MONDAY 5TH JANUARY 2026

Sahara Group Backs FG’s Infrastructure Drive, Sees New Era of Stability in Energy Sector Says $438m of $600m original debt already settled Kola Adesina lauds unprecedented collaboration among stakeholders

The Group Managing Director of Sahara Power Group (SPG), Kola Adesina, has expressed

strong confidence in the federal government’s long-term infrastructure and economic

reform agenda, saying recent policy actions under President Bola Tinubu have created a

more predictable and investorfriendly environment for Nigeria’s power sector.

Sahara Power is Nigeria's foremost power company, responsible for about 19 per

cent of total power generated Continued on page 5

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OPEC Keeps Oil Output Steady Despite Turmoil Among Members Crude price fell over 18% in 2025

Emmanuel Addeh in Abuja The Organisation of Petroleum Exporting Countries and its allies known as OPEC+ kept oil output unchanged yesterday after avoiding discussions of the multiple political crises affecting the producer group's members, from the Middle East as well as Russia, Iran and Venezuela.

Sunday's meeting of eight members of OPEC+, which pumps about half the world's

oil, came after oil prices fell more than 18 per cent in 2025 — their steepest yearly drop since 2020 — amid growing oversupply concerns.

For Nigeria, after meeting its OPEC quota of 1.5 million barrels per day temporarily last year, it has since then struggled with production, despite initial reports that the country will request a higher crude output allocation.

Tensions between Saudi Arabia and the UAE flared last month over a decadelong conflict in Yemen, when

a UAE-aligned group seized territory from the Saudibacked government. The crisis triggered the biggest split in decades between the former close allies.

And on Saturday, the United States captured Venezuelan President Nicolas Maduro, and U.S. President Donald Trump said Washington would take control of the country until a transition to a new administration becomes possible, without saying how this would be achieved, a

Reuters report recalled.

"Right now, oil markets are being driven less by supply– demand fundamentals and more by political uncertainty," said Jorge Leon, head of geopolitical analysis at Rystad Energy and a former OPEC official. "And OPEC+ is clearly prioritising stability over action,” Leon added.

The eight OPEC+ members overshooting their quotaSaudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria and Oman raised oil output targets by

around 2.9 million barrels per day in 2025, equal to almost 3 per cent of world oil demand, to regain market share.

The eight members agreed in November to pause output hikes for January, February and March due to relatively low demand in the northern hemisphere winter.

Sunday's brief online meeting affirmed that policy and did not discuss Venezuela, one OPEC+ delegate said. The eight countries will next meet on February 1, OPEC+ said.

OPEC Chairman, Ademola Adeyemi-Bero

OPEC has in the past managed to overcome many internal rifts, such as over the Iran–Iraq War, by prioritising market management over political disputes.

BACCIMA President Says Nigeria Facing Deep Governance Crisis Under Tinubu Segun Awofadeji in Bauchi

President of Bauchi Chamber of Commerce, Industry, Mines and Agriculture (BACCIMA), Hon. Aminu Danmaliki, has decried a deepening governance crisis in Nigeria, saying no honest citizen can pretend otherwise.

Danmaliki said under the administration of President Bola Tinubu, the living condition of ordinary Nigerians had deteriorated sharply rather than improved.

Speaking with journalists in Bauchi at the weekend, he stated that since the inception of the Tinubu government, inflation had surged, fuel prices had skyrocketed, the naira had collapsed, and the cost of food and transportation had become unbearable for many households.

According to him, while policies are introduced with promises of “long-term gains”, no effective short-term relief mechanisms are put in place to cushion the effect on the

poor.

"Governance cannot be theory-driven while people are starving," he said.

On security, Danmaliki expressed concern that many Nigerians increasingly felt abandoned, especially with what he described as overreliance on foreign powers, particularly the United States, for intelligence and logistics.

"Foreign cooperation is normal, but outsourcing responsibility is not

leadership. Citizens are right to ask: where is our sovereign security architecture?" he stated.

He further raised concerns over the perception that key economic functions, such as taxation systems, fiscal reforms, and advisory frameworks, were being influenced or outsourced to foreign interests, including France.

"A government may consult globally, but it must decide locally, in line with national

interest," he stressed.

Danmaliki identified what he described as the greatest failure of the current administration as the growing disconnect between policymakers and the suffering masses.

He said, "Leadership is not just about bold reforms; it is about timing, empathy, communication, and protecting the vulnerable."

He added that any government that failed to guarantee basic security,

presided over mass poverty without cushioning measures, and explained hardship without reducing it, will inevitably face the judgement of history and the people.

Danmaliki stated, "Nigeria is not failing because Nigerians are lazy or incapable. Nigeria is failing because leadership choices are disconnected from social reality. Criticism is not sabotage. Demanding accountability is not hatred."

SAHARA GROUP BACKS FG’S INFRASTRUCTURE DRIVE, SEES NEW ERA OF STABILITY IN ENERGY SECTOR in the nation. Its subsidiaries include Egbin Power Plc, the largest thermal power plant in sub Saharan Africa, First Independent Power Limited, a leading generating company in the Niger Delta, and Ikeja Electric, the largest privately run distribution company in sub-Saharan Africa.

Speaking during an interview, Adesina disclosed that Sahara Power had undertaken extensive scenario planning and aligned its strategic objectives with what he described as the president’s bold, clear-sighted and long-term oriented infrastructure plan.

According to him, the administration has shown uncommon resolve in tackling structural bottlenecks that have historically constrained investment, particularly in the energy value chain.

He noted that decisive reforms and policy clarity have significantly improved investor confidence, opening the door to sustained growth in the power sector and broader economic development.

Adesina said the removal of long-standing impediments has helped reposition Nigeria as a more credible destination for long-term capital.

The Sahara Power chief further pointed to macroeconomic improvements as a key factor reshaping business expectations, citing clearer policy reforms in

the power sector, increased stability in the foreign exchange market, a marked slowdown in inflation, and the knock-on effect of more moderate interest rates as developments that now allow investors to plan with greater certainty.

"We have done a series of scenario planning and will anchor our strategic objective on the bold, clearsighted, long-term oriented infrastructure plan of President Bola Ahmed Tinubu. Mr President has demonstrated courage in confronting age-long bottlenecks, clearing the way for investor confidence thereby engendering significant growth and development of the power sector and Nigeria's economy in general.

"With clear positive policy reforms in the sector, stability in the exchange rate, significant reduction in inflation rate and the associated moderated interest rate, we as well as other investors in the sector can now easily plan with a higher sense of predictability and conviction,” he stated.

Adesina’s remarks came amid renewed efforts by the federal government to attract private capital into Nigeria’s electricity sector, seen as critical to unlocking industrial productivity, job creation, and long-term economic competitiveness.

Providing updates on the "State of the Power sector

and Opportunities Ahead", Adesina emphasised that from a legacy debt resolution to tech-driven expansion, Nigeria would ultimately overcome its challenges to become the transformational power hub in Africa.

"We are witnessing unprecedented collaboration involving the federal government, power ministry, regulatory agencies, power entities, CBN, banks and multilateral financial and development agencies, and other stakeholders in the power sector. We believe that this trend will continue in 2026 and this will spur sector-wide growth that will translate to greater efficiency, sustainability and more power for Nigerians," he said.

While commending the federal government for addressing the liquidity challenges in the sector through the settlement of legacy debts, Adesina said this would undoubtedly drive new investments and stabilise the sector for unhindered growth.

Adesina said ‘decent progress’ had been recorded in the aspect of metering and service delivery, adding that emerging cooperation between the regulators and operators will further propel "value chain optimisation with a positive impact on end-users, directly translating to more supply reliability."

He said the sector would witness several distribution network reforms to drive massive infrastructure rehabilitation projects, the deployment of Advanced Metering Infrastructure (AMI), and the implementation of robust Customer Relationship Management (CRM) systems to enhance service delivery and reduce Aggregate Technical, Commercial, and Collection (ATC&C) losses, and development of model business units showcasing possibilities.

Adesina said that SPG remained committed to working assiduously with all stakeholders to ensure Nigeria attains the much sought-after future where reliable electricity becomes the bedrock of national development.

Besides, he stated that Sahara Power is on course with plans aimed at increasing dispatched generation capacity to between 6,500MW and 7,000MW and is pioneering the launch of a data centre to foster expansion and innovative operations.

He noted that the Group will invest heavily in both gas and renewable sources to achieve additional generation capacity within the next three to five years, with the goal being "sustainable, affordable, and reliable power for households and industries.”

Adesina noted that the

data centre will leverage real-time data analytics, predictive maintenance, and cybersecurity, working alongside the federal government and system operators to enhance overall sector efficiency and transparency.

"At Sahara, our dedication to the power sector is unwavering as clearly demonstrated by our ambitious investments and sector leadership over the years. We will pursue strategic investments, continuing expansion and tech-led operations to ensure we serve our customers with precision, transparency and excellence," he pointed out.

On the state of power loans, Adesina said promising conversations with the consortium of banks involved in the process are ongoing with a positive end in sight.

According to him, the loans which are contractually due for full payment in 2034, are being serviced diligently in keeping with all agreed terms, as the disciplined implementation plan allows the Group to attract further investment and execute its expansion plans.

He said: "Our successes at Sahara are built on a foundation of financial integrity. From inception to date, we have paid the naira equivalent of $438 million (total debt serviced)

which is 73 per cent of the original loan of $600 million.

“This was achieved in spite of huge liquidity issues in the sector, especially the debts owed to Sahara and our gas suppliers which as of March 31st 2025 was reconciled to stand at N1.514 trillion.

“We are grateful for the government's intervention through the ongoing legacy debt payments which will facilitate full settlement of all outstanding loans to the banks, our obligations to our gas suppliers, technical service providers (operations and maintenance services) etc.

We are confident that the loans will be sorted out completely as we are eager to accelerate our growth plans," he added.

It is believed that the government's legacy debt resolution plan targeted at Generation Companies (Gencos) and gas suppliers will serve as a major catalyst for stabilising the value chain and restoring investor confidence.

In the same vein, figures from the Nigerian Electricity Regulatory Commission (NERC), shows that over 2.3 million new meters have been deployed under the National Mass Metering Programme (NMMP) phases since 2020, a development that has significantly reduced the national metering gap and is expected to improve revenue assurance for operators.

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T H I S D AY • MONDAY, JANUARY 5, 2026

NEWS

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

INSTALLATION CEREMONY OF PRESIDENT MAHAMA AS AARE ATAYETO OODUA OF THE SOURCE...

L-R: President of the Republic of Ghana, His Excellency, John Dramani Mahama; and the Ooni of Ife, His Imperial Majesty, Oba Adeyeye Babatunde Enitan Ogunwusi, Ojaja II, during the installation ceremony of President Mahama as the Aare Atayeto Oodua of the Source, held in Ile-Ife, Osun State… recently

Adedeji: We're Implementing Gazetted Tax Laws, Not Harmonised Version, Passage Followed Due Process Clarifies laws operational from June 29, 2025, not January 1, 2026 Says operational guidelines for tax law ready, full implementation underway Insists objective of reform is to protect the poor, stimulate growth, douses concern over bank transfer charges

James Emejo in Abuja

Chairman, Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, yesterday, said there was no controversy over the implementation of the new tax laws. He said their passage followed due process after adequate consultation.

Adedeji said NRS was more interested in the gazetted tax laws, not the alleged controversies on the harmonised version by the National Assembly, which he said related to the internal workings of the legislative arm.

The NRS boss, who spoke in an interview on Arise

Television, also clarified that contrary to speculations, the law became operational from June 29, 2025, when President Bola Tinubu signed the bills into law, and not January 1, 2026 as currently being touted.

However, he explained that actual implementation of some of the laws was extended

till January 2026 to allow taxpayers, including companies and NRS, to prepare and adjust to the new reality.

He said, "What we have is the gazette, which was published within the legally required timeframe. That gazette is the law. When people say the executive has

CPPE to FG: Implement Tax Reform with Careful Sequencing, Political Sensitivity to Avoid Citizens’ Resistance

Dike Onwuamaeze

The Centre for the Promotion of Private Enterprises (CPPE) has advised the federal government to embrace careful sequencing, political sensitivity and economic realism in implementing Nigeria’s tax reform laws to avoid triggering citizens’ resistance that could erode public trust on the reform.

The CPPE also advised the government to target large corporations, established SMEs, and high-net-worth individuals that would

deliver substantial revenue gains without destabilising livelihoods or deepening social resistance.

The Chief Executive Officer of CPPE, Dr. Muda Yusuf, gave this advice yesterday in a press statement captioned “Nigeria Tax Reform: Why Strategy, Timing and Trust Will Determine Success.”

Yusuf pinned the success or failure of Nigeria’s new tax reform on government’s implementation strategy rather than these laws’ lofty legislative provisions because “good policy design does not

guarantee good outcomes.”

He said: “The ultimate success or failure of Nigeria’s tax reform will depend far less on its legislative provisions and far more on how it is implemented.

“Without careful sequencing, political sensitivity, and economic realism, even wellintentioned reforms can trigger resistance, disrupt livelihoods, and further erode public trust.

“This is the central concern of the CPPE.” The CPPE observed that 2026 is a pre-election year and said that political and social

caution should be applied by avoiding aggressive and broadbased enforcement that could risk social discontent, political backlash, and potential reversal of the tax reform.

Yusuf said that public resistance to the reform might not stem from communication failure but from lived experience of many Nigerians from past reforms that translated into higher living costs and declining welfare, with little evidence that sacrifices result in improved public services.

US Invasion of Venezuela: ECOWAS Urges Restraint, Backs Dialogue Michael Olugbode in Abuja

The Economic Community of West African States (ECOWAS) has expressed concern over the recent developments in the Bolivarian Republic of Venezuela, calling on all parties to exercise restraint

and respect international law.

In a statement issued in Abuja on Sunday, ECOWAS acknowledged the right of states to combat international crimes such as terrorism and drug trafficking but stressed that such efforts must be carried out in line with

established principles of international law.

The regional bloc reminded the international community of the obligation to respect the sovereignty and territorial integrity of all nations, as provided under Article 2(4) of the United Nations Charter.

ECOWAS said it fully aligns with the African Union’s position, articulated in a statement released on 3 January 2026, which urged restraint and encouraged inclusive dialogue among the people of Venezuela as a means of addressing the country’s challenges.

handled or altered the law, that has no basis.

"If something has no place in the law, then it does not exist legally. If you follow the institutional processes of the National Assembly, you will see that once a law is gazetted, that is final.

"We have not seen any dissenting official position on this matter, especially from us, because our duty is only to implement the law, as passed by the National Assembly. If you listen to Mr. President’s speeches, he has repeatedly emphasised that implementation will strictly follow the law."

Adedeji added, "Why would we want to go outside the law?

The relationship between tax administration and taxpayers must be built on trust. The better that relationship, the better for everyone. Our objective is not enforcement for its own sake, but to help people prosper.

"The real essence of this reform is to stimulate economic growth. It is only when the economy prospers that revenue administration becomes effective.

"As the president has often said, 'I will not tax seed; I will tax fruit. We do not want to tax investment; we want to tax returns'. That is why the focus of this reform is to remove obstacles that stand in the way of businesses, so they can grow and succeed."

On the harmonised bill, Adedeji said, "Let me be clear: I do not need to see the harmonised bill. The internal processes of the

National Assembly are their responsibility. The only thing that concerns us is the final law that is transmitted, gazetted, and handed over for implementation. We have no role in harmonisation, correction, or internal legislative procedures.

"Even if the National Assembly uses its internal mechanisms to correct issues, that is entirely within its institutional mandate. Our role begins and ends with implementation of the law as passed.

"By God’s grace, the law commenced as scheduled.

The operational guidelines are ready. What we are looking forward to now is implementation and the delivery of benefits to Nigerians."

Further commenting on the objectives of the tax reforms, Adedeji said, "One of our major objectives during public hearings was to protect the poor. Over 95 per cent of low-income Nigerians are completely exempt under this reform.

"We removed VAT on basic food items and essential transportation. Since about 90 per cent of poor households’ disposable income goes to food, this reform directly benefits them. When you look at the net effect, the poor are the biggest beneficiaries of the tax reform."

On bank transfers, VAT, and allegations of excessive deductions, he stated that there had been lots of misinformation over the issue.

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NEWS

GEO-FLUIDS PLC 4TH ANNUAL GENERAL MEETING...

L-R: Non-Executive Director, Geo-Fluids Plc (GFP), Barr. Abdulmajeed Oloriegbe; Non-Executive Director, GFP, Mr. Suleiman Hassan; Company Secretary, GFP, Banwo & Ighodalo; Chairman/Chief Executive Officer, GFP, Kabiyesi Jacob Esan; Director, GFP, Alhaji Murtala Aliyu; Non-Executive Director, GFP, Abubakar Bawa Bwari; and Non-Executive Director, GFP, Tijjani Muhammad Bade, during the 4th Annual General Meeting of Geo-Fluids Plc held in Abuja… recently ENOCK REUBEN

Tinubu Meets Rwanda President Paul Kagame in Paris, France Duo discuss need to advance Africa in changing global landscape

Deji Elumoye in Abuja

President Bola Tinubu on Sunday had private lunch with his Rwandan counterpart, Paul Kagame, in Paris, the French capital.

Tinubu, in his verified X handle, @officialABAT, disclosed that he and his guest used the forum to discuss world affairs, situating Africa in the everchanging global landscape.

He stated, "This afternoon, I had a private lunch with H. E. President Paul Kagame of Rwanda to discuss the current state of world affairs and advancing Africa in an ever-changing

global landscape."

The president had on Sunday, December 28, 2025 departed Lagos for Europe.

Presidential spokesperson Bayo Onanuga, in a release, stated that Tinubu departed Lagos for Europe in continuation of his endof-year break and ahead of his official trip to Abu Dhabi, in the United Arab Emirates.

President of the United Arab Emirates, His Highness Sheikh Mohamed bin Zayed Al Nahyan, had invited Tinubu to participate in the 2026 edition of Abu Dhabi Sustainability Week (ADSW 2026) Summit,

FERMA Joint Union Refutes Allegation Against Governing Board Kuni Tyessi in Abuja The Joint Union of the Federal Roads Maintenance Agency (FERMA) has distanced itself from recent media reports accusing the agency’s 6th Governing Board and its Chairman, Dr. Musa Babayo, of abuse of power and interference in day-to-day operations.

In a statement signed by Chairman of the Association of Senior Civil Servants of Nigeria (ASCSN), Paul Onimisi and Chairman of the Amalgamated Union of Public Corporation, Civil Service Technical and Recreational Services Employees (AUPCTRE), Idris Abdulmumin, the union described the reports as “false” and “mischievous”.

It says as a democratic body that believes in due diligence in its operations, it never made such statements or endorse

the contents therein.

