Issuu

Atiku, Obi, ADC, Others Question Tinubu’s Extended Holidays, Want Clarity on Status Presidency: Tinubu is hale and hearty

Deji Elumoye, Chuks Okocha, Emmanuel Addeh, Sunday Aborisade in Abuja and Omon-

Julius Onabu in Asaba

With speculations doing the

rounds about President Bola Tinubu’s alleged extension of his holidays, opposition leaders

have fully taken up the matter, alleging constitutional breaches. Presidential candidate of

African Democratic Congress (ADC), Atiku Abubukar, while querying the extended holidays of

the president, said Nigerians had Continued on page 7

FG, UNHCR Seek $10bn Investment to Turn Displacement Zones into Economic Hubs... Page 31

Monday, Monday, September January28, 6, 2026 2025 Vol Vol29. 31.No No10865. 11495. Price: N400

www.thisdaylive.com TR

UT H

& RE A S O

See page 5

Dangote Eyes $35bn Annual Profit By 2030, to Invest $8bn in LNG Plant President Ruto: Lagos refinery masterpiece of science, engineering, art $17bn Lamu Refinery: First 2,930-tonne cargo arrives, flag-off set for Wednesday NGX Chair: Dangote IPO reflects Tinubu's economic dividend to Nigerians

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The Dangote Group has unveiled more details of its ‘Vision 2030’, targeting over $115 billion in group turnover and $35 billion in annual profit by 2030, anchored on nearly $50 billion in new investments across Africa. This, it said, includes an $8 billion 13-metric-tons-per-annum (MTPA) Liquefied Natural Gas (LNG) plant, and a new East Africa refinery in Lamu, Kenya. President and Group Chief Executive of Dangote Industries Limited, Alhaji Aliko Dangote, provided the latest details in the plan during the visit of Kenyan President, Dr. Williams Continued on page 7

ANNOUNCEMENT OF NIPCO’S FLOATING LIQUEFIED NATURAL GAS...

L–R: Managing Director, NIPCO Gas Ltd, Nagendra Verma; Group Executive Director, NIPCO Plc, Alhaji Abdulkadir Aminu; Chairman, Chief Bestman Anekwe; and Managing Partner, P.C. Obi & Co. (Company Secretaries to NIPCO Group), Paul Chukwuma Obi, SAN, at the announcement of the group’s floating Liquefied Natural Gas (LNG) project in Nigeria, held at the company’s Abuja office. PHOTO: NIPCO GROUP

MONDAY, SEPTEMBER 28, 2026 • T H I S D AY

T H I S D AY • MONDAY, SEPTEMBER 28, 2026

PAGE SIX

Oyetola: Port Modernisation Will Cut Nigeria’s Logistics Costs, Improve Capacity As VP’s aide, Obayendo urges FG to overhaul transport sector to unlock economy

Sunday Okobi

Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has stated that comprehensive seaport modernisation will improve efficiency, capacity, and competitiveness across Nigeria’s transportation and logistics system. Oyetola made the point

yesterday in Lagos at the 2026 Transport Industry Summit organised by Transport Correspondents Association of Nigeria (TCAN). Equally speaking at the summit, Technical Adviser to Vice President Kashim Shetima on Transportation, Logistics, and Innovation, Prince Segun Obayendo, urged the federal government to

accelerate the transformation of Nigeria’s transportation and logistics system through greater integration of road, rail, waterways, ports, and other modes of transport, with technology and professional regulation to reduce the cost of moving people and goods. Oyetola was represented by Director, Inland Transport Services, Nigerian Ports

Economic Regulatory Agency (NPERA), Mr. Paul Garnuwa. He said transportation logistics directly influenced investment, production, trade, and employment through the cost, speed, reliability, and predictability of moving goods across Nigeria. The minister said ports and waterways must function as interconnected components

of the wider transport chain, alongside roads, rail, warehouses, and distribution networks nationwide. Oyetola said the federal government was focusing on improving maritime infrastructure and efficiency to strengthen Nigeria’s capacity to participate competitively in regional and global trade. He announced that

DANGOTE EYES $35BN ANNUAL PROFIT BY 2030, TO INVEST $8BN IN LNG PLANT

Ruto and his wife, Rachel, to the Dangote Petroleum Refinery and Petrochemicals Complex at Ibeju-Lekki, Lagos, at the weekend, ahead of Wednesday's groundbreaking of the facility in Lamu. Ruto, who toured the 650,000 barrels per day refinery, the world's largest single-train facility, described it as a masterpiece of science and engineering with art. He revealed that five African presidents, out of eight invited, have confirmed their attendance to the Lamu refinery groundbreaking, which will be developed by Dangote in partnership with the Kenyan government. The Vision 2030 roadmap comes as Dangote Group pushes ahead with its broader industrialisation drive across the continent. In Nigeria, the group already operates Africa's largest cement producer, the 700,000 bpd refinery and targeting 1.4 million bpd, a 3 million tons per annum fertiliser plant which is the world's second largest urea complex, petrochemicals, and a massive gas and power infrastructure in Lekki Free Trade Zone. The group has launched the Dangote Refinery Initial Public Offer (IPO), which is expected to be the largest in Africa's history and to crystallise value for the conglomerate. Management said internal forecasts show revenues and cash flows from existing assets will fund equity for the $50 billion capex, while debt commitments have been secured from financiers including Africa Finance Corporation (AFC). “All these are businesses that we are already operating or planned. The only one that we

have not started at ground zero is the LNG. So the contribution of the LNG is only $8 billion. But then we don't have mining. We don't have the other businesses that we have. This is just to make sure that in the worst case, we will not be less than $115, 120 billion dollars by 2030. “Because what we are trying to do is to say, so where will we be by 2030? Where are we going to be? So we'll have a group that can have a profit of $35 billion on an annual basis, which we can now plan again another five years. So if you do this one, if you are going to list, it means that we can have a group worth over $350 billion. So that's the plan and vision 2030,” he said. He disclosed that Lamu will host a bigger power plant than Lekki, generating about 1,000 megawatts from petcoke, with 500MW to be sold to the Kenyan government. “So here I will give you a sense of what we are going to have in Kenya. But Kenya will be a little bit bigger than what you are going to see today. And I'm happy that you brought our dear sister, Her Excellency, so that when the Lamu project is taking a lot of your time, she'll forgive you,” Dangote added. In a presentation, Group Chief Strategy Officer of Dangote Industries Limited, Mr. Aliyu Suleiman, said the Vision 2030 was driven by the conviction that only Africans will develop Africa, leveraging Dangote's track record of building world-class businesses. “The aim of the vision is to lead Africa's industrialisation because we realise that nobody will develop Africa but us... All

our companies will operate at the level of the best in the world,” Suleiman said. Suleiman added that beyond refining, the group is eyeing port infrastructure, gas infrastructure, LNG, upstream, power and mining, and is confident the $50 billion can be financed from internal cash flow and committed debt. In his remarks after the tour, Ruto said the stopover from the United Nations General Assembly (UNGA) was worth every minute and confirmed his government is fully behind the Lamu project. “I was on my way from the UNGA but Dangote asked me to make a stopover and now I can say, without fear of any contradiction, that this visit was worth every minute of the time I have spent here,” Ruto said. He recalled that Kenya initially sought fertiliser imports from Dangote but talks shifted at the Build Africa Summit in April to building a regional refinery. “Initially, we were thinking of how we could import fertiliser from here. But this year, five months ago, the game changed when Samaila invited us to a meeting where he persuaded us to build Africa... And I am very happy that, on the 30th, Wednesday next week, we will be breaking ground for the East African oil refinery in Lamu,” he said. Ruto described the Ibeju-Lekki complex as beyond bravery. “I can confirm that I have seen a masterpiece. A masterpiece of science, engineering, and art... I always knew Nigerians to be very brave people, very aggressive and go-getters. But I didn't anticipate

that it was at this scale... to do what Aliko has done in this refinery, I think being brave is not enough. I think you have to be reckless,” Ruto said. He said eight regional presidents were invited for Lamu, five have confirmed, and Kenya has secured land and is clearing bureaucratic enablers to fast-track first products. “We are not looking at this as just a refinery... We're looking at a refinery that is also going to elevate our industrial scale... We're also looking at the opportunities that are going to come with this, especially in the space of improving our human capital in engineering, chemical engineering, mechanical engineering, and all the engineering spaces,” Ruto said, joking that Kenya's standards are higher. Meanwhile, the construction of Aliko Dangote’s proposed 700,000-barrel-per-day refinery in Lamu, Kenya, has moved into a new phase with the arrival of the first vessel carrying project cargo at Lamu Port, as preparations intensify for the September 30 groundbreaking ceremony. The vessel, MV Da Yang Bai He, arrived at the port on Saturday carrying 2,930.295 metric tonnes of construction materials for the refinery project, according to Kenya’s Daily Nation. The arrival marks the first major consignment reported at the site ahead of the commencement of construction. The refinery, estimated at between $15 billion and $17 billion, is expected to be developed over about three years and will form the centrepiece of a broader energy and industrial complex planned around the Lamu investment. President William Ruto is

expected to preside over the groundbreaking on Wednesday, alongside Dangote and several heads of state. The project is designed to process up to 700,000 barrels of crude oil per day and supply refined petroleum products to Kenya and seven other countries in the region when fully operational. The development comes as Kenya seeks to strengthen its domestic refining and energy infrastructure while positioning Lamu as a major industrial and logistics hub. Also, the Chairman of Nigeria Exchange Limited (NGX), Mr. Ahonsi Unuigbe, has said the recent Dangote IPO is a reflection of the economic dividend of President Tinubu’s administration considering the exchange performance under his watch. Speaking at a fact behind the Dangote IPO of 4,100,000,000 units of ordinary shares issued at N525 per share event held recently, Ahonsi, said that putting the offer in the broader context of the Nigerian economy, the nation's capital market, starting with the Exchange itself has shown such noteworthy performance. He said that in 2025, the NGX All-Share Index rose by 51.19 per cent, while equity market capitalisation almost tripled from N36.6 trillion to N99.38 trillion. Ahonsi also said that this strong momentum has continued into 2026, adding that by early September, the market had gained approximately 59 per cent year-to-date, with equity market capitalisation now exceeding N160 trillion. He stressed that the reforms

ATIKU, OBI, ADC, OTHERS QUESTION TINUBU’S EXTENDED HOLIDAYS, WANT CLARITY ON STATUS

a right to know his whereabouts. The presidential candidate of Nigeria Democratic Congress (NDC), Mr Peter Obi, also expressed concern over the president’s continued absence from Nigeria and the 81st United Nations General Assembly in New York. Similarly, ADC Presidential Campaign Council (PCC) demanded an explanation from the presidency over Tinubu’s continued absence from the country, six days after the expiration of his originally announced three-week vacation. Atiku, in a statement by his Media Aide, Paul Ibe, said, ''President Bola Tinubu @ officialABAT left Nigeria on 30 August for what the Presidency

described as a three-week annual vacation. ''That period expired days ago. His return was subsequently extended, and reports today indicate that his expected return today has been postponed yet again. ''The obvious question is: what exactly is keeping the President of Nigeria in Paris? President Emmanuel Macron @ EmmanuelMacron has attended to France’s international engagements and returned home, yet Nigeria’s president remains in France while his country confronts serious security, economic and cost-of-living challenges,'' he stated Atiku, who raised the constitutional implications of

Tinubu's continued absence in Nigeria said, ''More importantly, there is a constitutional question that cannot simply be wished away. 'Section 145(1) of the Constitution requires a President proceeding on vacation beyond 21 days to transmit a written declaration to the President of the Senate @SPNigeria and Speaker of the House of Representatives @ Speaker_Abbas, enabling the Vice-President @officialSKSM to perform presidential functions as Acting President. ''Section 145(2) goes further: if the President fails to transmit that declaration within 21 days, the National Assembly shall, by a simple majority of each House,

mandate the Vice-President to perform the functions of President. ''President Tinubu has now been away for 28 days, 7 days longer than 21 days. So, where is the letter? If it was transmitted, let the Presidency, Senate President or Speaker publish it. ''If no letter was transmitted, Nigerians deserve to know why the constitutional procedure has not been followed. We do not want to believe insinuations that the inner circle of Tinubu are scared of Shettima being handed the Acting President authority. 'Former President Muhammadu Buhari transferred presidential functions to Vice-President Yemi Osinbajo on five occasions occasions

during his tenure, including through formal Section 145 communications to the National Assembly. ''There is also speculation that President Tinubu is in France for medical reasons. That is precisely why the presidency should provide a clear explanation. ''Nigerians are entitled to know why their President has remained abroad beyond his announced vacation and, above all, whether the Constitution has been complied with. 'The Constitution is not optional. And Nigeria cannot be placed on indefinite vacation while Tinubu plays absentee President,'' he stressed.

Oyetola

Nigeria would commence its most ambitious seaport modernisation programme in more than five decades, following approval by President Bola Tinubu. undertaken by the President Bola Tinubu administration may not have been easy, but argued that Nigerians are beginning to see clear signs of greater confidence in the Nigerian economy. “His Excellency, President Bola Ahmed Tinubu has set out a $1 trillion GDP target for the economy by 2030 which is a significant ambition, and it will require businesses of scale, investment, job creation and companies that are able to compete not just in Nigeria, but across Africa and globally. “To achieve such an economy, we need more Dangotes. We need many more locally created businesses of such scale and ambition, across different sectors, that are prepared to grow, create jobs, attract capital and compete beyond Nigeria. “I think that is perhaps one of the biggest legacies that Alhaji Dangote has built. It shows that ambition is not just possible, but attainable, but it requires people who are prepared to think big, take risks and actively build. “International rating agencies are recognising improvements in Nigeria’s external position, foreign exchange reserves growth, and macroeconomic resilience. “We are all aware that in May, S&P upgraded Nigeria’s sovereign rating from B- to B, and in August, Moody’s moved Nigeria’s outlook from stable to positive. Noteworthy of mention is the fact that these assessments come as Nigeria approaches another election cycle, a period that traditionally introduces additional uncertainty and risk. Yet, the sentiment remains optimistic, which makes this even more meaningful,” he stated.

Obi: Where Is Nigeria’s President? Obi equally questioned the whereabouts of Tinubu, expressing concern over the president’s continued absence from Nigeria and his non-attendance at the 81st United Nations General Assembly in New York. Obi, raised the issues on Sunday in a post on his X handle, shortly after watching the address delivered by Ghanaian President, John Dramani Mahama, at the ongoing UN General Assembly. The former governor of Anambra State, asked, “Where is Nigeria’s Continued on page 35

NEWS

T H I S D AY • MONDAY, SEPTEMBER 28, 2026

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

KENYAN PRESIDENT'S VISIT TO DANGOTE PETROLEUM REFINERY AND FERTILISER PLANT...

L-R: Group Vice President, Business Units, Dangote Industries Limited, Olakunle Alake; Economic Adviser to the President of Kenya, Mohammed Hassan; President and CEO, Africa Finance Corporation (AFC), Samaila Zubairu; President/CEO, Dangote Industries Limited, Aliko Dangote; President of Kenya, Dr. William Samoei Ruto; his wife, Rachel Ruto; and Group Vice President, Oil & Gas and Fertiliser, Dangote Industries Limited, Devakumar Edwin, during the Kenyan President's visit to the Dangote Petroleum Refinery, Petrochemicals and Fertiliser Plant, Lekki, Lagos, last Friday

Shettima Flays Security Council's Exclusion of Africa, Says It Subverts Global Governance Legitimacy Meets UN Deputy Secretary-General, Amina Mohammed, as Nigeria rallies behind global body

Deji Elumoye in Abuja

Vice President Kashim Shettima has said Africa’s continued exclusion from permanent membership of the United Nations (UN) Security Council undermines the fairness and legitimacy of the global governance system. Shettima reaffirmed Nigeria's support for urgent reform of the United Nations, stating that Nigeria would remain a dependable partner in efforts to rebuild trust among nations, defend international law, and address hunger, violence, and exclusion. He spoke at the weekend during a meeting with United Nations Deputy Secretary-General,

Hajiya Amina Mohammed, on the side-lines of the 81st United Nations General Assembly in New York. The vice president commended the UN Secretary-General, António Guterres, for his consistent support for a more representative Security Council, particularly his declaration that a 21st-century Council without permanent African representation is “unjust and indefensible”. Shettima said, “A continent cannot be summoned to bear the burdens of the international order and then denied an equal hand in directing it.” He maintained that Nigeria would continue to support reforms that make international institutions more representative,

responsive, and credible, stressing that global decisions must better reflect contemporary geopolitical and demographic realities. He also praised Guterres for defending international law and human dignity amid widening global conflicts and rising geopolitical tensions. According to vice president, "You have remained a voice of reason as individual states drift from the obligations they assumed under the United Nations Charter and the rules of international law. “You have insisted that sovereignty carries duties, that might confers no licence to injure, and that the worth of a human life cannot vary with the flag above it."

He warned that diplomacy must not lose sight of the human consequences of war and instability. “The mother searching for her child, the family driven from home, and the hungry child awaiting food must never become abstractions in the language of states,” he added. Shettima also commended Mohammed for her contributions to multilateral diplomacy and sustainable development, describing her service as a source of pride to Nigeria. He told the UN deputy secretary-general, “Nigeria will remain a willing ally in the work of restoring trust among nations and dignity to lives diminished by hunger,

West Africa Unites Over Water Crisis, Adopts Regional Action Plan ECOWAS, UEMOA, CILSS seek stronger control of shared rivers, climate resilience Cabo Verde to host next forum Michael Olugbode in Abuja West African countries have moved to strengthen regional control and cooperation over their increasingly strategic water resources, adopting a common agenda aimed at tackling water insecurity, climate pressures, transboundary disputes and inadequate financing of the sector. The decision was reached at the inaugural West Africa Regional Water Forum (FREAO) in Abidjan, Côte d’Ivoire, where governments and regional institutions agreed to translate water governance from a largely technical concern into a strategic instrument for food security, economic transformation, environmental protection and

regional stability. The two-day forum, held September 24 – 25 under the theme, “Valuing Water to Transform West Africa,” was convened by the Economic Community of West African States (ECOWAS), in partnership with West African Economic and Monetary Union (UEMOA) and Permanent Interstate Committee for Drought Control in the Sahel (CILSS). It culminated in the adoption of the Abidjan Declaration, a shared regional water roadmap, and the designation of Cabo Verde as host of the next edition. The outcome is particularly significant for West Africa because water resources across the region do not follow national

boundaries, with major rivers and basins shared by several countries. The challenge is no longer simply about whether individual countries have enough water, but how governments can jointly manage resources that flow across borders while responding to growing demands from agriculture, energy, industry, households, and ecosystems. Opening the forum on behalf of the Ivorian government, Prime Minister Robert Beugré Mambé called for stronger cooperation in the management of shared water resources, describing water governance as a strategic political choice and a pillar of regional stability. Representing ECOWAS

Commission President, General Birame Diop, Commissioner Amin Amidu Sulemani described the gathering as a regional call to action to strengthen water security and climate resilience. President of African Ministers’ Council on Water (AMCOW) and Senegal’s Minister of Water and Sanitation, Dr Cheikh Tidiane Dièye, connected the forum to Africa’s wider water agenda and preparations for the 2026 United Nations Water Conference. Participants examined Integrated Water Resources Management (IWRM), sustainable financing, climate resilience, water diplomacy and transboundary cooperation, while reaffirming the strategic importance of water to the region’s future.

violence and exclusion. “We owe our children a world in which conscience has authority and the law has meaning.” The vice president added that the credibility of the international system would eventually depend on its ability to respond fairly to human suffering and provide all regions with a meaningful voice in global decision-making. “Civilisation endures only when the suffering of a stranger becomes a claim on our conscience,” he said. Earlier, Mohammed expressed gratitude to Nigeria and the administration of President Bola

Tinubu for the support to the UN as an institution and to her office as the deputy scribe of the global body. She stated, "It's a deep honour to have your esteemed delegation here to come and surprise me. I am truly honoured and grateful. "I want to thank through you, the President of the Federal Republic of Nigeria President Bola Tinubu, and you for embracing me wholeheartedly not just as the DSG but as a daughter of the soil. He has been an incredible support to me, and he has also supported this institution."

