WEDNESDAY 17TH DECEMBER 2025

Transcorp Hotels Names Awele Elumelu as Board Chair, Effective January 1 Nume Ekeghe

Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation

Plc, has announced that Dr. (Mrs.) Awele Vivien Elumelu, will assume the role of Board Chair from January 1, 2026.

She succeeds Mr. Emmanuel

N. Nnorom, who will retire from the position after the conclusion of his tenure on the same date.

Elumelu brings leader-

ship experience that spans healthcare, insurance, corporate governance, and philanthropy.

She currently serves as Chair of Avon Healthcare Limited (Avon

HMO), one of Nigeria’s top health insurance providers, as well as Avon Medical Practice, a rapidly expanding network

Continued on page 10

Awele

Trump Adds Nigeria to Travel Restriction List, Expands Number to 39 ... Page 27 Wednesday 17 December, 2025 Vol 30. No 11210. Price: N400

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$7m School Fees: ICPC Set to Probe NMDPRA’s CEO after Dangote’s Petition Ahmed: Allegations wild and spurious, welcomes formal inquiry House investigates claims

Emmanuel Addeh, Alex Enumah and Adedayo Akinwale in Abuja

Africa’s richest man, Aliko Dangote, yesterday doubled down on his allegations of graft and economic sabotage against the

Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed,

dragging him (Ahmed) before the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

Also yesterday, the anticorruption agency confirmed that it received a formal petition from the President of Dangote

Industries Limited (DIL) through his lawyer against the Continued on page 10

Senate Endorses $60 Oil Benchmark, Crude Price Falls to $59/Barrel

Lawmakers approve N54.46tn 2026 spending plan Peg oil output at 1.84mbpd, ratify N1,512/$ exchange rate projection In Washington Cardoso reaffirms commitment to rules-based economic management, transparent markets Emmanuel Addeh, James Emejo, Sunday Aborisade in Abuja and Nume Ekeghe in Lagos The Senate yesterday approved some far-reaching recommendations of its Committee on Finance on the 2026–2028

Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), backing a lower and more realistic crude oil benchmark of $60.

The Upper Chamber also endorsed a N54.46 trillion federal spending plan for Continued on page 5

APC CHAIRMAN, YILWATDA AND WIFE BAG CHIEFTAINCY TITLES...

L–R: His Royal Majesty, Orchivirigh Professor James Ortese Iorzua Ayatse, the Tor Tiv, decorates Dr. Martina Nentawe Yilwatda with the title Inyoron-I-Zegebar-U-Tiv and Professor Nentawe Goshwe Yilwatda with the title Zegebar-U-Tiv during their chieftaincy installation ceremony on Saturday at the J. S. Tarka Stadium, Gboko, Benue State.

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THISDAY • WEDNESDAY, DECEMBER 17, 2025

NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0807 401 0580

SERVICE OF NINE LESSONS AND CAROLS...

L-R: Governor of Ogun State, Prince Dapo Abiodun; former President, Chief Olusegun Obasanjo; First Lady, Senator Oluremi Tinubu; former Head of State, General Yakubu Gowon, and Senate Majority Leader, Opeyemi Bamidele, during the 2025 service of nine lessons and carols held at the State House Banquet Hall, Abuja...recently

FAAC Disburses N1.923tn November Allocation as Federation Revenue Grosses N2.343tn Ndubuisi Francis in Abuja

The Federation Account Allocation Committee (FAAC), Monday, disbursed a total sum of N1.928 trillion to the three tiers of government for the month of November, from a gross total of N2.343 trillion.

The disbursement was done at the monthly meeting of the committee in Abuja, and chaired by Minister of State for

Finance, Dr. Doris Uzoka-Anite.

The N1.928 trillion total distributable revenue comprised distributable statutory revenue of N1.403 trillion, distributable Value Added Tax (VAT) revenue of N485.838 billion, and Electronic Money Transfer Levy (EMTL) of N39.646 billion.

A communique issued at the meeting revealed that the federal government received N747.159 billion, the states

received N601.731 billion, and the local government councils got N445.266 billion, while the oil producing states received N134.355 billion, being 13 per cent derivation for mineral revenue.

The sum of N84.251 billion was for the cost of collection, while N330.625 billion was allocated for Transfers, Intervention and Refunds Gross revenue available

from VAT for the month of November 2025 was N563.042 billion, as against N719.827 billion distributed in the preceding month, a decrease of N156.785 billion.

From the amount, the sum of N22.522 billion was allocated for the cost of collection while N54.682 billion went to Transfers, Intervention and Refunds.

The remaining sum of

N485.838 billion was distributed to the three tiers of government.

From the shared amount, the federal government got N72.876 billion, states received N242.919 billion, while local government councils got N170.043 billion.

The communique showed that the Gross Statutory Revenue of N1.736 trillion received for the month of November

SENATE ENDORSES $60 OIL BENCHMARK, CRUDE PRICE FALLS TO $59/BARREL

2026 aimed at stabilising Nigeria’s economy amid global uncertainties.

In the same vein, Brent crude, Nigeria’s oil benchmark, fell over 2.56 per cent to below $60 per barrel yesterday, its lowest level since May 2025, due to rising hopes for a potential peace deal in the Russia-Ukraine conflict.

Specifically, Brent crude futures fell to $59.01 a barrel, while U.S. West Texas Intermediate (WTI) crude was trading at $55.36, down 2.57 per cent, lowest since February 2021.

This came as the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, yesterday reaffirmed the country’s commitment to rules-based economic management, transparent markets, and predictable policy frameworks, amid the heightened global economic uncertainty.

Also yesterday, the CBN announced the revocation of operating licences of Aso Savings and Loans Plc and that of Union Homes Savings and Loans Plc for violation of various Sections of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Revised Guidelines for Mortgage Banks in Nigeria.

The approval of the MTEF/ FSP, followed the presentation of the committee’s report by its Chairman, Senator Sani Musa,

at plenary presided over by Senate President Godswill Akpabio.

Lawmakers said the adopted parameters were designed to promote macroeconomic stability, strengthen fiscal discipline and support the federal government’s ongoing economic reforms.

A key decision was the downward review of the crude oil benchmark price for 2026 from $64.85 per barrel to $60.

The Senate, however, approved benchmark prices of $65 and $70 per barrel for 2027 and 2028, respectively.

The committee explained that the conservative adjustment for 2026 was necessitated by heightened geopolitical tensions in Europe and the Middle East, as well as persistent volatility in the global oil market.

Despite the cautious oil price outlook, the Senate sustained crude oil production projections of 1.84 million barrels per day (mbpd) for 2026, 1.88mbpd for 2027, and 1.92mbpd for 2028.

It expressed optimism that improved security conditions, industry reforms, and investments in the sector would boost output.

On exchange rate assumptions, lawmakers endorsed projections of N1,512 to the dollar for 2026, N1,432.15 for 2027, and N1,383.18 for 2028.

The Senate noted that the

figures were consistent with the Central Bank of Nigeria’s policy direction and efforts to stabilise the naira through better coordination of fiscal and monetary policies.

The upper chamber also approved inflation projections of 16.5 per cent for 2026, 13 per cent for 2027 and nine per cent for 2028, citing anticipated tightening measures by monetary authorities.

Real Gross Domestic Product (GDP) growth projections of 4.68 per cent, 5.96 per cent, and 7.9 per cent for the three years were equally sustained, with senators expressing confidence that recent tax and structural reforms would begin to yield measurable economic benefits from 2026.

In a bid to enhance revenues, the Senate urged strict implementation of newly enacted tax laws, describing them as critical to economic growth and development.

It also recommended the adoption of a National Scanning Policy within the National Single Window of the Nigeria Revenue Service, in collaboration with relevant agencies, to curb leakages, improve trade facilitation, boost transparency and enhance national security.

On fiscal aggregates, the Senate approved a total federal budget size of N54.46 trillion for 2026, comprising retained

revenue of N34.33 trillion and new borrowings of N17.88 trillion from domestic and external sources.

Debt service was pegged at N15.52 trillion, while pensions, gratuities and retirees’ benefits were estimated at N1.376 trillion, with an overall fiscal deficit of N20.13 trillion.

Capital expenditure of N20.131 trillion, statutory transfers of N3.152 trillion, a sinking fund of N388.54 billion, and recurrent (non-debt) spending of N15.265 trillion were also endorsed.

The committee expressed appreciation to the Senate for its support, voicing optimism

that the approved framework would lay the foundation for sustainable economic growth and long-term prosperity.

Nigeria’s Crude Oil Benchmark, Brent, Falls Below $60

Brent crude, Nigeria’s oil benchmark, fell over 2.56 per cent to below $60 per barrel yesterday, its lowest level since May, due to rising hopes for a potential peace deal in the Russia-Ukraine conflict.

Specifically, Brent crude futures fell to $59.01 a barrel, while U.S. West Texas IntermeContinued on page 10

was lower than the sum of N2.164 trillion garnered in the previous month by N427.969 billion.

From the stated amount, the sum of N59.993 billion was allocated for the cost of collection and N273.925 billion for Transfers, Intervention and Refunds.

The balance of N1.403 trillion was distributed to the three tiers of government: the federal government received N668.336 billion, states received N338.989 billion, while the sum of N261.346 billion was allocated to local councils, and N134.355 billion went to mineral producing states as 13 per cent derivation revenue.

Also, the sum of N43.400 billion from Electronic Money Transfer Levy (EMTL) was distributed to the three tiers of government.

The federal government received N5.947 billion, states got N19.823 billion, and local government councils received N13.876 billion.

The sum of N1.736 billion was allocated for cost of collection, while the sum of N2.018 billion was given to Transfers, Refunds and Savings.

FG Halts Enforcement Measures on Sachet Alcohol Ban Pending Review Raheem Akingbolu

The federal government has directed an immediate suspension of all actions and enforcement measures related to the proposed ban on sachet alcohol products by the National Agency for Food and Drug Administration and Control (NAFDAC), pending the outcome of consultations and a final directive.

In a statement issued on Monday, the office of the

Secretary to the Government of the Federation (OSGF) said it received an official correspondence from the House of Representatives Committee on Food and Drugs Administration and Control, dated November 13, 2025, regarding the planned enforcement of the ban.

The letter, signed by the committee’s Deputy Chairman, Hon. Uchenna Harris Okonkwo, drew attention to existing resolutions of the National Assembly on the

matter.

According to the statement, the correspondence is currently being reviewed by the OSGF in line with its statutory coordinating role as Chairman of the Cabinet Secretariat.

Consequently, the OSGF directed that all decisions, actions or enforcement related to the sachet alcohol ban be put on hold pending the conclusion of consultations and the issuance of a final directive by the office.

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NEWS

LAUNCH OF ACCESS BANK VISA CORPORATE CREDIT CARD SOLUTION ACCELERATION INITIATIVE...

L-R: Team Lead, Card Products, Access Bank, Mr. Oladimeji Adegbayi; Director, Visa Commercial Solutions, Mr. Chiedu Adudu; Head, Card Products, Access Bank, Ms. Florence Owuor; Director, Business Development, Visa West Africa, Ms. Oluwatoyin Badeji; Sector Head, Oil and Gas Upstream and Power, Access Bank, Mr. Emeka Nkwonta; Senior Business Development Leader and Country Manager, Visa West Africa, Mr. Damola Giwa; and Relationship Manager, Commercial Banking Division, Access Bank, Mr. Chidozie Chukwuemeka, at the launch of the Access Bank Visa Corporate Credit Card Solution Acceleration Initiative held in Lagos … recently

UBA Signs $100m Facility to Enable 3,500 LagRide Drivers Transition to Vehicle Ownership Nume Ekeghe United Bank for Africa (UBA) Plc has signed a $100 million expansion facility with LagRide, the Lagos State backed e-hailing platform, to empower 3,500 drivers, accelerate vehicle ownership, and promote clean-energy transport across Lagos.

The partnership, which also involves Lagos State Government, aims to transition participating drivers from renting vehicles to owning them over a four-year period, providing both financial empowerment and structured training to enhance professionalism and road safety.

Speaking at the signing ceremony in Lagos yesterday, UBA Group Managing Director/CEO, Oliver Alawuba, described the initiative as a key step towards accelerating job creation, financial inclusion, economic growth, and safer urban mobility.

Alawuba stated, “This

partnership is designed to finance up to 3,500 LagRide drivers in Lagos State. What this means is that at least 3,500 drivers will transition from renting vehicles to owning them within a period of about four years. This is a major step toward economic empowerment for the drivers.

The initiative also includes structured training, which will improve professionalism and road safety across Lagos.

“For passengers, this partnership translates into safer and more secure rides across Lagos routes. Overall, the initiative is expected to drive financial inclusion, economic growth, and social progress.”

A distinguishing feature of the initiative is the use of compressed natural gas (CNG) vehicles, supporting Nigeria’s clean-energy goals and ensuring environmentally friendly transport.

Alawuba explained, “Another important aspect

is that the vehicles involved will run on compressed natural gas (CNG), meaning cleaner energy and a better environment for everyone.

“There have been concerns around insecurity in ride-

The former Chief Executive Officer of Newswatch Communications Limited (NCL), Mr. Ray Ekpu, has identified the practice of credible and responsible journalism as the best tribute that Nigerian journalists could pay to the former Editor-inChief of Newswatch Magazine, late Dan Agbese.

Agbese, one of the founders of NCL along with Mr. Yakubu Mohammed, Ekpu, and late Dele Giwa, died on November 17, 2025.

Ekpu who was a former

editor-in-chief of Newswatch stated that upholding credible journalism is urgent now that journalism is in the doldrums occasioned by the arrival of new technology, Artificial Intelligence (AI) and social media gymnastics.

He stated this on Monday in Lagos in “a tribute to Dan Agbese’s admirable legacy,” which he delivered on behalf of NCL “at a tribute session in his favour (Agbese) on December 15, 2025.”

He said: “Agbese’s departure happens at a time that journalism is in the doldrums occasioned by the arrival of new technology,

Diana Chen, emphasised the focus on drivers as the primary beneficiaries.

Chen said, “We are moving drivers from being individual workers to empowered platform participants,

with structure, stability and a clear path to success as vehicle owners. Riders also benefit through an expanded fleet, improved service availability, and a more reliable ride-hailing experience.”

Sanwo-Olu Woos Multinational Real Estate Developers at 6th Lagos Housing Marketplace Your assets are protected in Lagos, gov tells investors

The Sixth Lagos Real Estate Marketplace Conference highlighted the transformative vision of Lagos State to evolve to a thriving mega city and the inherent challenges.

The event, which attracted over 2,000 physical participants including real estate investors from America, Middle East and Asia, was held at Eko Hotels and Suites, Victoria Island, with the theme: “Shaping the Future of Lagos Megacity: Infrastructure, Innovation and

Ray Ekpu: Credible, Responsible Journalism Best Tribute to Dan Agbese

Dike Onwuamaeze

hailing services in Lagos, but these drivers will be professionally trained, ensuring a safer and more reliable passenger experience with LagRide.”

Chairman of LagRide,

Artificial Intelligence (AI) and social media gymnastics, all of which have compounded the practice of credible and responsible journalism.

“The good thing is that iconic leaders of the profession such as Uncle Sam Amuka, Chief Segun Osaba, Prince Nduka Obaigbena, Mallam Kabiru Yusuf and other prominent members of the Newspaper Proprietors’ Association of Nigeria, Nigerian Guild of Editors, Broadcasting Organisation of Nigeria and the Nigerian Union of Journalists have now approved a compass to the future.

Affordable Housing”.

It was organised by the Lagos State Real Estate Regulatory Authority (LASRERA) under the Office of the Special Adviser to the Governor on Housing.

Governor Babajide SanwoOlu said Lagos had evolved into one of the world’s most dynamic urban economies, but stressed that the state government’s current efforts were to sustain the inclusive growth of Lagos, making the state liveable for generations yet unborn.

Lagos, Sanwo-Olu said, had moved beyond a city

of potential, noting that the accelerated growth witnessed by the state had turned it to a city of performance.

Despite its impressive skylines, the governor said the state’s nature of growth had brought about new challenges that must be confronted by the government.

Sanwo-Olu said provision of dignified and affordable housing for the state’s growing population remained a major concern for the government, pointing out the need to tap into more private capital with public purpose.

He said: “How do we build

a mega city that works not just for the few, but for the many? Provision of housing in the 21st century is not just about buildings; it is about human dignity, economic productivity, social stability and about the kind of city we choose to become.

“In Lagos, we understand that one cannot build a 21stcentury mega city on 20thcentury planning assumptions.

That is why housing sits firmly at the heart of our development agenda; it is interwoven with transportation, infrastructure, energy, climate resilience, and economic opportunity.

Experts Warn Maternal Stress May Increase Autism Risk in Children Medical experts have warned that maternal stress before and after childbirth may increase the risk of autism in children, noting that prolonged stress can affect a child’s neurological development.

Speaking at the Ultimate Caregiver Enlightenment Symposium and Book Launch themed: “United in Care: Guiding Hearts, Growing Minds,” a neurology specialist at the National Hospital, Abuja, Dr. Adaobi Okeke, said stress hormones released during

pregnancy can cross the placenta and influence the developing fetus.

“The child is not the one that is stressed, but the hormones from the mother get into the child,” Okeke said. “This can alter the expression of certain genes and, in the presence of other risk factors, predispose the child to autism,” she pointed out.

She added that postnatal stress may also pose risks, explaining that stress-related chemicals can

be transmitted through breast milk and potentially affect a child’s development.

Also speaking at the event, the Chief Executive Officer of the My Child’s Psyche Initiative (MCPI), Chyna Clifford, said the foundation is focused on improving children’s mental wellness amid rising social challenges such as insecurity, moral decline, out-of-school children, and increasing autism cases.

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LCCI ANNUAL SECONDARY SCHOOL ESSAY COMPETITION...

L-R: Deputy Director, Strategic Business Initiatives, Segun Okuneye; FCA, DG/CEO LCCI, Dr. Chinyere Almona; Deputy President LCCI, Engr Leye Kupoluyi; Winner from the Meadow Hall School Lekki, Imla Oyebola; Deputy Director, Science Innovation and Tech LASG, Mr. Hunton Theophilus; Corporate Communications Manager, NOSAK Group, Mr. Kenneth Adejumoh, and Chidinma Enemanna, Brand Specialist Moniepoint at the LCCI Annual Secondary School Essay Competition at the Commerce House, Victoria Island, Lagos ... recently

House Launches Full-Scale Probe as Drug Abuse, Trafficking Threaten Nigeria’s Future Juliet Akoje in Abuja The House of Representatives has begun an extensive probe into the escalating problem of drug abuse in Nigeria, with the goal of identifying systemic lapses, holding responsible parties to account, and curbing a threat that endangers both public

health and national security.

At the commencement of the investigative hearing in Abuja, Chairman of House Ad hoc Committee on Drugs, Trafficking, Alcohol and Tobacco Abuse, Hon. Oluwatimehin Adelegbe, cautioned that drug abuse represented a serious danger to the very fabric of

the country.

Adelegbe explained that the House set up the committee to uncover the truth, reveal institutional shortcomings, and propose firm and effective measures capable of reversing the troubling trend.

According to Adelegbe, the committee’s mandate was to in-

vestigate the problem, safeguard citizens, reform weak systems, and, ultimately, preserve lives.

He said the hearing was being held under the authority given

by Nigerians and in response to a grave national emergency that threatened the country’s core values.

He stated that substance

abuse, illegal drug trafficking, poorly regulated pharmaceutical distribution, exploitative alcohol marketing, and aggressive tobacco promotion had combined to create a severe and dangerous crisis.

According to him, the crisis is eroding the health of young people, reducing workforce

AMCE Abuja Carries Out First Open-Heart Surgery Delivers first body radiation therapy for cancer in West Africa

Onyebuchi Ezigbo in Abuja

African Medical Centre of Excellence (AMCE) in Abuja said it had successfully completed its first open-heart surgery, a complex Triple Coronary Artery Bypass Grafting (CABG), and delivered the region’s first Stereotactic Body Radiation Therapy (SBRT) for lung cancer.

