Oyedele: Despite Fiscal Expansion Amid Reforms, Poverty Still a Challenge
BudgIT Report: states’ combined revenues rose to N17.17tn in 2024, from N8.66tn in 2023, FAAC transfers N11.38tn from N5.4tn 31 states relied on federal transfers for 80% of recurrent revenue, domestic, foreign debt fell by N2 trillion, $200 million respectively Enugu leads IGR growth, likely to survive without recourse to federal allocation
James Emejo in
Abuja Chairman, Presidential Fis-
cal Policy and Tax Reforms Committee (PFPTRC), Mr. Taiwo Oyedele, yesterday,
declared that despite current fiscal expansion resulting from recent economic reforms,
poverty remained prevalent in theOyedelecountry.said though the current boost in revenue inflows to states had been unprecedented, sub-national Continued on page 10 governments had not been
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US Revokes Soyinka’s Visa, Gives No Reason for Action
Yinka Olatunbosun and Sunday Ehigiator
In a move that has elicited
shock, the United States consulate in Lagos, yesterday, revoked the non-immigrant visa of Nigeria’s Nobel Laureate,
The revocation, which would henceforth prevent him from entering the US, was person-
ally confirmed by
at a
The decision followed a letter dated October 23, 2025 from the U.S. Consulate General in Lagos, informing Soyinka of
the action. According to the letter, the consulate stated that his
Continued on page 10
Report: Nigeria Back on Stable Growth Path, But Pace Remains Inadequate
Says in last 15 months, real investment flows rebounded in energy, mineral resources, others Urges more public sector reforms
Ndubuisi Francis in Abuja
Consistent with recent positive ratings of Nigeria’s economic trajectory, a new report by Quar- tus Economics has declared that the country is back on the path of stable growth.
The report, however, insisted that the current level of produc- tion in the country remained too low to drive shared prosperity for all.
The three-section report, titled, “Is Africa’s Eagle Stuck or Soaring Back to Life?” stated that perhaps the clearest sign of restored economic stability was the recovery in Nigeria’s external reserves in the middle of currency appreciation.
It recalled that the decisive reforms of 2023–2024 (the
removal of fuel and foreign exchange subsidies) were critical measures to save the economy, adding that although the im- mediate shocks fuelled inflation in the early months, the twin action corrected deep-seated distortions that had drained public finances and weakened market incentives for decades.
The report said, “By 2024, the first signs of renewal began to emerge: GDP expanded by nearly four percent, manu- facturing and mining sectors returned to growth, and for the first time in many years, economic expansion outpaced population growth.
“Inflation began to ease, the naira regained modest stability,
AT THE ONGOING SAUDI INVESTMENT SUMMIT IN RIYADH...
L-R: Chairman/Editor-In-Chief, THISDAY/ARISE Media Group, Prince Nduka Obaigbena; Executive Secretary/CEO of the Nigerian Investment Promotion Commission (NIPC), Aisha Rimi; and Chairman/Managing Director, Global Infrastructure Partners, Chief Adebayo Ogunlesi, at the ongoing Saudi Investment Summit in Riyadh, … yesterday Continued
Professor Wole Soyinka.
Soyinka
media briefing at the Kongi’s Harvest Gallery, Freedom Park, Lagos.
CEO, BESTSELLER AND CHAIR BESTSELLER FOUNDATION VISITS TINUBU...
Ahead of 2028 Licence Expiration, FG Mulls
Recapitalisation of Discos to Boost Liquidity, Investments
Peter Uzoho
As the licences of the electricity distribution companies in Nigeria (Discos) expire in 2028, the federal government is considering the introduction of a minimum capital adequacy requirement as part of the license renewal process to strengthen the financial health and liquidity position of the utility firms.
Minister of Power, Adebayo Adelabu, disclosed this yesterday in Lagos while speaking during the Leadership Seminar at the ongoing Nigeria Energy Exhibition and Conference, with the theme: “Powering Nigeria through Investment, Innovation, and Partnership.”
Adelabu observed that the Nigerian power sector continues to face challenges of under-capitalisation among several Discos and a severe debt burden that has constrained their operational efficiency and service delivery over the years.
BudgIT:
“As the tenure of their operational licenses approaches renewal, the government intends to introduce a minimum capital adequacy requirement as part of the license renewal process, to strengthen the financial health and liquidity position of the utilities”, the minister stated.
THISDAY recalls that Adelabu had, in early October, at an industry event in Abuja, threatened that the federal government would not renew the licences of poorly performing Discos when they expire in 2028, blaming the Discos for the persistent poor electricity supply across the country.
He had said the inefficiency of the Discos remained a major bottleneck in the NESI, warning them to sit up or be kicked out.
“The distribution companies need to sit up. They are a major bottleneck in the sector, and the government is doing everything possible to ensure they meet expectations. Their
Anambra,
licences will expire in two years, and there will be major reforms before any renewal.
“Those that have not shown good faith, demonstrated technical expertise, proven financial strength and stability, or acted in the country’s best interest will be kicked out.
“Whatever the government needs to do to ensure every
household is metered within the next three to five years will be done. We will leave no stone unturned,” Adelabu had stated at the time.
However, at the ongoing event in Lagos, where he touched on power sector commercialisation and the efforts of the government, the minister said the government was deepening power
sector commercialisation to strengthen revenue, liquidity, and investor confidence.
He noted that through tariff policy reforms, which enabled cost-reflective tariffs for select consumers, supply reliability has improved while reducing energy costs for industries
He further said industry revenue has increased by
70 per cent to N1.7 trillion in 2024 compared to the previous year, and that the revenue was expected to exceed N2 trillion for 2025. To stabilise the market, Adelabu stated that President Bola Tinubu had approved a N4 trillion bond to clear verified generation companies (GenCo)’s and gas supply debts.
Nigeria, UNIDO, Partners Unite to Drive Mercury-free Gold Mining Revolution
Michael Olugbode in Abuja
The Federal Ministry of Environment, the Ministry of Solid Minerals Develop- ment, the Basel Convention Coordinating Centre for Africa, and the United Nations Industrial Development Organisation (UNIDO), have jointly launched the Project Steering Committee of the GEF-GOLD+ Initiative in
Lagos, Kwara, Abia, Edo Lead in 2025 States’ Fiscal Performance Ranking
BudgIT, one of Nigeria’s lead- ing civic-tech organisations promoting fiscal transparency and accountability, has unveiled the 2025 edition of its flagship State of States Report, which, in descending order, ranked Anambra, Lagos, Kwara, Abia, and Edo as the best performing States.
With the theme, “A Decade of Subnational Fiscal Analysis: Growth, Decline and Middling Performance,” the report marked ten years of consistent subnational fiscal assessment.
It stated that this year’s report
evaluated and ranked the fiscal performance of 35 Nigerian states—from most to least sustainable—offering insights into revenue generation, expenditure patterns, debt sustainability, and sectoral investments in education and health.
“Rivers State, which has consistently featured in the top five over the past five years, is conspicuously absent from the 2025 edition—following the dec- laration of a state of emergency earlier this year, which made the state’s data inaccessible.
“As a result, the 2025 report
introduces new entrants to the top five, with Anambra, Lagos, Kwara, Abia, and Edo ranked in descending order.
Anambra State rose from second to first position, securing the title of the best-performing state in the federation, while Lagos maintained its second place for the second consecutive year. Kwara climbed from fourth to third, Edo entered the top five after consistently ranking within the top ten over the last four editions, and Abia, which had never previously featured in the top ten, now ranks fourth.
Nigeria.
The project, “Enhancing Formalisation of Mercury-Free Gold in Nigeria,” marks a major milestone in the country’s commitment to eliminate mercury use in artisanal and small-scale gold mining, promote cleaner technologies, protect public health, and foster sustainable economic growth.
In her inaugural address, Mrs. Bahidja Abubakar (representing the Permanent Secretary, Alhaji Mahmood Adam Kambari) highlighted Nigeria’s dedication to the global fight against mercury
pollution through the Mina- mata Convention.
She emphasised that Nigeria has already laid a strong foundation with its National Action Plan (NAP), and that the new GEF-GOLD+ Project builds upon this progress to fully eliminate mercury use in artisanal and small-scale gold mining (ASGM).
“It is with immense satisfaction and a profound sense of responsibility that I stand before you today to formally inaugurate the Project Steering Committee for the GEF-GOLD Plus Nigeria Project, Enhancing
the Formalisation of MercuryFree Gold in Nigeria.
“You will recall that Nigeria, as a signatory and party to the Minamata Convention on Mercury, has demonstrated its commitment by developing a National Action Plan for the reduction and eventual elimination of mercury use in artisanal and small-scale gold mining between 2017 and 2020.
“This initiative was undertaken to implement Article 7 of the Minamata Convention concerning the use of mercury in ASGM.”
NASENI: Nigeria Emerging as Global Force for Sustainability, Innovation
Sunday Ehigiator
The Executive Vice Chairman and Chief Executive Officer of the National Agency for Science and Engineering Infrastructure (NASENI), Khalil Suleiman Halilu, has said that Nigeria is being positioned as a driving force in global sustainability and innovation.
Halilu stated this while delivering a keynote address titled ‘Nigeria at the Heart of Global Sustainability’ at the 2025 World Association of Young Scientists (WAYS) Conference held on October 26 in Wenzhou City, Zhejiang Province, China. He said the growing collaboration between government and the private sector
was transforming policy ideas into tangible outcomes.
“The bridge between government and private sector is becoming stronger, turning policy into practical outcomes,” he said.
“This is what progress looks like, policy meets innovation, innovation meets people, and people meet opportunity.”
L-R: Danish Ambassador to Nigeria, Mr. Jens Bach Hansen; CEO, Bestseller and Chair, Bestseller Foundation, Mr. Anders Holch Povlsen; President Bola Ahmed Tinubu; Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila; and Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, during a meeting at the Presidential Villa, Abuja, yesterday PHOTO: GODWIN OMOIGUI.
INAUGURAL BOI ESG CONFERENCE...
L-R: Executive Director, Corporate Finance, Sustainability and Investments, BOI, Mr. Rotimi Akinde; Executive Director, Public Sector and Intervention Programmes, BOI, Mrs. Mabel Ndagi; Panel Moderator, Ms. Lehle Balde; MD, Psaltry International Company, Mrs. Yemisi Iranloye; Divisional Head, MSME South West, BOI, Mr. Kings Jack; Founder/CEO, Aruwa Capital Management, Mrs. Adesuwa Okunbo-Rhodes; MD/CEO, BOI, Dr. Olasupo Olusi; Green Climate Fund Desk Officer, National Council on Climate Change, Mrs. Bernadette Ejiofor; MD, Ideanest Investments, Mr. Olu Ogunfowora; and Founder/Creative Director, Banke Kuku, Ms. Banke Kuku, at the Inaugural BOI ESG Conference…recently
Foreign Investment: Komolafe Urges Bank of America to Prioritise Nigeria’s Upstream
300bcm LNG export capacity to be added globally by 2030, says IEA
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has urged the Bank of America to prioritise Nigeria’s upstream sector in its investment portfolio.
Komolafe spoke when he met with the Managing Director and Head of Investment Banking Sub-Saharan Africa, Bank of America, Mr. Chuba Ezenwa, at the corporate headquarters of the NUPRC in Abuja yesterday, a statement by the Head, Media and Strategic Communication of the commission, Eniola
Akinkuotu, stated.
Komolafe noted that the move was in line with the Petroleum Industry Act (PIA) 2021, specifically Section 6(h), which mandates the commission to “promote an enabling environment for investments in the upstream petroleum operations and development
of Nigerian content in the petroleum industry.”
In his conversation with Ezenwa, the NUPRC boss said although Nigeria’s oil production had witnessed an increase in the last one year, funding remained a challenge for companies seeking to scale up.
MOFI MD Urges African Countries to Deploy AI in Solving Continent’s Problems
Oghenevwede Ohwovoriole in Abuja
The Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, has urged Nigeria and other African countries to use Artificial Intelligence (AI) in resolving Africa’s peculiar problems.
Takang made the call yesterday, in Abuja at the 13th edition of the Digital Africa conference on data sovereignty, with the theme, “Sovereign Intelligence: Africa’s Voice in Global AI Order.”
While advising that focus must be on using AI to solve their own peculiar African problems rather than wait for others to solve them, he noted that what interests Africans may not be of interest to outsiders.
“They focus on solutions and algorithms for problems that affect them the most. They won’t come and solve your problem. We have to solve our problems.
“We have to come up with solutions that reflect our own cultural values. Our dialects, the multiplic-
ity of our dialects, must be reflected. Our food, our taste buds are different.
“What excites us is different from what excites them. So in this arena of AI, we need to begin to come up with solutions that reflect our own peculiarities because nobody else will do it for us. And even if they want to do it, they will do it when we show leadership,” he said.
On data sovereignty, he said, ‘I remember about 15 years ago, we had spear- headed an initiative for data sovereignty for local
content. And we insisted through a policy that data that government generates, stores about its citizens and its transactions must reside in“ButNigeria.then, most of the multinationals already had a 10, 15-year, 20-year plan that they were going to harvest our data and store it in data centres in Europe and in the US.” he said.
“Nigeria is richly endowed with hydrocarbons and we seek to optimise production. But funding is critical to our success. So, we are looking for areas of alignment with the Bank of America,” Komolafe said.
In his remarks, Ezenwa said the rise in production was a reflection of Komolafe’s visionary leadership, highlighting that under his leadership of the commission, there is renewed interest in Nigeria’s upstream sector.
“I am encouraged by the reforms under the leadership of the CCE (Commission Chief Executive) as well as the results in the area of production which has sparked interest in Nigeria’s upstream. We will continue to provide support,” the Bank of America representative said.
Meanwhile, around 300 billion cubic metres per year of new Liquefied Natural Gas (LNG) export capacity is expected to be added worldwide by 2030, primarily supported by
liquefaction capacity expansions in the United States and Qatar.
According to a new report by the International Energy Agency (IEA), this wave of new LNG production capacity is set to profoundly transform global gas market dynamics and play a key role in enhancing supply security and improving the affordability of natural gas. However, a weaker macroeconomic environment, together with a slower build-out of natural gas infrastructure and contractual rigidities, might limit the scope of the priceadjusted demand response, it said in the report tagged: “Gas 2025: Analysis and Forecasts to 2030”.
“Global LNG supply increased by more than 5 per cent year-on-year in the first nine months of 2025, this growth was partially offset by lower piped gas supplies to Europe from Russia and Norway. Stronger storage injection needs in Europe further tightened markets.
Peter Obi: Entrepreneurs Need Motivation, Support to Create Jobs
AXA Mansard, LG Electronics Partner to Offer Free
Emma Okonji
Malaria Insurance
In response to the rising malaria disease in Nigeria that has claimed many lives, LG Electronics has joined forces with AXA Mansard Health to launch an impact- ful initiative that provides free malaria insurance to Nigerians, especially LG customers.
The partnership forms
part of LG’s Life’s Good Care Campaign, designed to protect families and pro- mote healthier communities nationwide.
According to the World Health Organization (WHO), 2023 recorded nearly a quarter of a billion malaria cases worldwide, with Nigeria accounting for 26 per cent, the highest globally.
The country, along with
to Nigerians
some African countries contributed nearly half of all global malaria cases. Through the partnership, LG Electronics and AXA Mansard Health are taking bold steps to reduce malaria’s toll on Nigerian families by providing insurance coverage for malaria treatment, improv- ing access to healthcare, and creating stronger public awareness around prevention.
The presidential candidate of Labour Party, LP, during the 2023 general election, also former governor of Anambra State, Mr. Peter Obi, has stressed the need for government and the private sector to motivate and support up-coming entrepreneurs to succeed in order to create more jobs for Nigerians.
Obi who said this in Lagos on Monday during a book launch titled: ‘Just Go FurtherBecome the Total Entrepreneur,
authored by Mrs. Ebele Obi, said successful entrepreneurs could grow to become unicorns that would create chains of jobs for Nigerian youths, if given the right motivation and support.
According to him, majority of entrepreneurs die in their first and second year of growth as a result of several factors, a development, Obi said, should be looked into, with a view to providing the right motivation and the needed support for growing entrepreneurs.
He explained that successful entrepreneurs must not neces-
sarily pass through the best universities in the world like Harvard Business School in the United States of America, in order to be successful, insisting that motivation,self-determination, and support are critical factors that will make entrepreneurs to succeed.
“I have gone through Harvard, Columbia, IMG in Switzerland, to Oxford, to Cambridge. I’ve gone to all of them, and I discovered that they have more clinical professors than academic professors.
Emma Okonji
Emmanuel Addeh in Abuja
UNVEILING OF CHELSEA FLAVOURED LONDON DRY GINS...
L-R:
and
Sales,
Uzoka-Anite: With Nigeria’s Exit from FATF Grey
List, Vision of $1tn Economy
Now More Achievable
Says development will reshape nation’s economic future Senate hails Tinubu, NFIU, others
Ndubuisi Francis and Sunday Aborisade in Abuja
Minister of State for Finance, Dr. Doris Uzoka-Anite, said President Bola Tinubu’s vision of a $1 trillion economy was now more achievable than ever with Nigeria’s recent delist- ing from the grey list of the global anti-money laundering watchdog, Financial Action Task Force (FATF).
Senate, also Tuesday, com- mended Tinubu, Nigerian Finan- cial Intelligence Unit (NFIU), and other key stakeholders for their pivotal role in securing Nigeria’s removal from the Grey List. It described the development as a landmark achievement for the country’s financial system and international image.
Nigeria, which was left off the hook alongside three other African countries on October 24, 2025, was on the Grey-list of the FATF since February 2023, following deficiencies in the country’s anti-money laundering and counter terrorism financing regulations.
Reacting to Nigeria’s removal from the grey list via a state- ment she personally endorsed yesterday, Uzoka-Anite said Nigeria’s exit was loaded with a bagful of benefits.
She stated, “On October 24, 2025, Nigeria achieved a historic milestone that will reshape our nation’s economic future.
At the Financial Action Task Force (FATF) Plenary in Paris, France, Nigeria was officially removed from the grey list - a designation that had constrained our financial system and limited opportunities for ordinary Nigerians since February 2023.
“This is not just a bureaucratic achievement or a diplomatic win. This is about real change that will touch the lives of every Nigerian; from the small business owner in Lagos to the farmer in Kano, from the trader in Owerri to the student seeking opportunities abroad.
“Let me explain what this achievement means in practical terms. When Nigeria was on the grey list, it meant that other countries viewed our financial
system with suspicion. Banks abroad were hesitant to process transactions from Nigeria.
“Businesses found it harder and more expensive to trade internationally. Young Nigerians faced additional scrutiny when applying for visas or opening bank accounts overseas. Foreign investors thought twice before bringing their capital to our shores.
“Now, with our exit from the grey list, these barriers begin to fall. Nigerian businesses will find it easier and cheaper to conduct international trade. Our banks can engage more freely with global financial institutions.
