Tinubu Inaugurates $400m Nigeria’s First Indigenous Crude Export Terminal in Rivers
Says facility signals renewed hope in N’Delta, $5bn Energy Bank set to take off Komolafe discloses local players account for over 30% oil output 1m barrels of export operations already concluded, says GEIL chair
Emmanuel Addeh in Abuja President Bola Tinubu
yesterday commissioned the $400 million Green Energy International Limited (GEIL) crude oil export terminal in Otakikpo, Rivers State, the first by any Nigerian company, and
the only one built in the country in over 50 years. Speaking at the event, the
President said that the project represented a new chapter in Nigeria’s oil and gas industry Continued on page 9 and aligned directly with the
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Atiku, Senior Lawyers Push for Probe, Prosecution of Nnaji over Alleged Forgery
Lawyers’ body warns against sweeping case under the carpet CISLAC wants ex-minister banned from public office for life
(NBA), former Vice President Atiku Abubakar and senior lawyers yesterday urged the
federal government to launch a thorough investigation into allegations of certificates’ forgery against the erstwhile Minister of Innovation, Science and Technology, Uche Nnaji, insisting that
his resignation should not end
Continued on page 9
With Reform Momentum, It’s Time to Bring Gains to the People, Says W’Bank
Projects 139 million Nigerians living in poverty, 4.4% economic growth, up from 4.2% FTSE Russell places Nigeria on watch list for possible return to Frontier Market Index Presidency reassures Nigerians of inclusive growth, economic relief
L-R: Chairman, Zomay Group Limited, Chief Timi Alaibe; Celebrant / Executive Director, Century Group, Teikariye Etete and her husband, Ken Etete during Teikariye’s 50th Birthday Celebration at The Balmoral Convention Centre, Victoria Island, Lagos...yesterday PhoTo: KunLE oGunfuyI
Chuks okocha, Alex Enumah in Abuja, Wale igbintade in Lagos and Blessing ibunge in Port Harcourt The Nigerian Bar Association
NUPRC: Nigeria Attracted over
$4.9bn in
Gas Investments in Four Years Unlocks 9,790 billion standard cubic feet of reserves Nation’s gas stock to last about 92.7 years
Emmanuel Addeh in Abuja and Peter Uzoho in Lagos
The Nigerian Upstream Petro- leum Regulatory Commission (NUPRC) yesterday revealed that since the enactment of the Petroleum Industry Act (PIA), it has approved over 25 Non- Associated Gas (NAG) Field Development Plans (FDPs), attracting over $4.9 billion in capital expenditure (Capex) investment.
Besides, the upstream regu- lator stated that its activities unlocked nearly 9,790 billion standard cubic feet (BSCF) of reserves and 3.54 BSCF/D of gas output.
It stated that Nigeria’s ambi- tion to become Africa’s gas powerhouse received a major boost with the unveiling of a bold regulatory roadmap, aimed at unlocking over 55 trillion cubic feet (TCF) of uncommitted gas reserves and attracting billions of dollars in new investments into the country’s gas value chain.
A statement in Abuja by the Head, Media and Strategic Communication, NUPRC, Eniola Akinkuotu, stated that the Commission Chief Executive (CCE), Gbenga Komolafe, made these comments at the 3rd Gas Investment Forum held in RepresentedLagos.by the Executive Commissioner, Development and Production, Enorense Amadasu, Komolafe outlined the Commission’s strategic focus on driving gas development, monetisation, and infrastructure expansion to secure Nigeria’s energy future and support economic transformation.
Komolafe stated that Nigeria’s proven gas reserves currently stand at 210.54 trillion cubic feet (TCF) comprising 109.51 TCF of NAG and 101.03 TCF of Associated Gas (AG).
He said out of this, about 55 TCF representing 26 per cent of total gas reserves remains uncommitted to existing or planned monetisation projects, signalling a massive investment
opportunity for both domestic and international investors.
Komolafe noted that with an annual average daily gas production of 6.99 billion standard cubic feet (BSCF/D) in 2024, Nigeria’s Reserves Replacement Ratio (RRR) stands at 1.56, while the Reserves Life Index (RLI) is about 92.7 years an indication
LCCI:
of long-term sustainability for investors in the country’s gas sector.
The national gas reserves, he said, grew from 208.83 TCF in 2023 to 210.54 TCF in 2025, while gas production rose from 6.91 BSCF/D to 7.61 BSCF/D, reflecting steady growth across the value chain. The domestic market currently accounts for
about 28 per cent of total gas utilisation, while exports via LNG and WAGP take up 35 per cent, and field use including gas lift and reinjection represents 29 per cent.
On policy reforms and regulatory milestones, Ko- molafe enumerated several regulatory instruments that have shaped Nigeria’s gas
development journey, including the Associated Gas Re-injection Act (1979), National Gas Policy (2008), Flare Gas (Prevention of Waste and Pollution) Regula- tions (2018), Decade of Gas Initiative, and the landmark Petroleum Industry Act (PIA) 2021.
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Non-passage of NAIDP into Law Slowing Progress, Weakening Confidence in Nigeria’s Automobile Industry
The Lagos Chamber of Commerce and Industry (LCCI) has stated that the non-passage of the National Automotive Industry Development Plan (NAIDP) into law has slowed progress and weakened investor confidence in the Nigerian automobile manufacturing industry.
This statement was made
Amid High Cost of Funds, NEXIM Bank Seeks to Enhance SMEs’ Access to Cheap Financing Options, Others
James Emejo in Abuja Managing Director/Chief Executive, Nigerian Export- Import Bank (NEXIM), Mr. Abubakar Abba Bello, yester- day, said the bank was ready to provide more affordable financing options to Small and Medium Enterprises (SMEs) in the country.
Bello said one of the biggest challenges SMEs faced was the high cost of funds, as interest rates from commercial banks peaked at 30 per cent. He said this was
“too high for small businesses to sustain”.
Bello spoke at the Abuja edition of the SME Export Finance Sensitisation Forum (EXCEL Programme), jointly organised by NEXIM and GIZ Nigeria under the SEDIN programme.
He said alongside other Development Finance In- stitutions (DFIs), including Bank of Industry (BoI) and Development Bank of Nigeria (DBN), NEXIM had worked to reduce the cost of finance and provide refinancing
opportunities for MSMEs.
Bello said the aim was to help them become more competitive, sustainable, and capable of scaling their operations, adding that as a development finance institu- tion, “our role is to help them grow to the level where they can attract financing from multiple sources”.
Bello explained, “One of the major issues affecting MSMEs is access to finance.
Others include infrastructural deficits, regulatory challenges, and related constraints.
yesterday by the President of LCCI, Mr. Gabriel Idahosa, in his address during the chamber’s Automobile and Allied Services Group Symposium with the theme, “The Impact of Non-Passage of the NAIDP Policy into Law on the Automobile Industry,” which spoke directly to the challenges and opportunities shaping our nation’s industrial future.
Idahosa said without legal backing, the “automobile industry faces uncertainty, inconsistent implementation, and policy reversals that
Citi
discourage both local and foreign investors.
“The result has been reduced capital inflows, stalled assembly operations, and a continued reliance on imported vehicles that drain our foreign exchange reserves.”
He said the NAIDP was designed as a strategic blueprint to transform Nigeria’s automobile sector with clear objectives of promoting local manufacturing, attracting investment, creating jobs, encouraging technology transfer and gradually reducing Nigeria’s dependence
on imported vehicles and components.
He added: “At its core, NAIDP aims to build a sustainable automotive value chain that supports inclusive growth and competitiveness.
“Unfortunately, the nonpassage of this crucial policy into law has slowed progress and weakened investor confidence.
“Without legal backing, the industry faces uncertainty, inconsistent implementation, and policy reversals that discourage both local and foreign investors.
Increases Capital in Nigeria, Meets CBN’s N200bn Requirement
nume Ekeghe
Citibank Nigeria Limited (Citi) has announced that it has successfully met the Central Bank of Nigeria’s (CBN) new N200 billion minimum capital requirement for national commercial banks, underscoring its long-term commitment to Nigeria’s economic transformation
and financial stability. The move places Citi among the first international banks in Nigeria to fully comply with the CBN’s recapitalisation directive ahead of schedule. It also reinforces the institution’s strategic commitment to deepening its footprint in Africa’s largest economy through expanded financing
in key growth sectors. Speaking on the development, Managing Director and Chief Executive Officer of Citibank Nigeria Limited, Mrs. Nneka Enwereji, de- scribed the milestone as both an affirmation of confidence in the Nigerian economy and a demonstration of Citi’s enduring partnership with the country.
Dike Onwuamaeze
PUblic
L-R: Executive Director, Ernest Shonekan Centre (ESC), Dr Uchenna Ogbonna; Chairman, ESC, Mr. Kyari Bukar; Principal Partner, Etomi and Partners, Mr. George Etomi; Representing the Secretary to the Government of the Federation, Mr. Olusegun Adekunle; and President, Nigerian Bar Association (NBA), Mazi Afam Osigwe (SAN), during the ESC’s special session on Public Asset Management at the 31st Nigerian Economic Summit (NES 31) in Abuja… recently
Maiden edition of the eko health Convention 2025...
L-R: Permanent Secretary, Lagos Health District II, Dr. Dayo Lajide; Permanent Secretary, Lagos State Ministry of Health, Dr. Olusegun Ogboye; Commissioner for Health, Lagos State, Prof. Akin Abayomi; Deputy Governor of Lagos State, Dr. Obafemi Hamzat; the Special Adviser to the Governor on Health, Dr. (Mrs.) Kemi Ogunyemi; Permanent Secretary, Lagos Health District VI, Dr. Dapo Asiyanbi;and Permanent Secretary, Lagos Health District III, Dr. Monsurat Adeleke at the Maiden Edition of the Eko Health Convention 2025 held in Lekki, Lagos ...recently
NPA Sets 48-Month Deadline for $1bn Apapa, Calabar, Port Harcourt Ports’ Reconstruction
The Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said President Bola Tinubu has given the go-ahead for work to commence on the $1 billion total reconstruction of the Apapa, Tincan Island, Calaber, Warri and Port Harcourt ports, stressing that
the job would be delivered within 48 months.
Dantsoho stated this during a chat with newsmen on the sidelines of the ongoing World Ports Conference of the International Association of Ports and Harbours (IAPH) tagged, “Reinvention and Prosperity in Turbulent Times,” in Kobe, DantsohoJapansaid rehabilitation works are expected to commence
in the first quarter of 2026, fol- lowing extensive engineering, environmental, and design studies.
He said the ports reconstruc- tion was part of the federal government’s plan to modernise Nigeria’s seaport infrastructure, attract foreign investment, and reposition the maritime sector for competitiveness in the global logistics chain.
He stated that investors in the
maritime space are pushing to invest in Nigeria following Tinubu’s economic policies.
While applauding the Minister of Marine and Blue Economy, Adegboyega Oyetola for his drive and support, he said the government sees the maritime sector as a key driver of its $1 trillion economy ambition.
“Construction of this massive nature takes a lot of time to be able
$1tn Economy: BPE Positioned as Knowledge Hub for Investors Seeking Opportunities in Nigeria, Says DG
Director General of Bureau of Public Enterprises (BPE), Mr. Ayodeyi Gbeleyi, said the agency had positioned itself as a trusted knowledge hub for investors seeking opportuni- ties in a bid to transition the economy towards a $1 trillion Gross Domestic Product (GDP) as envisioned by President Bola Tinubu.
Gbeleyi spoke in Abuja on Wednesday at the BPE Servicom day symposium, with the theme, “Reforming
Responsibly through Effective ServiceAccordingDelivery.” to him, stakehold- ers and, indeed, all Nigerians, look up to the bureau to lead the economic reforms embedded in the Renewed Hope Agenda of the current administration.
To deliver on this responsi- bility, he explained that BPE had consistently engaged development partners, the National Assembly, Ministries, Departments and Agencies (MDAs), the media, as well as local and foreign investors in a bid to grow the country’s
economy towards $1 trillion GDP.
He said to meet the target, BPE had positioned itself as a trusted knowledge hub for investors desirous of investment opportunities in the country.
Gbeleye stated that the theme of this year’s symposium em- phasised the broader impact of service delivery, adding that it seeks to reinforce awareness of the pivotal role that customer service plays in the fulfilment of BPE’s mandate while also promoting the ease of doing business in the country.
NCDMB Recommits to Deepening Local Content
Blessing ibunge in Port Harcourt
Nigerian Content Development and Monitoring Board (NCDMB) has unveiled its compliance certificate system in Port Harcourt, the Rivers StateThecapital. board reaffirmed its commitment to deepening local content through certification, compliance and financial support.
NCDMB Executive Secre-
tary, Felix Ogbe, restated the commitment at a stakeholders sensitisation and engagement forum, organised in collaboration with Bank of Industry and the Nigerian Export-Import Bank, in Port Harcourt, yesterday.
Announcing the introduction of a new Nigerian Content Fund Clearance Certificate (NCFCC), at the event, Ogbe described the certificate as a verifiable and transparent instrument that served as
tangible proof of compliance by relating companies.
Represented by Director, Finance and Personnel Management, NCDMB, Mr. Osa Uchendu, Ogbe said, “Today’s sensitisation programme is an open conversation between us as stakeholders. It provides us an opportunity to listen, to present and address critical issues and present better clarity on the interventions and benefits of the Nigerian Content Intervention Fund.”
He highlighted some of the deliberate measures undertaken by BPE’s SERVICOM Unit, which was established on May 13, 2008 to ensure effective and efficient service delivery.
They included, among others, conduct of regular surveys to gauge customer satisfaction with services rendered by BPE, and continuous scrutiny and review of internal processes to identify and address areas requiring improvement.
to prepare. There are engineering studies, there are environmental studies, and there is design, among others.
“It’s like building a small house, it takes you three years, for example. So, if you are building a port, it’s not what we can do easily, but we are targeting a 48-month duration for reconstruction and we’re hoping that by the first quarter of next year, we commence the construction,” he stated.
Dantsoho, who is also the Vice President of IAPH, Africa, further stressed that the Nigerian economy was set for massive investment as a result of Tinubu’s economic reforms.
He said the NPA was collaborating with other port stakehold- ers, adding that collaboration was key to attracting investors in the ports sector.
He added, “What has hap- pened is the absence of concrete trust and relationship for so many years. So, from what investors are saying in this conference, it is clear that what we need is collaboration.
“But how do you collaborate
when there is no trust? How do you collaborate when there is no relationship? That is another area of interest to us that we must do our best to ensure that we have consolidated.
“We have to be able to be in the cycle of friends or partners that feel all of us are trusted in the same dynamics, in the same ecosystem.
“We also have a relationship because the port by itself is constructed to last 50 years minimum. If I’m investing in a port, I’m investing in a system that I believe will last 50 years, but that cannot happen if there is no relationship,” he said.
He added, “So, like I was say- ing to the MD of Singapore Port Authority, Nigeria has given the port community system contract to a Singaporean company. The company, a subsidiary of the Port Authority of Singapore will drive our national single window in Nigeria.
“They have the equipment, they have the finance to be able to come to us because this thing is very, very capital-intensive.”
NCC Moves to Improve Investments in Broadband Connectivity, Safeguard Telecoms Infrastructure
Nigerian Communications Commission (NCC) has stressed the need for improved investment in broadband connectivity, and safeguarding critical national infrastructure in the telecoms sector. Executive Vice Chairman of NCC, Dr. Aminu Maida, stated this during a business roundtable held yesterday at NCC Digital Economy Complex, Mbora, in Abuja, themed, “Right of Way and Protection of Broadband Infrastructure – The Road to
Success in Broadband Investment and Connectivity.”
Speaking on the importance of connectivity, Maida said, “When we talk about connectivity, our minds go to faster downloads or smoother video calls. But the scope and impact extend far beyond these. Connectivity today equals economic inclusion, productivity, and national resilience. As of August 2025, Nigeria had achieved a broadband penetration rate of roughly 48.81 per cent with over 140 million people hav-
ing internet access. The ICT/ telecom sector is already one of the leading contributors to Nigeria’s GDP.” According to him, for individuals and small businesses, broadband access turns local markets into national and global ones. He said it transformed opportunities for graduates from local to global digital earning possibilities; transforms a state economy from being dependent on traditional revenue streams to fostering an innovation-driven ecosystem.
emma okonji
ndubuisi francis in Abuja
CEO
sEssiOn hOstEd By stErling Bank at thE 31st nigErian ECOnOmiC summit...
Amid Debt Service Constraints,
FG to Seek Cheaper Borrowing
Introduces federal billing system to track revenues, others Edun: Government working to translate macroeconomic success into real impact on Nigerians
James Emejo in Abuja
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said the federal government planned to refinance an expensive debt portfolio as part of a broader strategy to reduce debt servicing costs, enhance fiscal sustainability, and create more room for productive investment.
Edun spoke in Abuja at the opening of the 55th Annual Accountants Conference, with the theme, “Building Resilience - Aligning Reforms for Nigeria’s Development.”
He explained that the move was necessary in the light of the sharp increase in debt servicing obligations in recent years.
That was as the federal govern- ment also planned to bring all government funds under CBN supervision for full transparency.
Edun said the new system aimed to track every payment and ensure all transactions remained visible, accountable, and traceable.
Speaking at the ICAN event, the minister said treasury bill rates surged from eight per cent in 2023 to nearly 24 per cent, while external debt service costs almost tripled from a budgeted N2.7 trillion to N6.7 trillion in 2024.
He said, “We are taking deliberate steps to refinance our expensive debt and bring down the cost of borrowing. This will
ease fiscal pressure, free resources for development spending, and strengthen our long-term fiscal position.
“Our growth strategy is centered on productive capital formation through increased private investment. We are targeting a 7 percent GDP growth rate by 2027/2028, which will help lift millions of Nigerians out of poverty.”
He stated that the refinancing plan aligns with the administra- tion’s medium-term growth agenda aimed at building a productive, private sector-driven economy anchored on openness, efficiency, and innovation.
The minister also highlighted the government’s drive to reposition Nigeria into an economy driven by competition and innovation, with the public sector
serving as an enabler rather than a dominant actor.
