MONDAY 25TH MAY 2026

US-Iran War: Trump Says ‘No Rush’ as Details Emerge of Potential Deal

Emmanuel Addeh in Abuja

The United States is close to

reaching a deal with Iran that would end the war, reopen the Strait of Hormuz and see Iran

give up its stockpile of highly enriched uranium, regional officials told The Associated

Press yesterday.

However, the U.S. President Donald Trump said he told

the country’s negotiating representatives “not to rush into a deal.”

Trump said negotiations were “proceeding in an orderly Continued on page 5

AbdulRazaq: States Stopped Borrowing to Pay Salaries Due to FG’s Reforms... Page 7

Monday, Monday, January May 25, 6, 2026 2025 Vol Vol29.

31.No No10865.

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Tinubu Extends Hand of Friendship to Critics, Seeks Cooperation in Nation’s Interest Receives certificate of return after 10.9m votes win at primaries, lists feats in four years

Thank you all!

I

write to express my profound gratitude for the privilege of my candidacy in the January 16, 2027 presidential election as the flagbearer of the All Progressives Congress (APC).

While I accept my choice as the candidate of our great party with a sense of humility, I take this opportunity to thank Nigerians for keeping faith with our Renewed Hope Agenda.

Your collective decision to put me forward as the candidate of our great party is more than a vote of confidence in my capacity to provide the needed leadership for the transformation of Nigeria, but a bold acknowledgement of the great work our administration has undertaken since assumption of office on May 29, 2023.

Our mission is to reset Nigeria and rediscover the greatness of our beloved country. We have taken several bold, but difficult decisions. The long-term effects of the decisions will restore our pride as Nigerians and establish our nation as a clear leader amongst the developed nations. In fact, the pains are giving way and the gains are visible.

To build a better Nigeria is at the heart of Our Renewed Hope Agenda, but without The Almighty Allah, this journey would not have started in the first instance. So, its continuity is owed to His grace.

The journey has been interesting and promising although not without challenges. For her remarkable support and good counsel all through, I appreciate my darling wife, Senator Oluremi OON, CON, and our children.

I would also like to express my gratitude to my co-pilot, Vice President Kashim Shettima Mustapha GCON and his lovely wife, Hajiya Nana Shettima.

To the National Assembly, led by the Senate President, Senator Goodswill Akpabio, GCON and Speaker of the House of Assembly, Rt. Hon.Tajudeen Abbas, GCON, I say thank you so much for the support and collaboration between the two arms of government in the quest for a better and more prosperous Nigeria. WE WILL GET THERE! I thank all the leaders of our party at national, state,local government and ward levels.

You have done so well.

Without the visionary leadership of Prof. Nentawe Yilwatda Goshwe, our National Chairman, members of the National Executive Committee (NEC) and National Working Committee (NWC), the harmony and support that birthed this great moment would not

Story on page 5

have existed.

As we have decided to keep our resolve to steer the affairs of Nigeria in the right direction, I would like to inform our traditional and religious leaders from across the country that their wisdom and prayers are invaluable to our vision of building a better Nigeria. I thank you specially for all you are doing for our nation.

The better Nigeria we are building is for our youths, who are the leaders of tomorrow. I must admit that your sense of responsibility and contributions to democratic practices are not just impressive, but genuinely commendable. With the solid foundation we are laying today, you are guaranteed a better and enviable tomorrow.

We promised to remove the financial barriers to higher education for our youths as one of the routes to a brighter future for our highly talented young ones. Since the introduction of the Nigerian Education Loan, over N282billion has been disbursed to no fewer than 1.5million beneficiaries across Nigeria.

We are building world class roads that will last for over 100 years.

I hail members of our indefatigable Armed Forces for their sacrifices. I am proud of them and will continue to encourage them in their determination to keep Nigeria safe and secure for all.

Similarly, our community leaders, women’s associations, professional bodies, market leaders, and political stakeholders across Nigeria have shown unrelenting faith in the Nigeria project and belief in our capacity to deliver the greatest good for the greatest number of Nigerians.

We will not disappoint you.

To our accountability partners – the judiciary, the media and civil society organisations (CSOs)– your contributions to nurturing our democracy is well noted. Your roles have significantly improved the quality of democracy and governance in Nigeria.

I salute the entire Tinubu family, friends, associates, campaign team members, volunteers, and supporters whose sacrifices, prayers and tireless efforts made this feat possible. Your loyalty and commitment will never be forgotten.

Dear countrymen and party loyalists, I understand the tasks ahead and the expectations of over 240 million Nigerians: a county that works for every Nigerian; a safe and secure country. That is what my leadership is committed to providing. That is at the heart of our Renewed Hope Agenda.

As I accept this nomination with utmost humility and a sincere promise to build a Nigeria that works for every Nigerian without disregard for the principles of fairness, inclusion, justice, development, and accountability, I call on all members of APC to remain united, focused, and committed to victory. STAND FIRM! The road ahead is long, possibly tortuous, and presents some challenges. However, with shared responsibility, determination, and unity, we will achieve our goal of building a Nigeria that works for every Nigerian. Beyond infrastructural excellence, human dignity and quality of life are main pillars of our governance framework.

Building a better Nigeria is the goal. WE WILL GET THERE! ASIWAJU BOLA AHMED TINUBU, GCFR President and Commander-in- Chief of the Armed Forces of the Federal Republic of Nigeria, and APC Candidate May 24, 2026

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MONDAY, MAY 25, 2026 • T H I S D AY

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MONDAY, MAY 25, 2026 • T H I S D AY

OUR GEOGRAPHICAL SPREAD Nigeria Ghana United Kingdom Sierra Leone The Gambia

The Peoples Republic of China United Arab Emirates France Côte d’Ivoire

For more information, visit www.zenithbank.com

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T H I S D AY • MONDAY, MAY 25, 2026

PAGE FIVE

Tinubu Extends Hand of Friendship to Critics, Seeks Cooperation in Nation’s Interest Receives certificate of return after 10.9m votes win at primaries, lists feats in four years Yilwatda: Turnout at presidential primary mirrors 2027 elections Mbah: Overwhelming referendum on president’s stewardship Sanwo-Olu congratulates president

Deji Elumoye, Adedayo Akinwale in Abuja, Segun Awofadeji in Bauchi and Gombe, Laleye Dipo in Minna and Ahmad Sorondinki in Kano

President Bola Tinubu, yesterday, extended a hand of fellowship to his critics after winning the All Progressives Congress (APC) presidential ticket ahead of the 2027 general election.

Tinubu, who reportedly polled a massive 10.9 million votes to emerge winner at the APC presidential primary election, said cooperation with all and sundry, especially his opponents, was necessary in the interest of national unity and progress.

He vowed to eliminate the threats to national security, saying his administration will not relent until peace and stability are fully restored across Nigeria.

Delivering his acceptance speech in Abuja after receiving his Certificate of Return as APC presidential candidate, Tinubu acknowledged the security challenges facing the country and promised that he would take seriously the responsibility to safeguard the life and property of every Nigerian.

The president stated, "To those who may disagree with us politically, we extend a hand of partnership in nation-building.

To those who differ with our philosophy, we offer dialogue and engagement, confident that the sincerity of our purpose and the results of our work will speak for themselves.

“Democracy is sustained not by uniformity but by diversity, by a shared belief in the nation and the blending of ideas.

“Let us come together as Nigerians, from north to south, east to west, to consolidate our gains, tackle our challenges, and seize the promise of a greater tomorrow.

The task ahead requires patriotism and collective effort.”

An elated Tinubu displays his certificate of return

Tinubu said disagreement with the opposition was a feature of democracy rather than a threat.

He said, “You may be angry with our party; we don’t have to agree. Democracy is sustained not by uniformity but by diversity, by a shared belief in the nation, and the blending of ideas.

"To those who despise our philosophy, we offer dialogue and engagement, not anger, confident that the sincerity of our purpose and the results of our work will speak for themselves.”

The president stated, “Our

government has intensified efforts to strengthen our security architecture, support our brave armed forces and the police, and forge stronger partnerships with local communities.

“We have invested in intelligence, surveillance, and modern equipment, and we are addressing the root causes of insecurity. We also expect the National Assembly to amend the Constitution to allow the creation of state police as a matter of national emergency.

“We will not rest until we

restore peace and stability to every corner of our country. Our resolve is unwavering, and our goal is clear: a Nigeria where every citizen can live, work, and aspire without fear."

Addressing APC stakeholders and leaders, including governors, National Assembly members, and National Working Committee (NWC) members, led by National Chairman of APC, Professor Netawe Yilwatda, Tinubu listed some of the achievements of his administration across all sectors of the economy since he assumed

office on May 29, 2023.

He acknowledged the support and sacrifices of Nigerians across all walks of life, who continued to believe in the difficult but necessary path of reform his government had chosen in trying to rebuild the country.

Tinubu stated, “Since that night in June 2022, a lot has changed.

The political landscape has evolved. Electoral reforms have strengthened the credibility of our democratic process.

“Voting patterns and expectations are shifting. Our

economy has undergone significant structural reform, supported by new tax laws and fiscal policies that have boosted revenue collection for the federation.

“We promised to remove the financial barriers to higher education for our youth. Today, we have established the Nigerian Education Loan Fund, with over N282 billion disbursed and more than 1.5 million beneficiaries.

“We promised an improved power supply and an end to Continued on page 35

US-IRAN WAR: TRUMP SAYS ‘NO RUSH’ AS DETAILS EMERGE OF POTENTIAL DEAL and constructive manner,” and the relationship with Iran was becoming “much more professional and productive.” He pushed back against criticism by some fellow Republicans seeking a tougher approach.

The agreement would not be signed Sunday (yesterday) according to a person familiar with the status of negotiations who spoke on condition of anonymity because they were not authorised to comment publicly.

The sides have previously seemed close to a deal in recent weeks, only to falter.

The strait’s reopening would ease a worldwide energy crisis sparked by the U.S. and

Israeli bombardment of Iran on February 28, which led Tehran to effectively close the waterway.

Prices have spiked for oil, gas and related products. Experts say it would take several weeks or even months for shipping and prices to recover once the strait reopens.

The U.S. has blockaded Iranian ports for over a month, and Trump said it “will remain in full force and effect until an agreement is reached, certified, and signed,” the AP report added One official, with direct knowledge of the negotiations, said how Iran would give up the uranium would be subject to further talks during a 60-day

period. Some would likely be diluted, while the rest would be transferred to a third country, the official said. Russia has offered to take it.

Iran has 440.9 kilograms (972 pounds) of uranium that is enriched up to 60 per cent purity, a short, technical step from weapons-grade levels of 90 per cent, according to the International Atomic Energy Agency (IAEA).

Iran has not publicly committed to giving up its uranium, a key Trump demand.

President Masoud Pezeshkian told state TV they were ready “to assure the world that we are not after a nuclear weapon.”

Iran has always insisted its programme is peaceful while enriching uranium to near weapons-grade levels, and asserts its right to nuclear technology.

Secretary of State Marco Rubio, on a visit to India, said that “significant progress, although not final progress, has been made” in negotiations, and the world would no longer need to fear Iran getting a nuclear weapon.

Rubio told India Today that the “first stage” ahead would be the full reopening of the strait. “The second is that Iran needs to enter into serious negotiations on three topics: their pledge never to have nuclear

weapons, restrictions long-term on their enrichment capabilities, and what do you do with the highly enriched uranium?”

Trump has sought greater concessions from Iran than those required under a 2015 Obama-era agreement that the U.S. later withdrew from under Trump.

On Saturday, Iranian Foreign Ministry spokesman Esmail Baghaei told the state-run news agency there are “narrowing differences” between the Iranian and U.S. positions, but Iran is cautious after being attacked twice in the past year during nuclear negotiations.

Under the emerging

agreement, the Strait of Hormuz would gradually reopen in parallel with the U.S. ending its blockade, the two regional officials said.

The U.S. would allow Iran to sell its oil through sanctions waivers, said the second official, who has been briefed on the negotiations. Sanctions relief and the release of Iran’s frozen funds would be negotiated during the 60-day period, the official said.

Both officials said the draft deal includes an end to the war between Israel and the Iran-backed Hezbollah militant group in Lebanon that began two days after the Iran war started.

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T H I S D AY • MONDAY, MAY 25, 2026

NEWS

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

THIRD EDITION OF ICESCO SUMMIT IN LONDON...

L-R: Head, Education Sector, Islamic World Educational, Scientific and Cultural Organization (ICESCO), Dr. Ahmad Al-Banyan; Visiting Researcher and Scholar, Centre for African Studies, Boston University and former governor of Edo State, Mr. Godwin Obaseki; Minister of Education of Bangladesh, Dr. ANM Ehsanul Hoque Milon at the third edition of ICESCO Summit in London, United Kingdom ... yesterday

Obaseki: Without Education, Skills, Africa's Projected 2.8 Billion Population Portends Crisis ICESCO nations explore EdoBEST model

Emmanuel Addeh in Abuja

A former Governor of Edo State, Mr. Godwin Obaseki, has warned that Africa’s projected population growth of about 2.82 billion by 2060 could trigger a severe socio-economic crisis unless governments at all levels rethink education, skills development, and employment systems.

Obaseki, a Visiting Researcher, School of African Studies, Boston University, United States, said this while delivering a keynote

address at the 3rd Islamic World Educational, Scientific and Cultural Organisation (ICESCO) Dialogue, in London, United Kingdom, a statement by his media office said.

Obaseki noted that Africa is entering a decisive period in which nearly 2 billion additional people will require education, employment, and integration into productive economies over the next three decades, warning that the continent's current systems are not adequately prepared to meet the demands.

Obaseki stressed that over 89 per cent of children in SubSaharan Africa are already in “learning poverty,” while millions remain out of school entirely, including an estimated 15 million children in Nigeria alone. He argued that without urgent investment in foundational learning, the continent risks producing a large but underskilled workforce.

The summit convened ministers, policymakers, education experts and development partners to examine

how countries can move beyond rhetoric and achieve practical gains in K-12 education systems.

Central to the discussions was the growing recognition that foundational education remains the bedrock of economic growth, social stability and long-term national development.

The Edo Basic Education Sector Transformation (EdoBEST) programme, initiated by Obaseki, to transform basic education through technology again took centre stage at the forum as ICESCO member states explored

the programme as a model to drive education transformation, improve foundational learning and tackle learning poverty across its 1.7 billion population.

Obaseki at the event shared success story and insight on how the EdoBEST programme which was set up to tackle the decay in Edo’s basic education system and tackle learning poverty evolved into a large-scale education reform programme that produced tangible classroom results and gaining global recognition,

including from the World Bank, amongst others.

In the address titled: “From Political Commitment to Classroom Results: Lessons from Edo State,” Obaseki, in narrating how the programme progressed from political declarations to practical implementation, noted that successful education reforms begin with leadership making education the government’s most visible and consistent priority, rather than merely one item among competing agendas.

Signs MoUs to Deepen Clean FG Implementing AI-Driven Public Service Reforms, REA Energy Transition, Food Security Sovereign Digital Infrastructure, Says Walson-Jack Emmanuel Nigeria, in furtherance of Addeh in Abuja Onyebuchi Ezigbo in Abuja

The federal government has reaffirmed its commitment to improving public service delivery through deployment of sovereign digital infrastructure and artificial intelligence to achieve accelerated public service digitalisation.

The government said the federal civil service was embracing innovation, resilience, and technologydriven reforms to strengthen governance and service delivery.

Head of the Civil Service

of the Federation, Didi Esther Walson-Jack, gave the indication at the 2026 International Civil Service Conference (ICSC) in Abuja.

The conference brought together Heads of Service from different states and countries, senior government officials, reform experts, and technology stakeholders to discuss the future of governance and digital transformation in Africa, using the nigerian public service as a benchmark.

Walson-Jack disclosed that all 38 federal ministries and extraministerial departments met

the December 2025 deadline to fully digitalise their operations and transition to paperless governance.

According to her, the federal government’s Service-Wise GPT platform – an AI-powered tool designed to help civil servants navigate service rules and institutional knowledge, has recorded over 50,000 conversations.

“These are not vanity metrics. They are evidence that technology, when it solves real problems, gets adopted,” she said.Walson-Jack stressed that artificial intelligence must

support human capacity and improve public service delivery, not replace human judgement.

She also credited the progress in public service reforms to the leadership of President Bola Tinubu, stating that the administration has strengthened accountability, performance, and results across the public sector.

The head of service commended Galaxy Backbone and their technical partners on the 1Government Cloud programme for supporting the federal government’s digitalisation agenda.

Strategic Partnership: Abiodun Reallocates Resources for Garment Factory James Sowole in Abeokuta

Ogun State Government has reallocated resources under the Special Agro-Industrial Processing Zones (SAPZ) Programme to include, the support garment factory and

other activities within the state’s Agro-Industrial Processing Zone.

The action was taken as part of efforts to accelerate implementation and expand economic opportunities in the state.

Governor Dapo Abiodun, represented by Chief Economic Adviser and Chairman, Steering Committee for SAPZ, Mr. Dapo Okubadejo, disclosed this in Abeokuta, during the Mid-Term Review Mission of the Programme by a team

from the African Development Bank (AfDB).

He said the resource reallocation became necessary to ensure optimal utilization of available funding and maximise the economic potential of Ogun State’s agricultural sector.

The Rural Electrification Agency (REA) has signed two Memorandums of Understanding (MoUs) aimed at deepening Nigeria’s clean energy transition, strengthening agro-industrial productivity, and accelerating innovation driven economic development across the country.

The agreements, signed with the Nigerian Commodity Exchange (NCX) and the Young Innovators of Nigeria (YIN), the agency said, reflects its growing role beyond electricity access alone, positioning the REA as a national platform for productive use infrastructure, industrial growth, innovation, and sustainable economic transformation.

The first partnership was signed between the REA and the NCX on a National Collaborative Framework for Agro-Industrial Cluster Development, Renewable Energy Deployment, and Commodity Trade Formalisation Across

the federal government’s food security agenda under the administration of President Bola Tinubu.

NCX, a federal governmentbacked institution established to regulate, operate, and facilitate transparent and structured agricultural commodity trading in Nigeria, will collaborate with the REA to integrate renewable energy infrastructure into agricultural value chains nationwide.

Through the partnership, both institutions seek to establish a scalable national model that links reliable solar-powered energy systems with commodity aggregation, processing, storage, trading, and export infrastructure.

The collaboration is expected to significantly reduce postharvest losses, improve value retention for Nigerian agricultural produce, strengthen food security and sovereignty, stimulate agro-industrial productivity, and support the growth of non-oil foreign exchange earnings.

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T H I S D AY • MONDAY, MAY 25, 2026

NEWS

AMB. ARE PRESENTS LETTER OF CREDENCE TO PRESIDENT TRUMP...

L-R: US President, Donald Trump with Nigeria’s Ambassador to the United States, Ambassador Kayode Are, during the latter’s presentation of letter of credence to the US President… recently

AbdulRazaq: States Stopped Borrowing to Pay Salaries Due to FG’s Reforms Governors' forum chair lauds Tinubu's economic reforms Says Kwara's debt cut from N170bn to N49bn in 2 years

Hammed Shittu in Ilorin

Kwara State Governor and Chairman of the Nigeria Governors’ Forum (NGF), AbdulRahman AbdulRazaq, has said that the 36 states of the federation are no longer borrowing to pay salaries due to the ‘ingenuity’ and economic transformation agenda of the federal government.

Speaking in Ilorin at the weekend at his Adewole Ward, Ilorin West, shortly after the presidential primary election of the All Progressives Congress(APC), the governor said that apart from not taking loans for recurrent purposes, the subnational governments can now implement key capital projects.

"President Bola Tinubu's economic reform is yielding

positive fruits, as more resources are now available for steady infrastructure growth and workers' welfare across the 36 states of the federation. We were coming from an era of no payment of salaries and a near collapsed economy.

"Things have changed. In my first term, after paying salaries from federal allocation, all we had left was about N200 million.

Things have changed due to the reforms the president has implemented. This has given more resources to the states.

"Now, you don't hear that states are borrowing to pay salaries. That wasn't the case before. Then, many states had to borrow money, we had to issue bonds to drive capital projects in my first term. Now, we are not talking about that anymore. We have enough resources to easily

CAPPA Premieres ‘Sweet Poison’ Documentary, Pushes for Stronger Sugary Drinks Tax Sunday Ehigiator

Corporate Accountability and Public Participation Africa (CAPPA) has premiered a new documentary titled Sweet Poison, raising concerns over the growing health and environmental dangers linked to the consumption of sugar-sweetened beverages (SSBs) in Nigeria.

The 20-minute documentary was screened during a media presentation held over the weekend in Lagos, where the organisation called for stronger government policies to curb the rising consumption of sugary drinks and address the increasing burden of non-communicable diseases (NCDs) across the country.

Speaking at the event, CAPPA’s Executive Director, Akinbode Oluwafemi, described the issue as not only a public health concern

but also a media, environmental and policy challenge.

According to him, sugary drinks have become deeply embedded in everyday Nigerian life through aggressive advertising, celebrity endorsements and widespread market penetration.

“Across Nigeria today, sugary drinks have become deeply woven into everyday life. They are in our homes, schools, markets, offices, social gatherings, and even spaces where access to clean drinking water is difficult,” Oluwafemi said.

He warned that behind the “bright labels, catchy jingles and colourful campaigns” of beverage companies lies a growing public health crisis marked by increasing cases of Type 2 diabetes, hypertension, obesity, stroke, kidney disease and cardiovascular complications.

pay workers' salaries and we are even paying back loans, while also developing infrastructure," he stated.

AbdulRazaq added that Kwara was gradually paying back its previous debts which have now fallen from about N170 billion to around N49 billion in a space of two years.

"These are some things that people need to see. The economy is doing better, and that is why we need to sustain the policies to drive the

economy and developments across the board. For people who haven't visited the state in a long time, they will see a lot of changes in the state.

Things have drastically changed for the better," the governor emphasised.

The governor further noted that the APC presidential primary election reflected a full endorsement of Tinubu’s programmes since he took over the reins of governance.

"It's a full endorsement of

the President's programmes.

I would have thought that after a series of primaries, beginning with the House of Representatives and House of Assembly, the Governorship, members of our party will be tired and just assume that the President has won and will sit at home. But that's not the case.

"They've shown that they are in full support of the President.

They've come out to show that today, and there was no apathy at all. We have two contestants

in this election - President Bola Ahmed Tinubu Ahmed and Mr. Stanley Osifo. We gave our full support to Mr President throughout the state. The other aspirant did not get any vote.

It is a full endorsement of the President," he stated.

Also addressing party leaders and supporters at the Adewole Ward, the State Chairman of APC, Sunday Fagbemi, commended them for coming out en masse to support Tinubu.

Shareholders Approve BUA Cement's N338.64bn Dividend as Profit Soars to N356bn James Emejo in Abuja

Shareholders of BUA Cement Plc have approved a total dividend pay-out of N338.64 billion, translating to N10 per share for the 2025 financial year.

The approval came at the company’s 10th Annual General Meeting (AGM) in Abuja, where shareholders also commended the company for improving revenues

and profits despite economic headwinds.

Shareholders expressed confidence in management following what they described as a standout year of growth, resilience, and value creation.

The company delivered one of its strongest performances in recent years, posting a record revenue of N1.2 trillion, up from N876.5 billion in 2024, representing a 34.5

per cent growth.

Gross profit also doubled significantly to N604.1 billion, compared to N300.2 billion in the previous year.

Profit After Tax (PAT) surged to N356 billion, a sharp rise from N73.9 billion in 2024, marking a 381.7 per cent leap.

Earnings per share also improved to N10, compared to N2.18 in the previous year—

underscoring the company’s stronger earnings capacity and improved operational efficiency in a challenging macroeconomic environment.

