Senate Hails Tinubu’s N58.47trn 2026 Appropriation Bill, Backs Infrastructure, Security Push Passes N43.5trn 2024, 2025 reworked budgets, extends 2025 appropriation to March 2026
Sunday Aborisade in Abuja The Senate yesterday endorsed
President Bola Tinubu’s N58.47 trillion 2026 Appropriation Bill, praising its strong emphasis
on infrastructure, security, debt servicing and macroeconomic stability.
This emerged on the same day the Senate passed a consolidated sum of N43.5
trillion contained in the 2024 and 2025 Appropriations Act (Repeal and Re-enactment)
Bills, describing the exercise Continued on page 9
Atiku, NBA Raise Concern over Alleged Alteration of Tax Laws, Demand Suspension... Page 8 Wednesday 24 December, 2025 Vol 30. No 11217. Price: N400
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Ekiti Takes the Lead, Domesticates Nigeria Tax Administration Act... Page 6
Fresh Trouble for PDP as INEC Rejects New National Officers, Cites Court Ruling References multiple court orders Party reacts, insists there’s no faction, accuses electoral body of bias Chuks Okocha and Adedayo Akinwale in Abuja
The Independent National Electoral Commission (INEC)
has declined to recognise the new national leadership of
Peoples Democratic Party (PDP) elected at the party’s
National Convention held between November 15 and
16 in Ibadan, citing subsisting Continued on page 9
Makinde: Wike Promising to ‘Hold Down PDP’ for Tinubu Sparked Our Disagreement Says he regrets supporting president in 2023 But will not be supporting him for 2027
Story on page 9
ANNUAL DISTRIBUTION OF FOOD ITEMS TO CHRISTIAN NORTH FOR CHRISTMAS AND NEW YEAR CELEBRATIONS...
L-R: Yobe State Governor, Dr. Mai Mala Buni; APC National Chairman, Prof. Nentawe Yilwatda; Wife of the Vice President, Hajiya Nana Shettima; First Lady of Nigeria, Senator Oluremi Tinubu; Kaduna State Governor, Sen. Uba Sani; his wife, Hajiya Hafsat Uba Sani; and Benue State Governor, Rev. Fr. Hyacinth Alia, at the annual distribution of food items to the Christian Northern Nigeria Political Forum (CNNPF) for Christmas and New Year celebrations, held in Kaduna, yesterday
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THISDAY • WEDNESDAY, DECEMBER 24, 2025
Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0807 401 0580
NEWS
TAX REFORM SUMMIT HOSTED BY SPECIAL ADVISER ON TAXATION AND REVENUE...
L-R: Chairman, Lagos Inland Revenue Service (LIRS), Mr. Ayodele Subair; Secretary to the State Government, Barr. ‘Bimbola Salu-Hundeyin; Committee Chairman on Economic Planning and Budget, Lagos State House of Assembly, Hon. Saad Lukman Olumoh; Special Adviser on Taxation and Revenue, Mr. Abdul-Kabir Ogungbo; Governor of Lagos State, Mr. Babajide Sanwo-Olu; Committee Chairman on Finance, Lagos State House of Assembly, Hon. Femi Saheed; Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele; and Commissioner for Finance, Mr. Abayomi Oluyomi, during the Tax Reform Summit hosted by the Office of the Special Adviser on Taxation and Revenue, tagged “Tax Reform Summit: The Lagos Implementation Roadmap”, at the Marriott Hotel, GRA-Ikeja, yesterday
FG Recorded N2.66tn Fiscal Deficit Financed Through Domestic Borrowing as Debt Service Gulped N4.44tn in Q2 Bagudu: despite fiscal pressures, government prioritised capital investment Yakubu reaffirms commitment to transparent public reporting, adherence to budget implementation guidelines, others
James Emejo in Abuja The federal government posted a fiscal deficit of N2.66 trillion, financed through domestic borrowing in the second quarter of the year (Q2 2025), according to Budget Office of the Federation (BoF).
Under the review period, total federal government revenue stood at N5.97 trillion, while expenditure peaked at N8.63 trillion, resulting in a deficit. Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said despite fiscal pressures, the government
prioritised capital investment, highlighted by the imperative to strengthen domestic revenue mobilisation and ensure fiscal sustainability. Bagudu stated that the economy recorded a real GDP growth of 4.23 per cent in the review period, driven primarily
by the services and non-oil sectors, while inflation remained elevated at the time, though trended downward to 22.22 per cent, and external reserves declined to $37.82 billion amid persistent revenue shortfalls in both oil receipts and non-oil revenues.
Umahi to Contractors: N2.13tn Legacy Road Debts Must Undergo Verification Before Payment
Warns against unapproved site closures, unveils reforms Says over N263bn approved by FG undergoing processing Deploys top officials, engineers to project sites to curb traffic Emmanuel Addeh in Abuja Minister of Works, David Umahi, yesterday maintained that the N2.13 trillion legacy road project debts inherited by the Bola Tinubu administration owed to local contractors must be vetted and verified before payment will commence. Umahi spoke in Abuja during a meeting with federal government contractors, stressing that apart from strict supervision, commitment was one of the most consequential challenges confronting the country. “We must verify everything, because from 2023 to date, the total inherited debt is about N2.13 trillion, and we must be sure of the correctness,” the minister explained. Umahi added that this will involve the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Budget Office,
the Ministry of Finance, the Ministry of Works as well as the Auditor-General’s Office. “I cannot take responsibility for what I was not part of, but it does not relieve us of the responsibility of owning the debts,” he emphasised. The minister warned contractors handling federal road projects against closing construction sites without approval, unveiling wideranging reforms aimed at improving delivery, supervision and transparency in road infrastructure. He stressed that no contractor has the right to suspend work arbitrarily, noting that the Abuja–Lokoja, and key routes linking states should be exempted. But he commended contractors for embracing the federal government’s policy shift from asphalt to concrete road technology, and described the transition as a bold but necessary step. “For you to close sites, they must be approved by
the federal ministry. That is what the contract says. That’s what the procedure says. You don’t just close and open. We need to know if you want to close. There are some of the sites that must not close…We were totally embarrassed on the Abuja-Lokoja,” he stated. The minister was speaking against the backdrop of recent massive traffic build-up,
especially on the very busy Abuja-Lokoja expressway, which links several parts of the country. The minister disclosed that all inherited NNPC road projects would continue, but funding responsibility had been transferred to the Ministry of Works by a directive of President Bola Tinubu.
These were contained in the Second Quarter and Half-Year 2025 Budget Implementation Report (BIR) by the BoF. The federal government continued to prioritise and meet its non-discretionary expenditure requirements even as the budget execution continued to suffer setbacks due to poor but improving revenue outcomes, the report said. According to Director-General, BoF, Dr. Tanimu Yakubu, in Q2, oil production averaged 1.68 mbpd, below the budget benchmark of 2.12 mbpd, with revenue implications. Aggregate FGN Revenue stood at N5.23 trillion or 58.45 per cent of prorated target between April-June 2025. Oil revenue stood at N1.50 trillion, representing 28.50 per cent of total revenues but fell short of target by 71.50 per cent. Non-oil revenue stood at N8.90 trillion, representing 85.60 per cent of total revenues, exceeding projections due to improved CIT, VAT, EMTL and Education Tax (TETFUND). On revenue performance,
aggregate expenditure (including Government-owned Enterprises (GOEs) and project-tied loans stood at N8.63 trillion compared to prorated N13.75 trillion. Capital releases to MDAs stood at N393.86 billion while non-debt recurrent expenditure was N2.72 trillion in Q2. Debt service gulped N4.44 trillion, exceeding projection by 24.10 per cent, driven by domestic debt obligations. According to Yakubu, oil revenue volatility continued to expose fiscal outcomes to production and pricing shocks; structural underperformance amid lower market prices. He said the non-oil revenue growth validated recent administrative reforms particularly in compliance enforcement, customs automation, and independent revenue remittance. Nevertheless, debt serviceto-revenue ratio remained elevated with constrained fiscal space requiring urgent revenue mobilisation and expenditure reprioritisation. Continues online
African Art Icon, Prof Demas Nwoko at 90, Immortalises Late Mom Obi Achebe, Bishop Obuh charge on purposeful living
Omon-Julius Onabu in Asaba
African and global art and architecture icon, Prof. (Prince) Demas Nwanna Nwoko, has celebrated his 90th birth anniversary with a series of activities, including a thanksgiving and the inauguration of church Belfry in honour of his late mother. The thanksgiving and
memorial service at the Saint Mathew Anglican Church, Idumuje-Ugboko in Aniocha North Local Government Area of Delta State, climaxed with the inauguration of the church belfry dedicated to the memory of his late mother, Mrs. Chibututu Victoria Nwoko. Speaking with newsmen after the service, Prince Demas Nwoko
expressed happiness and thanked God, his wife, Mrs. Ezinne Eunice Nwoko and his immediate and extended family for their presence, prayers and support over the years. He said he was particularly delighted by the fact that many young professionals, including architects and artists who he tutored or mentored, have taken
after him and were making the right impact nationally and internationally. The Anglican Bishop, Diocese of Asaba, The Rt. Rev. Kingsley C. Obuh, urged rich Nigerians and those in privileged positions to place less emphasis on material possessions without sparing a thought for less financially endowed relations and neighbours.
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WEDNESDAY, DECEMBER 24, 2025 • THISDAY
NEWS
INSTALLATION OF ABDUL’AZIZ YARI AND SEYI TINUBU AS OBALOYIN AND ÒKANLÒMO OF YORUBALAND...
L-R: Senator representing Zamfara West, Senator Abdul’aziz Abubakar Yari; The Alafin of Oyo, His Imperial Majesty, Oba Abimbola Akeem Owoade I; Ayaba Abiwumi Owoade; and Chief Executive Officer and Co-Founder, Loatsad Promomedia Limited, Barr. Oluwaseyi Tinubu, at the installation ceremony of Senator Abdul’aziz Abubakar Yari and Barr. Oluwaseyi Tinubu as Obaloyin of Yorubaland and Òkanlòmo of Yorubaland respectively, held in Oyo State … recently
Petrol Supply Surges to 71.5m Litres Daily, Consumption Declines to 52.9m Litres Farouk hands over to Mohammed at NMDPRA
Emmanuel Addeh in Abuja
Nigeria’s petrol market in November 2025 saw a notable divergence between supply and consumption, with daily supply rising sharply to 71.5 million litres, while average daily consumption eased to 52.9 million litres per day. Latest data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) indicated that the Dangote Refinery, also increased output to 23.52 million litres per day. The gap between supply and demand in November underscored a marked shift in market dynamics. While consumption slowed slightly, increased imports and improving domestic refinery output ensured that the country maintained a comfortable stock cover throughout the month.
Imports accounted for the bulk of the supply surge, reaching 52.1 million litres, nearly doubling October’s figure of 27.6 million litres per day. The sharp rise in imported petrol helped offset the continued inactivity of Nigeria’s public refineries, which remained offline in November. The Port Harcourt, Warri,
and Kaduna refineries produced no petrol during the month, continuing a trend of zero output. The reliance on imports remained a key feature of the supply landscape, even as private domestic refining gained ground. Petrol consumption showed a modest decline in November, averaging
A civil society organisation, Take It Back Movement (TIB), has raised alarm over what it described as widespread human rights violations in Gombe State, urging the National Human Rights Commission (NHRC) to urgently intervene. In a statement issued by its National Coordinator, Juwon Sanyaolu, the group called for a transparent and independent investigation into alleged cases of political violence and repression in the state, saying victims have been denied their fundamental
days in October. This 50 per cent rise in stock sufficiency provided a buffer for the downstream sector, reducing the risk of shortages during the end-of-year period when travel and economic activity typically intensify. Besides, average petrol prices in November reflected regional variations, as the factsheet indicated that prices
ranged from N910 per litre in Lagos to N982.50 per litre in Maiduguri, with other major cities like Abuja, Kano, and Port Harcourt falling within this spectrum. Price differences were influenced by logistics, transportation costs, and local demand levels, rather than supply constraints, given the strong stock position.
Ekiti Takes the Lead, Domesticates Nigeria Tax Administration Act As Oyebanji signs Ekiti State Revenue Administration Law
Ekiti State, on Tuesday, emerged the first state in the federation to domesticate the Nigeria Tax Administration Act with the signing into law of the Ekiti State Revenue Administration Law, 2025 by the governor, Mr. Biodun Oyebanji. Governor Oyebanji assented to the new revenue law, just as he signed the state’s 2026
budget of N415,572,070,139.44 (Four hundred and fifteen billion, five hundred and seventy-two million, seventy thousand, one hundred and thirty-nine naira, forty-four kobo) at a brief ceremony held at the Executive Council Chamber, Governor’s Office, Ado-Ekiti. The signing of the laws was witnessed by the deputy
Rights Group Raises Alarm over Alleged Rights Abuses in Gombe Sunday Ehigiator
52.9 million litres per day, down from 56.7 million per day in October, with the reduction reflecting seasonal demand adjustments and improved stock availability that moderated panic buying. Despite the decline in daily usage, supply outpaced demand, allowing national petrol stock cover to increase to 16.65 days, up from 11.1
rights to freedom of expression and association. TIB said the investigations should be conducted publicly to enable victims to submit complaints without fear of intimidation or reprisals. According to the rganization, recent incidents point to a growing pattern of attacks against individuals who express dissent or opposition. The group referenced a viral video showing the brutal assault of a serving councillor, describing it as one of several cases in which individuals were allegedly attacked and harassed
for expressing contrary political views. It also recalled the experience of its Gombe State Coordinator, Thomas Umar, who reportedly spent over a month in detention following what the group described as repeated persecution for rganizatio a lawmaker in the state. “These incidents risk turning Gombe State into a pariah and an enclave of human rights abuses,” the statement said, adding that several complaints and petitions submitted in the past were either ignored or not acted upon, leaving victims injured and without justice.
governor, Chief (Mrs.) Monisade Afuye; Speaker, Ekiti State House of Assembly, Rt. Hon. Adeoye Aribasoye; Executive Secretary of Joint Revenue Board (JRB), Mr. Segun Adesokan; members of the state assembly and state executive council as well as other critical stakeholders. Governor Oyebanji, in his address, said the new revenue law is not merely a fiscal document but a bold statement of his administration’s commitment to transparency, modern governance, and economic empowerment of the people. He said by signing the law, Ekiti State officially became the first state in the federation to align its internal revenue laws with the four new National Tax Reform Acts. “From today, Ekiti adopts a strictly electronic payment, billing, and receipting system. This will eradicate leakages and ensure that your payments go directly into the state’s coffers,” the governor declared after signing the law. He added: “Revenue Administration and Tax laws are changing at the national and sub-national levels, and Ekiti must lead that change. This Law repeals the Ekiti State Board of Internal Revenue
Law 2019, (As Amended), to bring us into full conformity with national legislations, to adopt and promulgate the State Harmonized Taxes and Levies (Approved List of Collection) sent by Joint Revenue Board (JRB) with technical support provided by the AGF’s secretariat and to affirm the commitment of the Government of Ekiti State to the implementation of the State Action on Business Enabling Reforms (SABER). According to Oyebanji, the new law will institutionalise harmony, fairness, certainty and accountability in sub-national revenue administration across the country. “This new legislation consolidates all existing laws and streamlined them for efficient, effective and more transparent collection. To the taxpayers, business owners, and citizens of Ekiti, this Law introduces several transformative changes designed to protect citizens and foster growth. “The other key takeaways from the law is that it will enhance our fiscal and economic policies that are aimed at promoting investment. More importantly, the new Law will
help in furthering the Ease of Doing Business, zero tolerance for double taxation, protection against extortion, empowering Local Government/LCDAs, strengthening our institutions. “This law grants EKIRS the power to be the sole agency responsible for revenue collection, while also allowing for the accreditation of professional tax agents. “The law also empowers the service by allowing the employment of legal officers with prosecutorial powers and introducing administrative penalties to discourage default and reward compliance in line with the National Acts”, the governor added. Oyebanji also expressed his immense appreciation to President Bola Ahmed Tinubu, for his transformative leadership, courage and sincerity in piloting the affairs of the country and his very strong support for Ekiti State. He assured Ekiti people that his government would continue to pursue policies and programmes that will advance the shared prosperity agenda designed to make life more abundant for Ekiti people.
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NEWS
END OF THE YEAR PLENARY SESSION...
L-R: Senators Abdulaziz Yar’Adua, Wasiu Eshinlokun, Sharafadeen Alli; Deputy Senate President, Senator Jibrin Barau; President of the Senate, Senator Godswill Akpabio; Senator William Eteng; Senate Leader, Senator Opeyemi Bamidele; Senate Whip, Senator Tahir Munguno; and Senator Tokunbo Abiru, at the end-of-year plenary session of the Senate, yesterday PHOTO: SENATE PRESIDENT’S OFFICE
Atiku, NBA Raise Concern over Alleged Alteration of Tax Laws, Demand Suspension Rights group seeks halt to implementation
Chuks Okocha inAbujaand Segun Awofadeji inBauchi Former Vice President Atiku Abubakar and the Nigerian Bar Association (NBA) yesterday raised concern over alleged unconstitutional alterations to
Nigeria’s recently enacted Tax Reform Acts, describing the developments as a brazen assault on the country’s democratic and legislative processes. In a press statement, Atiku called the illegal modifications “an act of treason against the
Nigerian people,” accusing the executive branch of undermining legislative supremacy and stripping citizens of fundamental due process protections. He highlighted provisions granting tax authorities coercive powers, including arrest powers,
property seizure without court orders, and enforcement sales conducted without judicial oversight. “These provisions transform tax collectors into quasi-law enforcement agencies, stripping Nigerians of due process protec-
Okonjo-Iweala Urges Africa to Promote Cleaner Environment Abia launches first state-owned electric bus service
Boniface Okoro in Umuahia
The Director-General of the World Trade Organisation (WTO), Dr. Ngozi OkonjoIweala, yesterday, called on African countries to do more in promoting a cleaner and sustainable environment. Okonjo-Iweala made the call in Umuahia, Abia State, while inaugurating the Abia Green Shuttle Electric Bus Service, which saw the introduction of 20 electric buses for public
transportation in Umuahia, Aba, and other parts of the State. The WTO DG described the initiative as “extraordinary” and timely, given the global fight against pollution and climate change. According to her, although Africa contributes only about three per cent of global carbon emissions, adding that the continent must still play its part in promoting a cleaner and more sustainable environment. “One of the biggest things we
suffer from in the world is the problem of pollution and climate change. Even though Africa contributes only three percent of global carbon emissions, all of us have to contribute to a better climate for the world,” she said. Okonjo-Iweala expressed optimism that the Abia Green Shuttle Bus Service would mark the beginning of environmentally-friendly transport reforms in Abia. “So the fact that in Abia State,
we are doing something extraordinary in bringing these buses is just a delightful thing. I hope that this is just the beginning and we will go from strength to strength,” the WTO boss said. She congratulated Governor Alex Otti and his team for what she described as visionary leadership, noting that the initiative would contribute to cleaner air and healthier cities, and urged the government to sustain the momentum in climate-smart development initiatives.
tions that the National Assembly deliberately included,” Atiku said. He also criticised the introduction of mandatory 20 per cent security deposits for tax appeals, compound interest on tax debts, forced dollar computation for petroleum operations, and other measures that he said increase financial burdens on citizens while removing key accountability mechanisms. Atiku urged the federal government to immediately suspend the implementation of the tax law effective January 1, 2026, pending a thorough investigation. He also called on the National Assembly to rectify the illegal alterations, and the judiciary to strike down unconstitutional provisions, and the Economic and Financial Crimes Commission (EFCC) to investigate those responsible. For his part, the NBA, led by its President, Mr. Afam Osigwe (SAN) echoed Atiku’s concerns, stressing that the controversies surrounding the Tax Reform Act undermine public confidence in the legislative process and create legal and policy uncertainty that
threatens economic stability. The NBA described the situation as a “grave concern” for Nigeria’s constitutional democracy and demanded an open, transparent investigation to restore credibility to the lawmaking process. “The integrity, transparency, and credibility of Nigeria’s legislative process are at stake,” Osigwe said. “Until these issues are fully examined and resolved, all plans for implementation of the Tax Reform Acts should be suspended. Anything short of transparent legislative action undermines public trust and weakens lawful governance,” he added. Both Atiku and the NBA warned that failure to act decisively risks entrenching arbitrary rule, weakening democratic safeguards, and imposing undue hardship on Nigerians. They called on all stakeholders to prioritise constitutional compliance, accountability, and policies that enable citizens and businesses to thrive.