He revealed the administration is investing heavily in digital infrastructure to harness the potential of the country’s youthful population, 65 per cent of whom are under the age of 35.
Through Project Bridge, a $2 billion public-private partnership supported by the World Bank and the African Development
Bank, the government aimed to expand fibre optic coverage by 90,000 kilometres, building on the existing 35,000km network. The initiative seeks to achieve 70 percent nationwide internet penetration, connecting all local governments and wards, and promoting inclusion for women and youth.
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House Vows to Recover $9bn Lost Annually to Illegal Mining
Juliet akoje in Abuja
House of Representatives has launched an ad hoc committee focused on illegal mining, with a clear mission to recover the estimated $9 billion Nigeria lost each year due to unregulated miningChairmanoperations. of the committee, Hon. Sanni Abdulraheem, during the inauguration, called illegal mining a serious threat to national
income, a driver of crime, and a contributor to environmental damage.
According to Abdulraheem, Nigeria forfeits nearly $9 billion every year as a result of unlawful mining.
He added that the large-scale exploitation of the country’s natural resources meant to bolster the country’s economy had persisted for too long and must be stopped.
Minister: Gateway International Airport, One of the Best
James sowole in
Minister of Housing and Urban Development, Mr. Ahmed Musa Dangiwa, has commended the quality of facilities at the Gateway International Airport, describing the airport as one of the best in the country.
Fielding questions from newsmen after touching down at the airport on a Valuejet commercial flight from Abuja, the minister lauded Governor Dapo Abiodun for putting up such a gigantic project in
a short time.
He said: “Today, I just landed at the Gateway International Airport, and I understand this is a maiden flight. We landed very smoothly, and it was a very good drive; it was a smooth drive, and we landed safely.
“This terminal building is one of the best in this country; it was well constructed, it is functional, and it is well maintained.
“I can see that if the gov- ernment can maintain this
airport from today onwards, I think we will have one of the best edifices we could have in airport design.
“He (Gov. Abiodun) has tried; these are some of the dividends of democracy we need. Look at the time he came in and look at what he has now put in place.
“These are the kinds of things that we need for any state governor to do. We quite appreciate him, and we commend him for what he has done with this airport.”
He explained that the com- mittee’s mandate included preventing revenue loss, promoting transparency, and ensuring Nigeria’s mineral resources are used to foster national economic progress.Abdulraheem further stated that all income derived from Nigeria’s abundant natural resources must be directed toward enhancing the country’s economic wellbeing.
He stated, “One of our main goals is to seal the loopholes that allow for the loss of revenue through illegal mining and its related activities. These practices
rob our country and stifle the development of lawful mining ventures that could boost our Internally Generated Revenue (IGR).”
He said the committee will conduct detailed oversight to enhance revenue tracking systems, ensuring that profits from the mining industry are directed into government accounts instead of being lost through illegal operations.
He also highlighted the security and environmental issues linked to illegal mining, stating that such activities not only contribute to insecurity
but also pollute rivers, destroy forests, and displace vulnerable populations.
Stressing the urgency of con- fronting these challenges directly, Abdulraheem assured that the house would act decisively, reinforcing that the committee is grounded in the constitutional duty entrusted to it by Nigerians. He added, “We are determined to carry out our oversight responsibilities as provided in the Nigerian Constitution to uncover corruption, eliminate malpractice, and make sure our national assets benefit every citizen.”
Court to Rule on Admissibility of Digital Evidence in Emefiele’s Trial
Wale igbintade
Justice Rahman Oshodi of the Lagos State Special Offences Court in Ikeja will today deliver a ruling on the admissibility of key digital evidence in the ongoing fraud trial of a former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. Emefiele and his co-
defendant, Henry Omoile, are facing a 19-count charge of alleged fraud filed by the Economic and Financial Crimes Commission (EFCC).
The ruling follows intense arguments between the pros- ecution and defence over the authenticity and certification of documents extracted from a former Executive Assistant to the CBN Governor.
EFCC counsel, Rotimi Oyedepo, SAN, had earlier presented the testimony of operative Alvan Gurumnaan, who detailed a digital trail uncovered during the agency’sAccordinginvestigation. to Gurumnaan, the evidence includes WhatsApp chats between key individuals allegedly involved in the case.
BrEakfast
L–R: Mr. Olaniyi Yusuf, Chairman, Nigerian Economic Summit Group; Hon. Abubakar Kyari, CON, Minister of Agriculture and Food Security; Abubakar Suleiman, MD/CEO, Sterling Bank Ltd; and Olushola Obikanye, Group Head, Agric & Solid Mineral Finance, Sterling Bank Ltd, during the CEO Breakfast Session hosted by Sterling Bank at the 31st Nigerian Economic Summit (NES #31), held at Transcorp Hilton, Abuja, on Tuesday.
Abeokuta
History as NNPC, Sahara Group, Eroton Unveil First-wholly Nigerian FSO Oil Vessel in 50 Years
2.2 million barrels facility to boost country’s oil production
Peter Uzoho
In a record-making achievement, Nigerian National Petroleum Company Limited (NNPCL), Sahara Group, Eroton E&P, and Bilton Energy Ltd have inaugurated Nigeria’s first wholly-owned 2.2 millionbarrel capacity Floating Storage and Offloading (FSO) vessel, the first of such in the last 50 years of oil production in the country.Designed to drive sustained oil and gas production, energy reliability, security, and sustainability across Nigeria,
the vessel, according to the partners, is Nigeria’s first Crude Oil Terminal to be commissioned in 50 years.
The development was an- nounced in a statement issued yesterday by Chief Corporate Communications Officer of Sahara Group Limited, Mr. Bethel Obioma.
Christened Cawthorne, the FSO Terminal was described as a world-class facility designed to enhance crude evacuation from Nigeria’s oil mining lease (OML) 18 and nearby assets.
The OML 18 partners include NNPCL, Eroton
r eform m ome
The World Bank has again acknowledged important steps taken by Nigeria towards stabilising its economy through recent policy reforms, but underscored the need to ensure the gains trickle down to better living standards for its citizens.
According to the latest Nigeria Development Update (NDU), titled “From Policy to People: Bringing the Reform Gains Home,” which was released in Abuja, yesterday, Nigeria has recorded progress in economic growth, domestic
the matter.
Maintaining that resignation was not an atonement for forgery before the law, they warned that failure to pursue the case could erode public and international trust in government and embolden others to commit similar offences.
Leading the call for the investigation and possible prosecution, President of NBA, Afam Osigwe (SAN) described the allegations as “grave” and urged law enforcement agencies to act without delay.
“Before you talk about prosecuting Mr. Geoffrey Nnaji over the allegation of forging the certificate, there should first be an investigation carried out by the requisite law enforcement agency — in this case, maybe the police. And if that investigation confirms the allegation against him, then he should be prosecuted. But the matter should not just be swept under the carpet like that,” Osigwe said.
He stressed the importance of a transparent process, saying they raised grave allegations against him that he presented forged certificates to make the president believe that he is a person who has a university degree and is qualified to be given such an employment.
“This should be investigated to find out if indeed he pre-
revenue mobilisation, monetary policy, and external balances. However, it pointed to persistent challenges such as high food inflation, widespread poverty, and structural barriers that constrain inclusive growth.
The NDU stated that Nigeria’s economy expanded by 3.9 per cent year-on-year in the first half of 2025, up from 3.5 per cent in the same period of 2024.
The World Bank report came just as global index compiler, FTSE Russell, placed Nigeria on its Watch List for a potential reclassification from Unclassified to Frontier Market status, signalling renewed investor confidence in the country’s
sented forged certificates to the President, and to the National Assembly to procure his clear- ance as a minister of the Federal Republic of Nigeria,” he stated. Osigwe maintained that resignation does not absolve anyone of potential criminal liability.
“If the allegations are es- tablished — and indeed the allegation is very weighty, very strong, and should not just be trifled with — then he should be prosecuted. This will also serve as an example to persons who may want to hold public office and who think they can pull the wool over the face of Nigerians by obtaining such positions with forged credentials.
The investigation should be transparent, and the findings of the investigation should be made public,” he said.
The NBA President also dismissed suggestions that the federal government should be praised for accepting Nnaji’s resignation.
“The allegations were weighty, and it’s even unfortunate that the minister took so long to resign or to offer a credible explanation. When a minister resigns, you don’t need to praise the government for accepting it. What is important is that his resignation gives more room for proper attention to be placed on the allegation so that he will
E&P, OML Eighteen Energy Resource Ltd. (a Sahara Group Company) and Bilton Ltd.
The statement quoted Executive Vice President (Upstream), NNPC, Udobong Ntia, who represented NNPC Group Chief Executive Officer (GCEO), Bayo Ojulari, at the commissioning, to have said the achievement “is another bold achievement from the partnership between NNPC and its JV Partners that will guarantee seamless operations and bolster the strategic targets set by the President Asiwaju Bola Ahmed Tinubu towards
improving foreign exchange conditions and capital repatriation environment.
The World Bank report added that Nigeria’s economic growth was driven by strong performance in services and non-oil industries, alongside improvements in oil production and agriculture, stressing that the country’s external position has also strengthened, with foreign reserves exceeding $42 billion and the current account surplus rising to 6.1% of GDP, supported by higher non-oil exports and lower oil imports.
According to the NDU, on the fiscal side, despite lower oil prices, federal deficit is projected at 2.6 per cent of GDP in 2025,
be thoroughly investigated,” he added.
In the same vein, Atiku berated the Bola Tinubu-led federal government for allegedly deploying corruption and forgery as state policy. He also called for investigations into the alleged forgery of the certificates of the Minister of Innovation, Science and Technology, Nnaji who resigned on Tuesday over allegations of forging his certificates.
The former Vice President
core priorities of his administration to ramp up crude oil production by enabling a secure, transparent, and efficient evacuation system.
Tinubu stated that the Otakikpo terminal will not only serve GEIL’s production, but will also open an efficient evacuation outlet for marginal and stranded fields across the Niger Delta region, unlocking billions of barrels of reserves and creating value for the economy.Represented by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Tinubu stressed that the project was also a shining example of his government’s expectation of current licensees. He noted that having provided what he described as ‘global
ensuring optimised upstream production in Nigeria.”
Strategically stationed offshore Bonny, the statement explained that the double-hull FSO vessel with a storage capacity of 2.2 million barrels, represented a bold step for- ward in strengthening Nigeria’s crude export infrastructure and operational resilience.
The partners said the facility would receive, store, and offload crude oil to export tankers, providing a dependable solution to the logistical and infrastructural constraints that have long limited Nigeria’s
broadly unchanged from 2024, while public debt is expected to decline for the first time in over a decade—from 42.9 to 39.8 per cent of GDP.
However, the report cautioned that these macroeconomic gains were yet to translate into tangible improvements in people’s lives. Many households, it pointed out, continue to face hardship, with poverty and food insecurity remaining high, adding that food inflation remains a major concern as poor households who spend up to 70 per cent of their income on food—have seen the cost of a basic food basket rise five-fold between 2019 and 2024.
questioned why the former governor of Kaduna State, Mallam El Rufai would be disqualified by the DSS for security reasons and Nnaji who forged his academic certificates would pass the scrutiny of the DSS.
Atiku in a statement he personally signed, noted that the development has once again brought to light the deep moral crisis at the heart of the Tinubu
Continued on page 38
competitive fiscals and incentives’, his expectation and hopes were that they will put fields to work to meet set obligations.
On the Ogoni and federal government peace resolution, he stressed that only recently, the government, working with the people of the area and other stakeholders in Rivers State, reached a deal to pave the way for the resumption of oil exploration activities in Ogoni land.
Describing it as a significant breakthrough, Tinubu stated that it reflects Nigeria’s collective commitment to dialogue, mutual respect, and sustainable development, explaining that the Otakikpo terminal is therefore not just an infrastructure project, but a signal of renewed confidence in Rivers State and
crude evacuation capacity.
Cutting the tape to signal the official commissioning, NNPC Chief Upstream Investment Officer, Seyi Omotola, said the vessel represented a “renewed hope” for Nigeria’s upstream sector, adding that it also reaffirms the growing capacity of the nation to make its energy sector globally competitive.
Executive Commissioner, Development & Production, NUPRC, Enorense Amadasu, who represented Chief Executive of NUPRC, Gbenga Komolafe, said, “This is a commendable achievement
The NDU noted that while current reforms are addressing long-standing policy distortions, sustained progress in livelihoods will depend on continued ef- forts to reduce inflation, foster inclusive growth, strengthen public services, and expand support for the most vulnerable.
“The Nigerian government has taken bold steps to stabilize the economy, and these efforts are beginning to yield results,” said Mathew Verghis, World Bank Country Director for Nigeria. “But macroeconomic stability alone is not enough. The true measure of success will be how these reforms improve the daily lives of Nigerians—especially the poor and vulnerable.”
The NDU listed three urgent priorities for Nigeria to embrace.
These include tackling food inflation by removing trade barriers such as import bans and excessive duties, while addressing structural bottlenecks in seeds, input supply, security, logistics, and infrastructure (including transport, power, storage, and cold chains).
The priorities also include improving the efficiency of public spending through greater fiscal transparency, stronger discipline in Federation
the Niger Delta.
“Today’s commissioning is more than just opening of a terminal, it is a testament of Nigeria’s resilience and commitment, a new era of indigenous participation, and progress in our oil and gas sector,” he added.
Speaking on financing challenges in the oil and gas sector, the President stated that that era will soon be over, assuring that the $5 billion African Energy Bank (AEB) was about to commence operations and will ease the difficulty in getting funding.
“Let me also assure Green Energy that the era of perhaps looking elsewhere for finance will soon be over. We have discovered that the biggest challenge we have in Africa
Bayo Ojulari
that aligns with the vision of the NUPRC towards accelerating production in the nation, reliably, seamlessly, and sustainably.”
Account (FAAC) deductions, and a national pact to align fiscal policy with development objectives, especially human capital investments.
It also alluded to expanding and institutionalising social protection, including regular, domestically financed cash transfers for the ultra-poor and a shock-responsive safety net system to help households manage crises.
Presenting the report, World Bank’s Senior Economist for Nigeria, Samer Matta argued that while the economic outlook remained cautiously optimistic, with growth projected to rise from 4.2 per cent in 2025 to 4.4 per cent in 2027, inflation would continue to pose a major challenge.
“Food inflation remains the biggest tax on the poor,” Matta said, underscoring the need for continued monetary discipline and sustained structural reforms to ensure the benefits of economic recovery reach ordinary Nigerians.
On his part, the World Bank Country Director for Nigeria, Mathew Verghis commended the Nigerian government for implementing bold policy reforms which have begun
Continued on page 37
is access to finance. And that was why we’ve come up with the African Energy Bank, which is ready to go.
“Nigeria as the host country has met its obligations. We have met all our obligations, whether legal or financial. We have met all our obligations. We are waiting for the bank to take off, which I think will take off any moment from now,” Tinubu stated.
According to the President, another big issue in the oil sector is evacuation of crude oil, noting that the new 750,000 barrels facility expandable to 3 million barrels, will help ameliorate such existing problems. He also cautioned against holding on to oil licences
Continued on page 36
Deji Elumoye, Ndubuisi Francis in Abuja, Nume Ekeghe and Kayode Tokede in Lagos
Acting Group Politics Editor DEJI ELUMOYE
Email: deji.elumoye@thisdaylive.com
08033025611 sms only
Ayeni: No Formidable Opposition to Unseat Oyebanji in Ekiti
a chieftain of the all Progressives Congress in Ekiti state, Yemi ayeni, in this interview says the state governor, Biodun Oyebanji has no formidable opponent to beat him in the 2026 gubernatorial poll. He said the governor is only contesting to fulfil constitutional requirements. Adedayo Akinwale brings excerpts:
How do you rate Governor Abiodun Oyebanji’s performance in the last three years?
It’s actually three years now, and I try as much as possible to be modest in terms of Oyebanji’s achievement. And to be candid with you, all the previous governors have tried their best. They’ve contributed their quota to the development of Ekiti state. But Governor Oyebanji has taken the monumental development a step forward, that has never happened in the history of Ekiti state, and this has been impressive, and that is what is attracting most of us to him, and I must tell you personally, I give him kudos on this.
The APC has scheduled the primary election for October 27, considering the crisis within the party in the state, what are his chances?
I don’t think there is any crisis in the APC. I’m a member of APC and I’m a stakeholder. There is no crisis. You know, when the election is coming, you have different interests. That is what is happening in APC, and I don’t think it is significant with the number of people behind Biodun Oyebanji. I can say that Biodun Oyebanji is the only aspirant for now, others are social media aspirants.
What mode of primary would you prefer the party adopts for the conduct of the primary election in Ekiti state?
When you are on ground, you are on ground. I don’t think of any option if they want to do primary Option A4, which is direct primary or indirect primary by using delegates, we are far ahead of anybody coming out to contest with Oyebanji.
I don’t see anybody contesting with him. Go to all the wards, look at all the leaders, look at all the stakeholders, look at all the party members, they are behind him. I can bet it with
you, there is nobody contesting with Oyebanji that can win a ward.
But most of his opponents have been saying the people of Ekiti are yearning for change because the governor has not delivered on his campaign promises.
Who are the people of Ekiti? Are we not the people of Ekiti? The only person that I can see that have been contesting serially is a man, and it’s not the time for him, because all the party
members have accepted Oyebanji. It is only to satisfy the constitutional requirement, that is why Oyebanji is going for the the primary. If not, because of constitutional requirements, we will be dancing and singing out that hallelujah Oyebanji has won. I can tell you boldly that Biodun Oyebanji will score about 99 per cent.
There are speculations that the governor and his predecessor, Dr. Kayode Fayemi are at loggerheads, and considering the fact that the election that brought him in was due to the alignment between Fayemi
and former Governor Ayo Fayose, don’t you think the disagreement between them now will scuttle his chances?
