MONDAY 1ST SEPTEMBER 2025

Chatham House: Corruption Undermining Nigeria's Economic Growth, Eroding Public Trust Says govt interference, inadequate funding hindering anti-graft war

Emmanuel Addeh in Abuja

Chatham House, a leading UKbased independent policy institute,

has said that corruption in Nigeria has continued to hamper economic growth and erode trust in public institutions in the country, despite

25 years of attempts at reforms by various administrations.

Chatham House, an organisation established in 1920, stated this in a

new report written by its Associate Fellow, Africa Programme, Dr Leena Hoffmann and Comment Editor, Communications and

Publishing, Tommy Hilton.

According to the organisation, corrupt practices are deeply entrenched across various levels of

Nigeria’s government and society and permeate politics, public Continued on page 5

Union Bank Finalises Merger with Titan Trust Bank...

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Keyamo: PDP in Legal Risk Fielding Jonathan in 2027 El-Rufai: Tinubu Will Come Third in Presidential Election Accuses Uba Sani of disrupting ADC meeting in Kaduna NSA: Facts on fight against banditry disprove El-Rufai’s false claims

Chuks Okocha, Olawale Ajimotokan in Abuja and Chinedu Eze in Lagos

The Minister of Aviation and Aerospace Development, Festus Keyamo, yesterday advised the Peoples Democratic Party (PDP)

against fielding either former President Goodluck Jonathan or former governor of Anambra State, Peter Obi, as its presidential

candidate in 2027.

But the Human Rights Writers Association of Nigeria (HURIWA) has cautioned Keyamo, and other

cabinet members to concentrate on their official duties and desist from dabbling into premature 2027 election permutations.

The group warned that such reckless politicking undermined Continued on page 5

FG: North-west, Not South-west Has Lion’s Share of Tinubu’s Projects Budget office releases data, says report misleading With N5.9tn, Yakubu maintains north not marginalised Describes report as statistical error, deliberate incitement Idris insists Tinubu fair to all sections of Nigeria Lists key projects in every region Story on page 5

AISHAH AHMAD TURBANED NEW SONIYA ASUSU NUPE...

L-R: Deputy Governor of Niger, Yakubu Garba; the Etsu Nupe and Chairman, Niger State Council of Traditional, Alhaji Yahaya Abubakar; Obruthe 1 of Igbide Kingdom-Isoko; Chief Oke Adhekegba and former Deputy Governor of Central Bank of Nigeria (CBN); and the new Soniya Asusu Nupe, Mrs. Aishah Ndanusa Ahmad, during the turbaning of Aishah as Soniya Asusu Nupe by His Royal Highness, the Etsu Nupe & Chairman Niger State Council of Traditional Rulers, in Bida, Niger State at the weekend SUNDAY AGHAEZE

Rivers LG Election: APC Sweeps 20 Chairmanship, PDP Wins 3...

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PAGE FIVE

US Blocks Palestinian President, 80 Other Officials from UN Meeting in New York

Emmanuel Addeh in Abuja

Palestinian President Mahmoud Abbas and 80 other officials have been blocked from attending September's annual meeting of the United Nations General Assembly in New York, Sky News reported yesterday.

US Secretary of State Marco Rubio revoked the US visas of delegates from the Palestinian Authority (PA) and Palestine Liberation Organisation (PLO), and denied others from

applying for one.

It is the latest step by Donald Trump's administration to target Palestinians with visa restrictions, and follows the suspension of a programme to allow injured children from Gaza to receive treatment in the US, the report said.

"It is in our national security interests to hold the PLO and PA accountable for not complying with their commitments, and for undermining the prospects

for peace," a statement from the US State Department said.

It added that to be considered partners for peace, both groups "must consistently repudiate terrorism, and end incitement to terrorism in education, as required by US law and as promised by the PLO".

Several US allies, including France, Malta, and Australia have announced plans to recognise Palestine as a state at September's United Nations General Assembly. Canada and

the UK will too, unless Israel meets certain conditions.

Foreign ministers from Iceland, Ireland, Luxembourg, Norway, Slovenia and Spain released a joint statement saying the military operations in Gaza City will cause "intolerable deaths of innocent Palestinian civilians".

The Palestinian ambassador to the United Nations (UN), Riyad Mansour, said Abbas had planned to lead the delegation to the UN meetings and was

expected to address the general assembly at the general debate, which begins on September 23.

He was also expected to attend a high-level meeting co-chaired by France and Saudi Arabia on September 22, about a two-state solution, a broad idea involving Israel coexisting with an independent Palestinian state.

The State of Palestine is an observer member of the UN, meaning it can speak at meetings but not vote on

President Mahmoud Abbas

resolutions.

But the Palestinian Authority "expressed its deep regret and astonishment" at the visa decision, calling it "a violation of US commitments" as the host of the UN, and claiming it "contravenes international law".

FG: NORTH-WEST, NOT SOUTH-WEST HAS LION’S SHARE OF TINUBU’S PROJECTS Emmanuel Addeh in Abuja The federal government yesterday strongly repudiated insinuations that the President Bola Tinubu’s administration was unfairly weighed against the North in favour of Lagos and the Southwest, the Nigerian leader's home state and region respectively.

A report by a national newspaper had at the weekend stated that with N3.9 trillion, most of Tinubu's projects were being cited in Lagos in particular and South-west in general in the last two years of the Tinubu government.

According to the report, the N3.9 trillion represented 111 per cent of the combined sum of N3.56 trillion approved for the South-east, North-west and North-east with 18 states altogether in the last 24 months.

“Findings revealed that during the period under review, the Federal Executive Council (FEC) approved projects worth N5.97 trillion for the South-west; N2.41 trillion for the South-south; N407.49 billion for the South-east; N1.15 trillion for the North-central (including Abuja); N2.7 trillion for the North-west and N403.98 billion for the North-east,” the report said.

However, a response from the Director General of the Budget Office of the Federation, Tanimu Yakubu, described the report as misleading, stressing that it ignored the truth in its entirety.

“The viral chart bundles together national infrastructure—federal highways, coastal transport corridors, and legacy roads—and labels them ‘Lagos-only projects.’

By that logic, the Kano–Maiduguri expressway could be called a ‘Maiduguri-only project.’ It is a sleight of hand that ignores the truth: these are national arteries, not local trophies,” the DG said in a note.

According to Yakubu, the North-west remains the greatest beneficiary of the Tinubu administration with over 40 per cent of the total approvals so far, owning projects valued at N5.7 trillion.

Yakubu stressed that excluding Lagos, the South-west has a miserly N604 billion worth of projects, emphasising that when broken down, the actual value of projects located in Lagos is about N1.2 trillion.

The nation's budget office maintained that other projects computed by the report as belonging to Lagos, were actually transport highways that pass

through Nigeria's commercial city.

“When disaggregated, Lagos’ actual exclusive projects—airport fencing, Carter Bridge works, localised upgrades—stand at about N1.2 trillion. The muchtouted N2.7 trillion are federal highways and transport links that pass through Lagos but serve the entire federation.

“In short, Lagos is not swallowing the budget; Nigeria is being stitched together through infrastructure. The real numbers paint a starkly different picture.

North-west (has) N5.97 trillion (over 40 per cent of all approvals); and South-south: N2.41 trillion.

“North-central: N1.13 trillion; South-east: N407 billion; Northeast: N400 billion; South-west (excluding Lagos): N604 billion. In other words, the North-west—not Lagos—holds the lion’s share. It is the President’s single largest beneficiary,” Yakubu said in the note.

In ‘correcting the propaganda’, the budget office stated that the viral infographic exaggerated Lagos’ share while downplaying the North’s gains, showing sideby-side comparison of ‘misleading vs corrected framing.’

Admitting that without the North-west, there would have been no Tinubu presidency, the

budget office explained that the president has acknowledged this much, reason he has been citing critical projects in the region.

“Let us speak plainly: without the North-west, there would be no Tinubu presidency. The President knows this. He has not forgotten, nor has he been ungrateful,” Yakubu argued.

Specifically, he urged the purveyors of the ‘propaganda’ to consider the Kaduna Power Plant which is 255MW and conceived under the late President Umaru Yar’Adua, but languished in abandonment for years.

“Today, under President Tinubu, it is being revived and put back on track. This is not just a power project—it is a symbol of continuity, respect, and reward for the North. Add to that the Kaduna–Kano expressway, the Kano–Maiduguri highway, the Sokoto–Illela corridor, and massive investments in education and security infrastructure. These are not footnotes. They are the backbone of a deliberate Northwest-first investment strategy.

“This is not neglect; it is recognition. It is gratitude made concrete, kilometre by kilometre, megawatt by megawatt,” the budget office stated in the note.

According to the DG, the danger

of the viral infographic is not just statistical error—it is deliberate incitement and pits Lagos against Kano, South-west against Northwest, as though one region’s progress must mean another’s exclusion. “That is not budgeting.

That is blackmail,” it added.

Stressing that Nigerians are wiser, the federal office noted that the records show that every region receives its share, because Tinubu budgets for one economy, one country and one people.

“Lagos is Nigeria’s commercial hub, rightly upgraded. The North-west is Nigeria’s electoral fortress, richly rewarded. Every region receives its share, because Tinubu budgets for one economy, one country, one people,” the the budget office explained.

According to Yakubu, despite efforts to water down the efforts of the Tinubu administration, the beneficiaries of the many interventions by the Tinubu-led administration will not forget in a hurry how they have been positively impacted by the current government.

“History will not remember the viral graphics. It will remember the farmers in Katsina whose produce reaches markets in Lagos, the power that lights up Kaduna through Yar’Adua’s plant, revived

by Tinubu, and the schools and hospitals springing up across Sokoto and Zamfara.

“President Bola Ahmed Tinubu has not marginalised the North.

He has trusted it, invested in it, and rewarded it. That is the record. That is the fact. That is the truth. And no infographic, however colourful, can bury it,” the country's budget office pointed out.

Besides, the report by the newspapers had said: “The present administration has been accused of marginalising one section of the country in favour of the other, adding that “Some groups, especially the Arewa Consultative Forum (ACF), have at various times accused the president of taking more infrastructural development and appointments to the South than the North.”

Meanwhile, the Minister of Information and National Orientation, Mohammed Idris, yesterday described the report as half-truths and fake information being circulated, stressing Tinubu’s administration has been guided, at all times, by the principles of fairness, justice, and equity in the distribution of federal government projects, appointments, and opportunities across all six geopolitical zones of our country.

KEYAMO: PDP FACES LEGAL RISKS FIELDING JONATHAN IN 2027, EL-RUFAI: TINUBU WILL COME THIRD IN PRESIDENTIAL ELECTION governance and could further aggravate the hardships faced by the Nigerian people.

Keyamo, on X, contended that the opposition risked serious consequences in the upcoming election if it relied on Jonathan or Obi as its candidate.

He said the PDP remained in a “non-enviable position” after failing to zone its 2023 ticket to the South, a decision he said cost the party support in its traditional

strongholds in the South-south and South-east.

The minister stated that nominating Jonathan carried a constitutional danger tied to section 137(3) of the 1999 Constitution (as amended), which he suggested could bar anyone sworn in twice as president from contesting again.

While creating several scenarios, Keyamo argued that if eventually Jonathan is barred by the court from running after nominations

have closed, the PDP will be declared as having no candidate.

He said: “One of its attractive targets as a Presidential candidate is ex-President Goodluck Jonathan, because of his purported eligibility to run for only one term. But, if he is fielded, the party runs the risk of not having a candidate at all by virtue of section 137 (3) of the 1999 Constitution (Fourth Amendment).

The constitutional amendment was made after the court judgment

which cleared him to run in 2015, so nothing is decided yet on that new amendment, hence I use the word ‘risk’ advisedly.

“All the arguments as to whether the section can be interpreted to affect him will not be decided on social media, but at the Supreme Court. If he is barred from running after nominations have closed and the PDP is declared as having no candidate, nobody should scream

‘judiciary is corrupt’ because such a large party saw the judicial danger ahead and deliberately ignored it,” Keyamo, a senior lawyer maintained.

He emphasised that if the PDP decides to field its most attractive South-west candidate, no other region of the country will vote for a fresh Yoruba candidate who would be eligible for fresh two terms in office, pointing out that the candidate will battle with the

‘well-oiled’ APC structures in the South-west.

According to him, the same scenario will apply to Obi, arguing that the PDP is in a dilemma because it committed an ‘original sin’ in 2023 by lacking the balls to zone its presidential ticket to the South.

He added: “If the PDP woos back Peter Obi, scenario three Continued on page 36

CHATHAM HOUSE: CORRUPTION UNDERMINING NIGERIA'S ECONOMIC GROWTH, ERODING PUBLIC TRUST administration, law enforcement and the judiciary, often undermining the delivery of basic services.

However, the report is coming less than a week after President Bola Tinubu claimed during an official engagement in Brazil that his administration had rid the nation of corruption, hinging the ‘success’ on his government’s economic reforms.

“The reforms I’ve embarked upon since I took over in Nigeria have been very impactful. I can beat my chest for that. It was initially painful, but today the result is blossoming. It’s getting clearer to the people. We have more money for the economy… no more corruption,” Tinubu had said at the event However, the Chatham House report stated while most Nigerians disapprove of corruption, many tolerate or even engage in corrupt

practices as they see it as the only way of surviving in a dysfunctional system.

The organisation said the report builds on the extensive research of Chatham House’s Social Norms and Accountable Governance (SNAG) project, funded by the MacArthur Foundation, which provides a compelling snapshot of the state of corruption in Nigeria, and the norms and expectations surrounding it.

In buttressing its position, Chatham stated that Nigeria is ranked among the world’s 40 most corrupt countries on the Corruption Perceptions Index (CPI) and 35th from bottom on the World Bank’s list of countries measured by their control of corruption.

Within Africa, it stated that Nigeria ranks 33rd for overall governance out of 54 countries measured in the Mo Ibrahim Index

of African Governance (IIAG), which takes into account various measures including anti-corruption mechanisms and how successful they have been.

“Corruption has eroded the basis for Nigeria’s economic prosperity and negatively impacted its growth.

This is evident when looking at Nigeria’s Gross Domestic Product (GDP) figures. While Nigeria has the fourth largest economy on the African continent by GDP, its GDP per capita – a more accurate measure of prosperity – is among the lowest in Africa.

“Corruption continues to be a defining feature of Nigeria’s governance, public administration and political life, hindering its full potential and global standing. At its core, corruption diverts public resources away from vital sectors such as education, healthcare and infrastructure, fuelling poverty and

inequality. More than half of all Nigerians – approximately 54 per cent – live in poverty,” the report said.

Beyond the economic wellbeing of Nigeria, corruption, Chatham House said, has weakened the rule of law and undermined the public’s trust in critical institutions to deliver justice and protect peoples’ lives and basic rights.

Such an erosion of trust, according to the report, fosters a culture of impunity, where many individuals believe – rightly or wrongly – that corruption is the reality of life in Nigeria and that many engage in corrupt practices without facing consequences.

This sense of the corruption being intractable, it said, has fuelled the frustrations of some marginalised groups and the sense of hopelessness among some of Nigeria’s youth, as these grievances,

in turn, drive emigration, protests, political violence and even fuel extremist insurgencies.

Besides, the report stated that corruption also impacts social cohesion and national unity, highlighting that the persistent impunity surrounding corruption also risks eroding ethical values and encouraging a culture of self-interest, where both elites and ordinary citizens increasingly prioritise private gain over the collective good.

“This has exacerbated Nigeria’s societal challenges, perpetuating a vicious cycle of corruption, systemic inefficiencies and underdevelopment,” it said.

While Nigeria suffers from extensive corruption, extensive research by Chatham House and others showed that Nigerians largely oppose corruption and acknowledge its harmful effects on the country.

“Chatham House’s survey data shows a substantial proportion of the population distrust key institutions. Governance and law enforcement institutions are the most distrusted: Nigeria’s police force has the lowest level of trust, highlighting deep-seated challenges related to corruption, abuse of power and lack of accountability.

“Lower trust in governance institutions (i.e. federal, state and local government) also reflects concerns over the efficiency and transparency of government spending and most citizen’s experiences with inadequate public services. The crisis of trust in Nigeria’s justice system is a stark indictment of compromised courts, which are widely perceived as politically captured and therefore unable to guarantee impartiality and equitable access to justice,” it added.

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T H I S D AY • MONDAY, SEPTEMBER 1, 2025

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

CHARTERED BANKERS INDUCTION AND AWARD...

L-R; The Registrar Chief Executive Officer, CIBN, Akin Morakinyo, ACIB, HCIB; Chairman, Keystone Bank, Lady (Dr.) Ada Chukwudozie; President/Chairman of Council, CIBN, Prof. Pius Deji Olanrewaju,PhD, FCIB; MD/CEO,Credit Registry, Dr. Jameelah Sharrieff-Ayedun; and the Executive Director, Jaiz Bank, Alhassan Abdulkarim at 2025 CIBN Stream 2 Chartered Banker Induction and Prize Awards Day held at Banker House, Adeola Hopewell, Victoria Island Lagos on Saturday

Rivers LG Election: APC Sweeps 20 Chairmanship, PDP Wins 3 It’s an absurdity, declares Atiku RSIEC has done a wonderful job, says ex-Deputy Speaker

Chuks Okocha in Abuja and Blessing Ibunge in Port Harcourt

All Progressives Congress (APC) in Rivers State has won 20 chairmanship seats out of the 23 local government councils in the elections held on Saturday, August 30.

The results, which were announced by Chairman of Rivers State Independent Electoral Commission (RSIEC), Dr Michael Odey, indicated that APC won in Abua/Odual, Ahoada East, Ahoada West, Akuku-Toru, Andoni, Asari-Toru, Bonny, Degema, Eleme, Emohua, Etche, Gokana, Ikwerre, Khana, Okrika, Omuma, Opobo/Nkoro, Oyigbo and Tai, while PDP won in Ogba/

Egbema/Ndoni, Obio/Akpor, and Port Harcourt local government areas.

APC candidates polled the following votes: Abua/Odual, Ofori Owoalabi, 28755 votes (APC); Ahoada East, Solomon Achoma, 54509 (APC); Ahoada West, Eugene Epelle, 84125 votes (APC); Akulga, Bob Fubara 63593 votes (APC); Andoni, Lucky Promise, 126181 votes (APC); and Asalga, George Onegiyeofori, 56383 votes (APC).

APC also polled in Bonny, Abinye Blessing Pepple, 13543 votes (APC); Degema, Michael John Williams, 61536 votes (APC); Eleme, Obarilomate Ollor 77452 votes (APC); Emohua, Chidi Loyd 114380 votes (APC); and Etche, Njoku Boniface, 100649

votes (APC).

The other results were Gokana, Dekor Confidence, 96478 votes (APC); Ikwerre, Charles Wobodo, 62746 votes (APC); Khana, Bariere Thomas, 156027 votes (APC); Obio Akpor, Gift Worlu, 328823 votes (PDP); and ONELGA, Shedrack Ogbogu, 51051 votes (PDP).

There were also Ogu/Bolo, Vincent Nemioboka 36374 votes (APC); Okrika, Akuro Tobin, 32285 votes (APC); Omuma, Obasi Uchechukwu, 38530 votes (APC); Opobo/Nkoro, Barr James A. James, 38822 votes (APC); Oyigbo, Okechukwu Akara, 101495 votes (APC); PHALGA, Allwell Ihunda, 235054 votes (PDP); and Tai LGA, Mbakpone Okpe, 70,080 votes (APC).

However, reacting, former Vice

President and chieftain of African Democratic Congress (ADC), Atiku Abubakar, condemned the local government elections in Rivers State as an absurdity and travesty of democracy.

Atiku described the election as shameful and shambolic, while calling on the opposition political parties in Rivers State to reject the outcome of the election.

In a statement, the former vice-president said, “The local government election conducted by the occupation government in Rivers State is an awful absurdity and a travesty to the very notion of elective democracy.

“By the shameful and shambolic manner in which the occupation government went ahead to conduct local

government elections in Rivers State, it is clear that the ruling APC party is not leaving anyone in doubt that it is prepared to throw caution to the wind in order to achieve an inordinate political advantage.

“It, therefore, becomes necessary to call the attention of well-meaning Nigerians. international community and all friends and partners of Nigeria to the dangerous curve that the President Bola Tinubu regime is taking our dear country.

“I will also call on all opposition parties in Rivers State to reject the local government election on the premise that the occupation government that conducted the exercise is extraneous to our laws, with absolutely no legitimacy to undertake such a crucial and sensitive assignment.

“In the same breath, I wish to

share my unflinching solidarity with the good people of Rivers State, who are currently victims of political brigandry to a power cabal which is bent on overturning their democratic rights at all cost.”

But speaking with THISDAY, PDP Legal Adviser in Rivers State, Okachi Ordu, described the election as one of the best things that happened to the state, saying it is transparent and credible, and would bring peace to the state.

Ordu stated, “The election that was conducted on August 30, 2025 is one of the best things that happened in the state, one of the best things that Rivers people are expecting, it's the best we have ever seen. It's seamless and rancour-free election and the freest and fairest election we have ever seen in Rivers State.

Voters’ Registration Exercise Powerful Tool to Shape Nigeria’s Future, Declares Saraki Union Bank Finalises Merger

Hammed Shittu in Ilorin

Former Senate President, Dr. Bukola Saraki, weekend, said the ongoing voters’ registration exercise by the Independent National Electoral Commission(INEC) was a powerful tool that could help to shape the future of Kwara State and the country, at large.

Saraki spoke in Ilorin, the state capital, on the side-lines

of a meeting with stakeholders from across the state, during the expanded PDP state caucus meeting held at his residence.

He urged the people to come out en masse and participate in the registration exercise.

Saraki, who is Chairman of Peoples Democratic Party (PDP) Reconciliation Committee, said, “Our conversations kept returning to one critical point: the ongoing INEC voter

registration exercise.

“I cannot overemphasise this. Registering to vote is the single most powerful tool we have to shape the future of our state and our nation.

Every new registration and every updated card is a voice secured for tomorrow.”

Saraki expressed gratitude to PDP members for maintaining peace and unity during the ongoing congresses at the

ward, local government, and state levels but stressed that true progress would only come when such unity was matched with deliberate action.

“That action begins with registering to vote,” Saraki emphasised, adding that the party would continue to remain stronger in the state and the country, in general, to provide good leadership in future elections.

Cuban Govt: US Military Deployment in the Caribbean Sea Threatens the Region Under Absurd Pretexts Michael Olugbode in Abuja

The Cuban Government has rejected the current deployment of United States military forces in the Caribbean Sea, stating this action represents a serious threat and an aggressive show of force against the sovereignty and self-determination of the peoples of Latin America and the Caribbean.

Cuba further said this action

ignores the commitment of the 33 Member States of the Community of Latin American and Caribbean States when they proclaimed the region as a Zone of Peace.

A statement by the Cuban Ministry of Foreign Affairs made available at the weekend to our correspondent, said the US claims associating the legitimate government of Venezuela and its President Nicolas Maduro with

criminal organisations involved in illegal drug trafficking is an absurd pretext that is unfounded.

It alleged that leaders in Washington are irresponsibly disregarding the assessment of their own Drug Enforcement Agency (DEA) that, in its report this year, does not mention the Venezuelan Government among the authors or enablers of drug trafficking operations threatening the United States

territory.

The statement further read: “The Government of the United States resorts to lies once again to justify violence and plunder. They use them in the renewed implementation of the dominance scheme based on the Monroe Doctrine, key to their interventionism in the American continent.

Continued online

with Titan Trust Bank Nume Ekeghe

Union Bank of Nigeria Plc has confirmed the successful completion of its merger with Titan Trust Bank Limited, following the final approval of the Central Bank of Nigeria (CBN).

The deal, which began with a Share Sale Agreement in 2021, consolidates Titan Trust’s operations and assets into Union Bank, leaving the 108-year-old institution as the surviving entity.

In a statement issued by the bank’s Chief Brand and Marketing Officer, Mrs. Olufunmilayo Aluko, Union Bank described the merger as a transformative step that combines its long-standing heritage with Titan Trust’s agility and innovation.

The enlarged entity, operating under the Union Bank brand, now boasts 293 service centres, 937 ATMs, and a stronger digital backbone to serve retail, SME, and corporate customers nationwide.

Commenting on the milestone,

Managing Director and Chief Executive Officer, Mrs. Yetunde Oni, said: “ This is a pivotal moment in our 108-year journey, and a launchpad for delivering greater value to our customers. By blending stability with innovation, we are better positioned to meet the evolving needs of Nigerians and to be their most trusted financial partner.”

Also speaking on the transaction, Chairman of the Board of Directors, Mr. Bayo Adeleke, said: “This is a new era of growth, collaboration, and shared prosperity. By bringing together the strengths of both institutions, we are committed to creating lasting value for our customers, shareholders, and communities while advancing Nigeria’s financial inclusion agenda.”

Union Bank assured its customers that their account details remain unchanged and services will continue seamlessly, while the bank accelerates its push into enhanced digital solutions.

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MONDAY SEPTEMBER 1, 2025 • T H I S D AY

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ICAN 60TH ANNIVERSARY CHURCH THANKSGIVING SERVICE...

L-R: Fellow, ICAN, Mr. Ukwubile James; Deputy Chairman ICAN, Abuja District, Mr. Adaji Monday; State Pastor Living Faith Church Durumi, Pastor Emmanuel Agi; and Chairman, ICAN Abuja District, Okoroeze Chukwumeka, during the ICAN 60th anniversary church thanksgiving service in Abuja, yesterday KINGSLEY ADEBOYE

Tinubu, Egbetokun, Makinde, Obaseki, Others Mourn as Ex-IG Solomon Arase Passes at 69 President condoles with Catholic faithful over demise of ex-Bishop Francis Okobo

Deji Elumoye, Linus Aleke in Abuja, Adibe Emenyonu in Benin City and Kemi Olaitan in Ibadan

President Bola Tinubu, yesterday, joined other Nigerians to commiserate with the Nigeria Police over the demise of the 18th indigenous Inspector-General of Police (IGP), Solomon Ehigiator Arase. He was aged 69.