Stakeholders Warn Skills Investment May Yield Little Without Power, Finance, Markets, Others

James Emejo and Aminat Hassan in Abuja

Stakeholders in the creative sector have warned that billions of naira being channelled into vocational and practical skills development could yield little economic impact unless young entrepreneurs can overcome the twin constraints of unreliable power, limited finance and weak access to markets. The concern emerged at the graduation ceremony of the 2026 class of Springfield Fashion Academy (SFA) in Abuja, over the weekend, where speakers expressed reservation that training young Nigerians was only the first step in tackling unemployment and expanding the pool of small businesses in the country. The challenge, they said, was creating an environment in which newly acquired skills could be converted into sustainable enterprises capable of generating income

and employment. The Founder and Creative Director of SFA, Blessing Ugwuodo, said the academy had deliberately combined technical fashion training with business skills to enable graduates to operate beyond the traditional role of tailoring. According to her, the fashion industry offers opportunities in production, branding, marketing, merchandising and other creative businesses, but young people must be equipped to identify and exploit those opportunities. “At Springfield, we don’t just prepare them for the industry. When you learn fashion, it does not mean that all you are going to do is tailoring,” she said. Ugwuodo said the academy’s Business of Fashion programme was designed to expose trainees to pricing, branding, marketing and the use of technology and social media to attract customers and build businesses.

T H I S D AY • MONDAY, SEPTEMBER 28, 2026

NEWS

ACCESS BANK TURKISH DESK LAUNCH...

L-R: Yetunde Sanda, Group Head, Commercial Banking Division, Access Bank Plc; Deputy Chief of Mission, Turkish Embassy, Her Excellency, Elif Durdu; Executive Director, Commercial Banking Division, Access Bank Plc, Hadiza Ambursa; and Group Head, Global Advisory Desks, Access Bank Plc, Lookman Martins, during the launch of the Access Bank Turkish Desk, held at The Destination, Abuja... recently

Reps Query CBN, FRC, KPMG, EY Over Alleged Irregularities in Audited Accounts Demand CBN’s 2024, 2025 financial statements, seeks FRC’s review

Sunday Ehigiator

House of Representatives Committee on Delegated Legislation has queried Central Bank of Nigeria (CBN), Financial Reporting Council of Nigeria (FRC), and audit firms, KPMG and Ernst & Young (EY), over alleged irregularities in the apex bank’s 2024 and 2025 audited financial statements. The committee, in separate letters dated September 22, 2026 and signed by its Chairman, Hon. Olufemi Bamisile, demanded

relevant financial documents and explanations from the institutions, while also requesting the full analysis prepared by President Bola Tinubu’s former Special Investigator, Jim Obazee. The move followed concerns raised by Obazee during the commissioning of the FRC headquarters in Lagos on September 1, where he reportedly called for the withdrawal and restatement of CBN’s 2025 audited accounts over alleged irregularities. The committee requested CBN to submit its summary consolidated

Bagudu, Onigbinde, Rafsanjani Speak Today on Budget Padding, Insertions Akpabio, Barau, Adeola, Sani Musa, Adaramodu, Others for Senate Press Corps Workshop Sunday Aborisade in Abuja Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; Director of BudgIT, Oluseun Onigbinde; and Executive Director of Civil Society Legislative Advocacy Centre (CISLAC), Auwal Rafsanjani, will today lead discussions on budgetary integrity, insertions, and legislative oversight at the 2026 Capacity-Building Workshop of the Senate Press Corps. The workshop, scheduled to hold at the National Assembly, Abuja, will bring together senior lawmakers, budget experts, civil society advocates, media professionals, and technology practitioners to examine ways of strengthening scrutiny of the national budget and improving accountability in public expenditure. The event, organised by

the Senate Press Corps, has as its theme, “Leveraging Legislative Oversight and Media Collaboration to Safeguard the National Budget from Unlawful Insertions.” The Senate Press Corps Chairman, Taiye Odewale, in a statement, also said the Publisher of Eagle Times Newspaper, Ikechukwu Chukwunyere, will make presentation at the occasion. The workshop comes amid continuing public interest in the integrity of Nigeria’s budget process, particularly the processes through which appropriations are scrutinised, amended and implemented. The organisers said the theme was informed by the need to strengthen legislative oversight and responsible journalism as instruments for ensuring that the national budget reflects approved priorities and serves the broader interests of Nigerians.

and separate financial statements for 2024 and 2025, as well as the full audited versions of the statements for both years. It also asked KPMG and EY, the audit firms responsible for auditing CBN’s accounts, to provide copies of the full consolidated and separate financial statements for 2024 and 2025. In its letter to FRC, the committee requested copies of the 2025 audited accounts reviewed by the council, its own assessment of the accounts, approvals given to CBN in respect of the financial statements, and its position on the concerns raised by Obazee. The letter stated, “In view of your role as the supreme regulator in the country, as enshrined in sections 7(2a), 8(1a, b, d, e, f, g, h, and n), and 59 of the FRC Act 2011, empowering you to supervise the CBN and scrutinise the apex bank’s accounts and those of others,

our committee is requesting you to provide us with copies of the audited accounts, the approvals given to the government banker on the audited accounts, and your views on the remarks by Mr. Obazee.” The committee said the request became necessary following reports of alleged irregularities in CBN’s financial statements and claims attributed to Obazee that said the National Assembly and the presidency were misled by the documents. Bamisile said the concerns were particularly significant given CBN’s responsibilities as the government’s banker, regulator of the banking industry, and a key institution in the formulation of Nigeria’s macroeconomic policies. The letter also stated, “The news report, credited to the speech by Mr. Obazee and distributed at your event, revealed several

alleged irregularities in the CBN’s audited financials. “These touch on the integrity of the document, the bank, and its board, and cast doubt on whether these audited accounts can be relied upon for policy decisions.” The committee also wrote to Obazee, requesting the full eightpage analysis or speech in which he detailed his concerns about CBN’s 2025 summary consolidated and separate financial statements. It said, “In your reported address, you raised key observations and highlighted a series of alleged irregularities in the CBN’s 2025 audited financials, leading you to conclude that the Governor of the bank deceived both the National Assembly and the Presidency.” The committee stated, “In view of the gravity of these concerns, we respectfully request the full eight-page analysis and/or

speech delivered at the event. Please be advised that you will also be invited to appear before the Committee to defend your analysis and explain your findings regarding the alleged irregularities.” The committee said it was also concerned that there had been no public response or rebuttal from CBN, FRC or the audit firms regarding the allegations raised by Obazee. Addressing CBN, Bamisile stressed the importance of the integrity of its audited financial statements to economic decisionmaking. he stated, “As the institution that regulates the banking industry and formulates macroeconomic policies, the audited financial statements are key documents relied upon by the federal government for policy and investment decisions, and by foreign investors as a mirror of the Nigerian economy.

Sanwo-Olu Unveils Lagos GBV Prevention Policy, Urges Nationwide Action Sunday Ehigiator

Governor Babajide Sanwo-Olu of Lagos State has called for a fundamental shift in the fight against Gender-Based Violence (GBV), saying the greatest victory would be to prevent violence from occurring rather than simply becoming better at responding to reported cases. Sanwo-Olu, represented by Secretary to the State Government, Abimbola SaluHundeyin, spoke yesterday at the National Convening of Gender-Based Violence State Coordinators in Lagos, where the state launched its Gender-Based Violence Prevention Policy. The governor said the policy

marked a deliberate move from a predominantly reactive approach to one that addressed the attitudes, behaviours, and social conditions that enabled violence. He said, “Our greatest victory will not be becoming better at responding to violence. Our greatest victory will be creating a society in which fewer people experience violence in the first place.” According to him, while receiving complaints, protecting survivors, providing medical and psychological support, investigating cases, and pursuing justice remain essential, government and society must also confront what happens

before violence occurs. He stated, “Prevention means confronting harmful behaviours before they become violent. It means educating our children about dignity, respect, boundaries and responsibility. It means empowering families, teachers and communities to recognise warning signs and act earlier.” Sanwo-Olu said the responsibility for preventing GBV extended beyond government to families, schools, traditional and religious institutions, the media, private sector, civil society organisations, and communities. He stressed that survivors must be able to access safety, care, justice, healing and

restoration without encountering institutional barriers. He said, “When a survivor reaches out for help, there must not be a wall between that person and justice. “There must be a pathway to safety, a pathway to care, a pathway to justice and, ultimately, a pathway to healing and restoration.” The governor stated that Lagos had made significant investments in strengthening its response mechanisms, survivor support, access to justice, public awareness and prevention programmes, but said the state must now focus on preventing the next case rather than only responding to the last one.

MONDAY, SEPTEMBER 28, 2026 • T H I S D AY

CAREER OPPORTUNITIES AT JAMES HOPE COLLEGE, LAGOS James Hope College is a private world class day and residential co-educational secondary school in the tranquil area of Lekki, Lagos State. We offer a Nigerian/British curriculum. We require suitably qualified and experienced professionals to occupy the positions below. Our ideal candidates should possess the specific educational qualifications and experience as specified in this advertisement.

TEACHING STAFF •

Teacher of Computer Science/Digital Technologies/Computer Hardware & GSM Repairs

Minimum of B.A./B.Sc. (with PGDE/PGCE) or B.Ed. in the subject concerned with at least ﬁve years of teaching experience up to Cambridge IGCSE, WASSCE & Cambridge Advanced (AS/A2) programmes.

ADMINISTRATION •

Receptionist

Minimum of B.A./B.Sc. in any subject with at least five years of front office experience in a school and, or corporate system, however, secondary school experience will be an advantage system. The successful candidate will effectively carry out the College’s reception duties and fulfil other administration duties. He/she will be courteous and professional with all visitors, and maintain strong relationships with students, parents and other staff. We are an exceptional school with exceptional stakeholders and therefore require exceptional professionals. If you think you are capable of: ◦ Being a contributing member of a dynamic team. ◦ Exhibiting skills needed to shape an evolving school. ◦ Showing confidence in your ability to communicate the school’s ethos and vision to a wide audience. Please forward the following information to us: ◦ A current Curriculum Vitae. ◦ Copies of academic qualifications (minimum qualification of a second-class upper degree). ◦ Contact details of three (3) referees (two must be professional referees). ◦ A two-page cover letter justifying why you should be the successful candidate. Please send your application to principal@jameshopecollege.edu.ng not later than Wednesday, 30 September 2026. Please visit www.jameshopecollege.edu.ng for more information about James Hope College, Lagos.

James Hope

@JHCLekki

www.jameshopecollege.edu.ng

MONDAY, SEPTEMBER 28, 2026 • T H I S D AY

T H I S D AY • MONday SEPTEMBER 28, 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

2027: As NDC, OK Movement Clash over Control of Campaign Structures...

Nigerian Democratic Congress-Obi/ Kwankwaso Movement’s dispute over campaign structures exposes deeper tensions over organisational authority, as Presidential candidate of the Nigerian Democratic Congress, Mr Peter Obi, backs the party while the movement insists on retaining its independence and grassroots machinery. Sunday Aborisade examines the issues at stake.

Obi

hat began as a disagreement over a 59-member Presidential Campaign Council has evolved into a potentially consequential organisational dispute within the Nigeria Democratic Congress (NDC), with the party leadership insisting on the supremacy of its formal structures and the Obi-Kwankwaso (OK) Movement refusing to surrender its independent political machinery. The disagreement took a new turn on Thursday night when the NDC presidential candidate, Mr Peter Obi, publicly backed the position of the party’s leadership and rejected the campaign council constituted by the OK Movement. Obi’s intervention is significant because it places the party’s presidential candidate directly at the centre of a controversy that had hitherto been largely defined by an exchange between NDC leaders and the leadership of the movement supporting his joint ticket with the party’s vice-presidential candidate, Senator Rabiu Kwankwaso. Speaking during an interview on Arise Television’s Prime Time, Obi said the NDC remained the political party to which he and his supporters belonged, while the OK Movement, Obidient groups, Kwankwasiyya and other platforms should function as support organisations. According to him: “NDC is the political party we all belong to, and I agree entirely with the position of the leader. OK Movement, Obidient Group, Kwankwaso and other supporting groups are supporting groups. “They must play their role as supporting groups, supporting the party. They should not play the role of the party.” Asked specifically whether the 59-member campaign council announced by the OK Movement had his approval, Obi was unequivocal. “Not at all. And I say it here, it is wrong,” he said. The former Anambra State governor further indicated that activities undertaken in the name of the joint Obi-Kwankwaso ticket would require the express approval of the

Kwankwaso

two candidates. His position has potentially altered the dynamics of the dispute, given that the OK Movement had repeatedly argued that its organisational independence was separate from its support for the NDC candidates. The immediate trigger was the unveiling, on September 17, of a 59-member campaign council by the OK Movement. The structure included zonal and state coordinators and directors responsible for areas such as mobilisation, women affairs, strategy, security and legal matters. John Ozyl Ughulu, the movement’s Director-General, was named DirectorGeneral of the campaign council, while Saadatu Sani, its National Secretary, was named secretary. The NDC responded by publicly dissociating itself from the structure, declaring that the list did not emanate from the party and should be disregarded. The party’s position was that the official Presidential Campaign Council of the NDC could only be constituted through the appropriate organs of the political party. That response immediately raised a broader question: where does the authority of an independent political movement end and that of the political party begin when both are campaigning for the same presidential candidate? For the NDC leadership, the answer

Dickson

appears straightforward. The party is the legal political platform on which Obi and Kwankwaso are contesting the 2027 presidential election, and therefore campaign structures representing the candidates and the party must be authorised by the party. For the OK Movement, however, the relationship is different. The movement has maintained that supporting the NDC ticket does not mean surrendering its identity, leadership or organisational structures to the party. The dispute became more heated after the NDC National Leader, Senator Seriake Dickson, publicly criticised the campaign council. Dickson described the decision to establish the council as “unheard of” and “nonsensical”, arguing that support organisations should mobilise for political parties rather than establish structures that could compete with the parties themselves. He said, “Support groups don’t compete with the political party that is sponsoring candidates. Support groups don’t compete for supremacy, for space. Support groups are what they are — support groups. They don’t play the role of political party. They don’t sponsor candidates. They provide grassroots support and mobilisation. They don’t convert themselves to become critics of the political party sponsored.” He argued that support groups exist within virtually every political party and that their responsibility is to strengthen, rather than challenge, the formal party organisation. The intervention by Dickson turned what could have remained an internal adminis-

Obi’s answer appears to be that the NDC must remain the political party, while the OK Movement and other organisations should remain support groups. The OK Movement’s answer, however, remains different: it will support the NDC ticket, but will not surrender its identity or structures.

trative disagreement into a public political confrontation. The OK Movement subsequently rejected the description of its organisation as merely a support group and insisted that it was an independent political organisation. Its Director-General, Ughulu, said the movement was neither an appendage of the NDC nor an extension of another political group. “For the avoidance of doubt, the OK Movement is an independent political organization. It is not a support group created as an appendage of any political party or another movement,” he said. According to him, the movement was independently organised, managed and structured through its own mechanisms. He also argued that political organisation in Nigeria had evolved beyond conventional party structures. OK Movement’s counter-position The movement’s argument is not that it wants to replace the NDC. Rather, it says it wants to preserve its independent organisational machinery while collaborating with the party in pursuit of a common political objective. Ughulu insisted that the movement would continue to campaign for Obi and Kwankwaso and defend their votes, but would not allow its own structures to be absorbed into the NDC. “Our cooperation with the NDC party should therefore be understood as political collaboration, not organizational subordination,” he declared. The movement has also argued that it does not need the personal approval of an individual NDC leader to organise its members and volunteers. Its National Secretary, Saadatu Sani, similarly stated that the organisation did not require the “personal validation or approval” of any individual within the NDC before undertaking what it considered legitimate organisational activities. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

MONDAY, SEPTEMBER 28, 2026 • T H I S D AY

L-R: Airtel Business Manager, Ogun State, Oluwasegun Olaoye; CSR Lead, Airtel Nigeria, Victoria Ndu; Head of Public Relations, Airtel Nigeria, Sam Adeoye; Principal, Mayflower Junior School, Ikenne, Adekunle Oronti; Airtel Regional Operations Director, West, Adeolu Balogun; Area Sales Manager Airtel, Olumide Opanuga; and CSR Executive, Airtel, Favour Oyibo, during a visit to Mayflower Junior School, an Airtel-adopted school, to handover newly completed classroom and upgraded ICT lab, as part of Airtel’s CSR programmes in Odogbolu, Ogun State…recently

L-R: Special guests, Chief Ozo Izundu, Mrs. Esther Oluleye, and Rev. G.F. Oluleye; celebrant, Chief Raphael Ajunwa, and his wife, Mrs. Stella Ajunwa, during Chief Ajunwa's 67th birthday celebration, held in his country home in Lusada, Ogun State...recently

L-R: Finance Manager, Graza Media Limited, Agwuye Emeka; President, Outdoor Advertising Association of Nigeria (OAAN), Dr. Sola Akinsiku; NonExecutive Director, Graza Media Limited, Modupe Grace Akinadewo; Managing Director/Chief Executive Officer, Graza Media Limited, Dr. Zacheaus Akinadewo; and Operations Manager, Graza Media Limited, Ojo Abayomi, at the 10th anniversary celebration of the company in Abuja…recently

L- R: President, Rotary Club of Lagos PalmGrove Estate, District 9111, Rotarian Prasan Kumar Jena; Managing Director of Jajo Hospital, Dr Vincent Palathingal; and Vice Chairman BDC, Rotarian Abhaya Yadav, during blood donation organised by Rotary Club of PalmGrove Estate in partnership with Lagos State Blood Transfusion Committee (LABTC), Tamil Association of Nigeria, Telugu Association of Nigeria, Non- Resident Nepali Association, Phonex Steel Mills Limited, and Star Pipe Product Limited in Lagos…recently

L-R: Chairman, School Based Management, Muhammad Zaik; representative of the Project Manager, Kabir Isah Adam; Project Supervisor, Ibrahim Shuaibu; PTA Chairman, Mr. Emmanuel Bala; and Principal, Government Secondary School, Kuje, Mr. Bello Adam Gupa, during the inauguration of a fully equipped science laboratory donated to the school by TotalEnergies, NNPC, and partners, held in Abuja…recently

Monday, september 28, 2026 • T H I S D AY

T H I S D AY • MONDAY, SEPTEMBER 28, 2026

POLITY

Enugu Air: Mbah’s Dream Makes Douala Closer

Malachy Agbo

istory was made on Wednesday, September 23, 2026, when the 76-seater Embraer E170 operated by Enugu Air departed the Akanu Ibiam International Airport, Enugu, at 12:45 p.m. for Douala,