Chairman of BUA Cement Plc, Abdul Samad Rabiu, attributed the performance to disciplined execution and long-term planning, stating that shareholder trust remains central to the company’s growth trajectory.

Shettima Canvasses Deeper NigeriaBenin Ties At Wadagni’s Inauguration Says both nations share common destiny rooted in history, trade, regional security

Deji Elumoye in Abuja

Vice President Kashim Shettima on Sunday reaffirmed Nigeria’s commitment to strengthening bilateral ties and developing a deeper strategic partnership with the Republic of Benin to sustain economic and democratic gains in the region.

Shettima said both countries shared a common destiny rooted in history, culture, trade, and collective responsibility for regional security.

He spoke in Cotonou, the Benin Republic capital, where he represented President Bola Tinubu at the inauguration of President Romuald Wadagni.

The Nigerian vice president said the Tinubu administration considered the Nigeria-Benin relationship as strategic to regional integration and democratic stability within West Africa.

He said Nigeria’s presence at the event reflected Tinubu’s enduring commitment to solidarity and cooperation

with neighbouring countries.

“Our presence here in Cotonou underlines President Tinubu’s unwavering, deep-seated commitment to strengthening ties with our neighbours,” he stated.

Shettima described the relationship between Nigeria and Benin Republic as one built on centuries of social interaction, cultural affinity and economic interdependence that transcend political boundaries.

He stated, “Our border with

the Benin Republic stretches across nearly 600 kilometres, spanning six Nigerian states, including Kebbi State. Our cultural and historical ties run deep—we intermarry, and our communities overlap.

“There are Yoruba people on this side of the border, just as there are in Nigeria.

Benin has a Borgu Province, while we have a Borgu Local Government Area in Niger State. We are essentially one people tied to a common destiny.”

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T H I S D AY • MONDAY, MAY 25, 2026

NEWS

EU SUPPORT FOR STRENGTHENING SOCIAL PROTECTION IN NIGERIA...

L-R: Acting Director, Centre for Citizens with Disabilities (CCD), Mr. Godwin Unumeri; Country Director, ActionAid Nigeria, Andrew Mamedu; Representative of the Ministry of Women Affairs and Social Development, Mrs. Jumai Idonijie; Representative of the Permanent Secretary, Federal Ministry of Budget and Economic Planning, Sampson Ebimaro and Programme Manager, European Union (EU), Chioma Osuji, during the launch of EU Support for Strengthening Social Protection in Nigeria (ESSPIN Project) in Abuja at the weekend PHOTO: ENOCK REUBEN

Aig-Imoukhuede: Civil Service Remains Engine of Growth, Must Rise Above Corruption Says digitisation not genuine reform as technology alone cannot fix broken systems

Emmanuel Addeh and James Emejo in Abuja

Chairman, Aig-Imoukhuede Foundation (AIG), Aigboje Aig-Imoukhuede, has said Nigeria’s economic growth and public sector credibility depend largely on the quality, integrity, and delivery capacity of the civil service.

Speaking at the International Civil Service Conference 2026, on the theme, “Public–Private Collaboration for Service Delivery and Innovation," which ended at the weekend in Abuja, Aig-Imoukhuede warned that corruption, weak accountability, and inefficient bureaucracy remained major

threats to effective governance and service delivery.

He cautioned against mistaking digitisation for genuine reform, saying technology alone cannot fix broken systems.

He said, “Digitising a broken process can simply make dysfunction faster."

Aig-Imoukhuede stressed that no nation could rise above the quality of its public service, describing the civil service as “the machinery through which the Republic acts”.

He said while politicians might set direction and investors provided capital, it was the civil service that converted national ambition into administrative reality.

NDLEA Nabs 63-year-old Chinese Woman With 31kg ‘Canadian Loud’ at Lagos Airport, Seizes N2.1bn Opioids Shipment Michael Olugbode in Abuja

Operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested a 63-year-old Chinese woman, Ting Hung Kiong, over an alleged attempt to smuggle 31 kilogrammes of “Canadian Loud,” a synthetic strain of cannabis, into Nigeria through the Lagos airport.

The suspect said to be a Malaysian naturalised citizen, was arrested on May 17, 2026, at the Terminal 2 Arrival Hall of the Murtala Muhammed International Airport, Lagos after arriving from Thailand via Dubai on an Emirates Airline flight.

According to the NDLEA, investigations showed that the suspect travelled from Malaysia to Thailand before heading to Nigeria through the United Arab Emirates with two large suitcases containing the

illicit drug consignment.

The spokesman of the antinarcotics agency, Femi Babafemi, in a statement on Sunday, said the suspect who claimed to be a caregiver in Malaysia disclosed during interrogation that her daughter sponsored the trip and that she was handed the drug consignment at the Thailand airport for delivery in Nigeria after spending two weeks in the Asian country.

In another major operation, Babafemi said the agency recovered 1,825,710 tablets of Tapentadol 250mg valued at over N2.1 billion at the import shed of the Lagos airport.

The consignment which arrived from India aboard an Emirates Cargo flight, he said, was handed over to NDLEA officials by the Nigeria Customs Service last Friday, following days of surveillance and monitoring by anti-narcotics operatives.

He stated that the country's public institutions must become more disciplined, transparent, technology-driven, and outcomefocused.

Aig-Imoukhuede said, “If the civil service is slow, the nation feels slow. If the civil service is confused, policy becomes confused. If the civil service is disciplined, government becomes credible.”

He added that reforming the civil service should no longer be treated as an internal government affair but a national economic imperative critical to growth, investment attraction, and citizen trust.

The former banking executive maintained that the country needed a “high-capacity delivery institution” capable of partnering with the private sector without compromising public purpose, transparency or accountability.

He warned that public-private partnerships must not become channels for exploitation, patronage or enrichment of contractors at the expense of citizens.

According to him, “A publicprivate collaboration that enriches vendors but does not improve citizens’ lives is not reform. It is failure dressed in modern language."

Aig-Imoukhuede said both the public and private sectors must abandon old habits that weaken service delivery and embrace what he described as a new governance compact anchored on transparency, measurable outcomes, and shared accountability.

He stated that government globally was under pressure to deliver faster and better services amid fiscal constraints and rising public expectations.

Aig-Imoukhuede added that the private sector could support public institutions through technology, innovation, operational efficiency, project management discipline, and customer-oriented systems.

However, he stressed that the private sector must approach government as a nation-building partner rather than merely a source of contracts and profits,

adding that "government is not a customer to be exploited.

Government is the trustee of public purpose”.

The business leader outlined key conditions required for successful public-private collaboration, including clarity of public purpose, strong government ownership of reforms, disciplined governance structures, capability transfer, and measurable citizen impact.

He emphasised that reforms must focus on solving real public problems, such as delays in passport issuance, poor healthcare, logistics, weak procurement systems, inefficient tax administration, and poor citizen feedback mechanisms.

He said government must move beyond measuring reform through workshops, meetings, and memoranda, insisting that true reform should be measured by reduced waiting time, improved service reliability, lower leakages, increased citizen satisfaction, and stronger revenue collection.

Aig-Imoukhuede advised

government institutions to first simplify processes, strengthen governance frameworks, and build institutional capacity before deploying technology solutions.

The foundation chairman called for stronger procurement and contract management systems in the public sector, stating that many reforms fail not at the contract award stage but during implementation and post-award accountability.

He recommended deeper civil service capability in procurement planning, vendor management, performance monitoring, and audit compliance.

On leadership, AigImoukhuede said public sector transformation would only succeed if leaders at all levels demonstrated courage, accountability, and commitment to measurable performance.

According to him, reformminded leaders must be willing to simplify processes, publish results, hold contractors accountable, and resist vested interests seeking to undermine reform efforts.

Agora Report: States Received N2.52tn FAAC Allocations, Collected N1.02tn IGR in Q1

Ndubuisi Francis in Abuja

A new report by Agora Policy, an independent Nigerian non-profit think tank and research institute, said about 32 states of the federation generated N3.54 trillion in actual revenue in the first quarter (Q1) of 2026, with N2.52 trillion coming from the Federation Account Allocation Committee (FAAC).

The report, which covered all the states of the federation, except Anambra, Delta, Ogun,

and Rivers, explained that in Q1 2026, 32 out of the 36 states realised 66.5 per cent of their total projected revenue.

It added that of the N3.54 trillion in actual revenue, N2.52 trillion (71.2 per cent) was from FAAC, while N1.02 trillion (28.8 per cent) was through Internally Generated Revenue (IGR).

The reviewed states received 69 per cent of their total projected FAAC revenue while their combined IGR fell short by 39 per cent,

compared to estimations.

"IGR accounted for over 50 per cent of revenue in Lagos and Ogun while FAAC accounted for over 50 per cent of revenue in 30 other states,” the report said.

In Q1 2026, Oyo, Ekiti and Ondo recorded revenues (FAAC + IGR) exceeding their budget projections while 29 states fell short of their projections.

"Out of the 32 states, Oyo, Ondo and Lagos received more FAAC revenue than

budgeted while 29 states recorded lower-than-projected FAAC allocations," the report stated.

According to the report, four states (Ekiti, Cross River, Yobe and Kogi) generated more IGR than projected in their budgets while 28 states fell short of their IGR targets.

In value terms, Lagos, Oyo and Bayelsa received the highest total revenue and FAAC revenue in Q1 2026 while Lagos, Ogun and Enugu recorded the highest IGR.

MONDAY, MAY 25, 2026 • T H I S D AY

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T H I S D AY • MONDAY, MAY 25, 2026

NEWS

TINUBU RECEIVES CERTIFICATE OF RETURN... NOW OFFICIALLY APC PRESIDENTIAL CANDIDATE L-R: APC National Chairman, Nentawe Yilwatda; President Bola Ahmed Tinubu; wife of the President, Senator Oluremi Tinubu and Vice President Kashim Shettima during the presentation of certificate of return to President Tinubu as the APC candidate for the 2027 presidential election at the collation centre in Abuja, yesterday

Cooking Gas Hits N1,500/kg as Marketers Warn of Imminent Crisis Over Supply Shortage Depot price spikes to N26m for 20MT NALPGAM warns of SMEs' shutdown, collapse of FG's clean energy gains

Peter Uzoho Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has raised the alarm over a fresh spike in cooking gas prices and erratic supply, warning that millions of households and small businesses face imminent hardship if urgent intervention is not made.

In a statement issued yesterday, jointly signed by its National President, Edu Inyang, and Executive Secretary, Bassey Essien, NALPGAM complained that Nigerians were now paying over N1,500 per kilogramme of Liquefied Petroleum Gas (LPG), while marketers were forced to buy 20 metric tons between N25.2 million and N26.2 million, depending on location.

“It is sad and rather very pathetic to inform the general public that the citizens of Nigeria have woken up to buy cooking

gas which should be a social item at a prohibitive cost of over N1,500 per kg,” the association said.

The group warned that the situation could spark public backlash against gas filling stations if not addressed immediately.

According to NALPGAM, members nationwide are struggling with persistent supply shortages, high depot prices, logistics bottlenecks, and rising operational costs, and where product was available, it was sold at rates far beyond the reach of average Nigerians.

The association pointed out that the crisis was reversing years of progress made under the federal government’s clean energy transition agenda.

It stated that millions of households that switched from kerosene, charcoal, and firewood were now struggling to refill cylinders or reverting

to dirtier fuels.

“Households are struggling to refill cylinders, small businesses are folding under rising energy costs while many families are reverting to firewood and charcoal despite the serious implications for public health, environmental degradation, and deforestation,” the statement read.

The warning came as Nigeria’s LPG market showed mixed signals. Domestic supply had previously improved significantly, with local refineries and gas plants, led

by Dangote Refinery and the Nigeria Liquefied Natural Gas (NLNG) Limited, supplying 87 per cent of Nigeria’s cooking gas in 2025.

Nigeria’s LPG consumption also rose from 900,000 metric tonnes in 2021 to two million metric tonnes in 2025, making it the fastest-growing market in Africa.

With the latest relapse, NALPGAM said the crisis threatens broader economic stability.

It stated, “If urgent and coordinated actions are not taken immediately, the current crisis could trigger broader consequences, including accelerated food inflation, the collapse of small-scale LPG retail businesses, job losses, reduced investor confidence, and a significant setback to Nigeria’s clean energy and climate commitments."

THISDAY checks showed that Nigeria’s per capita LPG consumption remained low at 1.8kg, compared to nearly 500kg in Saudi Arabia.

The association called on relevant industry stakeholders, including the federal government, Ministry of Petroleum Resources, Nigerian Midstream and Downstream Petroleum Regulatory Authority

Ebola Outbreak: NCDC Puts States on High Alert, Urges Preparation of Emergency Facilities

Onyebuchi Ezigbo in Abuja

The Nigeria Centre for Disease Control and Prevention (NCDC) has asked states to get their facilities ready in the event of a fresh Ebola disease outbreak in the country.

It said its assessment estimated the risk of Ebola importation into Nigeria as high due to the ongoing transmission in the DRC and Uganda, international travel, population movement, and uncertainty regarding the full magnitude of the outbreak.

It also said that the alert became necessary due to the potential for delayed recognition because symptoms may overlap with endemic diseases such as malaria

and Lassa fever.

A statement by the Communication Department of the Centre said the states have been advised to activate their surveillance and early detection management protocols, referral pathways, ambulance referral and patient transport systems, and availability of essential supplies for Ebola response.

In addition, the Centre said that states have been advised to incorporate Ebola preparedness into ongoing readiness activities, including detection, reporting, and response activities.

According to NCDC, states are expected to conduct refresher sensitisation for healthcare workers on critical IPC arrangements, triage

systems, and enhanced monitoring of alerts, rumours, and unusual public health events to support early Case Management and treatment readiness.

NCDC which had earlier assured Nigerians that enhanced surveillance activities are ongoing at points of entry and border communities nationwide, said surveillance rapid respond teams are on steady alert.

The centre further said it has disseminated Ebola IPC readiness tools and checklists to support preparedness activities in states.

NCDC said it is working with State Epidemiologists, Disease Surveillance and Notification Officers (DSNOs), in carrying out assessments of healthcare

facilities across the country.

"We are also working on ensuring timely detection and reporting of suspected cases, designation of isolation and treatment centres, assessment of bed capacity, staffing, logistics, clinical identification of suspected Viral Haemorrhagic Fever cases is also ongoing.

"NCDC and partners are mapping and preparing for prepositioning of critical response commodities, including PPEs, IPC supplies, body bags, laboratory consumables, and emergency medical supplies in designation of isolation and treatment centres, assessment of bed capacity, staffing, logistics, clinical strategic locations".

(NMDPRA), NNPC Ltd, domestic producers, and terminal operators to act decisively to address the situation.

It recommended, among others, that domestic LPG allocation be increased to the Nigerian market; transparent and equitable distribution across regions; reduced bottlenecks in importation, storage, and distribution; and implementation of strategic interventions to stabilise retail

prices.

NALPGAM also urged companies with adequate investible capital to invest in storage and distribution infrastructure to prevent future shocks.

It added that immediate measures to improve the availability and accessibility of LPG nationwide were needed, adding that the current crisis undermines policies and investments aimed at deepening LPG penetration.

CSOs, Academics Urge Labour Unions to Strengthen Workers’ Advocacy amid Global Economic Crisis Sunday Ehigiator International civil society organisations and members of the academic community have called on labour unions in Nigeria to amplify the voices of workers amid growing global conflicts and economic uncertainties affecting livelihoods across the world.

The stakeholders made the call recently in Lagos, during a workshop event organised by the FriedrichEbert-Stiftung Foundation (FES) in collaboration with the Nigerian Institute of International Affairs (NIIA) and the Michael Imoudu National Institute for Labour Studies (MINILS), themed, ‘Rising Global Conflict, Severe Economic Shocks, Impact on Decent Work Agenda, Labour and Civil Society Responses’.

Speaking at the event, the Resident Representative of FES in Nigeria, Leonard Ostad, said workers across the world were bearing the

brunt of rising geopolitical tensions, artificial intelligence disruptions, climate change and global economic instability.

According to him, labour unions have not been sufficiently vocal in global economic and policy debates affecting workers.

“Something is going on in the world, and we don’t think the organised labour is ready for it. They are not yet inside these debates.

“We have a global shift in the economy, oil price shocks, trade wars, things that we believed are taken for granted are now under question, and we were asking ourselves where are the trade unions and where is the voice of labour in all these debates.

We agreed the voice is not loud enough,” he added.

Ostad also described labour unions as critical pro-democracy actors that must engage more actively in conversations around economic reforms and social protection policies.

MONDAY, MAY 25, 2026 • T H I S D AY

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NEWS

2026 YOUNG WOMEN'S LEADERSHIP CONFERENCE...

L- R: Special Assistant to the President on Youth Initiative, Dr. Titi Gbadamosi; Executive Director, Eagle Foundation, Titilope Anifowoshe; Special Adviser to the President on Policy Coordination and Head, Central Results Delivery Coordination Unit (CRDCU), Hazida Bala Usman; Director General, Citizenship and Leadership Training Centre (CLTC), Federal Ministry of Youth Development, Rinsola Abiola; Secretary, Nigeria Chapter of African Women Leaders Network (AWLN), Fatima Askira and Director General, National Productivity Centre (NPC), Dr. Baffa Babba Dan’Agundi, during the 2026 Young Women’s Leadership Conference in Abuja on Saturday PHOTO: ENOCK REUBEN

Gbenga Olawepo-Hashim Joins Presidential Race on Accord Party Ticket Oba Ajara endorses Gbenga him

Chuks Okocha in Abuja

Gbenga Olawepo-Hashim has joined the 2027 presidential race on the platform of Accord Party (AP).

Olawepo-Hashim announced his entrance into the race when he visited Oba Ajara to seek royal blessing, with the traditional ruler endorsing his presidential aspiration.

Ajara, a prominent ally of the late political patriarch, Olusola Saraki, endorsed the presidential ambition of Olawepo-Hashim ahead of the 2027 general election,

describing him as “the only true opposition leader” in Nigeria.

The 90-year-old veteran politician with over six decades of active political involvement, said OlawepoHashim’s endorsement was informed by his wealth of experience and deep understanding of Nigeria’s political evolution.

Speaking during a political gathering attended by leaders from across Kwara Central, Ajara declared that Olawepo-Hashim possessed the leadership qualities and courage needed to reposition

the country.

“In my over 60 years in politics, I consider Dr. Gbenga Hashim the only true leader in Nigeria today with the capacity to rescue this country from its current state of helplessness,” he said.

The elder statesman lamented what he described as the collapse of opposition responsibility in Nigeria, accusing many opposition figures of failing to hold the government accountable.

According to him, the vacuum created by the absence of a vibrant opposition has weakened

democratic engagement in the country.

“The opposition in Nigeria has abandoned its responsibility. It is only Gbenga Hashim who has remained consistent and committed to the fight against subjugation,” Ajara stated.

Ajara called on political stakeholders, supporters, and party loyalists across Kwara State and beyond to rally around the party, which he described as the emerging platform for a new national movement.

“That is where we will all converge to actualise this

ADC Chooses Presidential Candidate Today as Contenders Fail to Agree on Consensus

The African Democratic Congress (ADC) will today choose its presidential candidate for the 2027 general election.

The exercise will take place across the 8,089 wards of electoral wards of the federation.

The resort to an election became necessary after former Vice-President Atiku Abubakar, former Minister of Transportation, Chibuike Rotimi Amaechi, and renowned economist, Mohammed Hayatu-Deen, refused to step down for each one another.

Also, for the direct primaries, the has ADC cleared 513 aspirants for the House of Representatives, 109 senatorial aspirants, 80

governorship aspirants and three presidential aspirants.

They are to go for the primary election as from today, May 25 in their respective wards.

Urging unity, the party has also called on all presidential aspirants, party leaders, and members across the country to uphold the highest standards of discipline, and democratic conduct ahead of the primaries today.

In a statement by the its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC described the primaries as a defining democratic moment, not only for the party, but for Nigerians searching for a credible political alternative.

“The ADC remains proud to stand today as the only truly

democratic party in Nigeria, because it is the only political party whose choice of presidential candidate is determined through open primaries,” the statement said.

The party noted that the conduct of all participants before, during, and after the primaries would send a strong signal to Nigerians about the kind of leadership culture the ADC seeks to build.

“We, therefore, urge all aspirants, their supporters, delegates, and party faithful to conduct themselves peacefully, responsibly, and with dignity throughout the process.

“This election must reflect the values we claim to represent as a party committed to transparency, internal democracy, national unity,

Hashim expressed appreciation to the traditional ruler, describing the gesture as both an honour and a call to greater responsibility.

He reiterated his commitment to building a broad-based political movement anchored on justice, economic recovery, national unity, and democratic renewal.

Adebutu, Lado, Kawu, Lamido, Pidomson, Jika Win Guber Tickets in PDP, ADC, NDC Benue PDP picks 38-year-old security expert as running mate to Aondoakaa

Chuks Okocha in Abuja, James Sowole in Abeokuta, Francis Sardauna in Katsina, Ahmad Sorondinki in Kano, Ibrahim Shuaibu in Dutse, Blessing Ibunge in Port Harcourt, Segun Awofadeji in Bauchi, George Okoh in Makurdi and Emmanuel and the rule of law,” Abdullahi Ugwu-Nwogo in Enugu stated.

He added that while contests The Peoples Democratic Party and disagreements were natural (PDP), the African Democratic in every democratic process, Congress (ADC) and the Nigeria the larger mission of rescuing Democratic Congress (NDC), Nigeria and rebuilding public yesterday, released some of the trust in leadership must remain results of their governorship paramount. primaries across many states.

“At the end of this exercise, Whilst there were parallel there will be no winners or losers primaries in some of the parties within the ADC family. The with parallel candidates, results ultimate objective is to emerge from other parties showed a rather stronger, more united, and fully successful exercise, which switched prepared to offer Nigerians between consensus and elective the competent and credible primaries. leadership they deserve,” he said.

Although all the results have The party also reassured not fully come, the parties are members that all necessary believed to. be warming up ahead measures had been put in of the general elections, just as place to ensure a free, fair, they were coming fast behind transparent, and credible the ruling party. primary process.

Urges unity ahead of exercise, picks Emenike as chairman of election c’ttee Clears 80 guber, 109 senatorial aspirants, 513 Reps aspirants for direct primaries Atiku: We must choose competent, experienced presidential candidate for 2027

Chuks Okocha in Abuja and Charles Ajunwa in Lagos

mission in 2027,” he added.

Political observers believe the endorsement may signal early political realignments within Kwara State, particularly among groups seeking alternatives to the dominant political structures ahead of the next general election.

Responding to the endorsement, Olawepo-

Ogun: Ladipupo Adebutu

The 2023 PDP governorship candidate for Ogun State, Hon. Ladipupo Adebutu, was yesterday returned as the party's candidate for the 2027 gubernatorial candidate in the state.

Adebutu, a former member of the House of Representatives, was declared the winner of the PDP Governorship Primary at the Keshington Adebutu Hall, Abeokuta Sports Club in the state capital, by the Chairman of the Electoral Committee, Chief Afolabi Ariyo, at an event attended by members from across the 20 local government areas of the state.

Ariyo said Adebutu, who was the sole contestant, was elected the Consensus Candidate by party members in the 236 wards of the state at the exercises carried out earlier.

In line with the Electoral Act and the party's guidelines, Adebutu was affirmed by voice vote by party members at an Continued on page 34

MONDAY, MAY 25, 2026 • T H I S D AY

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MONDAY, MAY 25, 2026 • T H I S D AY

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Nigeria Oil and Gas Industry Games (NOGIG) A Sincere Appreciation to Our Esteemed Sponsors:

Celebrating Partnership, Unity, and Excellence th

The Local Organizing Committee (LOC) of the 20 Nigeria Oil and Gas Industry Games (NOGIG) proudly extends its sincere appreciation to all its distinguished sponsoring organisations whose unwavering support was instrumental to the resounding success of this landmark edition.