It is propaganda. What we read in the newspaper is different for what is happening. I don’t think there is any problem. We had stakeholders’ meeting three weeks ago and Fayemi was there. He’s still a member of APC, former Governor Niyi Adedayo is a member of APC. It’s only Fayose that is not a member of APC, but as a former governor of Ekiti state, he is a statesman, and he’s still supporting Governor Oyebanji. If you look at all the leaders, irrespective of their political affiliation and background, they are all behind the governor. How do you want such a person to lose the election when everybody is behind him?
With the coming on board of ADC as a coalition party, as a member of the APC, what are your fears concerning the Ekiti state governorship election?
I will only advise them (ADC) to get themselves together first before contesting. I don’t see them as a threat. You can mark my word, the election is like a walkover. APC will beat anybody that comes out from any party. The margin will be so wide, note my word. ADC is not a party that is serious. Look at the structure, look at the hegemony, look at the hierarchy, look at their leaders, they are not serious at all. We are all political beings, we know how things are being done. Are they ready? Even, look at the leadership of ADC, there is a problem there. Some are claiming to be the leaders of the party, some are saying no, and they are in and out of court every day. And you think those people are ready to snatch the governance from us? It’s not possible.
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Radda: From Classroom to Katsina Govt House
Ibrahim Kaula mohammed writes about the pedigree of Governor Dikko Radda of Katsina state who rose from being a classroom teacher to becoming governor and the recent golden award of excellence for education and teacher friendliness bestowed on him by the Nigeria Union of Teachers.
Great leaders are remembered not only for policies but for their understanding of the people they serve. For Malam Dikko Umaru Radda, Governor of Katsina State, this understanding comes from years spent in the classroom as a teacher and proud member of the Nigeria Union of Teachers (NUT).
On World Teachers’ Day 2025, at Eagle Square in Abuja, the National Leadership of the Nigeria Union of Teachers, NUT conferred on Governor Radda the prestigious Golden Award of Excellence for Education and Teacher Friendliness, recognizing his lifelong commitment to teachers and education reform.
Governor Radda’s journey began in classrooms, guiding students, managing lessons, and navigating the challenges teachers face daily from overcrowded classrooms to limited resources. This firsthand experience has shaped every major reform his administration has undertaken, ensuring that teachers are at the center of education policy in Katsina State.
Since assuming office, Governor Radda has transformed the state’s education sector. Over 7,000 teachers have been recruited for basic and secondary schools, filling critical manpower gaps, while an additional 2,000 teachers were deployed to strengthen staffing in both urban and rural communities, ensuring that no child is left behind.
Through the Adolescent Girls Initiative for Learning and Empowerment (AGILE) Project, 2,230 qualified teachers were deployed to newly established schools to ensure they opened with capable staff.
Training has been a key focus: more than
18,000 teachers have received instruction in modern pedagogy, classroom management, and digital literacy. Specialized programs reached 5,400 teachers in inclusive and gender-sensitive teaching, 460 teachers in digital and remote learning, and 1,200 teachers in adolescent girls’ protection and health safety creating safe, supportive, and empowering learning environments. Leadership and management skills have also been emphasized. A total of 250 teachers and 50 principals were trained in English proficiency and school administration, while 100 teach-
ers from Katsina’s 34 LGAs participated in a Master Trainer Programme on digital teaching, equipping them to mentor colleagues statewide.
For subject-specific excellence, the Mathematics Improvement Project (MIP) organized workshops to strengthen the teaching of mathematics. Competency tests for principals and vice principals, along with the revitalized Teacher Information Management System (TMIS), have strengthened accountability, teacher tracking, and effective deployment.
To ensure accurate planning and evaluation, the Annual School Census 2025 was flagged off, with EMIS officers fully trained, and 54 tablets were provided to quality assurance officers to
support school monitoring and assessment. Infrastructure has also been a critical part of this transformation. More than 200 classrooms have been renovated or newly constructed, prioritizing rural and underserved communities. A total of 150 schools were rehabilitated, while three modern model schools are under construction in Musawa (Jikamshi), Daura (Dumurkul), and Charanci (Radda town is about to be completed). Over N1.2 billion worth of classroom furniture, including 955 teacher desks, has been distributed. Science laboratories and ICT centres have been upgraded, and 20,000 tablets were deployed to promote digital learning.
Governor Radda has expanded access to quality education through strategic initiatives. He commissioned a school renovated by the Oando Foundation, inaugurated 75 secondary schools under the World Bank AGILE initiative, and provided N30 million worth of Home Economics materials and sports equipment to 24 secondary schools. Scholarships and enrollment drives have benefited over 15,000 girls, while schools for children with disabilities were rehabilitated and equipped with modern learning aids. The School Feeding Programme now reaches over 200,000 pupils daily, improving nutrition, attendance, and learning outcomes.
-Mohammed, Chief Press Secretary to Katsina Governor, writes from Katsina.
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Radda
Ayeni
A Bold Step into the Future: Olubunmi Fayokun and the Evolution of Nigeria’s Legal Profession
Aderibigbe Benedicta
In a profession steeped in tradition, the appointment of Olubunmi Fayokun as Chairman of Aluko & Oyebode and Head of its Corporate & Commercial Practice marks a bold step into the future.
Elevating her to this role is more than the placement of a capable leader at the helm, it is an acknowledgement of the power of persistence, precision, and long-term vision.
Fayokun is a strategic force who has spent decades working at the intersection of law and finance, leading firms and shaping Nigeria’s legal and economic landscape.
Since its founding in 1993, Aluko & Oyebode has been instrumental in shaping the legal frameworks of modern Nigeria. From its role in privatisation efforts, to banking sector reforms, and the structuring of power, oil, and infrastructure projects, the firm has been at the centre of transactions that underpin the Nigerian economy.
With a client base that includes multinationals, investors, and regulators, Aluko & Oyebode has earned credibility that extends far beyond Nigeria’s borders.
This leadership transition reflects a culture of succession that is deliberately embedded in the firm’s identity. Fayokun’s appointment is both proof and product of that strategy.
Over the past three decades, Fayokun’s influence on Nigeria’s legal and economic architecture has been substantial. She has led major transactions in banking, aviation, and power infrastructure, represented multinational clients in oil, mining, and agriculture, and served as company secretary and legal adviser of one of Nigeria’s leading investment banking firms.
Her imprint is clearly visible on Nigeria’s capital markets, where she has played a pivotal role in refining their structures.
Her career demonstrates that lawyers can
and should be more than facilitators of deals. They must be guardians of the rules that hold the economy together. As Chair of the Capital Market Committee of the Nigerian Bar Association’s Section on Business Law, she worked with the SEC to reform and expand Nigeria’s stock market. That work may lack glamour, but without such frameworks, markets collapse.
It is no coincidence that her work has earned international recognition. Citations in Chambers Global, IFLR1000, Legal 500 and Who’s Who Legal (Lexology Index) are not just accolades; they are evidence that Nigerian professionals can meet the highest global standards. Her induction into the IFLR1000 Women Dealmakers Hall of Fame further affirmsher consistency in a market where inconsistency too often prevails.
As a woman leading one of Nigeria’s largest law firms where men dominate at senior levels, Fayokun’s appointment is not just a personal achievement but challenges entrenched norms within the profession. Aluko & Oyebode’s decision to elevate her underscores its pioneering spirit: not only in the practice of law, but in promoting from within and empowering the most competent—regardless of gender—to lead.
It is a reminder that excellence is not determined by gender, and that the barriers women face in Nigerian law must neither be normalised nor accepted. Her career also carries lessons for the wider legal profession. Too many Nigerian law firms are personality-driven, built around the founding partners. When those figures fade, the firms often fade with them, leaving fragility
where resilience should be.
In contrast, Aluko & Oyebode’s institutional approach—prioritising continuity and succession—has preserved its credibility with clients at home and abroadthrough the adoption of a legal culture rooted in persistence and long-term vision.
Fayokun also represents a different kind of leadership.
Her approach is unostentatious, steady, and consistent. Paradoxically, this approach has made her, and Aluko & Oyebode, stronger. Of course, no leader is immune to market realities. Law firms are businesses, subject to competition, macroeconomicvariables, and global pressures. Leadership is never uncomplicated. That is what makes Fayokun’s appointment so significant: she takes charge of a firm with deep roots in Nigeria’s legal landscape, and her objective will be not only to preserve its standing but to extend it in an increasingly competitive global environment. Her experience makes her uniquely suited for this role. Having led the firm’s Capital Markets and M&A practices, and having worked closely with the SEC, she understands both the technical demands of complex transactions and the policy frameworks that shape them.
In her new role, she has the opportunity to unite these perspectives, pushing the firm into new terrains while helping to shape the broader economic frameworks that Nigeria will rely on in the years to come.
Her appointment is a reminder that continuity is what sustains institutions. Fayokun’s task is not simply to preserve the firm’s standing, but to elevate it. In doing so, she offers a model not only for the legal profession but for leaders in general: progress is best achieved through steady, enduring and effective authority.
•Aderibigbe Benedicta wrote in from Lagos
CIoD Women Advance Collaboration and Leadership through Strategic Networking Engagement
Uzoma Mba
It was an evening of elegance, inspiration, and meaningful connections on Thursday, September 18, 2025, as the Lagos office of the Chartered Institute of Directors (CIoD) came alive with the vibrant presence of distinguished women leaders.
The atmosphere was charged with enthusiasm as beautiful, hardworking, impactful, and goal-driven women gathered for the inaugural networking event of the Women’s Sectoral Group of the Institute, themed “Faces, Names and Connections.”
The convener and Chairman of the Women’s Group, Mrs. Ronke Sokefun, set the tone for the evening in her welcome address. She captured the essence of the event with the words, “A face without a name is a missed connection, and a name without a face is just a business card.”
According to her, the networking event was designed “for women of influence, ambition, and purpose within the Institute to put faces to names and build connections that go beyond handshakes, connections that spark conversations, unlock opportunities, and forge bonds that can blossom into boardrooms.”
Mrs. Sokefun, who was inaugurated
as interim chairman of the Women’s Group in June 2025, also unveiled the calendar of upcoming programmes.
These include ‘Boardroom Diaries’, which will debut in October and provide a platform for women to share their day-to-day experiences, especially on gender imbalance in
leadership spaces. Another initiative, the ‘Meet and Greet’ programme, will become an annual tradition where new members are introduced to existing ones and membership is reviewed.
Other highlights on the agenda are the ‘Fireside Chats’, where women in leadership will share insights into their career journeys, and a Women’s Conference in Q1 2026, expected to feature keynote speakers who have distinguished themselves across various industries.
One of the evening’s special guests, Mrs. Benedikter Molokwu, the second female president and the eighth overall president of the Chartered Institute of Directors (2003–2005), described the event as both symbolic and impactful. Speaking as a Fellow and past president of the Institute, she reflected on the growing influence of women within the CIoD.
“The impact of women in the Institute cannot be denied,” she said. “This is evident in the successful and impactful programmes for women and the Institute in general, with all six past female presidents contributing immensely.”
Mrs. Molokwu emphasised that women bring invaluable intellectual capacity and managerial balance to any setting.
“Women are great managers of finance, usually striving to be fair and balanced in politics while resolving issues,” she
noted. She further encouraged women to “continue to make impacts wherever they find themselves, using their capacity to build something that helps other women.” She also commended Mrs. Sokefun for the initiative, saying the event truly embodied its theme. “This gathering reflects what it stands for, like minds coming together, mentees meeting mentors, and women finding relaxation and renewal,” she added.
The Director General of the Institute, Dr. Taiwo Nolas-Alaisa, also shared his perspective on the significance of the event. In his words, “This event is important for women in different careers to network and strategise with each other in ways that help one another, while at the same time relax in a cosy evening.”
He described it as “a melting pot that brings a lot of people together and enhances the Institute because this is the real reason people join to become directors, to network for influence in their business or professional life.”
Dr. Taiwo reaffirmed the Institute’s unwavering support for the Women’s Sectoral Group and its initiatives.
Vice-Chair of the Women’s Group, Mrs. Janet Adetu, also echoed the purpose of the gathering, emphasising the importance of building meaningful professional relationships among members.
Olubunmi Fayokun
Mrs. Sokefun
With 171.566
Leads in Market Share, Despite
Emma Okonji
Given the current telecoms subscribers’ figure of 171,566,422, with a teledensity of 79.14 per cent as at August 2025, industry statistics have shown that more subscribers across all networks are on 4G technology, despite the rollout of 5G technology since September 2022.
The industry statistics released recently by the Nigerian Communications Commission (NCC), the telecoms industry regulator, which THISDAY obtained
Raheem Akingbolu in Lagos, James Sowole in Abeokuta, Hammed Shittu in Ilorin, Adibe Emenyonu in Benin City , and Fidelis David in Akure
As Liquefied Petroleum Gas (LPG) scarcity bites harder across Nigeria, consumers are struggling and paying through their noses to get the now scarce commodity.
In the last few days, the price of LPG, otherwise known as cooking gas, has suddenly moved up across Lagos and other parts of the country, compelling households and business owners to seek alternatives and design new
from NCC’s official website, showed that the fourth generation technology (4G) still leads other generation technologies like the 2G, 3G and 5G technologies, in terms of penetration and percentage market share as at August 2025.
MTN Nigeria Communications had on September 19, 2022, precisely three years ago, launched its commercial 5G in Lagos, with a promise to carry out 5G commercial launch in six other cities, which include: Abuja, Port Harcourt, Ibadan, Kano,
consumption patterns to meet their budgets.
Checks by THISDAY correspondents in six states revealed harrowing experiences of innocent citizens. The correspondents also gathered that most of the major gas stations closed their plants temporarily, which triggeredprice increase in the few stations that were in operation.
The price of LPG has surged sharply across Lagos and other parts of the country, forcing households and small businesses to adjust their budgets and consumption patterns.
Owerri, and Maiduguri.
During the launch, MTN’s Chief Executive Officer, Mr. Karl Toriola, said the Lagos 5G commercial launch was in fulfillment of MTN’s earlier promise to begin 5G commercial launch in cities, within one month of 5G rollout. He explained that the advanced 5G technology would extend the reach and capacity of MTN Nigeria’s data network in Nigeria and enable much faster speeds and lower latency, giving customers near-instant access to the things they care about
The abnormal situation, which was believed to have been caused by the industrial action embarked upon by members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) against Dangote Refinery, also resulted in long queues at gas stations in various states.
According to THISDAY findings in Lagos, the retail price of the product has risen from about N1,000 per kilogram to between N1,500 and N2000, in the last few days, depending on location. However, it dropped to N1,350 at a few major stations on Wednesday morning but
and the downloads that take seconds, instead of minutes.
Subsequently, Airtel Nigeria, on June 20, 2023 rolled out its fifth-generation (5G) network in four states in Nigeria, with plans to cover the entire country by the end of that year. The states included Lagos, Ogun, Rivers, and the Federal Capital Territory (FCT), Abuja.
Speaking during the 5G launch in Lagos, the then Chief Executive Officer, Airtel Nigeria, Carl Cruz, said: “The 5G revolution opens a new vista of opportunities and it
with long queues.
A caterer who runs Dream Line Catering Service (DLS), Mrs. Ayoh Faith spoke to our correspondent at Mobil Petrol Station, Abule Egba on how the situation had affected her business and cost of production.
She said, “The last 72 hours has been extremely tough for me as a small business owner because I use at least 12.5 Kg of cooking gas every day. On Monday and Tuesday, the major gas stations didn’t operate and we resorted to retailers who sold to us at N2000. However, despite buying at high price, we couldn’t adjust our own price and so we bear the brunt.”
is a quantum leap from the existing 4G network. With 4G, video playback and video calls are smooth but with 5G, end-to-end video creation with the support of Artificial Intelligence (AI) is possible. 5G is a completely new experience that supercharges cloud computing, telemedicine, self-driving cars, cloud gaming, Augmented Reality (AR), Virtual Reality (VR), and Internet of Things (IoT). With 5G, we can only be limited by the limits of our imagination.”
She said.
A teacher in Ikorodu axis of Lagos, Eniola Koforola also stated that she bought 3kg at N6000, translating to N2000 per kg.
“For us in Ikorodu, it’s been a nightmare for the past two weeks. Gas stations are overcrowded, endless queues with inflated prices from 1,500 to 1,700 per kg. Retailers took advantage of the situation and started selling at 2,000 per kg. I was left with no choice than to cave in for that of 2,000 per kg in Igbogbo area of Ikorodu on Sunday to avoid the stress of standing under the scorching sun at the major gas station.
Given the widespread hype of 5G in 2022 by MTN and in 2023 by Airtel, one would have imagined that 5G would be leading other generation technologies by now, but the current NCC statistics puts 5G penetration at a mere 3.27 per cent, while 3G has 7.13 percentage market share, and 2G has 38.38 percentage market share, with 4G having the highest percentage market share of 51.22 per cent as at August 2025.
My colleagues are facing similar challenge, with some adjusting to usage of charcoal or infrared cookers.”
In Abeokuta, Ogun State capital, the price of cooking gas was sold for N1,400 on Tuesday, though came down to N1,300 per kilogramme at a few gas staions by Wednesday morning. In Edo State, there has been slight increase in cooking gas. Before the ongoing faceoff between the organised labour in the oil industry and Dangote, a kilogramme of gas cylinder goes for between N1,200 - N1,
FINTECH WEEK 2025…
L-R: Vice President, FintechNGR, Dr. Jameelah Sharrieff-Ayedun; Group Executive, First Bank of Nigeria, Callistus Obetta; and President, Fintech Association of Nigeria (FintechNGR), Dr. Stanley Jacob; during the opening ceremony of the Nigeria Fintech Week 2025 in Lagos…recently
Cardoso: Fintech Innovation, Collaboration Will Orchestrate Nigeria’s Digital Financial Future
Stories by Emma Okonji
The Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has stressed the need for Fintech innovation, collaboration and trust that will shape Nigeria’s digital financial future, while insisting on regulatory compliance among Fintech players. Cardoso said this during his keynote address at the opening ceremony of the ongoing Nigeria Fintech Week 2025 in Lagos, themed: ‘The Fintech Ecosystem Symphony: Orchestrating Nigeria’s
Digital Future’, organised by Fintech Association of Nigeria (FintechNGR).