“Foreign investors will view Nigeria as a safer, more credible destination for their capital. And everyday Nigerians will face less discrimination in the global financial system.”
The minister added, “This achievement is particularly significant because we were removed alongside South Africa, Mozambique, and Burkina Faso - a proud moment for Africa as a whole. The FATF
World Stroke Day 2025: Nigerians
Urged to Act Fast and Stop Strokes
As Nigeria joins the rest of the world today to mark World Stroke Day 2025, a non-profit organisation, Stroke Action Nigeria, has called on Nigerians to take charge of their health and join efforts to prevent and reduce the growing number of stroke cases across the country.
To commemorate this year’s World Stroke Day, Stroke Ac- tion Nigeria, working closely with the Federal Ministry of Health and several partners, is implementing community-
based activities across different states.
These activities include free stroke risk assessments and monitoring for blood pressure, diabetes, cholesterol, and body mass index; weekly fitness sessions tagged Park Walk and Run Against Stroke to promote exercise and weight management for citizens with high BMI; and a series of Stroke Assemblies - conferences, seminars and workshops designed to increase public awareness and understanding of stroke prevention,
stroke signs and symptoms, emergency response, and post-stroke rehabilitation for survivors.
The Chief Executive of Stroke Action Nigeria and Board Member of the World Stroke Organization, Dr. Rita Melifonwu, said her organisa- tion in partnership with the World Stroke Organization (WSO), Federal Medical Centre (FMC) Onitsha, Asaba Specialist Hospital, and FMC Asaba, will lead a nationwide awareness campaign themed “Power to STOP Strokes in Nigeria.”
President herself called it “a positive story for the continent of Africa.”
According to her, “This vic- tory belongs to every Nigerian who believed in our capacity for reform. But I must acknowledge the extraordinary leadership that made it possible.”
She stated that Tinubu provided unwavering com- mitment to the cause from day one, adding that with his realisation that Nigeria’s global credibility was at stake, he gave clear directives “to complete this reform, no matter how difficult”.
Uzoka-Anite stressed, “Under his leadership, we implemented bold economic reforms, from fuel subsidy removal to foreign exchange harmonisation, that demonstrated Nigeria’s seriousness about building a transparent, rule-based economy.”
The minister also ap- plauded Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, for coordinating the complex effort across multiple agencies with exceptional skill and determination.
She stated, “His vision was clear from the outset: ‘Nigeria’s
ambition was never limited to simply completing the Action Plan and exiting the grey list. Our focus has been on driving reforms and strengthening institutions.’ This was not just about ticking boxes; it was about genuine transformation.”
While also recognising the exemplary leadership of the CEO of the Nigerian Financial Intelligence Unit (NFIU), Hajiya Hafsat Abubakar Bakari, the minister stated that Abubakar coordinated the implementation of a rigorous 19-point Action Plan with remarkable precision and persistence.
Uzoka-Anite stated, “The Office of the National Security Adviser deserves special com- mendation for the exceptional coordination of all security agencies throughout this process. Their strategic oversight ensured seamless collaboration across law enforcement and intelligence agencies, which was critical to meeting our compliance obligations.
“My colleagues at FEC, the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, and the Minister of Interior, Dr. Olubunmi Tunji-Ojo, worked relentlessly to ensure that legal
frameworks and enforcement mechanisms were strengthened across the board.”
On what led to Nigeria’s exit from the grey list, the minister stated that over the past two and a half years, Nigeria implemented comprehensive reforms that transformed its financial system.
She said, “We enacted and enforced critical legislation - the Money Laundering (Prevention and Prohibition) Act 2022 and the Terrorism (Prevention and Prohibition) Act 2022.
“We operationalised a Ben- eficial Ownership Register that brings transparency to corporate ownership. We strengthened intelligence sharing between law enforcement agencies and enhanced supervisory measures for banks and other financial institutions.
“We didn’t just pass laws on paper. We ensured they were implemented in practice. We increased prosecutions of financial crimes. We applied sanctions to institutions that failed to comply with antimoney laundering requirements. We improved detection of illegal cash movements across our borders.
Continues online
UK Urges Kano Business Community to Unlock New Trade Opportunities in UK
Ahmad Sorondinki in Kano
The UK Head of Trade Policy for Nigeria, Mujina Kaindama, has encouraged the Kano business community to take advantage of benefits offered by the Developing Countries Trading Scheme (DCTS), a UK government initiative scheme, which reduced tariffs on export products coming to the
United Kingdom from African countries.
Kaindama, made the appeal in her opening remarks in Kano, explained that the DCTS was launched in June, 2023, to make trading with the UK easier and more profitable for developing countries.
According to her, the scheme offers benefits such as reduced or zero tariffs on nearly 3,000
export products, simplified rules of origin for smoother compli- ance, and fewer conditions for improved market access.
“We have come to Kano to launch our Developing Countries Trading Scheme Roadshow because we created the scheme, but it is not being used as it should. Kano business community has yet to fully explore these opportunities.”
Head of Marketing, Intercontinental Distillers Limited (IDL), Mr. Mobolaji Alalade; Nigerian actress, Ms. Destiny Etiko; Managing Director/CEO, IDL, Chief Engr. Patrick Anegbe; Nigerian actor, Mr. Harry B;
Head of
IDL, Mr. Hope Gbagi, during the unveiling of Chelsea Orange Flavoured London Dry Gin, Chelsea Strawberry Flavoured London Dry Gin, and Ivory Cream Liqueur in Lagos…recently
Bennett Oghifo
CBN: No FX Disbursements to Oil Sector Operators for Refined Petroleum Import
James Emejo in Abuja Central Bank of Nigeria (CBN) yesterday clarified that there was no disbursement to the tune of $1.25 billion to major oil sector operators for the importation of refined petroleum products and related items into the country.
CBN’s spokesperson, Mrs. Hakama Sidi Ali, gave the clarification against the backdrop of reports that the
bank had made disbursements to that effect.
In a statement, Sidi Alli said such reporting was entirely inaccurate and misleading.
She said, “The bank noted that the referenced figure of US$1.259 billion, as published in the CBN’s Q1 2025 Sectoral Utilisation of Foreign Exchange data, does not represent CBN disbursements.
“It said the figure reflects total foreign exchange transactions
conducted by participants in the Nigerian Foreign Exchange Market (NFEM) across various sectors — including oil and gas — under the willing buyer, willing seller framework.”
Sidi Alli added, “Since the unification of exchange rates in 2023, the NFEM has operated as a market-driven system, where foreign exchange is sourced and supplied by market participants, not allocated by the CBN. Accord-
ingly, the Bank has not sold foreign exchange specifically for the importation of refined petroleum nor any other products.”
She explained that the data cited in the report merely captured aggregate utilisation by authorised dealers and end-users who independently sourced foreign exchange through the market, in full compliance with existing regulations.
The CBN acting director stressed that these were legitimate market transactions, not instances of direct CBN intervention in the oil sector.
She also assured that the central bank remained committed to a transparent, market-based foreign exchange regime that promoted efficient price discovery, supported economic stability, and ensured confidence in Nigeria’s financial system.
Repo RT : nIG e RIA B A ck on S TAB le G R ow TH pATH , B UT pA ce Rem AI n S In AD eq UAT e and by October 2025, foreign reserves had risen to $42 billion, signalling a slow but a genuine restoration of confidence.
“Both foreign portfolio and foreign investments also picked up. After lean years, foreign direct investment rebounded to more than $1 billion in 2024, with fresh commitments in 2025. All of these tell a simple story: investor confidence is back on the uptick.
“Perhaps, the clearest sign of restored economic stability is the recovery in Nigeria’s external reserves in the middle of currency appreciation.
“For nearly a decade, Nigeria’s reserves followed a worrying downward path—fall- ing from over $42 billion in 2018 to barely $32 billion in 2023. This decline reflected years of low oil receipts, high import bills, and heavy fiscal strain.
non-immigrant visa had been revoked pursuant to US Department of State regulations under 22 CFR 41.22 and was no longer valid for entry into theThecountry.letter also instructed the literary icon to submit his passport to the consulate for physical cancellation, a request he described humorously by asking if anyone in the audience could volunteer to deliver it on his behalf.
But Soyinka said he was unaware of any wrongdoing that would justify the revocation.
“I have no visa. I am banned, obviously, from the United States. I have no criminal record, felony, or misdemeanour that would justify this revocation. If you want to see me, you know where to find me,” he said.
He added that he initially thought the letter was a scam but later verified its authenticity.
At present, the exact reasons for the decision remained unclear, but many felt it might be connected to his recent criticism of the choices of the US President Donald Trump, in which he described him as Idi Amin Whiteface, likening him to the late former Uganda dictator.
Besides, Soyinka had in December 2016, torn his green card after Trump emerged the
“By 2023, reserves were at their lowest in seven years, a level that left both investors and policymakers anxious about the country’s external vulnerability.”
The report added, “Then came a turnaround. In 2024, reserves climbed sharply to about $40 billion, and by October 2025, they stood at roughly $43 billion, the highest in five
“Thisyears.rebound is not merely a function of higher oil prices. It is underpinned by disciplined external management, growth of non-oil exports, and a notable rise in capital inflows.
“The central bank’s more transparent market operations and a gradual shift toward market-oriented stability rather than control also helped rebuild confidence in the currency.
“Beyond the optics, a
president of the United States the first time as he was opposed to his policies on immigration.
Although Soyinka stated that he was still reviewing his past interactions, he has yet to find anything that could have triggered the decision of the US Consulate in Lagos.
“My relationship with US ambassadors, consuls general, and cultural attachés has always been courteous, making this development all the more puzzling,” he said.
Asked if he would consider reapplying for a US visa, he dismissed the idea, saying he had no reason to return there.
“How old am I? What am I going to do in the US? Human beings live there, my friends, families, colleagues. There are productions going on there.
“I won’t take the initiative because there is nothing I am looking for there. I have contributed in establishing some institutions there. I give them as much as they gave me. They owe me nothing, I owe them nothing,” he said.
But with a bit of humour, he added: “I have written a lot of plays about Idi Amin. Maybe it is about time I also wrote about @realDonaldTrump. Literary compliment. Maybe he would reconsider and restore my visa.”
Soyinka maintained that he
healthier reserve position strengthens the naira, reduces speculative pressure, and allows the country to meet import and debt obligations without the constant fear of depletion.
“It also signals to foreign investors that Nigeria is once again a safe destination for capital, a market where policy stability and economic fundamentals align positively.
“The recovery of Nigeria’s reserves captures the essence of the monetary and broader economic turnaround.”
The report stated that the foreign reserves recovery also “reflects an improvement in numbers and a return of balance. It signals a restoration of the buffers that protect the economy from shocks.
“For a country that has weathered the trauma of currency losses and capital
had done nothing criminal during his time in the U.S, adding that only his vocal criticism of Trump’s policies especially those targeting African nations could have prompted the visa revocation.
The Nobel Laureate, however, added that, there was no hard feelings as a result of the development and would continue to welcome Americans to his house in Abeokuta, Ogun
able to significantly impact living standards of ordinary Nigerians.
He spoke in Abuja at the launch of the BudgIT’s 2025 State of States Report, with the theme, “A Decade of Subnational Fiscal Analysis: Growth, Decline and Middling Performance.”
Oyedele also hinted that with VAT reforms kicking in, from 2026, states’ share will rise to 55 per cent or about N4 trillion in 2026.
He said, “States receiving more money than ever before. But there is a paradox: while governments have more naira, ordinary Nigerians have less disposable income in their pockets.”
Oyedele said, “It is a sobering reminder that fiscal abundance does not automatically translate into social prosperity. We must
flight, regaining and securing this cushion is a crucial win”.
It said, “Inflation, until recently the biggest pain point, continues to ease off. From a peak above 30 per cent, it fell to its 3-year low (around 18 per cent) by September 2025. For the first time in a decade, food inflation declined, as prices of basic items moderated.
“The monetary policy rate, which had climbed aggressively to combat inflation, also started to decline.
“Nigeria’s currency, the naira, has shown unusual resilience. Between December 2024 and October 2025, it gained roughly five percent against the dollar, reflecting improving balance- of-payments position and new investment flows.”
The report, however, submit- ted that the effect of Nigeria’s economic descent during the
State, as he has no issues with the people or the nation.
According to him, as a global citizen, he would continue to speak against racism and what he felt wrong with policies of governments, including that of Donald Trump.
“I will continue to welcome any American to my home if they have anything legitimate to do with me,” Soyinka maintained.
be intentional in translating positive macro results into meaningful micro-outcomes for the people.”
The report revealed that the combined revenue of all 35 states increased significantly by 31.2 per cent to N17.17 trillion in 2024, from N8.66 trillion in 2023.
Lagos earned N2.24 trillion, representing 13.04 per cent of cumulative revenue of states in 2024, while gross FAAC collections grew by 110.74 per cent to N11.38 trillion in 2024, compared to N5.4 trillion in 2023, accounting for 66 per cent of year-on-year growth of their combined revenue.
In addition, FAAC allocations comprised at least 60 per cent of the recurrent revenue of 30 states, excluding Lagos, Ogun and Enugu, while 31 states relied on federal transfers
2014 to 2023 decade could not be ignored or discounted.
According to the report, in reality, the economy emaciated, shrinking in US dollar terms by more than $200 billion during a period when the population expanded by over 40 million people. Stating that this huge deficit and the negative effect on standards of living could take decades or more to reverse, it stressed that relative to regional and aspirational peers, Nigeria retrogressed in real economic terms, pushing over 65 million residents below the poverty line.
It further explained that despite Nigeria’s recent return to stable growth, the current level of production was too low to drive shared prosperity.
The report stated, “Besides, today’s stock of infrastructure is low due to weak investment in the past. Thus, pushing back poverty at a quick enough pace requires more actual investment in human and physical capital than the country has the resources or capacity to deploy.
“Beyond production to meet local demand, Nigeria’s export basket remains narrow, concentrated around crude oil and gas, a sector that offers limited capacity to drive inclusive growth except through efficient use of oil-related government revenues.
“Current and near-term GDP growth is low Nigeria’s
for at least 80 per cent of their recurrent revenue.
Similarly, 29 states relied on FAAC receipts for at least 50 per cent of their total revenue, while 21 states depended on FAAC receipts for at least 70 per cent of their total revenue, according to BudgIT.
“In other words, FAAC dependency has deepened,” OyedeleFurthersaid.analysing the report, the presidential tax reform committee chairman, however, acknowledged some areas of states improvement in fiscal operation.According to him, Enugu grew its Internally Generated Revenue (IGR) by 381 per cent, Bayelsa by 174 per cent, Abia by 129 per cent while Lagos, Ogun, Kwara, Anambra, and Edo continued to stand out for relative resilience.
GDP growth rate for 2027 is forecast to be 4.4 percent. At this rate, GDP per capita by 2030 is expected to be $1,565, less than half of the value in 2014, a time when GDP stood at $574 billion, more than double today’s production, with less than 80 per cent of today’s population.
“As a measure of living standards, the GDP per capita forecast shows that even if reforms are consolidated and growth accelerates, Nigeria’s journey to full recovery is still years away, especially in view of expansion in the country’s population.
“While a large population is an important ingredient for rapid economic growth, a country suffers more from a rising population when it fails to make necessary investment to secure and build the productive capacity of its young population.
“Already, when compared to other countries within and outside Africa (e.g. Ethiopia, Senegal, Indonesia, Vietnam, and Kenya), Nigeria’s produc- tivity lags remarkably, with 5-year GDP growth merely a fraction of population growth. For peer countries, GDP grew in multiples of population growth.”
It pointed to the persisting structural weaknesses and cultural deficiencies, noting
Continued on page 43
The report stated that these states had been able to sig- nificantly grow their internally generated revenue year-on-year and were progressively reduc- ing their over-reliance on federal transfers.
Oyedele stated, “The real test of progress is whether states can turn the current revenue windfalls into sustainable fiscal space and utilise their resources judiciously to deliver shared prosperity.
“The new tax reform laws provide a unique opportunity for states with increased allocation from the VAT pool, full assignment of electronic money transfer levy to states, and tax exemptions for state government bonds to lower borrowing costs, and measures to build capacity and close
US Revoke S So YI nk A’ S vISA , G I ve S n o Re AS on fo R Ac TI on
CBN Governor, Yemi Cardoso
Acting Group Politics Editor DEJI ELUMOYE
Email: deji.elumoye@thisdaylive.com
08033025611 sms only
Alleged Terrorism Trial: As Kanu Opts to Defend Self...
a s Leader of the Proscribed Indigenous People of Biafra, n namdi Kanu sacks all his legal representatives in his alleged terrorism trial, the question on the minds of millions of n igerians home and abroad, as well as the international community is, would he achieve what his lawyers couldn’t achieve in the last 10 years? Alex Enumah writes.
Since his trial began in 2015, self acclaimed leader of the proscribed Indigenous People of Biafra (IPOB), Mazi Nnamdi Kanu, has passed through several courts up to the Supreme Court and back to the Federal High Court.
At the Federal High Court in Abuja, his case has passed through several judges including the Chief Judge of the Federal High Court, and he has also had several representations in all the stages.
However, a new twist to the trial emerged last week when Kanu was expected to open his defense in the sevencount amended terrorism charge brought against him by the federal government.
Recall that the pro-Biafran leader had in July, 2025 filed a No-case Submission in response to the case of the prosecution, but, trial judge, Justice James Omotosho, had ordered him to enter his defense because there are some issues he needed answers to.
But rather than opening his defense on October 23, 2025 as slated by the court, Kanu took everyone by surprise when his lead counsel Chief Kanu Agabi (SAN) informed the court that they are withdrawing from the case because the defendant had terminated their representation. This was more surprising because at the October 16, proceedings when Kanu’s lawyer asked for an opportunity to have private meeting with Kanu, who have been in the custody of the Department of State Service (DSS), since June 2021, when he was arrested and brought into the country from Kenya, the court graciously granted the request and ordered the DSS to produce Kanu in court on October 22, to enable them meet and adequately prepare his defense.
Justice Omotosho had held that the court would be free for the defendant to meet with his counsel from 9 am till 2 pm, without any interference. The order was fully complied with. But for the defendant to appear in court the following day after meeting with his lawyers to prepare his defense raises several questions, which some believes has nothing to do with competence of his legal team led by a former Attorney-General of the Federation (AGF) and Minister of Justice, Chief Kanu Agabi, and about eight other eminent SANs in the likes of Onyechi Ikpeazu, Paul Erokoro and others. While it is pertinent to point out that Kanu’s decision to defend himself in court is not new, because several persons had done that in the past, what may be worrisome is the stage that he decided to abandon his lawyers to take his destiny into his own hands.
And indications that he would do that first appeared on October 21, 2025 when he personally signed an application seeking the court’s power to summons several persons both serving and past governors, ministers and security agencies heads.
