MONDAY 5TH MAY 2025

Blue Economy: FG Pledges Timely Completion of $3bn Agge Deep Seaport Diri calls for partnership to ensure project's success Olusegun Samuel in Yenagoa The federal government has

pledged its commitment towards the actualisation of the $3 billion Agge Deep Seaport project to

promote job creation, economic development and attract local and foreign investments to the

Niger Delta region.

The Minister of Marine and Blue Economy, Adegboyega

Oyetola, stated this at the weekend during the flag-off of the marine safety sensitisation and distribution

of life jackets to waterways users Continued on page 5

FG Begins Negotiation with Gencos over N4trn Debt...

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Monday, Monday, January May 6, 5, 2025 Vol 30.

29. No 10984.

10865. Price: N400

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CAN: Senseless Killings Across Nigeria Condemnable Says strength of our nation lies in unity, seeks dialogue to tackle security challenges Military silent as terrorists allegedly attacks Yobe formation Four killed in Benue as suspected herdsmen renew attack Chuks Okocha, Linus Aleke in Abuja and George Okoh in Makurdi Christian Association of Nigeria (CAN), yesterday, expressed

concerns about the killings in various parts of the country.

CAN urged Nigerians to desist from actions that could further destabilise the country.

President of CAN, Archbishop

Daniel Okoh, raised the concern while reacting to the escalating violence and brutal attacks in the Middle Belt region.

Okoh said there was an urgent need for unity and dialogue to

tackle the security challenges faced by communities enduring suffering and losses, especially in Benue, Gombe and Plateau states.

Curiously, more than 48

hours after an alleged attack on a military base in Yobe State, the Nigerian military high command maintained an unusual silence.

But the spate of killings continued in the Middle Belt

area, as suspected armed herdsmen, in the early hour of Saturday, killed four people in Benue State.

Continued on page 5

Presidency Faults Adesina’s Claim, Says Nigerians Better Off Than in 1960 Says incorrect assertion was based on inaccurate data and assessment of nation's economic development Deji Elumoye in Abuja The presidency at the weekend picked holes in recent remarks by outgoing President of African Development Bank (AfDB), Dr. Akinwumi Adesina, that Nigerians today were worse off than they were at Independence in 1960.

Presidential spokesperson, Bayo Onanuga, in a formal reaction of The Presidency on Sunday night to Adesina’s submission, described his position as based on inaccurate data and a narrow assessment of Nigeria’s economic evolution.

Adesina had while speaking at a recent event, reportedly, cited figures – sourced from Nairametrics – suggesting that Nigeria’s GDP per capita was $1,847 in 1960, compared to $824 today.

In a post on his verified X handle @aonanuga1956, Onanuga dismissed the figures as “not correct,” emphasising that available Continued on page 5

WEMA BANK'S 80TH ANNIVERSARY GALA NIGHT...

L–R: Deputy Managing Director, Wema Bank PLC, Mr. Oluwole Ajimisinmi; MD/CEO, Wema Bank PLC, Mr. Moruf Oseni; Renowned Industrialist, Mr. Kessington Adebutu; and Chairman, Board of Directors, Wema Bank PLC, Dr. Oluwayemisi Olorunshola, at the Wema Bank 80 Years Anniversary Gala Night held in Lagos over the weekend

US Mayor Demands ICC’s Probe of El-Rufai’s Alleged Role in Kaduna Killings...

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94-year Billionaire, Warren Buffett, to Step Down as Berkshire CEO after Six Decades How he transformed failing textile firm into $1.16tn conglomerate Emmanuel Addeh in Abuja Warren Buffett is set to step down as chief executive of Berkshire Hathaway at the end of 2025, and hand over the reins to Vice Chairman Greg Abel, ending his career as perhaps the world's most famous and revered investor.

The move caps an era for Berkshire after Buffett's extraordinary 60 years at the helm, which made him a household name, a multi-billionaire and an American success story.

"I think the time has arrived where Greg should become the chief executive officer of the company at year end," Buffett, 94, said at the weekend, as he wrapped up Berkshire's annual meeting in Omaha.

He added that he would still "hang around and conceivably be useful

in a few cases" but that the "final word" would be Abel's, a Reuters report said.

The announcement prompted an outpouring of praise for Buffett from CEOs and investors.

"Warren Buffett represents everything that is good about American capitalism and America itself - investing in the growth of our nation and its businesses with integrity, optimism, and common sense," said CEO of JPMorgan Chase & Co, Jamie Dimon.

Chief Executive of Apple, Tim Cook, in a post on X said: "There's never been someone like Warren, and countless people, myself included, have been inspired by his wisdom.

It's been one of the great privileges of my life to know him."

Buffett's move will propel Abel into

the spotlight at Berkshire. Abel, who has long been identified by Berkshire to be Buffett's successor, may not have the star power of Buffett although he is expected to preserve the culture of the conglomerate.

Buffett said Abel and most of Berkshire's board of directors hadn't been aware of his plans prior to the announcement, though Buffett had told his two children who are directors. Berkshire’s board of directors will meet to discuss the transition.

Abel, 62, has been a Berkshire vice chairman since 2018, and was named Buffett's expected successor as chief executive in 2021. "I couldn't be more humbled and honored to be part of Berkshire as we go forth," Abel told shareholders.

Buffett also said he had "zero"

intention of selling any of his Berkshire stock, nearly all of which will be donated after his death.

"The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg's management than mine," Buffett said.

The decision to step down caps a remarkable 60-year run where Buffett transformed Berkshire from a failing textile company into a $1.16 trillion conglomerate with businesses across the U.S. economy.

Buffett's own fortune totals $168.2 billion according to Forbes magazine, nearly all of which is in Berkshire stock, Reuters stated.

Berkshire's stock price has risen 19 per cent this year, compared with a 3 per cent drop in the Standard & Poor's 500. Many investors have

viewed the conglomerate and Buffett's stewardship as a safe haven from uncertainty about the economy and U.S. President Donald Trump's tariff policies.

Buffett took over Berkshire in 1965 and with his longtime friend and business partner Charlie Munger, who died in November 2023, built it into an American success story.

Headquartered in Omaha, where Buffett and Munger grew up, Berkshire now has close to 200 businesses including Geico car insurance, the BNSF railroad, industrial and chemical companies, utilities, Dairy Queen ice cream, Fruit of the Loom underwear and See's Candies.

It also ended March with $264 billion of stocks including Apple, American Express and Bank of

America.

Buffett became known as the "Oracle of Omaha" for his investing success as well as his folksy wisdom and modest lifestyle. While Berkshire stock rose 5,502,284 per cent from 1965 to 2024, Buffett never moved from a home he paid $31,500 for in 1958.

Buffett's fortune would have been much bigger had he not since 2006 given away more than half his Berkshire shares to charity. Nearly all of the rest is expected to go into a new charitable trust, overseen by his daughter, Susie, and sons Howard and Peter.

wrongly concluded Nigerians could not afford mobile services.

According to Onanuga, “MTN and other companies that entered the market later proved them wrong.

“MTN and other adventurers came later, and they laughed all the way to the bank. In its firstquarter results this year, MTN declared revenue of N1 trillion and an increase of 8.2 percent in subscriptions, which took the number of its voice and data users to 84 million.”

Onanuga questioned whether such robust economic activity could

align with Adesina’s suggestion of economic regression.

“Does this MTN experience correlate with a country worse off than in 1960, when we had analogue telephones and the number of lines was fewer than 20,000?” he asked.

Onanuga concluded, “No objective observer can claim that Nigeria has not made progress since 1960. Today, as we await the NBS's recalibration of our GDP, we can comfortably say without contradiction that it is at least 50 times, if not 100 times, more than it was at Independence.”

states in this first phase represents one of the most comprehensive federal responses in recent times to the persistent safety challenges on Nigeria’s inland waterways.

In his remarks, the Bayelsa State Governor, Diri, appealed to the government to make good its promise of supporting the state in developing the Agge Deep Seaport.

Represented at the ceremony by his deputy, Senator Lawrence Ewhrudjakpo, the governor described the Agge Seaport project as a gateway to regional and international trade that would be of immense benefit to the state and the country at large.

Diri assured the federal government of his administration's commitment to actualising the project, and called for effective collaboration from all critical stakeholders including development partners.

He said:" We are happy that you have spoken profusely about the Agge Deep Seaport. But we will be happier if all of us work together in pursuing this endeavour to its completion and use.

"The Agge Deep Seaport is not only important to Bayelsa. It will not only open the gateway to Bayelsa, but also open the gateway to the Nigerian economy in several ways."

four people at Akpete village in Apa Local Government Area, while many others sustained injury.

Sources said the gunmen attacked the area in the middle of the night, arriving on motorcycles and on foot and opening fire from multiple directions.

The source said the community had earlier received intelligence about a planned attack and youths had mobilised in anticipation.

However, they were overpowered by the large number of attackers.

“Four people were killed and several others injured. They came in large numbers and surrounded us,” a source said.

The attack was confirmed by the chairman of Apa Local Government Area, Adams Ochega, who said armed security men had been deployed to the area.

Ochega said, “The army responded swiftly, but the attackers had already escaped.

I was asked to send vehicles to transport the injured to the hospital.”

Forum of AYATUTU Professors condemned the killings in Benue State.

The forum stated its position in a communique signed by Chairman, Board of Trustees

and Council of Management, Professor Tor Joe Iorapuu, and Secretary, Board of Trustees and Council of Management. Professor Simon Irtwange.

The communique said the killings in Benue State by the marauding armed Fulani herdsmen and their sponsors were for the purposes of islamisation, land-grabbing, disruption of the economy, culture and education of the people, and mining of minerals, etc.

The forum acknowledged that despite the efforts of the various tiers of government, the federal government had failed in its responsibility to protect the life and property of Tiv people and Benue State citizens, in general.

The forum agreed that in the immediate, there was a need for community approach to security, self-help, but said it must be within the framework of careful post-conflict management of its complexities.

The group stated, “There is a need, therefore, to mobilise and organise our people to defend their lives, land, and the future wellbeing of their children.

“We must defend against ambitious land-grabbers working in cohort with some powerseeking, disoriented, ambitious, but self-centred politicians and traditional rulers.”

Buffett

PRESIDENCY FAULTS ADESINA’S CLAIM, SAYS NIGERIANS BETTER OFF THAN IN 1960 historical data tell a markedly different story.

He stated, "According to available data, our country’s GDP was $4.2 billion in 1960, and per capita income for a population of 44.9 million was $93—ninety-three, not even one hundred dollars.

“Our GDP did not rise remarkably until the 1970s, when crude earnings ballooned.”

Quoting official statistics, Onanuga outlined Nigeria’s economic growth over the decades, acknowledging a rise in GDP to $12.55 billion in 1970, $27.7 billion in 1975, $64.2 billion in 1980, and

$164 billion in 1981.

He added that per capita income remained under $880 until 1980 and peaked at $3,200 in 2014 after GDP rebasing.

“These facts raise questions about the source of Dr. Adesina’s figures,” Onanuga wrote, though he added that his main concern was not the discrepancy in numbers but rather the flawed interpretation derived from them.

According to the presidential spokesperson, GDP per capita alone is an inadequate measure of citizens’ wellbeing.

“It is a poor tool for assessing

living standards,” Onanuga argued, explaining that it masks crucial economic factors, such as wealth distribution, informal economic activities, and access to public services.

He stated, “GDP per capita is silent on whether Nigerians in 2025 enjoy better access to healthcare, education, and transportation than in 1960.

“Compared with 1960, Nigeria today has more primary, secondary, and tertiary schools. We have more road networks and more medical facilities, private and public.

We have phenomenal access to

telephones.”

Onanuga emphasised that at Independence, Nigeria had only 18,724 operational phone lines for a population of about 45 million.

“Today, over 200 million Nigerians enjoy near-universal access to mobile phones and digital services, indicating we are better off than 65 years ago," he said.

He also made reference to the cautionary tale of Vodacom, a South African telecoms firm that pulled back from entering Nigeria’s market around 1999, on account of GDP-based assessments that

BLUE ECONOMY: FG PLEDGES TIMELY COMPLETION OF $3BN AGGE DEEP SEAPORT in Yenagoa, Bayelsa State.

The minister said the realisation of the Agge Sea Port Project in Bayelsa State was part of President Bola Tinubu administration’s alignment with the broader marine and blue economy vision which is part of its transformative agenda to revive the economy.

Oyetola disclosed that the ministry was working closely with all relevant stakeholders to ensure that the Agge Deep Seaport becomes a reality in record time.

He said the port will serve as a major maritime gateway in the South-south, facilitating international trade, reducing congestion at existing ports,

creating jobs, boosting local and foreign investment, and accelerating economic development in the Niger Delta and beyond.

While commending the Bayelsa State Governor, Senator Douye Diri for his initiatives and his administration’s alignment with the broader Marine and Blue Economy vision of the federal government, he added that the port will also open up new frontiers in logistics, fisheries, ship-building, and tourism.

Speaking on the distribution of life jackets to waterways users, the minister said the initiative was in continuation of the implementation of the federal

government's national safety initiative that speaks directly to the value the administration placed on human lives.

"Today, we are here in Bayelsa State to fulfill that same promise, distributing 3,500 life jackets to users of inland waterways in this great state.

"This landmark initiative, launched under the auspices of the Federal Ministry of Marine and Blue Economy, is not just symbolic; it is strategic, proactive, and long overdue. It is our direct response to the alarming rate of boat mishaps and the heartbreaking fatalities that have plagued our waterways for far too long.

"As we all know, water transportation remains the most viable means of connectivity for many of our rural and riverine communities, yet it is also one of the riskiest when safety protocols are ignored or unavailable.

"What we are doing here today is saving lives. It is that simple.

With these life jackets, we are empowering our waterways users, fishermen, traders, students, and transport operators with the basic tools to survive and be safe.

"It is our firm belief that no one should lose their life simply because they had to cross a river or travel by boat. The distribution of life jackets to the 12 selected

CAN: SENSELESS KILLINGS ACROSS NIGERIA CONDEMNABLE A statement by the CAN president reaffirmed the body’s commitment to advocacy for safety, security, and dignity of the affected communities.

The statement said, “We unequivocally reaffirm our steadfast commitment to advocating their safety, security, and dignity. We will not relent in our pursuit of justice and lasting peace for all affected communities.”

Reiterating CAN’s consistency in condemning the killings occurring across Nigeria, Okoh stated, “We have repeatedly issued official press statements condemning the senseless killings taking place in various parts of the country.”

The statement further disclosed that having already undertaken visits to affected areas to express solidarity, offer condolences, and distribut relief materials, CAN intended to do more in the coming days as part of efforts to provide continued support and comfort to those in distress.

While urging Nigerians from all backgrounds and faiths to support ongoing peace initiatives in the North-central geo-political zone as well as other parts of Nigeria, CAN said, “Engagements with stakeholders across professional, ethnic, and religious lines are recognised diplomatic practices

that foster dialogue and mutual understanding.

“Any actions or statements that escalate tensions pose a serious risk to national stability.”

The statement called for utmost caution amid growing unrest.

It added that the way forward remained open and sincere dialogue among stakeholders, including international partners, such as the United States, and local platforms, like the Nigerian Inter-Religious Council (NIREC).

Okoh stated, “We believe that trusted platforms like NIREC provide the appropriate space to raise concerns and work collaboratively towards practical and sustainable solutions.”

CAN insisted that all stakeholders must be dedicated to promoting peace, unity, and mutual understanding across the country.

“The strength of our nation lies in our unity,” he said, urging all citizens to embrace the principles of love and peace for a brighter and more prosperous future in the country.

Military Silent as Terrorists Attack Formation in Yobe The high command of the Nigerian military maintained

an unusual silence over 48 hours after a reported attack on a military base in Yobe State.

Some viral reports had alleged casualties during the attack on a military base in Bunigari village, Yobe State.

While stating that there was heavy gunfire and explosions during the attack, the reports asserted that the attackers took the base unawares, leading to widespread destruction.

Director of Defence Media Operations, Major General Markus Kangye, had yet to respond to enquiry at the time of filing this report.

But Air Officer Commanding (AOC) Tactical Air Command (TAC), Makurdi, Air Vice Marshal Patrick Obeya, visited the Operation Hadin Kai Theatre Command to build more synergy in order to enhance operations.

Interacting with the Theatre Commander of Operation Hadin Kai (OPHK), Major General Abdulsalam Abubakar, at Maimalari Cantonment in Maiduguri, Obeya said he was on a familiarisation tour to Air Force formations in the theatre, having recently taken over command as AOC TAC. He stated that the visit was rewarding and inspiring, as it afforded him the opportunity to get attuned to the requirements

in the theatre Obeya expressed optimism that with the ideas shared and with adequate resources, the operations would record more successes.

A statement by Acting Deputy Director of Army Public Relations, Headquarters Theatre Command Operation Hadin Kai, Captain Reuben Kovangiya, stressed that the AOC assured them that TAC was poised to support OPHK as much as it could, to enhance its operations.

In his response, the theatre commander welcomed the AOC and expressed delight at the visit.

Obeya acknowledged the synergy between the land and air components, which he said was key to success in the ongoing fight against insurgency in the North-east.

Abubakar requested some critical air assets, which he said would boost the operations.

He also used the opportunity to congratulate the AOC on his well-deserved appointment.

Four Killed in Benue as Suspected Herdsmen Renew Attack The spate of killings continued at the weekend in Benue State, as suspected armed herdsmen killed

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

DAN AKPOVWA IS 60...

L–R: Former Governor of Cross River State, Senator Liyel Imoke; Former Imo State Governor, Rt. Hon. Emeka Ihedioha; Publisher of Abuja Inquirer, Mr. Dan Akpovwa (celebrant); and Wife, Mrs. Doris Akpovwa, as Dan celebrates his 60th birthday with family and friends at the Abuja Intercontinental at the weekend in Abuja

FG Begins Negotiation with Gencos over N4trn Debt Adelabu re-echoes need to liberalise power sector Emmanuel Addeh in Abuja The federal government has begun negotiation with power Generation Companies (Gencos) in Nigeria, with a view to setting out modalities for gradual payment of N4 trillion owed them.

A statement by Bolaji Tunji, the Special Adviser, Strategic Communications and Media Relations to the Minister of Power, Chief Adebayo Adelabu, stated that the move will help to urgently address the huge debt crippling Nigeria’s power generation

sector.

According to him, Adelabu met with the Chairmen of Gencos in Abuja, aimed to avert an imminent collapse of the power infrastructure in the country.

The minister, according to the statement, assured the Gencos executives that the government would prioritise immediate payment of a significant amount out of the N4 trillion debt while the balance would be defrayed through other debt instruments.

He said this would be proposed in a meeting being planned between

President Bola Tinubu and Gencos’ leadership.

“There is a need to pay a substantial amount of the debt in cash. At the minimum, let us pay a substantial amount, then ask for a debt instrument in promissory notes to pay the rest,” he added.

Adelabu assured of the payment of the outstanding balance within six months through financial instruments such as promissory notes.

“We recognise the urgency of this matter. The government is committed to resolving this debt to stabilise the

continue to provide targeted subsidies for economically- disadvantaged Nigerians.

“We have to understand that our economy cannot sustain subsidies indefinitely,” he asserted, calling for public sensitisation campaigns to drive compliance.

The Gencos were led by Chairman of Mainstream Energy Solutions, who is also the Chairman of the Association of Power Generating Companies (APGC), Col. Sani Bello, who had earlier sounded the alarm over the sector’s dire state, citing the N4 trillion debt as a critical threat to operations.

He also warned that liquidity challenges had made Gencos unable to secure loans or maintain infrastructure.

“Without urgent intervention, the entire power ecosystem could collapse,” he NPAN added.

NPAN pointed out that as an stressed.

Chairman of Egbin Power and association deeply committed to the defence of civil rights, media First Independent Power Limited, freedom, and the public good, it Kola Adesina, who was also at the reaffirmed its support for strong, meeting, echoed the urgency of the fair, and transparent enforcement of laws governing the digital economy.

Besides, the association stated that it also remains steadfast in promoting the digital rights of publishers to secure fair remuneration for their work and safeguarding intellectual property against exploitation amid the Ndubuisi Francis in Abuja growing complexities of the digital Nigeria at the weekend held landscape.

“We believe that consistent separate talks with officials of regulatory vigilance, backed by Sweden and Norway on the sustained collaboration among all sidelines of the.ongoing 2025 UN Meetings stakeholders — government agencies, civil society, industry players, and in New York, United States the general public — is essential of America, on various areas to ensuring that digital platforms of collaboration between their operate responsibly, ethically, and countries and the West African in accordance with Nigeria’s legal country.

The Minister of State for and social norms.

Finance, Dr. Doris Uzoka-Anite who represented Nigeria at the UN meetings met with the Swedish State Secretary for International Development Cooperation, Ms. Diane Janse.

The meeting focused on He said a total of 23 vehicles strengthening Nigeria’s partnerships had been allocated, following with Sweden in key areas, an initial phase which was done including technology innovation, during Ramadan, when vehicles digital ecosystems, and green were distributed to emirs, district economy partnerships, exploring heads, and senior traditional figures opportunities for collaboration that would drive sustainable in Zaria.

Abbas stated, “These vehicles are development and economic not just for ceremonial purposes. growth in Nigeria, underscoring They are meant to serve as essential Nigeria’s commitment to leveraging working tools vehicles to aid our international partnerships to traditional rulers in reaching every achieve its development goals.

The Federal Ministry of Finance part of their chiefdoms and emirates.

"This is critical in helping them disclosed in a statement that the maintain peace and ensure security bilateral engagement was part of Uzoka-Anite's engagements at the throughout Kaduna State." sector and prevent further crisis,” Adelabu stated, adding that the president would meet with Gencos’ leadership to fast-track the process.

Adelabu acknowledged the government’s role in the sector’s struggles, pledging to not only clear the debt but also implement reforms to ease operational bottlenecks.

He emphasised the need for full liberalisation of the power sector, urging Nigerians to embrace costreflective tariffs. “Citizens must pay the appropriate price for the energy consumed. The federal government will

NPAN Backs FCCPC on $220m Fine against Meta Emmanuel Addeh in Abuja The Newspaper Proprietors' Association of Nigeria (NPAN) yesterday backed the Federal Competition and Consumer Protection Commission (FCCPC) on the recent $220 million fine slammed on Meta Platforms Incorporated, which was subsequently upheld by the Competition and Consumer Protection Tribunal (CCPT).

NPAN, in a statement signed by its President, Mallam Kabiru Yusuf and General Secretary, Angela Emuwa, described the CCPT’s ruling as a significant milestone in Nigeria’s ongoing efforts to enforce digital accountability and protect the rights of its citizens.

The organisation recalled several instances wherein other countries of the world fined operators of such digital platforms for various infractions, noting that the decision of Nigeria’s CCPT aligned with a

broader global trend.

“With significant interest, NPAN has received the news that the CCPT upheld the $220 million fine imposed on Meta Platforms Incorporated, the parent company of Facebook, WhatsApp and Instagram.

“The penalty was imposed after a 30-month investigation between 2021 and 2023 by the FCCPC for unauthorised data sharing and discriminatory practices by Meta against Nigerian users. The CCPT’s ruling represents a significant milestone in Nigeria’s ongoing efforts to enforce digital accountability and protect the rights of its citizens in the digital age,” the statement said.

It pointed out that in an era where digital platforms wield enormous influence over societies and economies, it was imperative that companies operating in Nigeria’s digital space comply fully with domestic laws and regulations.

According to the organisation,

respect for national sovereignty must extend to the digital domain, where the rights and interests of citizens deserve the same robust protections as in any other sphere.

“NPAN further notes that the decision of Nigeria’s CCPT aligns with a broader global trend where regulatory bodies are increasingly taking firm action against major technology companies for violations of data protection and competition laws.

“In 2023, Ireland fined Meta 1.2 billion euros for the company’s failure to comply with the European Union’s General Data Protection Regulation (GDPR) by unlawfully transferring EU user data to the US without adequate safeguards.

“Amazon was fined 746 million euros in 2021 by Luxembourg for a similar breach; while TikTok, Google and Apple have also been penalised at different times for data breaches and anti-trust activities,”

Abbas: From Next Year, Our Traditional Rulers Will Have Crucial Constitutional Role

John Shiklam in Kaduna

Speaker of the House of Representatives, Hon. Tajudeen Abbas, said the National Assembly would do everything in its power to carve out a prominent role for traditional rulers, beginning from 2026.

Abbas said the initiative had already been captured in the ongoing amendments to the constitution. He said this during the distribution of 23 vehicles to traditional rulers in Kaduna State.

Kaduna State Governor, Senator Uba Sani, said without the support of

traditional rulers, his administration would not have achieved security and stability in state.

Speaking on better placement for the traditional institution, Abbas said the ongoing constitution amendment would include provisions to grant traditional rulers a formal role in Nigeria’s governance structure.

“I want to assure you that the National Assembly will do everything humanly possible to carve out a prominent role for our traditional rulers beginning from 2026,” Sani said.

He explained that the distribution of the vehicles was part of a broader

collaboration with the governor aimed at strengthening the role of traditional rulers in peace building and governance.

The speaker said, “This event is a fulfilment of one of those discussions and shared commitments between myself and the governor to interact with, and provide tangible support to our traditional leaders.”

He said the vehicles were procured through the Small and Medium Enterprises Development Agency (SMEDAN), adding that the latest tranche marks the fourth phase of a wider distribution plan.

matter.

“This is a national emergency.

Everything hinges on power—industries, homes, hospitals. We cannot afford to let the sector fail,” he maintained.

Chief Executive of APGC, Dr. Joy Ogaji, detailed systemic challenges undermining Gencos, including chronic payment defaults, erratic gas supply, and foreign exchange volatility.

She noted that the naira’s plunge from N157/$1 in 2013 to N1,600/$1 had devastated maintenance budgets and loan repayments. “Gencos have borne unsustainable risks—from grid failures to unproductive taxes—while remaining patriotic,” she said.

According to the statement, the minister outlined plans to transition the sector toward sustainability, including regulatory reviews to reduce levies and enhance market stability. He also urged Gencos to collaborate on advocacy efforts to educate Nigerians on efficient electricity use and tariff realities.

Nigeria Holds Talks with Sweden, Norway on Tax Transparency, Tech Innovation, Others 2025 UN Meetings, showcasing Nigeria's proactive approach to global development partnerships.

According to the statement, the federal government looks forward to working closely with Sweden and other development allies to implement impactful projects that will transform the lives of millions of Nigerians in line with the Renewed Hope Agenda of the present administration.

Uzoka-Anite also met with the Norwegian Deputy Minister of International Development, Ms. Stine Renate Håhei, where the minister advocated for strengthened collaboration between Nigeria and Norway in key areas.

These included tax transparency goals, debt restructuring efforts, and climate finance partnerships.

Specifically, she explored opportunities for partnership under NORAD’s “Energy for Development” platform, which aligns with Nigeria’s goals for sustainable energy development and climate resilience.

"The meeting underscores Nigeria’s commitment to leveraging international partnerships to drive economic growth, improve governance, and achieve sustainable development," the finance ministry said.

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MEMORIAL PRAYER SERVICE BY EBITI FAMILY...

L–R: Representative of the Deputy Governor of Lagos State and former Chairman, Lagos Island East LCDA, Hon. Kamal Olawale Salau; Host/Chairman, IBEJI Foundation and Pro-Chancellor, Summit University, Offa, Kwara State, Alhaji Rafiu Adisa Ebiti; National Missioner, Ansar-Ud-Deen Society of Nigeria, Sheikh Abdur-Rahman Ahmad; former Vice President, Ansar-Ud-Deen Society of Nigeria, Alhaji Abayomi Shakirudeen; and Professor of Political Science and former Secretary-General, African Association of Political Science, Prof. Liasu Adele Jinadu, during a special 50th memorial service prayer organised by the Ebiti family in honour of their late mother in Lagos, yesterday

NGE, SERAP Decry Weaponisation of Cybercrimes Act to Muzzle Free Speech Emmanuel Addeh in Abuja and Wale Igbintade in Lagos The Nigerian Guild of Editors (NGE) and the Socio-Economic Rights and Accountability Project (SERAP) have raised serious concerns about the increasing use of the Cybercrimes Act to suppress dissent in Nigeria.

The groups accused authorities of persistently using Section 24 of the Act to target citizens for exercising their constitutionally guaranteed rights to free expression.

At a press briefing in Lagos, representatives of both organisations stated the Cybercrimes Act and other regulatory measures are being weaponised to stifle dissent and criminalise journalism critical of the government.

According to Kolawole Oluwadare, Deputy Director

of SERAP, Section 24 of the Cybercrimes Act, despite being amended in 2024, the Act remains a tool used to intimidate journalists, bloggers, activists, and ordinary citizens for expressing opinions online.