Tinubu, in a release by his Adviser on Information and Strategy, Bayo Onanuga, sympathised with the family, friends and associates of the highly resourceful officer.

Tinubu acknowledged the dedication of the former IGP to enhancing security in the country through initiatives, such as Intelligence Response Team, Complaint Response Unit, and Safer Highway Patrols.

Reflecting on Arase's laudable service to the country, the president stated, "Arase served

the police force meritoriously from 1981 to 2016. During his career, he led tactical, operational, and intelligence units, including United Nations Peacekeeping in Namibia, the Commissioner of Police in Akwa Ibom, and the Principal Staff Officer to three IGPs. "He was Assistant Inspector General of Police in charge of Force Intelligence Bureau (FIB), and Deputy Inspector General of Police, Force Criminal Investigation Department.

"After retirement, he continued to serve the nation in various public roles, including as Chairman of the Police Service Commission and as head of the Task Force on implementing the Edo State Anti-Community Development Association Law. "His expertise extended to consultancy roles with the Office of the National Security Adviser (ONSA), the European Centre for

Lokpobiri Calls for Support for Tinubu, Seeks Safety of Oil Installations

Emmanuel Addeh in Abuja

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has called on the people of the Niger Delta region to continue supporting the administration of President Bola Tinubu, citing his commitment to the region’s development through key reforms and tangible initiatives.

The minister made this call at the weekend while delivering the opening remarks as Chairman of the occasion at the 60th birthday and book launch of His Royal Majesty, King Bubaraye Dakolo, Agada IV, Ibenanaowei of Ekpetiama Kingdom, and the Chairman of Bayelsa State Traditional Rulers Council (TRC).

According to Lokpobiri, Tinubu has demonstrated intentional leadership by ensuring the full operationalisation of the Petroleum Industry Act (PIA), which grants oil-producing host communities 3 per cent of the operational expenses of oil

companies through the Host Community Development Trust Fund (HCDTF).

“This administration is not just making promises, it is delivering.

The Host Community Trust Fund is a clear demonstration that President Tinubu is deeply committed to the development of the Niger Delta. Our people must not take this opportunity for granted,” the minister stated.

He further urged the people of the region to reciprocate this commitment by ensuring the safety of oil installations and infrastructure in their communities. He stressed that any act of sabotage, such as pipeline vandalism or internal disputes over fund management, would ultimately be self-defeating.

“When you blow up the pipelines, you’re not just sabotaging the federal government; you are also blowing up your own 3 per cent share of revenue and destroying your environment.

That is not activism, it’s economic suicide,” Lokpobiri warned.

Electoral Support, the Human Rights Centre at the University of Oslo, and as a member of the Committee on Prevention of Torture in Geneva, Switzerland.

"I pray for the peaceful repose of the soul of this dedicated security expert, whose experience and contributions will be deeply missed by our nation."

Tinubu also expressed sadness over the passing of Bishop Francis Emmanuel Okobo, the pioneer Bishop of the Catholic Diocese of Nsukka, at 88 years old.

The president stated, in a release yesterday, "As the pioneer Catholic Bishop of the Nsukka Diocese, Bishop Okobo provided uncommon leadership and direction to the Catholic faithful, leading to the Church's

exponential growth in Nsukka Diocese.

"As a priest and worker in God's Vineyard, he lived an exemplary and impactful life, building the Church and guiding countless souls with love and wisdom."

Tinubu commiserated with Bishop Okobo's family, the Catholic faithful of Nsukka Diocese, and the people and government of Enugu State on the demise of the shepherd of the flock.

Similarly, mourning Arase, incumbent IGP, Kayode Egbetokun, in a statement, said news of the passing of Arase was officially communicated to him by the deceased’s first son, Mr. Solomon Osabohien Arase, Jnr.

Egbetokun stressed that Arase’s passing was not merely the end of a remarkable chapter, but also a moment of collective mourning for a man, who served with pride and honour.

He stated that, through the Solomon Ehigiator Arase Foundation (SEAF), Arase supported academic excellence by awarding scholarships to outstanding Nigerian students, with a particular focus on children of deceased police officers and indigent students.

Egbetokun, during a condolence visit to the family of the late IGP in Abuja, extended heartfelt condolences, on behalf of the officers and men of the Nigeria Police, to the family, friends, and former colleagues of Arase.

Egbetokun acknowledged the pain of this loss and prayed for comfort, strength, and peace for all during this time of grief, while appreciating the late police chief’s contributions to police reform and national security.

On his part, Oyo State Governor, Seyi Makinde, in a statement, described Arase’s death as a massive loss to Nigeria, as, according to him, he was, until his death, one of the most resourceful retired IGPs, with experience and expertise that could be useful to the country.

Makinde said he shared a personal relationship with Arase dating back to his days as IGP. He added that his administration also benefited immensely from Arase’s advice and expertise.

NCDMB, NGOs Move to Tap Local Contents for Oil, Gas Industries with STEM Training on Robotics for Secondary Schools

Sylvester Idowu in Warri

The Nigerian Content Development and Monitoring Board (NCDMB) and three nongovernmental organizations have concluded a 16-week STEM training on robotics for selected secondary schools in four states of the Niger Delta region.

The training was geared towards encouraging students to explore complex concepts in physics, mathematics and computer science in a tangible and engaging manner.

Ozolua Grammar School in Ologbo, Edo State emerged

winner of the 16 weeks STEM training on Robotics while Iwere Secondary School, Koko in Warri North Local Government Area of Delta State came second while Nana Model College Warri in Warri South Local Government took third position during the grand finale of the programme held last weekend at Effurun in Uvwie Local Government Area of Delta State.

The 16-Week programme with the Theme: "Robotics for a Sustainable and Inclusive Skilled Economy" was sponsored by the Nigerian Content Development and

Monitoring Board (NCDMB) in conjunction with Contego Servo, Odyssey Educational Foundation, and Phoenixgirls Tech Foundation.

Students were drawn from Community Secondary School, Kalio-Ama Okrika and Community Secondary School, Rumuoro Ogbakiri Emuoha, both in Rivers State; Ozolua Grammer School, Ologbo; Ajoki Secondary School, Ajoki, both in Edo State; Okotie Eboh Grammar School, Sapele, Iwere College Koko and Nana Model College, Warri in Delta State, while CSS Okutukutu/Etegwe and

Epie National High School Kpansia were from Yenagoa, Bayelsa State.

Addressing the grand finale of the programme, an official of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Weyinmi Ebiyon said the training, sponsored by the board, was designed to enhance quality of education in the country.

He commended the resource persons and trainers from Contego Servo, Odyssey Educational Foundation, Phoenix Girls Tech Foundation for the training.

Obasanjo, Greg Mills Call for Transformational Leadership to Drive Africa’s Development Funmi Ogundare Former President, Chief Olusegun Obasanjo and the National Director of the South Africa Institute of International Affairs, Dr. Greg Mills, weekend, called on African leaders to embrace transformational

leadership as the continent seeks sustainable development and global relevance.

Speaking at the Executive Syndicate Class for top CEOs, convened by the Olusegun Obasanjo Leadership Institute (OOLI), in Abeokuta, Ogun State, Dr. Mills noted that Africa’s

progress hinges on leaders who are visionary, courageous, and committed to excellence.

Drawing from his book titled, 'The Essence of Success' and other publications, he explained that effective leadership goes beyond management, requiring the ability to inspire, articulate

bold policies, and resist the temptations of power and popularity.

“True leaders distinguish between tactical and strategic actions,” he said, adding that leadership must blend passion with patience, and conviction with compassion.

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T H I S D AY • MONDAY, SEPTEMBER 1, 2025

NEWS

INAUGURATION OF SOUTH WEST, SOUTH-SOUTH, NORTH CENTRAL DEVELOPMENT COMMISSIONS...

L-R: Minister of Regional Development, Abubakar Momoh, congratulating board member of the North Central Development Commission (NCDC), Dr. Solomon Adodo, shortly after the inauguration of the newly constituted Board Members and Managing Directors of the South West, South-South and North Central Development Commissions by the minister in Abuja… recently ENOCK REUBEN

Indian Exporters Look to Expand in Nigeria, Others to Avoid 50% US Tariff

Emmanuel Addeh in Abuja

Indian businesses are looking to expand production in Nigeria and other African countries for exporting to the US, after President Donald Trump hit the South Asian nation with one of the steepest levies globally as punishment for purchases of Russian oil.

A report by Bloomberg at the weekend said that GAP Inc., supplier Gokaldas Exports Ltd.,and premium garments maker, Raymond Lifestyle Ltd., are among the companies already planning to leverage tariffs of as low as 10 per cent in some African countries.

According to the report this 10 per cent is in comparison to the 50 per cent levy on Indian exports.

Diamond and jewelry exporters, the report said, are also looking

into expanding on the continent.

Indian companies are scrambling to offset the pain from US tariffs and looking for workarounds to continue servicing their American clients.

Labour-intensive sectors like jewelry and apparel are the hardest hit and US levies may reduce exports of certain goods by as much as 90 per cent, according to a note from Bloomberg Economics this week.

Overall exports from India to the US, its biggest market, may more than halve after the higher tariffs that kicked in last Wednesday, it added. India exported more than $20 billion of textile products, jewelry and diamonds to the US in 2023.

“We will continue to expand in Africa in case of

50 per cent tariffs,” Gokaldas Exports’s Managing Director, Sivaramakrishnan Ganapathi, said in a phone interview, even as he expects the tariff issue between US and India to settle down soon.

The apparel exporter has four factories in Kenya and one in Ethiopia. Both these nations face 10 per cent US tariffs, the Bloomberg report added.

Meanwhile, Raymond Lifestyle is negotiating with its American customers to ship more merchandise out of the company’s Ethiopia plant to

The Executive Chairman of Kogi State Internal Revenue Service KGIRS, Suleiman Enehe has lauded federal government over the new tax reforms and Nigeria Revenue Tax Law, stressing that it will be beneficial to both States and local government across the country..

Enehe made this commendation while speaking at the Stewardship Forum organised by the Correspondents Chapel of Nigeria Union of Journalists in Lokoja at the weekend.

He explained that it is not only applicable to the states and local government areas that will be beneficiaries, but also the tax payers who will get a lot of relives form the proposed new tax administration in Nigeria.

The Kogi Revenue boss pointed out that the new Nigeria Revenue Tax law is aimed at reducing the incidence of double taxation that

has characterised by indiscriminate levies across the federation.

Enehe noted that the new law will empower both states and local governments to boost their revenue generation drive.

On the improvement on tax generation in the country, he stated that not until the states revenue tax are autonomous , it will be very difficult to meet the target.

He stressed that only states have been granted revenue tax administration out of the 19 northern states and gave the duo edge above other in revenue drive.

According him, Kogi State drive has geometrically improved lower to higher adding that Kogi has hit average of N3 billion on monthly basis .

He was optimistic that by the time new Nigeria Revenue Tax law comes into by January 2026 when more collectibles would have released, Kogi will move to over a billion Naira on average monthly.

tariff spots overseas for servicing the US market, stressing that some countries in the continent — such as Ethiopia, Nigeria, Botswana, and Morocco already give incentives such as tax holidays, apart from customs duty and Value Added Tax (VAT) exemptions.

In the same vein, some African countries are promising sectorspecific initiatives and building special economic zones to attract investments.

“African governments are offering compelling incentives

such as tax breaks, land concessions, and regulatory facilitation to attract investment in manufacturing and technology transfer,” said Soumya Bhowmick, a fellow at Observer Research Foundation, adding that the trade developments have created a “unique arbitrage opportunity.”

To be sure, any shift in manufacturing operations to the continent will be time consuming as Indian companies need to renegotiate terms with US buyers, even as they see orders deferred or cancelled, the report said.

ECS: NSITF's Boss Urges Lawyers to Embrace Social Insurance Scheme

Onyebuchi Ezigbo in Abuja.

Nigeria Social Insurance FG New Tax Reforms, Law The Trust Fund (NSITF), has asked the legal community in Nigeria will Benefit States, LGAs to rise up and become advocates

Ibrahim Oyewale in Lokoja

alleviate the tariff pain. “We can obviously shift some of the clients to the Ethiopian factory,” Chief Financial Officer, Amit Agarwal told Bloomberg.

Dharmanandan Diamonds, a gems exporter based in western Indian city of Surat, will consider boosting production in Botswana if the US continues with high tariffs, Reuters reported citing the company’s Managing Director Hitesh Patel.

Africa has emerged as a viable alternative after Indian firms began exploring sweeter

of the Employees' Compensation Scheme and show example through compliance.

Managing Director of NSITF, Mr. Olúwaṣeun Faleye, made the call in Enugu at the 65th NBA Annual Conference A statement signed by the Deputy General Manager Corporate Affairs Alex Mede

quoted the MD as having described the implementation and impact of the Employees’ Compensation Act, 2010 the as very transformative.

He said that registration into ECA can further be boosted through the interpretation, advocacy, and enforcement carried out by lawyers, judges, and policymakers.

Faleye said: "Apart from our expectation of you as advocates of the efficacy of the Employees’ Compensation Scheme, the most crucial expectation we have of you

lawyers and leaders of the bar here is to lead by example. We must comply with the law ourselves.

We must ensure that all law firms practicing in Nigeria subscribe to the Employees’ Compensation Scheme."

The NSITF's MD who presented the lead paper titled: “Enhancing Workplace Safety and Social Protection: The Role of Employees' Compensation Act 2010” at the Vl Breakout Session, further solicited making compliance with the ECA a prerequisite for becoming a Senior Advocate of Nigeria.

He charged corporate lawyers to educate their clients on the importance and benefits of the Scheme and went on to tie social protection as provided for in the ECA to human rights which he said was sacrosanct to lawyers.

He enumerated occupational hazards and risks in the legal profession to include injuries, disabilities and deaths from accidents while travelling for work, diseases such as acute back pain from sitting down for long stretches and mental breakdowns.

Experts: Households, Firms Struggling to Cope with Electricity Tariff Hike Sunday Ehigiator

Experts have raised alarm over the impact of the 2024 electricity tariff increase on Nigerian households and businesses, warning that many are struggling to cope with rising energy costs and inadequate supply.

The concerns were highlighted at a seminar themed “Balancing

Electricity Tariffs and Consumers’ Wallets: Insights from Nigerian Households and Firms’ Ability to Pay”, held recently in Ibadan by the Nigerian Institute of Social and Economic Research (NISER).

According to an evidencebased study presented at the event, the supplementary tariff review introduced by the Nigerian Electricity Regulatory Commission

(NERC) for Band A customers in April 2024 has left households and firms grappling with higher costs without commensurate service improvement.

The research revealed that Band A households receive an average of 10 hours of electricity daily — far below the 20-hour benchmark — while their monthly expenditure on grid electricity

almost doubled, rising from N17,647.49 to N34,942.04, a 98 percent increase.

Presenting the findings, lead researcher, Dr. Iyabo Olanrele, said the situation was more severe for firms. “Our study found that firms now spend 82 percent of their monthly turnover on production costs, largely due to electricity tariffs.

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MONDAY SEPTEMBER 1, 2025 • T H I S D AY

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T H I S D AY • MONday SEPTEMBER 1, 2025

Politics

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

M O N D AY D I S C O U R S E As Saraki, Others Move PDP Out of Crisis Ahead of 2027...

The Peoples Democratic Party last week swam ashore its troubled waters after zoning its presidential ticket to the South ahead of the 2027 polls. With the main opposition party putting the worst behind it, it appears to be on the way to redemption. Adedayo Akinwale reports.

Saraki

W

ith less than two years to the 2027 general election, the Peoples Democratic Party (PDP) appears to be getting it right after a prolonged internal squabble that has brought the party to its knees.

Recall that at its 102nd National Executive Council (NEC) meeting in Abuja last week, the PDP reverted to its foundational zoning arrangement for party and public elective offices, including the presidency. It was at the NEC meeting that the party resolved to zone its presidential ticket to the South.

Prior to that, in May, 2025, when the opposition party was neck deep in internal crisis, the PDP Governors Forum set up the eight-man National Reconciliation and Strategy Committee to reconcile the members, resolve all pending issues stalling the holding of its 99th NEC meeting, and then get the party set for its National Convention later in the year.

As at that time, the crisis rocking the main opposition party had become a ticking time bomb ready to detonate at any time.

Besides, there were fears that a faction would soon be created within the party with a different apparatus.

However, no faction was created at the end of the day but the governors of Delta and Akwa Ibom States defected from the party to the ruling All Progressives Congress (APC)).

As if that wasn’t enough, the party suffered a gale of defections even in the National and state Assembles which presented it as a hemorrhaging platform.

While the defection continued unabated, several court cases were fought over who was the party’s authentic National Secretary.

At a point three names were mentioned as National Secretary: Senator Sam Anyanwu who was the incumbent, another claimant S.K. E Udeh-Okoye, and supposed acting Secretary, Setonji Koshoedo.

Moreso, the Southeast zone of the party was also threatening to pull out of the party if Anyanwu was not replaced as the National Secretary.

It was against this background that the Governor Bala Mohammed-led PDPGovernors’ Forum charged the Dr. Abubakar

Mohammed

Bukola Saraki-led Reconciliation and Strategy Committee to work on and resolve in order to pave the way for a rancour-free 99th NEC meeting and ultimately, a free, unifying National Convention.

Shortly after the committee was inaugurated, the defection became more worrying when Governor Sheriff Oborevwori, ex-Gov. Ifeanyi Okowa, and some Delta State government officials left for the APC. Several party leaders proferred different solutions to the crisis. Some recommended a hardline approach, but the Saraki-led reconciliation committee members believe that all efforts should be made to avoid adopting measures that will break the dry, bent stick holding the party together, in the process of straightening it.

Following the insistence of the South East zone and Governor Mbah that they would leave the party if they were not allowed to nominate a new national secretary, the Saraki-led committee persuaded them to see reason why the forceful removal of Anyanwu could not be done without opening the party to fresh litigations and rebuke by the INEC. It was at this point that the committee requested an audience with the Independent National Electoral Commission (INEC) over the contentious issue of the National Secretary. When it was granted, the members of the committee, including Governor Mbah, and his Bauchi State counterpart, Bala Mohammed who is chairman of the

Damagum

Ayanwu

PDP-GF, and some members of the National Working Committee (NWC) attended the meeting where INEC made it clear that Anyanwu remains the party Secretary.

It became clear that any official communication to INEC not signed by Anyanwu, for the period he is still recognised as PDP Scribe will not be honoured.

After the meeting with INEC, the party resolved that the best thing was to maintain the status quo in the party until the national convention when a new leadership will emerge. In other words, to stabilise the party means avoiding rocking the boat and carrying along every leader and member.

Ahead of the 102nd NEC meeting of the party in Abuja, there were speculations that the NEC would witness the suspension of some national officers and top members.

Similarly, many party members who had stayed off the party’s activities attended hoping to witness an implosion.

Nevertheless, what those who expected the worsening of the crisis did not realise was that the previous night at the Bauchi Governor’s Lodge in Asokoro, Saraki, the governors, a few NWC members, and leaders of the party had spoken truth to each other and reason prevailed. They all agreed that everybody who has stayed in the party till this moment will lose if they allow a further degeneration or even perpetuation of the crisis.

Surprisingly, it was resolved at the meeting that the party chairman should be confirmed as substantive chairman to serve for the remaining period of his tenure before the convention. Also, the national secretary, Anyanwu, was assured of his place in the NWC till the period of the

convention.

Also, the meeting accepted the recommendations of the zoning committee led

by Governor Douye Diri of Bayelsa State that all party national offices currently in the North should remain in the North while those in the South should equally remain in the South. It also approved the recommendation that having retained the chairmanship position in the North, the Presidential Candidate for the 2027 polls should come from the South.

The main opposition party decided to zone the presidential slot to the South in 2027 in compliance with Section 7 subsection 3 (c) and (d) of the PDP Constitution “which outlines the party’s commitment to the fair and equitable distribution of resources and the rotation of key political offices to ensure national peace, unity, and power sharing amongst the country’s diverse peoples”.

Since the compromise reached in the zoning of 2027 presidential ticket to the South, the party has been doing everything within its powers to convince former President Goodluck Jonathan and the Presidential candidate of Labour party in the 2023 elections, Mr. Peter Obi to fly the ticket of the party in 2027. The coast is also clear for key members like Governor Seyi Makinde of Oyo State to contest the party’s ticket.

With the worst behind the PDP, the false narrative before now that the PDP would break into factions and that anybody hoping to contest for any post on its platform in the 2027 elections runs the risk of being left in limbo as he or she may have its form rejected by INEC because it was signed by a wrong faction or unrecognized official has now evaporated.

The PDP has once again proved that it is neither dead and nor in an intensive care unit. Rather, it is waxing stronger and getting more and more stable.

The party has proven to be the only viable opposition party and the one capable of taking over the government at the centre come 2027.

It’s gradual and fast recovery has again truly shown that any agenda for a one-party state will not work and will collapse on the head of the designers.

The PDP has once again proved that it is neither dead and nor in an intensive care unit. Rather, it is waxing stronger and getting more and more stable. The party has proven to be the only viable opposition party and the one capable of taking over the government at the centre come 2027.

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T H I S D AY • MONday, SEPTEMBER 1, 2025

FEatures

Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, Tel: 07010510430

Predicting Long-term Naira Stability, CBN Reforms Offer Relief in Living Costs The long-term stability of the naira is being projected on the back of recent Central Bank of Nigeria (CBN) reforms, with analysts pointing to rising dollar inflows as a key driver. The currency is expected to remain steady, supported by robust foreign exchange liquidity, improving non-oil exports, and sustained investor confidence. These developments are also anticipated to ease pressures on living costs, offering Nigerians relief in their day-to-day expenses, Precious Ugwuzor reports

T

he long-term stability of the naira has been predicted given the rising inflows of foreign capital and surge in foreign reserves levels. This is expected to ease the pressure of living costs for everyday Nigerians. But how did this happen?

In the last one week, the naira appreciated by 1.1 per cent to N1,520.00/$, supported by the Central Bank of Nigeria (CBN’s) intervention of $50.00 million, and increased inflows from Foreign Portfolio Investments (FPIs) following the Open Market Operation (OMO) auction.

President, Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, says with more foreign exchange inflows into the economy, the long-term stability of the naira is expected.

Already, data from the National Bureau of Statistics (NBS) showed that capital inflows into the economy hit $5.6 billion in the first quarter of 2025.

The inflows represent significant gains from diverse reforms instituted by the Central Bank of Nigeria (CBN) to make Nigeria attractive destination for local and foreign investors. For many stakeholders, the $3.1 billion inflows to the banking sector, representing 55.44 per cent of the total capital inflows.

Analysts from Cordros Securities who predicted long-term naira stability, further explained that gross FX reserves increased to the highest level since December 2021, growing by $353.47 million week-on-week to $41.08 billion on August 21, and further rose to $41.10 billion on August 22.

According to CBN data, the reserves earlier hit $40.72 billion on August 13, driven largely by rising forex inflows and marginal increase in crude oil output.

According to the apex bank, the gross reserves moving average stood at $39.3 billion on August 1, and reached $39.5 billion on August 6, and hit $40.2 billion on August 8.

The sustained reserves accretion, decline in inflation rate, commodities prices dip as well as long-term naira stability are all positive fallout of the ongoing economic reforms instituted by the federal government.

Aside the reserves, the naira has also seen sustained stability while the inflation rate has continued to decline, closing July at 21.88 per cent.

Part of the reserves accretion was triggered by the FX reforms, instituted by the Olayemi Cardoso-led CBN, new policies instituted by the Federal Government to boost local production, reduce forex demand pressure, and lessen domestic prices have been instrumental to macroeconomic stability.

The expectations are that the apex bank sustains the forex reforms while the fiscal authority strengthens efforts at enhancing FX earnings, especially from gas, oil and non-oil exports.

President, Association of Bureaux De Change Operators of Nigeria, Dr. Aminu Gwadabe, said the apex bank under

Cardoso

Cardoso has been cultivating multiple FX sources to increase dollar inflows, boost dollar access to manufacturers and retail end users.

“From moves to improve diaspora remittances through new product development, the granting licenses to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller FX model, and enabling timely access to naira liquidity for IMTOs, the apex bank has simplified dollar-inflow channels for authorized dealers and other players in the value chain,” he said.

How it started The CBN had embarked on a series of bold reforms to attract more foreign capital to the economy, achieve price and exchange rate stability.

In 2023 the new administration and the CBN-led by its Governor, Olayemi Cardoso liberalized the foreign exchange market, stopped central bank financing of the fiscal deficit, and reformed fuel subsidies.

The government also strengthened revenue collection and took strategic steps to reduce surging inflation rate.

Since these reforms were implemented, international reserves have increased, and anyone can now access foreign exchange in the official market.

Nigeria successfully returned to international capital markets last December and was recently upgraded by rating agencies. A new domestic, private refinery is positioning Nigeria up the value chain in a fully deregulated market.

CBN’s policies, including the currency reforms, led to investment

inflows from abroad, and reduced interventions in the domestic forex market.

The unification of exchange rates and the clearing of over $7 billion FX backlog raised the country’s investment outlook, with multilateral organizations, like the World Bank describing it as bold intervention to improve the economy’s sustainability in the long run.

Also, Nigeria’s sovereign risk spread has fallen to the lowest level since January 2020, erasing the premium accumulated during the pandemic and subsequent strain on its economy.

All these are deliberate efforts to woo investors and sustain capital inflows to the economy.

More foreign capitals flow in According to the latest “Nigeria Capital Importation Q1 2025” report released represents 10.86 per cent surge from the $5.1 billion reported in fourth quarter of 2024.

“In Q1 2025, total capital importation into Nigeria stood at US$5642.07 million, higher than $3.37 billion recorded in Q1 2024, indicating an increase of 67.12 per cent. In comparison to the preceding quarter, capital importation increased by 10.86 per cent from $5.08 billion in Q4 2024,” the report stated.

The NBS also stated that portfolio investment ranked top with $5.2 billion, accounting for 92.25 per cent, followed by other investment with $311.17 million, accounting for 5.52 per cent.