The union attributed the publication to “unscrupulous persons who want to use the name of the Joint Union to score a cheap personal point”, and accused media houses of failing to verify the authenticity of the statements before publication.

“The Union as a democratic body believes in decorum and due diligence in all its operations finds this offensive and belittling, therefore cannot and did not make those statements nor endorse such contents therein,” the statement read.

The FERMA Joint Union reaffirmed its commitment to constructive engagement and pledged allegiance to the 6th Governing Board Chairman, FERMA management, and staff, as long as actions align with the Public Service Rules (PSR) and FERMA Act.

which will take place in the emirate early in January.

The weeklong summit is an annual event that mobilises leaders from

government, business, and society to chart the next era of sustainable development.

With the theme, "The Nexus of Next: All Systems

Go," ADSW will connect ambition with action across innovation, finance, and people, showcasing how the world can move forward

with confidence.

The president, according to the release, will return to Nigeria after the summit.

PTAD Disburses N55.9bn in Monthly Pensions, Outstanding Arrears to Retirees, Others

James Emejo in Abuja

The Executive Secretary/Chief Executive, Pension Transitional Arrangement Directorate (PTAD), Tolulope Odunaiya, yesterday disclosed that a total of N55.9 billion had been disbursed as monthly pensions and arrears to eligible pensioners and nextof-kins of deceased pensioners under the Defined Benefits Scheme (DBS) in December 2025.

Speaking over the weekend, Odunaiya, said the payment covered N13.41 billion as monthly pensions across all operations pension departments, including diaspora pensioners, while N42.50 billion was paid as pension arrears.

The arrears payment covered outstanding obligations arising from the N32,000 pension increment, as well as the 10.66 per cent and 12.95 per cent pension increments, in addition to other accrued pension arrears, gratuity, and death benefits owed to eligible beneficiaries.

Speaking on the payment milestone, the PTAD boss stressed that the payments reflected President Bola Tinubu's unwavering commitment to the welfare of senior citizens, in line with the administration’s Renewed Hope agenda.

In a statement issued by Head, Corporate Communications, PTAD, Mr. Olugbenga Ajayi, she further

reaffirmed the directorate’s commitment to clearing the remaining one month arrears owed to PaPD and TEHD, while continuing to implement initiatives aimed at improving the welfare and overall well-being of DBS pensioners.

A breakdown of the arrears across the pension departments included Police Pension Department (PPD), N5.88 million paid to five pensioners; N604.33 million paid to 8,606 pensioners in the Customs, Immigration and Prisons Pension Department (CIPPD); N16.36 billion disbursed to 71,643 pensioners in the Civil Service Pension Department (CSPD), and payments to pensioners in the Defunct and

Transferred Agencies Department (DTAD) totalling N15.06 billion to 24,995 pensioners.

Others are Parastatals Pension Department (PaPD) N7.80 billion to 25,718 pensioners; Tertiary Education and Health Department (TEHD N2.37 billion to 28,245 pensioners; gratuity and death benefits amounting to N289.10 million to eligible Next-of-Kin of deceased retirees.

The statement added that with these payments, arrears resulting from the N32,000 pension increment had been fully liquidated across all pension departments, except for one month each outstanding for pensioners in the PaPD and TEHD.

Ministry of Works: Niger to Inaugurate 556km of Roads Constructed by Gov Bago Laleye Dipo in Minna

The Niger State Ministry of Works has said that at least 556 kilometers of road constructed by the administration of Governor Mohammed Umaru Bago across the 25 local governments in the state have been completed and ready to be inaugurated.

A statement by the ministry made available to newsmen said the newly constructed roads will improve movement of goods and services across the state and also improve

other economic activities.

This is one of the dividends of democracy promised by the present administration in the state, the statement signed by the Commissioner for Works, Alhaji Kabir Abbas, declared "In the coming months, Niger State is expected to witness a significant transformation in its road infrastructure as contractors will deliver 556 kilometres of road projects alongside urban renewal initiatives" the Permanent Secretary said in the statement

Alhaji Kabir Abbas explained the projects are also designed to improve connectivity, enhance road safety, and reduce travel time for commuters while supporting economic and social activities.

He explained that other urban renewal projects are being executed according to schedule with some also being made ready for commissioning to mark the third year in office of the governor.

The Commissioner assured

the public that officials of the Ministry led by the Permanent Secretary Alhaji Hassan Baba Etsu are leaving no stone unturned to ensure contractors deliver quality projects that will not only justify the huge investments but stand the rest of time.

He therefore charged the benefiting communities to take ownership of the projects in their respective areas and also tasked traditional rulers to put mechanisms in place for the good use of the projects.

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NEWS

PRIVATE LUNCH MEETING IN PARIS...

President Bola Ahmed Tinubu (R) at a private lunch in Paris with President of the Republic of Rwanda, Paul Kagame, discussing global affairs and advancing Africa on Sunday

Agama: SEC to Intensify Market Enforcement in 2026 under ISA

Kayode Tokede

The Director-General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has disclosed plans to significantly step up enforcement actions in 2026, following the enactment of the Investments and Securities Act (ISA) 2025, as part of efforts to strengthen investor confidence and market integrity.

He disclosed this while outlining the Commission’s regulatory priorities, noting the new law has expanded the Commission’s supervisory and enforcement powers.

Agama said the Commission would apply these powers “firmly and impartially”

to address market abuse, insider dealing, fraudulent investment schemes, and other forms of misconduct in the capital market.

He stressed that enforcement actions will be guided by due process and the rule of law, adding that predictable and consistent regulation remains critical to building trust among investors.

“With the enactment of the Investments and Securities Act 2025, the Commission’s supervisory and enforcement framework has been strengthened. In 2026, the Commission will continue to apply these powers firmly and impartially”, he said.

He explained the SEC’s

Akpabio Initiative Delivers Free Healthcare to 700 Lagos Residents Sunday Aborisade in Abuja Residents of Surulere, Lagos State, on Saturday received a major boost in access to healthcare as the Akpabio Cares Initiative rolled out a free medical outreach targeting no fewer than 700 beneficiaries.

The development, according to a statement from the Senate President Media Office, underscored a growing push to expand grassroots health interventions across the country.

The outreach, organised under a philanthropic programme driven by the Office of the President of the Senate, Senator Godswill Akpabio, offered free medical consultations.

Essential drugs and eyeglasses were also distributed to vulnerable members of the community, many of whom turned out in large numbers to access the services.

The Surulere intervention marked the third edition of the initiative in two years, following similar medical outreaches

in Osogbo, Osun State, and Yankaba, Kano State, reinforcing its expanding national footprint.

Speaking at the event, the Convener of the Akpabio Cares Initiative and Senior Legislative Aide to the President of the Senate, Ahmed Tijani Mustapha, described the outreach as part of a deliberate effort to give back to society through improved access to healthcare.

“We are doing this as a way of giving back to society, and we believe that the best gift anyone can give is good health,” Mustapha said.

He further disclosed that the Lagos outreach was designed to reach about 700 residents with free consultations, medications and corrective eyeglasses.

Addressing questions on why the programme was held in Lagos rather than Senator Akpabio’s home state of Akwa Ibom, Mustapha said the initiative reflected the national character of the Senate President’s office.

enforcement push forms part of broader measures to strengthen market integrity, efficiency, and resilience, adding that confidence in the capital market depends on effective supervision and the consistent application of rules.

Beyond enforcement, the Commission, he stated, plans to advance regulatory efficiency through digitalisation, including streamlined approvals,

automated filings, and improved disclosure processes.

“These measures are intended to reduce unnecessary frictions, improve regulatory responsiveness, and enhance transparency across the market”, he emphasized.

Agama also said the SEC would introduce enhanced disclosure standards, including environmental, social, and governance (ESG) reporting, alongside a structured recapitalisation

and governance review of market intermediaries to ensure financial resilience and sound risk management.

On investor protection, the Director-General reaffirmed the Commission’s commitment to balancing broader market access with strong safeguards, particularly for retail investors and small and medium-sized enterprises (SMEs).

Looking ahead, Agama said the SEC remains focused on

supporting Nigeria’s economic transition while maintaining market discipline.

“We will regulate not to stifle, but to catalyse. We will enforce not to punish, but to protect and build trust,” he said.

Agama stated that the SEC also plans to roll out a nationwide financial literacy programme in 2026 aimed at improving investor awareness and reducing vulnerability to fraudulent schemes.

NCoS Dismisses Claims of Prisons as TB Hotbeds, Reaffirms Strong Disease Control Measures Michael Olugbode in Abuja

The Nigerian Correctional Service (NCoS) has rejected claims that custodial centres across the country have become “hotbeds” for tuberculosis (TB), describing such assertions as misleading, alarmist, and unsupported by verified data.

In a press statement issued on Sunday by the NCOS Spokesperson, Jane Osuji, the Service faulted a report published by one of the national dailies, not ThisDay, on January 3, 2026,

titled “How Nigerian Prisons Became Tuberculosis Hotbeds,” insisting that the narrative failed to reflect the realities within Nigeria’s correctional facilities.

According to the NCoS, while it welcomes responsible media engagement on public health and inmate welfare, the report relied on sweeping generalisations and unverified claims, despite the Service having provided the reporter with detailed and factual information on tuberculosis prevention and treatment in

custodial centres.

“The portrayal of custodial centres as unchecked tuberculosis hotbeds is misleading and unfair,” the Service said, adding that some of the names and cases cited in the report do not exist in the records of any correctional facility known to the Service.

The NCoS noted that tuberculosis remains a global public health challenge affecting both custodial and non-custodial populations, stressing that Nigeria’s TB response is coordinated

by the Federal Ministry of Health through the National Tuberculosis, Leprosy and Buruli Ulcer Control Programme (NTBLCP), in line with World Health Organization guidelines.

It explained the Service is an active stakeholder in the national TB response, operating health clinics across custodial centres nationwide and working closely with the NTBLCP, federal and state ministries of health, nongovernmental organisations, and development partners.

Ex-Bauchi SSG Denies Fraud Allegation by Gov Mohammed Dares gov to investigate him over allegation

Segun Awofadeji in Bauchi Former Secretary to the Bauchi State Government, Barrister Ibrahim Kashim, has denied engaging in fraudulent acts, or been tried by any institution of government, audit report or penal inquiry while in office as the SSG before his resignation, challenging Governor Bala Mohammed to sue him to a competent court of law.

Kashim in a statement

Weekend was responding to Governor Bala Mohammed’s allegations that he removed him from office over alleged fraud.

He said he found the statement “unfortunate, misleading, and entirely untrue.”

According to him, “At no time during my tenure as Secretary to the State Government was, I indicted, queried, investigated, or found culpable of any act of fraud

or financial impropriety. No panel of inquiry, audit report, law enforcement agency, or anti-corruption body has ever established, alleged, or even insinuated that I engaged in fraudulent conduct while in office.

“Any suggestion to the contrary is a blatant distortion of facts and a regrettable attempt to deflect attention from more substantive issues.

“For the avoidance of doubt, my exit from office

was not predicated on any finding of wrongdoing.

I served the government and people of Bauchi State with diligence, transparency, and fidelity to the law, and I remain proud of my record in public service.

“I am, and have always been, ready - any day, any time - to render a full and detailed account of my stewardship as SSG to any competent authority or to the Nigerian public.”

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T H I S D AY • MONDAY, JANUARY 5, 2026

NEWS

FINAL BURIAL OF DEACON O. FASUYI IN IBADAN...

L-R: Children of the deceased, Mr. Olugbenga Fasuyi; Hon. Bankole Fasuyi; Mrs. Adunola Oladapo; and Dr. Folarin Fasuyi, at the final burial of their father, Late Deacon Olatunji Fasuyi, held at Oritamefa Baptist Church, Ibadan, Oyo State… recently

2026: Gov Sanwo-Olu Pledges to Consolidate Administration's Gains To complete, commission transformational projects across Lagos Segun James

Governor Babajide Sanwo-Olu of Lagos State has promised to consolidate on the gains of his administration in the last six and a half years through the THEMES+ vision by completing and commissioning some iconic and transformational projects across multiple sectors in different parts of the state.

Governor Sanwo-Olu said all the projects and ambition of his administration for this year will be supported and enabled by the 2026 budget, tagged "The Budget of Shared Prosperity", which is currently before the State House of Assembly, noting that his government's final full-year budget is anchored on four pillars – human-centred approach, modern infrastructure,

thriving economy, and effective governance.

He said with an expenditure profile in excess of N4 trillion, the 2026 budget will deliver a model Lagos: cleaner, safer, more prosperous, resilient, and inclusive.

Governor Sanwo-Olu spoke on Sunday at the 2026 Lagos Annual Thanksgiving Service themed 'Grateful for Unfailing Mercies'. The event held at

Tafawa Balewa Square, Lagos, was organised by the First Family of Lagos State with the Ministry of Home Affairs.

He said God is good to Lagos State; therefore, the 2026 Thanksgiving Service is an avenue to appreciate and celebrate God's everlasting mercy on the State and the residents.

Governor Sanwo-Olu said Lagosians will benefit from

APC Unleashes N100m Youth Empowerment Blitz in Adamawa, Opposition Cries Foul Ahead 2027

Daji Sani in Yola

The All Progressives Congress (APC) in Adamawa State has launched an aggressive grassroots empowerment drive, doling out more than N100 million to youths and women in just five months.

Critics say the move is a thinly veiled attempt to buy loyalty as the party gears up for the 2027 elections.

Speaking at an interactive session with journalists in Yola on Sunday APC North‑East National Vice Chairman Mustapha Salihu boasted the party’s “Operation 20 Million”

has created 100 millionaires among youths and women - roughly 20 new millionaires each month.

“For the course of five months now, we have shared N100 million to youth. We have made 100 millionaires already among youths and women,” Salihu declared.

The party’s largesse extends beyond individuals. Salihu revealed that every ward executive committee chairman across Adamawa’s 55 wards received N1 million, while the APC also spent N12 million on nomination forms for 15 local government chairmanship

and councillorship hopefuls.

An additional N35 million was allocated for logistics and the ongoing e‑registration exercise.

Defending the spending, Salihu framed it as “preparation” for electoral success, insisting that no state or local government officials have complained.

“I’ve been doing this for five months. I’ve not had any complaint from the state exco and local government chairmen. They were all happy, saying, ‘No, he’s building our party, so we have no complaint,’” he said.

Opposition figures and civil society groups, however, denounced the program as vote‑buying masquerading as empowerment.

A political analyst, speaking anonymously, warned, “When you make party executives millionaires just for being members, you’re sending the message that politics is about personal enrichment, not service.”

The criticism also highlights an uneven playing field, with smaller parties questioning how they can compete against such financial firepower.

Abductors of Medical Doctor, Brother Demand N200m Ransom

Felix Omoh-Asun in Benin

A ransom of N200 million has been placed on the head of a medical doctor, Abu Ibrahim Babatunde and his brother Abu Tahir, who were reportedly kidnapped in Auchi, Edo State recently.

A source close to the family said the kidnappers contacted the victims' relations on Saturday, demanding N200 million

to effect their release.

He said negotiation to beat the ransom down is still ongoing between the victims' family and their abductors.

The Edo State Police Command spokesperson, ASP Eno Ikoedem, said she was not aware of the ransom demand.

The two brothers were kidnapped on January 1, 2026, along City Pride Road, Igbira Camp, Auchi, the

administrative headquarters of Etsako West Local Government Area.

Abu Ibrahim, a medical doctor, who is currently undergoing housemanship at the Edo State Teaching Hospital, Auchi, was returning home after close of work with his brother, Tahir, when they were kidnapped.

Sources said the victims arrived at their residence at about 7:30 p.m. and Tahir had stepped out of

the vehicle to open the gate when the gunmen who were reportedly laid ambush, abducted the brothers at gunpoint and whisked them into the bush.

The Edo State Police Command spokesperson, ASP Eno Ikoedem, confirmed the incident, saying the command received a distress call at about 8:30 p.m. on January 2, 2026, reporting the abduction.

construction and rehabilitation projects, as well as educational and medical facilities, youth and sports centres, drainage and flood control systems, bus and ferry terminals, housing projects, water schemes, waste management plants, court buildings and the Omi Eko project, among others.

He said: "We are now four days into a new year, with 361 days ahead of us – each day filled with promise, potential, and opportunity to improve our State, our country, and indeed, the world. By the special grace of God, Lagos State will not waste this abundance of opportunity that God has placed before us.

"Under my leadership, we will continue consolidating the gains of the past six and a half years, guided by our THEMES+ vision. We will complete and commission

many transformational projects across multiple sectors and in different parts of the State.

"The year 2026 is particularly significant for me, as it marks my last full year as governor of Lagos State. For this reason, I am deeply driven and compelled to make this year count – deliberately and decisively. It must be a year of extraordinary meaning, significance, and benefit for all of us."

Governor Sanwo-Olu said among the projects to be commissioned and put to use this year are Ojo General Hospital, the Odo Iya-Alaro Link Bridge, the new Massey Children’s Hospital, the Central Food Security Systems and Logistics Hub in Epe, the new Psychiatric Hospital in Ketu Ereyun, Epe, and the new Multi-storey Office Complex in Alausa.

New Elected King Jaja Assures People of Opobo Sustained Security, Peace Blessing Ibunge in Port Harcourt

The newly elected king of Opobo kingdom in Rivers State, Alabo Charles Douglas MacPepple Jaja, has assured his regime will ensure sustained peace and security in the area.

King Jaja said his administration will strive to promote sustainable growth to harness their resources in a way that benefits the people and protect the environment for future generations.

The monarch made the promise at the weekend, while addressing the Opobo Council of Alapu on his presentation by King Jaja Group of Houses as the Amanyanabo Elect of Opobo.

King Jaja who assured that his administration will celebrate their cultural inheritance, preserve

their traditions and pass them unpolluted to their children and grandchildren, said "We will embark on institutional reforms to make our administration transparent and accountable".

The monarch stated "The Chapter six of the Opobo History have begun and as I stand before you today, I am humbled by the weight of the crown yet be placed on my head, I am reminded of the great responsibility that comes with the noble office and I hereby pledge to uphold the trust that has been bestowed upon me.

"Our kingdom is blessed with a rich cultural heritage, a vibrant tapestry of traditions, and a resilient people. As we look to the future, we must ensure that our development is guided by a commitment to preserving our unique identity and way of life."

monday, JANUARY 5 , 2026 • T H I S D AY

CrusaderSterling Pensions has successfully passed its post-certification Surveillance Audit 1, reaffirming our compliance with ISO 9001:2015 and ISO/IEC 27001:2022 standards.

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monday, JANUARY 5, 2026 • T H I S D AY

monday, JANUARY 5 , 2026 • T H I S D AY

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FEDERAL HOUSING AUTHORITY NO 26 JULIUS NYERERE CRESENT, ASOKORO. ABUJA, FCT.