“We are deeply concerned about the increasing use of legislation to silence dissent. Authorities continue to deploy Section 24 to punish Nigerians for exercising their rights,” Oluwadare said.

He listed intimidation tactics including extrajudicial arrests, malicious prosecutions, enforced disappearances, and unlawful surveillance.

“People have been arrested and charged simply for posts in WhatsApp alumni groups. This is no longer just repression - it’s absurd and dangerous,” he remarked.

MINILS DG Lauds Resilience of Nigeria's Tripartite Labour Market Stakeholders to Dialogue, Work Place Harmony Hammed Shittu in Ilorin Director General, Michael Imoudu National Institute for Labour Studies (MINILS), Ilorin, Comrade Issa Aremu, at the weekend applauded the unwavering resilience of the country’s tripartite labour market stakeholders for their steadfast commitment to social dialogue and workplace harmony amid persistent economic and social challenges.

The affected country's tripartite labour market stakeholders include organised labour, government and employers of labour.

In a statement issued in Ilorin on the sidelines of the recent celebrations of the International Workers Day, Aremu said: "despite the expected complexities accompanying the government’s Renewed Reform Agenda - particularly with the removal of fuel subsidies and the floating of the naira - labour, government, and employers have collectively demonstrated commendable maturity in managing the transition".

The statement read: "It is worth recalling that May Day was formally declared a national holiday in Nigeria by former President Shehu Shagari in 1981, following sustained advocacy by the Nigeria Labour Congress (NLC).

"Despite the expected complexities accompanying the government’s Renewed Reform Agenda - particularly with the removal of fuel subsidies and the floating of the naira - labour, government, and employers have collectively demonstrated commendable maturity in managing the transition.

"Through sustained dialogue,

stakeholders have succeeded in safeguarding jobs, avoiding mass retrenchment, respecting freedom of association, improving the national minimum wage, enhancing the contributory pension scheme, and preserving industrial harmony as a catalyst for national development".

The Director General emphasized the need to strengthen peaceful and just industrial relations through consistent and inclusive labour education as offered

by MINILS. “We are living in a defining period of far-reaching reforms under the leadership of President Bola Ahmed Tinubu.

"This demands renewed focus on training, retraining, and capacity building to foster mutually beneficial compromises that cushion reform pains and optimise outcomes for labour, businesses, and government,” he said.

Comrade Aremu also commended the Management and staff of MINILS for the institute’s continued progress in fulfilling its statutory mandate.

He said, "the Institute launched a Corporate Strategic Plan (2022–2026) a roadmap grounded in the Institute’s enabling Act and aligned with stakeholder expectations and it is the first of its kind in the history of the institute.

"In addition, 245 staff members have been promoted since 2022, while the Institute has also ensured the payment of welfare allowances, retirement repatriations, and death benefits, demonstrating its commitment to staff welfare".

Oluwadare criticised the 2024 amendment to the Cybercrimes Act, saying it failed to align with a 2022 ECOWAS Court of Justice ruling, which declared Section 24 vague, arbitrary, and in violation of international human rights treaties, including the African Charter on Human and Peoples’ Rights.

NGE General Secretary, Dr. Iyobosa Uwugiaren, called for the repeal or revision of the Act's problematic provisions to reflect

both domestic and international human rights standards.

“We urge President Tinubu to ensure that no journalist, blogger, or activist is arrested, detained, or harassed simply for doing their job,” Uwugiaren said.

“The government must show a genuine commitment to the rule of law and press freedom,” he added.

Former Managing Director of The Guardian newspaper, Martins Onoja, also voiced concern that

investigative and data-driven journalism in Nigeria is under threat.

“Our journalism is factual, datadriven, and in the public interest.

Yet, it is constantly under attack,” Onoja said.

“We’ve even had to mediate in conflict zones just because we reported the truth. In today’s Nigeria, good journalism makes you a target,” he added.

He criticised the government for prioritising infrastructure

projects like roads and airports while neglecting the safety of media workers and the state of the education sector.

“It’s a betrayal of the very institutions that uphold democracy,” Onoja said.

Uwugiaren disclosed that the Guild has established a committee of senior editors and media executives to identify laws that currently impede press freedom in Nigeria.

Minister: With Quality of Materials, Abuja-Kaduna-Kano Road to Last 100 Years

Emmanuel Addeh in Abuja

The Minister of State for Works, Bello Goronyo, has stated that with the quality of materials deployed by the contractor on the AbujaKaduna-Kano Road, the critical infrastructure will last between 50 years to 100 years.

He expressed his satisfaction with the progress and quality of work on the road, commending the contractor, Infiouest Nigeria Limited for its professionalism and alignment with President Bola Tinubu's vision.

Speaking during an inspection tour, the minister announced that approximately six kilometres had already been completed using reinforced rigid concrete pavement, stressing that the quality of work delivered so far reflects the federal government's commitment to national development through robust infrastructure.

The minister emphasised that once completed, the road will reduce travel time, improve safety, curb insecurity, enhance trade, and create employment opportunities.

“What we are seeing here is superb. The reinforced rigid pavement is expected to last 50 to 100 years, superior to conventional asphalt,” the minister was quoted to have assured, in a statement in Abuja by the Director, Press and Public Relations, Mohammed Ahmed.

The Project Manager and Representative of the construction company, Mr. Robert Turner, reaffirmed the company's commitment to delivering a world-class project. “There are no shortcuts. We are giving our very best to achieve the project’s goals,” he stated.

Turner highlighted that the team operates daily from 6:00 a.m. to as late as 9:00 p.m., constrained

only by security concerns along the corridor. “We have a spirited and dedicated team. Despite challenges, we are fully focused on delivering this critical project within record time,” he added.

Earlier in his remarks, the Permanent Secretary of the Federal Ministry of Works, Olufunsho Adebiyi, emphasised the strategic importance of adopting rigid pavement technology, especially given Nigeria’s soil composition, water table level, and high axle loads.

“Rigid pavement is new to Nigeria, but it has become necessary due to the consistent failure of flexible pavements under our local conditions,” he explained.

He cited previous challenges with bitumen and cement interactions that compromise flexible pavements, particularly in high-traffic corridors like the Apapa-Oworonshoki Expressway

in Lagos state.

“This new method, reinforced with Y20 steel bars at 200mm centres, is stronger than most bridge decks,” he noted. Adding that “It is a sustainable solution that will outlast many of us and withstand the test of time.”

He urged road users to be patient during the construction period, assuring them that the phased opening of completed sections will help minimise disruptions. “We understand the temporary discomfort, but in the end, this road will significantly improve lives and the economy,” he said.

The Zuba section of the AbujaKaduna-Kano road, the statement said, remains a critical link in Nigeria’s transport network, noting that the federal government has reaffirmed its determination to ensure its successful and timely delivery.

FG Rolls Out Creative Economy Devt Fund to Boost Industry Olawale Ajimotokan in Abuja The Federal Ministry of Art, Culture, Tourism, and Creative Economy has invited eligible creatives, entrepreneurs and organisations to apply for funding through the Creative Economy Development Fund (CEDF).

The CEDF is a bold step towards realizing President Bola Tinubu’s Renewed Hope Agenda, aimed at fostering job creation, economic diversification and enhancing Nigeria’s global cultural influence.

The Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musa Musawa, who flagged-off the CEDF, described the Fund as a strategic national investment designed to unlock the vast potential of Nigeria’s creative sector, positioning it as a driver of economic growth

and cultural diplomacy.

“This is not just a financial intervention. It is a call to action for creatives, entrepreneurs, and industry enablers to scale their dreams and contribute to a thriving, inclusive creative economy,” Musawa said.

She added the fund provides tailored financial support through debt, equity, and grant funding to boost, promote innovation, and increase global visibility for Nigeria's creative assets, cultural projects, and tourism-linked enterprises.

CEDF supports creative businesses by providing capital to scale production, expand market access, and build resilience.

It also allows creators to leverage intellectual property as a financial asset, unlocking the value of film rights, music catalogues, digital

content, and other creative works.

In addition, the initiative offers various funding options for creative businesses, including; affordable loans and credit facilities for businesses across sectors such as film, music, fashion, art, publishing, gaming, and cultural tourism and equity and quasi-equity investments in high-growth creative enterprises.

It also grants funding for socially impactful and innovative cultural projects and focus on leveraging intellectual property (IP) as a bankable asset class for securing financing.

The application process will be rolled out in phases, with the first call for proposals open till May 30, 2025, prioritizing mature projects seeking over $100,000.

The second phase will open on August 4, 2025, focusing on Micro

Small and Medium Enterprises MSMEs and Small and Medium Enterprises SMEs requesting under $100,000.

Application review, project onboarding, incubation, and acceleration for Phase One will take place from June to December 2025, with the disbursement of funds starting on January 1, 2026.

For Phase Two, disbursements will start on April 1, 2026.

The fund is open to individuals, businesses, and institutions operating across the creative and cultural economy, including writers, directors, artists, fashion designers, gaming studios, cultural tourism providers, training institutions, promoters, legal consultants, media agencies, digital platforms and logistics companies.

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NEWS

PARTNERSHIP FOR JOBS CREATION...

L–R: Co Founder and CEO, Koolboks, Ayoola Dominic; Member of staff from Aruwa Capital, Kusumi Said; Chief Operating Officer, Yikodeen Footwear, Deji Maradesa; Founder and CEO, Aruwa Capital, Adesuwa Okunbo Rhodes; Governor of Lagos State, Mr Babajide Sanwo Olu; Managing Director, Wemy Industries, Paul Odunaiya; Member of staff from Aruwa Capital, Seye Kolawole; Managing Director, Agroeknor, Timi Oke and Member of staff, Aruwa Capital, Nofan Obieromah during Aruwa Capital courtesy visit to the Lagos State Governor at government house...recently

Remi Tinubu: Wike Blames Fubara in Alleged Sponsored Walkout Fubara counters, says your statement illogical Olawale Ajimotokan in Abuja The FCT Minister Nyesom Wike has fingered the suspended governor of Rivers State, Siminalayi Fubara, as the arrow head of Friday's walkout on the First Lady, Senator Oluremi Tinubu, by a group of women loyal to Fubara, his estranged political protege.

A statement by Wike’s Senior Special Assistant, Public Communications and Social Media, Lere Olayinka, over the weekend, condemned the walkout on the representative of Senator Tinubu as disturbing and an embarrassment to the people of Rivers State.

In a riposte, Fubara described the statement credited to the Minister of the Federal Capital Territory, Nyesom Wike, on the walkout by a group of women from a programme organised by the First Lady, Senator Oluremi Tinubu, as illogical.

Wike who also apologized to the First Lady and President Bola Ahmed Tinubu on behalf of the people of Rivers State, said: "Insult on anyone representing the First Lady of Nigeria in an event is a direct insult on the office of the President and Commander-In-Chief of the Armed Forces of the Federal Republic of Nigeria, and as a leader in Rivers State, I apologize."

The group of women, led by some sacked Local Government Vice Chairmen, had staged a walkout during the Renewed Hope Initiative empowerment programme organised by the office of the Nigerian First Lady, held at the EUI Event Centre in GRA, Port Harcourt.

The programme was organised to benefit 500 women in the state with various empowerment items.

Wike cautioned Fubara's supporters to desist from ridiculing the state.

He berated Fubara to demonstrate honesty and be bold enough to tell President Tinubu, what exactly he wanted, rather than being neither here nor there.

He said: "It is not enough to be visiting people to plead for peace, those who genuinely want peace work and act for it.

"These are the same people pleading for peace, but at the same time doing things that are contrary to what they are pleading for.

"How can you say you want peace and at the same time, you are sponsoring people to insult everyone, including the President and his wife?

"All those shenanigans won't bring peace, and I am sure they know that, because they are not sincere with their up and down pleadings for peace.

IJAP Welcomes NJC Disciplinary Action, Demands Structural Reform in Electoral Justice Michael Olugbode in Abuja Independent Judicial Accountability Panel (IJAP) has welcomed the recent action taken by the National Judicial Council (NJC) in suspending three judges and nullifying the appointment of an Acting Chief Judge in Imo State, asking the body to adopt a proactive framework which rewards consistently ethical judicial officers while identifying and disqualifying those who act in breach of public trust IJAP, in a statement signed by its Chairman, Honourable Justice Mojeed Adekunle Owoade JCA (rtd.), noted that: ‘‘The decisions, taken in response to judicial misconduct and procedural irregularities, reflect growing public demand for transparency, integrity, and accountability within the judiciary.”

He added: “However, this must not remain a reactive gesture. As a body entrusted with safeguarding

the independence and ethics of the judiciary, the NJC must rise beyond disciplinary enforcement driven only by public petitions.

“We reiterate the urgent need for the NJC to adopt a proactive framework which rewards consistently ethical judicial officers while identifying and disqualifying those who act in breach of public trust.”

IJAP’s recommendations, outlined in its Technical Working Group’s policy submissions, call on the NJC to: Implement a “Punishment and Reward” System.

Judges who uphold integrity and demonstrate consistent professionalism should be elevated. Conversely, those who compromise due process including misusing ex parte orders should not only face sanctions but also be disqualified from elevation to the Higher Bench and from being given sensitive roles like election tribunals.

"As for me and those who subscribe to my leadership, we condemn in totality that yesterday's show of shame and we apologize to our First Lady for the embarrassing conduct of those few women who do not represent the characters and ideals of the people of Rivers State."

Meanwhile, Fubara has described the statement credited to Wike, purportedly blaming him for the walkout by a group of women from a programme organised by the First Lady, Senator Oluremi Tinubu, as illogical.

The suspended governor stated this via a statement issued on Saturday by the Rivers State Coordinator of

Renewed Hope Initiative, Mrs. Tonye Briggs-Oniyide.

He rubbished the statement by Wike as political mischief and a calculated attempt to politicise a well-meaning and non-partisan event.

“The attention of the Rivers State Office of the Renewed Hope Initiative (RHI) has been drawn to a regrettable and misleading statement issued by the Media Office of the Honourable Minister of the Federal Capital Territory (FCT), which unjustly attempts to drag the name of the Governor of Rivers State, His Excellency, Sir Siminalayi Fubara, into an unfortunate narrative surrounding the RHI/SDG

Empowerment Programme held in Port Harcourt on Friday.

“Governor Siminalayi Fubara is a strong supporter of the Renewed Hope Initiative and remains deeply committed to its vision and objectives.

Despite being on vacation, the governor ensured full support logistical and otherwise - for the success of the recent empowerment programme organised under the esteemed leadership of the First Lady, Her Excellency, Senator Oluremi Tinubu.

“The event was progressing successfully, with the women of Rivers State expressing overwhelming appreciation for the initiative, until

a disruption occurred when Mrs. Theresa Ibas, wife of the Rivers State Administrator, was making a speech.

“At that point, the women in attendance vocally opposed her participation, stating clearly that they did not recognise her as their First Lady and would prefer not to be addressed by her.

“To insinuate that Governor Fubara would sabotage a programme he actively supported and funded is not only illogical but patently false.

Such claims by Mr. Lere Olayinka are deeply misleading and appear to be a calculated attempt to politicise a well-meaning, non-partisan event,” Briggs-Oniyide said.

PCNGI Alerts on Smear Campaign, Explains Firm’s Suspension Emmanuel Addeh in Abuja The management of the Presidential Compressed Natural Gas Initiative (PCNGI) yesterday alerted Nigerians to an alleged campaign of calumny from a suspended partnering firm, restating its commitment to adherence to global quality standards.

In a statement in Abuja, the PCNGI said the attacks by the group under the auspices of the Independent Conversion Sector (ICS), will not deter it from ensuring that all firms within its purview caught engaging in sharp practices are dealt with.

The PCNGI is a federal government programme aimed at promoting the use of Compressed Natural Gas (CNG) as a cleaner and more affordable alternative to traditional fuels like petrol and diesel.

It seeks to achieve this by incentivising CNG adoption, facilitating investment in CNG infrastructure, and promoting regulation to drive growth.

“The attention of the management of the Presidential CNG Initiative (PCNGI) has been drawn to the sponsored smear attack campaign by a certain group known as Independent Conversion Sector (ICS). The known individual behind the group is Mr. Charles Goriola Yakub of C & L Smart Energy Limited, Lokogoma, Abuja.

“Records show that C & L Smart Energy was part of the PCNGI Conversion Incentive Programme up until December 2024 when it was suspended due to sharp practices of selling government kits otherwise meant to be installed for free for commercial operators at prices ranging from

N200,000 to N1.2 million.

“PCNGI investigation backed with video evidence and documentation was extensive and several operators that fell victim to the sharp practices of Mr. Charles and his company came forward, some of whom also had their vehicle damaged.

“PCNGI took decisive actions against sharp practices to sanitise the system and have since referred the case for further investigation to the Economic and Financial Crimes Commission (EFCC),” a statement by the Technical Adviser, Stakeholder Management and Public Engagement, Kenechukwu Chukwu, stated.

The office stated that it takes the integrity of the programme seriously, stressing that as an intervention programme, PCNGI does not

award contracts or procure by itself, but depends on other Ministries, Departments and Agencies (MDAs) to do so, to allow it to focus on its core role of promotion and enablement.

“We remain focused on this mission and implore the press and public to avoid the needless distraction. In due course, legal actions and reports to law enforcement on the ongoing electronic blackmail and cyber bullying by the subject will also be made. We hope they’re ready to defend their spurious claims in public.

“We thank the public for their abiding support for the programme and promise to continue to deliver on clean, cheap and reliable transportation powered by CNG and EV vehicles for all Nigerians in line with our mandate. We shall not relent,” the PCNGI secretariat stated.

LG Autonomy will Enhance Democracy, Improve Service Delivery, Growth Ibrahim Oyewale in Lokoja As part of efforts to strengthening the local government administration in Nigeria, there is urgent need to adapt the local government autonomy in relation to the supreme court decision and enhance democracy at the grassroot level .

Despite conflicts, contradictions in the legal framework by State Houses of Assembly and inconsistencies with

provision of the constitution, the concept of Local government autonomy will present many opportunities, improve service delivery and enhance rapid growth at grassroot level.

Dr. Samuel Oguche of the National Institute of Democratic Study, National Assembly, Abuja made this known while speaking as guest lecturer at a two-day workshop organised by the Office of the Auditor -General for the Local government staff in Lokoja, the

Kogi State capital during the weekend.

Oguche explained that despite conflicts, contradictions in the legal framework by State Houses of Assembly and inconsistencies with provision of the constitution, the concept of local government autonomy will present many opportunities, improve service delivery and enhance rapid growth at grassroot level.

In a lecture titled "Understanding the Dynamics of Local Government

Autonomy in Nigeria," Dr. Oguche explained that local government is grassroot government that must be strengthened to promote democracy at the all levels.

He explained there is a bond relationship between the state and local government in Nigeria that is so deep which can always impede the principles of Local government autonomy as just explained by the supreme court.

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NEWS

TWO-DAY COLLOQUIUM ON LEGISLATIVE AGENDA ON THE NIGERIAN COMMUNICATIONS ACT...

L–R: Deputy Chairman, House Committee on Communications, Hon. Midala Balami; Executive Vice Chairman/Chief Executive Officer, Nigerian Communications Commission (NCC), Dr. Aminu Maida; Deputy Chief Whip, House of Representatives, Rt. Hon. Ibrahim Isiaka; Chairman, House Committee on Communications, Hon. Peter Akpatason; and Executive Commissioner, Stakeholder Management, NCC, Barr. Rimini Makama, during a two-day colloquium on a legislative agenda on the Nigerian Communications Act 2003 in Lagos…recently

US Mayor Demands ICC’s Probe of El-Rufai’s Alleged Role in Kaduna Killings Ex-Kaduna governor says ‘no response’ Emmanuel Addeh in Abuja The Mayor of Blanco in Texas, United States, Mike Arnold, has called on the International Criminal Court (ICC), to ‘open a case file’ on former Kaduna state Governor, Nasir el-Rufai on his alleged role in the violence that pervaded the state during his tenure.

In a statement and a follow-up interview, the US Mayor stated that in the last 10 years, he has travelled through Nigeria, visited sites of ‘genocide’, produced a documentary on the killings and has built Internally Displaced Persons (IDP) camps for

persons affected by the violence.

However, when contacted, elRufai pointed out that he would not dignify a ‘baseless’ allegation with a response.

But stressing that the issues were also tied to the exploration and exploitation of rare earth minerals, Arnold reiterated that his sole purpose is to shine the light on the issues with a view to bringing change.

While not calling for an indictment yet, the US Mayor stated that there is enough evidence to warrant a very serious investigation of the former governor, explaining that he would

be willing to send a petition to the ICC on the matter.

“I've spent 10 years traveling all through Nigeria, the last five years producing a documentary. I've been to the sites of genocide, I've built schools and IDP camps. I see what's going on and people need to be held accountable and where there's evidence to support activity that's fostering this violence, the people that are behind it need to be held accountable, 100 per cent. That's the only way it'll stop,” he emphasised.

Arnold insisted that Nigeria has potential to be great, but said that the violence has to stop forthwith.

“ I've been up north. I've been in camps. I've been in the highest offices. And I've been in the most humble shanties and camps. And I've got a handle on all what's going on. And it needs to stop,” he added.

Arnold reiterated that one of the key fuels for the crisis was ‘blood minerals’, stressing that el-Rufai's admittance of having paid ‘peace money’ to Fulanis in the past to stop the killings as well as his boast that anything done to them will be repaid did not help matters.

Reminded that the former governor had also called for the bombardment of the terrorists as

BUA Cement Company Inks 5-year Community Devt Pact with Host Communities in Sokoto Onuminya Innocent in Sokoto

BUA Cement Company has signed a landmark 5-year community development agreement with its host communities in Sokoto State, reinforcing its commitment to corporate social responsibility.

The pact, which outlines the company's obligations to provide essential amenities and services, was signed by BUA Cement Managing Director Yusuf Binji, represented by Director of Plant Operations, Bashar Aminu, and three traditional rulers.

The traditional rulers, who

signed on behalf of their respective communities, included Sarkin Rafin Gumbi, Alhaji Sama'ila AbdulkadirMujeli, Ardon Wajeke, Alhaji Mailato Gumbi, Ubandoman Arkilla, and Alhaji Aliyu Hassan-Liman.

According to Aminu, the agreement was crafted with input from the host communities and guided by state government and Wamakko Local Government Area officials.

The Federal Ministry of Mines and Steel Development will oversee the pact's implementation.

The 5-year deal underscores BUA Cement's dedication to supporting

the socio-economic development of its host communities.

Earlier Mr. Sada Suleiman, Assistant Director, Administration and Corporate Affairs, highlighted the key areas of focus, which include: Healthcare support to 18 Primary Healthcare Centers (PHCs); Student scholarship scheme for indigenes; Vocational training programs; Establishment of a technical vocational college in Wamakko LGA; Electricity installations; and Construction of numerous road projects The company has also committed

to patronizing eligible contractors from the host communities, setting aside 35% of employment opportunities for indigenes, and distributing bags of cement for the repair of public places.

Commissioner of Solid Minerals, Alhaji Yusuf Maccido, praised the initiative, while Commissioner for Justice, Mr. Nasir Binji, urged parties to ensure effective implementation.

The ceremony was attended

by Chairman of Wamakko LGA, Alhaji Umar Dundaye, officials from the Federal Ministry of Mines and Steel Development, and other stakeholders.

governor, Arnold stated that it came a little too late, recalling el-Rufai's past positions on matters that concern the Fulani.

“Somebody that pays that (money) is fostering that criminal organisation.

They can call it anything they want.

But it's still a payment in blood. Why not instead use that money to help the victims? Maybe he was trying to make a political point. But the fact is you can't undo such complicity and such evil fruit by a token call for a military action. Too little, too late,” he added.

Separately, in a statement titled: “Southern Kaduna Wasn’t Just a Massacre—It May Have Been a Mining Strategy”, he stressed that “If el-Rufai paid the killers and protected the land-grab, then the ICC must follow the blood to the bank.”

He said: “Exposure without prosecution is performative politics.

It gives evil a microphone, not a consequence. We see this in the U.S.—criminal abuse of power exposed, but never punished. And what happens? The villains come back stronger.

“Truth without justice is a stage play. Justice without teeth is cowardice. Now—look to Nigeria.

In 2012, former minister Nasir elRufai posted this chilling warning: “Anyone, soldier or not, that kills the Fulani takes a loan repayable one day, no matter how long it takes.”

“In 2015, he became Governor of Kaduna State. Soon after, the

Christian enclaves of Southern Kaduna were set on fire. Repeatedly.

For years. And instead of prosecuting the killers, el-Rufai admitted to paying them. He called it “peacekeeping.”

“But what followed was not peace—it was silence, displacement, and excavation. Because Southern Kaduna isn’t just farmland. It’s mineral-rich territory. Gold. Lithium.

Rare earths. And while its people fled mass violence, the land they left behind became a hotspot for illegal mining.

“This is what activists call a blood mineral zone—where human suffering clears the path for resource theft. It’s happened before. It’s happening again,” he alleged.

While demanding an investigation, he stated: “This is not rumour. The quotes are real.

The violence is documented. The mines are running. What’s missing?

Justice. The International Criminal Court must open a case file—not just for religious violence, but for economic complicity in crimes against humanity.

“That includes a deep audit of El-Rufai’s financials, his ties to mining syndicates, and the timing of land seizures after each wave of killings. If this was genocide wrapped in gold foil, we dare not stay silent. Let the truth speak. Let the law act. And if guilt is found, let justice roll like thunder through every corridor of impunity.”

Lawyer Wants Investigation of INEC Chair, Top Officials, Says Commission Lacks Power to Delineate Electoral Wards

Kuni Tyessi in Abuja

A renowned legal practitioner and the Egogo of Warri Kingdom, Chief Robinson Ariyo, has insisted the Independent National Electoral Commission, (INEC) lacks the constitutional power to delineate and re-delineate electoral wards describing the exercise as total 'fraud'.

Ariyo also called for a proper investigation into the accounts of INEC Chairman and other officials over allegation of alleged

inducement over the delineation exercise.

Giving credence to his assertion, Ariyo told journalists that a court affidavit in public space and deposed to by a principal officer of INEC, Mr. Onyema Chika before a Federal High Court in Benin clearly put to pay to the constitutional role of INEC as far as delineation is concerned.

According to paragraph 12 and 13, Onyema Chika was quoted to have deposed under oath, "That I know as a fact that the

1st Defendant does not conduct election using electoral wards. It is State Independent Electoral Commission that conducts electoral wards’ structure who now has the responsibility to create and re-delineate electoral wards.

"That I know as a fact that as at the time the judgement of this Honorable court was delivered on the 13th day of August 2003. The power to delineate and re-delineate electoral wards had been taken away from the 1st Defendant virtue of 1999 constitution of

the Federal Republic of Nigeria (as amended) and domiciled with the State Independent Electoral Commission.”

Ariyo further said, "In what amounts to a confession, Mr. Onyema Chika, a Principal Executive Officer of INEC has in an affidavit deposed before the Commissioner for Oaths, Federal High Court Benin that INEC does not have the power to delineate and re-delineate electoral wards by virtue of 1999 Constitution of the Federal Republic of Nigeria

(as amended).

Subsequently Ariyo submitted that the entire activity remains a fraud and called on President Bola Ahmed Tinubu to institute a panel of enquiry into the activities of INEC leading to the proposed delineation of wards in Warri Federal Constituency on the 4th day of April, 2025.

"The accounts of the chairman of INEC, the chairman of the delineation committee, Professor Rhoda Gumus, and all the top INEC officials that are connected

with the exercise including the head of the legal department T.M Inuwa, SAN, should be investigated He further asked for the investigation of widespread illegal encroachment of Itsekiri oil lands by Tantita Security Services Limited, especially with alleged regard to the financial inducement of INEC and other federal government agencies with dollars from the contract awarded to Tantita Security Services Limited.

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Acting Group Politics Editor DEJI ELUMOYE

POLITICS

Email: deji.elumoye@thisdaylive.com 08033025611 SMS ONLY

M O N D AY D I S C O U R S E As PDP Holds Make or Mar NEC Meeting this Month...

In this report, Chuks Okocha looks at the critical issues begging for attention as Nigeria’s main opposition party, the People’s Democratic Party holds its National Executive Committee meeting in Abuja on May 27.

Damagun

W

ith the confirmation last week by the acting national chairman of the People’s Democratic Party (PDP), Ambassador Ilya Damagum that the party will hold its National Executive Committee (NEC) meeting on May 27, there are many issues begging for the attention of the party’s NEC. The last NEC meeting of the PDP took place on April 18, 2024 at the party’s national secretariat in Abuja. Since then, several attempts had been made for the party to hold NEC meeting without success.

But the PDP Governors at their meeting in April in Ibadan, the Oyo State capital did reveal that the NEC meeting will eventually take place.