CBN Governor, who was represented by the Director, Payments System Supervision at CBN, Dr. Rakiya Opemi Yusuf, explained that the Nigerian Fintech ecosystem
would require harmony between innovators and regulators, between inclusion and security, and between competition and collaboration, adding that only through such balance can Nigeria orchestrate a future that advances innovation, strengthens
Akwa Ibom, T2 Set to Ignite Digital Transformation Drive
Akwa Ibom State and T2 have partnered to accelerate digital technology growth and innovation across the state.
Governor Umo Eno of Akwa Ibom State disclosed this during the opening ceremony of the Ibom Ignite Conference 2025 in Uyo, a youth-focused leadership and entrepreneurship gathering designed to equip participants with tools, networks, and insights to transform ideas into impact.
The governor’s declaration came in response to a keynote delivered by T2
CEO, Obafemi Banigbe, who painted a bold vision of Akwa Ibom as Nigeria’s next digital innovation hub.
“I believe this state has the capacity to lead in building software solutions, Artificial Intelligence (AI) applications, and vibrant startup ecosystems. Akwa Ibom is not just poised to birth the next big thing like Flutterwave or Paystack – it has the potential to emerge as a genuine digital goldmine for this region,” Banigbe said.
The T2 boss stressed that unlocking this future would depend on investment in
people and skills. “The future is not built on oil. It is built on education, on human capital, and on digital skills. If we fail to develop the next generation, we risk wasting the immense talent of our youth,” he noted, while calling on government, industries, and communities to prioritise human capital development.
Banigbe spoke with heartfelt sincerity, expressing appreciation to Akwa Ibom residents for their patience and support for the telecoms brand throughout its challenges, while assuring
them that the company was on a path of rebound.
“We are back in business. We’ve gone through transitions and are re-emerging as more than a telecoms operator. T2 is repositioning as a digital business and lifestyle partner, youth-friendly, tech-friendly, startup-friendly, and committed to enabling innovation and the creative economy. We are ready to work hand-in-hand with His Excellency and the government to turn Akwa Ibom into the South-South’s digital powerhouse,” he affirmed.
Sophos Launches Advisory Services to Deliver Cybersecurity Resilience
Sophos, a global leader of innovative security solutions for defeating cyberattacks, has announced the launch of Sophos Advisory Services, a suite of security testing services designed to identify gaps in organisations’ security programmes.
The offerings: External Penetration Testing, Internal Penetration Testing, Wireless Network Penetration Testing, and Web Application Security Assessment, help fortify an organisation’s defenses against cyberattacks and optimise their current security investments.
Regardless of an organisation’s size or security maturity, assessing cybersecurity posture is critical to staying ahead of threat actors, demonstrating regulatory compliance, and building trust with customers, partners, and stakeholders.
The Sophos State
of Ransomware 2025 report highlights that the number one root cause for ransomware attacks is exploited vulnerabilities, and 65% of organizations reported a known or unknown security gap as a reason for being exposed to a ransomware attack.
Sony Supports Nigerians’ Entertainment Lifestyle Drive with Sound Series
In a move to offer Nigerians a revolutionary option in home and outdoor entertainment, Sony has officially unveiled its latest ULT Power Sound series in Lagos, Nigeria. According to the company, the new Power Sound series builds on
Sony’s 2024 debut of the ULT Power Sound series in Nigeria, which broadened its high-power portable audio footprint. Sony is bringing that same immersive sound into compact, lifestyleready designs with the new party speakers, which include the ULT
Tower 9, ULT Field 5, ULT Field 3 and ULTMIC1.
Designed for personal, home, and on-the-go listening, the lineup combines festival-level bass, portability, and smart connectivity to match Nigeria’s energetic lifestyle.
Managing Director, Sony Middle East and Africa, Jobin Joejoe, said with the ULT Tower 9, ULT Field 5 and ULT Field 3, the company would be delivering sound experiences that match the vibrant and powerful spirit of Nigerians
trust, and enhances financial inclusion.
“Innovation is a catalyst of Fintech and the lifeblood of Nigeria’s digital economy. From mobile payments to AI-driven services, Fintech innovations are reshaping access to finance. The Central Bank of Nigeria embraces responsible innovation, providing space for creativity, while safeguarding the financial stability. By balancing innovation with good data oversight, we allow new technologies to flourish while protecting consumers and the broader financial system. Economy is incomplete if some instruments are silenced. Likewise, national progress suffers when communities are excluded,” Cardoso said.
According to him, financial inclusion remains central to the sensitivity in achieving the mandates. Initiatives such as agent
banking and microfinance expansion, target the grassroots communities. Fintech solutions like mobile wallets and USSD services are lowering barriers, but technology alone cannot close the gap. Cardoso therefore called for a combined innovation with collaboration across government, industry, and communities to build trust, improve literacy, and extend financial services to rural and rural-settled Nigerians.
“Our collective commitment must be that no regional community is left out of Nigeria’s digital transformation. Innovation must rise from a foundation of trust and compliance. Products built on compliance and trust, attract investors. We encourage entrepreneurs to see regulators not as obstacles, but as partners in building a responsible Fintech ecosystem,” Cardoso further said.
PalmPay Wins Consumer-friendly Business of the Year 2025 Award
PalmPay, Nigeria’s leading digital banking platform, has been recognised with the Consumer-friendly Business of the Year 2025 Award at the Lagos State Consumer Protection Agency’s (LASCOPA) annual Consumer Service Week and Awards Ceremony, held recently in Ikeja, Lagos. The event, organised by the Lagos State Consumer Protection Agency (LASCOPA), celebrated businesses and organisations that demonstrate exceptional commitment to consumer rights, service excellence, and customer satisfaction.
PalmPay’s recognition underscores its dedication to delivering secure, reliable,
and inclusive financial services to millions of Nigerians. With a focus on transparency, innovation, and customer-centricity, PalmPay continues to empower consumers by offering secure transactions, fraud protection, convenient payment solutions, and exceptional customer support.
Commenting on the award, Senior Regulatory Compliance Specialist, PalmPay, Opara Onyinyechi, said: “We are deeply honoured to receive the Consumer-Friendly Business of the Year Award from LASCOPA. This recognition reaffirms our commitment to putting our customers at the heart of everything we do.”
Mainstack CEO to Chair Global Panel at Horasis 2025 in Brazil
As global leaders and visionaries prepare to gather for the 2025 Horasis Global Summit in São Paulo, Brazil, on the 8th and 9th of October 2025, the spotlight turns to how technology continues to redefine the global economy.
Among this distinguished assembly, Chief Executive Officer of Mainstack, Ayobami Oyaleke, has been invited to chair a high-impact panel discussion on the transformative power of AI, blockchain, and the metaverse in shaping the future of industries, SMEs, and economies.
The Horasis Global Summit, founded by Dr. Frank-Jürgen Richter, is renowned for convening some of the most influential minds in business, government, and innovation to collaborate on solutions driving sustainable growth and global development.
Ayobami’s inclusion as a session chair underscores his growing reputation as one of Africa’s leading voices in digital innovation and entrepreneurship.
The panel will feature notable global leaders including CEO of BMP, Carlos Eduardo Benitez; CEO of GYRA+, Rodrigo Cabernite; CEO of BrazilLAB, Guilherme D. F. Dominguez; CEO of Clio Circle AI, Ariel Andrés Sánchez Rojas; and MD, MBA, Managing Partner, Green Rock, Ricardo Salomão, each contributing deep insights from their respective industries.
Oyaleke said: “I’m truly honoured to chair this important dialogue at Horasis 2025. The convergence of AI, blockchain, and the metaverse is unlocking new opportunities for creators, entrepreneurs, and businesses worldwide. This is a
pivotal moment to ensure these technologies drive inclusion, growth, and innovation across all economies, especially emerging markets.
“Mainstack’s participation at the Horasis Global Summit highlights the company’s expanding global footprint and commitment to empowering creators and entrepreneurs with digital tools that enable them to monetise and scale their businesses from anywhere in the world.”
Mainstack is a social commerce ecosystem that empowers creators and entrepreneurs to monetise their craft, products, and services from anywhere in the world. With an ecosystem of tools for global payments, storefronts, analytics, and audience engagement, Mainstack helps users turn their online presence into a thriving business.
PERSPECTIVE
Ten Years of Progressive Governance in Nigeria: From Reform to Renewal
By Rabiu Isyaku Rabiu
During the public presentation of the book “Ten Years of Impactful Progressive Governance in Nigeria,” authored by the Chairman of the Progressive Governors’ Forum and Executive Governor of Imo State, His Excellency Governor Hope Uzodinma, I reflected on Nigeria’s decadelong journey under successive progressive administrations as Chief Presenter. Though time did not allow me to deliver my written remarks, the message remains vital to our national conversation on leadership, governance, and reform.
There are moments for politics and moments for governance. Once elections are over, governance must take precedence. Our duty as citizens is to move beyond division and measure progress not by sentiment but by delivery, performance, and impact.
Over the past ten years, Nigeria’s story has been one of courage and continuity, of institutions learning discipline, and of leaders willing to face hard truths about our economy. President Muhammadu Buhari laid the foundation of fiscal prudence, agricultural revival, and infrastructure renewal. President Bola Ahmed Tinubu has advanced that legacy through decisive structural reforms such as removing the fuel subsidy, unifying exchange rates, modernising tax policy, and restoring credibility to public finance. These choices were not easy, but they were necessary. They broke habits that had become too costly to sustain and redirected public wealth toward productivity.
Since May 2023, government non-oil revenue has grown by more than 400 percent. This is not coincidence. It is the outcome of intentional policy and technological transparency. The Presidential Fiscal Policy and Tax Reform Committee has simplified compliance, eliminated duplication, and placed technology at the centre of revenue collection. Revenue agencies that once competed now cooperate. Multiple taxation is being dismantled. Incentives for businesses are transparent and available online without intermediaries or privileged access. Every entrepreneur, large or small, can now apply for fiscal waivers or export credits within minutes. Fairness by design and technology is replacing favour by connection. Energy stability has returned as proof that reform, though painful, delivers results. The queues that once defined our petrol stations are gone. Deregulation has reopened the downstream market and restored investor confidence in oil and gas, bringing new capital into deep-water, midstream, and modular-refinery projects. Parallel reforms in the Presidential CNG Initiative are changing urban mobility by replacing petrol fleets with cleaner and cheaper gas vehicles. At the same time, a nationwide solar-power rollout is providing electricity to schools, clinics, and small industries. Together, these initiatives reflect a balanced energy future built on efficiency, competition, and sustainability.
Security remains the foundation of every reform. In 2024, N3.85 trillion, about 13 percent of the national budget, was allocated to defence and internal security. For 2025, that figure rose to N6.57 trillion, with significant investment in equipment, intelligence, and personnel welfare.
The Nigerian Air Force is modernising with 24 M-346 attack jets and 10 AW-109 helicopters. The Navy has commissioned new patrol ships and maritime helicopters to strengthen coastal and energy-asset protection. Across all theatres, joint operations by the Nigerian
Armed Forces and intelligence agencies have neutralised tens of thousands of terrorists, insurgents and criminal elements, arrested many more, and rescued tens of thousands of hostages and displaced persons. The tempo has changed. Our armed forces now take the initiative rather than wait for it.
Infrastructure remains the bridge between ambition and opportunity. Across the country, more than 260 major projects in roads, bridges, ports, and pipelines are under construction or near completion. The Lagos to Calabar Coastal Highway and the Sokoto to Badagry Super Highway are redefining commerce and mobility. The national Bridge Fibre Project is expanding digital connectivity across cities and rural areas, strengthening the country’s broadband backbone and opening new corridors for education, innovation, and enterprise.
Digital governance reform is also deepening national capacity. The ongoing overhaul of the National Identity Management Commission has expanded NIN registration to tens of millions of citizens, creating a reliable digital backbone for planning, financial inclusion, and social protection. For the first time, national data is being harmonised across agencies, improving service delivery, strengthening security coordination, and helping the country plan development with precision.
Work along the River Niger corridor from Lokoja to Baro Port is progressing to enable future inland-waterway operations that can reduce transport costs and improve market access across regions. These projects reflect a deliberate effort to balance regional growth, from the Niger Delta cleanup and gas expansion in the South to new exploration in the North and industrial corridors across the Middle Belt.
Reform without human investment is reform without soul. The $2.2 billion Health Sector Renewal Programme is upgrading 17,000 primary health centres and training 120,000 health workers, while free caesarean care and subsidised dialysis are easing the burden on families. In education, student-loan schemes, digital-skills initiatives, and new STEM and AI curricula are preparing our young people for a digital economy. Through the Student Loan Fund, access to higher education is becoming a right, not a privilege. Its synergy with new financing institutions such as CREDICORP
and the Nigeria Credit Guarantee Company ensures that young Nigerians can pursue knowledge with the same confidence that entrepreneurs pursue capital. Free technical and vocational training at the tertiary level will supply the technicians and artisans required for industrial growth.
Agriculture and food security have become the centre of national resilience. Beyond grains, the Federal Ministry of Livestock Development is unlocking a trillion-naira value chain in meat, dairy, and leather. Expanded fertiliser blending, mechanisation, irrigation, and storage are supporting millions of smallholders. With increased investment in rice, cassava, and cash-crop processing, Nigeria is moving toward genuine food sovereignty. Food security is not an aspiration but a necessity for economic stability.
The government’s economic renewal is also anchored on access to finance, enterprise, and inclusion. The establishment of CREDICORP, the Nigeria Credit Guarantee Company, and the Student Loan Fund has strengthened the foundation for a credit-based economy as well as human capital and domestic productivity. Together, these institutions expand access to credit for small businesses, farmers, civil servants, individuals, and students while derisking lending and empowering citizens to build their future without political connections. In promoting local production over import dependence, the Nigeria First Policy is not only conserving foreign exchange but also creating pathways for skilled youth employment and industrial apprenticeship across states.
I say this not out of any search for appointment or reward, but from a place of patriotism and perspective. From where I stand, and for every Nigerian, the true beauty of the Nigeria First Policy is that it invites us all to become participants in our country’s renewal. We can each now go into productive enterprise and live the Nigerian dream, so long as we care enough to believe in this nation and invest in our people, resources, and future.
In the midst of reform, President Tinubu’s words have been both compass and caution: “As we continue to reform the economy, I shall always listen to the people and will never turn my back on you.” That statement captures the essence of progressive governance which I define as courage guided by compassion. Under this directive, Nigeria’s social-protection system has been rebuilt on transparency and technology. The Conditional Cash Transfer programme now reaches more than 15 million households on a verified digital register, each linked to a NIN-validated wallet or bank account for direct payment. No intermediaries and no leakages. In addition, N344 billion has been disbursed in three tranches to the 36 states and the FCT to support local welfare and enterprise programmes. The Renewed Hope Ward Development Programme, which will operate across 8,809 wards, will economically engage over 10 million Nigerians and ensure that national policy translates into local opportunity.
The humanitarian principle of progressivism is simple. Reform must lift, not leave behind. Fiscal discipline restores credibility. Social investment restores trust. When citizens see roads being built, hospitals working, and social payments arriving on time, faith in reform deepens and the social contract is strengthened. Special attention is also being given to women, rural communities, and persons with disabilities through targeted enterprise and skills-support initiatives under the Renewed Hope framework.
The numbers also tell their own story of impact and renewed hope in Nigeria. Non-oil revenues continue to rise. Exports are diversifying. Nigeria has recorded its first trade and balance-of-payments surplus in years, a sign of growing production and renewed confidence in the naira. Oil output is improving, new investments are flowing into the upstream and midstream segments, and our current account is gaining strength as reforms take hold. President Bola Tinubu and his government recognise that inflation and living costs remain a strain on households, but the fiscal discipline now taking root is designed to restore purchasing power in a sustainable way. President Tinubu has also acknowledged that meaningful reform takes time. While citizens are beginning to see the first trickles of progress, the greater task is to ensure that these trickles flow downward to communities, markets, classrooms, and farms where growth becomes tangible and human. The task ahead is to sustain this momentum but it won’t be easy. Every child must be in school. NIWA must be further strengthened to expand partnerships for safer and cleaner waterways. NDLEA must receive greater support to combat the rising threat of drug trafficking and addiction, and NAFDAC must be empowered with stronger laboratories and technology to protect the public from counterfeit medicines and unsafe food. These are not peripheral agencies. They are frontline guardians of national wellbeing, and their effectiveness determines the credibility of our progress.
Communities themselves must also understand that with all the support given to our security agencies and the military, their partnership is vital. Cooperation between citizens, traditional institutions, and security operatives will solidify these gains, strengthen intelligence at the grassroots, and prevent a return to disorder. National security is not the burden of the state alone. It is the shared duty of all Nigerians determined to protect their future.
The state governors of Nigeria, under this Renewed Hope and progressive compact, also have a historic role to play. We have faith that with President Tinubu’s commitment, they can write their names in gold, but that gold must first be mined in proper service of the people.
The progress of any nation is not measured only by its wealth, but by the collective will of its people to do right, even when it is hard. That is the essence of progressive governance and the covenant that must bind us for the next decade.
I imagine a Nigeria where every child learns, every farmer prospers, every hospital has power, and every young person earns a dignified living. That is the spirit of renewal behind this progressive decade. It is the belief that courage and compassion are not opposites but partners in building a fair and prosperous country. Tomorrow’s Nigeria is not waiting to be discovered. It is waiting to be delivered with courage, competence, and care. I am Rabiu Isyaku Rabiu and I endorse the publication of this message.
God bless our President.
God bless the Federal Republic of Nigeria. •Alhaji Rabiu Isiyaku Rabiu is a business entrepreneur who advocates private-sector innovation that strengthens reform and institutional growth. Drawing from experience across critical sectors, his reflections on governance, accountability, and shared prosperity are grounded in both enterprise and national purpose.