Sam Amadi: Supreme Court Judgment on Emergency Rule Risks Expanding Presidential Powers, Weakening Democracy Chuks Okocha in Abuja
Director of the Abuja School of Social and Political Thought, Dr. Sam Amadi, has warned the Supreme Court’s recent decision on the President’s emergency powers risks widening executive authority in ways that could undermine Nigeria’s constitutional democracy. Speaking during an interview with ARISE News,
Amadi said while the court was right to strike out the suit challenging the emergency rule in Rivers State on procedural grounds, its broader reasoning and comments could shape constitutional discourse in dangerous ways. “In a way, that’s the final court, and for that reason, whatever the court decides feeds back into political discourse. The Supreme Court is
a political institution,” Amadi said. He explained that although courts are expected to interpret the law, their decisions inevitably carry political consequences. “When the court speaks, it creates political impact,” he said, noting the judiciary, executive and legislature each have defined “zones of no interference”, but judicial pronouncements can still rede-
fine how power is exercised. Amadi identified three key issues with the ruling, starting with the timing. “One is that the court did not decide this matter when it had recency and value,” he said. “Of course, the court manages its docket as it likes. So, it decided not to hear it then, and hear it now.” Secondly, he said the case was correctly struck out on
jurisdictional grounds. “The court dismissed the case on the basis of want of jurisdiction,” Amadi explained. “The PDP states didn’t quite show enough legal connection to the dispute in terms of harms or rights they lost. The Rivers State governor or attorney-general should have been the right person.” However, Amadi stressed that the court’s comments
made in passing still carry weight. “The things the Supreme Court justices said, even though not determinative, carry weight because they shape policy,” he said. “If they say the president can do X, Y, Z, even though it does not constitute precedent, it defines the perception of presidential power.” Continues online
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Oluremi Tinubu Tasks Nigerians to Toe Path of Peaceful Coexistence for a More Prosperous Nation Deji Elumoye in Abuja
Wife of the President, Senator Oluremi TIinubu, has charged Nigerians to toe the path of peaceful coexistence, citing the Holy Bible, which underscores it as a prerequisite for prosperity. Speaking on Tuesday in Kaduna during the annual distribution of food items to Christian Northern Nigeria Political Forum (CNNPF) for Christmas and New Year celebrations, the first lady said, “Let us all stay and make Nigeria great again. Good things are already happening in this country.” Mrs Tinubu commended the various steps taken by the Kaduna State governor in a bid to achieve religious harmony in
the state, which she said other states should emulate. She stated, “I want to use this opportunity to call on all Nigerians to live in peace with one another and to be our brothers’ keepers. Let us remember that true nation-building is only possible where peace and harmony prevail. God, in His wisdom, placed us together for a purpose, and certainly not for conflict or division. “I would like to thank our host, the Governor of Kaduna State, Senator Uba Sani, and the first lady, Hajia Hafsat Uba Sani and the good people of Kaduna State for their warm reception and great hospitality. Also, for showing Nigerians how to live together harmoniously irrespective of religious
affiliation or ethnicity.” Mrs. Tinubu also commended members of the country’s creative industry, who she said were making Nigeria proud the world over. According to her, with the level of the successes they are achieving, they should join forces with the government to help more Nigerians. “Our stars should please come and join us in building this nation. I am available, if they want me to partner with them,” she said. In his remarks at the occasion, Sani described the president and his wife as true lovers of Nigeria. The governor said, “Together, President Bola Tinubu and Senator Oluremi Tinubu exemplify a
leadership anchored in service, compassion, and national unity. Their shared commitment to the welfare of Nigerians continues to inspire confidence, strengthen social cohesion, and reaffirm our collective belief in a better, more inclusive future for our country. “What makes Her Excellency’s philanthropy particularly remarkable is its inclusiveness. Her compassion knows no religious, ethnic, or regional boundaries. Across Nigeria, Muslims and Christians alike have benefited from her generosity, reinforcing the timeless truth that service to humanity transcends all divisions. In this, she embodies the highest ideals of our nation: unity, mutual respect, and shared responsibil-
ity for one another’s wellbeing. “Her example reminds us that the strength of a nation is not only measured by policies and institutions, but also by the kindness, empathy, and moral courage of those entrusted with leadership. By consistently standing with the weak and speaking for the voiceless through concrete action, the first lady has earned the admiration and gratitude of countless Nigerians.” Benue State Governor, Father Hyacinth Alia, spoke in the same manner, saying Kaduna State knows greater peace now due to the determination and conscientiousness of the governor, who had a good example in the president of the country.
Oluremi Tinubu On his part, National Chairman of APC, Professor Nentawe Yilwatda, assured that with the various initiatives and programmes of the APC-led federal government and in the states, Nigerians will have a better 2026.
MAKINDE: WIKE PROMISING TO ‘HOLD DOWN PDP’ FOR TINUBU SPARKED OUR DISAGREEMENT
Chuks Okocha in Abuja and Kemi Olaitan in Ibadan
Oyo State Governor, Seyi Makinde, yesterday, dis-closed that the bone of contention between him and erstwhile political associate, Minister of the Federal Capital Territory (FCT), Nyesom Wike, was Wike’s vow during a meeting to “hold down the PDP” for President Bola Tinubu ahead of the 2027 election. Makinde said Wike made the statement with-out consultation or the consent of other party stakeholders. The governor spoke during
a media chat at Government House, Ibadan. Makinde said he regretted supporting Tinubu at the 2023 presidential election. He said the decision did not produce the outcome he had hoped for. The Oyo State governor was one of the five Peoples Democratic Party (PDP) governors,popularly known as “G5”, who openly worked against their party’s presidential candidate, Atiku Abubakar, in the 2023 polls. The group, led by then Rivers State Governor, Wike, actively worked against Atiku’s candidacy after he (Atiku)
bypassed Wike and picked Ifeanyi Okowa, the then Delta State governor, as his running mate in the 2023 presidential election. Highlighting the issues behind his disagreement with Wike, Makinde said it began after the minister told Tinubu during a meeting that he would “hold PDP” for the president ahead of the 2027 election. Makinde stated, “I was in a meeting with the president and Wike… and I’m saying this, you know, in an open chat. The president’s chief of staff was also in that meeting and few others… and Wike said
to the president that, well, Sir, I will hold PDP for you, you know, in 2027. “I was in shock. So we got up, we got to the veranda and I said, ‘Wike did we agree to this?’ I told him from that day that I would never be a part of this. Wike can support him, and that is within his right, but it is equally my right to decide who I will support and what role I will play in 2027.” Makinde said he later raised the issue with a mutual friend, hoping Wike would reconsider his stance. He said, “I confided in a mutual friend of ours after that
FRESH TROUBLE FOR PDP AS INEC REJECTS NEW NATIONAL OFFICERS, CITES COURT RULING
court judgements and ongoing legal processes. But reacting to the development, PDP insisted that there was no faction in the party, and accused INEC of bias. INEC’s position was conveyed in an official letter dated December 22, 2025 and signed by Secretary to the commission, Dr. Rose Oriaran-Anthony. The letter, sighted by THISDAY, was in response to repeated demands by lawyers representing PDP, urging the commission to update its website with the list of National Officers that emerged from the convention. INEC said the requests were carefully reviewed in the light of relevant facts, applicable electoral laws, and binding judicial pronouncements directly connected to the disputed convention. The commission drew attention to two final judgements of the Federal High Court, Abuja Division, which it said remained valid and enforceable. The first was Suit No. FHC/ ABJ/CS/2120/2025, Austine Nwachukwu & 2 Ors. v. INEC & 8 Ors., delivered on October 31, 2025, and the second was Suit No. FHC/ ABJ/CS/2299/2025, Alhaji Sule Lamido v. PDP & 4 Ors., delivered on November 14,
2025. INEC explained that both judgements expressly restrained the commission from supervising, monitoring, recognising, or accepting the outcome of the PDP national convention held November 15–16, 2025, or any other date, pending strict compliance with the orders of the court. While acknowledging that Notices of Appeal had been filed against the judgements, the commission stressed that the mere filing of an appeal did not amount to a stay of execution. INEC emphasised that until the judgements were set aside or formally stayed by a competent court, it was constitutionally obligated to comply with them. Citing Section 287(3) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), INEC stated that all authorities and persons, including the commission, were bound to enforce and give effect to the decisions of courts of competent jurisdiction. INEC also addressed references made by PDP to interim orders issued by the High Court of Oyo State in Suit No. I/1336/2025 – Folahan Malomo Adelabi v. PDP & Ors. The commission clarified that
it had already been struck out of the suit on grounds of lack of jurisdiction. It further stated that interim orders could not override or nullify subsisting final judgements of courts of coordinate or superior jurisdiction. The commission disclosed that there was yet another pending suit instituted by PDP itself at the Federal High Court, Ibadan Division, Suit No.
FHC/IB/CS/121/2025 – PDP v. INEC. In that suit, the party sought an order compelling INEC to recognise the National Working Committee and members of the National Executive Committee allegedly elected at the Ibadan convention for all party and electoral purposes. Given the multiplicity of pending suits and unresolved Continued on page 28
meeting. And I kept thinking, okay, the president did not ask him to ‘do this for him’. He was the one that volunteered to do that. “When I was telling our mutual friend, I said, look, maybe he was talking about an errand that the president never sent him. So, let’s engage him. Let’s see if he will back off. But he never did.” Makinde said Wike’s refusal to retreat forced him to take a clear position. He stated, “So after he didn’t back off, I said, well, now it’s time to confront him. Because I told him from that day that I would never be a part of this. “That is why I will not be supporting the president for 2027. Wike can support him. It is within his right. But also it is within my own right to decide within the political space who I will support or what I will do in 2027.” Makinde stated that while Wike was entitled to support Tinubu’s re-election bid, other members of the party also had the right to protect PDP and oppose any move that could weaken democratic pluralism. Makinde said his decision to
back Tinubu in 2023, who was then the presidential candidate of All Progressives Congress (APC), was based on the belief that he would act in the national interest if elected. “I said it earlier, I’m human. I supported the current president, even though in another party at that time, because I thought we’ll do what is right for the country,” he said. He added that he believed the president would “reset the country” and bring together competent individuals from across Nigeria to address the nation’s challenges. “But, unfortunately, that is not what we’re seeing. I regret that action. Yes, I do,” the governor stated. Citing concerns over the survival of democracy and the future of PDP, Makinde vowed that Tinubu would not have his support in the 2027 presidential election. Makinde also revealed details of his interactions with Tinubu over ministerial appointments and political organisation in Oyo State. The governor said he rejected an offer to help Continued on page 29
SENATE HAILS TINUBU’S N58.47TRN 2026 APPROPRIATION BILL, BACKS INFRASTRUCTURE, SECURITY PUSH
as a major step toward fiscal discipline, transparency and effective budget implementation. The 2026 proposed budget was, however, higher than the N58.18 trillion presented to the joint session of the National Assembly last Friday by President Bola Ahmed Tinubu, with defence and security emerging as the single largest sectoral allocation at N5.41 trillion. The appropriation bill tagged “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” projected total revenue of N34.33 trillion and total expenditure of N58.18 trillion, including N15.52 trillion for debt service. The proposal puts recurrent (non-debt) expenditure
at N15.25 trillion, capital expenditure at N26.08 trillion, and a fiscal deficit of N23.85 trillion, representing 4.28 per cent of Gross Domestic Product. Debate on the general principles of the bill followed a lead presentation by the Senate Leader, Senator Opeyemi Bamidele, who described the proposal as a “budget of consolidation” designed to stabilise the economy after far-reaching reforms, deepen growth and strengthen public finance. Bamidele explained that the bill seeks legislative authorisation for total expenditure of N58.472 trillion for the 2026 fiscal year, made up of N4.097 trillion for statutory transfers,
N15.909 trillion for debt service, N15.252 trillion for recurrent (non-debt) expenditure, and N23.214 trillion for capital expenditure. According to him, capital spending remains the backbone of the budget, targeting transport infrastructure, power, agriculture, housing, industrial development and the digital economy, to stimulate private investment, creating jobs and boosting productivity. Seconding the motion for the bill to be read a second time, Minority Leader, Senator Abba Moro, described the budget as “beautifully crafted” but cautioned that worrying trends remained, particularly in agriculture.
Moro noted that while food prices had fallen, many farmers who borrowed at high interest rates were struggling because cheaper inputs and farm implements were not available to match increased production. He urged the government to prioritise affordable inputs in implementation to avoid deepening farmers’ hardship. Deputy Senate President, Senator Barau Jibrin, said he was “highly impressed” by the scale of capital allocations, describing them as unprecedented since the Ninth Assembly. He expressed optimism that proper implementation Continued on page 29
10
WEDNESDAY, DECEMBER 24, 2025 • THISDAY
NEWS
TAX REFORM SUMMIT...
L-R: Chairman, Conference 57, Lagos State, Mr. Sesan Olowa; Commissioner for Finance, Lagos State, Mr. Abayomi Oluyomi; Attorney-General and Commissioner for Justice, Lagos State, Mr. Pedro Lawal, SAN; Special Adviser to the Governor on Taxation and Revenue, Mr. Abdul-Kabir Ogungbo; Chairman, Lagos Internal Revenue Service, Mr. Ayodele Subair; and Accountant-General, Lagos State/Permanent Secretary, Ministry of Finance, Mr. Biodun Muritala, during the technical session of the Tax Reform Summit 2025 organised by PHOTO: SUNDAY ADIGUN the Office of the Special Adviser on Taxation and Revenue, Lagos State, held in Lagos, yesterday
FG Begins Implementation of World Bank-assisted $500m HOPE-GOV Programme on Basic Education, Primary Healthcare Ndubuisi Francis in Abuja
The federal government has commenced the implementation of the World Bank-assisted Human Capital Opportunities for Prosperity and Equity– Governance (HOPE-GOV) Program, a $500 million credit facility designed to improve financial and human resource management in basic education and primary healthcare in the country. National Coordinator of the HOPE-Governance Program, Dr. Assad Hassan, disclosed this in Abuja while briefing the Permanent Secretary of the Federal Ministry of Budget and Economic Planning, Dr. Deborah O. N. Odoh, where the HOPE-Governance Program is domiciled. In a statement, the Communication Officer, John Mutah, quoted Hassan as saying: “In terms of programme financing and scope, it’s a World Bank-assisted credit of $500 million, which is split into two components. One is the
Program for Result while the second is Investment Project Financing. “$480 million is earmarked to incentivize the States to achieve the Disbursement Linked Results in the two sectors while $20 million Investment Project Financing component has three key areas for implementation. “One is programme coordination, second is verification of results at the state level as well as monitoring and evaluation and third is technical assistance for implementing agencies i.e. the states, UBEC, Ministerial Oversight Committee of the Basic Health Care Provision Fund at the Federal Ministry of Health and Social Welfare, and the Federal Ministry of Budget and Economic Planning.” Assad identified the programme’s key focus areas as increasing financing for the two sectors, enhancing transparency and accountability in budgeting and audit for basic education and primary healthcare, and supporting the recruitment of teachers and primary healthcare
workers to address manpower gaps in both sectors. “For HOPE-Governance, our primary objective is to see how we improve financial and human resource management in these two sectors by focusing on three key areas: the first is increase in funding for the two sectors. In this regard, we are working with the Universal Basic Education Commission as well as the Ministerial Oversight Committee, Basic
The Senate President, Senator Godswill Akpabio, on Tuesday announced automatic employment for two sons of his police aide, Deputy Superintendent of Police (DSP) Hussani Ibrahim, who was killed in a tragic road accident involving a petrol tanker on the Lagos-Ibadan Expressway. Akpabio made the announcement during plenary while formally informing lawmakers of the incident,
which occurred on Sunday in Ibadan, Oyo State, shortly after his convoy picked him up from the Ibadan Airport. The Senate President was in the state for the installation of a colleague when the tanker rammed into his convoy, killing the dispatch rider instantly. “Our police rider was run over by a tanker driver. Sadly, he died in the line of duty,” Akpabio told the chamber, adding that the late officer had been buried according to Islamic rites. He disclosed that DSP
teachers as well as primary health workers,” he added. According to Hassan, the states have six Disbursement Linked Indicators, which would be tracked by the HOPE-Governance Program and appraised by Independent Verification Agents before funds are released to the states. Providing the historical background of the programme, the National Coordinator explained that the World Bank approved
the HOPE-GOV Program on September 26, 2024, following the successful negotiation of the financing agreement in August 2024. The Federal Executive Council (FEC), he said, granted approval in February 2025, adding that the Financing Agreement was countersigned by the federal government in April 2025, with the programme subsequently declared effective in September 2025.
Oyedele, Sanwo-Olu: Successful Tax Reform Implementation Depends on States, LGs’ Collaboration James Emejo in Abuja and Dike Onwuamaeze in Lagos
The Chairman, Presidential Fiscal Policy and Tax Reform Committee, Mr. Taiwo Oyedele, and the Governor of Lagos State, Mr. Babajide Sanwo-Olu, have identified effective collaboration at the subnational levels as key to
Akpabio Orders Automatic Employment for Sons of Police Aide Killed in Convoy Tragedy
Sunday Aborisade in Abuja
Health Care Provision Fund in the Federal Ministry of Health and their counterparts at the states level. “Then the second key area is enhance transparency and accountability in budget for both sectors, audit report, citizens format budget. Basically is about public financial management in the two sectors. “Then the third and final area. We want to see improved recruitment and retention of
Ibrahim, a native of Kogi State, was survived by two wives and four children and was due for retirement next year. In an emotional tribute, Akpabio described the deceased officer as courageous, fearless and devoted to duty. He said, “Your late father understood the value of work and service. Instead of earning a laurel for that devotion, he earned death. But it is a death that is not in vain. It testifies to his legacy of service.”
successful implementation of Nigeria’s tax reforms laws. They stated this yesterday in Lagos, in their various speeches at the Lagos State’s Tax Reform Summit with the theme “The Lagos Implementation Roadmap: From Reforms to Results.” Oyedele, in his keynote address, focused on the roles of local and state governments in the implementation of the new tax laws and the need for a standard, fair, and transparent valuation system for property tax. He said: “The future of Nigeria’s fiscal sustainability will be decided not only in Abuja, but in states and local governments across the country. “If we get subnational taxation right, especially harmonisation of taxes and collection, including property taxation, we create a stable, fair, and predictable revenue bases that support growth, equity, and inclusive development.” He added: “The federal government provides policy direction and harmonisation; the states and local governments provide implementation,
administration, and service delivery.” He, therefore, said, “we must move away from fragmented, discretionary, and opaque tax practices to a harmonised tax system that reduces compliance costs, improves taxpayer confidence, and limits abuse and arbitrariness.” Oyedele pointed out that, “Nigeria’s fiscal challenge is not that we do not have adequate taxes but that there are too many taxes that we administer inefficiently,” adding that “states and local governments carry the heaviest responsibilities for infrastructure, education and health, security and environmental management and other community services, yet their revenue base remained narrow, volatile, and overly dependent on federation transfers, is a mismatch and not sustainable. “Subnational tax transformation is, therefore, not just a nice-to-have. It is central to Nigeria’s economic survival.” Oyedele identified property taxation as one of the most stable revenue sources available to states and local governments.