Damagum had said last week that the PDP’s NEC will indeed hold to, among other things, ratify some of the recommendation of the party’s governors.

One of the issues to be ratified by the NEC is the issue of the PDP merging or going into alliance with other political parties ahead of the 2027 general elections.

The PDP governors had taken a position that the main opposition party should not be part of any alliance with any political party or parties.

Reading the communique of their meeting in Ibadan, the chairman of the PDP Governors forum, Governor Bala Mohammed of Bauchi State, said, ‘’noting the nationwide speculations about possible merger of political parties, groups and/or associations, the Forum resolved that the PDP will not join any coalition or merger. ‘’However, the PDP as a major opposition party welcomes any party, persons or groups that are willing to join it with a view to wrestling power and enthroning good leadership in 2027’’.

But the arrow head of the PDP being part of the alliance coalition, former Vice President Atiku Abubukar will not agree with the governors’ stand on this issue.

Atiku insisted that the coalition is a train that has left the station adding that the coalition is like the G34 group founded by late Second Republic Vice President, Dr. Alex Ekwueme and others, on a mission to save Nigeria.

This issue of coalition is one of the prime issues that the NEC meeting will decide.

Atiku

The implications of this would be severe on the party as Atiku and his co-travellers in this coalition or alliance train may likely defect to another party of their choice to actualise their dreams.

Another issue to be looked into at the May 27 NEC meeting is to determine who the authentic National Secretary of the party is.

Senator Samuel Anyanwu and Hon. Sunday Ude-Okoye are contending for the National Secretaryship of the party. The Supreme Court has ruled on this and both Anyanwu and Ude Okoye are laying claims to the position.

At the last PDP governors meeting in Ibadan, the governors asked the deputy national secretary, to act depending when the Southeast will present the authentic national secretary.

They reiterated the position taken in Asaba on the issue of the National Secretary of the party, but in the wake of the Supreme Court judgment, PDP Governors’ Forum resolved to recommend that the Deputy National Secretary acts as National Secretary, pending the nomination and ratification of a Substantive Secretary from the South East Zone and NEC respectively at its next meeting.

Last week, when the National Working Committee met, the matter was not resolved. Again, the NEC is expected to wade into this matter.

How the matter will be resolved

Wike

is better imagined. It is believed truly or falsely, that the Minister of the Federal Capital Territory, Nyesom Wike is backing Anyanwu. But Anyanwu has insisted that what is happening between himself and the governors of the party is an ego trip.

Meanwhile , following the resolutions of the National Working Committee (NWC) of the party, Setonji Koshoedo, last week assumed office as Acting National Secretary of the Party. Koshoedo, before his appointment as Acting National Secretary, was the Deputy National Secretary of the PDP. Upon his resumption last Wednesday morning, Koshoedo met with the management staff of the PDP in his office at the party’s National Secretariat, Abuja, during which he assured them of the NWC’s commitment to further unite, stabilize and energize the party going forward.

How this matter is resolved will either polarise or unite the PDP the more, but political observers are wondering how the PDP governors that are gradually defecting to the All Progressives Congress (APC) will still be dividing the party.

To others, the FCT minister is fighting a proxy war to ensure that the PDP is in disarray, thus making it an easy ride for President Bola Tinubu in 2027. Observers believe that peace will continue to elude the PDP until 2027. Hardliners in the party are calling on the NEC to expel Wike outrightly as he has caused enough damage for the main opposition political party.

Another crucial issue before the NEC is the issue of substantive national chairman for the party. Damagum has been acting as National Chairman since the former

Which ever way, the May 27, 2025 NEC meeting will either make or mar the PDP as a political party. It is believed that if the NEC will have the political courage to sanction Atiku and Wike, some elements of sanity will return to the party. So, for political observers, the NEC is so crucial for the survival of the party and the politics of 2027.

occupier of the position, Senator Iyorchia Ayu stepped down.

Damagum is from Yobe state in the North East zone. The office of the substantive National chairman is zoned to the North Central. The North Central has been very restive, agitating that the office of the national chairman be returned to it.

During the April 18, 2024 NEC meeting, it was resolved that the next NEC meeting must ensure that the North Central should be giving it’s rightful position. Now that the Governors of the PDP and the National Working Committee have agreed that the NEC should hold this month, it is yet to be seen how Damagum will weather the storm. Will Damagum survive and be the arrow head for hosting the next national convention of the party slated for August this year.

The scheduled NEC meeting will also ratify zoning of the national offices of the party. The PDP governors had recommended the zoning of offices and National Convention Committees for ratification by the NWC and NEC. At their meeting in Ibadan, the PDP governors set up a committee to address the zoning of the offices.

The governors zoning Committee is headed by Douye Diri (Bayelsa), Dauda Lawal (Zamfara) is Vice Chairman and Caleb Mutfwang (Plateau) will serve as Secretary, while the National Convention Committee has Ahmadu Fintiri (Taraba) as Chairman; Ademola Adeleke (Osun) as Vice Chairman and Peter Mbah (Enugu) as Secretary.

The zoning of the offices of the members of the NWC is so crucial as it will signpost where the presidential and vice presidential candidates of the party will come from.

If the Presidential candidate comes from the North, it is an indication that the PDP will be looking for a Southerner as the National Chairman. Again, if the NEC approves that the national chairman comes from the north, it will then be clear to Atiku that he is no longer wanted in the party. However, Atiku’s presidential ambition will be guaranteed if the national chairman comes from the South.

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

MONDAY MAY 5, 2025 • T H I S D AY

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• L-R: Executive Director/CEO, Nigerian Export Promotion Council (NEPC), Nonye Ayeni; Director, • L-R: Founding Partner, Aruwa Capital Management, Mrs. Adesuwa Okunbo-Rhodes, with Lagos State Policy and Strategy, NEPC, Mr. Shehu Dalhat; and Director of Corporate Services, NEPC, Mrs. Esther Governor, Mr. Babajide Sanwo Olu, during the visit of Aruwa Capital Management Team to the governor Ikpora, during the presentation of the first quarter of 2025 Non-Oil Export Performance index held in for partnership for jobs creation in Lagos…recently Abuja…recently

• L-R: Head of Research, BASL, Blessing Ewah; Deputy Commissioner of Police Operations,A.S Wase; acting COO/ Head of Aeronautical and Cargo Services, BASL, Remi Jibodu; Commissioner of Police, Lagos Airport Command, Olufunke Ogunbode, Head of AVSEC, BASL, Monica Oguta; Head Space and Premises Management/acting COO, Kola Bamigboye; and Deputy Commissioner, Admin, Olabanji Kayode, during a courtesy visit of the newly appointed Commissioner of Police, Airport Command to the management of Bi-Courtney Aviation Services Limited, operators of the Murtala Muhammed Airport Terminal 2 (MMA2) at Ikeja…recently

• Some beneficiaries of the Seplat/NNPCL JV Eye Can See Initiative with representatives from Seplat Energy, NNPCL, and Imo State Government, after successful eye surgeries held in Owerri, Imo State…recently

• Oba Saheed Elegushi of Ikate land, Lagos, his wife, Olori Sekinat Elegushi; (middle) flanked by beneficiaries empowerment programme, Maryam Abdulkabir, Wasilat Adekanbi, Sanni Elizabeth Jumoke, Bakare Khadija, Muadh Abdulkabir, and Akerele Quadri, at the Elegushi Empowerment Summit for SMEs and students in Ikate-Elegushi kingdom held in Lagos…recently

PHOTO: ENOCK REUBEN

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BUSINESSWORLD R A T E S MONEY MARKET

A S

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

08056356325

M A Y

S & P INDEX

2 , 2 0 2 5

S & P INDEX

EXCHANGE RATE

OPR

25.34%

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1/4 TO DATE

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N1,562.33/ 1 US DOLLAR*

OVERNIGHT

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*AS AT FRI., MAY 2 , 2025

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Banks’ Lending to Real Sector Wilts as Deposit with CBN Hits N17.83trn

Kayode Tokede Following the increasing level of threat in Nigeria’s business environment arising from insecurity, supply chain problems, inflation, poor purchasing power and low level of productivity, banks and merchant banks have shunned lending to the real sector.

Rather, the banks’ deposit with the Central Bank of Nigeria (CBN) increased to N17.83 trillion in April 2025, a significant growth of 243 per cent when compared to N5.2 trillion in March 2025.

Financial data released by the CBN revealed that banks and merchant banks in the first four months of 2025 deposited N37.05 trillion with the central bank, up by 1549 per cent year-on-year (YoY) from N2.25 trillion in the first four months of 2024.

According to the Standing Deposit Facility (SDF) data by the apex bank, banks’ deposit since the beginning of the year

has witnessed a steady increase as uncertainty continued to mount on interest rate and inflation.

The SDF is a lower corridor of the Monetary Policy Rate (MPR) at which Deposit Money Banks (DMBs) and discount houses can deposit their money overnight with the CBN for an interest rate.

Another window, the Standing Lending Facility (SLF), an upper corridor monetary policy rate at which DMBs and discount houses can borrow money from the CBN at a pre-specified rate, typically the benchmark policy rate plus a margin.

THISDAY checks revealed that the total amount borrowed

by DMBs surpassed the amount deposited with the CBN in the first four months of 2025.

The total amount borrowed stood at N54.96 trillion while the total amount deposited stood at N37.05 trillion in the period under review.

THISDAY analysis of the financial

data showed that the N17.83 trillion deposited in April 2025 was the highest amount banks and merchant banks deposited with CBN. Further analysis revealed that the applicable rates for the SDF and SLF in 2023 increased by 50 basis points to 11.50 and 19.50 per cent, respectively, following the hike in the policy rate by 50 basis points to 18.75 per cent in June 2023.

The interest rate at which banks and merchant banks borrow from CBN changed in 2024 amid the Monetary Policy Committee (MPC) hike in MPR or interest rate.

In 2024, the MPC members voted to increase interest rate from 18.75 per cent to 27.50 per cent amid its mandate to tackle inflation rate and unstable Naira at the foreign exchange market. However, the MPR has remained at 27.50 per cent since the beginning of 2025 as the committee continued to tackle inflation rate.

The CBN had also in 2024 shifted to a single-tier remuneration structure

for the SDF. Previously, deposits up to a certain threshold, for example N3 billion, earned a higher interest rate, while amounts exceeding that threshold earned a lower rate.

Under the new policy, all SDF deposits are remunerated at the MPR minus 100 basis points. With the current MPR at 27.5 per cent, this results in an SDF rate of 26.5 per cent.

In 2024, banks and merchant banks deposit to CBN increased significantly to N38.12 trillion, about 210.15 per cent increase when compared to N12.29trillion in 2023.

SDF in 2024 witnessed significant patronage as banks and merchant banks deposit reached highest peak of about N8.12 trillion in August 2024 The increase is coming on the backdrop of CBN removal of the cap on the remunerable policy, among others.

The CBN governor, Mr. Olayemi Cardoso had disclosed that the apex bank removed the cap on the remunerable SDF to increase

activity in the SDF window and manage liquidity.

In a circular addressed to DMBs, CBN said the SDF will now be 26.5 per cent. This represents a sharp increase from the previous 19per cent. The policy change was communicated through a circular issued by Director of the Financial Markets Department, CBN, Omolara Duke.

The circular instructed all authorised financial institutions to acknowledge and implement the updated structure, which supersedes the previous framework.

The circular reads, ““At the 298th meeting of the Monetary Policy Committee (MPC), the committee retained the asymmetric corridor at +500/-100 around the MPR and removed the 2nd tier of the standing deposit facility (SDF) of 19per cent on deposits above N3 billion.

“The SDF will now be remunerated on a single-tier basis, which is currently the monetary policy rate (MPR) minus 100

basis points. Consequently, all SDF will be remunerated at the prevailing SDF rate of 26.50per cent. This circular supersedes the earlier circular on the asymmetric corridor indicated below “Superseded circular: Ref: FMD/DIR/PUB/CIR/001/017, dated August 26, 2024 Subject: Operationalisation of the SDF symmetric corridor All authorised dealers are required to take note of this new development. This circular takes immediate effect.”

CBN had maintained that the strong patronage at the SDF confirmed healthier liquidity in the banking system, stressing that banks and merchant banks were in search of better yields.

The current inflation rate in Nigeria is above yield on Treasury bills (T-Bills) and DMBs are looking for risk-free investments, which SDF has provided since MPR hike.

The story continues online on www.thisdaylive.com

FG, Dangote Call for Localised Production, Patient Capital to Unlock Africa’s Economic Potential Kayode Tokede The federal government and Dangote Industries Limited have called for localised production and patient capital to unlock Africa’s economic potential.

This message was emphasised during the African Private Capital Association (AVCA) Week held in in Lagos, convening global investors, fund managers, policymakers and business leaders to explore investment opportunities and address Africa’s economic transformation challenges under the theme ‘Bold

Moves: Powering 10x in Africa’.

The event featured keynote addresses from Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, and Aliko Dangote, Founder and CEO of Dangote Industries, with both emphasising the critical importance of localised production and patient capital in unlocking Africa’s economic potential.

The minister highlighted Nigeria’s commitment to transforming policy into performance, noting: “We are proud to be hosting the private capital ecosystem—bringing

Africa and the world to Lagos, the commercial heartbeat of the continent—for a bold conversation about investment and economic opportunities that define the future.

Nigeria is moving, and we want the world to move with us.”

She described a comprehensive plan to boost private sector growth, impact Nigeria’s capital markets, diversify exit strategies, and enable more strategic acquisitions. She outlined the economy as a platform for local and regional businesses to scale and remarked: “We are offering a platform of a $3.4 trillion economy.”

Addressing the investors in the room directly, Dangote added: “If we want to build lasting prosperity in Africa, we must look inward, attract African capital, invest in our youth, talent, industries, and design systems that scale locally.”

Chairman, African Capital Alliance, Okey Enelamah, and Managing Director, Akmazo, Alison Klein, Reflected on the evolution of private equity in Nigeria.

A recurring theme throughout the conference was the growing importance of African institutional investors in driving the continent’s

private capital ecosystem. Dave Uduanu, Managing Director and CEO of Access ARM Pensions, revealed plans to deploy $500 million in private capital over the next five years, stating: “We are looking to pool resources with other pension funds to create pan-African investment vehicles. This approach would not only mobilise more African capital but would help us invest beyond Nigeria across the continent. We particularly like power, where there is a massive gap in Africa, and we’re not worried about currency—you can make

money in any currency if the fundamentals are right.”

Managing Director and Head of Project Development, Africa50, Papa Demba Diallo, underscored the demonstration effect of delivering “replicable, bankable and scalable investment opportunities.” Chief Executive Officer, InfraCredit, Chinua Azubike, suggested that investor-led solutions combining public, private, and blended finance are instrumental to crowding capital for critical high-impact energy, transport, and digital infrastructure projects.

M A R K E T D ATA A S AT F R I D AY, M AY 2 , 2 0 2 5 BONDS DESCRIPTION Price Yield Change Updated Time (%) May ^16.2884 170.01 2, 2025 95.83 18.99 MAR-2027 ^19.94 20May 101.12 19.15 0.00 2, MAR-2027 2025 May ^13.98 230.01 2, 88.97 19.20 2025 FEB-2028 ^21.00 20May 104.32 18.95 0.00 MAR-2028 2, 2025 ^14.55 26May 86.82 19.45 0.00 APR-2029 2, 2025

BILLS MATURITY NTB 5-Jun25 NTB 10-Jul25 NTB 7-Aug25 NTB 4-Sep25 NTB 9-Oct25

Discount Yield

Change (%) Updated Time

MATURITY

17.95

18.25

May -0.02 2, 2025

17.12

17.69

May -0.02 2, 2025

17.67

18.54

May -0.02 2, 2025

18.55

19.81

May -0.02 2, 2025

19.66

May -0.02 2, 2025

TGIF CP II 3-JUN-25 MCIL CP II 16-JUL-25 JVIL CP XI 20-JUN-25 FAST CP VI 11-AUG-25 MTNN CP XII 30-JUL-25

18.10

CLEARED NAIRA-SETTLED NDFS

CPS Discount Yield 26.03

26.64

21.49

22.48

25.60

26.51

24.61

26.41

21.69

22.90

Change (%)

Updated Time

May -0.06 2, 2025 May 0.48 2, 2025 May 0.16 2, 2025 May 0.56 2, 2025 May 0.67 2, 2025

CONTRACT Current TENOR Contract Rate ($/₦) (MONTH) NGUS MAY 13M – 27 2026 NGUS JUN 14M – 24 2026 NGUS JUL 15M – 29 2026 NGUS AUG 16M – 26 2026 NGUS SEP 17M – 30 2026

Updated Time

May 2, 2025 May 2, 2025 May 2, 2025 May 2, 2025 May 2, 2025

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MONDAY, MAY 5, 2025 ˾ T H I S D AY

BUSINESSWORLD

NEWS

L-R: Non-Executive Director, Snake Island Management Company (SIMCO), Captain Ebubeogu Iheanacho; Non-Executive Director, SIMCO, ACG Nasir Ahmed (RTD.); Comptroller General, Nigeria Customs Service (NCS), Bashir Adewale Adeniyi; Executive Chairman, SIMCO, Maher Jarmakani; Executive Director, SIMCO, Abayomi Oyewole and Managing Director, SIMCO, Semiu Akorede during the Adeniyi’s recent familiarisation tour of Snake Island Port

Adeniyi Pledges Customs Presence at Snake Island Integrated Free Zone Eromosele Abiodun The Comptroller General of the Nigeria Customs Service (NCS), Adewale Adeniyi, has pledged to establish a new Customs Area Command at the Snake Island Integrated Free Zone (SIIFZ).

Adeniyi who stated this during an official visit to the facility in Lagos, expressed delight at the level of investment made on the island and commended Nigerdock, a maritime and logistics company, and operators of the SIIFZ, for their Corporate Social Responsibility (CSR) projects.

He stated that the service is in the final stages of documentation to establish a dedicated Command at the Free Zone, which will enhance operations and strengthen regulatory presence.

“We are Just at the stage where we are finalising all the documentation, and I am very sure that by the next time I visit this place, I’ll be received by a Customs Area Controller,” he stated.

He emphasised the importance of synergy between customs and private sector operators in driving national economic goals adding, “We are looking forward to a symbiotic relationship, that which will benefit the Nigeria Customs Service, the Federal Government of Nigeria, and the Nigerdock as a corporate entity.”

In his remarks, the Managing Director of SIIFZ, Semiu Akorede, expressed appreciation for the Service’s support and highlighted the significance of the visit to the zone’s operational growth.

“Your coming here today is going to add a lot of value. We have enjoyed the support of Customs officers that are working with us here, and those that come here to carryout some operations, and I can confirm to you that we have been working together without any rancour”, he stated.

Meanwhile, as part of ongoing efforts to strengthen institutional partnerships and support government agencies with reliable digital infrastructure, Galaxy

Backbone Limited paid a courtesy visit to the Nigeria Customs Broadcasting Network Service (NCBN) at the Nigeria Customs Service (NCS) Headquarters in Abuja.

The delegation, led by Mr. Ifeatu Anafulu, Head of Marketing and Business Intelligence, was warmly received by the National Public Relations Officer of the Service, Assistant Comptroller

of Customs Abdullahi Maiwada.

Speaking during the visit, Anafulu expressed Galaxy Backbone’s appreciation for the warm reception, stating that the company’s mandate as a government owned technology solutions provider aligns with the Nigeria Customs Service’s digital transformation agenda.

He noted that Galaxy Backbone is eager to collaborate with the Service in critical areas such as

cloud storage, secured internet connectivity, data backup, and cybersecurity infrastructure.

In his response, Maiwada thanked the Galaxy Backbone team for their visit and commended their forward looking approach to public sector collaboration. He acknowledged the growing need for synergy between ICT providers and government institutions in an era defined by data security,

transparency, and operational efficiency.

He said, “The Nigeria Customs Service is undergoing a comprehensive technological revolution anchored on the Trade Modernisation Project,” Maiwada said. “At the heart of this reform is the deployment of an indigenous platform, B’Odogwu, a Unified Customs Management System (UCMS), which we built from ground zero.”

Transcorp Group Grows Revenue by 62% to N21bn in Q 1 2025 Kayode Tokede Transnational Corporation Plc, has announced its unaudited results for the first quarter (Q1) ended March 31, 2025 with N143.7 billion revenue, about 62 per cent increase from N88.5billion reported in first quarter (Q1) 2024.

The Nigeria’s leading listed conglomerate with strategic investments in the power, hospitality, and energy sectors, Q1 2025 strong performance is driven

by the exceptional contributions of our subsidiaries.

From the Q1 2025 results, the power businesses delivered robust revenue of N126.8billion in Q1 2025, a growth of 70 per cent from N74.8 billion in Q1 2024.

Notably, Transafam Power, acquired in November 2020, achieved N21.4 billion revenue growth, representing an increase of 212 per cent from N6.9billion in Q1 2024.

Transcorp Hotels delivered a

strong performance in Q1 2025, with revenue rising by 52per cent year-on-year to N21.0 billion, up from N13.8billion in Q1 2024.

However, the Gross profit for the Group soared to N73.31bn in Q1 2025 from N46.21 in Q1 2024.

The group closed the quarter with a very healthy PBT of N49.41billion compared with N45.68 billion in Q1, 2024, which had an exceptional income of N11.0 billion income from the disposal of shares.

According to the group, the Q1

2025 performance underscores the strength and resilience of its business operations and reaffirms its ability to generate sustainable value for investors.

President/GCEO of Transcorp, Dr. Owen Omogiafo, in a statement said, “Our Q1 2025 financial results underscore the strength of our execution, resilient business model, and unwavering commitment to delivering sustained value to our shareholders, even in a challenging market landscape”.

keynote address at the event titled, ‘Strategic Business Development for Travel Agencies,’ said that if the travel sector embraced full digital transformation, it would serve as the backbone of growth for modern travel businesses.

“Intuition has limits. Growth today is driven by data, powered by automation, and sustained by strategic partnerships,” he said.

In his presentation, he emphasized that operational efficiency and technology adoption are no longer optional, but the blueprint for survival and large-scale growth, noting that embracing those strategies is the key to the growth

and expansion of travel business.

Bernard, whose journey from a modest office in Falomo to building one of Nigeria’s most respected travel groups, offered credibility and practical insight from his own experience.

Through the Finchglow Holdings case study, with its six subsidiaries, spanning business and corporate travel, tourism, education, and logistics, Bernard demonstrated how combining structure, strategy, and smart execution delivers long-term impact in the travel business.

Bernard, who is a respected voice in Nigeria’s travel and aviation space, also used the opportunity

to reinforce the importance of professionalism, a principle he has championed throughout his leadership journey.

He observed that it is the same philosophy that was recently adopted at the 49th NANTA Annual General Meeting, where the NANTA Membership Identification Card, a legacy initiative from his presidency in 2016 -2020, was relaunched as a symbol of accountability and industry standards.

“The best growth doesn’t come from reacting fast, but from thinking ahead and leading strong,” he said.

Stakeholders Challenge CEOs, Marketing Practitioners on Consumers’ Preference Bernard Calls for Urgent Digitisation of Nigeria’s Travel Industry Emma Okonji Brand owners and players in the FastMoving Consumer Goods (FMCG) space have been charged to be more strategic in their operations in order to meet the present-day consumers’ needs that are constantly evolving.

The socio-economic realities have made this to be so, as consumers, faced with decreasing purchasing power, continue to challenge their loyalty to any particular brand, with many opting for brands that meet their needs at any particular time.

To be able to get consumers’ attention, industry stakeholders said FMCG players and brand owners must know their consumers and be ready to evolve along with their preference.

The stakeholders said this at the 6th Industry Summit, held at the Chartered Institute of Bankers (CIBN) House, Victoria Island, Lagos with the theme: “Understanding Changing Consumers Preference in Troubled FMCG Space.”

Delivering the keynote address, Managing Director/CEO of Nitro 121, Lampe Omoyele, said consumers were modifying their purchasing behaviours by focusing more on essential goods while reducing discretionary spending.

Focusing on a recent survey conducted by his company,

Omoyele said price sensitivity, availability, and perceived value, were some of the factors that necessitated people to switch brands, especially in product categories such as food & groceries, household items, and personal care.

“From our study, respondents between the ages of 35 and 54 with monthly earnings of N250,000 and above said they have made adjustments to their shopping habits in the past one year,” he noted.

Marketing Consultant, Toyin Nnodi, while delivering her paper, averred that Nigerian FMCG companies must find a way to adapt or die.

Nnodi listed collaboration and partnership, omni-channel marketing, agility and production innovation, as some of the actionable strategies for successful FMCG operation.

Co-Founder/CEO, Innova Hive Integrated Limited, Stanley Obi, called on brands to position themselves strategically.

Speaking on the theme; ‘Strategic Positioning for FMCG Companies Amidst Evolving Economic Challenges, Obi said strategic positioning would give any brand the competitive advantage, adding that, it will ensure that “they don’t just sell products or services but offer an experience that no one else provides in the same way”.

Chinedu Eze The Group Managing Director of Finchglow Holdings, Mr. Bankole Bernard, has called for the urgent adoption of structure, digitisation, and long-term thinking in the travel sector in Nigeria in line with global practices.

Bernard made the call during a workshop organized by the Lagos Zone of the National Association of Nigerian Travel Agencies (NANTA) for travel professionals, which focused on empowering agencies with the tools to grow, scale, and succeed in today’s evolving market.

Bernard who presented the

Firm Unveils Academy to Boost Nigeria’s $1.2bn Beverage Industry Finwerd Flavours and Fragrances has unveiled a beverage academy in its effort to drive more investment into Nigeria’s $1.2 billion beverage industry.

The Managing Director, Finwerd Flavours and Fragrances, West Africa, Steven Kabuito, at the unveiling of Finwerd Beverage Academy in Lagos, said Nigeria and Africa hold immense potential to lead the future of beverage innovation, reaffirming the company’s commitment to unlocking the full potential of Nigeria’s beverage sector.

Through the Finwerd Beverage

Academy, we are not just transferring expertise; we are investing in local talents, sharing global best practices, and building lasting partnerships with market players. This journey is not one we walk alone; it is a handshake of collaboration, innovation, and shared ambition.

Together, we are shaping a vibrant, competitive, and proudly African beverage industry,” he said.

Also speaking, the Commercial Director, West Africa, Kingsley Udoakpan, said the beverage market is growing tremendously in West Africa because of the youthful

population.

According to him, the youthful population is the driving force behind many companies in the beverage space are constantly reinventing themselves by giving the market something unique in the beverage industry.

“So for that reason, it’s important that we support these companies to launch the right product that is fitting with the customer’s taste needs,” he said.

On his part, the former Director of Laboratory Services, NAFDAC, Charles Nwachukwu, said the whole

essence of the programme is to use the Academy come up with new innovation, where they can assist people to formulate and develop products, and then, more more importantly, flavored products that could be easily valuable for human consumption.

Nwachukwu said most manufacturers comply with this level of regulations from both NAFDAC and Standards Organization of Nigeriam while also advising unscrupulous individuals to stop cutting corners to produce products that are not fit for consumption.

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PERSPECTIVE

Advanced Technology in Focus as Global Oil Industry Solution Providers Converge for OTC 2025 Tunde Balogun

G

lobal oil and gas industry professionals and solution providers from Nigeria and other countries are converging in Houston, Texas, in the United States for the Offshore Technology Conference (OTC) 2025, to showcase the latest and most advanced technologies in the industry.

The leading professionals and solution providers in the global oil and gas industry from Nigeria and other countries are gathering in Houston, Texas, in the United States of America (USA) for the OTC 2025.

The event, which takes place from May 5 to 8, will unveil the latest and most advanced technologies and the companies making the major technological, humanitarian, environmental, and leadership contributions to the industry.

The event will kick off today in grand style with an exciting opening ceremony and messages from the experts, who are driving innovation and shaping the direction of offshore energy.

According to the conference organisers, no other global oil and gas industry event provides exhibitors and other participants with more diverse conversations focused on the latest developments needed to accelerate the global energy mix.

“Each day at OTC you have the opportunity to collaborate with your peers, hear new ideas, and validate or change your perspective on the ever-changing landscape of the offshore energy sector. Each year, OTC brings a host of new panels and sessions to our technical programme, debating and deliberating specific topics and issues facing the offshore energy sector,” the organisers added.

REGULAR OTC EXHIBITORS

Some oil and industry professionals and solutionproviders, including the Port Harcourt-based award-winning Solewant Group are some of the regular OTC exhibitors, participating in OTC 2025.

These companies have made huge investments in offshore activities in terms of technological innovations.

Solewant Group, a leader in the provision of steel pipes, pipe coating solutions, metal fabrication, manufacturing and supply of specialty protective paints, and specialty coating application solutions, will showcase its latest technological innovations at the conference.

