s rejection of the position expressed on Saturday by the NDC National Chairman, Senator Cleopas Moses, over a 59-member Presidential Campaign Council (PCC) unveiled by the support group. While the NDC had already dissociated itself from the council and maintained that only the

party leadership could constitute and announce its campaign structures, the OK Movement has fired back, insisting that it remained an independent political movement with its own leadership, organisational structure, ideology and internal processes. The movement also demanded that Moses withdraw statements it considered defamatory and tender an apology to the organisation and its National Director-General, Hon. John Ozyl Ughulu. The latest development has widened what was initially a disagreement over the status of a campaign council into a broader dispute over the relationship between the NDC as a political party and the independent movement supporting its presidential ticket.

T H I S D AY • MONDAY, SEPTEMBER 21, 2026

NEWS

1ST DISTRICT CONVOCATION ANNIVERSARY...

L-R: Foursquare Gospel Church, Ikeja District Overseer and Axis Coordinator, Rev. Ayomide Abraham; his wife, Rev Dr. Tolulope Abraham; Pleasure District Overseer, Rev Dr. Charles Fashola; and his wife, Pastor Mrs. Tolulope Fashola, during the 1st District Convocation Anniversary of Pleasure District as missionary District and upgrading to a full-fledged District in Lagos ... yesterday PHOTO: ETOP UKUTT

Awujale: Crisis Festers as Ruling House Leadership Challenges Removal from Office, Slams N1bn Suit against Family Members James Sowole in Abeokuta Dissatisfied with his purported removal from office, the Chairman of the Fusengbuwa Ruling House, Otunba Abdulateef Owoyemi;

his deputy and vice chairman, Otunba Dokun Ajidagba and Prof. Fassy Yusuf, respectively; and the Secretary of the ruling house, Pastor Jeremiah Salami, have dragged 12 other members

of the family before the Ogun State High Court sitting in Ijebu-Ode. The plaintiffs on behalf of themselves and the family, have also slammed N1billion suit against 12 other members of the ruling

house over allegations of financial inducement and manipulation in the selection process for the new Awujale of Ijebuland. The claimants accused the 12 defendants of allegedly making

Gambia Central Bank Orders Access, GTBank, FirstBank, Ecobank, Zenith, Others to Phase Out Non-Gambian Staff Sets December 31 deadline for compliance

James Emejo in Abuja and Nume Ekeghe in Lagos

Central Bank of The Gambia (CBG) has directed commercial banks operating in the country, including subsidiaries of Nigerian lenders – Access Bank, GTBank, FirstBank, Ecobank, and Zenith Bank – to begin a phased replacement of non-Gambian employees with suitably qualified Gambian nationals. The CBG set a December 31, 2026 deadline for full compliance. The directive, contained in a September 16 circular signed by the Second Deputy Governor, Dr. Paul J. Mendy, followed a

meeting between the regulator and managing directors of banks on August 27, 2026, as well as an industry-wide study on the employment of non-Gambian personnel in the banking sector. The CBG said the study revealed a “relatively high number” of non-Gambians employed by banks beyond staff formally recognised as expatriates. According to the regulator, the practice contravenes provisions of The Gambia’s Labour Act 2023 and is inconsistent with Guideline 9 governing the employment of expatriate staff in the banking industry. “Consequently, all banks are required to adopt a phased

approach to replacing existing non-Gambian staff with suitably qualified Gambian nationals, with appropriate arrangements for skills transfer and continuity of operations,” the CBG stated. The regulator directed banks to complete the transition by December 31, 2026, while ensuring that the process does not disrupt banking operations or result in the loss of critical institutional knowledge. The directive also required lenders to make arrangements for the transfer of skills and knowledge to Gambian employees as affected positions are progressively localised. The CBG's position is anchored in provisions of

the Labour Act dealing with the training of Gambians by employers. Under Section 38(1) of the Act, an employer granted an expatriate quota for an expatriate position is required to employ a Gambian counterpart to understudy the expatriate. The provision is intended to facilitate the transfer of research, development, technology, knowledge and skills to Gambian employees. The law further provides that the Expatriate Quota Board should not grant an expatriate quota for a position where the requisite knowledge, skills or expertise already exists locally.

unfounded allegations of financial inducement and other infractions against them. They are also seeking a perpetual injunction restraining the defendants from parading themselves as the leaders or representatives of the royal house. In the suit marked HCJ/167/2026, dated September 16, 2026, and made available to journalists on Sunday, the defendants include Pa Olusegun Olusoga, also known as “AK Black”; Ridwan Oduneye; Muyiwa Adeleye; Alhaji Taiwo Ajumo; Sikiru Adegunwa Oluwole; Hon. Kehinde Lawal; Lukman Logunleko Oludare; Prince Abdul Onalaja; Ashiru Mufutau; Prince (Barr.) Osiyemi Johnson; Prince Adeleke Adeyemi, also known as “Leke Adeyemi”; and Otunba Olukayode Otufale. The claimants said that following a resolution reached at a meeting of the ruling house on November 7, 2025, after an earlier meeting convened by the Ogun State Government at the Governor’s Office, Oke-Mosan, Abeokuta, on November 6, 2025, the three separate units of the

ruling house, headed respectively by Owoyemi, Ajidagba and Yusuf, were formally merged into one ruling house. They said the meeting unanimously adopted the leadership structure led by the trio. According to the claimants, the leadership of the ruling house, led by Owoyemi, a former National President of the Institute of Chartered Accountants of Nigeria, with the support of Ajidagba and Yusuf, had, on behalf of the Fusengbuwa Ruling House, been handling the nomination of the next Awujale from the family. They said the leadership subsequently forwarded the list of nominated candidates to the Awujale Kingmakers, led by the Ogbeni Oja of Ijebuland, Chief Olorogun Dr. Sunny Kuku. The claimants alleged that a breakaway unit of the family, including eight of the defendants, sometime in June, formed what they described as an illegal factfinding committee to investigate allegations of unfounded and baseless financial inducement against the leadership of the ruling house.

SHETTIMA TO LEAD NIGERIA’S MISSION TO 81ST UNGA KICKING OFF TOMORROW IN NEW YORK with leaders of other countries, international organisations, and development partners on the side-lines of the General Assembly. The engagements will provide Nigeria an opportunity to advance Tinubu’s economic diplomacy, deepen strategic partnerships, and strengthen the country’s voice on reform of the global financial architecture, sustainable development, climate finance, and multilateral cooperation. Shettima will return to Nigeria at the conclusion of his engagements in New York.