PUBLIC NOTICE

COMMENCEMENT OF VERIFICATION, REGULARIZATION AND RATIFICATION (VRR) EXCERCISE OF PROPERTIES IN ALL FEDERAL HOUSING AUTHORITY ESTATES IN THE COUNTRY The general public through this medium is hereby informed of the upcoming Verification, Regularization and Ratification (VRR) exercise of all FHA lands, in all of its estates in the country. a. This exercise offers a window of opportunity to genuine allottees of Federal Housing Authority, whose property documents are in need of regularization and ratification. This nationwide exercise is coming in the heels of earlier opportunity given to allottees in some estates, which to the notice of management was not utilized by some allottees. b. Allottees will also have the opportunity to seek approval for the regeneration and redevelopment of their properties where applicable. c. Consequently, all allottees are given a period of 90 days effective, 2nd February, 2026 to comply to this directive. Allottees are in the light of the above invited to settle/make payments of all outstanding charges accruable to the Authority in respect of their properties. d. The applicable fees and charges include: Ground rents Fencing and BQ fees Consent fees Change of use fees (where applicable) Redevelopment fees Plan approval fees Alteration fees Contravention penalties e. All payments shall be made to the Federal Housing Authority through the Remita platform f. The exercise would be carried out in designated centers in all FHA estates. g. For further enquiries, please contact the Office of the Managing Director/Chief Executive, Federal Housing Authority, No 26 Julius Nyerere Cresent, Asokoro, Abuja, h. Or call telephone numbers: +234 (0)9115418960 +234 (0)8129620262 +234 (0)8107383665 E – Mail: www.fha.gov.ng The Management of Federal Housing Authority shall invoke relevant clauses in the letter of Allocations against defaulters.

SIGNED:

MANAGEMENT

monday, JANUARY 5 , 2026 • T H I S D AY

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16

T H I S D AY • MONDaY JaNUaRY 5, 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

Why Govs Must Heighten Vigilance, Strengthen Internal Security

Recent United States strikes against terrorist networks in Nigeria’s northern state of Sokoto expose a pressing reality: insurgents and bandits are mobile, adaptive, and opportunistic.

State governments must urgently strengthen internal security, or risk leaving communities vulnerable to escalating violence. Adedayo Adejobi writes.

Aliyu

R

ecent developments on the global stage should serve as a clarion call for Nigerian policymakers and the public alike. The United States’ recent targeted strikes against terrorist networks in regions adjacent to Nigeria’s northern axis have exposed a harsh reality: terror actors are not static. They relocate swiftly, exploit gaps in governance, and manipulate local communities to evade capture and continue their operations.

These developments are not distant occurrences that will leave Nigeria untouched. On the contrary, they represent a direct warning that internal security must be strengthened with urgency, precision, and unyielding coordination.

State governments, as the closest level of governance to the people, have a non-negotiable responsibility to anticipate, deter, and neutralise threats before they metastasize into crises that threaten lives, property, and economic stability.

The northern states, long grappling with insurgency, banditry, terrorism and communal conflicts, are particularly vulnerable.

Bandits and terrorist networks in this region have demonstrated a remarkable capacity for mobility. They often relocate across borders, within states, and between remote rural communities, exploiting both terrain and porous security infrastructures. This adaptability allows them to evade not only conventional military operations but also intelligence efforts that are poorly coordinated or fragmented.

The recent American operations against these groups underline a crucial point: external forces may strike at leadership nodes, disrupt logistics, and inflict temporary setbacks, but without robust local mechanisms, the vacuum is quickly filled by new actors or displaced militants.

In other words, the fight against terror and banditry in Nigeria cannot be left solely to federal agencies or foreign allies. State governments must take decisive ownership of their internal security architecture.

Coordination is the cornerstone of effective security response. State governments cannot operate in isolation from federal security agencies such as the Nigerian Police Force, the Department of State Services, the Nigerian Army, and specialised units targeting terrorism.

Intelligence sharing must be immediate,

Makinde

continuous, and actionable. Gaps between federal intelligence and statelevel enforcement have historically been exploited by criminal networks, allowing them to regroup, recruit, and plan attacks with impunity.

State governors must actively institutionalise frameworks that facilitate seamless communication between local authorities and national agencies. This includes regular intelligence briefings, joint task forces, and rapid response protocols that can be activated at a moment’s notice.

Security is not merely a defensive posture; it is a proactive, anticipatory strategy that demands constant vigilance and adaptability.

Equally critical is the engagement of local communities. Bandits and terrorist elements do not operate in isolation. They rely on local networks, sympathisers, or coerced civilians for information, shelter, and logistical support. This means that communities themselves are both vulnerable to exploitation and essential partners in safeguarding security.

Vigilante groups, traditional leaders, and community associations must be recognised as integral components of the security ecosystem. When properly trained, coordinated, and integrated into intelligence-gathering structures, these local actors provide granular, actionable insights that conventional

Eno

forces cannot access. Governors must ensure that local vigilance mechanisms are supported, resourced, and regulated to prevent abuses while maximising their utility in early detection and rapid intervention.

Yet, it must be acknowledged that the ultimate burden of internal security rests squarely on the shoulders of state governors. Too often, security votes are diverted, delayed, or spent on non-critical projects, leaving communities exposed and law enforcement hamstrung.

Should violence escalate or terror networks find safe havens within a state, the blame cannot be shifted elsewhere. The people will, rightly, look to their governors and ask why resources allocated to safeguard their lives were allowed to sit idle or mismanaged.

In this respect, the security vote is not a discretionary fund; it is a sacred trust. It must be deployed strategically and without delay to fortify intelligence, equip local forces, and mobilise rapid response units. Citizens deserve to see action, not excuses. Governors cannot hide behind bureaucracy, blame federal agencies, or hope that threats will dissipate on their own. In this delicate moment, the question is not whether they should act, but whether they can afford not to.

The urgency of this moment cannot be overstated. The recent strikes in regions neighbouring Nigeria’s northern states indicate a shift in operational pressure on terror networks. As these groups face setbacks externally, there is an almost predictable pattern of relocation into territories with weaker governance and

Nigerian governors cannot afford to remain passive. Their leadership, decisiveness, and vigilance today will determine whether their states endure, thrive, and remain safe, or whether they become the next theatre for chaos, suffering, and unbridled violence. The time to act is now, and it is incumbent upon state executives to rise to the occasion with unwavering resolve.

security oversight. Historical precedent within Nigeria illustrates this phenomenon repeatedly. Insurgents and bandits displaced from one area reemerge in another, often targeting communities that are ill-prepared for organised criminal or terrorist incursions. This cycle is exacerbated by delayed or passive state-level responses. Governors cannot afford to wait for federal directives or reactive intelligence.

Proactivity, grounded in localised awareness and rapid decision-making, is now a critical determinant of public safety.

Investment in technology and surveillance must complement human intelligence. The use of drones, CCTV networks, and communication interception tools can provide real-time monitoring of high-risk areas. State governments should explore partnerships with technology providers, security consultants, and international allies for capacity-building initiatives. However, technology alone is insufficient without actionable strategies. Every data point collected must be analysed, cross-referenced with local intelligence, and translated into operational directives. State-level leadership must commit not only resources but also the strategic vision necessary to integrate technology into a cohesive, dynamic security framework.

Furthermore, attention must be given to the socio-economic dimensions of security.

Terrorist and bandit networks thrive where communities feel marginalised, neglected, or exploited. Poverty, unemployment, and weak governance create fertile ground for recruitment, manipulation, and collusion. State governments that fail to address underlying vulnerabilities risk perpetuating a cycle in which insecurity feeds socio-economic decline, which in turn reinforces the appeal of criminal networks.

Security strategies must therefore be holistic, blending enforcement with initiatives aimed at education, job creation, and community empowerment. A state that protects its citizens while simultaneously nurturing economic resilience is less susceptible to the incursions of violent actors.

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

17

T H I S D AY • Monday, January 5, 2026

BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

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

08056356325

J anuar y

S & P INDEX

2 , 2 0 2 6

S & P INDEX

EXCHANGE RATE

OPR

25.34%

CALL

23.25%

INDEX LEVEL

595.26

1/4 to daTE

0.24%

N1,457.68/ 1 US DOLLAR*

OVERNIGHT

25.18%

1-MONTH

21.37%

1-DAY

0.10%

YEAR TO DATE

-10.99%

*AS AT FRI., January 2, 2026

3-MONTH

22.41%

MONTH-TO-DATE

0.24%

Banks Deposit With CBN Reached N336.24trn in 2025 on Credit Risk Concerns

Kayode Tokede On the back of high benchmark rates, economic uncertainty and credit risk concerns, banks closed 2025 with N336.2 trillion total deposit with the Central Bank of Nigeria (CBN), about 777.2 per cent Year-on-Year (YoY) increase over N38.33 trillion deposited in 2024.

Banks and merchant banks deposit excess cash at CBN via the Standing Deposit Facility (SDF) window. The CBN lends the funds to any bank needing liquidity through its Standing Lending Facility (SLF) window.

Analysis of the CBN financial data for 2025 revealed that banks and merchant banks deposited more cash than they borrowed to underline excess liquidity in the financial sector.

The data revealed that banks and merchant banks borrowed an estimated N69.7 trillion in 2025, representing a decline of 47.2 per cent from N131.99 trillion borrowed in 2024.

Earlier in the year, SLF demand remained relatively high at N24.8 trillion in February 2025, slightly before easing to N16.49 trillion in March 2025.

Towards the end of 2025, banks and merchant banks’ deposits with CBN witnessed a significant increase, reaching an all-time high of N64.55 trillion in October 2025.

The mixed behavior between deposit and lending by CBN to banks and merchant banks showed that although system liquidity was strengthening in 2025, some institutions still required overnight support to rebalance their books and lend to the real sector.

Analysts attributed the growth in banks and merchant banks deposit to high credit risk concerns and a preference for the safety of the regulator

window rather than lending into the real sector.

In a chat with THISDAY, Investment Banker & Stockbroker, Mr. Tajudeen Olayinka stated that, “With high benchmark rates for lending and borrowing, and concerns about credit risk and economic uncertainty, banks may prefer the relative safety of the SDF. It offers them a known return rather than extending credit into uncertain territory.”

While banks and merchant banks eagerly placed excess funds with the apex bank, borrowing from the CBN slowed as pressures in the interbank market relaxed.

The increase signalled a recovery in liquidity conditions and a more comfortable cash stance heading into 2026.

He explained that the sharp surge in Nigerian SDF placements with the CBN, therefore, is more than a fleeting statistic.

“It captures a deeper tension between liquidity abundance and lending reluctance in the financial system. Beneath the numbers lies a complex web of caution, policy tightening, and an economy grappling with uncertainty. Banks are not acting irrationally. They are responding to signals from an environment marked by high inflation, exchange rate

volatility, and weak consumer confidence,” he added.

“It captures a deeper tension between liquidity abundance and lending reluctance in the financial system. Beneath the numbers lies a complex web of caution, policy tightening, and an economy grappling with uncertainty. Banks are not acting irrationally. They are responding to signals from an environment marked by high inflation, exchange rate volatility, and weak consumer confidence,” said Vice President, Highcap Securities Limited, Mr. David Adnori.

state as one of the continent’s biggest manufacturers and largest petroleum refiner has been a journey of patriotism, dedication and love for one’s fatherland and the people.

President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, who spoke on behalf of the shareholders cited the sustained trend in disinflation partly due to reduction in transport and energy costs as

evidence of Dangote’s direct impact on the wellbeing of the economy and Nigerians generally.

Citing the sharp reduction in retail price of petrol, Umar said the $20 billion Dangote Refinery has not only placed Nigeria on the global map as world’s largest single-train refinery, but has tremendously improved Nigerian economic space.

According to him, the recent partnership between

Dangote Group and Honeywell International Inc to expand the daily processing capacity of the Dangote Petroleum Refinery to 1.4 million barrels per day (mbpd) was another evidence of Dangote’s continuing commitment to Nigeria despite the challenges.

He outlined that such expansions in polypropylene capacity to 2.4 million metric tons annually and urea production capacity from three

million metric tons to nine million metric tons annually would have overwhelming positive impact on the country’s manufacturing and agriculture sectors.

“What we are seeing is a man who has consistently demonstrated his love and trust in his country. Whether at the capital market where he has some of the largest companies or the labour market where he stands out as major employer of

labour or in the nationwide spread of manufacturing plants, one thing is consistent about Dangote- the welfare of Nigerians and Nigeria is at the topmost of his mind,” Umar said.

He urged Dangote to quicken the process of listing of the refinery at the Nigerian Exchange (NGX) to extend his tradition of opening up wealth to ordinary Nigerians.

The story continues online on www.thisdaylive.com

S h a r e h o l d e r s C o m m e n d D a n g o t e ’s Transformational Impact on Nigeria’s Economy Kayode Tokede

Shareholders have said the commitment of President of Dangote Group, Aliko Dangote to investing in Nigeria has a transformational impact on the Nigerian economy with visible positive multipliers on the lives of average Nigerians.

In a review at the weekend, shareholders said Dangote’s business trajectory from the outset to the current

The story continues online on www.thisdaylive.com

M a r k e t d ata A s at F r i d ay, J a n u a r y 2 , 2 0 2 6 BONDS Description Price Yield Change Updated Time (%) ^16.2884 17January 99.30 16.86 0.00 2, 2026 MAR-2027 January ^19.94 200.00 2, 103.24 16.87 2026 MAR-2027 ^13.98 23January 94.73 16.93 0.00 FEB-2028 2, 2026 ^21.00 20January 107.26 16.93 -0.01 MAR-2028 2, 2026 ^14.55 26January 105.58 17.00 0.00 2, APR-2029 2026

BILLS Maturity NTB 8-Jan26 NTB 5-Feb26 NTB 5-Mar26 NTB 9-Apr26 NTB 7-May26

Discount Yield

Change (%) Updated Time

Maturity

15.61

15.74

January -0.01 2, 2026

15.15

15.46

January 0.00 2, 2026

15.58

16.10

January 0.41 2, 2026

15.74

16.53

January 0.12 2, 2026

16.88

January 0.11 2, 2026

EULL CP IX 18-JAN-26 SKIS CP XV 23-JAN-26 VAAG CP XII 2-FEB-26 DANC CP XXI 11-MAR-26 NEVE CP II 3-APR-26

15.86

CLEARED NAIRA-SETTLED NDFS

CPs Discount Yield 21.57

21.96

21.95

22.42

22.47

23.11

18.38

19.17

19.18

20.29

Change (%)

Updated Time

January -0.04 2, 2026 January 0.00 2, 2026 January 0.07 2, 2026 January 0.39 2, 2026 January 0.34 2, 2026

Contract Current Tenor Contract Rate ($/₦) (Month) NGUS DEC 13M – 30 2026 NGUS JAN 14M – 27 2027 NGUS FEB 15M – 24 2027 NGUS MAR 16M – 31 2027 NGUS APR 17M – 28 2027

Updated Time

January 2, 2026 January 2, 2026 January 2, 2026 January 2, 2026 January 2, 2026

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Monday, January 5, 2026 • T H I S D AY

BUSINESSWORLD

STATUS REPORT

Geregu Power: What MA’AM’s Takeover Means for Shareholders

With Geregu Power currently valued at about N2.85 trillion and contributing roughly 10 per cent of electricity to the national grid, the implications of MA’AM Energy Limited recent acquisition of the power generation firm transcends well beyond the company’s balance sheet, writes Kayode Tokede

L

ast week, the former Governor of Zamfara State, Senator Abdulaziz Yari emerged as the new chairman of the board of Geregu Power Plc after the exit of Femi Otedola, in a transaction that saw Otedola divest 77 per cent of his controlling stake in the power generation company.

A filing by Geregu Power Plc at the Nigerian Exchange (NGX), showed that the transaction was executed through the sale of Otedola’s 95 per cent stake in Amperion Power Distribution Company Limited to MA’AM Energy Limited, an Abuja-based integrated energy company engaged in electricity generation and supply, energy trading, and marketing.

Aside from Yari who now heads the board, Usman Gur Mohammed as well as Sani Jaafaru and Uzoamaka Adogu, among others, have been appointed as independent non-executive directors of the power company. This therefore means that the indirect controlling interest previously held by Calvados Global Services Limited and Otedola has been transferred to MA’AM Energy.

By any standard, the transaction ranks among the most consequential corporate transactions of 2025. The exit of Otedola, and the emergence of Senator Yari as chairman, following the acquisition of the majority controlling interest

by MA’AM Energy Limited, signals not just a change of guard but a new phase in the evolution of Nigeria’s power sector.

Beyond the headlines and the personalities involved, analysts say the transaction underscores a deeper narrative: growing confidence in Nigeria’s electricity market, the maturation of indigenous energy investors, and the increasing role of capital markets in driving long-term infrastructure development.

With Geregu Power currently valued at about N2.85 trillion and contributing roughly 10 per cent of electricity to the national grid, analysts believe the implications of the deal extend well beyond the company’s balance sheet.

Strategic Takeover with SectorWide Implications

The transaction, executed on December 29, 2025, saw MA’AM Energy Limited acquire 95 per cent equity interest in Amperion Power Distribution Company Limited, the majority shareholder in Geregu Power Plc. While the deal did not involve a direct transfer of Geregu shares on the Nigerian Exchange, it effectively changed the ultimate beneficial ownership of 77 per cent of the company’s issued share capital.

Stock market analysts describe the deal as a classic example of strategic consolidation in the power sector—one that aligns operational expertise, financial depth and long-term energy planning under a single indigenous platform.

For MA’AM Energy, an Abuja-based integrated energy company with interests spanning electricity generation, trading and marketing, Geregu Power represents a crown jewel asset capable of anchoring its ambition to become a dominant player in Nigeria’s evolving electricity value chain.

Also, Senator Yari as chairman, may bring fresh oversight and networks. A newly reconstituted board could inject different expertise and strategic focus which investors sometimes view as positive if it leads to better decisions on expansion, operations, and profitability.

However, the $750 million transaction reinforced Geregu’s status as a strategic, high-value asset in Nigeria’s energy sector,

consistent offtake for efficient generation companies. Its strategic importance to the national grid further strengthens its revenue outlook.

Second, the regulatory environment, while still evolving, has shown increasing support for cost-reflective tariffs, market reforms and private sector participation. These trends favour well-capitalised and efficiently run generation companies such as Geregu.

Third, MA’AM Energy’s integrated structure could help mitigate some of the liquidity challenges that have historically affected the sector, especially delayed payments within the electricity value chain.

Analysts also point to Geregu’s disciplined cost management, strong corporate governance framework and proven track record of profitability as reasons dividends are likely to remain a central feature of its shareholder proposition.

In their view, the change in ownership does not disrupt the company’s core business model; rather, it strengthens its capacity to withstand sectoral shocks and pursue long-term sustainability.