The company is not only a giant in the African oil and gas industry but a global success story.

The Group Managing Director/Chief Executive Officer (CEO) of the company, Mr. Solomon Ewanehi, will lead top executives from the company’s five subsidiaries: Solewant Nigeria Ltd. (SNL); Solewant Specialty Protective Coating and Paints Ltd (SSPC); Fields Joint Coatings Ltd. (FJC); Pipes and Metals Industries Ltd (PMI), and Solewant Energy Training Institute (SETI), to the OTC 2025.

Key highlights of Solewant Group’s participation will include the exhibition of cutting-edge technologies used in providing the company’s products and solutions for the global energy industry.

The company will present its diverse portfolio at the conference. During the OTC exhibition, the company will emphasize PMI – engineering design, metal fabrication, pipeline structures, integrated water systems, and elevated tanks. It will also showcase FJCL – heat shrink sleeve applications and advanced pipeline coating solutions in compliance with ISO 2016. In the area of SSPC, the manufacturing and distribution of protective paints, specialty coatings and thermal insulation solutions will be unveiled at the conference.

The company will also highlight SETI – industryrelevant training programmes for oil and gas professionals, the upcoming Solewant Group 9th Energy Summit scheduled for November 27 – 28, 2025, and the Solewant Journal of Energy Innovation call for papers from authors and industry professionals.

Solewant, an ISO 9001: 2015 certified company, is also celebrating 25 years of providing quality services to oil and gas industries.

The company’s delegation to the ongoing OTC is also expected to participate in strategic discussions on technology partnerships and collaboration.

REGIONAL ENERGY COLLABORATION

The delegation will also actively engage in discussions on regional energy collaboration, and technology-driven partnerships, aligning with OTC‘s mission of exploring “new frontiers in offshore energy, emphasising the operational efficiency, environmental responsibility, and technical excellence required to meet the challenges of tomorrow’s energy landscape.”

The company will also take part in networking and business expansion opportunities.

Executives from Solewant Group will hold strategic meetings with government agencies, and multinational energy firms, fostering partnerships that will enhance the global oil and gas infrastructure and energy workforce development.

The company will demonstrate its commitment to delivering world-class steel pipes, pipe coating application, supply of coated pipes, fabrication of pipe/metals, provision of specialty protective paints/coatings, engineering design and energy training solutions.

By expanding its footprint in the global energy sector and forging strategic partnerships, the company aims to drive innovation, sustainability, and technological advancement, ensuring longterm value creation for the industry and its stakeholders.

Group Managing Director of the company,

At various levels of operations, these technologies have allowed us to anticipate and address issues before they escalate, significantly reducing downtime and preventing accidents. By leveraging automation, data analytics, and cloud-based systems, we are able to streamline operations, enhance supply chain management, and maximize asset utilisation.

Technologies like robotics allow us to conduct operations more quickly, more accurately, and at a fraction of the cost compared to traditional methods.

These efficiencies translate into both cost savings for us and enhanced value for our clients.

Ewanehi, had stated in a media interview that the company would continue to pioneer new technological innovations.

Ewanehi added that his company’s commitment to technological innovations stems from a deeply rooted belief that the future of the global oil and gas industry hinges on the industry’s ability to adapt, evolve, and integrate advanced solutions.

“This focus is not merely about staying ahead of the curve; it’s about harnessing technology to solve real-world challenges that directly affect our industry, our clients, and the communities we serve.

“First and foremost, technology enables us to enhance the safety and reliability of our operations. The oil and gas industry has always been high-risk, with significant challenges related to safety, equipment integrity, and environmental impact,” he said.

Ewanehi stated that the company adopted cutting-edge technologies that not only safeguard the well-being of its employees and contractors but also mitigate environmental risks.

“At various levels of operations, these technologies have allowed us to anticipate and address issues before they escalate, significantly reducing downtime and preventing accidents,” he said.

He said the company also focuses on technology to optimise efficiency and reduce costs.

According to him, the margins in the oil and gas sector are often thin, leading to the pressure to run cost-effective operations.

“By leveraging automation, data analytics, and cloud-based systems, we are able to streamline operations, enhance supply chain management, and maximize asset utilisation. Technologies like robotics allow us to conduct operations more quickly, more accurately, and at a fraction of the cost compared to traditional methods.

“These efficiencies translate into both cost savings for us and enhanced value for our clients,” he said.

The company will present its diverse portfolio at the conference. During the OTC exhibition, the company will emphasize PMI – engineering design, metal fabrication, pipeline structures, integrated water systems, and elevated tanks. It will also showcase FJCL – heat shrink sleeve applications and advanced pipeline coating solutions in compliance with ISO 2016. In the area of SSPC, the manufacturing and distribution of protective paints, specialty coatings and thermal insulation solutions will be unveiled at the conference.

NIGERIAN EXHIBITION PAVILION

at GSH Event Centre 9550 West Bellfort Avenue, Houston, TX 77031.

It will be a great opportunity for participants to network and socialise with international business partners.

The event will also provide the opportunity to promote African culture, artists, and entertainers.

There will be a session on African Content Collaboration on Wednesday, May 7, 2025 at Wyndham (formerly Crowne Plaza Hotel), 8686 Kirby Dr, Houston, TX 77054, from 11.am - 1.30pm, with the theme: Local Content Development and Partnerships for Africa’s Energy Sustainability.

On Thursday, May 8, 2025, there will be a networking golf event at 11am, with a Golf tournament scheduled to take place at Quail Valley Golf Course, 2880 La Quinta Drive. t #BMPHVO B HMPCBM PJM BOE HBT JOEVTUSZ BOBMZTU XSJUFT GSPN )PVTUPO 5FYBT 64"

Meanwhile, the formal opening of the Nigerian Exhibition Pavilion at the NRG Park, Houston, Texas, at the ongoing OTC will hold today at 11am, while luncheon and panel session will hold tomorrow, Tuesday, May 6, 2025 at Wyndham (formerly Crowne Plaza Hotel), 8686 Kirby Dr, Houston, TX 77054, with the theme: “Harnessing Nigeria’s Gas Potential for Domestic Utilization and Global Export Market.”

Also, tomorrow, there will be an Africa Energy Forum at OTC Venue NRG Room 300 from 2pm to 4. 30pm with the theme: “Future of Energy Transformation in Africa: Clean Energy and Business Sustainability.”

Nigerian Oil Industry Awards Dinner and Cocktail will hold also at 6.30pm tomorrow

32

T H I S D AY ˾ AY, MAY 5, 2025

BUSINESS/MONEYGUIDE

Federal Government Applauds Wema Bank’s Innovation,Transformation at 80th Anniversary Eromosele Abiodun The federal government over the weekend applauded Wema Bank Plc for its innovative initiatives that has transformed Nigeria’s financial sector and its support for national development, as the bank celebrated its 80th anniversary.

Specifically, the government lauded Wema Bank for transforming the banking system with the launch of ALAT eight years ago, a move that rejuvenated the bank into one of the best in the country.

Speaking at the bank’s grand celebration gala night in Lagos, themed, “80 Years of Impact, The Future of Possibilities,” Vice President , Kashim Shettima, praised Wema Bank for redefining digital banking and for being a committed partner in national growth.

Represented by his special adviser on Job Creation and Micro, Small and Medium Enterprises (MSMEs), Temitola Adekunle-Johnson, he stated, “You have an 8-year-old digital bank in ALAT, now Nigeria’s number one, from

a bank once known as one for our grandmothers. That’s remarkable transformation.

The Presidency does not take your support for granted.

From empowering MSMEs to partnering with us on national innovation programmes, your contributions are exceptional.”

According to Shettima,: “80 years in the life of an institution is not a mere passage of time. It comes with a record of stories, of challenges overcome, of milestones attained, and dreams realised. Wema Bank’s journey from its founding in 1945 to today is a reflection of resilience, vision, and innovation.”

While commending the Managing Director/CEO, Mr. Moruf Oseni and the entire management team for leading boldly into the future, he added, “You were the first bank to partner with us on the Alaska Innovation Programme aimed at training three million Nigerians. You were also pioneers in cooperative banking, empowering informal economic players nationwide.”

Speaking earlier, Wema

Bank’s Chairman, Oluwayemisi Olorunshola said: “Wema Bank was founded during the thick of Nigeria’s colonial era, grew from a single branch to over 150, and pioneered Africa’s first fully digital bank. This is a story of God’s grace, foresight, resilience, and tenacity.”

Olorunshola who is the first female to hold the position, acknowledged the bank’s journey through colonial rule, civil war, economic downturns, and a global pandemic, crediting its survival to strong leadership and stakeholder support.

Managing director/CEO, Moruf Oseni echoed similar sentiments, pledging the bank’s continued commitment to financial inclusion, digital innovation, and national development.

“Our journey of 80 years is a testament to transformation.

We are not resting—we are building the future of banking for the next generation,” Oseni said, while emphasizing the bank’s ongoing focus on youth empowerment, gender equity, and customer-driven innovation through platforms like ALAT.

Afrinvest Boss Eulogises Dozie as Humble Transformer, Entrepreneur The Group Managing Director of Afrinvest, Ike Chioke, has described the late Nigerian entrepreneur and businessman, Pascal Dozie, as a humble man who quietly transformed human and other resources. Dozie died on April 8, 2025, a day before his 86th birthday.

Quoting from William Shakespeare’s Julius Caesar, in a statement, he asserted that the deceased, whom he addressed as PGD (considering Gabriel, his middle name), was a metaphor of “calm and peace at the summit.”

Dozie was former chairman of MTN Nigeria; founder of Diamond Bank, which was acquired by Access Bank; founding member and former chairman of the Nigeria Economic Summit Group; and former President of Nigerian Stock Exchange Chioke stated, “Long before I met PGD, I had heard of his entrepreneurial genius, innovative flair and educational philanthropy.

To cite just one of the last elements, he had sponsored several people from my generation to Harvard Business School and other Ivy

League institutions in the mid-90s.

His motive was to influence the economic and financial future of Nigeria by empowering hundreds of young people to lead the nation into that future.”

He added, “His vast educational philanthropy was never sporadic; it was an intentional, consistent, and sustained commitment to uplift others. He was preeminently ‘as constant as the northern star’ in his devotion to God and humanity.”

The Afrinvest boss said Dozie never sought accolades; accolades sought him.

W’Africa IMT to Host Trade Forum Amid Shifting Global Dynamics As global trade faces unprecedented shifts driven by rising tensions between major economies, the ripple effects are being felt across supply chains, sourcing strategies, and economic alliances.

The ongoing tariff standoff between the United States and China, including the imposition of duties as high as 145%, is forcing global manufacturers and buyers to reassess their sourcing strategies and trade partnerships. But within this disruption lies a rare opportunity.

Regional integration efforts, led by the African Continental Free Trade Area (AfCFTA), are gaining traction. From Ghana’s

expected boost in regional export by 6 percentage points, to Senegal’s growing textile industry and Côte d’Ivoire’s leadership in cocoa processing and trade, the building blocks of Africa’s next industrial chapter is taking shape.

Nigeria is also not left out of the mix as recent remarks from the Minister of Finance, Wale Edun, have added renewed clarity to conversations around global trade tensions and their implications for Africa.

Speaking ahead of the event, Portfolio Director, Africa, dmg events, Wemimo Oyelana, noted “The ongoing global trade tensions present a critical opportunity for Africa

to reset its trade strategy, prioritising intra-continental partnerships and diversifying its international trade mix. The West Africa IMT Summit and Exhibition will bring together senior stakeholders from across the continent to chart a course for a resilient and sustainable industrial revolution in the region. Key discussions will focus on creating an enabling environment for investment, unlocking capital, fostering regional value chains, and accelerating infrastructure and energy development to power industries sustainably. As Africa redefines its place in the global economy, this summit is pivotal in shaping its industrial future.”

Nigerdock Acknowledges Employees’ Commitment to Safety Culture Nigerdock commemorated ‘World Day for Safety and Health at Work’ with a town hall event in recognition of its employees’ unwavering dedication to promote and embody the company’ssafety culture.

The event was significant as it coincided with Nigerdock’s recent landmark milestone – the achievement of 17 million man-hours without any Lost Time Injuries (LTI), a testament to the company’s prioritisation of safety and well-being in the workplace.

Nigerdock’s General Manager, Operations, Simon Husband,

expressed his gratitude, stating, “We are immensely proud of our team for their diligence, operational excellence, and adherence to safety protocols.

This is a remarkable accomplishment and a reflection of our collective efforts to ensure no one gets hurt at work.”

Health Safety & Environment (HSE) Manager, Joseph Adejo added, “Safety is not just a priority, but a core facet embedded across our operations and offices.

As a global-facing organisation, we have consistently marked World Day for Safety and Health at Work as part of our

alignment with the United Nations’ Sustainable Goals and the International Labour Organisation’s standards.”

Nigerdock has a legacy of implementing robust safety compliance measures and has been recognised with numerous industry accolades for its outstanding commitment to safety. World Day for Safety and Health at Work is annually observed around the globe, emphasising the importance of preventing workplace accidents and promoting a safe and healthy work environment.

From left: Executive Director, Coverage & Investment Banking, FCMB Group Plc, Mr. Femi Badeji; Executive Director/Chief Operating Officer, Mr. Gbolahan Joshua; Group Chief Executive, Mr. Ladi Balogun; Chairman, Mr. Oladipupo Jadesimi and Group Company Secretary/General Counsel, Mrs. Funmi Adedibu, during the 12th Annual General Meeting of FCMB Group held in Lagos…recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) Month

NOVEMBER

Money Supply (M3)

108,966,480.44

-- CBN Bills Held by Money Holding Sectors

19,796.18

Money Supply (M2)

108,946,684.26 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 ˾ ÙßÜÍÏ ̋

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 MARKET INDEX NSE

% Change

CAP

0.75%(52%YoY)

Index

0.9% (29%Y/D) ˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ Ͱ͵˛ͳͮϱ

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).

33

T H I S D AY ˾ AY, MAY 5, 2025

MARKET NEWS

GTCO Declares Profit Before Tax of N300.4bn in Q1 2025 KayodeTokede

Guaranty Trust Holding Company Plc (GTCO) has released its unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2025, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group reported profit before tax of N300.4billion on the back of strong performance posted on the core earnings lines

of interest income which grew y-o-y by 41.1 per cent and fee income up by 41.2per cent.

The strong performance enabled the group to douse the impact of the N331.6billion fair value gains recognised in Q1-2024 which did not recur in Q1-2025.

The Group’s loan book (net) increased by 15.6per cent from N2.79trillion recorded as at December 2024 to N3.22trillion in March 2025, while deposit li-

P R I C E S MAIN BOARD

F O R DEALS

abilities grew by 7.7per cent from N10.40trillion to N11.20trillion during the same period.

The Group recorded growth across all its asset lines and continues to maintain a robust, well-structured, highly derisked, and well-diversified balance sheet in all the jurisdictions wherein it operates.

Total assets and shareholders’ funds closed at N15.9trillion and N3.0trillion, respectively.

Full Impact Capital Adequacy

S E C U R I T I E S MARKET PRICE

QUANTITY TRADED

Ratio (CAR) remained very robust and strong, closing at 34.6per cent, equally asset quality improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.3per cent at Bank Level and 4.5per cent at Group in Q1-2025 (Bank -3.5per cent (Group- 5.2per cent in December 2024) and Cost of Risk (COR) closed at 0.4per cent from 4.9per cent in December 2024.

Commenting on the results,

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S O F

the Group Chief Executive Officer of GTCO, Mr. Segun Agbaje, said; “Our Q1 2025 performance reflects the strength of all our business verticals and our capacity to generate strong and sustainable earnings.

“While the fair value gains of N331.6billion reported in Q1 2024 did not recur this quarter, the Group recorded solid growth across most income lines, underpinned by a diversified revenue base and a healthy,

well-structured balance sheet.”

He further stated that, “We remain optimistic about the year ahead. The fundamentals of our business are strong, our customer base continues to grow, and we are executing with discipline across our strategic priorities. Importantly, at this pace, the Group is wellpositioned to deliver the full year PBT of 2024 at the very minimum by the end of the 2025 FYE.”

A P R I L / 3 0 / 2 5 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

34

T H I S D AY • MONDAY, MAY 5, 2025

MARKET NEWS4 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 30 April-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 21.98% AIICO Balanced Fund 6.11 6.19 6.96% AIICO Eurobond Fund 100.00 100.00 6.71% Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 19.96% Anchoria Equity Fund 285.97 289.31 10.66% Anchoria Fixed Income Fund 1.43 1.43 9.27% 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 36.74info@anchoriaam.com 37.85 3.62% ARM Discovery Balanced Fund 823.00 847.82 3.54% ARM Ethical Fund 72.39 74.57 5.58% ARM Eurobond Fund 1.16 1.16 14.66% ARM Fixed Income Fund 1.24 1.24 27.23% ARM Money Market Fund 1.12 1.12 24.59% ARM Shariah Fixed Income Fund 1.07 1.07 15.75% ARM Short Term Bond Fund 1.02 1.02 4.55% ARM Short Term Eurobond Fund 1.00 1.00 21.84% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn 104.24 104.24 -0.17% AVA GAM Fixed Income Dollar Fund 1,101.57 1101.57 3.03% AVA GAM Fixed Income (Naira) Fund 1.00 1 0.00% 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) CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED info@capitalexpressassetandtrust.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn NILL NILL NILL Capitaltrust Halal Fixed Income 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 1.09 1.09 14.01% CardinalStone Fixed Income Alpha Fund 1.07 1.07 8.43% CardinalStone Equity Fund 1.30 1.31 4.52% CardinalStone Dollar Fund 1.00 1.00 19.85% CardinalStone Money Market Fund 0.00 0.00 0.00% 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 0.00 0.00 0.00 Nigeria Bond Fund 0.00 0.00 0.00 Nigeria Dollar Income Fund 0.00 0.00 0.00 Paramount Equity Fund 0.00 0.00 0.00 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 21.18% 114.72 114.72 13.40% Cordros Fixed Income Fund 119.85 119.85 10.37% Cordros Halal Fixed Income Fund Cordros Dollar Fund ($) 119.31 119.31 7.44% Cordros Milestone Fund 221.51 223.34 8.44% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 19.20% Coronation Balanced Fund 1.59 1.60 3.57% Coronation Fixed Income Fund 1.41 1.41 -0.60% 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 1.00 1.00 21.81% Emerging Africa Bond Fund 1.19 1.19 12.10% Emerging Africa Balanced Diversity Fund 1.37 1.39 7.61% Emerging Africa Eurobond Fund 113.70 113.70 7.32% Emerging Africa Halal Fund 1.08 1.08 11.87% 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 20.84% FBN Bond Fund 1710.77 1710.77 11.09% FBN Dollar Fund 129.63 129.63 7.58% FBN Halal Fund 151.25 151.25 14.28% FBN Specialized Dollar Fund 121.96 121.96 8.18% FBN Balanced Fund 351.38 354.29 8.41% 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) 3.74 3.74 9.66% Legacy USD Bond Fund (LUBF) 3.92 4.01 5.14% FCMB-TLG Private Debt Fund 0.00 0.00 0.00% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral income fund 4,558.97 4,558.97 12.02% Coral money market fund 100.00 100.00 21.22% FSDH HALAL FUND 1,241.99 1,241.99 13.98% FSDH dollar fund 1.29 1.29 6.47% Coral Balanced Fund 8,829.89 8,906.29 47.30% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn

0.00 0.00 0.00 ABACUS: Guaranty Trust Money Market Fund (GTMMF) 0.00 0.00 0.00 VEIF: Guaranty Trust Equity Income Fund (GTEIF) 0.00 0.00 0.00 VBF: Guaranty Trust Balanced Fund (GTBF) 0.00 0.00 0.00 VDF: Guaranty Trust Dollar Fund (GTDF) 0.00 0.00 0.00 VGIF: Guaranty Trust Fixed Income Fund (GTFIF) 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 1,242.49 1,242.49 13.03% LOTUS HALAL INVESTMENT FUND 2.34 2.39 9.83% LOTUS HALAL EQUITY EXCHANGE TRADED FUND 32.73 36.17 20.57% LOTUS WAQF ENDOWMENT FUND 1,062.12 1,062.12 -2.21% 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 26.43 26.51 8.66% Meristem Value ETF 67.16 67.45 1.14% Meristem Growth ETF 30.30 30.56 5.85% Meristem Fixed Income Fund 109.46 109.50 17.17% Meristem Dollar Income Fund 10.60 10.60 9.64% Meristem Money Market Mutual Fund 10.57 10.57 22.43% MANGO ASSET MANAGEMENT jetadafe@mangoam.com Web:https://mangoam.com/; Tel: +234 7030839517 Fund Name 1.00 1.00 21.25% Mango Naira Money Market Fund 1.00 1.00 21.06% 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) 0.00 0.00 0.00 Norrenberger Islamic Fund (NIF) 0.00 0.00 0.00 NORRENBERGER DOLLAR FUND (NDF)-----($) 0.00 0.00 0.00 NORRENBERGER TURBO FUND (NTF)-----(N) 0.00 0.00 0.00 PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 10.00 10.00 17.25 PACAM Fixed Income Fund 12.58 12.99 3.05% PACAM Money Market Fund 2.87 2.93 9.74% PACAM Equity Fund 1.47 1.54 5.91% PACAM EuroBond Fund 138.25 142.92 0.80% 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 218.84 226.81 31.38% 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

1.00 259.03 135.27 139.68 5,168.20 11.59 7,006.94 315.00 3.19 362.89 577.15 28,411.82 300.00

1.00 259.03 135.79 143.18 5,170.86 11.59 7,071.03 315.00 3.23 363.53 584.58 28,836.85 300.00

20.56% 0.16% 1.08% 1.69% 0.02% 2.13% 9.84% -23.17% -98.41% 2.59% 15.84% 12.18% -62.96%

9,147.04 7,498.55

9,268.55 14.23% 7,531.86 10.34% jemenike@stlassetmgt.com

Bid Price 0.00 0.00 0.00

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

Bid Price 1.00 1.26 2.01 127.27 1.20 115.98 1.62 2.15 1.64

Offer Price Yield / T-Rtn 1.00 21.48% 1.26 9.96% 2.01 7.85% 127.27 6.65% 1.20 7.50% 115.98 20.36% 1.64 8.66% 2.17 8.96% 1.65 7.78% funds@vetiva.com

Bid Price

Offer Price

Yield / T-Rtn

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 service@quantumzenithasset.com.ng

Bid Price Offer Price Yield / T-Rtn 23.93 24.22 12.54% 28.59 28.59 2.47% 1.00 1.00 20.60% investmentoperations@zedcrest.com Bid Price 1.00 1.18 0.00

Offer Price 1.00 1.18 0.00

Yield / T-Rtn 22.55% 30.80% 0.00%

NAV Per Share

Yield / T-Rtn

0.00

0.00%

0.00

0.00%

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

35

MONDAY, MAY 5, 2025 • T H I S D AY

This Week In Tech 08097710984 (WhatsApp only)

alekhuogien@yahoo.com

Nosa

Alekhuogie

Cracking Down on Big Tech: The Era of Record Penalties

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he battle between regulators and big technology companies is intensifying, with fines now reaching eye-watering amounts that threaten to reshape the industry. From anti-trust violations to data privacy failures, the financial and reputational toll on tech giants is becoming impossible to ignore. In recent years, some of the world’s largest tech companies, including Google, Microsoft, and TikTok, have faced a wave of fines for a range of violations, from anti-trust issues to mishandling consumer data.

These penalties, often running into billions of dollars or euros, reflect the growing scrutiny of the technology sector by regulators worldwide.

NIGERIA’S TECH CRACKDOWN: PAYSTACK FINED N250M FOR ZAP Paystack, one of Nigeria’s leading fintech platforms, faces a heavy 250 million (approximately $190,000) fine from the Central Bank of Nigeria (CBN). The penalty stems from Paystack’s operation of Zap, its peer-to-peer payment app, which the bank flagged as a breach of regulatory approval.

The fine against Paystack stems from the operation of its popular app, Zap, which was launched in March 2025.

Aimed at allowing consumers to send and receive money via mobile devices, Zap positioned itself as a digital wallet solution for Nigerians looking for seamless and accessible payment options. However, despite its widespread appeal, the app’s function has raised concerns with the CBN, which has flagged Zap as a deposit-taking product.

Only institutions holding microfinance or banking licenses in Nigeria are authorised to offer deposit-taking services. Yet, Paystack, which has a switching and processing license, is not permitted to hold customer funds under the terms of its regulatory approval. This discrepancy led to the 250 million fine.

According to sources familiar with the matter, Paystack’s regulatory limitations were at the heart of the CBN’s sanction.

While Paystack does not directly hold customer funds, the app’s operation, which allows users to send and receive money, falls under the category of deposit-taking products. This means it must comply with the required licensing framework.

Furthermore, this fine comes amid an ongoing legal dispute between Paystack and Zap Africa, a Nigerian cryptocurrency startup that has accused Paystack of trademark infringement. While these legal challenges may be separate from the regulatory fine, they highlight the tensions that fintech companies face as they navigate Nigeria’s tightly regulated financial space.

HOW ZAP OPERATES: THE REGULATORY GREY AREA Although Zap does not directly hold customer funds, it has partnered with Titan Trust Bank, a financial institution authorised to accept deposits. This partnership is essential to Zap’s functioning but has not been enough to shield Paystack from the CBN’s scrutiny. The CBN’s response reflects a growing emphasis on compliance within Nigeria’s digital financial landscape. As the country’s fintech industry expands rapidly, regulators are more vigilant about ensuring that businesses adhere to the legal framework governing financial transactions, particularly when it involves customer funds.

META’S $290M PENALTY: A PARALLEL DEVELOPMENT Meta has also faced a significant fine in Nigeria. Meta, the parent company of Facebook and Instagram, is facing mounting pressure from Nigerian authorities following a series of hefty fines totalling more than $290 million.

This penalty comes after three major Nigerian regulatory agencies, including the Federal Competition and Consumer Protection Commission (FCCPC), the Advertising Regulatory Council of Nigeria (ARCON), and the Nigerian Data Protection Commission (NDPC), accused Meta of violating competition, advertising, and data protection laws.

In response to these sanctions, Meta has warned that it may be forced to suspend its services in Nigeria entirely.

Facebook and Instagram are among the country’s most widely used social media platforms, with tens of millions of users, especially small business owners and entrepreneurs, relying on them for communication, marketing, and sales. However, Meta has expressed its frustration with what it deems “unrealistic” regulatory demands imposed by the Nigerian government.

THE LEGAL STRUGGLE AND META’S WARNING The fines, which were issued last July, stem from a variety of alleged offences. The FCCPC slapped Meta with a $220 million penalty for alleged anti-competitive practices. ARCON imposed a $37.5 million fine for running unapproved advertisements, while the NDPC levied a $32.8 million fine for breaching data privacy regulations. In a legal battle to overturn these fines, Meta’s efforts were dealt a blow when a Federal High Court in Abuja upheld the penalties.

According to court documents reviewed by the BBC, Meta has now publicly warned that it might have to shut down Facebook and Instagram in Nigeria to mitigate the risk of further enforcement actions. The company claims that the fines are excessive and damaging to its operations in the country, which has one of the largest user bases for its services in Africa. While Meta has not included WhatsApp in its list of potentially affected services, the company’s threat to suspend Facebook and Instagram is a significant blow to millions of Nigerian users. The court has given Meta until the end of June to resolve

the fines. Failure to do so could result in the suspension of its platforms in the country, creating a ripple effect that would impact businesses, content creators, and everyday users who rely on Facebook and Instagram to stay connected and conduct business.

THE IMPACT ON NIGERIAN USERS AND BUSINESSES Facebook and Instagram have become integral to daily life in Nigeria, especially among small business owners. Many use these platforms to reach customers, market products, and communicate with clients. A shutdown of these services would not only disrupt personal connections but also pose a significant challenge to the country’s digital economy. Nigerian small businesses, which often rely on social media for marketing and sales, could face a severe setback, as alternative platforms have not yet matched Facebook and Instagram’s reach and functionality.

Moreover, Meta’s potential departure from Nigeria would raise serious questions about the future of the country’s digital economy, particularly as local startups and entrepreneurs increasingly depend on global platforms for growth and innovation.

META’S CORPORATE STRATEGY: A GLOBAL SHIFT? Meta’s threat to leave Nigeria is part of a larger trend in which global tech firms face increasing scrutiny from national governments and regulatory bodies. In response to rising concerns about market dominance, privacy issues, and competition, regulators worldwide are tightening their oversight of companies like Meta.

However, Meta’s situation in Nigeria highlights the delicate balance between national sovereignty, consumer rights, and the operations of multinational corporations.

The fines and Meta’s potential exit could signal a shift in how other tech companies approach doing business in Nigeria and other emerging markets.