Cameroun. About an hour later, the aircraft touched down at the Douala International Airport, marking Enugu Air’s first international operation and opening a new chapter in the aviation and economic history of the ancient coal city. The aircraft was received by Camerounian authorities in a ceremony that was as symbolic as it was significant. For Enugu, it was not simply another flight taking off from its airport. It was the physical expression of a development philosophy that Governor Peter Ndubuisi Mbah has repeatedly described as “connecting the dots”. The roads connecting communities, schools connecting young people to opportunity, healthcare connecting citizens to essential services, and now aviation connecting Enugu to markets beyond Nigeria. With the successful maiden flight to Douala, the economic city in effect, has become closer to Enugu and the significance of that connection goes far beyond the time saved on a journey. It was Walt Disney who famously said: “If you can dream it, you can do it.” When Peter Mbah, then the governorship candidate of the Peoples Democratic Party (PDP), mounted the podium at Godfrey Okoye University during the build up to the 2023 election campaign to present his roadmap to Ndi-Enugu, some of the promises seemed rather ambitious. An airline owned by the state; A $30 billion economy; 3 million visitors annually; A new industrial and investment ecosystem; Massive infrastructure overhaul; Transformation of education and primary healthcare; A new security architecture; Revival of moribund assets. The list continues. But three years later, whatever one’s political interpretation of the administration may be, the scale of the projects and reforms is substantial. Just recently, the administration unveiled a compendium documenting more than 10,000 milestones recorded during its first three years in its first term across infrastructure, education, healthcare, transportation, security, economic development, urban renewal and institutional reforms. Among the headline figures were more than 1,521 kilometres of constructed and reconstructed roads, more than 7,000 classrooms and 260 Type-2 Primary Healthcare Centres. The Enugu Air story is not an isolated development. It is one piece of a much larger development strategy with various mutually-reinforcing projects. The launch of Enugu Air and its trajectory in the last 14 months is perhaps the most dramatic illustration of the administration’s “Tomorrow is here” philosophy. The airline obtained its Air Operator Certificate from the Nigerian Civil Aviation Authority in March 2026 after completing the regulatory certification process in about five months and three weeks. The state-owned carrier operates with six aircraft; an unusual starting position for a newly certified airline. Its emergence was designed not merely to provide another means of transportation but to support Enugu’s ambition of becoming a regional economic and aviation hub. The domestic network has already linked Enugu with major Nigerian cities such as Lagos, Abuja, Asaba, Owerri, Kano, Port Harcourt, while the Douala operation takes the airline across Nigeria’s borders into Central Africa. Unarguably, that is the strategic significance of the September 23 flight. Speaking at the flag-off ceremony, Mbah said Enugu Air was neither conceived to earn any “bragging right” nor simply in response to populist sentiments. Rather, he described it as part of the masterplan to make Enugu a premier destination for investment, living, business and tourism. Many who do not know may ask: why Douala? Douala is Cameroun’s principal commercial centre and one of Central Africa’s most important economic gateways. For generations, Nigerians, particularly traders and entrepreneurs from the South-East geopolitical zone have maintained extensive commercial relationships with Cameroun and other Central African markets. This became even more pronounced after the civil war. For many of these travellers, movement between Nigeria and Cameroun has traditionally involved

Secretary to Enugu State Government, Prof Chidi Onyia, Governor of Enugu State, Dr. Peter Mbah, CEO of Enugu Air, Mrs. Tolu Ita at the inauguration of Enugu - Douala flight

long and sometimes difficult road journeys that sometimes entailed crossing waters. But the direct Enugu-Douala connection changes the equation. A trader can now leave Enugu and arrive in Douala by air without first making the lengthy overland journey. A business executive can move between two commercial centres with considerably greater ease. Families separated across the two countries have a new transportation option. Tourists, investors, professionals and other travellers now have another direct gateway. The route also creates a potential bridge between the commercial ecosystems of Enugu, Onitsha, Aba and other Nigerian markets and the wider Central African market. That is why the flight is bigger than the aircraft – for the aircraft carries passengers and the route carries possibilities. An international gateway cannot function optimally if people and goods cannot move efficiently to and from the airport. That is where the administration’s massive road programme becomes relevant. The administration’s September 2026 compendium showcased more than 1,521 kilometres of constructed and reconstructed roads. As we all know, roads are not merely concrete and asphalt. They determine how quickly farmers reach markets, how students reach schools, how patients reach hospitals, how businesses move goods, and how communities connect with urban centres. The administration has also invested in major urban and regional road corridors, while its 2026 budget provided for additional urban and rural road construction, including the 40-kilometre OwoUbahu-Amankanu-Neke-Ikem dual carriageway, Opi-Ugwuogo-Abakpa-Nike 42-kilometre road, amongst others. The broader strategy is clear: infrastructure is being treated as economic infrastructure, not simply as beautification. Perhaps nowhere is the scale of the intervention more striking than education in the last three years. More than 7,000 classrooms have been constructed anew. But Mbah’s education agenda has gone beyond conventional classroom construction. The administration’s Smart Green Schools programme has transformed schools into modern learning environments equipped with digital classrooms, technological devices, science laboratories, solar power and other facilities, with at least one in all the 260 political wards in the state. The objective is to prepare Enugu’s children for an economy increasingly driven by technology, knowledge and innovation. The administration has also devoted roughly one-third of the total budget sum, in three consecutive budget cycles, to education, reflecting its emphasis on human capital development and poverty eradication. The philosophy is straightforward: if Enugu wants to build a $30 billion economy, it must first build the people who can create, manage and sustain such an economy. Healthcare has received similar expansive intervention. The administration is developing over 260 Type-2 Primary Healthcare Centres. One for each ward in the state. The centres are designed to provide round-the-clock basic healthcare, with solar power and staffing intended

to make primary healthcare more accessible in both urban and rural communities. The magnificent Enugu International Hospital is the crowning jewel, in addition to the Enugu State University of Applied Science (SUMAS)’s Teaching hospital which is offering research, learning and curative care. The significance is not necessarily in the number alone. For a woman in a rural community, the difference between having a functioning healthcare facility nearby and travelling several kilometres to a larger hospital can be the difference between timely care and dangerous delay. For a child, it can mean access to basic treatment without a journey to the state capital. For an elderly person, it can mean healthcare within reach. The remarkable outcome is over 80 percent drop in maternal and under-5 mortality. That is the human side of a statistic. In the area of water supply, for years, inadequate public water supply was one of Enugu’s persistent urban challenges. Since the inception of the administration, extensive water supply has been restored to Enugu City through interventions involving the 9th Mile Water Scheme and the revived Oji River Scheme. Reliable public water affects households, schools, hospitals, businesses, sanitation and public health. It also illustrates a recurring feature of the Mbah administration: the attempt to revive infrastructure and assets that had remained underutilised or moribund. Another major component of the administration’s programme has been the rehabilitation of dormant state assets. The administration has revived the United Palm Products Limited and the Songhai Heneke Farm in Ezeagu, Enugu Hotel Presidential, Niger Gas, Enugu Flour Mill, etc. The story of the Enugu Haier Factory – a $20 million investment facility manufacturing digital appliances and electronics – feels like an icing on the cake as it forms part of the industrialisation drive. The objective is to move the state’s economy beyond government expenditure by creating productive assets, attracting investment and generating employment. That is important because a state’s long-term prosperity cannot depend solely on the number of government projects it can build. Security is prominent in the administration’s development strategy with the establishment of a Command and Control Centre, as part of its security architecture, alongside surveillance infrastructure such as drones and a DNA Forensics Centre intended to strengthen crime investigation. It also launched the Distress Rapid Response with AI-enabled cameras installed on patrol vehicles. The administration made these huge investments as part of a technologydriven approach to security rather than relying exclusively on conventional policing. That matters for economic development because investors consider security, infrastructure and ease of movement together. The administration has constructed five

modern transport terminals and introduced CNGpowered buses, while making further plans for expanded city transportation. The broader objective is to make transportation more organised, safer and more efficient while reducing the burden of mobility on residents. These transport interventions have helped in cushioning the effects of high pump prices of petroleum products in Nigeria today. This is another example of what Mbah calls “connecting the dots.” Enugu’s tourism potential has also featured in the administration’s plans. The state is endowed with attractions including waterfalls, caves, hills, forests and other natural features. The administration has launched a bold redevelopment of attractions such as Awhum Waterfall and Caves, Okpatu, Nsude and Ngwo Pine Forest, which features what would be Nigeria’s first zip line. The idea is to reposition tourism from an underdeveloped cultural asset into a contributor to the state’s economy. When completed, the strategy will be a huge boost for hotels, restaurants, transportation operators, tour companies, artisans, entertainers and other businesses. In other words, tourism can become an ecosystem rather than merely a destination. Indeed, the connecting dots are becoming evident to Ndi-Enugu as they increasingly unfold. On the maiden flight to Douala were some Enugu indigenes living in Cameroun, especially Lady Arum Love who was the first passenger of the route, alongside other passengers who had booked tickets – desirous of being a part of the historic journey. The direct flight introduces another possibility: leave Enugu, fly directly to Douala and return without the ordeal of a long overland journey. For traders, time is money. For families, time is precious. For businesses, time is opportunity. For investors, connectivity is infrastructure. And for a state seeking to become a regional economic hub, connectivity is indispensable. Three years ago, many of these ideas existed primarily as promises and projections. Today, they are physical structures we can relate with. On September 23, 2026, an aircraft carrying the name of Enugu crossed Nigeria’s international boundary and landed in Cameroun. It was only a flight but it was also a statement. A statement that Enugu’s development conversation is no longer confined to the state’s borders. A statement that infrastructure is being conceived not simply to make Enugu look different, but to make it function differently. Douala is now directly connected to Enugu. And as the administration’s larger aviation and economic ambitions continue to materialise, Douala may ultimately be remembered not as the destination, but as the beginning of a much bigger journey. Yesterday, an international Enugu flight was an aspiration. Today, it is a reality. Tomorrow, the destination may be farther – Europe, Asia, the wider African market. For now, however, history has already been made. Enugu Air has crossed its first international frontier. Tomorrow is here indeed. •Dr. Agbo is Enugu State’s Commissioner for Information and Communication.

T H I S D AY • Monday, September 28, 2026

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

S eptember

S & P INDEX

2 5 , 2 0 2 6

S & P INDEX

EXCHANGE RATE

OPR

25.34%

CALL

23.25%

INDEX LEVEL

595.26

1/4 to daTE

0.24%

N1,381/ 1 US DOLLAR*

OVERNIGHT

25.18%

1-MONTH

21.37%

1-DAY

0.10%

YEAR TO DATE

-10.99%

*AS AT Fri., September 25, 2026

3-MONTH

22.41%

MONTH-TO-DATE

0.24%

Banks Deposit N77.19tn with CBN in 19 Days as Rate Drops to 20%

Kayode Tokede Following the push for overnight interest and safe haven for excess liquidity, Nigerian banks in 19 days of business activities for the months of September 2026 deposited an estimated N77.19 trillion with the Central Bank of Nigeria (CBN). Banks deposit excess cash with CBN using the Standing Deposit Facility (SDF) window and borrow from the apex banking

regulatory body through Standing Lending Facility (SLF). According to the financial data of the CBN, the average amount deposited so far in September 2026 stood at N4.06 trillion. In terms of lending, the CBN borrowed Nigerian banks an estimated N920 billion in the period under review. The CBN data revealed that Nigerian bank’s deposits declined by 1.14 per cent Month-on-Month (M-o-M) to N82.99 trillion in August

2026 as against N83.96 trillion recorded in July 2026. The 1.14 per cent MoM can be attributable to cut in the Monetary Policy Rate (MPR) to 26.50 per cent in February 2026 from 27 per cent 2025, reducing Non Performing Loan (NPL), seeking an attractive interest overnight, making it a preferred option for banks to earn risk-free returns, among other factors. The September 22, 2026 outcome of the Monetary Policy Committee (MPC) of the CBN may further force

banks to reduce access to the standing facilities window. As the members voted to reset the MPC at 23 per cent and recalibrate the Standing Facilities corridor to +50/-300 basis points around the MPR, the overnight rate on the SDF dropped to 20 per cent from previous 23 per cent. CBN data revealed that SDF was at N89.3 trillion in June 2026; N87.13trillion in May 2026 and N92.32 trillion in April 2026. The numbers showed that banks’ deposit in March

2026 was the highest with about N128.92 trillion. In February 2026, it stood at N61.11 trillion,16.18 per cent increase when compared to N52.6 trillion deposited in January 2026. The statistics showed that in eight months of 2026, banks have deposited an estimated N678.36 trillion , about 610.58 cent Yearon- Year (YoY) increase over N95.47 trillion in the eight months of 2025. THISDAY had reported that an estimated N336.2

trillion was deposited with the CBN in 2025, about 777.2 per cent YoY increase over N38.33trillion deposited in 2024. Analysts at Cordros Research in a report after the September 22 MPC meeting stated that the adjusted the asymmetric corridor around the MPR to +50/–300bps (previous: +50/–450bps), is aimed at narrowing the gap between the MPR and the lower bound. The story continues online on www.thisdaylive.com

FTSE: Market Value of Six Firms Increase to N60.97tn in One Week Kayode Tokede

The market capitalisation of Dangote Cement Plc and five others that joined the FTSE Frontier 50 Index recently, increased to N60.97 trillion just last week amid high demand by investors across the globe. The other five Nigerian companies that joined the 50-stock benchmark effective September 18, 2026 are: Aradel Holding Plc, FirstHoldCo Plc, Guaranty

Trust Holding Company (GTCO) Plc, MTN Nigeria Communications Plc, and Zenith Bank Plc. As of September 18, 2026, the market capitalisation of these six companies stood at N60.44 trillion, about 0.88 per cent Week- on-Week (WoW) increase when compared to N60.97 trillion as of September 25, 2026. In the first trading week of joining the FTSE Frontier 50 Index, the stock

price of MTN Nigeria Communications recorded the highest decline of about 3.03 per cent to close at N863 per share. This brings its market capitalisation to N18.12 trillion as of September 25, 2025 from N18.12 trillion September 18, 2026. This was followed by First Holdco that dipped by 2.13 per cent to N156.6 per share. The decline of 2.13 per cent brings the market capitalisation of First

Holdco to N7.12 trillion from N7.28 trillion. In addition, market capitalisation of Aradel Holdings depreciated to N6.65trillion from N6.73trillion following a 1.29 per cent drop in stock price of N1,530.00 per share/ However, GTCO as of close of trading activities last week gained 5.38 per cent to bring its market capitalisation to N5.54 trillion from N4. 75 trillion.

Zenith Bank advanced to N5.54 trillion as of September 25, 2025 from N5.27 trillion amid 5.06 per cent increase in stock market from N128.40 per share to N134.90 per share as of September 25, 2026. Dangote Cement’’s market capitalisation increased by 1.59 per cent to N1,066.70 per share to drive its market capitalisation to N17.99 trillion as against N17.72 trillion the stock market

opened for trading. THISDAY had reported that a total of 10 Nigerian large-cap companies had qualified for FTSE Russell’s broad frontier benchmark and only six made the Frontier 50 index. The likes of Nestlé Nigeria Plc, Nigerian Breweries Plc, Presco Plc and Stanbic IBTC Holdings Plc were left out, despite being large enough for the wider list. The story continues online on www.thisdaylive.com

M a r k e t d ata A s at F r i d ay, S e p t e m b e r 2 5 , 2 0 2 6 BONDS Description Price Yield Change Updated Time (%) ^13.98 23September 96.72 16.60 0.00 25, 2026 FEB-2028 ^21.00 200.00 September 105.70 16.60 25, 2026 MAR-2028 ^19.30 17105.35 16.65 0.15 September APR-2029 25, 2026 ^14.55 26September 95.91 16.51 0.00 APR-2029 25, 2026 ^18.50 21105.62 16.65 -0.05 September FEB-2031 25, 2026

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

Discount Yield

Change (%) Updated Time

17.00

17.22

-0.01 September 25, 2026

17.30

17.77

-0.01 September 25, 2026

17.79

18.55

-0.01 September 25, 2026

18.54

19.73

-0.01 September 25, 2026

18.25

-0.01 September 25, 2026

17.00

CLEARED NAIRA-SETTLED NDFS

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

Discount Yield 22.92

23.14

22.74

24.06

21.09

22.07

22.21

23.80

21.69

23.44

Change (%)

Updated Time

0.00 September 25, 2026 -0.01 September 25, 2026 0.00 September 25, 2026 0.01 September 25, 2026 0.01 September 25, 2026

Contract Tenor Contract (Month)

Current Rate ($/₦)

Updated Time

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Monday, September 28, 2026 • T H I S D AY

BUSINESSWORLD

News

L–R: Head, Technical Risk Management, Leadway Assurance, Mr Olatunde Otuyemi ; Chairman, LCCI Automobile and Allied Services Group, Dr Femi Eguaikhide; Vice President LCCI, Engr. Opeyemi Aminu; and Chief Financial Officer, Cedric Masters Group, Mmesoma Christabel Ilekuba, at the LCCI Automobile and Allied Services Group Symposium, held at LCCI building, Idowu Taylor, Victoria Island, Lagos… recently

PenCom, Operators to Investment N300bn in Infrastructural Development Q2 2027 Ebere Nwoji

The National Pension Commission (PenCom), has revealed that it plans to deploy a whooping N300 billion pension funds in infrastructural development across Nigeria in 2027. The Director General of PenCom, Ms Omolola Oloworaran, disclosed this while briefing media men shortly after the fourth edition of the Pension industry Leadership Council meeting in Lagos. Oloworaran said the actual deployment of the funds commences by the second quarter of 2027 with N241billion already mapped out by pension fund operators

for investment in infrastructure after which they would subsequently increase the investment to N300 billion. According to her, pension fund operators have mobilised the N241 billion under an infrastructure framework established in conjunction with FSD Africa adding that PFAs are at liberty to participate in the infrastructural investment. The PFAs, she added, have realised that infrastructural investment was a good way of ensuring higher yields to contributors’ funds and protects the funds against negative effects of inflation. Oloworaran said for now, there has not been decision on a particular area of infrastructural investment but

what was certain was that infrastructural investment was one area the sector is currently targeting to channel its funds. “As part of that initiative,

our pension fund managers have committed a total of N241 billion and we expect that to touch up to N300billion and we do have a time table we are working with and

by Q2 2027 investment in infrastructure should start taking place . In the scheme of things it’s the first step we are taking as an industry and it is just the beginning of

things because it’s a sector we are committed to and to ensuring that we mobilise capital in the pension sector to deepen infrastructure in the country.

Africa Pushes for New Agric Finance Model, Local Processing Participants at the ninth edition of Agriculture Summit Africa (ASA), have agreed that Africa must move beyond producing raw commodities to owning the processing, storage, trade and finance that capture value at home. They added that the finance industry must be

redesigned to match the long cycles of agriculture. “The scale of what is at stake is not in dispute, as Africa spends more than $100 billion a year importing food it is capable of producing, “the Minister of Agriculture and Food Security, Senator Abubakar Kyari, told delegates.

Speaking, Group Executive, Corporate and Investment Banking at Sterling Bank, Dele Faseemo, distilled the summit’s central thread into a warning that food had become a security question. “Simply put, food security is national security,” he said. “Real and sustainable sovereignty depends as much

on food security as it does on physical security, on law and order.” Faseemo urged the sector to move, “from potential to execution, ideas to scalable solutions, fragmented interventions to coordinated action, and from declarations of intent to measurable results.”

Oluchi Chibuzor

to improve project planning, financing, execution and maintenance in the nation’s construction industry. Speaking at the Big 5 Construct Nigeria exhibition in Lagos, Deputy President of the Nigerian Society of Engineers (NSE) is Valerie

Ifueko Agberagba, said successful projects must begin with proper needs assessment, feasibility studies and business cases before design, procurement and construction. According to her, “If we are going to get in the

private sector to come and finance, we must have been doing our discussions and negotiations to get that done. So we must think of the capital structure and then our procurement can become more competent to deliver what we want.

NGX Invest Expands NSE, Stakeholders Seek Stronger Public-Private Partnership to Raise Construction Standards Primary Market Access with WhatsApp Channel Nigerian Exchange Group (NGX Group) has expanded access to its NGX Invest platform with the launch of a WhatsApp subscription channel, providing investors

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)

with an additional, convenient way to participate in public offers. “Investors can begin the subscription process by sending “Invest” to NGX Invest on WhatsApp at +234 812 731 9521. They can then follow the prompts to view eligible offers and complete the required subscription steps without downloading a separate application. As part of the process, investors will select a stockbroker through whom their application will be processed, ensuring that brokers remain an integral part of the investment journey,” NGX said. “The new channel extends NGX Invest’s growing distribution ecosystem, which connects issuers to investors through more than 100 distribution channels, including stockbrokers, banks, fintechs, mobile operators and other financial institutions via API connectivity.