Kanu was first arrested in 2015 and arraigned before a Wuse Zone 2 Magistrate Court, Abuja and was then represented by Vincent Obetta. However, following Kanu’s discharge by the Magistrate Court, the DSS approached the Federal High Court where it first obtained an order to detain the IPOB leader for 90 days. The order which was granted by Justice Adeniyi Ademola was later set aside following an application by Obetta. Among others, the court held that the federal government cannot keep Kanu for that period without filing a charge against him. Although, Justice Ademola ordered Kanu’s unconditional release after declaring his detention by the DSS
as unconstitutional, the order for his release was not obeyed.
The DSS later filed a six-count charge against Kanu and two others with the matter then assigned to Justice Ahmed Mohammed (now a Justice of the Court of Appeal). Although, Kanu was also represented by Obetta before Mohammed, however the defendant chose to address the judge from the dock, wherein he insisted he would not take his plea on allegations that he would not get justice from the court. The development made Mohammed to recuse himself from the matter and return the case file to the then CJ, Justice Abdul Kafarati now late.
The matter was then reassigned to Justice John Tsoho, who also like Mohammed recused himself from Kanu’s case following the defendant’s petition against him to the National Judicial Council (NJC). His lawyer then was Chuks Muomah (SAN). The senior advocate also represented Kanu when he was arraigned before Justice Binta Nyako, who became the third Federal High Court judge to try Kanu. However, he later withdrew from the case paving way for Ifeanyi Ejiofor to take over. Ejiofor, in March, 2017, succeeded in get -
ting the court to strike out six out of the 11-count criminal charge against Kanu and three others and also succeeded in getting bail for Kanu in April, 2017.
For four years Kanu’s trial was stalled owing to his escape out of the country in late 2017, after his family house in Abia State was attacked by military personnel. His trial resumed after his rendition from Kenya to continue his trial. The Biafra nation agitator was represented by Ejiofor between July and November 2021, when he was arraigned on a seven-count amended charge bordering on terrorism and treasonable felony, until Chief Mike Ozekhome (SAN) took over in January, 2022, when the charge was increased to 15. Although, Ozekhome could not get Kanu released on bail, the senior lawyer however got Justice Nyako to strike out eight out of the 15-count charge. Ozekhome further got the Court of Appeal to quash the remaining seven-count charge against Kanu in 2022.
But, it should be pointed out that before the apex court’s judgment, Kanu had sacked Ozekhome and Ejiofor as his legal representatives. The announcement of the sack of Ozekhome and Ejiofor was made by a younger brother to the IPOB leader, Mr Kanunta Kanu in June, 2023, in a post via his verified Twitter handle.
“I hereby formally notify @MikeozekhomeSAN and @IfeanyiEjiofor that their services are no longer required in Mazi Nnamdi Kanu’s case pending before the Supreme Court of Nigeria and all (cases)
While it is pertinent to point out that Kanu’s decision to defend himself in court is not new, because several persons had done that in the past, what may be worrisome is the stage that he decided to abandon his lawyers to take his destiny into his own hands.
concerning him,” Kanunta had posted.
According to him, the decision to sack the two lawyers was due to their alleged refusal to see the defendant at the State Security Service (SSS) facility, since May 11, despite the IPOB leader’s “several” requests.
Besides, the post alleged that Ozekhome had stopped medical doctors sent by the family from carrying out a medical examination on Kanu on June 5, at the SSS facility where he was being detained.
“For these obvious reasons and many more, Prof Mike Ozekhome and Barr. Ifeanyi Ejiofor are hereby sacked as Mazi Nnamdi Kanu’s counsels,” he said.
“The Kanu family do appreciate your time and efforts so far. Please, handover the legal documents asap,” Kanunta added.
However, the apex court reversed the judgment of the appellate court on the grounds that irrespective of the manner Kanu was brought back into Nigeria, he must answer to the charges against him. The five-member panel of the apex court in a unanimous judgment ordered that the case be returned to Justice Nyako of the Federal High Court, for Kanu to open his defense in the remaining sevencount charge.
When trial resumed in 2024, Aloy Ejimakor, who has been part of the entire proceedings since 2016 and also claimed to be “Special Counsel” to Nnamdi Kanu, took over the defense. But, the case did not make any meaningful progress and in September, Kanu, again took his destiny into his hands by asking Ejimakor to “sit down” while he argued his case himself. At the proceedings of September last year while Ejimakor, was appealing to the judge to suspend the trial on grounds that Kanu was denied the opportunity to prepare his defence, the IPOB leader suddenly sprang up from where he was seated inside the dock and ordered his lawyer to sit down.
“Sit down! I say you should sit down!” he shouted. Kanu then turning towards Justice Nyako, said: “My Lord, I have no confidence in this court any more and I ask you to recuse yourself because you did not abide by the decision of the Supreme Court”. The IPOB leader stated that he would have understood if it was the DSS refusing to obey a court order, “but for this court to refuse to obey an order of the Supreme Court is regrettable”.
He maintained that the federal government has no jurisdiction to try him on terrorism allegations. “I demand that you immediately recuse yourself from this matter. The Federal Government of Nigeria has no jurisdiction to prefer terrorism charges against me. You know the truth but you don’t want to say it,” he said.
Responding, Justice Nyako said, “I don’t have problems recusing myself. In fact, I will be happy to do so. If a defendant can shout his own lawyer down, held up proceedings in this way, what is then left for the court? I have more than 700 cases in my docket to attend to. Kanu’s own is just one of them. Let him go to another judge. I have delivered 24 rulings in this matter alone”.
In her ruling, the judge subsequently recused herself and ordered that the case file be returned to the Chief Judge of the Federal High Court, Justice John Tsoho, for re-assignment to another judge.
NOTE:
Kanu
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AFRICA’S PATH TO DEVELOPMENT
China is Africa’s most reliable companion, reckon JIANG FENG and YU DUNHAI
page 21
CALL MASKING IN TELECOM NETWORKS
Besides the security risks, number masking leads to significant revenue loss for telecom operators, argues SONNY ARAGBAAKPORE
MICHAEL OWHOKO argues the need to invest more in the health sector
THE TROUBLE WITH NIGERIA’S HEALTHCARE SYSTEM
The quality of a country’s healthcare system is a mirror image of its leaders’ commitment to citizens’ health. Countries like Singapore, Japan, South Korea and Switzerland are among the world’s top countries with best healthcare for citizens, driven majorly by robust funding and well-structured policy programme. Leaders in these countries do not go to foreign countries for medical tourism, as they have absolute confidence in the delivery capacity of the healthcare system.
But in Nigeria, the healthcare system is fraught with dysfunctionality, forcing elasticity of reliability southward. Poor health facilities, unprofessionalism, unethical standards, weak regulatory agencies, bad personnel attitude, questionable health insurance schemes, unreliable health management organisations (HMOs), mismanagement, corruption, fake drugs and obsolete equipment are incidental to lack of commitment by Nigerian leaders to efficient and quality healthcare system.
Though, this is a symptom of greater disorders in Nigeria, poor funding and non-utilisation of health facilities by the ruling elites undermine efficiency, quality and delivery capacity of the healthcare system. Why will leaders not trust and utilize the healthcare system they have built, equipped and made available to the people through funding? When food is served to public by a provider who has no intention of eating, there is high probability that quality and hygiene may be compromised.
In the 2025 federal government budget, only N2.56 trillion was budgeted for the health sector, representing 5.15 percent of the country’s total budget of N49.7 trillion, which is far below the 15 percent recommended by the Abuja Declaration, to which Nigeria is a signatory. Though, the N2.56 trillion is an increase of about 58.53 percent of the 2024 budget of N1.62 trillion, however, when viewed in dollar terms, the amount decreased by 15.45 percent, dropping to $1.7 billion from $2.02 billion.
Since the famous coup speech of Late General Sanni Abacha on December 31, 1983 that the country’s health services were in a shambles, and hospitals had been reduced to mere consulting clinics without drugs, water and equipment, the health sector has not shown promises of improvement. Even 34 years after, the wife of Late President Muhammadu Buhari, Aisha, confirmed this in 2017 when she resorted to use of a private hospital wholly owned and run by foreigners due to dysfunctional x-ray machine and lack of syringes in the Villa Clinic.
Unfortunately, 42 years after these observations were made by the powers that were, the healthcare sector is still defined by lack of government’s commitment. This is particularly worrisome when viewed against the background of Nigeria’s growing population, currently characterized by low life expectancy, high maternal and child mortality rates. This means that dependable and quality healthcare provision is not a priority for government, and therefore, a mirage for Nigeria to achieve high quality healthcare in line with World Health Organisation (WHO)’s standard.
Globally, Nigeria is ranked 157th out of 191 countries by WHO in the areas of quality health delivery performance. As the largest oil producer in Africa and 16th largest in the world, it is untenable for Nigeria not to provide robust funding for the health sector, given the country’s huge earnings from crude oil sales.
Even among African countries, Nigeria is rated poorly in healthcare provision.
In a report released by The Legatum Institute, a London-based global healthcare assessment organization, Nigeria was ranked 11th out of 12 African countries with poor healthcare system. The countries include Central African Republic, South Sudan, Chad, Lesotho, Somalia, Sierra Leone, Swaziland (Eswatini), Liberia, Guinea, Angola, Nigeria and Equatorial Guinea.
Despite this poor performance ranking, no concerted effort is being made by government to improve quality service delivery, as budget allocation to the health sector has been on the downward swing. Since Nigerian leaders who determine the condition of the sector, do not utilize the facilities due to poor services, it means the Nigerian healthcare system is designed to service the health needs of the poor and common Nigerians, and not Nigerian leaders.
Put differently, the healthcare system in Nigeria is determined and conditioned by the thought process and preferences of those who do not use the services. For example, the President of the Federal Republic of Nigeria and his cabinet members, including the Minister of Health, together with the Senate President
and members of the Legislature, who approve the nation’s tertiary healthcare budget, do not patronize services of Nigerian hospitals.
State governors and their cabinet members, as well as members of the state houses of assembly responsible for approval of budget for secondary healthcare in the country, also, do not patronize health facilities at this level. Same applies to the various local government chairmen and council members whose jurisdiction cover primary healthcare. They all seek better healthcare outside their domains.
The poor premium placed on the health sector by Nigerian leaders have obviously prevented them from knowing that there is a correlation between robust funding of healthcare system and a healthy workforce, and by extension, robust economy. A vibrant economy is contingent upon a healthy population and a healthy workforce, as health is a critical contributory factor to economic development. This is the reason advanced economies invest so much in healthcare services, a contrast to Nigeria’s healthcare sector that is troubled by incapacity, unable to address mounting health challenges in the country.
The healthcare delivery system in Nigeria is executed through public and private facilities. Unfortunately, the private healthcare providers are also enmeshed in unprofessional conduct driven by pecuniary motive. Most of them take advantage of the country’s weak systemic policies to deliver poor health services. Regulatory authorities like the National Agency for Food and Drug Administration and Control (NAFDAC), National Health Insurance Authority (NHIA), and The Medical and Dental Council of Nigeria (MDCN) are not doing enough to enforce professionalism and standards in the country’s healthcare system.
I recently lost a friend to prostate operation in one of the private hospitals in Lagos. Prior to the operation, he walked into the hospital by himself, looking normal. But what he took to be a proactive step to avoid future complications, ended his life. He was admitted under a health insurance cover managed by an HMO on executive plan with full options. But rapid deterioration of his health in the hospital triggered skepticism on whether quality of treatment was commensurate with subscribed insurance plan.
Dr. Owhoko, Lagos-based public policy analyst, author, and journalist, can be reached at www.mikeowhoko.com
Besides the security risks, number masking leads to significant revenue loss for telecom operators, argues SONNY ARAGBA-AKPORE
CALL MASKING IN TELECOM NETWORKS
It is unusual to receive supposedly foreign calls only for the caller identification to show a local number. Strangely, many people take this for granted especially if eventually the caller is able to identify him or herself on the other side. Talks go on as if nothing has happened. Really? The caller on the other side may be or may not be aware that his or her number didn’t show on this side of the communications link. What has happened is “Call Masking”. It is dangerous to the receiving end and very big economic loss to local network operators.
It is call dumping that is a potential national security risk as threats and intimidation take place and detrimental to the receiving end and society. And no traces of the caller as the number does not show actual caller who may well pass as a ghost. Call masking is the act of concealing or disguising the origin of an international call and presenting it as a local call. The International Telecommunication Union (ITU) addresses call masking primarily through recommendations that combat fraudulent practices like spoofing and refiling, which manipulate Caller Line Identification (CLI). Although ITU does not ban all forms of call masking, its guidelines aim to ensure the delivery of true call origin information, combat revenue fraud, and protect users from illegal activity. These include evading international call rates where one of the most significant problems identified by the ITU is the masking of international calls to make them appear as less-expensive local calls. This call refiling or masking helps operators and fraudsters bypass international termination rates, causing massive revenue losses for legitimate network operators.
Call masking is executed through a deployment of a technology called SIM boxes, which are devices containing multiple SIM cards deployed to terminate international calls as local ones. The practice bypasses the higher international termination rates, allowing illegal operators to profit from the difference between local and international call costs.
Call masking in Nigeria and indeed anywhere in the globe is the illegal practice of disguising incoming international calls as local calls to exploit the rate difference between international and local call charges, leading to significant revenue loss for telecom operators and potential security risks. The Nigerian Communications Commission (NCC) put measures in the past to combat this through technical solutions, public awareness campaigns, and stricter enforcement, which led to arrests and a decline in the practice until recently when the practice resurfaced.
On Wednesday, December 8, 2021 the Federal Executive Council (FEC) at its weekly meeting approved N1.8 billion to combat the menace of call masking in the country.“The first memo that was approved by the Federal Executive Council
was for the deployment of regulatory systems in the telecommunications industry, to be implemented by the Nigerian Communications Commission (NCC),” then Communications and Digital Economy Minister, Isa Pantami announced. He said then that money will be deployed for regulatory systems that will have two components to help tackle insecurity in the country and bolster revenue generation by the government.
The minister said the systems were expected to fight criminal activities perpetrated through SIM box traffic and call masking traffic. But it is however not clear how much success was recorded because as we write now, the scourge has resurfaced in delicate dimensions. And despite spirited efforts to combat this, the problem has resurfaced through Subscriber Identification Module (SIM) box activities in general.
SIM boxing is a fraud allegedly committed via the use of a SIM box, by diverting international calls to a cellular device through the internet. The device, routes the connections back into the network as local calls, using hundreds of low-cost or even unpaid and unregistered SIM cards, which are often obtained with forged identities. “The scammers thus benefit by exploiting the difference between local and international charges by paying just local rates or none at all to network operators after billing international rates from the source. The caller pays the high call rates, but the local telecom operator does not collect these, leading to revenue losses to the Mobile Network Operators (MNOS) and the government” an industry player said. With sustained losses by industry players put at nearly $3billion so far, call masking didn’t come open until about eight years ago when operators lamented losing about 2.5 million minutes per day to the activities of the alleged fraudsters.
Although the NCC put in remedial measures to check the menace, the scammers appear to be ahead of the regulator. But an insider said “the commission is aware of the prevalence of the criminal activities and was deploying more technical solutions to tackle the situation “.
Arrests made in the past revealed that the alleged perpetrators of SIM boxing had multiple SIM cards registered with fictitious names and used to divert international calls.
Aragba-Akpore is a member of THISDAY Editorial Board
China is Africa’s most reliable companion, reckon JIANG FENG and YU DUNHAI
AFRICA’S PATH TO DEVELOPMENT
Development is an inalienable right of all countries, not a privilege of a few. Recently, Chinese Premier Li Qiang solemnly declared at the high-level meeting on the Global Development Initiative hosted by China at the United Nations Headquarters that China as a responsible major developing country, will not seek new special and differential treatment in current and future negotiations at the WTO. This is a proactive step that China takes in support of the multilateral trading system, and a significant move to implement the Global Development Initiative and Global Governance Initiative.
The tariff wars initiated by the United States have seriously undermined global trade and economic order, posing serious challenges to the development of all countries, especially in the Global South. As the world’s second-largest economy, China actively defends the legitimate rights and interests of developing countries, firmly upholds the multilateral trading system, so that it can better focus on development issues and help bridge the development gap between the Global North and South. As the largest developing country and the continent with the highest concentration of developing countries in the world respectively, China and Africa are both vital members of the Global South. China is willing to work with Africa to effectively implement the Global Development Initiative and to be the most reliable companion on Africa’s path to development.
China practices the principle of inclusive and universal benefits through an open market, expanding vast space for Africa’s development. A universally beneficial and inclusive economic globalization is vital for developing countries. Some developed countries are unwilling to fulfill their commitments on development financing and have even withdrawn funding from international development institutions.
At the Forum on China–Africa Cooperation Beijing Summit held last September, President Xi Jinping announced zero tariff treatment on products with 100% tariff lines for all least developed countries having diplomatic relations with China, including 33 African countries. In June this year, China extended the zero-tariff treatment to cover 100% of tariff lines for all 53 African countries that have diplomatic ties with China. From January to July 2025, China’s imports from Africa’s least developed countries reached 39.66 billion USD, with a year-on-year increase of 10.2%.
The facts prove that China’s proactive unilateral market opening measures will strongly drive the industrial development, promote employment growth and accelerate poverty reduction in Africa.
China shares advanced and practical technology to strengthen the core support for Africa's innovative development. In a context where global technological barriers are increasingly prominent and
key resources are concentrated in a few developed countries and multinational tech giants, “Intelligent Manufacturing in China” has enriched global supply, making previously inaccessible technology available.
At the AI Action Summit held in Paris in February, China signed the Statement on Inclusive and Sustainable Artificial Intelligence for People and the Planet together with other 60 countries and international organizations. Represented by Deepseek, Chinese AI models have broken the monopoly of Western tech giants through open-source modes, initiating an “AI democratization” process.
The supply of China’s advanced and practical technology promotes bridging the digital and artificial intelligence gaps, further empowering African industries and people, providing transformative power to Africa’s leapfrog development. China provides green transition solutions to support a long-term future for Africa’s sustainable development. Possessing the world’s richest green resources such as solar and wind power, Africa remains one of the most vulnerable regions to climate change. China actively shares green transition solutions with Africa. The Blue Line built by a Chinese company provides green and convenient public transportation to Lagos residents. Major projects built by Chinese enterprises, such as Morocco’s Noor III and II Concentrated Solar Power Project and South Africa’s De Aar Wind Power Project, have illuminated millions of homes across Africa and lit the path to sustainable development. China’s new energy vehicles are rapidly entering the African market, offering new options to improve urban air quality.
China's green development solutions have helped Africa avoid the old path of “polluting first, cleanup later” at the early stage of its industrialization, paving the way toward a more resilient and sustainable future.