The report indicated that, “Foreign Direct Investment recorded the least with $126.29 million accounting for

2.24 per cent of total capital importation in Q1 2025.”

According to the NBS, the banking sector took the lead with the highest inflows in Q1 2025.

The report stated, “The Banking sector recorded the highest inflow with $3.1 billion, representing 55.44 per cent of total capital imported in Q1 2025, followed by the Financing sector, valued at $2.09 billion (37.18 per cent), and Production/Manufacturing sector with $129.92 million (2.30 per cent).”

The report further noted that capital importation during the reference period originated largely from the United Kingdom with $3681.96 million, showing 65.26 per cent of the total capital imported.

In emailed note to investors, Managing Director, Afrinvest West Africa Limited, Ike Chioke, explained that Portfolio Investment (92.2 per cent of total capital) dominated flows, rising by 30.1 per cent quarter-on-quarter, and 150.8 per cent year-on-year to $5.2 billion.

The bulk of the FPI flows was to Money market instruments (up 162.2 per cent year-on-year to $4.2 billion), while Bonds (up 108.5 per cent) and Equities (up 137.7 per cent) attracted $877.4 million and $117.3 million respectively.

Opportunities in GDP numbers Nigeria’s hope of achieving $1 trillion economy by 2030 will gain significant support from the banking sector.

Nigeria’s statistician-general, Adeyemi Adeniran, had explained how the economy fared in the rebased Gross Domestic Product (GDP) report. He said: “In nominal terms, the rebased GDP for 2019 stood at N205.09 trillion N213.63 trillion in 2020, N243.30 trillion in 2021, N274.23 trillion in 2022, N314.02 trillion in 2023, and N372.82 trillion in 2024”.

The NBS noted that in 2019, the rebased nominal GDP at basic prices represented an increase of 41.7 per cent over the nominal GDP of 2019 of the old base year (2010), 39 per cent in 2020, 38.7 per cent in 2021, 36.1 per cent in 2022, 34.6 per cent in 2023 and 35.4 per cent in 2024.

“The results show that the structure of the Nigerian economy has changed significantly with a rise in the share of agriculture and services sectors and a fall in the share of the industries sector in nominal terms, indicating a shift in the structure of the Nigerian economy than earlier reported,” the NBS said.

Adeniran further explained that the rebasing allows the country to better reflect the realities of the economy. “It’s not just about a bigger number but about accurate, timely data that supports smarter policy and economic planning,” he said.

NOTE: Story continues in the online edition on www.thisdaylive.com

T H I S D AY MONDAY SEPTEMBER 1, 2025 20 TR

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& RE A S O

Monday September 1, 2025 Vol 27. No 11111

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opinion@thisdaylive.com

www.thisdaylive.com

FROM DEVALUATION TO DOMINATION

Tinubu’s exchange rate reforms have revitalised Nigeria's economy by allowing the naira to find its realistic value, contends TANIMU YAKUBU

See page 21

PLATEAU’S NEW DAWN

Governor Mutfwang is breathing fresh air into the health sector, writes GYANG BERE

See page 21

EDITORIAL

NIGERIA’S MISSING PEOPLE ?

See page 22

?

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Strong nations are built by businesses that refuse to stay small, and by entrepreneurs who dream beyond themselves, argues LINUS OKORIE

BUILDING BUSINESSES THAT TRANSFORM NATIONS

Nations do not rise on political speeches or endless policy documents.

They rise on the back of businesses that create value, provide jobs, and generate the wealth that keeps societies alive.

The true builders of nations are not just our political leaders; they are the entrepreneurs who painstakingly turn their ideas into enterprises, and the small business owners who keep their doors open against impossible odds. If you want to know the health of a nation, then look at its businesses.

The global economy is not built by Fortune 500 companies alone. It rests heavily on grassroots businesses, which includes street vendors, small-scale farmers, local artisans, family-owned shops, and emerging startups. These are the businesses that employ the majority of people, especially in developing countries.

In Nigeria, for instance, small and medium enterprises (SMEs) contribute nearly half of the GDP and account for more than 80% of employment. Strip them away, and the economy collapses. They are not “small” in importance; they are the backbone.

Grassroots businesses also embody resilience. They adapt quickly, respond to local needs, and often build deeper trust with communities. A woman selling food from a roadside stall may seem insignificant on a spreadsheet, but collectively, millions like her are feeding cities, supporting families, and keeping money circulating within the local economy.

Every industry giant began as a dream scribbled on paper, a garage operation, or a corner shop. Dangote Group began in Nigeria in 1977 as a small trading firm importing rice, sugar, and cement. Today, it is Africa’s largest conglomerate, employing tens of thousands and reshaping entire industries. Amazon started in Jeff Bezos’ garage in 1994 as an online bookstore.

Today, it is one of the most influential companies in the world, defining how commerce works globally. Nollywood, once dismissed as low-budget film hustle, is now the second-largest film industry in the world, employing over a million people and shaping Nigeria’s global cultural image. These stories remind us that the difference between “small” and “conglomerate” is persistence, vision, and the ability to scale.

When a business grows, its impact multiplies far beyond its founders.

Jobs: A thriving business doesn’t just employ staff—it creates indirect jobs in logistics, supply chains, marketing, and more. A single factory can feed thousands of households.

Taxes: Businesses provide the revenue governments rely on to build roads,

schools, and hospitals. Without a strong private sector, public infrastructure remains a pipe dream.

Innovation: Businesses push nations forward by solving problems creatively.

From fintech companies tackling financial inclusion in Africa to renewable energy startups reducing reliance on fossil fuels, innovation often comes from entrepreneurs, not government committees.

In short: every naira, dollar, or cedi invested in a sustainable business is a seed planted for national progress. Nationbuilding through business is not the responsibility of entrepreneurs alone.

The government must create enabling environments with fair regulation, stable policies, and access to financing. We need them to invest in infrastructure so businesses can operate without constant battles against poor power supply or bad roads. Lastly, businesses flourish when they cut bureaucratic bottlenecks that suffocate enterprise.

On the other hand, citizens must support local businesses instead of always preferring imported goods. We need them to hold businesses accountable to ethical standards without demonizing entrepreneurship. We also need them to celebrate business success stories rather than pulling them down with cynicism. When governments set the right conditions and citizens back their own, businesses thrive and nations benefit.

Certain entrepreneurs do more than run companies; they redefine how their countries are perceived. Strive Masiyiwa built Econet, a telecom giant under hostile conditions, opening the door for mobile communication across Africa.

His story turned Zimbabwe into a case study in resilience. Innocent Chukwuma founded Innoson Motors, Nigeria’s first indigenous car manufacturer, challenging the dominance of imported vehicles and reshaping conversations about local production. Mo Ibrahim, a Sudanese business mogul pioneered mobile telephony across Africa and went on to influence governance through the Mo

Ibrahim Foundation. These individuals prove that one business can alter how a nation is seen by the world, and how citizens see themselves.

Quick-profit schemes may enrich individuals for a moment, but they leave nations poorer. Legacy businesses, on the other hand, outlast founders and anchor economies. Japan’s rise after World War II is tied to companies like Toyota, Sony, and Panasonic. These are firms built for long-term value. In contrast, nations where businesses collapse after one generation lose both economic stability and institutional memory. Legacybuilding means prioritizing governance, succession planning, and ethical practices.

It means resisting shortcuts, even when they promise fast wealth. For nations to transform, businesses must be built to endure.

Look at countries with thriving private sectors, and you will see nations that prosper. Germany’s “Mittelstand”, its powerful small and medium-sized enterprises form the bedrock of Europe’s strongest economy. South Korea’s rise from poverty to global powerhouse is tied to conglomerates like Samsung and Hyundai. Now compare with nations where private enterprise is weak, either crushed by corruption or smothered by bad policy. These countries often face high unemployment, capital flight, and dependence on foreign aid. The lesson is self-explanatory: a nation is only as strong as its businesses.

Governments can either enable enterprise or choke it. In Singapore, probusiness policies, efficient bureaucracy, and investment in infrastructure turned a resource-poor island into one of the world’s richest nations. In Venezuela, heavy-handed state control and hostility to private enterprise collapsed industries, driving millions into poverty despite vast oil reserves. The message is that when governments treat businesses as partners, nations grow. When they treat them as enemies or cash cows, nations decline.

Business failure is not just a private tragedy; it is a public one. When a company closes: · Workers lose jobs, increasing unemployment and social instability. · Governments lose tax revenue, weakening public services. · Communities lose innovation, support, and identity.

Linus Okorie MFR is a leadership development expert spanning 30 years in the research, teaching and coaching of leadership in Africa and across the world. He is the CEO of the GOTNI Leadership Centre.

T H I S D AY

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MONDAY SEPTEMBER 1, 2025

Tinubu’s exchange rate reforms have revitalised Nigeria's economy by allowing the naira to find its realistic value, contends TANIMU YAKUBU

FROM DEVALUATION TO DOMINATION

When President Bola Ahmed Tinubu’s administration dismantled Nigeria’s rigid foreign exchange regime in 2024, critics were quick to call it a currency collapse. The naira plunged to ₦1,800 per dollar in March 2024, and headlines screamed of economic freefall. But beneath the noise, a deliberate, high-risk economic recalibration was underway—one that has now begun to pay off in spectacular fashion.

By August 2025, the naira had clawed its way back to ₦1,525/$1, marking a 15.28% strengthening in just five months—an annualised pace of nearly 48.9%. This wasn’t luck; it was policy.

Increased oil receipts, swelling diaspora remittances, and the clearing of over $4 billion in foreign exchange backlogs restored investor trust. The unification of Nigeria’s FX windows created a single, transparent market rate—finally letting the currency find its realistic value.

Why does this matter? Because a realistic exchange rate does more than please economists—it changes the very arithmetic of trade. Nigerian goods, once overpriced in dollars due to an artificially strong naira, suddenly became bargains on global markets. A bag of sesame seeds, cocoa beans, or even processed chocolate instantly cost less in New York, Mumbai, or São Paulo, without the Nigerian farmer or factory owner earning less in naira terms.

The result was swift and striking.

Non-oil exports jumped from $2.696 billion in H1 2024 to $3.225 billion in H1 2025—a 19.62% year-on-year growth. And this wasn’t just a “price illusion.” Export volumes rose from 3.83 million to 4.04 million metric tonnes, proof that foreign buyers weren’t just paying more for the same goods—they were buying more goods, period.

A perfect “sweet spot” had emerged:

• For buyers abroad, Nigerian goods were cheaper than competitors’.

• For exporters at home, the naira value of earnings soared, enabling reinvestment into value-added processing—turning raw cocoa into chocolate bars, raw sesame into bottled oil.

• For the economy, the export surge pumped foreign exchange back into the system, strengthening the naira without eroding its competitiveness.

The feedback loop is textbook economics: One, FX Reform → Realistic Naira Two, Cheaper USD Prices → Export Boom Three, Export Boom → FX Inflows Four, FX Inflows → Naira Stability Five, Naira Stability → Investor Confidence & Long-Term Growth What’s remarkable is that this cycle feeds itself. As Nigerian goods win more market share globally, the inflow of export dollars reinforces naira stability. That stability lowers risk for investors, inviting portfolio and capital inflows that further bolster reserves.

The critics who cried “worthless naira” missed the bigger picture: a floating currency is not a sign of weakness—it is a tool for national competitiveness. By refusing to prop up the naira with scarce reserves and instead letting market forces work, the Tinubu administration has set the stage for a sustainable, export-driven growth path.

If Nigeria stays the course, the naira’s recovery won’t just be about exchange rates—it will be the story of an economy finally learning how to turn its currency into a competitive weapon on the world stage.

Yakubu is the Director-General of Budget Office

Governor Mutfwang is breathing fresh air into the health sector, writes GYANG BERE

PLATEAU’S NEW DAWN In the heart of Plateau State, a new dawn is breaking in the health sector, one of hope, transformation, and renewed commitment to the well-being of citizens, especially the vulnerable in rural communities. At the center of this revolution stands Governor Caleb Manasseh Mutfwang, a visionary leader whose passion for service and dedication to humanity are redefining what accessible, affordable, and quality healthcare means for the people.

For Governor Mutfwang, leadership is about responsibility, not excuses. His results-driven approach has instilled a sense of security and hope among citizens.

The difference is visible: in lives saved, in hospitals revitalized, and in communities that once despaired but now begin to hope again. Under his watch, healthcare is no longer seen as a privilege but as a fundamental right for every Plateau citizen.

In less than two years, the health sector has witnessed a remarkable turnaround.

Neglected hospitals have been revived with modern equipment; medical records are being digitized; and an effective emergency response system is now in place to deliver swift, coordinated action during crises.

At the heart of Jos, the Plateau Specialist Hospital stands as a flagship of this transformation. The recruitment of 22 new specialist consultants, ranging from Urology, Cardiology, and Pediatrics to Psychiatry, Obstetrics & Gynecology, Orthopedics, Ophthalmology, and Pathology has breathed new life into the hospital. Patient satisfaction has improved, service delivery has expanded, and outcomes are visibly better.

To build capacity for the future, Residency Training Programs have been scaled up in Surgery, Pediatrics, Internal Medicine, and Gynecology. This is part of a deliberate strategy to reposition the Specialist Hospital into a full-fledged teaching hospital, improving healthcare training and expanding access to specialized care.

Systemic challenges have not been ignored. Chronic water shortages at the hospital were solved through a complete overhaul of the reticulation and storage system. Renovations of critical facilities such as the Administrative Block and Emergency Pediatric Unit have improved both staff working conditions and patient care. Staff welfare has been prioritized, while security and energy reliability have been strengthened with solar-powered floodlights, surveillance cameras, and a solar mini-farm.

The transformation is not limited to Jos. General hospitals across Plateau State from Riyom to Shendam, Mangu to Pankshin, Kanke to Barkin-Ladi, and Dadin Kowa to Mabudi are being restored to dignity. Equipped with new X-ray and ultrasound machines, stocked with affordable medicines, and staffed with renewed personnel, these hospitals now restore confidence to rural communities

once neglected.

A groundbreaking milestone has been the establishment of the Plateau State Drugs and Medical Commodities Management Agency (PS-DMCMA).

With a newly commissioned state-ofthe-art pharma-grade warehouse built to international Good Storage Practices, fake and substandard drugs are being eliminated from circulation.

The facility, equipped with temperaturecontrolled storage zones and advanced inventory systems, ensures safe, timely, and equitable distribution of quality medicines to hospitals and clinics. Beyond this, the agency is working with partners to strengthen procurement systems, explore local pharmaceutical manufacturing, and promote transparency in the medical supply chain. Plateau is fast becoming a

model for healthcare logistics and drug regulation in Nigeria.

The launch of a functional state ambulance service has been a gamechanger. It ensures timely access to critical care, particularly in hard-to-reach rural areas, reducing preventable deaths across all 17 local government areas.

Healthcare coverage has expanded rapidly. Enrollment in the Plateau State Contributory Healthcare Management Agency grew from 93,605 in May 2023 to over 208,550 by March 2024. Through the Mutfwang Care Initiative, more than 9,000 vulnerable citizens — including the elderly and retired public servants — are now receiving free and reliable healthcare.

Maternal and child health has improved under the IMPACT (Improving Child and Maternal Health Project). Immunization coverage is rising, mortality rates are dropping, and Primary Health Centres are being renovated, solar-powered, and digitized. Expectant mothers can now deliver safely in well-equipped facilities.

The fight against malaria has also recorded impressive success. With 207 motorbikes distributed to frontline health workers, community outreach has intensified, cutting malaria prevalence among children under five from 35.8% to 15% in less than two years, a remarkable achievement.

Bere is the Director of Press and Public Affairs to the Executive Governor of Plateau State

22 4

T H I S D AY

EDITORIAL

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

L

MONDAY SEPTEMBER 1, 2025

NIGERIA’S MISSING PEOPLE The authorities must do more by clarifying the fate of missing persons

ast week, the International Committee of the Red Cross (ICRC) said more than 23,659 people are missing in Nigeria, leaving 13,595 families in anguish. Protection of Family Links Team Leader of ICRC in Damaturu, Mr Ishaku Luka, stated this during activities to mark the International Day of the Disappeared. About 68 per cent of those still searching for answers were women, while 59 per cent of those missing were minors at the time of their disappearance. Yobe, one of the states devastated in the Northeast by the Boko Haram insurgency, accounts for 2,500 cases of the missing persons, most of whom were recorded in Gujba Local Government Area.

Nigerians are living in trying times. Many leave their homes and workplaces without returning. Indeed, the sheer number of unaccounted people is a pointer to the gravity of the situation. For the affected families, living through the ordeal of having a relation missing can be a most traumatic experience.

The anxiety generated in such situation is far worse than in established cases of kidnapping, wherein the release of victims could be conditioned on the possibility of reaching a deal with the abductors.

Perhaps no case highlights the plight of missing persons in the country more than that of Abubakar Idris, (popularly known as Dadiyata), the Kaduna-based critic abducted from his home six years ago. His family has since joined several others in Nigeria who cannot account for the whereabouts of their father, mother, daughters, sons, uncles and other loved ones. Such is the regularity of this occurrence that a civil society organisation, ‘Enough is Enough’ has opened a website to document the trend.

Available records reveal that some missing persons have been found after some days,

?

?

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weeks or months, sometimes in locations far away from home. Mr. Luka stated last week that the organisation had facilitated the reunification of seven separated children with their families. But others are never found, thus prolonging the anxiety of their family members who would forever wonder: Were they kidnapped or involved in road accidents?

Were they victims of rituals? Are they dead?

Or alive?

It is instructive that insecurity is perhaps the biggest reason for the increased disappearances in Nigeria. Nigeria is virtually at war. Armed conflicts in the northeast, banditry in the northwest and farmer-herder crisis in the north central and, indeed kidnappings and other sundry crimes in the south have contributed largely to the growing number of the problem. In addition, thousands of people cross borders, the Sahara Desert and the Mediterranean Sea in search of safety and better life each year. Such movements often entail great risks, including the risk of disappearance.

But whatever may be the reasons, this is a serious national security issue. The uncertainty of families of missing persons is heightened by a feeling of hopelessness and despair, especially when there is no official place to which they can receive succour. In other societies, the realisation that the country provides a platform for reporting and tracking missing persons offers a sense of hope, perhaps of possible tracing and eventual reunification.

The obligation to clarify the fate and whereabouts of missing persons arise from the fact that their relatives have specific needs. These include administrative, economic, psychological and psychosocial support and the need to have their suffering acknowledged.

Beyond reporting to the police, there must be other avenues by which the families can seek public support with the assurance that the lives of their loved ones whose whereabouts cannot be accounted for matter.

For the affected families, living through the ordeal of having a relation missing can be a most traumatic experience T H I S D AY

EDITOR SHAKA MOMODU DEPUTY EDITOR WALE OLALEYE MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

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

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTOR PATRICK EIMIUHI CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

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

LETTERS

YET ANOTHER TRAIN DERAILMENT

Train derailments are not unusual across the world, but in Nigeria, they have become disturbingly frequent, an alarming trend that must be urgently addressed.

What should ordinarily be rare incidents have become recurring news headlines, raising serious concerns about the safety of our railway system and the capacity of those managing it.

The causes of these derailments vary, but they often stem from two major issues: poor infrastructure and the persistent menace of vandals. For the umpteenth time, reports indicate that parts of the rail tracks were stolen, compromising the safety of trains and endangering the lives of passengers. It is tragic that in a country striving to modernize its transportation system, criminal activi-

ties such as these are allowed to thrive unchecked.

The management of the Nigerian Railway Corporation (NRC) had previously assured Nigerians that it possessed both the technical expertise and the technology to monitor rail tracks round the clock. However, the recent derailment linked once again to vandalism and resulting in injuries tells a different story. It has become evident that there is little or no effective surveillance of our rail lines, leaving them vulnerable to saboteurs.

These vandals are not mere petty criminals; they are enemies of the state. Their actions not only destroy national infrastructure but also put countless lives at risk.

They must be identified, prosecuted, and punished accordingly to serve as a deterrent to others who might

contemplate such acts.

More importantly, the NRC management must go beyond mere promises. It must work closely with security agencies to ensure that rail tracks and associated infrastructure are adequately protected. Strategic surveillance, deployment of technology, and stronger community engagement can collectively help safeguard the nation’s rail system.

Nigeria cannot afford to record further train derailments. Each incident erodes public trust, endangers lives, and undermines the country’s development aspirations.

Tochukwu Jimo Obi jimobi83@gmail.com

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T H I S D AY • Monday, SEPTEMber 1, 2025

BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

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

08056356325

A u g ust

S & P INDEX

2 9 , 2 0 2 5

S & P INDEX

EXCHANGE RATE

OPR

25.34%

CALL

23.25%

INDEX LEVEL

595.26

1/4 to daTE

0.24%

N1,562.33/ 1 US DOLLAR*

OVERNIGHT

25.18%

1-MONTH

21.37%

1-DAY

0.10%

YEAR TO DATE

-10.99%

*AS AT FRI., August 29 , 2025

3-MONTH

22.41%

MONTH-TO-DATE

0.24%

Amidst Demand, Consumer Goods Index Emerges Best Performing Indicator on NGX

Kayode Tokede Following demand for BUA Foods Plc, among others, the Consumer Goods Index emerged as the best performing indicator on the Nigerian Exchange Limited (NGX) in the first eight months of 2025.

The Index in the period under review appreciated by 84.24 per cent Year-tillDate (YtD), ahead of the benchmark indicator that closed higher at 36.31per cent YtD. In the period under

review, NGX Oil & Gas index and NGX AseM emerged as the two worst performing indices, closing at 12.19 per cent YtD and 2.88 per cent YtD, respectively.

The consumer goods sector has benefited from a broader market trend of investor rotation into defensive and growth segments, especially during more volatile periods.

THISDAY analysis of trading number showed that most stocks in the NGX Consumer Goods Index witnessed significant

price appreciation following a recovery from the ongoing reforms e.g., foreign exchange liberalisation, subsidy removal. Companies in the sector recorded strong first quarter (Q1) ended March 2025 and half year ended June 2025 corporate earnings.

Specifically, the market capitalisation of BUA Foods hits N10.62 trillion as of August 29, 2025, becoming the highest listed company on the bourse amid its stock price gaining 42.2 per cent YtD from N415 per share

to N590 per share as of August 29, 2025.

In the period under review, Champion Breweries, Honeywell Flour Mill and Vitafoam Nigeria Plc stock price yield grew significantly amid impressive earnings and positive sentiment trading by investors.

Champion Breweries led the chart with the highest yield of about 354.07 per cent when its stock price moved from N3.81 per share in December 2024 to close August 29, 2025 at N17.3 per share.

The company swung back into profitability, delivering a profit after tax (PAT) of N2.29 billion, compared to a loss of roughly N387 million in H1 2024.

The firm also reported no foreign exchange (FX) losses in H1 2025, compared with a substantial foreign exchange loss of N910 million in H1 2024.

Additionally, there was N140 million in finance income, which helped bolster the bottom line.

Another company with robust yield was Honeywell

Flour Mill with 257.94 per cent growth close August 29, 2025 at N22.55 per share from N6.30per share it closed for trading in 2024.

Key drivers behind the stock rally of Honeywell Flour Mill include explosion in revenue to N277.06 billion in the first nine months of the 2025 fiscal year (ending March), up 123 per cent year-on-year, and already 47per cent higher than full-year 2024 revenue of N188 billion.

The story continues online on www.thisdaylive.com

Sanwo-Olu: Technology Adoption, PPP Will Enhance Govt Service Delivery Emma Okonji

Lagos State Governor, Babajide Sanwo-Olu has said the strategic adoption of emerging technologies across Ministries, Departments and Agencies (MDAs) of government, will boost government service delivery to the citizens.

Sanwo-Olu said this at the weekend in Lagos, while delivering a speech at The Nigeria eGovernment Summit

2025, organised annually

by DigiServe Networks Services.

Sanwo-Olu, who was represented by the Lagos State Commissioner for Innovation, Science and Technology, Mr. Olatubosun Alake, spoke on the theme: “PublicPrivate Partnership for Effective eGovernment Service Delivery.”

According to him, times are changing, and so we must embrace strategic

methods and emerging technologies as this will facilitate effective government service delivery.

“The World Bank has recommended that Nigeria prioritises investments in human capital and infrastructure to drive inclusive growth. However, the government cannot do this alone. Public-Private Partnership (PPP) is therefore a necessary and important instrument

for the attainment of sustainable economic development.

“Solutions from PPPs will provide more integrated financial design, construction, maintenance, and operational solutions to infrastructure projects in Nigeria. Access to healthcare and other social economic services and products can be accomplished through PPPs. The federal and state governments must

provide materials that can facilitate an orderly development of PPPs,” Sanwo-Olu said.

Various keynote speakers at the summit, also stressed the need for PPP adoption to drive government service delivery.

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, who was represented by Mr. Tunji Jimoh from NCC Lagos

Zonal Office, said the public-private partnership initiative for effective e-Government service delivery could not be timelier as it speaks directly to our national ambition to harness digital public infrastructure, data systems and innovation as a catalyst for increasing growth, economic diversification and sustainable development.