RabiuIsyakuRabiu
NIRSAL Unlocks N70bn in Financing for Agriculture, Strengthens Role in Food Security
The Nigeria IncentiveBased Risk Sharing System for Agricultural Lending (NIRSAL) Plc has announced a remarkable rebound in its operations, which has resulted in the facilitation of over N70 billion in commercial financing for agribusiness as at Q3 2025, showing its strongest annual performance since inception.
In operation since 2013, the result represents nearly a quarter of the organisation’s cumulative N270 billion facilitated for agriculture and agribusiness to date, an achievement that underscores the impact of NIRSAL’s revamped strategy under its new Board and Executive Management.
According to a statement from NIRSAL, the timing of the turnaround is critical, as Bank lending to agriculture has been in steady decline, falling from 6.18 per cent of aggregate lending in 2022 to 4.82 per cent in 2024, while sectoral growth slowed from
2.5 per cent to 1.7 per cent within the same period. By applying its signature tools for value chain modelling to address identified issues, providing technical support to agribusinesses and financial institutions, all while deploying its risk-sharing frameworks, NIRSAL has restored lender confidence thus channelling fresh funds into key value chains, including grains, cocoa, shea, and livestock. In terms of impact, there has been an improvement in local production across key commodities and a positive balance of trade for agriculture, with over 32 per cent of the facilitated sum directly supporting valueadded commodity export. Most notably, agriculture’s share of bank lending has risen again to 5.33 per cent as of May 2025, reflecting renewed interest from financiers. Two newly licensed banks have also entered the sector relying on NIRSAL’s frameworks,
contributing to the N70 billion facilitated so far this year, the statement said.
Commenting on the milestone, NIRSAL’s Managing Director/CEO, Sa’ad Hamidu, said: “N70 billion may appear modest compared to the size of Nigeria’s agricultural financing needs, but the significance is profound. It proves that agriculture can be commercially and sustainably financed. With the right blend of capital, technical support, and risk mitigation, the sector can become more productive, resilient, and globally competitive.”
Hamidu added that NIRSAL remained confident of hitting its N150 billion target for 2025. “This is not yet the peak of the harvest season when merchants typically seek credit for offtake and storage, and when super agro-dealers stock up on fertilisers and inputs ahead of the next planting cycle.
KENNA Deepens Service Capabilities with Four Partners
KENNA has admitted Eunice Alasa, Emeka Opara, Dr. Jude Nnodum, Jnr., and Daze Nga to its partnership, effective September 29, 2025. The move broadens the firm’s ability to provide integrated legal solutions across key practice areas.
LENNA’s Deputy Managing Partner, Charles Nwabulu, said: “Clients face increasingly interconnected legal and business challenges. The addition of these four accomplished lawyers to our partnership enhances our ability to assemble teams with the right experience for our clients’ specific needs, and there is no doubt that this step further strengthens the
collective capacity of the firm to meet the matters entrusted to us.”
The new partners will continue to contribute to different practice areas:
Eunice Alasa practices in the areas of corporate and commercial law, intellectual property, and technology law. She advises on governance and transactional matters, with particular focus on clients in the telecommunications, energy, and financial services sectors.
Emeka Opara specialises in dispute resolution & ADR, maritime and labour & employment law, representing clients in complex commercial disputes and providing advisory services on sector-
specific matters.
Dr. Jude Nnodum, Jnr, practices in the areas of dispute resolution (litigation and arbitration), tax, labour and employment and international investment law, representing and advising clients from a wide range of sectors and industries in these areas.
Daze Nga practices in the area of litigation and arbitration, focusing on commercial disputes in oil and gas operations, as well as broader commercial matters, where he advises and represents clients in complex proceedings.
The appointments are part of KENNA’s continued investment in the breadth and depth of its legal services.
Capital Market Registrars Hold Annual Conference, Investiture
Kayode Tokede
The Institute of Capital Market Registrars will hold its 14th Annual Conference and Investiture of the President-elect on November 1. This is contained in a statement signed by the President/Chairman of Council, Mr. Oluseyi Owoturo, at the weekend in Lagos.
The statement said the conference, themed: ‘Unlocking Global Value: The Evolving Role of Capital Market Registrars in Trust, Efficiency and Innovation’, would feature, Vice President,
Dangote Industries, Mr. Alake Olakunle, as a keynote speaker.
It added that the Founder, Emerging Africa Group, Dr. Toyin Sanni, would speak on the topic: ‘Strategic Differentiation Through Expertise: Elevating Registrar Services in Cross-Border and Complex Transactions’. According to the statement, other discussants at the conference include Mr. Abiodun Adebimpe of Rand Merchant Bank; Mr. Babatunde Majiyagbe of Stanbic Nominees; Mrs. Fiona Ahieme of FBNQest; Mr. Haruna Jalo-Waziri of CSCS Plc; and Mrs. Mubo
Olasoko of Meristem Nigeria. It noted that a key agenda of the annual conference would be the investiture of the Chief Executive Officer, Africa Prudential Plc, Dr. Catherine Nwosu, as the fourth President and Chairman of Council by the outgoing President & Chairman of Council, Mr. Oluseyi Owoturo, who is the Chief Executive Officer, Coronation Registrars Ltd.
The institute said the event would be chaired by Founder and Chairman of BUA Group, Mr. Abdulsamad Isyaku Rabiu, while Dr. Emomotimi Agama would be the special guest of honour.
Saharan Blend (Algeria), Djeno (Congo),
(Equatorial Guinea),
(Gabon), Iran Heavy (Islamic Republic
Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
L-R: Product Humphrey-Izzi; Simba Luminous
Stock Market Appreciates by N1.36 Trillion in Three Days
Kayode Tokede
The stock market segment of the Nigerian Exchange Limited (NGX) has appreciated by N1.36 trillion in the first three days of trading activities this week over investors’ buying interest in large-mid capitalised stocks listed on
the bourse.
Opening for trading activities this week at N91.135 trillion, the stock market has appreciated by N1.36 trillion, which is 1.49 per cent to close yesterday’s trading at N92.490 trillion amid investors demand for MTN Nigeria Communications Plc, among other blue-chip stocks.
MTN Nigeria Communications in the three days trading activities this week has gained 10.8 per cent or N45.90 per share to close at N470.90 per share from N425.00 per share the stock market opened for trading.
The stock price appreciation brings the telecommunications
company market capitlisation to N9.89 trillion as of October 8, 2025. Consequently, the NGX All-Share Index moved to 145,719.09 basis points, up by 2,135.05basis points or 1.49 per cent in two days from 143,584.04 basis points it closed for trading last week with the Monthto-Date and Year-to-Date
returns moderated to +2.1 per cent and +41.6per cent, respectively.
THISDAY findings showed that most indices, excluding the NGX Banking Index have seen uptick in the three days under review.
For instance, the NGX Insurance Index appreciated by 4.4 per cent to close at 1,265.84 basis points, while
the NGX Banking Index dropped by 0.59 per cent to close at 1,517.71basis points. In the three days under review, the NGX Consumer Goods Index advanced by 0.37 per cent to close at 3,413.82 basis points as the NGX Oil/Gas Index appreciated by 3.05 per cent to close yesterday at 2,663.95 basis points.
PRICES FOR SECURITIES TRADED ASOF OCTOBER /8/25
2nd CORAn nigeRiA Refining Summit in LAgOS...
L-R: Assistant Director, Productions, Operations, and Accounting, Nigerian Upstream Petroleum Regulatory Commission (NUPRC),Atiyegoba Boma Ajumo; Regional Coordinator, Southwest, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Ayo Cardoso; Executive Director, Oil Producers Trade Section (OPTS), Lagos Chamber of Commerce and Industry (LCCI), Engr. Gwueke Ajaifia; Chairman, Crude Oil Refinery-Owners Association of Nigeria (CORAN), Momoh Oyarekhua; Technical Adviser, Midstream to the Minister of State for Petroleum (Oil), Ndah Adaba; Technical Advisor to the President on Economic and Financial lnclusion, office of the Vice President of Nigeria, Nurudeen Abubakar Zauro and Executive Secretary, African Refiners and Distributors Association (ARDA), Anibor Kragha during the 2nd CORAN Nigeria Refining Summit in Lagos on Tuesday
FG Moves to Resolve ASUU Crisis, Averts Strike
Alausa affirms Tinubu’s commitment to keep students in school Unveils Yayale Ahmed-led expanded negotiation committee for final talks with union TETFUND: ASUU calls for legislation on funding of new universities
The Minister of Education, Dr. Tunji Alausa, yesterday, announced the constitution of an Expanded Negotiation Com- mittee to fast-track agreements with all unions in Nigeria’s tertiary institutions, as part of efforts to avert a looming strike by the Academic Staff Union of Universities (ASUU) and keep students in school.
This comes as ASUU called for a legislation of five to 10 years of existence of institutions to qualify them to access funds from the Tertiary Education Trust Fund (TETFUND).
Alausa, highlighted the federal government’s N200 billion intervention effort, which includes N50 billion already released for earned academic
allowances and N150 billion provided in the 2025 budget for university revitalisation projects, as clear evidence of President Bola Tinubu’s commitment to addressing the long-standing issues in the sector.
The Minister, disclosed this while addressing journalists, after a meeting of the Technical Work- ing Group in Abuja, where he reaffirmed Tinubu’s directive that Nigerian students must remain in school while all outstanding issues with university unions are resolved through dialogue.
“The directive President Bola Tinubu gave us is that our children must be in school. We should do everything humanly possible to avert a strike.
“At this point, we’ve ad- dressed several of the issues raised by the unions. The earned
academic allowance has been paid; the President released N50 billion months ago,” the Minister said.
Speaking further Alausa said: “Even the needs assessment that tertiary institutions have been fighting for almost 15 years, the President put N150 billion in this 2025 budget. He promised that it will be released in three tranches of N50 billion each, and the first tranche is already waiting.”
He added that the govern- ment’s actions demonstrate sincerity and readiness to meet its obligations, describ- ing the intervention as part of a comprehensive effort to restore stability and mutual trust in the higher education system.
Alausa also revealed that the federal government has collapsed all separate negotiation
platforms into a single expanded negotiation committee - the Mahmud Yayale Ahmed Federal Government Tertiary Institution Expanded Negotiation Com- mittee - to engage all tertiary institutions and their unions under one coordinated structure.
“In the past, we had three different committees negotiating in silos, one for universities, one for polytechnics, and one for colleges of education. That was not efficient,” he explained.
“Now, we have one negotia- tion committee that will talk with all tertiary institutions and all unions, to have a full understanding of their needs,” Alausa said
According to him, the Techni- cal Working Group has been meeting to finalise the govern- ment’s counter-offer to ASUU,
Sanwo-Olu Inaugurates Housing Estate in Badagry, Says 24 Estates Completed in Six Years
Governor Babajide Sanwo- Olu of Lagos State yesterday inaugurated 420 housing-unit estate in Ajara, Badagry, the 24th of such estate in six years
The governor who disclosed this said that 20 percent of the homes will be set aside for members of the Medical Guild, the Nigerian Union of Teachers, Lagos State Chapter and civil servants.
Governor Sanwo-Olu who named the newly-inaugurated estate in memory of the late former Head of Service in the State, Sunny Akinsanya Ajose, stated the Ajara housing scheme comprises of phase I & II and is situated on a land area of 18.9 hectares.
The phase one which was commissioned on Wednesday comprises of 35 blocks of 12-in-1 residential buildings.
Each building contains a combination of 1, 2 and 3 bedroom semi-furnished apart- ments with complimentary facilities such as a kitchen, kitchen cabinets, light fixtures. While reiterating his com- mitment to closing the housing gap in the state, Sanwo-Olu said, “This event marks the opening of the 24th housing estate brought to life by our administration - a major milestone on our path to creating a Greater Lagos.”
Governor Sanwo-Olu also led other officials to kick off the groundbreaking for Phase II of the Sanwo-Oluproject.said: “It fills me with great joy to see our vision coming to life - a Lagos where people live in dignity, work productively, and contribute to a 21st-century economy that benefits everyone. Because the true measure of our progress
is, and will always be, the wellbeing of our people.
“Around the globe, when citizens have dependable access to food, shelter, healthcare, education, and security, com- munities flourish. The positive
effects are vast - less poverty and inequality, better public health, lower crime rates, and stronger social bonds. These are the aspirations that continue to guide our policies and programs here in Lagos State.
which would be transmitted to the expanded committee “by the end of today or tomorrow.”
The minister appealed to ASUU and other tertiary education unions to remain patient and maintain dialogue as the government addresses their long-standing concerns.
“Don’t use strike as your first resort. We know you’ve been patient, but these are issues that built up over decades. This President believes fervently and benevolently in education and has given us all the political will to resolve this problem once and for all,” Alausa said.
He emphasised that the government’s focus was on a holistic and affordable solution that recognises the sacrifices of lecturers and non-academic staff while ensuring fiscal responsibility.
“We’re not going to give everything at once, but our actions show benevolence and commitment to the welfare of academic and non-academic staff,” he noted.
He listed several areas of progress, including the resolution of promotion arrears, implemen- tation of the 25–25 wage award, and payment of teaching and responsibility allowances.
“By next year, 2026, all arrears
will be paid,” Alausa assured, adding, “We have shown over the last 24 months since this administration took over that we are determined to resolve this crisis holistically.”
Present at the Abuja meeting were representatives from the National Salaries, Incomes and Wages Commission, the Budget Office, and the Federal Ministry of Labour and Employment, along with senior directors of the Ministry of Education.
“This technical working group is at the highest level of government. We are working continuously and expeditiously to finalise our responses, reach an agreement, and sign it with the unions,” Alausa said.
Reiterating the administration’s resolve, Alausa said the N200 billion intervention demonstrates clear political will to reform and sustain tertiary education in Nigeria.
“Please, bear with us and be patient. We have a President giving us all the political will we need. We will resolve it once and for all. Let’s keep our children in school. This is a promise the President made to Nigerians, and it is a promise we intend to keep,” he said.
Continues online
Sunday Aborisade in Abuja
A notable lineup of Nigeria’s top political and industry figures, including Speaker of the House of Representatives, Hon. Abbas Tajudeen, Senate President Godswill Akpabio, and Africa’s foremost industrialist, Aliko Dangote, are set to partici- pate in the inaugural House of Representatives Committee on Petroleum (Downstream) Week.
The event, billed for Monday, October 13, 2025, will bring together key stakeholders across Nigeria’s oil and gas value chain, and is designed as a high-level platform for dialogue, regulatory clarity, and strategic collaboration to shape the future of the nation’s downstream petroleum sector.
According to a statement issued by the Chairman of the Committee, Hon. Ikenga Imo
Ugochinyere, other expected dignitaries include the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed.
Others are, the Chief Executive of the Nigerian Upstream Petro- leum Regulatory Commission (NUPRC), Gbenga Komolafe; the Minister of State for Petroleum Resources, the Governor of the Central Bank of Nigeria, and
Lagos State Governor, Babajide Sanwo-Olu. The leadership of the Nigerian National Petroleum Company Limited (NNPCL), the Petroleum and Natural Gas Senior Staff Association of Nigeria (PEN- GASSAN), the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Refinery Owners Association, and Major Marketers and Distributors are also billed to attend.
PhOTO: ABIODUN AjALA
Segun James
Kuni tyessi in Abuja
THE OCTOBER 7, 1967 ASABA MASSACRE ON THEIR MINDS...
The 14th Asagba of Asaba, HRM Obi Prof. Epiphany Azinge and his wife listening with rapt attention as the Isama of Asaba,
address (as the convener) during the 58th anniversary of the October 7, 1967 Asaba Massacre at the Ogwa
Shettima to Foreign Investors: Nigeria Has Exited Phase of Economic Instability
Charges stakeholders on concrete MoUs, set timelines at Bauchi Investment Summit 2025 Says state’s rich natural assets, cultural heritage will boost nation’s tourism, hospitality, creative industries
Deji Elumoye in Abuja
Vice President Kashim Shettima on Wednesday assured foreign investors that the most auspi- cious and convenient time to choose Nigeria as an investment destination is now, saying the nation has exited its phase of economic instability.
He attributed the milestone to the decision made by the administration of President Bola Tinubu to get rid of the hurdles that had hitherto clogged the wheels of the country’s economic progress.
Speaking in Bauchi State while declaring open the Bauchi Investment Summit 2025, Shettima noted that the administration assumed office in 2023 with a promise to turn around the fortune of the nation’s economy that was already tottering on the edge of financial crisis, with debt
service-to-revenue ratio shooting up to about 100 percent.
He told investors and stakeholders at the two-day summit that under the Tinubu administration, debt service-torevenue ratio has been reduced to less than 50 per cent, while the GDP growth stood at 4.23 percent as of last month.
“Our non-oil revenues grew by 411 per cent year-on-year in the same month. Our tax-toGDP ratio now stands at 13.5 per cent, up from barely 7 per cent a few years ago. Our debt- to-GDP ratio remains at 38.8 per cent, far below the limits set by the Fiscal Responsibility Act at 60 per cent, and those of ECOWAS and the World Bank at 70 per cent.
“Our external reserves have grown to 43 billion dollars as of September 2025. Nigeria has exited its phase of economic instability, and I assure investors
present here that there is no better time to choose Nigeria,” the Vice President stated.
Explaining why the first deci- sion made by President Tinubu “was to remove those obstacles that had become termites in the timber of” the nation’s progress,
Shettima said, “You cannot guarantee enduring growth without stability.
“Our predecessors are here to testify to this truth. Each of them endured a fair share of obstacles and pushbacks in their efforts to introduce
reforms that set the nation on the path of rediscovery andThestability.”
Vice President observed that no system can claim to be suitable for business if it cannot predict the outcome of its investment, maintaining that
there can’t be a more potent treatment for a bad economy “than a stable economic stimulus,” which is why the Tinubu administration embarked on bold reforms.
Continues online
Akpabio Gives Senate Panel, One Week to Treat Tinubu’s Fresh $2.3bn Foreign Loan Request
Sunday Aborisade in Abuja
The President of the Senate, Godswill Akpabio, yesterday read President Bola Tinubu’s letter, seeking the red chamber’s approval for a fresh $2.3 billion external loan to finance part of the N54.99 trillion 2025 Appropriation Act.