The Nigerian Society of Engineers (NSE) and other stakeholders in the construction industry have called for stronger collaboration between the public and private sectors

Afolabi Calls for Integration of Investment into Global Conflict Prevention Strategy

Chairman, SIFAX Group, Dr. Taiwo Afolabi, has called for a stronger integration of economic investment into the global architecture for conflict prevention, arguing that infrastructure,

employment, trade and economic opportunity can help address some of the structural conditions that make societies vulnerable to instability. Speaking at the United Nations General Assembly

High-Level Global Executive Roundtable on Diplomacy, Multilateralism and Conflict Resolution, in New York, Afolabi said the international community must move beyond responding to

conflicts after they erupt and place greater emphasis on preventive diplomacy, sustainable development and economic inclusion. According to him, peace and prosperity are mutually reinforcing.

GOXI Microinsurance Company Limited has said it paid N160.65 million in claims between January and July 2026, reaffirming its commitment to providing financial protection to individuals, families and small businesses.

The company said the claims payments provided timely financial relief to policyholders affected by unforeseen losses and demonstrated its commitment to fulfilling its obligations promptly. The latest payment

builds on the more than N821 million in claims which the company had previously reported paying to traders, low-income households and small business owners over six years. Managing Director and

Chief Executive Officer of GOXI Microinsurance Company Limited, Mr. Shina Gbadegesin, said claims payment remains central to the company’s mission of protecting vulnerable Nigerians from financial shocks.

GOXI Deepens Financial Inclusion with N160.65m Claims Settlement

monday September 28, 2026 • T H I S D AY

NEWS xtra

Troops Neutralise Terrorist, Recover AK-47, Motorcycle in Sokoto

Onuminya Innocent in Sokoto

Troops of Sector 2, Operation FANSAN YAMMA, have neutralised a terrorist and recovered arms and logistics after raiding a suspected terrorists’ enclave in Gudu Local Government Area of Sokoto State. According to a statement issued by the acting Assistant Director, Operation 8 Division, Lt Colonel Olaniyi Osoba, the troops, acting on credible intelligence, advanced toward a suspected terrorist camp in Karani village. The statement said: “Upon

making contact with the hostile elements, the troops responded with decisive firepower, neutralising one terrorist while others fled the scene.” It added that during the exploitation search of the camp, the troops recovered one AK-47 rifle loaded with live ammunition, one operational motorcycle, military camouflage uniforms, and various maintenance tools and logistical supplies. “Following the encounter, the troops executed clearance operations in the surrounding forest axis to dominate the general area and deny

fleeing elements freedom of action,” the statement further disclosed. Osoba described the recovery as a significant blow to the operational capability of the criminal elements operating in the axis. It reiterated the commitment of Operation FANSAN YAMMA to sustain aggressive operations against terrorists and other criminal elements in its joint operations area. The statement urged residents of the area to continue to provide credible information to security agencies to aid ongoing operations.

for Senate representation, but added that he would defeat Soludo’s APGA candidate in next year’s election. Last week, the Anambra State governor visited Ihembosi community in Ekwusịgbo Local Government Area, where Onunkwo hails from, to inaugurate a road substantially built by him (Onunkwo), and told the people to vote for the candidate of All Progressives Grand Alliance (APGA), Senator Emma Nwachukwu, against their own son. Soludo told the people

that governance and Senate representation were not for illiterate persons, urging them to call on their son, Onunkwo, who is an industrialist, to face his factory and leave governance for educated people. But Onunkwo, who spoke to journalists last Saturday at Nanka, during the celebration of the community’s New Yam Festival at Agbiligba Square, said he would not reply Soludo, but he will work with him to make Anambra State better when he wins next year.

PETROLEUM TECHNOLOGY DEVELOPMENT FUND (PTDF) PETROLEUM TECHNOLOGY DEVELOPMENT FUND (PTDF)

PTDF/PTDJ 2026 SUMMIT EDITION MAIDENMAIDEN EDITION THEME:

“PRIVATETHEME: SECTOR PARTICIPATION NIGERIA’SPARTICIPATION MIDSTREAM AND Ebuka Onunkwo: Soludo Tagging Me ‘Illiterate “PRIVATE INSECTOR Factory Owner’ Can’t Save His Candidate from Defeat DOWNSTREAM PETROLEUM SECTOR; IN NIGERIA’S MIDSTREAM AND PROSPECTS, CHALLENGES AND THE DOWNSTREAM PETROLEUM WAY FORWARD”SECTOR; David-Chyddy Eleke in Awka

The Anambra South senatorial candidate of the Nigeria Democratic Congress (NDC), Chief Ebuka Onunkwo, has said he will not engage in a political fight with the Anambra State Governor, Prof. Chukwuma Soludo, for describing him as an illiterate factory owner. Onunkwo said it would not be wise on his part to engage Soludo in a war of words or try to reply to his comment about not being fit

PROSPECTS, CHALLENGES AND THE TWAY FORWARD”

he Petroleum Technology Development Fund (PTDF), announces the forthcoming Maiden Edition of the PTDJ 2026 Summit.

The Summit is designed to provide a strategic platform for high-level dialogue, knowledge exchange, research dissemination and discussion he Petroleum Technology Development of emerging issues and opportunities within Fund (PTDF), announces the forthcoming Nigeria’s energy sector. Adamasingba,

Ex-Adelabu’s Aide Explains Alignment with Makinde

Kemi Olaitan in Ibadan

Former Personal Assistant to the erstwhile Minister of Power, Chief Adebayo Adelabu, Ajiboye Akande Sangogade (Boye Nation), has explained his decision to leave the All Progressives Congress (APC) for the Allied Peoples Movement (APM), saying the move was borne out of his personal political conviction and belief in the direction of the party. Sangogade, while speaking

with journalists in Ibadan, said his decision to back and support Oyo State Governor, Seyi Makinde, and the gubernatorial candidate of the party, Hon. Bimbo Adekanmbi, followed his assessment of political developments in the state and the desire to provide a platform through which young people could participate actively in politics. He spoke against the backdrop of the Boye Nation/ JAF Movement Mega Concert held at the Lekan Salami

Stadium, Ibadan, last Monday, where he formally led hundreds of youths, traders, artisans and other supporters from the APC to the APM ahead of the 2027 general election. Explaining his decision, Sangogade said he has reached a point where he could no longer remain on the sidelines of the political process, particularly given what he described as the implications of the 2027 elections for the future of young people in Oyo State.

critical healthcare needs and contribute to addressing the country’s blood supply gap. Held under the bank’s broader corporate social responsibility platform, Impact Starts With Us, and themed “Give Blood. Give Life.”, the initiative mobilised employees, stakeholders, and members of the community to

financial services and that healthy, resilient communities are essential to a thriving economy. In Nigeria, timely access to safe blood is critical for medical emergencies. Women experiencing bleeding during childbirth, accident victims, children with severe anaemia, people living with sickle cell

Organisation (WHO), Nigeria needs an estimated 1.8 to 2 million units of blood annually, but only 371,827 units were collected in 2024. Postpartum haemorrhage accounts for approximately 23 to 30 percent of maternal deaths in Nigeria, underscoring the importance of a safe and available blood supply.

Principal RCS, Mrs Victoria

She stated that “The

Maiden Edition of the PTDJ 2026 Summit.

The event will bring together policymakers, leaders, academics, researchers, energy The Summitindustry is designed to provide a strategic professionals and other key stakeholders to platform for high-level deliberate on issues dialogue, relevant to theknowledge development and future of Nigeria’s energy sector. exchange, research dissemination and discussion

of emerging issues and opportunities within DATE: Nigeria’s energy sector.

WEDNESDAY 30TH SEPTEMBER, 2026 VENUE: policymakers, event will bring together Optimus Bank Launches BloodThe Drive PTDFacademics, TOWERS, CENTRALresearchers, BUSINESS DISTRICT, ABUJA industry leaders, energy for Maternal, Emergency Healthcare contribute to a cause that can disorder, cancer patients and OluchiChibuzor TIME: stakeholders to professionals and other key save lives. The initiative reflects those undergoing surgery often Optimus Bank has launched a Optimus Bank’s belief that its require transfusions. deliberate on issues relevant9:00AM to the development According to the World Health blood drive in Lagos to support responsibility extends beyond

and future of Nigeria’s energy sector.

PTDJ 2026 SUMMIT

Advancing Knowledge. Fostering Dialogue. Shaping the Energy Future.

DATE: WEDNESDAY 30THTECHNOLOGY SEPTEMBER, DEVELOPMENT 2026 PETROLEUM Ronik Comprehensive School Wins Lagos Agric Scholars Competition FUND (PTDF) VENUE: Ronik Comprehensive Duru, “The outstanding Agricultural Science Scholars School (RCS) has emerged performance by the school Competition provided an Champion of the Lagos in the competition is a opportunity for students Building Human and Institutional Capacity for State Agricultural Science demonstration of Ronik to demonstrate PTDF their TOWERS, CENTRAL BUSINESS DISTRICT, ABUJA Nigeria’s Energy Sector Scholars Competition, Comprehensive School’s understanding of agriculture recording a remarkable commitment to developing and its application to realTIME: achievement that has further students who are not only life situations.” strengthened the school’s academically sound but are RCS’ emergence as Signed: growing reputation for also equipped with practical champion reflects the 9:00AM excellence in practical and knowledge, creativity and quality of teaching, student Management science-based education. skills relevant to the future preparation and the school’s According to the of Nigeria. deliberate emphasis on experiential learning.

PTDJ 2026 SUMMIT

T H I S D AY • monday, SEPTEMBER 28, 2026

business/MOnEYGUIDE

Wema Bank MD Charges Auditors to Strengthen Digital Risk Controls Oluchi Chibuzor

The Managing Director/ Chief Executive Officer of Wema Bank Plc, Mr Moruf Oseni, has charged audit executives in the banking sector to strengthen collaboration as emerging technologies, including Artificial Intelligence (AI), automation and advanced analytics, continue to transform the industry. This, he said, is because the banking industry faces an evolving risk landscape driven by digitalisation, cyber threats and increasingly sophisticated technology, requiring internal audit functions to become more proactive, technologyenabled and data-driven. Speaking at the 65th Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), Mr Oseni said the banking industry is undergoing a profound transformation, driven by Artificial Intelligence, advanced analytics, digital platforms, automation, and rapidly evolving technologies.

He echoed that these innovations are redefining how financial institutions serve customers, manage operations, and create value. According to him, “Every transformation brings new dimensions of risk: AI-enabled fraud, deepfakes, identity manipulation, cyberattacks, API vulnerabilities, data breaches and business email compromise are no longer distant possibilities; they are increasingly tangible risks that demand the attention of boards, management, regulators and assurance functions alike. Technology may change the way we bank, but trust remains the currency upon which banking is built. “As our customers increasingly interact with financial institutions through digital channels, the preservation of digital trust must become an enterprise-wide priority. It requires responsible innovation, resilient technology infrastructure, robust cybersecurity, sound data governance, effective internal controls

and, above all, leadership that understands both the opportunities and the risks associated with emerging technologies.” Speaking, the Chairperson, ACAEBIN, Mrs Aina Amah, said artificial intelligence, digitalisation, automation and interconnected platforms are redefining banking, creating unprecedented opportunities while simultaneously introducing new vulnerabilities. According to her, “As Chief Audit Executives, we must therefore ensure that innovation is accompanied by robust governance, effective controls, cyber resilience and accountability. ACAEBIN has continued to respond to these realities with deliberate action. Since our last QGM, our Training Academy has expanded its capacity-building agenda across areas including AI, Blockchain and Smart Contracts, Fraud Risk Assessment and Forensic Audit, Data Analytics, and the auditing of Financial Institutions and FinTechs.”

NDCCITMA, MAISTRADE Seal Deal to Unlock Investment in Niger Delta Blessing Ibunge in Port Harcourt The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) and Maistrade Multipurpose Cooperative Federation Limited (MAISTRADE), have signed a Memorandum of Understanding (MoU) to boost investment, agribusiness, value-chain development and access to finance in the Niger Delta. The agreement, signed by NDCCITMA Chairman, Idaere Gogo-Ogan, and President/Chief Vision Officer of MAISTRADE, Benjamin Aduli, is aimed at identifying, mobilising,

aggregating and facilitating access to investment, development finance and market opportunities for credible agribusinesses, cooperatives, micro, small and medium-scale enterprises (MSMEs) and value-chain projects across the region. Under the partnership, NDCCITMA will serve as a strategic regional access and mobilisation partner for eligible businesses and cooperatives. It will also support the identification and preliminary referral of credible enterprises and projects, while facilitating engagement with relevant private-sector, publicsector and institutional stakeholders. The agreement stated that

the partnership reflects the organisations’ commitment to “poverty reduction, job creation and development of small and medium scale enterprise in the region.” MAISTRADE, on its part, will provide digital registration, project intake and profiling infrastructure, while establishing and managing a digital project pipeline and relevant data structure. The cooperative federation will also support project categorisation and aggregation, coordinate engagements with investors, development finance institutions and strategic partners, and facilitate the integration of qualified opportunities into appropriate MAISTRADE platforms and programmes.

ISACA to Host 2026 Community Day, Champion Digital Security The ISACA Lagos Chapter is set to hold its 2026 Community Day as part of its continued commitment to promoting safer digital communities, environmental responsibility and sustainable development. The one-day community impact programme, themed, “Secure Digital Futures, Sustain Our Environment,” is billed to take place in Lagos. The programme will focus on community clean-up activities, public sensitisation, and the promotion of technologydriven solutions for environmental sustainability. According to the President of ISACA Lagos Chapter, Mr Justus Osuji, the Community Day reflects the growing

connection between digital trust, responsible technology use and environmental sustainability. As technology continues to transform communities and businesses, the initiative seeks to encourage greater awareness of the need to protect both the digital and physical environments in which people live and work. A major highlight of the programme will be a community clean-up exercise, designed to promote environmental responsibility, civic engagement and the collective effort required to build cleaner, healthier and more sustainable communities. In furtherance of this commitment, ISACA Lagos Chapter is partnering

with the Lagos State Waste Management Authority (LAWMA) to support and drive the clean-up initiative. The programme will also feature donations of essential materials and other community support initiatives, reinforcing ISACA Lagos Chapter’s commitment to giving back to society and creating meaningful, sustainable social impact. Through its public sensitisation activities, ISACA Lagos will further engage members of the community on issues surrounding responsible digital practices, digital safety and the role individuals and organisations can play in building a safer digital future.

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

Month

Money Supply (M3)

119,037,577.07

-- CBN Bills Held by Money Holding Sectors

9,291.49

Money Supply (M2)

119,028,285.58

Quasi Money

79,681,419.97

-- Narrow Money (M1)

39,346,865.60

---- Currency Outside Banks

4,646,794.28

---- Demand Deposits

34,700,071.33

Net Foreign Assets (NFA)

34,804,442.84

Net Domestic Assets(NDA)

84,233,134.23

-- Net Domestic Credit (NDC)

99,199,655.08

---- Credit to Government (Net)

24,787,980.96

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

74,411,674.12

--Other Assets Net

2,603,854.03

Reserve Money (Base Money)

36,641,142.21

--Currency in Circulation

5,057,881.01

--Banks Reserves

31,583,261.21

--Special Intervention Reserves

284,361.95 • Source - CBN

Money Market Indicators (in Percentage) Month

October 2025

Inter-Bank Call Rate

October 2025

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

27.00

Treasury Bill Rate

15.07

Savings Deposit Rate

7.43

1 Month Deposit Rate

11.37

3 Months Deposit Rate

11.32

6 Months Deposit Rate

11.12

12 Months Deposit Rate

11.78

Prime Lending rate

18.89

Maximum Lending Rate

29.56

NSE MARKET INDEX CAP

0.75%(52%YoY)

Index

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

OPEC DAILY BASKET PRICE As At 24TH NOVEMBER , 2025

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

T H I S D AY • monday, SEPTEMBER 28, 2026

mARKET NEWS

Learn Africa Posts N753.11m Profit After Tax, N6.15 billion Turnover

Oluchi Chibuzor

Learn Africa Plc has said it posted N735.11 million profit after taxation in the financial year ending March 31, 2026. Speaking at the 53rd annual General Meeting held in Lagos, Chairman, Learn Africa, Emeke Iwerebon, said progress achieved during the year reflects the collective efforts of all stakeholders.

He noted that with a strong foundation, clear strategic direction and commitment to delivering quality educational resources, learning Africa is well-positioned to create sustainable value and make an even greater contribution to the industry. According to him, “The year ended 31 March 2026, turnover increased by 19%, from N5.18 billion in the previous year to N6.15 billion. Total assets increased

P R I C E S MaiN Board

F O R DEALS

by 16 percent, from N5.91 billion to N6.84 billion, while shareholders’ funds grew by 12 percent from N4.08 billion to N4.57 billion. The cost of publishing increased from N2.65 billion to N3 billion, while operating expenses rose from N1.92 billion to N2.21 billion, reflecting higher production and general business costs during the year. “Despite these cost pressures, profit before

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

quantity traded

taxation increased by 59% from N748.21 million to N1.19 billion, while profit after taxation rose to N753.11 million, compared with N474.98 million in the previous year. The performance was further supported by higher finance income, a net exchange gain and the absence of finance costs during the year. “Overall, the growth recorded in revenue, assets and profitability strengthened

T R A D E D

value traded ( N )

A S

MaiN Board

O F

the Company’s financial position and provided a solid foundation for sustaining operations and pursuing future growth opportunities.” However, beyond the financial results, the company said they made significant progress in strengthening its position in the Nigerian educational publishing market through its digital offerings. The MD/CEO, Hassan

S E P T E M B E R DEALS

Market Price

Bala, said in the next years to come the nation will witness a significant reduction in piracy considering ongoing collaboration between NCC and the NCS. “Our collaboration with the Nigerian Copyright Commission (NCC) is ongoing and we are looking and discussing new ways to tackle it. And as from last year, the NCC has gotten the cooperation of the Nigeria Customs Service.

2 5 / 2 6 quantity traded

value traded ( N)

T H I S D AY • MONDAY, SEPTEMBER 28, 2026

NEWS

STANBIC IBTC SUSTAINABLE FINANCE 3.0 ...

L-R: Chief Executive Stanbic IBTC Insurance Limited, Akinjide Orimolade; Chief Executive, Stanbic IBTC Trustees Limited, Emi Agaba-Oloja; Chief Risk Officer, Stanbic IBTC, Charles Onwude; Faculty, Lagos Business School, Prof. Bongo Adi; Senior Special Assistant, Presidency, Federal Republic of Nigeria, on Climate Finance and Stakeholder Engagement, Ibrahim Abdullahi Shelleng; Chief Executive, Stanbic IBTC Holdings, Chuma Nwokocha; Head, Personal Banking, Stanbic IBTC Bank, Tosin Leye-Odeyemi; Executive Director Risk, Stanbic IBTC, Kola Lawal; Chief Executive Stanbic IBTC Asset Management, Busola Jejelowo; and Executive Director, Stanbic IBTC Pension Managers, Efe Omoduemuke during the Stanbic IBTC Sustainable Finance Summit 3.0, held in Lagos…weekend

Report: Nigeria to Miss Additional 4.6 Bcf/d 2030 Gas Output Target by 70% Says only $2.7bn of $30bn capex committed so far 1.3bcf/d of expected 4.6 Bcf/d new gas expected by 2030

Emmanuel Addeh in Abuja

Nigeria’s decade-long drive to transform its economy through natural gas is on course to deliver only about 30 per cent of the additional production originally targeted for 2030, according to a new assessment by the Natural Resource Governance Institute (NRGI). The report, titled: “Nigeria’s Decade of Gas at Midpoint: Progress, Gaps and the Path Forward,” projected that Nigeria could add only about 1.3 billion cubic feet per day (bcf/d) of new gas production by 2030, compared with the 4.6bcf/d increase envisaged under the Decade of Gas initiative. The initiative, launched in 2021, was designed to transform Nigeria into a gas-powered economy by 2030, with increased gas supply expected to support electricity generation, households,

transportation, industry and exports. But years into the programme, the report said production growth was falling significantly short of the original ambition, despite six upstream projects having started production since 2021 and three others reaching Final Investment Decision. NRGI said its assessment, based on Rystad Energy’s UCube database and an analysis of Nigerian gas projects that have started production since 2021 or are expected to commence by 2030, showed that even under the most expansive scenario, additional production would reach only about 1.3bcf/d. That, it said, represented just 30 per cent of the government's target for additional gas production over 2020 levels. “Our analysis shows that in 2030—which would mark 10

NUPRC, NMDPRA, NNPC, IOCs Converge on Lagos for Hydrocarbon Measurement Talks Onuminya Innocent

Nigeria's petroleum regulators, leading oil and gas producers, fiscal institutions and measurement technology providers from across the world will gather in Lagos for the 6th Nigeria Hydrocarbon Measurement Conference (NiHMEC). The three-day conference will hold at the Federal Palace Hotel, Victoria Island, from October 6 to 8, 2026, and has become the industry's annual meeting point on hydrocarbon measurement and accounting. The forum focuses on the discipline that determines how much oil and gas the country produces and how much

revenue reaches operators, host communities and the Federation, at a time when Nigeria's production has risen above the OPEC quota and the federal government has set higher targets. The Chief Executives of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) will deliver keynote addresses at the conference. Also lined up for the CEO Session are the Chief Executives of NNPC Limited, Seplat Energy, Heritage Energy, West African Exploration and Production, Pan Ocean, ND Western and Midwestern Oil and Gas.

years since the launch of the initiative—new upstream gas production would not meet the targets set at the outset. We find that, even in the most expansive scenario, about 1.3 billion cubic feet per day (BCFD) of new gas production would come online by 2030, this is only about a third of the target of an additional 4.6 bcf/d,” the report stated.