Sanwo-Olu, Radda Take Lagos, North-west Peace Plan to UN General

Assembly

Lagos State Governor, Babajide Sanwo-Olu, and Chairman of North-west Governors’ Forum and Katsina State Governor, Dikko Radda, were also in New York to sell their respective states. Sanwo-Olu, who was there since last week, being his last UNGA as governor of Lagos, has been holding critical meetings across many states of the US, including California, where he signed several bilateral understandings on shared prosperity. Radda, for his part, will lead governors from the seven states of the zone to New York to present its Peace, Security and Development

Framework 2026–2030 to the international community. The framework, which provides a regional approach to peace, security, resilience, and development, will be presented at a side event. The event, titled, “From Fragility to Opportunity: Locally Led Pathways to Peace, Resilience and Investment in Fragile Contexts,” is expected to bring together development partners, investors, financial institutions, and private-sector leaders. In a statement, Chief Press Secretary to Radda, Ibrahim Mohammed, said the presentation marked a major step in the evolution of the North-west

Governors’ Forum from regional consultations to a coordinated development agenda for the seven states. The statement said the framework emerged from efforts by the governors to build consensus around shared challenges confronting the region and establish a common pathway for addressing issues of peace, security, and sustainable development. The process, the statement said, had been supported by the United Nations system, particularly United Nations Development Programme (UNDP), with sustained high-level engagement from UN Deputy Secretary-General, Hajiya Amina J. Mohammed.

It added that the framework was expected to serve as a basis for stronger regional cooperation and partnerships aimed at addressing insecurity, strengthening resilience, and accelerating socio-economic development across the region. According to the statement, “The New York engagement will also provide an opportunity for the governors to seek international partnerships, financing and private-sector investment to support implementation of the framework. “The side event will also seek stronger partnerships, financing, and private investment for implementation of the framework, under the regional message: Seven States, One Ambition.”

Atiku Seeks Explanation Why Tinubu Won't Attend UNGA for Third Time Former Vice President Atiku Abubakar demanded explanation as to why Tinubu had been repeatedly absent from UNGA, asking whether the president’s documented history with United States law-enforcement agencies has become a burden on Nigeria’s foreign relations. In a statement by his Senior Special Assistant on Public Communication, Mr Phrank Shaibu, Atiku said Tinubu stayed away from the 79th UNGA session in 2024, the 80th in 2025, and now the 81st in 2026, repeatedly sending Shettima to stand in for him.

c b d o h

G m I o p p d n g a

monday September 21, 2026 • T H I S D AY

NEWS xtra

INVESTITURE OF ROTARY CLUB OF OKOTA PRESIDENT...

L-R: Mrs. Omolara Shogunle; her husband and President, Rotary Club of Okota, Abidemi Ibrahim Sogunle; Rotary International District 9111 Governor, Bukola Bakare, and Permanent Secretary Lagos State Ministry of Establishments/Training and Guest Speaker, Mrs. Olubusola Abidakun, during the 40th anniversary and investiture of Sogunle held in Lagos…recently

Five Killed, Two Critically Injured as Gunmen Attack Friday Market in Mangu, Plateau Yemi KosokoinJos

Five people have been confirmed dead and two others critically injured after suspected gunmen opened fire on traders and buyers at the bustling Friday market in Mangu, about 52 miles south of Jos, the Plateau State capital. The attack occurred at about 8:30 p.m. in the section of the

market known for selling perishable goods, where many traders were packing up for the day. Witnesses said the assailants stormed the area and began shooting indiscriminately, sending hundreds fleeing in panic and abandoning their goods. Local sources reported that the two injured victims are

receiving emergency treatment at a nearby hospital. Community members described the scene as chaotic, with victims struck in the abdomen and lower limbs as they attempted to escape.

The Bauchi State Police Command has announced the arrest of over 47 armed people around some polling units in Disina during the state House of Assembly byeelection, who claimed to be members of the state-owned security outfits. This was as the state government demanded the immediate release of three persons also arrested by some security operatives during the Zaki and Disina State constituency bye-elections held last Saturday. However, the state Police

Command immediately took the suspects into custody while exhibits, including firearms and other dangerous weapons, were recovered from them. The Commissioner of Police, Sani-Omolori Aliyu, condemned in strong terms this blatant disregard for lawful directives and attempt to undermine the electoral process. He has directed that the suspects be transferred to the State Criminal Investigation Department (SCID), Bauchi, for discreet investigation and prosecution in accordance with the law.

entered the market and started shooting. People ran for their lives and left everything behind,” he said. The incident comes just hours after a local development

association in Mangu raised concerns over persistent insecurity in the area, stating that more than 750 of its members have been killed in terror-related attacks over the past three years.

Group Berates FG over Coastal Erosion Ravaging Niger Delta Polobubo Community protests deplorable state of hospital

Sylvester IdowuinWarri and Omon-Julius OnabuinAsaba

Police Arrest 47 Suspected Gunmen The Niger Delta Patriotic Front has decried the federal at Polling Units in Bauchi (NDPF) government for failing to address Segun Awofadeji in Bauchi

A resident, who witnessed the attack, said people waiting for vehicles to take them home were caught off guard. “Everyone was preparing to leave. Suddenly, gunmen

the ocean surge that has ravaged over 150 coastal communities in the Niger Delta region. The group identified the affected riverine communities as

Agge in Bayelsa State, Forcados in Burutu Local Government Area, Ugborodo Federated Communities in Warri SouthWest Local Government Area, Orere Communities, including Ogheye Eghoroke, Ogheye Dimigun, all in Delta State, as well as Eki-tie Eki- Kporo, Awoye community, Igbokoda, Ayetoro, Ekoregho and Araromi

in Ondo State, that have lost significant parts of their land to the ocean surge. NDPF, therefore, demanded an alternative presidential candidate, ahead of the 2027 elections, saying successive military and civilian administrations abandoned the region since the country gained independence.

The President of the group, David Odeli, and Publicity Secretary, Timi Okubor, in a statement signed on behalf of the group yesterday, said that despite producing the bulk of Nigeria’s crude oil and gas, the Niger Delta continues to suffer from national exclusion and lack of proper national integration, as well as development.