As countries like Nigeria ramp up regulatory enforcement, foreign companies will likely have to reconsider their strategies for compliance, market engagement, and corporate social responsibility.

THE GROWING COST OF NON-COMPLIANCE Tech firms are increasingly under

scrutiny for their handling of user data, business practices, and broader impact on society. As noted by Cullen International, a global regulatory research firm, major companies like Google and Microsoft have faced substantial fines for anti-competitive practices and mishandling user information.

US-based big tech companies have faced some of the most substantial fines ever handed down by European competition regulators, according to the research firm.

“The European Commission has imposed record anti-trust penalties, with Google being fined more than €8 billion and Microsoft over €2 billion in total. In 2024, Apple and Meta were hit with their first EU anti-trust fines, amounting to €1.8 billion and €800 million, respectively,” stated the research firm.

As the digital economy continues to expand, Nigeria’s regulators appear determined to protect consumers and maintain a level playing field for local businesses. These fines send a clear message: companies must comply with local laws or face the consequences.

IMPACT ON NIGERIA’S TECH ECOSYSTEM For Nigeria’s burgeoning tech ecosystem, these fines are both a challenge and an opportunity. On one hand, they signal that the government is serious about regulating the sector, which could create a more stable and predictable environment for businesses. On the other hand, they could deter foreign investment as companies weigh the risks of non-compliance in a rapidly evolving regulatory landscape.

Nevertheless, experts agree that these fines are necessary to ensure that Nigeria’s digital economy matures in a way that benefits both consumers and businesses.

As Paystack and Meta navigate their respective fines, other companies in the region will undoubtedly take note of the growing regulatory scrutiny. The hope is that this heightened focus on compliance will lead to a healthier digital ecosystem for Nigeria’s tech future.

The fines against the tech firms’ ongoing legal challenges signal a future where tech companies operating in Nigeria can expect a more challenging regulatory landscape. For fintech firms like Paystack, understanding and adhering to local regulations will become even more critical to their success.

In the meantime, Paystack’s N250 million fine and Meta’s $290 million penalty highlight a larger trend in which tech companies are being held accountable for their actions. With governments increasingly taking a hardline approach, the stakes have never been higher for global tech giants.

T H I S D AY ˾ MONDAY, MAY 5, 2025

36

HOMES&DESIGN PACIFIC LAGOS:

Unveiling the Work-Live-Play Towers The Pacific Lagos stands as a magnificent 14-storey twin tower, an architectural marvel that redefines luxury living in the heart of Victoria Island, Lagos. Designed by the esteemed Global Property Partners (GPP), this facility is not merely a building but a lifestyle destination embodying opulence and sophistication. Promoted by the visionary Cavalli Business and Investment Group, under the dynamic leadership of Chief Executive Officer Emmanuel Odemayowa, The Pacific Lagos promises to be a beacon of elegance and modernity. Bennett Oghifo captures this essence

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he Pacific Lagos, a fine piece of real estate, is strategically located on Ozumba Mbadiwe Road in Victoria Island, a central business hub of the historically rich and culturally diverse city of Lagos.

Its magnificent, modern, and classic architecture echoes the spirit of a vibrant urban neighbourhood with a breathtaking view of the lagoon.

Ozumba Mbadiwe Road is known for hosting several architectural masterpieces in Lagos.

“Our villa will join the ranks as one of the best architectural pieces in Lagos with its top-notch aesthetical design conceived by one of Nigeria’s architectural great minds,” said Emmanuel Odemayowa, the Chief Executive Officer of Cavalli Group, at the exquisite project’s groundbreaking.

The Pacific Lagos would provide a work, live and play environment “comparable with the best internationally,” as its concept came from mixed-use developments in some of the world’s leading economies.

Odemayowa said the group had completed various real estate projects across Lagos. The Pacific

Lagos was a product of many years of research, brainstorming, and planning towards building “a vertical mixed high-rise structure” that would meet the diverse lifestyle needs of its residents in terms of convenience, access to the commercial nerve centres of Lagos, and premium facilities.

Odemayowa also mentioned that the proposed high-rise project aligned with the Cavalli Group’s vision of helping reduce Nigeria’s severe housing deficit through the development of real estate conceived based on international standards. The Pacific Lagos is a prestigious two distinct luxury towers with a unique blend of commercial, luxury residential, and play space development, with commercial and exclusive hotel apartments and features three levels of parking space, a recreational floor, 10 suspended office space floors on the commercial block, and 12 floors of world-class one- and two-bedroom hotel apartments on the residential block.

The developer infused a recreational floor

with a gymnasium, spa, games room, shopping mart, restaurant, and bar. There is a terrace sit-out for outdoor viewings. There are 10 floors of ultra-modern open office spaces, three floors (ground floor, first and second floors) exclusively designed as car park zones.

According to the promoters, the Pacific Lagos is designed for premium, exclusive taste. It guarantees value at a unique upscale location, with generous parking spaces, breathtaking landscaping, ultra-modern elevators, and acoustical space planning for noise control. There are 10 floors of premium and functional office spaces with unique architectural designs, luxurious amenities and flexible layout with best-in-class interior designs, including ultramodern facilities designed for optimal efficiency, functionality, comfort, open-plan office design combined with structural capability, quality craftsmanship, and functional layout.

Residential space has world-class one and two hotel apartments, classic living room

and dining area, fitted designer kitchens (with appliances, cabinetry, and accessories), beautiful floor designs finished with a combination of marble and high-quality tiles, and top-grade quality bathrooms.

Recreational facilities on the third floor will delight residents. It is the floor where all the fun happens. The facilities, including a large terrace space for outdoor relaxation, are guaranteed to make both office and residential occupants feel at home. Its uniquely designed and well-positioned windows on the floor allow for optimal ventilation and panoramic views of Victoria Island, Ikoyi, and Lagos Island.

“This floor is equipped with a gym, restaurants, swimming pool, bars, shops, generous spaces for indoor games, and all you need to relax and enjoy because you truly deserve the best,” Odemayowa said.

Also launched was the Pacific Mutual Investment Plan, a product GPP said it introduced to offer flexible investment options for The Pacific Lagos from as low as N10 million.

37

MONDAY, MAY 5, 2025 ˾ T H I S D AY

BUSINESSSPECIAL

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

Making Good Investment Decisions for Sustainable Returns Goddy Egene

financial year from N3.20 total dividend paid in 2023. The declared N8.03 is the highest dividend payout in the GTCO’s history and in the financial sector in Nigeria.

Similarly, Zenith Bank Plc recommended a final dividend of N4 per share which in addition to the N1 per share as interim dividend amounted to N5 per share, up from N4 of 2024. More banks and companies are expected to reward shareholders with similarly higher dividends in the days ahead as they hold their AGMs.

T

he expectation of every investor is to reap good returns on the investment made. However, investors have different level of risk appetite. Some have low appetite and such investors are more conservative in the investment decisions. On the other hand, some have appetite for high risk and most of the time, such investors get their fingers burnt because they embark on such investments without professional advice.

The recent ugly experience of some investors, who lost their money to CBEX, a digital investment platform, has reinforced the need for investors to be more careful in their investment decisions. CBEX, a digital investment platform, offered investors 100 per cent profit after 30 days of purported AI trading. The trading platform started operations in 2024 after receiving registration approval from the Corporate Affairs Commission(CAC) on September 25, 2024, and the Economic and Financial Crimes Commission (EFCC)’s Special Control Unit against Money Laundering (SCUML) on January 16, 2025.

But about 600,000 Nigerians, who reportedly invested in the scheme and lost N1.2 trillion after it collapsed on April 14, 2025. According to investment analysts, any investor who wants to play safe should invest in a market that is well regulated such as the money or capital market.

They said investing in Ponzi schemes exposes investors to a very high risks just as witnessed in CBEX and other similar schemes in the past.

CAPITAL MARKET GROWTH, PROSPECTS FOR INVESTORS

SEC WARNS AGAINST PONZI SCHEMES Given the experience of CBEX investors, the Securities and Exchange Commission (SEC), the regulator of the nation’s capital market, has restated its warnings against operations of unregistered and regulated schemes.

Agama The Director-General of SEC, Dr. Emomotimi Agama, said that the CAC registration and SCUML even getting into it. certificate from the EFCC are not enough to “The new law provides the SEC the powers show that an investment firm has been registered to be able to do that and even more to go in Nigeria. after these people, bring them to book and According to him, it is crucial that Nigerians make sure that we are able to restitute the understand the dangers of putting their hard-earned citizens as long as much as possible.” money into ventures that are not registered or Apart from the prosecutorial power, Agama regulated by the SEC. said the new ISA has also provided the SEC He said: “It is disheartening that some Nigerians with the power to be able to obtain and and foreign accompanies have specialised in duping request telephone conversations and all other Nigerians and the government won’t sit and watch conversations that are required to prosecute Nigerians being duped and this is what SEC is Ponzi scheme operators. coming out to the people to educate them that According to him, with the new law, the if it too good to be true, then watch out. commission now has all it needs to come “We have seen many Ponzi schemes in the against bad operators and bring succour to past and the Investments and Securities Act(ISA) Nigerians. has been signed into law by the president and He stated this would also allow the the law recommends heavy fine and 10 years commission to get the “bad guys” out of imprisonment for offenders of ponzi scheme.” the way and make sure that people are more “So, that has empowered us to be in a better confident and happier to invest in the Nigerian position to flush out all these fraudulent investment market, knowing very well that the investor schemes that are damaging our economy.” protection responsibility of the SEC has now Apart from warning investors, Agama said been enhanced. the commission has intensified its sensitisation programmes to education Nigerians on the dangers CAPITAL MARKET AS GOOD of patronising illegal schemes that will lead to INVESTMENT OPTION losses.

Some investors have recommended the stock “We are using our sensitisation outreach to market as a better investment options and bring information to our people and tell them that warned against patronage of Ponzi schemes. we are here to assist them to confirm legitimate They said that apart from improved regulation investment schemes and we are letting them know of the market, investors can see and feel we feel their pain. what they are investing in and also receive “As we are doing this, we have helped to educate different forms of benefits. Such benefits, them against being duped. CAC registration and they explained, include: capital appreciation, EFCC certificate is not enough to show that the dividends and bonus shares. company is registered with SEC and these are For instance, the National Coordinator, red flags.

Pragmatic Shareholders Association of Nigeria “Training programmes being organised by these (PSAN), Mrs. Bisi Bakare, strongly advised people to lure people into their schemes are also against Ponzi schemes, saying investing in illegal. Verify before you invest in any scheme stocks have many benefits and is relatively and that is our message to Nigerians,” he said. safer.

Agama explained that apart from the N40 million She said: “As a seasoned investor with fine, there are penalties and or the sanctions over three decades of experience in the capital that will be meted against operators of ponzi market, I strongly advise against investing in schemes according to the new law..

Ponzi schemes that promise unusually high He said: “One of the basic things around returns, such as tripling your money within sanctions is that there will be disgorgement, 24 hours. These opportunities often carry and disgorgement means that we are going to significant risks and may not be sustainable. make sure that every profit and every gain that And CBEX isn’t an isolated case of investors has been achieved in the process of defrauding losing out. This pattern has been repeated Nigerians will be gotten back.” over the past two decades. Schemes like “It is not about the quantum of the fraud, it MMM, another one last year, and now is about sanctions that would deter people from CBEX have come and gone. Many people,

especially Nigerians, seem not to learn from past experiences. Mark my words, in six months, another Ponzi scheme will emerge, and the same investors will likely fall for it again.”

“I strongly advise Nigerians to run away from Ponzi schemes and instead invest in legitimate opportunities such as the capital market, fixed deposits, government bonds, which offer more stable and secure returns on the investment,” Mrs Bakare added.

Also speaking, the National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, said anyone who has participated and is still participating in Ponzi schemes is as a result of greed and a mentality to get rich quick.

“The fraudsters/criminals explore and appeal to emotions of greed of the individuals. How can a reasonable or rational person invest or put his or her money into an investment that doesn’t produce any products or services with huge promises of return on investment.

Ponzi schemes will continue to be explored by fraudsters as far as individuals are greedy and continue to chase after getrich-quick schemes. Continuous education and publicity may help to reduce or eliminate it,” he said.

IMPROVED DIVIDEND PAYMENT BY COMPANIES One of the benefits of investing in the capital market is receiving dividends when companies declare profits. When companies post improved profit after tax, there is every tendency that they will also reward shareholders with higher dividends. This has manifested among listed companies recently for the 2024 financial year. Manufacturing companies and banks are known for declaring good dividends, which are cherished by shareholders.

Guaranty Trust Holding Company (GTCO) and Zenith Bank Plc, which held their its annual general meetings(AGMs) recently rewarded investors with impressive dividends.

GTCO surprised the capital market community by paying shareholders a total dividend of N8.03 kobo per share in 2024

The prospects of investors enjoying better returns in the current year emerged at the end of April following reports that the stock market section of the Nigerian Exchange Limited (NGX) appreciated by N3.73 trillion by market capitalisation in the first four months of 2025 to close at N66.496 trillion.

Capital market analysts attributed the stock market N3.7 trillion growth to impressive 2024 performance by listed companies and the recovery of some companies in their first quarter ended March 31, 2025 corporate earnings released on the Exchange.

Figures compiled by THISDAY showed that the stock market opened this year at N62.76 trillion, gaining N3.73 trillion or 5.9 per cent to close on April 30, 2025 at N66.496 trillion.

Specifically, the stock market appreciated by N1.95 trillion in January, attributable to caution trading by investors in some fundamentals companies quoted on the exchange. It appreciated

by N2.48 trillion to close at N67.193 trillion in February, while it went down by N936 billion in March as investors shifted attention to money market instruments. However, it gained N239.03 billion in April 2025 to close at N66.496 trillion.

Commenting on the performance, the Managing Director, Globalview Capital Limited, Mr. Aruna Kebira, said the stock market in the first four months of 2025 witnessed the tanking of inflation figures and CBN retaining interest rate at 27.50 per cent.

He said: “Those parameters alone gave the capital market investors a moment of respite in first four months of 2025.”

“The yields in the money market are not looking as attractive as they were in 2024, making discerning investors in search of better yields consider the capital market as their investment destination.”

“In the last MPC, the MPR was retained, including other metrics. This is sending positive signals that as the inflation figure and money market yields are downward looking, the MPC would have a reason to tinker the MPR downward. Which always is not fixed income friendly.”

“The release of both the UFS and AFS of issuers into the market was another booster as 80 per cent cannot be classified as lacklustre.

Then, there was a follow-through with quality dividend declarations. We saw the banking sector pushing their limits with relish and are happy doing so.

“Zenith Bank and UBA paid N4.00 and N3.00 final dividend, while GTCO paid a whooping N7.03 as final dividend to shareholders.”

According to him, the performance of the stock market in Q2 2025 would be hinged on the quality of the first quarter of 2025 results.

“If the various issuers demonstrate a performance higher than the corresponding period of 2024, the market will move to appreciate their prices. I also see an improvement in the liquidity around the stock market arena, which will boost market participation and invite the bull into the market,” he said.

In their assessment, analysts at Cordros Research stated that, “We believe the domestic equities market might respond positively to the MPC’s decision to pause interest rate hikes as investors assess the likelihood of policy easing in the medium term.”

“We also expect to see some rotation into sectors positioned for expansion in a lower-rate environment, particularly the manufacturing sector, as lower financing costs, improved input cost dynamics, and stronger consumer demand enhance growth prospects, making the sector more attractive to investors.”

38

T H I S D AY ˾ AY, ͳ˜ ͰͮͰͳ

FEATURES

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

“People First, Mission Always”: How the Nigerian Air Force at 61 is Rebuilding Trust Beyond the Skies

In an era where public trust in military institutions is often sorely tested, the NigerianAir Force (NAF) is setting a new standard for service, accountability, and human-centred leadership. Under the command of Air Marshal Hasan Bala Abubakar, the 22nd Chief of Air Staff, the NAF is demonstrating that national defence is not solely about firepower—it is about the people too. Guided by the philosophy “People First, Mission Always”, Chiemelie Ezeobi writes that the NAF at 61 is not just celebrating aerial milestones but also series of initiatives that are winning hearts, rebuilding communities, and strengthening civil-military relations across Nigeria

The Chief of Air Staff, Air Marshal Hasan Bala Abubakar (second right); Zamfara State Governor, Dauda Lawal (far right); Chief of Civil-Military Relations, Air Vice Marshal Ibikunle Daramola (second left); Zamfara State Director of DSS, Usman Shehu (third right); and others when the CAS fulfilled his promise to the Dangebe Village in Maradun Local Government Area of Zamfara State after the unfortunate air strike

As part of Operation FANSAN YANMA, a non-kinetic operation The nationwide free airlift of students from Air Force Military aimed at strengthening civil-military ties, the NAF renovated School and Air Force Girls Military School with the C-130 and a classroom and donated learning materials to pupils of ATR-42 aircraft Kurhundu Primary School

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he Nigerian Air Force (NAF), traditionally viewed as a formidable pillar of national defence, is now emerging as a leading light in humanitarian service, community development, and public trust-building. Guided by the visionary leadership of the Chief of the Air Staff (CAS), Air Marshal Hasan Bala Abubakar, the NAF is proving that security and service are not mutually exclusive. At the core of its renewed identity is Air Marshal Abubakar’s powerful human-interest oriented philosophy- “People First, Mission Always.”

Creditably, this ethos is not merely rhetorical.

It has been demonstrably applied across a range of impactful actions that are touching lives in communities across Nigeria. From rapid compensation for victims of unintended airstrikes, to opening its doors to citizens and investing in education and youth welfare, the Nigerian Air Force is showing what it truly means to serve with heart and honour.

Restoring the Sacred Trust of Victims of Airstrike in Zamfara Perhaps the most telling example of this people-centred approach came in the aftermath of the unfortunate airstrike at Dangebe Village in Maradun Local Government Area of Zamfara State on January 11, 2025. The incident left families devastated and communities reeling with grief. But unlike the usual bureaucratic delays that often follow such tragedies, the NAF moved swiftly — not just to investigate, but to make amends.

Air Marshal Abubakar dispatched a committee of senior officers on a fact-finding mission and personally led a condolence visit to the affected community on March 6, 2025.

During the emotionally charged encounter, the CAS met survivors, bereaved families, and community members.

He listened to their pain and pledged a comprehensive package of support: financial compensation, rebuilding of damaged structures, replacement of two destroyed motorcycles, and the construction of a

borehole in nearby Kambarawa Village to provide safe water.

True to his word, the NAF delivered. The damaged buildings were reconstructed, the motorcycles replaced, the borehole drilled and made functional, and all compensation funds fully disbursed. In response, community leaders and families expressed heartfelt gratitude, lauding the Service’s transparency, compassion, and sincerity.

“These actions are reflective of the Nigerian Air Force’s values of professionalism, responsibility, and respect for human dignity,” said Air Commodore Ehimen Ejodame, Director of Public Relations and Information. “For the NAF, protecting the lives and property of Nigerians is not just a constitutional duty; it is a sacred trust.”

Building Stronger Civil-Military Relations with NAF Bases Nationwide Open Day As part of its 61st anniversary celebrations, the NAF launched a nationwide Open Day across its bases from 1 to 15 May 2025. Aptly themed “Come See Your Air Force”, the initiative aims to demystify the military and build stronger civil-military relations.

Participating units across Makurdi, Bauchi, Yenagoa, Kaduna, Enugu, Ikeja, Katsina, Maiduguri, Port Harcourt, Osogbo, Minna, the FCT, Victoria Island, Yola, Benin, Kainji, Kano, and Jos opened their gates to thousands of civilians. Visitors were treated to guided tours of aircraft, interactive sessions with personnel, historical exhibitions, and inspirational talks in schools aimed at nurturing the next generation of aviators and patriots.

Speaking on the significance of the initiative, Air Marshal Abubakar reaffirmed the Air Force’s commitment to openness and engagement. “This Open Day is a reflection of our commitment to

transparency, national unity, and pride in service. We invite all Nigerians to come, see, and connect with their Air Force.”

By showing the human face of military service and encouraging dialogue, the NAF is helping to erase fear and suspicion, replacing them with pride, cooperation, and shared ownership of national defence.

Morale Booster for Personnel with Airlift of Students Nationwide The philosophy of “People First” was also evident in the recent nationwide airlift of students from Air Force Military School and Air Force Girls Military School, both located in Jos. Using its iconic C-130 and ATR-42 aircraft, the NAF successfully transported hundreds of Junior Airmen and Junior Airwomen to various destinations across the country.

This mission, driven directly by the CAS’s command priorities, was about more than just logistics. For many parents, particularly those serving in far-flung locations, it was a moment of reassurance and joy. Watching their children arrive home safely and swiftly via military aircraft underscored the NAF’s commitment not just to national security, but to the wellbeing of its extended family.

“It was more than a flight,” said one elated parent in Lagos. “It was a message that our children matter. That we matter.”

Such non-combat missions, though less publicised, are essential morale boosters and reinforce the notion that military families are not alone in their sacrifices.

The constructed borehole in nearby Kambarawa Village to provide safe water, one of the many compensation packages by the NAF

education — a sector often overlooked in security discourse but vital for sustainable peace and development. As part of Operation FANSAN YANMA, a non-kinetic operation aimed at strengthening civil-military ties, the NAF renovated a classroom and donated learning materials to pupils of Kurhundu Primary School.

The intervention, led by the Air Component Commander, Air Commodore Ibrahim Garba Jibia, received a warm reception from both pupils and the state government. Inspired by the NAF’s initiative, the Katsina State Government followed suit, renovating another classroom and approving the construction of a third.

“When we uplift communities, we build a stronger nation together,” remarked Commodore Jibia during the handover ceremony. His words echoed a growing recognition that education is a frontline of its own — one where the battles are fought with books, compassion, and opportunity.

A Force with a Human Face These actions are not isolated; they are the building blocks of a new Air Force culture — one that sees Nigerians not just as civilians, but as partners in progress.

Under Air Marshal Abubakar’s leadership, the NAF is taking bold steps to ensure that operational excellence is matched by moral accountability, and that service to the nation is inseparable from service to its people.

The renewed civil-military engagements are also designed to reduce misunderstandings and improve intelligence sharing between communities and the armed forces — a critical asset in Nigeria’s ongoing fight against terrorism, banditry, and insurgency.

As the NAF marks its 61st year of existence this May, it is not only celebrating aerial Operation FANSAN YANMA’s Non- milestones, but social ones. It is a Service kinetic Operation in Katsina redefined by integrity, strengthened by trust, Further north, in Katsina State, and united by a philosophy that puts people the NAF has turned its attention to first — always.

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T H I S D AY ˾ AY, ͳ˜ ͰͮͰͳ

FEATURES

Armayau Bichi: I Have Transformed FUDMA to Best University in Nigeria Professor Armayau Hamisu Bichi, the outgoing Vice-Chancellor of Federal University Dutsin-Ma, Katsina State, in this interviewrollsoutnumerousachievementsrecordedbythevarsityunderhisleadership.Francis Sardauna bringsexcerpts How has it been for the past five years that you have been on the saddle of leadership here? hen I assumed office, the university had only three faculties and twenty programmes and also only three of the programmes have full accreditation from the National Universities Commission (NUC). But, when I came in, I approached NUC and they came for resource assessment and then all the remaining seventeen programmes got full accreditation.

These accreditations made me to request NUC to give us the approval to open the School of Postgraduate Studies (SPGS), which we did, and they came again for resource visit and all our programmes scored high marks and the NUC gave us the go ahead to start running postgraduate programmes and then after two years, they came for accreditation and all the programmes in the postgraduate were accredited.

After that, I approached the NUC again to increase the quarter of our students, which they did, from 500 students to 1,800 students as possible quarters that the university can admit. I also asked all the departments to develop new programmes because we have only twenty programmes which were fully accredited.

Today, we have more than eighty programmes which are currently running in the university that have full accreditation from the NUC. All these were done within the space of five years.

Three faculties now have been increased to fourteen faculties, the latest are the faculties of Health Sciences and Technology and Nursing Sciences. We have more than a hundred programmes in the school.

The management decided to upgrade the School of Postgraduate Studies to College of Postgraduate Studies. We also established the Continuing Education Centre (CEC) for those people who may not have the opportunity to come to FUDMA for regular classes.

We started with less than 500 people and the centre kept on improving and increasing in the number of students. We asked the Senate of the University for approval to convert it to, first, a School and now College of Professional and Continuing Studies.

When the university held the college's 6th matriculation ceremony, there were more than 7,000 students in the college. It has branches in four states of Katsina, Kano, Kaduna and Abuja.

This is really an achievement we have gotten and it is so fruitful that many people are approaching the university to open study centres for them in their various states or local governments.

Also, when the university started, we had less than 2,000 students but we now have more than 40,000 students, including the postgraduate and college of professional continuing studies students.

For the number to increase from barely 2,000 to 40,000, it means people are appreciating what the university is doing. Every student wants to come to the university because it is the only federal university that has maintained its academic calendar.

For the past five years, the university has not had a break that would warrant skipping any academic session and also the university is the only one, when students come, they know when they would graduate.

We also constructed the College of Medical and Health Sciences, Faculty of Law and the Faculty of Engineering. The Faculty of Social Sciences is also under construction. We have also constructed the Faculty of Renewable Natural Resources, Faculty of Agriculture and also many classes and lecture theatres.

We have also constructed two hostels and several others are under construction with almost eighty percent at completion stage and I am hopeful that by the next two to three months, before my tenure elapses, we will be able to complete, furnish and put them to effective use.

that we did was informed by the advice of the heads of that department or unit. In all, the Registrar, the Bursar, the Librarian, the DVC's, the Deans, Directors, Heads of Unit and everybody was consulted and involved.

I don't know all the staff of the University; I only know of a few of them. So, anything we wanted to do, we ask the heads of the unit or department for advice, to point out the staff that have not been coming to work, they pointed out.

To point out the staff that do not have any work to do; even if they come to work, there is no work for them to do, and point out the staff that have been coming to work, to do the available work, they pointed out and from there, the management took a common decision on what to do on these three categories of staff.

But to my dismay, anytime I come out, people will say, my HOD said you have done that. This is unacceptable and people should not be doing that because as an administrator or a leader, you take the bull by the horns.

Whatever happens, you take responsibility, good or bad.

Meanwhile, we took the decision in the best interest of the university. So, why will you be shy and say this is the person that did it? In fact, you should just say, it is a management decision.

You are part of the decision, perhaps you suggested we should take A to B and B to C and now you are saying, it is the work of the Vice Chancellor! Honestly, I am not happy with our Heads of Department and Unit and have asked them to take the responsibilities of any action from their departments or units, because a coward should never be a leader!

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Reports indicate that FUDMA staff showered encomiums on you for prompt promotion and increased staff welfare.

What informed your decision sir?

When I came on board, I met a lot of backlogs of promotions. So, I made sure all those two to three years backlog of promotions was done in record time. And in my two to three months in office, the backlogs were cleared.

When I put more pressure on our staff to work hard and maintain our academic calendar, I found out that the only thing that will make them work is to motivate them.

Prof. Armayau Hamisu Bichi Any staff that works hard, we make sure that his/her promotion is done as at when due. We make sure that on the 2nd October of each year, we have the A & PC (Appointments & Promotions Committee) meeting, which confirms the promotion and that is how we were able to make them work hard. I think 80% of the professors that are in this university got their promotions during the course of my five years in office.

How did you get the funding for these projects?

When I came on board, we found out many areas where we can generate more money for the university. We opened our consultancy unit, in which we give some of our works to generate money.

Opening of the university farm also helped us to generate money. Now, with our Entrepreneurship Development Centre, we are trying to turn it to something that will generate money for the university.

We have started with sachet water production and now we want to start bottling it; we have the university farm that is also generating money. But the main source of income for the university is the IGR from students registration fees; the postgraduate, college of professional continuing studies and SIPS as well as the undergraduates students.

Although our university has one of the lowest school fees, notwithstanding, we utilize what we generate to execute most of the projects mentioned earlier.

We also get intervention from TETFund and from the yearly budgetary allocation.

What informed your decision to pursue arbitration and negotiations to dispose of litigations against the university?

When I took over, there were a lot of crises in the university. So, the first thing I did was to make sure that we brought everyone under the same roof.

I taught them all to profess one FUDMA as FUDMA is our university and we have no other university than FUDMA. So, we must stay here and celebrate FUDMA and make it work. Many of our staff forgot most of the issues and concentrated on moving FUDMA forward.

I invited the Legal Directorate headed by the university Legal and Industrial Relations Officer, which advised the university on the best way to go with the cases. We called all the other people that were involved and had a dialogue with them.

Dialogue is the main weapon that we can use to achieve or win even wars. If you sit down, on a table and discuss, you

can understand each other's grievances rather than going to court.