“When done properly, property tax is difficult to evade, grows with urban development and aligns payment with visible public services. “However, its success depends on proper property enumeration, accurate valuation, transparent billing and predictable enforcement,” he said. In his address, Sanwo-Olu said the success of Nigeria’s tax reform would depend not only on legislation at the federal level but on effective implementation at the subnational levels. He added: “No matter how well it is done at the federal, it is its effective implementation at the sub-national level that will make it a success. “So, Lagos State is ready to play its leadership role by aligning policy with practice and strengthening its intergovernmental collaboration and maintaining a continuous engagement with the private sector and professional bodies.” He further said Lagos State was positioning itself as a leading sub-national in the implementation of this tax reform.
11
THISDAY • WEDNESDAY, DECEMBER 24, 2025
NEWS
COURTESY VISIT...
L-R: Nigerian model and Guinness World Record holder, Miss Ololade Ayelabola; and Lagos State Permanent Secretary, Ministry of Tourism, Arts and Culture, Mrs. Adebopo Oyekan-Ismaila, during a courtesy visit to the Permanent Secretary’s office in Alausa, Ikeja, Lagos … recently
FG Explains Drop in Power Supply Nationwide, Assures of Imminent Restoration Adelabu: Issue to be resolved within 48 hours
Emmanuel Addeh in Abuja
The Minister of Power, Chief Adebayo Adelabu, has assured Nigerians that electricity supply will be rapidly restored following the recent decline nationwide, disclosing that the situation is expected to be resolved within the next 24 to 48 hours. The drop in power supply, he said, followed an explosion on the Escravos–Lagos Gas Pipeline (ELP), compounded by acts of vandalism on criti-
cal gas infrastructure, which disrupted gas supply to several thermal power plants across the country. Adelabu made the assurance during a meeting yesterday with key power sector stakeholders, including NISO, the Transmission Company of Nigeria (TCN), the Ministry of Power, power Generation Companies (Gencos), and power Distribution Companies (Discos). Given the increased electricity demand during the
Yuletide season, he stressed the urgency of restoring gas supply and ramping up energy generation. The minister’s assurance came in response to a statement by the National Independent System Operator (NISO), which informed the public and power sector stakeholders that it is closely monitoring ongoing repair works being carried out by the Nigerian Gas Processing and Transportation Company (NGPTC), a subsidiary of the
Nigerian National Petroleum Corporation (NNPC). NISO confirmed that the pipeline explosion resulted in a significant reduction in electricity generation nationwide, pointing out that several gas-fired power stations recorded reduced output following the incident. A statement signed by the spokesman to the minister, Bolaji Tunji, quoted that System Operator as noting that it has received assurances from NGPTC that restoration works
on the vandalised pipeline are nearing completion and that full operations are expected to resume within 24 to 48 hours. Adelabu acknowledged the inconveniences currently being experienced by households and businesses, emphasising that the disruption is temporary and directly linked to acute gas supply constraints affecting several thermal power generation stations. At the meeting, stakeholders confirmed that repairs to the
APC Chairman Yilwatda Appoints 15 Special Advisers Adedayo Akinwale in Abuja
The National Chairman of the All Progressives Congress (APC) has approved the appointments of 15 Special Advisers, Advisers and Senior Special Assistants to strengthen the administrative and strategic capacity of the party. The Chief of Staff to the national chairman, Hon. Mustapha Dawaki, in a statement issued Tuesday, said the appointments are part of the on-going efforts to enhance effective coordination, policy formulation, and stakeholder engagement within the party’s national secretariat. He noted the newly appointed aides are expected to bring their wealth of experience and professionalism to bear in supporting the national chairman in the discharge of his duties. Dawaki said Yilwatda congratulated the appointees and urges them to demonstrate dedication, loyalty, and commitment to the ideals
and objectives of the ruling party, adding the appointments take immediate effect. Dawaki stressed that those appointed Special Advisers are: Sen. Danladi Sankara, Special Adviser on Political Matters; Hon Daniel Oritsegbubemi, Special Adviser on National
Assembly Matters; Dr. Sorochi Longdet, Special Adviser on Research, Strategy and Planning. Others are: Hon. Jibrin Abdullahi Surajo, Adviser on Community Engagement; Mr. Paul Domsing, Adviser on Special Duties; Suleiman
Bukari, Adviser on Intelligence Coordination; Prof. Taiwo Balofin, Honorary Adviser on Diaspora Coordination and Mobilisation. Also appointed are: Imran Muhammad, SSA New Media; Mildred Bako, SSA, Civil Society Organisation; Yusuf
Dingyadi, SSA, Media; Mrs. Enenedu Idusuyi, SSA, Protocol; Ismaila Mohammed, SSA, Conflict Management; Zarah Onyinye, SSA, Media (Public Relations), Adaku Apugo, SSA, Inter-Governmental Relations; Obinta Chinenye, SSA, Youth Mobilisation.
vandalised pipelines would be completed within 24 to 48 hours, enabling the resumption of gas supply. The minister subsequently directed all relevant agencies to intensify their efforts to ensure the timeline is strictly adhered to. Preliminary investigations, according to the minister, have established that the gas supply shortage was caused by the ELP explosion and acts of vandalism on gas pipelines in the Niger Delta region. These incidents significantly reduced the volume of gas required to power key electricity plants, resulting in a sharp decline in overall generation on the national grid. “We understand the frustration this has caused Nigerians. However, we wish to assure the public that the federal government, through the Ministry of Power, is working round the clock to address the situation with utmost urgency,” he said.
He Was a Man of Unimpeachable Integrity, Says Family Announcing Mbanefo’s Demise
The Mbanefo family, yesterday, formally announced the passing of their patriarch, Chief Arthur Christopher Izuegbunam Mbanefo, the Odu III of Onitsha. He was aged 95. Confirming a THISDAY report in the edition of yesterday, the family, in a statement by Nwakibie Victor Chieka Mbanefo, paid glowing tributes to the deceased. The terse statement read: “A man of unimpeachable
integrity and a brilliant mind, Chief Mbanefo’s legacy spans service as Nigeria’s Permanent Representative to the United Nations, Chairman of the Group of 77, and Pro-Chancellor of the Universities of Lagos, Ife, and Ahmadu Bello. “A past president of the Institute of Chartered Accountants in Nigeria and fellow of the UK Institute, he headed the Commission on State Creation. Chief Mbanefo was a recipient
of the national honors of MFR and CON and foreign honours from Italy and Brazil. “Beyond his professional excellence and his high titles in Onitsha and Ife, he was a devoted philanthropist, who championed education through the Arthur Mbanefo Digital Research Centre at the University of Lagos. “Let there be no darkness in your heart. May his soul rest in perfect peace,” the statement concluded
Late Mbanefo
12
WEDNESDAY, DECEMBER 24, 2025 • T H I S D AY
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T H I s D Ay • WEDNESDaY DECEMBER 24, 2025
Politics
Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com 08033025611 sms only
Malami and the Burden of Accountability
The cry of persecution emanating from the camp of the former attorney-General of the Federation and Minister of Justice, abubakar Malami, over his arrest and detention by the Economic and Financial Crimes Commission is a far cry from what he unleashed on people while in office, Wale Igbintade writes.
T
he unfolding confrontation between former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN) and the Economic and Financial Crimes Commission (EFCC) is far more than a clash of personalities. It has evolved into a defining moment for Nigeria’s justice system, testing not only the independence of its anti-corruption institutions but also the sincerity of elite commitment to the rule of law. Malami, who is facing an investigation for 18 alleged offences, including money laundering, abuse of office, and terrorism financing, and his detention, is claiming that he is being persecuted by the anti-graft agency for political reasons. At the heart of the controversy lies a fundamental question: can a former Chief Law Officer of the Federation legitimately resist investigation through public outrage instead of judicial process? Malami’s demand that EFCC Chairman, Ola Olukoyede, recuse himself from an investigation involving him on allegations of bias, personal vendetta, and political persecution—marks a sharp and troubling departure from the legal principles he once vigorously defended while in office. Rather than embracing the courts as the constitutionally recognised forum for resolving disputes, Malami has chosen to wage his defence in the court of public opinion, relying on press statements and political narratives to preempt institutional scrutiny. This approach has attracted widespread criticism, particularly from voices who view it as inconsistent with his own record as Attorney-General. One of the interventions came from the Chairman of the Forum of Former Members of the Enugu State House of Assembly (FOF-MEHA), Josef Onoh. In a statement issued from Paris, Onoh described Malami’s call for Olukoyede’s recusal as “pathetic, unfortunate and desperate,” arguing that it amounted to an attempt to blackmail and intimidate the anti-graft agency. Onoh dismissed Malami’s reliance on Chapter Nine of the Justice Ayo Salami Judicial Commission of Inquiry Report as legally unsustainable, insisting that nothing in the report bars the EFCC from investigating former public officials, including a former Attorney-General. According to him, the invocation of the report was a deliberate misrepresentation designed to confer on Malami a false sense of immunity from scrutiny. More significantly, Onoh underscored what he described as the irony of Malami’s sudden discovery of persecution. He recalled that as Attorney-General, Malami presided over and defended several prosecutions that were widely criticised as politically motivated. Among the most prominent was the prolonged detention of former National Security Adviser, Col. Sambo Dasuki (rtd), despite multiple court orders granting him bail. Onoh also referenced the prosecution of former Peoples Democratic Party (PDP) spokesman, Olisa Metuh, as well as the proscription of the Indigenous People of Biafra (IPOB) and the handling of Nnamdi Kanu’s case, all of which, he argued, illustrated an expansive and often coercive use of prosecutorial power under Malami’s watch. These recollections are not mere historical footnotes. They form part of a broader pattern that weakens Malami’s current posture. As Attorney-General, he repeatedly insisted that investigation did not amount to guilt and that only courts were empowered to determine culpability. Today, confronted with investigative scrutiny, he appears unwilling to submit to the very process he once urged upon others. The contradiction is difficult to ignore and has done little to strengthen public sympathy
malami
for his claims. Onoh further accused Malami of orchestrating the 2020 removal of former EFCC Acting Chairman, Ibrahim Magu, describing it as a vindictive power struggle rather than a principled anti-corruption intervention. He noted that Malami levelled more than 22 allegations against Magu and supervised the Justice Ayo Salami Panel that investigated them. Yet, despite the gravity of those allegations, Magu was never prosecuted or convicted of any offence. His career, however, was effectively destroyed. To Onoh, this episode exemplifies a troubling pattern in which allegations are weaponised for control rather than pursued to logical legal conclusion. Beyond personalities, the legal point remains central. Onoh argued that Olukoyede’s role as Secretary to the Salami Panel does not amount to a conflict of interest requiring recusal. He stressed that recusal is a doctrine applicable to judicial or quasi-judicial proceedings, where impartial adjudication is required, not to routine law-enforcement investigations. To conflate the two, he
warned, is to distort settled legal principles and undermine the operational independence of investigative agencies. This position reflects established jurisprudence. Allegations of bias or selective prosecution are not resolved through media exchanges. They are addressed through motions, affidavits, cross-examination, and judicial review. Courts exist precisely to test claims of institutional abuse and protect individual rights. By sidestepping these mechanisms, Malami risks creating the impression that he seeks exemption from accountability rather than vindication through due process. Civil society organisations have echoed similar concerns. The Centre for AntiCorruption and Accountability (CACA) described Malami’s posture as ironic and unbecoming of a former Attorney-General and Senior Advocate of Nigeria. The criticism resonates because holders of high prosecutorial offices carry an enduring obligation to respect the institutions they once commanded. That obligation does not diminish after leaving the office; if anything, it increases. The broader operational record of the EFCC further complicates claims of political persecution. The commission has investigated and prosecuted individuals across
nigeria’s democracy cannot afford an accountability framework that collapses under pressure from powerful former officials. Where the EFCC errs, the courts exist to correct it. Where investigators overreach, judicial oversight provides remedy. What remains impermissible is the attempt to delegitimise lawful investigation simply because the subject once occupied high office.
party lines, including politically influential figures associated with the ruling party. The arraignment of Senator Chris Ngige and the ongoing investigation of former Delta State Governor, Ifeanyi Okowa, despite his political realignment—undermine assertions that the EFCC operates as a partisan tool. Political affiliation, in law, has never constituted a shield against investigation. Perhaps the most uncomfortable backdrop to Malami’s current protest lies in the memory of judicial raids carried out during his tenure as Attorney-General. The night-time invasions of the homes of serving judges—widely condemned as assaults on judicial independence, remain among the darkest chapters in Nigeria’s recent legal history. The judges were publicly humiliated, and later exonerated, but the judiciary was left deeply shaken. Not done, the former AGF also instigated the removal from office, of the then Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, through the Code of Conduct Tribunal over hopeless allegations. Those legacies continue to inform public perception. Against this background, appeals to institutional victimhood ring hollow. Accountability, as Onoh observed, is reciprocal. A former Attorney-General who presided over such excesses cannot plausibly demand exceptional sensitivity when the investigative lens turns inward. On its part, the EFCC has maintained that it will not be intimidated or blackmailed into abandoning lawful investigations. Onoh reinforced this stance, warning that attempts to undermine the commission would fail under the Tinubu administration. He urged Malami to submit himself to investigation if confident of his innocence and challenged him to publicly declare his assets prior to assuming office—an act that would lend credibility to his claims. Also reacting to Malami’s claim that the EFCC was acting political script in its dealings with him, a former Chairman of the National Human Rights Commission (NHRC), Prof. Chidi Odinkalu, criticised the former AGF, describing him as a “grubby, vexatiously political Attorney-General” during his tenure. He added that if the former AGF now believes the EFCC is politicised, he should remember that “they’re following what he taught them.” “Someone should tell Abubakar Malami to please sit this out. If he’s now complaining that EFCC is political, they should tell him that they’re following what he taught them. They have no need to deny it!” Nigeria’s democracy cannot afford an accountability framework that collapses under pressure from powerful former officials. Where the EFCC errs, the courts exist to correct it. Where investigators overreach, judicial oversight provides remedy. What remains impermissible is the attempt to delegitimise lawful investigation simply because the subject once occupied high office. At its core, this episode is about leadership by example. Arraignment is not humiliation; it is the lawful gateway to exoneration. A person confident in his innocence does not fear the courtroom—he embraces it. Delay, diversion, and media advocacy only deepen suspicion and erode public trust. Ultimately, the Malami–EFCC standoff transcends the individuals involved. It exposes a persistent weakness in Nigeria’s political culture: resistance to accountability once power has been relinquished. In a constitutional democracy, former authority confers no permanent privilege. The courts remain open. The law is clear. What remains is the willingness to submit to both. In Nigeria’s justice system, there is no higher vindication, and no credible alternative.
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T H I S D AY • WEDNESDAy, DECEmbER 24, 2025
BUSINESSWORLD R A T E S MONEY MARKET
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Banking Sector Recapillisation, Others Push New Listings on NGX to N6.34trn
Kayode Tokede The banking sector recapitalisation, Federal Government of Nigeria bond and other corporates listings pushed total listings on Nigerian Exchange Limited (NGX) to an estimated N6.34 trillion in 2025. The estimated N6.34 trillion listings on the NGX is on the backdrop of banks raising fresh fresh equity to meet the Central Bank of Nigeria (CBN) higher paid-up capital thresholds, listing of the federal government band raised to bridge budget deficit and corporates listings.
Trading numbers obtained from the NGX showed that in 2025, Nigerian banks raised and listed an estimated N2.25 trillion, while FGN Bonds and other corporate listings on NGX stood at N3.79 trillion and N299.69 billion, respectively. The NGX data revealed 10 banks that seek to meet the new capital threshold by 2026 and companies seeking to raise fresh capital listed N2.55 trillion or 40.3 per cent out of the N6.34 trillion total listing during the period under review. The fundraisings, experts noted, underscore the depth
of the Nigerian capital market to cater to large-ticket transactions as well as other categories of issuances from small to mid-tier issuers. The 10 banks that have raised money from the capital market so far are: Wema Bank Plc, FCMB Group Plc, Guaranty Trust Holding Company Plc (GTCO), Stanbic IBTC Holdings Plc and Sterling Financial Holdings Company Plc. Others are: United Bank of Africa Plc (UBA), First HoldCo Plc, Fidelity Bank Plc, Zenith Bank Plc and Access Holdings Plc.
With the support from the capital market community, most listed banks have met the CBN threshold before the March 2026 deadline. A breakdown of the NGX numbers showed that GTCO, Access Holdings and Zenith Bank have listed N369.billion, N351.01 billion and N350.46 billion, respectively during the period under review. Other banks listing include: UBA, N239.4billion; Fidelity Bank, N175.85billion; FCMB Group, N167.67billion; First Holdco, N149.56billion; Wema Bank, N147.8billion; Stanbic IBTC Holdings, N148.71 billion and Sterling
Financial Holdings Company, N101.64billion. The banks’ capital-raising efforts were bolstered by NGX Invest, a digital platform launched by the Exchange, which facilitated a seamless process for selling their offerings. The NGX Invest is designed to significantly enhance the efficiency of public offering subscriptions and rights issue processes, streamlining operational workflows to better support issuers’ capital-raising efforts. Outside the banking listings, on April 24, 2025, Legend Internet Plc listed
on NGX by introduction about N11.28 billion, while Multi-Trex Integrated Foods Plc had a private placement worth N3.25 billion Most significant listings were Ellah Lakes Plc listing of 1,104,386,890 ordinary shares of 50 kobo each arising from the conversion of its debt to equity transaction that valued at N3.09billion. Lasaco Assurance Plc had early in the year had a private placement of 9,250,000,000 ordinary shares of 50 kobo each at N1.20 per share, worth N11.1 billion. The story continues online on www.thisdaylive.com
Business Confidence Rises as Firms Bet on Stronger Activity, Naira Recovery Nume Ekeghe
Nigeria’s business community entered the final quarter of 2025 with renewed optimism, as firms across key sectors expressed confidence in improved economic conditions and stronger business activity, strong naira amongst others over the next six months, the Central Bank of Nigeria’s (CBN), November 2025, Business Expectations Survey (BES) has revealed. The survey showed that the aggregate Confidence Index (CI) stood at 37.5 index
points in November, firmly in positive territory, reflecting widespread optimism about the macroeconomic environment. This outlook is projected to strengthen further with confidence expected to rise to 43.9 points next month, 49.6 points in three months, and peak at 52.8 points over the next six months. According to the report, the sustained positive sentiment was largely driven by favourable expectations around the volume of business activity, as respondents anticipate
improved demand conditions heading into 2026. A sectoral breakdown showed that all major sectors, Industry, Agriculture and Services recorded positive outlooks in the review month, with the industry sector leading at 38.1 index points. Confidence, the report added, is expected to remain strong across all sectors over the medium term, underpinned by expectations of rising output and improved operating conditions. The Mining and Quarrying sector emerged
as the most optimistic, recording a confidence index of 50.0 points, followed by Agriculture and Market Services. Respondents were also upbeat about business expansion and hiring plans, with the Construction sector posting the strongest expansion outlook, while Mining and Quarrying led employment expectations for December 2025. According to the report, “In line with the expected business expansion plan, businesses anticipate hiring more workers in December 2025. An analysis of the
sectors showed that the construction sector had the highest prospect for expansion while mining and quarrying had the highest prospect for employment in the review month.” Regionally, optimism was uneven. The NorthEast recorded the highest confidence level at 52.7 points, while the South-East posted the lowest at 18.7 points, highlighting persistent structural and security-related disparities across the country. Nonetheless, expectations for the coming months remained positive across all regions,
with the North-West and South-West projected to post stronger confidence levels over the six-month horizon. Despite the upbeat sentiment, businesses flagged insecurity, high and multiple taxation, insufficient power supply, high interest rates, and financial constraints as the most significant challenges weighing on operations. Insecurity topped the list of constraints, underscoring its continued impact on productivity and investment decisions 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 2 3 , 2 0 2 5 BONDS DESCRIPTION Price Yield Change Updated Time (%) ^16.2884 17-0.10 December 99.42 16.76 23, 2025 mAR-2027 ^19.94 20December 103.46 16.81 0.00 mAR-2027 23, 2025 ^13.98 23-0.12 December 94.94 16.82 23, 2025 FEb-2028 ^21.00 20107.42 16.83 -0.09 December 23, 2025 mAR-2028 ^14.55 26105.58 16.99 0.00 December APR-2029 23, 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
15.32
15.43
0.00 December 23, 2025
15.15
15.43
-0.01 December 23, 2025
15.70
15.71
0.12 December 23, 2025
15.82
16.59
15.93
16.92
0.09 December 23, 2025 0.06 December 23, 2025
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
Discount Yield
CLEARED NAIRA-SETTLED NDFS Change (%)
Updated Time
21.59
21.93
-0.01 December 23, 2025
21.99
22.40
-0.01 December 23, 2025
22.54
23.12
0.00 December 23, 2025
18.52
19.28
0.02 December 23, 2025
19.19
20.27
-0.01 December 23, 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 23, 2025 December 23, 2025 December 23, 2025 December 23, 2025 December 23, 2025
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Wednesday, deCember 24, 2025 • T H I S D AY
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L-R: Acting Managing Director/CEO, Nova Bank,Chinwe Iloghalu; Convener, Inspiring Woman Africa (IWA), Kemi Ajimobi; former President of Ethiopian/ Keynote Speaker at IWA Conference, Madam Shale-Work Zewde; Executive Head, General Entertainment Channels, Multichoice Group/Speaker, Dr Busola Tejumola and former Deputy Governor Central Bank of Nigeria (CBN) Soniya Asusu Nupe/ Speaker, Aishah Ndanusa Ahmad, at the IWA Series 14 conference held in Lagos… recently Photo: KoLAWoLE ALLI
Expert Highlights Crucial Role of Brokers in Insurance Business Chain
Stories by Ebere Nwoji
The Chief Executive Officer, Enterprise Life Insurance Brokers, Nelson Akerele, has said that brokers play pivotal role in insurance business chain even as he called for collaboration between insurance players in the country. Speaking at the Abuja Area Committee Professional Members’ Evening of the Nigerian Council of Registered Insurance Brokers (NCRIB), Akerele commended NCRIB’s effort in offering platforms that elevate the insurance brokerage profession and encourage collaboration among industry players. “As brokers, we play a crucial role in deepening insurance penetration in Nigeria. Sessions like
this empower us to share knowledge, build stronger connections, and collectively strengthen the profession,” he said. He said Enterprise Life was committed to contributing meaningfully to such progress through ethical practice, client-centric advisory, and innovative partnerships. He said the brokers’ session, recognised as one of the industry’s most strategic networking forums, offered an evening of insights, professional exchange, and renewed commitment to advancing Nigeria’s insurance ecosystem. According to him, the Abuja meeting followed a similar edition held in Port Harcourt in November 2025, reflecting NCRIB’s strengthened regional
Group Business Editor eromosele abiodun Deputy Business Editor Chinedu eze Comms/e-Business Editor emma Okonji Asst. Editor, Energy emmanuel addeh Asst. Editor, Money Market nume ekeghe Correspondents KayodeTokede(CapitalMarkets) James emejo (Finance) ebere nwoji (Insurance) Reporter Peter Uzoho (Energy)
that about 70 percent of Nigerians still do not have any form of insurance cover, noting that this is despite increased awareness and regulatory reforms. “Insurance penetration in
the country hovers around 4 percent underscoring significant untapped potential”, the brokers noted. The brokers however noted that the industry had recorded remarkable performance as
total Gross Written Premium (GWP) rose to N1.562 trillion in 2024, a 56 per cent increase from the previous year. The sector’s total assets expanded to N3.9 trillion, marking a 46.1 year-on-year growth.