Banditry: Emir of Zuru Calls for Prayers, Says Only God Can Rescue Nigeria Onuminya Innocent in Birnin Kebbi

The Emir of Zuru, His Royal Highness Alhaji Muhammad Sani Sami, Gomo III, has urged Nigerians to intensify prayers and return wholeheartedly to God as a potent weapon to rescue the country from the grip of banditry and other security

challenges. The first-class traditional ruler made the call in his palace in Zuru during the weekly post-Jumu’ah special prayer session organised for peace, unity and sustainable development of Kebbi State and Nigeria. The emir said the special prayer for peace has been a sustained tradition in

the Zuru Emirate since his assumption of office as Gomo III, noting that the spiritual exercise has become a rallying point for citizens across ethnic and religious divides. He stated that the renewed call for divine intervention has become imperative, despite the huge deployment of resources and expertise by government at all levels

to confront insecurity, which has continued to defy purely kinetic solutions. “Let us wholeheartedly return to Allah (SWT) through our various religious leaders and followers for Allah’s divine intervention in addition to the efforts being made by our leaders, particularly our own governor,” the Emir said.

Commences Local Production of Insecticide-Treated Nets EMT Foundation Felicitates Harvestfield intervention locally. the facility is the first of DuoForte, a dual active Ayodeji Ake Remi Tinubu at 66 Operations at the its kind in Nigeria to be ingredient long-lasting The Esther Matthew Tonlagha Foundation (EMT Foundation) has felicitated the First Lady of Nigeria, Senator Oluremi Bola Tinubu, on her 66th birthday, commending her humanitarian interventions and efforts to empower women, children and vulnerable Nigerians. The Chief Executive Officer of EMT Foundation, Asstant Pastor (Mrs) Esther Tonlagha, in a congratulatory message, described the first lady as a woman of grace, compassion, faith and dedicated service to humanity. Tonlagha said Mrs. Tinubu had demonstrated that the

office of the first lady could serve as an instrument for compassion, empowerment and positive social change. She particularly commended the first lady’s Renewed Hope Initiative (RHI), which she said had introduced interventions targeting women, children, young people and vulnerable Nigerians. According to Tonlagha, the focus of the initiative on education, healthcare, economic empowerment, agriculture, food security and social investment reflects Tinubu’s commitment to creating opportunities for Nigerians to thrive.

Harvestfield Healthcare FZE has commenced commercial production of Synera DuoForte, a nextgeneration insecticide-treated nets in Nigeria, marking a new phase in the country’s capacity to manufacture a critical malaria prevention

company’s manufacturing facility in the Harvestfield Free Trade Zone, Ogun State, commenced on 13 September 2026, with the facility already supplying a World Bankfunded programme reaching 31 states. According to a statement,

wholly Nigerian-owned and manufactures dual active ingredient long-lasting insecticidal nets of the pyrethroid-chlorfenapyr class. Harvestfield manufactures the nets under a manufacturing agreement with GDM Health Products, producing Synera

insecticidal net developed and owned by GDM. Unlike conventional insecticide-treated nets that rely primarily on pyrethroids, these nets combine a pyrethroid with a second insecticide that works through a different mode of action.

APC Group Wants Obi Invited over Parallel Results Transmission Plan Boniface Okoro inUmuahia

A pro-All Progressives Congress (APC) group, Renewed Hope for Greater Nigeria (RHGN), has called on the nation’s security agencies to invite the presidential candidate of the Nigerian Democratic Congress

(NDC), Mr. Peter Obi, for questioning over his proposed plan to establish a parallel election result transmission system. The group warned that the plan, if allowed to materialise, is a recipe for plunging the 2027 general election and the nation

into crisis. The call was made by the Deputy National Leader, Southeast of RHGN, Mazi Franklin Ngoforo, at a news briefing in Umuahia yesterday following Obi’s interview on Arise News on September 10, 2026.

Ngoforo said during the interview, Obi had advocated what he called “dual transmission” of election results, stating that while results would be transmitted to the designated INEC portal, they would also be transmitted “to another platform where the people can see it.”

monday september 21, 2026 • T H I S D AY

NEWS xtra

LAUNCHING OF LIFTELLER…...

L-R: General Manager, Fidelity Bank Plc, Mr. Richard Madiebo; Managing Director/CEO, Lifteller, Mr. Akinshola Samuel Akinde; Chairman, Lifteller, Mr. Uche Elekwachi; his wife, Hellen Elekwachi, and Divisional Head, Retail and SME, Lagos and Southwest, Lotus Bank, Mr. Adeoye Abiodun, during the launch of the Lifteller platform in Lagos…recently

Death of Suspected Illegal Miners: NSCDC Arrests, Detains 24 Personnel in Niger Michael OlugbodeinAbuja

As Nigeria mourns the unfortunate death of 33 suspected illegal miners in Niger State, Commandant General of the Nigeria Security and Civil Defence Corps (NSCDC), Ahmed Audi, has given assurance that due process, transparency and accountability will be strictly followed in the investigation of 24 personnel of the Corps currently held in custody of the NSCDC, adding that every single personnel found culpable will face the full weight of internal disciplinary measures and the law. As against the initial figure of

21 personnel, the Corps Public Relations Officer, Babawale Afolabi, while parading the officers and men at the Corps Headquarters, disclosed that three more personnel identified have also been placed on suspension thereby bringing the number of personnel detained in relations to the death to 24 personnel. The spokesman explained: “In a swift and decisive joint operation conducted in conjunction with the Commandant General’s Special Investigation Squad (SIS) all officers and men of the Niger State Command linked to the gross misconduct have since on the 17th September 2026 been

taken into protective custody at the National Headquarters, Abuja, where they are undergoing rigorous interrogation and administrative disciplinary action, so as to make them available

for the Presidential Independent Investigation Committee and other investigation panels for further investigation and possible prosecution.” According to him, in solemn

demonstration of their grief, institutional remorse, and absolute disapproval of this incident, the Commandant General has ordered that the NSCDC flag be flown at half-mast across all

formations for three days, starting from Sunday , 20th September, 2926 to signal their collective mourning and their unwavering resolve to purge the system of bad eggs.