Ambassador Feng is Head of the Mission of the People’s Republic of China to the African Union and Representative of China to the United Nations Economic Commission for Africa while Dunhai is Ambassador of the People’s Republic of China to Nigeria
Editor, Editorial Page PETER ISHAKA
Email peter.ishaka@thisdaylive.com
RISING NUMBER OF ROAD CRASHES
Regulators could do more to stem the scourge
The latest Federal Road Safety Corps (FRSC) report that no fewer than 3,400 people died in road traffic crashes (RTC) across the country between January and September 2025, should concern all relevant authorities. During the same period, according to the Corps Marshal, Shehu Mohammed, 22,162 others sustained varying degrees of injuries in a total of 6,858 reported crashes. Mohammed noted that the major causes of those crashes were linked to driver fatigue, overloading, conveyance of persons in haulage vehicles and traveling with fuel in plastic containers. “Apparently, driver behaviour is a fundamental element in determining safety on our highways,” said Mohammed. “It is expected that the 2025 end-of-year campaign will create the needed awareness and sensitisation for drivers to take up the issue of safety more seriously.”
gers beyond their capacity as well as trailers overloaded with people and livestock are vulnerable to high-impact accidents that occur almost daily. Sign-light and route violations, wrongful overtaking, mechanical failures such as brake malfunctions have also significantly contributed to the fatalities.
Seat belts are not mere ornaments. They are standard safety equipment of every modern car to cushion the impact of a car crash on the occupants
Unfortunately, to many Nigerians, death by RTC becomes news only when prominent citizens are involved or casualty figures in specific incidents are high. There’s hardly a day when some families are not thrown into mourning because of road accidents. Recent reports by FRSC indicate that vehicles commonly involved in these fatal crashes include commercial buses, articulated trucks, and trailers. Since only a certain class of Nigerians patronise such vehicles, that perhaps explains why the authorities do not pay much attention to the victims. But we cannot continue to lose the lives of many of our people needlessly.
The FRSC has in recent years also identified the behaviour of road users as one of the reasons for high fatalities when RTC occurs. A reckless driving culture occasioned by excessive speed, making calls or texting on cell phones while on the wheel, drunk driving and poorly maintained vehicles are some of the factors that combine to make Nigerian roads a theatre of blood. Vehicles that carry passen-
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There is also the issue of seat belts which many don’t use. Certainly, seat belts are not mere ornaments. They are standard safety equipment of every modern car to cushion the impact of a car crash on the occupants, particularly the driver and the passenger in the front seat. Indeed, many modern cars are equipped with intelligent seat belt reminders. Despite the enlightenment campaigns on the danger of these habits, many road users scarcely pay attention. The FRSC once promised to open a 'Shame Register' which would be a sort of black book for notorious traffic offenders regardless of their status in the society. Nothing has ever been heard about that.
The state of the roads is another major cause of accidents. Both the World Health Organisation (WHO) statistics and that of the FRSC place Nigeria as one of the countries with very high road fatalities in the world. Nigeria’s total highway length of 194,394 kilometres is rated second worst in the world. While we commend initiatives like the Nigeria Road Safety Strategy (2021-2030) and the National Crash Reporting Information System (NACRIS) by the FRSC, more should be done to prevent the needless deaths on our roads.
From the WHO estimate of deaths on Nigerian roads to be 2.82 per cent of the global total to figures from the National Bureau of Statistics (NBS), the high turnover of victims is undesirable. More unfortunate is that victims are often people in the prime of their productive years. We urge the FRSC to collaborate with other stakeholders, including the road transport unions on this issue. We must halt the growing number of these avoidable tragedies on our roads.
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THE YOUTHS AND GROWING DISTORTIONS IN VALUES
One of the most frightening and saddening realities unfolding among the youths in northern Nigeria today is a growing distortion in values and perception. Many young people, the educated, semi-educated, and uneducated alike, have come to see life, events, and human actions through three narrow prisms: that every action must be driven by personal gain, that almost everything revolves around politics, and that true success can only be achieved through attachment to someone in public office.
This mindset has become so deep-rooted that when an individual contributes to the development of their community, by initiating projects, offering scholarships, or providing assistance to the needy, many young people quickly conclude that such a person is merely preparing to contest for political office. In their eyes, every good deed
must have a political motive.
Worse still, many youths now find it difficult to differentiate between professional services offered to public office holders and acts of politicking or sycophancy. For instance, a consultant working professionally with a politician is often labeled a “bootlicker,” while the idea of honest professional engagement is completely lost on them. Another dangerous belief that has taken root is the misconception that survival depends on constant handouts from those in positions of authority. Many young people expect political office holders to provide them with free money or favors as a means of livelihood. This culture of dependency has weakened the entrepreneurial spirit and hard work that once defined northern society. Instead of seeking skills, opportunities, and innovation, a large
number of youths now wait for patronage from politicians who, in turn, exploit this vulnerability for personal political advantage. Sadly, only a few young people , particularly the truly and properly educated and enlightened ones, still believe in self-reliance, hard work, and small-scale entrepreneurship. These few understand that dignity and progress come not from begging or political attachment, but from creativity, persistence, and self-belief. Northern Nigeria’s future depends on changing this dangerous mindset. Youths must be encouraged to embrace self-reliance, value education for its purpose, and see success as the product of effort rather than connections.
Zayyad I. Muhammad, Abuja
Assessing CBN’s Significant Roles in Nigeria’s Exit from FATF Grey List
The Financial Action Task Force (FATF) last Friday removed Nigeria from its grey list of countries that should be increasingly monitored for money laundering and terrorist financing risks. Nigeria, enlisted since February 2023 exited the watchlist following Central Bank of Nigeria (CBN’s) Governor, Olayemi Cardoso-led financial sector reforms implementing AntiMoney Laundering and Countering the Financing of Terrorism (AML/CFT) measures. For many stakeholders, especially bank customers, Nigeria’s exit from the watchlist will expand investment inflows, make foreign bank account opening easier for businesses and supports naira’s rising competitiveness in global markets, Precious Ugwuzor reports
For over two years, Nigeria has been burdened by the grave implications of being in the Financial Action Task Force (FATF) grey list, limiting her potential in the global financial markets.
Being in that lists represents one of the worst experiences for country businesses, her citizens and most importantly, its financial system.
The implication is that financial transactions emanating from watch-list countries are doublechecked, and given greater scrutiny because of the high risks associated with the country.
The FATF leads global action to tackle money laundering, terrorist and proliferation financing.
The 40-member body, which has the backings of the World Bank Group and International Monetary Fund (IMF) sets international standards to ensure national authorities can effectively go after illicit funds linked to drugs trafficking, the illicit arms trade, cyber fraud and other serious crimes.
The Paris-based watchdog’s decision represents a huge progress for Nigeria financial system as it works to restore investor confidence, reduce the cost of capital and strengthen financial system credibility.
Other countries removed from the list include, South Africa, Mozambique and Burkina Faso.
“As of February 2025, the FATF has reviewed 139 countries and jurisdictions and publicly identified 114 of them. Of these, 86 have since made the necessary reforms to address their AML/CFT weaknesses and have been removed from the process,” the report said.
FATF identifies countries or jurisdictions with serious strategic deficiencies to counter money laundering, terrorist financing, and financing of proliferation.
“For all countries identified as high-risk, the FATF calls on all members and urges all jurisdictions to apply enhanced due diligence, and in the most serious cases, countries are called upon to apply counter-measures to protect the international financial system from the ongoing money laundering, terrorist financing, and proliferation financing risks emanating from the country,” it said.
By closing gaps in regulatory oversight and enhancing enforcement against illicit financial flows, the four nations have now met the FATF’s requirements for delisting, boosting their standing among global financial institutions and capital markets.
Nigeria and South Africa were added to the list in February 2023 while Mozambique was included in October 2022 and Burkina Faso initially in February 2021.
CBN’s Milestone Contributions to FATF List Exit
On assumption of office, the leadership of the Central Bank of Nigeria (CBN) led by Olayemi Cardoso swung into action, dismantling the roadblocks and opaqueness in the financial system that put Nigerian on the list.
From reforms in the bureau de change operations, which falls within the other financial sector segment of the economy, to the increase in surveillance and supervision of the deposit money banks, the CBN under Cardoso left no stone unturned to ensure that Nigeria exits the grey list.
The CBN under Cardoso ensured that the banks met the FATF 40 recommendations, including ensuring that the lenders identify their customers and verify customer’s identity using reliable, independent source documents, data or information.
Part of the compliance records include Nigeria’s lenders being able to identify the beneficial owner, and taking reasonable measures to verify the identity of the beneficial owner, such that they become satisfied that beneficial owner in every transaction is known.
As required by the law, the Nigeria’s financial institutions are also able to understand the ownership and control structure of their customers, obtain information on the purpose and intended nature of the business relationship and conduct due diligence on the business relationship. They equally ensured that scrutiny of transactions are undertaken throughout the course of every banking relationship.
President, Bank Customers Association of Nigeria (BCAN), Dr. Uju Ogubunka, described Nigeria’s exit from the FATF grey list as a good news and development, for the country.
He praised the CBN’s efforts at ensuring that Nigeria is no longer burdened by the grew list challenges, following its exit.
He said: “It opens new approach and opportunities in Nigeria banks and customers dealings with international financial institutions. It shows that Nigeria’s financial system is safe for payments and other transactions. It is worth celebrating by all Nigerians,” he said.
Ogubunka advised that government should do more to ensure that Nigeria does not relapse, or return into the list
by continuing to do things right and continuously complying with all the 40 recommendation set by the FATF.
CBN/ Bank of Angola pact
The CBN and Bank of Angola Memorandum of Understanding (MOU at the just concluded 2025 International Monetary Fund (IMF) /World Bank Annual Meetings in Washington DC was also a major step to strengthen financial sector regulations and fight money laundering.
Cardoso, who signed on behalf of the CBN alongside the Governor of the Central Bank of Angola, Manuel Antonio Tiago Diaz, noted that the MoU aligns with Africa’s broader goals of economic integration and financial stability.
Both apex bank leaders said the partnership marks a critical development between the two institutions in their efforts to deepen bilateral cooperation and technical exchange.
Both institutions are by the MoU expected to establish a bilateral forum for the reciprocal exchange and sharing of technical assistance between the authorities, to enhance capacity in the execution of their respective Central Bank functions.
They are also expected to cooperate and collaborate in the cross-border supervision of authorized institutions and exchange of cybersecurity information between them.
According to them, the institutions are to partner on licensing, supervision, resolution planning and implementation of resolution measures for cross-border financial establishments.
They are also to ensure transparent and smooth periodic exchange of information as well as define procedures for exchange of information.
The cooperation will also extend to
exchange control, financial markets and foreign reserves management, currency management and economic research.
The partnership further extends to payment, clearing and settlement systems management, financial sector development, banking supervision and regulation as well as Anti-Money Laundering and Countering the Financing of Terrorism.
Both central bank leaders said it is their hope that the outcome of the MoU implementation will be a win-win for both parties.
Views from stakeholders
Head Lagos Office at Inter - Governmental Action Against Money Laundering In West Africa (GIABA), Timothy Melaye said the government of Nigeria has shown unwavering commitment to the implementation of AML/ CFT measures in the country.
Melaye spoke during the sensitisation seminar for organised private sector on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) organised by GIABA in Lagos.
Melaye, who represented GIABA DirectorGeneral, Edwin Harris, disclosed that money laundering and terrorism financing pose considerable threats to global peace and security as well as destabilizing political and financial stability of any nation state.
“Besides external resources, enormous funds are generated by terrorist networks through legal as well as illegal means, concealed and laundered using existing legal financial framework or unlawful underground networks. The terrorist networks cannot be destroyed, or even made ineffective, unless concerted efforts are made at both national and international levels to efficaciously block their financial sources. The promotion of well-regulated financial systems and services is central to any effective and comprehensive AML/CFT regime,” he said.
According to him, Money Laundering (ML) and the Financing of Terrorism (FT) is increasing in sophistication, inherently transnational, and increasingly linked to organised crime, posing a growing threat to consumers, business, and government alike.
He said the global nature of economic and financial crime is such that no nation can fight the problem alone, making international cooperation and working closely with our key allies a critical part of the response.
Melaye, said the fight against money laundering and international terrorism in recent years has highlighted a third method by which illicit funds may be transferred across borders.
Continuing, Melaye said FATF has signalled its interest in Trade-Based Money Laundering (TBML) by its publication of a report entitled “Trade Based Money Laundering” (TBML Report) in June 2006. Subsequently, in June 2008, the FATF issued its “Best Practices Paper on Trade Based Money Laundering” (FATF Best Practices Paper), providing more detail about TBML and how to prevent it”.
NOTE:
Cardoso
POLITY
Aliko Dangote and Africa’s Industrial Reckoning: Forging a 21st-Century Gilded Age
By Ken Etete
In writing the history of industrial epochs we often anchor our narrative around the titans who constructed them. In America, the enterprises of men like John D. Rockefeller, Andrew Carnegie, and Cornelius Vanderbilt did not simply respond to capitalism but rewrote its architecture in the late-19th-century. Their names mark not only fortunes, but the industrial systems and supply-chain ecosystems that defined a generation. In the same way, it is now time to place Aliko Dangote in the historical mould as Africa’s era-defining industrialist, as a modern parallel to the Gilded Age’s architects because his integrated, continent-spanning ambition is shaping Africa’s 21st-century industrial revolution.
Dangote as a systemic builder poses as Africa’s industrial springboard and informs my bold thesis that he is to 21st-century Africa what Rockefeller and Carnegie were to 19th-century America. Not simply a business mogul, but a systems-builder: someone erecting the industrial infrastructure for a generation. His empire which is anchored in Nigeria and radiates across Africa, is more than commercial success. It is the infrastructure for an industrial leap: refining crude, building fertiliser factories, closing the import-export gap, and knitting the fragmented value chains that have long hindered African growth.
To grasp why Dangote’s project is epochmaking, one must first recognize the macroproblem that defines the unfinished story of Africa’s industrial lag that it addresses. For decades, Africa has suffered from structural under-industrialization: resources exported unprocessed, value chains fragmented, heavy reliance on imports, and weak linkages between primary commodity extraction and manufacturing. Vast deposits of oil, minerals and agricultural raw materials sat alongside, and in some cases, powered economies that nonetheless imported the finished goods and fuel necessary to operate them.
Nigeria illustrates this paradox perfectly. The country is Africa’s largest oil producer, yet it has been a major importer of refined petroleum products. Nigeria’s refining infrastructure under-performed, state-run plants idled, and fuel queues became recurrent. At the same time, Nigeria’s agricultural sector has struggled because of low fertilizer usage and heavy import dependence. The wider continent endured the same: dependence on raw-material exports, imports of industrial goods and fuel, and limited economies of scale in manufacturing.
This set of dysfunctions depicted by imported fuel, raw‐material exports, weak domestic processing, fragmented value chains is precisely the architecture of a developing economy that hasn’t industrialized. And it is into that gap that Dangote’s ambition enters.
Dangote’s industrial vision is resolutely structural thus it is needful to explore the scale, integration, systems-thinking of his interventions. For example, the flagship Dangote Group refinery at Lekki, Lagos, is designed to process around 650,000 barrels per day of crude oil, making it not only Africa’s largest but one of the largest single-train refineries in the world. As of mid-2025 the facility was running at around 610,000 barrels per day in implied output rates.
Plans are already underway to expand the complex to 1.5 million barrels per day, an unprecedented scale that would place the Lekki refinery among the top five globally and firmly establish Nigeria as the refining hub of West and Central Africa. The refinery’s design anticipates future modular additions and integration with petrochemical and export
terminals, creating a self-sustaining industrial ecosystem rather than a single-purpose facility.
Complementing this expansion is Dangote’s deployment of a new fleet of 400 compressed natural gas (CNG) tankers, an environmentally forward initiative that will not only distribute cleaner fuel nationwide but also run on Nigerianproduced gas. This dual purpose both reduces the carbon footprint of domestic logistics and anchors capacity building in Nigeria’s declared “Decade of Gas,” positioning the private sector as a crucial partner in the country’s energy transition strategy.
This means Nigeria can begin to shift from being a fuel-importing country, even as an oil-exporting one, to being self-sufficient and potentially an exporter of refined products. This alone is a major structural transformation.
Beyond the refinery, Dangote built and is operating a fertiliser complex: a urea plant with annual capacity of 3 million metric tonnes in phase 1, established to serve Nigeria’s agricultural needs and the wider continent. This facility is not just about supplying fertilizer but about transforming an entire agriculture-manufacturing linkage. Africa currently imports more than 6 million tonnes of fertiliser annually: Dangote plans to make the continent self-sufficient in fertilizer within 40 months by doubling this capacity.
In essence, you have crude coming in and refined fuel and petrochemicals out; you have fertilizer coming in and enhanced agriculture and industrial inputs out; at the same time pipelines, processing plants, logistics networks get built. This is supply-chain integration at a continental scale. Dangote is redirecting resource flows, building industrial linkages and remapping Africa’s manufacturing geography. In doing so, he is building what one might call Africa’s industrial “backbone”.
What makes Dangote’s story more than just large-scale capital is his entrepreneurial adaptation to Africa’s broken systems. He raises the bar when it comes to entrepreneurial adaptation amidst systemic dysfunctions. Where state infrastructure faltered, refineries idled, pipelines stolen from or vandalized, regulatory regimes
weak, Dangote stepped in with a model of private industrial discipline, infrastructure investment, and vertically integrated supply chains. For example, the refinery incorporates a 435 MW power plant to meet its own electricity needs and supply nearby zones. It is built in a special economic zone (Lekki Free Trade Zone), with pipeline imports and logistics linkups, thereby bypassing some of Nigeria’s worn grid and transport infrastructure.
Dangote’s model addresses multiple classic African constraints like currency weakness, logistics bottlenecks, lack of scale by building assets that anticipate them. He did not wait for the entire regulatory or infrastructure environment to be perfect. Instead, he built systems around the dysfunction: private pipelines, onsite power generation, integrated petrochemical units underwriting downstream manufacturing. This is mining the “missing middle” of value chains, moving from commodity export to domestic processing and export of finished goods.
In this sense, Dangote is less commodity merchant and more industrial statesman, creating infrastructure that the continent needs to transition out of mono-commodity economics. He is doing what the Gilded Age industrialists did: building the railroads, the steel mills, the refineries, and the distribution networks. The difference is scale, geography and time: Dangote is doing it in Nigeria for Africa, in the 21st century.
The choice of Nigeria as the launch pad is no accident: with the continent’s largest population (some 200 million plus), and economy, Nigeria offers both the problem and the opportunity qualifying as the indispensable springboard. A successful industrial transformation in Nigeria has continent-wide spillover. Dangote’s refining complex is located at the outskirts of Lagos, one of Africa’s mega-cities and economic hubs. Its impact is already visible: as of 2025, the refinery declared that Nigeria’s decades-long fuel-queue crisis is targeted to end. In a country where fuel imports dominated consumption, this is a signal of industrial shift.