The Senate President referred the communication to the Committee on Local and Foreign
Abimbola Williams, a Compliance Officer with the United Bank for Africa (UBA) on Wednesday, maintained that her bank did not breach any banking regulations in various transactions relating to the Kogi State Government House account.
Williams spoke as 3rd Prosecution Witness (PW3) of the Economic and Financial Crimes Commission (EFCC), in the trial of former Kogi State Governor, Mr. Yahaya
Bello, who is standing trial with two others on charges bordering on money launder- ing and abuse of office to the tune of N110 billion. The two other defendants are Umar Oricha and Abdulsalami Hudu, officials of the Kogi State Government. At the resumed trial, the witness led by prosecution counsel, Mr. Kemi Pinhero, SAN, listed several bank transactions involving Ab- dulsalami Hudu, a defendant in the case.
The transaction which she
claimed was consistent from 2018 to 2019, ran into millions of naira and withdrawn in several tranches not exceeding N10 million.
In her evidence July 31 and August 6, cash withdrawal was made from the govern- ment house account in 64 transactions of N10 million each bringing the total to N640 million, adding that the withdrawal showed consistency in the 251 pages of the statement of account tendered as exhibit before the court.
Debt to work on within a week and submit its report within one week.
The Senate is expected to consider the president’s latest loan request next week after receiving the report from the Committee on Local and Foreign Debt.
The development came just four months after securing a separate round of international borrowings.
Tinubu, in the letter, explained that the loan request had been approved by the Federal Executive Council (FEC) and was made in line
with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO) Act.
According to him, the funds would be raised through Euro- bond issuance, bridge finance facilities, loan syndication, or direct borrowing from inter- national financial institutions.
The president wrote: “To raise external capital in the sum of USD2,347,465,000.00 comprised of new external borrow- ing in the 2025 Appropriation Act (USD1,229,113,000.00) and refinancing of maturing Euro- bonds (USD1,118,352,000.00)
through any of the following: issuance of Eurobonds, bridge finance facilities from bookrunners, loan syndication, or direct borrowing from international financial institutions.
A similar correspondence was also transmitted to the House of Representatives, where Speaker Tajudeen Abbas read it at Tuesday’s plenary. After reading the letter, Akpabio referred the request to the Senate Committee on Local and Foreign Debt for further scrutiny and directed the committee to report back within one week.
Immigration Comptroller General Advises Personnel on Excellent Service to Clients
Michael Olugbode in Abuja
The federal government has charged personnel of the Nigeria Immigration Service (NIS) to continue to offer excellent services to its clients, declaring that efficient customer service is a right and not a privilege. Comptroller General of
the Immigration Service (CGIS), Kemi Nandap, gave the charge in Abuja when she declared open the 2025 SERVICOM Customer Service Week. She assured that the Service is on an irreversible path of reform, modernization and improved transparency in line with President Bola Tinubu’s
Renewed Hope Agenda. The CGIS noted the week-long event, themed “Mission Possible” with the NIS sub-theme “Meeting and Exceeding Expectations”, was an opportunity for officers to recommit themselves to the principles of courtesy, timeliness and citizens-centered service delivery.
Chief Chuck Nduka-Eze, delivered his
Ukwu Ahaba in the Delta State capital on Tuesday
FCMB CustoMer serviCe Week...
MD/CEO of First City Monument Bank (FCMB), Mrs. Yemisi Edun, (L) presenting a gift to a customer, Mr. Lawrence Molade, during her visit to the Bank’s Akowonjo branch in Lagos as part of activities marking Customer Service Week 2025 in Lagos...recently
Discos Record N158bn ATC&C Losses in Q2, Offtake N909.59bn Energy
Collect N564.7bn out of N742.3bn billed to customers GEAPP lauds FG on efforts to boost
emmanuel Addeh in Abuja
Electricity Distribution Companies (Discos) in Nigeria recorded about N158.05 billion in Aggregate Technical, Commercial and Collection (ATC&C) losses in Q2, 2025, to hit 37.92 per cent losses, far exceeding the 20.54 per cent benchmark set by the industry regulator. Specifically, these losses were
due to inefficiencies in billing, metering, and revenue collection, data released by the Nigerian Electricity Regulatory Commission (NERC) for the quarter stated.
Besides, the naira value of the total energy offtake by all Discos in 2025/Q2 was N909.59 billion, and the total energy billed was N742.34 billion, which translated to a billing efficiency of 81.61
perThiscent.means that at an aggregate level, Discos were unable to account for N167.25 billion worth of energy received at their trading points in 2025/ Q2, the report stated.
Similarly, the total revenue collected by all Discos in the period under consideration was N564.71 billion out of N742.34 billion billed to customers.
This translates to a collection efficiency of 76.07 per cent, representing an increase of 1.68 per cent compared to 2025/Q1 (74.39 per cent).
“The Aggregate Technical, Commercial and Collection (ATC&C) loss is a summation of billing losses incurred by a Disco due to its inability to bill 100 per cent of energy delivered to customers (technical and
commercial losses); collection losses arising from the Discos’ inability to collect 100 per cent of the bills issued to customers.
“The weighted average ATC&C loss across all DisCo in 2025/Q2 was 37.92 per cent, comprising technical and commercial loss (18.39 per cent) and collection loss (23.93 per cent). The ATC&C loss of 37.92 per cent is 17.38
Marwa: NDLEA Open to Controlled Exportation of Cannabis Oil
The Chairman/Chief Executive Officer of the National Drug Law Enforcement Agency (NDLEA) has said the agency is not averse to the controlled and regulated export of cannabis oil to countries who desire it but remains opposed to its local consumption.
power supply
per cent higher than the 2025 MYTO target (20.54 per cent) and translates to a cumulative revenue loss of N158.05 billion across all Discos,” the NERC report said.
However, NERC stated that the ATC&C loss decreased by 1.69 per cent, compared to 2025/Q1 (39.61 per cent), stressing that all the Discos except Eko failed to achieve their target ATC&C during the quarter, with Kaduna Disco recording the worst underperformance relative to the target ATC&C.
He said: “At NDLEA, our position on cannabis oil is simple: we welcome dialogue. We believe Nigeria must make informed choices, not choices driven by half-truths, commercial interests, or global trends. Cannabis oil may have medicinal properties worth investigating, but it also car- ries health risks, potential for misuse, and implications for public safety.
Speaking at a stakeholders’ workshop themed “Cannabis Oil Debate: The Path Forward for Nigeria”, organized by the Nigerian Academy of Sciences in Abuja on Wednesday, Marwa said the dialogue on cannabis oil is a welcome development.
“This is why it is crucial that scientists, medical experts, policymakers, and regulators are in the same room to bring facts to the table, scrutinise evidence, and weigh options carefully.
“Let me assure you that NDLEA is not opposed to science, nor are we indifferent to innovation. What we insist on is caution. Policy must protect lives, safeguard public health, and strengthen—not weaken—our fight against drug abuse.
Obasanjo Inaugurates Newly Constructed Ahmadu Bello International Conference Centre Bauchi
segun Awofadeji in Bauchi
Former Nigeria’s President Olusegun Obasanjo has inau- gurated the newly constructed Ahmadu Bello International Conference Centre in Bauchi, stressing the importance of global integration, because according to him, no nation can develop in isolation.
Inaugurating the centre on Wednesday, Obasanjo said the Conference Centre will provide a platform for Bauchi State to engage with the world, fostering economic growth andThedevelopment. former president further noted the centre is a symbol of progress under Governor Bala Mohammed’s adminis-
tration, which has prioritized infrastructure development to enhance Bauchi’s capacity to host international events and attract investors.
According to him, “This conference centre is expected to attract investors, create jobs, and boost the local economy, con- tributing to Bauchi’s economic growth and development.”
“As such, the agency will not be averse to the idea of controlled export of cannabis oil to foreign companies and countries who desire it, as part of our drive as a country to enhance foreign earnings. After all, some countries have approved the use of cannabis oil for therapeutic purposes while others including Nigeria have not.
“Our concern however is about its consumption in Nigeria. In essence, we are not opposed to the idea of exporting the oil to those who desire it but such must be strictly controlled, licensed and monitored by NDLEA with such process located only within export free zones.”
In 2025/Q2, the cumulative upstream invoice payable by Discos was N417.35 billion, NERC said, consisting of N348.66 billion for Discos’ Remittance Obligation (DRO)adjusted generation costs from NBET and N68.68 billion for transmission and administrative services by the Market Operator (MO).
FG Charges Regional Development Commissions to be Fair, Equitable
The Minister of Regional Development, Abubakar Momoh, has urged the regional development commissions to ensure fair resource distribution for all communities
Momoh said the development commissions should carry all communities along in their activi- ties in order to transform the regions into models of resilience and prosperity.
A statement signed by the Head of Information and Public Relations, Sani Datti, said the
minister also urged them to partner state governments, the private sector, development partners, and communities.
Datti said the minister gave the charge at the North Central Development Commission (NCDC) two-day workshop on the review of policy roadmap, held in Lafia, Nasarawa State.
He said: “Mr. President has always emphasized that develop- ment must not be concentrated only in urban areas; it must spread to every region, every state, and every community. The development commissions were
set up to serve as vehicles to drive these developments.”
According to Momoh, the federal government is determined to harness the strength of the regions, their unique resources, people, and opportunities to drive national growth.
“For the North Central region, this is a moment of renewal. This region is blessed with vast agricultural potential, solid minerals, and resilient people, which hold the key to food security for the entire country, not just Nasarawa State,” the minister said.
onyebuchi ezigbo in Abuja
Michael olugbode in Abuja
Senator Chukwu formally dumpS labour party for apC...
L-R: Chairman, Senate Committee on Appropriations, Senator Solomon Adeola; Senator representing Enugu East, Senator Kelvin Chukwu; Leader of the
Bamidele and Deputy President of the Senate, Senator Barau Jubrin after Chukwu formally
Assembly Complex, Abuja … yesterday
Kwara: Senate Seeks Urgent Military Base,
FG’s Intervention over Growing Insecurity
142 kidnapped, 70 killed, 25 communities deserted in one year, says Ashiru AbdulRazaq hails Tinubu as army deploys full brigade to rout kidnappers from state forests
Sunday aborisade in Abuja and hammed Shittu in Ilorin
The Senate, yesterday, sought urgent military base in Kwara State and federal intervention over the growing insecurity in the state.
This followed an escalating wave of killings, kidnappings, and bandits’ attacks in Kwara South Senatorial District, particularly in Ifelodun Local Government Area.
The red chamber, which called for immediate and comprehensive federal intervention to halt the worsening insecurity, alleged that 142 persons had been kidnapped, 70 killed, and 25 communities deserted in oneTheyear.motion was sponsored by the Deputy Leader of the Senate, Senator Oyelola Yisa Ashiru, representing Kwara South.
This was as Governor AbdulRahman AbdulRazaq,
has commended President Bola for his intervention in the state with the deployment of a full brigade and heavy equipment in different parts of Kwara South by the Nigerian Army.
Ashiru, who detailed figures of human casualties, mass displacement, and economic paralysis in parts of the senatorial zone, said they have become the new theatre of violent crimes in the North CentralPresentingregion.the motion of urgent national importance, Ashiru said no fewer than 142 people had been kidnapped and over 70 killed in the past twelve months across communities in Ifelodun, Isin, Ekiti, and Oke Ero Local Government Areas.
He added that about 25 communities have been completely deserted, while local economies, schools, and farmlands have been destroyed by the unrelenting attacks.
According to him, “Within
the last month alone, not fewer than twelve forest guards and local vigilante members were killed in an ambush by armed bandits in Oke-Ode.
He lamented that the attackers, mostly foreign armed elements operating with local informants, had established
hideouts within forests along the Kwara–Kogi–Ekiti boundary axis, from where they launch raids on unsuspecting villages.
Ashiru noted that while there have been some government responses, such as sporadic patrols and raids, the efforts remained largely “episodic,
inadequate, and reactive,” leaving vast areas ungoverned. He warned that if the situation was not urgently contained, the crisis could spread to other parts of the North Central and South West regions, threatening wider national stability.
Following extensive debate, the Senate unanimously resolved to urge the federal government to establish a permanent military base in Kwara South, near the forest belts of Ifelodun Local Government Area, to serve as a rapid response hub against armed incursions in the zone.
Tinubu Presides over Second National Council of States Meeting in Two Yrs Today
May present Prof Ojo Amupitan to council as new INEC chair; Justice Liman, Prof Olurode also being tipped To forward name of eventual choice to Senate for confirmation
deji elumoye in Abuja
President Bola Tinubu will today preside over the National Council of States (NCS) meeting at the State House, Abuja, the second of such in two years. The meeting, which will take place at the Council Chambers
Globacom Champions Broadband Investment, Infrastructure Security at NCC Roundtable
Nigeria’s digital development efforts received a major boost as telecommunications giant Globacom pledged full support for the Nigerian Com- munications Commission’s (NCC) business roundtable on Broadband Investment and Protection of Critical Information Infrastructure, which opened today at the NCC Headquarters in Abuja.
Themed “Right of Way and Protection of Broadband Infrastructure – The Road to Success in Broadband Investment and Connectiv-
ity”, the high-level gathering brings together stakehold- ers from federal and state governments, the private sector, telecom operators, and regulatory bodies to forge practical strategies for expanding Nigeria’s broadband footprint and strengthening infrastructure security.
Globacom’s sponsorship and active participation un- derscore its continued leadership in shaping the country’s digital future. The company is providing logistical and
technical support to ensure the success of the two-day event, demonstrating its commitment to fostering a connected, inclusive, and secure digital ecosystem. According to industry analysts, the roundtable serves as a vital forum for aligning public and private sector interests towards achieving Nigeria’s broadband targets, improving policy coordination, and closing existing digital divides - especially in underserved and rural communities.
by 1pm, with Vice President Kashim Shettima as Vice Chairman, will also be chaired by President Tinubu.
The maiden edition held on August 12, 2024, after Tinubu assumed office on May 29, 2023.
Other members of the NCS, which is a constitutional body that advises the president on policy matters are all former presidents and former Heads of Government; all former Chief Justices of Nigeria, President of the Senate, Speaker of the
House of Representatives, all 36 State Governors and the Attorney-General of the Federation.
Sources told THISDAY yesterday that the President would formally inform the meeting about the vacant position of the Chairman of the Independent National Electoral Commission (INEC) and possibly intimate the Council of the person being proposed to take over.
THISDAY gathered that the president might nominate a
Senior Advocate of Nigeria (SAN) and Deputy ViceChancellor (Administration) at the University of Jos, Prof Joash Ojo Amupitan as the new INEC Chairman. Two other individuals, namely Justice Abdullahi Mohammed Liman, a retired Justice of the Court of Appeal, and Professor Lai Olurode, a sociologist and former INEC National Commissioner, were also said to being considered by the presidency for the top INEC job.
NAPHARM Set to Host 2025 AGM, Valedictory Session in Honor of Chief Oludolapo Akinkugbe
mary nnah
The Nigeria Academy of Pharmacy (NAPHARM) is gearing up to host its 2025 Annual General Meeting (AGM) and Valedictory Session, scheduled to take place at the Old Great Hall, College of Medicine, University of Lagos, Idi-Araba, from Wednesday, October 15
to Thursday, October 16, 2025.
Themed “Pharmaceutical Innovation: A Catalyst for National Development,” the event promises to be a landmark gathering of pharmaceutical professionals, policymakers, and stakeholders in the healthcare sector.
The AGM will review the academy’s activities, achieve-
ments, and strategic outlook, aligning with its 2025-2035 vision.
The Valedictory Session will pay tribute to the late Pharm. Chief Oludolapo Ibukun Akinkugbe, CFR, a founding father of pharmacy in Nigeria, who left an enduring legacy of integrity, innovation, and service.
Senate, Senator Opeyemi
dumped Labour Party for All Progressives Congress at the Senate Chamber, National
GLOBACOM-SPONSORED ROUNDTABLE ORGANISED BY NCC...
L-R: Head, Fibre Networks, Joseph Dokai; Vertical Head, Sales (Enterprise Business), Sunil Katticaren; Divisional Head, North Central, Kazeem Kaka; and Regulatory Manager, Charles Okwumabua, at the Globacom-sponsored roundtable organised by the Nigerian Communications Commission (NCC) in Abuja, yesterday
Akpabio Mocks Shrinking Opposition as Enugu Labour Senator Joins Ruling Party
Two new senators sworn in
Sunday Aborisade in Abuja
President of the Senate, Godswill Akpabio, yesterday, formally announced the defection of Senator Kevin Chukwu, representing Enugu East Senatorial District, from the Labour Party (LP) to the ruling All Progressives Congress (APC).
The defection came with a blend of satire and celebration that underscored the growing depletion of the opposition ranks in the upper legislative chamber.
The defection, which took place during plenary, was accompanied by dramatic exchanges between Akpabio, the Senate Leader, Opeyemi Bamidele, and the Minority Leader, Senator Abba Moro, who took a swipe at his defect-
eternally without doing any serious field work, stressing that that era was also over for good.
“There is always a minimum work obligation. The minimum work obligation must be met by all those who have marginal licenses. If you don’t have capacity to do it, you better go and look for something else to do instead of wasting your time in oil and gas,” he warned.
Also speaking, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, described the terminal as historic on two levels, explaining that apart from expanding Nigeria’s crude export infrastructure at a critical time, it demonstrates the capacity of Nigerian operators to deliver world-class projects.
Komolafe expressed the view that the Otakikpo terminal project was in alignment with the country’s current
ing colleague, describing him as a beneficiary of a “sympathy vote” from the 2023 elections.
Before reading Chukwu’s defection letter, Akpabio could not resist teasing the dwindling minority caucus in his trademark humour.
“To the All Progressives Congress, the only party, please receive and celebrate your colleague,” Akpabio said, as the chamber erupted in laughter.
He added: “I used to worry about the left side of the aisle, but I am no longer worried. If they like, let them all move here.
“I only wanted a few of them to remain. Senator Osita Ngwu, Minority Leader, and Senator Abba Moro, you are the only ones left to hold.