LASG Commends Firms for Organising Annual Reading Initiative The Lagos State Government has commended Leadway Group, and Ouida for successful hosting of the 2025 Lagos Festember Read-Along Initiative, a platform that spotlights and simplifies access to the city’s diverse arts, literary, and creative experiences. This year’s edition of the
initiative brought together pupils from schools and learning centers across Lagos for an enriching reading session. It featured Guinness World Record holder, celebrated Chess Advocate, Founder of Chess in Slums Africa, Tunde Onakoya, alongside renowned Author and
Publisher, Lola Shoneyin. They led the reading of her book, “Tunde Onakoya, The Chess Champion,” a story that explored his journey of grit, vision, and impact from the chessboard. Leadway said the strategic partnership aligned with its mission to inspire learning, creativity,
and community impact. Speaking on the initiative, the Brand Communication Manager of Leadway Group, Niyi Abiola, said the Read-Along reinforces the group’s long-standing commitment to education, creativity, and cultural preservation across generations.
Guinea Insurance Plc, said it has secured its shareholders’ nod for capital raising plan. The approval was given to the underwriting firm at a recent Extraordinary General Meeting held virtually in Lagos. The meeting, conducted in full compliance with the Business Facilitation (Miscellaneous digital initiatives. The rating agency noted Provisions) Act 2022 and that Universal Insurance the Companies and Allied ability to maintain a solvency margin of 184.9 per cent, well above Agusto & Co.’s minimum threshold Skyway Aviation Handling of 100 per cent, indicates a Company (SAHCO) Plc has strong capacity to support been honoured with the its underwriting activities. prestigious ‘Best Employer The strong growth in SIWES Student Acceptance according to Agusto was 2025’ award by the Federal driven by initiatives aimed Government through the at deepening relationships Industrial Training Fund (ITF). In a statement issued with customers and insurance brokers, alongside by the Head, Corporate improvements in customer Communications, SAHCO, experience through digital platforms. “Operating cash flow strengthened significantly in Sunday Ehigiator 2024, rising 98.4 per cent to N3.1 billion, supported by Green Africa, a Lagos-based higher premium collections value airline, has appointed and reinsurance recoveries. Captain Bart Roberts as its This covered liabilities for new Chief Operating Officer incurred claims 1.5 times, (COO), strengthening its outperforming the industry senior leadership team as average. However, liquidity the airline advances its metrics remained broadly growth plans. The appointment, stable due to an increase in estimated claims liabilities. announced yesterday through
Matters Act (CAMA) 2020, saw strong participation from shareholders, regulators, and key stakeholders, reflecting broad confidence in the company’s strategic direction. Guinea Insurance said following resolutions passed at the meeting, it was advancing a comprehensive recapitalisation programme designed to strengthen its financial foundation and
position the company for sustainable growth. According to the company, shareholders approved the increase of the company’s minimum issued share capital from N4.0 billion (8 billion ordinary shares of 50 kobo each) to N19.0 billion (38 billion ordinary shares of 50 kobo each), alongside a plan to raise up to N15.0 billion in additional equity
through a combination of right issue and private placement. The company said this followed the receipt of a no - objection approval from the National Insurance Commission (NAICOM), reflecting regulatory confidence in the board’s strategy and providing a clear pathway to reinforce the company’s capital base.
Agusto & Co. Assigns “Bbb-” Ratings with Stable Outlook to Universal Insurance Agusto & Co. has assigned a “Bbb-” long-term rating to Universal Insurance Plc, reflecting the company’s long operating history, improved profitability, low loss ratio, moderate liquidity position and effective deployment of
engagement drive. He said the Nigeria’s insurance industry continued to experience notable growth, yet the market remains largely underpenetrated. NCRIB at the forum noted
Insurance Firm Secures Shareholders’ Nod to Raise Capital
SAHCO Wins ITF’s ‘Best Employer in SIWES Award Mrs. Vanessa Uansohia, the leading ground handling company was recognised for its consistent commitment to the Students’ Industrial Work Experience Scheme (SIWES), demonstrated through the regular acceptance and structured training of students from tertiary institutions across Nigeria.
Reacting to the honour, the Chairman of SAHCO Plc, Dr. Taiwo Afolabi, expressed delight at the recognition, describing it as a validation of the company’s long-standing commitment to human capital development. Afolabi reaffirmed SAHCO’s resolve to continue playing a leading role in the technical
and professional development of young Nigerians, while contributing meaningfully to employment generation, irrespective of background. “As a leading ground handling company in Nigeria and West Africa, SAHCO has always encouraged students to put into practice what they have learnt in the classroom.
Green Africa Appoints Bart Roberts COO a statement, will see Capt. Roberts oversee Flight Operations, the Integrated Operations Control Centre (IOCC), Operational Safety, Airport Services and Training. He will also work closely with the Founder and Chief Executive Officer, Babawande Afolabi, and other members of the senior leadership team
in shaping the airline’s strategic direction. According to the statement, “Capt. Roberts brings more than 40 years of leadership experience in global aviation. He joins Green Africa from Cirrus Aircraft in McKinney, Texas, where he served as Executive Director in charge of Flight Training.
“Before then, he was Vice President of Flight Operations at JetBlue, leading more than 2,800 pilots across the airline’s network. His career also spans 28 years at American Airlines, where he held several senior roles, including Chief Pilot, Managing Director of Flight Operations and Fleet Training Manager.”
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Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com,
How CBN is Driving e-Payment Modernisation to Strengthen Cybersecurity, Financial Stability
The Central Bank of Nigeria (CBN) under its Governor, Olayemi Cardoso recently extended the Payment System Vision roadmap to 2028, an ambitious commitment to modernise payments infrastructure and strengthen cybersecurity. The push for contactless payment, revised agent banking guidelines and improved integration across switching companies are creating seamless opportunities for the payment markets. Besides, Nigeria’s digital-finance transformation is accelerating, CBN’s twin priorities of fostering innovation while safeguarding stability across the payment ecosystem.
N
igeria is making significant progress in the expansion of its e-payment infrastructure and provision of seamless payment services to the
people. Already, more than 12 million contactless payment cards are now in circulation while the Central Bank of Nigeria (CBN)-instituted regulatory sandbox has expanded to over 40 fintech innovators, enabling safe experimentation and responsible scaling of new digital-finance solutions. The revised agent-banking guidelines have tightened anti-money-laundering controls, including geo-fencing of high-risk areas, while improving consumer protection at the last mile. The integration across switching companies has improved, bringing Nigeria closer to seamless domestic interoperability. CBN Governor, Olayemi Cardoso disclosed recently that supported by these measures, Nigeria today stands among Africa’s most advanced digital payments markets, with a dynamic fintech ecosystem that has produced eight of the continent’s nine unicorns. He explained that by mid-2025, leading fintech apps had surpassed 10 million downloads each, with one surpassing 50 million downloads, reflecting deep consumer adoption. “In parallel, our engagement with the global fintech community has been a further significant supportive mechanism. The Strategic Fintech Dialogue at the IMF Fall Meetings brought together policymakers, innovators and investors, culminating in a consultative report that will guide Nigeria’s next phase of fintech evolution,” Cardoso said during the Annual Bankers’ Dinner recently held in Lagos. He explained that as digital assets, tokenisation and stablecoins become critical topics for central banks worldwide. “Our stance remains clear: we will lead thoughtfully, with discipline and clarity of purpose. Innovation must proceed responsibly, anchored in consumer protection and financial stability,” he said. Crucial Moves to Boost E-payment In banking, convenience and security are crucial in securing customers’ trust and satisfaction. That explains why the CBN is taking measures to ensure that Nigeria’s e-payment space is safe and secured. The implementation of new rules on Point of Sale (PoS) terminals and other payment systems reaffirms CBN’s commitment to leveraging digital channels in enhancing access to finance and credit, particularly for under-served populations. It is also a step towards improving transaction monitoring and bolstering consumer protection for the population. The CBN raised the innovation bar with the release of a new e-payment guidelines titled: “Migration to ISO 20022 Standard for Payment Messaging and Mandatory Geo-Tagging of Payment Terminals”.
not as an option, but as a necessity. They are the bridges connecting the underserved populations to the formal financial system,” he said.
Cardoso
The policy aligns with CBN’s move to entrench transparency , compliance and secured e-payment space. According to Cardoso, the Nigerian payments ecosystem has been ahead of many advanced economies, yet has not always received the recognition it deserves. “Many innovations that other countries are only now experiencing have been part of our system for years. We must celebrate these successes, as they contribute to building our global reputation. Nigeria’s dynamic fintech ecosystem has driven financial inclusion and positioned the country as a hub of innovation in Africa,” he said. Cardoso explained that despite a challenging external environment, Nigerian Fintechs continue to shine, attracting significant foreign investment and several have achieved global unicorn status this year. Their innovations, alongside other financial service providers, have fueled growth in transactions and made financial services more affordable and accessible for many more Nigerians. “We must continue to leverage this channel to enhance access to finance and credit, particularly for under-served populations. However, I urge fintech companies and banks to ensure their platforms are not exploited for fraudulent activities. Strengthening the KYC onboarding process is essential to prevent malicious actors from exploiting our financial system”. “Additionally, these institutions must prioritize improving transaction monitoring and bolstering consumer protection measures to ensure that digital channels remain safe, especially for the most vulnerable segments of our population”. Cardoso said that while the apex
bank continues to lay the foundation for price stability and foster a conducive policy environment, the role of banks in this journey remains crucial. “At the Central Bank, we have intensified surveillance of market activities to ensure compliance. Together, we must build a market based on strong governance and transparency. As regulators, we will maintain a zero-tolerance approach to compliance violations,” he said. Speaking during CBN Fair in Lagos, CBN Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, explained that as a means of protecting banks’ customers and ensuring that they are not short-changed, the CBN launched the Unified Complaints Tracking System (UCTS), aimed at streamlining and improving the management of consumer complaints against financial institutions. The system, alongside a USSD code (*959#) for verifying licensed institutions, enhances transparency and consumer protection in the Nigerian financial sector. “The core objective of this engagement, therefore, is to sensitize members of the public on how the bank’s policies and innovations can enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy,” she said. Branch Controller, Central Bank of Nigeria, Lagos, Sunday Daibo, said the apex bank is taking steps to ensure more people are brought into the digital payment network. He said: “In a world where technology is reshaping economies and redefining how people interact with financial services, alternate financial services have emerged
Industry statistics According to Nigeria Interbank Settlement System (NIBSS) data, since their 2013 introduction, PoS terminals have become the go-to for cash for many Nigerians, with about 1,600 PoS operators per square kilometre. There were 8.36 million registered PoS terminals, with 5.90 million active/deployed as of March 2025. Transactions hit N10.51 trillion in Q1 2025, a 301.67 per cent increase from Q1 2024. In 2024, that the Nigerian Interbank Settlement System (NIBSS) had been mandated to develop a geofencing plan to prevent terminals from being used outside their deployment addresses. Under this latest directive, NIBSS will disable a terminal that has been moved beyond its certified location. To ensure compliance, the CBN has ordered all payment terminals to be registered with a Payment Terminal Service Aggregator (PTSA) —NIBSS or Unified Payment Services Limited — with accurate latitude/longitude coordinates indicating the merchant/agent place of business/service and status. Terminals not directly routed to a PTSA are not permitted to transact, and all operators must ensure that their PoS terminals and applications are certified by the National Central Switch (NCS). Regulatory views For the CBN, digital innovations ranging from self-service technologies like cell phones, online and mobile banking, Artificial Intelligence, big data, blockchain technology, distributed ledgers, among others, have greatly challenged orthodox systems and helped improve the operational efficiency of financial institutions as they respond to customer demands for more innovative services. Recognising the growing importance of consumer protection in an increasingly digital financial landscape, Cardoso embarked on a comprehensive review of consumer protection regulations. This review sought to upgrade the regulatory framework to address emerging risks posed by the rapid growth of Fintech and digital banking solutions. Instant payments for Nigeria, others Nigeria and other Africa’s digital payments landscape is already expanding at a record pace, marking a turning point towards more inclusive interoperable financial systems. Already, 36 systems are now live across 31 African countries, with five launched over the past year. Collectively, they processed 64 billion transactions worth nearly $2 trillion last year, underscoring Africa’s rapid transition to digital finance. nOTE: story continues in the online edition on www.thisdaylive.com
T H I S D AY WEDNESDAY DECEMBER 24, 2025 20 TR
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Sustainable economic transformation is possible without much noise, argues LOUIS IBE
See page 21
ITU AND ROAD MAP TO DIGITAL CONNECTIVITY ITU plans to bridge the divide as part of sustainable development, writes SONNY ARAGBA-
See page 21
AKPORE
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BOOM IN FIRST CLASS HONOURS AWARDS onours
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opinion@thisdaylive.com
www.thisdaylive.com
GLOBACOM AND FRAMEWORK OF NIGERIA’S ECONOMIC RENEWAL
Wednesday December 24, 2025 Vol 27. No 11222
RONKE BELLO reflects on the Tinubu administration
THE MANDATE AND THE CURRENCY OF HOPE Between the last editions of my article “Still Riding on the Currency of Hope” and now, so much have happened in Nigeria. I have had causes to interact with brilliant minds across the globe in my numerous academic voyages in the last two years and I can say that so many of those discourses ended in their minds more or less like the scathing remark of the great writer William Shakespeare who once said, “The miserable have no other medicine but only hope". But as a patriotic Nigerian, rather than boost the despair of those young Nigerians, I encouraged them in the light of Desmond Tutu’s words that “Hope is being able to see that there is light despite all of the darkness". Thinking about it all took my mind back to the beginning of this journey of (renewed) hope which we promised the nation. The very formation of the Tinubu / Shettima Presidential Campaign Council (PCC) was one of hope. Formidable, disciplined and trusting. All signed for letters which clearly stated that we all were volunteers and we were all happy to so work.These in itself was the hallmark of our patriotism to Nigeria a country many of us have, are and will keep giving our best to, whatever happens. In many minds the candidates were the best placed at hopefully moving the country forward, both had enviable track record of experience and performance in both government and the private sectors. For those who truly worked, the campaign and election itself was neither an easy task nor a cheap win. One of the fiercest battles was on the Muslim/ Muslim ticket and some of us being Northern Christians ( a minority in itself) had the uphill tasks of convincing our people in the north that it is time Nigeria as indeed the world move away from religious, gender and tribal sentiments to repose confidence in men and women who can truly give their bests in moving our country forward. Personally, I as a member of the PCC Public Affairs/Spokespersons Directorate granted numerous interviews in print and on air. Wrote many articles and went to nooks and corners of Northern Nigeria to advocate. My sermon was simple: if one had to go through a needed self saving medical operation one never asks if the surgeons are Christians, Muslims, Hindus or Traditional Worshipers. Nigeria needed a leap forward. To us our candidate, an icon: a hero of democracy, a man of depth and experience who continually spoke from the heart was the next perfect fit for the Presidency. It was
time to have a leader that epitomizes our unity as one indivisible nation. Despite the huge backlash and attacks especially from the oppositions, we sang “On Your Mandate We Shall and Are Standing”. For every jab, every brickbat we sang higher and louder! It was such a huge relief and sweet victory in the end! Of course the experienced in public administration understand perfectly that victory at the polls is simply the tiniest bit of governance … for now the real hard work then begins. Reflecting on the journey thus far both the positive, and the negatives, I now believe that it is true indeed Nigerians are a happy people that love life and living these are anchored and seen daily through our cultures, creativities, ingenuity and the“Never die spirit” despite all the odds. These also reinforced my hope that no negative is insurmountable as long as there is the political will, the right team, empathy by the leaders, continued engagement with the led, a feedback mechanism, real time information dissemination on issues especially policies. I have come to realize more than ever that the average Nigerian does not hate the leaders; they simply want promises fulfilled, situations, laws and policies explained. They have their own track and measure indices of their well-being. They easily read the temperament and temperature of governance. They are indeed generous followers and one that expect the same generosity of spirit, of duty and performance from their leaders. Many scholars of governance and critical observation of governance itself have proven that“Governance is reciprocal: a two-way street involving mutual obligations, shared authority, and interdependent relationship where actions by one party (government and citizens) directly impact others, fostering
collaboration, accountability, and trust, rather than just top-down control.” While government creates the enabling environment for citizens to flourish, providing encompassing services and most importantly deliver on its campaign promise and mandate given in addition to defending our space, integrity and leadership presence in the sub region and in the global comity of nations; the citizens in turn must participate meaningfully and as a strategic point of duty demand for accountability. It is this dynamic exchange that strengthens the system or if lacking, weakens it”. The good news, the citizens of Nigeria are still cooperating with her leaders. They speak out, they cry out and it is heartwarming that in President Tinubu we have a listening and present leader. Under his watch many policies have been reversed. While many will argue that why the policy flip-flops and somersaults in the first place? Rules and laws guide in fact, define a society. Empathy in governance is crucial for“it helps leaders understand citizens’ real needs, leading to more responsive policies, fairer resource allocation and better trust; it rehumanises governance”. The Tinubu administration has had its fair share of such policy readjustments and reversals based on understanding the view of the led as outlined in my previous “Currency of Hope”articles. Of recent the security of our nation and her citizens have pushed itself to the front burner. While the issue of insecurity predates this administration, every administration must (without excuses) carry its own cross and the recent changes by the President in the nation’s security agencies and the recent appointment of General Christopher Gwabin Musa (rtd) as Minister of Defense was overwhelmingly received by Nigerians.To whom much is given, much is expected. I join all excited Nigerians to wish the Minister well. In this context, my people of central Northern Nigeria will not forgive me if I do not mention that urgent help is required. As the nation and especially the President prepares to enter a new year though a remarkably political calendar year it beckons on us all that contributed massively in enthroning this administration to keep advising, providing feedback and encouraging the administration to run well and graciously. Bello, Ph.D is an Academic, Public Policy Analyst, Publicist and Author
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WEDNESDAY DECEMBER 24, 2025
Sustainable economic transformation is possible without much noise, argues LOUIS IBE