Your generous contributions, active participation, and steadfast commitment enabled us to deliver not only a memorable sporting event, but also a celebration of unity, camaraderie, and healthy competition within the Nigeria Oil & Gas Industry.

On behalf of the entire NOGIG family, we sincerely thank every sponsor. Your continued partnership inspires us to aim higher and foster even greater achievements in subsequent editions.

Together, we have set a new standard for industry collaboration through sporting excellence in Nigeria.

We look forward to building on this remarkable legacy with the continued support of all our sponsors in the years ahead.

Signed: The 2026 NOGIG Local Organizing Committee

15

MONDAY, MAY 25, 2026 • T H I S D AY

RAND MERCHANT BANK NIGERIA LIMITED TIN:12675340-0001; RC 1031371

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ummary financial statements he summary consolidated and separate statements of financial position and summary consolidated and separate statements of profit or loss and other comprehensive income do not contain all the disclosures re uired by the IF ccounting tandards as issued by the International ccounting tandards Board and the relevant provisions of the Companies and llied atters ct, 2020, the Banks and ther Financial Institutions ct, 2020, the Financial eporting Council of Nigeria ( mendment) ct, 2023 and relevant Central Bank of Nigeria circulars, applied in the preparation of the audited consolidated and separate financial statements of the Group and the Bank. eading the summary consolidated and separate financial statements and the auditor s report thereon, therefore, is not a substitute for reading the audited consolidated and separate financial statements and the auditor s report thereon.

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16

T H I S D AY • MONday MAY 25, 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

As Controversy Trails APC’s 2026 Primaries...

The recently concluded All Progressives Congress primaries in the 36 states of the federation and Federal Capital Territory were shrouded in controversy. Victitious results, outright rigging and manipulation were reportedly the order of the day. Even the intervention of President Bola Tinubu could not stop the sham witnessed in some states during the shadow election. Adedayo Akinwale reports.

Yilwatda

T

he internal elections of the ruling All Progressives Congress (APC) to elect the party’s standard bearers for various positions for the 2027 general election came to a close last Saturday with the presidential primary of the party.

However, the shadow election to elect the presidential candidate of the party could have been by affirmation, but for the decision of another presidential aspirant, Stanley Osifo to challenge President Bola Tinubu for the plum job.

Recall that the National Secretary of the party, Senator Ajibola Basiru in a notice issued Thursday revealed that the direct primary would be held in each of the 8,809 wards across the country. This gave all registered members of the party the chance to vote for the presidential aspirant of their choice in each of the 8,609 wards In the country.

Results for each ward comprising the 774 Local Governments were collated by the Local Government Collation Officer appointed by the State Coordinator and Collation Officer appointed by the National Working Committee (NWC) of the party.

At the end of the day, the shadow election went smoothly compared to other primaries conducted by the party. No upset was expected because the outcome was more or less predetermined. At the end of the day, Tinubu triumphed.

But if the other primaries conducted by the party were anything to go by, the direct primary that ought to cure the ills of indirect primary - where delegates are induced to elect the party’s candidate - turned into a nightmare.

While some aspirants were rigged out, some were favoured by the rigging system; whereas the process was peaceful and seamless in some cases. So, it was a mixed fortune.

For instance, in Delta State, the former Governor of the state, Senator Ifeanyi Okowa claimed victory against Senator Ned Nwoko after the primary election of Delta North Senatorial district. Okowa, according to the

Nwoko

results announced, overwhelmingly defeated incumbent Nwoko, polling 113,309 votes against Nwoko’s 2,612 votes. Nwoko wasted no time in cautioning those celebrating the victory to exercise restraint in order not to run foul of the law.

He said the results of the election could only be announced by the national headquarters of the party in Abuja.

Nwoko was of the opinion that all the aspirants in the elections have their strongholds and announcing partial results amounted to half truths which are embellished lies capable of misleading the public.

Similarly, in Delta Central, Senator Ede Dafinone scored 116,252 votes to defeat former Deputy Senate President, Ovie Omo-Agege, who polled 3,643 votes.

In Ondo State, a House of Representatives aspirant, Wale Omoniyi, who contested the primaries for the Okitipupa/Irele Federal Constituency seat rejected the exercise, saying no valid primary election took place across the 23 wards. He described reports suggesting that a successful primary election was conducted in the constituency as “a sham.”

The story was not different in Balanga and Billiri local government areas of Gombe State. Across the wards of the federal constituency, party members and delegates waited

Hamzat

in vain. No accreditation officers came. No ballot papers were distributed. No counting took place. Interestingly, hours later, a returning officer — identified by aggrieved aspirant, Alfred Attajiri, as former Gombe State commissioner — walked to a microphone and announced results.

Attajiri, in a statement described what happened as an “invisible election,” insisting that no legitimate primary election was conducted in Balanga and Billiri before the declaration of results.

“It is deeply disturbing that results were announced for a process that never held across our constituency”, pointing to video footage, photographs and eyewitness testimonies as his evidence,’’ he noted.

Similar desperation was also on display in Adamawa state where aggrieved aspirants from the Southern Senatorial Zone staged a peaceful protest against the alleged imposition of a House of Representatives candidate for Demsa, Numan and Lamurde Federal Constituency, Kwamoti Laori.

The demonstration took place in Numan, where dozens of aspirants, party members and supporters gathered at the APC Zonal Secretariat carrying placards with inscriptions such as “No to Imposition,” “Allow Free Primaries,” and “Let the People Decide.”

Their protests did little or nothing to dissuade the kind of unpalatable situation that was witnessed.

Yola North, Yola South and Girei Federal Constituency of Adamawa state also witnessed death of democracy. An aspirant, Ahmadu Nasara described what happened

With the proven mathematical proficiency and the magical manouvre, snatch and run electoral skills of some APC’s stalwarts proven during the primaries, the question on the lips of many is will the 2027 polls be free, fair and credible?

as “the end of democracy in Nigeria,” accusing the committee of reading someone’s script which does not represent the will of the electorate.

In Lagos, the home state of the president, the irregularities that marred the shadow election were taken to another level. The APC House of Representatives primary election conducted across the 245 wards in the State was chracterised by allegations of irregularities, voter intimidation and disruptions in several polling centres.

Incidents of tension and disorder were also reported in parts of Lagos Mainland, including Apapa Road, Makoko, Iwaya and Adekunle, where some party members and delegates were allegedly prevented from participating freely in the exercise.

One aggrieved party member captured the mood succinctly: “We reject whatever outcome emerges from today’s election because the process was flawed and manipulated.”

The outcome, which in most cases were in favour of the incumbent were beyond human comprehension. If the results of the House of Representatives primaries were magical, that of the Senate was nothing short of miracle.

In Imo West, Governor Hope Uzodimma polled a total of 230,464 votes to defeat former Governor Rochas Okorocha, who scored 1,098 votes.

The same magic was replicated in Kogi Central, where former Governor Yahaya Bello – who was allegedly not screened – polled 72,399 votes across the district, scoring 18,341 votes in Adavi LGA, 10,298 in Ajaokuta, 5,146 in Ogori/Magongo, 8,943 in Okehi, and 29,621 in Okene LGA. Abia North was also not without a testimony of miracle as Senator Orji Uzor Kalu secured a landslide victory with 65,651 votes.

With the proven mathematical proficiency and the magical manouvre, snatch and run electoral skills of some APC’s stalwarts proven during the primaries, the question on the lips of many is will the 2027 polls be free, fair and credible?.

MONDAY, MAY 25, 2026 • T H I S D AY

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MONDAY, MAY 25, 2026 • T H I S D AY

18

FEDERAL REPUBLIC OF NIGERIA RIVERS STATE GOVERNMENT

PORT HARCOURT WATER CORPORATION SPECIFIC PROCUREMENT NOTICE (SPN)

Invitation for Bids [IFB] Goods (One-Envelope Bidding Process IFB Number:

PHWSSP/AFDB/G/NCB/2026/008

Employer:

Port Harcourt Water Corporation, Port Harcourt, Rivers State

Project:

Urban Water Sector Reform and Port-Harcourt Water Supply and Sanitation Project

Contract title:

Procurement of Bulk Caustic Soda (NaOH) for water treatment, strong base, white solid (flakes, pellets), highly soluble in water, odorless

Country:

NIGERIA

Loan No. / Grant No.:

2000130011585

Procurement Method:

Open Competitive Bidding (National) (OCBN)

LCBN No:

PHWSSP/AFDB/G/NCB/2026/008

Issued on:

May 25, 2026

1. The Federal Republic of Nigeria has received Financing from the African Development Bank towards the cost of Urban Water Sector Reform and Port Harcourt Water Supply and Sanitation Project. It is intended that part of the proceeds of this loan will be applied to eligible payments under the contract for the Procurement of Bulk Caustic Soda (NaOH) for water treatment, strong base, white solid (flakes, pellets), highly soluble in water, odorless 2. The Port Harcourt Water Corporation now invites sealed bids from eligible bidders for the execution of the Procurement of Bulk Caustic Soda (NaOH) for water treatment, strong base, white solid (flakes, pellets), highly soluble in water, odorless 3. Bidding will be conducted through the Open Competitive Bidding (National) (OCBN) procedures as specified in the Bank's Procurement Framework [African Development Bank, Standard Bidding Document Goods (Two-Envelope Bidding Process) August 2021] and is open to all Bidders as defined in the Procurement Framework.

4. Interested eligible Bidders may obtain further information from Chief Ibibia O; Walter with email address: watsanworks.phwssp@gmail.com and inspect the Bidding document during office hours (8:00 A.M. - 4 P.M.) on weekdays only at the address given below.

6. Bids must be delivered to the address below on or before Thursday, June 22, 2026; Time: 10:30 AM. Electronic Bidding will not be permitted. Late Bids will be rejected.

Bids will be publicly opened in the presence of the Bidders' designated representatives and anyone who chooses to attend at the address below on Thursday, June 22, 2026; Time: 11:00 AM. 7. All Bids must be accompanied by Bid Security of:

8. Attention is drawn to the Procurement Framework requiring the Borrower to disclose information on the successful bidder's beneficial ownership, as part of the Contract Award Notice, using the Beneficial Ownership Disclosure Form as included in the bidding document.

9. The address referred to above is: The Managing Director Attention: Chief Ibibia O' Walter JP Port-Harcourt Water Corporation, 6 Water Works Road, Port Harcourt, Rivers State, Nigeria.

5. The Bidding document in English may be purchased by all eligible Bidders upon payment of a nonrefundable fee of NGN600,000.00 or an equivalent of US$400.00. The method of payment will be in Cheque or Bank Draft, made out in favor of PORT-HARCOURT WATER CORPORATION. The document will be sent by courier on E-mail: watsanworks.phwssp@gmail.com demand.

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T H I S D AY • MONday, MAY 25, 2026

FEatures

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

How the Nigerian Navy is Bolstering Maritime Surveillance through RMAC Trainings

In a region where the sea is an economic lifeline, the Nigerian Navy is doubling down on its maritime defences and rightfully so. Recently, 29 graduands were churned out from Course 13, Batch 13 of the Regional Maritime Awareness Capability (RMAC) centre to join the elite network of surveillance operators tasked with monitoring the Gulf of Guinea waters. Chiemelie Ezeobi writes that their graduation was not just a personal milestone, but a quiet reinforcement of the country's bid to maintain and sustain control over its maritime domain

The graduands of Course 13, Batch 13 of the just concluded Regional Maritime Awareness Capability (RMAC) training with their trainers and guests

U

ndoubtedly, the Gulf of Guinea remains a strategic maritime domain with immense economic potential.

Yet the wide range of security challenges that threaten both littoral and landlocked states, while daunting, are not insurmountable.

From sea robbery to drug and human trafficking, pipeline vandalism, crude oil theft, illegal and unregulated fishing, proliferation of small arms and light weapons, and environmental degradation — the challenges are enormous.

The need to tackle these threats gave birth to the Regional Maritime Awareness Capability (RMAC) training.

Designed as a gruelling technical programme to transform naval personnel into the eyes and ears of Nigeria's vast maritime domain, the training recently churned out 29 graduands of Course 13, Batch 13.

On May 8, 2026, what took place at the Officers' Mess of the Nigerian Navy Ship BEECROFT in Apapa, Lagos, was no ordinary passing-out ceremony. For the graduands, the sea they were returning to protect was dangerous, contested, and unforgiving, meaning nothing less than their best would suffice.

In his opening remarks, Commander E.E. Omokhodion, Commandant of the RMAC Training School, did not mince words when describing the environment his graduates were heading into.

"The Gulf of Guinea remains a strategic maritime domain with immense economic potential. However, it continues to face a wide range of security challenges that threaten the economic lifelines of both littoral and landlocked states," he said.

The list of those challenges was long and sobering, including sea robbery, drug and human trafficking, pipeline vandalism, crude oil theft, illegal and unregulated fishing, proliferation of small arms and light weapons, and environmental degradation.

These, Omokhodion noted, "remain a source of concern not only within the region but also to the international community, because no meaningful development can thrive in an atmosphere of insecurity within the global commons."

R-L: Commander E.E. Omokhodion, Commandant of the RMAC Training School with the Special Guest of Honour, Commodore A.O. Odejebi, Director of Maritime Domain Awareness

Why This Training Matters The RMAC system is not a peripheral programme. It sits at the heart of Nigeria's bid to assert control over its maritime spaces — a network of Maritime Domain Awareness Centres established across West and Central Africa in partnership with the United States Government, built to give naval commanders real-time visibility over what moves on their waters.

The training boosts the Navy's operational capacity to monitor waterways, combat illegal activities, and secure the Gulf of Guinea. It equips naval ratings and officers with the technical expertise needed to operate radar systems, track vessels in real time, and maintain surveillance equipment.

The Special Guest of Honour, Commodore A.O. Odejebi, Director of Maritime Domain Awareness,

noted that the system has become vital to Nigerian Navy operations, pointing to a recent institutional development that signals a shift in priorities at the highest level.

"The Nigerian Navy has recently promulgated a Naval Order establishing and upgrading Maritime Domain Awareness as a Department. That shows the level of confidence and importance the Nigerian Navy places on the Department," he said.

The practical implications were equally significant. The RMAC system, Commodore Odejebi explained, "enables Nigerian Navy ships on patrol to be vectored to vessels of interest almost with precision" — a capability that directly sharpens the Navy's ability to intercept threats before they escalate.

A Challenge to the Graduates When congratulations came, they arrived wrapped in responsibility. Commodore Odejebi was direct in his charge to the new graduates. "I will like to implore you

to apply what you have learnt on this course appropriately whenever the need arises," he said, adding that the graduates were now "in the pool of officers and ratings that can be appointed or drafted to replace the personnel serving in the RMAC Centres".

But classroom learning, he warned, was only the beginning. Those who felt gaps in their understanding were urged to address them and not ignore them. "If there are areas or aspects of the course which you did not fully comprehend, you must find time to visit the RMAC Centres in your command to get further clarification and familiarisation with the system."

Commander Omokhodion echoed that call with equal urgency. "I urge you to seek clarification where necessary and to continually update your knowledge in response to the evolving dynamics of maritime crime within Nigeria's maritime domain," he said. "This will undoubtedly enhance your effectiveness in the discharge of your duties."

"As I congratulate you on the successful completion of this course, I must remind you of the enormous responsibilities that lie ahead. You are expected to apply the knowledge acquired with diligence and professionalism when deployed to a Centre."

"You came for this training as Nigerian Navy personnel, but now you have become members of the Nigerian Navy Maritime Domain Awareness family."

Commander Omokhodion expressed profound gratitude to the Chief of the Naval Staff, Vice Admiral Idi Abbas, for providing the enabling environment, resources, and unwavering support for the successful conduct of the course.

He also commended Commodore Odejebi for his sustained interest in the training, which he said provided the motivation needed to overcome challenges and ensure the ceremony's success.

Commodore Odejebi, in turn, extended appreciation to the instructors "for their efforts and diligence in imparting the requisite knowledge to the trainees."

For the 29 graduates of RMAC Course 13, Batch 13, they left with them more than certificates but a mandate that the GoG will not secure itself, thus Nigeria must continue to push back.

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MONDAY, MAY 25, 2026 • T H I S D AY

MONDAY, MAY 25, 2026 • T H I S D AY

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T H I S D AY MONDAY MAY 25, 2026 22 TR

UT H

& RE A S O

N

Nigeria is making progress in the counterterrorism journey, argues JACKSON UDE

See page 23

THE TRIAL OF LABOUR

DEMOLA ABIMBOYE argues for the resolution of the Labour Party crisis

See page 23

EDITORIAL

DEATH IN THE DELIVERY ROOM

See page 24

1

opinion@thisdaylive.com

www.thisdaylive.com

RIBADU AND NIGERIA-US SECURITY RELATION

Monday May 25, 2026 Vol 27. No 11365

The reduction in Nigeria’s debt deserves cautious interpretation, contends FELIX OLADEJI

DEBT REDUCTION AND DEVELOPMENT PRESSURES The recent report that Nigeria’s debt to the International Development Association (IDA) has declined to $18.5 billion has been presented as a positive signal within the country’s broader fiscal landscape. According to data from the World Bank, Nigeria’s outstanding obligations to the concessional lending arm fell by approximately $300 million within the review period, although the country still remains the third-largest IDA debtor globally. At face value, the reduction appears to reflect modest progress in debt management and fiscal adjustment. Yet beneath the optimism surrounding declining figures lies a more complex question: does a reduction in external debt necessarily indicate improving economic resilience, or does it merely reveal the difficult balancing act confronting developing economies like Nigeria?

Public debt occupies a complicated place within modern economic governance. For developing states, borrowing is often framed not simply as a financial necessity but as a developmental instrument— one used to finance infrastructure, stabilize economies, and support public investment where domestic revenue remains insufficient. Nigeria’s relationship with concessional lending institutions such as the IDA must therefore be understood within the broader realities of development financing, fiscal limitations, and structural economic dependency.

The significance of the latest figures lies partly in what they symbolize. In recent years, concerns about Nigeria’s rising debt profile have intensified amid growing pressure on public finances, exchange rate volatility, and debt servicing obligations. Any reduction in outstanding liabilities therefore offers the government an opportunity to project fiscal responsibility and reassure international financial institutions and investors about its economic management trajectory.

However, debt reduction figures alone reveal only part of the story.

The deeper challenge is not merely the volume of borrowing, but the structural conditions that make borrowing persistently necessary.

Nigeria continues to grapple with a narrow revenue base, heavy dependence on oil earnings, limited industrial productivity, and significant infrastructure deficits. In such an environment, external financing often

becomes less a strategic choice than a recurring fiscal survival mechanism.

This reality reflects a broader paradox within developing economies.

States are expected to invest in infrastructure, education, healthcare, energy systems, and economic diversification while simultaneously maintaining debt sustainability and fiscal discipline. Yet weak domestic revenue generation frequently constrains their ability to finance these priorities independently. Borrowing therefore becomes intertwined with the pursuit of development itself.

The IDA occupies a particularly important position within this framework because it provides concessional loans to lower-income countries at relatively favorable terms.

Unlike commercial borrowing, IDA financing is structured to support longterm development objectives through lower interest rates and extended repayment periods. Nigeria’s continued reliance on such financing reflects both the scale of its developmental needs and the limitations of its domestic fiscal capacity.

At the same time, remaining among the world’s largest IDA debtors raises important questions about sustainability. Debt itself is not inherently problematic; what matters is whether borrowed resources generate productive economic returns capable of strengthening long-term growth and repayment capacity. The central issue therefore concerns the quality, efficiency, and developmental impact of public spending financed through debt.

Nigeria’s borrowing history has often been shaped by this tension between necessity and sustainability. While loans have supported infrastructure projects and budgetary stabilization, concerns persist regarding implementation efficiency, project continuity, and institutional accountability. Borrowing

without corresponding improvements in productivity and governance risks deepening fiscal vulnerability rather than resolving it.

The issue of debt servicing further complicates the picture. In recent years, a significant portion of Nigeria’s public revenue has been directed toward servicing existing obligations, reducing fiscal space available for social investment and developmental spending. This dynamic creates a difficult cycle in which governments borrow to sustain development while simultaneously confronting rising repayment pressures that constrain future spending capacity.

Moreover, the global economic environment continues to place additional strain on developing economies. Rising interest rates, inflationary pressures, geopolitical instability, and fluctuating commodity markets have complicated fiscal management across much of the Global South. For countries like Nigeria, these external dynamics intensify the challenge of balancing development needs with debt sustainability.

The reduction in Nigeria’s IDA debt therefore deserves cautious interpretation. On one hand, it may indicate incremental progress in managing external obligations and improving fiscal coordination. On the other hand, the country’s continued position among the world’s largest concessional borrowers underscores the scale of unresolved structural economic challenges.

Importantly, debt discussions should not be reduced to simplistic narratives of either alarm or celebration. Developing economies require investment, and investment often requires financing. The more critical question is whether borrowing contributes to long-term productive transformation or merely sustains short-term fiscal management without addressing underlying vulnerabilities.

This is where governance becomes central. Sustainable debt management depends not only on reducing liabilities but also on strengthening domestic institutions, expanding revenue generation, improving industrial productivity, and ensuring transparency in public expenditure.

Without these structural reforms, debt reduction risks becoming temporary rather than transformative.

Oladeji writes from Lagos

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MONDAY MAY 25, 2026

Nigeria is making progress in the counterterrorism journey, argues JACKSON UDE

RIBADU AND NIGERIA-US SECURITY RELATION The National Security Adviser (NSA), Nuhu Ribadu, has continued to confound critics not by shouting and media posturing, but by effective leadership at the cusp of the nation’s security apparatchik. Ribadu, like any effective security leader, works behind the scene. He pulls the strings quietly. Speaks less but observes more. And he’s got the eagle’s eye too. He can spot danger from afar. He can cobble solution under pressure. And this reflects in his proactive approach to security issues.

His recent visit to the United States of America is one of the masterstrokes he has delivered in his barely three years in office. Ribadu undertook a three-day working visit to the United States from May 4 to May 6. During the visit, he held a series of high-level engagements with senior officials of the U.S. government. He met with US Vice President J. D. Vance, the Acting National Security Advisor and Secretary of State, Marco Rubio; the Undersecretary for Political Affairs, Allison Hooker; and Assistant Secretary of War Daniel Zimmerim.

His meeting with the quartet is not only strategic in deepening Nigeria-US relations on security matters, it also served a notice to enemies of the country about the seriousness and commitment of the President Bola Tinubu government to ensure the security of Nigeria and Nigerians. It was a coded warning to insurgents and other criminal elements that their days within the country are numbered. The meeting also provided Ribadu an opportunity to convey President Tinubu’s gratitude to President Donald Trump as well as Tinubu’s commitment to ensuring that the long-standing Nigeria-US partnership on trade, security and on other fronts is sustained.

Nigeria has had mutual collaboration with the US in counterterrorism, defence cooperation, intelligence sharing, regional security, economic resilience, democratic governance and military training. This collaboration is not waning. It’s gathering more momentum under the Tinubu administration.

No debate, Nigeria is caught up in a web of war, a war with nondescript enemies; an asymmetrical war. But it is a war inherited by the Tinubu government. The enemies are both within and without. At a time in Nigeria, these enemies did not only annex some local governments in the north east, they also showed up in Abuja and bombed critical infrastructure and places the nation holds sacred.

They even bombed the United Nations office in Abuja. But under Ribadu, they have retreated from Abuja, restricting their attacks to soft targets in mosques, churches and schools. All things considered it is safe to say that Nigeria is winning the war. Ribadu has tweaked the nation’s security architecture, collapsing the restrictive walls separating the different arms of the national security super-structure for effective actionable

intelligence sharing and action.