Moreover, Nigeria is central to Africa’s
ambition to build internal demand-led manufacturing, move up the value chain, and capture more value in-continent. Dangote’s investment thereby becomes symbolic and material: if Nigeria industrializes, Africa can follow. In effect, Dangote is building the springboard, a launch pad for the continent’s industrial age, by anchoring it in Nigeria. At this point, one might begin to question whether all of this could signal the emergence of an African Gilded Age with broader implications for the continent. The answer is that by re-mapping Africa’s industrial systems, Dangote is truly ushering in what might be called Africa’s Gilded Age: a period in which domestic processing, infrastructure investment, supply-chain consolidation, and manufacturing leapfrogging become real. That Gilded Age in America was built by tycoons who forged railroads, steel, oil, and shipping. Now in Africa, Dangote’s refining-fertilizer-logistics complex could be the equivalent pivot, not just of Nigeria, but of African industrialization writ large. He is not alone, nor will he carry the continent alone, but his ambition, scale and systemic reach make him the central figure in this moment. To borrow the intellectual frame invoked by the TV series The Men Who Built America, Dangote is the man who builds Africa’s industrial architecture: the pipelines, the refineries, the fertilizer plants, the petrochemical linkages, the logistics flows, the export corridors.
Of course, this vision is not without risk. Large-scale industrial projects in Africa have often been delayed, under-financed or exposed to regulatory and logistics bottlenecks. Indeed, Dangote’s refinery faced such issues: despite its 650,000 b/d design capacity, domestic crude supply shortfalls meant it had to import oil, and analysts warned of a slow ramp-up. Further, the broader macro-environment remains challenging: fluctuating currency values, infrastructure deficits, trade-logistics constraints and regulatory unpredictability. The fertilizer plant’s expansion, for example, may be impeded by port and transport bottlenecks. For policymakers and multilateral institutions, Dangote’s activity offers both opportunity and lesson. Opportunity in the sense that private capital can play the systems-building role that public infrastructure has struggled to deliver; lesson in the sense that enabling environments, stable regulation, logistics corridors, supply-chain linkages, human-capital, remain essential. Governments should therefore treat Dangote’s model as a blueprint: aligning industrial-policy instruments, enabling logistics, supporting domestic content, and de-risking large-scale private industrial investment. In closing, let us return to the narrative framing. The industrialists of the Gilded Age did more than accumulate fortunes; they built systems. They built the rails, the iron, the pipelines, the networks, the distribution channels. Aliko Dangote is doing the same for Africa: building the industrial backbone of a continent at a moment of generational leap. His refinery and fertilizer factories, his logistics, his export ambitions are not just business ventures. They are structural interventions, rooted in Nigeria, but reaching across Africa. They signal the dawn of Africa’s industrial revolution: renewable domestic capacity, intracontinental trade, value-chain integration, export readiness. In a very real sense, Dangote is the man who is building Africa’s industrial age as a civilization-shaping project It remains to be seen how fully the promise is realized, how the systems scale, how inclusive the gains. However, the trajectory is unmistakable. If Africa is to have its own industrial epochs, it needs its own steel-and-rail-and-oil builders. Aliko Dangote is that builder for our time.
•Ken Etete is Chief Executive, Century Group
AlikoDangote
Amid Higher Sales Volumes,
On the back of higher sales volumes, improved operational efficiency, and enhanced currency stability, three leading cement makers in Nigeria, Dangote Cement Plc, BUA Cement Plc and Lafarge Africa Plc generated N4.79 trillion revenue in nine months of 2025.
This represents a 32.3 per cent increase over N3.62 trillion generated by the three companies in the corresponding period of 2024.
A breakdown of the N4.799 trillion revenue showed that Dangote Cement generated N3.15 trillion, about 23 per cent increase over N2.56 trillion reported in nine months of 2024. BUA Cement saw its revenue reach N858.73 billion, representing an increase of 47 per cent over N583.41billion in 2024, while Lafarge Africa declared N780.5 billion revenue, about 662.77 per cent increase over N479.5 billion reported in the same period in 2024. According to an
investigation by THISDAY, the average price of cement in nine of 2025 sold at N10,000 per bag at retail price.
The current price per bag is said to be influenced by rising energy costs and raw material scarcity that have increased manufacturing expenses. Other implications are higher diesel prices and road conditions, weakening of the Naira against the Dollar and massive construction projects (both private and government-led), fuelling
increased demand.
Experts have predicted that the price of cement may remain high throughout 2025 due to double-digit inflation, rising energy costs, and continuous housing demand. However, government efforts to stabilise the economy and boost local production could help control extreme price fluctuations later in the year.
As gathered by THISDAY, the three companies were faced with high cost of operations, leading to total operating expenses (Selling and distribution costs &
Administrative expenses) closed nine months of 2025 at N929.88 billion, about 21.8 per cent increase over N763.25billion in nine months of 2024.
Out of the N929.88 billion total operating expenses, Dangote Cement contributed 75.5 per cent with total operating expenses at N702.96 billion from N610.31 billion in 2024.
Despite challenges, the three firms generated profit before tax of N1.69 trillion in nine months of 2025, about 200.97 per cent increase over N562.5
billion reported in nine months of 2024.
Commenting on the results, the Managing Director/ CEO, BUA Cement, Yusuf Binji in a statement said, “The results reflect consistently strong profitability, with gross margin and EBITDA margin for the nine-month period rising to 50per cent and 46.4per cent, respectively — further reinforcing the success of the cost-efficiency initiatives implemented during the period.
Ebere Nwoji
The Commissioner for Insurance, Mr Olusegun Ayo Omosehin, has challenged insurance brokers on the need to change risk landscape in Nigerian insurance sector to meet insurance market needs on the emerging risks.
Omosehin said brokers should do this through provision of client-first
risk advisory in place of product driven solution, ensuring transparent business placement with clear wordings and quality coverage.
Omosehin who spoke during the investiture of Mrs Ekeoma Ezeibe as the 23rd President of the Nigerian Council of Registered Insurance Brokers (NCRIB), in Lagos, also urged brokers to lead claims processes with
data- driven, emphatic approaches.
He further urged the brokers to expand financial inclusion through the affordable micro insurance for underserved sectors and to leverage digital tools to reduce costs while maintaining ethical standards.
“I urge the Council to professionalise these capabilities through training, peer review,
and accountability. The reputation of our market is inseparable from the reputation of its brokers.
NAICOM’s regulatory expectations at the National Insurance Commission, our priorities are clear. We aim to foster innovation, protect policyholders, and build public confidence. For brokers, our regulatory focus includes: Risk-Based Supervision: Aligning governance and financial
requirements with business scale,” he stated.
He also urged the brokers to ensure transparency, suitability, and fairness especially during claims.
He said NAICOM would partner with NCRIB to develop broker-led micro insurance and takaful solutions.
He said, “NAICOM’s stance is simple: deliver only what you can support, and support everything you
deliver. Clear promises and prompt service build trust— and trust drives penetration. We invite the NCRIB, under Mrs. Ezeibe’s leadership, to actively partner with the Commission in implementing the provisions of NIIRA 2025. NAICOM remains open to dialogue and committed to harmonising the roles of all industry players.”
Kayode Tokede
Abdullahi Bashir Haske: Building Legacy Through Resilience, Audacity, Service
Abdullahi Bashir Haske, born on December 13, 1987, in Yola, Adamawa State, is the enterprising founder and Group Managing Director of AA&R Investment Group—a diversified conglomerate with major interests in oil and gas, aviation, agriculture, logistics, Information Communication Technology (ICT), and marine services. Despite his young age, he has built a reputation as one of Nigeria’s youngest self-made billionaires, earning him the nickname “Silent Billionaire” for his wide-reaching influence. Kayode Tokede writes on building legacy through resilience, and audacity that has brought him into recognition including the national honor of Member of the Order of the Federal Republic (MFR).
Early beginning...
In the quiet town of Ganye, Adamawa State, Nigeria, where resilience is less a choice than a way of life, a young boy faced a tragedy that would shape his destiny.
Haske lost his father at a tender age, an event that could have easily dimmed his light. Instead, it ignited in him a fierce sense of responsibility. That loss became both wound and compass, teaching him discipline, independence, and a determination to chart a future where he would not only survive but thrive.
“Life was never going to hand me anything easily,” he reflects, and so he embraced hard work early. What began as a child’s instinct to provide for his family evolved into a larger mission: to build businesses, create opportunities, and leave behind a legacy that outlives him.
While tragedy fueled his ambition, his grandfather refined it. A seasoned businessman, he taught Haske lessons that transcended commerce. Integrity, humility, and respect for people, no matter their station and these became Haske’s guiding principles. “Your word is your bond,” his grandfather would remind him, instilling a philosophy that trust is the most valuable currency in both life and business.
Growing up in Ganye reinforced those lessons. The environment demanded audacity, the boldness to chase opportunities without fear, while also nurturing a deep sense of community. Haske absorbed both, combining courage
Journey into entrepreneur
As a teenager, Haske tested those lessons in the marketplace. Trading petroleum products and agro-commodities, he earned his first profits. It was more than money; it was proof that vision, courage, and discipline could be translated into results. That early start lit the path toward bigger ambitions, from setting up a rice mill to leading ventures in oilfield services, ICT, logistics, and aviation.
But Haske’s focus shifted over time. It was no longer about simply running businesses; it was about creating lasting value, building industries, and shaping opportunities for others.
Today, AA&R Investment Group houses several high-performing subsidiaries, including Etihad Oilfield Services, Mars Aviation, H&W Rice Company, Etihad Trading, and Nitro Switch Ltd. His companies have created thousands of jobs, spurred innovation in oilfield services, and played a pivotal role in agricultural development across Adamawa and Kwara States.
His entrepreneurial journey, however, has not been without heartbreak. The Addax transaction stands out as one of the most painful chapters. He and his team poured time, resources, and hope into the venture, only to see it unravel. For many, it could have
marked the end. For Haske, it was a test of resilience. “Setbacks may slow you down,” he says, “but they don’t define your destination.”
Of the multiple sectors he has ventured into, none tested him more than energy. Breaking into the oil and gas industry as a young entrepreneur meant confronting entrenched structures and formidable barriers to entry. Yet, despite its challenges, it remains the most rewarding. The sector’s scale of impact, the ability to transform economies, communities, and futures has made every struggle worth it.
Amid success, Haske has remained grounded by discipline. Each day begins with quiet reflection and prayer, a reminder that his purpose extends beyond profit. He invests heavily in learning, drawing from global trends and leadership insights to sharpen his vision. And he stays close to his team, believing leadership is as much about listening and clarity as it is about strategy.
Behind the awards and milestones lies sacrifice. Missed family moments. Long nights. The surrender of comfort and privacy. “People often see the recognition and success,” he admits, “but what they don’t see are the sacrifices, the time, the energy, the personal comforts given up along the way.”Yet Haske views those sacrifices not with regret, but with conviction that they are the price of building something enduring.
In 2023, he was awarded the national honor of Member of the Order of the Federal Republic (MFR). For Haske, the recognition
was humbling. More than a personal milestone, he saw it as validation of the collective effort of his team across multiple industries. But rather than resting on his laurels, the award only fueled his drive to do more, to push further, to amplify his impact.
For all his ventures, the achievement that brings him the most pride is the work of the ABH Foundation. Supporting widows, orphans, and families in need, the foundation embodies Haske’s belief that true success is measured in lives touched, not just profit earned.
Seeing young men and women who once started with nothing grow into confident professionals and entrepreneurs gives him a sense of fulfillment no business deal could rival. For Haske, those human stories, the restoration of hope, the creation of opportunity are the legacies that matter most.
From Ganye to global recognition, Haske’s journey is far from over. Yet even now, he is clear about how he wishes to be remembered. Not just for the businesses he built, but for the doors he opened. Not only for the profits earned, but for the opportunities created.
“I’d like my life to reflect service to God, to my family, to my people, and to the generations that will come after me,” he says. It is a fitting ambition for a man whose life has been defined by audacity, anchored in resilience, and guided by a purpose greater than himself.
Haske
with connectedness, daring with duty.
NECHI: We’ Are Leading Africa’s New Frontier in Global Investment Immigration
In a world where wealth, mobility, and opportunity are increasingly borderless, Optiva Capital Partners has emerged as Africa’s leading force in investment immigration and global wealth retention services. At an exclusive media interactive session with select business editors, the Chairman of Optiva Capital Partners, Franklin Nechi, shared insights into the company’s remarkable journey, its strategic global partnerships, and its bold vision for the future of investment immigration and wealth retention. Excerpts
Optiva Capital Partners has been widely described as Africa’s leader in investment immigration. What does leadership in this field mean to you, and how has Optiva earned that position?
Leadership in investment immigration goes beyond market share or brand visibility. To me, it means setting the standard — ethically, professionally, and impactfully — for how African families can build global access and financial freedom through legitimate, compliant channels. Optiva earned this leadership through three things: Integrity in execution — we are 100% transparent with clients and program partners. Expertise and structure — our advisory model integrates immigration, wealth retention, and global investment advisory under one roof. Impact at scale — We have helped thousands of African families secure second citizenships, educational opportunities for their children, and access to global healthcare and business ecosystems. Our leadership is not claimed; it is earned daily through trust, compliance, and tangible transformation.
What was the original vision behind Optiva, and how has it evolved over the years?
When we started Optiva, our vision was clear — to help African families access global opportunities that were once the preserve of a few. We wanted to break the myth that global mobility and wealth preservation were “foreign” privileges. Over time, the vision evolved from “immigration investment” to “lifestyle and generational wealth solutions.” Today, we don’t just help clients get passports; we help them build legacies — with global investments, education planning, wealth diversification, and estate management. We’ve become the trusted bridge between African aspiration and global opportunity.
In practical terms, how has Optiva transformed the lives of its clients across Africa?
The stories are endless — and deeply personal. We’ve seen: Families who once struggled with visa restrictions now travelling freely for business or medical treatment, Parents whose children now study in top global universities under citizenship-by-investment programs and entrepreneurs who diversified their wealth into stable economies, protecting their assets from currency volatility. Beyond the numbers, the transformation is psychological and generational — clients now see themselves as global citizens with the freedom to live, invest, and retire anywhere in the world. That’s real transformation — financial empowerment and global dignity.
Optiva is recognized for its strong global partnerships. What do these partnerships look like, and how do they give you an edge?
Our partnerships are not just business arrangements; they are strategic alliances built on mutual credibility and shared values. We work directly with governments, investment agencies, real estate developers, and licensed program administrators across Europe, the Caribbean, North America, and the Middle East. This gives Optiva three major advantages: Access — firsthand information and early access to new investment immigration programs. Speed and assurance — we process client applications with the confidence that comes from direct governmental relationships. Diversification — our clients benefit from a global menu of options, from Caribbean citizenships to European residency and real estate investments in Dubai. These partnerships are the backbone of our leadership — and they’re built on years of trust and professionalism
How do you ensure credibility and compliance when dealing with foreign governments and program administrators?
Compliance is non-negotiable. Optiva operates with the same due diligence standards as any top global financial institution. We maintain a robust compliance framework: Know Your Customers and Anti-Money Laundering procedures aligned
with international best practices, collaboration only with licensed program promoters and governmentapproved channels and constant staff training on global regulatory standards. We believe credibility is not built through advertising — it’s built through discipline, documentation, and transparency.
In a space where trust is critical, how does Optiva maintain its reputation for integrity and transparency?
Trust is our strongest currency. We protect it jealously. Every Optiva client knows exactly what they’re paying for, what’s legally required, and what’s possible — no hidden clauses, no inflated promises. We maintain an open-door policy for both clients and regulators. Internally, we foster a culture of ethical leadership — every team member understands that one misrepresentation can cost years of credibility. In short, we don’t just sell programs — we sell peace of mind.
Optiva recently made a foray into real estate investments in Dubai. What was the thinking behind this expansion?
Our expansion into Dubai real estate was both strategic and visionary. Dubai represents a global investment hub where African investors can participate safely and profitably. We noticed many of our clients wanted not just residency or citizenship, but solid asset-backed investments in stable markets. Real
estate in Dubai offers that — strong capital appreciation, rental income, and global prestige. It’s a natural extension of what we do: helping Africans build wealth and identity without borders.
How do real estate opportunities complement investment immigration solutions?
They go hand-in-hand. Many immigration programs today — from Portugal to the UAE to the Caribbean — are property-linked. By combining both, we create an integrated wealth pathway: You secure a global home (real estate), you gain residency or citizenship rights, and you diversify your wealth internationally. It’s about moving from “migration of people” to “migration of prosperity.”
What kind of real estate opportunities in Dubai are most attractive to African investors today?
African investors are drawn to midluxury and off-plan developments — properties that combine affordability, high yield, and long-term appreciation. We focus on strategic areas like Business Bay, Downtown Dubai, and Dubai Creek Harbour. These are locations with liquidity, rental demand, and future upside. Optiva also works directly with top-tier developers — ensuring our clients buy into credibility, not speculation. For us, it’s not just selling property — it’s curating safe and profitable global assets for our clients.
How is demand for investment immigration changing in Africa, and what trends do you see shaping the future?
The demand is accelerating — and evolving. Five years ago, most clients wanted “Plan B” passports for travel convenience. Today, the motivation has expanded to include education planning, asset diversification, and global entrepreneurship. The trend is toward structured, wealth-driven mobility — Africans are no longer seeking escape; they’re seeking expansion. In the future, I see Africa becoming a net participant in global capital and citizenship — not just a beneficiary. And Optiva will remain at the forefront of that transformation.
What message would you give to Africans who see second passports as something “out of reach” or only for the elite?
That mindset is changing — and we are proud to be part of that change. A second passport is no longer a luxury; it’s a strategic tool for personal and financial growth. Through our flexible plans, structured payment options, and advisory guidance, Optiva has democratised access to global citizenship.
CSCS Partners IBM to Strengthen Capital Market Infrastructure
Kayode Tokede
The Central Securities Clearing System Plc (CSCS), yesterday announced a major milestone in its technology transformation journey with the upgrade of its core application in partnership with global technology leader IBM and Tata Consultancy Services (TCS).
This upgrade marks a significant leap in CSCS’s commitment to innovation, efficiency, and resilience, positioning it as one of Africa’s most technologically advanced post-trade service providers.
Since first adopting the TCS BaNCS platform in 2015, CSCS has consistently harnessed technology to power the Nigerian capital market’s evolution. The latest upgrade, running on the IBM Power 10 Series, represents a strategic modernization of CSCS’s core infrastructure, enhancing speed, scalability, integration, and system security while creating the foundation for future innovation.
The initiative aligns with CSCS’s vision of enabling
a seamless, secure, and efficient marketplace. By strengthening its digital backbone, CSCS is delivering greater value to all stakeholders through faster transaction processing, improved transparency, advanced data
analytics, and enhanced operational resilience.