GLOBACOM AND FRAMEWORK OF NIGERIA’S ECONOMIC RENEWAL
National economic renewal is rarely engineered in the open glare of proclamations or the immediacy of fiscal decrees. More often, it is shaped patiently, almost imperceptibly, by enterprises whose investments translate policy intent into lived structure. In Nigeria’s current season of reform under President Bola Ahmed Tinubu, the philosophy and footprint of Dr Mike Adenuga Jr. and the Globacom Group have emerged as part of this quiet framework—measured in tone, yet foundational in consequence. Across telecommunications, oil and gas, banking and social investment, the Adenuga enterprise exemplifies a disciplined form of capitalism—impactful without exhibitionism, expansive without noise. It is a deliberate oxymoron: omnipresent, yet unostentatious. At a moment when Nigeria seeks macroeconomic stability, restored investor confidence and productivity-led growth, Globacom’s long-standing commitment to infrastructure, innovation and inclusion mirrors the deeper logic of the national reform agenda. In the digital sphere, Globacom functions as both artery and accelerator of modern Nigerian life. Its vast network dissolves geography, allowing commerce, education and creativity to flow seamlessly from dense urban centres to remote communities. Strategic collaborations with state governments, notably in Imo and Enugu, demonstrate how private capital can quietly complete public ambition— transforming access into agency and connectivity into competence. When a senior executive describes connectivity as the bloodstream of modern economies, the metaphor rings true in the daily anecdotes of traders accessing markets, students learning beyond classrooms and entrepreneurs scaling ideas beyond postcode limits. Yet fibre optics and signal towers tell only part of the story. The Adenuga footprint extends into the industrial sinews of the economy. The landmark 2025 production agreement between Conoil Producing Limited and TotalEnergies, signed in Paris, was more than a commercial transaction; it was a symbolic reaffirmation of confidence in Nigeria’s upstream oil and gas sector. Through a carefully structured asset swap and forward-looking
appraisal plans tied to the Egina FPSO, indigenous capital once again asserted its role in energy security, revenue stability and long-term national resilience. Coming shortly after the export of the new “Obodo blend” crude, the deal embodied a quiet paradox: a mature sector renewing itself without fanfare. Employment and human capital development form another enduring strand of this contribution. Across Globacom and its sister enterprises, thousands of Nigerians are employed through merit-driven, multicultural recruitment that places competence above creed. In a country grappling with unemployment and skills mismatches, this approach offers more than livelihoods; it offers a stabilising narrative—an anecdotal counterweight to uncertainty, where opportunity is scaled through fairness and performance. Culture, too, is woven into this economic fabric. Through sustained support for festivals such as Ojude Oba and Ofala, Globacom allows heritage and commerce to coexist rather than collide. These celebrations, elevated to national prominence, stimulate tourism, hospitality and local trade, converting memory into monetary value. Like an Elizabethan masque, tradition and modernity share the same illuminated stage, each lending relevance to the other. Corporate citizenship is expressed with similar restraint. Through the Glo Foundation and the Mike Adenuga Foundation, support reaches the elderly, the disabled and other vulnerable groups without spectacle, complementing government welfare efforts and softening the social edges of reform. Even Globacom’s consumer promotions and youth-focused initiatives play a subtle economic role, redistributing value and sustaining optimism across Nigeria’s vast population. Ultimately, while government sets the compass of national renewal, enterprise lays the road. In the steady investments of Globacom and the wider Adenuga enterprise lies a broader Nigerian lesson: that sustainable economic transformation is often achieved not through noise, but through patient capital, disciplined vision and partnerships that quietly bind aspiration to reality. Ibe is a Reputation Management Specialist
ITU plans to bridge the divide as part of sustainable development, writes SONNY ARAGBA-AKPORE
ITU AND ROAD MAP TO DIGITAL CONNECTIVITY
At a time when network connectivity locally is wobbling, Nigeria recently joined the rest of the world in formulating a road map to ensure global connectivity. Rising after 11 days of deliberations at the World Telecommunications Development Conference (WTDC 25) in Baku, Azerbaijan, the country's representative, the Nigerian Communications Commission (NCC), signed to ensure that digital benefits get to its population. Of the 2.2billion global population that is offline, no fewer than 23 million reside in Nigeria, located in underserved and unserved communities across the country. ITU plans to bridge this divide by 2030 as part of the Sustainable Development Goals (SDGs). Universal, meaningful connectivity at the centre of global strategy for humancentred digital development was the fulcrum of WTDC 25. Indeed, Member States of the International Telecommunication Union (ITU) agreed on a roadmap to bring connectivity to everyone around the world as the World Telecommunication Development Conference (WTDC-25) closed in Baku on November 28, 2025. “The Baku Action Plan agreed at WTDC-25 sets the agenda for humancentred digital development driven by telecommunications and information and communication technologies with focus on the needs of developing countries, underserved communities and vulnerable populations, according to ITU documents. It states that “with an estimated 2.2 billion people worldwide still offline, the four-year plan spanning 2026 to 2029 supports efforts to advance universal, meaningful and affordable digital connectivity for an inclusive and sustainable digital future.” “As conveyed to the WTDC-25 Opening Ceremony on behalf of the President of the Republic of Azerbaijan, Ilham Aliyev, Baku became the place where Member States and partners agreed on practical outcomes to guide ITU's development work for the next four years," said Rashad Nabiyev, Azerbaijan's Minister of Digital Development and Transport. "Working alongside our partners, Azerbaijan has contributed to shaping these outcomes. The adoption of the Baku Declaration, which includes a reference to the COP29 Declaration on Green Digital Action, reflects our shared commitment to an inclusive and sustainable digital future." The Baku Action Plan, the principal outcome document of WTDC-25, includes new and revised resolutions to guide ITU's digital development work, recommendations for ITU's Telecommunication Development Sector (ITU-D), and new initiatives addressing key digital development priorities in ITU-D regions. The plan also sets out new and revised questions on issues to be addressed by expert ITU-D study groups.
“The outcomes of WTDC-25, contained in the Baku Action Plan, reflect the needs, priorities and aspirations of our membership in a forwardlooking and results-oriented agenda for digital development and impact," said Cosmas Luckyson Zavazava, Director of ITU's Bureau of Telecommunication Development. “The Plan outlines the roadmap of action to bridge the remaining digital divides, while addressing the unique needs of Least Developed Countries, Landlocked Developing Countries and Small Island Developing States. We look forward to delivering tangible results and accelerating digital transformation by working with governments and regulators to create an enabling policy and regulatory framework that paves the way for the industry and private sector to invest and contribute to our efforts to close infrastructural gaps so we may achieve meaningful connectivity and bring everyone online. ITU documents state that “WTDC-25 has brought us closer to our goal of making connectivity universal, meaningful and affordable for everyone, everywhere in this decade," said ITU SecretaryGeneral Doreen Bogdan-Martin. “The Baku Declaration and Action Plan is our roadmap towards human-centred digital development that leaves no one behind." Organised by the ITU and hosted in Baku by the Government of Azerbaijan, the two-week conference brought together over 2,000 participants representing 153 Member States and the State of Palestine under Resolution 99. Broad global representation at WTDC helped ensure a wide consensus on the priorities and approaches to extend the benefits of digital technology to all. During the conference, ITU issued the Global Connectivity Report 2025, offering recommendations to accelerate progress toward universal and meaningful connectivity. Based on ITU's newly released Facts and Figures 2025 data, the Global Connectivity Report provides policy guidance, measurement frameworks and detailed analysis across the key dimensions of universal and meaningful connectivity: quality, availability, affordability, devices, skills and security. Aragba-Akpore is a member of THISDAY Editorial
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T H I S D AY
WEDNESDAY DECEMBER 24, 2025
EDITORIAL
Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com
BOOM IN FIRST CLASS HONOURS AWARDS First class degrees, like any other, should be earned
Unive
A
ree
of glorified secondary schools, and raising questions t Lead City University’s 18th convoabout the accreditation process. Among other things, cation ceremony in Ibadan recently, ty Deg i many lecturers who can’t hold their own in public s r no fewer than 290 students achieved universities are being hired as professors, and even first-class honours out of 2,162 stuvice chancellors in some of these private universities. s r dents conferred with undergradunou ss Ho st Cla In 2024, about 17 per cent of graduates from the 1 ate degrees. Even more impressive, top ten private universities earned first-class honours, Covenant University, Ota, in October 357 students compared to only 3 per cent in federal and state unigraduated with first class honours out of 1,646, outversities. For instance, of late, one in five students in performing its last year’s figure with similar grades Covenant University graduate with a first class. Last by 18. But there is a worrying concern on the surge in July, Babcock University, Ilisan, Ogun State, gradufirst class degrees awards. Many argue that "paper tiated 2,543, students with 241 recording First Class tles" are becoming a national obsession. Stakeholders Honours. The University of Lagos in contrast graduin the educational sector, and other individuals, have ated 17,464 students with only 379 (2 per cent) with warned that the high volume of first-class degrees first-class honours. Olabisi University, Ago Iwoye in private universities could indicate a shift toward graduated 6,257 recently with 55 in "marketing" excellence rather the first-class category. “A situation than earning it. Some vice-chanwhere you have a university gradcellors from established public inThe NUC should strive to enforce uniform standards uating a few hundred students and, stitutions have pointed out that a among them, over one hundred bag university churning out hundreds to ensure many of these degrees are worth more first-class degrees leaves room for of students where over 15–20 per probing questions,” said the vicecent are in the first-class category than the papers on which they are written chancellor of Olabisi Onabanjo invites "probing questions" about University, Ago Iwoye, Ganiyu Olastandards. tunde. “No one is saying that students The advent of private univerwho deserve first-class degrees should not be given sities in Nigeria is a welcome development. Even to them. Hard work, dedication, and commitment T H I S D AY though their capacity is limited, accommodating less EDITOR SHAKA MOMODU should be rewarded. However, the manner some unithan 5 per cent of the student population, they are DEPUTY EDITOR WALE OLALEYE versities go about placing students in that category filling a void. The public universities had become MANAGING DIRECTOR ENIOLA BELLO should be checked.” DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU anything but centres for excellence, battling with the The explosion in the numbers of first-class degrees CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI challenge of poor pay, outdated equipment, overEDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN need not be a matter for alarm if the products display crowded classrooms, and endless strikes. Strikes by THE OMBUDSMAN KAYODE KOMOLAFE high quality standards outside the classrooms. But lecturers and non-academic staff resulted in a situathey are not, coming out like the run -of- the- mills tion in which students attending these public univergraduates with certificates which many cannot desities were never certain when they would graduate. fend a threat to educational integrity. The develThese inadequacies and many other irregularities in T H I S D AY N E W S PA P E R S L I M I T E D opment of a sound educational system, according to the Nigerian education system have contributed to the EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA Afe Babalola, SAN, proprietor of a respected private GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, declining quality that has continued to elicit concern ISRAEL IWEGBU university, requires enormous resources for research, from stakeholders. DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, infrastructural development, and the employment of Unfortunately, the emergence of private universiANTHONY OGEDENGBE quality academic and non-academic staff. The Naties does not seem to be making much difference in DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI tional Universities Commission (NUC) should strive SNR. ASSOCIATE DIRECTOR ERIC OJEH certain areas. There is no doubt that a few of the priASSOCIATE DIRECTOR PATRICK EIMIUHI to enforce uniform standards to ensure many of these vate universities meet international standard and have CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI degrees are worth more than the papers on which they raised the bar in terms of quality. However, many of DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO are written. TO SEND EMAIL: first name.surname@thisdaylive.com the 150 private universities are suspect, some more
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 IGP, THE LAW,AND TINTED GLASS PERMIT
The controversies surrounding the enforcement of the tinted glass permit policy are far from over. What should have been a straightforward regulatory issue has now grown into a public debate touching on the rule of law, institutional accountability, and the limits of police powers in a constitutional democracy. At the centre of this debate is the Nigeria Police Force and the Office of the Inspector General of Police (IGP), whose insistence on enforcement has raised serious legal and ethical questions. The renewed tension follows a back-and-forth exchange between the Nigeria Police and the Nigerian Bar Association (NBA) over a court order reportedly halting the enforcement of the tinted glass permit policy. The NBA maintains that a competent court has issued an order restraining the police from enforcing the policy pending the determination of the substantive suit. This position, coming from the umbrella body of legal practitioners, has un-
derstandably drawn public attention and concern. The Police, however, have taken a different stance. They argue that although such an order may exist, they have not been formally served and therefore are not bound by it. On this basis, the Police insist that enforcement will commence on January 2, 2026. This position raises a troubling question: does the mere absence of service justify proceeding with an action that is already under judicial consideration? In defending their position, the Police have repeatedly argued that criminals and terrorists use vehicles with tinted glass to perpetrate heinous crimes, including armed robbery, kidnapping, and terrorism. According to the Police, enforcing the tinted glass permit is a necessary security measure aimed at curbing criminal activities and improving public safety. On the surface, this argument appears reasonable and appeals to widespread fears about insecurity.
However, this justification becomes weak when examined against the reality of Nigeria’s security challenges. It is a well-known fact that much of the insecurity currently facing the country is driven by banditry and kidnappings. These crimes are predominantly carried out by armed groups operating on motorcycles and within forested areas, not by individuals driving tinted glass vehicles through urban roads. Moreover, the assumption that a tinted glass permit can prevent crime is fundamentally flawed. Criminals do not typically use vehicles registered in their own names to commit crimes, nor do they rely on official permits to shield themselves from law enforcement. A permit regime may inconvenience law-abiding citizens, but it offers little deterrence to organised criminal networks operating outside the law. Tochukwu Jimo Obi, Obosi Anambra state.
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T H I S D AY • WEDNESDay DECEMBER 24, 2025
ProPerty & environment
COP30: Nigeria’s Negotiators Showed Improved Preparedness, Next Step is Translating Agreements Into Action, Says NCF DG, Onoja
The Director-General of the Nigerian Conservation Foundation (NCF), Dr. Joseph Onoja, speaks on the outcome of COP30, the annual UN climate meeting, which was held in Belém, Brazil, recently. He discuses its implications for Nigeria and africa. Bennett Oghifo reports
F
rom your perspective, what made this year’s conference significant in terms of outcomes and global direction? COP30 has always been touted as the COP for implementation. After years of negotiations, this was expected to be the moment where the world steps up to actual action and it lived up to that expectation. The COP30 Presidency elevated the Montreal Agreement and focused strongly on charting a clear course for implementing previous commitments. One major highlight was climate finance: nations agreed to increase and even triple climate finance by 2030. There are also defined plans for adaptation finance, with a goal of reaching $1.3 billion for developing countries by 2035 and, importantly, a clear roadmap to achieve this. The location of COP30, at the edge of the Amazon forest, also brought nature into the center of climate discussions. This was emphasized through the launch of the Tropical Forest Forever Facility by the COP Presidency. COP30 moved the world from years of negotiation to the era of implementation. Key outcomes include adaptation
finance, forests, and nature-based solutions. Which of these are most consequential for Africa? It’s difficult to separate climate finance, adaptation finance, and nature-based solutions because they are deeply intertwined. But if we must prioritize, finance becomes the key driver. Africa is already facing significant loss and damage through flooding, coastal erosion, habitat degradation, and more. Finance is the vehicle for addressing these issues. Operationally, finance is the oxygen, while nature-based solutions are the lungs. Finance is the oxygen of climate action, and nature-based solutions are the lungs. Africa is one of the least emitters yet suffers the most consequences. How should this shape global responsibility? This is why the global north must step up. There must be an increase in financing for adaptation. The global north must step up. Africa needs increased adaptation financing.
One major debate was the lack of agreement on fossil fuel phase-out. How does this shape global climate ambition? There has been extensive debate, and we expected a stronger text clearly defining fossil fuel phase-out. The outcome still relied on language from COP28, so a clear pathway has not yet been defined. For Nigeria, as a petrostate, this gives us time to craft a home-grown transition that is just, equitable, and fair. We must ask how we can use gas as our transition fuel and how far we’ve gone in implementing that commitment. As the world moves toward renewable energy, we must also examine the sourcing of the metals that power it. Many come from biodiverse regions, where mining could result in child labor, exploitation of women, and other social harms. We must follow the value chain to ensure renewable energy does not create new problems while solving old ones. Nigeria must design a transition that is just, equitable, and home-grown. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
Onoja
TAF Africa Targets Building of One Million Homes Across Africa Blessing Ibunge in Port Harcourt A real estate development company, TAF Africa Global Limited, has reaffirmed its commitment to build one million homes across Africa. This was as the developing firm has completed the construc-
tion of 1,000 housing units, phase 1 of the 20,000 Greater TAF City project at the Obiri Ikwerre-Airport Road, Port Harcourt, Rivers State. Rivers State Governor, Siminalayi Fubara, who commissioned the housing units, expressed satisfaction with TAF’s achievement so far.
The Managing Director and Chief Executive Officer of Greater TAF Nigeria Ltd/TAF Africa Global Ltd, Mustapha Njie, in his remarks at the inauguration of the project, said the celebrated success marked the beginning of the drive towards provision of decent, affordable homes for businesses and families to thrive
Greater TAF City project at Obiri Ikwerre-Airport Road, Port Harcourt, Rivers State
in the State. “Today, we commission the first one thousand homes built. But this is only a beginning. It is a foundation, a foundation for thousands more homes, for thriving businesses, for families to flourish, and for a legacy of sustainable development. We are honoured to walk this path with you, Your Excellency, as we gear towards TAF Africa Global’s vision of building one million homes in Africa,” he said. Njie described the project as a vision of dignity and prosperity for Rivers people, stressing that it had not only materialised to the first one thousand keys to new homes but had also earned recognition as one of the best public-private partnership housing initiatives in Africa. “This project’s impact resonates beyond our borders. Because of the innovative publicprivate partnership model you pioneered here, last year in Zanzibar, the African Union for Housing Finance (AUHF) recognised this project as the Most Innovative PPP in Affordable Housing in Africa.