No one can deny the fact that there is now more cohesion and collaboration among the security agencies. The number of attacks that have been aborted successfully speaks to such improved cooperation among the security arms. Add to that the number of terrorists and criminals neutralized in recent years, a clear testimony of the hand-in-hand operations of the security agencies. It was such collaboration that led to the arrest of two of the deadliest terrorists in the country. The dreaded Mahmud Muhammad Usman (aka Abu Bara'a) and Mahmud al-Nigeri (aka Mallam Mamuda).

Both were leaders of the outlaw terror sect, Ansaru. They were arrested during an intelligence-led stealth operation coordinated among the Nigeria security agencies between May and July 2025. They have since been prosecuted.

Their arrest represented a milestone in the fight against terror and it was down to the seamless coordination among the security agencies engendered by the deft and silent tact of Ribadu. This breakthrough prompted the US Mission in Nigeria to send an open commendation to Nigeria government and the nation’s security agencies on Monday, August 18, 2025.

In a terse message on X, the US Mission wrote: “We commend the Nigerian Government and security forces on the successful arrest of wanted #Ansaru leaders, Mahmud Muhammad Usman (aka Abu Bara'a) and Mahmud al-Nigeri (aka Mallam Mamuda). This is a significant forward in Nigeria's fight against terrorism and extremism.”

This message is in itself an endorsement of the great strides being made by the Nigerian security agencies. Ever since, there has been more collaboration between the US military and Nigerian military especially in aspects of capacity building and intelligence sharing. It was therefore no surprise to security watchers that Ribadu had to lead a Nigerian security delegation to Washington during which they were not only well-received by also got the listening ears of the US government which is pivotal to discomfiting the insurgents and eventually obliterating them from Nigeria all through the Sahel and the rest of Africa.

Ude, award-winning journalist and strategic communication specialist, writes from Abuja

DEMOLA ABIMBOYE argues for the resolution of the Labour Party crisis

THE TRIAL OF LABOUR Millions of supporters of the Labour Party (LP) now wait with bated breath for the commencement of hearing in the appeal filed by Chief Wole Olanipekun, SAN, on behalf of his client, Julius Abure, National Chairman of LP against the judgment of the Appeal Court of April 21, 2026 which said Senator Nenadi Usman should occupy the position.

Abure’s decision came about a month after he had rejected the Court of Appeal’s judgment. He had earlier described the judgment as unacceptable and vowed to challenge it at the apex court. “Nigerians will recall that when the Court of Appeal delivered judgment on April 21 on the Labour Party crisis, our leadership stated clearly that the party would head to the Supreme Court,” he said recently.

This step has once again brought to the fore the plight of the common man who saw in LP when it was formed as the last hope of the downtrodden. The LP was initially formed in 2002 as the Party for Social Democracy (PSD) by the Nigeria Labour Congress (NLC). It was renamed the Labour Party in 2003. The change was solidified at its inaugural convention in 2004.

Over the years, LP has registered itself as a credible opposition party. Its candidate, Dr. Olusegun Mimiko, won the gubernatorial elections in Ondo State in 2007 and served for two consecutive terms. Alex Otti won the 2023 governorship election in Abia State, becoming the only LP governor currently in office.

Also, during the 2023 general elections, LP achieved a more historic national breakthrough when it clinched eight seats in the Senate and 35 in the House of Representatives. The performance made it the third-largest force in the 10th National Assembly.

It was a feat its leaders foresaw and warned its opponents who were trying to destabilise the party. For instance, Comrade Ayuba Wabba, President, Nigeria Labour Congress on 9th June 2022 said: “We understand that with the current repositioning of the Labour Party as the party for workers, youths, students, women, traders, farmers, professionals, physically disabled persons, the unemployed and the downtrodden, the Labour Party has become the albatross of establishment political parties who have suddenly become jittery and are devising all forms of conspiracy theories and subterfuge to distract the Labour Party from ongoing mass mobilization efforts for sweeping electoral victory in the 2023 general elections.”

Wabba’s prediction has since resurfaced through factionalization of LP: one led by Mr. Abure and the other by Nenadi Usman. But in 2022, the leadership of the NLC and TUC said it “recognize the leadership of the Labour Party led by Julius Abure, a former trade union leader and workers are part of the leadership.”

But with several court cases challenging

the founders of the party and threatening to throw them out, only the Supreme Court Justices can restore the hopes of millions of LP followers through a dispassionate handling of the party’s leadership conflict. Ahead of the hearing in Abure’s appeal Chief Wole Olanipekun, had stated that in the Appeal No. SC/CV/56/2025 – Senator Nenadi Usman & Anor. v.

Labour Party & Anor. – which was determined by the Supreme Court on 4th April 2025, that they had held that “issues bordering on leadership of political parties fall squarely within the category of internal party affairs in respect of which the courts cannot exercise jurisdiction.”

Chief Olanipekun wrote further: “While the text and tenor of the judgment of the Supreme Court were very clear and self-explanatory, it was rather surprising that few months after the judgment of the Supreme Court, the 1st respondent (Nenadi Usman) who was the Appellant at the Supreme Court, again approached the Federal High Court by means of an originating summons where, as a decoy, she purportedly sought the interpretation of the referenced judgment of the Supreme Court, while in the main, seeking the order of the court compelling the 2nd respondent (INEC) to recognise her as the leader of Labour Party.”

Every right-thinking follower of LP believes that there is still hope for the common man in Nigeria through the party once it overcomes the ongoing internal power tussle through appropriate judgment.

Also, one believes that forum shopping is an abuse of judicial processes and severe deterrent is needed to stop it. It is trite to argue that the LP crisis in the past couple of years witnessed multiple conflicting rulings and or judgments, thus undermining public trust in the judiciary.

Nigerians are therefore eager to hear from the Supreme Court Justices a definitive pronouncement that can give millions of ordinary voters a stable political platform ahead of the 2027 general elections.

Abimboye, a journalist, writes from Lagos

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T H I S D AY

EDITORIAL

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

T

MONDAY MAY 25, 2026

DEATH IN THE DELIVERY ROOM The states must do more by strengthening primary health centres

he scale of maternal mortality in Nigeria has become so alarming that we must call on the health authorities to fashion out a blueprint that will extenuate this pressing challenge. According to the latest report from the United Nations Children’s Fund (UNICEF), one Nigerian woman dies every seven minutes from childbirth or pregnancy-related complications with the country recording an estimated 75,000 maternal deaths every year, one of the highest figures globally. Two years ago, the World Health Organisation (WHO) also revealed that Nigeria accounts for over 34 per cent of global maternal deaths while the lifetime risk of dying during pregnancy, childbirth, postpartum, or after an abortion for a Nigerian woman is One in 22, compared to One in 4900 in developed countries.

However, we must put the blame on the state governments and the lack of attention by many of them to the primary health care system at the grassroots. It is even worse that most of them have rendered prostrate local government administration in their states, leaving healthcare delivery at that level comatose. Where they exist, there is shortage of manpower, while many manage with obsolete medical equipment. Yet, when a pregnant woman avoids prenatal care, she puts herself under the risk of postpartum hemorrhage (PPH), a complication arising from childbirth, which can result in a fatal outcome.

Besides, women who do not have access to healthcare are prone to unassisted delivery carried out by quack midwives in unhealthy conditions with dire consequences for both the mother

and foetus.

To address this serious public health issue, we must begin to examine how to mitigate the acute poverty that has become the lot of our people, especially in the rural areas. Authorities in the country must find ways to cushion the economic burden on most of the women who dwell in the countryside, as that has been identified as the reason for their inability to afford quality prenatal and post-natal care. The solution, of course, goes beyond the mere formulation of some policies by the federal government. There should be a framework where states and local governments are held accountable for their constitutional responsibilities of maternal child health care services in their domains.

Indeed, while most of the deaths are largely preventable, weak healthcare infrastructure, shortage of trained health workers, poverty, poor emergency response systems, and limited access to quality maternal care, especially in rural communities, continue to make pregnant women in the country vulnerable. Health experts have repeatedly warned that the growing migration of Nigerian doctors and nurses abroad is also worsening the crisis.

We cannot continue to put the lives of our women at risk. There is an urgent need to go beyond rhetoric and promises, to initiating actionable plans that would help in addressing all the existing gaps in the primary health sector in Nigeria. This will require a collaboration between the federal government and authorities in the 36 states. We must end the agony and tears of mothers who carry pregnancy for nine months only to die at the point of delivery.

We must end the agony and tears of mothers who carry pregnancy for nine months only to die at the point of delivery 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

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LETTERS

RESTORATION OF CHARACTER IN THE EDUCATION SYSTEM

Nigeria’s educational crisis did not begin in one generation, nor can it be healed by slogans, political speeches or the construction of a few magnificent buildings. The decay is moral, intellectual and institutional.

Yet the nation once had leaders who understood that education was the foundation of civilization, social mobility and national dignity. Men like Obafemi Awolowo invested heavily in free education because they believed that ignorance was the greatest enemy of progress. His educational revolution in the Western Region produced teachers, lawyers, doctors, journalists and thinkers who transformed society. Later, Tai Solarin continued in the same path by emphasizing discipline, self-reliance and moral training.

In the Eastern Region, Nnamdi Azikiwe championed nationalism, journalism and political consciousness, but the Igbo society historically leaned more toward com-

merce, apprenticeship and enterprise. Long before colonial rule, trade routes through the River Niger sustained powerful economic centres like Onitsha Main Market, one of Africa’s largest markets. Industry and entrepreneurship became part of the cultural identity of the people. Education therefore developed alongside business ambitions rather than through a fully state-driven welfare system. Today, however, Nigeria faces a painful contradiction. Degrees multiply while wisdom declines.

Campuses that once produced intellectuals now struggle with cultism, examination malpractice, internet fraud and the glorification of sudden wealth. Some students pursue certificates merely to satisfy parents or display social status. Expensive vehicles parked in university compounds often symbolize a culture where wealth is admired more than knowledge. Primary and secondary schools increasingly train the mind while neglecting

character. A nation that rewards shortcuts inevitably raises a generation impatient with process, discipline and sacrifice.

The solution may lie in the philosophy of John Dewey, one of the world’s foremost advocates of modern education. Dewey believed that education was not merely preparation for life; education itself was life. According to him, schools must not only transmit information but also cultivate critical thinking, morality, responsibility and democratic values. Nigeria cannot restore its educational system through certificates alone. The country must rebuild the moral purpose of learning. Education should produce human beings who can think independently, respect labour, solve problems and contribute meaningfully to society.

Obiotika Wilfred Toochukwu, Awka, Anambra State

25

T H I S D AY • Monday, May 25, 2026

BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

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

08056356325

M a y

S & P INDEX

2 2 , 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., May 22, 2026

3-MONTH

22.41%

MONTH-TO-DATE

0.24%

FGN Bond Dominates Corporates in N6.95trn New Listings on NGX

Kayode Tokede The Federal Government Securities (Bond and Sukuk) surpassed corporates in N6.95 trillion new listings on the Nigerian Exchange Limited (NGX) in the first five months of 2026 as the bourse sustained its critical role in capital formulation and supporting business expansion.

According to the NGX X-compliance report obtained

by THISDAY, the FGN Bond/ Sukuk contributed 69.6 per cent or N4.84 trillion out of the N6.95 trillion new listings, while corporates accounted for 26.8 per cent or N1.87

trillion in the period under review.

The Lagos state’s bonds also contributed 3.5 per cent or N244.8 billion in the first five months of 2026.

According to the report, on February 9, 2026, the Lagos state government listed N230 billion series 4, 10 Years 16.25% fixed rate bond due 2035 under the N1 trillion debt and hybrid instruments issuance programme and N14.815 billion Series 3, 5 years 16% fixed rate green bond due 2030 under the n1 trillion debt and hybrid instruments issuance programme.

Of the corporate listing, Fidelity Bank Pllc, United

Bank for Africa Plc (UBA), FCMB Group Plc, First HoldCo Plc, Access Holdings Plc and Guaranty Trust Holding Company Plc led listed firms with listings of N731.86 billion in the period under review.

The N731.86 billion listing on the NGX by these four financial institutions is on the backdrop of the Central Bank of Nigeria (CBN) policy that mandated raising fresh equity to meet the paid-up capital thresholds.

A breakdown showed that GTCO listed N10 billion shares after a successful private placement of 125,000,000 ordinary shares

of 50 kobo each at N80.00 per share.

Also, the NGX admitted UBA and First Holdco’s N157.8billion and N83.7billion rights issue and private placement early January 2026, respectively.

Access Holdings, N21.4 billion; FCMB Group, N231.83 billion and Fidelity Bank, N227.05 billion new listings on NGX. In the period under review, Presco Plc listed N236.7 billion worth of shares arising from Rights Issue at N1,420.00 per share on the basis of one (1) new ordinary share for every existing six (6) ordinary

shares, while LFZC Funding SPV Plc listed N16.1 billion 7-Year 20.50% Series 1 Senior Fixed Rate Infrastructure Bonds Due 2032 under the N100,000,000,000 LFZC Funding SPV Plc Bond Issuance Programme Also, Zichis Agro-Allied Industries Plc was admitted on NGX by introduction share worth N1.09 billion, as Morison Industries Plc listed N400.3 million when offered 266,838,125 ordinary shares of 50 Kobo each at N1.50 per share through a Private Placement.

The banks’ capital-raising efforts were bolstered

by NGX Invest, a digital

platform launched by the Exchange, which facilitated a seamless process for selling their offerings. The NGX Invest is designed to significantly enhance the efficiency of public offering subscriptions and rights issue processes, streamlining operational workflows to better support issuers’ capital-raising efforts.

The latest on NGX was Eterna listing of 882,064,158 ordinary shares of 50 kobo each arising from rights issue of 978,108,485 ordinary shares of 50 kobo each at N22.00 per share.

The story continues online on www.thisdaylive.com

FG to Expand Deep Blue Project to Bakassi, Other Vulnerable Maritime Corridors

Eromosele Abiodun

The federal government has announced plans to expand the Deep Blue Project to vulnerable coastal and maritime corridors across the country, including the sensitive Bakassi axis, as part of efforts to further strengthen Nigeria’s maritime security architecture.

The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, disclosed this during the 2026 Graduation Ceremony of 492 Advanced Combat Personnel and Capability Presentation of the Deep Blue Project Task Group held at the 5th Battalion Army Barracks in Elele, Rivers State.

Oyetola said the planned expansion would target critical coastal areas such as Bakassi Peninsula, Igbokoda and other vulnerable maritime corridors across the country.

According to him, the initiative is aimed at consolidating the gains already recorded under the Integrated National

Security and Waterways Protection Infrastructure, popularly known as the Deep Blue Project.

“Building on the significant strides already made, the Federal Ministry of Marine and Blue Economy is currently evaluating strategic frameworks for the expansion of the Deep Blue Project to further

strengthen our maritime security architecture in critical coastal areas such as Igbokoda, Bakassi, and other vulnerable maritime corridors,” he said.

He explained that the move would further curtail maritime insecurity, enhance operational capacity, improve maintenance systems and ensure maritime security assets remain fully

functional and effective in safeguarding Nigeria’s waters.

Oyetola stated that Nigeria had recorded zero piracy incidents within its territorial waters over the past four years due to the sustained implementation of the Deep Blue Project and collaboration among security agencies.

The story continues online on www.thisdaylive.com

M a r k e t d ata A s at F r i d ay, M ay 2 2 , 2 0 2 6 BONDS Description Price Yield Change Updated Time (%) ^13.98 23May 95.92 16.71 0.01 22, 2026 FEB-2028 May ^21.00 200.00 22, 106.76 16.51 2026 MAR-2028 ^19.30 17May 105.60 16.76 -0.05 22, APR-2029 2026 ^14.55 26May 96.25 16.19 0.00 22, APR-2029 2026 ^18.50 21May 103.94 17.22 0.00 22, 2026 FEB-2031

BILLS Maturity NTB 4-Jun26 NTB 9-Jul26 NTB 6-Aug26 NTB 3-Sept26 NTB 8-Oct26

Discount Yield

Change (%) Updated Time

Maturity

15.72

15.81

May -0.01 22, 2026

15.90

16.24

May 0.22 22, 2026

15.74

16.27

May -0.01 22, 2026

16.02

16.79

May 0.00 22, 2026

17.27

May -0.01 22, 2026

SKMP CP L 12-JUN-26 DANS CP XVI 14-JUL-26 HAAI CP X 7-SEP-26 PCLL CP V 25-SEP-26 AGRO CP IV 7-DEC-26

16.20

CLEARED NAIRA-SETTLED NDFS

CPs Discount Yield 22.58

22.88

19.79

20.37

21.34

22.77

21.03

22.67

20.24

22.74

Change (%)

Updated Time

May -0.01 22, 2026 May 0.04 22, 2026 May 0.07 22, 2026 May 0.01 22, 2026 May -0.11 22, 2026

Contract Tenor Contract (Month)

Current Rate ($/₦)

Updated Time

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26

Monday, May 25, 2026 • T H I S D AY

BUSINESSWORLD

News

L-R: Executive Director, Corporate Affairs, Ore Famurewa; Chairman, Board of Directors, Olayinka Sanni; Non-Executive Director & President, Middle East, Pakistan and Africa Business Group (MEPA BG), Ali Ahmed Khan; Managing Director, Roger Adou and Non-Executive Director, Oyinkan Ade-Ajayi, all of FrieslandCampina WAMCO Nigeria Plc, during its 53rd Annual General Meeting in Lagos… recently

Tantalizers set to Acquire Nigeria’s Largest Indigenous Fisheries Group Kayode Tokede Tantalizers Plc has reached a preliminary agreement to acquire Nigeria’s largest indigenous fisheries group in a major move that deepens the emerging foodtainment conglomerate’s diversification into Nigeria’s blue economy.

The board of Tantalizers at the weekend completed a Memorandum of Understanding (MoU) with Karflex Fisheries Limited and Karflex Investment Limited to

acquire the assets of the two companies and integrate these significant fishing assets into Tantalizers Fisheries Limited.

Under the agreement, the assets under consideration included 24 fish trawlers and shrimpers, 13 cold room facilities and related commercial fisheries infrastructure.

With the signing of the MoU, Tantalizers Fisheries Limited and its appointed financial advisers - GTI Capital and United Capital will

undertake a comprehensive legal, financial, technical, operational, environmental, and commercial due diligence exercise on the target companies and their assets within an agreed timeline.

Speaking at the signing ceremony, Chairman, Tantalizers, Alhaji Adam Nuru said the MoU was part of Tantalizers Plc’s strategic diversification and expansion

into Nigeria’s blue economy and commercial seafood sector.

Nuru, who was represented by Tantalizers’ Director, Dr. Israel Ovirih, said Tantalizers, through its subsidiary, Tantalizers Fisheries Limited, plans to tap emerging opportunities in Nigeria’s blue economy and maritime reforms through large-scale focus on industrial fish trawling, shrimping,

seafood processing, cold-chain logistics, export operations, and sustainable fisheries development.

He said: “The Board of Tantalizers Plc is pleased with the signing of this MoU and looks forward to the successful completion of the transaction. This marks one of the many strategic mergers and acquisitions undertaken since the acquisition and

restructuring of Tantalizers Plc into a Foodtainment Group.

“Upon completion of this Karflex Companies acquisition, the plan is to integrate the assets and operations into Tantalizers Fisheries Limited, resulting in a wholly-owned fishing and trawling business positioned to compete effectively within the local and international seafood market”.

Workers Urged to Plan for Happy Griffin Positioned to Retirement via Multiple Savings Window

Strengthen Capital Formation Across Nigeria Oluchi Chibuzor

Griffin Capital Group Limited has announced its official market entry as a fully integrated financial services group that is positioned to strengthen capital formation across Nigeria and Africa by bringing together investment banking, asset management, trusteeship, lending, and insurance capabilities under a

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)

Ebere Nwoji

Leaders in insurance and pension sectors have sensitised Nigerian workers on the need to utilise savings unified institutional platform. related insurance products Speaking at the official and revolutionised pension launch of the firm in Lagos administration especially recently, the Group Chief the Pension Revolution 2.0 Executive Officer, Babatunde to plan for their dignified Obaniyi said the opportunity in Nigeria’s financial markets is significant, but unlocking it requires more than capital.

He noted that it requires structure, governance, and Legend Internet Plc has the ability to deploy capital announced the full and with discipline, adding that timely repayment of its Griffin Capital Group has Series 1 Commercial Paper been built to address these under its N10 billion multifundamentals. layered issuance programme, “Our model allows us marking a key milestone in to operate across the full the company’s engagement lifecycle of transactions with Nigeria’s debt capital from advisory to market. execution, while The repayment, completed maintaining a strong on schedule and in full, focus on risk management and long-term value creation. We are entering the market with a clear sense of responsibility, Chinedu Eze particularly in how capital is structured, deployed, and Nigeria’s leading airline, Air preserved. Our ambition is Peace has reached strategic to build an institution that partnership agreement with contributes meaningfully to Dutch Aviation Trainers market development while (DAT) to reinforce technical maintaining the highest skills of the crew.

The meeting, which took standards of governance place recently at the airline’ and execution,” he said.

retirement through multiple available savings windows.

The Commissioner for Insurance, Mr. Olusegun Omosehin, and the Director General of National Pension Commission (PenCom), Ms Omolola Oloworaran emphasised on this at the 2026 Inspenonline Retirement Summit

organised in Lagos recently.

Omosehin, who was represented at the occasion by the Head NAICOM Lagos Control Office, Dr Julius Odidi, urged workers to utilise the instrumentality of insurance products to secure a stable retirement for themselves.

Omolola Oloworaran

represented by the Head of Corporate Communications at PenCom, Mr. Ibrahim Buwai, noted that the commission has enhanced and revolutionised pension administration in Nigeria through its Pension Revolution 2.0 initiative to enable workers key into pension plan despite their career of choice.

Legend Internet Repays N10bn Commercial Paper, Reinforces Market Confidence underscores the company’s financial discipline and its continued commitment to maintaining strong investor relations in a tightening funding environment.

The Series 1 issuance had earlier attracted significant demand, recording a 119.7% oversubscription at launch, reflecting strong investor appetite and confidence in

the company’s credit profile, operational performance, and long-term expansion strategy.

Speaking on the repayment, the Chief Executive Officer of the company, Aisha Abdulaziz, said the outcome reinforces the company’s credibility and operational strength.

“The successful repayment of our Series 1 Commercial Paper demonstrates Legend

Internet’s unwavering commitment to meeting its financial obligations and maintaining the trust of the investment community. This milestone further reinforces the strength of our business model, operational discipline, and long-term vision for building resilient digital infrastructure across Nigeria,” she said.

Air Peace, Dutch Experts to Strengthen Technical Skills of Airline’s Crew Corporate Headquarters in Lagos, brought together the leadership of both organisations to discuss pilot training collaborations, particularly for the Boeing 737 NG fleet.

DAT is currently responsible for the training of Air Peace pilots on the

Embraer E1 and E2 aircraft types, further deepening an existing relationship focused on enhancing technical expertise and flight operations standards.

Speaking during the engagement, the Chairman and Chief Executive Officer of Air Peace reaffirmed

the airline’s unwavering commitment to investing in human capital development, safety, and continuous training as part of its broader vision to maintain world-class operational standards across its growing fleet and route network.

MONDAY, MAY 25, 2026 • T H I S D AY

27

WEDNESDAY, MARCH 11, 2026 • T 25 H I S, 2026 D AY T H I S D AY • MONday, MAY

28

business/MOnEYGUIDE

Wema Bank MD Discloses Tier-one Ambition at AGM, Hints Future Acquisitions Kayode Tokede The Managing Director of Wema Bank Plc, Mr. Moruf Oseni, has reaffirmed the bank’s ambition to break into Nigeria’s tier-one banking league “in the not-too-distant future.”

A d d r e s s i n g shareholders during the lender’s annual general meeting (AGM) in Lagos, Moruf said his management team and staff are working hard to “deliberately and intentionally position” Wema among Nigeria’s top-tier banks, with profitability tripling over three years.