The story continues online on www.thisdaylive.com

M a r k e t d ata A s at F r i d ay, A u g u s t 2 9 , 2 0 2 5 BONDS Description Price Yield Change Updated Time (%) ^16.2884 17August 99.24 16.83 0.00 29, 2025 MAR-2027 August ^19.94 200.00 29, 104.41 16.61 2025 MAR-2027 ^13.98 23August 95.10 16.45 0.01 FEB-2028 29, 2025 ^21.00 20August 108.71 16.68 0.00 MAR-2028 29, 2025 ^14.55 26August 106.40 16.89 0.00 29, APR-2029 2025

BILLS Maturity NTB 4-Sep25 NTB 9-Oct25 NTB 6-Nov25 NTB 4-Dec25 NTB 8-Jan26

Discount Yield

Change (%) Updated Time

Maturity

16.31

16.41

August -0.02 29, 2025

16.50

16.87

August 0.85 29, 2025

16.66

17.26

August 0.60 29, 2025

16.72

17.56

August 0.00 29, 2025

17.94

August -0.01 29, 2025

SALC CP II 3-OCT-25 LFZC CP X 16-SEP-25 SIBP CP I 11DEC-25 CILE CP V 11-DEC-25 EULL CP IX 18-JAN-26

16.79

CLEARED NAIRA-SETTLED NDFS

CPs Discount Yield 20.69

21.20

20.83

21.13

18.53

19.63

18.72

23.61

19.47

21.14

Change (%)

Updated Time

August 0.01 29, 2025 August 0.01 29, 2025 August -0.01 29, 2025 August 0.00 29, 2025 August 0.00 29, 2025

Contract Current Tenor Contract Rate ($/₦) (Month) NGUS AUG 13M – 26 2026 NGUS SEP 14M – 30 2026 NGUS OCT 15M – 28 2026 NGUS NOV 16M – 25 2026 NGUS DEC 17M – 30 2026

Updated Time

August 29, 2025 August 29, 2025 August 29, 2025 August 29, 2025 August 29, 2025

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Monday, SEPTEMber 1, 2025 • T H I S D AY

BUSINESSWORLD

OIL & GAS

Petralon: Community Partnership as Recipe for Business Success

Peter Uzoho narrates how Indigenous oil producer, Petralon Energy host community partnership is driving business success

Rich culture of the Okrika people on display at the Ogoloma Town Square during a community engagement programme hosted by Petralon Energy.

I

n a significant step towards fostering sustainable development in its host communities, Petralon Energy has announced the establishment and incorporation of Host Community Development Trusts (HCDT) for the Ogoloma and Koniama communities of Rivers State.

The announcement comes as the indigenous oil company celebrates a remarkable transformation of the Dawes Island Field into a producing field 22 years after it was initially awarded as a marginal field in the first Marginal Field Bid Round, and 46 years since its discovery in 1979 by Chevron.

When Petralon Energy assumed operatorship three years ago, the asset had languished as a symbol of missed opportunities. Today, the asset is on the cusp of sustained production, following the successful completion of DI-2 well in June 2025, and the implementation of an integrated community-business model offers a potential blueprint for sustainable operations in Nigeria’s oil sector.

What sets Petralon Energy apart is its integration of authentic community partnership with operational excellence, going far beyond PIA requirements to establishing community-led development initiatives.

On Thursday, October 13, 2022, Ahonsi Unuigbe, Founder and Chief Executive of Petralon, led his management team not just to announce operations, but to formally present Petroleum Prospecting License No. 259 (PPL 259) to the traditional rulers and people of Ogoloma and Koniama communities. The ceremony showed authentic cultural integration that would become the foundation for unprecedented operational success.

The rich culture of the Okrika people was on full display that day. Songs from melodious voices attracted dignitaries from across the Ogoloma and Koniama communities, including youths, community elders, members of the Council of Chiefs, government officials, and traditional rulers.

Petralon Energy’s CSR and Community Relations Manager, Dr. Kenneth Uzor, interacted with some representatives from Ogoloma and Koniama communities during the Host Community Development Trust (HCDT) Awareness and Community Needs Assessment Programme.

The cultural display bore messages that projected the history and identity of the Okrika people to a distinguished audience that included Emmanuel Tamunoigbeindebia Ibiagolika, Amayanabo of Ancient Ogoloma Kingdom, Michael Ateke Tom, Amayanabo of Okochiri Kingdom, lawmakers, and representatives from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

“We are not just here to take without giving back,” Ahonsi Unuigbe promised the traditional rulers and community leaders. “With the right atmosphere created by the Okrika people for our company’s operations, mutual prosperity is assured.”

The community response was immediate and unequivocal. “With the way you, Petralon 54 have come to us, we are persuaded that you are keen on a long-term and mutually beneficial relationship with our people, and for that, you have our full support and cooperation,” declared one of the leaders of the Okrika communities.

The cultural foundation established at Ogoloma Town Square quickly translated into systematic business execution. Since the ceremony, Petralon 54 has made impressive strides in executing corporate social responsibility programmes targeted at multi-level stakeholder groups, but the most defining effort has been the establishment and incorporation of the HCDT initiative for the Ogoloma and Koniama communities.

While the Petroleum Industry Act (PIA) 2021 requires such trusts, Petralon Energy’s approach goes far beyond regulatory compliance. This initiative signals not just adherence to legal requirements, but represents an institutional commitment that transcends regulatory minimums, to invest meaningfully in initiatives that positively impact host communities.

“As part of its broader mission,

Petralon Energy is committed to a new era of collaboration between oil producing companies and host communities; one that ensures lasting economic, social, and environmental benefits,” said Uduakobong Equere, Executive Director of Petralon 54, during an in-house briefing before the commencement of drilling operations that would prove crucial to the field’s revival.

Community-controlled Development The genius of Petralon Energy’s community development approach lies in its fundamental departure from traditional oil company practices where operators design programmes based on corporate assumptions about community needs.

The company places communities in the position to determine and implement projects that best serve their long-term interests.

This philosophy manifested in the comprehensive sensitisation and enlightenment programmes conducted in July 2024, well before the formal activation of the Host Community Development Trust (HCDT). Petralon Energy conducted intensive educational initiatives to ensure community leaders, youth representatives, women’s groups, and other key stakeholders thoroughly understood the benefits and structure of the HCDT framework.

The activities were specifically designed to encourage meaningful community participation in deliberations and enable deep understanding of the HCDT scheme through exposure to detailed and useful information. The results validated Petralon Energy’s investment in this process: communities demonstrated impressive knowledge of the HCDT scheme and established committees to draft Community Development

Action Plans (CDAPs) based on previously assessed needs across the three communities in the Ogoloma kingdom.

A representative of the Ogoloma community, Chief L.T.I.I. Alalegbo, captured the impact of this approach when he said, “When Petralon 54 came in for the sensitisation, it was clear that Ogoloma and its people were properly considered, and I have seen and can confirm that Petralon has a real desire to elevate the Ogoloma Community.”

Professional Management Ensures Accountability With the formal incorporation and inauguration of the Host Community Development Trust, Petralon has invested heavily in ensuring effective management of the trust’s structure and procedures for maximum impact and sustainability.

The scheme will ensure that Petralon Energy and the host communities collaborate to establish Management and Advisory Committees that will steer the affairs of the Trust toward actualisation of outlined goals. The sophistication of this approach becomes clear in the capacity building component: “Members of the Board of Trustees, Management and Advisory Committees will undergo capacity building training in project management and other relevant modules,” explained Petralon Energy’s Community Relations, and CSR Manager, Dr. Kenneth Uzor, during HCDT enlightenment meetings with community leadership.

The systematic nature of implementation is equally impressive. “Based on the Community Development Action Plans from the various communities, we will develop a comprehensive 12-month implementation roadmap, which will serve as a dashboard for project execution and monitoring before funding is released to the Trusts for the identified projects,” Dr. Uzor added.

The story continues online on www.thisdaylive.com

25

T H I S D AY • Monday, SEPTEMber 1, 2025

BUSINESSWORLD

news

Pollution: NIMASA Charges Ships Operating in Nigeria on MARPOL Compliance

Eromosele Abiodun

The Nigerian Maritime Administration and Safety Agency (NIMASA) has charged all ships operating within Nigerian waters to ensure strict

compliance with the provisions of the International Convention for the Prevention of Pollution from Ships (MARPOL) Annex VI. MARPOL Annex VI, which Nigeria has domesticated under

the Merchant Shipping Act, 2007 (MSA, 2007), specifically addresses the prevention of air pollution from ships.

The Director General of NIMASA, Dr. Dayo Mobereola, reaffirmed the agency’s commitment

to safeguarding Nigeria’s marine environment.

He stressed that full compliance with MARPOL Annex VI is non-negotiable for all vessels, as Nigeria continues to align its maritime operations with global best practices

in safety, security, and environmental protection.

“In line with our statutory mandate under the NIMASA Act 2007 and the Merchant Shipping Act 2007, we have issued a Marine Notice to guide shipowners, charterers,

and shipping companies on their obligations.

While we encourage shipping businesses in Nigeria, we remain committed to ensuring that international standards are not compromised,” Mobereola stated.

SO&U, Udeme Ufot Honoured for Advertising Legacy at Brand Handlers Awards SO&U, one of Nigeria’s foremost creative advertising agencies, has been honoured with the Legacy Advertising Agency of the Year Award at the inaugural Brand Handlers Summit and Awards. In addition, the company’s Group Managing Director, Mr. Udeme Ufot, received the distinguished Legacy Award for Creative Advertising in Nigeria, underscoring his outstanding contributions to the growth and evolution of the nation’s marketing communications

industry.

Speaking on the recognition, Ufot expressed gratitude to the organizers of the Brand Handlers Summit and Awards, while dedicating the recognition to SO&U’s clients, partners, and team members. “These awards are not just a recognition of the work we do, but of the belief that creativity, innovation, and integrity remain the foundation for building enduring brands. At SO&U, we remain committed to

pushing boundaries and setting new benchmarks for advertising excellence in Nigeria and beyond,” he said.

The Brand Handlers Summit and Awards, a premier platform for celebrating excellence in marketing and brandbuilding, acknowledged SO&U’s consistent impact on Nigeria’s advertising industry, citing its creative innovation, client service, and contribution to shaping the narratives of brands across diverse sectors.

L – R: Senior Group Head, PR & Event, Soulcommunications Limited, Ugochukwu Uwajeh; Chief Operating Officer, Vyrus Digital, Deji Atunwa; Group Managing Director, SO&U and recipient of the Legacy Award in Creative Advertising in Nigeria, Udeme Ufot; Managing Director, Maximedia Global, Femi Adefowokan and Chief Operating Officer Soulcommunications Limited, Ayodeji Onabajo, at the Brand Handlers Summit and Awards in Lagos…yesterday

THE INVISIBLE COMMODITY:

Why Charcoal Is Not on Nigeria's Economic Map When the federal government at the 2025 Forest Economy Summit announced plans to unlock $2 billion from Nigeria's forest economy, it sounded like progress. The Vice President, Kashim Shettima, called for urgent action, warning that over 90% of our original forest cover is gone.

Yet, I believe there is a contradiction at the heart of this initiative: while preaching a sustainable forest economy, the same government is quietly placing restrictions on charcoal export , a forest product that can yield more export potential. It's like discovering treasure but blocking the path leads to it. We can't talk “trees into trillions” and sideline the one product most tied to them.”

Yes, the federal government lifted the charcoal export ban in mid-2023, but it was conditional not a full repeal. Customs released Circular No. 8 directing that all charcoal exports now require approval letters from the Ministry of Finance and identification support from forest officers at ports. If exporters fail these conditions or if Nigeria misses the EU's December 2025 deadline for non-deforestation sourcing it could mean another full ban. In other words, it's not freedom, it's regulation by exclusion.

Charcoal, though seen as controversial, is a biofuel, an export asset, and a rural livelihood. In a nation grappling with climate change, there's a clear paradox: Nigeria's forests are disappearing, and yet a key product, charcoal, remains invisible in our national policy. By refusing to give charcoal a formal commodity status, we are missing an

opportunity to regulate its production, create an export framework, and establish price benchmarks. Our forest cover continues to shrink, a direct result of decades of unsustainable practices and the complete absence of a regulatory framework for products like charcoal. I think we need to move from damage control to sustainability.

That means supporting solutions like afforestation, reforestation, and creating policies that recognize forest-based livelihoods and not erase them. Because when we ignore the systems that keep rural communities alive, we lose more than trees; we lose people too.

“I see the shift from seeing forest products like charcoal as threats, to treating them as assets, managed responsibly, regulated wisely, and integrated into a greener economy that works for everyone, especially the next generation as strategic and forward thinking.”

Charcoal Is Powering Other Economies; Why Not Ours?

Take Namibia, a nation with about 3 million people and a semi-arid landscape that has managed to turn its natural resources into a significant economic asset. In 2023 alone Namibia exported 270,000 tonnes of charcoal worth $80.5 million. Now, consider Nigeria; with a far larger population and more extensive forests, our official data for the same year shows we exported just 443 tonnes that year; valued at $119,470. About $54,000 of that went to the UAE; the rest to Europe in small amounts. Let that sink in: a

country six times smaller than Nigeria is earning hundreds of times more from a single forest product.

This isn't a problem of production; it's a stark illustration of a crippling policy gap.

Nigeria has significantly higher reserves, better climatic advantage, and international demand especially from UAE, EU, and parts of Asia. Yet we don't regulate it, don't protect it, and don't price it. We are not just missing out, we are watching income leak away through informal channels and black-market trading.

The UAE, for instance, only allows a handful of natural exports from Nigeria. Charcoal is one of them, yet due to weak documentation systems, we have many undocumented charcoal shipments. While our neighbours formalize the trade, we let our own operate in disguise.

According to industry research, the global charcoal market is expected to reach $11.4 billion by 2030. Nigeria loses over 99% of potential revenue because there is no official export policy or commodity designation for charcoal.

This policy vacuum has a domino effect where Producers are vulnerable to exploitation and underpricing. No tax income is generated from a booming informal export sector. No climate finance or carbon credits are accessible because the industry isn't tracked. Local communities suffer, even though over 70% of charcoal collectors are women and youth, especially in

the north-central and southwest regions.

Rather than impose tighter restrictions, I believe Nigeria must formally recognize charcoal as a valuable commodity, a key driver in the government's $2–3 billion forest economy agenda.

The Federal Government's recent forest economy summit signals renewed interest in land use and non-oil income. But unless charcoal is brought into that conversation as a registered, regulated, and priced commodity, it becomes counter productive.

We're producing the resource, but our policy gap is killing its potential. We need to do better.

The solution is not to prohibit, but to formalize. I propose that we recognize charcoal as a legal commodity in our trade and forest policies. We must establish clear export frameworks with sustainability protocols to meet global demand, and empower local producer cooperatives with training and market access. To attract climate finance, we should also implement digital monitoring to regulate harvesting.

Charcoal is more than fuel; it's a source of revenue, jobs, and foreign exchange. As the world moves toward sustainable biomass, the answer isn't restriction, it's smart regulation. It's time to build a smart and sustainable policy.

Mr. Ebenezer Akarah CEO/Founder, Bricks to Crib Group of Companies

26

T H I S D AY • MONday, SEPTEMBER 1, 2025

business/MOnEYGUIDE

STOAN Congratulates NPA Boss on Election as IAPHVice-President Oluchi Chibuzor

The Seaport Terminal Operators Association of Nigeria (STOAN) has congratulated the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, on his election as Vice-President of the International Association for Ports and Harbours (IAPH).

In a statement issued over the weekend, the Chairman of STOAN, Vicky Haastrup, described Dr. Dantsoho’s election as a landmark achievement for Nigeria and a recognition of his leadership qualities, professional acumen, and the growing importance of the Nigerian maritime

sector on the global stage.

“Dantsoho’s election as Vice-President of the International Association for Ports and Harbours is a great honour, not just for him personally, but for Nigeria as a whole,” Olori Haastrup said.

“It is a resounding testament to his track record of competence, vision, and dedication to improving port operations in Nigeria. His leadership at the NPA has been marked by bold reforms and a renewed commitment to efficiency and global best practices. The international maritime community has now recognized these qualities by entrusting him with such a strategic role.”

She noted that Dantsoho’s new role provides Nigeria with a stronger voice in shaping global port and harbour policies, particularly at a time when issues of digitalization, sustainability, and competitiveness are redefining the maritime industry.

“Nigeria is Africa’s largest economy and home to some of the continent’s busiest seaports. Dr. Dantsoho’s presence in the leadership of IAPH will ensure that our country and indeed Africa are not left out in the evolving conversations around green shipping, technological transformation, and the pursuit of more efficient global supply chains,” Haastrup added.

Expert Tasks FG on Designing Domestic Refining Development Framework

Hammed Shittu in Ilorin

A multi dimensional energy expert, Abdulrazaq Hamzat, at the weekend called on the federal government to urgently design a Domestic Refining Development Framework (DRDF) that will serve as a pathway to ensure competition and fair market balance in the oil sector of the country.

The enery expert however urged the

federal government, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Nigerian National Petroleum Company Limited (NNPC Ltd) to consider the proposed framework to achieve the desired result in the sector.

Speaking with newsmen in Ilorin yesterday on the state of the nation, Hamzat said that, such designs would go a long way of boosting local competition

and accelerate the socioeconomic development of the country.

According to him, “Nigeria has conquered one aspect of its petrol challenges with the success of Dangote refinery but reliance on a single privately owned mega refinery poses long term risks to pricing, supply security, and energy sovereignty therefore calling on government to develop framework for local refining competition.”

Addosser Finance Celebrates Historic Opening of First Regional Branch Addosser Finance, a member of the Addosser Ecosystem, celebrated a historic milestone with the grand opening of its first regional branch in Bodija, Ibadan, Oyo State, on August 26, 2025. This vibrant event, held at the new office in the heart of Ibadan, brought together distinguished dignitaries, industry leaders, board members, and loyal customers, marking a bold step in the institution’s expansion beyond Lagos to empower individuals, SMEs, and Corporates across Oyo State with its innovative financial solutions.

The electrifying ceremony featured a ribbon-cutting led by Aare Abisola Fagade, Director General of the National Institute of Hospitality and Tourism and a valued Addosser customer, alongside Managing Director Mr. Ayodeji Sobulo, Board Chairman Mr. Olusola Odediran, and Executive Director Mrs. Bukola Adepitan.

The event was enriched with inspiring keynote speeches, a dynamic walkthrough of Addosser’s products and services, and heartfelt testimonials from

customers, underscoring the institution’s transformative impact.

In an address by Mr. Ayodeji Sobulo, the Founder of Addosser and Managing Director of Addosser Finance declared, “This is more than a branch opening—it’s a transformative moment for Addosser. Our first regional expansion signals growth, opportunity, and an unwavering commitment to being a true financial partner, delivering tailored solutions to communities across Nigeria.”

Sneaklin Unveils App to Transform Shoe Care in Africa Sunday Ehigiator

Sneaklin, a trailblazer in Nigeria’s sneaker and shoe care industry, has launched its new mobile application, Care by Sneaklin, in a bold move to redefine footwear maintenance across Africa.

The app, unveiled during a three-day launch experience held recently at the Urban Jungle, Ikeja City Mall, combines professional shoe care services with

easy-to-use digital tools, positioning Sneaklin as a leader in Africa’s fastgrowing sneaker culture.

Speaking at the launch, the Founder of Sneaklin, Tife Pariola, noted that “With sneaker culture booming in Africa, the industry needs solutions that match the pace and lifestyle of modern consumers.

“Our app is designed to deliver premium shoe

care services with the same speed, efficiency, and reliability people expect from any leading tech-enabled service.”

Speaking further, Pariola said, “Beyond digital innovation, Sneaklin continues to market its range of premium products such as cleaning kits, suede protectors, sneaker fresheners, and leather care solutions, all available on sneaklin.com.”

Left to Right – Executive Director,Addosser Finance Bank,Mrs Bukola Adepitan; Managing Director,Mr Ayodeji Sobulo; Chairman of the occasion and Director General of National Institute of Hospitality and Toursim,AbisoyeFagade; Board Chairman,Addosser Finance Bank,Mr Olusola Odediran and Non-Executive Director, MrMisanEresanaraduring the opening ofAddosser’sfirst regional branch in Ibadan…recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) NOVEMBER

Month

Money Supply (M3)

108,966,480.44

-- CBN Bills Held by Money Holding Sectors

19,796.18

Money Supply (M2)

108,946,684.26

Quasi Money

72,672,756.90

-- Narrow Money (M1)

36,273,927.36

---- Currency Outside Banks

4,652,527.74

---- Demand Deposits

31,621,399.62

Net Foreign Assets (NFA)

17,347,112.78

Net Domestic Assets(NDA)

91,619,367.66

-- Net Domestic Credit (NDC)

115,576,757.67

---- Credit to Government (Net)

39,616,629.91

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

75,960,127.77

--Other Assets Net

12,147,461.96

Reserve Money (Base Money)

30,871,571.25

--Currency in Circulation

4,878,125.22

--Banks Reserves

25,993,446.02

--Special Intervention Reserves

278,860.37 • Source - CBN

Money Market Indicators (in Percentage) Month

November

Inter-Bank Call Rate

28.88

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

27.50

Treasury Bill Rate

18.00

Savings Deposit Rate

6.56

1 Month Deposit Rate

8.48

3 Months Deposit Rate

9.53

6 Months Deposit Rate

12.13

12 Months Deposit Rate

14.22

Prime Lending rate

18.39

Maximum Lending Rate

31.06

NSE

NSE MARKET INDEX % Change

CAP

0.75%(52%YoY)

Index

0.9% (29%Y/D) • Monetary Policy Rate - 27.50%

OPEC DAILY BASKET PRICE As At 6TH JANUARY , 2025

The price of OPEC basket of twelve crudes stood at $76.18 a barrel on Monday, compared with $75.89 the previous Friday, 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).

27

T H I S D AY • MONday, SEPTEMBER 1, 2025

mARKET NEWS

Stock Market Extend Weekly Downward Momentum, Drops by N439bn Kayode Tokede The Nigerian stock market extended its downward trend last week by N439 billion loss, sustaining the investors profit-taking momentum from the previous week trading activities.

The Nigerian Exchange Limited All-Share Index (NGX ASI) declined by 0.50 per cent weekon-week to close at 140,295.50 basis points.

Consequently, the Monthtill-Date (MtD) and Year-till-Date(YTD) return moderated to +0.3per cent and +36.3per cent, respectively.

P R I C E S MaiN Board

In tandem, market capitalisation dropped by N439 billion to close the week at N88.769 trillion as of August 29,2025.

From a sectoral performance, there was declines across the NGX Banking Index (-1.2per cent), NGX Insurance index (-1.0per cent), NGX Consumer Goods

F O R

S E C U R I T I E S

DEALS

Market Price

quantity traded

index (-0.9per cent),NGX Industrial Goods index (-0.4per cent), and NGX Oil & Gas index (-0.2per cent) to reflect the overall stock market performance August-end trading activities.

The bearish trend further dampened investor confidence, as evidenced by the weak

T R A D E D

value traded ( N )

MaiN Board

A S O F

market breadth, with only 31 gainers against 57 decliners. McNichols led the gainers table by 18.75 per cent to close at N3.80, per share. NEM Insurance followed with a gain of 17.29 per cent to close at N31.20, while Berger Paints went up by 15.31 per cent to close to N36.90, per share.

On the other side, Secure Electronic Technology led the decliners table by 22.73 per cent to close at 85 kobo, per share. Guinea Insurance followed with a loss of 19.77 per cent to close at N1.42, while Lasaco Assurance declined by 13.29 per cent to close at N3.00, per share.

AU G U ST / 2 8 / 2 5 DEALS

Market Price

quantity traded

value traded ( N)

28

T H I S D AY • MONDAY, SEPTEMBER 1, 2025

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager.

Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange.

A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg.

Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 28 August-2025, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 0.00 0.00 0.00 Afrinvest Plutus Fund 0.00 0.00 0.00 Nigeria International Debt Fund 0.00 0.00 0.00 Afrinvest Dollar Fund 0.00 0.00 0.00 AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 19.72% AIICO Balanced Fund 7.40 7.47 29.45% AIICO Eurobond Fund 100.00 100.00 7.25% Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 19.33% Anchoria Equity Fund 1.58 1.58 21.00% Anchoria Fixed Income Fund 391.20 396.74 51.57% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 47.44info@anchoriaam.com 48.87 33.81% ARM Discovery Balanced Fund 974.06 1,003.43 22.54% ARM Ethical Fund 93.23 96.04 35.97% ARM Eurobond Fund 1.20 1.20 12.05% ARM Fixed Income Fund 1.31 1.31 23.00% ARM Money Market Fund 1.16 1.16 18.86% ARM Shariah Fixed Income Fund 1.09 1.09 12.17% ARM Short Term Bond Fund 1.03 1.03 5.22% ARM Short Term Eurobond Fund 1.00 1.00 20.85% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn 113.50 113.5 14.65% AVA GAM Fixed Income Dollar Fund 1,212.08 1212.08 20.47% AVA GAM Fixed Income (Naira) Fund 1.00 1.00 19.34% AVA GAM Money Market Fund AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn 0.00 0.00 0.00% AXA Mansard Equity Income Fund 0.00 0.00 0.00% AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn 0.00 0.00 0.00% CEAT Fixed Income Fund 0.00 0.00 0.00% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.04 1.04 15.84% CardinalStone Fixed Income Alpha Fund 1.11 1.11 10.60% CardinalStone Equity Fund 1.58 1.60 34.35% CardinalStone Dollar Fund 1.12 1.12 12.14% CardinalStone Money Market Fund 1.00 1.00 21.75% CardinalStone Balanced Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapel Hill Denham Money Market Fund 100.00 100.00 18.67% Nigeria Bond Fund 107.25 107.60 16.17% Paramount Equity Fund 48.63 48.78 54.20% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 0.00% 114.03 114.03 12.80% Cordros Fixed Income Fund 120.39 120.39 10.58% Cordros Halal Fixed Income Fund Cordros Dollar Fund ($) 116.13 116.13 7.05% Cordros Milestone Fund 227.57 229.36 23.66% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 0.00 0.00 0.00 Coronation Balanced Fund 0.00 0.00 0.00 Coronation Fixed Income Fund 0.00 0.00 0.00 EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund 0.00 0.00 0.00 EDC Nigeria Balanced Fund 0.00 0.00 0.00 EDC Nigeria Halal Fund 0.00 0.00 0.00 EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 0.00 0.00 0.00 Emerging Africa Bond Fund 0.00 0.00 0.00 Emerging Africa Balanced Diversity Fund 0.00 0.00 0.00 Emerging Africa Eurobond Fund 0.00 0.00 0.00 Emerging Africa Halal Fund 0.00 0.00 0.00 FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Money Market Fund 100 100 19.78% FBN Bond Fund 1733.93 1733.93 11.66% FBN Dollar Fund 132.81 132.81 7.41% FBN Halal Fund 158.32 158.32 14.36% FBN Specialized Dollar Fund 125.27 125.27 7.95% FBN Blended Dollar Fund 105.59 105.59 5.59% FBN Balanced Fund 444.27 448.5 37.07% FBN Smart Beta Equity Fund 490.55 497.34 51.49% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund (LMMF) 1.00 1.00 0.00% Legacy Equity Fund (LEF) 3.89 3.89 11.13% Legacy USD Bond Fund (LUBF) 5.20 5.31 39.34% FCMB-TLG Private Debt Fund 0.00 0.00 0.00% FSL ASSET MANAGEMENT LIMITED Adeniran.Daniel@fsl.ng Web: https://www.fsl.ng/asset-management ; Tel: +2348062727759 Fund Name Bid Price Offer Price Yield / T-Rtn FSL Money Market Fund 0.00 0.00 0.00 FSL Euro Bond 0.00 0.00 0.00 FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral income fund 4,719.57 4,719.57 11.63% Coral money market fund 100.00 100.00 20.26% FSDH HALAL FUND 1,287.77 1,287.77 12.91% FSDH dollar fund 1.32 1.32 6.66% Coral Balanced Fund 11,311.60 11,402.08 73.04%

HILLCREST CAPITAL MANAGEMENT dabbey@hillcrestcapmgt.com Web: https://hillcrestcapmgt.com/; Tel: +2348075144540, 0214540094 Fund Name Bid Price Offer Price Yield / T-Rtn Hillcrest Balanced Fund 0.00 0.00 0.00 LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn LOTUS HALAL FIXED INCOME FUND 1,278.83 1,278.83 15.10% LOTUS HALAL INVESTMENT FUND 2.81 2.86 36.25% LOTUS HALAL EQUITY EXCHANGE TRADED FUND 50.31 55.61 97.52% LOTUS WAQF ENDOWMENT FUND 1,183.69 1,183.69 11.22% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 0.00 0.00 0.00 Meristem Value ETF 0.00 0.00 0.00 Meristem Growth ETF 0.00 0.00 0.00 Meristem Fixed Income Fund 0.00 0.00 0.00 Meristem Dollar Income Fund 0.00 0.00 0.00 Meristem Money Market Mutual Fund 0.00 0.00 0.00 MANGO ASSET MANAGEMENT jetadafe@mangoam.com Web:https://mangoam.com/; Tel: +234 7030839517 Fund Name Bid Price Offer Price Yield / T-Rtn Mango Naira Money Market Fund 1.00 1.00 20.23% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Money Market Fund (NMMF) 100.00 100.00 19.85% Norrenberger Islamic Fund (NIF) 106.32 106.32 15.08% NORRENBERGER DOLLAR FUND (NDF)-----($) 104.70 104.70 9.44% NORRENBERGER TURBO FUND (NTF)-----(N) 102.30 102.30 12.33% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 0.00 0.00 0.00 PACAM Fixed Income Fund 0.00 0.00 0.00 PACAM Money Market Fund 0.00 0.00 0.00 PACAM Equity Fund 0.00 0.00 0.00 PACAM EuroBond Fund 0.00 0.00 0.00 SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn The Frontier Fund 0.00 0.00 0.00 SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 0.00 0.00 0.00 SFS REIT 0.00 0.00 0.00 UH REIT/SFS 0.00 0.00 0.00 STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Money Market Fund Stanbic IBTC Bond Fund Stanbic IBTC Shariah Fixed Income Fund Stanbic IBTC Enhanced Short-Term Fixed Income Fund Stanbic IBTC Absolute Fund UPDC REIT Stanbic IBTC Balanced Fund Stanbic IBTC ETF 30 Fund Stanbic IBTC Ethical Fund Stanbic IBTC Guaranteed Investment Fund Stanbic IBTC Imaan Fund Stanbic IBTC Nigerian Equity Fund SIAML Pension ETF 40 Stanbic IBTC Aggressive Fund Stanbic IBTC Conservative Fund

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

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

REITS Fund Name SFS REIT UPDC REIT

10.00 259.03 135.27 139.68 5,168.20 11.59 9,045.19 410.00 4.39 384.30 849.89 40,533.33 586.10

10.00 259.03 135.79 143.18 5,170.86 11.59 9,130.65 410.00 4.44 384.95 860.12 41,126.60 586.10

19.17% 0.13% 0.87% 1.36% 0.02% 1.72% 41.82% 0.00% -97.81% 8.64% 70.52% 60.01% -27.64%

12,112.42 8,728.49

12,282.36 51.32% 8,765.63 28.43% jemenike@stlassetmgt.com

Bid Price 100.00 1,369.03 104.69

Offer Price Yield / T-Rtn 100.00 21.19% 1,390.23 37.96% 104.69 4.69% unitedcapitalplcgroup.com

Bid Price 1.00 1.18 1.93 122.44 1.21 121.93 1.82 2.13 1.67

Offer Price Yield / T-Rtn 1.00 18.78% 1.18 10.60% 1.93 8.58% 122.44 8.82% 1.21 8.71% 121.93 20.24% 1.83 40.17% 2.14 27.54% 1.68 30.04% funds@vetiva.com

Bid Price Offer Price Yield / T-Rtn 15.33 15.43 #REF! 31.81 31.91 #REF! 50.66 50.86 #REF! 1.00 1.00 19.74% 49.65 49.85 #REF! 147.83 149.83 #REF! service@quantumzenithasset.com.ng Bid Price Offer Price Yield / T-Rtn 32.70 33.10 53.78% 29.43 29.43 5.50% 1.00 1.00 19.49% investmentoperations@zedcrest.com Bid Price 1.00

Offer Price 1.00

Yield / T-Rtn 20.50%

1.30 $ 1.38

1.30 $ 1.38

31.59% 16.52%

NAV Per Share

Yield / T-Rtn

0.00

0.00%

8,765.63

28.43%

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

Monday, SEPTEMber 1, 2025 • T H I S D AY

BusinessSpecial

29 Editor: Goddy Egene goddy.egene@thisdaylive.com 0803 350 6821

Non-oil Exports as Fulcrum of Sustainable, Diversified Economy James Emejo writes that federal government must sustain the current growth momentum in the non-oil sector which has contributed to stabilising the macroeconomy in recent times

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on-oil exports, comprising the activities of informal traders by goods and services that providing seamless trade facilitation sold to other nations in terms of export documentation and excluding crude oil and procedures among others. its derivatives, remain a The council also launched the market key economic buffer for the country, access and market linkage programmes providing for a more resilient, inclusive, to create market access and linkage for and sustainable economy. export of Made-in-Nigerian products, Amid current efforts to diversify thereby exposing exporting companies the base of the Nigerian economy, to B2B engagements while creating investments in infrastructure, policy visibility for Nigerian products and reforms, and market access for non-oil services in the international market products have become essential. and across the African region.

If anything, non-oil exports are crucial Also, to facilitate the ease of doing for shielding the economy from global business and seamless documentation oil price shocks, and guarantee foreign processes, the council, during the first exchange stability with the attendant half of the year, registered a total of impact on the overall economy.

2,285 new exporters, including 377 No doubt, recent milestones in the female and 1467 male exporters non-export sector, particularly export captured on its portal respectively. promotion activities, have helped to According to Ayeni, the council provide the much-needed liquidity in trained over 100 women-led businesses the economy, thereby aiding recovery on how to increase the volume and from a hitherto precarious economic value of spice and herb exports through situation. aggregation centers as part of concerted The federal government has intensified effort to streamline the supply chain efforts to diversify the economy — a and serve as a hub for connecting strategy aimed at expanding the producers to local and international productive base of the economy to Ayeni markets, in alignment with the Renewed reduce its over-dependence on crude Hope agenda of President Bola Tinubu, the federal government through the According to data from Pre- to mainstream women and youth in oil revenues – an initiative which has NEPC to rescue the economy from shipment Inspection Agents (PIAs), the export eco-system. produced salutary results in recent times. the dangers of over reliance on oil of the top-20 products exported in In the time past, the country’s non-oil According to her, a total of 236 revenues. the first half of 2025, Cocoa Bean different products were exported in exports were nothing to write home Ayeni, while celebrating the was the most exported commodity the period under review, representing about, leading to a weaker Naira because successes, stated that the council was with 34.88 per cent value in terms an increase of 16.83 per cent compared imports continually overwhelmed exports conscious of ongoing challenges in the of total export compared to 23.18 to the 202 distinct products exported while the country remained a monosector, and reaffirmed its commitment per cent for same period in 2024. in the first half of 2024. economy, mainly relying on oil exports, to navigate existing challenges to Urea/fertilizer, came second with and remained exposed to volatility in The products exported ranged from deliver value to stakeholders.

17.65 per cent as against 13.78 per agricultural commodities, extractive the international oil market.

She said: “At NEPC, we remain cent for the first half of 2024 while industries, and manufactured and However, all these appeared to be resolute and committed to driving cashew nuts, with12.35 per cent semi-processed ones. changing for better, as evidenced in up the volume and value of non-oil of the total exported products as the country’s non-oil products export She said: “However, it is pertinent exports for sustainable and inclusive against 8.62 per cent for the same to state here that the non-oil export performance in the first half of the year economic growth” adding that the period in 2024 was third on the log of Nigerian products is gradually (H1 2025) which rose by 19.59 per cent country was expanding access to respectively.” to $3.23 billion, compared to $2.70 billion diversifying from traditional global markets to ameliorate the Ayeni noted that, “The growth agriculture exports to semi-processed/ in H1 2024. possible impact of the recent hike in value-added exports improved manufactured products.

The Nigerian Export Promotion Council in trade tariffs imposed on Nigeria earnings, as more exporters are (NEPC) under its current Executive She said: “In the first half of 2025 as by the United States(US). now imbibing the culture of value Sesame seed came fourth accounting for Director/Chief Executive, Nonye Ayeni, She attributed the boost in non-oil addition to their products. has continued to spearhead remarkable 4.23 per cent Cocoa and its derivatives exports to the significant increase in “The rising demand from emerging topped Nigeria’s non-oil exports in initiatives to further unlock FX to the global demand for Nigerian products, economies, such as India, Brazil, the first half of 2025, accounting for economy to strengthen the local currency including the African region, adding Vietnam and Africa increased 41.11 per cent of total export value among others. that this increased the value of key Nigeria’s non-oil export volumes due largely to rising global demand, In H1, the volume of exports increased Nigerian commodities and products, and diversity.” to 4.04 million metric tonnes (MMT) higher prices, and increased local such as cocoa, sesame, cashew and compared to the 3.83 MMT for the same processing capacity. aluminum.

Landmark initiatives period of 2024.

“Thus, the export of value-added She said the AfCFTA provided The NEPC has continued to products such as cocoa butter, liquor, Nigeria exported product worth wider market access and tariff relief play a crucial part in the non-oil and cake reflects Nigeria’s progress 662,993.00 metric tonnes to 11 ECOWAS for Nigerian exporters, adding that sector through several laudable in exporting value-added products. countries amounting to $139.242 million the council led export intervention programmes.

-an increase in exported products as “This growth is driven by improved programmes such as capacity building In 2024, the council launched product quality, investment in agroagainst the same period in 2024. on quality and standards, packaging a transformative sensitisation processing, and access to premium In the same vein, the country exported and labelling, export documentation programme targeting Informal markets like the Netherlands and 488,499.44 metric tonnes of products and certifications.

Cross Border Trade (ICBT) which Germany. worth $83.538 million to 21 other African The NEPC boss further pointed out led to the signing of an MoU with countries which amounts to 2.59 per cent “More importantly, governmentthat during the period under review, the National Bureau of Statistics backed trade facilitation and compliance of the total export value as compared the council facilitated market access (NBS) to facilitate data collection with international standards have to 1.96 per cent for the same period and market linkages progammes for at Nigeria’s border communities. further enhanced competitiveness of 2024. exporting companies, thereby giving Ayeni said the council is also and increased export earnings.”

Essentially, the half-year progress their products more visibility in the working with players along these report on the non-oil export performance, NOTE: Interested readers should continue in global market. borders to further mainstream further reaffirmed the commitment of the online edition on www.thisdaylive.com

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T H I S D AY • MONDAY, SEPTEMBER 1, 2025

DIGITAL ASSET MARKETS Global Digital Asset Markets Investment Community with Nicky Okoye

( digitalassets@anabelgroup.com )

Nicky Okoye discusses the strategic impact of digital asset markets in the growth and dynamics of the global markets and dives deep into the monumental forces that are driving the growth of the next hundred trillion dollars in global GDP. In this series of essays, policy makers, legislators, enterprise executives and investors can gain strategic positioning variables as they unfold in real time.

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s the drive for digital asset markets continues to grow on a global, it makes strategic sense to look deeply at the global adoption of digital assets across the World and how this growing adoption will impact the ability of nation stats to attract investment going forward and even more important is how the global digital asset markets investment community will impact overall National Development. Effectively, my observation and analysis is telling me that nation building and national development is being redefined by digital asset markets. Digital asset classes and how we position ourselves within this growing ecosystem is certainly going to determine the winners and losers especially in the geopolitical arena.

Building a Digital Asset Markets Strategy for Nation Builders, Sub-nationals and Enterprises

The Digital Asset Markets is undoubtedly growing extensively across the World. And its full adoption is growing even faster than the capacity of investors to understand the space can keep up. In Nigeria and Africa the digital asset markets ecosystem is only beginning to emerge, so we have a lot of room to manoeuvre, to get it right, as we build out the ecosystem and the digital asset markets industry in real time.

Global champions in the digital asset markets ecosystems are already beginning to emerge across different regions of the World, as we can see from the data provided in this article.

From my analysis, the United States, Canada and most of Asia are dominating the digital asset markets in the retail and institutional investment communities spaces. We can see that the Euro Zone is doing significantly well in the Family Office and High Net-worth Individual areas, whereas Africa and South America are witnessing significant growth in the digital asset markets retail space, being driven by those seeking to hedge against currency devaluation, trying to stay on the right side of inflation as well as cross border value transfers & remittances.

The involvement of institutional investors such as asset management firms, sovereign funds, national and sub-national governments, enterprise treasury departments etc. is already beginning to show early signs of how diversification of assets into digital asset classes will shape the future. In many cases, digital asset markets is being positioned as a strategic tool in the arsenal of nation builders, to support the development of the local financial systems which in turn can extend extensive capital, using digital assets, to entrepreneurs and enterprises, expanding the funding space and creating new jobs. This is already particularly evident in Asia and the Middle East, and could become more visible in Nigeria and across Africa in the coming years.

Global Investors’ Segmentation and Distribution

In my final analysis, I expect that Nation States, Sub-nationals and enterprises will all have to define a digital asset markets strategy, in line with their own existing national development, national markets or global markets goals, or else they will find themselves completely left out. The entire global investment industry is shifting, and as this shift occurs, the ability of nation states who seek investors, will depend almost exclusively on their ability to offer digital assets and digital asset classes to the global digital asset investment community.

The global digital asset markets investment community is distributed into five board categories: 1. Retail Investors: These are considered the Individuals, nonprofessional and non-sophisticated investors who trade and hold digital assets and cryptocurrencies for various reasons which include speculative, asset wealth management, asset and value transfer between borders, and for capital appreciation.

The United States for instance, has a large retail digital asset investor community, with extensive access to US cryptocurrencies wherein they have ,made and are making extensive investments and trading on digital platforms in digital asset classes. In recent times large

investment institutions, including vanguard, state street, Fidelity and Blackrock have equally ventured into the digital asset markets space in a limited way. We are beginning to see some Bitcoin ETFs and other cryptocurrency funds from institutional investors. In addition, due to the high financial literacy in the United States, and it’s very large very productive population, the US share of the digital asset markets vs the total global investment community is quite significant. Nigeria has a large retail investing community which is recorded at 25.9 million investors. Our young people are leading this charge and they are mostly invested in US cryptocurrencies, using US digital asset markets platforms such as Biance or Coinbase. In addition, according to Yellowcard, the Nigerian adoption of digital asset markets is considered the second largest and fastest in the World, behind only India. Other regions of the world that show a promising growing population best suited for the global digital asset investment community includes South Korea and Japan with their very high retail participation which is driven by a strong culture of technology adoption. My research has equally indicated that across the Euro Zone, a strong retail participation in digital assets has been recorded in such Nations as Switzerland, Germany and the United Kingdom. Remittances and value transfer between nations are driving adoption in the retail investment communities across Africa and South America.

2. Institutional Investors: These represent those international financial investment institutions, that have the capacity to aggregate long term capital from sophisticated investors and deploy that capital as they are instructed to or as their own investment analysis and in-house expertise guides them to. Institutional investors in the global digital asset markers currently include, but are not limited to, Hedge funds, Asset managers, Pension Funds, Insurance companies, collective investment schemes and corporate treasuries etc. Currently the United States is the clear leader in the institutional investor adoption ecosystem for digital asset markets. For instance, as mentioned already very traditional financial powerhouses such as Grayscale, Fidelity and BlackRock have created special collective investment schemes (CISs), special mutual funds (SMFs) and exchange traded funds (ETFs) that are totally directed and populated by digital asset classes. There is a growing strong interest being recorded in Canada which is being driven mostly by Canadian Pension Fund management institutions. Across the Euro Zone, we have seen Institutional Asst Managers being to take interesting positions in

digital asset classes and they are directly holding portfolios of cryptocurrencies. Across Asia the most significant investments recorded in digital asset classes from the Institutional investment community is coming from, a very unusual source, the treasury departments of conglomerates. In fact a new phenomenon is emerging in the digital asset markets ecosystem called Digital Treasury Corporations (DTC), here we are witnessing treasury departments of large conglomerates are spinning off their digital asset markets investment divisions as separate investment units due to the high value they have created and are manging on behalf of the corporation.

We are also seeing Sovereign wealth funds in Japan, South Korea as well as China, holding significant allocations in digital asset classes and for China their typical concentration has been to use offshore platforms and Hong Kong digital asset hubs.

3. Family Offices and High-Net-Worth Individuals (HNWI): Family Offices represent the organised systems of affluent family wealth management which is typically structured into a quasi-asset management institutions with a single client, which is the affluent family in question. In addition, some wealthy individuals do trade digital assets for their own account, making significant investments that are large enough to effect price movements, valuations and trading volumes. We are beginning to see this happen in the digital asset markets ecosystem especially with cryptocurrencies. In many cases, the professionals managing the affluent family’s Family Office will typically advise that digital assets are included in an overall asset allocation mix for the entire investment portfolio stability and for the growth prospects set aside for future generations of the affluent family. The United States and Europe currently represent the largest concentration of Family Offices and High NetWorth Individuals (HNIs) investing in digital asset markets especially as they seek to diversify their portfolios and extend their asset allocations to include an exposure to digital assets and cryptocurrencies. For the Family Offices, Digital estate Planning for the next generation of the affluent families is the next big thing, as it is taking root across the World in very innovative ways that is bringing transparency and integrity to the overall inherence space. We are beginning to observe in recent times that Middle Eastern and Asian affluent families and their Family Offices are also beginning to use digital asset markets for diversification purposes of their investment portfolios, this is particularly true for families in Singapore and UAE.

4. Venture Capital and Private Equity: Venture Capital and Private Equity Funds are typically institutional investors that invest in the enterprise startup ecosystem. And this is still true in the digital asset markets space as these Venture Capital Funds are currently funding Startups in the entire Digital Asset Markets ecosystem including but not limited making significant investments in blockchain startups, digital asset and crypto exchanges as well as DeFi projects. The United States is the undisputed home to the World’s most prestigious startup ecosystem and this has been true also for the digital asset markets ecosystem. In Silicon Valley, New York and the Boston 128 belt we have witnessed the most significant VC and PE activity for investment in digital asset investment communities. In the Euro Zone Switzerland, Germany and United Kingdom are the most significant areas for these VC and PE communities, whereas across Asia, Island Nation Singapore, South Korea and Japan tend to stand out with very active VC and PE investment communities that are taking significant positions in the digital asset markets ecosystem.

5. Sovereign Wealth Funds, National and Sub-National Governments: Various States at the national and sub-national level are setting up their own investment funds and institutional investment companies to manage assets and make investments on behalf of the State, in the interests of future generations. In this respect my studies have shown that there is now significant investment coming from these state owned and state controlled funds investing directly into digital asset classes, cryptocurrencies as well as making investments in the overall value chain and ecosystem of the digital asset marketplace. Such investment in the ecosystem include investments in digital asset and crypto exchanges, blockchain technology infrastructure companies and other structures required for a smooth digital asset markets to succeed within a given Nation. Norway has shown exceptional progress and drive in this respect, as its Sovereign Fund is the undisputed leader in this space with the World’s most significant assets under management for a Sovereign wealth fund under its belt. The UAE’s sovereign wealth fund is currently growing rapidly and they are taking significant positions in the digital asset markets ecosystem. There is strong indication that China is exploring significant investment opportunities in blockchain investment infrastructure so as to position China in this space, whereas its extensive investment in Central Bank Digital Currencies (CBDCs) has already gotten to testing stage.

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T H I S D AY • MONDAY, SEPTEMBER 1, 2025

PERSPECTIVE From Brasilia with Love Abdulaziz Abdulaziz

“At a time when protectionism and unilateralism have been making a comeback, Nigeria and Brazil reaffirm their bet on free trade and productive integration.”

– President Luiz Inacio Lula da Silva

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he image of President Bola Tinubu and President Luiz Inacio Lula da Silva clasping their hands together, their faces beaming with bright smiles summarises the import of President Tinubu’s last week’s state visit to Brazil. That photograph was not just an image of two happy men. Its meaning is much deeper. It’s a depiction of reconnection between two long lost brothers who have found themselves and decided to retrace their age-old relationship, dating to transatlantic slave-trade, and take back each other with open arms.

The state visit of President Tinubu, on the invitation of President Lula, was a remarkable opportunity to renew partnership between the two giants of the global South. Nigeria and Brazil are like identical twins, or two sides of a coin. The two lead their respective regions.

Nigeria is Africa’s largest economy like what Brazil is to Latin America. Our population is almost the same. We have nearly a balanced trade sheet. From January to July 2025, trade between the two countries is valued at $1.2 billion. Brazilian exports to Nigeria totalled $654.9 million, while Brazil’s import from Nigeria stood at $591.7 million. The trade figures are, however, far from desirable.

Considering the long ties and proximity of the two countries, separated only by the Atlantic Ocean (in commenting about this geographical proximity, President Tinubu humourously remarked that we’re so close that a good swimmer can actually cross to the other side), relationship between us, to borrow President Lula, ought to be “much more substantial”.

From ifa religion and football to Marcopolo buses and Embraer jets, Nigeria and Brazil have long standing cultural and economic

POLITY

Remi Ladigbolu

Abdulaziz

ties that unfortunately ebbed in the last decade, as lamented by President Lula. Addressing a joint press conference with President Tinubu, the Brazilian leader, pointed to a decline in both diplomatic and economic ties and how both sides are working to revamp it.

“For many years, Nigeria was our largest commercial partner in Africa,” President Lula said, pointing to a peak of $10 billion recorded in 2014. “However, in the last decade, this exchange has been drastically reduced.”

Enters President Tinubu For a man who from day one was clear about his mission: resetting our economy and setting Nigeria on the path of prosperity, President Tinubu has his job well cut out. To achieve his set target of making Nigeria achieve $1 trillion economy by 2030, the President is all out to court friends and develop new acquaintances. With

internal cleaning all done—including tidying up the investment climate– the President’s goal is to create as much investments and partnerships as possible. He goes around the world not for merry junketing but to knock at the doors that matter and inform everyone that “Nigeria is ready for business”. From Doha to Delhi, Johannesburg to Riyadh, he carried the same message with details and dexterity of a skilled salesman.

It is within this context that the Tinubu administration set out to renew the lulled relationship with Brazil, culminating in the state visit last week. Prior to this trip, the last time a Nigerian leader was in Brasília was in 2009. The other side too went aloof.

This active reconnection began with a side meeting between President Tinubu and President Lula on the side-lines of the African Union Summit in 2024. The two reviewed state of relations between the two countries and decided that the situation needed to change.

In President Lula, President Tinubu found a willing brother eager to smoothen things out.

Thus began the journey.

Since then, Brazil’s Minister of Foreign Affairs, Mauro Vieira, and Brazil’s Vice President Geraldo Alckmin had been to Abuja on separate occasions, for high-level discussions on areas of collaborations. Also, the Nigerian Minister Agriculture and Food Security and that of Livestock Development had been to Brasilia to participated in the 2nd Brazil-Africa Dialogue on Food Security, Fight Against Hunger and Rural Development. Through these diplomatic shuttles, the two sides had signed several bilateral agreements in the fields of defence, agriculture and livestock, security, audiovisual production, trade and investments, tourism, and energy. This were aside the fresh ones signed last week in the presence of the two leaders.

President Tinubu was received as a very important guest in Brasilia, with pomp and pageantry, in the spirit of true brotherhood. Aside the colourful military reception and decorated hallways, central boulevards in the capital city were adorned with Nigerian flags. It was a warm and honourable welcome.

Beyond the pageantry, meaningful conversations took place in one-on-meetings and in wider bilateral conversation involving twenty top officials on both sides of the table. At the end both leaders gave a vow to commit to a new future where humanity and shared destiny trump selfish or pecuniary interests.

President Tinubu, who delivered a powerful off the cuff remarks at the joint press conference, gave a succinct bon mot signalling a new beginning, Thus: “We allowed problems in the past to hold us back, but today we said this is over.

Brazil and Nigeria are here to grow together.

Technology transfer, energy and the economy are ways that can benefit both countries.

Together, we can develop our economies, strengthen our sovereignty and contribute to a better world.”

It’s not for nothing that our foreign reserve got the recent reported surge to $41 billion. Beyond improved earnings from oil –whose output soared nearly double under this administration–the economic diplomacy of President Bola Tinubu, like this trip to Brazil, has renewed the hope of investors and attracted many of them back. A latest example–a gain from the trip to Brazil–is the prospect of having the Brazilian oil giant, Petrobras back to Nigeria, five years after it divested from our then fledgling oil sector.