“Furthermore, TAF Africa Global was consecutively awarded the title of Affordable Housing Company of the Year in Africa for both 2024 and 2025 at the Africa Housing Awards (AHA),” he noted. To Governor Fubara, Njie said “These accolades belong to you, your Excellency. They are a direct result of the enabling environment you created. They have prove that when a visionary government and a dedicated private partner come together, we can set not just local, but continental benchmark.” Unveiling the project, Rivers State Governor, Siminalayi Fubara said the project was more than a housing scheme, but a bold idea conceived during one of the most challenging periods of his administration. Governor Fubara revealed that his government defied more than 90 court cases instituted to frustrate the realisation of the housing project, noting that the project was deliberately targeted with legal actions aimed at halting its progress. “This was an idea that faced
challenges no other development has ever faced in Rivers State. We are all aware of the history surrounding the Greater Port Harcourt City Development Authority and the acquisition of land by previous administrations to move development from the city centre to other areas. “When we started, there were over 90 litigations from individuals claiming ownership of the land and alleging nonpayment of compensation. It was a deliberate ploy to frustrate this vision and endanger the welfare of our people,” he stated. Governor Fubara emphasised that the inauguration of Phase One affirms the seriousness of his administration’s vision to deliver 1,000 housing units in the first instance, within a larger plan of 20,000 units. “Today marks not just the delivery of the first phase, but proof that the vision of 1,000 housing units is real. This project is for middle-income earners and represents a major step in moving development from the city centre to this axis,” he said.
Enugu State and the Climate Governance Ranking: Progress Made, Impact Delivered, More Work Ahead
Sam Chijioke Ugwu
The rise of Enugu State in the recently released 2025 Subnational Climate Governance Performance Ranking offers a powerful encouragement for progress made by Governor Peter Ndubuisi Mbah in confronting the escalating climate-related risks across our communities but also serves a as clear evidence that deliberate climate governance reforms, when properly implemented, can deliver tangible economic, social and environmental
benefits for the people. In the 2025 ranking, Enugu State emerged among the topperforming states nationwide, recording one of the most notable improvements in the federation — rising from 18th position in 2024 with 85 points to 5th position in 2025 with 270 points. This independent assessment, conducted by the Society for Planet and Prosperity (SPP) in partnership with the Federal Ministry of Environment’s Department of Climate Change (DCC) and the UK FCDO under the PACE
programme, evaluates all 36 states across five core pillars of climate governance: institutional arrangements, climate policy, budgeting and finance, project implementation, and online visibility. Our improved ranking was not accidental. It is the direct outcome of the intentional reforms triggered by the first edition of the ranking, which clearly diagnosed the gaps in Enugu’s climate governance architecture and provided a practical roadmap for improvement. We took that diagnosis
seriously. Following the first ranking, Enugu moved decisively to strengthen governance at the highest level. We undertook a rigorous and deliberative process to drafting a comprehensive Enugu State Climate Policy and Climate Action Plan which was tendered to and approved by the Enugu State Executive council. Our climate policy and action plan contains qualitative assessment of emission profile of the state, scenarios and pathways to emission reduction up to 2060. It also contains a
detailed energy auditing of key public instructions of the state including the government building, the state secretariat, the Enugu State University and the State government hospital Park Lane) showing detailed expenditure of energy and potential for savings. Equally critical to our rise in the ranking has been a deliberate effort to improve public communication and citizen engagement on climate action. Enugu’s enhanced online visibility reflects a broader shift towards transparency, climate
education and public accountability. Through the Smart Green Schools Initiative, climate learning is now embedded within the education system, equipping teachers and students with the skills to understand environmental risks and champion local solutions. This is preparing a new generation of environmentally conscious citizens while strengthening community-level climate literacy. -Professor Sam Chijioke Ugwu, Hon Commissioner for Environment and Climate Change
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T H I S D AY • weDnesDAY DeCeMbeR 24, 2025
business/MOneYGuiDe
Fidelity Bank Supports Safety, Donates Equipment to Ikoyi Fire Station
promoting public safety within the communities Fidelity Bank Plc in its it serves. bid to strengthen its According to him: push for community “Fidelity Bank remains safety and environmental committed to supporting sustainability with the initiatives that contribute donation of firefighting to the protection of and preventive equipment our environment, lives to the Ikoyi Fire Service and property. We see Station in Lagos, community safety as underscoring its growing a shared responsibility focus on grassroots impact. and continuously extend The donated items, support to both corporate which include firefighting bodies and individuals.” Nwagboh further noted hoses and gasolinepowered water pumps, that, “We believe that were provided under the preventive measures are bank’s Fidelity Helping far more effective than Hands Programme (FHHP) reactionary responses. by its True Serve team. This donation is part of our Commenting on the efforts to drive sustainable reason behind the donation, practices by providing the Divisional Head, Brand necessary tools. Our goal and Communications is to ensure that people Division, Fidelity Bank live meaningful, safe, and Plc, Dr Meksley Nwagboh, empowered lives.” emphasized that the In her comments, Lagos donation reflects the State Controller, Federal bank’s dedication to Fire Service and Controller strengthening emergency of Fire (CF), Funke response capabilities and Adebayo commended Nume Ekeghe
Fidelity Bank for the timely support, while cautioning residents to exercise heightened vigilance during the festive period, especially with the dry weather conditions. “We appreciate Fidelity Bank for this timely donation. We are in a harsh weather period where fire incidents can escalate quickly. Parents must educate and caution children against the use of fireworks during celebrations. Fire should never be treated carelessly,” Adebayo said. On his part, Area Commander, Onikan Fire Station and Chief Superintendent of Fire (CSF) Oswere Michael expressed appreciation to Fidelity Bank for supporting their operations. He encouraged families, business owners, and community members to prioritize fire safety at all times.
ECOVIS Flags Off Year-end CSR, Impacting Apapa Environs Nume Ekeghe
ECOVIS OUC Chartered Accountants has once its commitment to corporate social responsibility with the distribution of over 500 bags of rice and cash support of N5,000 each to residents of Apapa and its surrounding communities. The CSR outreach, which formed part of the firm’s end-of-year community engagement activities, was aimed at supporting vulnerable households, low-income earners, traders, transport workers and other residents within the Apapa axis, especially at a time of rising economic pressure. Speaking during the
exercise, the Managing Partner, Mr Andrew Uviase, said the initiative reflects ECOVIS OUC’s long-standing belief that responsible businesses must play an active role in supporting the communities in which they operate. According to him, the rice and cash support programme is a structured part of the firm’s corporate social responsibility strategy, designed to complement its professional services with meaningful social impact. “At Ecovis OUC, we see corporate social responsibility as an integral part of our business values. Beyond providing audit, tax and
advisory services, we are committed to giving back to society and supporting our host communities in practical ways. This outreach is one of the ways we show solidarity with the people, particularly during the festive season,” He said. Meanwhile, the Associate Partner Practice Management of the firm, Ms Victorial Okpako, who flagged off the distribution exercise alongside other management staff, explained that the combination of rice and cash token support was carefully considered to help beneficiaries meet immediate household needs and ease some financial burden.
Shantali Emerges CSCS’s CEO, Lauds Jalo-Waziri’s Legacy Kayode Tokede The Central Securities Clearing System Plc (CSCS) has announced the appointment of Mr. Shehu Shantali as its new Chief Executive Officer, effective 1 January 2026, following the receipt of regulatory no-objection. He succeeds Mr. Haruna Jalo-Waziri, who will be stepping down after a successful eightyear tenure marked by strong leadership, strategic growth, and significant contributions to the development of Nigeria’s capital market infrastructure. During his tenure, Jalo-Waziri provided visionary and results-driven leadership that delivered sustained growth and far-reaching transformation
across the organization. Commenting on the appointment, the Chairman of the Board, Mr. Temi Popoola, in a statement said: “On behalf of the Board, I would like to express our profound appreciation to Haruna JaloWaziri for his outstanding service to CSCS. “We thank him sincerely for his dedication and impact.We are equally delighted to welcome Shehu Shantali as the new Chief Executive Officer of CSCS. He brings a wealth of experience, deep industry knowledge, and a strong strategic vision.” Reflecting on his tenure, the outgoing CEO, CSCS, Mr. Haruna Jalo-Waziri, in a statement stated: “It has been an honour to serve as the Chief Executive Officer of CSCS. I am proud of what we have achieved together as a team and grateful for
the support of the Board, management, regulators, and all our stakeholders. I am confident that CSCS is well positioned for the future, and I wish my successor every success as he takes the Company forward.” In his remarks, Shantali, said: “I am deeply honoured by the confidence the Board has placed in me with this appointment. CSCS plays a critical role in Nigeria’s capital market ecosystem, and I look forward to working with the Board, management, staff, regulators, and market participants to further strengthen the Company’s leadership position, deliver value to stakeholders, and support the continued growth and stability of the capital market.”
L-R: Manager in Compliance and Regulatory Service. Mr. Moyowa Paijah; Associate Partner, Ms. Victoria Okpako; Manager Audit and Assurance, Mr Morgan Uviase; Audit and Assurance, Mr. Tajudeen Oruku all of ECOVIS OUC, at the Year-End Rice Donation of the Company 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).
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T H I S D AY • WEdNESdAY dECEmBER 24, 2025
mARKET NEWS
Stock Market Gains N579bn to Sustain Positive Momentum
Kayode Tokede
The stock market section of the Nigerian Exchange Limited (NGX), yesterday gained N579 billion to sustain its positive momentum for the ninth consecutive day as investors position in listed fundamental companies. The NGX All-Share Index (NGX ASI) gained by 895.07
basis points, or .59 per cent to close at 153,354.14 basis points. The market witnessed the listing of 7.62 million units of Chams Holding Company shares, causing a 0.01 per cent discrepancy in the ASI and market cap percentage increase. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst
P R I C E S MAIN BOARD
F O R DEALS
which are; BUA Foods, Eunisell Interlinked, MeCure Industries, First HoldCo and Nigerian Exchange Group. Market breadth was positive with 29 gainers surpassing 27 losers. Aluminium Extrusion Industries recorded the highest price gain of 9.96 per cent to close at N14.90, per share. Austin Laz & Company followed with a gain of 9.81 per cent
S E C U R I T I E S MARKET PRICE
qUANTITy TRADED
to close at N2.91, while Custodian Investment increased by 9.69 per cent to close at N38.50, per share. First HoldCo rose by 9.35 per cent to close at N50.30, while FTN Cocoa Processors up by 8.74 per cent to close at N5.10, per share. On the other hand, Royal Exchange led the losers’ chart by 7.22 per cent to close at N1.80, per share. Champion Breweries followed with
T R A D E D
vALUE TRADED ( N )
A S
MAIN BOARD
O F
a decline of 6.57 per cent to close at N15.65, while NASCON Allied Industries declined by 5.36 per cent to close at N105.05, per share. Sovereign Trust Insurance depreciated by 5.28 per cent to close at N3.77, while Japaul Gold & Ventures declined by 4.51 per cent to close at N2.33, per share. Also, the total volume traded rose by 50.03 per cent to 677.433 million
units, valued at N20.784 billion, and exchanged in 27,589 deals. Transactions in the shares of VFD Group topped the activity chart with 191.972 million shares valued at N2.073 billion. Guaranty Trust Holding Company (GTCO) followed with 63.450 million shares worth N5.590 billion, while Access Holdings traded 49.774 million shares valued at N1.022 billion.
D E C E M B E R / 2 3 / 2 5 DEALS
MARKET PRICE
qUANTITy TRADED
vALUE TRADED ( N)
26
WEDNESDAY, DECEMBER 24, 2025 • THISDAY
NEWS
ANNUAL LECTURE OF THE NIGERIAN AIR FORCE OFFICERS’ MESS...
L-R: Air Cdre. B. E. T. Akpabio, Chief of Staff, representing the Special Guest of Honour and AOC, NAF Logistics Command, AVM A. A. Suleh; Dr. Goke T. Akinrogunde, Chairman, NAFOM-HMF, Ikeja; Mr. Wilson Uwujaren, Director of Public Affairs, Economic and Financial Crimes Commission (EFCC), representative of the Guest Lecturer, Mr. Ola Olukoyede, Executive Chairman, EFCC; and Air Cdre. E. A. Akintunde, President, Mess Committee, NAF Officers’ Mess, Ikeja, during the annual lecture of the Nigerian Air Force Officers’ Mess, Sam Ethnam Air Force Base Honorary Members’ Forum, held in Lagos … recently
Ogoni Re-entry: NNPC Committed to Peace, Responsible Oil Drilling, Says Ojulari 30 indigenes to resume work in January Locals now hold 40% of Nigeria’s largest onshore block
Emmanuel Addeh in Abuja
The Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPC Ltd.), Bayo Ojulari has reaffirmed the company’s commitment to peace, dialogue, and responsible energy development in Ogoniland. Ojulari disclosed this while speaking during a federal government delegation’s visit to Ogoniland, in Rivers State, describing the renewed engagement as a demonstration of hope and a new beginning built on partnership and understanding. Located in Ogoniland and operated by the NNPC Exploration and Production Limited (NEPL), a flagship upstream subsidiary of NNPC Ltd, OML-11 is Nigeria’s largest onshore block, with Ogoniland holding over 40 per cent of its recoverable reserves. “This visit is a demonstration
of hope. It affirms the commitment of the federal government, under the leadership of President Bola Ahmed Tinubu, to peace, dialogue, and rebuilding trust. For NNPC Limited, it marks a new beginning—one grounded in partnership, mutual respect, and shared responsibility,” Ojulari stated. While acknowledging the painful history of Ogoniland, the GCEO emphasised that recognising the past was essential to building a different future, a statement by the Chief Corporate Communications Officer, Andy Odeh, said yesterday. Ojulari commended the Presidential Committee on Ogoni Re-entry, led by Prof. Don Baridam, and the National Security Adviser (NSA) Mallam Nuhu Ribadu, for their steady leadership in building confidence and trust. According to Ojulari, NNPC’s mission in Ogoniland goes
beyond resource extraction, but one that places people, livelihoods, and the environment at the centre of its operations. “We believe wholeheartedly that energy development must go hand in hand with environmental protection and community wellbeing,” he said. Reaffirming NNPC’s responsibility to host communities,
A tragic road traffic crash in the early hours of yesterday, has claimed the lives of ten men and left several others injured along the Jos-Bauchi Road, shortly after the military checkpoint on the outskirts of Jos, Plateau State. The crash which occurred at about 12:12 a.m, involved four vehicles two trailers and two Ford Galaxy minibuses - with a total of 19 occupants comprising 17 males and 2 females. According to the Federal
Road Safety Corps (FRSC) Plateau State Sector Command, ten adult males died on the spot, while the survivors sustained varying degrees of injuries. Emergency responders evacuated the injured to General Hospital Miyan Barkete, Jos University Teaching Hospital (JUTH), and Plateau State Specialist Hospital for urgent medical attention. Eight of the deceased were deposited at the morgues of Plateau Specialist Hospital and Bingham University Teaching Hospital respectively, while
with pride to welcoming them as they resume work in January 2026, marking a meaningful step toward shared progress and opportunity for our communities,” he stated. On his part, the Governor of Rivers State, Siminalayi Fubara, expressed gratitude for Tinubu’s commitment to finding lasting solutions to a
decades-long, recurring issue in Ogoniland, which is now beginning to yield positive results. “We had our first meeting with Mr. President, and certain commitments were made to improve the quality of life in Ogoniland. He has begun to fulfill those promises, starting with road construction.
Akpoti-Uduaghan Deploys Massive Christmas Relief for Kogi Central, Distributes Over 8,000 Bags of Rice Sunday Aborisade in Abuja
In one of the largest festive humanitarian outreaches witnessed in recent years in Kogi State, the Senator representing Kogi Central Senatorial District, Senator Natasha Akpoti-Uduaghan, on Tuesday distributed over 8,000 bags of 25-kilogramme rice and other assorted food items to
10 Dead, Several Injured in Midnight Crash on Jos-Bauchi Road
Yemi Kosoko in Jos
the GCEO offered assurances on welfare, security, and opportunity. “I am delighted to share that one of our commitments to the people of Ogoni is becoming a reality. “The process for the full-time employment of 30 Ogoni indigenes has reached its final stage, with employment offers already issued. We look forward
officials of the National Union of Road Transport Workers (NURTW) claimed two bodies who were identified as their members for immediate burial. The rescue operation was jointly carried out by personnel of the FRSC, the Nigeria Police Force, military officers stationed along the route, and residents of nearby communities. Preliminary investigations indicate that excessive speeding and reckless driving, which resulted in loss of control, were major factors responsible for the fatal crash.
constituents across the district’s five local government areas. The Christmas palliative programme, which held simultaneously in Adavi, Ajaokuta, Okene, Okehi and Ogori-Magongo Local Government Areas, according to a statement by her Media Office, was aimed at easing the burden of rising food prices and ensuring that households across the district could celebrate the Yuletide season with dignity. Addressing beneficiaries at different centres, Senator Akpoti-
Uduaghan said the initiative was borne out of compassion and her conviction that public office must translate into tangible benefits for the people, especially during periods of economic strain. She noted that Christmas symbolises love, sacrifice and shared joy, stressing that leadership must respond meaningfully to the realities faced by citizens. The Senator said: “At a time when many families are grappling with the high cost of living, it is important for leaders
to stand with their people in practical ways. “This support is to ensure that families across Kogi Central can celebrate the season without hardship.” Beyond the thousands of bags of rice distributed, beneficiaries also received assorted food items shared among community groups, women associations, youth organisations, religious bodies, the elderly and other vulnerable residents within the senatorial district.
Oborevwori First Governor to Implement LG Financial Autonomy, Says Aide Omon-Julius Onabu in Asaba
The Director General of the Delta State Bureau for Orientation and Communications, Dr Latimore Oghenesivbe, has said that Governor Sheriff Oborevwori has been compliant with the Supreme Court judgment granting financial autonomy to local government councils in Nigeria. Oghenesivbe, made the
assertion while speaking during a public affairs programme, stressing that long before the Supreme Court delivered its historic verdict on the matter, Oborevwori had been a strong advocate of financial autonomy for local governments. According to him, as soon as the newly elected local government council chairmen were inaugurated in 2024, the governor released to the 25
local government councils all outstanding arrears kept in trust under the joint account system. He said that President Bola Tinubu’s recent expression of displeasure over the non-compliance of some state governors with the Supreme Court ruling does not apply to Delta State because Oborevwori has consistently complied with the essence of the judgement.
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THISDAY • WEDNESDAY, DECEMBER 24, 2025
NEWS
EIE’S 15TH ANNIVERSARY CELEBRATION AND DOCUMENTARY LAUNCH IN LAGOS...