A world-class tertiary medical facility developed by African Export-Import Bank (Afreximbank), in partnership with King’s College Hospital, London, AMCE said it had

also successfully performed over 10 cardiac interventions, including coronary angiographies, permanent pacemaker insertions, and percutaneous coronary interventions (PCI).

Chief Executive Officer of AMCE, Brian Deaver, who led other senior hospital management team to an interactive session with journalists in Abuja on Tuesday, said, “Delivering its first open-heart surgery and West Africa’s first SBRT treatment represented a defining moment for AMCE and for healthcare on the continent.”

AMCE’s key services include cardiovascular services, haematology, comprehensive oncology, and general medical services.

The facility has a current capacity of 170 beds with a plan to expand to 500 beds.

Among the high-level operational team at AMCE that made presentations during the session were Clinical Director of Cardiovascular Services, Dr Mohamed Ibrahim; AMCE Chief Operating Officer, Mr. Anshul Govila; Chief Medical Officer, Dr Aisha Umar; and Clinical Director, Oncology,

Dr. Boules Gabriel.

Deaver said the successful landmark procedures recorded by AMCE marked the strengthening of Africa’s capacity for complex cardiac care, reducing reliance on overseas medical travel Deaver said, “Only six months since its opening in June this year, the African Medical Centre of Excellence

(AMCE) in Abuja is redefining top-class medical care in West Africa, achieving two ground-breaking clinical milestones.

“These achievements underscore AMCE’s commitment to providing complex, life-saving treatments in Africa, significantly reducing the critical need for medical travel abroad.

productivity, destabilising communities, and jeopardising the country’s shared future.

Adelegbe stated that the situation could no longer be overlooked, pointing out that cannabis is openly smoked on the streets like cigarettes, methamphetamine use is spreading rapidly nationwide, and codeine-based cough syrups are sold almost as casually as soft drinks.

He added that tramadol 200mg was trafficked with the same level of organisation as hard drugs, while cheap and dangerous alcoholic concoctions were ruining the lives of young men and women in motor parks, campuses, and markets across the country.

The lawmaker further alleged that tobacco companies continued to take advantage of regulatory gaps by targeting minors through flavoured products, informal sales outlets, and misleading marketing strategies.

REA, NBS Sign MoU to Strengthen Energy Data in Nigeria

support for the survey, which Adeniran, in Abuja.

Addeh in Abuja Christmas: Abiodun Urges Emmanuel Speaking on the collaborais being implemented under The Rural Electrification Agency the Energy Sector Management tion, Aliyu noted that the and the National Bureau Assistance Program (ESMAP) partnership underscored REA’s Vigilance, Unity, Compassion (REA) commitment to data-driven of Statistics (NBS) have signed a of the World Bank.

James Sowole in Abeokuta

Governor Dapo Abiodun of Ogun State has called on residents of the state to remain vigilant, security-conscious and proactive during the yuletide season to ensure a peaceful, safe and joyful celebration.

The governor also reminded the people that the true essence of Christmas lies in the spirit of giving and selflessness,

stressing the season is not only about professing faith but about being Christ-like in love, humility and service to humanity.

Abiodun made these remarks at the Christmas Carol and Service of Nine Lessons organised by the Ogun State Government at the Arcade Ground, Governor’s Office, Oke-Mosan, Abeokuta.

He also relayed the Christ-

mas message of President Bola Ahmed Tinubu, urging Nigerians to embrace unity, compassion and shared responsibility.

He said, “Unity remains one of Ogun State’s greatest strengths. Ours is a land of diverse cultures and traditions, yet we continue to live in peace, proving that there is strength in our diversity and that where unity thrives, progress follows.

Memorandum of Understanding (MoU) to collaborate on the conduct of a comprehensive National Energy Survey using the Multi-Tier Tracking Framework (MTF) in Nigeria.

The MoU, a statement from the REA said yesterday, formalises a strategic partnership between the two federal government agencies to provide mutual collaboration and technical

The initiative is designed to generate high-quality, analytical data to support evidence-based planning and policy formulation in Nigeria’s power and energy sector.

The agreement was signed by the Managing Director/ Chief Executive Officer of REA, Dr. Abba Aliyu, and the Statistician-General of the Federation/Chief Executive Officer of the NBS, Adeyemi

rural electrification planning.

“This collaboration will provide granular, credible data on electricity access, affordability, and off-grid energy solutions across Nigeria. The findings will directly inform national electrification initiatives such as the National Electrification Strategy and Implementation Plan (NESIP), while also strengthening investor confidence in the sector,” he said.

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BOI, NHIA Sign MoU to Drive Mandatory Health Insurance Compliance, Expand Coverage for MSMEs Sunday Ehigiator

Bank of Industry (BOI) and National Health Insurance Authority (NHIA), yesterday, signed a Memorandum of Understanding (MoU) aimed at expanding health insurance coverage among Nigerian businesses, particularly Micro, Small and Medium Enterprises (MSMEs), cooperatives, and individual entrepreneurs.

Speaking at the signing ceremony, Managing Director and Chief Executive Officer of BOI, Dr. Olasupo Olusi, described the partnership as a strategic response to Nigeria’s evolving healthcare, productivity and inclusion priorities, in line with the Renewed Hope Agenda of President Bola Tinubu.

Olusi said the agreement underscored BOI’s commitment to universal health coverage and sustainable economic development, stating that the bank is an early adopter of the presidential directive on mandatory health insurance compliance.

He stated, “This collaboration with NHIA reflects our belief that strong human capital is fundamental to productivity, resilience and long-term economic growth.

“By integrating health insurance compliance into our loan engagement processes, we are translating national policy into practical action across the private sector.”

Olusi explained that as BOI strengthened its environmental,

social and governance (ESG) framework, sustainability considerations were being deliberately embedded into its credit processes.

According to him, access to healthcare improves workforce stability, boosts productivity, and reduces out-of-pocket medical expenses for businesses and their employees.

Olusi added that the initiative aligned public policy with private sector execution and will extend its impact nationwide by encouraging enterprises to integrate health and social protection into their operations.

In his remarks, DirectorGeneral and Chief Executive Officer of NHIA, Dr. Kelechi Ohiri, described the MoU as

a significant milestone in the implementation of the National Health Insurance Act, 2022, which makes health insurance mandatory for all Nigerians and legal residents.

Ohiri recalled that while the Act was passed in May 2022, its enforcement gained momentum following a presidential executive order issued in September this year to give effect to the law.

Ohiri stated, “Insurance is about trust and social protection. Workers who are driving our economy deserve financial protection against the catastrophic costs of illness.

“Today’s event is not just the signing of a document, but a shared commitment to sustainable healthcare financ-

ing, a stronger health system, and improved productivity.”

He commended BOI for pioneering the initiative and setting a model for other institutions to follow, stating that the partnership will facilitate the enrolment of BOI-funded beneficiaries and their employees into NHIAapproved health insurance schemes.

According to Ohiri, “The collaboration supports President Bola Tinubu’s priority of achieving universal health coverage, as outlined under the Health Sector Renewal Investment Initiative led by the Coordinating Minister for Health and Social Welfare.”

He said NHIA’s strategy rested on four pillars: ex-

SENATE ENDORSES $60 OIL BENCHMARK, CRUDE PRICE FALLS TO $59/BARREL

diate (WTI) crude was trading at $55.36, down 2.57 per cent.

For the 2025 budget, the benchmark was set at about $75 per barrel of crude oil, with a production target of 2.06 million barrels per day and an assumed exchange rate of around N1,500/$1).

This benchmark reflects the price at which the government expects to sell its crude to fund spending plans.

But in practice, global crude oil prices have frequently been below this benchmark for much of 2025. Brent crude, the global reference price that largely dictates what Nigeria earns for its oil, has often hovered in the $60–$70 per barrel range, but has now fallen well below the budget assumption.

This range means lower foreign exchange earnings and reduced oil revenue than planned, putting pressure on government finances and potentially increasing bor-

rowing or forcing spending adjustments.

“Brent has dropped this morning to below $60 per barrel for the first time in months, as the market assesses a potential peace deal resulting in additional Russian volumes becoming available and oversupplying the market further,” said Rystad.

The U.S. offered to provide NATO-style security guarantees for Kyiv and European negotiators reported progress in talks on Monday, sparking optimism that an end to the war was closer. Russia, meanwhile, said it was not willing to make any territorial concessions, state news agency TASS quoted Deputy Foreign Minister Sergei Ryabkov as saying.

“The grind in talks will be matched with the continued grind lower in prices as we enter 2026 with all its associated predictions of ‘glut.’ Brent will make a fresh year-to-date low,

but will not break below $55 a barrel before the year is out,” said PVM Oil Associates analyst John Evans.

The six-month Brent futures spread moved into a contango for the first time since October.

Barclays analysts expect Brent to average $65/bbl in 2026, slightly ahead of the forward curve, due to the expected 1.9 million bpd surplus they see as being priced in already.

Adding to the pressure, soft Chinese economic data on Monday further fuelled concerns that global demand may not be strong enough to absorb recent supply growth, said IG market analyst Tony Sycamore, quoted by Reuters.

China’s factory output growth slowed to a 15-month low, official data showed. Retail sales also grew at their slowest pace since December 2022, during the COVID-19 pandemic.

Fears of an oversupply were marginally offset by

the U.S. seizing an oil tanker off Venezuela last week, but traders and analysts said a glut of floating storage and a surge in Chinese buying from Venezuela in anticipation of sanctions were also limiting the market impact.

The prospect of a peace agreement could lead to an easing of sanctions on Russian oil, which would increase supply on an already well-supplied global market. Oil markets are closely watching developments, as Russia’s seaborne oil exports are struggling to find buyers, with India’s imports of Russian crude expected to drop significantly this month.

Cardoso Reaffirms Commitment to Rules-based Economic Management, Transparent Markets

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, yesterday

$7M SCHOOL FEES: ICPC SET TO PROBE NMDPRA’S CEO AFTER DANGOTE’S PETITION

CEO of the NMDPRA, Ahmed, over the alleged payment of $7 million as school fees for his children in a foreign educational institution.

“The ICPC wishes to state that the petition will be duly investigated,” a statement by the commission’s spokesman , John Odey, emphasised last night.

In the same vein, an earlier statement purportedly released

by Ahmed explaining how he sourced the funding for the education of his children overseas was curiously withdrawn in the early hours of Wednesday.

In the disclaimer he personally signed, Ahmed stated: “My attention has been drawn to a purported response I was said to have made on the recent allegations against my person.

I hereby state categorically that the so-called statement did not emanate from me.

“While I am aware of the wild and spurious allegations

made against me and my family and the frenzy it has generated, as a regulator of a sensitive industry, I have opted not to engage in public brickbat.

Thankfully, the person behind the allegations has taken it to a formal investigative institution.

I believe that would provide an opportunity to dispassionately distill the issues and to clear my name.”

Besides, the House of Representatives has resolved to probe the NMDPRA chief executive over the issue of payment of the millions of dollars in tuition fees for his children abroad as well as the indiscriminate issuance of importation licenses for petrol despite availability of the product locally.

But in the petition submitted through his lawyer, Chief Ogwu Onoja (SAN), Dangote specifically called on the ICPC to arrest, investigate and prosecute the oil sector regulator for offences bordering

on corruption and financial impropriety in the performance of his duties as CEO of the petroleum regulatory agency.

The petition which was submitted to the office of the ICPC Chairman, Musa Aliyu (SAN), alleged that Ahmed spent over $7 million on the education of four of his children in Switzerland.

According to the petition, a copy which was seen by THISDAY, the NMDPRA boss paid his children’s fees

up-front, without any lawful source of income to justify such expenditure.

Besides, it was the claim of the petitioner that the NMDPRA boss grossly abused his office contrary to the extant provisions of the Code of Conduct for public officers and by so doing enmeshed himself in monumental corruption and unlawful spending of public funds running into millions of dollars.

Continued on page 28

reaffirmed the country’s commitment to rules-based economic management, transparent markets, and predictable policy frameworks, amid the heightened global economic uncertainty.

Cardoso, at a meeting with senior business leaders and institutional investors at the U.S.–Nigeria Executive Business Roundtable in Washington, D.C., further reiterated the country’s commitment to economic stability, underscoring its reform agenda and renewed drive for macroeconomic stability.

Cardoso, at the meeting with investors in Washington D.C, highlighted recent reforms in the foreign exchange market, the adoption of orthodox monetary policy, ongoing banking-sector reforms, and payments system modernisation as central to stabilising the economy and enabling sustainable, privatesector-led growth.

Convened by the U.S. Chamber of Commerce’s U.S.-Africa Business Center, the roundtable’s discussions focused on macroeconomic stabilisation, regulatory clarity, and opportunities to scale bankable projects across priority sectors of the Nigerian economy – reinforcing deepening commercial ties between Nigeria and the United States.

Commenting on the discussions, President of the U.S.-Africa Business Center at the U.S. Chamber of Commerce, Ms. Kendra Gaither, noted that investors were increasingly focused on policy credibility

Dr. Olasupo Olusi panding coverage through enforcement of the mandate, ensuring equity so no one is left behind, improving quality of care, and enhancing productivity by reducing illness-related work disruptions. and consistency.

She said, “What investors are responding to today is clarity, clear rules, credible reforms, and a seriousness of purpose.

“Nigeria’s message is increasingly one of discipline and opportunity, and that matters in a global economy seeking actively for stability and predictability.”

CBN Revokes Aso Savings, Union Homes’ Licences

The CBN yesterday announced the revocation of operating licences of Aso Savings and Loans Plc and that of Union Homes Savings and Loans Plc for violation of various Sections of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Revised Guidelines for Mortgage Banks in Nigeria.

The central bank said the action was part of its efforts to reposition the mortgage sub-sector and promote a culture of compliance with relevant laws and regulations.

The revocation was contained in a statement issued by the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali. The apex bank, in announcing the licences’ revocation, further noted that the move was in exercise of the powers conferred on it under Section 12 of BOFIA 2020, and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria.

The CBN stated that the Continued on page 29

TRANSCORP HOTELS NAMES DR. AWELE ELUMELU AS BOARD CHAIR, EFFECTIVE JANUARY 1 of hospitals and clinics.

The wife of Mr. Tony Elumelu also leads Heirs Insurance Brokers and is a founding Director of Heirs Holdings Limited.

A trained medical doctor with an MBBS from the University of Benin, she has practised in both Nigeria and the United Kingdom.

Her clinical background is

further strengthened by executive education from globally respected institutions, such as Harvard Business School, IMD Switzerland, and London School of Economics.

Elumelu’s commitment to social impact was demonstrated through her role as Trustee and Co-Founder of Tony Elumelu Foundation, Africa’s leading philanthropy empowering

young entrepreneurs. Through the foundation, she had been instrumental in driving gender inclusion and supporting over 24,000 young African men and women with seed capital, training, and mentorship.

Commenting, Group Chair of Transcorp Group, Mr. Tony O. Elumelu, stated, “We are delighted to welcome Dr. Awele Elumelu as the

Board Chair of Transcorp Hotels. Her distinguished track record perfectly aligns with our ambition to redefine hospitality through innovation, wellness integration, and responsible business practices.

Her strategic insight will be invaluable, as we continue to elevate guest experiences and deliver sustainable value to all stakeholders.”

WEDNESDAY, DECEMBER 17, 2025 • T H I S D AY

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WEDNESDAY, DECEMBER 17, 2025 • THISDAY

NEWS

OANDO’S 2025 LEGAL SEMINAR - A MENTORSHIP-FOCUSED FORUM...

L-R: Legal Advisor, Oando Trading DMCC, Isi Abulime; Division Manager, Corporate Legal Services, Oando Energy Resources, Jumoke Fagbure; Student, Olabisi Onabanjo University, Ajani David; Chief Legal Officer, Oando Energy Resources, Efuntomi Akpeneye; Partner, Banwo & Ighodalo, Stella Duru and Division Manager, District Legal Services, Oando PLC, Oluwayomi Babalola, at Oando Plc’s 2025 Legal Seminar, a mentorship-focused forum designed to guide law students from Nigerian universities, held at the Oando Head Office in Lagos ... recently

NBA Tackles Police over Planned Resumption of Tinted Glass Permit Enforcement Threatens committal proceedings against Egbetokun, Hundeyin, police lawyers

Alex Enumah in Abuja Nigerian Bar Association (NBA) has warned the Nigeria Police against the enforcement of the tinted glass permit policy currently pending before a court of competent jurisdiction.

NBA said it would not hesitate to commence committal proceedings against Inspector General of Police (IGP), Kayode Egbetokun, and Force Public Relations Officer, CSP Benjamin Hundeyin, until they purge themselves of contempt.

The body assured that appropriate professional proceedings will also be initiated against any counsel found to have misled the court in respect of the suit pending before it.

The umbrella body gave the warning following a December 15 statement by Hundeyin, notifying the public that the police will from January 2, 2026 reactivate the enforcement of the suspended tinted glass

permit policy.

Reacting to the proposed resumption of the policy, NBA regretted that “the Nigeria Police Force, despite being the foremost law enforcement agency in Nigeria, continues to exhibit a troubling disregard for the rule of law and the due process it is constitutionally mandated to uphold”.

Speaking with journalists on Tuesday in Abuja, National President of NBA, Mr Afam Osigwe, SAN, observed that the press release by the police spokesman not only amounted to executive recklessness but also portrayed the Nigeria Police and its leadership as lacking in respect for the court, the rule of law, and due process of law.

Osigwe recalled that the initial enforcement of the policy in June was characterised by alleged harassment, extortion, and civil rights violations, particularly against young people, resulting in a legal action against the police by

NBA. He also recalled that at the hearing in the suit No: FHC/ABJ/CS/1821/2025, on December 12, 2025, by Justice M. S. Liman of the Federal High Court, Abuja, Chief Ayotunde Ogunleye, SAN, informed the court of the agreement reached between NBA and the IGP suspending enforcement of the policy, adding that on the

geopolitical zone.

Addressing the protesters at the Government House gate, the Chief of Staff, Government House, Prince Johnson Erijo, assured them that the administration of Governor Sheriff Oborevwori harboured no opposition to the legitimate aspirations of the Anioma people.

He emphasized that the government remained firmly committed to democratic choice, the rule of law and the expressed will of the people.

Police Force announcing a reactivation of enforcement.

This volte-face represents a reckless overreach, a contemptuous disregard for the authority of the court, and a serious assault on institutional integrity.

“It portrays the Nigerian Police Force as having scant regard for the rule of law and as a body insistent on imposing financial hardship

on Nigerians for the financial gains of private business owners/interests.”

While stating that the suit had been fully heard and judgement reserved, Osigwe stressed that the IGP had a constitutional obligation to respect the judicial process and refrain from any action capable of pre-empting or undermining the court’s decision.

Clement Koko Inaugurated as President of Chartered Institute of Professional Printers Emmanuel Addeh in Abuja

Clement Koko has been formally inaugurated as the President and Chairmanin-Council of the Chartered Institute of Professional Printers of Nigeria (CIPPON), pledging to steer the organisation toward growth, unity, and professional excellence.

We are Not Opposed to Creation of Anioma State, Says Delta Govt

The Delta State Government has declared that it is not opposed to the creation of Anioma State, provided the demand is pursued strictly in line with due constitutional processes.

This position was made known yesterday when Anioma youths drawn from the nine local government areas of Delta North staged a peaceful protest to the Government House, Asaba, to renew their long-standing agitation for the creation of Anioma State and its zoning to the South-East

strength of that representation, which the court accepted as a solemn assurance, the Motion for Interlocutory Injunction was struck out.

The NBA national president stated, “It is therefore deeply disturbing that barely one working day after the court relied on the undertaking of the defendants’ counsel, a contradictory statement emerged from the Nigeria

Prince Erijo commended the peaceful disposition of the youths, describing it as a reflection of maturity, responsibility and genuine commitment to their cause.

He disclosed that Governor Oborevwori had been fully briefed on the protest and had directed him to engage the group directly and listen to their concerns.

According to him, the agitation for Anioma State was neither misplaced nor improperly articulated and deserved sincere consideration.