You Cannot Destroy APC as You Did to PDP, Group Warns Wike

Adedayo Akinwale in Abuja

The All Progressives Congress (APC) Grassroots Organisation has warned that the Minister of the Federal Capital Territory (FCT), Nyesom Wike, must not be allowed to destroy the APC the same way he destroyed the Peoples Democratic Party (PDP). The face-off between Wike and some APC state governors over his decision to back PDP

candidates against the APC candidates in some states has put some of the governors in an uncomfortable situation. However, the group, in a statement issued yesterday by its Chairman, Mukhtar Rabiu, warned that Wike might unwittingly derail President Bola Tinubu’s reelection with the introduction of his controversial ‘Rainbow Coalition’ into the campaign

mix. The group noted: “Just as he did with the PDP in the past, using lackeys from Kano and Edo States, the same script is being played all over again; this time in the APC. “Although the APC governors refused to be so polarised, the party’s National Working Committee (NWC), led by the National Chairman, Prof Nentawe Yilwatda, has

curiously kept mute whilst a member of an opposition party has intensified his quest to destroy a major organ of the APC - the Progressive Governors Forum (PGF).” The group, therefore, cautioned Wike that he should not use his lame support for President Tinubu’s 2027 re-election bid to undermine existing structures and interests of the ruling party.

grievances. The commission’s position followed a report published by THISDAY Newspaper titled, “Hajj 2027: Private Operators Demand Probe of Diverted 5,000 Slots,” as well as what it described as a broader campaign of misinformation by some licensed private Hajj tour operators over the

allocation of slots for the 2027 pilgrimage. Head of Information and Communications Division, Shafii Sani Mohammed, said stakeholders were free to seek clarification on issues concerning Hajj administration but insisted that allegations of wrongdoing should be supported by evidence.

The commission said it was aware of what it described as a “coordinated and diversionary campaign” centred on allegations of Hajj slot diversion, arguing that no evidence had been presented to establish that the allocation of the disputed 5,000 slots breached either Saudi Arabian Hajj regulations or NAHCON’s guidelines.

Ogoni Youths Back Oil Resumption, Disown Bori Protest Hajj 2027: NAHCON Faults Slot Diversion Allegations, Warns on Saudi Compliance Blessing Ibunge in Port Harcourt

The Ogoni Youth Federation (OYF) Worldwide has thrown its weight behind the responsible resumption of oil and gas activities in Ogoniland, while distancing itself from a recent protest in Bori, Rivers State, which it said was neither authorised nor endorsed by the organisation. Speaking at a press conference in Port Harcourt, at the weekend, OYF Publicity Secretary, Mr Lene Lekue, said the federation recognised the right of citizens to peaceful assembly but insisted that issues concerning the representation of Ogoni youths must be addressed through legitimate and inclusive platforms. “Let us be clear, OYF did not authorise, endorse or mandate any group or individual to organise a protest on behalf of Ogoni youths,” Lekue said. He called on relevant authorities to examine the circumstances surrounding the protest and urged stakeholders

to avoid actions capable of heightening tension in Ogoniland. “We therefore, urge all stakeholders to exercise restraint,” he said. Lekue disclosed that the federation had constituted an 11-member planning committee for the proposed Ogoni Youth National Congress, which he said would provide an inclusive platform for youths from communities and interest groups across Ogoniland to deliberate on issues affecting their future. The OYF also expressed support for the Ogoni Dialogue Committee (ODC), led by Prof. Don Baridam, urging stakeholders to sustain engagement with the committee. “Our confidence in the ODC does not mean that the committee is beyond scrutiny. It is not. Legitimate questions should be asked and genuine concerns should receive appropriate answers,” Lekue said. “But disagreement should be addressed through dialogue, not personal attacks or attempts to destroy the process itself.”

Segun James

The National Hajj Commission of Nigeria (NAHCON) has dismissed allegations of diversion of 5,000 Hajj slots for the 2027 pilgrimage, describing the claims as unsubstantiated and urging stakeholders to distinguish between verifiable facts and commercial

‘Nigeria Can Become Africa’s Medical Hub If Brain Drain Is Reversed’ Gbenga Sodeinde

The Chancellor of Ekiti State University (EKSU), Dr. Tunji Olowolafe, has declared that Nigeria can transform itself into Africa’s leading destination for specialised healthcare if it decisively tackles the twin challenges of brain drain and medical tourism through

sustained investment in medical infrastructure and human capital. Olowolafe made the assertion while delivering the keynote address at the Annual Convocation Ceremony for New Specialists and Doctors of Medicine of the National Postgraduate Medical College of Nigeria (NPMCN) in Lagos. Painting a vision of a

healthcare system capable of serving both Nigerians and patients from across the continent, the renowned educationist said the country possessed the expertise, talent and intellectual capacity to build world-class medical institutions that would stem the exodus of patients seeking treatment abroad while attracting international

referrals into Nigeria. “Every year, Nigerians spend enormous sums travelling abroad for medical treatment. Our ambition should be to reverse that trend: first, by building a healthcare system that Nigerians do not need to leave home to access, and ultimately, by making Nigeria a destination for patients from across Africa,” he said.

Unique Prizes, Bursary Highlight GKS Youths’ Assembly in Lagos The 2026 Youths’ Assembly of the God’s Kingdom Society (GKS), the Church of the Living God, climaxed with a Special Thanksgiving Service at the Apapa Service Hall, Lagos recently, where prizes were presented to participating branches and individuals in

the Lagos Zone. The prizes covered sporting activities held earlier at the Egbe premises of the Church, as well as the Bible Quiz competition held at the Apapa Service Hall, Lagos. The Lagos Chapter of the League of Freedomites, a

philanthropic organisation in the Church, also awarded bursaries to three youths. According to the Chairman of the League, Professor Chris Osegenwune, the bursary is awarded to dedicated, hardworking, brilliant and indigent youths to encourage

them to remain focused and God-fearing. He explained that beneficiaries studying in higher institutions must have a Cumulative Grade Point Average (CGPA) of 3.5 and above, as attested to by their respective institutions.