He cited the sharp profitability trajectory and fresh capital recently raised as the foundation for an accelerated growth push.

He disclosed that the bank’s profit surged from N42 billion to N102.51 billion and further to N221.9 billion in the 2025 financial year, representing a near fivefold increase over the three-year period.

What the MD is saying: Presenting the numbers

to shareholders, the MD framed the profit trajectory as evidence of deliberate institutional building: “If you observe that trend, it’s on an increase, and it’s a testament to all the work we’ve done since we took over, and even in the years when we were building the blocks.”

On dividends, he struck a cautious but reassuring tone, noting that while the bank remains committed to consistent dividend payments — a sharp turnaround from years of no dividend distribution — management is deliberately conserving capital for future opportunities: “We’re keeping our gunpowder dry... we felt that at this point in time the dividend paid was appropriate, taking into cognisance that there may be opportunities in the future that we will want to take advantage of.”

The reference to future “opportunities” and the need for “enough firepower” strongly suggests the bank is eyeing acquisitions or

strategic transactions, though no specifics were disclosed.

He noted that details would be revealed “in the fullness of time.”

Oseni gave the credit for the bank’s performance to his subordinates and staff, describing them as the “Knights of Wema Bank” who “toil 24-7” to deliver results. He also acknowledged shareholders, board members, and President of the Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture customers as central (PHCCIMA), Dr Chinyere Nwoga and the Nigerian Association of Chambers of Commerce, to the bank’s recovery Industry, Mines and Agriculture (NACCIMA) President, Jani Ibrahim at an event recently story.

Earlier in her address, the Board Chairman, Mrs. Oluwayemisi Olorunshola, reminded MONEY AND CREDIT STATISTICS (MILLION NAIRA) shareholders that the year 2025 marked the October 2025 Month bank’s 80th anniversary Money Supply (M3) 119,037,577.07 as Nigeria’s oldest surviving indigenous -- CBN Bills Held by Money Holding Sectors 9,291.49 bank.

Money Supply (M2) 119,028,285.58 According to her, the Quasi Money 79,681,419.97 milestone provided opportunity to reaffirm -- Narrow Money (M1) 39,346,865.60 their commitment ---- Currency Outside Banks 4,646,794.28 to building a future---- Demand Deposits 34,700,071.33 ready institution that continues to deliver Net Foreign Assets (NFA) 34,804,442.84 value to shareholders, Net Domestic Assets(NDA) 84,233,134.23 customers, employees, -Net Domestic Credit (NDC) 99,199,655.08 and the entire Nigerian ---- Credit to Government (Net) 24,787,980.96 economy.

Get up to speed: ---- Memo: Credit to Govt. (Net) less FMA 0.00

MARKET INDICATORS

AVEVA, IMD Launch Industrial Intelligence Report on Digital Ecosystems

Emma Okonji

AVEVA, a global leader in industrial software, and IMD, the leading business school, have launched the inaugural Industrial Intelligence Report on Digital Ecosystems and the Future of Connected Industries at AVEVA World 2026 in Milan, Italy.

In a fireside chat in the mainstage, AVEVA CEO, Caspar Herzberg spoke with IMD Professor Mike Wade about the findings from over 275 interviews with leaders across 12 different sectors

worldwide.

Encompassing both quantitative analysis and detailed interviews with global experts, the report distils how organisations can harness their industrial intelligence to build, orchestrate and scale business ecosystems.

The report revealed that while 74 per cent of leaders considered digital ecosystems a top strategic priority, only 27 per cent reported sharing data substantially or extensively with ecosystem partners.

Several illustrative case studies also emphasise

the gap between ambition and execution: integration complexity, legacy systems and weak governance.

CEO, AVEVA, Caspar Herzberg, explained: “With this collaboration with IMD, our ambition is not merely to understand the motivations behind the move to digital ecosystems, but to define the frameworks, competencies and leadership practices that will concretely enable companies to transcend silos and build more adaptive, ecosystem driven operating models.”

PHCCIMA Set to Host Chambers of Commerce Conference President of the Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA), Dr. Chinyere Nwoga, has reaffirmed the chamber’s readiness to host a world-class 66th Annual General Meeting and Conference of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), aimed at deepening investment, trade and economic opportunities in Rivers State.

Scheduled for June, in Port Harcourt, the landmark conference represents the first time in PHCCIMA’s 69-year history that both the

chamber and Rivers State will host the prestigious NACCIMA AGM. The conference will convene captains of industry, policymakers, diplomats, investors, maritime operators and entrepreneurs under the theme: “The Gulf of Guinea and the Blue Economy: Pathways to Trade, Investment and Security towards a $1 Trillion Economy.”

Nwoga expressed profound appreciation to NACCIMA National President, Engr. Dr. Jani Ibrahim, for approving Port Harcourt as host city, describing the decision as a strong vote of confidence

in PHCCIMA’s leadership and Rivers State’s economic potential.

She assured stakeholders of PHCCIMA’s commitment to delivering a seamless and impactful conference that will promote enterprise, strengthen partnerships and project Rivers positively to the global business community.

Describing Port Harcourt as a strategic commercial hub, Nwoga highlighted the state’s vast opportunities in maritime trade, logistics, shipping, tourism, fisheries and energy, noting that the Blue Economy remains central to the future growth of the Niger Delta.

---- 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).

29

T H I S D AY • MONday, MAY 25 , 2026

mARKET NEWS

Stock Market Down N366bn Week-on-Week Amid Profit-taking Activities Kayode Tokede The market capitalisation of the Nigerian Exchange Limited (NGX) depreciated by N366 billion in its week-on-week (WoW) performance amid investor profit-taking in BUA Cement Plc (3.5 per cent decline).

As the NGX (ASI last week declined by 0.25 per cent

WoW to close at 249,712.37 basis points. Consequently, the month-to-date and yearto-date returns moderated to +three per cent and +60.4per cent, respectively, reflecting increasingly cautious and risk-averse investor sentiment across the domestic bourse.

The market capitalisation fell by N366 billion to close N160.077 trillion The market breadth weakened further, closing

P R I C E S MaiN Board

F O R

DEALS

negative, with 43 gainers versus 53 decliners, signalling limited and highly selective buying interest.

Associated Bus Company led the gainers table by 44.82 per cent to close at N9.08, per share.

Academy Press followed with a gain of 29.79 per cent to close at N9.15, while University Press went up by 28.00 per cent to close to N6.40, per share.

On the other side, Sovereign Trust Insurance led the decliners

S E C U R I T I E S

Market Price

quantity traded

value traded ( N )

table by 22.45 per cent to close at N2.28, per share. TransNationwide Express followed with a loss of 18.98 per cent to close at N5.72, while CAP declined by 14.85 per cent to close at N199.00, per share.

Meanwhile, a total turnover of 3.875 billion shares worth N161.757 billion in 334,745 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 7.772 billion shares

T R A D E D MaiN Board

A S

valued at N374.040 billion that exchanged hands previous week in 402,945 deals.

The financial services industry led the activity chart with 2.410 billion shares valued at N69.712 billion traded in 126,919 deals: contributing 62.19 per cent and 43.10 per cent to the total equity turnover volume and value respectively.

The services industry followed with 409.306 million shares worth N5.409 billion in

O F

M AY DEALS

25,908 deals, while the Oil & Gas Industry pulled a turnover of 294.859 million shares worth N31.496 billion in 26,738 deals.

Trading in the top three equities, Sterling Financial Holdings Company, Fidelity Bank and Access Holdings accounted for 1.092 billion shares worth N19.527 billion in 21,683 deals, contributing 28.18 per cent and 12.07 per cent to the total equity turnover volume and value respectively.

2 1 / 2 6 Market Price

quantity traded

value traded ( N)

30

T H I S D AY • MONDAY, MAY 25, 2026

DIGITAL ASSET MARKETS Decentralised Autonomous Organisations (The 21st Century Enterprise) with Nicky Okoye

( digitalassets@anabelgroup.com )

I

have provided a detailed guide to the rise of Decentralised Finance (DeFi), made possible by digital asset markets, blockchain, and smart contracts. Many of my readers were excited about the possibilities of DeFi, and they tell me they are looking forward to what I call more strategic derivatives of the Digital Asset markets, such as the ability to create decentralised autonomous organisations, which is essentially the 21st-century enterprise.

Decentralised Autonomous Organisations (DAOs) can be considered to really push the envelope in the strategic use of blockchain technology, ultimately reaching the most ambitious expression in its current form. One way to look at it is to define Bitcoin as the digital leader among cryptocurrencies, and DeFi as the evolving financial market structure of the 21st century, and Decentralised Autonomous Organisations (DAOs) as the future of organisational structures in the 21st century. The DAO structure applies blockchain logic to human coordination, governance, and capital allocation, ultimately making it a true vision of tomorrow, wrapped in technological tools and capabilities.

I assume most of us in Nigeria may never even have heard of Decentralised Autonomous Organisations (DAOs), so with this article, I will provide the depth DAOs deserve. I will explore DAOs not as a single phenomenon but as a segment of organisational structures of the future. Looking closely at how DAO operational architecture has evolved across the World, I will outline the profound governance challenges they face, and in my Global Investment Advisory segment, I will project their evolution over the next 10 to 15 years as they intersect with traditional corporate law, nation-state sovereignty, and the emerging machine economy.

What is a Decentralised Autonomous Organisation (DAO)?

A DAO is fundamentally an organisation governed by programmable code rather than by a stipulated hierarchy and organisational organograms. In fact, the 21st-century DAO is a collection of smart contracts deployed on a blockchain that encodes the organisation’s mission, vision, rules, treasury management, and governance mechanisms, integrated with an investing community of token holders (Investors) who collectively control those smart contracts. For the 21st-century Decentralised Autonomous Organisation, the core innovation lies in its ability to separate ownership, governance, and operations from traditional legal structures. The future of enterprise design, development and funding is here.

DAO built on Code In simple terms, it is safe to assume that the DAO operates on the principle that the rules encoded in its smart contracts are the supreme authority, unchangeable and held in that supreme regard. In the DAO, there is no CEO or Board to override a decision or exercise discretion, and in the World of smart contracts, there is no court with automatic jurisdiction over the programmable code that defines the DAO to begin with. The organisation is considered “autonomous” in that, once the smart contracts are deployed, they execute automatically based on token holders’ votes.

DAO Spectrum DAOs exist on a wide spectrum, from fully automated protocols with minimal governance to loose collectives using DAO

How do DAOs Function?

It may sound complex and difficult to understand, but the functional operations are easy to grasp once you understand the underlying technology of DAOs. These 21stcentury DAOs have developed a sophisticated operational stack that blends on-chain automation with off-chain coordination. This gives rise to a unique corporate operational architecture.

L – R : Aminu Umar-Sadiq, Managing Director & Chief Executive Officer, Nigeria Sovereign Investment Authority (NSIA), Nicky Okoye, Founder, Global Investment Advisory Community (GIAC)

tools for coordination. Understanding this wide spectrum is essential for evaluating DAOs as an investment opportunity or a token holder participation opportunity.

Core examples include the Protocol DAOs (the “L1/L2 Governance” Model), which are very active in the evolving space but can be very capital-intensive. Their applications are systemically important, as they govern major layer-1 and layer-2 blockchains, as well as DeFi protocols and infrastructure projects. Some examples include Uniswap (UNI), Aave (AAVE), Lido (LDO), and MakerDAO (MKR).

Application Functions: Token holders (Investors) vote on protocol parameters, interest rates, fee structures, treasury allocations, collateral types, and, in some cases, major technical upgrades.

Governance Complexity: These DAOs already currently manage treasury pools ranging from hundreds of millions to billions of dollars. They face constant governance attacks, voter apathy, and the challenge of coordinating among thousands of geographically dispersed stakeholders worldwide.

Critical Feature: Many DAOs are moving toward what we now call a “multi-polar” governance model in which critical decisions are delegated to specialised sub-DAOs or to core units that operate with programmable autonomy but report to the overall governance body. For instance, MakerDAO’s plan is the most ambitious, proposing a constellation of sub-DAOs (MetaDAOs) focused on specific functions such as company growth, structural stability, and real-world asset onboarding.

This obviously assumes that the World is accelerating towards a full-blown digital asset ecosystem.

Investment Fund DAOs (This is the Venture Capital Digital Model) These DAOs pool capital to invest in early-stage projects, NFTs, or other digital assets. They represent a democratisation of venture capital. Some examples include Flamingo DAO (NFTs), MetaCartel Ventures (early-stage dApps), and The LAO (generalist venture).

Critical Function: Investors contribute capital, often in Ethereum or in stablecoins and receive governance voting tokens representing their stake. Investment decisions are made via vote, and returns are distributed programmatically.

This is taking the digital Annual General Meeting (AGM) experience in traditional public corporations to a fully digital format.

Structural Innovation: Many investment

fund DAOs have adopted the “Marshall Islands DAO LLC” legal structure, which grants the DAO legal personhood, allowing it to enter into traditional contracts, open bank accounts, and issue equity in a way that is recognised by courts. This allows the DAO to assume a form in which its hybrid nature can be governed by traditional corporate law while remaining a DAO. Grant DAOs, the “Capital Allocator” These are emerging Grant DAOs that manage treasuries dedicated to funding development, community growth, and ecosystem projects. They typically function as decentralised foundations. Some global examples are Optimism Collective (RetroPGF), Arbitrum DAO, Gitcoin DAO. Critical Function: Rather than voting on the protocol parameters, these DAOs focus exclusively on capital allocation. The DAOs use 21st-century codes like “Quadratic Funding”, in which matching funds are distributed based on the number of unique contributors, not just total dollars. Then there is the “Retroactive Public Goods Funding” format, in which strategic projects are funded only after they have demonstrated value, reducing speculation and misaligned incentives.

Structural Innovation: Grant DAOs are experimenting with the concept of “citizenship” separate from token ownership. This model creates a two-house style of members. One group of members becomes a token holder group that focuses on economic benefits. The second group becomes the Citizens. These are non-transferable citizenship NFTs awarded to community contributors focused on publicgoods funding. Token-holding citizens are seeking the common good and welfare of targeted communities or projects, whereas economic contributors are seeking a return.

Social DAOs, the “Community Allocator” These are strategically structured DAOs that are more focused on coordination, culture, and shared ownership of digital and/or physical assets, and less on the efficiency of capital allocation. Some examples are Nouns DAO, Cabin DAO, and Friends with Benefits (FWB).

Critical Function: The membership gatekeeper is defined by ownership of a specific NFT or token. The DAO itself collectively owns assets, which may be physical or digital. Such as Nouns DAO, which owns its intellectual property, or Cabin DAO, which owns physical land and co-working spaces and votes on cultural and operational decisions.

DAOs Governance Infrastructure Voting: Most DAOs use “token-weighted voting”, which means that each token gets one vote. The result of this can be plutocracy by design, with central tension. To mitigate this, many DAOs are using the option to delegate voting rights, a system in which smaller token holders can delegate their voting power to subject-matter experts or more active community members. In traditional public enterprises, this is called voting by proxy.

Proposal Lifecycle: This process follows a staged format. Off-chain sentiment is measured vs the Consensus refinement vs Governance Proposal, which is now an on-chain vote with binding execution.

Quadratic Voting: My research indicates that a small but growing number of DAOs are using quadratic voting, in which the cost of voting multiple times increases quadratically.

This allows a minority with intense preferences to outweigh a majority with weak preferences, theoretically reducing plutocracy.

Global Investment Advisor’s opinion No analysis of DAOs is complete without confronting their fundamental unresolved problems. These are not minor operational issues; they are existential threats that will determine whether DAOs remain a niche experiment or become a mainstream organisational form. The existential vulnerability of a pure Decentralised Autonomous Organisation is that, if it lacks legal personhood, its members (particularly core contributors) can face unlimited personal liability. To mitigate this risk, most DAOs have incorporated using the “Marshall Islands DAO LLC format. The Republic of the Marshall Islands currently recognises DAOs as legal entities, allowing them to open bank accounts, sign contracts, and pay taxes.

There are emerging opportunities arising from the rise of DAOs. This rise has created an entirely new software category for the decentralised coordination of organisations.

Software such as “Discord” is used for informal headquarters. “Snapshot” is used for an offchain voting platform where signatures are gasless and free. “Tally / Agora”, which is an on-chain governance platform for executing binding votes. “Coordinape” is a tool for decentralised compensation in which peers allocate rewards to one another based on perceived contribution, removing the need for a manager to determine salaries.

One major takeaway from the rise of Decentralised Organisations is that they represent the frontier of digital communities that create, hold, and enhance value. The future of online communities is that shared values and economic coordination mechanisms can and will begin to operate as quasi-sovereign entities with physical footprints, focused on value and wealth creation.

Indeed……Great Things are Happening.

•Nicky Okoye Global Investment Advisor Founder, Global Investment Advisory Community (GIAC)

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T H I S D AY • MONDAY, MAY 25, 2026

RIGHT OF REPLY

Sponsored Attacks on Abiodun, Tinubu Expose OGD’s Desperation

Seyi Bakare

T

he attempt to weaponize media propaganda against Governor Dapo Abiodun has once again exposed the desperation of former Governor Gbenga Daniel and his loyal propagandists, who still believe that repeating falsehoods and sponsoring negative narratives can alter public perception in Ogun State.

What they fail to understand is that Ogun people are politically sophisticated and fully familiar with the old antics of manufactured outrage, emotional blackmail, and deliberate distortion of facts. No amount of sponsored bitterness can erase the visible progress and stability witnessed under the administration of Governor Dapo Abiodun.

The article titled “Tinubu, Abiodun, and the Cost of Rewarding Rebellion” is not an objective political commentary. It is merely another calculated attempt to settle political scores through revisionist history, misinformation, and subtle incitement.

For the records, Governor Dapo Abiodun emerged through a legitimate democratic and party process, not rebellion. Political disagreements existed at the time, as they often do in every political party, but disagreement does not translate into betrayal or victimhood.

What is becoming increasingly obvious is the sustained effort by Senator Gbenga Daniel to undermine the APC structure in Ogun State anytime events do not align with his personal ambitions. The pattern is familiar — sponsor negative stories, attack party leadership, spread false narratives, and attempt to create artificial public sympathy.

Even more unfortunate is the reckless dragging of President Bola Ahmed Tinubu into local political bitterness. Deriding the President and invoking

Abiodun

his name to manufacture outrage has sadly remained part of OGD’s long-established political style and further confirms what many already know — that he has little respect for the President and for party loyalty.

His political history clearly shows that loyalty, for him, is often tied more to personal

interest than conviction. Nigerians have not forgotten how OGD aligned with some elements within Afenifere to undermine Bola Tinubu politically during his time as governor. Several negative stories and political attacks were planted at the time in a desperate bid to position himself as

THE CBN IS THE THERMOMETER. HERE IS THE FEVER. charge accordingly. The MPR is the ceiling of the room. The savings pool and the inflation environment are the foundations. You cannot raise the ceiling without first building the foundations.

Why Nigerian Money Never Stops Moving Nigerian money moves too fast to pool. And the reasons run deep.

The moment income lands in a Nigerian account, it is already allocated — often several times over. The overdue rent, the school fee.

It is part of what I mentioned last week as bukata economics, but deeper than that is habit.

And this is not just individuals. If you want to see the Usain Bolt of money velocity, come to government. (Another story for another day, but let’s just say that if you want to create new and lasting enemies, try being a Finance Commissioner — or worse, Minister — unable or unwilling to release funds quickly.)

Even the savings mechanisms we have built for ourselves are not really designed to accumulate. They are designed to enable spending.

Consider the ajo. It is a remarkable institution — disciplined, trusted, consistent in a way that formal banks have repeatedly failed to be. But look at what actually happens, the person whose turn it is almost never sits on that lump sum.

They were waiting for it to buy something. The ajo is not a savings vehicle in the way economists mean when they talk about capital formation.

It is a consumption-smoothing device. It takes income that arrives in small, irregular amounts and bundles it into a lump sum large enough to make a purchase that would otherwise be out of reach. It circulates money with great efficiency. It does not accumulate it.

It’s the same pattern: money arriving, money

moving, money serving an immediate purpose, never pausing long enough to become the raw material of cheap credit for someone else.

This is not a criticism of how Nigerians manage money. It is a description of a rational system under genuine structural pressure. When income is tight, dependants are many, institutions are unreliable, and a lump sum finally arrives, you use it. Of course you do. Every time a bank has failed, a ponzi scheme collapses, or currency notes changed colour abruptly, Nigerians received the same rational signal: keep your money close and moving. Velocity is the defence mechanism of a population that has learned, across generations, not to trust the pool.

What Would Actually Change This If Nigeria's rates reflect a shallow savings pool and elevated inflation, the action agenda is clear. It is not a rate cut. It is pool-deepening. And the most important insight about pool-deepening in Nigeria is this: you cannot get there through the formal sector alone, because 80% of Nigerian jobs are in the informal and SME economy.

These workers have no pension deduction, no health insurance contribution. They are entirely outside the mechanisms that automatically deepen the savings pool.

The path to lower interest rates and a deeper pool therefore runs directly through the formalisation and growth of Nigeria's small businesses. Not just in number but in size. A business that crosses that line does not just become a commercial success. It becomes a node in the national savings architecture.

Its workers enter the pension system. They acquire formal credit histories. They begin to appear in the data that banks use to price risk.

Multiply that across thousands of SMEs and you begin to see how the structural interest rate actually moves.

I should mention at this point — forgive the shameless plug — that this is precisely what Nidacity, my social enterprise, is trying to do. The work of identifying, supporting, and growing Nigeria’s SME base is not just a development objective. It is, if the argument above is right, one of the most direct routes available to us toward the interest rate environment that every MPC statement demands but no MPC vote can deliver.

Lest I forget, compel the State Governments to comply and you begin to see progress. The pension system matters enormously here, but not in isolation. The Contributory Pension Scheme introduced in 2004 was the right architecture, and pension assets have grown to around ₦22 trillion. But that is still only around 5% of GDP. Ghana, whose contributory pension system postdates Nigeria’s by four years, has already grown pension assets to roughly 20% of GDP. The scheme is not the problem. The pipeline is. Formalisation feeds the scheme. Without it, the architecture sits waiting for contributors who never arrive.

Savings policy has a supporting role to play, and it does not require waiting for full formalisation. South Africa has been building savings incentive infrastructure for decades — including a tax-free savings account introduced in 2015 — and its formal savings pool now sits at 74% of GDP, more than double Nigeria's.

India has run a government-backed tax-free savings scheme for small savers since 1968, and its pool is now approaching 90% of GDP. Neither achieved this overnight. Both made a deliberate, sustained decision that patient money deserved a reward. Why can’t a low income

an alternative power bloc in the South-West.

The same OGD openly aligned with former Vice President Atiku Abubakar against the political interests of the APC and President Tinubu’s political tendency during the 2015 and 2019 elections, only to quietly sneak into the APC barely days after Atiku’s presidential defeat to former President Muhammadu Buhari.

Even within the APC, his actions during the 2023 elections continue to raise serious concerns among party faithful, following repeated allegations of anti-party activities targeted against Governor Dapo Abiodun. Those actions and the political bitterness surrounding them still trail him till today.

That is why many are no longer surprised by the latest attacks and political theatrics. In fact, there is growing belief that OGD may again jump ship whenever personal ambitions are threatened, just as he has done repeatedly in the past.

It is also ironic for those who supervised one of the most politically turbulent eras in Ogun State — a period remembered for violence, intimidation, killings, and political unrest — to now attempt to lecture others about democracy, loyalty, and political morality.

The truth remains that evil narratives do not triumph forever. Ogun people can see clearly.

They know the difference between genuine governance and desperate propaganda.