So, under the leadership of Director Legal, we were able to sort out more than 95% of the cases, which were all settled out of court. We have won many of them in court and this is a very great achievement.

Now, we have very few cases remaining which by the grace of God, before I leave office, we will be able to finish with them.

Why did you wait until towards the end of your tenure to commence restructuring of the university?

This is not the only time we did restructuring in the university. When I came on board, we restructured. When you restructure, you observe to see the success you have and any other things which may not bring that success; because anything that you do, there can be merit and demerit.

So, the idea is when you restructure, you observe, you monitor and see how far the level of success, how far the level of unsuccessful results you get and measure which one is much more than other.

It is only God that is perfect; we as humans are not perfect. So, we can make mistakes. In restructuring, you can make mistakes, so that is why we give a time frame to observe and monitor, to see if the previous one is good, then you continue working on the aspect that is good and the aspect that is not good, you come again and do another restructuring, to remedy the past mistakes and strengthen the future.

That is why now we are restructuring and the restructuring came to me as advice from the management. You see, whatever we do or any decision we take, is a common decision, whether anybody likes it or not.

We talk in the management meeting and many times, what I want is not what we do at the end, because I respect members' views. I give everybody fair hearing; so once they outnumber my opinion, I agree and do what they want and it comes as a resolution of the management.

I have never been dictatorial either in the management, in the senate or in any meetings I chair. I give members fair hearing. Our people advised me that it is high time we restructured; to look at the gains of the first restructuring and take note of the areas that we have problems, for us to restructure again.

We started from department to department, unit to unit and anything

Now that you are about to leave office as the Vice-Chancellor, what is the fate of the Al-majiri pupils and girl hawkers you enrolled in schools under the university community services programme?

I am sure and as well praying that whoever comes in as the new Vice Chancellor, should be able to continue from where I stopped because this community service should never be abandoned and the ones we have engaged, the community people feel at ease and a sense of belonging.

I pray that whoever comes in will continue the programme in the Gender Directorate and in FUDMA SIPS where we train the Almajiri pupils and remove all those girls hawking in the streets and return them back to school.

What are the challenges that you faced in your five-year tenure?

Honestly, there were challenges, one of which is the issue of insecurity. The challenge drew us back to the point that no activities can take place in the Main campus, and anytime a staff or student is kidnapped, I feel the pain and the pain continues until when we get them released.

Also, when there is instability, when the school is divided into many camps, this one is for this person, and this one is for that person, I feel bad and bitter.

However, when we are able to resolve the issue, I feel good. Another challenge is lack of enough funds to run the affairs of the university, which delays progress.

The issue of peace and security is a collective responsibility. We have all done our best in collaboration with the security agencies and by God's grace, there has been a relative peace under which we operated and recorded some measure of successes.

Everybody should continue praying because prayer is the most important in this issue.

We keep on praying for peace to continue to reign in the school, in the Dutsinma community, in Katsina state and Nigeria in general. I think the prayer aspect is the most important thing which keeps us well and alive till now.

But, overall, I thank God for having a successful tenure and history will judge us for what we have done or what successes we have achieved.

What would you like to be remembered for in FUDMA? The stability that we have achieved during my tenure, the peace and the increase in numbers of projects that we have done and the increase in the number of staff and students, and the way FUDMA is being cherished by everybody, as one of the best and fastgrowing universities in Nigeria. I want to be remembered for all these developments, for these attainments.

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NEWS

2025 FIRST QUARTER NON-OIL EXPORT PERFORMANCE INDEX...

L–R: Executive Director/CEO, Nigerian Export Promotion Council (NEPC), Mrs. Nonye Ayeni; Director, Policy and Strategy, NEPC, Mr. Shehu Dalhat; and Director, Corporate Services, NEPC, Mrs. Esther Ikpora, during the presentation of the First Quarter 2025 Non-Oil Export Performance Index held in Abuja… recently...

PHOTO: ENOCK REUBEN

Peter Obi Slams EFCC over VDM's Arrest Says arrest has serious reputational consequences on GTBank, affects investors’ confidence Condemns alleged abduction of NANS president Sunday Ehigiator Former Labour Party presidential candidate Peter Obi has condemned the arrest of social media activist Martin Vincent Otse, popularly known as VeryDarkMan (VDM), by the Economic and Financial Crimes Commission (EFCC).

He noted the manner of his arrest had a reputational consequence on Guarantee Trust Bank (GTB) and

could affect investors’ confidence in the country’s fragile economy.

In a statement yesterday on his ‘X’ account, Obi also condemned the alleged abduction of the factional President of the National Association of Nigerian Students (NANS), Atiku Isah, on orders of President Bola Ahmed Tinubu’s Son, Seyi Tinubu, warning against the erosion of youth voices in a democracy.

The statement read: “The Recent developments in our nation continue to raise serious concerns about the direction we are headed as a democracy. The tension in the land, aggravated by hardship is being needlessly fueled by our attitude to the rule of law and human rights.

“The arrest of Martin Vincent Otse, popularly known as VeryDarkMan (VDM), though

perhaps within the legal rights of security agencies, was carried out in a manner that left many Nigerians unsettled.

“The display of force, lacking in transparency and civility, closely resembled an abduction, a disturbing method that not only creates fear but also risks being mimicked by criminal elements.

“If Nigerians begin to struggle to distinguish between legitimate

Frequent National Grid Collapse: NIEEE Blames Aging Infrastructure, Poor Maintenance Culture

Kasim Sumaina in Abuja

The Nigerian Institute of Electrical and Electronic Engineers (NIEEE) has blamed aging infrastructure and poor maintenance culture for frequent Nigeria national grid collapse.

It added that instability, facilities tripping system operator effectiveness was also affecting adequate monitoring, forecasting accuracy, and technical issues on equipment-devices, causing supply and mismatches, load shedding or generation ramp down across

Nigeria.

The President of NIEEE, Mr. Felix Onu, stated this during a webinar engagement with members of the Institute, themed: “Understanding the Nigerian Electricity National Grid, Its Architecture, Operations, Challenges and Possible Solutions”.

He said: “We are here not just to discuss an electrical engineering topic, but a government responsibility. Since our focus today is on the national grid in the power value chain, I therefore invite everyone to get set and pay

attention.

“Lack of a formal and enforced operating reserve policy is hindering procurement operational costs, and loss of investor confidence, availability constraints, including congestion and power quality problems, impact system efficiency, influencing ISO’s operations.

“A stable electricity grid is the backbone of all modern economies as it ensures the uninterrupted and reliable supply of power to homes, industries, frequency, voltage, and power quality, which

prevents blackouts, and national productivity is not undermined.

Therefore, businesses, and essential services are not hindered.”

Olu noted that grid stability ensures that developmental projects are not abandoned, while achieving and maintaining a stable grid is at the heart of national development, industrialisation and economic growth.

He added that it also creates employment, enhances the delivery of healthcare and education services, and it prevents damage, and production losses.

APHPN Plans Virtual Training Programme for Healthcare Workers Onyebuchi Ezigbo in Abuja The Association of Public Health Physicians of Nigeria (APHPN) said it will introduce an innovative virtual learning programme to help improve knowledge capacity of health workers in healthcare facilities located in remote areas.

Speaking to THISDAY shortly after his inauguration as the President, Association of Public Health Physicians of Nigeria, Dr. Terfa Kene said the association hopes to ensure there is a paradigm shift in the way public health strategies are implemented in the country.

Kene who said that public health of primary concern to members of the association, however lamented the neglect and lack of investment

in operations of the health centres.

He said that the association has registered the APHPN Consultancy Services Limited (ACOSEL) to help provide national and international expert services to institutions that require such services through virtual platforms.

"We plan to set up the APHPN Virtual School with operational centers (studio) in Delta State in the South and the FCT in the north.

"These virtual learning schools will help us ensure that our knowledge reaches out to the general population and remain the sources of verifiable public health information and data.

"We will engage our colleagues in the diaspora to reverse brain drain in form of knowledge sharing and skills transfer," he said.

The association also promised to adopt and revamp facilities in two hundred and twenty-two (222) Primary Healthcare Centres across the country.

It said six Primary Healthcare Centres in each of the states will benefit from the facility upgrade.

The association said that it will in addition provide solar power facility in the affected healthcare centres to boost electricity supply for better service delivery.

He said: "As I said earlier, the Primary Healthcare system is our constituency. Sadly, we have noticed over the years the decline in investment by individuals, communities and the government in this level of the health care.

"We have advocated, lamented, and criticized but little has changed.

The government has made efforts but considering the large population there still so much to do. We have decided to adopt at least 222 Primary Healthcare Centres (6 per state) and invest time and resources to improve their functionality.

"We will do crowd funding and philanthropic approach to raise funds from people of good will. We will also seek grants for this purpose.

"We will crowd fund and seek grants and the support of philanthropic individuals and organisations to support our work and public health activities. (Especially in the wake of international healthcare policy summersaults)."

arrests and unlawful abductions, we will lose a vital layer of national security and accountability.

“This trend is not new. We must recall that even our esteemed judges, the last line of defence for justice, have suffered similar indignities in recent years. When those who interpret the law are treated with such disregard, it is difficult to expect that ordinary citizens will feel protected under the law.

“Moreover, these methods are beginning to affect our economy and business environment.

“The backlash directed at GTBank, allegedly linked to the circumstances surrounding Mr. Otse’s arrest, has had serious reputational consequences. At a time when investor confidence is already fragile, we must do all we can to avoid actions that tarnish institutions or undermine the trust of both citizens and the international community.

“One cannot help but ask: was it impossible to invite Mr. Otse

in a civil, transparent, and legal manner? Would that not have spared Nigerians, GTBank, and our national image the unnecessary shame and losses we now witness?

“Similarly troubling are allegations surrounding the so-called abduction of the NANS President.

If true, it raises critical questions about the independence of student leadership and the subtle erosion of young voices in our democracy.

“Nigeria’s youth should not feel coerced, silenced, or absorbed into political agendas that do not reflect their will. The oppression of young voices, whether through force, patronage, or intimidation, is a dangerous path that we must not normalise.

“We must return to a Nigeria where justice is done and is seen to be done without theatrics or abuse. A country where youth can speak freely, judges can serve with dignity, and institutions act responsibly. That is the Nigeria we must rebuild.”

Ford Foundation Offers Grant to NGOs Providing Healthcare, Humanitarian Services

Onyebuchi Ezigbo in Abuja

In view of the dwindling resources and funding gaps occasioned by the withdrawal of grant portfolios by some development partners, the Development Research and Projects Centre (dRPC) and Ford Foundation have launched a grant facility to bridge the gap.

The dRPC is a Nigerian civil society organisation founded by 10 lecturers from Nigerian universities.

The Centre said it has reviewed assistance from the Ford Foundation to offer financial support up to N5 million to women-led organisations that may have lost their funding due to the shrinking donor support base.

Speaking to journalists on the initiative, the Executive Director, Dr Judith-Ann Walker, said its mission is to solve development challenges affecting women and girls through an inclusive policy-making process involving CSOs, government, the private sector, and the media.

"As we know, thousands of local NGOs in Nigeria have had

to cancel high-impact activities since January 2025 in response to recent funding cuts.

"Many locally registered Nigerian NGOs have had to suspend activities on gender equality, women’s economic empowerment, school safety for girls, women’s health, gender-based violence prevention, and social justice due these sudden cuts leading to widespread losses of jobs, critical interventions in the areas of critical healthcare deliveries, humanitarian interventions, social justice, and education opportunities for vulnerable groups across the globe," he said.

Walker said the sudden disruption has led to many indigenous womenled organisations finding it difficult to continue sustaining critical interventions that have supported millions of vulnerable families, especially in Nigeria and Africa.

According to him, although the federal government and some subnational governments have introduced remedial interventions to cushion the effects of these sudden withdrawals, the impact has been devastating.

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T H I S D AY • MONDAY, MAY 5, 2025

NEWS

30TH ANNUAL GENERAL MEETING CUSTODIAN INVESTMENT...

L–R: Group Managing Director, Custodian Investment Plc, Mr. Wole Oshin; Chairman, Dr. Omobola Johnson; and Company Secretary, Mr. Adeyinka Jafojo, at the 30th Annual General Meeting of the company in Lagos, last Friday

Yusuf: We’ll No Longer Tolerate Insults against Kwankwaso, Alleged Graft is False Addresses ex-SSG's corruption allegation, says he has no regret following ex-governor Warns against maligning commentaries Ahmad Sorondinki in Kano.

Kano State Governor, Abba Yusuf, yesterday, said the state will no

longer tolerate insults against his leader and former governor, Senator Rabiu Kwankwaso.

Yusuf denied claims by former

Secretary to the State Government (SSG), Abdullahi Bichi, that his government had embezzled ten times more than the eight-year

administration of former governor Abdullahi Ganduje.

He said the allegations against Kwankwaso were untrue.

Coalition Petitions US, Criticises Country's Envoy over Visit to Miyetti Allah Embassy: We will continue to meet with stakeholders in search of peace Emmanuel Addeh in Abuja A group, the International Coalition against Christian Genocide in Nigeria (ICAC-GEN) has written a protest letter to the US Secretary of State, Marco Rubio, accusing the country's ambassador to Nigeria, Richard Mills, of tacitly backing the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) by his recent visit to the group.

Mills had on April 28, 2025, met with the cattle breeders group, which the ICAC-GEN alleged is a terrorist organisation, to according to a post on the Embassy's X handle, ‘hear about concerns of herder communities’.

But the group led by its President, Tony Nwaezeigwe, said it considered such a meeting as the official sanction by the American Government of what it described as the ongoing killings being carried by Islamic

sects, including the Miyetti Allah organisation.

“Ambassador Mills is fully aware that as America’s envoy, any official engagement he undertakes with any group of persons is deemed the official policy action of the United States Government,” the coalition argued.

The group recalled several meetings allegedly between the group and some outlawed organisations, leading to several killings, including 51 persons it listed their names, stressing that the ambassador cannot feign ignorance of the crimes against defenseless Nigerians in their homeland.

“Ambassador Richard Mills cannot feign ignorance of these tragic events perpetrated against indigenous Christians of Nigeria

by Muslim Fulani jihadists under the guidance of the same Miyetti Allah Cattle Breeders Association

of Nigeria he hosted on Monday 28 April, 2025 in his office to discuss the welfare of their cattle.

“It is therefore logically clear that by that meeting, His Excellency Ambassador Richard Mills is telling Nigerian Christians that the lives of the above 51 victims of Miyetti Allah terrorists do not matter to the American Government.

“By such a meeting, Ambassador Mills is telling us that the lives of the above 51 Christians slaughtered by the same Miyetti Allah Cattle Breeders Association of Nigeria he hosted on Monday 28 April, 2025 in his office were worth less than the lives of Fulani cows; otherwise the first act of the Ambassador Mills should have been the condemnation of the multiple crimes being perpetrated against humanity by his guests. But he chose instead to discuss the welfare of his guests’ cows.

“His Excellency Ambassador Richard Mills has never at any moment either visited the affected communities or made any bold policy statement against these heinous crimes against humanity in line with America’s anti-terrorism policy.

“But he chose rather to interact with the same terrorist group to discuss the welfare of their cows against the continued slaughter of Christians in Nigeria, thereby telling us that the lives of cows are more valued than the lives of human beings,” the group wrote.

In the petition, the group told Rubio that since the inception of the ‘persecution of Christians’ through kidnapping for ransoms, forceful eviction from their ancestral lands and mass killings, many terrorists have been arrested by security forces, only to be released without prosecution for murder.

N3.4bn Worth of Opioids Seized in Lagos, PH as NDLEA Uncovers Drugs in Chocolate Tins Michael Olugbode in Abuja Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted no fewer 3.5 million pills of opioids and 163,000 bottles of codeine syrup with combined street value of over N3,428,000,000.00 in both Port Harcourt, Rivers State and Lagos State.

According to the spokesman of the anti-narcotics agency, Femi Babafemi, the bulk of the seizures: two million pills of tafrodol 225mg and 163,000 bottles of codeine syrup, was made last Tuesday during a joint examination of a watchlisted container by NDLEA officers, men of Customs Service and other security agencies at the Port Harcourt

Ports Complex, Onne, Rivers State.

In Lagos, a total of 1.5 million pills of a controlled opioid were recovered from a suspect, Olarenwaju Wahab, at the Alaba-Rago area of Ojo equally last Tuesday while the source of the consignment was traced to Q104B Road 25, Victoria Garden City, Lekki, which is the residence of one Obinna Kenneth who is now at large.

Babafemi said NDLEA operatives at the import shed of the Murtala Muhammed International Airport, Lagos, have intercepted 42 parcels of Canadian Loud, a strong strain of cannabis weighing 20 kilogrammes, concealed in tins of chocolate, Milo beverage, white kidney beans and

dark red kidney beans packaged as part of cargos that came into the Lagos airport onboard a British Airways flight from Canada.

He added that at least, three suspects including the receiver of the consignment, Monsurat Lawson, have been arrested between last Wednesday and Saturday.

He said in like manner, a businessman Bobby Osas was last Friday arrested at the Lagos airport while attempting to board a Turkish Airlines flight to Italy.

A thorough search of his luggage led to the seizure of 8,130 pills of tramadol 225mg, 200mg and 100mg.

He stated an attempt by another

syndicate to ship 104 grammes of tramadol and skunk concealed in bottles of body cream to Iraq through a courier company in Lagos was also thwarted last Monday by NDLEA officers of the Directorate of Operations and General Investigation (DOGI).

Babafemi revealed that in Kaduna, NDLEA operatives on patrol along Kaduna - Zaria expressway on Saturday intercepted a commercial vehicle coming from Nasarawa State heading to Zamfara State, noting that a search of the vehicle led to the discovery of 942 explosives concealed in a sack and the subsequent arrest of a 30-year-old suspect Nura Muhammad (alias Nura Hariji).

Addressing the allegations at the Coronation Hall of Government House, Kano, Yusuf dismissed Bichi's online video, where he claimed that the Kwankwasiya leader collected a monthly N2 billion levy from the state.

The governor said, "There is a beneficiary of this government that was removed from his position that I watched on the social media falsely saying that this government within two years has stolen ten times more than what that Ganduje government had looted in eight years.

"How can an elderly personality engage in such misconduct, which has resulted in misleading the younger persons in the society into disrespecting political, religious, traditional as well as other elders in our midst?

"Why didn't he say this when he was in office if he is truly honest? Our society is facing myriad challenges, a very bad situation where our religious scholars, elders and traditional rulers are insulted by individuals

at will.

"Henceforth, we will not continue to tolerate these. We are going to take necessary measures to ensure we address them.

"Our leader had served this country in various capacities and is aware of all leadership challenges, having attained all the necessary heights in his political career.

"How can such a leader be molested by individuals that have hardly attained such heights in life. You can insult us, condemn our administration but we will never tolerate insults on our revered leader.”

Yusuf added, "I will like to call on the radio stations that air such unfortunate things and fed the public with jargons, to desist from such acts. If they refuse, I use this opportunity to remind them that we are in authority in the state."

He further declared that as strong supporters of Kwankwaso, "wherever he goes we follow," adding that there was no regret for that.

Sokoto Govt to Look into Unremitted Loan Deductions Onuminya Innocent Governor Ahmed Aliyu of Sokoto State has pledged to intervene in the workers’ loan repayments that were deducted from their salaries but never remitted to the respective banks.

The governor made this commitment while responding to an appeal by the Sokoto State Chairperson of the Nigeria Labour Congress (NLC), Comrade Abdullahi Aliyu, who urged the state government to intervene in the matter.

According to the NLC chairperson, many workers who took loans through salary deductions have continued to suffer due to the failure of officials in the previous administration to remit the deductions to the banks.

“Your Excellency, please come to the aid of these people. They have been at a crossroads for years,” Comrade Abdullahi appealed. “We know you to be firm in defending

people's rights. Please apply your popular slogan, in kudi kudi in aiki aiki, to recover the diverted funds.”

Governor Aliyu assured the labour leader and affected workers that his administration will investigate the matter and ensure that the right thing is done.

“This administration prioritizes human rights and will not condone any violations under any guise,” the governor said.

“We are committed to protecting the rights of the weak, the less privileged, and the downtrodden in our state.”

Governor Aliyu also called on the people of Sokoto State to continue supporting and cooperating with his administration so that they can continue to benefit from the dividends of democracy.

He expressed gratitude for the public’s fervent prayers to his administration and urged them to maintain the tempo.

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NEWS

NATIONAL ANTI-CORRUPTION STRATEGY 2022-2026 M&E SUBCOMMITTEE MEETING...

Head of the Technical Unit on Governance and Anti-corruption Reforms, Mrs. Jane Onwumere (sitting middle) and other members of the National Anti-corruption Strategy 2022-2026 Monitoring and Evaluation Subcommittee, at their first strategic meeting in Abuja, after being inaugurated in February by the Attorney General of the Federation and Minister of Justice, Hon. Lateef Fagbemi

Sultan, Ooni Are Two Most Prominent Nigerian Kings, Says Ex-President Jonathan Ooni in Bayelsa, meets Diri, traditional rulers, dwells on unity, peace Yinka Kolawole in Osogbo Former President Goodluck Jonathan, at the weekend, said the Sultan of Sokoto, Muhammed Sa’ad Abubakar, and the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II, were the two most prominent Nigerian kings.

Jonathan made the statement when the Ooni wrapped up his three-day working visit to Bayelsa State, where he held meetings with relevant stakeholders.

The stakeholders, aside from Jonathan, included Governor Duoye Diri, and Chairman of the state Council of Traditional Rulers, and members of his council.

They expressed delight at hosting the Ooni, who is also Permanent Chairman

of Southern Nigeria Traditional Rulers Council (SNTRC) and Co-Chair, National Council of Traditional Rulers of Nigeria (NCTRN).

A statement yesterday in Osogbo by Director, Media and Public Affairs, Ooni's Palace, Ile-Ife, Otunba Moses Olafare, said while hosting Ooni and his entourage at his Otuoke country home, Jonathan described the monarch as a great gift to Africa.

He said whenever the federal government wanted to do something in the country, the two most prominent kings they always called were the Sultan of Sokoto and the Ooni of Ife. Jonathan stated, "Your Majesty, I used to tell you that I'm from Osun State.

I did my NYSC in the town of Iresi

Late Edwin Clark’s Family Unfolds Burial Plans, Hails FG, Delta Govt’s Involvement Sunday Aborisade in Abuja The Family of the late Chief Edwin Clark, yesterday, announced the burial plans of the foremost nationalist and leader of the South South geopolitical zone, who peacefully passed away on the 17th of February 2025.

Addressing journalists in Abuja, the first son of the rallying point of the Ijaw nation, Penaowei Clark, noted that their father dedicated his nearly century-long life to the service of Nigeria.

He commended President Bola Tinubu and the Delta State Government for acknowledging Clark's contributions as a visionary to Nigeria in many ways especially as leader, founding father of the Pan Niger Delta Forum (PANDEF).

He said as founding father of the Southern and Middle Belt Forum, and a relentless advocate for justice, equity, and the unity of Nigeria, Clark had left an indelible mark on our nation’s history.

“This programme reflects a collective effort, in partnership with the Delta State Government, the Federal Government, PANDEF, and community leaders, to honour and celebrate the remarkable life and legacy of Chief Edwin Kiagbodo Clark.

“We welcome all friends, associates, and well-wishers to join us during these events as we pay our last respects to this giant of our time.

“As his son, I can personally attest that Pa Edwin Clark was not only a national figure but a loving father and

patriarch, whose values continue to guide our family.

“Today, we are gathered to announce the dates and full programme of events for his funeral, which will run from Wednesday, 7th May 2025, through Sunday, 18th May 2025. Below is the detailed schedule: Wednesday, 7th May 2025” He explained that the events would start with a Memorial Lecture & Tributes at NAF Conference Centre & Suites, in Abuja, on May 7 at 11:00 am.

He said the programme would continue on Thursday, 8th May 2025 with a Valedictory Session at Senate Chambers, National Assembly Complex, Abuja, 11:00 am.

Saturday, 10th May 2025, he added, there would be a Wrestling Contest in Yenagoa while the Service of Songs would hold same day at the St. James’ Anglican Church, Asokoro, Abuja, 5:00 PM. He said after the Service of Songs, the Candlelight Memorial would hold at No. 43, Haile Selassie Street, Asokoro, Abuja, 7:008:00 PM. He also disclosed that there would be another Service of Songs at Royal House of Grace Int'l Church, Port Harcourt, on Sunday, 11th May 2025 by 4PM. Penaowe explained that on Monday, 12th May 2025 Commendation Service would hold at the National Christian Centre, Abuja, by 8:00 AM while simultaneous Valedictory Court Session would hold at the High Court of Justice, Warri, Delta State, 10:00 AM.

in Osun State. Maybe that was why I was very close to Osun State while I was the president. You, Osun people, may not know the importance of the Ooni because he's your traditional ruler.

"When I was there as the president, I met a committee of National Traditional Rulers of Nigeria. Sultan and Ooni were the permanent co-chairmen of all Nigeria's traditional rulers. Sultan for the North and the Ooni for the entire South. That tells you the pedigree of the Ooni of Ife, when it comes to kingship in Nigeria.”

The Balyesa State governor had earlier paid a private visit to the Ooni at his lodge, where he described Ooni's visit to Bayelsa as long overdue and a golden opportunity for the people of the state to see the great Nigerian king

for the first time.

Diri expressed his intention to bring Ooni back to the state when Balyesa would celebrate its 29th anniversary, which would come up later in the year.

The governor stated, "Your Majesty, the government and the good people of Balyesa love you so passionately and we see this your coming as our opportunity to invite you to be our Special Royal Father of the day later this year during 29 years anniversary of our state creation.

“You are a leader we all love and respect. You have so far comported yourself with royal dignity of majestic simplicity. Your humility is second to none and I am so happy with the high esteem in which our traditional rulers

here hold you."

Ooni, also met with members of the Balyesa State Council of Traditional Rulers in Yenagoa on Friday, during which they deliberated on issues bordering on the economy and security.

They equally adopted cross cultural visits and communication as veritable tools to unite the Nigerian people for peace to reign in the country.

He seized the opportunity to solicit the state traditional rulers’ support for the President Bola Tinubu administration with prayers to succeed in his renewed hope agenda for Nigeria.

The Ooni said, “We have no other country except Nigeria. What Nigeria needs to progress is peace and there cannot be peace without unity of purpose.

This is where the government needs our support.

“Let us all lead our subjects aright as traditional rulers of this country for Nigeria to have peace so that various developmental policies of government's Renewed Hope Agenda can positively manifest in the lives of all our subjects across the country.

“To do this, we must encourage cross cultural communication and visits, like this."

Speaking on behalf of the Balyesa traditional rulers, Chairman of the state Council of Traditional Rulers, who is also the king of Agada town, His Royal Majesty, King Bubaraye Dakolo, Agada IV. the Ibenanaowei of Ekpetiama Kingdom, described Ooni's visit as historic.

APGA Dismisses Rift Rumour with Anambra APC over Tinubu's Planned Visit David-Chyddy Eleke in Awka The All Progressives Grand Alliance (APGA), has dismissed rumours of rift between it and the Anambra State chapter of All Progressives Congress (APC), over the planned visit of President Bola Tinubu, on Thursday.

There had been reports that the visit had sparked discontent among APC members, who felt that the visit of the president could mean endorsement for APGA candidate, Prof Chukwuma Soludo, against its candidate, Prince Nicholas Ukachukwu.

But the National Coordinator of APGA Media Warriors’ Forum, Chinedu Obigwe, has debunked reports, describing them as baseless and part of a calculated attempt to create unnecessary panic.

Obigwe said: "The above referred news report should be ignored by sane minds because it's the handiwork of pay-as-you-go writers. They are only doing their best to justify the millions of naira they collected.

"Anambra is peaceful and calm like ice water. What the president is coming to do in Anambra is to

celebrate Governor Soludo's achievements in office with the people of the state, and such presidential gesture will serve as encouragement to other governors," Obigwe stated.

Obigwe praised Soludo's administration, highlighting its remarkable accomplishments within a short period.

"The achievements of Governor Soludo's administration are worth celebrating because, since the history of our state's creation, no governor can boast of doing what Soludo did in the state within a short space of three years and two months," he said.

Obigwe accused the APC candidate, Nicholas Ukachukwu of buying support for his governorship ambition through such propaganda, claiming that the people of Anambra were celebrating Soludo's achievements and expressing overwhelming support for his second term.

Tinubu is expected in Anambra State on Thursday for the inauguration of the new Anambra Government House, Governor's Lodge and Presidential Lodge projects.

He will also inaugurate the the Solution Fun City, Ekwulobia Flyover Bridge project and numerous road projects.