At the event which took place in Abuja, Koko expressed gratitude to God for guiding the institute through years of struggle, noting that his leadership comes with immense responsibility.

He also acknowledged the minister of information for facilitating the inauguration after a protracted legal tussle and for respecting the judiciary’s decisions in the matter.

“As I take the helm of this esteemed institute, I am reminded of the immense responsibility bestowed upon me. Our institute has a rich history of struggle, and I am committed to building new foundations in addition to the one laid by my predecessors,” he pledged.

Outlining his vision for the future, he highlighted key strategies for elevating CIPPON to a world-class professional body, one of the cornerstones of the vision being the creation of the Office of the Printer General at the federal and state levels or a Printers Commission.

According to him, these will

oversee the development of the printing industry, ensure recognition for the sector, and enhance its contribution to the national economy.

Koko also announced plans to advocate for the inclusion of printing as a creative industry, arguing that printing is a vital component of Nigeria’s creative economy.

Additionally, he stressed the importance of nurturing talent through academia by introducing degreelevel programmes in Printing Technology or Printing Management at Nigerian universities, aiming to equip future professionals with the skills needed to thrive in the evolving industry.

To foster collaboration and chart a clear path forward, he revealed that a summit would be organized in the first quarter of the year, bringing together stakeholders, regulatory authorities, and industry players to deliberate on the growth and challenges of the printing sector.

Calling for unity, he urged all CIPPON members to work together to promote

professionalism, innovation, and excellence. He encouraged members to utilise internal mechanisms for resolving disputes before resorting to litigation, in line with the provisions of the CIPPON Act. Besides, he outlined several key initiatives for his administration, including the launch of nationwide professional training programmes for printers, introducing annual awards to recognise excellence in the printing and allied industries, and publishing a comprehensive report on the state of the printing industry in Nigeria to identify opportunities and challenges.

“I call upon all members of CIPPON to join me on this journey. Let us work together to promote professionalism, innovation, and excellence in the printing industry. No more litigation, as we shall create the enabling platforms that members must exhaust before seeking redress in the court of law in line with the provisions of the Act which mandate our esteemed members to explore the Tribunal before any legal suits.

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T H I s D Ay • WEDNESDaY DECEMBER 17, 2025

Politics

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

Procedure and Personalities Power Game at Senate’s Ambassadorial Screening Drama

The screening of ambassadorial nominees is ordinarily a ritual steeped in routine, an institutional checkpoint where credentials are verified, regional balances observed and the broad outlines of Nigeria’s foreign policy ambitions quietly affirmed. But last week’s proceedings before the Senate Committee on Foreign affairs ruptured that calm, exposing the deeper political undercurrents shaping the Bola Tinubu administration’s diplomatic reset. sunday Aborisade reports.

Bamidele

W

hat unfolded in one of the Committee rooms of the National Assembly last week was not merely a procedural disagreement; it was a vivid illustration of how personality, power, precedent and partisanship intersect in the confirmation of those who will represent Nigeria abroad.

At the centre of the storm was Reno Omokri, a high-profile non-career ambassadorial nominee whose screening triggered a heated exchange between two senior lawmakers, Senators Adams Oshiomhole and Ali Ndume.

Their confrontation, played out in raised voices and sharp procedural arguments, momentarily hijacked the session and drew national attention to what is often a perfunctory exercise.

A day earlier, another incident, this time involving a career diplomat who could not name all three senators from his home state, had already placed the competence and preparedness of nominees under a harsh spotlight.

Together, these episodes transformed the screenings into a broader conversation about standards, symbolism and the Senate’s constitutional role in shaping Nigeria’s external face.

Beyond the drama, the ambassadorial screening exercise reflects a moment of transition in Nigeria’s foreign service. President Tinubu’s submission of 65 nominees, 34 career and 31 non-career, signals an intention to recalibrate diplomatic missions after months of vacancies and acting appointments.

The list blends seasoned diplomats with political heavyweights, former governors, retired service chiefs and presidential allies, underscoring the dual character of Nigeria’s ambassadorial system: professional diplomacy on one hand and political representation on the other.

It was within this context that the Senate Committee on Foreign Affairs, chaired by Senator Mohammed Bello, a former governor of Niger State, commenced a staggered screening process.

The approach, grouping nominees and, where applicable, allowing former legislators and senior public office holders to take a

ndume

bow and go, followed long-standing parliamentary convention. Yet, as events would show, convention itself can quickly become contested terrain when personalities collide and political stakes rise.

The flashpoint came during the screening of a mixed group of nominees that included four career diplomats and Omokri, a non-career nominee and widely known public commentator.

Senator Ndume, representing Borno South, moved a motion that the group be allowed to take a bow and leave, arguing that the career diplomats were already familiar to the committee and that Omokri’s public profile made further questioning unnecessary. Before the motion could be formally seconded, other senators indicated interest in speaking, prompting the chairman to recognise additional interventions.

What might have remained a minor procedural detour escalated sharply when Senator Oshiomhole was recognised to speak while Ndume insisted that no debate could proceed until his motion had been duly seconded.

Oshiomhole rejected that position, insisting that recognition by the chairman conferred the right to address the committee. The disagreement quickly degenerated into a shouting match, halting proceedings for nearly 20 minutes and forcing the chairman

omokri

to repeatedly appeal for order.

At stake was not only the fate of a single motion but the authority of the chair, the interpretation of Senate rules and, implicitly, the influence individual senators wield within committee deliberations.

When calm was partially restored, Oshiomhole used his contribution to mount a spirited defence of Omokri, portraying him as a pragmatist capable of growth and national loyalty despite past criticisms of President Tinubu and the ruling party. He argued that the President’s willingness to nominate former critics demonstrated political maturity and inclusiveness, qualities he said deserved commendation rather than suspicion.

Ndume, however, maintained that the absence of any formal petition against Omokri rendered prolonged debate unnecessary.

His insistence on procedure, that a motion not seconded was dead, stood in contrast to Oshiomhole’s emphasis on discretion and political judgment. The exchange laid bare differing philosophies of legislative oversight: one rooted strictly in rules, the other in political context.

For many observers, the clash was emblematic of the Nigerian Senate itself, a chamber where procedure often masks deeper struggles over influence. Both Oshiomhole and Ndume are seasoned politicians with reputations for independence and strong personal convictions. Their confrontation, some lawmakers privately admitted, was less about the nominee in question than about who sets the tone and pace of deliberations

As the senate moves to wrap up the confirmation process, the challenge will be to rise above personality clashes and focus squarely on substance. nigeria’s ambassadors will soon carry the nation’s flag abroad; the process that produced them must, despite its imperfections, reflect the seriousness and responsibility of that task.

within powerful committees.

While the episode raised concerns about decorum and efficiency, others argued that it represented democracy in action, however untidy. Parliamentary scrutiny, they noted, is rarely a sterile exercise, especially when nominees carry significant political baggage or symbolism.

If Thursday’s confrontation highlighted political tension, Wednesday’s screening underscored anxieties about competence.

Emmanuel Adeyemi, a career diplomat from Ekiti State with impressive academic credentials and foreign postings, stumbled when asked to name all three senators representing his state. After correctly mentioning Senate Leader Opeyemi Bamidele and Senator Yemi Adaramodu, he faltered, unable to recall Senator Cyril Fasuyi. The situation worsened when a member of his delegation was seen hurriedly searching online for the missing name.

The lapse drew sharp rebukes from committee members. Senator Asuquo Ekpenyong described the incident as symptomatic of a deeper malaise, warning that Nigeria’s international image could ill afford such moments of unpreparedness. Senators Oshiomhole and Seriake Dickson echoed the concern, stressing that attention to detail and political awareness were essential attributes for diplomats expected to project the country’s interests abroad. Though pleas were made for leniency, the damage had been done.

The incident exposed a paradox within the screening process. Career diplomats are presumed to possess technical expertise and institutional knowledge, yet their insulation from domestic political realities can become a liability in a system where ambassadors are also expected to navigate Nigeria’s internal political landscape with confidence.

Underlying both episodes is the enduring debate over the balance between career and non-career ambassadors. Advocates of professional diplomacy argue that training, protocol mastery and continuity are indispensable in a complex global environment.

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

WEDNESDAY, DECEMBER 17, 2025 • T H I S D AY

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T H I S D AY • WEDNESDay, DECEMBER 17, 2025

FEaturEs How CBN is Building Sound, Resilient Banking Sector as Recapitalisation Gains Momentum

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

Nigeria’s banking system remains fundamentally, stable, sound and resilient, a cornerstone of financial stability. At the same time, the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso says it remains vigilant to emerging risks, including cyber threats, credit-concentration pressures, and operational vulnerabilities. These are being addressed through strengthened risk-based supervision and ongoing transition to Basel III, which will further bolster resilience, improve capital quality, and strengthen liquidity monitoring as banking sector recapitalisation gathers momentum. Precious Ugwuzor reports

N

igerian banks are facing one of their most interesting moments in history. Very significantly, they have been acknowledged by the Central Bank Nigeria (CBN)-led Monetary Policy Committee (MPC) members to be safe and sound.

At the 303rd MPC meeting in Abuja, it was noted with satisfaction, the sustained resilience of the banking system, with most financial soundness indicators remaining within regulatory thresholds.

The committee members also acknowledged the substantial progress in the ongoing recapitalization programme, with 16 banks achieving full compliance with the revised capital requirements.

They further urged the CBN to ensure a successful implementation and conclusion of the recapitalisation programme.

With nearly four months to the conclusion of the recapitalisation exercise, the CBN Governor, Olayemi Cardoso has reported that the process is firmly on track.

Speaking at the recently held Bankers’ Dinner in Lagos, he reiterated that several banks have already met the new capital thresholds, while others are advancing Cardoso steadily and are well positioned to comfortably meet the March 31, 2026 financial institutions. deadline.

Cardoso stated: “As recapitalisation “To date, 27 banks have raised capital progresses, we are redesigning the through public offers and rights issues, credit-risk framework to enforce and sixteen have already met or exceeded stronger governance, greater the new requirements — a clear testament transparency, and firmer accountability to the depth, resilience, and capacity of across the sector. We are determined Nigeria’s banking sector,” he said. to break the boom-and-bust cycle that “As we strengthen the capacity of our has accompanied past recapitalisation banks, stress-testing this year confirms efforts”. that Nigeria’s banking sector remains Already, the CBN Credit Risk fundamentally robust. Key financial Management System (CRMS) is soundness indicators overwhelmingly web-enabled, allowing banks and satisfied prudential benchmarks during other stakeholders to dial directly the year,” he added. into the CRMS database to render The banks are also recording giant strides statutory returns or conduct status in the pursuit of their recapitalisation, enquiry on borrowers. Also, the CBN with 16 already met the requirement is in the process of integrating the ahead of the March 31, 2026 deadline.

CRMS with other systems operating in the banks to make it more efficient.

Redesigning credit‑risk framework In a report titled: “Nigeria’s The CBN is redesigning banking macro headwinds trigger bank sector’s credit-risk framework to protect recapitalisation” Deloitte, a global approximately N4.14 trillion new capital accounting and audit firm, put being raised in the ongoing bank the total funds to be raised in the recapitalisation programme. recapitalisation exercise which ends Cardoso, said the apex bank will be on March 31, 2026 at N4.14 trillion. enforcing stronger governance, greater It said the upward review of transparency, and firmer accountability banks’ capital base from N50 billion to protect raised funds. to N500 billion depending on the The CBN, he said, has equally established type of licence held by the bank, a dedicated Compliance Department, now remains an essential action required fully operational, with mandates covering to boost capital adequacy needs of financial crime supervision, market the Nigerian financial industry. conduct, enterprise security, corporate Nigeria banks’ capital adequacy, governance, and Environmental, social, the report says, has been significantly and governance (ESG). impacted by macroeconomic According to the CBN boss, the process challenges such as high inflation enforcing stronger controls on raised funds and interest rates, currency volatility is ongoing with the redesigning of the and forex illiquidity. credit-risk framework expected to ensure “The upward revision will ensure that raised funds are well managed by that Nigerian banks have the capacity

by consumers. This holistic assessment enabled us to address root causes rather than symptoms”.

“As a result, we recalibrated our cash-printing models, issued guidelines on the optimal ATM-to-card ratio, strengthened requirements for CBN approval before ATM or branch closures, enforced sanctions on banks whose ATMs fail to dispense cash, and intensified supervision of payment agents and POS operators nationwide,” he said.

to take on bigger risks and stay afloat amid both domestic and external shocks. It also means increased liquidity position of banks, which will help broaden their loss-bearing capabilities,” the report said.

Continuing, Cardoso said Nigeria’s banking system remains fundamentally sound and resilient, a cornerstone of our financial stability.

“At the same time, we remain vigilant to emerging risks, including cyber threats, credit-concentration pressures, and operational vulnerabilities. These are being addressed through strengthened riskbased supervision and our ongoing transition to Basel III, which will further bolster resilience, improve capital quality, and strengthen liquidity monitoring,” he said.

The CBN boss disclosed that with just four months to the conclusion of the recapitalisation exercise, the process remains firmly on track.

“As we strengthen the capacity of our banks, stress-testing this year confirms that Nigeria’s banking sector remains fundamentally robust.

Key financial soundness indicators overwhelmingly satisfied prudential benchmarks during the year,” Cardoso added.

He said the apex bank is reinforcing operational discipline to ensure the financial system serves all Nigerians reliably.

“Our starting point was a comprehensive, end-to-end review of the entire cash lifecycle: from production, to transportation, to distribution, and eventual access

Road to $1tr economy These developments point to sound regulatory oversight, and determination of the Oleyemi Cardoso-led CBN to support government in achieving $1 trillion Gross Domestic Product (GDP) target by 2030.

The Policy Advisory Council report on the national economy, had set an ambitious goal of achieving a GDP of $1 trillion, with clearly defined priority areas and strategies.

It is believed that a well-recapitalised banking sector is undeniably crucial in achieving the GDP growth plan. Hence, Cardoso, advised banks to prepare for a new round of recapitalisation to ensure they have the necessary capital to support the economic growth.

Cardoso asked: “Will Nigerian banks have sufficient capital relative to the financial system’s needs in servicing a $1tr economy in the near future? In my opinion, the answer is “No!” unless we take action. That action was the ongoing recapitalisation of banks, meant to prepare them for expansion and attract big ticket transactions to support economic growth”.

While the recapitalisation exercise continues, the apex bank categorically reassured the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound.

“The CBN affirms that it continues to monitor all financial institutions under its regulatory purview and maintains robust frameworks for early warning signals and risk-based supervision. These mechanisms ensure that any emerging issues are promptly addressed to protect the integrity of the financial system,” it said.

Sustaining bank recapitalisation drive The CBN had, on March 28, 2024 announced a two-year bank recapitalisation exercise which commenced on April 1, 2024.

The recapitalisation plan requires minimum capital of N500 billion, N200 billion and N50 billion for commercial banks with international, national and regional licenses respectively.

Others included merchant banks N50 billion; non-interest banks with national license N20 billion and non-interest banks with regional license will now have N10 billion minimum capital.

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

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T H I S D AY • WEDNESDAy, DECEmbER 17, 2025

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

D E C E m b E R

S & P INDEX

1 6 ,

S & P INDEX

2 0 2 5 EXCHANGE RATE

OPR

25.34%

CALL

23.25%

INDEX LEVEL

595.26

1/4 TO DATE

0.24%

N1,465.11/ 1 US DOLLAR*

OVERNIGHT

25.18%

1-MONTH

21.37%

1-DAY

0.10%

YEAR TO DATE

-10.99%

*AS AT TUES., DEC. 16, 2025

3-MONTH

22.41%

MONTH-TO-DATE

0.24%

DMO Raises N5.26trn from Bond Market to Bridge Budget Deficit

Kayode Tokede In a bid to bridge the federal government’s budget deficit, the Debt Management Office (DMO) has so far in 2025 raised an estimated N5.26 trillion via the FGN bond market, market data has shown.

The N5.26 trillion raised in 2025 is about a 9.93 per cent drop from N5.84 trillion raised in 2024.

At the start on 2025, the federal government projected to borrow approximately N13 trillion

from FGN bonds to finance its projected budget deficit, with a significant portion expected to be raised in the first half through a mix of new and re-opened bonds.

Analysis of the monthly FGN bond auction from the debt office official website revealed that in the first quarter of 2025, about N1.94 trillion was raised and in the second quarter of 2025, the debt office raised N921.59 billion.

The amount raised in Q3 2025 stood at N898.72 billion and in fourth

quarter 2025, the total allotment of DMO is about N1.51 trillion.

Also, the monthly auction revealed that investors’ total subscription to FGN bonds in 2025 stood at N8.96 trillion, about 26.4 per cent increase when compared to N7.09 trillion total subscription in 2024.

The N8.96 trillion total subscription by investors is a reflection that investors, most especially the Pension Fund Administrators

(PFAs) tend to invest in risk-free instruments, of which FGN Bond and Nigerian Treasury Bills (NTB) offer to the investing public.

As gathered by THISDAY, PFAs have played a critical role in partaking in the FGN bond market.

The pension funds industry portfolio in the FGN Bonds (HTM) increased to N13.88 trillion as of October 2025, a report by the National Pension Commission (NAICOM) revealed.

Also, NAICOM revealed that FGN Bonds (AFS) stood at N1.26trillion.

Of the N26.66 trillion pension funds industry portfolio exposure, FGN Bonds contributed N15.15 trillion or 56.81 per cent as of October 2025.

Also, the modest participation in 12 months of 2025 auction suggests that large institutional investors, such as pension funds and asset managers, had excess liquidity to deploy, further compressing yields.

The DMO, between

January-December 2025, sought to raise N3.51 trillion from investing public, representing 38.6 per cent drop from N5.72trillion in 2024.

THISDAY also gathered that the DMO, since the beginning of the year, has continually re-opened some FGN Bonds and steadily hiked its interest rate to attract investors amid the double-digit inflation rate and lucrative returns in the stock market.

The story continues online on www.thisdaylive.com

Report: Upper Single Digits Inflation Hinges on Sustained Naira Appreciation Nume Ekeghe

A report has projected that Nigeria’s inflation rate could moderate to the upper single digits in 2026, provided the naira records sustained appreciation against the US dollar and current macro-economic reforms are maintained.

This projection is

contained in the Proshare Economic Outlook Report 2026, titled, “Hope and the Politics of Economic Recovery in 2026”, which examines global, African and domestic economic trends shaping growth prospects over the medium term.

The report situates Nigeria’s outlook within a fragile global environment

marked by shifting trade alliances, tighter monetary conditions and a gradual transition from multilateral trade frameworks to more fragmented bilateral arrangements.

According to Proshare, this realignment is contributing to structurally higher global inflation and regionalised supply chains, while Africa is

expected to post growth of between 4.1 per cent and 4.3 per cent in 2026, driven largely by mineral demand and new strategic partnerships.

Against this backdrop, the report noted that 2026 will be a critical pre-election year for Nigeria, one that will test the durability of recent economic reforms

and shape the country’s medium-term growth trajectory.

Analysts observed that Nigeria is already showing early signs of recovery, supported by tighter monetary policy, exchange rate reforms and efforts to improve fiscal discipline.

It stated, “The domestic inflation rate in 2026 may decline to the upper single

digits, but it will depend on the steady appreciation of the naira against the US dollar. If the nairato-dollar exchange rate averages the 2026 budget expectation of N1,512 per US dollar, the CBN’s 9 per cent single-digit inflation target would be impractical.”