The Managing Director and Chief Executive Officer of CSCS, Haruna Jalo-Waziri described the upgrade as a pivotal moment in the company’s digital transformation agenda.
Universal Insurance Grows Premium to N15.3bn, Strengthens Balance Sheet
Ebere Nwoji
Universal Insurance Plc, said it has once again delivered a solid financial result for the financial year ended 31st December 2024.
Chairman of the company, Jasper Nduagwuike, disclosed this during the company’s 55th Annual General Meeting (AGM), held in Lagos. He said that the company’s gross written premium rose by customers trust in our service.
He said insurance revenue appreciated to N13.8 billion in 2024 as against N8.02 billion reported in the previous year of 2023,
representing 72 percent increase.
He attributed this to the company’s ability to balance prudent underwriting with innovation and ensuring it meets the needs of customers while safeguarding long-term profitability.
Profit before tax rose by 291.26 per cent to N2.01 billion as against N526.716 million in 2023 while insurance service result grew to N2.79 billion from N1.54 billion.
On the company’s balance sheet, he said total assets expanded from N15.7 billion in 2023 to N20.3 billion in 2024, while shareholders fund went up from N10.4 billion to N 13.2 billion in the previous year of 2023.
TOURBA, ThriveAgric Partner to Scale Conservation Agriculture
Nume Ekeghe
Tourba, a nature-based carbon project developer deploying an innovative agricultural model to advance food security and climate resilience, has signed a strategic partnership with ThriveAgric, a leading
Nigerian agri-tech platform, to accelerate the transition of Nigerian smallholder farmers towards conservation agriculture. The partnership focuses on on-boarding farmers into Tourba’s carbon farming program, training
them in sustainable farming methods, while also establishing 100 demonstration plots across key regions in Nigeria. These demo plots will serve as living classrooms where farmers can learn and adopt best practices in conservation
agriculture, including crop diversification, soil conservation, and agroforestry techniques.
Country Manager at Tourba Nigeria, Opeoluwa Odunayo Filani stated, “This partnership with ThriveAgric strengthens our mission to scale conservation agriculture
in Nigeria while ensuring farmers receive the tools and training they need to build climate resilience. By combining ThriveAgric’s reach with Tourba’s technical expertise, we are building the foundation for a truly inclusive and impactful carbon farming program,”
Zenith General Insurance Donates to Orphanage Homes
Ebere Nwoji
Filani. Through its carbon farming program, Tourba is committed to driving sustainable agriculture by enhancing soil fertility, supporting farmers in adopting conservation agriculture practices, and generating certified carbon credits.
Zenith General Insurance Limited, has donated food items and essential supplies to two orphanages in Lagos – Heritage Homes and Children Anchor Orphanage Home, reaffirming its commitment to improving the lives of vulnerable children in the society.
empathy and community impact.
During the visits, senior representatives from Zenith General Insurance emphasised the organisation’s dedication to giving back, aligning with their core values of
Also, Senior Manager in charge of Head Office Marketing and the SouthSouth branches, Edith Agu, stated that the initiative was designed to show the children that they were cared for and valued.
“We want to show them that Zenith Insurance cares about them and that their well-being is important to us,” she said.
At Heritage Homes, the social worker in charge, Mrs. Mosopefoluwa, expressed deep appreciation for the visit and the
generous contributions.
She recounted that the home was founded 19 years ago by Pastor Ituah, who sought to provide a safe haven for children without families and to serve as a bridge between abandoned children and prospective caregivers.
Children in Anchor Orphanage Home, established in 2020, also benefited from the outreach. The supervisor, Mr. Olajide Ola Bankole, shared the home’s vision of creating a better future for orphans, abused, and abandoned children.
ProPerty & environment
Awolaja: Lagos Should Have Office of Valuer-General
The d irector, Lagos s tate Valuation Office (L asVO), e sv. a dekunle awolaja tells Bennett Oghifo he believes the government should establish an office of the Valuer-General as it did for a ccountants and Lawyers, among others. He also speaks about his heritage
You have been in government service, how did you rise to become the Director of the Valuation Office?
By 2012, the Director of the Valuation Office was about to leave, and I was called to take over. At that time, the office was struggling. Originally, the Valuation Office had been created through a World Bank-supported initiative to generate revenue for Lagos in order to repay a $300 million loan for water and waste infrastructure. It was anchored on the Tenement Rate Law, which unfortunately was poorly drafted and titled, leaving it vulnerable when the Land Use Charge came in. Instead of strengthening the valuation framework, the law was sidelined and the office reduced to near irrelevance. When I assumed leadership, the budget was a mere N6.5 million a year. Staff morale was low, and deaths among personnel had shaken the office. I resolved to revive it. I lobbied tirelessly, especially during Governor Babatunde Fashola’s tenure, and succeeded in raising the budget from N6.5 million to N11 million, and eventually to N600 million. This caused controversy — colleagues accused me of overreaching, while others openly resisted change. But I saw the battle as necessary for survival. Still, implementation was another
struggle. At one point, despite a N600 million budget, only about 11% could be spent, because approvals and releases were deliberately frustrated. It wasn’t until very recently, under the current governor, Babajide Sanwo-Olu that we achieved over 80% performance of our budget.
As an Estate Surveyor, what do you desire for the profession?
Through it all, I have held firmly to a vision. I believe that Estate Management and Valuation, as a profession, should be structured like accounting — with two strong branches. Just as accountants can rise to become Auditor-General or Accountant-General, Valuers should have the chance to rise to become Valuer-General, Permanent Secretary for Lands, or Director of Land Services. That is the future I see for our profession, even though bureaucratic politics often tries to keep us subordinated. It has not been an easy fight. I have faced setbacks, resistance, and isolation. Some see me as a lone fighter. But I remain committed, because I know that in the long run, integrity, persistence, and vision will
speak louder than politics.
Tell us about your education I started my early education at Oke-Owa United African Primary School in Ijebu Ode, finishing in 1978. For secondary education, I passed through different schools, eventually completing at Ikorodu High School. I later proceeded to Islam College, where I re-sat and strengthened my results. My ambition was originally to become a civil engineer, but my A-level performance in the sciences fell short, so I shifted to estate management. That path turned out to be providential. I gained admission into Yaba College of Technology, where I obtained my OND in Estate Management. From there, I pressed on — doing an MBA at LASU, which I completed in 2001, followed by an MSc in Real Estate at the University of Reading (College of Estate Management). Eventually, I capped it all with a Doctorate in Business Administration (Project Management option) at the University of Lagos, which I completed in 2023. So yes, today I can be addressed as Doctor, and I accept that with pride.
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We’re Building a Legacy to Shape the Future, Says Ksircomfort
Fadekemi Ajakaiye
The construction and real estate industry in Nigeria has, over the years, remained one of the nation’s most dynamic yet
challenging sectors, contributing significantly to economic development, providing housing, infrastructure, and employment opportunities.
Ksircomfort Construction
Limited has built its identity, anchored on trust, quality, and steady progress in an industry that demands resilience and vision.
Five years after it began,
Ksircomfort Construction Limited is marking a milestone that is straightforward in its purpose of creating exceptional living and working spaces that reflect the dreams, aspirations, and investments of their clients and partners.
For half a decade, the company’s path has been deliberately grounded in practical decisions, frequent problem-solving, and a consistent focus on delivering homes people can trust. Her fifth anniversary that comes up on November 28, 2025 at the Civic Center coincides with a planned brand relaunch the management describes as an evolution, not a reinvention; giving a cleaner identity, clearer messaging, and renewed emphasis on operational improvements such as client experience, sustainability and professionalism.
The story of Ksircomfort
Limited is closely tied to its managing director, Ademola Idris. Growing up, he was exposed to construction through his father, who worked for many years as a civil engineer in the industry.
Ademola’s direct entry into construction came later in 2020 when he bought his first property and personally managed its renovation. The hands-on experience convinced him that construction was a viable career and calling.
In 2021, he registered Ksircomfort Construction Limited with a mission to deliver trust, quality and comfort in projects for families and investors. The company’s first paid assignment came from a family contact. That project took roughly nine months and became the initial proof of concept for Ksircomfort: a demonstration that the business
Firm Envisages Nigeria’s First Sports City Project
Olawale Ajimotokan in Abuja
A Nigerian firm, QAS Properties Limited has unveiled the vision of an ambitious and first of its kind worldclass sports city for Abuja.
The project, which is inspired by similar transforma-
tions like Dubai Sports City is spearheaded by Qamar Shodeinde and Stephen Koko Matthew.
They said the concept would enhance the quality of living and enable opportunities for sports and recreation in the FCT.
In addition, they noted that the potential for property development and investment within and around such a project means real estate investors would find significant opportunities.
The sports city, to be sited in either the Airport Road or
Bwari axis, would boast of world class sporting centres and a football academy.
According to a statement by the firm, construction would create thousands of jobs for engineers, technicians, vendors and drivers,
could plan, execute and deliver to a client’s expectations. From that modest beginning the company started to take on additional work.
Ksircomfort has completed four projects during its existence, and the works have been mainly residential and small-scale developments that emphasize careful execution over rapid expansion.The company currently has various projects at different levels of construction spread over several locations in Lagos.
Among the early projects is Osapa Pearl that is located in Cana West Estate, Osapa London, Lekki Jakande. This particular project stands out as an example of the company’s approach to planning and outstanding delivery. Osapa Pearl comprises two housing units, each has four bedrooms, two
in Abuja
boosting many parts of the economy.
They said once complete, the city would host training centres, competitions, and events, employing coaches, groundskeepers, hotel staff and more, contributing to a
lively urban environment.
“Picture our national teams training with world-class equipment right here in Abuja, inspiring future champions and role models within a thriving community. This would greatly benefit
TVET Programme: Registered Artisans Laud Impact of myhandwork.ng Online Platform on Business Growth
Fadekemi Ajakaiye
Trained artisans of The Technical and Vocational Training (TVET) programme, onboarded about a year ago on the digital platform, myhandwork.ng have praised the impact the platform has made on their businesses in the last 12 months, after a year on the platform.
These are the first cohort of
the next-generation grassroots entrepreneurs, earlier trained under the TVET scheme powered by Research Links and Nerdzfactory, in partnership with the Mastercard Foundation.
The artisan shared their testimonies at a recent miniworkshop at Ogba, near Ikeja, organised to refresh the skills of the trainees. The workshop was mainly organised to bring
together artisans who had challenges in operating effectively on the website, the Instagram platform of myhandwork.ng, as well as other social media platforms.
In the last few months, various visits to beneficiaries revealed that a good number of artisans were not tech-savvy, so they needed urgent assistance to make remarkable business
impressions via myhandwork.ng and the social media platforms. The workshop provided hands-on training for artisans on how to effectively expand their digital reach. With the growing relevance of digital awareness in day-to-day business activities, tech experts were deployed at the workshop to train those artisans with challenges in managing their businesses digitally.
At the event, many artisans recounted the benefits they have derived so far from the platform and how it has increased profitability in their various businesses.
Mercy Okundaye, a lady in the business of shoe-making, described her involvement with myhandwork.ng as the best thing that has ever happened to her business. Young
Awolaja
Illustration of Azure Court, one of Ksircomfort’s ongoing projects
Uduimoh: How Oando Foundation Drives Lasting Change in Education Sector through Evidence-based Learning,Teacher Empowerment
Oando Foundation, an independent charity, has been driving access to quality basic education for children in underserved nigerian communities by adopting 88 public primary schools and supporting 206 others across 23 states and the FCT, positively impacting over one million beneficiaries through holistic and innovative learning initiatives. In this interview with Funmi Ogundare, Head of the foundation, Tonia Uduimoh, explains how evidence-based interventions, teacher training, and mother-tongue instruction can drive lasting change in nigeria’s education system
Oando Foundation recently unveiled two evidence-based reports on its Foundational Learning Improvement Programme (LEARNOVATE–FLIP), one on the Early Grade Reading (EGR) approach and the other on the Teaching at the Right Level (TaRL) approach. What motivated the foundation to initiate this programme, and how does it reflect your broader vision of transforming basic education in Nigeria?
Our work has always been anchored in the belief that every Nigerian child deserves equitable access to quality education. Yet, statistics show otherwise. According to UNICEF (2022), 70 per cent of children in Nigeria cannot read with understanding or solve basic math problems. This challenge has been compounded by the disruptions of COVID-19 and the changing demands of the global economy, which require adaptable education systems that equip children with the skills to thrive in the 21st century. We recognised that addressing this crisis required the right interventions; evidence-based approaches that not only focus on enrolment, but also prioritise improving learning outcomes. This is why we launched the Foundational Learning Improvement Programme (LEARNOVATE–FLIP).
The programme implemented two innovative methods—early grade reading, which improved reading achievement for pupils in primary two to three through mother-tonguebased instruction, and teaching at the right level, which provided remedial support for pupils in primary four to six, who had advanced without mastering basic skills. Through these interventions, we were able to test scalable models in real classrooms across Ebonyi, Plateau, Sokoto, and Adamawa states. The results show that change is possible: in Adamawa,
for example, the number of English paragraph readers rose from 18 per cent to 45 per cent within six months, while the share of non-readers fell sharply.
LEARNOVATE FLIP is a part of our broader LEARNOVATE strategy to address changing issues affecting basic skills mastery (foundational learning), green skills for the emerging global workforce, education advocacy, and sector thought leadership, given our track record of success at policy engagement, partnership development, and programme delivery. We see this work as a pathway towards ensuring equitable, quality education for all children, equipping them with the critical skills for lifelong learning and national development.
The FLIP pilot was implemented across 80 public primary schools in Ebonyi, Plateau, Sokoto, and Adamawa States. What guided the choice of these locations, and what pressing gaps in foundational learning were you seeking to address there?
Our selection was guided by both need and opportunity. These are states where the gaps in foundational literacy and numeracy are particularly acute, and where children in underserved and hard-to-reach communities face multiple barriers to learning. Factors such as language diversity, economic marginalisation, teacher capacity gaps, and, in some cases, insecurity, all contribute to widening disparities in learning outcomes.
The reports highlight measurable gains in literacy and numeracy outcomes. What do you consider the most significant outcomes from this pilot phase, and what do they reveal about Nigeria’s learning crisis?
For us, the most significant outcome from this pilot phase is the clear evidence that children can make rapid progress when given the right support. The reports show measurable improvements in both literacy and numeracy across all pilot states, along with a notable reduction in non-readers. These outcomes reveal two important truths about Nigeria’s learning crisis: first, Nigeria’s learning crisis is not about children’s inability to learn; it is about whether our education system is structured to teach them effectively. Second, evidence-based models like early grade reading and teaching at the right level can work across diverse contexts, rural and urban, northern and southern states. That gives us confidence that if scaled, such interventions can significantly reduce learning poverty and give millions of Nigerian children a fair chance to succeed.
Early Grade Reading (EGR) introduced structured instruction in the mother tongue for pupils in primary one to three. Why is mother-tongue instruction so critical at this stage, and what did the evidence show about its impact?
Mother-tongue instruction is critical in the early grades because children learn fastest when they are taught in a language they already speak and understand. Global evidence backs this; UNESCO has consistently shown that children taught in their mother tongue for the first six years of schooling are more likely to develop stronger literacy and transition more successfully into second languages, including English. Our EGR pilot confirmed this reality in Nigeria. In Ebonyi, Plateau, and Sokoto States, structured reading lessons delivered in the mother tongue for primary one to three pupils led to measurable improvements in comprehension and engagement. Teachers found it easier to deliver lessons, while pupils grasped concepts more quickly and retained them better. Importantly, when these children transitioned into English, they performed better than peers who had only been exposed to English from the start. In other words, grounding literacy in the mother tongue did not hold children back; it created a stronger bridge to English. This outcome is vital for Nigeria, where language diversity is a major barrier to learning. By combining mothertongue instruction in the early grades with structured pathways into English, the pilot demonstrated that we could close learning gaps faster, reduce the share of non-readers, and give children the confidence they need to keep progressing through school.
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Girl Guides Seeks Inclusion of Gender-Based Violence Education in Curriculum
Oluchi Chibuzor
As Nigeria joined the rest of the world to mark the 2025 International Day of the Girl Child, stakeholders have called on the federal government to fully implement the Violence Against Persons (Prohibition) Act (VAP) and introduce Gender-Based Violence (GBV) education into the national curriculum to safeguard the rights and dignity of girls, especially those affected by crises.
Speaking in Lagos, to mark the event themed ‘The Girl I Am, The Change I Lead: Girls on the Frontline of Crisis’, the International Commissioner of the Nigerian Girl Guides Association (NGGA), Tejiri Okeregbe, described the day as one dedicated to helping girls overcome stereotypes, discover their inner strength, and become agents of positive change in their communities.
“Whenever there is a crisis, girls and children
suffer the most. This theme teaches girls that, irrespective of physical, economic, or educational challenges, they can still become who they want to be. They must look inward, develop themselves, and take deliberate action toward change,” Okeregbe said.
She stated that the Girl Guides movement plays a vital role in preparing young girls to navigate life’s challenges through moral discipline and leadership training.
She added that the Girl Guides Law—10 guiding principles promoting trust, loyalty, courtesy, service, and resilience—helps shape girls into responsible citizens.
Okeregbe called on state governments to integrate Girl Guides and Scout programmes into public and private schools, saying that Lagos has already
made significant progress in that regard.
“When a girl is groomed through these values, she learns to think strategically, not react impulsively, even in crisis. Through our programmes like Stop the Violence (STV) and Voices Against Violence (VAV), we train girls aged five to 25 on how to protect themselves from both external and domestic violence,” she added.
She maintained that with over 40,000 registered members across 34 states, the programme is to reaffirm their commitment to nurturing confident and capable young women who will lead social change.
Though Nigeria has laws such as the VAP and the Child Rights Act, she regretted that poor implementation remains a major challenge.
“Some states are yet to domesticate the Child Rights Act. Until governments and state assemblies take this seriously, underage
marriage, abuse, and neglect will continue,” she said.
Highlighting the association’s partnerships, Okeregbe revealed that the Girl Guides collaborated with the Mirabel Centre, Federation of Women Lawyers, and the Ministry of Women Affairs to provide support and referrals for victims of abuse.
She added that the association enforces a strict child protection policy to ensure that girls under its care remain safe physically, mentally, and emotionally.
“We look out for signs of trauma or withdrawal in girls, even at home. When we identify such cases, we intervene, provide care, and involve the right authorities,” she explained.
The Chief Commissioner of the NGGA, Rhoda Thomas, stressed the importance of mentorship and parental support in empowering the girl child.
Amobi Essay Prize to Empower Future Leaders through Writing
Oluchi Chibuzor
The Amobi Essay Prize is set to return for its 10th edition, continuing its mission to shape the next generation of entrepreneurs and professionals through intellectual competition, critical thinking and impactful writing.