Saraki, Ali Laud Gbemi Saraki at 60 Hammed Shittu in Ilorin Former Senate President, Dr. Abubakar Bukola Saraki and former speaker of the Kwara State House of Assembly, Professor Ahmad Ali, weekend, lauded the political and economic contributions of Senator Gbemisola Ruqayyah Saraki to national development.

In separate statements to mark the 60th birthday of Senator Gbemisola Saraki, they also said the former federal lawmaker has

made a significant difference to the public service, having served as a minister of the country during the administration of former President Muhammadu Buhari.

In his congratulatory statement, the former Senate President said Gbemisola had used her useful exposures to advance the socio-economic wellbeing of the people through her contributions to the less privileged people in the state and the national level.

"On this milestone 60th birthday, I celebrate you. May the years ahead bring you continued health, success, laughter, strength, and the kind of wisdom that inspires generations," Saraki said.

He, therefore, prayed to Almighty Allah to continue to strengthen and protect her more for the service of the mankind and the nation.

Ahmad, while extending warm birthday felicitations to her said she was a distinguished daughter of Kwara and an accomplished

public servant.

Ahmad described her as a symbol of excellence in public service.

“Senator Gbemisola Saraki remains one of the finest examples of purposeful leadership and public accountability.

“Her steadfast dedication to national service, her calm but resolute leadership style, and her efforts to empower women and youth have continued to inspire a new generation across party lines,” Ahmad stated.

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NEWS

CONTRACT RENEWAL WITH BRIGHT OKPOCHA AS BRAND AMBASSADOR FOR ORIJIN...

L–R: Human Resources Director, Guinness Nigeria, Ayodeji Ajibola; Orijin Brand Ambassador, Bright Okpocha, aka Basketmouth; Managing Director/CEO, Guinness Nigeria, Girish Sharma; and Commercial Director, Guinness Nigeria, Olusanya Adesanya, during the contract renewal ceremony with Okpocha as Brand Ambassador for Orijin at the Guinness Nigeria HQ, last Friday PHOTO: SUNDAY ADIGUN

We Owe a Duty to Back Tinubu, APC Govt, Defunct CPC Chairmen’s Forum Declares

Michael Olugbode in Abuja

Forum of State Chairmen of the defunct Congress for Progressive Change (CPC) declared their support for President Bola Tinubu, stating that the breakaway members from the All

Progressives Congress (APC) have merely exercised their democratic rights.

The group stated the position in a statement by its National Secretary, Sulaiman Oyaremi, and representatives of each of the zones,

Controversy over NBRDA Boss’ Reappointment Deepens, SGF Denies Involvement

Sunday Aborisade in Abuja

The controversy over the reappointment of the Director General of National Biotechnology Research and Development Agency (NBRDA), Prof. Abdullahi Mustapha continued yesterday, with the office of the Secretary to the Government of the Federation (SGF) distancing itself from the matter.

The SGF, Senator George Akume, through the Director of Information in his office, Segun Imohioson, said the mandate of his office did not include making appointments or extending the tenure of any public official.

The office of the SGF also explained that it was the prerogative of the President, Bola Tinubu, and not that of the SGF to do so.

The Press Secretary to the NBRDA Chief Executive, Toyin Omozuwa, had last year announced that the SGF had written Mustapha to intimate him of his reappointment through a letter purportedly signed by the SGF. However, while responding to a text message seeking further inquiry into the purported letter from the SGF, the Director of information simply said: "The SGF doesn't make appointments. This is the prerogative and directive of the president."

The development followed the decision of the Independent Public Service Accountability Watch (IPSAW) which had petitioned the Independent Corrupt Practices and Other Related Offences Commission (ICPC) challenging the role of the SGF on the matter.

The group in the petition asked the anti-graft agency to authenticate the purported re-appointment of Mustapha on March 7, 2025 by

Akume.

Describing the development as "brazen corruption and impunity" regarding the said re-appointment, IPSAW Executive Director, Stephen Eriba, alleged that the DG violated extant regulations by still remaining in his office.

The Academic Staff Union of Research Institutes had also in a letter to the minister of Science and Technology said the re-appointment contravened the extant regulations.

It noted that a circular from the office of the SGF in 2017 had clarified that any chief executive ending their tenure must hand over to the most senior director in the agency.

The association then alleged that the SGF did not issue any letter extending the tenure of NBRDA Director General ,nor was there any official announcement from the president of Nigeria to that effect .

The association said it discovered from the agency that the narrative was gradually changed from a letter of an extension of five years to a six-month acting role as DG in favour of Mustapha.

Miffed by this development, the Academic Staff Union of Research Institutions called on Tinubu to immediately commence the process of appointing a substantive Director General for the NBRDA in line with the provisions of condition of service for federal research and development institutions and colleges (COS 2919).

The association in a letter signed by its National Secretary , Professor Theophilus Ndubuaku said chapter 2, which addresses the issues of appointments and emoluments states in chapter 21,3.3 (a) that vacancies to the positions of Executive Director and Director General shall be advised.

Lekan Obolo, Mike Agbe, Enyinnaya Nnachi, Isah Ramatu Saidu, Ahmad Dawayo, and Musa Abubakar Damaliki.

They stated, “We believe that we owe ourselves a duty to support the current leader of the party, President Bola Ahmed Tinubu, and contribute to the transformation of APC into an inclusive institution where all stakeholders would have a sense of belonging and ownership.

“We, members of the Forum of State Chairmen of the defunct Congress for Progressives' Change (CPC), have observed with discomfort the way the CPC bloc in the ruling All Progressives' Congress (APC)

has become a subject of political controversy in recent times.

“Unfortunately, with several camps speaking for the defunct CPC, the situation has exposed a lack of coherent leadership within the bloc. We are further concerned that this development signposts a lack of inclusiveness in the leadership of APC and the government it birthed.

“It is a self-evident reality that members of the defunct CPC, especially former State Chairmen of the legacy party, have not been treated fairly either through government appointments or party apparatus both at the national and state levels, their contributions to

the electoral successes of the party notwithstanding.”

The statement said, “Against the conflicting statements concerning the position of the CPC bloc within the APC, we believe that those who chose to either leave or remain in APC have merely exercised their democratic rights “On our part, as members of the forum for state chairmen of the defunct CPC, while we do not begrudge those who have decided to quit APC, we wish to state without any ambiguity that, except for a few of us, we are unanimous in our decision to remain in the party with our principal, former President

Muhammadu Buhari.”

The group added, “We also want to use this medium to call the attention of the president to the multifarious challenges that Nigerians face. The high level of insecurity and economic hardship are becoming existential threats to many citizens.

“It is, therefore, important that the president, APC governments at all levels, and the leadership of the party give these challenges the desired attention. These issues of governance, rather than the 2027 elections, should constitute our priority as we move closer to the second anniversary of the current government.”

Bamidele: Alausa Mobilised Resources to Support NADECO Leaders in Exile Sunday Aborisade in Abuja The Leader of the Senate, Senator Opeyemi Bamidele, yesterday revealed that the Minister of Education, Dr. Tunji Alausa, mobilised resources for the chieftains of the National Democratic Coalition (NADECO) while they were in exile.

Many of the NADECO leaders fled the country during the junta of the late dictator, Gen. Sani Abacha.

Bamidele, who currently represents Ekiti Central in the National Assembly, disclosed this in a statement by his media office.

He explained that Alausa rejected offers to be either Commissioner for Education or Commission for Health under the administration of Asiwaju Bola Tinubu as Governor of Lagos State.

Bamidele also revealed Alausa’s interventions for the pro-democracy advocates in Europe and the United States between 1993 and 1999 during the inauguration of the governing council and principal officers of a university in Abuja recently.

Giving accounts of Alausa’s interventions for pro-democracy advocates in exile recently, Bamidele revealed that when most of them fled their fatherland during the Abacha era, they sustained varying degrees of injury that required urgent medical treatment to save them from their

health challenges.

He also revealed that the education minister, then undergoing residency in Internal Medicine at both Royal Bolton Hospital and University of Newcastle between 1995 and 1997, came to the rescue of most pro-democracy leaders in exile in Europe and the United States by providing health services for them free of charge.

“The present minister was one of the few people we relied on for many years when most of us fled our fatherland due to threat to our lives and families under the reign of the late tyrant. We were forced to different parts of Europe and the United States. Alausa was then a prosperous medical doctor in the United States.

“He provided hope for us. He provided resources for us. He provided much-needed medical care for us in exile. Some of the beneficiaries are alive. But some have gone home to be with God. Then, many of the pro-democracy leaders had to undergo knee surgery in their countries of political asylums.

“They had sustained injury while being hounded by the Abacha junta.

They suffered teargas canisters fired at them when their meetings were disrupted. But in exile, Alausa mobilised medical professionals and resources to support everyone

in need of medical care,” he said.

He added that when Tinubu emerged as the Governor of Lagos State in 1999, he wanted to appoint Alausa either as the Commissioner for Education or Commissioner for Health in recognition of his sacrifice and support for the chieftains of NADECO in exile.

However, according to Bamidele, Alausa declined the offer of appointment on the ground that he did not do what he did for any political appointment or any patronage, but purely out of passion to guarantee the safety and welfare of the victims of the junta, who exercised their rights to push for democracy and freedom.

Also, the senate leader revealed that the education minister was behind medical outreaches that were organised across all states of the South-west when democracy was eventually restored on May 29, 1999.

He said: “When some of our leaders had the opportunity to come back to Nigeria at the advent of the Fourth Republic, Alausa did not just watch us from his country of residence. He initiated several medical programmes we implemented across all states of the South-west.

“Alausa was the brain behind such medical programmes as free

medical care, free eyeglasses and different surgery programmes that we implemented across the geopolitical zone then. He mobilised medical doctors and experts from the diaspora to Nigeria.

“For weeks, they would be in the South-west holding different medical outreaches free of charge.

As a government, we did not pay for their flights, accommodations or the medical care they provided for the beneficiaries of the interventions.

He implemented the programmes free of charge behind the scenes.

“I can also testify as a commissioner under Asiwaju Bola Ahmed Tinubu in Lagos State, the governor did everything to make Alausa serve in his cabinet. He was supposed to choose between Commissioner for Education or Health. But he told Asiwaju that he did not support the pro-democracy leaders because he wanted to be in government, but because he was obliged to support them.

“I am also aware of the pressure exerted on him before he accepted to come and serve in the administration of Asiwaju Bola Ahmed Tinubu as the 16th President of Nigeria. The pressure lasted for some weeks.

But somehow along the line, God touched his heart and he agreed to come and be part of us,” Bamidele explained.

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NEWS

NETWORKING FOR INVESTMENTS…

Group Chief Operating Officer, Waltersmith, Alex Osho(left) and Founder, Weav Capital, Amaka Opara, at the Duale, Ovia & Alex-Adedipe (DOA) Africa-Focused investors and stakeholders’ wine and whisky experience event in Lagos…recently

Farmers Protest Forceful Eviction in Ondo, Block Lagos/Ore Road Apprehension as Police, Amotekun clash

Fidelis David in Akure Some angry farmers in Ondo State yesterday blocked down the Lagos/Ore expressway to protest against an alleged forceful takeover of their farms at the Oluwa Forest Reserve (OA3A) in Odigbo Local Government Area of the state by the state government through a private firm.

In another development, there was a palpable fear

among residents of Akure the Ondo State capital following a clash between operatives of the state Security Network Agency codenamed Amotekun and the Police.

THISDAY gathered that the face-off was as a result of who to take custody of a suspect alleged to have been involved in the theft of property from a church located around Sunday Bus Stop, in Ijoka road.

The protesters carried placards

with various inscriptions such as “Ayo Sotinrin Is Using Govt Power on Poor Farmers”; “Tinubu Save Farmers From Sotinrin”, SAO Belongs to Ayo

Sotinrin, MD, Bank of Agric”, “Rotimi Wemimo Must Go”, Farmers Have Rights To life,” among others.

The protesters, who were

also seen chanting solidarity songs, explained that the private firm (SAO Agro-Allied Services Limited) allegedly owned by Ayo Sotinrin, the managing director

of the Bank of Agriculture (BOA), who was appointed in April

by President Bola Tinubu has destroyed their plantations worth millions of naira.

Go After Financiers of Insecurity, APC Chieftain Appeals to Tinubu

Yinka Kolawole in Osogbo

A chieftain of the All Progressives Congress (APC) in Osun State, Hon. Tubosun Oyintiloye, has appealed to President Bola Tinubu and the heads of security agencies in the country to go after those

financing insecurity the country.

Oyintiloye, a member of defunct APC Presidential Campaign Council (PCC), made the appeal while speaking with journalists yesterday in Osogbo.

The APC chieftain said that the recent attacks on Benue

and Plateau States, where many innocent people were slaughtered, was pathetic and unacceptable.

Oyintiloye, a former lawmaker, said that as long as the bandits were still having access to food and ammunitions, it would be

difficult to crush them.

He, however, said once sources of supply of the basic human needs and weapons are cut off by arresting those supplying the criminals, security agencies would be able to curtail activities of the insurgents.

rulers in the state by the Speaker of the House of Representatives, Hon. Tajudeen Abbas.

He noted that traditional leaders played a key role in the success of the non-kinetic approach in tackling insecurity in the state.

The governor said Kaduna is now one of the most peaceful sub-nationals

in the country, “because there has not been any record of ethno-religious or communal clash in the last two years.”

He added that: ‘’Without the support of our traditional leaders, we would not have achieved security stability in Kaduna State.b“That is why today, we are not only

supporting but encouraging you.

The vehicles are to motivate you because we cannot achieve much without synergy between the traditional institution, religious leaders, community leaders and the relevant security agencies in Kaduna State and the key to success is intelligence gathering and sharing.’’

ISPIC Launches German Language, Cultural Centre in Enugu Traditional Rulers Play Key Role in Stabilising Kaduna, Says Gov Sani

Gideon Arinze in Enugu

The Institute for Social Peace and Intercultural Competence (ISPIC) has launched its German Language and Cultural Centre at the Institute of Management and Technology (IMT) in Enugu State.

Speaking during the launch in partnership with Chovach Global Concept Limited yesterday, the Founder of ISPIC, Anthony Dominic, said that the launch was a significant step toward fostering intercultural understanding and economic growth.

“This initiative is about elevating and equipping young people with the skills to excel in their chosen fields, free of charge, while addressing economic challenges,” he said.

Dominic emphasized that the initiative was designed to promote mutual respect across cultures while creating opportunities for growth and development.

Executive Director of ISPIC, Professor Ikechukwu Ani, outlined ISPIC’s core mission, which includes empowering youths through academic training and skill acquisition programmes.

“This centre will serve as a global point of contact, fostering solutions to long-standing socioeconomic challenges and driving advocacy through media sensitization,” he stated, adding that the centre is set to commence training on June 1.

Earlier, a German representative, Dr. Stefan Eschbach, said that the centre has the potential to bridge cultural divides and strengthen ties between Germany and Nigeria.

On his part, the Rector of IMT, Professor Gozie Ogbodo, expressed gratitude to ISPIC for selecting the institution as the host for this transformative project, describing the partnership as a milestone in IMT’s journey to reclaim its position on the global academic stage.

Rotary Appoints Ehi Braimah Regional Officer in Africa Rotary International has named the Publisher/Editor-in-Chief of Naija Times and Lagos Post, Mr. Ehi Braimah, among five new Assistant Rotary Public Image Coordinators (ARPIC) for the 2025-2026 Rotary year in Africa’s Region 27.

This region comprises nine Rotary districts across Anglophone West Africa and Egypt.

The announcement came via an official communication by Rotary Public Image Coordinator (20232026), Tamunoibim Semenitari, congratulating the incoming ARPICs and urging them to attend the upcoming Regional Team Learning Seminar (RTLS) scheduled for May 7–11, 2025, in Accra, Ghana.

Africa Zone 22, where Region 27 is situated, is one of Rotary International’s 34 global zones,

and it is divided into three regions: 26, 27, and 28.

Other appointees joining Braimah include: Bassey Ekpenyong Bassey from Rotary Club of Uyo Urban; Olubisi Abosede Yomi-Layinka from Rotary Club of Ibadan Jericho Metro; Kwesi Nyan Kittoe from Rotary Club of Winneba, Ghana and Marwan Montasser from Rotary Club of Alexandria New Era, Egypt.

Braimah brings decades of strategic communications experience to the role.

A former President of Rotary Club of Lagos (2018–2019) and current Assistant Governor in District 9112, he has held several public image-related roles, including Chair of the District Public Image Committee (2024–2025).

JohnShiklaminKaduna Kaduna State Governor, Senator Uba Sani, has said that without the support of traditional rulers, his administration would not have achieved security and stability in the state.

Sani spoke yesterday at the distribution of 23 vehicles to traditional

DMO Reveals Ekiti Gov’s False Narratives on Loan, Governance

The disclosure by the Debt Management Office (DMO) that Ekiti State’s external debt rose from $103,479,209.05 to $134,586,529.60 between June 30 and December 2, 2024, has been commended by the Ekiti Concerned Professionals group.

According to the group, the figures, which showed an

increase of $31million loan stock in that period, has disproved the Governor Abiodun Oyebanji’s claims that his administration has not borrowed a penny since assuming office.

The DMO’s stock of external debts by states, FCT, and the federal government covering the period between June 30, 2023

and December 2, 2024, revealed that Ekiti State’s external debt rose from $103,479,209.05 to $134,586,529.60 within the period.

This revelation by the DMO came amidst the chest thumbing and self adulation by the governor of having not borrowed to finance infrastructure and development

projects in the state.

The group said Governor Oyebanji has recently increased the tempo of propaganda and his impetuous media campaign as he seeks endorsement for a second term, despite glaring evidence of non performance to deserving a second term.

Govt Mourns as Former Plateau Deputy Gov, Prof. Tyoden, Dies at 74

Seriki AdinoyiinJos

A former Deputy Governor of Plateau State, Professor Sonnie Gwanle Tyoden is dead. He served as the state number two citizen during the eight-year administration of the immediate past Governor, Senator Simon Lalong between 2015 and 2023 under the All Progressives

Congress (APC).

Born on September 22, 1950, the professor of political science was also one-time Vice Chancellor of the University of Jos from June 12, 2006 to June 11, 2011.

Senator Lalong confirmed his death in statement made available to newsmen.

“Former Governor of Plateau

State and Senator representing Plateau South Senatorial District Simon Bako Lalong is devastated by the death of his former Deputy Governor Prof. Sonni Gwanle Tyoden, who passed on to glory in Jos on Sunday 4th May, 2025”, the statement said.

He added that Lalong has led some former members of his

cabinet on a condolence visit to the residence of the deceased in Rayfield, Jos to commiserate with his family over the loss.

Lalong described the late Tyoden as a trusted political ally, confidant, teacher and mentor who served with him diligently as Deputy Governor of Plateau State during the tenure of the APC Rescue Administration.

Business Law Firm Advocates Stakeholder Involvement in Digital Transition A business law firm, Duale, Ovia & Alex-Adedipe (DOA), has emphasised the importance of stakeholder involvement in driving Nigeria’s transition to a more sustainable digital landscape.

Founding Partner of DOA, Adeniyi Duale, made this statement during a whiskey

and wine gathering in Lagos.

The event attracted leaders from private equity and venture capital, technology founders, and corporate executives, providing a relaxed atmosphere for networking, idea exchange, and fostering investment in Africa’s high-growth sectors.

Duale highlighted the need for

stakeholders to transform Nigeria’s current fragmented approach into a more coherent, scalable, and sustainable digital ecosystem. He urged innovators and regulators to collaborate closely, share insights, and strengthen connections that will drive investments across Africa’s growth-oriented sectors.

“By creating a space for open dialogue outside traditional boardrooms and conferences, DOA reaffirms its commitment to nurturing relationships and ensuring regulatory certainty vital for successful private equity and venture capital transactions in West Africa,” he stated.

RAN Advocate Sustainable Recycling Ecosystem in Nigeria Blessing Ibunge in PortHarcourt The Recyclers Association of Nigeria (RAN) has advocated sustainable recycling ecosystem that will impact on the environment and boost the

economy of the nation.

This is as the association inaugurated a new executive committee to manage its affairs for the next two years.

The newly inaugurated executive council of RAN

for 2025–2027 are: Harold Okonoboh (President), Victor Okunola (Vice President), Cajetan Okeke (General Secretary), Oluwaseyi Olatunbosun (Treasurer), and Taofeek Lateef (Provost).

Others are regional coordinators, which include Ali Yakasai (North West), Hapsat Sali (North East), Femi Owoeye (North Central), Daniel Ntia (South South), and Obinna Amunnadi (South East).

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MONDAY MAY 5, 2025 ˾ T H I S D AY

NEWS XTRA

Dangote, NASSI Partner to Boost Investments in Nasarawa Igbawase Ukumba in Lafia

The Nigeria Association of Small-Scale Industrialists (NASSI), Nasarawa State chapter, is partnering the Dangote Industries Limited (DIL) to drive fresh investment options in the state.

With 68,000 hectares, the Dangote’s Nasarawa Sugar Company Limited (NSCL) in Tunga, is considered Nigeria’s biggest Backward Integration Policy (BIP) project in the sugar sector.

Speaking to journalists in Lafia, Nasarawa State capital, the Chairman of the Nigeria Association of Small-Scale Industrialists (NASSI), Nasarawa State chapter, Nidan Sambo Manasseh, said the 2025 Trade Fair and Exhibition have provided the chance for the Dangote Group and NASSI to consider the numerous business opportunities in the state.

He said: “We are actively

exploring opportunities to deepen our collaboration with the Dangote Group, particularly in expanding employment programmes through youth and women’s skills acquisition and other vital support services.

“We deeply appreciate the Dangote Group’s invaluable collaboration through financial support and sponsorship of NASSI’s programmes. Their contribution has been exceptional, and we are profoundly grateful.”

Manasseh said the Nasarawa Trade Fair Exhibition (NASTFE) is a vital catalyst for the state’s economic transformation, adding that the strategic initiative by NASSI directly aligns with Governor Abdullahi Sule’s vision to stimulate investment and unlock significant growth.

He said Nasarawa State’s wealth in mineral resources is a central highlight of NASTFE, adding that the exhibition

will showcase how its natural endowment can drive economic growth by encouraging value addition in raw material processing and manufacturing, particularly benefiting Small Scale Industries.

“NASTFE serves as a premier platform to showcase Nasarawa State’s considerable potential, connecting discerning investors with its abundant natural resources and dynamic human capital. Governor Sule’s commitment to a businessenabling environment is evident, with NASTFE designed to effectively communicate this compelling value proposition.”

The chairman of NASSI said its objective is to leverage Nasarawa State’s rich natural resources to fuel economic growth by promoting value addition in raw material processing and manufacturing.

‘LG Autonomy ‘ll Enhance Democracy, Improve Service Delivery, Growth’ Ibrahim Oyewale in Lokoja As part of efforts to strengthening the local government administration in Nigeria, there is an urgent need to adapt the local government autonomy in relation to the Supreme Court decision and enhance democracy at grass-roots level.

Despite conflicts, contradictions in the legal framework by the state House of Assembly and inconsistencies with the provision of the constitution, the concept of Local government autonomy will present many opportunities, improve service delivery and enhance rapid growth at grassroots level.

Dr. Samuel Oguche of the

National Institute of Democratic Study, National Assembly, Abuja, made this known while speaking as guest lecturer at a two-day workshop organised by the Office of the Auditor -General for the local government staff in Lokoja, the Kogi State capital, at the weekend.

Oguche in a lecture titled: ‘Understanding the Dynamics of Local government autonomy in Nigeria’, explained that local government is a grassroots government that must be strengthened to promote democracy at the all level He explained that there is a bond relationship between the state and local government in Nigeria that is so deep, and can

always impede the principles of Local government autonomy as just explained by the Supreme Court.

The guest lecturer added that with the constitutional provisions and operational legal frame work, the state has absolute control over local government system ranging from creation, structure, finances to ensure the survival of the system .

He noted that in area of operations, there will always be frictions, the legal frame work is directly from the state House of Assembly which also has oversight functions while the executive arm of the state government overseeing the financial control of what comes and out of the local government.

Oil and Gas Crisis: Industry Leaders Seek Divine Intervention amid Economic Woes Mary Nnah

In a dramatic call to action, top oil and gas executives at the weekend gathered at the Oriental Hotel in Lagos during the weekend for a historic Solemn Assembly themed: ‘And I Sought for a Man’.

The meeting comes amid growing concerns over the sector’s decline and Nigeria’s economic struggles.

The Petroleum Industry Christian Fellowship International (PICFI), a faith-based organisation that aims to establish the kingdom of God in the petroleum industry, hosted the assembly.

According to its President, Shola Idowu, PICFI was born in

June 2005 in Warri, Delta State, with a mission to improve the performance of the petroleum industry and advocate just and equitable distribution of its associated wealth for social change and nation-building.

Idowu described the industry’s current state as ‘terribly bad’ but expressed hope for a breakthrough through prayer and righteous leadership. “We are also affected by what is going on in the nation, and that’s why we keep praying that God will bring forth a new Nigeria,” Idowu said.

Renowned cleric, Rev. Sola Adebawo, in his keynote address titled: ‘Beyond Expertise: Leading with God’s Wisdom in Nigeria’s

Energy Sector’, emphasised the importance of trusting in God and prioritising integrity, justice, and compassion in leadership.

“Trust in the Lord with all your heart, and lean not on your understanding; in all your ways acknowledge Him, and He shall direct your paths,” Adebawo quoted from Proverbs 3:5-6.

Adebawo further stressed that Christians in leadership should be agents of transformation, infusing their workplaces with integrity, justice, and compassion. “Our faith should be the bedrock of our decision-making, influencing how we conduct business, treat our employees, and engage with our communities,” he said.

Evelyn Oyome Wins Ikoyi Ladies Golf Championship Sunday Ehigiator The President of the Ladies Golf Association of Nigeria, Evelyn Oyome, emerged as the overall gross winner of the ‘Queen of the Greens’ Ikoyi Ladies Golf Championship, which was recently held at Ikoyi Golf Club, Lagos.

The two-day event saw Oyome emerge the winner, grossing a total of 168 strokes, outperforming Fatumata Coker and Lynda Obieze, who scored 174 and 175 strokes respectively, to claim the first and second runner-up spots.

Pat Ozoemene secured fourth place with 176 strokes, while Carol Majoro, Ronke Iyiola, and Ifeoma Obata trailed behind, grossing 186, 188, and 197 strokes respectively, to claim the fifth, sixth, and seventh

positions.

Seline Hainsworth took top honours in the Overall Net category with 144 strokes, closely followed by Dammy Oruwari, who secured first runner-up with 145 strokes, and Karin Ekpe, who claimed second runner-up with 150 strokes.

Speaking about the competition, the Chairperson of the ‘Queen of the Greens’ Championship Organising Committee, Mrs. Deola Banjoko, noted that: “The championship is one of our highlights events for the year, because this is where we compete for that crown, and select persons that will represent us for the later competition. It is the time of the year when we choose the queen, our ladies’ champion for the year. So, this is it.

“And this year, it’s fiercely contested. The ladies they’ve gone all out for the crown, and it is very impressive. They trained very intensely, mentally and physically.

And our theme for the year is ‘Queens of the Green’.

“The theme conveys two messages: it talks about the ladies themselves, their queenly strengths, and how deeply they love golf, which also shows they train and give it all that is required.

“And secondly, the theme represents our passion for the environment. Our lady captain, Mrs. Peggy Onwu, she’s dedicated this year to sustainability, ecofriendliness, and preservation of our green environment and the ecosystem. This is all to create a little more environmental awareness among ourselves.

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BACKPAGE CONTINUATION IT’S TIME TO RETHINK TRAINING OF LAWYERS the admission of persons into the legal profession and to exercise disciplinary jurisdiction over legal practitioners as prescribed in the Legal Practitioners Act (LPA), Cap L11, Laws of the Federation of Nigeria, 2004.

It is a big responsibility of Human Capital Development and nation-building that is not to be undertaken lightly or with levity. If anyone of unsuitable quality, character, integrity, or competence slips through the cracks, a poor-quality lawyer has been made, a potentially poor-quality Law Teacher, Prosecutor, Judge, Legal adviser or Law Officer.

A grave danger would have been created for the system of Administration of Justice where the stakes are very high in terms of Lives and Livelihoods.

Ladies and Gentlemen, the events I have recalled about the three gentlemen about whom I have spoken relate to an era around 1988 (37 years ago) a whole generation. At the time when I enrolled at the Supreme Court which was then in Lagos on the 3rd of November 1988, I was No. 10,550 on the roll of the Supreme Court.

From my enquiry, the Nominal Roll of the Supreme Court now has 146,255 lawyers.

The theme of this lecture is: "Half A Century of The Body of Benchers, The Past, The Present, And The Future of Maintaining The Ethics of The Legal Profession in Nigeria."