President Bola Ahmed Tinubu remains focused on governance and national development, while Governor Dapo Abiodun continues to consolidate on infrastructure, economic growth, and social development in Ogun State. The APC in Ogun remains united, focused, and stronger ahead of 2027 despite repeated attempts by frustrated political actors to create division where none exists

earner get N300 for every N1000 saved over a qualifying period? Or freedom from bank charges if small money stays still? Nigeria has not yet made that decision. It could.

A Final Word Every MPC meeting, the pattern repeats.

Statements are released. The Governor is urged to cut. I understand the frustration. The rates are genuinely painful. I am not dismissing that.

But the business associations and manufacturers' federations who spend energy on those statements might ask themselves another question: what would it take to formalise one more business in your supply chain this year? To bring one contractor, into the formal financial footprint that gradually and structurally deepens the pool?

Those conversations — unglamorous, unannounced, generating no press conferences — are the ones that actually move Nigeria's interest rate. Slowly. Permanently.

Governor Cardoso is doing what a good thermometer does. He is reading the temperature accurately. The temperature will fall when the fever breaks. Ghana broke it through fifteen months of hard disinflation. Nigeria is doing that work now. But the second task — deepening the pool — does not happen in Abuja on MPC meeting days. It happens when one more Nigerian business formalises, and adds new monthly drops to the pool that has been too shallow for too long.

Start there.

•Kemi Adeosun is a former Minister of Finance of the Federal Republic of Nigeria and former Commissioner for Finance of Ogun State. She is the founder of Nidacity.com and the Dash Me Foundation. She writes from Lagos.

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T H I S D AY • MONDAY, MAY 25, 2026

NEWS

INAUGURATION OF NDLEA RADIO STATION...

L-R: Representative of the United Nations Office on Drugs and Crime (UNODC), Nigeria, Dr. Akani Ibanga; Director of Communication, National Orientation Agency, Bala Musa; Chairman/Chief Executive Officer, National Drug Law Enforcement Agency (NDLEA), Brigadier General Mohamed Buba Marwa (Rtd) and Director General, National Broadcasting Commission, Charles Ebuebu, during the inauguration of NDLEA Radio Station (Clean Beat 91.5 FM) in Abuja ... recently PHOTO: ENOCK REUBEN

FAAN to International Airlines: Strengthen Protocols Services, Improve Passenger Experience in Nigerian Operations As NCAA lists 11 local airlines on no-pay-no-service over debts Aero Contractors MD: directive may jeopardise airline safety

Chinedu Eze

Federal Airports Authority of Nigeria (FAAN) has urged international airlines operating in Nigeria to strengthen their protocol services and improve facilitation to give their passengers good pre-boarding

experience.

FAAN’s Director of Public Affairs and Consumer Protection, Mr. Henry Agbebire, gave the advice when he met with members of International Airlines Association of Nigeria (IAAN) at the Murtala Muhammed International

Airport, Lagos, at the weekend.

Meanwhile, in a firm footing to ensure debt free transactions with Nigerian airlines, Nigeria Civil Aviation Authority (NCAA) placed 11 domestic operators on “No-pay-no-service” list over outstanding financial

obligations to the agency.

This was contained in a memo dated May 22, 2026, which directed all NCAA directorates to withhold services from the affected airlines pending financial clearance from the Directorate of Finance and Accounts (DFA).

3rd Anniversary: Gov Otti Says Abians’ Trust Driving Achievements, Lauds State Completes 414 road projects, retrofits 277 hospitals, recruits 834 healthcare personnel, signs 4,000 CofOs Boniface Okoro in Umuahia Governor Alex Otti of Abia State says the trust of the people was the driving force behind the achievements his administration has recorded in the last three years.

The governor made the declaration Friday night during his May 2026 edition of his Monthly Media Chat tagged "Governor Alex Otti Speaks to Abians" held at Okpara Auditorium, Umuahia.

He attributed his administration's achievements in infrastructure development,

restoring dignity and improving the welfare of the people to the trust of Abians.

He said that today, Abians "have faith in what government says it will do," and even if it fails to what it has promised, "they know that it is not a mistake of the heart."

"We are glad that we are rebuilding trust in governance and government, delivering very tangible improvements in critical social and economic sectors of this state.

"So, without any fear of contradiction, we can say that we have restored the pride of

our people, both home and abroad. It is not us that did it, it is your trust in us that helped us to collectively do it," he said.

The governor, while thanking the people for their support, reiterated that his administration "is focused and determined" to continue "improving their welfare, restoring their dignity, developing the state, creating jobs and making life easier for everyone."

Presenting a comprehensive sector-by-sector scorecard of his administration in the last three years, Otti said: "The

most important part of this administration is the impact it has made in human capital development, infrastructure renewal, fiscal responsibility, social justice, all wrapped up in restoring the dignity of our people."

Otti reported his administration has been able to restore relative security across all the 17 local governments of the state, stressing that Umunneochi LGA which was occupied by bandits and kidnappers prior to his assumption of office, has been liberated as the criminals have been flushed out.

Agbebire called for greater collaboration between the airlines and the agency to improve service delivery.

In the statement, Agbebire described the meeting as a lively interactive session that provided both parties with the opportunity to discuss issues of mutual benefit.

The director stated that the meeting was aimed at fostering a stronger working relationship between the Department of Protocol and Passages, and airline operators, while also providing an opportunity to listen to some of the challenges of the airlines.

In response, the airline representatives raised a number of operational concerns, including inadequate signage related to the ongoing landside construction works, insufficient lifts, shuttle bus challenges, and issues with airside ramp markings affected by the ongoing airside construction activities.

They also sought greater support to enhance customer experience.

FAAN assured the stakeholders that the complaints and observations raised during the meeting

would be carefully reviewed with a view to improving service delivery and operational standards across the airports.

The “No-pay-no-service” memo, signed by the NCAA’s Director of Finance and Accounts, Mr. Olufemi Odukoya, was circulated across the agency’s operational departments and regional offices.

The directive was also copied to Director-General of Civil Aviation (DGCA), regional managers, and other senior officials within the authority.

Airlines named in the directive included Air Peace, Ibom Air, Arik Air, United Nigeria Airlines, Umza Air, NG Eagle, Max Air, Caverton Helicopters, Overland Airways, Rano Air, and ValueJet. Reacting to the directive Managing Director and CEO of Aero Contractors, Captain Ado Sanusi, told THISDAY by telephone that the approach by NCAA might not augur well because as a regulatory authority it offered safety-critical services to the airlines without which the airlines could not operate.

CNS: Nigerian Navy was Logistics, Combat Backbone of ECOMOG Operations in Liberia, Sierra Leone Linus Aleke in Abuja The Chief of Naval Staff (CNS), Vice Admiral Idi Abbas, has said the Nigerian Navy served as the logistics and combat backbone of ECOMOG operations in Liberia and Sierra Leone, playing a pivotal role in troop deployment, maritime security and regional peace support operations during the conflicts in both West African countries.

Speaking at a press conference in Abuja, the CNS said the Nigerian Navy has over the

decades remained a formidable force in promoting peace and stability at the global, regional and national levels through several peacekeeping and intervention missions.

Represented by the Chief of Policy and Plans at Naval Headquarters, Rear Admiral Akinola Olodude, Abbas highlighted the Navy’s contributions to international peace support operations, beginning with its involvement in the United Nations Mission in Lebanon in the 1970s.

“Notably, during the United Nations Mission in Lebanon in the 1970s, the Navy supported the United Nations Interim Force in Lebanon. It navigated the Mediterranean Sea to deliver vital medical supplies and logistical support to the Nigerian Army peacekeeping forces deployed in Southern Lebanon,” he said.

The CNS noted the Navy played a central role during the ECOMOG intervention in Liberia between 1990 and 1999 by providing strategic sealift, combat support and

humanitarian assistance.

“During the ECOMOG Intervention in Liberia from 1990 to 1999, the Nigerian Navy served as the logistical and combat backbone of the entire sub-regional effort.

“It enforced strict maritime embargoes, provided critical naval gunfire support, and conducted humanitarian operations that saved thousands of civilian lives. It also conducted sealift operations that safely transported thousands of regional troops and heavy

military hardware.”

He added the Navy also played a decisive role during the ECOMOG operations in Sierra Leone from 1997 to 2000 by supporting efforts to restore democratic governance in the country.

“Likewise, during the ECOMOG Operations in Sierra Leone between 1997 and 2000, the Nigerian Navy played a decisive role in restoring the democratically elected government by enforcing United Nations and

ECOWAS maritime embargoes against insurgent forces. It executed vital strategic sealifts, maintained combat patrols, secured Freetown Harbour and ensured the unimpeded supply of humanitarian aid,” he stated.

The CNS further disclosed the Navy participated in the 2017 ECOWAS Mission in The Gambia, where it deployed Special Forces and offshore patrol vessels to support the peaceful restoration of constitutional order.

T H I S D AY • MONDAY, MAY 25, 2026

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NEWS

STL TRUSTEES LIMITED CELEBRATES 30TH ANNIVERSARY...

L-R:Chairman, STL Trustees Limited, Afolabi Caxton Martins; Director-General, Securities and Exchange Commission (SEC), Emomotimi Agama; former Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Managing Director/CEO, STL Trustees Limited, Funmi Ekundayo; Commissioner for Finance, Lagos State, Abayomi Oluyomi, representing the Governor of Lagos State, Babajide Sanwo-Olu, and former Chairman, STL Trustees Limited, Kehinde Durosinmi-Etti, at the 30th Anniversary Gala of STL Trustees Limited held in Lagos…recently

Kwara North Monarchs to Tinubu, AbdulRazaq: You’ve Heard Our Cries by Ceding Guber Ticket to North Rally round APC guber candidate for equity, fairness, justice, Says Kwara Gov

Traditional rulers across Kwara North Senatorial District at the weekend paid a-thank-you visit to Governor AbdulRahman AbdulRazaq following the emergence of the Speaker, Kwara State House of Assembly, Rt. Hon. Salihu Yakubu Danladi (SYD) as the gubernatorial flagbearer for the ruling All Progressives Congress.

Led by the Etsu Patigi, Alhaji Ibrahim Umar Bologi ll, the 1st class traditional rulers who represent various districts in Kwara North, were full of appreciation to President Tinubu, Governor AbdulRahman AbdulRazaq and other stakeholders for ensuring the emergence of a Kwara Northerner as APC governorship candidate.

"Your Excellency, the entire people of Kwara North are here

this afternoon to thank you for what you have done for us.

One of our sons, the Rt. Hon Salihu Yakubu Danladi, has become the flagbearer for APC governorship in the 2027 general elections and we are immensely grateful", Etsu Patigi, Alhaji Ibrahim Umar Bologi II, said during the visit to Governor AbdulRahman AbdulRazaq at Ahmadu Bello House Ilorin.

"We are here this afternoon to say thank you very much, may Allah continue to guide and protect you", he added.

The monarch also appreciated the governor for everything he has been doing for Kwara North, especially developmental initiatives.

"We also thank you for everything you have been doing for us as a region. You have heard our cries and this

has been a very long agitation from our people and today by the grace of God, Allah has made it possible through you," he said.

"In general, we want to sincerely thank His Excellency, President Bola Ahmed Tinubu and entire APC members for making this possible".

The governor on his part described the visit as a big statement that conveyed their unity on zoning.

AbdulRazaq said the emergence of a Kwara Northerner as the flagbearer of the APC was to ensure equity and fairness in the rotation of leadership position in the state.

"Moving political leadership around is important for fairness and equity. This is also good for development and sense of belonging. That is why at

the federal level, the President practically rotates between the North and South. It is about development, peace, harmony and equity. That is what we are looking at here," he said.

The governor urged the traditional and entire people Kwara North to take full advantage of the opportunity by voting en masse for the candidacy of Hon Salihu Yakubu Danladi.

"I believe the people of Kwara North will grab this opportunity by voting overwhelmingly to make sure this becomes a reality.

This is a big opportunity and one cannot say when next such opportunity will come again.

"You certainly do not want to prove some people right that Kwara North is not ready, and I don't see this coming back in the long time (if you miss

FG Rolls out Policy Guidelines on Early Detection of Hypertension As stakeholders seek subsidy on drugs

Onyebuchi Ezigbo in Abuja

The federal government has come up with policies and guidelines to ensure early detection, management, and prevention of hypertension amongst citizens.

Also, in view of the high incidence of sudden deaths resulting from hypertension in the country, some stakeholders involved in the execution programmes to address Non-Communicable Diseases (NCDs) have made a case for free drugs to patients battling hypertension.

Head of Cardiovascular Diseases and Tobacco Control, under the Division of NonCommunicable Diseases in

the Department of Public Health, Federal Ministry of Health and Social Welfare, Dr. Malau M. Toma, said that as part of the policy, primary healthcare facilities are being strengthened to provide first level of care for the diagnosis and management of mild hypertension cases He disclosed this on Friday during a Public Awareness Road Walk as part of activities marking the 2026 World Hypertension Day in Abuja.

Toma who led the exercise, said the choice for this year's theme "Controlling Hypertension Together: Check your blood pressure regularly, defeat the silent killer" is timely, emphasizing

that controlling hypertension can only be achieved through regular checks and maintaining medication consistently for those placed on drugs by health workers.

His words "So hypertension, sometimes called high blood pressure, is sustained elevated blood pressure and it's a silent killer that gives great complications to people.

"So, the best way to prevent it is to ensure that you are armed with adequate knowledge for you to ensure that the blood pressure is controlled through screening."

He further stated that hypertension when not timely controlled can result to complications such as stroke,

heart disease, kidney failure, blindness and the rest, urging those that have the condition and placed on medication prescribed by healthcare workers to consistently, and adherently take the medication to avoid such complications.

He solicited the support of the media and other stakeholders in intensifying awareness campaign to address issues around myths and misconceptions about hypertension.

The physician advised people to engage in adequate physical activity, avoid unhealthy diet, tobacco and nicotine products; eat fruits and reduce fats and oil intake for a healthy living.

it) because people will say the people of Kwara North are divided and they have the votes. That is the perception they have created. So, let us make sure this perception does not stay," he added.

The governor thanked President Bola Ahmed Tinubu for his support and interest in the process which led to the emergence of a Kwara Northerner.

"It is under his leadership

that has allowed most of these issues to be equitably resolved," he said.

Governor AbdulRazaq listed some of his developmental projects in Kwara North, including road infrastructure, basic health care facilities, electrification projects, among others, assuring the traditional rulers that with the emergence of Hon Salihu Yakubu Danladi, he would consolidate on the gains of the administration.

Pro-Democracy Icons Honour Tinubu, Soyinka, Ajibulu, Others in Lagos Gbenga Sodeinde in Ado Ekiti

President Bola Ahmed Tinubu, Nobel Laureate Wole Soyinka and All Progressives Congress (APC) chieftain and pro-democracy activist, Chief Segun Ajibulu, were among distinguished Nigerians honoured in Lagos on Wednesday for their roles in the struggle against military rule and the enthronement of democracy in Nigeria.

The recognition was conferred by the National Democratic Coalition (NADECO) during the public presentation of NADECO Story, a book authored by former NADECO General Secretary and spokesman, Ayo Opadokun, at the MUSON Centre, Lagos.

The event, which drew several prominent figures from across the country, was aimed at celebrating distinguished Nigerians and institutions that played critical roles in the tortuous campaign for the restoration of democratic governance following the annulment of the June 12, 1993 presidential

election.

Among dignitaries present at the occasion were Rasheed Ladoja, former Ogun State governor, Segun Osoba, Vanguard Newspapers Publisher, Sam Amuka, and rights activist, Olisa Agbakoba, among others.

Speaking at the event, Opadokun singled out Chief Ajibulu for special commendation, describing him as one of the unsung heroes of the pro-democracy struggle who made enormous sacrifices at great personal risk to ensure the return of democratic rule.

According to him, Ajibulu, who was based in the United States during the military era, frequently returned to Nigeria covertly to collaborate with other democracy activists in the sustained campaign against military dictatorship.

Ajibulu, founder of the Segun Ajibulu Foundation, received the prestigious “Hero of Democracy Award” in recognition of his contributions to the June 12 struggle and the restoration of democratic governance in Nigeria.

T H I S D AY • MONDAY, MAY 25, 2026

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NEWS

FOUNDATION 20TH ANNIVERSARY AND 5TH MEMORIAL PUBLIC LECTURE...

L-R: Director, Cedars School, Mrs. Lilian Akuma; Founder, Nebo Memorial Foundation, Mrs. Mary Ohagwasi and Lead Consultant, Florish-Gate Global Consult, Dr. Dideolu Adekogbe at the G. O. Nebo Memorial Foundation 20th Anniversary and 5th Memorial Public Lecture in honour of the late Col. G. O. Nebo (Rtd) mni, held in Lagos...recently

Gov Mbah Plans Monorail, Intercity Rail Line for Enugu, Pledges World-class City

Emmanuel Ugwu-Nwogo in Enugu

Governor Peter Mbah has promised that Enugu State would get monorail and intercity rail line as part of his plans for holistic development of the state.

He said he would inaugurate the projects in the next four years as it has become a necessity for Enugu, the capital city to have a multi-modal transportation system as obtainable in great cities across the world.

Mbah revealed his bag of more goodies for Enugu in his acceptance speech after he was officially declared the winner of the APC governorship primary.

His party, the All Progressives Congress (APC), has given him the ticket to seek revalidation of his mandate in 2027, following a resounding 96 percent affirmative votes of Enugu APC members.

Mbah stated that the multimodal transportation system that "will be launched is not essentially designed to earn us any bragging rights. They are municipal necessities".

He invited Enugu people

to "think about any great city you know (and envision how Enugu would be in four years’ time)" hence his drive to build a world-class city.

The governor stated "all our projects are mutually reinforcing" for economic growth and holistic development of Enugu State hence they were never conceived as grandiose projects that have no bearing to the needs of the people.

"From agriculture to the international cargo terminal, hotels to the massive tourism sites, and security to real estate, they are all connecting the dots," he said, adding that "in the coming years, their benefits will be more".

He hinted that what he has in store for the people of Enugu in the years ahead is huge, saying that "what we have done in the last three years is simply laying the foundations" for greater things to come.

The Enugu governor, who reviewed his achievements since he was ushered into the Lion Building in May 2023, said that he has proved that political

Obi: Why Africa Should Not Be Poor

Chuks Okocha in Abuja

Presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has articulated reasons why Africa ought to rise above poverty.

During his visit to South Africa over the weekend, Obi addressed an international dialogue, emphasising that Africa was rich in natural resources provided by God, which should prevent the continent from facing poverty.

In a post on X, the former governor of Anambra State

shared insights from his speech, stating, "In South Africa yesterday, after a morning meeting with ministers, I spoke at the Spier Dialogue Event on 'Policies for Growth in Africa' in Cape Town. ''I reinforced the idea that Africa has no reason to be impoverished. Our continent is endowed with vast natural and human resources. Africa possesses significant mineral reserves, more than 60% of the world's uncultivated arable land, and boasts the youngest population globally.

promises could be kept.

"We have smashed the notion that promises matter more than performance. Instead, the emphasis has been on real substance, on ensuring that every effort translates into outcome, and that resources are used with care and intent," Mbah stated.

According to him, his promises and the ideas he conceived to make Enugu better have been translated to tangible projects impacting the economic and social lives of the state.

"It is visible in the routines of

our daily life, in how we study, how we travel, how we work, how we access services that were once unreliable or out of reach.

"You can see it in sectors beginning to function with greater coherence," he said.

Mbah said he could not afford to fail because "every young person looking ahead to their future life is relying on us to follow through these promises.

"Mothers, fathers are watching the future of their children, praying that this time it will not be fake. We have a duty not

to dash that goal, but to stand behind a vision that demands security and real choice for every young man".

However, he acknowledged that he came with an ambitious "Tomorrow is Here" project, with the attendant scepticism that it could end up as mere slogan.

But he has proved doubters wrong as "what once felt distant, that tomorrow could be different, is no longer abstract. It is taking shape".

According to him, his ideas have become realities because

"we stepped away from the politics of appearance, the kind that looks impressive from a distance but delivers little on close".

In driving the development of Enugu State, Mbah assured the people that he would not sacrifice their welfare on the altar of infrastructural development.

He said: "The welfare of the people shall be the supreme law. And we commit to that.

With this in mind, think of your children and your children's children.

Niger State Woos Dangote Group Over Oil Exploration at Bida Basin

Sunday Ehigiator

The Niger State Government has called on the Dangote Group and other private sector investors to participate in the exploration of crude oil at the Bida Basin, as part of efforts to unlock the state’s hydrocarbon potential and deepen industrial development.

Speaking during a fireside session on Dangote Special Day at the recently concluded Niger National Trade Fair in Minna, the Commissioner for Trade, Investment, Industry and

Private Sector Development, Hon. Aminu Suleiman Takuma, said the state government was pursuing partnerships with private investors under a onestop-shop investment model to develop its oil resources.

Takuma said: “We are partnering with the private sector under our one-stop-shop model to develop the crude oil potential of Niger State. The government will only hold a minimal stake through a joint venture-public-private partnership arrangement.”

The commissioner specifically invited the Dangote Group and other investors to play a role in the exploration of crude oil in the Bida Basin, stressing that the state was committed to creating an enabling environment for businesses.

According to him, “Niger State is open for business,” adding that deliberate steps were being taken to attract more investors into critical sectors of the economy.

Takuma also praised the Dangote Group for its industrial investments, particularly its

refining ambitions.

He said the company was “in the process of building the biggest refinery in the world,” while commending its contribution to industrial growth and economic development.

Speaking at the event, Regional Director and Senior Adviser to Aliko Dangote, Fatima Wali Abdurrahman, described the Dangote Group as a natural partner of Niger State, citing the company’s investment in rice processing at Wushishi.

ADEBUTU, LADO, KAWU, LAMIDO, PIDOMSON, JIKA WIN GUBER TICKETS IN PDP, ADC, NDC

exercise witnessed by officials of the Independent National Electoral Commission (INEC).

Katsina: Yakubu Lado Former senator and PDP stalwart, Yakubu Lado, has emerged the party’s governorship candidate in Katsina State for the third consecutive election cycle ahead of the 2027 general election.

Lado, known for his “Chanja Su Lado” slogan, previously flew the PDP governorship flag in the 2019 and 2023 governorship elections

in the state.

Declaring Lado as the unopposed PDP guber candidate for the state, the chairman and returning officer for the governorship primary, Nura Sani Kankara, said he emerged the party’s consensus candidate.

He stressed that the election was conducted in line with the provisions of the Electoral Act 2026, the constitution of the PDP, and the party’s electoral guidelines.

He disclosed that a total of 77,085 delegates were accredited for the primary election, while 77,013

votes were eventually cast.

According to him, 72 accredited delegates were unable to participate in the exercise because accreditation had closed before they arrived at the venue.

He noted that Lado secured all the 77,013 valid votes cast in the election, thereby emerging as the consensus governorship candidate of the party for the 2027 gubernatorial election.

Kwara: Kale Kawu The PDP in Kwara State has

announced Kale Kawu as its governorship choice, albeit through consensus.

The announcement followed days of consultations among party leaders, stakeholders and aspirants ahead of the governorship primaries held yesterday.

Former Senate President, Dr. Abubakar Bukola Saraki, has however praised Omar Bolaji Gambari for demonstrating maturity and loyalty to the party after stepping down from the contest in the interest of unity.

T H I S D AY • MONDAY, MAY 25, 2026

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NEWS

MINISTERIAL BRIEFING TO MARK SEVENTH YEAR IN OFFICE OF THE BABAJIDE SANWO-OLU ADMINISTRATION...