“Even Senator Enyinnaya Abaribe, from the look on his
1.8 million barrels per day national crude oil near-term production projection and the need for efficient evacuation.
By creating an alternative export hub in Rivers State, Komolafe emphasised that the Otakikpo terminal reduces overreliance on existing terminals, many of which are already operating at near capacity and are exposed to security and pipeline issues.
According to him, the industry’s indigenous operators have evolved to the stage of accounting for 30 per cent of the national production, a testament to how Nigerians were taking over the oil and gas“Alsosector.it is of benefit for indigenous producers. In the past, Nigeria independents had to rely heavily on infrastruc- ture owned by international oil companies often at high crude oil handling charges and transportation costs. In this situation we are all aspiring
face, doesn’t seem ready to join us. But your party is in tatters. What are you waiting for?”
Akpabio then proceeded to read Senator Chukwu’s formal letter of resignation from the Labour Party and notification of his decision to join the APC. In the letter addressed to the Senate President, Chukwu said his decision followed “extensive consultations” with his constituents and political
stakeholders in Enugu East and across Enugu State.
“Recent developments within the Labour Party, including internal wranglings, leadership crisis, policy disagreements, and lack of cohesion and focus at both state and national levels, have made it increasingly difficult for me to effectively discharge my duties to the people,” Chukwu stated.
He further declared that the
APC, under President Bola Ahmed Tinubu’s leadership, “provides a more stable, progressive, and inclusive platform for achieving our shared goals of economic growth, good governance, national unity, social development, and progress for Nigeria.”
Akpabio, after reading the letter, formally accepted the defection, saying, “Your defection is accepted, noted,
and applauded. Welcome to the progressive family,” he declared.
Meanwhile, two new senators, Joseph Ikpea (Edo Central) of the APC and Nwachukwu Chibuzor (Anambra South) of the All Progressives Grand Alliance (APGA), were sworn in earlier in the day by the Senate President, bringing the chamber to its full complement of 109 members.
Amphibious Warfare Capabilities: Nigerian, French Navy Flag Off Exercise CROCODILE LIFT in Gulf of Guinea
Chiemelie Ezeobi
The Nigerian Navy, yesterday, officially flagged-off Exercise CROCODILE LIFT 2025, a large-scale multinational mari-
to reduce the unit cost per barrel.
“The rise of indigenous terminals such as Otakikpo terminal will change that dynamic and give local companies direct control over evacuation. This will not only improve margins but also reduce delays and strengthen their overall competitiveness,” he added.
In his remarks, the Chairman and Chief Executive of GEIL, Prof. Anthony Adegbulugbe, said the storage capacity of the terminal is currently 750,000 barrels, which is expandable to 3 million barrels.
Besides, he disclosed that the facility has a pumping capacity of 360,000 barrels per day, pointing out that since June 2025, the company has completed four export operations, totalling 1 million barrels of crude oil.
Beyond the numbers, the terminal, Adegbulugbe said, is a catalyst for national renewal as it opens the door for more than
time security and amphibious exercise, deploying five ships, two helicopters, and detachments of the Nigerian Navy Special Boat Service (NNSBS) in collaboration with its French
40 stranded fields in the region, with over 3 million barrels of reserves, long held back by a lack of export infrastructure.
According to him, the fields alone could contribute more than 200,000 barrels per day to the country’s production.
“This terminal is not just another infrastructure project. It is the realisation of a vision that says Nigeria can lead. That Nigerian companies can deliver. That our energy future is ours to define. I am proud to state that this facility was conceived, designed, and delivered 100 per cent by Nigerian talent. From engineering to construction, it reflects the depth of expertise and capacity that resides in our nation.
“This should give us all confidence: Nigerian innovation can drive Nigerian success; indigenous operators can execute world-class projects with excellence, within budget, and ahead of schedule,” Adegbulugbe stressed.
counterpart.
The flag-off ceremony, held onboard Nigerian Navy Ship (NNS) KADA at the Naval Base, Apapa, Lagos, marked the commencement of the three-day exercise.
The exercise, conducted under the auspices of the Western Naval Command, brought together Nigerian and French naval forces to strengthen maritime security and amphibious warfare capa- bilities in the Gulf of Guinea.
Representing the Chief of the Naval Staff (CNS), Vice Admiral Emmanuel Ikechukwu Ogalla, was Rear Admiral Monday Kohwo Unurhiere, Chief of Transformations, Naval Headquarters, who in his keynote address highlighted the strategic significance of the exercise in boosting operational readiness and regional collaboration.
He said: “This exercise aims to assess the Nigerian Navy’s capacity for amphibious landing operations and strengthen maritime security efforts in collaboration with allied forces.
“It is designed to enhance our ability to curb threats in our maritime domain, safeguard national resources, and support the federal government’s regional security initiatives.”
He reaffirmed that the
exercise demonstrates the Navy’s continuous commitment to operational efficiency, international collaboration, and maritime safety, while improving synergy with allied navies.
“I am confident that the exercise will positively impact our readiness for amphibious landing and combat operations, as well as expose other maritime agencies to the benefits of inter-agency cooperation,” he said.
Vice Admiral Ogalla further stressed that sustained exercises such as CROCODILE LIFT have contributed to Nigeria’s improved maritime security record.
“The Navy has maintained a zero-piracy record since Nigeria was removed from the list of piracy-prone nations in 2022. This is a result of sustained naval presence, improved surveillance, and exercises like CROCODILE LIFT,” he added.
Also speaking at the event, Rear Admiral Michael Gregory Oamen, Flag Officer Commanding (FOC) Western Naval Command and Officer Conducting the Exercise (OCE), described CROCODILE LIFT as a critical annual capacity-building operation that reinforces regional security cooperation.
T I nubu In A ugur AT
$400m
3RD LAGOS STATE OCCUPATIONAL SAFETY AND HEALTH CONFERENCE...
L-R: Commissioner for Special Duties and Inter-Governmental Relations, Gbenga Oyerinde; Managing Director/Chief Executive Officer, Bank of Industry, Olasupo Olusi; Lagos State Governor, Mr. Babajide Sanwo-Olu; Chairman, House Committee on Special Duties and Inter-Governmental Relations, Hon. Rauf Age-Suleiman; and Director General, Lagos State Safety Commission, Lanre Mojola, during the
Lagos State Occupational Safety and Health Conference 2025, where the Bank of Industry partnered the Safety Commission by signing an MoU in Lagos on Tuesday
Yiaga Africa: Mahmood Yakubu Created and Left a Weak, Politicised Electoral Body
HURIWA advises Tinubu against politicising INEC appointments
Chuks Okocha and Adedayo Akinwale in Abuja
A civic society group, Yiaga Africa, has declared that the Independent National Electoral Commission (INEC) under the immediate past Chairman, Professor Mahmood Yakubu, was too weak and politicised.
Yiaga Africa added that Yakubu’s exit marked a critical moment for Nigeria, as the
to stabilise the economy.
However, he lamented that millions of Nigerians were yet to feel the benefits.
“Over the last two years, Nigeria has tremendously implemented bold reforms — notably around the exchange rate and petrol subsidy.
“These policies have laid the foundation for transforming Nigeria’s economic trajectory for decades to come,” Verghis said.
Further acknowledging the impact of the reforms Verghis alluded to rising revenues, stabilising foreign exchange markets, growing reserves, and declining inflation.
“Growth has picked up, revenues have risen, debt indicators are improving, the FX market is stabilising, reserves are rising, and inflation is finally beginning to come down. These are big achievements, and many countries would envy them,” he said.
But, he noted that Nigeria now faces the urgent challenge of converting macroeconomic stability into welfare gains for its people.
“Despite these stabilisation gains, many Nigerians are still struggling. In 2025, we estimate that 139 million Nigerians live in poverty. The challenge is clear:
President Bola Tinubu prepares to appoint a new chairman for the electoral commission.
On the contrary, the Human Rights Writers Association of Nigeria (HURIWA) has commended Yakubu, for his decade-long tenure which it described as transformative and institutionally progressive.
Meanwhile, INEC has announced the extension of the ward level Continuous Voter
how to translate the gains from the reforms into better living standards for all,” he stated
Food inflation must be tackled decisively to protect the poor and sustain political support for reforms, he said.
“Food inflation affects everybody, but particularly the poor, and has the potential to undermine political support for reforms,” he said.
“Tight monetary policy is important, but it must be complemented by structural reforms to address deep-seated supply and market constraints,” he further explained.
Verghis assured that the World Bank was committed to supporting Nigeria’s economic reform agenda through policy advice, technical assistance, and financing.
Meanwhile, global index compiler, FTSE Russell, has placed Nigeria on its Watch List for a potential reclassification from Unclassified to Frontier Market status, signalling renewed investor confidence in the country’s improving foreign exchange conditions and capital repatriation environment.
The announcement, contained in the firm’s 2025 Annual Equity Country Classification Review, marks a major milestone for Nigeria, almost two years after
Registration (CVR) exercise in the Federal Capital Territory (FCT).
However, Yiaga Africa, which was inclined to electoral issues, stressed that what INEC needed at this critical time were leaders with impeccable character who could resist political pressure, adding that the future of credible elections depended on it.
Yiaga Africa emphasised that the decline was in spite of the
it was delisted from all FTSE global indices due to severe dollar shortages which hindered investor exits and distorted the FX market.
According to the statement published on the London Stock Exchange Group (LSEG) website, “Nigeria is being added to the Watch List for possible reclassification from Unclassified to Frontier Market status as the market meets the five FTSE Quality of Markets criteria required for attaining Frontier Market classification.”
The firm recalled that Nigeria was downgraded from Frontier to Unclassified status in Septem- ber 2023 “due to significant and ongoing delays in the ability of international institutional investors to repatriate capital from Nigeria and execute foreign exchange transactions.”
However, the latest review acknowledges that conditions have improved materially under the Central Bank of Nigeria’s (CBN) reforms. “Market participants have reported that the aforementioned FX queues had been cleared and that international institutional investors are no longer experiencing any material delays in their ability to repatriate capital from Nigeria,” FTSE Russell stated.
reforms introduced under the leadership of Yakubu.
The group said the Com- mission failed to assert its independence as it ought to be and therefore missed opportunities to protect the integrity of the process.
Executive Director of Yiaga Africa, Mr. Samson Itodo, who stated these while speaking on Channels Television day, said political interference and loss of
It added that “as Nigeria now meets the five FTSE Quality of Markets criteria required for attaining Frontier Market status within the FTSE Equity Country Classification scheme, Nigeria is added to the Watch List for potential promotion from Unclassified to Frontier Market status.”
The decision follows extensive engagement with foreign port- folio investors who confirmed that repatriation bottlenecks have eased, and transparency in FX transactions has improved significantly since the CBN introduced reforms earlier in the year. These include the unification of exchange rates, the clearance of FX backlogs, and enhanced liquidity management in the Nigerian Foreign Exchange Market (NFEM).
The Watch List designa- tion, FTSE noted, allows for “in-depth engagement” with Nigerian authorities and market participants ahead of a potential reclassification decision. “As a result of recommendations received from the FTSE Equity Country Classification Advisory Committee and the FTSE Russell Policy Advisory Board, the FTSE Russell Index Governance Board approved the addition of Nigeria to the FTSE Watch List for possible reclassification,”
public trust have overshadowed most of the achievements of the commission under Yakubu.
Itodo noted that the 10-year tenure of Prof. Yakubu was a mixed bag of the good and the ugly with the later overshadowing the former owing to so much interference which the leadership of the commission succumbed to.
“INEC today is weak because of political interference and trust
it added.
Market analysts interpret the decision as a strong endorse- ment of the CBN’s reform drive under Governor Olayemi Cardoso, who has prioritised restoring transparency and investor trust in the FX market following the volatility of 2023.
Since early 2025, the apex bank has cleared significant FX obligations, improved trade settlement processes, and strengthened liquidity management tools, helping narrow the gap between the official and parallel market rates, rebuild reserves, and attract renewed foreign participation in Nigeria’s debt and equity markets.
Reacting to the development, Group Managing Director/ Chief Executive Officer of Nigerian Exchange Group (NGX Group), Mr. Temi Popoola, described Nigeria’s inclusion on the FTSE Russell Watch List as a testament to coordinated policy reforms and renewed investor optimism.
“Nigeria’s inclusion on the FTSE Russell Watch List is more than recognition; it is a reaffirmation that policy consistency, transparency, and collaboration work.”
“The recent reforms in the foreign exchange market, fiscal policy, and ease of doing busi-
in the system is at its lowest ebb since the 2023 elections.
“The many controversies around the voters’ register, failure to sanction compromised officials, and the commission’s inconsistent application of its guidelines are clear evidence of declining institutional credibility.
“Nigerians no longer believe their votes will count, and that is a dangerous place for our democracy,” he stressed.
ness have collectively helped restore investor confidence and address key structural constraints. At NGX Group, we have always viewed such progress as a springboard for deeper capital market evolution. Our focus remains on sustaining liquidity, expanding listings, and leveraging technology and sustainability to enhance the quality of investor participation, ensuring that Nigeria’s market strength becomes both visible and investable on the global stage.”Observers have also commended the coordinated efforts of the Securities and Exchange Commission (SEC), the CBN, and NGX Group, noting that these institutions have strengthened the overall market ecosystem and aligned domestic market practices with international standards an effort that now positions Nigeria for possible reinstatement into the FTSE Frontier Market Index. Once successfully reclassified, Nigeria could regain visibility among global frontier peers such as Kenya, Ghana, and Côte d’Ivoire, and attract substantial passive inflows from institutional funds benchmarked to FTSE indices reinforcing the country’s return to the global investment map.
3rd
PHOTO: ABIODUn AjALA
W ITH Refo R m m omen T um, I T ’ S T I me T o B
Peo P le, S AYS W’B A nk
ICAN ANNUAL CONFERENCE...
L-R: Former Minister of Finance, Mansur Mukhtar; Past President, Institute of Chartered Accountants of Nigeria
Felix
and Coordinating Minister of the Economy, Mr. Wale Edun; President of ICAN, Mallam Haruna
during the ICAN Annual Conference held in Abuja, yesterday
administration.
‘’What should ordinarily be a matter of national shame is now being disguised as a voluntary resignation, an attempt to whitewash yet another scandal that typifies the forgery-ridden character of this government.
‘’Let the truth be told: Uche Nnaji should not have been allowed the courtesy of resignation. He should have been summarily dismissed and prosecuted for deceit and falsification. By permitting him to quietly exit through the back- door, the Tinubu administration has once again demonstrated that it is an assembly of forgers, impostors, and morally bankrupt individuals masquerading as public‘’Whatservants.’ makes this even more embarrassing is that the same Department of State Services (DSS) which screened out Mallam Nasir el-Rufai for alleged ‘security concerns’ is the very agency that cleared this same character, Uche Nnaji.
‘’The DSS truly deserves our flowers for this national disgrace. Their failure of due diligence has made Nigeria an object of ridicule before the world and raises the question: how many more of such individuals are occupying sensitive positions in this government?
‘’This episode is not isolated. It is a reflection of a pattern, a rot that begins from the very top. The man who occupies the office of President, Bola Ahmed Tinubu, has for decades been enmeshed in controversies surrounding his identity, age, and academic records.
‘’From the Chicago State University saga to multiple contradictory claims under oath, the world has seen ample evidence that Nigeria today is led by a man who himself has been unable to credibly defend the authenticity of his own certificates.
‘’When a man of questionable identity leads a country, deception becomes the standard of governance. Tinubu’s personal history of alleged forgery and perjury has effectively institutionalised falsehood in public service. It is, therefore, unsurprising that his ministers and aides have taken after his example by falsifying
documents, inflating records, and desecrating the moral foundation of our nation.
‘’I, therefore, call for an independent, transparent, and comprehensive investigation into the academic and professional credentials of all members of the Federal Executive Council (FEC), beginning with President Bola Ahmed Tinubu himself. Nigerians deserve to know the truth about those who preside over their lives and resources.
‘’Until this cleansing is done, Nigeria will continue to sink deeper into moral decay, economic ruin, and global embarrassment. The time has come to rescue our country from the grip of deceit and restore integrity to public life,’’ he stated
For John Baiyeshea (SAN), in order to set a stage for prosecution, the police must now carry out an investigation and gather the evidence required to prosecute the former minister for forgery.
According to Baiyeshea, it is the Police that has the constitutional responsibility to investigate crime, and if there is need for prosecution, the constitutional place to go is the appropriate court designation for the purpose.
“Finally, my opinion is that if a prima facie case is established by police after investigation, the ex minister ought to be prosecuted. We cannot continue to cover up crime and criminals. Our society can not continue like this. We can never make progress by pampering criminals.
“That’s why corruption is so endemic and pandemic in Nigeria because those who steal our commonwealth are treated with kid gloves and are celebrated as heroes. They are bigger than the law and the entire legal system quite sadly”, he added.
Also, Moses Ebute, (SAN) and former Chairman of the Abuja branch of the NBA, stated that it is one thing to resign and another for the allegations leveled against him to be true. Ebute wondered whether the minister resigned to enable investigation into the allegations or that the allegations were true.
“If the former is the case then he ought to be investigated and
if it is the latter, he ought to be prosecuted”, he said, “This will serve as a deterrent to others who are very desperate to occupy public office”.
The senior lawyer stressed that Nigeria cannot continue like this as a nation where those who are truly educated cannot get employment in the public services or occupy public offices as well. “Enough is enough”, Ebute stated.
Echoing similar sentiments, human rights lawyer and Senior Advocate of Nigeria, Ebun Olu-Adegboruwa, said resignation should not be treated as a ‘get-out-of-jail-free card.’
“Lately, public officers holding very important positions have been enmeshed in various controversies on their qualifications. Many officers serving in this current administration have unresolved issues hanging on their credentials and qualifications.
“It’s therefore not enough for public officers who have been accused of certificate forgery or academic fraud to announce their resignations and run away with the crime committed. In this case, the ex-minister should be handed over to the security agencies for investigation and prosecution, if found culpable. When people commit offences and they are patted on their ugly backs, then we encourage fraud and give the impression that crime pays,” he said.