The high point for this important presidential outing was the signing of the Bilateral Air Service Agreement (BASA) between the two countries which was immediately put into effect through the gesture of Air Peace CEO, Chief Allen Onyema, who flew back part of Nigerian contingent via a demonstration flight from Brasilia to Lagos. That flight was a symbol of the deep connection and love between the two countries which was unlocked through President Tinubu’s significant state visit.

•Abdulaziz is Senior Special Assistant to President Bola Tinubu and a member of the Presidential Communication Team

The Sky Does Not Lie

“The sky does not lie,” wrote Toyyib Adewale Adelodun (@taadelodun) on X after a recent trip that took him across Nigeria, Morocco and Scotland at night. “Taking off from Nigeria, Morocco, and Scotland at night, I saw three different nations telling their story. Nigeria, the most populous by far, was mostly dark. Morocco glowed with stability. Scotland blazed with abundance.”

That one observation captures Nigeria’s deepest failure. While other nations shine, Nigeria, with over 200 million people, remains stuck in darkness. The lights from the sky confirm what Nigerians endure daily: unreliable, inadequate and expensive electricity.

The statistics tell the story. According to the World Bank, only 53.6 percent of Nigerian households have access to electricity, and of those, just 18 percent say they enjoy reliable supply. This means fewer than 13 percent of Nigerians can count on electricity most of the time.

Families report an average of 6 to 7 power outages every week, each lasting about 12 hours, amounting to nearly three days in darkness every week. The consequence is that over 100 million Nigerians either live without power or depend on generators that guzzle expensive fuel.

Adelodun captured the broader

implications in his words, “Electricity is never just about power. It is about dignity, opportunity, and the pace of progress. As Nigeria’s population surges, solving the energy puzzle is no longer optional – it is survival.”

Despite having an installed generation capacity of about 13,500 to 14,000 megawatts, Nigeria has rarely delivered more than 6,000 MW to the grid at any point. Morocco, with a population of 39 million, has nearly the same installed capacity of about 12,000 MW and delivers it consistently. India, with over 1.4 billion people, has an installed capacity of 467,000 MW and distributes about 240,000 MW. Nigeria has a long way to go.

The structure of the power sector is part of the problem. The old Power Holding Company of Nigeria (PHCN) was unbundled in 2005 into private distribution companies (DisCos), generation companies (GenCos), and the government-owned Transmission Company of Nigeria (TCN). Yet the promise of reform has not been realised. DisCos remain financially insolvent, owing GenCos trillions of naira in subsidies and outstanding payments. This debt starves the system of liquidity, making it difficult for GenCos to maintain plants or invest in expansion. The transmission infrastructure under TCN is weak, with frequent system collapses that plunge large parts of the country into blackouts.

The cost to the economy is severe. The World Bank estimates that unreliable power costs Nigeria

about $29 billion annually, or 2 percent of GDP. For small businesses and households, it is a daily battle. A welder in Kano cannot plan his workday because of erratic supply. A hospital in Enugu runs costly diesel generators to keep its equipment running. A family in Lagos pays both an electricity bill and generator expenses, often higher than their rent.

The solutions are not unknown. Nigeria needs to fix its transmission backbone. Without a stable grid, even the power that is generated cannot reach homes and businesses. Investments in TCN’s lines and substations must be accelerated, with a clear plan to end the recurring system collapses.

Distribution companies must be forced to clean up their balance sheets. Government cannot continue to paper over their inefficiency with subsidies while they fail to remit what they owe.

Debt restructuring is necessary, but accountability is more important. Nigerians must see value for the billions poured into the sector.

Metering must become universal. As long as estimated billing dominates, consumers will continue to pay for electricity they do not use while DisCos escape responsibility for poor supply. The regulator must enforce metering deadlines and penalise failures.

In parallel, Nigeria must embrace decentralised solutions. Off-grid and mini-grid solar projects have shown promise in rural communities.

Expanding these projects can quickly bring reliable power to millions who may never see

the national grid in the near term.

The energy mix also needs diversification.

Nigeria relies heavily on gas-fired plants, yet gas supply is erratic. Investment in renewables—solar, hydro and wind—offers a pathway to both reliability and sustainability.

Morocco, which glowed in Adelodun’s account, built the world’s largest concentrated solar plant at Ouarzazate. Nigeria has far greater solar potential, but much of it remains untapped.

Above all, transparency is crucial. Nigerians need to know where funds go, what projects are planned, and how progress is measured.

Without openness, the sector will continue to be a graveyard of reforms that exist only on paper.

Adelodun’s warning could not be clearer, “Without light, we can not industrialise.

Without power, we can not compete. All hands must be on the deck to solve this problem.” The sky does not lie. Every dark patch from above is a reminder that Nigeria’s greatest obstacle to growth is not talent, not ambition, but the simple absence of electricity.

Until the lights come on, Nigeria will remain trapped in potential, never progress.

The choice now is whether to continue managing darkness or to summon the will to banish it.

•Ladigbolu is a Lagos-based journalist

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NEWS

CELEBRATION OF 60TH YEAR ICAN ANNIVERSARY...

L-R: National Missioner Chief Imam of Ansar-Ud-Deen Society of Nigeria, Sheikh Abdulrahman Ahmad; former ICAN President, Mallam Tijjani Musa; ICAN Vice President, Hajia Queensley Sofuratu Seghosime; and Council Member, Air Vice-Marshal Abubakar Adamu, during the celebration of 60th year anniversary Institute of Chartered Accountants of Nigeria (ICAN) in Abuja, yesterday KINGSLEY ADEBOYE

FG Rules Out Sabotage in Recent Abuja-Kaduna Train Derailment Says preliminary findings point to operational mishap Assures Nigerians rail services remain safe NRC boss apologises for maltreatment of journalist

Deji Elumoye in Abuja

The federal government at the weekend ruled out sabotage in last week's derailment of the Abuja-Kaduna train that carried 618 passengers.

Transportation minister, Saidu Alkali, and Managing Director of Nigerian Railway Corporation (NRC), Mr. Kayode Opeifa, at a news conference, dismissed insinuations that the train derailment was the result of sabotage. They assured Nigerians

that rail services remained safe.

Addressing reporters at State House, Abuja, Alkali confirmed that investigations into the incident were ongoing. But he stressed that preliminary findings pointed to an operational mishap, rather than any act of sabotage.

He said, “We have fixed the point machine from here up to Kaduna, and since then, there has been no issue of derailment. For this incident, investigations are ongoing, and we don’t want to pre-empt the committee until it

submits its report.

"A point machine, also known as a switch motor, enables trains to change tracks by securely shifting the blades of a railway turnout."

Alkali acknowledged that vandalism of railway infrastructure remained a recurring challenge, despite arrests and prosecutions.

He added that four out of the 10 coaches that capsised during the Abuja–Kaduna mishap had been successfully removed using specialised rail cranes.

He revealed that the federal

government, through the Office of the National Security Adviser, was working on a comprehensive plan to safeguard railway assets nationwide.

Alkali also hinted of ongoing procurement processes to extend rail connectivity from Warri to Ajaokuta and Abuja.

Opeifa also ruled out sabotage in the incident.

According to him, "Nationwide, rail tracks are constantly targeted by vandals and scrap syndicates.

But with specific reference to this

UN Resident Coordinator: When Nations Come Together, We Can Overcome Hardest Challenges

Michael Olugbode in Abuja

In advancing its advocacy and sensitisation of critical stakeholders on the ‘Pact for the future’, the United Nations in Nigeria in collaboration with partners, has convened a strategic dialogue on the United Nations at 80 and the Pact.

At the dialogue, convened in collaboration with the Institute for Peace and Conflict Resolution (IPCR), and the Office of Strategic Preparedness and Resilience (OSPRE), and held at the UN House in Abuja, the UN Resident and Humanitarian Coordinator in

Nigeria, Mohamed Fall, reiterated the importance of international cooperation in solving the world’s most challenging issues.

He said: “Peace is fragile.

Inequalities grow. Climate change accelerates. Technology advances faster than governance.

Yet one truth remains constant: when nations come together, when people come together, we can overcome even the hardest challenges,” adding: “That is why the Pact for the Future matters.”

Fall further said the Pact rested on five pillars: Sustainable development, Peace and security, Science and technology, Youth

and future generations, and transforming global governance.

He noted the pillars were not abstract ideas, as they represent the foundation of the world we want. A world of peace, dignity, equality, and sustainability.

“That is why the United Nations is working hand in hand with Nigeria on the Pact for the Future. We are aligning our cooperation with the five pillars of the pact and the 2030 Agenda for Sustainable Development, as we know that the SDGs are lagging.

We are leaving no one behind.”

The UN Resident Coordinator added.

Former Head of State and Chairman National Peace Committee, General Abdulsalam Abubakar (Rtd), said in his video message: “Dialogue must now lead to tangible results. Our commitment must be credible, time-bound and deliverable.

Anything less can lead to distrust and weaken our democracy.”

To the participants he charged, “Your responsibility is to commit to concrete steps that will align every peacebuilding effort towards real progress. Nigeria’s future will be secured only by our unity of purpose and the sincerity of follow-through.”

Interior, Youth Ministers, Adebutu Foundation, Others to Headline The Ambassadors Summit 7.0 as Lead Sponsors

Sunday Okobi

The Kesington Adebukunola Adebutu Foundation (KAAF), founded and chaired by renowned industrialist and philanthropist, Chief Kesington Adebukunola Adebutu, has announced its headline sponsorship of The Ambassadors Summit 7.0.

This premier National Youth

Leadership and Entrepreneurship Summit, with the theme ‘Strategic Leadership for Turning Challenges into Opportunities,’ will take place at the Oriental Hotel, Lekki, Lagos, on September 4, 2025, at 9 a.m.

It is organised by the Joshua Oyeniyi International Foundation and convened by Dr. Joshua Oyeniyi.

In a statement made available

to THISDAY yesterday, the Nigerian representative at the Global Entrepreneurship Event Finals in Washington, D.C., United States in 2015, and the CEO of Amborion Consulting, Dr. Oyeniyi will bring a wealth of experience to this initiative.

The summit will also feature a stellar lineup of high-profile guests and speakers, including the Federal Minister of Youth,

Hon. Ayodele Olawande; Federal Minister of Interior, Hon. Olubunmi Tunji-Ojo; the First Lady of Lagos State, Dr. (Mrs.) Ibijoke Sanwo-Olu, the Group Managing Director of First Bank, Mr. Olusegun Alebiosu, and a board member of the Lagos State Security Trust Fund, Dr. Ayodele Ogunsan, who will play an immense role at the summit.

incident, the track showed no signs of sabotage or structural failure. Our initial findings indicate it was an operational accident at a junction point."

The NRC chief confirmed that all 618 passengers on board were safely evacuated.

He added that 20 sustained minor injuries, while seven were hospitalised but had since been discharged, with their medical expenses fully covered by the corporation.

On the treatment of journalists that covered the derailment, Opeifa tendered an unreserved apology, particularly to the Nigerian Television Authority (NTA) reporter, Ladi Bala, who was denied access at the

accident site.

His apology followed a protest letter from Nigeria Association of Women Journalists (NAWOJ), which condemned the harassment of its immediate past national chairperson, Bala.

Opeifa said, “If any journalist or medium felt excluded or not well treated at the accident scene, I take full responsibility and I sincerely apologise. We are committed to transparency and will continue to provide the press with access and information as events unfold.”

According to data from the National Bureau of Statistics (NBS), Nigeria recorded 188 train derailments between 2020 and 2025.

Chinese Envoy Calls for Continued Commitment to Principles of UN, Resistance to Unilateralism

Michael Olugbode in Abuja

The Chinese Ambassador to Nigeria, Yu Dunhai has asked the international community to remain committed to the principles of the United Nations, resist unilateralism, and ensure that “the tragedy of fascism is never repeated.”

Yu made the request in Abuja at the screening of the firm, Dead to Rights, to mark the 80th anniversary of the victory in the Chinese People’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War. Dead to Rights, is a movie that dramatized the 1937 Nanjing Massacre.

The Chinese Ambassador described the massacre where Japanese forces brutally killed more than 300,000 civilians and soldiers and committed widespread atrocities as “one of the darkest chapters in modern world history.”

He said the film served not only as remembrance but also as a reminder of the dangers of forgetting history.

He noted that: “During the 14 years of resistance, over 35 million Chinese people lost their lives or were injured. China made historic contributions to the victory of the world anti-fascist war and to restoring world peace and order.”

The Ambassador while emphasizing the anniversary was not only about mourning the dead but also about reinforcing commitments to peace, said: “The best way to honour their sacrifice is to cherish peace, protect peace, and strengthen international cooperation.”

He also warned against the rise of historical revisionism and global instability, stressing that the international community must remain committed to the principles of the United Nations, resist unilateralism, and ensure that “the tragedy of fascism is never repeated.”

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T H I S D AY • MONDAY, SEPTEMBER 1, 2025

NEWS

PARTNERSHIP RENEWAL SIGNING CEREMONY...

Chief Executive Officer, Sesor Empowerment Foundation, Ms. Ier Jonathan-Ichaver (Right), presents a plaque of appreciation to the Chief Executive Officer, Grooming Centre, Dr. Godwin Nwabunka, in recognition of a decade of partnership supporting over 110,000 internally displaced persons (IDPs) across Nigeria, at the partnership renewal signing ceremony which marked the renewal of their collaboration for the 2025 project year in Lagos… weekend

2027: Save Your Money, Enugu East Adopts Mbah as Sole Candidate, Advises Politicians Pledges support to Gov on any party platform Edeoga: Like the biblical Saul, I’ll now work for Mbah’s reelection as Paul

Gideon Arinze in Enugu

Leaders of thought and people of Enugu East Senatorial District across political divides have adopted Governor Peter Mbah as their sole candidate in the 2027 governorship election, advising politicians in the state not to waste their money contesting against him.

The people of the zone made their stand known in a communique entitled “One Good Turn Deserves Another,” which they issued at the end

of a townhall meeting at the International Conference, Enugu, on Sunday, saying they were blind to party and would support Mbah on any political platform he chooses for his reelection.

“In endorsing him, we want to state that we are blind to party affiliation. In the face of Nigeria’s fluid party politics, our political party is Dr. Peter Ndubuisi Mbah, a performing governor, who has shown that he not only has what it takes to turn Enugu State around, but

also to take it to the pinnacle of glory where our founding fathers dreamt of,” they stated in their communique.

The motion for Mbah’s adoption was moved by Labour Party candidate in the 2023 governorship election, Hon. Chijioke Edeoga.

Edeoga declared: “We know the story in the Bible about Saul and Paul. Saul was using all his might to fight the disciples of Jesus Christ.

On his way to Damascus, he met with the Holy Spirit and

his eyes opened. He converted and became the most impactful follower of Jesus Christ.

“So, I, as Chijioke Edeoga, am that Saul in the Bible. I am promising that I will be that Paul in the Bible. I will devote everything within me to ensure he returns for the second tenure.

“I am moving a motion that the leadership of Enugu East Senatorial Zone have decided that Peter Mbah will be our sole candidate for the 2027.”

In seconding the motion,

Gbenga Hashim: We Shall Rebuild Damaged Bridges of National Unity

Emmanuel Addeh in Abuja

A former presidential candidate and chieftain of the Peoples Democratic Party (PDP), Dr. Gbenga Olawepo-Hashim, has declared that he is irrevocably committed to repairing Nigeria's damaged bridges of national unity.

According to him, Nigeria's disunity is occasioned by the manipulation of the country's ethnic religious fault lines by desperate and failed politicians

who use divisive strategies such as zoning and other extra constitutional measures to hold the nation's polity to ransom.

Olawepo-Hashim spoke at an interaction with senior media executives in Lagos at the weekend, a statement released by his media team said.

"Despite the fact that Nigeria's electorate has demonstrated over and over again that they care less about where a leader comes from, a new tribe of political opportunists

continue to distract the nation and the polity from clear issues of economic development and security which is the urgent concern of most Nigerians whether they are Northerners or Southerners," he stated.

At the end of the National Executive Committee (NEC) meeting of the PDP in Abuja last week, the party zoned the 2027 presidential ticket to the Southern part of the country, an act the statement said has sparked wide condemnation

among party members especially from the North.

It said that many have called the decision retrogressive and against the Constitution and capable of pitching the North against the South.

"We on our part shall continue to rally the nation around issues that unite us rather than issues that divide us. Commitment to National Unity was what defined the politics of the founding fathers of our nation.

PENCOM Meets NLC, Assures on Safety of Contributors' Fund

Onyebuchi Ezigbo in Abuja

The Director General (DG) of the National Pension Commission (PenCom), Mrs. Omolola Oloworaran, has dispelled fears of organised labour and other concerned stakeholders over safety of contributors' fund.

He assured that contributors' funds are safe due to inbuilt safety guards in the management

and disbursement of the funds.

A statement by the NLC's Head of Information and Publicity, Benson Upah, said that Oloworaran made the clarification during a courtesy visit to the President of the Nigeria Labour Congress, Comrade Joe Ajaero at his Pascal Bafyau Labour House office, Abuja, last Friday.

The PENCOM DG said that the purpose of the visit was to

correct the misunderstanding created by of the past comments, (including exchanges in the media) and to commit to a mutually beneficial relationship as well as to explore ways the two organisations could work together.

She assured that contributors' funds were safe due to inbuilt safety guards, explaining that funds were not in custody of

PenCom but PFAs (Pension Funds Administrators) that manage them.

On the role of the PENCOM board, the DG said the board's oversight function over the organisation (PenCom) could not be wished away.

The DG however said that PenCom "is committed to transparency and ready to give information on everything".

former state chairman of the All Progressives Congress (APC), Dr. Ben Nwoye, emphasised that although he was of the APC, the gathering of Enugu East was not about party, but about Mbah’s personality.

Also, a communique rendered by a political veteran, Deacon Ogbodo, at the end of the townhall meeting read in part, “Following a far-reaching discourse where our people - thought leaders, political leaders, professionals, youth leaders, women leaders, traditional rulers, Presidents-General of town unions, leaders of market associations, trade union leaders, among others - openly and freely aired their views, the people of Enugu East Senatorial District unequivocally endorse Dr. Peter Ndubuisi Mbah for a

second term in office come 2027.

“If he has done these great works in repositioning Enugu State in just two years, it is only left to imagination what the state would look like at the end of eight years of his administration.

“Given Governor Peter Mbah’s trailblazing performance, we are convinced that he is leading Enugu State on the path of development never witnessed before. We have prayed for a day like this since the end of Dr. Michael Okpara era.

“Today, we can state unequivocally that God has answered our prayers in the person of Dr. Peter Ndubuisi. Ndi Enugu now hold their heads high and proudly identity as Ndi Enugu anywhere.”

Reps Member Lauds Gov AbdulRazaq on War against Bandits in Kwara Hammed Shittu in Ilorin Member, representing Moro/ Edu/Patigi Federal Constituency of Kwara state in House of Representatives, Hon. Saba Ahmed Adamu, at the weekend lauded the current effort of Governor AbdulRahman AbdulRazaq on the decimation of bandits and Kidnappers in the Kwara north senatorial district of the state.

A statement issued in Ilorin by the lawmaker signed by his media officer, Mr. Bello Hamidu noted the current untiring efforts of the governor to secure the state from criminals has further shown him as a clear leader who takes the security of lives and property of the residents just like his own.

According to the statement, "Our governor and leader is performing incredibly well in

every aspect of life, and he needs to be seriously encouraged and commended to do more".

The statement said, "From the privileged information that I have, the efforts and perseverance of his excellency in coordinating all the local and federal security agencies to rid our state of harmony of present banditry and kidnapping challenges is top notch."

The lawmaker added that, "from time immemorial, I have not seen or heard a leader painstakingly taking efforts from all angles to fully secure our state of harmony.

"It's reasonable that the achievements he has recorded in the area of industrial revolution since he assumed office and urban renewal shouldn't be allowed to be tainted when residents are allowed to be troubled by banditry and kidnapping."

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T H I S D AY • MONDAY, SEPTEMBER 1, 2025

NEWS

SANWO-OLU RECEIVES HOSTING RIGHTS OF 2025 BON AWARDS...

L-R: Founder, Best of Nollywood (Bon) Awards, Mr. Seun Oloketuyi and the Lagos State Governor, Mr. Babajide Sanwo-Olu, when the former went to present the hosting rights of the 2025 Bon Awards to the governor at State House Marina... yesterday

2027 Poll: Regional Push for Presidency Heightens Amid Fresh Zoning Agitations

Emmanuel Addeh in Abuja

Amid fresh zoning agitations within some political parties, especially the African Democratic Congress (ADC), the push for recognition of regions in the South and North have also heightened, with the South-east and North-central pushing to be noticed.

Essentially, while the Peoples Democratic Party (PDP) has held its National Executive Committee

(NEC) meeting where it zoned the 2027 presidential slot to the south, the decision appears to have reawakened politicians from various regions of the country, some of whom now clamour for regional recognition.

To this end, members of the Igbo Agenda Dialogue (IAD) have condemned the perceived marginalisation and alienation of Igbo people in Nigeria's political space and have resolved that such

a trend must no longer continue.

At a dialogue geared towards mitigating the situation, the IAD emphasised that Igbo votes must never again be taken for granted, explaining that any candidate or political party seeking Igbo support must enter into a binding Memorandum of Understanding (MoU), with the Igbo nation and such agreements shall be made public through verified platforms.

At the meeting convened in

Abuja by the founder of the All Progressives Grand Alliance (APGA), Chekwas Okorie, the Igbo group lamented the historical absence of a unified Igbo political front since the end of the Nigeria Civil War in 1970.

Okorie pointed out that the contemporaries of the Igbo have managed to be in control of the levers of political power in the country and are at the commanding heights of the Nigerian economy

Medical Expert: Over 8m Suffer Post-abortion Complications, 5m Hospitalised Yearly from Same Challenge Worldwide

Yinka Kolawole in Osogbo

A Medical Expert on Maternal Health Management in Osun State, Dr. Akintunde Fehintola, of Obafemi Awolowo University Teaching Hospital, (OAUTH) has posited that over 8 million suffered post Abortion complications, while 5 million women are hospitalized each year for post Abortion complications worldwide.

Dr. Fehintola gave the figures during Women Advocates Research and Documentation Centre (WARDC) who met with policy makers, and other stakeholders on the improvement of accountability by the state and federal government on STOP legal framework and access to SRHR of adolescent girls and women in Osogbo at the weekend.

Speaking on a theme "Global Mortality and Morbidity Patterns," Fehintola also noted that over 67,000 women death are recorded each year due to unsafe abortion.

The medical expert who outlined causes of maternal death worldwide said it includes unsafe abortion with 13% percent, infection 15% , indirect causes 20%, severe bleeding 24%, Eclampsia 12%, obstructed 8% and other direct 8%.

However, the organisation which opined that adolescents must know what Sexual and Reproductive Health and Right, SRHR is and how they must be able to advocate it for themselves, held its high level round table meeting with the policy makers, co-hosted by the Ministry of

Women Affairs at the Conference Hall of Royal Continental Hotel, Osogbo.

According to WARDC, the implementation of STOP guidelines and usage of valid legal framework of the law, will increase awareness of SRHR among Adolescent girls and community platforms through virtual and physical networks, and bring advocacies to support the ongoing SRHR sensitization in Nigeria.

It stated that the STOP guidelines approved by the federal government exist in Osun State, but it is not very effective, that gaps which women and adolescents are facing on SRHR can’t be denied, pinpointed that abortion is one of the factors that leads to high maternal deaths

in the state.

According to the WARDC, “People do abortions, but we as a state policy makers and stakeholders must strive to achieve safe abortions that will save lives, to take actions on achieving effective implementation of the STOP guidelines on Sexual and Reproductive Health and Rights of Adolescents and Women in Osun.”

However, in her special remarks, the Commissioner, Ministry of Women Affairs, Children and Social Welfare, Hon. Mrs Ayobola Awolowo, affirmed the WARDC dialogue is not only about policy, but about the dignity, right and future of the target beneficiaries, especially women, young people and the vulnerable.

PDP Urges AbdulRazaq to Review the Payment of Minimum Wage of Workers from N70,000 to N150,000 in Kwara

Hammed Shittu in Ilorin

The Kwara State Chapter of the Peoples Democratic Party (PDP) at the weekend called for upward review of payment of minimum wage of N70,000 to N150, 000 for the workers in the state public service in view of the growing economic challenges facing the people of the country.

The party stated that, "The

N70,000 minimum wage set by the Kwara government since October 2024, which is the lowest in the neighboring states, has long outlived its relevance with the current economic realities in the country".

A statement issued in Ilorin by the PDP signed by the state Publicity Secretary, Mr. Olusegun Olusola Adewara, stated that, "the governor should take a

lead from the governments of Imo and Ebonyi states that had recently reviewed the payment of minimum wage to their workers in view of the current hardship being experienced by the people of the country including the workers in the state public service".

The party stated that, " Kwara State governor and Chairman, Nigeria Governors’ Forum (NGF) ,

Alhaji AbdulRahman AbdulRazaq should also show a sign of good example of a leader by reviewing the payment of N70,000 minimum wage being paid to workers in the state public service to N150,000".

The PDP noted, "The massive federal allocations combined with the state's unprecedented IGR, ought to be reflected in the take-home pay of our civil servants".

and its bureaucracy.

“Things came to a most worrisome head when a former president of Nigeria while presiding over the affairs of the country described us as a dot in a circle, which in a sense implies that we are few and landlocked,” Okorie said.

“The true position as is well known even by the person that mocked us in that manner is that there is no ethnic nationality in Nigeria that has greater access to the sea than the Igbo nation,” he added.

Also, on the issue of microzoning, members of the North Central Renaissance Movement (NCRM) are agitating for the

2027 presidency, claiming marginalisation since the beginning of the Fourth Republic in 1999.

Chairman, NCRM, Prof. Kutso Nghargbu, in a briefing, noted that it was unacceptable that the North-central has been at the receiving end of Nigerian politics since the return of democracy.