L-R: Co-founder of Enough is Enough (EiE) Nigeria, Chude Jideonwo; Creative Director of Tae, Bisola Edun; Executive Director of EiE Nigeria, Opeyemi Adamolekun; and Co-founder, EiE Nigeria, Adebola Williams, at EiE’s 15th anniversary celebration and documentary launch in Lagos...recently
Kwankwaso to Tinubu: Answer Your Name as Commander-in-Chief, Tackle Insecurity POS operators aiding terrorists, kidnapping, declares General Laka Links terrorism to wave of coups in W’Africa Bandits attack Wawa community in Niger
Linus Aleke in Abuja, Ahmad Sorondinki in Kano and Laleye Dipo in Minna Former Governor of Kano State, Senator Rabiu Kwankwaso, has challenged President Bola Tinubu to live up to his role as Commander-in-chief of the armed and tackle all forms of insecurity across the
country. Addressing a gathering in Kano, yesterday, Kwankwaso slammed Tinubu, saying his government lacks the political will to tackle the current spate of insecurity. The former presidential candidate of New Nigeria Peoples Party (NNPP) said, “President Tinubu should rise
to the occasion and answer his Commander-in-Chief name to tackle the challenge of insecurity.” According to him, many Nigerians are being killed innocently and their killers go away with their atrocities as if nothing happened. “The government must apologise to Nigerians for
their laxity in the fight against insecurity,” Kwankwaso said. He maintained that the Nigerian military remained one of the most gallant that had fought in several global wars, like Dafur, Liberia, and many other places. He added that the government was not doing what it was supposed to do to enable
Two Rivers PDP Senators Defect to APC Ex-deputy speaker depletes party in Edo
Sunday Aborisade in Abuja and Felix Omoh-Asun in Benin
Peoples Democratic Party (PDP) suffered yet another setback in the senate as two of the three senators from Rivers State, yesterday, joined the ruling All Progressives Congress (APC). The defecting lawmakers were Senator Allwell Onyesoh, representing Rivers East Senatorial District, and Senator Barinada Mpigi, from Rivers South-East Senatorial District. Their defection was formally announced during plenary through separate letters read by President of the Senate, Senator Godswill Akpabio. With the latest development, the number of PDP senators in the 10th Senate dropped from 26 to 24, while APC’s strength increased from 75 to 77. In their letters, both senators attributed their decision to what they described as deepening factionalisation and irreconcilable internal crisis within PDP at the national level, which they said had made it difficult for
them to function effectively on the platform of the opposition party. Akpabio, after reading the letters, urged the lawmakers to conduct themselves in line with the rules and traditions of the senate, while other APC senators welcomed the defectors with applause and handshakes. Leader of the Senate, Senator Opeyemi Bamidele, moved a motion for the amendment of the senate rule to temporarily allow non-senators into the chamber to witness the defection, and the request was supported by both the majority and the minority caucuses. The development paved the way for the leadership of the National Working Committee of APC, led by National Secretary, Senator Ajibola Basiru, to enter the red chamber and witness the proceeding. Minority Leader of the Senate, Senator Abba Moro, however, cautioned the ruling party to be cautious of the fact that too many heavyweights
in a ship could wreck it. Akpabio also admonished the leadership of APC to ensure internal party democracy and adhere to the rule of law to prevent the situation currently being experienced by PDP.
Ex-Deputy Speaker Depletes PDP in Edo PDP in Edo State suffered more depletion as former Deputy Speaker of Edo State
House of Assembly, Hon. Maria Edeko, representing Esan North-East II constituency, left the party for APC. Disclosing this yesterday during plenary, Speaker of the Assembly, Hon. Blessing Agbebaku, who received Edeko, stated that by the defection, her constituents stood to enjoy more dividends of democracy. With her defection, APC now has 22 members while PDP has only two.
the military to fight gallantly. Kwankwaso, stated, “When I was defence minister, I knew the strength of the Nigerian military. They are courageous. We need some semblance of political will to make them do the needful. “Historically, the Nigerian military was the best that served across the globe and not only did well but came out with flying colours as the best. President Tinubu should rise to the occasion and equip them with all they require to change the narrative.” Kwankwaso said should he become the president of the Nigeria in 2027, he would ensure the recruitment of over one million military personnel. He said any government that failed to protect life and property had woefully failed and had no business being in government. He stated that the federal government must work an extra time to incorporate the likes of the Kano Neighbour-
hood Security Network into the military.
POS Operators Are Aiding Terrorists, Kidnapping in Nigeria, Declares Gen. Laka
National Coordinator of National Counter Terrorism Centre, Office of the National Security Adviser (NCTC-ONSA), Major General Adamu Laka, has disclosed that Point of Sale (POS) operators were aiding terrorist and kidnapping activities in Nigeria. He also linked the growing incidence of transnational organised crime and terrorism to the wave of military coups in West Africa and the broader Sahel region. Speaking at a media parley with journalists in Abuja, Laka expressed concern that some unscrupulous individuals were now orchestrating their own kidnappings using Artificial Intelligence (AI). Continues online
IGP Decorates 21 AIGs, DIGs, CPs with New Ranks, Canvasses Ethical, Results-driven Leadership Linus Aleke in Abuja
The Inspector-General of Police, Kayode Egbetokun, has decorated 21 newly promoted senior officers of the Nigeria Police Force, urging them to demonstrate ethical, results-driven leadership in the discharge of their duties. Egbetokun said the decoration ceremony, which held
on Tuesday, 23 December 2025, at the Peacekeeping Hall, Force Headquarters, Abuja, marked a significant milestone in the officers’ careers and underscored the Force’s commitment to professionalism and merit-based advancement. Addressing the gathering, the IGP described the promotions as a demonstration
of institutional confidence in the officers’ leadership capacity and readiness for greater responsibility. He commended the Police Service Commission for its diligence and transparency throughout the promotion process and acknowledged the support and sacrifices of the officers’ families.
He charged the newly promoted officers to justify their elevation by upholding the highest standards of ethics, professionalism and accountability, stressing that effective, results-driven leadership is essential to improving operational performance and strengthening public trust in the Nigeria Police Force.
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WEDNESDAY, DECEMBER 24, 2025 • THISDAY
NEWS
RENEWED MOMENTUM...
L-R: Newly appointed Attorney-General and Commissioner for Justice, Enugu State, Barr. Osinachi Nnajieze; Governor of Enugu State, Dr. Peter Mbah; and Commissioner for Chieftaincy Affairs and Rural Development, Dr. Charles Egumgbe, during the swearing-in of new commissioners at Government House, Enugu, yesterday
Plateau Politics May Shift as Yilwatda Says Governor Mutfwang Joining APC Soon Yemi Kosoko in Jos All Progressives Congress (APC) in Plateau State has announced plans to formally receive Governor Caleb Mutfwang into the party next month, marking a major political realignment in the state. National Chairman of APC, Professor Nentawe Yilwatda, disclosed this to journalists shortly after a stakeholders’ meeting held at Crest Hotel, Jos, on Monday afternoon. Yilwatda said the party would organise a colourful reception to welcome the governor, adding that his entry signals a new phase
of unity and consolidation for APC in Plateau. Addressing stakeholders, the APC chair stated that Mutfwang’s decision to join the party would further galvanise and strengthen its structure across the state. He reiterated his commitment to welcoming all influential Nigerians willing to join APC, stressing that the party is determined to secure victory in future elections at all levels. The national chairman also announced that all existing executive councils of the party nationwide had been transmuted into caretaker committees, whose tenure would run until
March next year. Yilwatda urged members to participate actively in the ongoing e registration exercise to become fully recognised APC members. Former governor and senator for Plateau South, Simon Lalong, commended party members for their resilience and loyalty, assuring them that their interests would continue to be protected. Lalong dismissed concerns arising from recent political developments, describing them as unnecessary. In his welcome remarks, Chairman of APC in the state, Hon. Rufus Bature,
MAKINDE: WIKE PROMISING TO ‘HOLD DOWN PDP’ FOR TINUBU SPARKED OUR DISAGREEMENT
organise APC in the state due to his loyalty to PDP. He recounted his conversations with the president following the formation of the federal cabinet and discussions on the upgrade of the Ibadan Airport to international status. He said Tinubu had earlier requested that Oyo State nominate a candidate for ministerial appointment, with a preference for someone with a professional background. Makinde said, “When the president said we should nominate a person who will be a minister, I said, ‘Sir, what do you have for us?’ He said he wanted a developmental economist, who could serve as Minister of Budget and Economic Planning.” Makinde added that he complied by recommending a qualified indigene of Oyo State, but the final outcome differed from the initial understanding. He said, “I sent someone from Oyo State, but somebody else was chosen. He was not
posted to Budget and Economic Planning; he was made Minister of Power.” He explained that the issue resurfaced during his visit to the president to seek approval for the upgrade of the Ibadan airport, when concerns were raised about his reaction to the ministerial appointment. “When I went to seek approval for the Ibadan airport upgrade, he said he heard I was angry that my nominee was not chosen,” Makinde said. The governor clarified that he expressed no resentment, stressing that ministerial appointments remain the exclusive prerogative of the president. “I told him you can choose whoever you want as a member of your cabinet; we can only support you,” he said. Makinde revealed that the discussion later shifted to party politics in Oyo State, during which he told the president that the Minister of Power lacked the capacity to organise APC in the state.
“I told him that if you want the Minister of Power to help organise APC in Oyo State, he cannot do it because he does not have the capacity,” Makinde stated. According to him, Tinubu then made a direct appeal for Makinde himself to undertake the task. “He said it was me he wanted to help him organise APC in Oyo State,” the governor revealed, adding that he flatly declined the request, citing party loyalty and political principles. “I told him no, I cannot help you because I am of the PDP,” he said. Reflecting on his early career, Makinde recalled that at the age of 29, he secured his first major contract with Mobil worth $1 million, at a time he said Wike had probably just left law school. Makinde described the deal as a pivotal moment that shaped his rise in both business and politics.
reaffirmed the commitment of members in the state to uphold the decisions of party leaders.
In a vote of thanks, Chairman of the Council of Elders, Ambassador Danladi Wuyep, expressed satisfac-
tion with the turnout and urged the party to continue recognising those who had laboured for its growth.
FRESH TROUBLE FOR PDP AS INEC REJECTS NEW NATIONAL OFFICERS, CITES COURT RULING appeals, INEC stated that granting PDP’s request for recognition at this stage would be prejudicial, legally improper, and contrary to the rule of law. Consequently, the commission reaffirmed that it was unable to recognise or upload the list of national officers said to have emerged from the PDP national convention of November 15–16, 2025 until all pending appeals were determined and full compliance with court orders was achieved. INEC also disclosed that the positions were clearly communicated to the PDP leadership during a meeting held at the commission’s headquarters on December 19, 2025. The electoral body concluded by assuring all stakeholders of its highest regard and reiterated its commitment to acting strictly within the confines of the constitution, due process, and respect for judicial authority.
PDP Insists It Has No Faction, INEC Biased
The leadership of PDP insisted that in law and fact, there was no faction in the party. According to National Publicity Secretary of PDP, Ini Ememobong, “This reiteration is necessary in the light of the INEC letter explaining their inability to recognise and upload the data of our legitimately elected leadership at the convention in Ibadan due to judgements of the Federal High Court.’’ The spokesman of the party said the judgements had been appealed and an application
for the stay of execution filed against the judgements. He said very soon the Court of Appeal would hear and give judgement in the matters. Ememobong stated that while that was being awaited, it was needful to state that INEC monitored and participated in the National Executive Committee meetings where the convention date and venue were unanimously agreed and was also in receipt of the notice of the convention – a fact the commission unconscionably suppressed in court in several cases. Furthermore, Ememobong said the PDP primaries in Ekiti and Osun were duly monitored by INEC, with communication emanating from the Turaki-led NWC. He stated, ‘’While we appreciate the monumental pressure that INEC has come under (after all, he who pays the piper dictates the tune), we remind them that their constitutional responsibility is primarily to Nigerians and in the defence and protection of democracy. ‘’While INEC claims to be neutral and is awaiting the Judgement of the court on the matter, we hope that they are minded by the judgements of the Supreme Court, especially in the SDP case, being the latest delivered last week, barring INEC from interfering in the internal leadership affairs of political parties. ‘’The truth remains that there is no faction in the PDP as all the legitimate organs and the administrative structure of the Party are under the control of
Kabiru Tanimu Turaki SAN.” Ememobong added, “In the past one month the Board of Trustees, Governors Forum, State Chairmen, Senate and House of Representatives Caucuses, former Governors and Ministers and many other notable stakeholder groups have all met with and acknowledged the leadership of the current National Working Committee, led by Turaki SAN. ‘’INEC must remember that democracy is hinged on majority rule, so the committee of friends of Wike and Anyanwu cannot be validly referred to as a faction of the PDP. ‘’Finally, having a held a meeting with the commission last week, and our correspondence, thereafter, further explaining relevant issues relating to the current situation, we should ordinarily not respond to this letter, except to point out the hypocrisy and consistent bias that has completely coloured the action of the electoral umpire. ‘’INEC has continuously shown bias in this matter, even in the court, where they failed or refused to file documents that were in their possession and within their knowledge, obviously to aid those who are bent on killing the PDP and truncating democracy.” The PDP spokesman said, “If INEC under the leadership of Prof. Joash Amupitan, SAN knew the matter was in court, what was the rationale for the contrived meeting of Friday last week? Except to paint a false perception of faction to justify their actions and inactions.’’
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THISDAY • WEDNESDAY, DECEMBER 24, 2025
NEWS
2025 FREE-KICK LAGOS FOOTBALL TOURNAMENT...
L-R: Managing Director, Lagos State Signage and Advertisement Agency, Mr. Fatiu Akiolu; Founder, Free-Kick Lagos, Mr. Abubakre Ajasa; DirectorGeneral, Lagos State Sports Commission, Mr. Lekan Fatodu; Director, Sports Facilities, LSSC, Mr. Deji Aladegbemi; and Co-Founder, Free-Kick Lagos, Mr. Lewis Frederick, at the 2025 Free-Kick Lagos Football Tournament, held in Lagos … recently
Mutfwang: Security Remains Top Priority as State Trains 1,450 for Operation Rainbow NSCDC deploys 55,000 men nationwide, intensifies intelligence at yuletide Archbishop Martins urges Nigerians to reject fear, embrace hope, love at Christmas
Michael Olugbode in Abuja, Seriki Adinoyi in Jos and Sunday Ehigiator in Lagos
Plateau State Governor, Caleb Mutfwang, has declared that strengthening grassroots security remained central to his administration’s agenda. This was as the government, yesterday, graduated 1,450 newly
trained operatives of Operation Rainbow, the state-owned community security outfit. Speaking at the Passing-Out Parade held in Jos, the governor described the ceremony as “a significant milestone” in the state’s efforts to build a safer and more peaceful Plateau. He said the operatives were carefully selected across all faiths
and ethnic groups to reflect the state’s diversity and commitment to inclusive security. “We celebrate not just the completion of a rigorous training programme, but the birth of a renewed commitment to service, courage, discipline, and sacrifice. You have answered a noble call to protect lives and property and safeguard the future of our
communities,” he said. The governor emphasised that sustainable security must begin within communities, noting that his administration has prioritised community-based initiatives and strengthened vigilante structures as part of a broader security architecture. He said the training of the operatives went beyond tactical
drills to include respect for human rights, discipline, and responsible engagement with civilians. “You are not above the law; you are its guardians,” he told the graduates, urging them to work closely with conventional security agencies, traditional rulers, religious leaders, and community stakeholders. Mutfwang stressed that Opera-
tion Rainbow was established to protect all residents irrespective of faith, ethnicity, or background. “It is not meant to witch-hunt anybody. It is an all-inclusive security outfit that involves and protects people of all faiths and tribes, working together to advance peace, unity, and safety,” he said. Continues online
SENATE HAILS TINUBU’S N58.47TRN 2026 APPROPRIATION BILL, BACKS INFRASTRUCTURE, SECURITY PUSH would significantly transform infrastructure, especially roads, rail and power, and boost their contribution to GDP. On debt service, Senator Mohammed Sani Musa said the allocation of about N15.9 trillion was necessary to sustain confidence in the economy and reassure development partners. He stressed that failure to meet debt obligations would pose serious risks, adding that the heavy investment in roads was timely given years of neglect. “This is a budget of consolidation,” Musa said, expressing confidence that 2026 would be better economically than previous years if the bill scaled second reading. Senator Tahir Monguno linked the large infrastructure allocation to job creation, arguing that Nigeria was likely to witness “job-led growth rather than jobless growth.” He also defended the size of the debt service provision, noting that many of the debts were inherited and had reached maturity under the current administration. Monguno stressed the primacy of security, saying no development could be sustained
without safety, but urged stronger legislative oversight to ensure transparency, proper procurement and value for money in defence spending. Former Senate President, Senator Ahmed Lawan, described the proposal as a “historic, bold and courageous” budget, particularly for its focus on security, development and welfare. While commending the large defence allocation, he argued that security agencies still needed more resources. Lawan also warned that 2026 would be dominated by political activities, urging the Senate and Executive to ensure that politics did not undermine budget implementation. He called for faster release of funds to contractors to avoid abandoned projects and highlighted what he described as inadequate funding for the livestock sector, which he said had both economic and security implications. “This budget will make Nigeria far better,” Lawan said, calling for collective commitment to full implementation. Adding his voice, Senator Asuquo Ekpeyong said the N58.4 trillion budget proposal was remarkable for its clear
priorities, including about N5 trillion for security, N3.5 trillion for education and N2.48 trillion for health and social services. He appealed for implementation that would surpass previous years. Earlier in his lead debate, Bamidele said the budget philosophy was anchored on consolidating macroeconomic stability, improving the investment climate, promoting job-rich growth and strengthening human capital while protecting the vulnerable. He noted that the projected deficit of about 4.28 per cent of GDP remained within approved fiscal parameters. At the end of deliberations, Senate President Godswill Akpabio, who presided, committed the 2026 Appropriation Bill to the Senate Committee on Appropriations, mandating it to conduct detailed scrutiny and report back to the chamber within one month. Meanwhile, the Senate yesterday passed a consolidated sum of N43.5 trillion contained in the 2024 and 2025 Appropriations Act (Repeal and Re-enactment) Bills, describing the exercise as a major step toward fiscal discipline, transparency and effective budget implementation.
The passage followed the consideration and approval of the report of the Senate Committee on Appropriations, presented during plenary by its Chairman, Senator Solomon Adeola (APC, Ogun West). The legislation seeks to repeal earlier budget figures and re-enact revised sums to address emerging economic realities, revenue constraints and the need to rationalise overlapping budget cycles. According to the report, the 2024 Appropriations Act was repealed and re-enacted with an aggregate expenditure of N43.561 trillion, up from the earlier N35.005 trillion. The increase, the committee explained, was largely driven by the introduction of an additional N8.5 trillion into the capital component to accommodate special interventions, particularly in response to security, humanitarian and economic emergencies confronting the country. For the 2025 fiscal year, the committee recommended the repeal of the earlier N54.990 trillion Appropriations Act and its replacement with a revised total expenditure of N48.316 trillion. The report noted that N6.674
trillion was reduced from the capital allocation and rolled over into the 2026 fiscal year due to funding constraints, a move aimed at making the budget more realistic and effective in line with anticipated revenue growth in the next fiscal year. The report further highlighted concerns over the long-standing practice of running multiple budget cycles concurrently, warning that extending the implementation of one budget deep into another fiscal year weakens fiscal discipline and blurs budget clarity. To address this, the Senate approved the extension of the 2025 budget implementation timeline to March 31, 2026, to allow for the completion of ongoing capital projects. Deputy Senate President, Senator Jibrin Barau, commended the Appropriations Committee for what he described as a “top-notch” report, noting that it was produced within an unusually short period of two days. “This is the best of the best. When you see something that is good, you know it is good. There is really nothing to debate. We should move ahead and pass it,” Barau said. Several senators echoed
similar sentiments. Senator Mohammed Sani Musa (Niger East) said the revised budgets prioritised critical infrastructure such as roads, railways and border community projects, adding that infrastructure remained the country’s biggest deficit. Senator Adetokunbo Abiru (Lagos East) said the exercise would strengthen fiscal discipline while preventing the loss of major infrastructure spending due to overlapping projects and weak oversight. Chief Whip of the Senate, Senator Tahir Monguno (Borno North), said the repeal and reenactment would finally put an end to the “ugly scenario” of running multiple budgets on a single revenue inflow, which he said had historically distorted Nigeria’s budgetary system. Following the approval of the report at the Committee of Supply and plenary, Akpabio put the bill to a voice vote for third reading, with the “Ayes” prevailing. Ruling on the passage, Akpabio described the development as “a major transformative step” that would enhance transparency and strengthen confidence in the nation’s public finance management.
wednesday DECEMBER 24, 2025 • T H i s d ay
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Group Warns against Plot to Arrest Atiku, Amaechi, El-Rufai, Aregbesola, Others AdedayoAkinwaleinAbuja
A civil society group has raised the alarm over an alleged coordinated plan to arrest and detain leading opposition figures, including former Vice President Atiku Abubakar, the immediate past Governor of Kaduna State, Nasir El-Rufai, former Minister of Interior, Rauf Aregbesola, former Minister of Transportation, Rotimi Amaechi, among others. The group alleged that the move forms part of a broader
strategy to weaken opposition politics and entrench a de facto one-party state in Nigeria. In a statement released yesterday by its Coordinator, Adekunle Adebayo, the group alleged that Atiku Abubakar, Amaechi and El-Rufai have been marked for arrest. He noted: “The arrests are linked to a covert multiagency security directive allegedly coordinated from the Office of the National Security Adviser (ONSA)
and executed through a task force involving anticorruption, intelligence, and financial-crime agencies.” The group alleged that the strategy includes selective arrests and prolonged detentions without charge, coercion of politically exposed persons to defect to the ruling party, disruption of lawful opposition meetings, engineered factionalisation within opposition parties, and the use of prolonged litigation to exhaust opposition resources.