Defining Economic Development of 2025

potentially increasing confidence in its valuation and long-term prospects.

For existing shareholders, this kind of marquee deal validates the company’s worth, even though the shares themselves didn’t trade in this exact transaction.

Research firms on the NGX have noted that Geregu Power is well-positioned to benefit from sector reforms, liquidity improvements, and tariff changes — potentially boosting earnings and dividends.

This can be favourable for shareholders as better earnings often lead to higher share prices and dividend potential.

MA’AM Energy’s Strategic Vision and Growth Trajectory

Although Geregu Power has been profitable and stable under its previous ownership, analysts believe MA’AM Energy’s entry could unlock a new growth trajectory.

With an installed nameplate capacity of 435MW and a history of expansion from just 40MW, Geregu has already demonstrated resilience and scalability.

However, experts say the next phase will be defined by operational optimisation, gas supply security, efficiency improvements and possible capacity upgrades.

“MA’AM Energy’s integrated business model positions it well to address some of the perennial challenges facing power generation companies, particularly gas sourcing, liquidity constraints and market volatility,” said a leading stockbroker who do not want his name in print.

By leveraging its energy trading and supply expertise, MA’AM is expected to deepen upstream and midstream partnerships, reduce exposure to fuel disruptions and improve plant availability.

This, analysts argue, could lead to higher dispatch levels, stronger revenue streams and enhanced operational margins.

Furthermore, the new board composition, featuring experienced independent nonexecutive directors, is seen as a signal of

stronger governance, transparency and longterm strategic planning—key ingredients for sustaining Geregu’s performance in a rapidly changing power market.

Pedigree and Promise of Enhanced Shareholder Value

One of the strongest arguments in favour of the transaction lies in MA’AM Energy’s pedigree as a Nigerian-owned energy firm with deep sectoral knowledge and financial backing.

The acquisition, financed by a consortium of Nigerian banks led by Zenith Bank, reflects strong institutional confidence in MA’AM’s business plan and management capability. Blackbirch Capital’s role as financial adviser further reinforces the deal’s credibility and sophistication.

Market analysts believe this backing provides MA’AM with the balance sheet strength required to fund expansion, manage working capital pressures and pursue value-accretive investments without diluting shareholder interests.

For shareholders of Geregu Power Plc, the focus remains on value creation. Since listing, Geregu has earned a reputation as one of the Nigerian Exchange Limited (NGX) most reliable dividend-paying stocks, averaging about N20 billion in annual dividends.

With MA’AM Energy’s long-term orientation and sector expertise, analysts expect a continuation—and possibly enhancement—of this dividend culture.

The emphasis, they say, will likely be on sustainable cash flows rather than short-term speculative gains.

Analysts View on Dividends and Sustainability

Stock market analysts are largely unanimous in their optimism about Geregu Power’s future under the new ownership.

First, the fundamentals remain strong.

Geregu operates in a market where demand for electricity far outstrips supply, ensuring

Beyond the company itself, the Geregu transaction is being hailed as one of the most significant economic developments in Nigeria in 2025.

At a time when foreign direct investment remains cautious, the deal underscores the growing role of indigenous capital in financing large-scale infrastructure assets. It also highlights the increasing sophistication of Nigeria’s financial markets, where multi-trillion-naira transactions can be executed transparently and efficiently.

The involvement of leading Nigerian banks demonstrates confidence in the power sector as a viable investment destination, while the smooth regulatory disclosures reinforce the credibility of the Nigerian Exchange as a platform for major corporate actions.

Economists say the transaction sends a strong signal to both local and international investors that Nigeria’s power sector is transitioning from survival mode to long-term value creation.

Moreover, the deal aligns with broader national objectives of energy security, industrial growth and economic diversification. Reliable electricity remains central to productivity, job creation and competitiveness, making investments in generation assets strategically important.

New Chapter for Geregu Power

As Geregu Power enters this new phase under MA’AM Energy’s control and Senator Abdulaziz Yari’s board leadership, expectations are high—but so are the opportunities.

The company stands at the intersection of capital market confidence, sectoral reform and indigenous enterprise. If effectively managed, analysts believe Geregu could not only consolidate its position as one of Nigeria’s most valuable listed companies but also play a defining role in the country’s energy transition.

In many respects, the deal symbolises the maturation of Nigeria’s private sector—where ownership changes are driven not by distress but by strategy, succession and long-term value creation.

For investors, policymakers and the broader economy, the Geregu Power transaction may well be remembered as one of the landmark deals that shaped Nigeria’s economic narrative in 2025.

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T H I S D AY • MONDAY, JANUARY 5, 2026

DIGITAL ASSET MARKETS Tokenisation of Real-World Assets: Case Studies with Nicky Okoye

( digitalassets@anabelgroup.com )

A

s the world continues to embrace the Tokenisation of real-world assets, I will share a few case studies here to expand readers’ thinking and prepare us for the Tokenisation pilot projects we believe will take place in 2026. To fully understand the tokenisation of real-world assets process, you will need to go back to my article on Tokenisation, which defined the process, provided the technical details of its benefits and impact, and I even provided details on the strategic roles of on-chain smart contracts, which have become extremely valuable in this new ecosystem. The good news is that Tokenization can be applied to any real-world asset, and this means that the value and opportunities are infinite.

I will start with the case studies of the business models that are emerging in the digital asset market ecosystem, as many financial institutions are still studying the growth of the digital asset market ecosystem and figuring out where they will make a stand.

State Street Bank and Taurus Partnership

The US-based State Street Corporation entered into a strategic partnership with a Switzerland-based fintech firm, Taurus SA, in 2022, to build out a digital asset ecosystem and enhance State Street’s ability to operate in the digital asset market. The results of the strategic partnership included recorded cases of tokenisation for real-world assets, which delighted investors. In addition to building our digital asset markets ecosystem, we have achieved strategic milestones in digital custody, blockchain connectivity, and targeted real-world asset tokenisation. The State Street and Taurus strategic partnership is what our Global Investment Advisory Community is currently building out for its elite institutional members, some of whom are large financial institutions with various finance and capital markets subsidiaries.

Core Impact of the State Street Bank and Taurus Partnership

State Street was able to issue assetbacked tokens as a direct result of this collaboration, with its first tokenised assets being the securities bonds. In addition, State Street Bank could now offer institutional-grade digital asset custody solutions to all its institutional clients, positioning it as a powerhouse of the growing digital asset ecosystem. This was particularly important to State Street, which is a leading custodian bank in the United States. In contrast, there is still poor regulatory clarity regarding Banks providing these services directly; the collaboration allows State Street to retain its entire institutional client base without having to go outside its ecosystem to offer the same custodian services. State Street Bank has indicated its intent to fully engage in institutional-grade digital custody services once regulatory clarity is achieved. One of the most powerful applications of the State Street – Taurus partnership was the ability to extend State Street’s connectivity to the entire World of blockchain protocols, ensuring flexibility for investors and immediate scalability.

This strategic alliance has effectively positioned State Street Bank as a bridge

large, city-sized development projects.

2. Legal Framework: Compliance with SEC or Financial Authorities regulatory standards is critical. We establish this by structuring the asset-backed tokens as security tokens under U.S. law or under the prevailing legal authorities or jurisdiction. This involves adhering to SEC regulations.

3. Asset-Backed Token Issuance: The eligible property is divided into tokens (like shares), which are digital tokens on the blockchain. The tokens are offered to investors in compliance with local securities regulations.

Blockchain Utilization

L – R: Dr Nicky Okoye, Founder of Global Investment Advisory Community, Peter Camenzind, Co-CEO of BITCOIN SWISS, strategic partners to the Global Investment Advisory Community, at a session on the tokenisation of real-world assets in Zug, Switzerland

between traditional finance and the emerging digital asset ecosystem. In other words, the integration of Taurus’s advanced institutional-grade digital infrastructure positions State Street to meet the evolving needs of all its institutional investor clients seeking secure and compliant digital asset solutions. This is precisely what the Global Investment Advisory Community has achieved for its institutional members in Nigeria and across Africa. Our elite institutional members in Nigeria can now leverage the institutional-grade digital structures of our international members, and this is working out very well.

Franklin Templeton: U.S. Government Money Fund, On-chain

Franklin Templeton, a large United States asset manager and capital markets operator, recently issued a US Government Money Fund, but what made this one different was that it was issued on-chain as a tokenised mutual fund issued natively on the Stellar blockchain.

Later, it was extended to include the Polygon blockchain. The resultant fund shares are referred to as BENJI Tokens, which are now Asset-Backed Tokens on the two blockchains I previously mentioned. The blockchain integration achieved means that all transaction records, ownership transfers and changes, fund operations, and regulatory compliance are managed by strategic programmable smart contracts. This is unprecedented in the capital markets. The Global Investment Advisory Community has also designed and developed smart contract templates that can operate on very specific blockchains, making the ability to tokenise real-world assets from Nigeria a seamless process.

The Franklin Templeton on-chain US Government Money fund is on record as being the first-ever U.S.-registered mutual fund to use public blockchains for recordkeeping and transfer of ownership.

Please be advised that the value of tokenisation doesn’t start and stop with the fractional ownership it allows. The key value of Franklin Templeton was to boost real-time investor transparency; they achieved this through the on-chain tokenisation of real-world assets. In addition, the asset-backed tokens were able to lower operational costs, provide faster settlement during transfers and trading, compared to traditional mutual

fund models. This case study solidifies our drive to adopt tokenisation in Africa, highlighting the potential for legacy real-world asset classes to embrace it without compromising regulatory standards.

Our Global Investment Advisory Community has opened this window for our members to expand access to digital-native global investors to Nigerian fixed-income products, which can now be extended globally. This will undoubtedly improve market liquidity and provide more efficient onboarding for digital-native investors from all over the World, particularly in regions that encourage inclusivity.

Tokenised Real Estate Transactions

Real Estate is an obvious asset class that lends itself to tokenisation. In this industry, investors seek to expand the ownership base of an asset that initially allowed only one owner at a time. In addition, real estate promoters may seek to develop transparency around projects by issuing and listing assetbacked tokens on a blockchain. This will boost global recognition of the real estate project and expand the promoter’s access to capital. This tokenisation of the real estate increases liquidity and democratises real estate investments for the foreseeable future. Real Estate projects in the future can be designed and planned as global projects from the onset. making them accessible to a wider audience.

In the tokenisation of Real Estate projects, we have studied around the world, and these are the necessary tasks that have been accomplished.

Defined Transaction Structure

1. Asset Identification: We start by identifying the preferred Real estate properties that will be tokenised.

This is typically done by following a set of criteria for eligibility and accreditation. Our Global Investment Advisory Community has worked with international digital asset investors to prepare a qualification menu for properties in Nigeria that meet international standards for blockchain and digital exchange infrastructure, as well as for digital-native institutional investors. Real Estate projects that may be considered include commercial real estate, multi-family residential buildings, and

• Blockchain Type: Tokenisation of Real Estate transactions has so far been conducted and facilitated using the Ethereum blockchain. Ethereum is a wide digital asset platform founded in Zug, Switzerland, and it still maintains its headquarters there. Ethereum blockchain technology has strong and robust smart contract capabilities.

• Global Security Token Platforms: on the global level, Harbour and Polymath have demonstrated successfully that they provide the infrastructure necessary for issuing asset-backed security tokens tied to real estate. A strong connection to the right blockchain is imperative to ensure security, transparency, and compliance

Digital Asset Exchange

• Asset-Backed Tokens are typically listed on a digital asset exchange specialising in security tokens. These platforms provide the investment marketplace for trading asset-backed security tokens, ensuring long term liquidity for investors.

Habor and Polymath, a Case to Study

In 2019, a $20 million real estate project known as XLS-20, representing a multi-family housing development in the United States, was tokenised by Harbor and Polymath. Harbor tokenised the project by dividing ownership into 10,000 asset-backed tokens, each representing an equity share in the real estate project.

Each asset-backed token was eventually classified as a security under United States law, thereby complying with US SEC regulations. Asset-Backed Tokens were offered through a private placement to accredited investors. All Investors were required to meet KYC procedures to ensure they were eligible for participation under SEC rules. Asset-Backed Tokens were minted on the Ethereum blockchain.

The project utilised smart contracts for secure, recordable transactions of ownership and transferability.

The strategic partnership between Harbour and Polymath has shown promise and has been instrumental in advancing the implementation of tokenised real estate in the United States so far. Their collaboration has brought innovative solutions to an industry that is often considered illiquid. Their approach is worthy of further study; it is evident that the rigorous compliance protocols enabled by blockchain technology have opened new investment opportunities while ensuring regulatory compliance.

Indeed……Great Things are Happening. *Dr Nicky Okoye Global Investment Advisor Founder, Global Investment Advisory community

T H I S D AY MONDAY JANUARY 5, 2026 20 TR

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& RE A S O

Monday January 5, 2026 Vol 27. No 11230

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opinion@thisdaylive.com

www.thisdaylive.com

A GESTURE OF STATESMANSHIP Ahmed Idris Wase appointment as Plateau State’s Amirul Hajj symbolises a deliberate effort to forge consensus,and heal divisions reckons YAKUBU DATI

See page 21

LIKE A DULL THUD

Peter Obi’s defection to the ADC is expected, argues SUNDAY DARE

See page 21

EDITORIAL

NCC AND POOR TELECOMS SERVICES

See page 22

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DAVID OKON argues that the signal from 2025 is not perfection, but coherence

NIGERIA’S 2025 REFORM YEAR AND THE BUILDING OF $1 TRILLION ECONOMY Nigeria’s economic story in 2025 has not been defined by a single reform or headline moment. It has been shaped by sequencing, a deliberate effort to stabilise the macroeconomy, restore institutional credibility and align security, fiscal, and market policy towards growth. At the centre of that sequencing has been the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, whose framing of security, capital mobilisation, and reform discipline has increasingly influenced how investors perceive Nigeria.

The year began with the government focused on repairing the analytical foundations of economic planning. In early 2025, Nigeria completed a long-awaited rebasing of its Gross Domestic Product to a 2019 base year, a technical exercise led by the National Bureau of Statistics (NBS) that expanded the measured contribution of services, ICT, and the informal economy.

According to the NBS, the rebasing placed nominal GDP at about ₦372.8 trillion, equivalent to roughly $240–250 billion, giving policymakers and investors a clearer picture of economic structure and scale.

That reset mattered. It framed the fiscal choices that followed, including tighter expenditure controls, tax administration reforms, and coordination with monetary authorities to slow inflation and stabilise the foreign-exchange market. By the fourth quarter of 2025, inflation which had exceeded 24 percent earlier in the year, began a steady descent, reaching about 14.45 percent by November 2025.

Foreign reserves strengthened toward $47 billion, reinforcing external buffers and signalling improved balance-of-payments management, trends noted by multilateral institutions including the World Bank and Afreximbank in their 2025 outlooks for Nigeria.

By mid-year, the reform narrative shifted from stabilisation to confidence, and nowhere was that clearer than in Nigeria’s capital markets. The Nigerian Exchange closed 2025 as one of Africa’s strongest-performing bourses, with the All-Share Index up about 49 per cent yearto-date by late December. Total market capitalisation across equities, debt, and ETFs rose to nearly ₦150 trillion, driven by strong earnings, bank recapitalisation, and new listings, according to the NGX Group chairman, Umaru Kwairanga.

Banking reform was pivotal. As part of recapitalisation efforts aimed at strengthening credit transmission and financial stability, Nigerian banks raised an estimated ₦2.5 trillion in fresh capital

by December 2025 through rights issues, private placements, and public offers, according to NGX filings and Securities and Exchange Commission (SEC) approvals.

The capital raising reinforced balance sheets and helped drive the market rally, underscoring the link between prudential reform and investor confidence.

Debt markets told a similar story.

Between April and October 2025, companies raised over ₦753 billion through commercial paper issuances to finance short-term working capital needs across manufacturing, energy, and agriculture. “These figures are not just numbers; they represent confidence in our regulatory framework and the resilience of our market architecture,” said Emomotimi Agama, Director-General of the SEC, in a public briefing on capital-raising approvals.

Landmark transactions, including a ₦500 billion climate-linked SPV and a ₦200 billion Elektron Finance bond, pointed to growing appetite for infrastructure and sustainable finance.

Corporate earnings reinforced the macro signal. MTN Nigeria Communications Plc, one of the Exchange’s largest listed companies, delivered one of the year’s most striking turnarounds. By the first nine months of 2025, the telecoms giant reported revenues of ₦3.73 trillion, up 57 per cent year-on-year, and profit after tax of about ₦750 billion, reversing prior losses. Capital expenditure exceeded ₦565 billion in the first half of the year alone, underscoring confidence in Nigeria’s digital future and the policy direction of the telecoms sector. Other blue-chip firms, including Dangote Cement, posted strong earnings with profit after tax exceeding ₦520 billion, reinforcing the sense that reform was translating into corporate resilience rather than contraction.

Amid these developments, Nigeria’s fastmoving consumer goods (FMCG) sector also began to reflect the macroeconomic stabilisation delivered by policy reforms.

After several years of losses driven

by foreign-exchange volatility and inflationary pressures, major FMCG firms recorded a notable rebound in 2025 as currency conditions improved. The sector posted 54.1 per cent value growth in 2025, up from 34.3 per cent in 2024, according to a report by global data and analytics firm NielsenIQ. Nigerian consumers continued to underpin demand, lifting the FMCG market to an estimated value of $25 billion, the second largest in Africa after South Africa’s $27.5 billion market. Across the continent, the five largest FMCG markets; South Africa, Nigeria, Egypt, Morocco and Kenya, together account for about $42 billion in total value.

Nigeria’s growth rate outpaced its peers.

Egypt expanded by 23.1 per cent to $10.2 billion, Morocco grew 7.6 per cent to $7.5 billion, and Kenya increased 5.5 per cent to $3.3 billion, highlighting Nigeria’s outsized contribution to regional momentum.

At the company level, Nestlé Nigeria Plc returned to profitability, posting a ₦88.4 billion pre-tax profit in the first half of 2025, compared with a ₦252.5 billion loss in the same period a year earlier. The turnaround was supported by a 43 per cent increase in revenue to ₦581.1 billion and more stable cost structures.

Broader market data reflected the recovery. FMCG stocks delivered strong performances on the Nigerian Exchange, with the consumer goods index posting solid gains and several stocks recording returns of more than 100 per cent over the year as investor confidence returned to the sector.

“Nigeria’s FMCG story is one of grit and innovation,” said Dr Tayo Ajayi, a Lagos-based consumer market analyst.

“Even when the economy is under pressure, Nigerians adjust their spending habits rather than stop spending. That adaptability is what keeps the sector alive.”