The story continues online on www.thisdaylive.com

M a r k e t d ata a s at t u e s d ay, d e C e M b e r 1 6 , 2 0 2 5 BONDS DESCRIPTION Price Yield Change Updated Time (%) ^16.2884 170.00 December 99.30 16.86 16, 2025 mAR-2027 ^19.94 20December 103.32 16.81 -0.01 mAR-2027 16, 2025 ^13.98 2394.63 16.98 0.00 December FEb-2028 16, 2025 ^21.00 20107.25 16.95 0.00 December 16, 2025 mAR-2028 ^14.55 26105.59 17.00 0.00 December APR-2029 16, 2025

BILLS MATURITY NTb 8-Jan26 NTb 5-Feb26 NTb 5-mar26 NTb 9-Apr26 NTb 7-may26

Discount Yield

CPS

Change (%) Updated Time

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

15.61

15.77

-0.01 December 16, 2025

15.15

15.48

0.00 December 16, 2025

15.19

15.71

0.00 December 16, 2025

15.37

16.15

0.00 December 16, 2025

16.53

-0.01 December 16, 2025

15.53

Discount Yield

CLEARED NAIRA-SETTLED NDFS Change (%)

Updated Time

21.58

22.00

2.50 December 16, 2025

21.92

22.43

2.31 December 16, 2025

22.37

23.05

1.95 December 16, 2025

18.01

18.79

0.38 December 16, 2025

18.85

19.96

0.14 December 16, 2025

CONTRACT Current TENOR Contract Rate ($/₦) (MONTH) NGUS DEC 13m – 30 2026 NGUS JAN 14m – 27 2027 NGUS FEb 15m – 24 2027 NGUS mAR 16m – 31 2027 NGUS APR 17m – 28 2027

Updated Time

December 16, 2025 December 16, 2025 December 16, 2025 December 16, 2025 December 16, 2025

18

T H I S D AY • Wednesday, deCember 17, 2025

bUsInessWOrLd

PersPeCTIVe

Gulf of Guinea: Solewant Group CEO Honoured for Outstanding Contribution to Sustainable Development

Chief of Staff to the late ex-President Muhammadu Buhari, Prof. Ibrahim Gambari (left), receiving a copy of a book titled ‘Unlocking Africa’s Energy Future,’ written by the Group Chief Executive Officer of Solewant Group, Mr. Solomon Ewanehi (right), during the presentation of an award to the author for his outstanding contributions to peace and sustainable development in the Gulf of Guinea, in Abuja.

Suleiman Adeola

E

minent personalities including global thought leaders, top diplomats, public and private sectors captains, gathered in Abuja on Sunday to unveil the Reports of the High-level Roundtable on the Gulf of Guinea, convened by The New Diplomat in collaboration with The Gulf of Guinea Commission (GGC), during the United Nations General Assembly’s 80th session in New York City, USA. The high-level gathering drew the participation of many eminent personalities.

They include foremost scholar-diplomat, former foreign affairs minister and erstwhile undersecretary of the United Nations, Professor Ibrahim Agboola Gambari; 21st indigenous Chief of Naval Staff, the Nigerian Navy, Admiral Awwal Z. Gambo; National President of NACCIMA, Engr Jani Ibrahim; former Nigerian Ambassador to Jamaica, Ambassador Janet Olisa; former Nigerian Ambassador to Thailand, Ambassador Oma Djebah; former Nigerian Ambassador to Pakistan; Ambassador Muhammed Bello Abioye; former CEO of Navy Farms, Admiral Julius Nwagwu; former Honourable Commissioner for Finance, Delta State, Olorogun Bernard Okumagba; former Honourable Commissioner for Lands and Survey, Chief Fred Majemite; former Presidential Chief Physician, Dr Fortune Fiberesima, amongst others.

The occasion was used to honour eleven eminent personalities who have made a positive impact in the peace and sustainable development trajectory in the Gulf of Guinea.

Among the eleven personalities recognized for their exceptional contributions to the peace and sustainable development in the Gulf of Guinea was the Group Chief Executive Officer of Solewant Group, Mr. Solomon Ewanehi.

Mr Ewanehi was honoured with an award for his outstanding contributions to peace and sustainable development in the Gulf of Guinea (GoG).

It would be recalled that Ewanehi was one of the keynote speakers and Panelists at the gathering of senior government officials, business leaders and other global players in the oil and gas, as well as maritime industries, who dissected the Gulf of Guinea’s energy, oil and gas, minerals and maritime investment prospects at a high-level roundtable held during the recent 80th Session of UN General Assembly (UNGA 80) in New York, United

Receiving award for outstanding contributions in the Gulf of Guinea

States on September 25, 2025.

The top-notch roundtable themed: “Unlocking Energy, Oil & Gas, Minerals and Maritime Opportunities in the Gulf of Guinea: A Roadmap for Peace and Security,” which was convened by The New Diplomat, in collaboration with the Luanda-based Gulf of Guinea Commission (GGC) to deepen international engagement on peace and security, foster international business cooperation, forge an appropriate funding architecture for large scale projects in the Gulf of Guinea, canvassing broad support for Nigeria’s offer to host an enlarged operationalized CMTF-GoG, and deepen multi sector collaborations, came up with crucial outcomes, Therefore, last Sunday’s event was the latest effort to catalyse investment and business in the region’s energy, oil and gas, mineral, aviation and maritime sectors.

Gambari, also a former Chief of Staff (CoS) to late former President Muhammadu Buhari described the highlevel evening conversation on the GoG as a defining moment as it brought together governments, international organisations, private sector, and all other leaders united by shared concerns about the investment prospects in the GoG. Meanwhile, Ewanehi, who received a certificate of award by The New Diplomat for his outstanding contributions to peace and sustainable development in the Gulf of Guinea, also used the occasion to present his just released book to participants.

The book titled: ‘Unlocking Africa’s Energy Future,’ written by Ewanehi had earlier been reviewed by Professor Sett Accra Jaja, the former Vice Chancellor of Federal University, Otueke, Bayelsa state, and Professor Olusegun Olufemi Ajide, Co-Principal, Doctoral Academy of Postgraduate College, University of Ibadan (UIDA) and IP Sub-Dean (Postgraduate), Faculty of Technology, of the same university.

Prof. Ajide had described the author as an astute economist, virile entrepreneur, innovator and global industry leader.

The book reviewer had stated that the book reflects “synergy of the author’s strategic leadership philosophy, corporate evolution, and a forward-looking overview of Africa’s energy landscape.”

According to Professor Ajide, “the book

is an unflinching blend of the author’s personal reflections and foresight on leadership, organisational culture, and human-centred management with a holistic exploration of Africa’s energy potential, emerging opportunities, and strategic pathways for sustainable and accelerated growth.”

Ajide argued that “the book positions energy not only as a driver of industrial development, but as a catalyst and change agent for human prosperity. An in-depth study of this book provides limelight on the need for purposeful leadership, continuous improvement, innovation, diversification and a unified commitment to building an inclusive, technologically enabled, research, development and economically vibrant Nigeria cum Africa at large.”

Meanwhile, at the high-level roundtable on the sidelines of UNGA 80, participants had called on regional and international leaders to confront the insecurity challenges in the Gulf of Guinea to unlock its vast economic potential.

On his part, Ewanehi, in his presentation at the high-level roundtable, noted that recent public estimates and discussions place the region’s energy, maritime and infrastructure investment opportunity in the hundreds of billions of dollars, describing it as a transformational economic prize for Africa’s coastal economies.

Citing recent reports, Ewanehi declared that unlocking Africa’s coastal economies responsibly will require security, governance, and coordinated public–private action.

“Security frameworks already exist.

Most notably the Yaoundé Code of Conduct (2013), which provides a foundation for cooperation against piracy, illicit trafficking, and other maritime threats. Yet the Code needs strengthened legal status, harmonised enforcement, and operational capacity if it is to protect regional trade and investor confidence at scale.

“Solewant Group speaks to the role indigenous industry can play. Over 25 years we have invested in people, plants and products, including commissioning what is widely reported as Africa’s largest multi-layer pipe-coating facility, to strengthen local content, job creation,

and supply-chain resilience for energy and infrastructure projects. These investments validate that when security and financing frameworks are aligned, African firms are fully capable of delivering high-quality industrial capacity that meets global standards,” he added.

Ewanehi explained that the company is actively translating regional interests into concrete partnerships.

Indeed, in recent years, Solewant Group has continued to break new grounds, which have earned the company and its CEO garland of honours and recognitions by the global oil and gas industry.

From acquiring its first set of painting and coating equipment to executing its major milestone projects for oil and gas operators, Solewant Group has demonstrated what resilience looked like in practice.

The company was recognized as ‘Best Indigenous African Oil and Gas Contractor of the Year’ by Offshore Africa Oil & Gas Magazine, in 2023.

In 2021 and 2022, the company was awarded ‘Best Oil & Gas Contractor of the Year’ by News Direct.

In 2024, it hosted the Solewant Group 8th Energy Summit, at her industrial park, focusing on sustainable energy development in Africa.

The 9th Energy Summit recently took place from November 27–28, 2025, at the Solewant Industrial Park, Alode-Onne, Port Harcourt, Rivers State.

The annual summit typically attracts policymakers, energy executives, DFIs, development partners, and researchers from across Africa and the rest of the world, who brainstorm on strategies for building a sustainable and technologically advanced energy future for Africa continent.

Earlier in 2025, it unveiled the ‘Solewant Group Roadmap Plus’, a 10-year strategic vision emphasizing technological innovation and contributions to Nigeria’s industrial development and energy transition.

In June 2025, it commissioned an automated bend coating plant, a new multi-layer pipe bend and fitting coating factory at the Solewant Industrial Park in Onne, Rivers State.

The company also celebrated its 25th Anniversary on June 6, 2025, marking two and a half decades of innovation, impact, and industrial excellence in Nigeria.

• Adeola, an oil and gas analyst, writes from Yenagoa, Bayelsa State

19

THISDAY • WEDNESDAY, DECEMBER 17, 2025

DIGITAL ASSETS MANAGEMENT

Raising Funds with TOKENISATION RWA

Dr Nicky Okoye

I

have received a lot of positive feedback on my article, which dealt with the Tokenisation of Real-World Nigerian assets. Only a very few people, nay-sayers, indicated that they will believe what I am proposing only when they see it. They doubted Tokenisation as a concept and challenged me to provide real-world examples of its successful implementation across the Western World. I will do two things in this article. First, I will offer a virtual simulated case study of an imaginary oil field seeking to raise funding through a tokenisation process designed and developed by the Global Investment Advisory Community and its international institutional investment partners. Secondly, I will provide a few real-world cases where tokenisation of real-world assets has been accomplished, and yes, these are Western World examples.

Simulated marginal oil field Asset-Backed Token Let’s assume we have an “Abata marginal oil field” with verified reserves of 100 million barrels of oil. As we seek to raise funds from international investors for this oil field, we have proposed certain assumptions, including that promoters are restricted from selling crude oil for the first 5 years post-production and that all institutional investors must hold cold wallets on the Ethereum blockchain.

Our Abata marginal oil field, with 100 million barrels of reserves, will implement a waterfall cash flow distribution for new investors and make direct payments to the engineering, procurement, and construction (EPC) contractor from investor contributions.

Key Assumptions for the Abata Oil Field Asset-Backed Token • Investors will buy asset-backed tokens representing their ownership in the “Abata marginal oil field”.

• The GIAC smart contract format automatically distributes cash flows, as designed before investment triggers (e.g., revenue from eventual oil sales) evenly among investors in proportion.

• The GIAC-formatted Smart Contract ensures that investor contributions are directly transferred to the project’s wallet, in which a waterfall distribution is encoded for payments of all service providers. Service providers include the EPC contractor and other oil services companies.

• The EPC contractor’s wallet is credited directly from incoming investor funds, without interference from promoters and owners of the “Abata marginal oil field”, and other promoters.

This ensures that EPC contractor is shielded from the payment risk sometimes associated with oil and gas contracts.

• The GIAC-formatted smart contract enforces whitelisted investor wallets/ addresses, and a lockup period is implemented automatically.

L-R : Allison Fromm, CFO of the Foundation for New Creative Economies (FNCE), and Dr Nicky Okoye, Founder and President of the Global Investment Advisory Community (GIAC), both in a strategy session on Tokenisation of Real-World Assets domiciled in Nigeria and across Africa

Key Features of “Abata marginal Oil field” Smart Contract format • Whitelisting: GIAC artificial intelligence programmes will enable only approved digital cold wallets to receive transferable tokens and cash flows.

• Lockup Period: GIAC-formatted smart contracts implement artificial intelligence programmes that will permit only those asset-backed token transfers that are not restricted to receive early returns, whereas restricted tokens will be locked until the restriction time passes.

• Dividend Payments: GIAC-formatted smart contracts implement artificial intelligence programmes that include protocols that can deposit tokens and cryptocurrency as dividends, which token holders can claim proportionally.

• Ownership & Control: GIAC-formatted smart contract’s artificial intelligence programme facilitates administrative control for adding/removing whitelist members, locking tokens, and depositing dividends.

Fundraising for the Abata marginal oil field project The operator of the Abata marginal oil field will issue digital tokens to preidentified investors, working closely with the GIAC and its partners. The Abata marginal oil field asset-backed tokens will have been minted in line with the regulatory jurisdiction and standards of the proposed investment market. In Nigeria, SEC Nigeria’s regulations on digital and virtual assets will be observed.

The digital tokens will subsequently represent ownership stakes in the oil field’s reserves. All investors who have purchased the digital tokens will deposit their funds directly into the designated Abata marginal oil field’s project digital wallet, in accordance with the instructions of the asset-backed token’s smart contract.

This eliminates reliance on manual

fundraising and distribution, which are traditionally used to receive and disburse proceeds from capital raises.

This tokenisation process, enhanced by smart contracts, increases transparency and broadens access to global investors.

International institutional investors prefer this approach.

EPC contractor and service providers, are recorded on the blockchain, facilitating real-time internal and external audits, especially those required by industry watchdogs and financial regulators.

Project Costs & Contractor Payments

Asset-Backed Tokens in the oil industry will provide both financial and oil industry regulators with the most efficient mechanism to ensure, monitor, and enforce compliance. In this respect, for projects that require promoters to observe a lock-up period to prevent early selloffs, we program the token’s smart contract to enforce it. Restrictions can be applied and tied to specific milestones, allowing for transfers only when certain milestones are met. Artificial intelligence systems tied to smart contracts can trigger milestones by monitoring real-world situations. Regulatory compliance tied to smart contracts may even include whitelisting, in which only authorised, KYC-verified investors can participate in token sales and transfers.

As investment funds are aggregated in the project’s digital wallet, direct payments can be monitored as made to the project’s EPC Contractor. The EPC contract terms enable direct payments from investor contributions to the Abata marginal oil field’s project digital wallet, ensuring transparent, automated payments in accordance with predefined rules. This process is enhanced by the GIAC-formatted smart contract, which is tied to the asset-backed token. Observing this process ensures that the asset-backed token’s smart contract eliminates the need for payment intermediaries.

Revenue Sharing Post Project Development The asset-backed token’s GIACformatted smart contract automatically calculates and distributes all revenue (cash flow) generated from eventual oil sales to preidentified digital wallets owned by token holders. This is done based on the token ownership share proportions. This proportional distribution is verifiable on the blockchain, increasing transparency and reducing, if not eliminating, disputes.

Ongoing Project Monitoring The operator of the Abata marginal oil field will update the contract from time to time to reflect revenue from oil sales, thereby triggering the initial encoded distribution function. All transactions, including aggregated investments, cash flow distributions, and payments to the

Enforcing Lockup & Regulatory Compliance

Global Liquidity The Abata marginal oil field tokens are integrated with compliant global exchanges, enabling secondary trading worldwide and providing liquidity, as well as unique exit options, for early investors. The most powerful contribution of the Tokenisation of real-world assets’ blockchain-based approach is that it enables “Abata marginal oil field” to engage with international investors, without the complex paperwork or local legal barriers.

Continues online

•Dr Nicky Okoye Global Investment Advisor Founder, Global Investment Advisory community

T H I S D AY WEDNESDAY DECEMBER 17, 2025 20 TR

UT H

& RE A S O

Wednesday December 17, 2025 Vol 27. No 11217

N

opinion@thisdaylive.com

www.thisdaylive.com

THE TRIAL OF MALAMI

Two powerful ministers of the immediate past administration are under scrutiny, writes ISMA’IL KAMARU

See page 21

WILL FREE TRADE ZONES DISAPPEAR UNDER THE NEW TAX REGIME?

W. Y. MAMMAN urges government to provide explicit instructions on the tax act to ensure fairness , filing procedures, and record-keeping

See page 21

EDITORIAL

UNENDING VIOLENCE IN ADAMAWA COMMUNITY

See page 22

1

Otti’s strategic education policy can lead to refining of semiconductors and advanced technologies that is more rewarding, argues CHUKWUEMEKA UWANAKA

OTTI'S EDUCATION REFORMS AND GLOBAL ECONOMIC OPPORTUNITIES

“In terms of partnership, we don’t believe in grants and aid, rather we seek partnership, believing that there is a lot of value that we can add working together” Gov. Otti (September 26, 2025) The quote above by Governor Alex Otti of Abia State, during the September 2025 two-day visit by the United States of America (U.S.) Ambassador to Nigeria, Ambassador Richard Mills alongside U.S. Embassy officials to Abia State, provides some context on how the state government’s education sector reforms can align the state with contemporary global economic opportunities, if strategically matched.

Given the contemporary changes in U.S. foreign policy on the continent from development assistance to more commercial diplomacy, as well as changes in the domestic environment, there also exists an opportunity for Gov. Otti to nudge the people and economy of the state towards a more intellectually driven and rewarding pathway.

But what were key points of U.S. Ambassador’s visit to Abia State?

While acknowledging the positive outcomes from Gov. Otti’s governance approach, as well as the high value the U.S. places on its partnership with Abia and the Southeast zone of Nigeria, Ambassador Mills emphasized that he was in the state to explore existing opportunities in the state, and deepen partnerships. In his words, ‘there are tremendous opportunities here for our business, our commercial interests, and Nigeria’s’.

And some of the key points of the visit demonstrated this focus on economic diplomacy, in line with foreign policy goals of U.S. President, Donald Trump. The delegation visited the Aba Independent Power Project (IPP), developed by Geometric Power, Nigeria’s only integrated electric power company.

Facilities inspected by the American delegation included Geometric Power turbines produced by U.S. firm General Electric (GE), the world’s biggest and oldest electricity equipment manufacturing firm, as well as the Aba IPP digital SCADA facilities.

What then does this pattern of economic diplomacy and focus on technology-based products and services have to do with Otti’s education sector reforms in Abia State?

The recent mid-2025 reports by the Semiconductor Industry Association (SIA), Deloitte and Mckinsey on global

semiconductor labour gaps, provide global economic opportunities that Gov. Otti’s education sector reforms can strategically harness, for efficient return on investment (ROI). The high points of the reports are that by 2030, the global semiconductor industry will require additional one million skilled workers, which by current trends, are not available. The reports highlight a shortage of 67,000 workers in the U.S. , a shortage of over 100,000 engineers in Europe, and a shortfall of over 200,000 engineers in the Asia-Pacific region. Also, the industry will require at least 100,000 middle-tier managers and 10,000 highertier leaders—many of whom must come from outside the industry, all by 2030.

While U.S.-based companies hold roughly 46.3 percent of global semiconductor market share, they handle 12 percent of global manufacturing, with Taiwan handling 65 percent, China 15 percent, and South Korea 12 percent, as demonstration of manufacturing concentration. This concentration is also as each global region has developed different skill sets, making it challenging for human resource mobility across markets. The industry also competes with other tech sectors for talent, and 92 percent of tech leaders report challenges finding skilled workers. Essentially, while markets are expanding, with global semiconductor sales rising to $627.6 billion in 2024, and demand continues to rise to an expected $2 trillion in 2032, the talent pool is shrinking.

It is this challenging but viable human resource gap that provides avenues for closer economic partnerships with the U.S., as well as global economic opportunities for the people and economy of Abia State, if Gov. Otti is able to strategically align his education sector reforms accordingly. For a bit of context, China had $438.7 billion, Taiwan $116.3 billion and South Korea $131.6

billion worth of exports respectively to the U.S. in 2024, consisting largely of semiconductor-based and high-tech products such as integrated circuits, computers, electronic accessories, machine parts, broadcast equipments, electricals, motor vehicles & accessories.