Permit me, therefore, to adopt my short stories as representative of the past in the discussion of the past, present and future of the Body of Benchers.

Inherent in those 3 (three) stories are practical illustrations of the work of the Body of Benchers through its members, manifestly concerned about issues of integrity and character of persons, who pass through them to be admitted to the Nigerian Bar and unleashed unto the larger society.

But the pertinent question to ask the layman is who are these people who call themselves the Body of Benchers and what do they do? These are questions the Body must consciously attempt to answer by engaging in what I call Street Level conversation.

Given the quality of the audience here today it will serve no useful purpose for me to attempt that answer in any detail in view of the constraints of my time.

For the Layman, who uses a search engine to look for the Body of Benchers, one would come across a site named bob.goo.ng. That site relates the history of the Body to the work of the Unsworth Commission constituted by Prime Minister Alhaji Abubakar Tafawa Balewa.

This would give the impression that the Body came into being in the 1960s and should be commemorating its sixth decade of existence. This is in stark contrast to the notice of the body at this event to review its past, present and future in Half a century.

It suffices to say, as a reminder to all who are present that this body is the Regulator and quality controller of the legal profession. If quality control fails the society is in trouble.

I believe it was in the popular case of LPC v. Abuah, which we are all familiar with that the pioneer Chairman of the Body of Benchers, Sir Adetokunbo Ademola, restated the onerous responsibility of those charged with admission of new lawyers when His Lordship said: “By enrolling them, we present them to the public as men the public can, with confidence, employ to carry out the duties and responsibilities appertaining to their all-important office. We, therefore, owe it to the public to see that members of the public are not exposed to risks in their dealings with these men.”

It is of course important to mention that the body

did not always exist. Prior to its establishment, applicants who had qualified and had been called to the Bar in other jurisdictions were enrolled in the Supreme Court.

This is the reason our first-generation lawyers had two dates: the date of Call to Bar and the date of Enrolment in the Supreme Court. It was in the late 1960s, after the establishment of the Nigerian Law School, that the idea was conceived to establish a body to be responsible for admission of applicants to the Bar in Nigeria before their enrolment by the Supreme Court.

This led to the promulgation of the Legal Practitioners (Amendment) Decree No. 45 of 1971, which formally established the Body of Benchers fifty-four years ago under the leadership of the then Chief Justice of Nigeria, Hon. Justice Adetokunbo Ademola.

But many things have changed.

THE PRESENT As we move from the past to the present, we must acknowledge that the Supreme Court in which I registered in Lagos, is now in Abuja, the Nigerian Law School which was only in Lagos now has schools in Abuja, Bayelsa, Kano, Enugu, Yola, and Port Harcourt in addition to the Lagos School.

The world itself has changed and a survey will reveal to us that our Law School is now graduating about 5,000 students averagely per annum. This is now about half of the 10,550 lawyers, who registered in Nigeria when I enrolled in 1988.

There are now 146,255 lawyers on the nominal roll. There is also good reason for us to be concerned about public perception of our administration of justice system in which lawyers produced from the Law School and admitted to the Bar by the Body of Benchers play a prominent role.

If this is a fair picture of the present, what should we do about the future. From where will reformists like those who spearheaded the Birth of the Council of Legal Education, The Nigerian Law School and the Body of Benchers come; one might ask?

THE FUTURE My answer is that many more of them are in this audience and so this lecture provides a unique opportunity to start the conversation. Therefore, within the framework of the theme past, present and future selected for this conversation, I wish to ask the reform minded persons in our midst whether the time has not come to re-think and re-make how we train lawyers in Nigeria?

Given the public concerns about the administration of justice, has the time not come upon us to separate and specialise the training of solicitors from Barristers or advocates. The focus on Benchers/Advocates is particularly important because it is the output of their work in the courtrooms that the public is overtly concerned about.

Is this not the time to also look in the mirror and at the current Law School curriculum and ask ourselves what kind of advocate we can train in 1(one) year with a theoretical outlook and insufficient time or infrastructure for Court Room practice and exposure.

Put differently, can the current theoretical exposure and limited court and chambers attachment deliver the “…intangible attitudes of a Lawyer…” that Justice Orojo spoke about as the reason for the establishment of the Body of Benchers.

Permit me to tell you yet another story.

It is a story that hugs the controversy of whether law practice is a trade or a profession. That debate has been had by many intellectuals, and the “profession” appears to have overcome “trade.”

What is undeniable is that the law profession, especially the Barrister's work, is rooted in norms, usages, traditions, and culture, all of which are best learned in practice rather than in a classroom.

The story of Owoblow is empirical proof of the point. It is the story of a graduate not of law who, for lack of employment, took up the job of a law clerk back in the 1990s. His job was to file and serve court processes. He was trained to draft affidavits of service and to depose to them and get court processes into file.

From time to time, he accompanied lawyers to court. In no time, he knew the names, citations and locations in the office library of all the major cases on injunctions, stay of Execution, summary judgment and the major legal issues that dominated headlines in the 1990s.

On one occasion as senior associate, when l reviewed the work done by law students on chamber attachment and asked why he had drafted a document in a particular way, the response I got was that it was Owoblow that taught him to draft it that way.

I was outraged that a law graduate under training in the Nigerian Law School was taking instructions from a non-law graduate, who had not been to law school. But the reality was that Owoblow was training by daily practice. He knew the Bailiffs Section, Probate Section, and had become comfortable with completing the forms for Lawyers in chambers to sign.

In the event, the chamber advised Owoblow to return to university, where he got a law degree and from there to law school. I can say that he is now one of us, and was very well trained.

Given this story, the question to ask is how many of the over 5,000 lawyers were ready for courtroom work the following day. Some of the best lawyers and Judges of repute produced in this country walked paths similar to that of Owoblow, by serving as court clerks or Registrars, before embarking on formal training as lawyers.

Clearly, there is a lot to learn from this about the gaps in our training of lawyers. What we seemed to have focused on is the academic part. The Bar Standards Board which regulates the profession in England and Wales, moves beyond this by stipulating vocational training and pupillage (after the academic training) before a barrister can appear in court.

We must ask ourselves whether those who just want a law degree to proceed to other occupations should bother to go to the law school. We must also question the continued relevance of the law school as a training institution and its efficacy to train over 5,000 students into proficient advocates.

I would recommend that post-university training of solicitors and advocates be left now and in the future to law firms to be accredited nationwide for that purpose, while the Law School under the aegis of the Council of Legal Education remains an examining and certification body, separating Solicitors examinations from that of Barristers.

In the latter case that is where the scrutiny of the Body of Benchers should be focused – those Barristers to be admitted to the Bar. My suggestions are not perfect, but I believe that the time for change and reform was yesterday. If we are to remake the system of administration of justice, we must start with the people who get to operate the system.

Competence is key and it is from competence that we can set standards. When we set standards,

non-compliance is easily detectable and sanctionable.

I regret to say that today one is hard put to see the "wood from the trees" in the difference between incompetence and misconduct in some judicial outcomes.

The skill of Barristers and those of them who become Judges and their level of competence must account in part for why cases based largely on documents still take several years to try and decide in spite of many fast-track efforts.

Before I conclude, I must be on record to state for those who do not know that in addition to its recommendation of persons to be called to the bar, the Body of Benchers also has responsibility for discipline of legal practitioners who are not judges.

This is a very important responsibility and the future of the profession and by extension the Body of Benchers depends on how this responsibility is discharged.

Put differently, when quality control fails and a bad product enters society, what is the power of recall or remediation that the Body of Benchers exercises to remedy the situation? I am aware that the Committee that discharges this responsibility on behalf of the Body – the Legal Practitioners Disciplinary Committee – has tried and dispensed with some high-profile cases.

I am glad to learn from the Chairman of the Body of Benchers, Asiwaju Adegboyega Awomolo, SAN that there is going to be a public presentation of the Reports of the Directions of the LPDC today immediately after this lecture. This is commendable.

But the question to ask is whether the average Nigerian thinks that the Committee has done enough.

The public space is full of reports of multiplicity of suits and suggestions of forum/fora shopping aided by legal practitioners in manifest abuse of the judicial process.

What does it take to bring these lawyers to book and what kind of consequences are they subject to?

To the extent that public confidence is critical to the reputation of the system of administration of justice, l think these are matters that require serious consideration.

Our judicial system which is one of the most revered judicial systems in the commonwealth, is facing scrutiny under a large microscope. The reasons for scrutiny are not far-fetched. Some of the outcomes from the legal system raise more than an eyebrow.

If the outcomes raise concern, certainly we must interrogate the input, which is the quality of persons admitted to the Bar by the Body of Benchers.

This meeting is our golden moment to start a new journey for the Nigerian Legal system by demonstrating that there are internal self-correcting mechanisms that ensure that the dispensation of justice is speedy, credible and reliable.

By reforming the training process of persons called to the Bar (as distinct from Solicitors whose work is not so much public facing) we can secure a prosperous future for the legal profession that is anchored on sound ethical foundations of competence, character and integrity.

This is the hard but necessary road of the journey to restoring public confidence in the Nigerian legal system and profession. *Above is an abridged version of a keynote speech by a former Minister of Works and Housing, Mr. Babatunde Raji Fashola, SAN, on the theme: ‘Half-acentury of the body of benchers: the past, the present, and the future of maintaining the ethics of the legal profession in Nigeria’ delivered on Wednesday, March 26th, 2025, at the main auditorium, Body of Benchers Complex, Abuja.

NELFUND: AGAINST A CULTURE OF IMPUNITY sputtered at less than 40% capacity. Kaduna never really started.

Then came the real thunderclap: the EFCC launched sweeping investigations into the use of the funds. Three managing directors were arrested, and 80 billion was allegedly found sitting in the personal accounts of one of them, whether it is true or not, this raises a red flag, especially against the background of trillions of Naira spent on rehabilitation of non-functional refineries. Thirteen senior executives, including former Group CEO Mele Kyari, were named in official documents. The probe's scope is vast, touching every level of NNPCL’s leadership during the disbursement period. Energy experts were not surprised. They had long warned that the televised recommissioning ceremonies were theatre, not substance. One described it as “a charade.” And now, that assessment appears tragically accurate.

The episode has become a national morality play: billions vanish, steel tanks fall silent, workers fume, and consumers pay more—and, until those arrests, few insiders expected real consequences. Against that backdrop, it is obvious why a digital student loan platform, no matter how cleverly coded, can feel one scandal away from derailment.

The parallels between this refinery disaster and the looming threats around NELFUND are unmistakable.

Both involve essential national priorities, energy and education, and require vast public investment.

Both were launched with great fanfare. And both operate in a governance ecosystem that rewards mismanagement and punishes transparency. The refinery funds went up in smoke, quite literally.

If the structural weaknesses aren’t addressed, NELFUND could follow the same path, and we

must prevent that from happening.

The implications of corruption and impunity are glaring. Loan diversion, illegal taxing, or misallocation limits enrolment, widens inequality, triggers brain drains, and hobbles innovation. Refinery non-performance sustains import dependency, drains foreign exchange, and keeps fuel prices volatile; budget overruns divert funds from health, roads, and digital infrastructure. Each scandal deepens cynicism; citizens disengage from civic processes, fuelling voter apathy and social unrest. Legitimate businesses face distorted markets, and connected rivals bend rules without penalty.

Every administration promises a clamp down.

State anti-graft agencies trumpet arrests and asset forfeitures, yet the average citizen seldom sees a powerful individual serve meaningful jail time or make full restitution. Small wonder opinion surveys in 2024 repeatedly show that Nigerians believe corruption is worsening. The chorus of disappointment grows louder each time a highprofile investigation fizzles or a suspect circles back into public office.

President Bola Tinubu has acknowledged the crisis, using his May Day address to decry corruption as a force that enriches the few at the expense of the many. He vowed to dismantle the "structures of greed." The rhetoric was strong, the delivery confident — but it lacked detail. There is no clear plan, new legislation, or timelines—just more words in a country drowning in them. For a public that’s seen too many commissions, too many promises, and too few results, the speech offered more comfort than clarity.

This is the core of the Nigerian paradox: a nation bursting with brilliance, talent, and ambition, stymied

by a political class addicted to extraction. Students are not looking for pity. They want a fair shot , the right to learn, grow, and compete globally. The NELFUND initiative could be the bridge between inequality and opportunity, between hopelessness and aspiration. But for that to happen, it must be protected from the same forces that crippled the refineries and tainted so many national programmes before it.

There are ways forward. Swift justice is one. No more endless adjournments or slap-on-the-wrist sentences. Special courts for corruption, with strict 180-day limits, could start to change the game.

So could real-time transparency, dashboards that show every Naira disbursed through NELFUND, publicly accessible to all. Digital systems should be strengthened, with blockchain-backed audits making tampering nearly impossible. Whistle-blowers must be protected and rewarded, not punished. Above all, funding releases must be tied to actual, measurable outcomes, student enrolments, graduation rates, and employment stats. No more blank cheques.

The Minister of Education, Dr Tunji Alausa, deserves commendation for his proactive response to the alarm raised about unauthorised deductions by some university officials on funds related to NELFUND loan disbursement. By initiating an independent investigation with support from the Athena Centre, the Minister has demonstrated strong leadership and a clear commitment to addressing corruption as a significant threat to widening educational opportunities. The Athena Centre for Policy and Leadership is partnering with the Federal Ministry of Education to improve transparency and accountability in Nigeria’s student loan scheme (NELFUND). This partnership includes

launching a compliance-tracking initiative, an Annual University Transparency Index, and technical support for universities to maintain open-portal systems for loan disbursement and monitoring. The signalling is proper and needs to be supported. We ask for a transparent investigation, and findings should be made public.

It’s easy to become numb. Scroll past the headlines and shake your head. But apathy is the oxygen of impunity. If the NELFUND student loan scheme fails, if it is captured, corrupted, or abandoned , it won’t just be a policy failure. It will be a national betrayal. It will signal that even the most promising reforms are no match for Nigeria’s machinery of plunder. And yet, the possibility remains. With enough pressure, vigilance, and political will, NELFUND could be a game-changer and a turning point. A moment when Nigeria chose a different path. A moment when the future stopped being stolen, and finally started being built.

Nigeria’s greatest assets are neither crude oil nor rare metals but its people, especially the millions of youths whose aspirations depend on credible institutions and fair opportunities. Programmes like NELFUND can unlock that human capital, but only in a governance environment where corruption is costly and impunity impossible. The refinery scandal provides a cautionary tale; NELFUND offers a chance for redemption. If the country can prosecute wrongdoers swiftly, embed transparency technologically and refuse to tolerate “business as usual,” it will signal that public money is once again public, not private. The student loan initiative may yet fulfil its promise—lighting a path out of systemic dysfunction toward shared prosperity and democratic renewal.

T H I S D AY • MONDAY, MAY 5, 2025

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MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe

Email duro.ikhazuagbe@thisdaylive.com

08111813083 SMS Only

Osimhen: Sorry to Disappoint Those Waiting for Me to Fail Duro Ikhazuagbe In apparent dig at those who frustrated his move away from Napoli last summer transfer window, Victor Osimhen, has said that he has disappointed them with his superlative season with Turkish giant Galatasaray.

Osimhen last Saturday set a new personal goals resort in a season, netting 32 goals in all competitions for Galatasaray.

He was on the scorer’s sheet as Gala hammered Sivasspor 4-1 in the Turkish Super Lig. But yesterday, Osimhen took to the Social Media to throw shade at those who worked to frustrate his leaving Napoli.

“To those who sat back hoping I’d fail…sorry to disappoint you,” the Super Eagles striker posted on his official handle on X Sunday evening.

Osimhen described his new goals record growth as the result of silent

and relentless hard work by him.

“This isn’t just about numbers.

It’s about God, the growth and the silent, relentless work that speaks louder than any noise from the critics,” he further said.

He attributed the success he has chalked up in this his season-long loan spell in Turkey to divine intervention.

“God is the greatest, and He remains in control. We’re not done yet, God is just getting started,” declared the striker who is on the wanted list of some of the biggest teams in European leagues.

Chelsea, Juventus, PSG, Arsenal and Manchester United are amongst some of the teams seeking to win the signature of the Nigerian international.

He was largely responsible for Napoli winning their first Italian Scudetto since after late Argentina legend, Diego Armando Maradona won it for the Naples based team over three decades ago.

Victor Osimhen says his brilliant season with Galatasaray has disappointed those who wanted him to fail

Harry Kane Wins His First Lookman on Target as Atalanta Send Trophy with Bayern Munich Monza Back to Serie B England Captain, Harry Kane, has won the first major trophy of his career after Bayern Munich were confirmed as Bundesliga champions on Sunday.

The Bavarian giants secured their 12th title in 13 years as last year’s winners Bayer Leverkusen relinquished their grip on the trophy with a draw at Freiburg.

Xabi Alonso’s side needed to win to delay Bayern’s celebration for another week, but had to settle for a point despite a two-goal comeback to deny their Champions League-chasing hosts.

Maxi Eggestein opened the scoring with a thumping strike from 25 yards a minute before half-time and a Piero Hincapie own goal doubled fourth-placed Freiburg’s lead three minutes after the break.

Attacking midfielder Florian Wirtz pulled one back eight minutes from time for Leverkusen and Jonathan Tah netted a 93rd-minute equaliser when Nathan Tella’s cross went in off the defender’s shoulder.

But was not enough to extend the title race as they sit eight points behind Bayern with two games left.

Vincent Kompany’s side all but confirmed a recordextending 34th German

African Player of the Year, Ademola Lookman, was on target on Sunday evening as Atalanta claimed a big 4-0 win over Monza at the Brianteo Stadium, The win for Atalanta was heartbreak for Monza as they dropped out of the Italian topflight for Serie B. Lookman has been a reliable attacker for them this season, and coach Gian Pero Gasperini gave him the nod to start up front, alongside Charles De Ketelaere and Mateo Retegui.

According to Soccernet. ng, Atalanta were massive favourites to nick the win, and they took charge early on, with a big chance falling to Retegui early on. But he failed to convert.

However, De Ketelare rose to the occasion and scored twice in the 12th and 23rd minute to put La Dea comfortably in the driver’s seat.

Lookman was slightly involved in the second goal, as he was trying

FIRST TROPHY AT LAST… Harry Kane won his first career trophy with Bayern Munich on Sunday evening following Bayer Leverkusen draw with at Freiburg. Bayern needed just a point to win their 12th Bundesliga title in 13 seasons

BUNDESLIGA championship with a 3-3 draw at RB Leipzigon Saturday.

For Kane, who has scored 24 Bundesliga goals in 29 games, it is

a first team trophy in 15 seasons since making his professional debut.

The 31-year-old has had a

number of near misses with both former club Tottenham, with whom he reached the Champions League final in 2019, and England - losing in the finals of the European Championships in 2021 and 2024.

Ibas Charges Rivers Athletes to Excel 22nd National Sports Festival Blessing Ibunge in Port Harcourt The Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas (rtd), has urged the state’s athletes to excel at the upcoming 22nd National Sports Festival in Abeokuta, Ogun State.

Ibas reaffirmed the state’s commitment to excellence at the sports festival, pledging to showcase a new generation of athletes poised to break records and bring glory to the state.

The administrator made the

charge when he received the Torch of Unity from the National Sports Commission delegation, led by Team Lead, Mrs. Ikana Mbora, at the Government House in Port Harcourt at the weekend.

Vice Admiral Ibas emphasised the festival’s significance beyond competition, highlighting its role in fostering national unity, youth development, and sports infrastructure growth.

He said “The National Sports Festival is more than just a sporting even. It is a vital platform for

promoting cohesion, nurturing talent, and building a stronger Nigeria. It encourages healthy rivalry, mutual respect, and bonds that transcend ethnic and regional divides”.

He further charged the Rivers athletes to compete with discipline, determination, and sportsmanship, assuring them of due recognition and rewards for outstanding performances.

“You carry the hopes of our people and the pride of Rivers State. The government will honor

every medal won, as your efforts and achievements will not go unnoticed.”

Earlier, Mrs Ikana Mbora, representing the National Sports Commission, explained that the Torch of Unity, flagged off by President Bola Tinubu on March 26, 2025, symbolises sports as a unifying force and a tool for youth empowerment.

She said, the torch’s nationwide tour will conclude in Abeokuta, where the festival will take place from May 16–30, 2025.

to combine with De Ketelaere for a quick give-and-go, but a Monza defender obstructed the pass, which gave the Belgian the opportunity to just poke the ball into the net.

Lookman had a pretty silent first half, as he managed one shot, which was wide off the mark.

However, he made his mark two minutes into the second half when he outpaced a Monza defender after Retegui headed a ball for him to chase. Lookman got to the ball, ran into the box, and sent a calm finish into the net from a tight angle to make it 3-0.

The Super Eagles star only managed two goal attempts before he was taken off for Marco Brescianini in the 80th minute.

Brescianini later went on to score the fourth for Atalanta eight minutes later.

Lookman now has 19 goals and seven assists in 38 appearances across all competitions this season for Atalanta.

Evelyn Oyome Wins ‘Queen of the Greens’ Ikoyi Ladies Golf Championship Sunday Ehigiator Evelyn Oyome has emerged the Overall Gross Winner of the ‘Queen of the Greens’ Ikoyi Ladies Golf Championship which held recently at Ikoyi Golf Club, Lagos.

The two-day event saw Oyome, who is president of the the Ladies Golf Association of Nigeria, emerge winner, grossing a total of 168 strokes, outperforming Fatumata Coker and Lynda Obieze, who scored 174 and 175 strokes respectively, to claim the first and second runner-up spots.

Pat Ozoemene secured fourth place with 176 strokes, while Carol Majoro, Ronke Iyiola, and Ifeoma Obata trailed behind, grossing 186, 188, and 197 strokes respectively, to claim the fifth, sixth, and seventh positions.

Seline Hainsworth took top honours in the Overall Net category with 144 strokes, closely followed

by Dammy Oruwari, who secured first runner-up with 145 strokes, and Karin Ekpe, who claimed second

runner-up with 150 strokes.

Speaking about the competition, the Chairperson of the ‘Queen of the Greens’ Championship Organising Committee, Mrs Deola Banjoko, noted that, “The championship is one of our highlights events for the year, because this is where we compete for that crown, and select persons that will represent us for the later competition. It is the time of the year when we choose the queen, our ladies’ champion for the year. So, this is it.

“And this year, it’s fiercely contested. The ladies they’ve gone all out for the crown, and it is very impressive. They trained very intensely, mentally and physically.

And our theme for the year is ‘Queens of the Green’.

“The theme conveys two messages: it talks about the ladies themselves, their queenly strengths, and how deeply they love golf, which also shows they train and give it all that is required,” she noted.

MONDAY, MAY 5, 2025 • T H I S D AY

Price: N400 BACK PAGE LEAD PHOTOGRAPH

1ST ENUGU CITY INTERNATIONAL MARATHON...

L-R: Commissioner for Youth and Sports Development, Enugu State, Barr. Lloyd Ekweremadu; former Governor of Imo State, Hon. Emeka Ihedioha; Governor of Enugu State, Dr. Peter Mbah; Deputy Speaker, House of Representatives, Hon. Benjamin Kalu and former Speaker, House of Representatives, Hon. Yakubu Dogara, during the 1st Enugu City International Marathon at the weekend.

BABATUNDEFASHOLA It’s Time to Rethink Training of Lawyers I GUEST COLUMNIST

know not what qualifies me to be your choice of speaker at this maiden event but believe me, I am here with delight because my recollections of, and my interactions with the Body of Benchers fill me with nostalgia.

As a young law graduate applying to the Nigerian Law School, the fear of the Body of Benchers, was the beginning of wisdom, back in the 1980s, when I had cause to interact with the body.

It was not "fear" represented by "dread". On the contrary, it was "awe inspiring fear" of the achievements of the members in and out of law practice and their stature as giants of our profession and society; men and women of high repute and integrity.

Indulge me by allowing to recall 3 (three) of them and thus, set the stage for the focus of my intervention today.

THE PAST Chief Justice of Nigeria, Kudirat Kekere-Ekun

The first is the late Chief Debo Akande, SAN, who was my late father's friend, who gladly Western House. Having supervised me for several accepted to have me undertake my compulsory weeks it was easy to make a personal reference law office chambers attachment in his office at the and recommendation about my suitability for the

call to bar.

And the fundamental question is this: How many benchers today have had the personal experience and observation of the persons they sponsor for call to the bar?

And this takes me to my second Bencher, T.A.B OKI, SAN also of blessed memory. He was my second sponsor. He did not know me, but had known my father and grandparents for many years. He was a very reluctant sponsor and made me know it.

He refused to sign my form when my father presented it to him. He insisted I must come to his office on Kofo Abayomi in Victoria Island which I did. At his office, he interviewed me as if I was seeking employment with him.

He made it very clear that he was gambling on me only because he knew my father very well and extracted an undertaking from me to always try to be of good behaviour, according to him, "like my father." I readily gave the undertaking in writing and the experience has never left me.

How many Benchers today sponsor candidates for call to the Bar that they have never interacted with?

The third Bencher on focus is Mr. Webber George Egbe, QC, SAN, also now of blessed memory. He

was the chairman of the Body for 1988 - 1989. He presided at my call to bar on the 2nd of November 1988.

In the speech he delivered, he said many things that I do not now remember. But he said one thing which I have never forgotten and it has remained with me as a useful tool of life.

He spoke about the power of self-discipline. The core of the message was that from primary school through to that night of our call to bar, we had been under some form of imposed discipline by parents, guardians, teachers, lecturers and persons who stood in loco parentis.

On that night of our call to bar, he said the "yoke" of imposed discipline had been lifted but that we needed to remain disciplined to progress in life and that the hardest discipline was self-imposed discipline, which each of us must now find.

I have chosen to start my intervention today by these stories in an effort to graphically illustrate the profundity and importance of one of the statutory functions of the Body of Benchers, which is to regulate Continued on page 46

DAKUKUPETERSIDE BENEATH THE SURFACE

NELFUND: Against a Culture of Impunity

W

hen the Nigerian Education Loan Fund, better known as NELFUND, was unveiled, it landed like a spark in a dry forest of despair. It brought a glimmer of hope, like a bold attempt to democratise access to higher education in a country where tuition fees are a barricade and scholarships are too few, too politicised, or too elitist. The idea was simple: interest-free student loans, disbursed through an automated and digitally tracked platform with zero human interference.

For students who have long watched their dreams deferred by poverty, this was more than a policy; it was a lifeline. For many first generation undergraduates, it promised to end the humiliating routine of begging relatives, hawking phone cards or pausing degrees. The phrase “game-changer” was on everyone’s lips.

But hardened by history, Nigerians know that nothing bright survives long in a system riddled with rot. Almost immediately, allegations swirled that money had already begun to vanish from the scheme. Some universities allegedly misappropriated student loans by making illegal deductions from NELFUND student loans.

MD NELFUND, Akintunde Sawyerr Certain university officials are taxing loans given to students for their selfish gain. NELFUND swiftly dismissed the reports as reckless misinformation.

Still, the damage was done. In a country where

corruption is both epidemic and endemic, citizens don’t wait for audits or court rulings. They trust their gut. And their gut tells them that anything involving public money is already compromised.

Nigerians know too well that even the most visionary programmes can be bled dry by the country’s stubborn corruption crisis.

This instinct isn’t paranoia; it’s pattern recognition. Nigeria’s corruption problem is not just a matter of lack of transparency or stolen funds. It’s a deeply embedded culture of impunity where influential individuals manipulate public institutions like personal ATMs and emerge unscathed. From misallocated security votes to inflated procurement contracts, Nigerian public life is littered with episodes in which influential actors, politicians, regulators, and even some law enforcement agents, mishandle or misappropriate funds with little fear of sanction. Often, officials caught in massive scandals are celebrated months later as elder statesmen or traditional title holders.

Investigations go cold. Probes fizzle. Court cases drag on for years without resolution. It’s not just about the looting; it’s the sense that nothing will ever happen to the looters. This pattern breeds a sense that looting the public purse is not a crime

but a career path.

But the very scale that makes NELFUND transformative also makes it attractive prey.

Experience shows that dedicated accounts can be hacked, payment queues quietly rerouted, and datasets tampered with in return for kickbacks.

When such manipulation occurs in education finance, the damage is generational: courses are abandoned, research labs fall silent, and an already skills-starved economy stumbles further. In effect, stealing student loan funds is stealing the country’s future.

The corruption culture has now come under sharp focus again, this time through the jawdropping revelations from the Nigerian National Petroleum Company Limited (NNPCL). Since 2021, nearly $3 billion has been earmarked for “quick-fix” refurbishments of the country’s three state-owned refineries in Port Harcourt, Warri, and Kaduna. The promises were grand. Press conferences were held. Cameras rolled. But within weeks of their so-called resumption, the refineries ground to a halt. Warri shut down entirely within a month; Port Harcourt barely Continued on page 46

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