More significantly, the report warned that most of the incremental volumes were likely to be channelled towards liquefied natural gas exports rather than domestic consumption, potentially limiting the contribution of the Decade of Gas to Nigeria’s energy access and industrialisation objectives. “In addition, most of this new

capacity is targeted towards exports rather than domestic usage that would support domestic development goals. We highlight structural limitations that challenge gas-sector development and the risks that come from an expansive gas-infrastructure build-out,” it stressed. It estimated that only between 20 and 30 per cent of the new

gas production was likely to be available for domestic use. The report noted that the Decade of Gas had been built around the expectation that increased production would provide gas for power generation, clean cooking, transportation and industries, while simultaneously expanding LNG exports and foreign exchange earnings.

NIS, UNODC, Italy to Plug Border Security Gaps with 30 Vehicles, 60 Computers 18-month project targets remote, high-risk border areas amid growing migration, trafficking threats

Michael Olugbode in Abuja

Nigeria Immigration Service (NIS), United Nations Office on Drugs and Crime (UNODC), and the Italian government have launched an 18-month intervention to strengthen Nigeria’s border surveillance and control, with the deployment of 30 operational vehicles and 60 computers to immigration personnel across Nigeria. The initiative, which was unveiled in Abuja, comes as Nigeria confronts increasingly complex challenges around its borders, including irregular

migration, migrant smuggling, trafficking in persons and other forms of transnational organised crime. The project is being implemented by UNODC with financial support from the Italian government, through the Ministry of the Interior’s Department of Public Security – Central Directorate for Immigration and Border Police. The intervention is specifically designed to address mobility and technological deficiencies affecting immigration operations, particularly in

remote and high-risk border locations where effective surveillance and rapid response can be difficult. At the flag-off ceremony held at the United Nations House, Abuja, ComptrollerGeneral of Immigration, Kemi Nandap, said the equipment would strengthen the service’s mobility, surveillance capability, digital infrastructure and overall operational effectiveness. Nandap expressed appreciation to Italy and UNODC for their continued support towards improving the operational capacity of NIS.

Italian Ambassador to Nigeria, Roberto Mengoni, reaffirmed his country’s commitment to supporting Nigeria’s efforts to strengthen border management and institutional capacity. UNODC Country Representative, Cheikh Toure, said the high-level participation at the event demonstrated the importance attached to strengthening Nigeria’s bordermanagement architecture. Toure said the intervention was designed to help close existing mobility and technology gaps within the system.

Court Declares Customs’ Auction of Agro Equipment Unlawful, Awards $150,000 Wale Igbintade

The Federal High Court in Lagos has ordered the Nigeria Customs Service (NCS) to pay $150,000 in special damages to MV Agro Engineers Nigeria Limited and its Indian sister company, MV Agro Engineers Pvt Limited, after finding that Customs unlawfully auctioned part of their imported agricultural

equipment. Justice Daniel Osiagor, in his judgment also awarded the companies N500,000 in general damages, with 10 per cent post-judgment interest until the judgment sum is fully liquidated. The court further declared that the auction of one of the companies’ containers violated their constitutional right to own property,

holding that cargo subjected to a government security investigation could not lawfully be treated as overtime or abandoned cargo while the investigation remained unresolved. Justice Osiagor held that the period during which cargo remained under government security investigation should not count towards determining whether

it had become overtime cargo. “A Government Security check places abeyance time of counting overstay of cargo,” the judge held. The judgment arose from a suit, FHC/L/CS/2081/24, filed by MV Agro Engineers Nigeria Limited and MV Agro Engineers Pvt Limited under the Fundamental Rights (Enforcement Procedure) Rules, 2009.

T H I S D AY • MONDAY, SEPTEMBER 28, 2026

NEWS

HOUSE OF REPS. COMMITTEE MEETING ON CBN...

L-R: Clerk of the Committee on Delegated Legislation, Ngozi Edeh; Chairman of the Committee, Hon. Richard Olufemi Bamisile PhD; Deputy Chairman of the Committee, Hon. Engr. Dominic Okafor; Hon. Yusuf Kure Baraje; Hon. Hassan Bala Abubakar III and Hon. Mathew Nwogu, at the sitting of the House Of Representatives' Committee on Delegated Legislation where the motion to probe alleged irregularities in the CBN 2025 Audited was moved in the House... recently

FG, UNHCR Seek $10bn Investment to Turn Displacement Zones into Economic Hubs UN agency declares over 3.7 million internally displaced people, 140,000 refugees, asylum-seekers in Nigeria Bagudu reaffirms commitment to deepening industrial, economic relations with Germany

James Emejo in Abuja Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, said the federal government and the United Nations High Commissioner for Refugees (UNHCR) are seeking to mobilise $10 billion in private investment over five years to rebuild economies and create sustainable livelihoods in communities affected by

displacement and fragility across the country. The proposed investment drive, under the Leadership Alliance for Enterprise, Acceleration and Prosperity (LEAP) initiative, is designed to move the response to displacement beyond humanitarian assistance by attracting private capital into communities where insecurity, poor infrastructure and disrupted economic activity

have constrained investment. The minister disclosed the initiative when he received the UNHCR Representative in Nigeria, Mr. Arjun Jain, who led a delegation to discuss the proposal. The minister, separately, reaffirmed Nigeria's commitment to deepening economic and industrial cooperation with Germany and to translating the two countries' longstanding relationship into concrete

investment, technology, and industrial partnerships that support Nigeria's productive capacity, competitiveness, and sustainable economic transformation. Bagudu said the economic consequences of displacement could not be addressed simply by returning people to their communities, arguing that sustainable reintegration depended on restoring livelihoods and creating viable

Tinubu Felicitates Bishop Oyedepo At 72

Deji Elumoye in Abuja

President Bola Tinubu has felicitated the founder and Presiding Bishop of Living Faith Church Worldwide, Bishop David Olaniyi Oyedepo, on his 72nd birthday on September 27, 2026. The president, in a statement issued on Sunday by his Adviser on Information and Strategy, Bayo Onanuga, joined the Oyedepo family, Living Faith Church Worldwide, the Christian community and millions of Bishop Oyedepo’s admirers in celebrating a life devoted to faith, service, leadership and human development. Tinubu acknowledged Bishop Oyedepo’s remarkable contributions to the moral and spiritual development of

individuals and communities, particularly his consistent emphasis on integrity, discipline, diligence, responsibility and excellence. He noted the bishop’s longstanding advocacy for values that strengthen families, institutions, and nations, and his message of hope, purpose, and personal responsibility, which has resonated with people across Nigeria and beyond. The president commended Bishop Oyedepo’s significant contributions to education and human-capital development through institutions such as Covenant University and Landmark University, which have provided platforms for academic excellence, leadership development, entrepreneurship and innovation. According to Tinubu: "Bishop

Oyedepo’s influence extends beyond the pulpit into education, publishing, leadership development and humanitarian service, with the Living Faith Church maintaining a significant international presence across Africa and other parts of the world. "For over four decades of ministry, Bishop Oyedepo has become a prominent Nigerian voice on faith, leadership, integrity, education and human development, with his books and teachings reaching audiences across national and continental boundaries. “Bishop Oyedepo has devoted decades to preaching faith, promoting integrity and encouraging excellence, while investing substantially in education and the development of human

capacity. “His commitment to building lives, institutions and communities has given his ministry a significant national and international footprint. "I especially salute Bishop Oyedepo for the socialdevelopment initiatives, including schools, healthcare facilities, and humanitarian interventions, associated with his ministry and the David Oyedepo Foundation’s support for education and people in need. “On this auspicious occasion of his 72nd birthday, I celebrate his life of service and pray that Almighty God will continue to grant him wisdom, strength, good health and renewed grace as he advances the cause of faith, education, morality and human development.

Lagos Waste Crisis: HBM Mobilises Oyingbo Traders to Tackle Mounting Refuse Bennett Oghifo

Lagos’ mounting waste challenge has triggered renewed privatesector intervention, with HBM Nigeria Plc, formerly known as Lafarge Africa Plc, taking its campaign for proper waste handling directly to traders at the Oyingbo Ultra-Modern Market. The building solutions

company, manufacturer of cement, ready-mix, mortar and Plaster of Paris products, marked the 2026 World Cleanup Day by sensitising traders on waste generation, sorting and disposal, while providing bins and waste management kits for the market. The initiative, organised in partnership with FABE

International Foundation on Tuesday, September 22, 2026, also included practical demonstrations on waste segregation, distribution of branded merchandise and provision of parasols to support the engagement. The intervention comes as Lagos continues to contend with the environmental and public-health pressures

associated with waste generated by its expanding population, commercial activities and densely populated communities. For businesses operating in markets such as Oyingbo, the waste challenge has direct implications for trading conditions, consumer health and the overall attractiveness of commercial spaces.

opportunities for productive enterprise. “Displacement, by its very nature, involves disruption. When people are forced to leave their communities, whether because of natural disasters or insecurity, their economic activities are automatically interrupted,” he said. The minister said displaced people often abandoned farms, fishing grounds, livestock and other sources of livelihood, making economic reconstruction a critical component of rehabilitation. He said the proposed intervention was consistent with the federal government’s

broader development objective of building a more productive and inclusive economy. He said, “Our objective is therefore clear: the $1 trillion economy we aspire to build must be inclusive and create opportunities across communities." Under the proposed arrangement, the government would work with UNHCR, private investors, development finance institutions and other development partners to identify commercially viable projects while addressing some of the risks that have traditionally discouraged investment in fragile communities.

Court Freezes Three Energy Firms’ Accounts Over $1.6m, N1.3bn Crude Storage Debt Wale Igbintade

The Federal High Court sitting in Port Harcourt, Rivers State, has granted a Mareva injunction restraining three energy and logistics companies from withdrawing, transferring or dissipating funds and assets over an alleged debt of $1.602 million and N1.314 billion arising from crude oil storage and related services. The affected companies are Kofa Energy Limited, Redstar Oil & Gas Limited and Halkoff Logistics International Limited. Justice Stephen Dalyop Pam granted the order in a ruling delivered on Wednesday, September 23, 2026, following an ex-parte application filed by Gimbrowns Marine Security Oil and Gas Limited in Suit No. FHC/PH/ CS/163/2026. The plaintiff, through its counsel, Joseph Thangod Olulu, asked the court to preserve the subject matter of the substantive suit pending the determination of its motion on notice. According to court documents, the dispute arose from alleged

unpaid charges relating to the charter, professional services and storage of 150,000 metric tonnes of crude oil aboard the plaintiff’s vessel, Barge MICLYN 301. The operations were carried out at Cawthorne Channel 2 within Oil Mining Lease 18 (OML 18), in the Port Harcourt coastal waters. In an affidavit sworn to by Patrick Otuya of Port Harcourt, the plaintiff alleged that the defendants defaulted in meeting their payment obligations for maritime, storage and security logistics services provided in the Niger Delta offshore sector. In granting the application, Justice Pam restrained the three companies, jointly and severally, from withdrawing, tampering with or dissipating funds standing to their credit in any bank or financial institution in Nigeria, up to the value of the claims. The restrained amounts are $1,602,000 and N1,314,470,000. The order also extended to the defendants’ other assets, whether movable or immovable, including company shares held in any financial institution.

T H I S D AY • MONDAY, SEPTEMBER 28, 2026

NEWS

IMPACT OF UK GOVERNMENT’S MANUFACTURING AFRICA PROGRAMME IN NIGERIA...

L-R: BDO Partner for Manufacturing Africa, Ian Nettleton; Senior Programme Manager, Manufacturing Africa, Emma Sauvestre; British Deputy High Commissioner in Lagos, Jonny Baxter; Nigeria Country Manager, Manufacturing Africa, Vivian Okwudishu; British High Commissioner to Nigeria, Peter Weavering; Manufacturing Africa Adviser Nigeria, FESO, Nicola Tofowomo; and Team Lead, Manufacturing Africa, Thomas Pascoe, at a reception in Lagos marking the impact of the UK Government’s Manufacturing Africa programme in Nigeria and the launch of the Fundraising Toolkit...recently

MDGIF Mobilises N1.6tn Private Capital for 31 Gas Projects Nationwide 475m scf/d additional domestic gas supply targeted from projects Downstream: PETROAN warns against single-company dominance FG insists gas remains central to Nigeria’s energy transition

Emmanuel Addeh in Abuja

The Midstream and Downstream Gas Infrastructure Fund (MDGIF) has leveraged N671 billion of public capital to attract N1.6 trillion in private-sector investment into 31 gas infrastructure projects across Nigeria, its Executive Director, Oluwole Adama, has said. Adama, who was represented by the fund’s Director, Strategy, Research and Deal Origination, Elvis Duruji, disclosed this at the 2026 annual conference of the Association of Energy Correspondents of Nigeria (AECAF) in Abuja. Adama said the investments covered 205 infrastructure assets across the country and, when fully operational, were expected to deliver

about 475 million standard cubic feet of gas daily to the domestic market. The MDGIF boss said 127 of the projects had commenced, while 10 had already been commissioned, stressing that the fund was established to use public resources to reduce risks and make projects that might otherwise struggle to secure financing bankable. “We’ve been able to use about N671 billion to capitalise, attract capital of N1.6 trillion. So this is actually the whole objective of the PIA and that is what we’re doing. So the multiplier is approximately 2.4 times of capital,” he said. Adama said the fund had deliberately moved beyond conventional public-sector financing

FG Targets One Million Outsourcing Jobs by 2030 Raheem Akingbolu Nigeria is ready to meet the world's growing demand for talent, with an initial target of one million export-linked jobs by 2030, Vice President Kashim Shettima, said at the global launch of the Hire From Nigeria campaign. The launch was held in New York on 24 September, on the sidelines of the 81st session of the United Nations General Assembly. In a keynote address delivered on his behalf by the Deputy Chief of Staff to the President, Senator Ibrahim Hassan Hadejia, the Vice President said: “While much of the industrialised world grows older, and quietly wonders who will fill the productivity vacuum, Nigeria produces, every single year, a new generation of digitally fluent, English-speaking, ambitious young men and women, ready to

serve the world from the home front and from a time zone that is convenient for almost every continent.” He added: “The global market for outsourced services will be worth over a trillion dollars in a few years' time. It is, in truth, one of the great transfers of opportunity in modern economic history, and Africa's share of it remains barely a rounding error. And so, I put it to you plainly: Nigeria is the next frontier for global outsourcing.” Hire From Nigeria is a private sector-led, government-supported campaign that positions Nigeria as a competitive global source of talent, services and technologyenabled capabilities, connecting Nigerian professionals, skilled workers, digital experts, creatives and service providers with global employers, clients and markets.

by using its interventions to attract additional private investors into the gas infrastructure space. He explained that the projects, if completed, could increase domestic gas supply by about 25 per cent based on current domestic production of approximately 1.9 billion scf per day. The MDGIF chief also disclosed that the fund had partnered four

flare-out awardees whose projects could monetise 444 million scf of gas daily that would otherwise have been flared, while potentially eliminating about 2,845 metric tonnes of emissions per day. He said the fund had partnered 30 unincorporated joint ventures and an incorporated equipment leasing company, covering 20 CNG mother stations, more than 80 CNG

daughter stations and another 75 daughter stations through the leasing company. Among the projects, he identified a 5 million scf mini-LNG plant being developed by Topline Limited in Delta State as Nigeria’s first indigenous mini-LNG project. According to him, the project spent three years seeking financing before the MDGIF

equity intervention helped unlock an InfraCredit guarantee, with commissioning expected within two to three months. Adama also identified high financing costs, inadequate infrastructure, regulatory uncertainty and technical and commercial risks as some of the major factors constraining investment in the midstream gas sector.

APM Knocks Okpebholo Over N1,500 Petrol Price, Demands Resignation

Chuks Okocha in Abuja

The Allied Peoples Movement (APM) has criticised Edo State Governor, Monday Okpebholo, for defending the prevailing price of petrol. The party demanded the governor’s resignation for what it described as an insensitive response to the economic hardship confronting Nigerians. It also rejected the governor’s comparison of petrol prices in Nigeria and the United Kingdom, warning the federal government against further increases in the pump price of the commodity. Okpebholo had at an event in Edo State on Thursday, compared

petrol prices in Nigeria with those in the United Kingdom, saying a litre of the product sold for more than N3,000 after conversion to naira. The governor, who said he checked the price during a recent visit to London, argued that Nigerians were “doing very well” because petrol remained cheaper in Nigeria. But the APM, in a statement on Saturday, faulted the comparison, saying the nominal naira value of petrol in another country did not adequately reflect the affordability of the commodity for citizens. The party said comparing pump prices without considering

differences in income levels, purchasing power and living costs could give a misleading picture of the burden being borne by Nigerian households. It accused Okpebholo of attempting to justify the hardship caused by rising fuel prices rather than addressing the concerns of citizens who depend on petrol for transportation, businesses and other daily activities. The party consequently demanded the governor’s resignation, arguing that his comments demonstrated a disconnect from the economic realities confronting Nigerians. The APM also cautioned against any further increase

in petrol prices, particularly as pump prices have already risen to around N1,400 in Lagos and Abuja, with prices reaching about N1,500 in some parts of the country. It urged the federal government to focus on measures that would promote price stability and reduce the impact of energy costs on households and businesses. The party said the relevant question was not whether petrol was more expensive in the UK after currency conversion, but whether Nigerians could afford the product relative to their incomes and the rising cost of living.

Youth Minister, Olawande Pledges FG Support for Cultural Heritage, Youth Empowerment Fidelis David in Akure

The Minister of Youth Development, Ayodele Olawande, has reaffirmed the federal government’s commitment to preserving Nigeria’s cultural heritage and empowering young

Nigerians, describing culture as a veritable instrument for promoting unity, identity and peaceful coexistence. Olawande spoke at the weekend during the grand finale of the Ulefunta Cultural Festival in Akure, where he urged communities across the

country to safeguard their indigenous traditions and ensure that the values and history embedded in them are transmitted to younger generations. The minister said cultural heritage remained a priceless national asset, lamenting that

aspects of Nigeria’s heritage had been taken away or neglected over the years. He therefore called for renewed efforts to promote indigenous cultures, particularly among the Yoruba and the people of Akure.

T H I S D AY • MONDAY, SEPTEMBER 28, 2026

NEWS

AT THE ANNUAL GENERAL MEETING OF MIXTA AFRICA...