T H I S D AY • MONDAY, SEPTEMBER 21, 2026

MONDAYSPORTS Awoniyi Replaces Injured Osimhen in Chelle’s Squad for Madagascar

Group Sports Editor Duro Ikhazuagbe

Email duro.ikhazuagbe@thisdaylive.com

08111813083 SMS Only

Duro Ikhazuagbe

Super Eagles Head Coach, Eric Chelle, has replaced injured Victor Osimhen with Coventry City striker Taiwo Awoniyi ahead of the 2027 AFCON qualifiers against Madagascar and Guinea Bissau this Friday and Tuesday next week. Osimhen was a surprise inclusion in Chelle’s squad for the two first matches of the qualifiers as the Galatasaray striker has not fully recovered from his muscle strain injury

2027 AFCON QUALIFIERS when the list of invited players was released. Galatasary and Super Eagles technical crew were hopeful Osimhen would be fit for the Turkish Super Lig game versus Trabzonspor last Saturday but it didn’t work as he’s still recuperating. The Coventry City striker Awoniyi was a late call-up as a direct replacement for Osimhen. Awoniyi, a former Golden Eaglets and Flying Eagles star,

Top Golf Players Assemble for Lakowe Classic Opener Nigeria’s leading professional golfers are set to return to competitive action on the local scene as the 2026 Lakowe Lakes Golf Classic will tee off on Monday, September 28, at the Lakowe Lakes Golf Course in Lagos. After a lengthy lull in major professional golf events on the domestic calendar, the opening phase of the Classic, themed “Nigeria Closed,” will bring together some of the country’s most accomplished players for three days of intense competition with the support of Oando Plc. Leading the field are former Lakowe winner Francis Epe, alongside Gift Willy, Kamalu Bako, Mohammed Muazu and Tajudeen Ajayi, among other top Nigerian professionals expected to battle for honours on one of the country’s most demanding courses. Top female professionals and seniors listed for the opener, include; Bola Mustapha and

Rachael Danjuma (female pros), Kingsley Oparakwu, Stanley Omenuko, Liman Mohammad and Lateef Lasisi.( for seniors). The Nigeria Closed, scheduled from September 28 to 30, will be played over 56 holes, with a N30million prize purse providing an added incentive for the players returning to the domestic circuit. For Gift Willy, the tournament offers more than the opportunity to compete for a major purse. He believes the two-phase structure of this year’s Lakowe Lakes Golf Classic gives Nigerian professionals an important platform to rediscover their competitive rhythm. “It is exciting to have an event of this magnitude bringing the professionals together again. The two phases give us an opportunity to get back into competition mode and find our rhythm, especially on a course like Lakowe Lakes, which demands a lot from every aspect of your game.

Adeboye Steps up Preparations for Grassroots Sports Summit Preparations for the National Grassroots Sports Development Summit 2026 have gathered momentum following a meeting of the Main Organising Committee (MOC) chaired by the Senior Special Assistant to the President on Grassroots Sports Development, Hon. Adeyinka Anthony Adeboye. The meeting which held last week focused on preparations, coordination and strategies towards delivering a successful national summit scheduled for November 18 and 19, 2026, at the Banquet Hall, Presidential Villa, Abuja. The Summit, with the theme “Creating a New Pathway for Sustainable Grassroots Sports Development,” is being put together by the Office of the Senior Special Assistant to the President on Grassroots Sports

Development as a major platform for stakeholders to examine the future of grassroots sports in Nigeria. Chairing the MOC meeting, Adeboye stressed that the Summit must go beyond speeches and ceremonial engagements to produce practical ideas, partnerships and recommendations capable of strengthening Nigeria’s sports development system. “We are building a Summit that must produce action, not just conversation. Nigeria has enormous talent at the grassroots, but talent alone is not enough. We need a system that discovers these young people early, develops them properly and creates a sustainable pathway that can take them from their communities and schools to national and international excellence.”

is a seasoned campaigner who made his Super Eagles debut in October 2021. He last featured for the Super Eagles on October 11, 2024, against Libya. He has two goals in 10 appearances. Meanwhile, the 2027 Africa Cup of Nations Qualifying Match, between the Senior Men National Team of

Nigeria (Super Eagles) and the Senior Men National Team of Madagascar, is scheduled to take place at the Godswill Akpabio Stadium, Uyo on Friday, 25th September 2026. The encounter, a Day 1 game of the qualifying series for next year’s final tournament to be hosted by Kenya, Tanzania and Uganda, will kick off at 17:00hrs.

Awoniyi

Gallant Falconets Bow out of U20 Women’s World Cup

Nigeria departed the 2026 FIFA U20 Women’s World Cup in Poland yesterday with heads held high despite a stoppage-time goal by Valerin Loboa that handed 1-0 victory to Colombia, and made short work of the credible efforts of the Falconets throughout the quarter-final encounter in Łódz. In an action-packed first half, both sides struggled to find the breakthrough despite creating half-chances. The Falconets, who dominated set-pieces with several corners from Tumininu Adeshina and Kafayat Mafisere, came close through efforts from Janet Akekoromowei, Favour Nkwocha, Tosin Rafiu and Onyedikachi Ekezie, but the Colombian defence held firm. Portugal-based forward Akekoromowie rocked the

crossbar with a precise shot from the edge of the box in the 19th minute, and defender Tumininu Adeshina saw her terrific shot tipped over the bar by goalkeeper Luisa Agudelo in the 38th minute. Nigeria showed more attacking intent throughout but lacked the clinical edge in the final third. The second half was marked by physical battles and disciplinary actions, with bookings for Sintia Cabezas and Juana Ortegon of Colombia, as well as Rebecca Adegbemile for Nigeria. The two-time runners-up continued to push for the opener, forcing corners and testing the Colombian goalkeeper through Rafiu and Akekoromowei, while Colombia threatened on the counter through Valerin Loboa and Mariana Silva. Coach Moses Aduku

introduced Winner Onajite David for Queen Joseph and Precious Oscar for Favour Nkwocha to inject fresh energy into the attack. The game turned dramatically in the 77th minute when Nigeria were reduced to 10 players after

Kafayat Mafisere was shown a straight red card for a foul on Samantha Rodriguez. Colombia’s disciplined defending and game management frustrated numerous efforts by the Falconets to find a breakthrough.