L-R: Permanent Secretary, Office of Drainage Services, Engr. Mahamood Adegbite; his counterpart in the Office of Environmental Services, Dr. Gaji Omobolaji; Special Adviser on Environment, Engr. Olakunle Rotimi-Akodu; Honourable Commissioner for the Environment and Water Resources, Mr. Tokunbo Wahab; his counterpart in Information and Strategy, Mr. Gbenga Omotoso and Representative of the Permanent Secretary, Ministry of Information and Strategy and Director, Public Affairs, Ministry of Information and Strategy, Mr. Adesegun Ogundeji, during the 2026 Ministerial Press Briefing to mark the seventh year in office of the Babajide Sanwo-Olu administration held at the Bagauda Kaltho Press Centre, Alausa Secretariat, Ikeja, Lagos State, yesterday

2027: Enugu ADC Dares Minister Umahi, Declares Tinubu Won't Win in South East

Onyebuchi Ezigbo in Abuja

The African Democratic Congress (ADC) in Enugu State,has disagreed with the Minister of Works, Dave Umahi, over his statement that the South-East would overwhelmingly vote for President Bola Tinubu of the All Progressives Congress (APC) in the 2027 presidential election.

The party also warned the minister over an alleged threat that the zone risked the discontinuation of major federal infrastructure projects across the region if they failed to support the APC. The Enugu State chapter of ADC, in a statement by itsSecretary, Comrade Adolphus Ude, said even at gunpoint, the people

of the region would still not vote for President Tinubu, because his government aggravated the marginalisation of Ndigbo in Nigeria.

The party spoke against the backdrop of comments made by the former governor of Ebonyi State on Wednesday, while inspecting federal road and bridge projects in Ebonyi State.

According to the party, Umahi was reported to have urged the South-East to vote for Tinubu overwhelmingly, warning that failure to do so, could jeopardise the continuation of major federal infrastructure projects across the region.

ADC further said the Minister had argued that the South-East has regained relevance in national

politics under the current administration, citing his appointment as the Minister of Works and the scale of projects spread across the region.

Ude who was the founding Deputy Chairman of APC in Enugu State, reprimanded Umahi for attempting to use intimidation, force and strong-arm tactics to secure

victory for his principal, Tinubu in the South-East region.

The Enugu ADC scribe noted that the people of the South-East were known to be independent-minded when it comes to voting in elections, warning that no form of coercion or threat can make them to vote for a candidate who is not their choice.

TINUBU: WE WON’T REST UNTIL WE RESTORE PEACE, STABILITY TO EVERY CORNER OF NIGERIA

estimated billing. In the past three years, we have closed the metering gap by supplying 2.5 million meters via the Presidential Metering Initiative.”

He explained, “We have established a N4 trillion bond programme to settle verified legacy debts owed to GENCOs and GASCOs. Under our administration, power generation sometimes peaked at 6,000MW, 50 per cent higher than what we inherited.

“Our strategy is focused on redesigning the power sector into a bankable, investable, and capable sector that delivers power to homes and industries.

We moved away from wasteful fuel subsidies, unstable exchange rates, and weak infrastructure.”

He added, “Today, we are witnessing a turnaround: the naira is strengthening, foreign reserves are rising, and our economic outlook is positive despite the inflationary disruption caused by the war in Iran and the geopolitical crisis in the Middle East.

“We have strengthened macroeconomic stability through improved revenue performance, financial management, and better fiscal coordination.

“We have prioritised infrastructure across transportation, power, digital connectivity, housing, and irrigation as engines for inclusive growth. We are building concrete, durable roads and superhighways along the coast and on the Sokoto–Badagry route that will last for over 100 years.”

Tinubu highlighted his government’s port infrastructure enhancement policy, saying, “We are improving our airports and seaports after decades of neglect.

We have reformed the oil and gas sector and are attracting billions of dollars in fresh investment in a sector that was almost comatose.”

He spoke on poverty reduction and national orientation, stressing, “Our social investment and human capital programmes target vulnerable households, youth, women, and small businesses. In addition, we are reclaiming our national values and ethos anchored on unity and the unbroken bond of togetherness.

“While our founding and now revived national anthem recognises our diversity, it reminds us of the work we need to do to forge a stronger and more perfect union.

“Though tribe and tongue may differ, in brotherhood we stand. As Nigerians, we must continue to stand together for our country against all forces that seek to divide us.”

The president congratulated his opponent for the APC presidential ticket, Stanley Osifo, on being a good sportsman and accepting the outcome of the party primaries, saying he bears no grudge against him.

“I owe you no grudge, including Osifo, who spent his money,” the president said.

Osifo, a businessman from Edo State, who paid N100 million for the APC presidential nomination form and refused to step down

after a planned consensus arrangement for the primary collapsed polled 16,503 votes nationwide.

Advising Nigerians not to gamble with the forthcoming election, Tinubu said, “This next election must not merely be a contest of parties or ideas, but a reaffirmation of Nigeria’s democratic maturity.

“As a government, we have taken giant steps forward. Let’s not give in to complacency by allowing politicians with no clear alternative vision to take our country backward.

“With faith in God, confidence in our people, and hope in our future, I accept this nomination with a renewed resolve to serve our people. I thank all our party members for bestowing on me the honour of being our torchbearer and candidate in the January 2027 election.

“Together, and with the help of God Almighty, we shall build a more secure, united, and prosperous Nigeria for generations to come. I pledge to build an even more inclusive government, one that listens, learns, and leads with the best interests of all Nigerians at heart.”

Yilwatda described the turnout at the congresses held on Saturday to nominate the 2027 presidential candidate of the party as a mock demonstration of what the general election would look like.

He stressed that APC was becoming the rallying point for all political parties, saying everybody

wants to be in APC. He said, “The competition to be in the APC is quite high, and we see thousands of people buying our forms. It shows how our party is accepted by Nigerians and by the people.

“If you see the mass turnout yesterday in all the congresses held to nominate the president, the numbers were in their thousands, and this is just a mock demonstration of what the general election will look like.

“It shows clearly that no other party would win the election because the numbers turning out are in the thousands. Believe me, no political party can showcase one-tenth of what we presented in their own congresses. It shows that we are on the path, and the winning path.”

On the rancour witnessed during the House of Representatives, Senate, and governorship primaries, the chairman said the party would activate its internal mechanisms for conflict resolution.

He stated, “Of course, you should know that when it comes to power, it is a game of power, and everybody wants to be the one elected. Everyone wants to find reasons why he should be elected. But we, as a party, have internal mechanisms for conflict resolution.

“We have the presidential conflict resolution team and the party reconciliation team. So we activate them to go down to the state level and the national level

to ensure quicker reconciliation, a fast healing process, and they will merge it with campaigns to ensure that we win the 2027 election.”

Baring his mind on the issue of aggrieved aspirants, who alleged unfair treatment during the primaries, Yilwatda stated that such political contests were naturally followed by complaints.

According to him, “There is no situation where, for example, in a state, we are looking for one candidate and we have 16 people vying for that position of governorship. Sixteen out of 16, and you need to pick only one.

“All of them are eminently qualified—former senators, former DAs, PhD holders, medical doctors, bankers, oil magnates.

Everybody is qualified, and everyone has spread and capacity.

“So among them, we must pick one of the very best, and for sure people will have one or two complaints. But that is usual in our politics. There is no way you can have a political contest anywhere in the world of this nature and nobody complains.

“In fact, if you see any political party where nobody complains about congresses or internal elections, that party is actually weak. Strong parties have strong opposition from within, all vying for positions.

“It is just like a football league—imagine a league where nobody is complaining; it means the league is not competitive. The competition here is quite high, and every Nigerian looks up to

the APC as a vehicle that will bring them to power in 2027.”

On certain circulating videos featuring fraudulent counting manipulations by alleged APC officials, like “1, 2, 3, 7,000”, and so on, Yilwatda stated, "Sometimes you see videos online. I even received a video that was sent to me, which I later found out was from an event that happened three or four years ago.”

He added, “These are unverified videos and were not even meant for our party activities. They were from activities somewhere else, even union or leadership elections in different settings, but are being circulated as if they are APC activities.

“If you check all our activities, we have our flags, our banners, and people raising their membership cards. In those videos, you cannot see any APC banner anywhere. So it shows clearly that those were not APC activities.”

Chairman of APC Presidential Primary Election Committee, Senator Anyim Pius Anyim, said the primary elections were conducted in 8,809 wards across the federation and were subsequently collated at the local government and state levels.

Anyim stated that the direct primary model adopted by APC was not only an effort to select candidates for the 2027 elections, but more importantly an attempt to give effect to the long-standing call for electoral reforms, which culminated in fundamental amendments to the Electoral Act.

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T H I S D AY • MONDAY, MAY 25, 2026

NEWS

PRESENTATION OF FREE EYE GLASSES TO STUDENTS...

L-R: Permanent Secretary, Health District III, Dr. Monsurat Adeleke; student of Epe Senior Grammar School and one of the beneficiaries, Miss Pauline Faith; Director, Health Education Services, Mr. Sulaiman Adeboyega and Principal, Epe Grammar School, Epe, Mr. Sulaiman Adewale, during the presentation of free eye glasses to students of Epe Senior Grammar School and the second quarter of the School Health Programme by Health District III held in Epe, Lagos ... recently

Wood Mackenzie: Nigerian Oil Firms Dominate, Control 75% of African Independents’ Value Local contribution to crude output jumps over 100% in a decade 8 of top 10 African indigenous producers now Nigerian Report says local operators face mounting financing hurdles

Emmanuel Addeh in Abuja A new report by energy research and consultancy firm, Wood Mackenzie, has revealed that Nigerian oil and

gas companies now dominate Africa’s independent upstream landscape, accounting for about 75 per cent of the continent’s indigenous producer peer group value, amid a rapid expansion

of local participation in the country’s oil industry.

The report, titled: “Nigeria’s Oil and Gas Independents Come of Age”, noted that eight of Africa’s top 10 indigenous

oil producers are now Nigerian firms, led by Renaissance Africa Energy and Seplat Energy.

Aside from Renaissance and Seplat, it listed other Nigerian oil companies making waves

UNNO Group Launches Institute to Boost Aesthetic Medicine Training in Nigeria Emmanuel Addeh in Abuja

The UNNO Health Group at the weekend launched its institute in Abuja to boost professional aesthetic medicine training, ensure improved regulation as well as reduce medical tourism outside the country.

Speaking during the launch in Abuja, the founder and Chief Executive Officer of UNNO Health Group, Hilda Titiloye, said the institute was established to provide postgraduate training and build professional standards within the rapidly growing

aesthetic medicine industry.

Titiloye explained that the UNNO Health Group had created an ecosystem in the aesthetic medicine and dermatology space through service delivery, manufacturing of medical products and professional education.

“What we are doing today is trying to build a community of beauty professionals that are in the medical space. The institute would cater to aesthetic physicians, dermatologists, plastic surgeons, nurses and dentists practicing aesthetic

medicine. We are trying to learn together and foster a culture of continuous professional development,” she explained.

Titiloye noted that the institute would also help create a stronger professional voice capable of advocating laws and structures to sanitise the industry and improve patient safety. She said the initiative would contribute to reducing medical tourism as more Nigerians now access aesthetic procedures locally instead of travelling abroad.

“A lot of the procedures we used to travel for, they come to us for them and our colleagues as well. The beauty and aesthetic industry had become a major source of employment for young Nigerians through vocational and professional opportunities," she noted.

On her part, a Professor of Medicine in Dermatology, University of Abuja, Perpetua Ibekwe, stressed the need for a dedicated regulatory framework for aesthetic medicine in Nigeria.

Party Deregistration: Adeleke Commends Judiciary, Directs Mobilisation for August Poll Yinka Kolawole in Osogbo

Osun State Governor, Ademola Adeleke, has described the judiciary as the last hope and refuge of the citizens as he commended the Court of Appeal for its ordering stay of proceedings in a suit seeking to deregister Accord and other parties.

In a statement, weekend, the governor hailed the presiding justices for their

professionalism and undiluted commitment to fair and equitable administration of justice, declaring that those scheming to disenfranchise and block Accord members from August polls had failed.

He described the Court ruling as a just action designed to protect the rights and privileges of all stakeholders, calling the Justices the preserver of citizens’ rights as guaranteed by the constitution.

“I am using this opportunity to commend the judiciary for protecting the sanctity and integrity of our democracy from deliberate abuse by antidemocratic elements. On behalf of the good people of Osun State, we thank the justices and the entire judiciary.

“From 2018 till date, I have been a beneficiary of judicial interventions which protect my rights and privileges when faced with constant abuse and

attacks on democratic rights.

The judiciary is the last hope of the oppressed, the refuge for the weak.

“The judgement by the Justices of the Court of Appeal further reinforces our faith in the judiciary, further rekindles our trust in the democratic process. As we escape the trap of those seeking to avoid free and fair elections, I congratulate Accord leaders locally and nationally.

on the top 10 as: Aradel Holdings; ND Western; Vaaris Resources; First E&P; Oando and Famfa Oil. Outside Nigeria, only Cheiron (Egypt) and Etu Energies (Angola) were mentioned in the list of top 10 in Africa.

According to the report authored by Wood Mackenzie Chairman and Chief Analyst, Simon Flowers, and Vice Chairman for Europe, Middle East and Africa, Gavin Thompson, indigenous companies have become central to efforts to revive Nigeria’s struggling upstream sector after years of declining oil production.

The consultancy firm stated that Nigerian independents now contribute 27 per cent of the country’s overall oil production, compared to just 12 per cent a decade ago, showing over 100 per cent growth and reflecting the growing influence of local operators, following the divestment of onshore and shallow-water assets by international oil companies.

Wood Mackenzie described the rise of Nigerian independents as a product of “the right place and right time,” explaining that ambitious indigenous firms capitalised on the exit of international majors from non-core assets, while favourable local content policies and a strong domestic talent base also accelerated growth.

“Consequently, Nigeria’s independents now make up eight of the top 10 indigenous African producers, with Renaissance Africa Energy and Seplat Energy at the top of the

pile. With a combined value of $12 billion, Nigerian companies represent around 75 per cent of the African independents peer group value,” the report stated.

It added that with more than 100 indigenous upstream companies now active in the country, Nigeria possesses Africa’s most diverse oil and gas corporate landscape.

The report stressed that local companies have become critical to Nigeria’s ambition of raising crude production to 3 million barrels per day by 2030, especially as national liquids production has fallen from over 2 million barrels daily a decade ago to around 1.6 million barrels per day currently.

According to the assessment, Nigerian operators have leveraged more flexible operating models, higher appetite for risk and closer relationships with government and the Nigerian National Petroleum Company Limited (NNPC) to strengthen their foothold in the sector.

Wood Mackenzie noted that indigenous operators are also driving increased activity in marginal fields and post-acquisition developments following the transfer of assets from multinational firms.

The consultancy disclosed that major Nigerian independents, including Renaissance, SEPLAT and the Oando Plc joint ventures, are targeting combined investments of about $35 billion in greenfield and brownfield projects aimed at boosting production.

monday MAY 25, 2026 • T H I S D AY

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NEWS xtra

EDUSPARK ORGANISES EDUCTION OUTREACH…

L-R: Logistics Lead, EduSpark, Ademinitioluwa Ogunwuyi; Event Lead, EduSpark, Lynette Hunponu-Wusu; Co-Founder EduSpark & Project Lead, Miss Fareedah Oyolola; Head Boy, Express Nursery and Primary School, Ikosi Ketu, Kamolideen Mubarak; Head Girl, Ukaegbu-Alex Mercy; Co-Founder EduSpark & Project Lead, Miss Ifeoluwa Onafowokan, and Financial Team Lead, EduSpark, Sharon Ayodeji-Ojo, during the education outreach programme organised held at Express Nursery and Primary School, Ikosi Ketu, Lagos State...recently

Bandits Kill 3, Abducts 15 Worshippers in Kwara Community Niger to deploy drones to fight bandits, terrorists in the forests

Hammed Shittu in Ilorin and Laleye Dipo in Minna

About 10 suspected bandits have reportedly killed three persons and abducted 15 others in an attack on worshippers at Ori-Oke Ajaiye, in the outskirts of Ikiran village of Ekiti Local Government Area of Kwara State.

THISDAY checks revealed that the attack occurred on Saturday while the worshippers were observing night vigil at about 20:30p.m.

It was further learnt that the development led many worshippers to run for safety following the bandits’ invasion at the praying ground.

Confirming the ugly development to newsmen in Ilorin yesterday, the state Police Commissioner, Mr. Adekimi Ojo, stated:”The incident was reported on 24th May, 2026, by one Pastor Adebayo Abiodun of Ijo Ajaiye Ati Igbala, Ekerin Village, Ekiti LGA Kwara State.”

Ojo stated that while conducting a night vigil alongside members of his congregation at Ori-Oke Ijaye via Ekerin village, on 23rd May, 2026, at about 2030hrs, armed hoodlums invaded the prayer ground, firing sporadically, killing three persons while abducting fifteen others to an unknown destination.

He said: “Upon receipt

of the distress report, operatives to the scene. involving the Police the Divisional Police “A comprehensive Drone Team, PMF Officer, Ekiti Division, tactical and intelligence- personnel, intelligence immediately mobilised driven operation units and other

operational assets for a coordinated rescue mission, has been directed.”

Obi Media Office Accuses Opponents of Peddling Ethnic Falsehoods against Ex-Anambra Gov

Chucks Okocha and Sunday Aborisade in Abuja

The media office of former Anambra State Governor, Peter Obi, has accused unnamed political opponents of orchestrating a sustained campaign of “malicious falsehood” aimed at portraying him as anti-North

ahead of the 2027 political realignments.

In a statement issued by the spokesman of the Peter Obi Media Reach (POMR), Ibrahim Umar, the organisation dismissed allegations that Obi, during his tenure as governor, expelled or targeted Northerners residing in Anambra State,

describing the claims as “baseless, unfounded and deliberately divisive.”

The media office maintained that no policy of expulsion or ethnic profiling existed under Obi’s administration, insisting instead that his government operated a social welfare and rehabilitation programme designed to assist

vulnerable persons, including destitute individuals and unaccompanied minors from different parts of the country.

The statement said: “The recurring myth that Mr. Peter Obi ‘repatriated’ Northerners or specifically targeted Northern traders and beggars during his governorship is utterly unfounded.

Activist: APC is after South-South Region Because of Oil An environmental and and Development (CEHRD), She described the political though the party won the gender rights activist, Chief Constance Meju, has stated that the ruling All Progressives Congress (APC), is after the soul of the South-South region because of crude oil.

Meju, who is also the Chairperson, Centre for Environment Human Rights

made the assertion in her remarks at a dinner night, as part of the activities of the 2026 Correspondents’ Week, organised by the Correspondents Chapel of Rivers State Council of the Nigeria Union of Journalists (NUJ) in Port Harcourt.

situation in Rivers State as humiliation, saying: “This is a very special state and the reason why the state is special is oil. The very reason why our politics is different, is oil.

“I remember some years back that a National Chairman of APC stated that even

presidency, what is winning without the South-South. It is not the South-South he was talking about, he was talking about oil, which is why they made it their special challenge to make sure that by 2027 they would have pocketed the South-South.

As part of its efforts to deepen engagement with Nigeria’s capital market ecosystem amid renewed investor activity, Nairametrics is set to host the second edition of the Capital Market Awards.

With the theme, ‘Capital Markets as a Pathway to Responsible Wealth Creation,’ the awards will recognise

and celebrate outstanding contributions by individuals and institutions that have played critical roles in advancing the growth and stability of Nigeria’s capital market over the past year.

Commenting on the forthcoming event, Founder and Chief Analyst at Nairametrics, Ugo Obi-

Chukwu, in a statement said the awards came at a pivotal moment for the market.

“The second edition of the Nairametrics Capital Market Awards reflects our continued commitment to contributing meaningfully to the development of Nigeria’s capital market.

This is particularly

significant at a time when we are witnessing a resurgence in retail investor participation— now at levels not seen in over two decades,” he said.

He noted that the renewed interest places greater responsibility on stakeholders to sustain investor confidence, deepen transparency, and reinforce market integrity.

FSDH Boat Race Elevates Lagos Sailing Culture Nairametrics’ Second Capital Market Awards to Hold in Lagos The thrilling competition Sunday Ehigiator The Lagos sailing community came alive over the weekend as enthusiasts, athletes and maritime recreation stakeholders gathered at the prestigious Lagos Yacht Club for the highly anticipated FSDH Boat Race, a vibrant showcase of teamwork, sportsmanship, leisure and competitive excellence.

Sponsored by FSDH Merchant Bank, the event reinforced the institution’s commitment to fostering community engagement, healthy recreation and collaborative values through sport, while further positioning Lagos as a growing hub for sailing and marine lifestyle activities.

featured 20 boats across the Lightning, Mixed Monohull and Hobie categories, attracting sailing enthusiasts and spectators to one of Lagos’ premier recreational sporting events. Participants displayed remarkable skill, coordination and resilience in a race that celebrated not only competition, but also camaraderie and shared passion within the sailing community.

Speaking on behalf of the FSDH team, Executive Director of FSDH Merchant Bank, Kubi Momoh, described the event as a reflection of the shared values between sailing and the banking institution, particularly teamwork, discipline, coordination and collective success.

PFN Demands Urgent Actions from FG on Insecurity Kemi Olaitan in Ibadan

The Pentecostal Fellowship of Nigeria (PFN) yesterday expressed deep concern over what it described as the worsening state of insecurity across the country, urging the federal government to take immediate and decisive steps to protect lives and restore peace.

This is just as it is called on the federal government to fulfil its constitutional and moral duty of protecting every citizen irrespective of tribe or religion so that the country can truly be “a nation where no one is oppressed,” stating that this is the first responsibility of governance.

It warned that the loss

of value for human life in the country has reached an intolerable height, urging the government to seek international help and partnership before the situation deteriorates further.

The PFN President, Bishop Francis Wale Oke, made the declarations while addressing journalists in Ibadan, Oyo State, at the end of the three-day

national fasting and prayer programme organised by the Christian body from May 22 to May 24, 2026.

According to him, Nigeria is facing a deepening crisis of insecurity that has reached “intolerable and unacceptable levels,” adding that the nation appears to have lost a collective sense of value for human life.

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T H I S D AY • MONDAY, MAY 25, 2026

MONDAYSPORTS Rangers Beat Ikorodu City to Equal Enyimba’s 9th NPFL Title

Group Sports Editor Duro Ikhazuagbe

Email duro.ikhazuagbe@thisdaylive.com

08111813083 SMS Only

Defending champions Remo Stars, El Kanemi, others relegated

Duro Ikhazuagbe Enugu Rangers International FC against all odds beat Ikorodu City FC 2-1 yesterday to make history, equaling the all-time record of nine NPFL championships held by their Oriental rivals, Enyimba.

Rangers finished the Nigerian topflight league on 68 points, one more than second-placed Rivers United while Shooting Stars that lost 1-0 to Niger Tornadoes finished on 60 points to pick the CAF Confederation Cup ticket.

Two goals in each half by Captain Chidiebere Nwobodo inside the Mobolaji Johnson Arena at Onikan on Lagos Island, secured the vital win for The Flying Antelopes.

The victory rendered closest rivals Rivers United’s 3-0 defeat of Katsina United in Port Harcourt ineffective in their quests to upstage Rangers to the title.

Nwobodo lived up to the name of a legend of the club, Dominic Nwobodo, one of the best central defenders to ever don the colors of Rangers.

Nwobodo set the stage for the victory dance when in the 30th minute fired the opener. Ikorodu fought back gamely but had no goal to show in the first half.

Nwobodo returned in the second half to add his second

goal in the 52nd minute.

But six minutes later, Ikorodu City pulled back one through Moses Bada. That goal caused anxiety amongst Rangers fans.

Ikorodu continued the pressing in search of the equalizer and a possible winner to earn ticket to play in the continental CAF Confederation Cup. However, that was not to be as the Flying Antelopes held on to their lead till the final whistle.

Both Rangers and Rivers United will represent Nigeria in the CAF Champions League.

Elsewhere, in the NPFL dog fight to avoid relegation, Kun Khalifat defeated Wikki Tourists 3-1 to stay in the topflight. Their fixture was delayed several hours due to heavy downpour in Owerri.