L-R: Director, Finance, Mixta Africa, Mr. Benson Ajayi; Chairman, Mr. Oladapo Oshinusi; Company Secretary, Mrs. Funmi Olofintuyi; Chief Executive Officer, Mr. Deji Alli; Executive Director, Legal and Corporate Services, Mr. Ugochukwu Ndubuisi; and Non-Executive Director, Mr. Wale Odutola, at the Annual General Meeting of Mixta Africa held in Lagos ... recently

We Can’t Afford 'N18 Million Cars’, Airport Cab Operators Tell FAAN

Kasim Sumaina in Abuja

Airport Cab Operators across Nigeria on Sunday warned that the cost of complying with the Federal Airports Authority of Nigeria’s (FAAN) vehicle upgrade policy could push drivers and small operators out of business. They noted that replacing a vehicle can cost as much as N18 million while a driver may take

home only about N10,000 from a week’s work. The operators, while briefing the press on the development in Abuja, said the financial burden of replacing vehicles manufactured before 2012 was out of proportion with the earnings generated from airport cab operations. FAAN has required airport cab operators to upgrade to vehicles manufactured from 2012 onwards as

part of measures to improve safety, comfort and service quality. The authority has said the requirement was communicated to operators from 2024 and that extensions were granted to give them time to comply, with October 2026 proposed as the final deadline. But the operators said the cost of acquiring qualifying vehicles remains beyond the reach of many drivers and small car-hire companies.

Chairman of the Airport Cab Operators of Nigeria, Prince Amosola, said operators had been struggling to acquire vehicles that meet the requirement, putting the cost of some replacement cars at between N15 million and N18 million. According to him, "From 15 million and above. 18 million and above. Operators are not opposed to upgrading their fleets but needed

Europe-bound Groom Excretes 72 Cocaine Wraps at Enugu Airport

more time to mobilise funds. The challenge becomes clearer when compared with the earnings of drivers. "The operators' concern is not simply the upfront purchase price but how long it would take to recover such an investment from airport trips. A standard trip to town could attract a fare of about N25,000, but the vehicle could consume between N15,000 and N17,000 worth of fuel for the journey and return, while FAAN also charges a N1,500 operational fee. “After other expenses such as vehicle washing, maintenance and

repairs, driver could be left with only about N4,000 from a N25,000 fare. “That vehicle that is carrying N25,000, if that vehicle will go to town, drop the passenger and come back, is going to buy fuel between N15,000 to N17,000." Amosola, added that the operator's calculation also reflects the wider cost pressure confronting airport transport operators, stating: "FAAN increased its airport cab operational tariff from N500 to N1,500, saying the old charge had remained unchanged for more than eight years despite inflation, rising maintenance costs and broader economic pressures.

NDLEA seizes 2.55m opioid pills weighing 1,640.55kg at Lagos airport, arrests Togolese traffickers Ijaws in Edo Demand Autonomy,

Michael Olugbode in Abuja A 25-year-old newlywed businessman, Lovely Chukwulobelu, has been arrested by the National Drug Law Enforcement Agency (NDLEA) at the Akanu Ibiam International Airport (AIIA), Enugu, after he ingested 72 wraps of cocaine allegedly destined for Portugal. Chukwulobelu, was arrested at the airport’s departure hall last Thursday while attempting to board an Ethiopian Airlines flight to Portugal through Addis Ababa. He was subsequently placed under excretion observation and

eventually expelled all 72 wraps of the Class A drug. The arrest formed part of a series of major drug seizures and arrests recorded by the NDLEA across several states and international entry points in the past week, including the interception of more than 2.55 million opioid tablets weighing 1,640.55 kilogrammes at the Murtala Muhammed International Airport (MMIA), Lagos. According to a statement on Sunday by the spokesman of the anti-narcotics agency, Femi Babafemi, Chukwulobelu claimed during interrogation that he was formerly engaged in car decoration

at the Trade Fair Complex, Ojo, Lagos, before relocating to Portugal in May 2023. He reportedly returned to Nigeria recently and got married on September 13, but said he turned to drug trafficking in an attempt to offset expenses incurred during the wedding. At the import shed of the MMIA, Ikeja, NDLEA operatives last Tuesday on uncovered one of the agency’s largest opioid seizures of the year during a joint examination of three monitored consignments. Babafemi said the consignments contained 2,550,000 pills of Tramaking 225mg, Tramaking

250mg and Royal Tapentadol 250mg, with a combined gross weight of 1,640.55 kilogrammes. He noted the consignments were imported from India and Bangladesh through Qatar Airways, RwandAir and Ethiopian Airlines. The seizure, estimated by the agency at more than N3 billion in street value, underscores the scale of pharmaceutical opioid trafficking confronting Nigeria’s drug control authorities. In Bauchi State, NDLEA operatives arrested two suspects, Umar Hamidu, 35, and Abdulkarim Salihu, 45, along the Maiduguri bypass.

Ogun Monarch Seeks FG's Educational, Health Institutions in Border Town James Sowole in Abeokuta

The traditional ruler of a border town in Ogun State, Onimeko of Imeko, Oba Benjamin Alabi Olanite, has called on President Bola Tinubu to bring federal government presence to the area by establishing educational and

health institutions in the area. Specifically, the monarch said in view of the town's historical significance as a frontier community, the federal government should establish a training school for either the Nigeria Customs Service or the Nigeria Immigration Service in

the town. Olanite also requested siting of Federal Medical Centre (FMC) and make more infrastructure available in the area. The monarch made the requests while interacting with journalists, lamenting backwardness of the town

despite its historical frontier status. He urged the federal government to take advantage of Imeko’s strategic location and historical connection with Nigeria’s frontier administration by establishing a specialised training institution there.

Allege Marginalisation by Govt, Oba's Palace Felix Omoh-Asun in Benin City

The five Ijaw kingdoms in Edo State - Egbema, Olodiama, Okomu, Gbaran and Furupagha - have accused the Edo State Government and the Palace of the Oba of Benin of persistent deprivation, balkanization and threat to peaceful coexistence. The leaders of the kingdoms said for decades Ijaws in Edo State have been subjected to marginalization and treated as second-class citizens in their ancestral lands. They demanded an autonomy. President of Ijaws in Edo State, Chief Robinson Ogunkoruwei, who read a statement on behalf of other 10 signees during a press at Gelegeles community in the state, alleged that the Ijaw population, spread across over 500 communities in Ovia South-West, Ovia North-East and Ikpoba-Okha Local Government Areas, has been deliberately split to deny them collective political voice, while attempts have been made to rename and annex their

communities. According to the kingdoms, the Ijaws are aboriginal to their territories and predate the Benin Kingdom, citing historical accounts by Chief Dr. Jacob Egharevba and other historians, as well as colonial-era institutions like Ikoro Baptist Church (1887), Gbelebu Primary School (1904) and native courts established in the 1920s. They recalled that in 1988, the then Oba of Benin, Oba Erediauwa, attempted to appoint his brother, Prince Uyiekpen Akenzua, as Enogie (Duke) over riverine Ijaw communities, a move they said was vehemently resisted and later settled by the then military administrator of Bendel State, Col. Tunde Ogbeha. The kingdoms also cited the Supreme Court judgement in Suit No. SC 131/1982 over a farmland dispute between Gelegelegbene (Ijaw) and Ughoton (Bini), stressing that the case was between individuals and not a determination of communal ownership between the two ethnic groups.

T H I S D AY • MONDAY, SEPTEMBER 28, 2026

NEWS

AGRICULTURE ON THEIR MINDS...

L-R: Youssouf Sy, Senior Operations Officer, International Finance Corporation; Jason Green, Head of Sustainable Sourcing, Africa, Sunbeth Global Concepts; Abubakar Suleiman, Managing Director/CEO, Sterling Bank; and Edward Ogunmekan, Chief Growth Officer, Sterling Bank, at the Agriculture Summit Africa 2026, held in Abuja, last Friday

N600bn Cash Transfer: HURIWA Seeks Full Disclosure, Rejects Yilwatda’s Excuse Says Plateau, Zamfara, Niger attacks expose deepening security crisis

Chuks Okocha in Abuja

Human Rights Writers Association of Nigeria (HURIWA) has rejected the explanation offered by National Chairman of All Progressives Congress (APC), Professor Nentawe Yilwatda, over the federal government’s claim that more than N600 billion was distributed to over 10 million vulnerable Nigerians through the conditional cash transfer programme.

HURIWA, in a statement by its National Coordinator, Emmanuel Onwubiko, said it considered the explanation that most of the alleged beneficiaries did not own mobile phones, watch television, or use social media as inadequate and incapable of resolving the fundamental questions surrounding the reported expenditure. Onwubiko said the APC chairman could not substitute a political explanation for

documentary evidence. According to the group, ''The central issue is not whether poor Nigerians have access to smartphones or social media. The central issue is simple: Where are the records showing that more than 10 million households actually received the reported N600 billion?'' HURIWA, therefore, demanded that the federal government publish a comprehensive and independently verifiable

breakdown of the programme, including the number of beneficiaries in each state and local government, the criteria used for their selection, the amounts paid, dates of payment and the channels through which the funds were transferred. It further said the association was particularly concerned by the conflicting accounts emerging from different parts of the country. 'While officials in some states have confirmed beneficiaries

Alausa Honoured, Seeks Stronger Diaspora Partnership for Education Sector Urges Nigerians abroad to support research, innovation

Emmanuel Addeh in Abuja

The Minister of Education, Tunji Alausa, has called for stronger partnerships between Nigeria and its diaspora to accelerate reforms in education, research and innovation and strengthen the country's human capital. Alausa made the call in Harrisburg, Pennsylvania, where he was honoured as the African Cultural Festival (ACF) 2026 “Man of the Year” and presented with the Key to the City of Harrisburg. The honours were presented at the grand finale of the African Cultural Festival, held under the theme, “The Great Reunion: Culture, Education, and Collaboration,” a statement by Ikharo Attah, Special Adviser (Media and Communications) to the minister said. The minister said Nigerians in the diaspora had an important role to play in complementing government efforts through the transfer of expertise, technology and global best practices to the country's education system. He urged diaspora professionals, academics, researchers and institutions to participate actively in the BRIDGE programme, an initiative focused on Bridging Research,

Minister Education, Dr. Tunji Alausa(right), and Member, 159th District House of Representative Commonwealth of Pennsylvania, Carol Kazeem, after the minister received the 2026 "Man of the Year" award given by the African Cultural Festival in the United States...recently

Innovation, Development and Global Expertise. According to him, the programme provides opportunities for Nigerians abroad to mentor students and young academics, contribute to research, deliver specialised lectures, support curriculum development, establish institutional partnerships and facilitate technology transfer. Alausa stressed that contributing to Nigeria's development did not

require permanent relocation, noting that Nigerians in the diaspora could make meaningful contributions through physical and virtual engagement. He said the approach reflected the theme of the festival by reconnecting Africa and its global community through education, culture, innovation and collaboration. The minister said the federal government's education

transformation agenda covered the entire education value chain, from basic and secondary education to technical, vocational and tertiary education. He listed the Nigerian Education Loan Fund (NELFUND), expansion of technical and vocational training, curriculum modernisation, medical education and teacher development among the initiatives being pursued to improve access, quality and relevance. He also highlighted investments in laboratories, simulation centres, hostels and other critical infrastructure as part of efforts to strengthen the education system and improve employability. Alausa dedicated the ACF recognition to President Bola Tinubu, education-sector officials and stakeholders and Nigerian children and young people, whom he described as being at the centre of the reform agenda. Alausa also acknowledged the Pennsylvania House of Representatives and its Speaker, Joanna McClinton; the City of Harrisburg and its Mayor, Wanda Williams; DuduPlugs and the African Cultural Festival team; as well as other individuals and institutions that contributed to the success of the festival.

of various cash-transfer programmes, investigations have also produced accounts from states where residents and even some government officials said they could not identify beneficiaries or establish clear records of the reported payments. ''This contradiction cannot simply be wished away,'' Onwubiko stressed.

Plateau, Zamfara, Niger Attacks Expose Deepening Security Crisis In another development, HURIWA said the latest wave of killings, attacks, and mass abductions reported in Plateau, Zamfara and Niger states, had further exposed the grave security challenges confronting millions of Nigerians and the urgent need for a more effective

national security response. HURIWA further said it was deeply disturbed that innocent citizens continue to lose their lives in their communities despite repeated assurances from government that measures were being taken to contain terrorism, banditry, kidnapping and other violent crimes. The rights group said the latest incidents demonstrated that Nigeria could not afford a security strategy based principally on statements, condemnations and promises after attacks have already occurred. It said government must move decisively from reactive responses to preventive security operations capable of identifying threats before they mature into massacres and mass abductions.

Borno State Gov, Zulum, Launches Tinubu Mobilisation Drive After US, Canada Trips

Michael Olugbode in Abuja

Borno State Governor, Prof. Babagana Zulum, yesterday, returned from a strategic trip to the United States and Canada and immediately launched a mobilisation campaign for President Bola Tinubu and other All Progressives Congress (APC) candidates ahead of the forthcoming elections. Defying a downpour in Maiduguri, Zulum led party leaders, supporters and residents in what marked the commencement of the APC’s grassroots mobilisation across the state. Speaking at the rally held at the Government House, Maiduguri, the governor hinged his appeal on what he described as the need to sustain the security, reconstruction and recovery gains recorded in Borno under the APC administrations. Zulum said the relative peace

currently being experienced in the state and other parts of the North-East was the product of collective resilience and sustained collaboration between the Borno State Government and the federal government. According to him, continued federal support has remained critical to the state’s recovery, particularly in the rehabilitation of infrastructure and the resettlement of communities and persons displaced by years of insurgency. He said any disruption to the existing political alignment between the state and federal governments could threaten the continuity of programmes designed to consolidate the gains of the past years. “In the first four years of our administration, we worked hard to ensure the security of the lives of our people, and with the help of Almighty Allah, relative peace was attained.

T H I S D AY • MONDAY, SEPTEMBER 28, 2026

NEWS

PRESENTATION OF PRIZE TO SAMSON AT THE PODFEST NAIJA 2026...

L-R: Head of Product, Starbase Technologies, Nonso Ukwandu; Head of Business, Emeka Okenwa; Second Runner Up, Next Big Podcaster, Samson Tara Igama; Convener Podfest Naija and CEO AT3 Resources, Tosin Adefeko; and Project Manager, Next Big Podcaster, Progress Eyoh, at the presentation of prize to Samson at the Podfest Naija 2026 which took place at Harbour Point, Victoria Island, Lagos...recently

Election Funding: SERAP Gives CBN 7 Days to Account for Alleged $6.23m, N1.63tn Demands forensic probe, threatens legal action

Wale Igbintade The Socio-Economic Rights and Accountability Project (SERAP) has given the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, and the apex bank seven days to account for $6.23 million allegedly spent on election funding and more than N1.63 trillion in other public

funds identified in the 2023 report of the Auditor-General of the Federation. SERAP, in a letter dated September 26, 2026, threatened appropriate legal action if Cardoso and the CBN failed to explain the whereabouts, utilisation and recovery of the funds. The organisation said the allegations were contained

in Volume II of the AuditorGeneral’s 2023 Annual Report, published on August 7, 2026, with the findings variously covering transactions between January and December 2023. The funds highlighted by SERAP include N1.252 trillion in CBN intervention loans to state governments; N116.18 billion in loans to distressed and liquidated

banks; N262.86 billion disbursed under the Anchor Borrowers’ Programme; and $6.23 million reportedly spent following a purported request for election funding attributed to former President Muhammadu Buhari. The $6.23 million electionfunding allegation is one of the most sensitive findings highlighted by SERAP.

2027: IGP Disu Assures Nigerians of Police Readiness, Cites Peaceful Ekiti, Osun Polls

Wale Igbintade

The Inspector-General of Police, Olatunji Disu, has assured Nigerians that the Nigeria Police Force was prepared to provide effective security for the 2027 general election, citing the peaceful conduct of the recent Ekiti and Osun governorship elections as evidence of improved police performance. Disu spoke weekend during a press interview at a grand reception held in his honour and that of the Governor of the Central Bank of Nigeria (CBN),

Dr. Olayemi Michael Cardoso. The event was organised by the St. Gregory’s College Old Boys’ Association (SGCOBA) at the Naval Dockyard, Victoria Island, Lagos. The ceremony also featured the presentation of Lifetime Achievement Awards to distinguished old boys and the formal launch of the SGCOBA Endowment and Perpetual Fund. Responding to a question on police preparedness for the 2027 elections, Disu urged Nigerians to assess the performance of the security agency during the

recent Ekiti and Osun polls. “You brought in the issue of election. I want you to look back at the Ekiti election, everybody commended the Nigerian Police,” the IGP said. He added that the outcome of the Osun election had further demonstrated the ability of the police to prevent election-related violence. “We just finished Osun election, everybody thought it would be violent, people would die, we surprised everybody, not one death was recorded,” Disu said. The IGP disclosed that the

police had also recently held a conference at which commanders were given instructions aimed at strengthening their preparedness for election duties. “We just finished one of our conferences where we lectured all commanders.” he said. Beyond the electoral issue, Disu used the occasion to reflect on the influence of his alma mater, St. Gregory’s College, on his career and personal values. He described the Lifetime Achievement Award presented to him by the old boys’ association as one of the most significant recognitions he had received

Atiku Seeks Increase in Minimum Wage Now Chuks Okocha in Abuja

Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has thrown his full weight behind organised labour’s demand for a substantial increase in the minimum wage, accusing President Bola Tinubu of presiding over a ruthless economic squeeze in

which workers were paid more on paper and condemned to live on less. He said the administration’s self-congratulatory talk of reform had become an insult to Nigerians whose wages vanish between the filling station and the food market. In a statement by the Director of Strategic Communications of the ADC Presidential Campaign

Council, Phrank Shaibu, Atiku said Tinubu’s reckless removal of the petrol subsidy sent prices soaring before any credible protection was in place for working families. “The government pulled away the floor, offered workers a flimsy umbrella and now applauds itself while the rain beats down on them. “Fuel, transport, food and rent have devoured their earnings. This

is a callous way to govern people who work hard and ask only for the means to live. “Tinubu asked Nigerians to make sacrifices and treated the suffering that followed as an afterthought. Those with the least have been made to carry the heaviest load. That is the cruel arithmetic of this cost-of-living crisis,” Atiku said.

According to the AuditorGeneral’s report as cited by the organisation, the CBN’s internal audit disclosed that the money was spent based on a request for election funding purportedly made by Buhari. However, the CBN reportedly failed to make the investigation report available to the audit team for scrutiny and confirmation. The Auditor-General consequently raised concerns that the money might have been lost and that the payments might have been fraudulent, and recommended that the funds be recovered and remitted to the treasury. SERAP urged Cardoso and the CBN to publish the findings of the internal investigation into the alleged fraud, disclose measures taken to recover the funds and establish responsibility for the transaction. On the much larger pool of naira funds, SERAP demanded an explanation for N1,252,095,444,724.82 reportedly granted as CBN intervention loans to different states in 2023. The Auditor-General reportedly expressed concern that the funds could have been diverted to private purposes and recommended their recovery and remittance to the Treasury. SERAP asked the CBN to disclose the beneficiaries of the state intervention loans, amounts disbursed and recovery measures taken. The audit report also found that the CBN failed to recover N116,179,000,000 in loans granted to distressed and liquidated banks. The apex bank was further said to have failed to present its 2023 audited or draft financial statements and a schedule showing recoveries and outstanding balances on

the loans to the audit team for scrutiny. The Auditor-General reportedly expressed concern that the money could have been diverted and called for appropriate recovery measures. Another major concern was the Anchor Borrowers’ Programme, under which the CBN reportedly disbursed N262,859,473,249.81 to support farmers and boost food production. The Auditor-General also found that the funds remained in the hands of some “Anchors”, warning that this could undermine the programme’s intended food-security objectives. The CBN was also said to have failed to provide the list and number of beneficiaries of the programme and information on its impact for audit assessment. The Auditor-General reportedly recommended recovery of the funds and expressed concern that they might have been diverted to private purposes. Taken together, the three naira categories of funds cited by SERAP amount to about N1.63 trillion, excluding the $6.23 million electionfunding allegation. In its letter, SERAP urged the CBN to identify the persons responsible for the affected public funds, take appropriate disciplinary action and refer suspected criminal conduct to the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other competent authorities. It also demanded the full recovery and remittance to the Treasury of any funds found to have been diverted, lost or left unaccounted for.