Falconets forward, Janet Akekoromowei (right) in a one-on-one tussle with a Colombian defender at the U20 Women’s World Cup in Poland...yesterday

La Liga: Atlético Win Feisty Madrid Derby with Real Ademola Lookman was in action yesterday as Atletico Madrid beat Real Madrid 2-1 in a feisty derby to move above their rivals into second place in La Liga. The Super Eagles forward came on as a second half substitute for Alex Baena. The turning point of the game came when Dean Huijsen pulled down

Giuliano Simeone just inside the box. Huijsen was sent off after a video assistant referee (VAR) review - and Alejandro Grimaldo scored the resulting penalty. Jonathan David slid in to score his third goal in three La Liga games from Simeone’s cross to make the points safe for Atletico.

The hosts brought on Julian Alvarez, who tried to engineer a summer move to Barcelona, soon after that to some boos. Antonio Rudiger headed in Bernardo Silva’s free-kick to give Real late hope but they could not find an equaliser. Real sit six points behind leaders Barcelona, who have won every game, and one

Ikeja Golf Club Wins Inter-club Matchplay Tournament Hosts Ikeja Golf Club has emerged champion of the 2026 edition of the Interclub Matchplay Tournament after defeating Abeokuta Golf Club by 43 1/2 points to the 21 1/2 accumulated by the Rock City team. The two-day event which started on Friday, September 18 came to a flourishing end yesterday at the Ikeja Golf Club course. According to organisers of the matchplay tournament, the purpose of the its introduction is to foster unity and bonding between Ikeja Golf Club and Abeokuta Golf Club. Speaking at the sumptuous buffet served for all participants, Captain of the Ikeja Golf Club, Segun Odunuga, thanked members of the two clubs for

making concerted efforts in sustaining the friendship that has existed between them. “We thank our brothers and friends from the Abeokuta Golf Club for being with us these last few days. My prayers is that the cord that binds us together will never be broken,” he prayed.

Similarly, Captain of the Abeokuta Golf Club, Umar Bakare, was full of excitements and thanked the executive committee of the Ikeja Golf Club and its members for the cordial reception they treated members of his club to since they arived in Lagos last Friday.

behind Atleti. It was pretty much a perfect afternoon for Atletico boss Simeone, who had lost all three derby meetings with Mourinho during his first spell in Madrid. In fact, Mourinho had won all six of his La Liga games against Atletico between 2010 and 2013.

R E S U LT S EUROMATCH NPFL Enyimba 0-1 Inter Lagos K’Pillars 4-1 Doma FC K’Khalifa 2-4 Rangers Nasarawa 1-1 Rivers Utd Plateau 3-1 Shooting Sporting 0-2 Abia War W’Wolves 1-0 Kwara Premier League Bo’mouth 0-1 Liverpool Leeds 0-0 Cry’Palace Man City 5-3 Sunderland Fulham 1-1 Man Utd La Liga Getafe 1-0 Malaga Atlético 2-1 R’Madrid Dep.S Coruna 1-1 Betis

Players of both the Ikeja Golf Club and the Abeokuta Golf Club in a group photograph at the end of their inter-club matchplay tournament in Lagos ...yesterday

Villarreal 3-1 Levante Valencia 2-3 Sociedad

T H I S D AY • MONDAY, SEPTEMBER 21, 2026

BACKPAGE CONTINUATION 46 YEARS AFTER BLACK MARIA, MINNA dead. Mr. Aniviye also jumped to a conclusion, far ahead of the Presidency and the Interior Ministry’s pledge to conduct an open, thorough and impartial probe, by saying the boys died “following a suspected outbreak of disease.” I see. I flipped through the NSCDC’s enabling Act to see if it is a secret Medical agency capable of carrying out autopsies. If so, it must have more capacity in that regard than all the Teaching Hospitals combined, because they normally take days to assemble a team of pathologists, examine medical records and conduct an autopsy to determine the cause of death, but NSCDC’s Niger State Command did all of that in record time and with apparent great skill. Mr. Aniviye, your men raided what you said were illegal mining sites. A mining site in Nigeria, whether legal or illegal, is not exactly a five-star hotel. There you find mostly able-bodied young men, stripped down to their pants, in the hot sun, drenched in sweat, covered in dust and soot, walking barefooted among sharp rocks and crevices, wielding heavy diggers and shovels, having eaten only groundnuts, mangoes and the occasional gari bought on credit from young girl hawkers who come in from nearby villages, digging for days and weeks and months hoping and praying to dig up a precious stone that will turn their lives around, mostly without success. Yet, they were mostly in tolerable good health and in good physical conviction, but within hours of being taken to an NSCDC cell they died, and the Commandant says it was due to a disease outbreak, which was absent at the mining site. The Federal Government of Nigeria, which these days is earnestly looking for money from every pocket, every dingy

shop and under every rock crevice, has been fighting to stamp out illegal mining, which it says robs the public till of billions if not trillions of naira. The question to ask however is, has illegal mining been designated in law as a capital offence punishable with death, alongside armed robbery, insurgency, ritual murder and coup plotting? Even kidnapping, banditry, pipeline vandalism and baby factories are not yet capital offences, except in some forward-looking states. In any case, even a suspected capital offender must first be placed through the custodial, investigative and then the judicial process, not just ferried post-haste into an overcrowded den with poor ventilation. The story got worse than that. One survivor said a NSCDC officer sprayed a chemical, possibly a disinfectant, in the crowded cell. Pray, do you spray Shelltox or Mobil insecticide to kill pests when people are inside a room? Another survivor of the sordid episode said they were so thirsty that they drank their own urine in the cell. The last time I read about anyone drinking his own urine, during our school days, was then Prime Minister of India Morarji Desai in 1977. He did so willingly, as some sort of therapeutic medicine, being a Hindu mystic, but the Minna detainees were drinking urine out of necessity. Niger State Governor Mohammed Umaru Bago said blood and bruises were found on some of the corpses; doctors may later determine that that is consistent with suffocation and banging of heads against the wall by men who struggled, cried, fainted, then collapsed and died. Mr. Aniveye concluded his insulting statement by saying, “The Nigeria Security and Civil Defence Corps, Niger State Command, remains fully committed to