Reacting to the resignation of the science minister, Mr. Dayo Akinlaja (SAN), pointed out that it is the ideal thing to do, as it would pave the way for him to clear himself of the allegations.
“It is instructive that the minister has resigned”, Akinlaja said, adding that the resignation does not signify the end of the controversy surrounding the issue of the alleged UNN and NYSC certificates.
He said: “The way it is, the resignation is capable of two dif- ferent interpretations. It may be interpreted as a demonstration of nobility and integrity. This may be so because it is arguable that it is an indication that the man is sure of his innocence and would not want to give the impression that he is using public office to shield himself.”
The senior lawyer however
and Vice
noted that the resignation on the other hand, may be interpreted as admission of guilt.
“Therefore, it becomes impera- tive for the matter to be taken a notch further with a view to putting the matter beyond mere conjecture or peradventure. The gentleman himself may even elect to have the matter duly investigated by the authorities for purposes of showing to the whole world that he is a man of untainted honour and integrity”, Akinlaja
However,added. for another senior lawyer, Mr George Ibrahim (SAN), the matter should just be rested following the resignation of the minister.
Besides, Ibrahim expressed belief that the plight of Nnaji has a political undertone because the same university had earlier cleared him of the said certificate forgery“Whileallegations.
I do not exonerate him of any wrong doing, I think it is enough that he has resigned as a mark of integrity. I think the whole thing is political judging from the fact that the university had since the year 2023 confirmed that he gradu- ated from the university by the Registrar who deals with record keeping. The latest twist to me is baffling and leaves more to be desired”, Ibrahim stated.
For human rights lawyer, Mr Deji Adeyanju, who aligned himself with calls for the prosecution of the minister to serve as deterrent to others, he urged Tinubu administration not to sweep the matter under the carpet.
For its part, the African Democratic Congress (ADC) has said the involvement of a minister in the APC government in certificate forgery is merely indicative and actually confirms the party as a nest of certificate forgers
In a statement signed by Mallam Bolaji Abdullahi, the party’s National Publicity Secretary, the ADC described the President’s action as weak and disappointing, saying that a government that claims to uphold integrity cannot afford to treat criminal conduct like a personal matter.
ADC said that it believes that the decision of President Tinubu to merely accept the
of
offending former minister’s resignation instead of taking a tougher stance gives the unfortunate impression that the President is sympathetic to such behaviour.
According to Abdullahi: ‘’We are equally appalled that the minister was allowed to quietly resign after publicly admitting that the certificates he presented were not issued by the relevant institutions. This sends the wrong message to Nigerians, especially the youth, that dishonesty carries no consequence in public life.
‘’It is imperative to reiterate that both the University of Nigeria, Nsukka (UNN), and the National Youth Service Corps (NYSC) officially disowned the certificates Mr. Nnaji presented for his ministerial appointment, while court filings by the Minister himself confirmed that UNN never awarded him any degree certificate.
‘’In this regard, by simply accepting his resignation, President Tinubu has shown that for whatever reason, his administration is willing to let corrupt officials off the hook easily and he is not willing to set example for those who serve under him that dishonesty has serious consequences.’’
The party said that as men- tioned in their initial statement on the subject, Nigerians are aware that this is not an isolated incident but part of a troubling pattern that has defined the APC government since its inception.
‘’From one certificate scandal to another, Nigerians have watched the APC turn dishonesty into an identity, offering sanctuary to people with questionable integrity. Indeed, if the President cannot act firmly in a case that was this clear, how can Nigerians trust his government to fight corruption in any other form?
‘’As a party, we therefore call on relevant law enforcement agencies to pursue an independent investigation into the matter, noting that resignation does not erase criminal liability. Forgery is not a private offence, it is a crime. If found guilty, Mr. Nnaji should be prosecuted in accordance with the law. Anything less will amount to a cover-up.’’,
the spokesman of ADC said. Besides, a Rivers State based activist, Chetam Nwala, has called on Tinubu to immediately set up an independent investigative panel to examine alleged certificate forgery of the former minister.
Nwala who is also a PanAfricanist said if found culpable, Nnaji and everyone involved should be arrested and prosecuted without delay.
In a statement he personally signed and made available to journalists in Port Harcourt, yesterday, Nwala “The resignation of Hon Geoffrey Uche Nnaji following revelations surrounding his certificate scandal is a stark reminder of how deeply compromised and decayed Nigeria’s institutional integrity has become”.
He said the saga exposed the failure of the oversight systems and the inability of critical agencies like the Depart- ment of State Services (DSS) to conduct thorough background checks on individuals entrusted with public office, saying that what should have been a straightforward verification process has turned into national embarrassment.
“Hon. Nnaji’s case reflects a broader pattern of compromise by institutions that are meant to uphold due diligence and accountability. We have reached a point where mediocrity and fraud thrive unchecked, while integrity is continually undermined by political interests. This has brought shame and ridicule to our nation.
“This issue mirrors the longstanding certificate controversy surrounding President Bola Tinubu, an episode that has yet to be credibly resolved. Nigeria cannot continue on a path where its leaders are perpetually entangled in allega- tions of academic fraud. This is a stain on our national identity and global reputation,”Nwala added.
He however “called on the President to immediately set up an independent investigative panel to examine the matter comprehensively, stressing that if found culpable, Nnaji and everyone involved must be arrested and prosecuted without delay.
(ICAN),
Kolawole Bajomo; Minister of Finance
Nma Yahaya;
President
ICAN, Hajia Queensley Sofuratu Seghosime,
PHOTO: KINGSLEY ADEBOYE
NBA, ATI ku, Se NI or L Aw Y er S Pu SH for Pro B e, Pro S ecu TI o N of N NA j I over A LL ege D f orger Y
Super Eagles Miss Intercontinental Playoffs Route to 2026 World Cup
Duro Ikhazuagbe
Only one route is now left for Nigeria’s Super Eagles to qualify for the 2026 World Cup after teams in the race have already secured the slots reserved for the four best runners up in the African qualifying series to go for the intercontinental playoffs.
As at yesterday, the first of the Match-day 9 fixtures ensured that Gabon (19 points; Madagascar (19 points); Burkina Faso (18 points); and Cameroon (18 points) have all surpassed
the maximum points that the Super Eagles can achieve even if they win their two remaining matches against Lesotho on Friday and Benin Republic on Tuesday to finish on 17 points!
It therefore means that the only way left for Super Eagles to qualify for the 2026 World Cup will be to win Group C despite leaders Benin and South Africa three points clear of them.
With the Group C ticket now in the views of Benin Republic and South Africa both on 14 points before their next two matches,
Super Eagles’ 2026 World Cup appears over. Only miracle can now make either South Africa or Benin to drop points in their next two games for Nigeria to profit. The coast is even clearer for the Bafana Bafana who are playing their next two games against Zimbabwe and Rwanda at home. They are to play Zimbabwe in Durban on Friday before wrapping up with Rwanda at the same venue on Tuesday to end up with possible 20 points if Bafana Bafana win both games.
Benin’s Cheetahs are not sure of what will happen in Uyo on Tuesday. Despite this glaring second back-to-back World Cup miss staring the players in the faces, team handler, Eric Chelle, continued to tinker with the team’s prepara-
tions to play Lesotho in Polokwane, South Africa yesterday.
A total of 20 Super Eagles’ players took part in the second training session on Wednesday in Polokwane, ahead of Friday’s World Cup qualifying match against the
Crocodiles
The Ranch Hotel base on Tuesday night to bring the squad to 20.
...Salah Fires Egypt to Third Finals, Black Stars on the Verge
2026 Fifa World Cup with one game to spare, while Ghana are on the brink of reaching the finals.
Super Eagles have been ruled out of qualifying for the Intercontinental Playoffs reserved for the
the nine groups of the African qualification series for the 2026 FIFA World Cup
of
Ronaldo is Bloomberg’s First Billionaire Footballer
Cristiano Ronaldo has become football’s first billionaire player, according to financial information and media firm Bloomberg.
The Bloomberg Billion- aires Index, which tracks the world’s richest people based on their net worth, has measured the 40-year- old Portugal and Al-Nassr striker’s wealth for the first time.
The valuation takes into account career earnings, investments and endorsements and says Ronaldo’s net worth is $1.4bn (£1.04bn).
It says he earned more than $550m (£410m) in salary between 2002 and 2023, and breaks down his reported earnings through deals and sponsorship, including a decade-long deal with Nike worth almost $18m (£13.4m) a year. When Ronaldo joined Al-Nassr in the Saudi Pro League in 2022 he reportedly became the best-paid player in football history with an
annual salary of £177m. His contract was due to end in June 2025 but he signed a new two-year deal- reportedly worth more than $400m (£298m) - which will keep him at the club beyond his 42nd birthday. Argentina and Inter Miami forward Lionel Messi, who played against Ronaldo for many years during their time
in Spain, has earned more than $600m (£447m) in pre- tax salary during his career, according to Bloomberg. That includes $20m (£15m) in guaranteed annual pay since 2023, which is about 10% of Ronaldo’s income during the same period. When he retires, 38-year- old Messi is set to get a stake in Inter Miami.
Brazil Tops First Abia International Para Badminton Championship
Emmanuel Ugwu-Nwogo in Umuahia
Nigeria was confined to the fourth position as the first Abia International Para Badminton Championship ended at the weekend with Brazil emerging the overall winner with seven gold, three silver, and five bronze medals.
India followed closely
with six gold, five silver, and 14 bronze medals while Peru placed third by garnering six gold, three silver, and two bronze medals.
Other countries that participated at the sporting event include; Egypt, Tunisia, Burkina Faso, Rwanda, Cameroon, Zimbabwe, DR Congo, Mauritius, and Mozambique.
The championship which
involved 114 athletes from 13 nations marked a historic milestone for Nigeria and West Africa in the development of para sports.
Though Nigeria, the host nation, won three gold, four silver and nine bronze medals to stay on the fourth rung of the medals chart, some of her stars shone brightly at the championship involving 114 athletes from 13 nations.
Egypt knew one win from the final two rounds of matches would be enough to secure top spot in Group A, and Hossam Hassan’s side eased to a 3-0 away victory over Djibouti in neutral Casablanca.
Ibrahim Adel nodded in Zizo’s cross to put the Pharaohs ahead in the eighth minute and Liverpool forward Salah latched on to Trezeguet’s through ball to stab in the second six minutes later.
Salah’s form for the Reds this season has come under scrutiny, but he remained in the thick of the action, curling over the bar and
almost providing a third goal before the break as Mostafa Mohamed flicked his cross onto an upright.
The tempo of the game dropped in the second half but Salah made it 3-0 late on with a superb first-time lob inside the box.
The Pharaohs become the third African side to secure their World Cup ticket, joining fellow North Africans Morocco and Tunisia.
Egypt have won a record seven Africa Cup of Nations titles but have struggled to replicate their continental form in World Cup qualifying over the years - appearing at foot- ball’s greatest event on just three previous occasions, in 1934, 1990 and 2018.
Zenith Bank/ Delta Principals’ Cup S’finals Take Centre Stage in Ozoro, Ughelli
The semifinals of the 2025 Zenith Bank/Delta Principals Cup football competition will take place in two centres today.
The final four teams of the 2025 edition of the annual competition which kicked off on September 18 with over 1,000 secondary schools will be full of fireworks.
Warri South LG represented by Ogbe Ijoh Grammar School are through to the last four
and they will face Justice, Peace and Success Secondary School representing Aniocha South LG area of Delta Sate. The match is slated for Notre Dame College, Ozoro while the second semifinals will see Otokutu Grammar School representing Ughelli South will take on Urhobo College, Effurun, representing Uvwie LG in a match slated for Government College, Ughelli.
Flying Eagles Crash out of U20 World Cup
Six-time champions Argentina eliminated Nigeria from the ongoing FIFA U20 World Cup finals in Chile on Wednesday evening, winning their Round of 16 tie in Santiago 4-0 to avenge the Flying Eagles’ own triumph over them at the same stage when the Argies hosted the tournament two years ago.
Alejo Sarco scored Argentina’s first as early as the second minute, before Maher Carrizo doubled the advantage from a free-kick in the 23rd minute, disrupting Nigeria’s game-plan. Maher Carrizo’s goal came following a challenge by midfielder Nasiru Salihu at the edge of the box.
of Lesotho. Portugal-based defender Zaidu Sanusi and Spain- based forward Jerome Akor Adams joined the other 18 players in the team’s
Cristiano Ronaldo...Billionaire Footballer
Mohamed Salah scored twice as Egypt wrapped up qualification for the
L-R: Director, Critical National Assets and Infrastructure Protection, Office of the National Security Advisers (ONSA), enebong effiom; Katsina State Governor, Dikko Radda and executive Vice Chairman/Chief executive Officer, Nigerian Communications Commission (NCC), Dr. Aminu Maida, during a business roundtable on broadband investment and critical national infrastructure protection hosted by the Commission in Abuja ... yesterday
olusegun AD e NIYI
Parade of ‘Oluwole’ Certificates
Presenting fake credentials to get elected for executive/legislative offices or secure appointments for which they are not qualified is not new in Nigeria. And the last 26 years of civil rule has only exacerbated it. Aided by the absence of a reliable database in a society where people make claims that are hardly checked, it has long been established that many of the university degrees being paraded by too many top public officials were obtained from touts at the notorious ‘Oluwole’ in Lagos. But under a new regime that commenced on Monday (6 October 2025), no federal appointment will be confirmed without a National Credential Verification Service (NCVS) clearance certifying the authenticity of academic documents.
According to a recent circular from the Secretary to the Government of the Federation, George Akume, the directive was approved in February this year by the Federal Executive Council (FEC). The Nigeria Education Repository and Databank (NERD), a centralised digital platform created to store, manage, preserve, and verify educational records, publications, and credentials from all tiers of the system will provide oversight. “NERD will issue guidance and regulations in consultation with the National Universities Commission (NUC), the National Board for Technical Education (NBTE) and the National Council for Colleges of Education (NCCE),” the circular added. The clearance of any certificate will generate a National Credential Number (NCN) and unique security codes linked to the verified document for record-keeping.
This is a commendable policy that should extend beyond the federal government to all tiers across the country and even the private sector if we are to end this emblem of shame. Of course, the announcement on Tuesday of “the resignation of Geoffrey Uche Nnaji, Minister of Science, Technology and Innovation, following some allegations against him,” had nothing to do with NERD or the new circular. But the development has brought the policy into sharp focus. Nnaji had claimed to be a graduate of the University of Nigeria Nsukka (UNN) but the vice chancellor, Prof Simon Ortuanya, told Premium Times that the institution “did not and could not have issued” the certificate Nnaji presented to the Senate for his confirmation hearing. His National Youth Service Corps (NYSC) discharge certificate was also confirmed to be dodgy. This scandal raises serious questions about the integrity of the so-called security screening always conducted by the State Security Service (SSS) with much
noise and drama before such appointments are announced or confirmed.
However, while Nnaji may have lost his job for breaking the ‘eleventh commandment’ (Thou Shall Not Get Caught), he is just one among many people in our public space whose academic credentials are dubious. Last year, a monarch-elect in Ekiti State was ordered to be detained by a Federal High Court for forging a University of Ibadan and NYSC discharge certificates, both of which he had earlier used to secure a job at the University Teaching Hospital, Ado-Ekiti. An acting director-general at the Federal Institute of Industrial Research Oshodi (FIIRO) was found to have secured his position with a forged PhD certificate. To compound the challenge, the revelation from a recent case in London over the property of a deceased retired army General indicates that many of our data collection centres have been compromised. And until these criminal syndicates are dismantled, NERD may just be validating fraud.
In October 2023, following discrepancies found on the list of graduates forwarded to the NYSC headquarters, authorities at the University of Calabar admitted that some of the “certificates
purportedly from our university are fake.” At the end of their internal process, no fewer than 178 fake graduates were believed to have obtained UNN degree certificates. One of those ‘graduates’ turned out to be a bread seller! Although the university’s Data Entry Officer, Obi Endurance, was reportedly arrested, there is nothing to suggest that he (or anybody else for that matter) has been held accountable for the crime. If that can happen in a respected federal university, one can only imagine the situation in many of the ramshackle private universities that populate the country.
As I wrote in the aftermath of the UNN scandal, our most sacrosanct institutions have been invaded by a national culture of fraud. In religion, charlatans have crowned themselves Pastors, Bishops, Imams, General Overseers etc. In the hospitals, patients are at the mercy of fake doctors and pharmacists whose prescriptions are often fatal. In the construction industry, quacks have taken over, causing buildings to collapse after mere drizzle. In academia, there is an epidemic of ‘professors’ who disseminate ignorance to unsuspecting students. But, as I also argued, the wellspring seems to be the political realm.
In a moral no-man’s-land with neither standards
nor measures, the present world of universal fraud for which our country is becoming increasingly notorious appears logical. Apart from electing certified crooks into critical public offices, the appointment of those who parade ‘Oluwole’ certificates has also become the order of the day. That nobody is sure of the genuineness of certificates being paraded by public office holders in our country is already becoming a problem for honest Nigerians at home and abroad. We are all tarred with the same brush due to the antics of a few unscrupulous individuals and their collaborators within the system. And we cannot continue like this.
In a status obsessed society where people with zero net worth (and questionable means of livelihood) go by the prefix ‘Billionaire this and that’ and every semi-literate politician is now a ‘Dr somebody’, it is no surprise that many forge certificates. But these are mere symptoms of the crisis of values that bedevil our country today. And to the extent that development cannot happen in a society where forging academic credentials becomes the norm, we must change this sordid narrative in Nigeria, as we wait to see the effects of NERD.
At the public presentation of my book, ‘Against the Run of Play: How an Incumbent President was Defeated in Nigeria’, on 19th April 2017. Former Commonwealth Secretary General, Chief emeka Anyaoku; the late Chief C. O. Adebayo, who was Father of the Day; former Head of State, General Abdulsalami Abubakar, who chaired the occasion; and former First Lady of Cross River State, Mrs. Onari Duke, who presented the book… interested readers will find the story behind the photograph in the online edition.