AG Mortgage Marks 20th Anniversary, Eyes N10bn Fresh Capital
Nume Ekeghe
AG Mortgage Bank Plc (AGMB) has highlighted its resilience and steady growth over the past two decades, using its 20th anniversary product exhibition as a platform to signal a new phase of expansion anchored on a planned N10 billion capital injection.
Speaking at the event, the Chief Executive Officer of AGMB, Ngozi Anyogu, said the anniversary exhibition reflected the bank’s evolution into a more innovative and resilient mortgage institution, despite operating in a challenging macroeconomic environment. He noted that the planned capital raise is aimed at scaling up operations, strengthening the
bank’s balance sheet, and deepening its contribution to Nigeria’s housing finance ecosystem. According to him, the fresh capital would enable AGMB to expand its product offerings, improve service delivery, and support broader access to mortgage finance, in line with the bank’s long-term growth strategy.
10th Anniversary: Rivers Monarch Recounts Achievements
BlessingIbungeinPort Harcourt
A decade after enthronement in office, the paramount ruler of Woji Community in Port Harcourt, Rivers State, His Royal Highness, Dr Emeka Ihunwo, has recounted some developmental projects his regime attracted to his people. The monarch, recounted the achievements in a book titled, “ADecade of Peace and Development: Achievements
of the Woji Council of Chiefs and Elders Under the Leadership of HRH Eze (Dr) Emeka G. Ihunwo”. During the book presentation yesterday, Eze Ihunwo stated that since his assumption in office, Woji has enjoyed sustained peace, unity, and communal stability. He revealed that his administration has strengthened traditional governance structures, promoted infrastructural and
developmental advancements, preservation and promotion of cultural heritage and values. The book which stands as an authoritative historical document intended for future reference, academic research, and institutional memory, further revealed that Dr Ihunwo regime has built an effective collaboration within the Council of Chiefs and Elders, which has helped in the sustained peace in the community.
Geofluids Moves to Create Value for Stakeholders Yusuf Ebiti
Geofluids Plc is set for high growth prospects as it successfully implements a wholistic growth strategy that will redefine its business operation aimed at driving up value for its current and prospective investors. The plan has three lane paths of a strengthened board, business
line expansion, and rejigging of its operational structure, all aimed achieving a better value for investors and all stakeholders. Besides, company looks forward to the listing of its shares on multiple exchanges both local and offshore, the current move by the company to reenvision and redefine its goals with
needle-point implementation of its growth strategies is most timely. According to the Chairman and Chief Executive Officer of Geofluids Plc, Jacob Esan, this bold and ambitious turnaround strategy will improve value and place the company at the top of its industry of operation.
‘Suspected Murderers of Onuwaje Must Face Trial’ Sylvester Idowu in Warri
Amidst claims and counter claims, the people of Ugborodo Community in Warri South-West Local Government Area of Delta State, have insisted that masterminds of the murder of Itsekiri youth leader, Emiko Onuwaje, must face trial.
To secure justice for the bereaved family, the aggrieved Ugborodo indigenes also vowed not to accept the return of a prominent indigene of the community back home until culprits were fished out by the Police and face proper prosecution. The leaders of the
community made the declaration on Monday during a peaceful protest at Ogidigben in Ugborodo Federated Communities of Warri Federal Constituency. Clad in all-black, the aggrieved Ugborodo indigenes, marched through several streets in Ogidigben, singing solemn songs and brandishing leaves.
NATIONAL INSURANCE COMMISSION Head Office: Plot 1239 Ladoke Akintola Boulevard Garki II, Abuja. P.M.B 457. Abuja. Nigeria Website: www.naicom.gov.ng E-mail: info@naicom.gov.ng
PUBLIC NOTICE
INVITATION TO OWNERS, INVESTORS OR PROMOTERS OF UNCAPITALIZED INSURANCE COMPANIES
The National Insurance Commission (NAICOM) hereby informs the general public that statutory deposits belonging to the underlisted uncapitalized insurance companies remain with the Central Bank of Nigeria (CBN). These companies are currently non-operational, and efforts to trace their promoters, directors, or investors have been unsuccessful. List of Companies: 1. City Life & Gen Add Co 2. Commerce Assurance 3. Great Providence Assurance 4. Pacific Insurance 5. Pan African Premier 6. Sentinel Ass Co 7. Solar Ins Nig Ltd 8. Sterling Trust Assurance 9. The United Nig. Life 10. Total Ins Co 11. Nig. Airforce Welfare 12. Savannah Ins Co 13. First International Insurance 14. Philanthropy 15. First Chartered Insurance 16. Prudential Union 17. Mutual Assurance 18. Olympia Ins Nig Ltd 19. Towergate Ins Co Action Required: Owners, promoters, or investors associated with any of the above companies are hereby invited to contact the Commission with documentary proof of ownership or relationship to the company(ies). This is necessary to conclude the reconciliation of statutory deposits with the CBN. Submission Deadline: All responses must be submitted within 21 days from the date of this publication. Contact Details: National Insurance Commission (NAICOM) Plot 1239, Ladoke Akintola Boulevard, Garki II, Abuja Email: info@naicom.gov.ng | Phone: +234-913-392-3456 Failure to respond within the stipulated period may result in the Commission taking further regulatory actions in line with the Insurance Act. Signed: Management National Insurance Commission
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THISDAY • WEDNESDAY, DECEMBER 24, 2025
WEDNESDAYSPORTS
Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com
0811 181 3083 SMS ONLY
Super Eagles in AFCON 2025 Flying Start in Morocco Duro Ikhazuagbe Nigeria’s Super Eagles kicked off their 2025 Africa Cup of Nations in Fes, Morocco with a 2-1 defeat of Taifa Stars of Tanzania. Defender Semi Ajayi fired the three-time African champions into the lead when he headed home off a brilliant delivery by Alex Iwobi in the 36th minute. The first half ended with the one goal advantage by Eagles. On resumption for the second half, the East Africans however equalised in the 50th minute with Charles M’Mombwa slotting home a lofted cross beyond the diving reach of goalkeeper Stanley Nwabali. Victor Osimhen’s effort that would have given Nigeria another advantage was ruled offside. Sevilla striker, Jerome Akor Adams provided the assist to Osimhen. Two minutes later, Ademola Lookman regained the Nigerian lead with a powerful left-footed shot from outside the box. It was a fitting goal from the boots of 2024 African Player of the Year who will
miss next year World Cup along with his Super Eagles teammates. On the hour, the young Tanzanian goalkeeper had to tip for corner a goal-bound shot. To the credit of Tanzania, they chased for an equaliser that never came.
Coach Eric Chelle then brought on Moses Simon and Fisayo Dele-Bashiru in place of Samuel Chukwueze and Akor, respectively. It was then that Super Eagles returned to traditional wing play of 4-4-2 away from the clumsy 4-2-4 that is not giving Nigeria any headway.
Paris FC winger Simon went on to pepper the righthand side of the Tanzanian defence and several times delivered dangerous balls inside the box of the Taifa Stars of Tanzania that unfortunately were not finished off. With all three points in the
RESULTS AFCON 2025 DR Congo 1-0 Benin Senegal 3-0 Botswana Nigeria 2-1 Tanzania Tunisia 3-1 Uganda
TODAY
B’Faso v Algeria v I’Coast v Cameroon v
E’Guinea Sudan Mozambique Gabon
CAF Names Semi Ajayi Man-of-theMatch in Nigeria, Tanzania Clash
Semi Ajayi was named by CAF as the Man of the Match in the Nigeria versus Tanzania Group C clash in Fes, Morocco...last night
AUTO FEST 2025 Sparks up Lagos Marina with Excitement The Marina waterfront on Lagos Island was transformed into a high-octane arena last Sunday as the 2025 Lagos AutoFest successfully concluded its most ambitious edition to date. Co-hosted by the BMW Club of Nigeria and Work and Play Nigeria, the motorsport exhibition brought together over 100 car and bike enthusiasts in a spectacular display of automotive excellence that captivated thousands of spectators. The event had began
bag, Super Eagles temporarily moved on top of the Group C with three points until Tunisia hammered Uganda 3-1 to leapfrog Nigeria to the summit. Super Eagles will next play Tunisia in the group stage on Saturday while Tanzania travel to Rabat for an all–East Africa encounter against Uganda.
years ago as a grassroots initiated by the BMW Club of Nigeria and Work and Play Promotions. This year’s edition showcased an impressive array of luxury vehicles, performance cars, and custom bikes, marking a “first-of-its-kind” milestone for motorsports in Nigeria. Speaking on behalf of the organisers, Adeoye Ojuoko, President of Work and Play Promotions, underscored the partnership between the private sector and government institutions, in making this year’s event a success.
“The backing we’ve received from the Lagos State Government and the National Automotive Design and Development Council (NADDC) has been a gamechanger,” said Ojuoko. “This support isn’t just symbolic - it’s catalysing real, tangible growth. We are now seeing the local fabrication of race cars, something that was almost unimaginable just a few years ago.” The organisers extended their profound appreciation to His Excellency, Mr Babajide Olusola Sanwo-Olu, the
Executive Governor of Lagos State, for his unwavering commitment to the “Greater Lagos” vision. The success of the event was further bolstered by the strategic support of: Mr Seun Osiyemi, Honourable Commissioner for Transportation; Mr Lekan Fatodu, Director General of the Lagos State Sports Commission; Mr Oluwawemimo Joseph Osanipin, Director General of the NADDC; And the various Lagos State agencies whose collaboration ensured a safe, seamless, and world-class experience.
Nigeria defender Semi Ajayi was named Man-of-theMatch after a commanding all-around performance that anchored the Super Eagles’ 2–1 victory over Tanzania in their opening Group C fixture of the 2025 Africa Cup of Nations. Ajayi not only provided the decisive defensive solidity Nigeria needed in a tense contest, but also opened the scoring with a towering header in the 36th minute, rising above the Tanzanian defence to convert a wellweighted cross from Alex Iwobi.
The goal set Nigeria on their way and underlined Ajayi’s growing importance at both ends of the pitch. Throughout the match, the central defender produced a composed display, reading danger early, winning aerial duels and organising a back line that was repeatedly tested by a spirited Tanzanian side eager to upset the odds. Even after Tanzania drew level early in the second half, Ajayi remained assured, helping Nigeria regain control as the game entered a nervy phase.
Guards Polo Club Abuja Rounds-off Twoweek National Polo Carnival in Grand Style Mary Nnah The Guards Polo Club Abuja has drawn its curtains on this year’s edition of the National Carnival Polo Tournament, after two weeks of high-stakes competition, elite horsemanship, and powerful moments of unity between sport, culture, and strategic partnerships. Bringing together over 45 teams from across Nigeria to play over 60 games at the National polo tournament. The tournament showcased the finest polo talent and reaffirmed Abuja’s growing status as the home of elite equestrian sport in West Africa. From comeback
wins to cultural celebrations, the tournament not only delivered top-tier action on the field but also fostered meaningful connections. In a bid to applaud the impact of the tournament, Guards Polo Club Abuja hosted sponsors, diplomatic guests, and participants to an exclusive night of elegance and engagement at the President’s Dinner. The event, held at the Polo Resort Clubhouse in Abuja, created an atmosphere of community rather than competition, bringing together stakeholders united by a shared vision for the sport.
IHVN Partners Opobo Marathon 2026 With Community Health Initiative The Institute of Human Virology Nigeria (IHVN) is set to collaborate with the organisers of the 8th edition of Opobo Marathon scheduled to hold on January 3, 2026, in Opobo Town, Rivers State. As part of the partnership, IHVN will sponsor a free medical outreach in Opobo during the marathon, aimed
at providing essential health services to athletes, residents, and visitors. The initiative highlights IHVN’s commitment to advancing preventive healthcare and community well-being while contributing to the broader goals of public health improvement and disease prevention in Nigeria.
Speaking during a visit to the Institute’s headquarters in Abuja, the Founder and Team Lead of Opobo Marathon, Mr. Henry Iyowuna Cookey expressed deep appreciation to the management of IHVN for their willingness to support the event. “This partnership marks a remarkable step toward integrating health advocacy
into sporting platforms,” Mr. Cookey said. “Opobo Marathon has always been more than a race — it is a movement that promotes unity, wellness, and development. IHVN’s involvement will ensure that the 2026 edition leaves an even greater impact by delivering tangible healthcare benefits to the people of Opobo.”
Dr Charles Mensah (right) and Mr Henry Cookey, Founder and Team Lead of the Opobo Marathon in Rivers State, being welcomed to the Institute of Human Virology of Nigeria (IHVN) during Cookey’s visit to the institute in Abuja...recently
THISDAY • WEDNESDAY, DECEMBER 24, 2025
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CHRISTMAS CAROL SERVICE OF MUTUAL BENEFITS ASSURANCE...
L-R: Company Secretary, Mutual Benefits Assurance Plc, Jide Ibitayo; Group Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi; Wife of the Group Chairman, Mutual Benefits Assurance Plc, Mrs. Adedotun Ogunbiyi; MD/CEO, Mutual Benefits Assurance Plc, Femi Asenuga; Executive Director, Mutual Benefits Assurance Plc, PHOTO: ABIODUN AJALA Joseph Oladokun, at the 2025 Christmas Carol Service of Mutual Benefits Assurance Plc, held in Lagos...yesterday
EBENEZERONYEAGWU GUEST COLUMNIST
Africa’s Capital Paradox: Why Exporting Our Own Capital Is Costing Us Scale, Power And Prosperity
A
wildlife ranger once described a rescued lion that had been raised in captivity since birth. Despite its massive frame, powerful muscles, and majestic presence, the lion paced nervously within the narrow confines of a small enclosure. When the day finally came for its release into the wild, the gate was opened wide - the path to freedom clear and unobstructed. Yet the lion hesitated. Not because the wilderness was too vast or too dangerous, but because it had forgotten its own strength. Its entire life had been conditioned by the limits of its enclosure. What restrained it was not metal bars, but a mindset. Africa’s economic story mirrors that lion. The continent possesses tremendous wealth - from sovereign reserves and mineral endowments to the rising savings of its people and the expanding profits of global corporations operating on its soil. Yet, for decades, Africa has been conditioned to believe that its development must be financed from outside, while its own capital sits offshore, powering the growth of other regions. But like the lion, Africa is strong enough to walk into its own destiny. It only needs to remember its strength. In his recent article, “Africa’s $4 Trillion Mindshift,” published in THISDAY on November 7, 2025, Aigboje Aig-Imoukhuede underscores that Africa’s economic transformation must begin with a profound shift in mindset - from dependency to confidence, from capital flight to capital retention. He contends that Africa holds over US$4 trillion in financial assets which, if redirected toward domestic development, could redefine the continent’s destiny. Across Africa, a growing cadre of visionary private-sector leaders already exemplify this shift. Figures such as Aliko Dangote and Abdul Samad Rabiu in West Africa; Nassef Sawiris and Mohamed Mansour in North Africa; Strive Masiyiwa, Patrice Motsepe and Koos Bekker in Southern Africa; Vimal Shah and Manu Chandaria in East Africa amongst others are demonstrating through enterprise building, long-term capital commitment, and institution-building - that African wealth can be successfully mobilised, reinvested, and scaled within the continent.
corporates face even steeper costs. In effect, Africa lends cheaply to the world and borrows back its own money expensively - paying a crushing risk premium to access capital it helped finance.
underutilised at home.
Perception Dynamics: Risk, Confidence, and the Psychology of Capital
Perhaps the most corrosive dynamic is perceptual. Structural Dynamics: How the System Africa is widely - and often unfairly—priced as Moves African Capital Outward high risk, including by Africans themselves. Years
President Bola Tinubu Their collective example reinforces a powerful truth: Africa’s future will not be built by external benevolence, but by the deliberate reinvestment of African capital in African opportunities. This essay extends that conversation by interrogating Africa’s Capital Paradox: why exporting our own capital is costing us scale, power, and prosperity. It examines the structural, policy, and perceptional dynamics that keep African capital abroad—and offers practical pathways to bring it home. Africa generates substantial capital from multiple sources: sovereign reserves held by central banks; pension and insurance funds with long-term horizons; commercial bank deposits; corporate retained earnings; commodity export proceeds; and diaspora remittances exceeding US$95 billion annually. Conservative estimates place African pension and insurance assets at over US$1.5 trillion, alongside growing sovereign wealth and stabilisation funds across the continent. By any objective measure, Africa is not capital-poor - it is capital-misaligned. The paradox deepens when one examines borrowing costs. Africa routinely borrows from the very same global markets where its own capital is invested - yet at dramatically higher prices. While African reserves and pension assets held abroad often earn 2 - 4%, African sovereign Eurobonds are commonly issued at 8 - 12%, and during periods of stress have exceeded 14 - 18%. African
At a structural level, Africa’s capital paradox is embedded in the architecture of its financial systems. African savings - whether pension assets, insurance premiums, bank deposits, or sovereign reserves - are largely intermediated through external markets. Pension funds allocate disproportionately to OECD assets; central banks park reserves in low-yield foreign instruments; multinational corporations repatriate profits earned locally; and high-net-worth individuals hold wealth offshore as a hedge against domestic fragility. Even diaspora remittances often exit African economies almost as quickly as they enter, financing imports rather than domestic production. Collectively, these structures ensure that African capital is routinely exported, intermediated elsewhere, and returned - if at all - only at a premium. Africa, in effect, funds global liquidity while starving its own financial institutions of scale.
Policy Dynamics: Rules That Discourage Retention and Reward Flight
Policy choices have reinforced these structural weaknesses. Conservative investment guidelines restrict pension and insurance funds from allocating meaningfully to domestic infrastructure, private equity, or long-term productive assets. Fragmented capital markets limit cross-border investment within Africa, forcing institutional capital to seek depth and liquidity abroad. Weak public investment management frameworks undermine confidence that domestically deployed capital will be efficiently used. In some jurisdictions, inconsistent macroeconomic policies, regulatory uncertainty, and opaque foreign-exchange regimes further incentivise capital flight. While many of these policies were designed to protect capital, their unintended consequence has been to export it - locking Africa into dependence on foreign financing while its own savings remain
of governance failures, corruption scandals, policy reversals, and macroeconomic instability have entrenched a narrative of fragility. This perception inflates risk premiums, drives precautionary offshore holdings, and normalises the belief that capital is safer abroad than at home. Over time, this becomes self-fulfilling: capital flight weakens domestic markets, shallow markets increase volatility, and volatility reinforces the perception of risk. What restrains African capital, therefore, is not merely economics - but confidence.
The Cost of Exporting Capital: Why Africa Lacks Scale
Exporting African capital systematically denies the continent the scale required to build globally competitive institutions. When African savings are intermediated abroad, domestic banks, asset managers, pension funds, insurers, and capital markets are starved of long-term liquidity, depth, and balance-sheet capacity. Without scale, institutions cannot underwrite large projects, absorb risk efficiently, invest in technology, or develop sophisticated products; nor can markets generate the liquidity and price discovery that attract further capital. This structural undercapitalisation explains why African financial institutions remain marginal in global rankings - not because of lack of talent or ambition, but because the capital they generate is allowed to compound elsewhere. Scale is cumulative: the more capital that stays and circulates domestically, the larger institutions become, the lower risk premiums fall, and the more capital is attracted in return. Continues online •Dr. Ebenezer Onyeagwu is a Pan-African Banker and economic thought leader, and a strong advocate for the mobilisation and redomiciliation of African capital to drive sustainable development.
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