Energy and industrial policy formed the next layer of the reform arc. The Dangote Refinery, already operating at 650,000 barrels per day, confirmed plans to expand capacity to 1.4 million barrels per day, a move analysts say could significantly reduce fuel imports, ease pressure on foreign exchange, and strengthen Nigeria’s trade balance. The refinery has become emblematic of the government’s push to support large-scale local production as a substitute for imports and a magnet for global capital.

Okon is a marketing communications and policy consultant at Quadrant MSL, a part of the Publicis Groupe and Troyka+Insight Redefini Group.

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MONDAY JANUARY 5, 2026

Ahmed Idris Wase appointment as Plateau State’s Amirul Hajj symbolises a deliberate effort to forge consensus,and heal divisions reckons YAKUBU DATI

A GESTURE OF STATESMANSHIP

Governor Caleb Mutfwang’s recent appointment of Rt Hon Ahmed Idris Wase as the Plateau State Amirul Hajj for the 2026 pilgrimage is a significant development towards healing and uniting the people of Plateau.

Its significance is however better appreciated when the implication on governance and the political unity of Plateau State are considered.

The All Progressives Congress has a template for development which is championed by President Bola Ahmed Tinubu with the Renewed Hope Agenda that Plateau by this alignment can now tap from.

When Gov Muftwang signified his interest to join the APC, many have wondered if it was possible for persons who have been in opposition parties in the state to unite and work together on a common platform given the animosity in the last election.

But by quickly extending the gesture to one of the foundational members of the APC, Muftwang has shown that not only is it possible for all to work together on a common platform but that the expected cooperation to forge a formidable front that will win Plateau again would happen speedily.

This is why the appointment of the former Deputy Speaker of the Parliament as Amirul Hajj has been widely welcomed as a significant move towards reconciliation and unity not just within the APC but the entire state.

One recalls with nostalgia how then President Olusegun Obasanjo appointed a son of Plateau, then deputy senate president, Ibrahim Mantu as national Amirul Hajj for three consecutive terms which brought honour to the state.

Gov Mutfwang whose defection to the APC was recently announced by the APC National Chairman, Prof Nentawe Goshwe Yiltwada, intends to bring honour to Plateau and has shown, by this gesture that he is genuine about integrating the state across hitherto political divides and bringing development to the state In a political stratosphere where political marriages have been fraught with suspicion, this singular gesture demonstrates sincerity of purpose on the part of the governor.

The title of Amirul Hajj is not honorific but one that carries great responsibilities. Historically, it is reserved for distinguished leaders in the Muslim community, to lead pilgrims as they observe their religious obligations while performing the Hajj.

Rt Hon Ahmed Idris was not randomly selected. His choice is a carefully thought out decision meant to honour a person who has given much to the society while asking him to do more .

It would be apt to remind the people that the journey that made APC as the governing party in Plateau today was started by Wase as far back as 2007 when he contested the House of Representatives seat on the platform of the Action Congress (AC) and won.

That was the first significant win by an opposition politician on the Plateau that

has gradually developed and enabled the formation of the APC which later won the governorship seat in 2015 and which the sitting governor has now identified with.

Some have cautioned that accepting Mutfwang into the APC will raise fresh issues and challenges.

But by elevating Wase, a respected former Deputy Speaker of the House of Representatives, Governor Mutfwang is sending a clear message: inclusivity, dialogue, and collaboration are central to his vision for the state.

The appointment is more than ceremonial; it symbolizes a deliberate effort to forge consensus, heal divisions, and strengthen intra-party cohesion.

Political analysts stress the point that this gesture demonstrates how leadership appointments can serve as instruments of unity and strategic partnership, extending beyond political expediency to foster lasting stability.

Wase’s new role is expected to enhance cooperation among party members, encourage constructive engagement across religious and regional lines, and underscore APC’s commitment to broad-based leadership.

As the two leaders forge a template for unity, this gesture sends a clear signal to supporters to manage the transition to a viable united political family for the good of the state and presents a veritable template for other states with similar challenges to copy from this model.

Already, the genuine supporters of the ethos of unity in diversity have toed the line of Gov Mutfwang by joining the APC in their domain.

In the coming days, the actions of the political dramatic personae will separate the wheat from the chaff.

In essence, the appointment of Ahmed Idris represents a hand of fellowship and a renewed drive for reconciliation, positioning Plateau APC for a more united and forward-looking future.

As we wish him success in this noble role as he leads the plateau contingent to a safe, peaceful, and spiritually fulfilling journey, stakeholders are optimistic that good things would come.

The coming days however, will test the resolve of loyalty to leadership and sacrifice for the good and prosperity of the true lovers of the state as both Prof Yiltwada and Gov Mutfwang will determine their true lovers and those sitting on the fence as history is about to be made. Posterity beckons.

Yakubudati@gmail.com

Peter Obi’s defection to the ADC is expected, argues SUNDAY DARE

LIKE A DULL THUD If the recent decamping of Peter Obi from the Labour Party to the African Democratic Congress was intended to detonate like a political bombshell, it failed spectacularly. What arrived instead was a dull thud—unremarkable, unsurprising, and familiar. Nothing more. Nothing less. The script had been written long ago, recycled endlessly, and now—ironically—with this latest move, even that script has run out. All smoke.

No fire. With his entry into the ADC, the plot does not evolve; it simply ends.

Mr. Obi used the occasion not for clarity or restraint, but to fling predictable broadsides against a man who dwarfs him in political reach, institutional mastery, and historical consequence— Bola Ahmed Tinubu. This is a President who does not govern by tirade, who does not rely on subterfuge, and who does not court cheap populism as a substitute for policy. Mr. Obi would have been better served by silence than by yet another performance dressed up as conviction.

What followed was entirely in character.

Mr. Obi once again chose provocation over substance—an incendiary display that substitutes indignation for understanding and accusation for evidence. This is not courage; it is habit.

It reflects a deeper pathology in Nigeria’s political discourse: performative outrage, permanent campaigning, and the restless hunt for relevance. Mr. Obi has made a career of all three.

His political trajectory tells the fuller story. From APGA to PDP, from Labour to ADC, Mr. Obi has drifted across parties with the ease of a man unburdened by ideology or loyalty. Political platforms, for him, are conveniences—vehicles to be boarded and abandoned at will.

Causes are temporary. Commitments are elastic. There is no enduring belief system anchoring these movements, only ambition in search of the next available ladder.

This inconsistency was evident even in office. As governor, Mr. Obi perfected a style long on moral posturing and short on durable institutional legacy. He spoke the language of prudence, but left behind little that could withstand rigorous scrutiny. His public persona has always leaned on assertion rather than proof, repetition rather than record. That is not reform; it is rhetorical minimalism masquerading as depth.

On national issues, the shallowness becomes even more pronounced. Mr. Obi’s commentary on macroeconomic management, federal structure, security, and public finance routinely betrays a thin grasp of complexity. Hard problems are flattened into slogans; structural constraints are moralized into personal failings. This is not analysis—it is sophistry. Noise without knowledge.

Certainty without comprehension.

The 2023 elections exposed these weaknesses brutally. Buoyed by an emotionally charged but politically unserious following, Mr. Obi misread the national climate entirely. He mistook

social-media enthusiasm for nationwide structure, online applause for pollingunit presence, and moral grandstanding for electoral arithmetic. Politics, however, is not a vibes-based exercise. It is built on organization, coalition, discipline, and data.

That absence of seriousness was laid bare in court. In a withering moment, the Supreme Court of Nigeria admonished Mr. Obi for failing to even demonstrate a clear understanding of his own vote tally, while simultaneously disputing the official figures released by Independent National Electoral Commission. To challenge an election without facts, without numbers, without preparation, is not principled opposition; it is political irresponsibility elevated to litigation.

Underlying all this is an unmistakable deification of self. Mr. Obi’s rush to the presidency was not grounded in democratic credentials of sufficient weight, nor in a coalition patiently built across Nigeria’s diverse political terrain.

It was propelled by an inflated sense of personal virtue—the dangerous illusion that moral self-regard alone qualifies one to govern a complex federation. History is unkind to such delusions.

Nigeria does not need saints auditioning for office. It needs leaders with gravitas, institutional memory, and a disciplined understanding of power—how it is built, negotiated, and responsibly exercised. These qualities are conspicuously absent from Mr. Obi’s record.

If a New Nigeria is indeed possible, it will not be erected on insinuation, half-knowledge, and rhetorical arson.

It will be built on competence, respect for institutions, and the discipline to distinguish facts from theatrics. Sadly, these remain in short supply in Mr. Obi’s latest outing.

By contrast, President Tinubu offers focused leadership, measurable outcomes, and time-tested performance forged over decades of political engagement and executive responsibility. Governance is proceeding with intent, not noise.

In that context, the political horizon is no longer murky. 2027 just got clearer.

Dare is Special Adviser to President Tinubu on Media and Public Communication

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T H I S D AY

EDITORIAL

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

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MONDAY JANUARY 5, 2026

NCC AND POOR TELECOMS SERVICES Telcom operators should do more to improve their services

telecommunications sector has grown to become a he recent explanation by the Nigerian very important contributor to the country’s Gross Communications Commission (NCC) Domestic Product (GDP). The sector has expanded of the poor quality of telecoms services the broadband, internet penetration, and most imcurrently being experienced in major portantly, subscriber base in the country. Unfortucities across the country begs the issue. nately, due to a combination of factors, subscribers “Overall, network capacity for data are experiencing poor service quality at a time the services across the country appears good. Howcompanies are raking in scandalous profits. ever, capacity issues have been observed in urban Operators have always blamed poor infrastrucareas across all major operators,” according to the ture in the country characterised by inadequate NCC while responding to the complaints of telepower generation and supply as one of the reasons coms users in the country. “Capacity restrictions for the atrocious quality recorded in the sector. Opare concentrated in urban zones, and the impact on erators have at different times complained about rural service is extremely low, reinforcing that this road constructions and repairs leading to cable constraint is a localised issue tied to high-density cuts, vandalism of equipment, and other security areas.” issues. Last August, President Bola Ahmed TinuIt is unfortunate that Nigeribu signed an official gazette desigans have continued to experinating telecoms infrastructure as ence poor service quality from Key among the subscribers’ complaints are Critical National Information Infrathe telcos despite spending trilstructure (CNII), with stiff penalties lions of naira annually on airconnection failures, poor data service, fluctuating for whoever was caught destroying time. These industrial glitches such assets. But all these do not in network, data roll over challenges, illegal credit have subsisted despite repeated any way excuse them because they promises to address them by the deductions and uncompleted calls are normal business risks. operators. We therefore urge the We urge the NCC to collaborate NCC to be more alive to their regulatory responT H I S D AY with the relevant agencies to ensure adequate secuEDITOR SHAKA MOMODU sibility of enforcing compliance than in proffering DEPUTY EDITOR WALE OLALEYE rity for telecoms facilities and engage stakeholders excuses for the operators. The NCC should also adMANAGING DIRECTOR ENIOLA BELLO on the need to protect telecommunications infradress some challenges which the telcos have highDEPUTY MANAGING DIRECTOR ISRAEL IWEGBU structure. The sector will continue to grapple with lighted as being responsible for the regime of poor CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI poor service delivery if criminal elements are not EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN service quality, especially in the rural areas of our stopped from vandalising infrastructure across the THE OMBUDSMAN KAYODE KOMOLAFE country. country. We also call on the federal government to Key among the subscribers’ complaints are conurgently address the challenge of low broadband nection failures, poor data service, fluctuating netpenetration. work, data roll over challenges, illegal credit deAbove all, the message from the NCC to the opT H I S D AY N E W S PA P E R S L I M I T E D ductions and uncompleted calls. The drop in service EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA erators should be very clear: It is not just about inquality has been attributed to the fact that three out GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, creasing subscriber numbers but that there should of the four mobile network operators failed to meet ISRAEL IWEGBU be a commensurate increase in the quality of serthe industry standards for network service in the afDIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, vice they provide. The current level of frustrating fected states. According to industry data, telcos fell ANTHONY OGEDENGBE experiences characterised by high rate of dropped DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI short of the four major key performance indicators: SNR. ASSOCIATE DIRECTOR ERIC OJEH calls, call interference, loss of audio and recurrent dropped call rate, call set up rate, stand-alone dedASSOCIATE DIRECTOR PATRICK EIMIUHI icated control channel congestion rate and traffic CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI down times, are unacceptable. Nigerians are tired of constant promises from the stable of operators control channel congestion rate.

DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO on the improvement of quality on their networks.

TO SEND EMAIL: first name.surname@thisdaylive.com In the past two and a half decades, the mobile They want concrete action.

Letters to the Editor Letters in response to specific publications in THISDAY should be brief (150-300 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (750- 1000 words). They should be sent to opinion@thisdaylive. com along with photograph, email address and phone numbers of the writer.

LETTERS

MUCH ADO ABOUT THE TAX REFORMS The recent backlash against the 2026 tax reform reminds me of my undergraduate thesis topic which was "contemporary challenges of taxation laws in Nigeria", presented in 2018. I chose that topic because of my interest in harmonizing law and economic policies, a path I am still threading till this moment. In my post-university life, I have addressed a lot of legal and economic policy topics, chiefly, contemporary tax policies in Nigeria vis-a-vis development economics. Hence, I see the need for tax reforms and tax contributions to national prosperity but I also believe in modest tax regime (not excessive tax system) and tax "incentivization", a mantra I preached as a television programme guest in 2022. The following are my observations and reservations regarding the forthcoming 2026 tax regime having published an article on the same subject in first quarter of 2025: Regardless of some weaknesses, the tax reform is not evil because it aspires to modernize tax collection strategies,

check revenue leakages, centralize collection and widen tax net. Reforming a tax system that will enable revenue contribution to GDP by 20%/30% cannot be viewed as backward.

Impliedly, Nigeria needs minimum of N20trillion tax revenues annually to support other sources of revenues.

Furthermore, the tax reform will naturally attract backlash not just because of peoples' hatred for tax payments but largely because of high public governance distrust in Nigeria. You can't expect citizens of a country whose major federal roads are hellish to be excited about tax enforcements.

Most basic infrastructure are not in good shape despite huge borrowings and existing revenue collection.

The 2026 tax regime, though ambitious, failed to consider the GDP per Capita of Nigerians (reality of average income) and didn't see need to reduce the personal income tax to less than 20% in order avoid taxing low purchasing power (25% PIT on N200,000 earning as an example). The

tax exemption for poor earnings is very fair.

Albeit, the reform failed an ambiguity test on personal income tax for non-salary earnings. How do they conveniently assess non-salary earner whose monthly or weekly income fluctuates? How do you determine/differentiate his or her earning flow from transaction deposits especially when all transactions will be digitally trailed? Failing to address this obscurity will be counterproductive to national cashless policy drive as less-formal sector players(SMEs) will prioritize cash transactions to escape unfavourable taxations. I will rather suggest 3/6% personal income levy on annual turnovers of non-salary earnings.

The tax reform also failed to complete its harmonization drive because it has not streamlined "endless" aviation taxes/levies into three or four levies.

Mujib Dada-Kadri Esq., Abuja

monday, JANUARY 5 , 2026 • T H I S D AY

Photo Gallery of a Two Months Intensive Training Programme in welding and fabrication sponsored by the Nigerian Content Development and Monitoring Board (NCDMB) as part of its commitment to empowering young people with practical, future-ready skills in Benin City, Edo State...recently.

23

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T H I S D AY • MONDAY JANUARY 5, 2026

business/MOnEYGUIDE

Clea to Streamline Cross-border Payments for African Importers Stories by Emma Okonji

Clea, a blockchainpowered platform that allows African importers to pay international suppliers in USD while settling locally, has officially launched, after processing more than $4 million in cross-border transactions, demonstrating strong early demand from businesses navigating the complexities of global trade.

African importers have long struggled with limited FX access, unpredictable exchange rates, high bank charges, fraudulent intermediaries, and payment delays that slow or halt shipments.

The continent also faces

a trade-finance gap estimated at over $120 billion annually, limiting importers’ ability to access the FX and financial infrastructure needed for timely international payments.

Speaking about the launch, CEO and co-founder, Sheriff Adedokun, said, “Importers face unnecessary stress when payments are delayed or rejected. Clea eliminates that uncertainty by offering reliable, secure, and traceable payments completed in the importer’s own name, strengthening supplier confidence from day one.”

Co-founder and CTO, Iyiola Osuagwu,

added: “Our goal is to make global trade feel as seamless as a local transfer. By connecting local currencies to global transactions through blockchain technology, we are removing longstanding barriers that have limited African importers for years.”

Co-founder and COO, Sidney Egwuatu, said: “The next phase for us is scale. We are expanding across all 36 Nigerian states, strengthening partnerships, and opening new payout routes across Africa and beyond. Our focus is building a dependable financial infrastructure that genuinely supports importer growth.”.

ipNX Honoured for Outstanding Social Impact at Sustainability Awards ipNX Nigeria has reaffirmed its position as a leading force in socially impactful technology with multiple honours at the 2025 Social Impact and Sustainability Awards, held recently at the MUSON Centre, Lagos.

The event, attended by dignitaries, government officials, and key stakeholders across sectors, celebrated organisations and individuals driving meaningful progress through innovation and community-focused initiatives.

At the ceremony, ipNX

received the “Tech for Good Award: Advancing Education & Health through Innovation”, an accolade that underscores the company’s sustained commitment to national development.

The recognition reflects ipNX’s strategic interventions during the COVID-19 pandemic, where it provided essential technological support, as well as its ongoing efforts to equip public schools in Lagos and Oyo States with reliable, high-speed internet connectivity.

These initiatives continue to empower educators

and students, bridging digital learning gaps and enhancing access to quality education.

Adding to the night of achievements, ipNX’s Group Managing Director, Mr. Ejovi Aror, was honoured as “Tech Changemaker of the Year” for his visionary leadership in driving broadband expansion and digital inclusion nationwide.

The company’s Group Executive Director, HR & Corporate Services, Mrs. Folashade Efiong-Bassey, was also recognised with the “HR Personality of the Year Award.”

Experia by Sculpt Design Launched in Lagos Renowned interior designer and founder of Sculpt Design, Cindy Ogene, has officially unveiled Experia by Sculpt Design, a thoughtfully curated interior design experience center in Lagos.

Speaking about the vision behind the experience center, Ogene explained that Experia was born out of a desire

to approach interior design differently.

“Experia was created to allow our clients to experience creative design in one place,” she said. “We spent a lot of time thinking about what we could do differently within the industry, and the answer was to move beyond display and into experience.”

While Experia marks a new chapter for Sculpt

Design, Ogene is clear that the idea itself is one she has carried for some time — now brought to life with greater clarity and intention.

“Experia isn’t new, it’s something I’ve wanted to execute differently,” she noted. “I wanted people to come in, feel relaxed, feel at home, and engage with design naturally.

That’s why we call it an experience center.”