the enforcement of human rights and subscribes to international human rights charters, while remaining steadfast in the enforcement of its core mandates, including the protection of lives and property, as well as critical national assets.” Wonderful. Enforcement of human rights, by herding suspects into a crowded den to die well before any judge got to examine the evidence against them? Which international human rights charters? Those subscribed to by Nazi Germany, Imperial Japan, Benito Mussolini’s Italy, Cambodia’s Khmer Rouge under Pol Pot, Ratko Mlajic’s Bosnian Serb Army or more recently, the Israeli Army in Gaza? Enforcement of NSCDC’s core mandates, which include usurping the powers of the police and judiciary and sidestepping constitutional rights of suspects to presumption of innocence and fair hearing? Protection of critical national assets? Which national assets are more critical than human lives? If youths can be killed in this way, who is left to benefit from oil refineries and pipelines, power stations, GSM masts, rare earth minerals or coastal roads? Riots broke out in Minna when parents and relatives gathered at the general hospital and could not obtain the remains of their boys for burial. Hoodlums then attacked some public property, including policemen and vehicles of the Niger State Transport Authority, both of whom had nothing to do with the tragedy, and Governor Bago had to declare a 12-hour curfew. The Presidency and the Interior Ministry responded with unusual speed to this tragedy, with Interior Minister Olubunmi Tunji-Ojo paying a quick visit to Minna, condoling with the people and government of Niger State. A probe

panel headed by retired DSS Deputy Director General Jonathan Kure, with a Professor of Histopathology, a former Law School director general and activist Deji Adeyanju as members, was instituted at the weekend and given two weeks to submit its findings. Another probe was began by the National Human Rights Commission. Tunji-Ojo also suspended Commandant Aniviye and nineteen of his fellow officers and men. Among those suspended were the Niger State Command’s Officer in Charge of Station Guard; Arresting Officer/Officer in Charge, Investigation; Head, Intelligence/ Investigation; Officer in Charge, Legal; Night Duty Officer and many guards. Only a thorough investigation will exonerate some of them, if any. I am not sure mere suspension will send enough message to their colleagues all over the country. I have a suggestion, Mr. Tunji-Ojo. Why not lock them up at least for a night in the same cell where they held the hapless illegal miners? Not to die, no, but just to get a little taste of it. Sending a message is important because there is reason to believe that similar tragedies could yet unfold in some other parts of the country. At the weekend, a long feature article in Punch reported how officials of the Lagos State Ministry of Environment and Water Resources, Lagos State Environmental Sanitation Corps and agents of the Kick Against Indiscipline, while enforcing a state government order to rid the state of beggars and hawkers, conducted mass arrests and herded suspects, including under-aged ones, into Back Maria trucks [though they have repainted them green]. Someone should step in before we have a third Black Maria moment in Nigeria soon.

HON. IBRAHIM KABIR MASARI: THE QUIET WEIGHT OF CHARACTER Katsina and the wider country. In the presence of the Governor of Katsina State, the Emir of Katsina, the Emir of Daura and other traditional rulers, his conduct reflects genuine respect rather than mere political etiquette. There is in him an understanding that authority carries its own dignity and that respect for institutions is itself a mark of character. The more revealing portrait, however, is often found away from formal occasions. Masari relates with ease to relatives and kinsmen, ordinary citizens and local politicians, just as he does to governors, legislators, senior officials and national political figures. He does not appear to need an occasion to establish his importance. There is a natural ease in his interaction with people, and that ability to sustain relationships across different levels of society has been one of the notable features of his public life. He also possesses a discerning eye for talent and potential. He has, on occasions, recognised capable individuals and helped open doors for them; the emergence of people such as Engr. Muttaqa Rabe Darma is one example that comes to mind. To me, this reflects an important aspect of political wisdom: the ability not merely to recognise who is prominent today, but to discern who may serve meaningfully tomorrow. His karamci - generosity and hospitality, is another quality I have encountered repeatedly. I have seen it expressed not simply in personal generosity but in his willingness to support people, institutions and causes he considers worthy. His interventions in education, including his major philanthropic donation to establish an Islamic University in a desperately needed environment, are among the more visible expressions of a disposition that, in my experience, long predates his present political prominence.

Such an act was not isolated, as he has done many worthy acts before and since. Regrettably, instead of commendation, selective irritation was expressed by political opponents. As could only be expected, the irritation did not stem from the generosity itself, but from envy and petty jealousies. Critics chose to align the gesture to the political and socio-economic context of his wealth, wrongly inferring that it was accumulated through exploitative practices or political favouritism, and viewing the generosity not as pure altruism but as a calculated effort to buy goodwill. I make bold to say that none of these applies to Hon. Ibrahim Kabir Masari. Public life, naturally, brings its own complexities. Political relationships can be affected by different interests, expectations and constituencies, and Katsina has not been immune to such pressures. There have been perceptions of differences between political interests associated with Hon. Masari and those of Governor Dikko Umar Radda. I have had the privilege of speaking to both Gov. Radda and Hon. Masari on these reported differences, and each has assured me that they are friends and have been political associates in the same camp for so long that any talk of a serious political difference between them is simply mischievous wishful thinking. People may say that such declarations of 'no problem' are themselves politics. To me, however, the manner in which Hon. Masari accepts and defers to Gov. Radda as the Jagoran APC in Katsina State, and the manner in which Gov. Radda accords Hon. Masari the respect and courtesies due to a national leader of the APC and a very high political office holder, is a clear manifestation of their mutual respect. Indeed, local opponents try very hard to create the

existence of an imaginary bad blood and to attribute political incidents in Katsina either to the state leadership or to Masari's associates. All these are political machinations, because no such bad blood exists. What both leaders and their associates have before them is one common goal: to ensure that President Bola Ahmed Tinubu, Gov. Radda and all APC candidates triumph massively in the next general elections in Katsina and across Nigeria. That restraint connects naturally with another quality I associate with Masari: hakuri - patience and forbearance. Public life brings criticism, disagreement and misunderstanding, but he has often preferred restraint to confrontation and patience to unnecessary public quarrels. In an age when public life can reward noise, such composure is easily overlooked; nevertheless, it remains a quiet mark of character. His political influence has likewise been expressed more through relationships than spectacle. He has cultivated connections that have enabled him to bring people together, open doors and create opportunities for individuals from Katsina and other parts of Northern Nigeria. In the area of bringing Northern people closer to the President in terms of political patronage - appointments, career jobs, and business opportunities - I do not think anyone surpasses him. Whatever one's political perspective, the capacity to build and sustain relationships across different circles of influence is an important part of his public persona. All these qualities bring me back to 'mutumin kirki', because the expression asks a question deeper than political success: what kind of man is he when the office is put aside? After more than thirty years of knowing Hon. Ibrahim Kabir Masari, I have seen a man who