These countries are able to attract the type of significant investment and access to U.S.$30 trillion economy that Gov. Otti desires for Abia, because it has the human resource and subsequently industrial base that competitively manufactures high-tech products for the U.S. In principle, aligning the state’s educational sector towards producing some of the skilled human talent required by the global semiconductor industry by 2030, is a viable proposition. As it is with such tasking propositions, there can be short, medium and long term approaches. For short-medium term, the Core Curriculum Minimum Academic Standard (CCMAS) and Trans-National Education (TNE) policies of 2023 by the National Universities Commission (NUC), provide the policy framework for training and international linkages that allow for training of tertiary education students in Abia, with skill set at the level required by semiconductor industry.

As CCMAS allows universities to enhance their curricula with some level of specialization, the Abia government can pool resources with public and private universities in the state, and modify relevant curriculum in engineering and computing, to meet the training standards of global semiconductor industry. With the TNE policy, the state government can establish cost-effective partnerships with foreign universities such as the National Taiwan University (NTU), whereby qualified students from Abia are also enrolled in the Global Undergraduate Program in Semiconductors (GUPS) at NTU, for joint-degrees. Virtual labs can be deployed for training.

Also, bulk negotiation with NTU on GUPS for Abia students will bring discount, as Taiwan, encourages educational diplomacy. Furthermore, provision can be made for the trade test certification of skilled tech talent involved in tech repairs, to be converted to some level of academic credit as prior learning, for efficient enrollment into the GUPS. Dr. Uwanaka writes from African University of Science and Technology, Abuja. chukweks@yahoo.com

T H I S D AY

321

WEDNESDAY DECEMBER 17, 2025

a

Two powerful ministers of the immediate past administration are under scrutiny, writes ISMA’IL KAMARU

W. Y. MAMMAN urges government to provide explicit instructions on the tax act to ensure fairness , filing procedures, and record-keeping

THE TRIAL OF MALAMI

WILL FREE TRADE ZONES DISAPPEAR UNDER THE NEW TAX REGIME?

Last week was a period of reckoning that many Nigerians believe was long overdue, as two of late President Muhammadu Buhari’s once-powerful ministers- Abubakar Malami, SAN, who presided over the Ministry of Justice, and Chris Ngige, who held sway at the Ministry of Labour and Employment, found themselves as honoured guests of the Economic and Financial Crimes Commission (EFCC). Once fixtures of the Buhari administration, they now grapple with a scrutiny unseen during their years in power.

Both men are now facing a slew of corruption and economic crimes allegations. In Ngige’s case, court documents show that the EFCC has arraigned him on an eight-count charge over an alleged N2.26 billion fraud while he was supervising the Nigeria Social Insurance Trust Fund (NSITF).

Among the counts, the anti-graft agency alleges that the former minister used his position to confer unfair advantage on firms linked to associates, awarding them consultancy, training, and supply contracts, and accepting monetary gifts through organisations bearing his name, including his campaign organisation and scholarship scheme.

For a man who spent years sparring with the Academic Staff Union of Universities and projecting himself as a stern defender of government integrity, this dramatic reversal has not gone unnoticed. Members of ASUU, already deeply hostile toward Ngige for his handling of labour relations during his tenure, have been particularly enthusiastic about the prospect of his EFCC ordeal.

Yet, despite the uproar, Ngige has approached this crisis with the relative quietness of someone who understands the gravity of the moment and is prepared, at least publicly, to face it.

In fact, beyond a clarification from his media aide dispelling bizarre rumours that he had been kidnapped prior to his EFCC appearance, Ngige has largely let the legal process play out.

Malami, on the other hand, seems intent on choreographing an entirely different script where he casts himself as the perpetual victim hunted by invisible enemies. This is rather ridiculous considering that by now he is practically a regular figure at the EFCC, with investigators probing him over at least 18 alleged offenses that span money laundering, abuse of office, and terrorism financing.

These matters are not trivial. Among the lines of inquiry, the EFCC is said to be questioning how Malami handled the recovery and accounting of about $346.2 million in Abacha loot repatriated from Switzerland and funds from the Island of Jersey, assets that have been mired in controversy regarding their rightful stewardship.

Beyond that, sources indicate that investigators are examining Malami’s

role in the management of N4 billion from the Central Bank’s Anchor Borrowers’ Programme and a reported N10 billion investment in schools, hotels, and rice mills in Kebbi State, ventures that have raised eyebrows due to questions about funding sources and transparency.

The EFCC has also been probing suspicious transactions and mega deals tied to his time in office, including a $496 million payment to Global Steel Holdings Ltd connected to the Ajaokuta Steel concession termination, and legal fees on Paris Club refunds that critics allege were irregular. These are serious issues.

Both former ministers spent some time in the EFCC’s “cozy” detention facility, before being brought before a Federal High Court to enter their pleas. For Ngige, the process moved swiftly into arraignment, with the charges formally filed in court and his legal team engaging with the matter head-on.

Still, the contrast in their comportment has been striking. While Ngige appears to have accepted his new reality with the steeliness of a man prepared to fight his battles quietly, Malami seems determined to drag everyone into his troubles.

Through proxies and whispered briefings, he has pointed fingers in every direction, including Governor Nasir Idris of Kebbi State.

At this point, it feels like the only person Malami has not blamed is himself. It is ironic for someone who once carried the reputation, whether fairly or not, of being the most powerful attorney general in Nigeria’s history. This is a man who led some of the country’s biggest corruption prosecutions, including high-profile cases involving former NSA Sambo Dasuki.

There was a time when Malami stood at the epicentre of the nation’s justice machinery, guiding prosecutions that humbled political heavyweights. The contrast between that image and the one he projects now is jarring.

But what is worse still is his seemingly cheap attempt to hide under the excuse of political persecution. Such suggestions have done little more than fuel speculation and make Malami appear as if he is trying to rewrite the narrative rather than answer the questions before the law.

Kamaru writes from Birnin Kebbi

There is no doubt that the recently enacted Nigeria Tax Act, 2025 comes with a lot of benefits, chief among being the simplification and merging of many burdensome regulations, which were quite befuddling to many tax payers. As with all good initiatives, there are unintended consequences, which policymakers must address in order not to cause more harm than the intended good.

Nigeria’s Free Trade Zones (FTZs) have served as an important instrument for industrialisation, investments promotion and export-oriented economic growth.

These objectives were enshrined under the Nigeria Export Processing Zones Act, Cap. N107 LFN 2004, particularly sections 1,2,3,8 and section 18 and expanded under the Oil and Gas Export Free Zone Authority Act, Cap. O5 LFN 2004. These statutes historically granted broad incentives, including full tax exemptions, duty-free importation under NEPZ Act Cap. N107 LFN 2004 sections 23-24 and unrestricted repatriation of capital under section 18(1)(d). The FTZ framework historically provided broad tax exemptions, duty-free importation of machinery and raw materials, and the ability to repatriate profits without restriction from the Nigerian government.

With the enactment of the Nigeria Tax Act 2025 (section 60 and the Second Schedule), these incentives have been recalibrated.

For the avoidance of doubt, we invite you to the provision of section 60 of the NTA 2025, which states thus: “where a trade or business is carried on by an export processing or export free zone entity, the provisions of the second schedule to this act shall apply.”

For us to understand the statute, recourse shall be made to the second schedule of the act, which borders mainly on export processing and free trade zone entities. The schedule has new provisions, which if not reviewed, has the potential to erode investors’ confidence and jeorpardise future investments in these zones. The most troubling amongst these is the imposition of taxes on profits from 2028, completely negating the spirit and vision behind the establishment of FTZs. Before the advent of the Nigeria Tax Act 2025, the Nigerian Free Trade Zones benefited from the following incentives: Exemption from federal, state, and local taxes. Duty-free importation of capital equipment, raw materials, and intermediate goods. Freedom to repatriate profits and dividends.

This framework allowed FTZ operators to plan long-term investments based on a predictable fiscal environment.

Historically, these provisions under the 2004 Act were considered automatic and unconditional for qualified enterprises.

These are not the same in the 2025 Act. The Nigeria Tax Act 2025 (Section 60 and the second schedule) amends the FTZ legal regime under the NEPZ Act Cap. N107 LFN 2004 and OGEFZA Act, Cap. O5 LFN 2004 by introducing conditional

exemptions and specific compliance requirements: Conditional Tax Exemption: Tax exemption applies only to profits derived from exports of goods or services.

Domestic sales are partially exempted.

Sunset Clause: From 1 January 2028, profits from domestic sales will be fully taxable, regardless of the 25% threshold.

Filing Obligations: FTZ operators must file returns with the Federal Inland Revenue Service (FIRS), even if no tax is due. These provisions reflect a deliberate transition from a blanket exemption model to a conditional, export-focused tax regime, in an attempt to align incentives with the intended purpose of FTZs. The NTS 2025 amendments as enacted by the National Assembly represent the primary legal authority governing FTZ taxation. Previous debates regarding FIRS’s power to reinterpret or limit exemptions have been resolved; section 60 (supra) of the NTS 2025 now defines the conditions for exemption in FTZs. The law maintains exemptions for enterprises that comply with exportoriented criteria. Therefore, companies that derive the majority of revenue from exports, limit domestic sales within the prescribed 25% threshold, and file returns as required retain full legal entitlement to tax benefits.

The filing obligation and monitoring of domestic sales introduced formal compliance mechanisms. Failure to adhere to these requirements may result in revocation of tax-exempt status and exposure to regular corporate taxation.

Legal clarity on record-keeping and reporting standards is, therefore, critical for operators.

The 1st January 2028 sunset clause mandates taxation of domestic sales profits regardless of threshold compliance.

Operators must incorporate this deadline into strategic and financial planning, particularly when projecting future domestic market engagement. This, no doubt, is a burdensome requirement that makes Nigeria’s FTZs uncompetitive when compared to other jurisdictions.

With many countries, some in West Africa, seeing FTZs as vehicles to attract investments and industrialise their economies, Nigeria cannot afford to place additional burden on its FTZs.

W. Y. Mamman, Esq. is with Mamman, Maiyaki & Co. Munatare Chambers in Abuja

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T H I S D AY

WEDNESDAY DECEMBER 17, 2025

EDITORIAL

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

UNENDING VIOLENCE IN ADAMAWA COMMUNITY

B

All the stakeholders should do more to stem communal conflicts

arely a few weeks after Governor Ahmadu Umaru Fintiri brokered a peace deal between the Bachama and Chobo communities resulting from longstanding land disputes, a fresh crisis broke out last week leading to deaths and destruction. Seven women were reportedly killed and several others wounded while protesting what they described as “delayed response,” and thinly supported charges of bias by security forces to stem tensions between the troubled communities in Lamurde Local government Area of Adamawa State. In the course of the protest, security forces allegedly fired shots into the crowd of the unarmed women protesters who blocked their passage leading to fatalities. The Headquarters of 23 Brigade of the Nigerian Army has denied the allegation, insisting that the women were killed by some militia members who were supporting one of the warring groups. The army added that the troops only responded to distress calls in the communities to restore peace. In response to the renewed violence, the state government has imposed a 24-hour curfew on Lamurde local government area.

While we commiserate with the families of the deceased, the Lamurde violence has once again deepened anxiety over unresolved land disputes, ethnic mistrust and repeated security failures across the country. Longstanding land conflicts, besides tearing communities apart, often leave in their wake deaths, destruction, and displacement.

In June 2022, a series of clashes between neighbouring Boshikiri community in Guyuk Local government area and Kupte, Wuro Mallam Isa and Tudun Wada communities in the same local government led to deaths and a wave of population displacement. This year alone, Lamurde has witnessed three major rounds of violence which resulted in looting homes, setting farms ablaze and forcing many residents to flee for safety. Yet the Bachama and Chobo ethnic groups have lived side by side as neighbours in Lamurde for cen-

turies, intermarrying and speaking each other’s language, besides sharing the same social infrastructure like schools, markets, and health centres.

While the Chobo, said to be the original inhabitants, live in the mountainous area of Lamurde, including Wammi, Lakan, and Sikori, which extend towards the border with Gombe State, the Bachama are settled in Rigange, Waduku, and other lowland areas. But disputes over predominantly farmlands with both sides claiming ancestral ownership, have long resulted in frequent outbreaks of violence, with the communities resorting to self-help. Only last July, violence broke out in the Bachama communities of Rigangun and Waduku, following a dispute over farmland.

Sadly, security measures put in place to contain attacks and cycle of reprisals, have failed to prevent a renewed outbreak of violence. And as tension escalates, confidence in local dispute resolution has waned as many communities began to organise self-defence groups to protect their kinsmen and farmlands.

Described as militias, many of the armed youths on both sides have escalated the risk of violence, turning what were once manageable disputes into recurring security nightmares.

Unfortunately, the shift from dialogue to self-help has made the conflict harder to contain and more deadly. This is not helped with the influx of illegal Small Arms and Light Weapons (SALWs) into the country. The ease of access to these weapons has made individuals and communities more fortified and hence less amenable to entreaties to make peace. Indeed, in Nigeria the surge for the offensive is enabled because many communities are self-arming to protect themselves. But the frequency of these clashes is frightening, taking into consideration their implications for peace and security in the nation.

We call on authorities in Abuja and the states to arrest this rapid and steady slide into anarchy by addressing the conditions that make violent attacks tools of expressing grievances between and among communities.

The frequency of these clashes is frightening, taking into consideration their implications for peace and security in the nation T H I S D AY

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

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

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

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

LETTERS MALA BUNI’S FLYOVER PROJECT IN YOBE

The city of Damaturu, capital of Yobe State, is witnessing a historic transformation as the administration of Governor Mai Mala Buni undertakes the construction of a modern flyover, the first of its kind in the state. The project, which has already reached advanced stages, is fast becoming a landmark initiative that is reshaping urban mobility, stimulating economic activities, and redefining the outlook of the state capital.

For years, the central roundabout in Damaturu has served as the main traffic hub linking major routes to Potiskum, Gashua, Gujba, and Maiduguri. The high volume of vehicles passing through the intersection frequently resulted in traffic congestion, delays, and safety concerns.

The ongoing construction of the flyover has been designed to address these long-standing challenges by decongesting traffic and improving road safety. Upon

completion, it is expected to ensure smoother vehicular movement, reduce travel time, and enhance overall transportation efficiency within the metropolis.

Commercial drivers and residents have expressed optimism about the project. “This development is something we have been waiting for. Once completed, it will ease traffic and make our movement faster,” said Musa Adamu, a commercial driver who plies the Damaturu - Potiskum route. The flyover project has not only improved the city’s physical landscape but has also injected life into the local economy. The construction process has created numerous direct and indirect employment opportunities for engineers, artisans, laborers, and suppliers.

Small scale businesses particularly food vendors, material suppliers, and transport operators have also benefited from the influx of workers and project activities. Officials

from the Yobe State Ministry of Works confirm that local content remains a key focus of the project, with deliberate efforts to engage indigenous contractors and utilize locally sourced materials where possible.

This approach has ensured that the economic benefits of the project circulate within the state, contributing to job creation and poverty reduction. The Damaturu flyover is part of Governor Buni’s broader infrastructural and urban renewal agenda aimed at transforming the state capital into a modern and functional city. Complementary developments such as improved road networks, street lighting, and drainage systems have accompanied the project, enhancing both the aesthetic and functional appeal of Damaturu.

Amina Suleiman Yalwa, Department of Mass Communication, Kashim Ibrahim University

23

T H I S D AY • WEDNESDAY, DECEMBER 17, 2025

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

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

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

floor of the Nigerian Stock Exchange.

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

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

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 12 December 2025, unless otherwise stated.

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 0.00 0.00 0.00 Afrinvest Plutus Fund 0.00 0.00 0.00 Nigeria International Debt Fund 0.00 0.00 0.00 Afrinvest Dollar Fund 0.00 0.00 0.00 AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 18.96% AIICO Balanced Fund 7.65 7.75 33.92% AIICO Eurobond Fund 100.00 100.00 7.48% Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 18.47% Anchoria Equity Fund 1.65 1.65 26.49% Anchoria Fixed Income Fund 396.27 400.83 53.33% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 51.99 53.56 46.64% ARM Discovery Balanced Fund 1,045.19info@anchoriaam.com 1,076.70 31.49% ARM Ethical Fund 102.87 105.97 50.03% ARM Eurobond Fund 1.23 1.23 11.03% ARM Fixed Income Fund 1.37 1.37 20.50% ARM Short Term Bond Fund 1.21 1.21 17.29% ARM Shariah Fixed Income Fund 1.14 1.14 13.41% ARM Short Term Eurobond Fund 1.05 1.05 5.08% ARM Specialized Dollar Fund 1.04 1.04 4.53% ARM Money Market Fund 1.00 1.00 18.18% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn 120.18 120.18 16.52% AVA GAM Fixed Income Dollar Fund 1,257.58 1257.58 18.11% AVA GAM Fixed Income (Naira) Fund 1.00 1.00 16.38% AVA GAM Money Market Fund AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn 0.00 0.00 0.00% AXA Mansard Equity Income Fund 0.00 0.00 0.00% AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn 0.00 0.00 0.00 CEAT Fixed Income Fund 0.00 0.00 0.00 Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.08 1.08 13.66% CardinalStone Fixed Income Alpha Fund 1.11 1.11 9.97% CardinalStone Dollar Fund 1.73 1.75 46.03% CardinalStone Equity Fund 1.19 1.20 19.38% CardinalStone Balanced Fund 1.00 1.00 16.91% CardinalStone Money Market Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapel Hill Denham Money Market Fund 0.00 0.00 0.00 Nigeria Bond Fund 0.00 0.00 0.00 Paramount Equity Fund 0.00 0.00 0.00 CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 17.31% 111.55 111.55 12.72% Cordros Fixed Income Fund 121.99 121.99 11.79% Cordros Halal Fixed Income Fund Cordros Dollar Fund ($) 118.46 118.46 7.00% Cordros Milestone Fund 230.60 232.32 25.12% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 17.38% Coronation Balanced Fund 2.09 2.13 27.10% Coronation Fixed Income Fund 1.50 1.50 9.50% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund 0.00 0.00 0.00 EDC Nigeria Balanced Fund 0.00 0.00 0.00 EDC Nigeria Halal Fund 0.00 0.00 0.00 EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 0.00 0.00 0.00 Emerging Africa Bond Fund 0.00 0.00 0.00 Emerging Africa Balanced Diversity Fund 0.00 0.00 0.00 Emerging Africa Eurobond Fund 0.00 0.00 0.00 Emerging Africa Halal Fund 0.00 0.00 0.00 FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Money Market Fund 100 100 16.79% FBN Bond Fund 1660.52 1660.52 10.96% FBN Dollar Fund 127.42 127.42 7.21% FBN Halal Fund 141.33 141.33 13.33% FBN Specialized Dollar Fund 124.21 124.21 7.71% FBN Blended Dollar Fund 420.44 424.4 42.80% FBN Balanced Fund 434.43 440.6 51.24% FBN Smart Beta Equity Fund 111.76 111.76 11.70% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund (LMMF) 1.00 1.00 0.00% Legacy Debt Fund (LDF) 1.48 1.48 7.16% Legacy Equity Fund (LEF) 3.59 3.61 -0.91% Legacy USD Bond Fund (LUBF) 5.39 5.50 42.70% FCMB-TLG Private Debt Fund 0.00 0.00 0.00% FSL ASSET MANAGEMENT LIMITED Adeniran.Daniel@fsl.ng Web: https://www.fsl.ng/asset-management ; Tel: +2348062727759 Fund Name Bid Price Offer Price Yield / T-Rtn FSL Money Market Fund 0.00 0.00 0.00 FSL Euro Bond 0.00 0.00 0.00 FIRST ALLY ASSET MANAGEMENT LIMITED blossom.omojughare@first-ally.com Web: https://first-allyasset.com/ ; Tel: +2348023217850 Fund Name Bid Price Offer Price Yield / T-Rtn FAAM Money Market Fund 1.00 1.00 19.40% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral income fund 4,723.96 4,723.96 8.17% Coral money market fund 100.00 100.00 17.76% FSDH HALAL FUND 1,317.00 1,317.00 11.55%