Quickteller’s InsomniaQ Debuts, Boosts Culture Experience Quickteller’s maiden edition of InsomniaQ was successfully hosted at the Grand Ballroom of the Lagos Continental Hotel on the 21st of December, delivering a vibrant, highenergy celebration of African music, culture, and creativity.

The 12-hour non-stop experience attracted a diverse audience of music lovers, culture enthusiasts, and festive diaspora returnees, marking a strong debut for what is set to become a signature December event.

The festival featured

a dynamic mix of live performances and DJ sets, spotlighting Africa’s rich musical diversity and creative depth.

Commenting on the success of InsomniaQ, Executive Vice President, Group Marketing and Communications, Interswitch Group, Cherry Eromosele, described the event as an organic extension of Quickteller’s place in everyday moments of connection, culture, and celebration.

“InsomniaQ was created

as a space to celebrate African creativity in its full expression, the music, the energy, and the people who make our culture so powerful. Seeing that vision come to life, with thousands of people connecting through sound, movement, and shared experience, has been truly rewarding. This debut edition reinforces our belief in creating platforms that bring people together and spotlights the richness of African talent in meaningful ways,” Eromosele said.

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).

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T H I S D AY • MONDAY JANUARY 5, 2026

mARKET NEWS

NGX Replaces United Capital with Guinness Nigeria in NGX 30 Index

Kayode Tokede

The Nigerian Exchange Limited (NGX) has announced the outcome of its full-year 2025 market index review with Guinness Nigeria Plc replacing United Capital Plc (UCP) in NGX 30 Index. The NGX 30 index tracks most capitalised and liquid stocks on the Exchange.

The replacement comes

amid increased investor interest, improved liquidity, in Guinness’ market value over the year. Guinness was also the best-performing consumer goods stock in 2025.

Notably, Guinness Nigeria, Presco Plc, and Wema Bank gained inclusion in key indices, highlighting their improved market positions and performance during the year.

These additions came at the expense of companies such

P R I C E S MaiN Board

F O R DEALS

as United Capital Plc, Access Corp, International Breweries and Stabic IBTC, which, along with others, were replaced as part of the periodic rebalancing process.

The reshuffle reflects evolving trends in market capitalization, liquidity, and sector dynamics within Nigeria’s capital market.

The index changes reflect shifts in market capitalisation, liquidity, compliance, and sector performance, impacting both

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

quantity traded

passive and active investor strategies in Nigeria’s capital markets.

Among sector-specific indices, changes was that Mutual Benefits Assurance was added in the NGX Insurance Index:, replacing Guinea Insurance.

In the NGX Oil & Gas Index, Japaul Gold & Ventures Plc replaced MRS Oil Nigeria.

The NGX Pension Index, which includes stocks eligible under Nigeria’s pension investment

T R A D E D

value traded ( N )

MaiN Board

A S

O F

guidelines, admitted Wema Bank Plc, while International Breweries was removed— highlighting shifts in free float, liquidity, and compliance.

In the NGX Lotus Islamic Index, Presco Plc was added.

The index, which tracks Shariahcompliant stocks, now reflects continued investor preference for agriculture-linked and export-driven firms.

NGX Pension Broad Index: Nigeria Infrastructure Debt Fund

added; Regency Alliance and Veritas Kapital exited.

Afrinvest Bank Value Index: Additions included Wema Bank, Jaiz Bank, Access Holdings, and Stanbic IBTC, reflecting renewed momentum among tier-one and mid-tier banks.

Afrinvest Dividend Yield Index welcomed Dangote Cement, Okomu Oil, Vitafoam, and Conoil, reinforcing dividend-paying stocks as favourites amid high interest rates.

D E C E M B E R / 3 1 / 2 5 DEALS

Market Price

quantity traded

value traded ( N)

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T H I S D AY • MONDAY, JANUARY 5, 2026

NEWS

NEW YEAR SPECIAL PRAYER AT THE LAGOS HOUSE MOSQUE...

L-R: Special Adviser, office of Civic Engagement, Hon. Afolabi Tajudeen; Deputy Governor of Lagos State, Dr. Obafemi Hamzat; Governor Babajide Sanwo-Olu; Head of Service, Mr. Olabode Agoro; Commissioner for Home Affairs, Hon. Ibrahim Layode; Special Adviser to the Governor, Rural Development, Dr. Nurudeen Agbaje and his counterpart for Media and Publicity, Mr. Gboyega Akosile during a New Year Special prayer at the Lagos House Mosque, Marina, ... recently

Maduro, Wife to Appear in US Federal Court Today on Alleged Drug Charges Venezuelan defence chief says abduction cowardly EU demands respect for nation’s sovereignty

Emmanuel Addeh in Abuja

Ousted Venezuelan President Nicolas Maduro and his wife, Cilia Flores, will appear before a federal judge on Monday (today), a spokesperson for the U.S. district court in the Southern District of New York confirmed yesterday.

The spokesperson told CBS News that Maduro and Flores are scheduled to appear in

federal court at 12 p.m. It will be their first court appearance on criminal charges since they were extracted from Venezuela during a U.S. military operation in Caracas on Saturday.

Maduro and Flores arrived in New York on Saturday afternoon, hours after they were taken from their home in Caracas and transported to the USS Iwo Jima warship before being flown to New York to

face criminal charges.

Maduro arrived at Metropolitan Detention Center (MDC), a federal facility in Brooklyn, at about 8:52 p.m.

He was not slated to be housed in his own wing. His wife's confinement status as of Saturday night was unknown.

MDC is one of the few detention centers in the U.S. with the capacity for high-security defendants. It

is known for housing other high-profile defendants like Joaquin "El Chapo" Guzman, Luigi Mangione, Sean "Diddy" Combs and Ghislaine Maxwell.

In a superseding indictment filed in the Southern District of New York against Maduro, members of his family and his cabinet, the U.S. is accusing the South American leader of conspiracy to commit narco-terrorism and to import

LG Funds: NASS to Enact Laws Backing Tinubu to Recover Trillions, Says Karimi

Ibrahim Oyewale in Lokoja

Senator Sunday Steve Karimi representing Kogi West Senatorial District has disclosed the parliament will soon enact relevant laws backing President Bola Tinubu to recover trillions of local government funds allegedly stolen by some governors in the country.

This position was contained in a statement made available to journalists in Lokoja on Sunday Karimi, Chairman of the Senate

Committee on Services, also said the move is to compel the state governors to strictly adhere to the Supreme Court judgment on fiscal autonomy for the third tier of government.

Speaking while hosting his constituents during the yuletide break, the federal lawmaker recalled the landmark ruling of the Supreme Court of Nigeria dated July 25th , 2024, which directed seamless federal allocation of funds to the 774 councils in the country.

Quoting from the Apex Court judgement, he said: "state governors’ control over local government resources is unconstitutional, while also voiding caretaker committees as illegal.”

Senator Karimi however observed the judgement aimed to strengthen grassroots democracy and governance by ensuring that allocations go directly to elected officials, without state interference.

According to him, despite the explicit and unambiguous

declaration by the highest court in the land, the lawmaker lamented that some states have continued to disregard and disrespect the ruling.

His words: "Cognizant of the errant conduct of some state governors on the issue, President Tinubu warned at the recent National Executive Committee meeting of the All Progressives Congress, (APC) a fortnight ago, that he may be compelled to issue an Executive Order to whip defaulting governors into line.”

Akwa Ibom State Governor, Pastor Umo Eno has constituted a 7-man congress implementation committee ahead of the State 2026 All Progressive Congress (APC) Congresses.

Governor Eno inaugurated the committee during the party stakeholders meeting, held at the Banquet Hall, Government House, Uyo, weekend The committee has Prince

Enobong Uwah as Chairman; Hon. Dr. Patrick Umoh as Secretary; while Hon. Frank Archibong, Mr. Nsentip Akpabio, Architect Ubokutom Nyah, Engr. Uwem Okoko, and Hon. Mrs Owoidighe Ekpoattai are members.

Governor Eno charged the implementation committee to consult widely and work with the party to achieve their assigned task of a hitch free congress ahead of the 2027 general elections.

He called on party faithful to remain united and committed to its ideals for their overall interest.

In his remarks, Senate President Godswill Akpabio applauded Governor Eno for his ability to galvanize all the stakeholders into onefold and for creating a state he has always yearned for.

"This is what I saw in you.

This is the Akwa Ibom I have always yearned for, a peaceful state, united for only one purpose, supporting whosever God has

tons of cocaine into the United States," before alleging that Maduro "is at the forefront of that corruption and has partnered with his co-conspirators to use his illegally obtained authority and the institutions he corroded to transport thousands of tons of cocaine to the United States."

The U.S. government also claimed that Flores is involved in her husband's alleged crimes.

According to the indictment, Flores allegedly brokered a meeting between a large-scale drug trafficker and the director of Venezuela's National Anti-Drug Office, Nestor Reverol Torres, and allegedly accepted hundreds of thousands of dollars in bribes in 2007.

Foundation Restores Vision for 18,000 Persons with Visual Impairments Francis Sardauna in Katsina

No fewer than 18,000 patients suffering from various eye conditions have received free eye care services and surgical interventions from the Mangal Foundation since it began operations in 2016.

This was disclosed by a member of the Foundation’s Board of Trustees, Mr. Hussaini Kabir, at the commencement of the foundation’s final eye chosen to be our leader at any surgery exercise for the last point, and united for the purpose quarter of 2025 at the Katsina of development. Together like Eye Centre.

Kabir said that about 7,000 this, nobody can come from people benefitted from the outside to divide us.

"The whole of Christmas programme in 2025 alone, came and went, and the state noting the beneficiaries remained peaceful because of were drawn not only from how united we are. Governor Katsina State but also from Eno, you have done well, I neighbouring states and want to thank you publicly parts of the Niger Republic.

"Since the establishment before the stakeholders for the of this foundation in 2016, confidence you have reposed in your grandfather," he said. more than 18,000 patients

Eno Constitutes APC Congress Implementation Committee in Akwa Ibom

Okon Bassey in Uyo

cocaine. He is also accused of possession of and conspiracy to possess "Machineguns and Destructive Devices," according to the indictment unsealed by Attorney General Pam Bondi.

"They will soon face the full wrath of American justice on American soil in American courts," Bondi said.

The charges appear to be the same as those that were filed in a 2020 indictment of Maduro and several key aides.

The indictment, prepared

by New York U.S. Attorney Jay Clayton, said: "For over 25 years, leaders of Venezuela have abused their positions of public trust and corrupted oncelegitimate institutions to import

have benefited from this gesture. And in 2025 alone, no fewer than 7,000 were attended to," he added.

He, however, explained that screening of patients for the last quarter of 2025 began about two weeks earlier, during which many beneficiaries received free medications and medicated eyeglasses.

According to him, patients who required surgery had all expenses fully covered, including hospital admission and care.

He added that approximately 2,000 people were screened during the ongoing last-quarter exercise.

Reaffirming the foundation’s commitment to enhancing access to healthcare, Kabir described the initiative as part of its corporate social responsibility aimed at supporting vulnerable members of society.

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T H I S D AY • MONDAY, JANUARY 5, 2026

NEWS

AWARD PRESENTATION TO PHILANTHROPIST DAUDA JOHN AND WIFE...

Pastor of Grace Baptist Church, Rev. Jeremiah Moses (R), presenting an award to Kaduna-based philanthropist, Mr. Dauda John, and his wife, Mrs. Blessing Dauda, during the 2026 Malaria Control Programme in Kaduna, yesterday

Tinubu: Terrorists Have Tested Nigeria’s Resolve, They Must Face Full Consequences

Says no matter who they are, what their intent is, those who killed 42 in Niger must be hunted down with all those who aid, abet, enable them Directs defence minister, CDS, service chiefs, IGP, DSS DG to apprehend those behind Niger attack, rescue all abducted victims Attack cruel, nefarious, says Bago,, as Abiodun commiserates with colleague Northern govs condemn attack, mourn Yobe boat tragedy Senate finance committee chair urges president to launch all-out war Army troops neutralise three bandits, arrest logistics supplier, foil movement in Kogi

Deji Elumoye in Abuja, Segun Awofadeji in Gombe, James Sowole in Abeokuta, George Okoh in Benue, Laleye Dipo in Minna, and Ibrahim Oyewale in Lokoja

Alarmed by latest reports on the security situation in some parts of the country, President Bola Tinubu, yesterday, said the invading terrorists had tested the resolve of Nigeria and its people, and must face the full consequences of their criminal actions.

Tinubu, who reacted to weekend’s bloody raids on communities in Borgu and Agwara local government areas of Niger State, which reportedly killed no fewer than 42 villagers, gave a marching order to the country's security agencies to track down, apprehend, and bring the perpetrators to justice.

The instructions were directly sent to Minister of Defence, Christopher Musa; Chief of Defence Staff, OlufemiOluyede; the three service chiefs; InspectorGeneral of Police, Kayode Egbetokun; and Director-General of Department of State Services (DSS), Tosin Ajayi.

The president, in a release by his Adviser on Information and Strategy, Bayo Onanuga, declared that no matter who the criminals were or what their intent was, they must be hunted down with all those aiding them in any form. He, thereafter, directed the security agencies to urgently rescue all the abducted victims.

Niger State Governor, Umaru Bago, also reacted to the attacks, describing them as "cruel and nefarious".

Ogun State Governor and Chairman of Southern

Governors’ Forum, Dapo Abiodun, condemned the killing of about 42 people, including the abduction of several others by the terrorists, describing it as callous, senseless, and a crime against humanity.

Northern States Governors’ Forum (NSGF) deplored the cruel assault on innocent citizens, and grave threat to peace and livelihoods.

Similarly, Chairman, Senate Committee on Finance, and senator for Niger East, Mohammed Musa, condemned the attacks, urging the president to declare an all-out war against the criminals.

Suspected terrorists, Saturday, raided communities in Borgu and Agwara council areas, killing about 42 residents. The terrorists, in their numbers, burnt down houses and markets and made away with valuable items,

including food stuff belonging to the villagers.

Sources told THISDAY that the gunmen, who rode on several motorcycles and bore their luggage, could have been migrating from Kwara State, where military operations were ridding communities of terrorists.

In one instance, according to findings, two villagers, who tried to oppose the terrorists, were slaughtered in the presence of their families, an act that frightened other villagers and discouraged them from trying to take further action against the bandits.

THISDAY was told that the terrorists raided villages in the two local government areas for about two hours without resistance from anywhere.

It was said that at least 30 people were killed in Kasuwan Daji, near Papiri village, in

Over 300 Residents Benefit from Free Medical Outreach in Lagos

Sunday Ehigiator

No fewer than 300 children and caregivers in Iwaya community, Yaba, Lagos State, benefitted from a free medical outreach organised by The Neo Child Initiative for Africa (TNCI) in collaboration with the I Just Gave Back (IJGB) Initiative.

The outreach, tagged ‘Free Community Health Outreach’, delivered essential healthcare services to residents of the riverside community, with a

focus on vulnerable children and low-income households.

Services provided included health education, nutrition screening, malaria screening and treatment, dental consultation, treatment of minor ailments and distribution of hygiene packs.

Speaking during the exercise, Executive Director of TNCI, Ms. Esther Nwaiwu, said the intervention was part of the organisation’s commitment to improving access to quality

healthcare for underserved communities.

“This is our second community health outreach for 2025, and over 250 beneficiaries have been reached today. We organise these outreaches twice a year because our goal is to ensure that children, especially those in marginalised communities, can live healthier lives and access quality healthcare,” she said.

Nwaiwu explained that

Iwaya was selected following a needs assessment which revealed a high prevalence of malaria and malnutrition among children in the area.

“After our assessment, we discovered a significant burden of malaria and malnutrition here. That informed our decision to bring this intervention to Iwaya, having previously covered other communities in Yaba and Makoko,” she added.

Agwara Local Government Area, where schoolchildren and their teachers were abducted last year, while another five were killed in Kaima village.

An unspecified number of villagers, mostly children, were reported to have been abducted during attacks.

Niger State Police Command Public Relations Officer, Superintendent of Police (SP) Wasiu Abiodun, confirmed the story, in a statement in which he said the attacks occurred about 9pm on Saturday.

The police spokesman stated, "The command received reports that suspected bandits attacked and killed over 30 persons and abducted unconfirmed number of persons in the villages.

“At about 9:30pm on Saturday, suspected bandits from the National Park Forest along Kabe District invaded Kasuwan Daji located at Demo Village via Kabe, killed over 30 persons, burnt the market and looted shops and carted away food items.”

He disclosed that a joint security team had been drafted to the area to restore peace, adding, "Efforts are ongoing to rescue the abducted victims."

Responding to the development, Tinubu, in his statement, said, "These terrorists have tested the resolve of our country and its people. They must, therefore, face the full consequences of their criminal actions.

“No matter who they are or what their intent is, they must be hunted down. They, and all those who aid, abet, or enable

them in any form, will be caught and brought to justice."

The president, who issued the directives in response to the activities of the terrorists believed to be fleeing from Sokoto and Zamfara following the United States' air strikes on Christmas eve, condemned the attack on Kasuwan Daji community and the abduction of women and children.

He sent his heartfelt condolences to the families of the victims, as well as the government and people of Niger State.

The president assured the people of Niger State that the security agencies had been mandated to intensify operations around vulnerable communities, particularly those near the forests that had served as hideouts for criminal elements.

He urged Nigerians to remain united and resolute in the face of the tragedy and cautioned against divisive rhetoric that could undermine national security and cohesion.

Tinubu said, "These times demand our humanity. We must stand together as one people and confront these monsters in unison. United, we can and must defeat them, deny them any sanctuary. We must reclaim the peace and security of these attacked communities."

Bago: Terrorist Attack Cruel, Nefarious Niger State Government reacted to Saturday’s attack Continued on page 29

T H I S D AY • MONDAY, JANUARY 5, 2026

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NEWS

CERTIFICATE OF CONFERMENT CEREMONY...

Traditional Ruler of Ngurunwenkwo Autonomous Community, Aboh Mbaise, Imo State, Eze Damian Njoku (second right), assisted by his wife, Ugoeze Francisca Njoku (R), presenting a certificate to Nze Emmanuel Igbolekwu (third right) and his wife, Chief Chisaa Igbolekwu, after their conferment at the Eze’s Palace, Ngurunwenkwo, Aboh Mbaise LGA, on Sunday. With them are their children

Stop Disrespecting Fubara to Please Wike, APC National Secretary Tackles Giadom IYC dares FCT minister, endorses Rivers gov

Chuks Okocha in Abuja and Adedayo Akinwale in Abuja TNational Secretary of All Progressives Congress (APC), Senator Ajibola Basiru, has warned the party’s National Vice Chairman for South-south, Victor Giadom, to stop disrespecting the governor of Rivers State,

Siminalayi Fubara, to please Minister of Federal Capital Territory (FCT), Nyesom Wike.