values relationships, respects elders and institutions, gives generously where he can, recognises ability, exercises patience under pressure, and places considerable importance on trust. Today, he occupies an important position in the political life of Nigeria as the President's Special Adviser on Political Matters. The office brings visibility, influence and responsibility, but offices are transient. Administrations change and appointments end. What endures is the character of the person who occupied the office and the memories he leaves in the lives of those with whom he has travelled the journey. That is why I return to the old Hausa wisdom: 'nagari na kowa' - a good person belongs to everyone. For me, Ibrahim Kabir Masari is not defined primarily by his proximity to power or the prominence of his office. He is better understood through the quieter things: the relationships he sustains, the trust he carries, the people he helps, the institutions he respects, the talents he recognises and the restraint with which he conducts himself. In the final reckoning, titles may tell us where a man has stood, but character tells us who he has been. Offices may place a man in history, but the lives he touches determine how he is remembered. After three decades of watching Ibrahim Kabir Masari move through the changing landscape of public life, I can therefore say, with the confidence of personal knowledge rather than political convenience, that the description that comes closest to the man I have known is one drawn from the wisdom of our people: 'mutumin kirki' - a good man. *Sen. Ibrahim M. Ida, Ph.D., CON Wazirin Katsina

Price: N400

MONDAY, SEPTEMBER 21, 2026 • T H I S D AY BACK PAGE LEAD PHOTOGRAPH

SIGNING OF THE SISTER-STATE AGREEMENT BETWEEN LAGOS AND CALIFORNIA...

L-R: Lagos State Assembly Member, Saheed Olumoh; Lagos State Governor, Babajide Sanwo-Olu; California Assembly man, Matt Haney; Transportation Secretary, Toks Omishakin; Afretrade CEO, Mr. Lekan Salaam; and Assemblyman Kevin McCarty, at the signing of the sister- state agreement between Lagos and California in Sacramento, United States...recently

MAHMUDJEGA 46 Years after Black Maria, Minna VIEW FROM THE GALLERY

his weekend was Nigeria Security and Civil Defence Corp’s [NSCDC] worst hour since the Oga at the Top saga nearly ten years ago, when its state commandant in [I think] Ogun State was asked to name his organisation’s website. He said only his “Oga at the Top,” the Commandant General, will know it. The episode made the Corp’s analogue-age officers a laughing stock among digital-age Nigerian youths. What happened in Minna, Niger State at the weekend however made NSCDC not an analogue joke but a monumental national tragedy. It was the worst such tragedy in official custodial hands in Nigeria since March 1980, when fifty suspects suffocated to death in the back of a police Black Maria van, in the premises of a Lagos magistrate’s court. They had been

NSCDC Niger State Commandant, Aniviye

brought to the court to be arraigned for various offences, but there was delay, so the policemen left them in the van, in the hot sun, for three hours, ignored their shouts, bangs and cries for help,

IBRAHIM M. IDA

until fifty of them suffocated to death. According to NSDC’s Niger State Command, “In its renewed efforts to rid the state of illegal mining activities, conducted a ‘burst operation’ on 15th and 16th September, 2026, leading to the arrest of suspected illegal miners and the recovery of exhibits.” The operation, it said, “yielded significant results, with scores of suspected illegal miners arrested and various exhibits recovered.” Significant results! In the wake of the death in its men’s hands of 37 very young persons, it was a wonder indeed that anyone will say “significant results” were yielded from the Corps’ so-called burst operation at the M.I. Wushishi and Lukoto areas of Niger State. The statement, signed by NSCDC’s Niger State Commandant Suberu Siyaka Aniviye, said, tongue-in-cheek, “However,

in the early hours of 17th September, 2026, scores of the detained suspects were found dead, following a suspected outbreak of disease.” If ever there was an insulting statement by a public officer, this was it. Scores of the detained suspects were found dead! People were in your custody; you herded them into a dungeon fit for a Nazi extermination chamber, you apparently went home and slept soundly with your family, and the men you posted on guard duty apparently disappeared too because they didn’t hear the shouts and pleas for help from the detainees who cried out that they were suffocating, only for you to return the following day [or perhaps, for your officers to report to you at home the following day] that scores of the detainees had been found Continued on page 47

GUEST COLUMNIST

Hon. Ibrahim Kabir Masari: The Quiet Weight of Character

here is an old Hausa saying, 'nagari na kowa, mugu na kansa' - A good person belongs to everyone, while a bad person belongs only to himself. This saying succinctly captures the place of character in the Hausa moral imagination. A man's worth is not ultimately measured by the office he occupies, the wealth he commands, or the company he keeps, but by the goodness he leaves in the lives of those he encounters. It is in this enduring sense that I have come to regard Hon. Ibrahim Kabir Masari as a true 'mutumin kirki' - a good man. I was recently approached by a national Masari newspaper to say what I know about subsequently felt that more should be Hon. Ibrahim Kabir Masari, Special said about a man I have known closely Adviser to the President on Political for more than thirty years. What follows Matters. I gave a brief tribute, but I is therefore not an assessment based

merely on his present office or public prominence, but the reflection of one who has known him across different seasons of his life. The expression 'mutumin kirki' was examined with particular insight by the distinguished scholar Anthony H. M. Kirk-Greene in his Hans Wolff Memorial Lecture of 1973, subsequently published as a monograph in 1974. For Kirk-Greene, the concept goes far beyond the ordinary compliment of calling someone a good person. It is a moral assessment of the whole man, reflected in his conduct, relationships, judgement, restraint and inner character. In the Hausa understanding, goodness is something that must be lived before it can be attributed. It is against this deeper measure that

I have known Ibrahim Kabir Masari. Over more than three decades, I have observed in him a striking consistency between what he says and what he does. He values gaskiya - truthfulness and sincerity, and in my experience does not readily abandon the truth because it may be inconvenient. His sense of amana - trustworthiness and keeping faith, is equally evident in the seriousness with which he approaches relationships and responsibilities entrusted to him. That character is especially visible in his dealings with people and institutions. I have watched him demonstrate ladabi - courtesy and respect, towards constituted authority and, in particular, towards the traditional institutions of Continued on page 47

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