FSDH dollar fund 1.33 1.33 6.04% Coral Balanced Fund 11,109.41 11,192.69 47.88% HILLCREST CAPITAL MANAGEMENT dabbey@hillcrestcapmgt.com Web: https://hillcrestcapmgt.com/; Tel: +2348075144540, 0214540094 Fund Name Bid Price Offer Price Yield / T-Rtn Hillcrest Balanced Fund 0.00 0.00 0.00 LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn LOTUS HALAL FIXED INCOME FUND 0.00 0.00 0.00 LOTUS HALAL INVESTMENT FUND 0.00 0.00 0.00 LOTUS HALAL EQUITY EXCHANGE TRADED FUND 0.00 0.00 0.00 LOTUS WAQF ENDOWMENT FUND 0.00 0.00 0.00 MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 0.00 0.00 0.00 Meristem Value ETF 0.00 0.00 0.00 Meristem Growth ETF 0.00 0.00 0.00 Meristem Fixed Income Fund 0.00 0.00 0.00 Meristem Dollar Income Fund 0.00 0.00 0.00 Meristem Money Market Mutual Fund 0.00 0.00 0.00 MANGO ASSET MANAGEMENT jetadafe@mangoam.com Web:https://mangoam.com/; Tel: +234 7030839517 Fund Name Bid Price Offer Price Yield / T-Rtn Mango Naira Money Market Fund 1.00 1.00 17.47% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED

enquiries@norrenberger.com

Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Money Market Fund (NMMF) 100.00 100.00 17.98% Norrenberger Islamic Fund (NIF) 107.23 107.23 15.45% NORRENBERGER DOLLAR FUND (NDF)-----($) 105.57 105.57 9.60% NORRENBERGER TURBO FUND (NTF)-----(N) 103.61 103.61 13.85% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 10.00 10.00 15 PACAM Fixed Income Fund 11.86 12.55 -2.57% PACAM Money Market Fund 3.51 3.58 34.31% PACAM Equity Fund 1.97 2.05 41.40% PACAM EuroBond Fund 152.55 158.58 11.54% SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn The Frontier Fund 0.00 0.00 0.00 SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn 1.14 1.14 17.01% SFS Fixed Income Fund 171.24 171.24 23.17% SFS REIT 62.64 62.64 20.84% UH REIT/SFS STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Money Market Fund Stanbic IBTC Bond Fund Stanbic IBTC Dollar Fund (USD) Stanbic IBTC Shariah Fixed Income Fund Stanbic IBTC Enhanced Short-Term Fixed Income Fund Stanbic IBTC Absolute Fund UPDC REIT Stanbic IBTC Balanced Fund Stanbic IBTC ETF 30 Fund Stanbic IBTC Ethical Fund Stanbic IBTC Guaranteed Investment Fund Stanbic IBTC Imaan Fund Stanbic IBTC Nigerian Equity Fund SIAML Pension ETF 40 Stanbic IBTC Aggressive Fund Stanbic IBTC Conservative Fund

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

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

0.00 259.24 1.67 143.65 160.19 5,176.09 12.39 9,562.97 1,148.18 4.44 383.32 914.47 40,931.69 847.12 12,197.91 9,243.91

0.00 259.24 1.67 143.65 160.19 5,176.09 12.39 9,652.97 1,148.18 4.50 383.78 926.14 41,499.41 847.12 12,355.94 9,279.50

16.15% 0.31% 7.11% 8.15% 18.22% 0.19% 10.48% 49.93% 180.04% -97.78% 8.33% 83.54% 61.52% 4.58%

52.31% 35.98% jemenike@stlassetmgt.com

Bid Price 0.00 0.00 0.00

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

Bid Price 1.00 1.21 1.97 124.43 1.24 127.95 1.90 2.22 1.77 1.14

Offer Price Yield / T-Rtn 1.00 15.76% 1.21 13.86% 1.97 10.19% 124.43 9.43% 1.24 4.49% 127.95 5.31% 1.92 45.80% 2.23 32.17% 1.79 36.68% 1.14 13.72% funds@vetiva.com

Bid Price Offer Price Yield / T-Rtn 14.33 14.43 28.44% 34.72 34.77 103.49% 53.15 53.35 77.23% 1.00 1.00 16.70% 55.15 55.35 48.15% 140.13 142.13 1.95% 1.00 1.00 16.70% service@quantumzenithasset.com.ng Bid Price Offer Price Yield / T-Rtn 33.80 34.20 58.93% 40.03 40.40 50.33% 34.55 34.55 23.84% 1.00 1.00 18.08% investmentoperations@zedcrest.com Bid Price 1.00 1.36 $ 1.48

Offer Price 1.00 1.36 $ 1.48

Yield / T-Rtn 19.63% 28.30% 19.95%

NAV Per Share

Yield / T-Rtn

0.00

0.00%

9,279.50

35.98%

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

24

T H I S D AY • weDnesDAY, DeCeMbeR 17, 2025

business/MOneYGuiDe

APM Terminals Invests in New Services to Accommodate Nigerian Growth

Oriarehu Bonny

APM Terminals and Barging Marine Solutions Limited have signed an exclusive lease agreement until September 2031 to expand services in and around Apapa, underlining the terminal operator’s long-term commitment to develop Nigerian trade opportunities.

The aim of the agreement is leveraging the close collaboration between the two parties to increase capacity and to provide enhanced landside and barge connections to benefit both customers and shipping lines.

CEO of APM Terminals, Keith Svendsen, said on signing the agreement: “The Nigerian market has shown solid growth throughout 2025 and APM Terminals strongly believes in the development of the market in the years ahead.

Therefore, it is important that we take the necessary

steps to develop and realise the potential of the terminal, while also looking at the future potential to invest and modernise further in Lagos. Barging Marine Solutions have been running a resilient business, and we look forward to developing the synergies we see by entering this collaboration.”

“This important collaboration with APM Terminals builds on the strong existing business that we have together and will provide enhanced logistics solutions for APM Terminals’customers and shipping lines by leveraging BMS’s barging and terminal operations for additional capacity and reliable delivery,” says Karim Said, CEO Barging Marine Solutions Ltd. The facilities include two waterfront and inland container terminals as well as barge services that will offer an alternative to road transportation and thereby easing the pressure on

road-side transport via trucking, reducing traffic congestion, and reducing logistics-related costs.

“We believe that the improved barge services as well as Barging Marine Solutions’ position as market leader within inland container depots has the ability to improve both reliability and speed for our customers as well as optimising our coordination across the supply chain, which will give a more seamless customer experience,” says Frederik Klinke, MD, APM Terminals Nigeria.

Barging Marine Solutions Limited will under the agreement, operate the services for APM Terminals and the companies will jointly develop solutions to add value for customers.

In its terminals in Apapa, Kano and Onne, APM Terminals lifts about half of Nigeria’s containerised trade and provide direct and indirect employment to more than 10,000 Nigerian families.

APWB Advocates 40% Female Representation on Bank Boards Nume Ekeghe

The Association of Professional Women Bankers (APWB) has urged Nigerian banks to raise the presence of women on their boards, calling for a move beyond the current 30 per cent level to at least 40 per cent.

According to the association, the push is not just about numbers but about building fairer, more inclusive leadership structures that can

strengthen decision-making and support the long-term sustainability of the financial services industry.

Speaking at the event, APWB Chairperson, Mrs. Rafiat Onitiri, noted that women account for nearly 60 percent of the banking workforce but remain underrepresented at the highest decision-making levels. She acknowledged the progress made over the past two decades, including the emergence of over 10

female Managing Directors currently leading banks, but stressed that boardroom representation still lags behind.

“Even achieving 40 per cent representation would be a major milestone,” Onitiri said, emphasizing that APWB is advocating fairness rather than numerical equality. According to her, women deserve recognition and opportunities that reflect their contributions to the industry.

S t a n b i c I B T C F U Z E F e s t i va l R e t u r n s Nume Ekeghe

Stanbic IBTC has announced the return of FUZE Festival, an exciting year-end celebration, now in its fourth edition.

Slated on Saturday, 20 December 2025 at Tafawa Balewa Square, this year’s festival introduces an all-new outdoor format, offering guests an open-air experience with expanded activities, installations and immersive attractions.

Inspired by the magic and

wonder of vintage circuses and carnivals, the 2025 edition adopts the theme, “The Ultimate Show.” Think bold colours, thrilling performances, and whimsical moments.

Attendees can expect magicians, parade performers, flash mobs, face painting, art displays, and other spectacular attractions that bring the festival theme to life. Speaking on the upcoming festival, Chief Executive, Stanbic IBTC Holdings, Chuma Nwokocha said, “FUZE Festival has always been our

way of creating a space where creativity can thrive, but this year we thought to push the boundaries even further. The outdoor format and circusinspired theme allow us to design a more immersive experience that people can truly feel and participate in. It reflects our belief that innovation doesn’t happen only in offices; it happens in culture, in music, in art, and in the everyday interactions that inspire people to dream bigger. FUZE 4.0 captures that spirit.”

Mandilas Restates Commitment to Nigeria Anniversary Concert Kayode Tokede

Mandilas Group has restated its commitment to the development of the Nigerian economy as one of the oldest companies sparkled the Yuletide season with a world-class concert.

Executive Vice Chairman, Mandilas Trust Co. Limited, Mrs Ola Ayo-Adeloye, said Mandilas has been a positive force in Nigeria’s history over the past seven and half decades and it would continue to reflect the resilience, diversity and ambition that define

the Nigerian dream.

Ayo-Adeloye, who is also Vice Chairman, Mandilas Group Limited, spoke at 2025 Muson-Mandilas Christmas Concert jointly organised by Mandilas Group and the Musical Society of Nigeria (MUSON) at MUSON Centre in Lagos.

The Yuletide season came alive as the MUSON Choir and Orchestra joined the Mandilas Choir at an evening that carried special significance for Mandilas Group, which marked its 75th anniversary with thanksgiving and a highprofile audience soothed by

the joy of praises.

Ayo-Adeloye said this year’s concert was a symbolic celebration of Mandilas Group’s 75 years of operation in Nigeria, a milestone that’s both rare and deeply meaningful.

“Seventy-five years is not an easy feat. Many companies have not survived this environment for that long. It speaks directly to the resilience and commitment of Mandilas to Nigeria. We are a Nigerian company, and we aim to do excellent work. Over the years our commitment to Nigeria speaks for itself.

Founder, GMT Nigeria Limited, Philippe Soulier (front row left); Chief Executive Officer, APM Terminals Nigeria, Frederik Klinke (front row right); L-R back row: APM Terminals Regional Managing Director, Europe and Africa, Igor van den Essen; Chief Executive Officer, APM Terminals, Keith Svendsen; and Chief Executive Officer, GMT Nigeria Limited, Karim Said at the signing of a lease agreement between both companies to expand port services in Apapa, Lagos, recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MiLLiOn nAiRA) October 2025

Month

Money Supply (M3)

119,037,577.07

-- Cbn bills Held by Money Holding sectors

9,291.49

Money supply (M2)

119,028,285.58

Quasi Money

79,681,419.97

-- narrow Money (M1)

39,346,865.60

---- Currency Outside Banks

4,646,794.28

---- Demand Deposits

34,700,071.33

Net Foreign Assets (NFA)

34,804,442.84

Net Domestic Assets(NDA)

84,233,134.23

-- Net Domestic Credit (NDC)

99,199,655.08

---- Credit to Government (Net)

24,787,980.96

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

74,411,674.12

--Other Assets Net

2,603,854.03

Reserve Money (Base Money)

36,641,142.21

--Currency in Circulation

5,057,881.01

--Banks Reserves

31,583,261.21

--Special Intervention Reserves

284,361.95 • Source - CBN

Money Market Indicators (in Percentage) Month

October 2025

Inter-Bank Call Rate

October 2025

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

27.00

Treasury Bill Rate

15.07

Savings Deposit Rate

7.43

1 Month Deposit Rate

11.37

3 Months Deposit Rate

11.32

6 Months Deposit Rate

11.12

12 Months Deposit Rate

11.78

Prime Lending rate

18.89

Maximum Lending Rate

29.56

NSE MARKET INDEX CAP

0.75%(52%YoY)

Index

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

OPEC DAILY BASKET PRICE As At 24tH nOVeMbeR , 2025

The price of OPEC basket of twelve crudes stood at $63.14 a barrel on Monday, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

25

T H I S D AY • WEdNESdAy, dECEmBER 17, 2025

mARKET NEWS

Stock Market Advances by N13.5bn on Gains in Guinness, 30 Others Kayode Tokede

The Nigerian stock market yesterday closed on a positive note with a gain of N13.5 billion, as buying in Guinness Nigeria Plc, 30 others advanced the market amid ongoing consolidation following the recent rally.

The Nigerian Exchange Limited All Share Index (NGX ASI) gained by 21.23

basis points or 0.01 per cent to close at 149,459.11 basis points from 149,437.88 basis points it opened for trading.

As a result, the NGX ASI Month-to-Date and Yearto-Date returns settled at +4.1per cent and +45.2per cent, respectively.

Accordingly, market capitalisation rose by N13.5 billion to close at N95.281 trillion from N95.267 trillion iit closed for trading the

P R I C E S MAIN BOARD

F O R DEALS

previous day.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Guinness Nigeria, MeCure Industries, Fidson Healthcare, Eunisell Interlinked and Custodian Investment.

Market sentiment remained positive, with 31 gainers as against 26 losers. Aluminium Extrusion Industries recorded the highest price gain of 10 per

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

qUANTITy TRADED

cent to close at N9.35, while Guinness Nigeria followed with a gain of 9.98 per cent to close at N263.40, per share.

Multiverse Mining & Exploration and MeCure Industries went up by 9.95 per cent each to close at N12.15 and N45.85 respectively, while Sovereign Trust Insurance appreciated by 9.89 per cent to close at N4.11, per share.

On the other hand, Haldane McCall led the losers’ chart by

T R A D E D

vALUE TRADED ( N )

MAIN BOARD

A S

O F

9.93 per cent, to close at N3.72, while LivingTrust Mortgage Bank and Veritas Kapital Assurance followed with a decline of 9.09 per cent each to close at N3.50 and N1.60 respectively, per share.

Linkage Assurance depreciated by 5.71 per cent to close at N1.65 and Champion Breweries declined by 5.63 per cent to close at N13.40, per share.

The total volume traded surged by 85.52 per cent to

1.026 billion units, valued at N21.826 billion, and exchanged in 23,701 deals.

Transactions in the shares of Access Holdings topped the activity chart with 358.834 million shares valued at N7.720 billion. Champion Breweries followed with 111.778 million shares worth N817.821 million, while Sterling Financial Holdings Company traded 85.488 million shares valued at N589.876 million.

D E C E M B E R / 1 6 / 2 5 DEALS

MARKET PRICE

qUANTITy TRADED

vALUE TRADED ( N)

26

WEDNESDAY, DECEMBER 17, 2025 • THISDAY

NEWS

WHEN UMAHI TEMPORARILY OPENED BODO-BONNY ROAD...

Minister of Works, Engr. Dave Umahi with the Chairman, Senate Committee on Works, Senator Barinada Mkpigi cutting the tape to declare Bodo-Bonny road still under construction, temporarily open, recently

Student Loan Scheme: NELFUND Releases N154bn to Support Over 788,947 Nigerian Students Funmi Ogundare Nigeria Education Loan Fund (NELFUND) has disbursed more than N154 billion to support 788,947 students across 262 public tertiary institutions nationwide, as part of the federal government’s drive to expand access to higher education, Managing Director

of the Fund, Mr. Akintunde Sawyerr, has said. Sawyerr, who disclosed this yesterday while briefing journalists virtually, stated that the disbursement included over N82 billion paid directly to institutions for students’ fees and more than N72 billion released as upkeep stipends, with beneficiaries receiving a N20,000 monthly

allowance.

He explained that the student loan scheme operated under the revised NELFUND Act, signed into law by President Bola Tinubu on April 3, 2024, following the repeal of the earlier law enacted in June 2023.

He said the repeal was necessary to remove restrictive

provisions that would have excluded many Nigerians, including the N500,000 household income ceiling, the absence of a student stipend, and the requirement for guarantors.

“With the new law, students are supported not only through payment of their institutional fees but also with monthly upkeep to enable them live

Again, Gombe Shines at 2025 National PHC Leadership Challenge, Wins $400,000 Prize Segun Awofadeji in Gombe

Gombe State has once more set the pace for excellence in primary healthcare, clinching second place in the North-east at the 2025 Primary Health Care (PHC) Leadership Challenge, and outperforming four states across the sub-region.

In recognition of its outstanding performance in strengthening primary health care delivery, Gombe State was rewarded with a whopping $400,000 prize.

The award was presented to the state during the 2025 PHC Leadership Challenge Awards Night, held at the Bola Ahmed Tinubu International Conference Centre, Abuja.

The high-level event was chaired by the vice president, Senator Kashim Shettima.

It would be recalled that last year, Gombe State made history by winning the PHC Leadership Challenge Innovation Award, the first of its kind since the initiative began,

while also emerging second in the North-east, a feat that earned the state a $400,000 reward and underscored its sustained commitment to strengthening primary healthcare delivery.

The PHC Leadership Challenge is an initiative coordinated by Nigeria Governors’ Forum (NGF) in collaboration with the Federal Ministry of Health and Social Welfare, National Primary Health Care Development Agency (NPHCDA),

and UNICEF, with support from global partners, such as Gates Foundation and Aliko Dangote Foundation.

It aims to motivate states to improve governance, financing, service quality, sustainability and health outcomes in their primary healthcare systems, in line with the Seattle Declaration commitments jointly adopted by all 36 state governors in 2019.

the reported vandalism of a gas pipeline in the Niger Delta, several thermal power stations have recorded low output, which resulted in reduced available generation capacity on the national grid.

A section of the Escravos–Lagos Pipeline System (ELPS), a major gas transport line in the Niger Delta, had been reported to have exploded

on December 10, 2025 near the Tebijor, Okpele, and Ikpopo communities in Gbaramatu Kingdom of Delta State.

The incident was confirmed by the Nigerian National Petroleum Company Limited (NNPC), though the exact cause of the explosion remains unknown pending a detailed investigation by the authorities.

has rewarded 177 outstanding public servants in Lagos State with five brand new cars and N155.5 million.

Five out of the 99 selected civil servants in the senior category won brand new cars through a raffle draw, while 94 were given N1 million each.

For the junior category, five outstanding staff received N5 million each, while 73 went home with N500,000 each.

Governor Sanwo-Olu also

and study with dignity,” Sawyerr said.

He stated that applications for the loan were processed entirely online through the NELFUND portal to eliminate human contact and ensure transparency.

Eligible applicants must be Nigerian students admitted through JAMB into public universities, polytechnics or colleges of education, possess a National Identification Number (NIN), and have a verified bank account.

Sawyerr revealed that the fund had so far received over 1.26 million applications, explaining that the difference between applications and beneficiaries is due to verification processes, repeat applications by some students, and delays in confirmation from institutions.

He added that NELFUND verified admissions directly with institutions before funds were released and had made provisions for first-year students awaiting matriculation

numbers by allowing the use of JAMB registration numbers.

Addressing concerns over trust and accountability, the managing director said the fund published its figures daily and maintained a complete electronic trail of all payments.

“Students can see when and how much was paid, and institutions confirm receipt of funds. This level of transparency allows anyone to question, verify or challenge our records,” he said.

Sawyerr also stated that the fund had embarked on nationwide sensitisation, engaging more than 105,000 students, as well as governors, traditional rulers and community stakeholders across the country, stressing that the scheme is a national, non-partisan project.

He reiterated that the loans were interest-free and repayment will only commence two years after completion of the National Youth Service Corps (NYSC) and upon securing employment.

Sanwo-Olu Gifts Five Brand New Cars, NISO Blames Gas Constraint for N165.5m to Lagos Public Servants Governor Babajide announced the promotion of lic Service selected across Nationwide Drop in Power Supply The Sanwo-Olu administration the Director-General of the Ministries, Departments and

Emmanuel Addeh in Abuja The Nigerian Independent System Operator (NISO) yesterday revealed that the nationwide drop in electricity supply currently being experienced by Nigerians is due to the shortage of gas to power facilities.