“North-central geopolitical zone is the referee for 2027 general elections. And at this point, I want to emphasise that any political party that is not willing to zone a presidential ticket to the North and particularly North-central geopolitical zone may not and will not have the votes of the North-central,” he stated.

Oborevwori Inaugurates ICT/CBT Centre in Onicha-Olona, Says No Part of Delta Will Be Left Behind

Omon-Julius Onabu in Asaba

Governor Sheriff Oborevwori, at the weekend, inaugurated an Information and Communications Technology (ICT) and ComputerBased Test (CBT) Centre at Onicha-Olona in Aniocha North Local Government Area, assuring that no part of Delta State will be left behind in his administration's drive for digital transformation and valuable empowerment especially of youths.

He described the Centre, which has 300 functional work-stations and 300 computers as a remarkable milestone in bridging the digital gap and preparing our youths for competing effectively for opportunities in the 21st Century digital economy within the Global Village space.

Represented by the Secretary to the State Government (SSG), Dr. Kingsley Emu, the governor expressed appreciation for the valuable contributions of individuals, government agencies and corporate bodies towards the establishment of the ICTand CBT Centre, including the Nigeria Deposit Insurance Corporation

(NDIC), which undertook the construction of the edifice as part of its corporate social responsibility in Delta State.

Situated in the heart the heart of Onicha-Olona town, the Centre, which was built by the Nigeria Deposit Insurance Corporation (NDIC), has been fully furnished and equipped with state-of-the-art computers and other ICT tools and accessories by the government through the State Ministry of Science and Technology, to ensure it became a fully functional hub for contemporary digital learning.

The governor stressed that in the government's quest to equitably develop the state, in the spirit of the M.O.R.E Agenda, its commitment to the practice of inclusiveness will ensure that no community in the state was left out.

The governor said, “Today’s event is remarkable as it brings a modern communication and learning hub right to the heart of our community. With the establishment of this ICT and CBT Centre in Onicha-Olona, our young people no longer need to look far for such facilities.

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NEWS

MALTINA BACK TO SCHOOL CAMPAIGN TOUR...

L–R: Portfolio Manager, Non-Alcoholic Drinks, Nigerian Breweries Plc, Elohor Olumide-Awe; Digital and Technology Director, Nigerian Breweries Plc, Phil Aneke; Corporate Affairs Director, Nigerian Breweries Plc, Uzo Odenigbo; Marketing Director, Nigerian Breweries Plc, Sarah Agha; 2023 Maltina Teacher of the Year Winner, Adeola Adefemi; Maltina Brand Ambassador, Tomike Adeoye; 2024 Maltina Teacher of the Year Winner, Esomnofu Chidiebube; and Regional Business Manager, Lagos South, Nigerian Breweries Plc, Juliet Ifebueme, at the official launch of Maltina’s 25cl and 50cl PET bottles and the announcement of its Back-to-School Nourishment Tour, held in Lagos....recently

2027 Election: South-west Group Backs Olawepo-Hashim, Rejects PDP’s Zoning Chuks Okocha in Abuja Leaders of the Gbenga Hashim Solidarity Movement (GHSM) in the South-west have declared their support for the presidential aspiration of Dr. Gbenga OlawepoHashim, vowing to resist what they described as the “unconstitutional zoning error” of the presidency by the Peoples Democratic Party (PDP).

The resolution was reached on Saturday during a strategic meeting of GHSM leaders, which comprised mostly PDP leaders from the South-west, held in Lagos with delegates in attendance from Osun, Oyo, Ekiti, Ondo, Ogun, and Lagos states.

Addressing journalists after the meeting, the South West Coordinator of GHSM, Alhaji

Abass Olaniyi from Osun state, said Nigerians must rally behind leaders whose politics is built on competence, inclusiveness, and national development, rather than sectional considerations.

We want to make it very clear that the South West will not sit idly by while regressive forces within the PDP try to truncate the aspiration of a visionary leader like Dr. Gbenga Hashim through unconstitutional zoning.

“Nigerians are ready for a truly ideological presidency, not the politics of ethnicity and sectional manipulation,” Olaniyi declared.

He stressed that the South West is resolute in its decision to deliver the region’s votes to ensure Olawepo-Hashim emerges victorious in 2027, describing him as the most

75-year-old Grandpa Arrested as NDLEA Destroys 178,000kg Skunk in TarabaBabafemi Forest said in his case,

Michael Olugbode in Abuja

A 75-year-old grandpa Uchelue Ikechukwu was among six suspects arrested with illicit substances in raids by operatives of the National Drug Law Enforcement Agency (NDLEA) in parts of Anambra State just as 30-year-old Alfa Andrew was taken into custody following the destruction of 178,750 kilogrammes of skunk on his 71.5 hectares of cannabis farm in Mayodoga forest, Sardauna local council area of Taraba state.

The spokesman of the antinarcotics agency, Femi Babafemi, in a statement on Sunday, said while Uchelue was nabbed at Umudioka, Dunukofia Local Government Area of Anambra State with 26.7 kilogrammes of skunk last Thursday, Eneh Makuo; Emmanuel Chiemeli; Uwakwe Matthew; Chukwujekwu Ehirim; Ifeanyichukwu Olisa and Odoh Chukwuma, were arrested with various quantities of opioids and skunk at Nkwelle and Amichi areas of the state.

Andrew was arrested with a Dane gun last Tuesday when NDLEA operatives supported by personnel of the Nigerian Army, Nigeria Forest Security Service, Mambila Youth Vanguard and Vigilante, stormed his 71.5 hectares of cannabis farm located at Mayodoga forest, Mayosabere ward in Sardauna Local Government Area, Taraba State, where they destroyed 178,750 kilogrammes of skunk, a strain of cannabis.

He said no fewer than 104,900 capsules of tramadol concealed in the driver compartment of a fuel tanker, suspected to be an illicit consignment going to insurgents in parts of Borno State, were intercepted by NDLEA operatives at the Abuja/Kaduna tollgate in Kaduna last Friday while a suspect Hassan Buba was immediately taken into custody.

He added that another suspect Kabir Sulaiman, 45, was nabbed with 34.150 kilogrammes skunk

by NDLEA officers at Gwargwaje - Zaria check point on Saturday.

prepared among the potential candidates.

The Lagos State Coordinator, Hon Ola Azeez said that despite having a Lagosian as president of Nigeria, the masses of Nigeria are suffering like never before and they were ready to support a leader with a detribalised orientation who is competent.

Other leaders at the meeting emphasised that OlawepoHashim represents a new paradigm of leadership, combining experience in both the private and public sectors with a strong record of advocacy for democracy,

social justice, and economic reforms.

They argued that Nigeria’s current challenges, including insecurity, economic downturn, unemployment, and national disunity, demand a president who possesses both intellectual grounding and moral conviction to steer the country toward sustainable progress.

The GHSM leaders recalled Olawepo-Hashim’s longstanding involvement in Nigeria’s democratic struggle, his consistent calls for issuesbased politics, and his refusal to engage in the politics of

patronage that has weakened many of his contemporaries.

Following deliberations, the South West bloc of GHSM resolved to intensify grassroots mobilisation, enlightenment campaigns, and alliance building across the country to strengthen Hashim’s candidacy well ahead of the 2027 elections.

“Nigeria cannot afford to repeat the mistakes of the past.

What the country needs now is not zoning, but competence.

Dr. Hashim has the ideology, the character, and the vision to lead Nigeria into a new era of stability, prosperity,

and unity,” Abass reaffirmed.

The South West leaders further pledged to resist attempts within the PDP to enforce zoning, insisting that such arrangements lack constitutional backing and undermine the democratic rights of all citizens to aspire to the presidency and a violation of section 84 of the Electoral Act. The meeting concluded with a unanimous declaration that the South West will serve as the vanguard of a nationwide movement to secure Gbenga Hashim’s victory in the 2027 general elections.

PDP Govs Mark Party’s 27th Anniversary Chuks Okocha in Abuja

The Peoples Democratic Party Governors’ Forum, yesterday, celebrated the party, on its 27th anniversary, congratulating also the party’s leadership, members, and supporters across Nigeria and beyond.

In a statement by the Director General of the PDP governors’ forum, Emmanuel Agbo, the governors said, ''Since its formation on 31st August 1998, the PDP has remained a cornerstone of Nigeria’s democratic evolution, shaping the political landscape with resilience to national unity.''

The party was founded during Nigeria’s transition from military rule to democracy, the PDP emerged as a beacon of hope

for millions of Nigerians yearning for civilian governance, economic reform, and social justice.

The party’s early triumph in the 1999 general election marked the beginning of a new democratic era, with former President Olusegun Obasanjo at the helm, setting the tone for progressive leadership and institutional rebuilding.

It governed Nigeria with vision for 16 consecutive years, producing three presidents and overseeing significant reforms in telecommunications, banking, education, healthcare, and infrastructure which rebirthed economic stability and highly impacted workers' welfare, created employment, boosted investments and rejigged entrepreneurship with a resultant

poverty reduction. ''The PDP commitment to rotating leadership between the North and South helped foster national cohesion and inclusivity. ''Two decades later, and even in opposition, the PDP has remained a vibrant force delivering good governance, holding government accountable and championing the rights of citizens.

“Its enduring presence in the National Assembly and across state governments is a testament to its deep-rooted connection with the Nigerian people and its unwavering belief in democratic ideals,'' Agbo said.

Reflecting further, the directorgeneral said the PDP ''has faced formidable challenges —internal divisions, electoral setbacks, and

shifting political tides. ''Yet, through it all, the party has demonstrated remarkable tenacity by engineering social reconciliation within its fold and strongly called for decisive action on the politically-induced insecurity monster that has ravaged the peace of the country and its innocent citizens. ''As the PDP celebrates 27 years of existence, may this milestone serve as a reminder of the party’s legacy and a call to renew its commitment to good governance, transparency, and service to the nation.

“The journey ahead is as important as the path already travelled, and Nigerians look forward to a PDP that continues to evolve, inspire, and lead with integrity,'' Agbo said.

In China, Air Chief Abubakar Highlights Growing Role of Drones in Modern Warfare

Linus Aleke in Abuja

The Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, has highlighted the growing role of drones in modern air warfare, stressing that unmanned systems were increasingly shaping the future of air operations.

Abubakar made these remarks in China while engaging with top

aviation and defence companies across several Chinese cities during his week-long working visit to the country.

A statement by the Director of Public Relations and Information, Nigerian Air Force, Air Commodore Ehimen Ejodame, stated that the visit underscored the NAF’s drive to enhance operational effectiveness through international

collaboration.

He revealed that a key highlight of the visit was a strategic engagement with the leadership of the China National AeroTechnology Import and Export Corporation (CATIC) in Beijing.

Speaking after inspecting production lines at Haerbin Aircraft Company and Chengdu Aircraft Company, Air Marshal

Abubakar said: “What we have seen here is a demonstration of China’s advanced aerospace technology.

“For us in the Nigerian Air Force, these visits are about exploring avenues for technology transfer and industrial cooperation that will directly impact our fleet modernisation and long-term self-reliance.

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T H I S D AY • MONDAY, SEPTEMBER 1, 2025

NEWS

NEW LOGO FOR SOUTH AFRICA CHAMBERS OF COMMERCE...

L–R: Director, Nigeria- South Africa Chamber of Commerce, Foluso Phillips; Chairman of Nigeria-South Africa Chamber of Commerce; Dr. Ije Jidenma; Immediate Past Chairman, Nigeria-South Africa Chamber of Commerce, Osayaba Giwa-Osagie; Regional General Manager, Africa, Middle East and Indian Ocean Islands, South African Airways, Ohis Ehimiaghe; and General Manager, Corporate Affairs, MTN Nigeria, Chineze Gbenga-Oluwatoye at the Chamber’s monthly breakfast session and new logo unveiling, held at the Eko Hotel and Suites, Lagos …weekend SUNDAY ADIGUN

House Dismisses Alleged Gang-up Against Abbas Confirms their grievances against Speaker

Adedayo Akinwale in Abuja The House of Representatives has dismissed media reports about a gang-up against Speaker of the House of Representatives, Hon. Tajudeen Abbas.

A national newspaper (not THISDAY) had reported that the lawmakers were preparing for a showdown with the speaker when the House reconvenes on September 23.

However, in a statement, yesterday, spokesperson for the House, Hon. Akin Rotimi, maintained that the lawmakers remained solidly behind Abbas.

Rotimi said purveyors of the confrontation story were elevating isolated remarks and informal conversations from House WhatsApp groups as representative of the official position of the House.

He stated, “Contrary to insinuations of an impending ‘showdown’, the House remains united under the leadership of

Hon. Abbas Tajudeen Speaker of the House.

“With 360 members from every part of Nigeria, across diverse political, ethnic, and religious backgrounds, the House reflects the nation’s full heterogeneity.

“Honourable Members are free to express opinions in both formal and informal settings on matters affecting their constituencies and privileges.

“However, such expressions when reported, especially when not balanced by differing viewpoints, do not constitute resolutions or positions of any caucus.”

Rotimi stressed that the House operated according to established parliamentary procedures, through which caucus leaders, committees, or individual members could formally table issues for the leadership or, where necessary, for debate and resolution by the entire chamber.

He said informal conversations were normal in a vibrant

democracy, but they could not represent official positions.

According to him, “It is to the Speaker’s credit that, despite this diversity, the 10th Assembly has remained united, reaching common positions on national issues through consensus building and allowing every Member a

voice.

“The House remains focused on preparing for resumption on September 23, 2025, with renewed commitment to national priorities.

“Some issues referenced in the report conflate genuine concerns with sensationalism. Delayed contractor payments are a national

challenge and not peculiar to the constituency projects nominated

by Honourable members.

“For many weeks, the House Leadership, through the Appropriations Committees, has engaged the Honourable Minister of Finance. Payments have commenced and the Leadership

is committed to ensuring all outstanding 2024 obligations are settled expeditiously.”

Rotimi said, “Honourable Members face pressure from constituents expecting nominated projects to be implemented in line with participatory development.

PDP Southwest Chairman Decries FG Withholding LG Funds as Crime to Humanity

Yinka Kolawole in Osogbo

The Vice Chairman South West of the Peoples Democratic party (PDP), Kamorudeen Ajisafe, weekend, slammed the federal government over the continue withholding of the local governments allocations meant for councils in Osun State, saying the action was an offence against humanity.

Ajisafe also opined that

President Bola Tinubu has not reciprocated the good gesture extended to him by Governor Ademola Adeleke, adding that the federal government was depriving Osun people of their fundamental rights to funds and welfare because of politics.

The PDP chieftain, in a telephone interview with THISDAY, stressed that Adeleke should be given credit for the

way he has handled the finances of the state despite the absence of local government allocations.

According to him, “Ademola Adeleke of Osun, has declared support for President Bola Tinubu’s second term. Isn’t it the same President that is withholding Osun State local government funds? Let’s see how it goes.

“The people of the state are not fools. If not that the Adeleke

family is strong morally and financially, and the governor is committed to good governance, how would the state have survived the blockade?” reiterated that Adeleke has been depriving himself of many things to make the state better, saying, “He is not taking security votes and has been travelling on his family’s private jets. He has been saving money to do all the projects in the state.”

KEYAMO: PDP IN LEGAL RISK FIELDING JONATHAN IN 2027, EL-RUFAI: TINUBU WILL COME THIRD IN PRESIDENTIAL ELECTION above will still apply to him, hence all his shout of serving one-term of recent. In addition, the principled ones amongst the ‘obidients’ will see him as going back to his vomit of ‘structure of criminality’ and may not be too vociferous in their support anymore.

“The young social media warriors may lampoon anyone talking about these zoning sentiments, but that is the reality of our politics and it is not about to end. Except something extraordinary happens, the party may have to wait till 2031,” he maintained.

He added that the party would bear responsibility if it ignored the legal risk and lost its candidacy after nominations closed.

But HURIWA, in a statement, yesterday, described as insensitive and diversionary the long political commentary made by Keyamo on his X account, where he analysed the possible setbacks of the opposition PDP in the 2027 presidential election.

HURIWA said it was disturbing that a sitting minister, entrusted with the crucial mandate of managing Nigeria’s aviation and aerospace development, could devote his time to speculative

political analysis while millions of Nigerians were suffocating under crushing economic policies and failing public infrastructure.

The group admonished President Bola Tinubu to call his cabinet members to order, stressing that ministers were appointed to rescue Nigeria’s collapsing economy and not to become political commentators or strategists for the ruling party.

HURIWA noted with dismay that cabinet officials like Keyamo were neglecting their core responsibilities, thereby dragging the country back by over six decades through a combination of poor policy implementation and coordinated toxic taxation policies.

According to the rights group, the present administration has presided over a regime of excessive levies and charges that discourage businesses, suffocate innovation, and kill off youth entrepreneurship.

El-Rufai: Tinubu will Come Third in Presidential Election

Still on the 2027 polls, a former Governor of Kaduna State and key member of the new African Democratic Congress (ADC), Nasir

El-Rufai, has predicted that Tinubu will suffer a major humiliation in the 2027 election if he's on the ballot, saying at best the President will come third in the first round of the election leading to a run-off without the president.

El-Rufai who made this known on Channels TV yesterday, urged Tinubu to learn from the experience of former President Goodluck Jonathan, who was defeated by the late President Muhammadu Buhari in the 2015 presidential election.

He said: “If you want to engage in self-delusion, you are free to do so. I will not tell you how we are going to win, but I tell you very clearly — the worst-case scenario in the 2027 elections is that no winner will emerge in the first round.

“We may have to go for a runoff, and Bola Tinubu will not be on the ballot for the runoff, because he will, at best, be third in the election. He has no pathway to win. I have done the maths, I have done the analysis; he cannot — he will, at best, be third.

“But he can deceive himself; he may think, oh, you know, I have money, because they have taken all the money in the country, I have INEC, I have the police,

I have the army. “It’s like those who say Tinubu has never lost an election. That can be contested, but it’s okay. He’s a political strategist, he’s this, he’s that. Wait!”

He accused the President of mismanaging the economy, noting that 30 million more Nigerians had been impoverished in the last two years as a result of economic policy.

El-Rufai, who fell out with Tinubu after his nomination as a minister was rejected by the National Assembly, insisted that he would have resigned if he was made a minister in the Tinubu administration.

He said that serving as a minister under Tinubu was never his ambition, stating that Tinubu had begged him to join the cabinet but later changed his mind.

“I would have probably resigned if I was a minister in Tinubu’s government. I had no desire to be a minister. I don’t care what people are saying now.

I have been a minister when I was much younger,” he said.

Besides, he accused the governor of Kaduna state, Uba Sani, of being behind the attack at the Kaduna ADC committee inauguration in Kaduna at the

weekend. El-Rufai claimed that there was evidence that the state governor orchestrated the attack.

He said: “I have evidence that Kaduna State Governor is behind Saturday’s attacks. I will submit evidence to the IGP and other authorities if they care to investigate.”

El-Rufai who was instrumental to Sani’s emergence as Kaduna State governor in 2023, further said there was no dispute between him and the governor, declaring that Sani was never his friend.

“I’ve not fallen out with the governor. No, he is not my friend.

He was my boy, my mentee. We have not fallen out. I still don’t speak with him. My biggest pride in life is that I have encouraged and elevated many people to greatness, some even greater than me, and I am very proud of it. “ But when a person derails, when he doesn’t do the right thing, because I contributed to getting him there, I am prohibited from commenting? Is that what the country has become?”

NSA Responds to El-Rufai's Claim

Meanwhile , the Office of the National Security Adviser

(ONSA) last night reacted to comments made by El-Rufai, in the television interview, where he alleged that the ONSA coordinates a policy of payments and offers incentives to bandits.

“This claim is baseless.

At no time has the ONSA, or any arm of government under this administration, engaged in ransom payments or inducements to criminals.

On the contrary, we have consistently warned Nigerians against paying ransom. ElRufai’s allegations are not only false but also contradict verifiable facts on ground,” the office said in a statement signed

by Zakari Mijinyawa.

The statement said that from inception, this government adopted a dual strategy: decisive kinetic operations alongside community engagements aimed at addressing local grievances.

The result, the office led by Nuhu Ribadu, the National Security Adviser, said, is evident in areas such as Igabi, Birnin Gwari, Giwa, and other parts of Kaduna that once suffered untold terror in Kaduna state but are now experiencing relative peace.

monday september 1, 2025 • T H I S D AY

37

NEWS xtra

WORKSHOP ON COMPLIANCE…

L-R: Director, Apapa 2 Zonal Office, Lagos State Environmental Protection Agency (LASEPA), Mr. Olayinka Scott; Coordinating Director, LASEPA Directorates, Mr. Abiodun Ogunleye; Director, Research and Development, Mrs. Abdulwarees Solanke; General Manager, LASEPA, Dr. Tunde Ajayi; Alimosho Zonal Director,Mr. Kayode Bello, and Deputy Director, Monitoring and Compliance, Ms. Omiwale Yetunde, at a one-day compliance workshop organised by LASEPA for industrial and commercial facilities in Lagos…yesterday

ADC Faults Police on Kaduna Violence, Alleges Opposition Criminalisation Chuks Okocha in Abuja

The African Democratic Congress (ADC) has faulted the Kaduna State Police Command over its handling of weekend’s violent disruption of the party’s inauguration where party members were attacked by armed thugs.

In a statement signed by its National Publicity Secretary, Mallam Bolaji

Abdullahi, the party accused the Kaduna State Police Command of attempting to criminalise legitimate political activity while failing to protect citizens, insisting that the venue had been duly pre-booked and that security agencies must not be used to intimidate the opposition.

The party said that when the Kaduna State

Abraka Killing: Oborevwori Assures People of Justice

Delta State Governor, Sheriff Oborevwori, yesterday assured the people that justice would be served in the killing of a yet-to-be-identified lady in Abraka by security operatives.

He consoled the bereaved family and urged security operatives to exercise maximum restraint by adhering strictly to established operational standards in order to avoid unnecessary harm to members of the public.

The tragic incident occurred when the security

operatives, reportedly in pursuit of suspected criminals, allegedly fired a shot that struck the victim.

She was rushed to a nearby hospital but was pronounced dead on arrival.

Oborevwori, in a statement issued by his Chief Press Secretary, Sir Festus Ahon, described the killing as “very unfortunate,” stressing that the tragedy could have been avoided had the operatives adhered strictly to standard operational procedures.

Doorcas Africa Set to Revolutionise Livestock Production Sunday Okobi

Agricultural expert firm, Doorcas Africa, has lamented that the Nigeria’s livestock sector is facing growing risks, fragmented farms, limited capital, high mortality, delayed off-take, and unreliable market access.

The firm further stated that farmers cannot individually bear the cost of standard production, while buyers struggle to secure a steady, healthy supply.

Therefore, in its efforts to correct the anomaly, Doorcas

Africa has introduced a co-ownership farming model, “backed by our strong veterinary oversight and data-driven disease monitoring.”

The firm,, in a statement, said: “We empower smallholders through insurance, regular vet visits, and AI insights, ensuring healthier herds, lower risks, and predictable supply chains for B2B buyers and consumers. This model transforms livestock from uncertain small ventures into scalable, sustainable businesses.”

Police Command issued its press release on the unfortunate disruption of the ADC meeting in Kaduna State, where

the party leaders and members were attacked by armed thugs, it expected reassurance that justice would be done and that

those responsible for the violence would be held to account.

Instead, the ADC ‘’what we read was a troubling

attempt to criminalize legitimate political activity, pre-judge individuals, and cast the opposition in the light of lawlessness.’’

Troops Kill 12 Terrorists, Recover Weapons in North-east

Linus Aleke in Abuja

The Nigerian Army yesterday said that troops of Operation Hadin Kai, in collaboration with the Air Component and local security outfits, eliminated 12 Islamic State West Africa Province (ISWAP)

insurgents during longrange offensive operations.

The troops, the Service said, also cleared Tamsu Ngamdu, Dalakaleri, and Gaza of terrorist activities during the offensive.

A statement by the Media Information Officer of Joint Task Force

Operation Hadin Kai, Lieutenant Colonel Sani Uba, said: “Significantly, upon arrival at a suspected terrorist location at Loskori Kura, troops made contact, during which 12 insurgents were neutralised after a heavy gun duel.

Troops recovered eight AK-47 rifles and eight AK-47 magazines fully loaded with 7.62mm rounds of ammunition. An assorted cache of drugs and medical supplies used by the terrorists was also recovered by the resilient and dogged troops.”

Access ARM Pensions Intensifies Sensitisation on Retirement Security Nume Ekeghe

Access ARM Pensions has intensified its awareness campaign on the benefits of Additional Voluntary Contributions (AVCs), urging Nigerians to adopt the scheme as a means to

achieve financial stability in retirement.

The firm made the call during a virtual seminar with the theme: ‘Boost Your Retirement: Making the Most of Additional Voluntary Contribution’, where participants were

sensitised on how AVCs can strengthen financial security against unforeseen economic uncertainty.

Speaking at the webinar, Head of Business Development, Olusola Adekunle,

explained that AVCs provide contributors with an opportunity to supplement their statutory pension savings, thereby closing income gaps that often emerge when people leave the workforce.

Warri Federal Constituency: Don Hails Call on INEC to Obey S’Court Ruling A university don, Prof. Ben Binebai, has applauded the Human Rights Writers Association of Nigeria (HURIWA) for supporting the quest for justice and fairness by the marginalised Ijaw and Urhobo communities in the

Warri Federal Constituency of Delta State.

Binebai, a professor of Theatre Arts with the Niger Delta University (NDU), lauded the rights group for condemning the alleged flagrant refusal of the Independent National

Electoral Commi-ssion (INEC) to implement the December 2022 Supreme Court judgment “on the fresh delineation of electoral wards and units in the constituency.”

“This landmark judgment, delivered on

2 December 2022, was a beacon of hope for the marginalised Ijaw and Urhobo communities, who have long suffered the pangs of historical injustices and electoral irregularities,” he said yesterday.

PFN Group: Christians Should Produce the Next Osun Gov Yinka Kolawole inOsogbo

An arm of the Pentecostal Fellowship of Nigeria (PFN), the Directorate of Politics and Governance (DPG), Osun State Chapter has noted that for justice and fairness,

the Christian community in the state should produce the next governor.