T H I S D AY • MONDAY, SEPTEMBER 28, 2026

NEWS

MEDIA BRIEFING...

Executive Director, Optiva Capital Partners, Dr. Amaka Okeke (left), and Chairman, Franklin Nechi, during their Quarterly Media Briefing on "From Access to Legacy," held in Lagos...recently

Advisory Firm: New Tax Rules Raise Compliance Burden for Companies Emmanuel Addeh in Abuja

Tax advisory firm, Kreston Pedabo, has warned that companies relying on inter-company loans and other related-party financing arrangements will face tighter scrutiny under the

Nigeria Tax Act 2025. According to the advisory firm, this is as the new regime expands transfer pricing obligations, restricts interest deductions and removes longstanding withholding tax exemptions on certain foreign loans.

The company disclosed this In its September 2026 Monthly Newsletter, where it argued that the tax reforms marked one of the most significant shifts in the country's corporate tax framework. The firm stated that this has

brought the country closer to global Organisation for Economic Co-operation and Development (OECD) standards aimed at curbing profit shifting and ensuring taxes are paid where economic value is created.

FG Inaugurates 581kWp Solar Minigrid, 1.4MW Battery System in Kwara Emmanuel Addeh in Abuja

The federal government has commissioned a 581kWp interconnected solar mini-grid with a 1.4MW battery energy storage system in Oke-Oyi, Ilorin East Local Government Area of Kwara State, in a move to expand reliable electricity supply to rural communities. The Federal Ministry of Power said the expanded battery

capacity would enable the mini-grid to supply electricity to the community through the night, strengthening efforts to improve access to reliable power in underserved areas. The project, delivered under the Interconnected Mini-Grid Acceleration Scheme (IMAS) and supported by the Nigerian Energy Support Programme (NESP), was backed by the European Union (EU) the Federal Republic

of Germany through GIZ and other development partners, including UNICEF. Speaking at the commissioning, the Minister of Power, Joseph Tegbe, described the project as an example of how international partnerships could support sustainable electricity development. Tegbe said the scheme was designed to leverage public funding to attract private

developers, establish clear market rules and promote long-term commercial viability rather than perpetual dependence on subsidies. The minister urged residents of Oke-Oyi to protect the newly commissioned infrastructure from vandalism and criminal interference, describing the facility as an investment built for their benefit and that of future generations.

Titled: “Impact of the Nigeria Tax Act 2025 on Related Party Financing,” the report was authored by Adewale Kayode, Manager, Tax Services; Ayodeji Adenugba, Senior Associate, Tax Services; and Esther Nofiu, Senior Associate, Tax Services. According to the firm, the law signed on 26 June 2025 and effective from January 1, 2026, significantly broadens the powers of the Nigeria Revenue Service (NRS) to examine transactions between connected companies, including shareholder loans, parent-subsidiary financing, affiliate lending, guarantees and other intra-group funding arrangements. Kreston Pedabo said one of the most consequential changes is the expansion of the interest deductibility limitation. Under the previous Companies Income Tax Act (CITA), as amended by the Finance Act 2019, the 30 per cent EBITDA cap applied mainly to loans from foreign connected parties. However, the new law extends

ATIKU, OBI, ADC, OTHERS QUESTION TINUBU’S EXTENDED HOLIDAYS, WANT CLARITY ON STATUS

President?” Obi said Nigeria, as Africa’s most populous country, should have its president participating directly in major international engagements, particularly at a time when the country was facing significant domestic and international challenges. “Here is the remarkable address delivered by Ghana’s dynamic President, John Dramani Mahama, at the 81st UNGA. "As the international community commends this distinguished leader, many are asking: Where is the President of Africa’s most populous nation, a country of more than 200 million people, more than Ghana, whose leader has been absent from the global stage for three consecutive UNGAs?” Obi said. He added that Tinubu “ought to be representing and guiding the continent at the international level,” but had not attended the

last three UN General Assembly gatherings. “Nigeria’s President, who ought to be representing and guiding the continent at the international level, has not attended any of these three global gatherings. “Where is he, particularly at a time when the country faces significant challenges both domestically and internationally?” he asked. Obi acknowledged that Vice President Kashim Shettima attended the current UNGA, but said the Vice President’s presence did not resolve the question of the President’s absence. “Although our Vice President, Kashim Shettima, was present, the question remains: where is the President?” he stated. The NDC candidate called for prayers for Tinubu’s return and leadership, while reiterating his political message that a “New Nigeria” was possible.

Obi however promised not to travel overseas to spend his vacation if elected Nigeria's president in 2027. Obi also criticised the situation where elected and appointed political office holders in the country go on holidays outside the shores of Nigeria or engage in medical tourism in Europeancountries. He made this particular rremarks while inaugurating the NDC campaign office in Asaba, Delta State, appealing to Nigerians to rally behind him and the NDC in the effort to reset Nigeria for better performance domestically and among the comity of nations by voting them into power in the 2027 general election. Obi, in company with his presidential running mate, Senator Rabiu Musa Kwankwaso and the Delta State Governorship Candidate, Deacon Chris Iyovwaye and other party leaders, received a rousing welcome amid chants

of "Obi will reset Nigeria! Peter for President!" Addressing thousands of party members and supporters who came to welcome him, Obi stated his economic transformation agenda was aimed at improving the lives of Nigerians, rather than producing statistical figures that existed only on paper and counting for mere academic exercise. Meanwhile, the NDC National Leader, Senator Seriake Dickson, has continued to mobilise support for the party and its presidential ticket ahead of the 2027 general election. In London on Saturday, according to a statement by the NDC-UK Media Office, the NDC United Kingdom Chapter leadership met with Dickson at the London Park Lane Hilton Hotel and reaffirmed its commitment to the growth and expansion of the party.

The meeting brought together members of the NDC-UK executive committee, party supporters and representatives of the Nigerian community from across Great Britain and Ireland. Dickson, a former governor of Bayelsa State, briefed the participants on developments within the party, its progress since its formation and preparations for the 2027 elections. The NDC-UK Country Chairman, Princewill Urum, expressed the chapter’s commitment to advancing the objectives and programmes of the party. Also at the meeting was the leader of the Coalition for the Protection of Democracy (COPDEM), a Nigerian and global political network, which expressed support for initiatives aimed at strengthening democratic participation and promoting credible elections in Nigeria.

the restriction to both foreign and domestic transactions involving connected persons, except for banking and insurance companies. The advisory firm noted that the definition of debt has also been widened to include loans, financial instruments, finance leases and derivatives, reducing opportunities for companies to lower taxable profits through excessive debt funding. It added: “Related party financing is frequently deployed as a tax planning mechanism, creating opportunities for base erosion and profit shifting,” adding that the broader rules are intended to close gaps previously exploited by corporate groups. The firm also highlighted tougher transfer pricing requirements, saying taxpayers must now demonstrate that interest rates, loan tenures, repayment schedules and collateral arrangements reflect market conditions under the arm’s length principle. Dickson, according to the NDC-UK statement, expressed confidence in the party leadership and presidential ticket, while urging institutions and officials responsible for conducting elections to uphold integrity, fairness, responsibility and patriotism. He also disclosed that he would return to the United Kingdom later this year with Obi, the party’s presidential candidate; his running mate, Alhaji Rabiu Musa Kwankwaso; and other senior party officials for the formal launch of the NDC-UK Chapter. The development came amid continuing efforts by the NDC leadership to consolidate its structure ahead of the 2027 elections. The party has recently announced plans to inaugurate its Presidential Campaign Council, with Obi and Kwankwaso authorised to nominate principal officers for several strategic positions.

T H I S D AY • MONDAY, SEPTEMBER 28, 2026

NEWS

AG MORTGAGE BANK'S 21ST ANNUAL GENERAL MEETING...

L-R: Board Consultant, AG Mortgage Bank Plc, Mr. Ezenwa Anumnu; Non-Executive Director, Rev. Dr. Gabriel Michael; Managing Director, Mr. Ngozi Anyogu; Chairman of the Board, Rev. Dr. Abel Amadi; Executive Director/ Chief Operating Officer, Dr. Simon Ogwu; Group Head, Finance and Strategy, Mrs. Anthonia Lloyd-Okereafor; and Company Secretary, Mr. Chieduzie Ogbuehi, during the AG Mortgage Bank Plc 21st Annual General Meeting held virtually ... recently

2027: I Killed PDP in Ebonyi, Says Umahi Declares son's chairmanship shows gov means well for him

Benjamin Nworie in Abakaliki Minister of Works, Senator David Umahi, alleged he killed Peoples Democratic Party (PDP) in Ebonyi State, when he was governor, saying he would not allow the party to come back alive in the state. Umahi stated that he had no hand in the aspiration of the PDP governorship candidate, Ifeanyi Odii, stressing that he has no relationship with anyone that

would jeopardise the re-election of Governor Francis Nwifuru. The minister made the assertions during an inspection of the Cross River-Ebonyi-BenueAbuja trans-Sahara Highway. Umahi stated that the choice of his son, Osborn, for a chairmanship position, was an indication that Nwifuru meant well for him and he had not forgotten the past. He added that he had instructed the chairman of Ohaozara Local Government

Area not to append his signature on any document that was not from the governor and the state House of Assembly. Referring to his son, Osborn, the minister said he must exhibit transparency, honesty, and prudent management of funds. He stated, "I've told him (Osborn) that anything that is not signed by the governor or the House of Assembly, don't put your signature there. Because the governor is insisting that local government

funds should be used to develop local government. So nobody should come through the back and say, sign. "I've told him not to…because you are carrying my name and the name of the governor in the performance of your duties. There is also a name of the family that you are carrying. "And he has promised not to take salary and not to take allowances. And this will be very, very wonderful. So myself and my governor, it's our soul.

Olawepo-Hashim: We’ll Support Dangote Refinery, Others to Conquer Global Market Chuks Okocha in Abuja

Accord Party presidential candidate, Gbenga OlawepoHashim, has declared that under an Accord Party administration, Nigerian refineries would have access to Nigerian crude at a strategic domestic price, giving them the cost advantage to compete aggressively in the sub-regional markets and transform Nigeria into a global energy power. Olawepo-Hashim also

promised to deliver cheaper petrol to Nigerians. He made the declaration at the weekend in Ilorin during the Diaspora Dialogue, when he spoke on “Fuel Subsidy and the Politics of 2027”. The discourse was anchored by Professor Farooq Kperogi, Professor Moses Ochonu, and Dr. Osmund Agbo. Olawepo-Hashim spoke against the backdrop of rising petrol prices and growing pressure on global energy markets.

He said Nigeria’s greatest economic mistake had been to treat crude oil primarily as an export commodity instead of using it as the foundation of national industrial power. Olawepo-Hashim stated, “Nigeria has spent decades giving the world our crude and buying back the value created from it. Our Energy First policy will reverse that equation. “Our crude is our strategic advantage. We will put that advantage behind Nigerian

industry. Refining and petrochemical industries are a core part of our immediate industrialisation strategy as we aim to be the world most reliable energy source.” He added that the Dangote refinery and other qualifying Nigerian refineries would be able to access Nigerian crude under a strategic domestic pricing framework rather than being treated simply as foreign buyers competing for an internationallytraded commodity.

Six NDC Governorship Candidates Reject Babachir Lawal as Their North-East Leader Segun Awofadeji in Bauchi

Six governorship candidates of the Nigeria Democratic Congress (NDC) in the North-East have rejected the appointment of a former Secretary to the Government of the Federation (SGF), Babachir Lawal, as the party’s leader in the region. The governorship candidates, in a joint statement addressed to the national leader of the party, Senator Seriake Dickson, said they would not recognise Lawal in the

position, describing their decision as “collective, firm and final.” The candidates said the appointment was made without consultation with them or other key stakeholders who, according to them, had been directly involved in building the party’s structures and mobilising support across their respective states. “After due consideration, we have unanimously resolved not to recognise Engr. Babachir Lawal as the Leader of the NDC in the North-East, and we will not

recognise him as such,” they stated. They argued that politics was local and urged the national leadership to take into account the views of those directly involved in the party’s activities and electoral mobilisation across the region. The candidates further expressed concern that the appointment could affect the party’s electoral prospects in the North-East, saying they were of the view that the decision would not add electoral value to the party in the region.

According to them, consultation with the governorship candidates before the appointment would have enabled the national leadership to better understand the political realities and concerns in the six states. They therefore appealed to the national leadership to review the appointment and engage the affected governorship candidates in the interest of party unity, cohesion and the strengthening of the NDC ahead of the 2027 elections.

"I give back to the governor. Governor gives back to him. So two of us will ensure that he comes out very clean and he makes the governor very proud. "So we expect a very robust engagement. He has started very well by calling meetings of all the stakeholders and by making sure that the three communities of Uburu, Okposi, and Ugwulangwu are properly united. And I've advised him, don't do anything for the people of Uburu because you are from Uburu.” Umahi said, "It has to be equitably distributed among the 11 council wards of the local government. Because when you are a leader and you want to just develop your place, God will resist you. And he will not do it.

"So I have very high expectations with the governor, who is his father. And he is the one that nominated him. I never nominated him. And then when that happened, I said to my wife, let's allow this boy to continue working in NNPC. “Then trouble busted out of the house. You've been governor, the son of another mother. You don't want my son to be local government chairman. Of course, you know they will defeat me together with the governor. So that's how it came to be. "But when people call me out, oh, I've made my son local government, that's not true. The governor is alive. And that single deed of the governor, it touched me so much because it shows that he feels good for me and he appreciates the past, the present, and tomorrow.”

N’Central Group Hails Tinubu, Armed Forces Alliance for Return of Peace to Benue

Chuks Okocha in Abuja

The North Central Youth Development and Peace Agenda, has lauded President Bola Tinubu and the Nigerian Armed Forces for the collaborative efforts said to be restoring peace to Benue State and other parts of the North Central region. The group specifically highlighted the leadership of the Chief of Defence Staff, General Olufemi Oluyede, in driving sustained operations that have reduced attacks and enabled communities to return to normal life. In a statement by Ambassador Marcus Adams Odoba, the group pointed to recent military successes under Operation Whirl Stroke, including the rescue of seven kidnap victims in Ohimini Local Government Area and the neutralisation of suspected kidnappers in Katsina-Ala,

where troops recovered arms and ammunition. In Guma Local Government Area, the Special Intervention Battalion has maintained relative calm for several months, allowing more than 1,000 internally displaced persons to return home. “President Tinubu’s firm commitment to securing the North Central, combined with the professional leadership of General Olufemi Oluyede, has brought tangible relief to the people of Benue. “The Armed Forces have demonstrated courage, consistency and strategic focus in protecting lives and property. “We commend the CDS for the effective blend of kinetic operations and community engagement that has made these gains possible. Many families are now returning to their ancestral homes because of this collaborative approach," Odoba stated.

T H I S D AY • MONDAY, SEPTEMBER 28, 2026

MONDAYSPORTS Elijah Warns Super Eagles Against Underestimating Guinea-Bissau

Group Sports Editor Duro Ikhazuagbe

Email duro.ikhazuagbe@thisdaylive.com

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As ‘Daman Miracle’ member insists no more minnows in African football as Eagles land in Bissau

Duro Ikhazuagbe with agency report

Ahead of Tuesday’s 2027 Africa Cup of Nations (AFCON) qualifier against Guinea-Bissau, a former Nigerian midfielder, Sam Elijah, has warned the Super Eagles against underestimating the hosts’ Djurtus who are leading Group L on goals difference. Guinea-Bissau’s Djurtus went away to Zanzibar to beat 2027 AFCON co-hosts Tanzania 2-0 in their opening game of the campaign last Friday. Now, the Djurtus are dreaming of consolidating with victory against Super Eagles who came from behind to beat Madagascar 2-1 same Friday in Uyo. But Elijah told allnigeriasoccer. com yesterday that Super Eagles can only underestimate GuineaBissau tomorrow at their own peril. “There are no more minnows when it comes to football in Africa and the world. It is the way you

T O D AY AFCON 2027 CAR v Burkina Faso E’Guinea v S’Leone Zimbabwe v DR Congo Tunisia v Botswana UEFA Nations League Belgium v France Turkey v Italy Sweden v Poland Romania v Bosnia N’Ireland v Hungary Georgia v Ukraine

2027 AFCON QUALIFIERS prepare yourself that you will get result, “ observed Elijah, a member of Nigeria’s 1989 Flying Eagles that came back from 4-1 down to tie the U20 World Cup quarterfinal game with Russia and won on penalty shootouts. Elijah insisted that even as he is happy with the result, Super Eagles handlers to reassess their approach ahead of the encounter with Guinea-Bissau. “The match against Madagascar is an eye opener and a match that we should go back to the drawing board and start all over again,” Elijah said as a matter of fact. If you look at the performance, it is not in the high level but my joy and happiness is that we got our three points.” Elijah called on Coach Eric Chelle to step up preparations, both technically and tactically, describing the upcoming match as a must-win encounter for Nigeria. “So the preparation should on top gear by the coach, technically and tactically. The boys must come out highly committed and determined. It is a must win match for us. We need to approach the match with all diligence,” Elijah said. Meanwhile, Eric Chelle and his wards who departed Uyo at 3pm yesterday afternoon, touched down in Guinea-Bissau’s capital city Bissau around 8pm last night. Media Officer of the team, Promise Efoghe, confirmed that the team will have a feel of the 15,000-capacity Estádio 24 de

Lakowe Lakes Tees-off With Car Prize for Winner The 54-hole Nigeria Closed tournament will tee-off this morning at the par-72 Lakowe Lakes Golf Club, opening a week of top-level professional golf as international players begin arriving for the second leg of the Lakowe Lakes Golf Classic. More than 150 professional golfers from over 12 African countries are expected across the events, with the Nigeria Closed offering a N30 million purse before attention shifts to the international leg from October 2 to October 4. Excitement around the international event has been heightened by CIG Motors who are offer of a brand-new electric car to the overall winner, alongside a $50,000 purse and World Golf Ranking points. Players are expected from Kenya, Uganda, Rwanda, Zimbabwe, Tanzania, Ghana,

Cameroon, Togo, Gambia, Senegal, Côte d’Ivoire and Zambia, joining Nigeria’s leading professionals at Lakowe Lakes. Former Nigeria number one Oche Odoh described the arrival of Sunshine Development Tour events in the country as a major boost for local professionals. “This partnership is a major boost for professional golf in Nigeria. Our players are the biggest beneficiaries because they now have more opportunities to compete internationally, improve their games and earn ranking points without always travelling outside the country.” With a strong continental field, significant prize money and ranking opportunities at stake, the Lakowe Lakes Golf Classic is set to place Nigeria firmly in the spotlight of African professional golf.

Setembro this evening at about same time they will meet the hosts on Tuesday. Guinea-Bissau’s 2-0 over Tanzania has put them on top despite having same three points as the Super Eagles. Both Madagascar and Tanzania are without any point yet. Tanzania have qualified automatically as co-hosts. Only the winner of the Group L standing will qualify for the AFCON to be jointly hosted by Tanzania, Uganda and Kenya. Moses Usor (Number 24) scored Super Eagles winning goal in the 2-1 victory over Madagascar...last Friday in Uyo

DEBUT HERO...