In a statement in Abuja last night, the management of NISO explained that since

Office of Transformation, Creativity and Innovation, Mrs. Toyin Anjous-Ademuyiwa, to the position of a Permanent Secretary and announced a donation of N10 million to staff of the Office for putting Lagos on the national and global landscape.

The cars and cash gifts were announced and presented during the 2025 Mr. Governor’s luncheon with outstanding officers of Lagos State Pub-

Agencies (MDAs), including Local Government Areas and Local Council Development Areas (LCDAs) of the state.

Speaking during the event held at Adeyemi Bero Auditorium, Alausa in Ikeja, Governor Sanwo-Olu urged public servants in the state to continue to be diligent as well as consistent in discharging their duties and show excellence, noting that hard work would not go unnoticed.

27

THISDAY • WEDNESDAY, DECEMBER 17, 2025

NEWS

CWC 2025 FOOD BANK OUTREACH...

L-R: Member, Cosmopolitan Women Club (CWC), Dr (Mrs) Funke Alabi; Dr (Mrs) Yinka Lambo; Chief (Mrs), Bola Nakpodia; Founder, CWC, Chief (Mrs), Onikepo Oshodi; Chairman, Kosofe Local Government, Hon. Moyo Ogunlewe; President CWC, Dame Marie Fatai - Williams, and a beneficiary, Fatimoh Ayinde during the CWC 2025 food bank outreach to the marginalised, at the Kosofe local government Area n Lagos on Monday PHOTO: Abiodun Ajala

Trump Adds Nigeria to Travel Restriction List, Expands Number to 39 Emmanuel Addeh in Abuja

President Donald Trump yesterday more than doubled the list of countries subject to his travel ban or to heavy restrictions, bringing the total number of nations affected by the sweeping set of immigration and entry limits, including Nigeria, to 39.

The first iteration of the travel ban Trump issued in June included 19 countries, fully barring the entry of immigrants and travelers from Afghanistan, Myanmar, Chad, the Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan and Yemen.

It also partially suspended the entry of nationals of Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan and Venezuela.

But the proclamation signed by Trump on Tuesday added seven countries to the list of states

facing full entry restrictions: Burkina Faso, Mali, Niger, Laos, Sierra Leone, South Sudan and Syria.

Besides, it imposed partial entry limits on immigrants and travelers from another 15 countries, including Nigeria, Angola, Antigua and Barbuda, Benin, Cote d’Ivoire, Dominica, Gabon, Gambia, Malawi, Mauritania, Senegal, Tanzania, Tonga, Zambia and Zimbabwe.

However, the immigration and travel restrictions include some exceptions, including for permanent U.S. residents from the countries on the list and athletes and staff participating in major sporting events like the FIFA World Cup next year.

But the proclamation also eliminated an exception, included in the June travel ban, that exempted the children, spouses and parents of U.S. citizens who

had requested visas on their behalf, CBS News reported.

Earlier this month, CBS said that the Trump administration was considering expanding its travel ban following the shooting of two National Guard members in Washington, D.C., on Thanksgiving week. The suspect in that attack, which killed one of the soldiers, is an Afghan man who entered the U.S.

Governor Sheriff Oborevwori on Tuesday signed into law the Delta State’s 2026 Appropriation Bill of N1.729 trillion.

The governor signed into law the 2026 budget bill, tagged “Budget of Accelerating the M.O.R.E Agenda”, alongside three other bills recently passed by the Delta State House of Assembly.

The other three bills as

During Trump’s first administration, versions of his travel ban faced significant public backlash and legal challenges that alleged the policy was discriminatory in nature. In 2018, however, the Supreme Court upheld the president’s power to suspend the entry of foreigners on national security grounds through a legal authority known as 212(f).

Urges sober celebrations at Christmas

Yinka Kolawole in Osogbo

Acting Nuncio of World Bishops Council (WBC) in Africa, Bishop Seun Adeoye, has warned of the possibility of President Bola Tinubu

Says budget will speedily translate his vision for Deltans in 2026 sented to by Governor Oborevwori are the Delta State Social Investment Programme Law; the Delta State Colleges of Education Law, 2025; and, the Delta State Anti-Terrorism and Anti-Cultism (Amendment) Law, 2025.

“This is not just a budget of figures, but a budget of vision, action and expected deliverables for the next twelve months,” Oborevwori said, assuring that his administration was poised to “hit the ground

conflict, corruption, fraud and terrorism in certain countries on the list.

Trump said Antigua and Barbuda and Dominica also offer citizenship to foreigners without a residency requirement, creating the risk that someone from the countries subject to the travel ban could seek to gain status in those Caribbean nations to bypass the U.S. entry restrictions.

I See Tinubu Seeking to Be Nigeria’s Life President, Bishop Adeoye Says in Prophecy

Oborevwori Signs into Law Delta’s N1.729trn 2026 Budget Omon-Julius Onabu in Asaba

in September 2021 and was granted asylum in April 2025.

Yesterday, Trump cited multiple reasons to justify the travel ban’s expansion, including concerns about the ability to adequately vet immigrants from the impacted countries and the lack of reliable record-keeping and information-sharing in some of those nations.

He also referenced armed

running in 2026” by stepping up the tempo of state-wide development.

Compared to the 2025 Appropriation Bill, the N1,729,881,208,779 2026 total estimates represent an increase of over 70 percent.

Although obviously ambitious, the fiscal estimate with 70 percent dedicated to capital expenditure and 30 percent located to recurrent expenditure, is well achievable, the governor said.

seeking to be Nigeria’s life president.

He also called on Christians in Nigeria to quietly celebrate this year’s Yuletide.

This he said should be done in memories of thousands of souls murdered in the country by bandits and terrorists and in sympathies with thousands of others who were still held in their captivities and being tortured day and night.

Bishop Adeoye, founder of Sufficient Grace and Truth International Ministries and presently the International Communications Director of Worldwide Anglican Church, in a statement in Osogbo, yesterday, urged Christians to fervently pray for their persecutors for changes of heart.

“If Christ is here today, would he asked for the heads of his enemies? No, he will rather chose to pray for them, and urge them to repent their devilish atrocities” he said.

On the political situation in the country, Adeoye stated:

“I strongly perceived that there will be changes in the nation’s political landscape with President Bola Ahmed Tinubu eyeing to become Nigeria’s first life president.

“The present clandestine moves are far beyond 2027 tactics; they are attempts to alter the rule of the game and make one man a life president.

These plans are bigger than a second term move, it is a life time hidden agenda. We see the signs everyday and let those who have ears listen carefully.

“With the oppositions hammered and broken, the judiciary and the legislative now on their knees and key institutions such as the military and the paramilitary forces and the electoral umpire are under firm control. What else will stop this move?

“Where are the so called activists? They are muted and already thrown under the bridge. Soon, propagandists will fully be mobilised and empowered. They will tell us

examples of two countries that are stable, powerful and fully developed.

“They will tell you China and Russia are modern societies whose leaders are not being changed often. Spiritualists and marabouts are really here to declare the voices of the gods that only one man has the mandate forever.

“Tribal lords and bootlickers will emerge like locusts from the east. They are going to tag those who refused to support this move as the enemies of the nation. Everyone must fall in line because no one has ever done what this one man did,” he stated.

The cleric warned that whosoever was involved in any plan that could lead to the disintegration of the country should henceforth stop it, noting that nothing was secret before the Almighty.

Bishop Adeoye, however, urged Tinubu to bury such adream, saying it portended danger for the existence of Nigeria.

28

WEDNESDAY, DECEMBER 17, 2025 • THISDAY

NEWS

SANWO-OLU’S SPECIAL LUNCHEON WITH YEAR 2025 OUTSTANDING PUBLIC SERVANTS...

Governor of Lagos State, Mr. Babajide Sanwo-Olu (fourth right); Head of Service, Mr. Olabode Agoro (left); Permanent Secretary, Public Service Office, Office of the Head of Service, Mrs. Olasunkanmi Oyegbola (right); and five brand new car winners, during the special luncheon with the Year 2025 Outstanding Public Servants in Lagos State, at the Adeyemi Bero Auditorium, The Secretariat, Alausa, Ikeja, on Monday

Tinubu Meets Labour, NGF at State House over Proposed Protest Ajaero: NLC to review position

Deji Elumoye and Onyebuchi Ezigbo in Abuja President Bola Tinubu, last night, met with the leadership of the Nigeria Labour Congress (NLC) and the Nigeria Governors’ Forum (NGF) in an effort to avert a planned protest over the challenges of insecurity confronting the nation.

The meeting called ahead of today’s planned protest by the organised Labour had representatives of the organised labour and members of the governors’ forum in attendance.

Speaking to newsmen after the meeting, President of the

NLC, Comrade Joe Ajaero, said the NLC would review its proposed nationwide protest following a meeting between its leadership and Tinubu.

Ajaero disclosed that the labour delegation he led to the State House would reconvene after a scheduled meeting between organised labour and the governors’ forum to reassess the situation.

According to him, the labour movement would return to the drawing board to carefully digest the issues discussed with President Tinubu and determine the next line of action.

Ajaero stressed that the

meeting with the president was strictly consultative, and that the labour delegation would return to its internal meeting to continue deliberations.

He, however, noted that the outcome of the discussions would be made known today, December 17, 2025.

“We came for consultation with the president and we have finished so we have to go back to our meeting and then continue tomorrow. By tomorrow you will get the outcome.

“If I am insisting or not insisting on my protest, I will communicate to you it is not an organisation that one person

rules.

“Let’s go back, now you have a meeting of Labour and governor’s forum. We go back to the drawing board and digest all that Mr. President said to us and move forward from there.”

Also speaking on the engagement, Chairman of the Progressives Governors’ Forum and Governor of Imo State, Senator Hope Uzodinma, said consultations were ongoing, and that the discussions were focused on constructive dialogue.

Uzodinma noted that the outcome of the engagement would be communicated at

the appropriate time, assuring Nigerians that all parties involved were acting in the national interest.

His words: “Consultation is going on. We were dialoguing like he said. At the end of the day, you will know what you are supposed to know and what you want to know.

“What should Nigerians expect ? Of course, we are here to serve the country both the labour, the government and the governed we are all working service to the nation.”

The Minister of State for Labour, Hon. Nkeiruka Onyejeocha, said members of the Nigeria Labour Congress

(NLC), who were also citizens, had requested an audience with President Tinubu and were granted the opportunity.

The NLC, had called on workers, civil society allies and others to take to the streets today to protest against the security challenges confronting the nation.

The planned protest was part of the resolutions reached at the NLC National Executive Council (NEC) meeting held in Lagos on December 4.

NLC had also stated that the protest would be peaceful and involve workers and civil society allies marching along designated routes nationwide.

$7M SCHOOL FEES: ICPC SET TO PROBE NMDPRA’S CEO AFTER DANGOTE’S PETITION “That Farouk Ahmed spent without evidence of lawful means of income a humongous amount of money of over 7 million dollars of public funds for the education of his four children in different schools in Switzerland for a period of six years upfront,” the petition read in part.

To buttress his allegations Dangote gave the names of the four children, the Swiss schools they attend, the amount paid for each of them, to the ICPC for verification and confirmation.

The business mogul further alleged that Ahmed used the instrumentality of the NMDPRA to embezzle and divert public funds for personal gain and private interests, actions he claimed had fuelled public outrage and recent protests by various groups.

Attempting to substantiate the corruption allegations, Dangote pointed out that the NMDPRA boss spent his entire adult working life in the Nigerian public sector and as such could not, based on his legitimate earnings over the

years, have accumulated funds close to the alleged $7 million used to finance his children’s education abroad.

“It is without doubt that the above facts in relation to abuse of office, breach of the Code of Conduct for public officers, corrupt enrichment and embezzlement are gross acts of corrupt practices for which your Commission is statutorily empowered under Section 19 of the ICPC Act to investigate and prosecute,” Dangote said.

According to Dangote, Ahmed has corruptly enriched himself with tax payers money meant for public consumption and diverted them into private uses.

He argued: “Any public officer who uses his office or position to gratify or confer any corrupt or unfair advantage upon himself or any relation or associate of the public officer or any other public officer shall be guilty of an offence and shall on conviction be liable to imprisonment for five years without option of fine”.

The petitioner expressed confidence in the capacity of

the ICPC, working alongside other anti-corruption agencies, to prosecute financial crimes and ensure that offenders are punished once a prima facie case is established.

He therefore urged the commission to act decisively by investigating the allegations against Ahmed and prosecuting him if found culpable, stressing that the matter is already in the public domain. According to the petition, decisive action by the ICPC would help uphold justice and protect the image of the administration of President Bola Tinubu.

He also vowed to provide evidence to substantiate his allegations of corrupt enrichment, abuse of office and impunity against the NMDPRA chief.

Meanwhile, the House of Representatives has resolved to probe Ahmed over the issue of payment of tuition fees for his kids abroad.

The Green Chamber also resolved to investigate the allegations made by Dangote against Ahmed over indiscriminate issuance of importation licenses for petrol despite

availability of the products locally.

The resolution of the House was sequel to the adoption of a motion moved at the plenary on by Midala Usman.

Presenting the motion, Usman explained that Section 88 (1) and (2) of the Constitution empowers the National Assembly to conduct investigations into the activities of any authority executing or administering laws made by the National Assembly.

He added that Section 29 (3) of the Petroleum Industry Act 2021 provides that NMDPRA shall be responsible for the technical and commercial regulation of the midstream and downstream petroleum operations in the petroleum industry.

The lawmaker said the House was aware of the dispute between the NMDPRA and Dangote Refinery over alleged arbitrary grant of importation licenses, allegation of corruption against Ahmed and other sundry issues.

Usman expressed worry that

if the brewing dispute between the NMDPRA and Dangote Refinery is not nipped in the bud, it is likely to escalate and thus lead to fuel supply crisis during the Yuletide season and beyond.

He noted that the Dangote Refinery represents a strategic national investment poised to end Nigeria’s historical dependence on imported petrol, conserve foreign exchange, stabilise domestic supply, and moderate fuel pricing in the long term.

The lawmaker expressed worry that unresolved regulatory disagreements between a statutory regulator and the country’s largest domestic refinery pose a real risk of supply chain disruption, pricing volatility, policy inconsistency, and erosion of investor confidence in Nigeria’s petroleum sector.

Usman lamented that the absence of a clearly articulated, transparent, and consistently applied petrol pricing framework creates room for arbitrary determinations, and market

distortions to the detriment of Nigerian consumers.

He argued that Nigerians continue to experience frequent petrol price fluctuations without adequate public disclosure of: Refinery gantry prices; regulatory pricing assumptions, cost and margin components, and the comparative impact of local refining versus import-based pricing.

According to him, energy security, downstream stability, and consumer protection cannot be achieved where regulatory uncertainty and pricing opacity persist.

He stressed that urgent legislative investigation is required to clarify regulatory boundaries, harmonise pricing expectations, and restore confidence in Nigeria’s downstream petroleum governance architecture.

The House, therefore, mandated the Committees on Petroleum Resources (Midstream) and (Downstream) to investigate the root causes of the dispute and report within four weeks for further legislative action.

29

THISDAY • WEDNESDAY, DECEMBER 17, 2025

NEWS

2025 KPMG ALUMNI COCKTAIL AND NETWORKING EVENT...

L-R: Director, Alumni Relations, KPMG Nigeria, Ms. Nike Oyewolu; KPMG Alumnus/Managing Director, Prothrive Astute Heights Limited, Ms. Oluyemisi Obe; KPMG Alumnus/Chief Financial Officer, FCMB, Mr. Kayode Adewuyi; Partner/Head, ERS and ESG, KPMG West Africa, Mr. Tomi Adepoju; Partner/Head, Advisory, KPMG West Africa, Mr. Olumide Olayinka; Partner/Chief Operating Officer, KPMG West Africa, Mr. Toyin Gbagi; Retired Partner, KPMG Nigeria and Independent Non-Executive Director, AXA Mansard, Mr. Biola Bada; Senior Partner, KPMG Nigeria/Chief Executive Officer, KPMG West Africa, Mr. Tola Adeyemi; KPMG Alumnus/ Principal Consultant, Dressler KBO Consulting, Ms. Nike De-Souza; KPMG Alumnus/Managing Director, Optimus Bank, Mr. Demola Odeyemi; Retired Partner, KPMG Nigeria/Chairperson, Leadway Assurance Plc, Mrs. Bisi Lamikanra; and President, KPMG Alumni Association/Chief Risk Officer, Inventivo Professional Services, Ms. Sade Odunaiya, at the 2025 KPMG Alumni Cocktail and Networking Event held in Lagos … recently

Tinubu, NJC, Northern Govs, Others Mourn as Ex-CJN, Muhammad, Passes at 71 Deji Elumoye, Alex Enumah in Abuja and Segun Awofadeji in Gombe

President Bola Tinubu, the National Judicial Council (NJC) and the Northern governors, have commiserated with the family of a former Chief Justice of Nigeria (CJN), Justice Ibrahim Tanko Muhammad, who passed yesterday in Saudi Arabia at 71.

The President, in a release by his Adviser on Information and Strategy, Bayo Onanuga, described the late Justice Tanko as an eminent legal mind, a disciplined administrator, and a dedicated public servant who devoted most of his life to upholding justice and

strengthening the judiciary.

Tinubu noted that the deceased’s career on the Bench, which culminated in his appointment as CJN, was marked by integrity, courage, and an unwavering commitment to the rule of law.

The president said the late jurist made invaluable contributions to the development of Nigeria’s legal system, acknowledging that his legacy will remain indelible, particularly among those he mentored.

Tinubu extended his heartfelt condolences to his family, the Supreme Court of Nigeria, the Bar and Bench, and the government and people of

Bauchi State.

He also prayed to Almighty Allah for the repose of his soul.

Reacting, too, the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, in a statement observed that the former CJN would be remembered for his good works while on earth.

The statement signed by NJC’s Secretary, Ahmed Saleh, also observed that the late CJN died a few days to his 72nd birthday.

According to Saleh, “His Lordship expressed deep condolences to the family and the people of Bauchi State over the death of the former Chief Justice of Nigeria and Chairman of the National Judicial Council.

“Although death is a painful reality, we are nevertheless consoled by the fact that His Lordship left a legacy of hard work, honesty and dedication to work.

“The late Justice Ibrahim Tanko Muhammad, who would have been 72 years

by December 31, 2025, was a devout Muslim, a respected Jurist, who was courageous with exemplified highest ideals of the Bench.

“On behalf of the entire Judiciary, and Chairman, National Judicial Council, Justice Kekere-Ekun, condoles with President Bola Tinubu, the people and Government of Bauchi State, the immediate

family of the late former CJN, the Nigerian Judiciary and the entire Legal Community.

“I pray Almighty Allah to grant His Lordship and the rest members of his family, the fortitude to bear the irreparable loss. Amen,” Saleh prayed.

On his part, Chairman of the Northern States Governors’ Forum and Governor of Gombe State, Alhaji Muhammadu Inuwa Yahaya, has expressed deep sorrow over the death of Muhammad..

Yahaya, on behalf of his colleagues in the NSGF, described his passing as a significant loss to Nigeria, particularly to the judiciary and the legal profession.

SENATE ENDORSES $60 OIL BENCHMARK, CRUDE PRICE FALLS TO $59/BARREL

affected mortgage institutions had failed to meet the minimum paid-up share capital requirement for the category of the bank licence granted to them by the central bank.

The banks were also said to have insufficient assets to meet their liabilities, and remained critically undercapitalised with a capital adequacy ratio below the prudential minimum ratio as prescribed by the CBN. Sidi Ali further explained that the actions were warranted by the failure of the mortgage banks to comply with several directives and obligations imposed upon them by the CBN. The CBN acting director, however, reaffirmed the apex bank’s commitment to its core mandate of ensuring financial system stability.

Senate Calls for Emergency Fertiliser Subsidy, Silo Overhaul to Tame Soaring Food Costs

In the meantime, the Senate yesterday called on the federal government and sub-national authorities to urgently subsidise

fertiliser and other farm inputs and rehabilitate silos nationwide to stabilise food prices, protect farmers’ livelihoods and address deepening food insecurity worsened by insecurity across the country.