The warning came as Ijaw Youth Council (IYC) endorsed Fubara for a second term in office ahead of the 2027 general election.

Giadom, while speaking during Wike’s “thank you” visit to the people of Gokana Local

Government Area of Rivers State, last Tuesday, was quoted to have said, “To the so-called governor of Rivers State to win anything in this state, you must go through Wike.”

The statement further gave fillip to the belief that Wike had renewed his political onslaught against Fubara ahead of the 2027

elections.

Reacting, Basiru said it was unfortunate that a member of the National Working Committee (NWC) of the party was referring to a governor in the party as a “so-called governor of Rivers State”.

He added that even if the governor was not a member of

Rivers APC, PDP Leaderships in Ahoada West LG XX

Promise to Follow Wike's Instruction for 2027 Elections

K

We want FCT minister out, says Sani A Expert condemns attack on ex-commissioner, Arise News crew in Rivers A Okocha, Olawale Chuks Ajimotokan in Abuja and Blessing Ibunge in Port Harcourt

The leadership of All Progressives Congress (APC) and the Peoples Democratic Party (PDP), in Ahoada West Local Government Area of Rivers State, have vowed to take instructions from the Minister of the FCT, Nyesom Wike, on the 2027 elections in the state.

Chairman of the APC, Mr Rejoice Otobo, and his counterpart in the PDP, Mr Ikechukwu Obuzor, made this declaration separately yesterday during Wike’s “thank you” visit to the local government area.

Otobo assured Wike that the people would not fail him because of his legacy done in the area.

“We await instructions from you on the 2027 elections concerning Rivers State.

Wherever you ask us to go, there we shall go; whatever you ask us to do is what we will do.

“All the good and the bad people of the LGA have decided that where you want us to go is where we will go," he said.

In the same mould, Obuzor, pledged complete loyalty, saying the minister had given Ahoada people hope.

“I want to say that we are standing firm with you.

Wherever you go, we will go. Rest assured come 2027, Ahoada West will deliver the needed results for you,” Obuzor said.

Earlier, Chairman of Ahoada Local Government Council, Mr Chita Eugene, likened Wike to “the political field Marshall of South South” and adulated him for the unprecedented development he attracted to Rivers State.

Eugene said the visit was not just a thank you visit but a celebration of effective leadership and public service.

The House of Representatives member representing Ahoada West/Ogba-Egbema/Ndoni Federal Constituency, Victor Obuzor, reinforced the position, noting that Wike deserved his support because he had done well for the LGA, and equally transformed Rivers State during his tenure as governor of the state.

Speaking, Wike explained he was in Ahoada to thank the people for the overwhelming support given to him and

President Tinubu during the 2023 elections.

He said that Rivers State used to be respected for its strong political stand on good governance across the country until bad governance crept in.

Wike insisted that his successor, Governor Siminalayi Fubara, must not be reelected for a second term.

He also emphasised the need to restore the glory of the state in the political landscape of the country, noting it would be achieved by correcting the leadership mistake in the state in 2027.

“Already, Rivers State is being respected because of what we are doing in FCT. We need a leader we can trust to drive our dear state to glory and progress,” Wike said.

Sani: We Want Wike to Leave PDP A former presidential media adviser, Umar Sani, has accused the Minister of the Federal Capital Territory, Nyesom Wike, of deliberately destabilising the Peoples Democratic Party (PDP), adding that the PDP leaders wanted him to leave the party.

Speaking in an interview

on ARISE News on Saturday, Sani elaborated on the growing rift between Wike and several PDP governors, the leadership tussle, and its implications for the opposition ahead of the 2027 general election.

According to Sani, the internal crisis in the PDP stemmed from resistance to Wike’s influence rather than personal animosity among its leaders.

Addressing Wike directly, Sani said the former Rivers State governor should leave the party if he believes it could not survive without him.

“As far as we are concerned, we want him to leave. Let him go to the APC and see how we survive. We cannot harbour someone destructive,” he said, adding that reconciliation remained possible.

“If he realises his mistakes and comes back saying, ‘Please accept me,’ of course, we will.

It is the issue of the prodigal son.”

In the same vein, Sani argued that Wike’s disputes with PDP governors were not personal but reflect “the problem of the PDP,” noting that party leaders suspected “a mole within the party entrenched to destabilise it.

the ruling party, Giadom could not refer to an elected governor as a “so-called governor” in order to please anybody.

The APC national secretary stated, “I find it unfortunate that a member of the NWC, who is the Vice Chairman of the South-South zone of the APC, was referring to a governor in our party as a ‘so-called governor of Rivers State’.

“No matter what his allegiances are to anybody, it is unbecoming of somebody holding such a sensitive position, and it should not be encouraged by anybody.

“Even if the governor is not in our party, you can’t refer to an elected governor as a ‘so-called governor’ in order to please anybody.

“The office of the governor is an exalted position, and whoever is occupying it must be respected, irrespective of whatever political differences you have or whatever animosity exists between them.”

Relatedly, IYC endorsed Fubara for a second term ahead of the 2027 general election.

The endorsement followed the renewed political war between Wike and Fubara.

Wike, in his renewed onslaught against Fubara, had declared that he would be buried politically if Fubara returned as governor for a second term, and vowed to do all within his power to ensure Fubara was shown the way out.

However, President of IYC, Theophilus Alaye, in a statement, said the council made the decision to endorse Fubara after extensive consultations across the Ijaw nation and a thorough review of the political and developmental direction of the state.

Alaye added that Fubara's administration had continued to pursue a clear and people-centred development agenda anchored on infrastructure renewal and urban development, youth empowerment and job creation, strengthening education and healthcare systems, peacebuilding, inclusion, and social cohesion and transparency, accountability, and good governance.

Mutfwang Urges Plateau Citizens to Embrace Hope, Vows 2026 Will Be Greater Yemi Kosoko in Jos

Plateau State Governor, Caleb Mutfwang, has called on residents of the state to approach the year 2026 with renewed hope, optimism, and a commitment to actions that promoted peace, unity, and sustainable development.

Speaking yesterday during a worship service at the COCIN Headquarters Compound Church in Jos, the governor expressed deep gratitude to God for what he described as the divine protection and preservation of the state despite the challenges experienced in recent years.

Mutfwang said the new year offered an opportunity

for collective reflection and decisive action, stressing that his administration remained committed to correcting past shortcomings and steering the state toward purposeful and impactful leadership.

“As we enter this year, let us do so with optimism and hope, trusting God that 2026 will be better than the previous year in all ramifications,” he told the congregation.

According to him, “Many times, we only hear about attacks, but we hardly speak about God’s mercies in preventing attacks.

There were plans to ruin the Christmas celebrations, but God intervened.”

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T H I S D AY • MONDAY, JANUARY 5, 2026

NEWS

OLD STUDENTS ASSOCIATION AWARDS CEREMONY...

President, Enyiogugu Secondary School Mbaise (ESSM) Old Students Association, Class of ’96, Mr. Callistus Ewelike (R), presenting the Best Teacher Award to Mrs. Agnes Osuagwu during the Association’s AGM and presentation of awards to deserving students and teachers of their alma mater, Enyiogugu, Aboh Mbaise, Imo State, on Sunday

FG Pledges Electricity Supply Improvement in 2026, Pleads for Patience Urges Nigerians to protect power infrastructure

Emmanuel Addeh in Abuja

The Minister of Power, Chief Adebayo Adelabu, at the weekend assured Nigerians that 2026 will be dedicated to consolidating gains made in the power sector in 2025 and delivering more reliable, accessible, and sustainable electricity nationwide.

The minister gave this assurance in his New Year message to Nigerians, noting that despite the challenges

encountered last year, significant milestones were achieved, particularly in stabilising the national grid and recording of sectoral ‘historic landmarks’ in power generation and distribution.

According to him, sustained efforts under the Presidential Power Initiative (PPI), popularly known as the Siemens Deal, have played a critical role in strengthening the grid and reducing the frequency of grid collapses experienced in

previous years. He expressed confidence that the ongoing Phase One of the PPI would further enhance grid resilience and make power disruptions increasingly rare.

Reflecting on the outgoing year, the minister acknowledged the patience and resilience of Nigerians as the sector confronted complex challenges, including grid stability and distribution inefficiencies.

He expressed gratitude for the understanding shown

by citizens, describing their steadfastness as the foundation for building a stronger and more resilient energy future.

Addressing the people of Oyo State, Chief Adelabu reaffirmed his commitment to representing their aspirations at the national level, noting that their support continues to inspire his dedication to national service.

Looking ahead, the minister reiterated the federal government’s commitment to

delivering reliable, accessible, and sustainable electricity to power homes, industries, and economic growth.

He outlined key priorities for the year, including deepening efforts to enhance grid stability, expanding transmission infrastructure, strengthening collaboration with distribution companies to improve service delivery, and accelerating metering initiatives across communities.

He further stated that the

‘Light Up Nigeria’ initiative would remain a flagship priority, with sustained focus on industrial clusters and agricultural hubs to stimulate economic growth and job creation. The minister also emphasised the government’s commitment to renewable energy development, particularly solar and hydropower, to extend electricity access to underserved and rural areas.

TINUBU: TERRORISTS HAVE TESTED NIGERIA’S RESOLVE, THEY MUST FACE FULL CONSEQUENCES on communities in two local government areas, describing them as "cruel and nefarious".

Bago, in a statement by his Chief Press Secretary, Bologi Ibrahim, said the attack "is disturbing and worrying to start the year with such unfortunate incidents".

He enjoined the people to remain resolute in God, adding that his administration is collaborating with the federal government and security agencies to improve security in the affected areas.

Bago extended "his deepest sympathy to the people of the affected communities, especially the victims and their families" and prayed for repose of the souls of the departed.

The governor ruled out the possibility of the incident being a genocidal attack, saying, "The victims of the attack at the Kasuwan Daji, Market, Sukumbara Village are both Muslims and Christians drawn from different communities in Borgu local government area of the state."

Commissioner for Information, Mr. Obed Nana, blamed the attack on fleeing terrorists from Kwara and Kebbi states.

Nana said before the attack

on the Niger communities, the terrorists had killed several people in Shanga Local Government Areas, in Kebbi State, before invading some communities on their way through parts of Rijau and Agwara local government areas, killing many innocent people.

He disclosed, "They also attacked a police outpost in Shafacci village and a Catholic Missionary School in Sukumbara Village as they carted away two motorcycles and destroyed some school property, but there were no casualties there."

The commissioner said the government of Niger State was deeply saddened by “this unfortunate tragedy and is collaborating with the federal government and security agencies to forestall further attacks While calling on the people to remain vigilante”.

Abiodun Commiserates with Bago, Demands Justice for Victims Ogun State Governor and Chairman of Southern Governors’ Forum, Dapo Abiodun, condemned the killing of at least 42 people, including the abduction of several others

in Niger communities, describing the attack as callous, senseless, and a crime against humanity.

In a statement in Abeokuta, Abiodun expressed condolences to Bago, as well as the government and people of Niger State over what he described as a tragic and deeply disturbing incident.

He called on the security agencies to swiftly track down, arrest, and prosecute the perpetrators to the fullest extent of the law, stressing that such acts of brutality must not go unpunished.

He sympathised with the families and communities affected by the attack, lamenting that innocent and law-abiding citizens could be brutally murdered while going about their lawful activities.

Abiodun, who spoke on behalf of the government and people of Ogun State as well as his colleagues in the Southern Governors’ Forum, said the incident should not weaken the resolve of the Niger State government to continue to protect life and property.

He stated, “On behalfof the Government and people of Ogun State and my colleagues in the Southern Governors’

Forum, I commiserate with the Government and people of Niger State over the dastardly attacks by terrorists that left 42 people dead and many others abducted.

“I urge His Excellency, Governor Mohammed Umaru Bago, not to allow this terrible incident to dampen his morale and determination to safeguard lives and property in Niger State.”

Abiodun described the assault on innocent citizens as a stain on the nation’s conscience, stressing that such barbaric acts must never be allowed to recur.

“The cowardly onslaught on innocent citizens going about their lawful business represents a blight on our country. It is a horrendous incident that must never be allowed to happen again,” he said.

Northern Governors Condemn Niger Attacks, Mourn Yobe Boat Tragedy Northern States Governors’ Forum (NSGF) deplored the dastardly terrorist attacks at Kasuwan Daji Market in Demo community, Borgu Local Government Area of Niger State,

describing it as a cruel assault on innocent citizens and a grave threat to peace and livelihoods.

In a statement on behalf of his colleagues, Chairman of the forum and Governor of Gombe State, Muhammadu Yahaya, expressed shock and outrage over the incident, stating that it has inflicted untold grief on families, disrupted economic activities and unsettled otherwise peaceful communities.

Yahaya emphasised that such senseless acts of terror targeting market women, traders and citizens going about their lawful activities, were morally reprehensible and struck at the very heart of communal harmony and regional economic life.

He condemned the perpetrators, calling on the security agencies to intensify efforts to track down and apprehend those responsible and ensure they faced justice.

Yahaya extended the forum’s condolences to the families of the victims, the government and people of Niger State, and all affected communities, while praying for the repose of the souls of the deceased, strength for the bereaved, and the swift rescue of those abducted.

According to a press release

issued by Director-General, Press Affairs, Ismaila UbaMisilli, Yahaya assured the federal government of the forum’s continued collaboration with security agencies to strengthen the security architecture and safeguard lives and livelihoods across the north.

The Northern governors also mourned the tragic boat mishap in Yobe State, in which at least 25 passengers lost their lives while 14 others remained missing. The accident occurred after a passenger boat capsized along the Yobe River in Garbi town, Nguru Local Government Area, while returning from local commercial activities.

Yahaya, speaking for the forum, conveyed his condolences to the families and loved ones of the victims, describing the incident as a painful reminder of the urgent need to prioritise safety in all forms of transportation.

The forum urged the relevant authorities to intensify search and rescue operations, ensure that survivors received immediate medical attention, and also review as well as enforce safety protocols to prevent a recurrence of such tragedies.

Continued online

monday january 5, 2026 • T H I S D AY

30

NEWS xtra

Obidient Movement: We Won’t Support Peter Obi as a Vice-Presidential Candidate to Anyone

Chuks Okocha in Abuja

Supporters of Peter Obi under the aegis of the Obidient Movement, have s said that they are not mobilised to support Mr Peter Obi as a vicepresidential candidate to anyone.

The group, in a statement yesterday declared: ‘’Let it be stated clearly and without ambiguity: The Obidient Movement is not mobilised to support Mr Peter Obi as

a vice-presidential candidate to anyone. Our support is exclusively for his emergence as president of Nigeria.”

The group added: ‘’Our attention has been drawn to deliberate misrepresentations and malicious propaganda arising from a recent interview granted by Dr. Tanko Yunusa, National Coordinator of the Obidient Movement. These distortions necessitate a clear and authoritative restatement of our position.

Foundation to Empower 300 Entrepreneurs in Rivers Blessing Ibunge inPort Harcourt

The Biiranee Memorial Foundation has disclosed that over 300 entrepreneurs would be empowered through targeted funding in the Zaakpon community in the Khana Local Government Area of Rivers State.

This is the Foundation reaffirmed its commitment to charity, peace, security, agriculture, and inclusive development in the community.

The Foundation yesterday reiterated its commitment during its end-of-year fitness walk, campaign against social vices, and New Year Groove for residents of Bua Zaakpon.

The programme was designed to promote healthy living, social cohesion, and community unity. It featured a road walk from Zaakpon Mission to the Bori Police

Station and back, with residents turning out in large numbers, dancing and celebrating peacefully as they ushered in the new year.

Addressing residents of the community, the Chairman of the Biiranee Memorial Foundation, Chief Kelvin Biiranee, commended the people of Zaakpon for their unity and peaceful coexistence, describing peace as the foundation for sustainable development.

While warning criminal elements, Chief Biiranee said anyone or group seeking to sabotage the peace and stability currently being enjoyed in Zaakpon would be arrested immediately and prosecuted.

“Let me make it very clear; anyone or any group that wants to destroy the peace of Zaakpon through crime will be arrested immediately and prosecuted,” he declared.

‘’The Obidient Movement is an organic, nationwide, and values-driven democratic movement committed to good governance, accountability, and the

Five people have been confirmed dead and 13 others injured in a fatal road accident that occurred in the early hours of yesterday at the Zangzat Roundabout in Langtang North Local Government Area of Plateau State.

The crash, which happened around 3 a.m., involved a trailer transporting marketers and farm produce from Shendam to Jos through Langtang. According to eyewitness accounts, the vehicle lost control while navigating the roundabout.

In a statement issued by the Chairman of Langtang North LGA, Hon. Pirfa Jingfa Tyem, and signed by his Chief Press Secretary, Kum Precious Yakubu, the council attributed the accident to speeding and overloading. The trailer, registered in Plateau State with plate number JJN 383 YZ, reportedly veered off course before overturning.

“Preliminary reports indicate that the tragic incident resulted from reckless driving and disregard for road safety regulations,” the statement said.

The chairman disclosed

Kemi Olaitan in Ibadan

An educationist, Mrs. Olajumoke Akere, has said the time has come for the education system across the African continent to prioritise empowerment and values and not certificates alone if the continent is to remain competitive globally.

Akere, who is the Head

alongside that of the African Democratic Congress (ADC), which they said is threatening African Progressive Congress (APC)’s electoral chances in Kebbi State.

Kalgo said:”The rising popularity of Malami and ADC across Kebbi State is seen as a huge problem for them. Every Nigerian is watching with keen interest the shenanigans of the EFCC in relation to the travails of our brothers. The injustice being meted out against them is unacceptable. We hold the duo of Aleiru and Bagudu

“The movement can join any political party of its choice that aligned with the person, principles, and leadership vision of Mr Peter Obi.”

of School, JSAY Prevarsity, Ibadan, while speaking with journalists, said Africa must move beyond preparing young people to pass exams, stating that education should produce clarity, skills, values, confidence and readiness for life.

She urged parents and stakeholders across Africa to support reforms that make education more purposeful,

insisting that “education must be a journey of discovery and relevance. Certificates alone cannot guarantee success.

Purpose, competence and exposure matter.”

The institution recently received two honours the “Most Empowering College in Nigeria 2025’’ at the African Excellence Awards and “Excellence in Empowering

CSR Initiatives by MEA Markets- Middle East and Africa Markets.’’

Akere said the awards were a call to deepen reforms in youth development and access to practical learning, noting that the award is a reminder that raising young people for relevance, leadership and service is no longer optional but a necessity.

Cavista Holdings Targets Sustainable Value Creation in 2026

Raheem Akingbolu

The Chairman of Cavista Holdings, Niyi John Olajide, has reaffirmed the company’s commitment to long-term investment, sustainable value creation, and impactful community development across Nigeria and Africa in 2026.