The Amobi Essay Prize, an initiative of the Amobi Education Foundation, will go beyond the shores of Lagos for the first time, and is set to have maiden editions in schools in Anambra State and Abuja, scheduled to hold from October 31 to November 30, 2025.
According to the founder, Amobi Education
Foundation, Mr. Eloka Amobi, the essay competition is an intentional effort to address skills gaps among youths and equip them for global competitiveness.
“We created the Amobi Essay Prize competition to empower young people with the tools to express themselves confidently, think critically, and pursue both employment and entrepreneurship with clarity and purpose. It is not just about writing; it is about preparing them for the future,” Amobi said.
He explained that the initiative aligns with the foundation’s broader mission to inspire creative thinking and to serve as a catalyst for transforming ambition into action. Amobi noted that the competition has previously featured participants from leading schools such as Air Force Secondary School, King’s College, Queen’s College, Grange School, Vivian Fowler, Igbobi College, Opebi Grammar School, and International School, University of Lagos. All participants are selected via a transparent ballot system, and essays are invigilated on-site to ensure fairness and integrity.
Now in its 10th year, he said that the competition goes beyond writing, by promoting diligence, self-development and community service.
He added that participants are challenged to explore themes around business, economics and commerce through critical and creative thinking.
In addition to conducting independent research and writing, Amobi stated that participants are also tested through a quiz component, which complements the essay by assessing quick thinking, retention and subject in knowledge,
Uduimoh
SOStainability Week ly
Edited by Oke Epia
Washing and hushing
Trash Is the New Oil : Why Lagos ’ s Waste Could Power Its Future –
Every day, Lagos churns out around 14,000 tonnes of waste. It’s an astonishing figure, enough to fill dozens of trucks snaking endlessly from the mainland to the island. In response, the state government has launched a “Cash for Trash” initiative: bring your recyclables, get paid on the spot. It’s catchy, hopeful, and very Lagos; full of energy and possibility.
But beyond the tidy streets and community excitement, one question that must be asked is: does this initiative truly advance Lagos’s climate and sustainability goals, or is it another short-term fix to a long-term problem?
The promise and the potential
Let’s start with the positives. Lagos is not flying blind. The state already has a Climate Action Plan that identifies waste as a key source of greenhouse gas emissions. It’s also working with the Rocky Mountain Institute (RMI) to close down five major dumpsites by 2030 and replace them with modern treatment facilities that can handle about 2,000 tonnes of waste per day. There’s also a waste-to-energy project at Epe that could eventually power homes using what we throw away.
So, when you think about it, Cash for Trash fits neatly into a larger story: cleaner streets, reduced methane from open dumps, and a nod toward a circular economy — where waste becomes a resource, not a liability.
The gaps we can’t ignore
Still, for all its potential, the initiative raises tough questions. Scale is one: Lagos has more than 20 million people. Occasional pop-up collection drives can’t possibly handle the daily avalanche of plastic, paper, and food waste. Without permanent drop-off stations or an organised schedule, only a tiny fraction of waste will ever make it into this scheme.
Transparency is another: There’s no public list of what materials are accepted, how much they’re worth, or where they end up. Residents can’t tell if the bottles they hand in are being recycled, incinerated, or quietly dumped somewhere else. For a government that talks about accountability, this silence is a missed opportunity.
Then there’s the climate connection: Recycling and waste diversion can indeed reduce methane emissions, but Lagos hasn’t published any numbers showing how Cash for Trash contributes to that goal. Without clear indicators, tonnes collected, households participating, emissions saved, it’s impossible to measure progress.
And of course, there’s the question on everyone’s mind: who’s paying for it? Paying people for waste is not cheap. If even a small portion of Lagos’s population participates, payouts could run into hundreds of millions of naira each month. Unless that money comes from producers, recycling firms, or private partnerships, it could quickly become a financial burden.
Cities that have made such programmes work; from Norway’s bottle-deposit scheme to Singapore’s permanent recycling stations, fund them through producer responsibility systems, not government budgets alone. Globally, the most effective recycling programmes don’t rely on occasional incentives, they
• Governor Babajide Sanwo-Olu, Lagos State
rely on structure.
In Norway and Lithuania, consumers pay a small deposit on every beverage container and get it back when they return the bottle. The result? Over 90% return rates. In Singapore, residents know exactly where and when to exchange recyclables for cash because stations are fixed and scheduled public. And across Europe, “Pay-As-You-Throw” systems charge households for mixed waste while making recycling free and convenient,
the initiative to the state’s climate plan; show, in numbers, how many tonnes of waste are diverted from dumps and how much methane is prevented. Third, create a steady funding model. Introduce producer-responsibility fees for companies whose packaging ends up in bins, or design a small “deposit-refund” system for plastic bottles and cans. Fourth, integrate waste pickers and micro-aggregators. They already form the backbone of Lagos’s informal recycling economy. Bringing them into the system with fair pay, safety gear, and digital payments will make the scheme socially inclusive and more effective. And finally, communicate openly. Publish quarterly reports on collection volumes, money disbursed, and recycling outcomes. Lagos residents deserve to know where their efforts lead.
a simple economic nudge that works. The lesson for Lagos is clear: consistency and clarity beat campaigns and slogans every time.
How Lagos can make it last
To turn Cash for Trash from a feel-good drive into a sustainable climate tool, Lagos should focus on a few practical steps. First, publish a price card so residents know exactly what’s recyclable and how much it’s worth. Transparency builds trust. Second, link
A cleaner Lagos, a smarter Lagos There’s no doubt that Cash for Trash taps into something powerful, Lagosians’ readiness to act when properly motivated. But motivation alone won’t solve a structural problem. If the government can move from pop-up drives to a citywide network of return points, backed by data and clear climate metrics, Lagos could lead West Africa in the emerging circular economy. The city already has the ambition and the scale; now it needs the systems to match. Turning trash into cash is a good start. Turning waste into wealth, and cleaner air, lower emissions, and green jobs, will be the real success story.
• Tokunboh Wahab, Commissioner for Environment and Water Resources
SOStainability Week ly
Trends and Threads
How Sustainable Public Procurement Can Advance Nigeria ’ s Climate Goals
Sustainable Public Procurement
(SPP) is a strategic approach to procurement that seeks to achieve a balance between economic, social, and environmental goals. By integrating sustainability considerations into procurement processes, governments and organisations can leverage their purchasing power to promote sustainable development, mitigate environmental impacts, and drive social progress. Countries across the world are increasingly adopting SPP to advance their climate goals. Nigeria needs to move swiftly and intentionally in this direction. And for several good reasons, which include the following:
Environmental Protection:
One of the primary goals of SPP is to reduce the environmental impact of procurement activities. This involves selecting goods and services that have a lower environmental footprint, promoting the use of renewable resources, and
encouraging suppliers to adopt eco-friendly practices. By prioritising products with reduced emissions, lower energy consumption, and minimal waste, SPP helps in mitigating climate change and preserving natural resources.
Economic Efficiency: SPP aims to achieve economic efficiency by considering the total cost of ownership (TCO) rather than just the upfront purchase price.
organisations can make more informed procurement decisions that lead to long-term savings and better resource utilization.
Social Equity: SPP seeks to promote social equity by encouraging the inclusion of socially responsible practices in procurement processes. This includes supporting fair labour practices, promoting diversity and inclusion, and ensuring that procurement decisions do not negatively impact vulnerable communities. By prioritising suppliers who adhere to social standards and contribute positively to society, SPP fosters a more equitable and just procurement system. Innovation and Market Transformation: SPP encourages innovation by creating demand for sustainable products and services. This can stimulate the market to develop new, innovative solutions that meet sustainability criteria. By setting high sustainability standards, public procurement can drive market transformation, leading to the widespread adoption of sustainable practices across various industries.
The Pillars of Sustainable Public Procurement (SPP) Sustainable Public Procurement (SPP) rests on three fundamental pillars that collectively ensure public procurement
Niger Delta oil spills : Will the Reps ’ probe clean up the mess ?
The House of Representatives has empanelled an ad-hoc committee to investigate the management of oil spill clean-up funds in the Niger Delta. While this appears to be a good move, it raises pertinent questions about the efficiency and productivity of legislative oversight.
there is a standing committee in the House on Host
Communities that has jurisdiction over the Hydrocarbon Pollution Remediation Project (HYPREP), one wonders why an ad-hic committee needs to be set up to investigate the same agency. Could this be a vote of no confidence in the standing committee? This is the first question the House of
pledged that his team will “scrutinise project implementation, procurement processes, training programmes, intelligence coordination, and the actual delivery of remediation and restitution to Niger Delta communities. When monitoring and verification reveal gaps, delays, or irregularities, the committee will not hesitate to identify those responsible and recommend corrective measures. This is about ensuring that funds meant for environmental recovery are used effectively for the people who have suffered the most.” He specifically mentioned that HYPREP, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the National Oil Spill Detection and Response Agency (NOSDRA), and the Federal Ministry of Finance will be invited to explain their part in how billions of funds earmarked for clean up have been spent or misspent. “Let me be clear this is not a political theatre or a public show. It is a rigorous, evidence-driven inquiry aimed at restoring accountability, recovering misapplied public funds, addressing institutional failures, and ensuring that real remediation reaches our communities,” he declared. This page will keep an eye on the probe.
practices contribute positively to sustainable development. These pillars—economic prosperity, environmental responsibility, and social progress—guide organizations in balancing their procurement decisions with broader societal and environmental goals. At its core, SPP aims to achieve economic prosperity by maximizing the efficiency of public spending. This pillar emphasizes the importance of achieving value for money throughout the procurement process. Organisations implement strategies like whole-life costing, which considers not just the upfront cost of goods and services but also their costs over their entire lifecycle, including operation, maintenance, and disposal. Furthermore, optimising procurement through centralised activities across government entities helps leverage economies of scale and negotiate better prices from suppliers. By promoting cost efficiency and practices that reduce waste, SPP ensures taxpayer money is used wisely, fostering sustainable economic growth and innovation in the marketplace.
The environmental pillar of SPP focuses on minimising the ecological footprint of public procurement activities. It aims to promote goods, services, and works that have a reduced impact on the environment throughout their lifecycle. Key principles include integrating environmental criteria into tendering processes to encourage the adoption of greener alternatives by suppliers. Life cycle assessment plays a crucial role, assessing the environmental impact of products and services from extraction of raw materials through to end-of-life disposal or recycling. SPP also promotes eco-friendly practices such as energy efficiency, waste reduction, sustainable sourcing, and the use of renewable resources in procurement specifications. By embedding environmental considerations into procurement decisions, SPP not only mitigates environmental harm but also drives market demand for sustainable products and services.
SPP recognizes the importance of social progress and aims to support fair and ethical practices throughout the supply chain. This pillar emphasizes the inclusion of social criteria in procurement processes to ensure suppliers adhere to fair labour practices, promote diversity and inclusion, and respect human rights. Moreover, SPP encourages procurement practices that support local economies, small and medium-sized enterprises (SMEs), and disadvantaged or marginalised groups. Transparency and accountability are essential, promoting open procurement processes and holding suppliers accountable for their social impacts. By prioritising social progress, SPP contributes to inclusive growth, strengthens community resilience, and enhances public trust in government procurement practices. Integrating Sustainability into the Procurement Process
A Sustainable Public Procurement Policy outlines the intentions and principles guiding an organization’s environmental responsibilities. It aims to ensure efficient use of budget resources while minimising negative environmental impacts throughout the lifecycle of goods and services. Key tasks of the SPP Policy include: providing a framework for long-term savings through whole-life costing; informing suppliers and vendors about the organisation’s sustainable development direction; describing general sustainability performance requirements for inclusion in technical specifications and selection criteria; and promoting environmentally responsible consumption within the organization. Is Nigeria’s public procurement policy taking cognizance of SPP as a global imperative? Is the Bureau for Public Procurement (BPP) aligning with the National Climate Change Council on how public resources expended through contracting can aid or accelerate Nigeria’s climate goals?
• Adebowale Adedokun, DG of BPP
• Omotenioye Majekodunmi, DG, NCCC •Nenibarini Zabbey, Coordinator of HYPREP
•Tajudeen Abbas, Speaker of the House of Reps
FIRS Boss: Tax Clarity, Investor Confidence Depend on Judiciary’s Insight
Oluchi Chibuzor
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has praised the Nigerian judiciary for its “sound and consistent” tax rulings that have helped shape the nation’s fiscal landscape.
Speaking at a capacitybuilding workshop for Justices of the Supreme Court, Court of Appeal, and Judges of the Federal High Court on new tax laws, the FIRS Chairman commended the National Judicial Institute (NJI) for organizing the event, describing it as “timely and essential.”
According to him, the introduction of new tax laws, including amendments to the Finance Acts, the Petroleum Industry Act, and other
subsidiary legislations, has “significantly reshaped our tax ecosystem” and demands deeper collaboration between the judiciary and tax authorities.
“The judiciary, through its interpretative powers, remains the ultimate arbiter in maintaining the delicate balance between the legitimate powers of tax authorities and the rights of taxpayers. Your consistent and sound pronouncements have provided stability, predictability, and fairness in the administration of the tax system,” he said.
He noted that the timeliness and consistency of judicial decisions were critical to improving voluntary tax compliance, boosting investor confidence, and enhancing national revenue mobilization.
“Tax disputes that are
resolved promptly and based on clear judicial principles foster compliance and contribute to economic stability,” he added.
The FIRS Chairman reaffirmed the Service’s commitment to continuous partnership with the judiciary through “knowledge sharing, provision of technical resources, and regular engagement.”
“As key stakeholders in the Nigerian tax system, we must continue to strengthen collaboration, foster dialogue, and develop mechanisms that promote early and effective resolution of tax disputes,” he emphasised.
He further observed that the global digital economy and cross-border transactions continue to present complex tax challenges, making judicial education more vital than ever.
SROL Champions Responsible Mining, Community Impact at Nigerian Mining Week
Segilola Resources Operating Limited (SROL), a subsidiary of Thor Explorations Ltd and operator of Nigeria’s first commercial gold project, the Segilola Gold Mine in Osun State, participated as a Gold Sponsor at the 2025 Nigeria Mining Week (NMW), held in Abuja.
At the start of the week, SROL hosted its Second Annual Stakeholder Reception at the Transcorp Hilton, Abuja.
The event convened over 100 of the industry’s most influential voices, including policymakers, regulators, financiers, legal experts, and development partners. Notable dignitaries in attendance included:
Engr. Faruk Yusuf Yabo, Permanent Secretary of the Federal Ministry of Solid Minerals Development; Prof. Innocent Bariko, Director General, National Environmental
Standards and Regulations Enforcement Agency; Engr. Simon Obadiah Nkom, Director General, Mining Cadastre Office; and Prof. Olusegun Omoniyi Ige, Director General, Nigerian Geological Survey Agency (NGSA).
Speaking at the reception, Segun Lawson, CEO of SROL, extended his heartfelt appreciation to the stakeholders who have supported Segilola’s journey from the start, he said, “It took a lot of courage to build what we have. It takes courage to do things differently, to build mines not just for profit, but for people, the planet, and posterity. At Segilola, we have chosen a path grounded in responsibility and driven by innovation, committing to a sustainable future for Nigerian mining.”
During the reception, guests engaged directly with the tangible results of SROL’s livelihood
restoration programs, community-led initiatives designed to build resilient and diversified local economies. These efforts exemplify the company’s inclusive development model and its enduring commitment to sustainable growth.
Throughout the Nigeria Mining Week, SROL played a leading role in shaping discussions around the future of the industry.
As a Gold Sponsor, the company contributed to high-impact conversations through keynote addresses, panel discussions, and thought leadership sessions focused on regulatory evolution, sustainable finance, and sector-wide transformation.
SROL’s exhibition booth served as a hub of engagement for stakeholders eager to connect with the team behind Nigeria’s pioneering gold mine.
Agusto & Co., pan-African credit rating agency, has affirmed the ‘A3’ rating assigned to Abbey Mortgage Bank by reinforcing its position as a stable and reliable financial institution in Nigeria.
According to Agusto & Co., Abbey’s stable outlook is supported by its low leverage, steady financial fundamentals, and strong focus on operational efficiency, amid a challenging macroeconomic environment. This is evidenced by a decline in its non-performing loan (NPL) ratio, driven by recoveries from legacy exposures and continued
improvements in credit risk management practices.
Speaking on the development, the Managing Director and Chief Executive Officer of Abbey Mortgage Bank, Mobolaji Adewumi, said: “We are pleased with this rating by Agusto & Co. This attests to the resilience, integrity, and culture of excellence that define our institution. We remain committed to reinforcing stakeholder confidence, delivering long-term value, driving innovation and ensuring efficiency across all our operations. Adewumi further noted that “This rating marks an upgrade from the Bank’s previous BBB- rating from
Agusto & Co. and an A- rating from Data Pro, signifying enhanced financial strength and operational performance. It also reflects growing investor confidence in Abbey’s stability and supports its strategic ambitions for sustainable growth and market expansion”.
On his part, The Executive Director, Treasury and Business Growth, Mr. Dipo Adeoye noted, “This rating is a significant milestone that reinforces our Bank’s solid foundation, strong legacy, and growth trajectory. It opens up new opportunities to deepen our market presence, attract strategic partnerships, and expand our funding capacity.”
Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea),
(Gabon), Iran Heavy (Islamic Republic
Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
Stock Market Depreciates by N91bn to Sustain Investors’ Profit-taking
Kayode Tokede
The Nigerian stock market yesterday extended its downward trend declining by N91 billion, amid continued investors profit-taking.
The Nigerian Exchange Limited All Share Index (NGX ASI) lost by 142.95 basis points or 0.10 per
cent to close at 155,353.20 basis points. Also, market capitalisation shed N91 billion to close at N 98.607 trillion.
Market sentiment remained negative, with 36 declining stocks outnumbering 27 gainers. Sovereign Trust Insurance recorded the highest price gain of 9.88 per cent to close at N4.45,
per share.
ASO Savings & Loans followed with a gain of 9.72 per cent to close at 79 kobo, while Berger Paints went up by 9.25 per cent to close at N42.50, per share.
Wapic Insurance rose by 6.90 per cent to close at N3.10, while AIICO Insurance up by 6.13 per cent to close at N3.98, per share.
On the other hand, McNichols led the losers’ chart by 8.81 per cent to close at N3.00, while Lasaco Assurance followed with a decline of 8.62 per cent to close at N2.65, per share.
Livestock Feeds and John Holts depreciated by 7.69 per cent each to close at N7.20 and N6.00 respectively, while Ikeja Hotels declined by 7.32
per cent to close at N19.00, per share.
Also, the total volume traded increased by 4.46 per cent to 525.448 million units, valued at N25.395 billion, and exchanged in 32,430 deals. Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 42.645 million shares valued at N187.292 million.
A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.
An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the
floor of the Nigerian Stock Exchange.
A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.