Ebi Egbe Says Nigeria Cannot Demand European-standard Football Quality from Eagles with Deficient Facilities Duro Ikhazuagbe Certified hybrid pitch Technician, Ebi Egbe, has insisted that Nigeria cannot demand European-standard football quality from her players while giving them African-standard inconsistency in the most fundamental piece of football infrastructure. Egbe who is the CEO of Monimichelle Sports Facilities Construction Ltd, spoke shortly

after Super Eagles laboured to a comeback 2-1 2027 AFCON qualifiers win against Madagascar at the Godswill Akpabo International Stadium in Uyo...last Friday. The Monimichele Boss insisted that: “Every green is not a football pitch. This is another issue we must confront. “A pitch can look beautiful on television and still be technically unsuitable for elite football. Every green is not a green

for football,” began Ebi Egbe whose stamp of authority is on the CAF/FIFA-certified Remo Stars Stadium in Ikenne. Egbe stressed further that “if Nigeria is serious about developing elite footballers, improving the NPFL, strengthening the Super Eagles and competing consistently at the highest level, then we must finally accept one fundamental principle: ‘The Pitch is the 12th Player.’

“And just like the other 11 players, the 12th player must be properly prepared, properly managed and ready to perform when the whistle blows,” he warned with seriousness. He reiterated that quality pitches must answer these basic questions before they can be certified as fit to host elite players. “The real questions are: “Can the ball move consistently? Is the surface level?

Runsewe Excited as Nigerian Open Golf Returns After Two Decades The Nigeria Golf Federation (NGF) has scheduled the Nigeria Open Golf Tournament for November 16 to November 20, 2027, marking the return of the country’s biggest golf event after two decades. NGF President, Otunba Olusegun Runsewe, announced this while outlining plans to

reposition golf and raise its standards in Nigeria. “We are very happy to announce that we will be organising a befitting Nigeria Open Golf Tournament, the biggest golfing event in the country after two decades of absence,” Runsewe said. The News Agency of

Nigeria (NAN) reports that the Nigerian Open was a golf tournament played in Nigeria between 1969 and 1999, generally at the Ikoyi Club in Lagos. From 1997 to 1999, it was played at the IBB International Golf and Country Club in Abuja, where it was last held.

Adeboye Urges Super Eagles to Turn Victory Into Momentum The Senior Special Assistant to the President on Grassroots Sports Development, Hon. Adeyinka Anthony Adeboye, has urged the Super Eagles to build on their opening victory over Madagascar by going for another positive result against Guinea-Bissau in their second match of the 2027 Africa Cup of Nations qualifying campaign. Nigeria began the qualifiers with a hard-fought 2-1 victory over Madagascar at the Godswill Akpabio International Stadium, Uyo, with debutants George Ilenikhena and Moses Usor scoring the goals that rescued the three points. Adeboye described the victory as an important start but stressed that the Super Eagles must now

improve on their performance and demonstrate greater authority against Guinea-Bissau. “The first game is behind us now. We got the three points, which was important, but everyone who watched that match knows there are areas where we must improve. The next game provides an opportunity to show that improvement,” Adeboye said. He praised the character displayed by the team after falling behind against Madagascar, particularly the contributions of Ilenikhena and Usor, who made immediate impacts on their senior international debuts. According to the Presidential aide, their performances

underline the importance of continuously creating opportunities for emerging Nigerian talents. “What excited me about the last game was seeing young players come into the Super Eagles and immediately take responsibility. Ilenikhena and Usor were given opportunities and they responded with goals. That is healthy for the national team and encouraging for every young Nigerian footballer dreaming of playing for his country.” Adeboye also congratulated Moses Simon on reaching 100 appearances for Nigeria, describing the occasion as symbolic of the balance required between experience and youth.

Runsewe said the federation had taken time to prepare for the tournament because it wanted to rebrand the NGF and establish systems capable of meeting international standards. He said the rebranding included a new social media strategy, website, insurance policies and a World Handicap System (WHS) index. According to him, the WHS initiative would ensure that golf clubs nationwide adopted a common system, describing it as part of the NGF’s strategy to internationalise the sport.

Otunba Olusegun Runsewe... Nigeria Golf Federation President

T H I S D AY • MONDAY, SEPTEMBER 28, 2026

BACKPAGE CONTINUATION RAINBOW COALITION OR SOLAR ECLIPSE? Rainbow Coalition’s only publicly stated goal is to help President Bola Tinubu to get reelected in next year’s election. But with a very complicated caveat; while it fully supports the APC presidential candidate’s bid, it reserves for itself the right to field governorship, senatorial or other legislative candidates on the platforms of other political parties. While the Presidency has yet to distance itself from this complicated arrangement, governors of the ruling APC are up in arms against it. Ogun, Kwara, Gombe and Imo APCs have already cried out over Wike’s activities in their states. After a meeting of the APC Governors’ Forum, their Chairman, Imo State Governor Hope Uzodinma, read a communique saying “The APC Governors Forum unanimously resolved that its members will not participate in, support or endorse any alliance or political arrangement capable of undermining the re-election of Mr. President, weakening the APC or adversely affecting any candidate of the party at all levels. In other words, the forum has no intention to support any candidate at any level that is not an APC candidate because our candidates who are contesting the election are being sponsored by our party.” It said its position “aligns with the expectations of Mr. President.” At the weekend, both Zamfara State governor Dauda Lawal and Works Minister Dave Umahi also decried the Rainbow arrangement. While Lawal said Wike should either join APC or quit the federal cabinet, Umahi said there is nothing like Rainbow Coalition in his native Ebonyi State. On top of that, APC’s national working committee, after meeting in Maiduguri, also

declared that it will work for APC candidates at all levels, a rejection of Rainbow Coalition. While it is not yet clear if indeed the APC governors’ position “aligns with the expectations of Mr. President,” who appears to be very fond of Minister Wike, it is very clear that their position is diametrically opposed to Rainbow Coalition’s; it is either you support the total slate of APC candidates or you don’t, but cannot pick and choose who to support across a broad range of political parties. An individual voter can do that; in fact, sophisticated voters do that all the time, but a party man or woman is expected to support the party’s slate all through, otherwise, he is guilty of what in Nigerian politics is called anti-party activity. Wike’s Rainbow Coalition is a first in Nigerian politics. We have had political alliances since the First Republic, but not with one leg in this party and another leg in another party. In the First Republic, NPC and NNDP formed the Nigeria National Alliance [NNA], while Action Group and NCNC aligned to form United Progressives Grand Alliance, UPGA. Both were whole-party alliances approved by their parties from top to bottom. In the Second Republic too, we had semi-formal party alliances, such as NPN-NPP Accord and the Meeting of Progressive Governors [[UPN, GNPP and PRP], but each party retained its slate of candidates. What we instead had were defections; if one had fundamental disagreements with his party leaders, he defected to another party. Even governors did so, such as Mohamed Abubakar Rimi of Kano and Abubakar Barde of Gongola, who defected to NPP, and Mohamed

Goni of Borno and Clement Isong of Cross River, who defected to UPN. As for ministers, several NPP members served as ministers in Alhaji Shehu Shagari’s NPN government under the terms of the NPN-NPP Accord, but when the accord fell apart in 1982, some of them resigned and remained with their party, while others, such as Foreign Affairs Minister Prof. Ishaya Audu of Kaduna, defected to NPN and retained his ministerial seat. In the Fourth Republic too, PDP Presidents accommodated ministers from other parties either to reward them for underground support or to broaden their political base. Such as, when President Obasanjo appointed key Alliance for Democracy [AD] leader Chief Bola Ige into his cabinet, first as Power Minister and later as Attorney General and Minister of Justice. President Umaru Yar’adua also took in a few ANPP members as ministers, so President Bola Tinubu’s appointing Wike into his cabinet wasn’t a first. Only that, he gave him a powerful portfolio, a lot of latitude, high visibility and apparently a lot of resources. Wike started by splitting the main opposition PDP down the middle, through a combination of endless litigation and sponsoring dissident factions. There are three likely reasons for this historic deed; one is to punish the party for denying him its 2023 presidential ticket; for subverting its North-South rotation agreement [which, to be frank, President Goodluck Jonathan first subverted in 2011 and 2015] and also by refusing to make Wike its presidential candidate’s running mate. He thus created the G5 alliance of PDP governors that did anti-party and supported Tinubu.

Wike’s Rainbow Alliance was initially confined to Rivers State. Having anointed, then fell out with Governor Simi Fubara, he retained control of Rivers PDP structures, including a majority of State Assembly members, then used his federal position to seize the Rivers State APC structure, then merged the two and added some smaller parties, under whose platforms some candidates contested Local council elections, and made himself leader of the Rainbow Coalition of almost all the parties in the state. When Governor Fubara tried the same game and defected to APC, Wike still sidelined him and denied him the reelection ticket. He instead got House of Representatives Minority Leader Kingsley Chinda to defect to APC and gave him the ticket. Thus far, things had worked very well for Nyesom Wike. But he stretched his luck to breaking point by extending the Rainbow Coalition experiment to the national scale, kept up his support for Tinubu but sponsored governorship and other candidates in various states on non-APC platforms. That brought the current, high-level conflict with APC governors. President Tinubu must now be making algebraic calculations. He wants to keep Wike, but with 31 APC governors in the kitty, with PDP now comatose and with the major opposition parties unable to unite behind a single candidate, the large bank of Rivers State votes that Wike offers is no longer as tempting for Tinubu as it was in 2023. Oga Wike should pause and ponder; what he sees as brightly coloured Rainbow might turn out to be a dark Solar Eclipse.

FANI-KAYODE ON ATIKU: SEPARATING CLAIMS FROM THE RECORD 2021. Party switching may be criticised. But the standard should apply consistently. What really happened in 2003? Fani-Kayode presents his interpretation of the Obasanjo-Atiku conflict as though nobody disputes it. The historical record is considerably more complicated. Atiku has repeatedly stated that PDP governors approached him before the 2003 election and urged him to challenge President Obasanjo for the party ticket, but that he declined. He repeated that account publicly in 2021, saying that he relied on the party’s understanding that presidential power should remain in the South-West for eight years. Earlier, he similarly told an interviewer that the governors wanted him to run against Obasanjo and that he refused, preferring to remain his running mate. Other published accounts confirm that powerful PDP governors did indeed consider replacing Obasanjo and approached Atiku. Accounts differ significantly, however, on Atiku’s exact conduct and the negotiations that followed. Fani-Kayode is entitled to his recollection. He is not entitled to convert a disputed episode in Nigerian political history into incontrovertible proof of “treachery”. Mambilla: what the tribunal actually said Fani-Kayode also bundles Mambilla together with Siemens, Halliburton and other matters to create the impression of established corruption findings. The recent Mambilla arbitration deserves much greater precision. The ICC tribunal examined the circumstances surrounding a $500,000 transfer made by Sunrise promoter Leno Adesanya through China Castle Investments to an account belonging to Atiku’s then-wife, Jennifer Douglas. The tribunal rejected Adesanya’s explanation because adequate contemporaneous documentation supporting the alleged foreign-exchange transaction was not produced. It described the circumstances as raising significant concerns. That part should not be concealed. But neither should the sentence that immediately limits what can legitimately be claimed about Atiku. The tribunal expressly stated that there was no evidence in the arbitration record that Vice-President Atiku Abubakar actually exercised his official duties in a manner that fostered the award of the contract to Sunrise. The arbitration did not impose criminal liability on Atiku, nor did it find that he corruptly awarded

Atiku

the Mambilla contract to Sunrise. Indeed, the former Vice President did not have the final say in the award of that contract. An investigation may examine whatever evidence exists. Investigation is not conviction, suspicion is not proof, and political commentary cannot manufacture a finding that the tribunal itself did not make. The $1.2 million American engagement Then there is Fani-Kayode’s description of a “foreign hired gun” supposedly employed for $1.2 million. There is no secret contract to uncover. The engagement between Atiku and Washington-based Von Batten-Montague-York was publicly filed with the United States Department of Justice under the Foreign Agents Registration Act. The filing states that the firm was retained for government-affairs representation and strategic advisory work, including policy positioning, briefing materials, institutional outreach and engagement with Congress and executive-branch officials. The twelve-month compensation disclosed in the filing is $1.2 million. The same filing specifically requires compliance with FARA, US ethics requirements and applicable election laws. People may debate the wisdom or cost of employing an international strategic firm. But calling a publicly registered professional engagement evidence of some sinister conspiracy adds heat, not facts. The subsidy argument also misrepresents Atiku’s proposal

Fani-Kayode says Atiku wants simply to “restore the oil subsidy” and thereby destroy Nigeria’s economy. That is not the policy Atiku has publicly described. His stated proposal is a production subsidy restricted to petroleum products refined in Nigeria, rather than a return to subsidising imported petrol. Atiku has said imported products would not qualify and that the programme would operate with a fixed spending ceiling, National Assembly approval and independent auditing. There are legitimate questions about its cost, implementation and compatibility with the Petroleum Industry Act. Indeed, the Presidency itself has raised those questions. That is precisely the debate Nigerians should have: fiscal cost, legality, crude pricing, domestic refining, transportation costs and what policy can sustainably reduce pump prices. Calling a production subsidy identical to the old import-subsidy system avoids that debate rather than answering it. And then there is the moral sermon Much of Fani-Kayode’s article eventually leaves politics altogether and wanders into divine injunctions, biblical vengeance and declarations about whom God will or will not permit to become President. Those propositions are matters of personal belief, not evidence. And once political disagreement is turned into a judgment on personal character, consistency becomes important. Fani-Kayode’s own public record has generated

substantial controversy. His writings about the Igbo have attracted accusations of ethnic stereotyping and hate speech. His own published writings record the controversy. Academic research on hate-inducing political speech has also cited some of his ethnic characterisations. His former wife, Precious Chikwendu, alleged domestic violence in an affidavit before an FCT High Court. Fani-Kayode categorically denied her allegations through his representatives. The responsible way to state that record is precisely that: an allegation was made and it was denied. Similarly, when Fani-Kayode verbally attacked Daily Trust journalist Eyo Charles in 2020 for asking who was financing his travels, the incident was captured publicly and Fani-Kayode later apologised, saying his conduct was indefensible and that he had disappointed himself. Truth be told, the man has been disapointing himself for decades. That was why he ended up in Ghana in the first place for "drycleaning." None of those episodes proves or disproves anything about Atiku Abubakar. That is exactly the point. Political arguments should rise or fall on evidence rather than character assassination. Let the facts compete Fani-Kayode is free to dislike Atiku, disagree with his policies, question his political choices and prefer President Bola Tinubu. But history should not be rewritten to serve those preferences. Atiku has sought presidential nominations repeatedly. That is true. He has changed political parties like Fani-Kayode. That is true. The Mambilla tribunal raised serious questions about a $500,000 transaction involving his former wife. That too is true. But it is equally true that Atiku has only appeared on Nigeria’s presidential-election ballot three times before 2027; that the tribunal expressly said there was no evidence before it that he used his official duties to facilitate the Sunrise contract; that his American strategic engagement is publicly registered under FARA; and that his present petroleum proposal is structured as support for domestic production rather than a resurrection of the old import-subsidy architecture. Those distinctions matter. In public discourse, opinion is free. But opinion should never be presented as a substitute for fact. •Paul Ibe is Media Adviser to Atiku Abubakar, Presidential Candidate of the African Democratic Congress and Vice President Nigeria, 1999-2007.

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L-R: Honourable Aliyu Abdullahi, Minister of State, Federal Ministry of Agriculture and Food; Dr. Olushola Obikanye, Group Head, Agric Finance and Solid Minerals, Sterling Bank, and Senator Abubakar Kyari, CON, Honourable Minister of Agriculture and Food Security, Federal Republic of Nigeria, at the Agriculture Summit Africa 2026, held in Abuja... Friday

MAHMUDJEGA VIEW FROM THE GALLERY

Rainbow Coalition or Solar Eclipse?

here did FCT Minister Nyesom Wike get his idea of a political Rainbow Coalition, which he has unleashed on the political scene like a cat among the pigeons? No wonder that political feathers are ruffled and are flying in all directions, with APC governors, some ministers and top party officials throwing jibes at one another even when they have an uphill election battle ahead of them in a few months’ time. Wike probably got his idea from America. In 1984, the extremely colourful Black American civil rights campaigner-turned politician Reverend Jesse Jackson, who passed away in February, formed what he called The Rainbow Coalition. It was a “multicultural initiative aimed at uniting marginalised racial and ethnic groups within the United States political landscape… in response to historical inequalities in political participation, particularly among African Americans who faced

Wike

significant barriers.” Jackson brought together in his coalition various racial minorities, White liberals, left-of-center Democrats, trade unionists, feminists and LGBTQIA+ advocates to support his dynamic, but unsuccessful, run for US President

PAULIBE

in 1984. Or maybe Wike borrowed the idea from Kenya where, in 2002, National Alliance Party of Kenya and Liberal Democratic Party (LDP) together formed National Alliance of Rainbow Coalition (NARC), whose candidate, Mwai Kibaki won that year’s presidential elections with 62% of the vote. Wike’s Rainbow Coalition is a poor carbon copy of Jesse Jackson’s. It has no clear racial, ideological, class or program underpinnings. Unlike Jackson, Wike is not running for president or any other elective post. In almost all respects, Wike is not Jackson. He is not a Reverend Father, but a rough and ready career politician. He does not have Jackson’s great personal history of being a very close aide of Reverend Martin Luther King Jnr. and of marching beside him during the epic American Civil Rights movement of the 1960s. If Wike did any marches, it was in the creeks of Rivers State to secure votes for himself or for candidates he supported,

such as Rotimi Amaechi and Simi Fubara, all of whom he spectacularly failed out with. Jesse Jackson was world famous for his quick thought and dazzling oratory. In 1984 when his opponents said that both Cuban President Fidel Castro and Syrian President Hafiz al-Assad used him to release US prisoners in their countries, Jackson said, “I don’t mind being used to free prisoners! I don’t mind being used to reunite families! I don’t mind being used in the service of peace!” On the other hand, the most quotable Wike quotes were when he told a Rivers traditional ruler to “Shut up! You, this small boy! You are nodding your head, with your head gear like Dan Fodio.” And when he told Navy Lieutenant Yerima to get out of the way so he could confiscate an Admiral’s piece of land. Unlike Jackson’s Rainbow Coalition, Wike Continued on page 39

GUEST COLUMNIST

Fani-Kayode on Atiku: Separating Claims from the Record

hief Femi Fani-Kayode has written a lengthy polemic against Atiku Abubakar. Length, however, is not evidence. Nor does repetition transform opinion, disputed recollection or allegation into fact. There are several claims in his opinion article that require correction or, at the very least, proper context. The “seven attempts” argument It is correct that Atiku has sought the presidency in different political cycles since 1993. But FaniKayode blurs an important distinction for the purposes of mischief. Atiku was not a presidential candidate in a Nigerian general election in 1993, 2011 or 2015. Atiku Those were contests for party nominations. He his fourth general-election presidential candidacy, was actually on the presidential ballot in 2007, not his seventh. 2019 and 2023. Having emerged as the ADC This matters because Fani-Kayode then compares candidate for 2027, the coming election will be Atiku with politicians from other countries

by counting their actual presidential-election candidacies while counting Atiku’s unsuccessful party primaries as presidential elections. That is not a like-for-like comparison. Abdoulaye Wade, for example, contested Senegal’s presidential election in 1978, 1983, 1988 and 1993 before winning on his fifth attempt in 2000. He subsequently won again in 2007 and lost in 2012. More fundamentally, Nigeria’s Constitution does not disqualify anyone because of the number of times he has unsuccessfully sought election. Section 137 bars a person who has already been elected President twice; it does not impose a limit on how many times an eligible Nigerian may contest. The decision whether persistence represents experience, ambition or something else belongs to voters, not to Fani-Kayode’s theology. Seven political parties? Not quite so simple

Fani-Kayode also claims that Atiku has belonged to seven political parties. That calculation apparently treats the People’s Front of Nigeria (PFN) as a political party. It was, in fact, one of the political associations formed during the Babangida transition. It was never registered as a political party. The military government rejected the associations and created the SDP and NRC instead. The PFN tendency subsequently moved into the SDP. Political movement between parties is certainly a legitimate subject for scrutiny. But Fani-Kayode is an unusual person to present changing parties as evidence of peculiar moral failure. He himself joined the APC, returned to the PDP in 2014, repeatedly denounced the APC afterwards and declared in 2019 that he would rather die than join it — only to return to the APC in September Continued on page 39

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