Besides, the group denounced what it termed a wrong statistics being bandied around that Muslims in the state are 67 per cent, saying

that correct data showed that Christian population to be 47 per cent, Muslims 43 per cent and others 10 per cent.

According to a statement signed by the State DPG’s Director, Rev. Isaac Alamu and the Secretary, Rev Walter

Aworanti, these were parts of the resolution of the group after a one-day seminar held in Osogbo, the state capital by DPG state executives and its representatives from all the 30 local governments in the state and the area office.

Kano elders and leading personalities across socio, economic, religious and political spheres have formed a united front to address socio-economic challenges confronting the state.

The elders and leaders, who met under the aegis of Kano State Elders Advisory Council with coordination from the Arewa Consultative Forum (ACF), Kano State Chapter, decried the ugly

trend of social vices within the state and around the north and called for collective efforts to rid the state of crimes.

They called for concerted efforts by all stakeholders to rebuild values of honesty,

respect, tolerance, hard work and decency within the society, noting that the menace of drug abuse, robberies and indecent behaviours was due to collapse of family values.

Dangote, Shekarau, Ganduje, Others to Address Kano’s Socio-economic Problems

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BACKPAGE CONTINUATION TEN MORE NIGERIAN BESTSELLERS of prosperity; and that just like Tompolo’s men guard oil pipelines, his men should be hired to guard schools because the best way to guard a chicken coop is to appoint a fox as guard.

How to Uphold National Assembly’s Independence, by Godswill Akpabio tops many charts right now. The first rule in defending the independence of the National Assembly is to force the Presidency to budget six trillion naira for constituency projects; Assembly independence is best maintained when every MP has enough money to dash to his constituents; hold as many Executive Sessions as possible to prevent open debate on major issues; suspend any Senator who makes allegations against the Presidency or Senate President; speedily pass into law without public hearing any bill sent by the President including to change National Anthem; turn a blind eye on a 15 trillion naira Presidency road project that is not in the budget; and make as many jokes as possible from the Chair in order to divert attention from sensitive issues.

Selling like hot cakes is How to Evade EFCC Arrest, by Yahaya Bello. Every current top official needs a copy for future reference.

This book discusses the tendency of EFCC to come after every governor who hands over power, and how to evade its goons. The book condemned the style of Ayo Fayose, who packed his bag and appeared at EFCC headquarters the day after he handed over in Ekiti. Instead, it recommended that one should live in an unknown house; surround himself with armed security guards; install your cousin as your successor so that he will take you into his vehicle, which has immunity from stop and search, and drive out of the compound while EFCC agents are watching; deploy several

dozen SANs to bring up every ploy in the books in order to delay your trial; file a suit in a friendly court in your state capital to counter the order EFCC got from a hostile Abuja High Court; receive delegation upon delegation of well-wishers and drummers in order to intimidate the courts by showing that you are very popular; preach in your sitting room to squatting state MPs on the need to pass every bill sent to them by your successor; wear a long white Jallabiya cloth so that you can be mistaken for a cleric.

Another bestseller is How to Complete Our 60 Years’ Rule, by PDP. This book, adopted at PDP’s recent National Executive Committee meeting and signed by all its members, is a revised edition of the earlier one it adopted in 2008 when it first bragged that it will rule Nigeria for sixty years. It outlines measures that it will now take to complete the remaining 44 years, since it covered only 16 years of its divine mandate. PDP’s new strategy is to pretend that it is controlled by a senior cabinet minister; pretend that some of its governors are defecting to APC; send its trusted members to take over many briefcase political parties; apply to INEC to register several more parties; form alliances and coalitions with other parties in order to confuse APC; zone its presidential ticket to the South in order to scatter APC’s hoped-for “united Southern Front;” encourage APC to continue to alienate Northern voters.

The day after PDP unveiled its book, APC also rushed to hit the Nigerian Bestseller List with a book collectively ratified by its NEC, Board of Trustees, Presidency and National Assembly. It is titled How to Rule for 100 years.

The original author’s name, Dr. Abdullahi Umar Ganduje, was hurriedly cancelled with a red biro and replaced with Nentawe Yilwatda;

the printers had to rush to Jos where he was receiving condolences to obtain his signature. The book says while PDP is forming coalitions and alliances with other parties, trade unions, civil society organisations and social media, APC’s strategic goal is to merge with the Federation Account, National Assembly, INEC, Judiciary, foreign road contractors and security agencies in order to form a German-style “Berlin Wall” around Aso Rock. No one can dislodge such a coalition in this century or the next one.

A very popular book is How to Build a Political Cult, by Peter Obi and Rabi’u Kwankwaso. The authors offer a rich perspective into the building of a personal political cult unseen in Nigeria since the Second Republic. The first author, Obi, writes about how to form a regional political cult; defect from a large party into a small one at the last minute; win 90% of the vote in all five states in a zone; mobilise elements of the Diaspora to donate money and dominate the social media; draft an indefatigable Free Chibok Girls activist to make a lot of noise; draft the proprietor of a successful private university as running mate; appeal to Yes Daddy to mobilise Christian voters, then visit mosques and get Imams to mobilise Muslim voters. The second author, Kwankwaso, did not advocate a lastminute dash into cult building but a slower, less audacious route; to corner not a whole region but one state, albeit a large and vote-rich one; adopt a red cap as the cult’s call sign; seize control of a small political party and install all its officials; keep both ruling and opposition parties guessing as to your next move.

Another bestseller book is How to Be a Good Neighbor, by Abdourahamane Tchiani. Nigeria has had many troubles with its neighbours, including the spread of Chadian rebels into the North East, Bakassi border dispute with

Cameroon and the Hamani Tijani cross-border vehicle robbery saga with Benin Republic. This book by Tchiani is therefore highly welcome.

It advocates the diversification of governance models by replacing democracy with military rule; detaining an overthrown president without trial as a lesson to African rulers; capitalizing on cross-border ethnic relations to mobilise support from Northern Nigerians; wrecking a 50 year old regional economic bloc and setting up a rival Alliance of Sahelian States; stopping the flow of Sallah rams so that Nigeria can conserve its foreign exchange; by sending social media posts to reveal a French takeover of Nigeria; and by allowing Lakurawa fighters free movement across the border.

A rather strange appearance of Nigeria’s Bestseller List is How to Keep States United,

by Donald Trump. It is exactly 160 years since the American Civil War ended with the defeat of the Confederate States, so this book

by Donald Trump is very timely. The strategy includes federalizing the DC police; sending federal marshals to take over Chicago and all Democratic-controlled cities; retrenching a million federal workers; kicking out the billionaire who did the retrenchment; deporting undocumented migrants to Uganda; imposing punitive tariffs on friends and foes alike; absorbing Canada into the USA; seizing Greenland from Denmark; renaming Gulf of Mexico to Gulf of America; punishing any wire service that still calls it Gulf of Mexico; wreck the NATO alliance; cozy up to Vladimir Putin; pretend to try to end the Ukraine war; start a trade war with China and India; pretend to broker peace between Israel and Iran and suddenly bomb Iran; send a naval flotilla to overthrow the President of Venezuela; then encourage Israel to continue its genocide in Gaza.

RE: CHIDI AMUTA’S ‘JONATHAN, DON’T JUST RUN… PLEASE FLEE! and youth empowerment policies under Jonathan’s administration. While not without flaws, it demonstrated strategic foresight in linking youth unemployment with the untapped potential of agriculture. Its relative underappreciation today says more about Nigeria’s policy discontinuity than the programme’s merit.”

Let me just state here for record purposes that one of the beneficiaries of the Nagropreneur programme, Ms. Affiong Williams, a young Nigerian entrepreneur, recently emerged as the winner of the 2024 Women Agripreneurs Award at the Africa Food Systems Forum, in Kigali, Rwanda.

As soon as the programme was launched, Ms. Williams took the decision to return to the country from her base in South Africa at a very young age to set up Reelfruit, an agro-based firm which is today one of the largest fruit processing, packaging and marketing firms in Nigeria.

These are not the actions of a leader aloof from youth issues. They are not mere gestures; they are substantive interventions that touched lives and redefined engagement with the Nigerian youth. To put it mildly, they are the legacy of someone who saw youth not as campaign props, but as stakeholders in national development.

On economic and governance record, Amuta’s claim that Jonathan has “no record of outstanding service or performance” is not only patently false but intellectually dishonest.

Under President Jonathan’s leadership, Nigeria became Africa’s largest economy, with a rebased GDP of over $500 billion in 2014. During his tenure, the country attracted the highest levels of Foreign Direct Investment (FDI) on the continent for several consecutive years. And if Amuta had not submitted himself to selective amnesia, he would have at least acknowledged, in the spirit of fairness, that inflation was kept in single digits, a feat that many administrations have struggled to achieve.

A pointer to Jonathan’s visibility even on the global scale was that Nigeria served two consecutive terms on the United Nations Security Council under his tenure, a testament

Jonathan

to the former President’s international stature and diplomatic clout.

Furthermore, major infrastructure projects, including the resuscitation of the rail system, road dualizations, and power reforms, began in earnest under his watch. The Power Sector Reform Act and privatization of PHCN laid the groundwork for eventual sectoral improvements.

I found it laughable that Amuta claimed that there is “not much to quote from Jonathan”.

This is as absurd as it is dismissive. Since the beginning of the Fourth Republic, Goodluck Jonathan has been one of the most quoted Nigerian leaders, with many of his speeches in office producing memorable and widely cited statements. Dr. Jonathan’s most quoted line, “My political ambition is not worth the blood of any Nigerian”, has become a global symbol of democratic maturity and peaceful transition of power in Africa. It stands in stark contrast to many leaders who cling to power even at great human cost.

In another prescient reflection, Jonathan declared: “The day I leave office, you will remember me for the good things I did.”

That statement has aged remarkably well, as many Nigerians, in hindsight, view his administration as one marked by relative stability, freedom, and economic hope. Those who are now calling on him to come back and rescue the ship of state from capsizing may simply be echoing that prophetic reflection.

Dr. Amuta further stoops to misrepresentation by reviving the longdebunked claim that Jonathan paid the N100 million All Progressives Congress (APC) nomination form fee in 2023, a party with which he shares no affiliation. This is also a deliberate falsehood. Yours truly, as Jonathan’s spokesperson, publicly disavowed the move, clarifying that neither he nor any authorized representative purchased the form. That should have settled the matter, unless the goal is to persist in falsehood. To resurrect a lie already buried is not commentary, it is deliberate misinformation and anti-intellectualism.

This is not Amuta’s first exercise in intellectual revisionism. In 2010, he used the same column to endorse the political aspiration of some generals, men who left office under controversial circumstances, over

Jonathan, a seasoned democrat whose political journey, though unconventional, has been defined by civility, electoral legitimacy, and historic restraint.

To the older generation, Amuta ordinarily ticks the box as a well-appointed intellectual and critic. Unfortunately, he allowed cobwebs to gather on his scholarship through his ignoble association with some vague political legacies including that of the military. It is ironic that a closet regime agent who later took to hagiography to openly defend dictatorship, thereby dancing naked on the conscience of true intellectualism, now attempts to belittle Jonathan’s far more democratic and accomplished record.

His dismissiveness of Jonathan’s rise from humble beginnings as if being “accidental” in politics is a flaw, also betrays an elitist mindset that is out of touch with the democratic values of inclusiveness and merit.

Since leaving office, Dr. Jonathan has become one of Africa’s most respected elder statesmen.

He has led multiple peaceful electoral missions across Africa, been recognized internationally for his role in advancing democratic norms, won the prestigious Sunhak 2025 Peace Prize and remains a credible voice on governance across the continent.

That is not the profile of a “problem child,” as Amuta insensitively put it, but that of a model leader who chose country over power, peace over pride.

Dr. Chidi Amuta’s article is not a critique; it is a careless misrepresentation of a leader whose record continues to speak for itself.

Nigerians, and history, are more discerning than Amuta gives them credit for.

In the end, it is not Jonathan who needs to “flee” from public relevance, but the habit of intellectual dishonesty paraded as commentary that must flee our national discourse.

Let us strive for balance. And in doing so, let us not allow personal biases to obscure historical facts.

•Mr. Eze is Special Adviser to H.E. Dr. Goodluck Ebele Jonathan

39

T H I S D AY • MONDAY, SEPTEMBER 1, 2025

MONDAYSPORTS Atalanta Reject Bayern Bid for Lookman as Summer Window Ends Today Group Sports Editor Duro Ikhazuagbe

Email duro.ikhazuagbe@thisdaylive.com

08111813083 SMS Only

TRANSFER NEWS Duro Ikhazuagbe It appears Atalanta are determined to frustrate Ademola Lookman from switching to any team in this summer transfer window following the club’s rejection of Bundesliga champions Bayern Munich’s loan offer to the embattled Nigerian international.

UK’ The Athletics, reported yesterday that the German league champions approached Atalanta with a deal for the Nigerian forward.

The proposal was for a loan with a sizeable fee plus an option to buy at a significant price at the end of the season long loan spell.

But according to Gianluca Di Marzio, Atalanta have now rejected the deal as they are not open to a loan with option to buy for the Nigerian.

The Italian Serie A side want an outright permanent transfer for their valuation of €55million.

This however appears beyond the amount that Bayern have earmarked for the Nigerian. A situation that has put the bid on hold.

Bayern are short in numbers in attacking areas after selling Leroy Sane and Jamal Musiala picked up a nasty injury in the Club World Cup. Their deal for Chelsea striker Nicolas Jackson fell through in bizarre circumstances at the last moment, after Chelsea called him back because Liam Delap got injured even though the Senegal international had already landed in Munich for a medical.

Lookman has seen deals with Inter and Atletico Madrid fall through in this window already.

Sky Sport Germany however reported yesterday that Spurs and Galatasaray are also interested in the player and would want to buy him permanently.

All these may amount to nothing if nothing concrete comes up in the next 24 hours as the summer transfer window will close today, September 1.

Already, Atalanta have played two games in the new Serie A season, pulling two draws and having just two points out of possible six. Lookman has been frozen out of the first team with Coach Juric looking elsewhere for attacking options.

The club’s fans are so furious at Lookman with some even suggesting that it would be better for their team to be relegated to Serie B than to play the Super Eagles star.

This has led to his new nickname of Guipiman, a street cleaner.

Various banners by the fans have not hidden their disappointment towards Lookman for making the attempt to force his exit from Bergamo through this summer transfer.

The fans detest Lookman’s interest to transfer to their local rivals Inter Milan, which is opposed to Atalanta’s resolve not to sell him to any team in Italy.

“The shirt must be honoured.

Another piece of bullshit will not be tolerated,” warned the banner by the Curva Nord 1907fans, clearly referring to the transfer saga involving the Nigerian star.

R E S U LT S NPFL

W’Wolves 2-0 Rangers Bayelsa 2-0 Barau FC Enyimba 1-0 N’Tornadoes K’Pillars 1-1 Wikki Tourists Plateau 1-2 Katsina Utd Rivers Utd 1-0 Kwara Utd Nasarawa 1-0 Abia Warriors Ikorodu City 0-0 El-Kanemi PREMIER LEAGUE Brighton 2-1 Man City N’Forest 0-3 West Ham Liverpool 1-0 Arsenal Aston Villa 0-3 Cry’Palace SERIE A Genoa 0-1 Juventus Torino 0-0 Fiorentina Lazio 4-0 Verona Inter 1-2 Udinese

Final 8 Teams for Zenith Bank Women’s Basketball League Have Emerged The final eight teams to compete at the grande finale of the 2025 Nigeria Basketball Federation (NBBF)/ Zenith Bank Women’s Basketball League, have emerged after the conclusion of the phase two of the Savannah and Atlantic conferences.

The Titans, Air Warriors, Royal Aces, Nigeria Customs, First Bank, MFM, Dolphins and Bayelsa Wales basketball clubs will compete in the Final Eight at the Basketball Courts of the National Stadium, Surulere, Lagos.

Speaking after the conclusion of the phase 2 of the conferences, Chairperson of NBBF’s Women’s Basketball League, Perpetua Clement, praised the standard

of the just concluded Phase 2 of the league in Ilorin, the Kwara State capital, noting that it has immensely contributed to the rise of the female basketball in the country.

She told newsmen during the closing session of the Savannah Conference on Saturday evening at the University of Ilorin MultiPurpose Sports Complex, that the consistency in staging the competition has helped the growth of the game.

“I will like to use this medium to commend NBBF, and most especially, the President, Engr.

Musa Kida, for the outstanding job we are all doing in organising the Women’s Basketball Premier League.

Ademola Lookman...Atalanta snubs Bayern Munich loan offer for the embattled Nigerian forward

Ofili Left out of Team Nigeria Squad for World Championship in Tokyo Amusan, Brume, Ezekiel, Ajayi make 15-man squad Duro Ikhazuagbe Sprinter Favour Ofili has been left out of Team Nigeria squad for the World Athletics Championships in Tokyo, Japan.

Ofili who has applied to World Athletics to switch from Nigeria to Turkey was left out of the 100m and 200m events that she has qualified to run in.

But in line with World Athletics rule, national federations (this time, Athletics Federation of Nigeria), have the final say in

which athlete represents each country.

Technical Director of the AFN, Gabriel Okon, gave no reason for Ofili’s exclusion from the team to the Worlds.

Asked by THISDAYif Ofili has been approved by the AFN to switch to Turkey, Okon said: “ Nigeria is in no business releasing any athlete(s) that we have invested in....both financially and morally.”

Ofili did not attend the World Championship Trials in Lagos , giving the impression that

she was done with Nigerian track & field after her nasty experience of being denied the chance to compete in the 100m event of the Paris 2024 Olympic Games. Her name was omitted in Nigeria’s final entry for the 100m event of the the Games. She and nine other athletes were similarly prevented from competing at 2020 Tokyo Olympics as the AFN failed to get the athletes to do mandatory three out of competitions testings before the Games.

Ofili

Rwanda to Arrive Nigeria Tuesday as Nwabali Confirms Fitness

Rwanda’s delegation to Saturday’s 2026 FIFA World Cup qualifying match against Nigeria will arrive in Lagos on Tuesday afternoon.

According to Nigeria Football Federation’s Director of Communication, Dr Ademola Olajire, a one-man Rwanda advance party will be in Lagos today but the full delegation will make landfall in the commercial capital on Tuesday aboard a

2026 WORL D C U P QUA L IFIE R S Rwandair Airline flight at 1.15pm, and will proceed to Uyo, Akwa Ibom State by 4pm of the same day.

Meanwhile, injured Super Eagles goalkeeper, Stanley Nwabali, has assured top officials of both the NFF and the National Sports Commission (NSC) that he will be fully fit for Saturday’s 2026 World Cup showdown against Rwanda in Uyo. Last week, Super Eagles No

1 goalkeeper Nwabali was stretchered off after he was injured while playing for his South African club Chippa United.

“He (Nwabali) has assured us he will be fit for the World Cup qualifiers against both Rwanda and South Africa,” a source told SCORENigeria yesterday.

“He spoke to NFF President (Ibrahim Gusau) and some other top officials in this regard,” the

top football source said yesterday.

The Match-day 7 encounter with Rwanda has become very crucial to both teams as they are both wide away from group leaders South Africa, who have 13 points (prior to FIFA’s decision on their use of an ineligible player in the win over Lesotho in March this year). Rwanda are second in the pool with eight points, same as Benin Republic, with Nigeria in fourth on seven points.

Lesotho have 6 points, with Zimbabwe propping up the table on four points.

2025 Nigeria Cup Golf Tournament Set to Elevate Sporting Calendar

Nwabali

This year’s edition of the prestigious Nigeria Cup Golf Tournament at the Ikoyi Club 1938 Golf Section, will tees off with fun and fanfare in a celebration of golf, culture, and national pride from Saturday 20th September, 2025. Organised annually by the Ikoyi Golf Community Nigeria Association (IGCNA) to commemorate

Nigeria’s independence, the Nigeria Cup, has grown into a major sporting and social event.

This year’s edition promises exciting golf competitions, cultural showcases, networking opportunities, and youth development initiatives.“ The Nigeria Cup is more than a tournament—it is a national celebration of unity, excellence,

and sportsmanship,” said Mr. Wale Onaolapo, Chairman Organizing Committee.

“In 2025, we are raising the standard even higher.” Seen as the most prestigious golf tournament in the highbrow golf section of Ikoyi Club 1938, the Nigeria Cup has grown to become the most sought-after golf tournament in Nigeria.

Price: N400

MONDAY, SEPTEMBER 1, 2025 • T H I S D AY BACK PAGE LEAD PHOTOGRAPH

AT THE 20TH CII INDIA–AFRICA BUSINESS CONCLAVE IN INDIA...

L-R: Executive Director, National Investment Board (NIB), Sierra Leone, Dr. Edward Sandy; Business Head, Gabon Special Economic Zone (GSEZ), Mr. Gaurav Aggarwal; Managing Director/Chief Executive Officer, Tata Chemicals Limited, Mr. Ramakrishnan Mukundan; Minister Delegate to the Minister of External Relations, Cameroon, Mr. Felix Mbayu; Managing Director/Chief Executive Officer, Lagos Free Zone, Mrs. Adesuwa Ladoja; Minister of Trade, Industry and Cooperatives, Uganda, Mr. Francis Mwebesa and Chief Value Officer, Newlyn Group Mr. Firdhose Coovadia, during a panel session themed: Building Smart Supply Chains: Unlocking India Africa Trade and Industrial Synergies, at the 20th CII India–Africa Business Conclave in India, held recently.

MAHMUDJEGA VIEW FROM THE GALLERY

Ten More Nigerian Bestsellers

W

hen I wrote on this page last week on the twelve mustread books that top Nigeria’s Bestseller Lists, many readers wrote to protest that I left out many other useful books. So this week, we must add ten more bestsellers to complete the list.

A very important Nigerian bestseller is How to Write Letters, by Olusegun Obasanjo. This book helps Nigerian kids to update their letter writing skills, which have not changed since colonial times when they studied it in Students’ Companion. Don’t waste time writing letters to Obasanjo girlfriends; write instead to current Presidents, happened years ago; cause confusion in the to draw attention to their ills which are always Presidency because they wouldn’t know how many; pretend to be a saint because Nigerians to reply you; help the Post Office to stay afloat like saintly people; rely on the short memory by buying stamps to post letters; don’t waste of Nigerians because they easily forget what

your time posting on social media because the most powerful people in Nigeria are off the social media.

Selling like hot cakes at the moment is the book How to Maintain Campus Peace,

by ASUU. The book says the first rule of campus peace is to make the academic calendar unknown; no one knows which campus is doing first semester, second semester or is on break; to ensure that students stay at home in order to save parents from sending pocket money; to close lecture halls so that lecturers can concentrate on research and community service; to sign so many agreements with government that it loses count; to assist parents with a reason to send children to study abroad despite steep naira depreciation; after every meeting with government, to issue statements laden with such big grammar that

IKECHUKWU EZE

few Nigerians can comprehend what really took place.

Another bestselling book is How to Protect School Compounds, by Dogo Gide. National Security Adviser’s office, security agencies and news media all erroneously describe him as a bandit, but Dogo Gide is actually a knowledgeable security consultant. His book is a must read for education authorities, especially in North Western and Niger states. He wrote that classrooms should be left without doors or windows to enable pupils to escape in a hurry; that school compounds should not have fences, lest criminals think they have hidden treasures; that teachers and principals should not come to school with their motorcycles and cars so as not to give the wrong impression Continued on page 38

RIGHT OF REPLY

RE: Chidi Amuta’s ‘Jonathan, Don’t Just Run… Please Flee!

Setting the Record Straight on Dr. Goodluck Ebele Jonathan

D

r. Chidi Amuta’s article titled “Jonathan, Don’t Just Run… Please Flee!”, published in his Engagements column of August 24, 2025, is yet another example of the troubling genre of political revisionism masquerading as critique. While Dr. Amuta is entitled to his opinion, he is not entitled to distortions and selective amnesia dressed up as political analysis.

Even a cursory reader will easily see that his piece is laced with bias, inaccuracies, and glaring omissions, all of which betray a deeply prejudiced posture toward former President Dr. Goodluck Ebele Jonathan. It deserves a measured but firm response.

It is not the criticism of Dr. Goodluck Jonathan that offends. The former President

is, like all public figures, not above scrutiny.

It is the distortion, the attempted erasure of legacy, and the feigned amnesia about widely documented achievements that necessitate this rejoinder.

For instance, Dr. Amuta’s dismissal of Jonathan’s youth appeal is as inaccurate as it is unfair. Hear him: “In terms of youth appeal, Jonathan has none that I am aware of… He (Jonathan) has advocated nothing that touches the youth. Nothing on unemployment, youth freedom, artistic freedom national pride etc.” Contrary to Amuta’s assertion, history tells a different story. To begin with, Dr. Jonathan was the first Nigerian presidential candidate to launch his campaign on social media, a bold step in engaging Nigeria’s youthful digital population. That very act,

via Facebook, in 2011 was not symbolic; it marked the beginning of a new model of political communication in Nigeria.

More importantly, his administration implemented a suite of youth-centric initiatives.

These include, YouWIN!, a business plan competition that empowered thousands of young entrepreneurs with funding and mentoring, the Presidential Special Scholarship Scheme for Innovation and Development (PRESSID) offering first-class graduates opportunities to study at top global universities to enhance the nation’s tech edge, massive support for Nollywood and the creative industry including a $200 million intervention fund, as well as the establishment of Almajiri schools, aimed at integrating marginalized northern children into formal education.

Still on Jonathan’s youth appeal: In 2013 the Jonathan administration launched the agricultural initiative for young people, known as the Nagropreneur programme, by the Federal Ministry of Agriculture and Rural Development under Dr. Akinwumi Adesina (now President of the African Development Bank).

It was designed to engage and support youth in agriculture as a viable path to employment, entrepreneurship, and food security. In the course of writing this rejoinder, I sought AI’s view on the programme and this is the verdict turned out by the neural network: “The Nagropreneur Programme was one of the most innovative agricultural Continued on page 38

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