In his New Year message, Olajide expressed gratitude and renewed optimism

while emphasising the role of purposeful enterprise in nation building and economic transformation.

He noted that Cavista Holdings, through its portfolio companies, Cavista Technologies; Agbeyewa Farms; Glocient Hospitality, and Payzeep, remains focused on disciplined execution, operational excellence, and long-term strategic growth.

According to him, the group will continue to deepen investments in businesses, people, and communities, while extending its footprint to additional states in Nigeria and across Africa.

“In 2026, we will continue to invest — in businesses, communities and people.

Our objective remains clear: to leave every community we enter better than we met

it,” Olajide stated.

He explained that Cavista Holdings’ expansion strategy will deliver capital infusion, skills development, innovation, and enhanced economic opportunities across its host locations.

Olajide further reiterated the company’s commitment to creating pathways that enable young Nigerians and Africans to thrive.

Minister: Leadership is Beyond One Size Fits All

Mary Nnah

The Minister of Women Affairs and Social Development, Imaan Sulaiman-Ibrahim, has declared that “leadership is beyond one size fits all,” emphasising the importance of adaptability in effective leadership.

Speaking at the 14th edition

that the injured victims are receiving treatment at the General Hospital in Langtang. He directed a team from the council to visit both the accident scene and the hospital to assess the situation, sympathise with the victims, and determine their immediate needs.

Tyem expressed deep condolences to the families of the deceased and prayed for the quick recovery of the injured.

He emphasized that the incident underscored the urgent need for stricter adherence to road safety rules.

Group Accuses Aleiru, Bagudu of Orchestrating Malami’s Detention

A youth group, called the Kebbi Emancipation Network(KEN), has claimed that Sen. Adamu Aleiru and Minister of Budget and Planning Atiku Bagudu, are behind the detention of former Attorney‑General Abubakar Malami by the Economic and Financial Crimes Commission (EFCC).

The group’s Secretary‑General, Comrade Musa Sani Kalgo, made the allegation at a press briefing in Birnin Kebbi, stating that the duo are plotting against Malami because of his growing popularity,

equivocation, the ideals, energy, and collective resolve of the Obidient Movement are unequivocally committed to the presidential aspiration of Mr. Peter Obi.”

Educationist Tasks African Countries to Prioritise Youth Empowerment

Five Dead, 13 Injured in Plateau Road Crash Yemi Kosoko in Jos

rule of law. Our singular purpose is the emergence of the right leadership for Nigeria through lawful and democratic means. ‘’Accordingly, and without

responsible.”

KENT is also urging Kebbi elders to intervene and stop “bad politics,” demanding accountability for what they describe as Malami’s unlawful detention.

The accusations have sparked widespread concern across Kebbi and northern Nigeria, with calls for caution in handling the case.

Last week, the Coalition of Northern Youth also accused President Bola Tinubu and the EFCC of selective prosecutions and called for Malami’s immediate release.

of the Inspiring Woman Africa Conference held in Lagos, she noted that leadership cannot be discussed in isolation, emphasising the importance of understanding the culture and dynamics of an organisation in effective leadership.

According to SulaimanIbrahim, understanding the culture, power dynamics, and diversity of a team is crucial to effective leadership. “When you

work in an organisation, you need to understand its culture.

You need to understand the power dynamics, the diversity of your team, and the life stage of the organisation. This approach enables leaders to navigate complex situations and make informed decisions,” she said.

Drawing from her experience as a banker, Sulaiman-Ibrahim explained that she has worked

in five banks, each with its unique challenges and requirements.

She stated: “As a leader, I adapt to the situation. If I’m leading in a growth organisation, I get into the trenches.”

“I become transactional, a coach, a guide, a mentor.

Leadership is about being fluid and responding to situations as they arise.”

31

T H I S D AY • MONDAY, JANUARY 5 , 2026

MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe

Email duro.ikhazuagbe@thisdaylive.com

08111813083 SMS Only

Caution in the Air as Eagles Battle Mozambique for Q’final Berth AFCON 2025 Duro Ikhazuagbe Super Eagles ambition of reaching the quarterfinals stage of the 2025 Africa Cup of Nations (AFCON) will gain traction this evening if they succeed in defeating Mozambique’s Mambas in the Round of 16 tie in Fes, Morocco.

This historic Moroccan city has been good to Eagles. Nigeria won all her three group stage matches here and it has become a sort of home to the Super Eagles.

Today’s clash with Mozambique will be the last to be played here in this Tournament.

It is doubtful if three-time African champions Nigeria will want to ruin the beautiful memories creating here by losing to the Mambas this evening.

Four years ago at the tournament hosted by Cameroon, the Super Eagles crashed to Tunisia in Garoua who like Mozambique finished their group as third placed team. Although former Captain William Ekong and his teammates erased that memory by going all the way to the final, losing to hosts Côte d’Ivoire in the last edition,

R E S U LT S AFCON 2025 Morocco 1-0 Tanzania S’Africa 1-2 Cameroon TODAY Egypt v Benin Rep. 5pm Nigeria v Mozambique 8pm

caution must be the watchword in the Nigerian camp against these history-making Mambas playing in their first knockout game today.

The clash promises to be a thrilling contest with Coaches Eric Chelle and Chiquinho Conde preferring to keep tactics, strategies and patterns to their chests.

Nigeria swept to three wins out of three, eight goals for and four against, and reflected a formidable set-up in the group phase, which earned Coach Chelle the mantle of Coach of the Group Phase.

The Mambas, who famously defeated the Panthers of Gabon either side of defeats to Cup-holders Cote d’Ivoire and five-time champions Cameroon in Group F, look like a team capable of upturning apple carts that are not properly positioned.

Conde can bank on defenders Nené, Bruno Langa and Reinildo Mandava to hold the rear tight, and midfielders Domingues (team captain) and João Bonde to feed the foreline of Chamito and Faisal Bangal, and try to catch Nigeria pants down.

Yet, Chelle, who is driven by his own admission of having imbibed the truism that “Nigerians want their team to win every game,” is committed to putting out a structure that will see the Eagles defend with resolution and attack with panache.

Diaz Fires AFCON 2025 Hosts Morocco to Face Cameroon in Q’finals

Returning captain Achraf Hakimi set up Brahim Diaz’s winner as host nation Morocco reached the 2025 Africa Cup of Nations (AFCON) quarterfinals by seeing off a stubborn Tanzania side in Rabat on Sunday evening.

Morocco’s Atlas Lions are to play Cameroon in the quarterfinals on Friday.

Starting his first match for more than two months following an ankle injury, Paris St-Germain right-back Hakimi fed Diaz to fire past Hussein Masalanga at the goalkeeper’s near post midway through the second half, sending the Atlas Lions through to a last-eight meeting with Cameroon on Friday.

The Real Madrid playmaker became the first Morocco player to score in four successive matches at the Afcon finals, having been the top scorer in qualifying with seven goals.

Hakimi hammered a freekick against the crossbar as part of a succession of attacks

by his side after the break, with Masalanga also saving impressively from Abde Ezzalzouli’s close-range header and Ayoub El Kaabi glancing Hakimi’s cross wide.

Feisal Salum had Tanzania’s best chance shortly before Diaz struck, lifting the rebound over the bar after Atlas Lions goalkeeper Yassine Bounou had been unable to hold Mohamed Hussein’s curling shot from distance.

Morocco will play the winner of Cameroon versus South Africa in the quarterfinal.

In the other Round of 16 game, Cameroon’s Indomitable Lions defeated South Africa 2-1. Junior Tchamadeu scored his first international goal when he in the 34th minute calmly curled a close range finish. Two minutes later, Aboubakar Nagida’s cross was expertly headed home from a narrow angle

by Christian Kofane for Cameroon’s second goal.

Forward Victor Osimhen, on 32 goals in 49 matches for country, is expected to lead the onslaughts once more. Captain Wilfred Ndidi and midfielders Alex Iwobi are sure to return after taking a rest for the clash with Uganda, as will centre-back Semi Ajayi, wing-back Bright Osayi-Samuel and forward

Ademola Lookman.

Coach Chelle, in admitting that the Eagles must forget the excellent job done in the group stage and get into knockoutphase mode in order to avoid a sucker punch, said: “We will not get ahead of ourselves and think we are the best. We will continue to work hard and stay

focused for every match as it comes.”

Immediate past African Player of the Year, Ademola Lookman, who has scored twice and provided two assists so far in the tournament, spoke of his selection in the group phase’s Best IX: “Yeah, we had a great run in the group stage and I

am thankful to all that voted.

The selection is not just for me, but my entire team-mates, because their efforts on the pitch contributed to my selection.

“However, this is not the vision for our team. We have set targets to accomplish here in Morocco and we are nowhere near our targets yet.”

Super Eagles having final game-plan talk with Head Coach, Eric Chelle ahead Monday evening clash with Mozambique’s Mambas in Fes, Morocco

...N14m Per Goal Motivation for Super Eagles to Reach Q’finals Nigeria’s Super Eagles have been promised a $10,000 (approximately N14 million) bonus for every goal scored in their Africa Cup of Nations (AFCON) Round of 16 encounter against Mozambique today.

According to BSNSports, the incentive, provided by a Nigerian business mogul and team partner, applies to

Monday’s knockout fixture at the Fez Stadium in Morocco.

The Super Eagles have been in prolific form, scoring eight goals across their three Group C matches in the tournament’s first round.

The same partner had earlier rewarded the team with $5,000 per goal during the group stage, a bonus structure that has now been

doubled for the knockout phase.

Chairman of the National Sports Commission, Mallam Shehu Dikko, confirmed the development while addressing journalists in Rabat.

“We have fully mobilized the Super Eagles to succeed in this tournament,” Dikko said.

“On the part of the Federal

Government, President Bola Ahmed Tinubu approved the AFCON Intervention Fund on November 14. In addition, our partners and sponsors paid $5,000 per goal in the group stage and have now committed $10,000 per goal for the Round of 16. The incentives will continue to improve as the tournament progresses.”

AJ Posts Update for First Time Since Fatal Car Crash Anthony Joshua has posted on social media for the first time since he was injured in a car crash that killed two of his close friends in Nigeria.

The British boxer, 36, was a passenger in a Lexus SUV that collided with a stationary truck on a major expressway near Lagos.

His close friends and team members Sina Ghami and Latif ‘Latz’ Ayodele died in the crash.

Their funerals took place at a London mosque on Sunday.

The former two-time heavyweight champion was taken to hospital and discharged on Wednesday before returning to the UK this weekend.

On Sunday morning he posted two pictures on Instagram, one showing him sitting alongside his mother

and family members of the victims including the mothers of Ghami and Ayodele, with one holding a photograph of Ghami.

The post has the caption: “My Brothers Keeper.”

Driver Adeniyi Mobolaji Kayode, 46, was chargedat Sagamu Magistrates’ Court

on Friday. Police sources told the BBC the charges included causing death by dangerous driving.

The defendant was granted bail of N5million (about £2,578) and remanded pending his bail conditions being met. The case has been adjourned until 20 January.

Joshua, who was born in Watford, has family roots in Sagamu - a town in Ogun state, near the crash site.

The 2012 Olympic champion was on his way to visit relatives for new year celebrations in the town at the time of the collision, a family member told the BBC.

Anthony Joshua sat pictured with his mum (right) and family members of the victims including the mothers of Ghami and Ayodele

Price: N400

MONDAY, JANUARY 5, 2026 • T H I S D AY BACK PAGE LEAD PHOTOGRAPH

LASG ANNUAL NEW YEAR THANKSGIVING SERVICE...

L-R: Chairman, APC Lagos, Hon. Cornelius Ojelabi; Chief Judge of Lagos State, Hon. Justice Kazeem Alogba; Speaker, the State House of Assembly, Rt. Hon. Mudashiru Obasa; wife of the Deputy Governor, Mrs. Oluremi Hamzat; her husband, Dr. Obafemi Hamzat; Executive Secretary, Nigeria Christian Pilgrim Commission (NCPC), Rt. Rev. Stephen Adegbite; Governor of Lagos State, Mr. Babajide Sanwo-Olu; the First Lady, Dr. ibijoke Sanwo-Olu and the Bishop of the Diocese of Lagos, Church of Nigeria (Anglican Communion), Rt. Rev. Ifedola Gabriel Okupevi; Senior Pastor, World of Light Ministries, Lagos, Pastor Mrs. Josephine Ambe Femi-Asiwaju; Commissioner for Home Affairs, Hon. Olanrewaju Layode and Special Adviser to the Governor on Religious Matters – Christian, Very Reverend Bukola Adebiyi during LASG annual New Year Thanksgiving Service at the Tafawa Balewa Square, Lagos Island ... yesterday

MAHMUDJEGA VIEW FROM THE GALLERY

Kano is Back to 1981

I

f media reports at the weekend were anything to go by, on this Monday morning, Kano State Governor Abba Kabir Yusuf, better known by his alias Abba Gida Gida, would be preparing to swear a new oath, this time of fidelity to a new political party, APC. The indications of a major political switch have been coming in recent weeks, most notably by the governor’s refusal to deny that he was moving, by APC’s Kano State chapter publicly “inviting him” to defect, by NNPP Kano State chairman Hashimu Dungurawa, a Kwankwaso loyalist, publicly warning the governor against “betrayal,” by NNPP chapter in Dungurawa’s home ward saying it expelled him, which Local Government and state chapters loyal to the governor quickly ratified; by the NNPP national exco [loyal to Kwankwaso] dissolving state, LG and ward excos of the party in Kano State; by elected Local Government chairmen and state legislators declaring that they will follow Gida Gida wherever he goes; and by NNPP national leader Rabi’u Musa Kwankwaso himself warning in an interview about impending betrayal.

In short, Kano State [its old Jigawa part since gone] is politically back to 1981 and the extremely bitter split within the Peoples Redemption Party [PRP] between the party’s national leader, Malam Aminu Kano and the state’s PRP governor, Mohammed Abubakar Rimi. PRP split down the middle into the “Santsi” and “Tabo” factions. Santsi means slippery terrain; it was Malam Aminu Kano, at the first sign of a split, who said some party members were being swept away by Santsi. Rimi, ever so combative, replied that other party members were stuck in Tabo, i.e. mud. That split continued into the Third and even the early years of the Fourth Republic.

There are some similarities as well as some differences between 1981 and 2025-26 in Kano politics, beginning with similarities and differences between Malam Aminu Kano and Dr. Rabi’u Musa Kwankwaso. When the PRP crisis began in 1981, Malam Aminu had been in politics for over 30 years. Kwankwaso, too, has been in politics since

Gov. Yusuf

at least 1991, about 34 years. Malam Aminu’s politics was intensely ideological; he was fervently left-wing, stridently fought to liberate Talakawa [i.e. the downtrodden masses], fought British colonial rulers, fought traditional rulers, fought Native Authorities, fought the ruling Northern People’s Congress [NPC] and its larger-than-life leader Sir Ahmadu Bello; and he formed an alliance with Dr Nnamdi Azikiwe’s NCNC. Kwankwaso is not left-wing by any means. His Kwankwasiyya movement, whose symbol is a red cap much like the one made famous by Malam Aminu Kano, lacks sharp ideological focus, makes no claims to liberating Talakawa, and has no visible policy platform. Kwankwasiyya has no ideological quarrel with traditional rulers; it only chooses which factions of them to align with. It has no antipathy towards big businessmen or even imperialists, and it does not specially appeal to any particular class

of Kano citizens.

In his 34 years in politics until his death in 1983, Malam Aminu remained steadfastly in NEPU and its Second Republic offshoot, PRP. During the days of the Constituent Assembly in 1977-78, he briefly flirted with right-wing politicians in a political association but when General Obasanjo lifted the ban on politics in September 1978, they parted ways; most of them went to NPN while Malam went to PRP. Kwankwaso, on the other hand was in the Third Republic SDP, on whose platform he went to the House of Representatives and became Deputy Speaker. From 1998 to 2013 he was in PDP, under whose platform he became governor twice and Minister of Defense for four years. He then went to APC, later got displaced from it, returned to PDP, then formed [or more properly, hijacked] NNPP. Malam Aminu and Kwankwaso have certain character similarities, most visibly an autocratic temperament. PRP leaders said when they arrived at Ahmadu Bello Stadium, Kaduna in October 1978 to unveil PRP, the agreed name was People’s Revolutionary Party but when Malam climbed the dais, he single handedly changed Revolutionary to Redemption [wisely perhaps, in order not to frighten FEDECO to deny the party registration]. Kwankwaso too is visibly autocratic; party members say he single handedly chose all of Abba’s commissioners and advisers as well as Kano NNPP’s candidates in Local Government elections. Malam Aminu was extremely simple in dress and lifestyle; always wore a simple white dress and red cap and his house [present Mambayya House] was simple and open to all. Kwankwaso is however flamboyant in dress, gait and mannerisms.

Rimi was a PRP senatorial candidate in 1979 when FEDECO [as INEC was called then] disqualified the party’s Kano State gubernatorial candidate, Engineer Salihi Iliyasu. Party leaders asked for an emergency congress to choose a replacement but Malam vetoed them and anointed Rimi to replace Iliyasu. Rimi did not even know; he was in Enugu

on a party mission on that day. In much the same manner Kwankwaso anointed Abba Yusuf, first as PDP’s candidate in 2019, when he controversially lost, and again as NNPP’s candidate in 2023.

Reasons for the 1981 fall out between Rimi and Malam are qualitatively different from this year’s fall-out. PRP’s two Second Republic governors, Rimi and Abdulkadir Balarabe Musa of Kaduna, attended meetings of the Progressive Governors Forum alongside UPN’s five and GNPP’s two governors. This anti-NPN forum expanded when three NPP governors joined after the collapse of the NPN-NPP Accord in 1982. And with 12 of the country’s 19 governors [there were 19 states then], they soon conceived the idea of forming a mega opposition Progressive Peoples Party, PPP. Malam Aminu was opposed to this; he saw Chief Awolowo as stealing his party’s governors and he forbade Rimi and Balarabe Musa from attending PPP meetings. But they went anyway; Malam expelled them from PRP, but Abba is deserting NNPP on his own.

This time around, the reason for the KwankwasoAbba split is not so clear cut. It is understandable if Abba is fed up with Kwankwaso’s overbearing posture. Since 2024, some of his aides had openly campaigned for the governor to “stand on your feet,” i.e. repudiate the Godfather. Yet, an open split with Kwankwaso is a dangerous undertaking for Abba.

He lacks the latter’s political charisma, organizational skill, character strength, combative spirit and even the sharp political tongue so necessary in Kano’s rambunctious politics. Unlike Kwankwaso, Abba is mild mannered, soft spoken and unimposing in appearance, hardly the stereotypical Kano person as seen by other Northerners. Abba also lacks Rimi’s dazzling persona, extremely combative spirit, very sharp tongue, fearlessness and national political reckoning.

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