But it was not so for defending champions, Remo Stars who were held 1-1 by Bendel Insurance FC in Benin City to finish on 47 points and 17th on the log. Remo became the third champions of the Nigerian topflight league to be relegated to the lower division after Shooting Stars (in 1999) and Bayelsa United in 2010.

In Aba, Enyimba condemned El Kanemi to be relegated with 3-0 defeat.

Earlier, both Bayelsa United and Wikki Tourists had been condemned to the lower division even before the final fixtures.

R E S U LT S NPFL

Barau FC 3-0 Nasarawa Bayelsa 4-0 Kwara Utd B’Insurance 1-1 Remo Stars Enyimba 3-0 El Kanemi Ikorodu City 1-2 Rangers Tornadoes 1-0 Shooting Plateau 1-0 K’Pillars Rivers Utd 3-0 Katsina Utd W’Wolves 2-1 Abia War Kun Khalifat 3-1 Wikki

PREMIER LEAGUE

Brighton 0-3 Man Utd Burnley 1-1 Wolves Cry’Palace 1-2 Arsenal Fulham 2-0 Newcastle Liverpool 1-1 Brentford Man City 1-2 Aston Villa N’Forest 1-1 Bournemouth Sunderland 2-1 Chelsea Tottenham 1-0 Everton West Ham 3-0 Leeds

Rangers Head Coach, Fidelis Ilechukwu (with trophy) and his players celebrating the Flying Antelopes victory in the 2025/2026 NPFL season after defeating Ikorodu City 2-1 to emerge champions... yesterday

...Gov Mbah Hails the Flying Antelopes, Says they Have Walked the Path of Legends Governor of Enugu State, Dr. Peter Mbah, has congratulated Rangers International F.C. of Enugu on their ninth league title and their second under his administration.

Mbah said the players and management of the club made the people of the state proud and etched their names in gold by walking the path

of legends.

Rangers lifted the 2025/2026 Nigeria Premier Football League (NPFL) trophy on Sunday after beating their hosts, Ikorodu City Football Club, 2–1 at Onikan Stadium, Lagos, to finish the season with 68 points ahead of Rivers United, which garnered 67 points after downing Katsina

United 3-0 in Port Harcourt the same day.

Reacting to the development, the governor said, “On behalf of the Government and good people of Enugu State, I convey our profound congratulations to you on your well-deserved and hard-fought ninth league title, the second under our

administration.

“You have not only brought back the title, which you won in the 2023/2024 season, but also restored the glory of Enugu as the incubator and hub of champions.

“You have reenacted the heroics of Rangers of old and walked the path of our revered legends,” he said.

NFF Hails Osimhen, Iheanacho, Denmark’s Lind Sets New WTT Contender Lagos Record Babajide, Other Title Winners in Europe of the Nigeria Football delighted Nigeria’s supreme trophies here and there, as it pursue even greater glory in as Odo Dethrones Hashimoto President Federation, Alhaji Ibrahim Musa football-governing body, but presents assurance that they their different stations.”

Kunle Adewale

The Molade Okoya-Thomas Hall of Teslim Balogun Stadium was alive with energy yesterday, as two stories unfolded on its polished tables—one of dominance, the other of dethronement.

For Denmark’s Anders Lind, Lagos has become a stage of destiny. Returning for his third appearance, the 27-year-old carved his name into the history books by becoming the first player to win back-to-back Men’s Singles titles at the 2026 WTT Contender Lagos. His opponent, Korea Republic’s Oh Junsung, never truly found a foothold in the final, as Lind’s commanding strokes and relentless pace carried him to victory.

It was not just a win—it was a statement. From the opening round, Lind played with purpose, pacing himself through each match, and when the moment came, he seized it to win at 4-1 with the confidence of a champion who knew Lagos

was his arena.

The women’s final told a different tale. Japan’s Satsuki Odo, the tournament’s top seed, faced compatriot and defending champion Honoka Hashimoto in a clash of styles—Odo’s aggressive flair against Hashimoto’s defensive resilience. For four games, the duel was fierce, but Odo’s attacking brilliance gradually broke through Hashimoto’s wall.

At 3-1, the tide was irreversible.

With a final surge, Odo claimed a 4-1 victory, toppling Hashimoto from her throne and ensuring the title would change hands.

Odo’s triumph was not just about winning—it was about redefining the narrative.

Hashimoto had lifted the trophy in 2025, but this time, her defensive artistry could not withstand the firepower of her compatriot.

Odo’s victory crowned her as the new queen of Lagos, a champion whose attacking game lit up Africa’s premier table tennis stage.

Gusau, has heaped plaudits on Nigeria’s men and women international players who have won League and Cup titles in their different career stations in Europe, saying their accomplishments has not only

is also prove of their quality, class and consistency.

“The NFF is very happy with the achievements of these players in their various clubs and Leagues. It is a thing of joy to see our players winning

are in good form to deliver whenever any international match or tournament comes up.

“We congratulate them warmly and wish them greater heights, while charging them not to rest on their oars but rather

Super Eagles’ ace forward Victor Osimhen won the Turkish Super Lig with his club, Galatasaray. He was a key scorer for the team and helped clinch the title for Galatasaray with one matchday to spare.

Presidency-backed National Basketball Combine Gives Nigerian Youth New Hope

Mikel Arteta celebrating Arsenal’s Premier League title after crowned at Crystal Palace on Sunday

History was made in Lagos at the weekend as hundreds of young basketball talents from across Nigeria stormed the newly renovated Dolphins Basketball Court for the groundbreaking SSATemplar-Adrenale National Basketball Combine, a first-of-its-kind grassroots basketball development event backed by the Presidency.

The atmosphere was electric as players, parents, guardians, coaches, scouts, and sports stakeholders gathered in large numbers for what many described

as a defining moment for grassroots sports development in Nigeria.

Organised through the partnership between the Office of the Senior Special Assistant to the President on Grassroots Sports Development and the Templar-Adrenale Athlete Development Initiative, the event brought together over 200 young basketball prospects from across the country for final evaluations and selections into an international-standard athlete development programme.

39

T H I S D AY • MONDAY, MAY 25, 2026

BACKPAGE CONTINUATION MUSINGS OF A VICTORIOUS CANDIDATE to court, which was why the party decided to do direct primaries. Anyway, God’s wish is fulfilled and you have won the primary, but we must come to your house every day in order to ensure that our enemies do not succeed in subverting your victory. We know they are planning many devilish things. Lawyers, clerics and marabouts are coming in and out of their houses, so we must remain vigilant until the day you win the main election and you are sworn in.’ That is what I hear every day, from so-called supporters.

Pressure from party elders, youth leaders, women leaders, clerics and marabouts is even manageable.

Godfathers are the bigger problem. They are already bringing hefty bills; “In my local government, I had to settle all the clerics, the traditional rulers, the DPO and his men, and then on the day of the direct primaries I hired all the buses in my local government, fifty of them, and they carried your supporters to the voting areas and took them back home. I commissioned ten food sellers to bring food to the voting centers, since it lasted the whole day. Plus the women who made drinks and brought sachet water. And of course there were the town toughs that I deployed to guard the voting centers, because we had information that your opponents will do something hanky panky.

I gave them money to buy sticks and cutlasses.

And I had to add money to the DPO and his men to look the other way because the law said no one should approach the voting center with a weapon. So, here is the total bill.”

As soon as I was declared winner, before I even reached home, the Returning Officer caught up with me in the street, together with other members of the Electoral Panel. He said, “All of us came from outside this state. The party national secretariat called us at short notice and said we must come here and conduct the direct primary. They didn’t even give us transport fare; we all paid our way to get here. Now we are trying to get back home, and we need money to pay for air fares, and you know because of the jet fuel problem, the airlines have increased one-hour flight’s fare to N300,000.

Also, when you are sworn in next year as the governor, please don’t forget us, because we returned a lot of votes for you. In fact, we did Estimated Counting, just like NEPA does Estimated Billing.

Here is the video. You see how we counted, 1, 2, 50, 100, 101, 102, 300, 350, 500… That’s how you got 304,000 votes in this direct primary.”

All this money people are demanding; it has nearly bankrupted me. I sold one of my houses in the state capital for fifty million, and all that money finished just to settle the people who escorted me home after I was declared the winner. Can you imagine what the other operations cost? When His Excellency the Governor called me and said he was anointing me as his successor, I was very happy.

I was expecting him to bring the money, but the first thing he said, my heart sank. He said, ‘I will give you every support. All my commissioners, special advisers, special assistants, state and federal legislators, party elders and officials at all levels,

all the contractors, I will tell them to support you as the consensus candidate. But you should bring the money to close their mouths. I know you have money, as a big contractor, and you once headed a juicy federal agency. I will give you every support but you will bring the money. The little money I got, I must save it for my retirement because I still have many children for whom I will be paying school fees.”

Quite alright, some contractors and a few politicians donated money to me, but always with strings attached. One contractor who is building a new wing to the State Secretariat brought some money to me but said he will add when he applies for variation, which I should approve after I am sworn in next year. Another contractor came and said here are a few millions, but I want you to stop the Auditor General from querying the vouchers on my company’s contracts. And then there are those who brought money and said they want to be appointed commissioners next year.

One of them even chose his portfolio; he said he wants either Finance or Works, but that if I cannot give him those ones, he should be made the Accountant General.

Then the lawyers came. See them, walking into my house with their heavy coats and fat briefcases.

They said, “Sir, you know many sections and subsections of the Electoral Act and INEC Guidelines were breached in this primary election, and your opponents have already brought some SANs from outside the state. We can also help you reach out

to the judges; we must act fast because everything can be lost in the courts, after all your efforts on the political field.”

The one that annoyed them most was even the manager of one local radio station. He came and said, “Sir, we got all these papers, saying you reduced your age during your years of service, and also that the “Doctor” prefix in your name is an honourary doctorate, when the Federal Government has said honourary degree recipients should not affix Dr. to their names. I told my News Editor not to use the story yet until I see you.”

His Excellency the Governor himself stunned me when I went with a team of my supporters to thank him after I won the election. After we greeted him and prayed for him, he told everybody to go out, except me. He then handed to me a piece of paper containing three items. One, that when I take over next year, I will reimburse him N10 billion he spent in the election. Two, he will appoint the SSG, Head of Service, Commissioners of Finance, Works, Justice and Education in my Cabinet as well as the Accountant General and Chairman of SUBEB. And three, I will not allow any probe into contracts awarded during his tenure and will chase away EFCC, ICPC and Code of Conduct Bureau if they come asking any questions.

In fact, the paper I was writing about the policies and programs I will pursue when I am inaugurated next year, it fell from my pocket when I came out of His Excellency’s living room.

THE CBN IS THE THERMOMETER. HERE IS THE FEVER. the savings pool.

The Pool Nobody Talks About Interest rates, at their most basic, are the price of borrowed money. Like the price of anything, they are determined by supply and demand. When the supply of money available to lend is large, the price of borrowing falls.

When the supply is thin, the price rises.

The supply of loanable money comes from savings — specifically, savings formally deposited into the financial system: bank accounts, pension funds, insurance products. That stock is what economists call broad money. Its size, relative to the economy, tells you almost everything you need to know about why rates are where they are.

To have low interest rates, countries need high broad money and low inflation.

Read that table slowly. From top to bottom,

Country

Broad Money (% of GDP) Infla�on Rate Benchmark Rate

Nigeria

30%

16%

26.5%

Ghana

21%

3.4%

14%

South Africa

74%

3.2%

6.75%

United Kingdom 144%

2.8%

3.75%

Sources: IMF Sub-Saharan Africa Regional Economic Outlook; World Bank Development Indicators; respective central bank decisions; national statistics offices. All figures current as of May 2026.

it repeats a consistent story. The deeper the formal savings pool and the lower the inflation,

the cheaper the money.

Ghana’s savings pool remains relatively

shallow by international standards, much closer to Nigeria than to South Africa or the UK. Then Ghana delivered fifteen consecutive months of falling inflation, bringing it down from a crisis peak of 54% in 2022 to 3.4% today.

Its central bank cut the rate from above 25% down to 14% in direct response. The savings pool did not change. The inflation did. And the rate followed.

Which means that if we continue battling inflation there will be scope to cut, but I daresay that unless we can increase savings, in an economy of our size, it won’t make the type of impact we need.

Governor Cardoso could reduce the MPR tomorrow and the structural problem would remain. Banks would still face a thin pool of loanable funds, price in inflation risk, and Continued on page 31

YOUTH PARTY VS INEC: AN ANALYSIS OF THE LIMITS OF INEC'S POWERS TO REGULATE POLITICAL PARTIES earlier than the law required. *Withdrawal and Replacement: Section 31 permits withdrawals "not later than 90 days" before an election, but INEC fixed a deadline that was significantly earlier. *Final List Publication: The Plaintiff challenged INEC’s plan to publish the final candidate list before the 60-day minimum period required by Section 32. *Campaigning: INEC fixed a campaign end date of two days before the election, whereas Section 98 allows campaigning until 24 hours before polling day.

INEC's Defense: INEC argued that "not later than" established a deadline (an outer limit) for administrative convenience and that earlier dates were necessary to manage the logistics of printing and distributing ballots for over 176,000 polling units.

The Judgement Presiding Judge Justice M. G. Umar dismissed INEC’s preliminary objections regarding jurisdiction and locus standi, ruling that the Youth Party had a direct interest in ensuring electoral laws were followed. On the substantive merits, the Court ruled in favour of the Plaintiff, making the following declarations: *No Power to Fix Primary Windows: INEC’s duty to monitor primaries does not extend to fixing the specific timetable within which parties must conduct them. *Prohibition on Abridging Statutory Periods: INEC can not lawfully "abridge or limit" the statutory periods provided in the Electoral Act by prescribing shorter timeframes in its timetable. *Nullification: The Court nullified and set aside all timeframes in the Revised Timetable that were inconsistent with the provisions of the Electoral Act, 2026, specifically regarding primaries, candidate submissions, withdrawals, and campaigning.

Impact on INEC Guidelines and Compliance The ruling establishes several critical precedents for how INEC must draft its guidelines and comply with legislation: *Supremacy of Substantive Legislation: The court affirmed that the Electoral Act is the "Principal Law"

and a "Pillar". Any INEC guideline, regulation, or manual that conflicts with the Act is null and void to the extent of its inconsistency. *Restriction on Administrative Discretion: While INEC has the power to organize elections, it cannot use "administrative convenience" or "administrative procedure" to act in parallel to or override the clear and unambiguous wording of the Act. *Protection of Party Latitudes: The ruling prevents INEC from "tactically altering the latitudes" allowed to political parties by the law. INEC must ensure that its schedules preserve the full statutory windows (e.g., the 120, 90, and 60-day periods) rather than treating them as flexible deadlines. *Mandatory Adherence to Literal Meanings: The court emphasized that where the wording of a statute is clear, INEC must give effect to the ordinary grammatical meaning intended by the legislature, regardless of logistical challenges.

My Counsel Based on the judgment, the following counsel is provided for the various stakeholders involved in the 2027 General Elections: Counsel for the Independent National Electoral Commission (INEC) *Prioritize Statutory Compliance over Administrative Convenience: INEC must ensure that any Revised Timetable or Guidelines are strictly subordinate to the Electoral Act, 2026. The Court held that the Act is the "Principal Law" and a "Pillar" upon which all regulations must lean; therefore, administrative procedures cannot be used to act in parallel to or override clear statutory provisions. *Respect Statutory Windows: INEC should refrain from "abridging or limiting" the timeframes explicitly provided in the Act. For instance, the Commission must respect the 120-day period for candidate submissions, the 90-day period for withdrawals/ replacements, and the *60-day minimum* for publishing the final list. *Relinquish Control Over Primary Timetables: The Commission must recognize that its power to monitor primaries does not extend to fixing the specific window within which parties must conduct

them. Provided a party gives the required 21-day notice, it has the autonomy to set its own dates. *Adopt Literal Interpretations: INEC should avoid interpreting "not later than" as a tool for creating significantly earlier deadlines. The Court emphasized that when statutory wording is clear, it must be given its ordinary grammatical meaning.

Counsel for Political Parties *Assert Your "Latitudes": Parties should take advantage of the full statutory timelines restored by this ruling. The Court noted that INEC's previous timetable had "tactically altered the latitudes" allowed to parties; you are now legally permitted to exercise your rights to the full extent of the Electoral Act without unauthorized restriction. *Internal Democracy Autonomy: Parties have the right to conduct primaries at their discretion, provided they comply with Section 82(1) by giving INEC at least 21 days' notice. This prevents the "significant restriction" of internal democratic processes that the Court found in INEC's compressed deadlines. *Regulatory Watchfulness: Smaller or resourceconstrained parties should remain vigilant. The Court acknowledged that compressed deadlines could disproportionately favour larger parties and undermine fair competition. Use this judgment as a legal shield against future attempts to prematurely close submission or withdrawal windows.

Counsel for Politicians (Contestants) * Extended Campaigning: Contestants should note that they are legally entitled to campaign until 24 hours before the election, as per Section 98 of the Act, regardless of any INEC guideline attempting to end campaigns earlier. * Flexibility in Candidacy: Candidates have more time for strategic decisions. The right to withdraw or be replaced is protected up until 90 days before the election, providing a wider window than INEC’s originally compressed schedule. * Legal Standing for Redress: This ruling reaffirms that if a contestant or party feels their rights under the Electoral Act are being infringed

by INEC's administrative actions, they have the

locus standi to seek immediate judicial redress.

Conclusion and Key Takeaways The judgment in Youth Party v. INEC serves as a definitive legal affirmation of the supremacy of substantive legislation over administrative regulations. The core conclusion of the Court is that while INEC has the mandate to organize and monitor elections, this authority must be exercised strictly within the boundaries set by the Electoral Act, 2026.

The key takeaways from the ruling include: *Protection of Statutory Latitudes: The Court concluded that INEC's "compressed deadlines" were an attempt to "tactically alter the latitudes" granted to political parties by the legislature. By nullifying these deadlines, the Court restored the full statutory windows for primaries, candidate submissions, and withdrawals. * Rejection of Administrative Convenience: The Court rejected INEC's argument that earlier deadlines were necessary for "administrative convenience" or logistical feasibility. It held that where the words of a statute are clear and unambiguous, they must be given their ordinary grammatical meaning, regardless of the Commission’s internal procedural preferences. *Affirmation of Party Autonomy: The ruling clarifies that political parties maintain the autonomy to set their own primary election dates—subject only to the 21-day notice requirement—and that INEC lacks the power to prescribe a specific "window" for these activities. * Judicial Oversight of INEC: By dismissing INEC’s preliminary objections, the Court confirmed that registered political parties have the locus standi to challenge any administrative action by the Commission that threatens to infringe upon their civil rights or statutory obligations.

Ultimately, the judgment ensures that the 2027 General Elections must proceed on a timetable that respects the timeframes mandated by law, thereby safeguarding a level playing field for all political participants and upholding the integrity of the democratic process.

Price: N400

MONDAY, MAY 25, 2026 • T H I S D AY BACK PAGE LEAD PHOTOGRAPH

A PARTNERSHIP TO PROMOTE NIGERIAN CULTURE GLOBALLY...

L-R: The Executive Officer, Rolling Stone Africa, David Romuld; Founder, House of Sota/ Black History and Lifestyle Award (BHLA), Folashade Balogun; and Editor in Chief , Rolling Stone Africa, Gwen Madiba at a Press Conference to Announce the 10th year of House of Sota Black History and Lifestyle Award in Partnership with Rolling Stone Africa to promote Nigeria Culture Globally held in Lagos on Friday PHOTO: SUNDAY ADIGUN

MAHMUDJEGA VIEW FROM THE GALLERY

Musings of A Victorious Candidate

T

ell them I am coming! Haba! You mean I cannot get some rest, even after I have been declared the winner of this primary election and our party’s governorship candidate?

I cannot even remember the last time I lay down on my bed and slept for more than an hour. Visitors, visitors, day and night.

Every time it is people, people, people. These ones will come; even before they go, another set of people will come; soon followed by another set.

One group will say, we are the party elders, and at the caucus meeting tomorrow we will stand firmly and ensure that you are adopted as the consensus candidate. Another group will say, ehn, we are the grassroots party leaders, we are here to pledge our support, to reaffirm our loyalty to you, to assure

been knocking at doors, we have mobilised all our family members, our relatives, our neighbours, even our customers in the market, our tenants and all our in-laws. All of us will turn out and vote for you in the direct primaries.

Another group will come and say, we are the top clerics in this state. We have been praying for you, day and night, and surely God will answer our prayers. Even during the last election, we were the ones who prayed for His Excellency and that was how he was elected by a landslide vote. And then the marabouts will come and say, Your Excellency, don’t worry. We have tied the Tinubu hands of His Excellency the Governor and we you that we are working day and night to ensure have blinded the eyes of the Returning Officer. your victory in the primary election, that we have You will be adopted by consensus and even if

it is direct primaries, the Returning Officer must return you, otherwise his feet will be on fire and his hands will be trembling. All we need are two fat cows, four white rams, five black goats and ten red hens, and then leave the rest to us.

Even after I was declared the winner, a large team of party elders came and said, ‘It was not even our wish that it came to direct primaries. We thought it had all ended when His Excellency the Governor anointed you as his chosen successor. We were very happy with that, but then, these two other people who do not know God, refused to accept the consensus arrangement and threatened to go Continued on page 39

KEMIADEOSUN

THE DESK — FINANCE, POLICY & THE VIEW FROM THE STREET

The CBN is the Thermometer. Here is the Fever.

•If Nigeria wants lower interest rates, we need to stop looking at the CBN

G

overnor Cardoso — with the greatest of respect — it is not you.

I can already see some people Googling my credentials. Save the data. I studied economics before I became an accountant, and economics — unlike most things you study — never quite leaves the bloodstream. I am not claiming omniscience.

I am claiming a view. And the view is this: if we really want lower interest rates, the CBN

Governor is not the person to look to.

With the greatest of respect to Governor Cardoso, the room where Nigeria’s interest rate is actually set is not in Abuja. It is in the save-or-spend decisions households and companies make and whether we trust the institutions enough to leave money there.

Let me explain. And I will keep it simple, because this is one of those topics where jargon makes people feel they cannot have

a view. You can.

How Interest Rates Are Actually Set The CBN Governor announces a rate after a committee meeting. But here is the thing the commentary almost never says clearly: The Monetary Policy Committee does not decide that number. It is read from the underlying condition of the Nigerian economy, the way a doctor reads a temperature from a thermometer.

The thermometer did not cause the fever. It

is reporting it.

Two things cause the fever. Inflation is the first and most visible — and yes, with Nigeria's rate still at 16% and ticking upward again, the CBN's decision to hold this week was correct. You do not cut into rising inflation and call it progress.

But the deeper driver, rarely discussed is Continued on page 39

MOMODUKASSIM-MOMODU GUEST COLUMNIST

Youth Party Vs INEC: An Analysis of the Limits of INEC's Powers to Regulate Political Parties

S

ummary of the facts, the judgement, and the impact of the ruling in Youth Party vs.

INEC (Suit No: FHC/ABJ/CS/517/2026).

The Facts

The dispute arose after the Independent National

Electoral Commission (INEC) released its "Revised Timetable and Schedule of Activities for the 2027 General Elections" on February 26, 2026.

The Youth Party (the Plaintiff) filed an Originating Summons challenging several specific timeframes in this timetable, arguing they were "compressed"

and inconsistent with the Electoral Act, 2026.

The Plaintiff’s primary contentions included: *Primary Elections: INEC fixed a specific window (April 23 to May 30, 2026) for primaries, which the Plaintiff argued INEC lacked the statutory power to prescribe.

*Submission of Candidates: While Section 29(1) of the Act requires parties to submit candidate particulars "not later than 120 days" before an election, INEC's timetable forced these submissions much

Continued on page 39

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