The resolution followed an extensive debate on a motion sponsored by Senator Mohammed Danjuma Goje (Gombe Central) on the widening gap between falling farm-gate prices of agricultural produce and the persistently high cost of farm inputs, which lawmakers warned now threatens the survival of millions of smallholder farmers.

While commending the federal government for policies, including import waivers and special permits, that have helped bring down food prices and offered temporary relief to consumers, senators cautioned that the same measures have created market distortions that are hurting local producers.

They noted that prices of staples have declined sharply, even as fertilizer, pesticides and other inputs remain prohibitively expensive, leading

to massive post-harvest losses, income erosion and waste across farming communities.

The Senate observed that many farmers are unable to sell produce at profitable rates, discouraging reinvestment ahead of the next planting season and posing a clear danger to domestic food production, rural livelihoods and national food security.

Lawmakers also warned that rising dependence on imported food undermines food sovereignty, weakens local value chains, exposes the economy to global price volatility and places pressure on foreign exchange.

Accordingly, the upper chamber urged the federal government to introduce broad-based agricultural input subsidies, with particular emphasis on fertiliser, to reduce production costs and encourage sustained output.

It also called for urgent investment in strategic agricultural infrastructure, including the repair and completion of silos across the country, rural roads, processing centres and irrigation

systems, to curb post-harvest losses and improve farmers’ profitability.

Crucially, senators asked the government to activate a guaranteed off-take mechanism through which produce would be purchased from farmers, stored in rehabilitated silos and released to the market at affordable prices during periods of scarcity, as a buffer against price spikes and shortages.

Leading the debate, Senator Goje said the current situation, if left unaddressed, would waste the enormous labour and resources invested by farmers and worsen insecurity, as rural communities lose their primary source of income.

He stressed the need for coordinated action among federal and state governments, MDAs, commodity boards, cooperatives and the private sector to stabilise markets and ensure fair pricing.

Supporting the motion, Senator Aliyu Wamakko commended the government for bringing down food prices but described the cost of farm inputs as “alarming”, urging

decisive action to encourage farmers to produce more.

Senator Mohammed Dandutse warned that a bag of fertiliser now costs over N60,000, while a bag of maize sells for less than N20,000, describing the imbalance as devastating for farmers and a contributor to insecurity.

“Nigeria is blessed. We can feed Africa, but we are relying on importation,” he said.

Some lawmakers, however, urged caution against policies that could reverse recent gains for consumers.

Senator Sunday Karimi said the government must strike a balance between protecting farmers and ensuring food remains affordable, noting that Nigerians had only just begun to enjoy relief from soaring prices.

In his contribution, Senator Ede Dafinone expressed reservations about introducing new subsidies, warning of market distortions. However, he acknowledged the need to support farmers through alternative measures. Attention repeatedly turned to Nigeria’s

Late Justice Muhammad

He said the news was received with profound sadness, noting that Justice Muhammad was a distinguished jurist whose life was defined by integrity, humility and commitment to justice.

According to him, throughout his judicial career, Justice Muhammad upheld the highest ideals of the Bench, demonstrating fairness, courage and deep respect for the rule of law. idle storage infrastructure.

Senator Patrick Ndubueze lamented that completed silos across the country were “being occupied by lizards and cockroaches.”

He insisted that the government should immediately buy produce from farmers, store it and support agro-processing industries around the facilities.

This, he said, would stabilise prices without pushing food beyond the reach of the poor.

On fertiliser distribution, Senator Mohammed Sani Musa said the government was reviewing policies to ensure inputs reach genuine farmers rather than middlemen.

In his remarks, Senate President Godswill Akpabio, expressed optimism that the resolutions would help stabilise markets, assist farmers and ensure food availability nationwide.

He commended the administration of President Bola Tinubu for efforts to reduce food prices and expand access to agricultural inputs, urging “all hands on deck” to secure Nigeria’s food future.

30

WEDNESDAY, DECEMBER 17, 2025 • THISDAY

NEWS

2025 EDO COLLEGE OLD BOYS ASSOCIATION LAGOS BRANCH DINNER...

L-R : Dinner Chairman, Major General Julius Ehioze Osifo; Past Chairman, Edo College Old Boys Association, ECOBA, Lagos Branch Mr. Aigbe Olotu ; Chairman, ECOBA, Lagos Branch, Mr. Charles Isa ; Principal Partner, Joe Akhigbe and Associates and the Distinguished Old Boy of the year awardee , Mr. Joseph Oriabure Akhigbe and Managing Partner, ARLEX, Mr. Adedapo Tunde - Olowu, SAN during Edo College Old Boys Association, Lagos Branch 2025 Dinner Awards Ceremony held at Marriott Hotel, Ikeja, Lagos ..weekend

Fagbemi: Supreme Court Judgment on Rivers Emergency Rule a Win for Nigerians Apex court confirms president can’t remove elected officials, Falana declares ADC: Ruling has created constitutional tyrant

Chuks Okocha, Alex Enumah in Abuja and Wale Igbintade in Lagos The Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, SAN, has described the judgment of the Supreme Court affirming the power of President Bola Ahmed Tinubu to declare a ‘State of Emergency’ as a win for all Nigerians.

According to the AGF, the judgment was a further consolidation to Nigeria’s fledging democracy and has cleared whatever doubt anyone might have had.

But human rights lawyer,

Femi Falana, SAN, has clarified Supreme Court’s handling of the River State emergency rule case, emphasising that the president has no power to suspend or remove governors, legislators, or local government chairmen.

On its part, the African Democratic Congress (ADC),yesterday, accused the Supreme Court of creating a “constitutional tyrant” in the president by affirming his power to suspend elected governors and state assemblies during a state of emergency.

However, a statement by Fagbemi’s media aide, Kamarudeen Ogundele, disclosed that the AGF made the statement while reacting to the judgment

in the suit filed by Adamawa State and 10 other Peoples Democratic Party (PDP-led) states, challenging the emergency rule declared by President Bola Tinubu in Rivers State in March this year.

“I welcome the judgment of the Supreme Court affirming the power granted the President by the constitution to declare a state of emergency in any state in Nigeria, whenever the situation arises.

“The landmark judgment has further strengthened our jurisprudence and added another vital ingredients to consolidate our democracy,” the statement read in part.

Fagbemi congratulated all parties in the matter, stating that, “It is a win for our fledging democracy and has helped to erase any doubt anyone might have had about the action of the President and the endorsement by the National Assembly.

“Nigeria is for all of us, and I assure Nigerians of the President Bola Ahmed Tinubu’s administration’s commitment to uphold the tenets of democracy and the Rule of Law at all times,” the statement added.

Apex Court Confirms President Cannot Remove Elected Officials, Falana Declares But speaking on Arise TV Prime Time, Falana highlighted the

Death Penalty’ll Not Stop Kidnapping, ExUN Envoy, Uchenna Emelonye, Tells Senate Says crime thrives on weak enforcement

Wale Igbintade

A former United Nations human rights envoy, Prof.

Uchenna Emelonye, has opposed National Assembly’s proposal to introduce death penalty for kidnapping through an amendment to the Terrorism (Prevention and Prohibition) Act, warning that the move would neither deter criminals nor make Nigerians safer.

In an open letter addressed to the President of the Senate and all senators, and later reinforced in a press briefing, Emelonye argued that Nigeria’s worsening kidnapping crisis was driven by deep institutional failures

rather than gaps in the law, insisting that expanding capital punishment amounted to a symbolic response that misdiagnosed the real problem.

Emelonyen is a former United Nations Senior Human Rights and Rule of Law Adviser with over two decades of global experience across more than 22 conflict and post-conflict countries.

He condemned kidnapping and has “no sympathy whatsoever for criminality,” stressing that his interven-tion was motivated solely by public interest and the search for evidence-based solutions that genuinely enhanced public safety.

“I am persuaded, after

careful consideration of Nigeria’s security realities and historical experience, that introducing kidnapping into the Terrorism Act and elevating punishment to death will not reduce kidnapping, will not deter offenders, and will not make Nigerians safer,” he said.

Drawing from personal experience, Emelonye disclosed that his elder brother was kidnapped after his police orderly was shot and disarmed, forcing him to negotiate directly with the kidnappers and deliver ransom at their hideouts.

According to him, this personal experience, combined with his professional exposure, reinforced his conviction that harsh penalties without effec-

tive enforcement could not prevent crime.

Court’s consistent rulings affirming the independence and autonomy of Nigeria’s three tiers of government.

“The Constitution clearly establishes that the Federal, State, and Local Governments are independent and autonomous.

None is superior to the others.

Elected officials can only be removed in accordance with constitutional provisions, and any attempt to do otherwise is unlawful.”

Falana explained that while the Supreme Court dismissed the River State case on jurisdictional grounds, the Court provided critical guidance on Section 305 of the Constitution, which regulated presidential powers during a state of emergency.

He stressed that the ruling made it clear that emergency powers did not extend to the removal of elected officials.

Highlighting the minority judgment of JusticObande Ogbuinya, Falana noted that, “There is no constitutional provision empowering the president to remove elected

public officers,” reinforcing the legal limits on federal intervention.

Falana also criticised what he described as inconsistent application of the “local standard” doctrine by the Supreme Court.

In the River State case, eleven Attorneys General challenged presidential actions, but the Court held that the plaintiffs lacked the required local standard.

By contrast, previous cases had recognised the Attorney General of the Federation’s ability to act on behalf of all local governments, raising questions about consistency in judicial interpretation.

According to Falana, in 2004 and 2006, the Supreme Court allowed challenges to emergency rule in Plateau and Ekiti States, providing a precedent for citizens to contest unconstitutional actions.

Beyond the specific case, Falana stressed the broader significance of public interest litigation in Nigeria.

Continues online

Kogi Govt Uncovers Massive Arms Cache in Hideouts, Declares War on Criminals

Ibrahim Oyewale in Lokoja

The Kogi State Government, has said it has discovered a massive cache of arms and ammunition from criminal hideouts following a decisive joint security operation carried out in the state.

Governor Usman Ododo of the state disclosed this while briefing newsmen in Lokoja, stating that the

operation was the outcome of over a week of sustained, intelligence-driven surveillance by security agencies working in firm coordination with the state government.

Ododo explained that the renewed and aggressive crackdown on criminal elements was further galvanised after his recent meeting with President Bola Tinubu, who charged him to intensify

security efforts rather than seek accolades.

“When I met Mr. President, I expected commendation, but he told me to go back and do more for my people. That statement re-energised me. We immediately regrouped, met with the security agencies, harmonised our strategies, and acted decisively on credible intelligence,” he said.

wednesday DECEMBER 17, 2025 • T H i s d ay

31

NEWS

Police Apprehend Nine Gunrunners, Drug Trafficking Suspects LinusAlekeinAbuja

The Nigeria Police Force (NPF) yesterday announced the arrest of nine suspected gunrunners and drug traffickers, while also dismantling several criminal networks linked to violent crimes across the country.

The Force Public Relations Officer, CSP Benjamin Hundeyin, who announced the arrest while addressing journalists in Abuja, said the suspects were apprehended by the Force Intelligence Department–Intelligence Response Team (FID-IRT)

following coordinated, intelligence-led operations covering seven major cases in different parts of Nigeria.

He added that the operations also led to the recovery of a substantial cache of firearms, ammunition, and illicit drugs.

According to him, those arrested include Adamu Zaki Babangida, suspected of criminal conspiracy, arms trafficking, and unlawful possession of prohibited firearms; Daudume Bayina, arrested for alleged involvement in arms dealing; and Chibuke Nnaji and

Joshua Izang, also known as Buffalo, both apprehended for unlawful possession of prohibited firearms.

Others are John Magah and Ishaya Stephen, alleged to be suppliers of arms; Ifeanyi Egbeke, arrested in connection with illegal drug distribution; Salisu Mohammed, popularly known as Mande Dawa, accused of criminal conspiracy, arms trafficking, and unlawful possession of prohibited firearms; and Uchenna Ikpe, who was arrested with 24 bags of Indian hemp.

Students Fault Malami’s Outcry, Say Investigation is Not Persecution

Wale Igbintade

The Association of Nigerian Students for Accountability and Good Governance (ANSAGG) has faulted the public outcry by former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, over his ongoing investigation by the Economic and Financial Crimes Commission

(EFCC), describing it as an attempt to whip up public sympathy to evade lawful scrutiny.

In a statement issued yesterday, the association said Malami’s reaction was unbecoming of a former chief law officer of the federation and SAN, urging him to respect due process and allow the courts to determine the allegations against him.

The statement was jointly signed by ANSAGG President, Adaisong Gabriel, and General Secretary, Abu Abdullahi.

ANSAGG described Malami’s posture as ironic, recalling that while in office he consistently maintained that investigation and prosecution do not amount to guilt and that only the courts can determine innocence or otherwise.

Insecurity: FG Urged to Draw Lessons from Obasanjo’s GbengaSodeindeinAdo Ekiti

As Nigeria continues to grapple with rising insecurity, systemic corruption and weakening institutions, the Presiding Bishop of the Old Catholic Apostolic Church, Nigeria (OCAC), Most Rev. Dr. Raphael Oluwaseun Fagbohun, has urged the federal government to draw lessons from the leadership

style and reforms of former President Olusegun Obasanjo as a pathway to national recovery.

Bishop Fagbohun made the call while commemorating his 22 years of priestly ordination and 11th Episcopal Installation Anniversary as the Pioneer Bishop of OCAC-Nigeria. He noted that Nigeria’s current crises demand bold leadership, institutional discipline and

moral courage similar to what was demonstrated during Obasanjo’s era.

Reflecting on Obasanjo’s tenure as Military Head of State (1976–1979) and Civilian President (1999–2007), the cleric described the former president’s leadership as one of the most consequential periods in Nigeria’s political history, marked by decisive reforms and a commitment to national interest.

MFM Hosts Seminar on New Tax Laws

Sunday Ehigiator

The Mountain of Fire and Miracles Ministries (MFM), Rivers State Mega Region, has organised a public seminar on Nigeria’s new tax law in Port Harcourt, aimed at educating church members and the wider public on the implications, benefits and compliance requirements of the reforms.

The seminar, which formed part of the church’s corporate social responsibility (CSR) initiatives, provided a platform for interaction between participants and agencies involved in the implementation of the new tax regime.

In his welcome address, the Mega Senior Regional Overseer of MFM, Rivers

State Mega Region, Pastor Olawole Dahunsi, reaffirmed the church’s commitment to promoting law-abiding conduct and positive transformation within society.

He noted that MFM consistently teaches its members to obey constituted authority and to act as agents of change in their communities.

banditry that’s uprooted families and crippled trade across the state.

The group stated that the majority of residents of the state are “deeply frustrated” by the ongoing violence, and want a decisive, security‑first response.

In a statement

signed by the acting Chairman of the group, Hon Yusuf Abubakar, the elders likened the governor’s conduct to “a leader who sends away his own child and then claims to be acting in the family’s interest,” suggesting a betrayal of his core duty.

Sokoto Gov Accused of Diverted Focus on Insecurity Onuminya Innocent

A coalition of northern elders, the Northern Elders Support Group, has slammed the Zamfara State Governor, Dauda Lawal, for allegedly “prioritising political battles” instead of tackling the surge in

THISDAY • WEDNESDAY, DECEMBER 17, 2025

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BOOSTING ECONOMIC TIES WITH THE US...

L-R: Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, with President of the U.S.–Africa Business Centre, Ms. Kendra Gaither, at the U.S. Chamber of Commerce during the U.S.–Nigeria Executive Business Roundtable in Washington, D.C., where Mr. Cardoso met with senior business leaders and global investors, on Monday

FEMIADESINA GUEST COLUMNIST

Buhari At 83: Reflections

H

e would have turned 83 years old December 17, 2025. But he left five months earlier. President Muhammadu Buhari passed to eternity July 13, this year.

At the occasion of his first posthumous birthday, an opportunity comes to reflect on his strengths, weaknesses (yes, everybody has), and what we can learn and approximate from his life and times.

I worked with President Buhari for eight unbroken years, and had the opportunity to know him fairly well. Beyond the call of duty, we had opportunities to discuss privately. In fact, I was with him in his Kaduna home days before he traveled to London for what turned out to be his last medical trip.

You don’t hold aloft a banner that is limp and forlorn. No use.

But Buhari had many things that discerning Nigerians can continue to be proud of, particularly those of us that believed in him. Many books have been written. Alhaji Lai Mohammed, his Minister of Information for eight years is presenting one in Abuja to commemorate his first posthumous birthday. Many others will still come.

Honesty. Never seen it in that fashion. A man that held positions that could make him wallow and luxuriate in obscene wealth. Minister of Petroleum in the 1970s. Governor of the North-eastern State, member of the Supreme Military Council, head of state for 20 months, Chairman of Petroleum Trust Fund, who sat atop billions of naira that he had liberty to dispense anyhow he wanted, then democratically elected President for two terms. Yet he had told his family

Late President Muhammadu Buhari

that he would not stockpile money for anybody. And that was exactly how it happened.

The day the Petroleum Industry Bill was to be signed into law, I was conversing with the then Group Managing Director of Nigerian National Petroleum Corporation, Mele Kyari.

And he told me he had never seen anyone like Buhari.

“He has never sent a note to me through anyone that I should do that person a favor, or give money. An amazing person.” Many heads of agencies and parastatals under him have the same testimony.

And that was how he was all his life. He would never touch public money, despite all the positions he held.

No wonder the average northerner dubbed him Mai Gaskiya (the honest one). He was frugal to a fault. Simply incorruptible.

Integrity. Saying something, and keeping to it, come hell or high waters.

If he made you a promise, you could take it to the bank. Nigeria could sure

use this virtue. Both the leaders and the led. He kept scrupulously to promises, both private and public.

A nationalist, who loved Nigeria to the bones. Many times, when there were separatist agitations from different parts of the country, he would tell those of us who worked with him.

“No matter what they do, they don’t know that there are some of us who won’t be alive and see Nigeria scatter.

The Obasanjos, Danjumas, and those of us who fought the Civil War. We won’t be alive, and see Nigeria dismantled.

They have us to contend with.”

Discipline. He was the soldier from Daura, an officer and gentleman all his life. The story is told of a former President who would keep people waiting hours on end for public and private events. When he eventually arrived hours after, he would say anytime the President arrived was the correct time. Imagine! Not Buhari. He was at events, both private and public on the dot of time. Nigerians could sure use that kind of time discipline.

Altruism. Buhari was strict, but he also loved humanity. Just try and get your plight to his attention, and he attended to it. There were many people who appealed to me to tell him about their plights. I did, and he sent me to them, including those who were supposed to be political adversaries. I believe this will stand in his stead on Judgment Day. A man of compassion.

Some people had imbibed wrong notions about Buhari, and they refused to change their minds. Even in death, they still stand opposed to him. What misconception. He is a religious bigot, an irredentist . A wicked man. Man who favors only people from his ethnic

stock, his religion and language. If only they know.

When he was to appoint a Special Adviser on Media and Publicity, it was said that I was the only non-Muslim in the four-man list. He scanned the names, and took a pen from his breast pocket. He circled my name, and signed in front of it. That was the first public appointment made in 2015.

All the promises he made to me, particularly about access to him, he kept till the last day in office. Do they still make them like that anymore?

“Don’t let anybody stop you from seeing me. Whether in the office or at home, if you want to see me, just come.”

There is no leader or government that does everything that should be accomplished in a country. It never happens. But Buhari did his level best for Nigeria.

Yes, he trusted too much, and people took advantage of that. He never fired people who deserved to be chucked out of government. He let people get away with so many things. Those were some of his foibles. Everyone has his own.

Today, just as you have plenty anti-Buharists in the country, there are millions upon millions of us who believe. To those of us who believe, no explanation is necessary. And to those who don’t believe, no explanation is possible.

Buhari sleeps well. After what Shakespeare calls “life’s fitful fever.”

He will wake to a glorious dawn. We will always remember him.

•Adesina was Special Adviser on Media and Publicity to President Buhari, 2015 to 2023

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