GUIDE TO DATA:
Date: All fund prices are quoted in Naira as at 27 October 2025, unless otherwise stated.
Offer price:
The Enduring Legacy of Dr. Raphael Nwachukwu Arinze on Education, Community Leadership
Sir Chika Kariz Arinze
The narrative of Dr. Sir Raphael Nwachukwu Arinze, who was born on April 30, 1937, into the family of late Ohuizu Ezike Ahize and Lolo Nwachighaa Ahize of Umuegbedi, Umudiji Umuohama Ukpor in Nnewi South Local Government Area of Anambra State, Nigeria, is not merely a chronicle of dates and achievements; it is a profound testament to the power of relentless ambition, faith, and an unyielding commitment to education against the backdrop of profound early adversity.
His life, marked by the early tragedy of losing both parents, thereby rendering him an orphan at a tender age, became the definitive example of how challenge, when met with determination and the grace of God, can be transformed into a powerful platform for societal impact and intellectual enlightenment.
Dr. Sir Arinze’s story is a compelling echo of the universal triumph of the human spirit.
The loss of his parents, an experience he would later acknowledge as a significant “challenge and setback,” did not break his spirit; instead, it appears to have galvanized a deep-seated determination for him to excel.
His educational journey, which commenced in 1950 at St. Mary’s Roman Catholic School, Umuohama Ukpor, under the guidance of late Chief Andrew Malize, was a marathon of consistent brilliance and relentless self-improvement.
Moving through St John’s Central School and culminating at St Stephen’s Central School Osumenyi, where he finished Standard Six with an outstanding result in 1956, he immediately leveraged this success into a teaching career, marking the beginning of his decades-long romance with pedagogy.
The period from 1957 to 1975 was a demonstration of a life lived concurrently in the classroom as both teacher and student. His early teaching assignments, including a post at St Thomas, Otolo Nnewi, were quickly followed by formal teacher training, securing his Grade 3 Teacher’s certificate at St Andrew’s Teacher Training College between 1960 and 1961.
This foundational training at institutions like St Luke’s Central School, Ibolo Oraifite, and St Mark’s TTC NIBO -NISE, provided him with the practical grounding that would define his future leadership in educational administration.
Perhaps, the most illuminating aspect of his scholarly drive during this time was his private study for the G.C.E. ordinary and advanced levels. Through correspondence colleges such as Woolsey Hall Oxford and Rapids Result College, England, he achieved his O/Level in 1967 and A/Level in 1973.
This commitment to continuous selfeducation, while simultaneously maintaining a full time teaching career, speaks volumes about the man’s intellectual hunger and his conviction that formal qualifications were essential rungs on the ladder of his ambition.
It set a powerful precedent for his students and colleagues. That genuine scholarship is pursued irrespective of institutional constraints.
The successful culmination of his private studies paved the way for higher education, a transition that would permanently alter the trajectory of his influence.
In 1975, Dr. Sir Arinze entered the University of Nigeria, Nsukka (UNN), where he would later obtain a B.A. (Hons, Religion).
This period not only formalised his interest in religious studies but became a field that would define his most significant publications and also mark his foray into academic leadership, serving as Vice President of the Religious Students Association, UNN.
Following his National Youth Service Corps (NYSC) at Methodist Boys High School in Lagos (1979-1980), his return to Anambra State saw him take on increasingly challenging roles, from Abakaliki Community School to the prestigious position of Dean of Studies at Orsumoghu Girls’ Secondary School, and later to Girls’ High School, Ukpor.
The pinnacle of his post-graduate work was achieved through a Federal Government Scholarship, which sponsored his Masters programme at University of Ibadan between 1983 to 1984 and between 1999 & 2002, he obtained his Ph.D at Vision International University, Ramona California, USA.
This academic sojourn resulted in the dissertation, Udo Divinity of Ukpor in Nnewi LGA, a meticulous study that underscored his deep engagement with the intersection of indigenous Igbo spirituality and the emerging dynamics of Christianity, a theme that would become central to his academic contribution.
His return from Ibadan saw him dedicate a final, substantial tenure to secondary school education,
culminating in his retirement in 1994, having served as Vice Principal and finally retired from Ukpor Girls High School.
But for a man of his intellectual vigour, retirement was merely a transition. The next phase of his life was dedicated to university lecturing at St Paul’s University College, Awka, and as a part-time lecturer at Anambra State College of Education, Nsugbe.
This stage was the most fertile period for his academic leadership, seeing him rise to Head of Department and also served in numerous capacities at Paul University Awka as Chairman of the Board of Examiners and Member of the Academic Board, roles where he profoundly shaped the curriculum and standards of the institution.
The story of Sir Arinze will not be complete without mentioning his intellectual and theological contributions on earth. Dr. Sir Arinze is perhaps most visibly etched in his voluminous body of published works.
He was a prolific writer, a scholar whose intellectual curiosity spanned from theology and philosophy to history and contemporary socio-political commentary.
His publications comprises of books, journals, monographs, dissertations, and conference papers which made him one of the significant voices in African Traditional Religion (ATR) and Christian-African discourse.
His theological work centred on the profound relationship between indigenous spirituality and Christianity. Books like African Religion and Culture as means of enriching Christianity (1996), African Traditional Religion (2001), and The Theology of African Traditional Religion (2005) were groundbreaking attempts to elevate ATR from a mere object of missionary study to a legitimate source of theological enrichment.
These texts, particularly Facing The Unknown; A Religio-philosophical Discourse (2007) and HERMENEUTICAL AUTHENTICITY AND THE VIRTUE OF SACRIFICE IN AFRICAN TRADITIONAL RELIGION, demonstrate a sophisticated philosophical engagement, positioning him
as a major proponent of African contextual theology.
Beyond the academy, Dr. Sir Arinze contributed significantly to the socio-political and educational landscapes of Nigeria. As a Newspaper Columnist between 1970–1990 and later from 2003–2007 under Governors Dr. Chinwoke Mdadinuju and Dr. Chris Nwabueze Ngige, he used the platforms of the Daily Star, National Light, and Champion Newspapers to engage in critical public discourse.
His published works, such as The demise of Zik; what a Gold Yield to Nigeria (1998) and THE LIFE AND TIMES OF THE LATE PRESIDENT UMARU MUSA YAR’ADUA (2011), illustrate his commitment to documenting and critically analysing Nigerian history and governance.
This dual role academic and public intellectua extended his impact far beyond the confines of the lecture hall. His educational contributions were equally pivotal, including co-authored books like Christian Religious Knowledge for Junior Secondary Schools Book 3 (1989) and the Senior Secondary equivalent (2005), which directly impacted the religious and moral education of generations of Nigerian students.
The 1979 monograph, THE PURPOSE OF EDUCATION; IDEAS OF A VETERAN MASTER, serves as a powerful summation of his educational philosophy, underscoring his belief in education as the ultimate tool for character and nation building.
Dr. Sir Arinze’s impact was not confined to intellectual pursuits; it was profoundly practical and deeply rooted in his community and church. He was a quintessential community builder, believing that meaningful development starts at the grassroots level.
His service as Secretary of the Umudiji Ukpor Community for two non-consecutive tenures, spanning from 1988 to 2000, and as Chairman of the Umuohama Community Caretaker Committee in 1987, highlighted his deep commitment to local administration and conflict resolution.
His roles within the Ukpor Improvement Union (UIU), especially as Secretary of the Awka Branch for over a decade, provided a critical link between the diaspora community and home-based development initiatives.
Within the educational fraternity, his dedication was cemented by his longstanding role as Secretary of the Burial Scheme Committee of the Old Nnewi L.G.A. NUT (Nigerian Union of Teachers), serving both primary and secondary school teachers from 1980 to 1994, showcasing his commitment to the welfare of his colleagues. He was also the President of the Mbanano Social Club of Nigeria, a testament to his social leadership in the wider Nnewi South Local Government Area.
His Christian faith, lived out as a Staunch Anglican, was the moral and spiritual backbone of his life. His service at St Andrew’s Anglican Church Umuohama, Ukpor was exemplary, encompassing leadership roles such as Secretary of the Men’s General Meeting, a member of the PCC for over twenty years, and Pastor’s Warden for over a decade.
* Sir Chika Kariz Arinze writes from Lagos.
NOTE: The story continue online on www.thisdaylive.com
Sir Arinze
AFTER PLENARY...
L-R: Senate Committee Chairman on Women Affairs, Senator Ireti Kingibe; Deputy Senate President, Senator Jibrin Barau; Senator Anthony Ani; President of the Senate, Senator Godswill Akpabio; Senate Leader, Senator Opeyemi Bamidele; Senate Committee Chairman on Appropriations, Senator Adeola Olamilekan; and Senate Committee Chairman on Agriculture, Senator Saliu Mustapha, after plenary, yesterday PhOtO: SenAte
Power Supply Crisis: FG Set to Order Recapitalisation of 12 Discos
Adelabu
Emmanuel Addeh in Abuja
says over 10GW of Nigeria’s electricity generation stranded of under-capitalisation among several Distribution Companies (Discos) and a severe debt burden that has constrained their operational efficiency and service delivery over the years.
Speaking in Lagos at the Nigeria Energy Forum 2025, Minister of Power, Bayo Ad- elabu, noted that stakeholders are already working together to fashion out an appropriate
The federal government yesterday announced that it plans to order Nigeria’s electricity Distribution Companies (Discos) to recapitalise after the expiration of their current licences in a bid to boost liquidity in the power sector.
capital base for the 12 Discos.
According to him, the power sector continues to face challenges of under-capitalisation among several Discos and a severe debt burden that has constrained their operational efficiency and service delivery over the years.
“On sector performance monitoring and enforcement, the National Regulator and the State Regulatory Commissions are working in close synergy to drive performance improvement across the utilities. The sector continues to face challenges
TETFund Commissions N717m Faculty Complex at Nasarawa Varsity
Kuni Tyessi in Abuja
Tertiary Education Trust Fund (TETFund) has commissioned a N717,374,213.75 Faculty of Social Sciences Lecture Theatre and Office Complex at Nasarawa State University, Keffi (NSUK).
The chairman of TETFund’s Board of Trustees, Hon. Aminu Masari, commissioned the project at the university campus in Keffi on Tuesday.
The new facility comprises 22 en-suite offices, four 200-seater lecture theatres, and 12 public conveniences.
Masari said the project was executed under the 2020/2021
merged annual intervention, and it aligned with President Bola Tinubu’s Renewed Hope Agenda.
Masari praised Nasarawa State University for its record of transparency and efficiency in implementing TETFund projects. He said it was the third time TETFund was visiting the university for commissioning within two to three years.
According to Masari, “It shows the institution’s resolve to ensure funds are judiciously used with verifiable results.
“The fused Lecture Theatre and Office complex to be commissioned shortly
is of the years 2020/2021 (Merged) Annual intervention, being hosted under the Faculty of Social Sciences, and completed at a total cost of N717,374,213.75.
“We are optimistic that this facility will aid teaching and learning in a comfortable environment, having been furnished and adequately equipped for that purpose.”
He said TETFund had recorded about 71 per cent completion of infrastructurebased projects across its beneficiary institutions between January and September 2025.
Masari also disclosed that since NSUK became a
Criterion Homes Targets Sustainability in
Nigeria’s Real Estate Sector
Folalumi Alaran in Abuja
A new player in Nigeria’s real estate industry, Criterion Homes Limited, has entered the market with a pledge to redefine housing standards through sustainability, transparency, and long-term value creation.
The Managing Director Hakeem Bakare said the
company was established to tackle the growing concerns over poor building quality, rising emissions, and the short lifespan of luxury developments in major Nigerian cities.
“In every industry, there are standards - and then there’s the criterion,” Bakare said, adding “Our focus is on homes that perform over
time - financially, environ- mentally, and emotionally.”
He explained that Crite- rion Homes will prioritise deliberate project design, energy-efficient systems, and construction methods that reduce waste and environmental impact. Sustainability, he said, would remain a structural principle rather than an add-on.
TETFund beneficiary in 2003, it had received over N12.7 billion for infrastructure-related interventions, stating that about 80 per cent of the funds have been accessed and the evidence of utilisation visible all over the campus.
He added that the new facility was expected to “aid teaching and learning in a comfortable environment, having been furnished and adequately equipped for that purpose”.
“As the tenure of their operational licenses approaches renewal, the government intends to introduce a minimum capital adequacy requirement as part of the license renewal process, to strengthen the financial health and liquidity position of the utilities,” Adelabu stated.
Besides, he stressed that the country has over 10GW of stranded generation capacity, which could power industries, create jobs, and even support electricity exports to neighbouring countries through the regional power pool.
“In Nigeria today, we have over 10GW of stranded generation capacity. Energy that could power industries, create jobs, and even support electricity exports to our neighboring countries through the regional power pool.
“We are therefore open to strategic partnerships to mobilise the necessary investments and unlock this potential. Our market fundamentals are improving, our policy environment is clear, and the national leadership is committed to creating the enabling conditions for long-term invest- ment and innovation,” Adelabu added.
This year’s theme: “Powering Nigeria through Investment, Innovation, and Partnership,”, he said, captures the essence of our collective aspiration to build a resilient, inclusive, and sustainable energy future.
Adelabu stated that Nigeria is pursuing a comprehensive, multi-pronged approach to reposition the nation’s power sector for sustainability, efficiency, and growth. This approach, he said, spans critical pillars which include legislation, policy reforms, infrastructure development, energy transition and access expansion, among others.
Drug Parties Are Illegal, NDLEA Warns Club Owners, Fun Seekers
The National Drug Law Enforcement Agency (NDLEA) has decried the surge in drug parties in the country, warning night club operators and fun seekers that it remains a blatant illegality under the Nigerian law.
The agency said the creeping culture of organizing, hosting and attending drug parties has become a disturbing fad within social circles.
The NDLEA’s warning comes on the heels of a raid
carried out by its operatives at a drug party, which held last Saturday night until the early hours of Sunday at Proxy Night Club located at 7 Akin Adesola Street, Victoria Island, Lagos, where over 100 attendees were arrested along with the owner of the facility, Mike Nwogu alias Pretty Mike and his manager Joachin Millary.
The agency, in a statement on Tuesday, said “any gathering organized for the purpose of consuming, distributing, or abusing illicit substances is an act of criminality.
“These ‘drug parties’ contravene the explicit provisions of the NDLEA Act and will be treated as serious narcotic offences.
“In the case of the drug party at Proxy Night Club, organisers went above board and had the audacity to produce and circulate flyers inviting fun seekers to come together to commit crime, an act that not only constitutes an incitement to commit crime but equally an affront to the law enforcement capabilities of the country if condoned.”
PReSIDent’S OffICe
Michael Olugbode in Abuja
2025 NIGERIA MINING WEEK...
L-R: Sustainability Officer, Segilola Resources Operating Limited (SROL), Mr. Benson Onwusa; Sustainability Analyst, Onyen Corporation, Ms. Elizabeth Akiboye; Senior Geologist, Segilola Resources Operating Limited, Mr. Olufemi Olubi; Social and Community Officer, Segilola Resources Operating Limited, Mr. Bolaji Alayande; and Environment Lead, Segilola Resources Operating Limited, Mr. David Mbrekpadiaha, at the 2025 Nigeria Mining Week (NMW) held in Abuja, yesterday
Court Injunction: Our Operations in Oil, Gas, Power Continue Unhindered, Says Nestoil
Nestoil Group yesterday reacted to reports relating to a court injunction purportedly impacting its businesses, stating that its subsidiaries, projects, and commitments in the oil, gas, power, and infrastructure sectors will continue without disruption.THISDAY learnt that the matter concerns Nestoil’s relationship with a consortium of Nigerian lenders, following which a Federal High Court in Lagos has issued a ‘Mareva’ injunction empowering them to take control of the oil firm’s assets.
Besides, it was understood that the court injunction which was granted by Justice D. I. Dipeolu, led to the enforce- ment of the ‘receivership’ by the banks.
However Nestoil Group in a statement, acknowledged the media reports regarding the enforcement actions and the status of its corporate assets, but noted that it was important to make some clarifications to its stakeholders, partners, and the general public.
“Nestoil is aware of the reports and ongoing legal processes referenced in the media. The situation relates to a commercial matter currently before the courts, which is being addressed through appropriate legal and regulatory channels.
“The Group continues to cooperate fully with all relevant authorities and financial part- ners to resolve any outstanding
matters in a transparent and responsible manner. Construc- tive discussions are ongoing, and we remain confident that these engagements will result in a fair and lasting resolution.
“Nestoil remains fully operational across all business lines. Our subsidiaries, projects, and commitments in the oil, gas, power, and infrastructure sectors continue without disruption. Proactive measures
have been implemented to protect our workforce, sustain operations, and uphold our obligations to clients and partners,” it stated.
The company explained that for over three decades, Nestoil has built a reputation as one of Nigeria’s foremost indigenous Engineering, Procurement and Construction (EPC) and energy companies.
It stressed that it remains
guided by its core values of resilience, integrity, and transparency, and will continue to conduct its business with professionalism and respect for the rule of law.
These values, according to Nestoil, define who the company is, and serve as a constant anchor through every challenge and opportunity it faces.
“We understand the concerns
that recent reports may have generated and wish to assure all stakeholders that Nestoil Group remains financially strong, operationally stable, and strategically focused.
“We will continue to provide updates as appropriate and urge the public and media to rely solely on verified com- munications issued directly by the Group,” the company stated.
FG: Decades of Road Failures Caused by Poor Construction Practices
Emmanuel Addeh in Abuja
Federal Minister of Works, David Umahi, yesterday attributed the persistent deterioration of major roads across Nigeria to decades of substandard construction practices.
Speaking during an inspection of the Abuja–Kaduna highway, Umahi said most federal roads built in the past 30 years were poorly executed, forcing successive governments to repeatedly spend money on
repairs and reconstruction.
He faulted the methods adopted by some contractors, particularly Julius Berger, whose sections of the Abuja–Kaduna road have already developed potholes despite being recently completed.
“The method of construction is one of the problems. When Berger was doing the job, they removed the asphalt and mixed it with laterite. That’s not a good construction method. Once you replace an old
compacted base with new laterite, it won’t consolidate the same way and failure becomes inevitable,” he said.
The minister explained that asphalt roads generally have a lifespan of 25 years, after which the surface layer deteriorates. He noted that every administra- tion had worked on the same major highways, starting from Lagos–Ibadan and East–West Road to Abuja–Kano and Enugu–Port Harcourt because of poor construction techniques.
“This is why I say President Bola Tinubu is not just constructing roads; he is building roads,” Umahi said, emphasising that the Abuja–Kaduna–Kano highway would last at least 50 years under the current design.
He disclosed that section one of the project, spanned back about four kilometers towards Kogi and will be completed ahead of schedule by February 2026, two months earlier than planned.
According to him, President Bola Tinubu has already re- leased over N120 billion for the first phase of the N252 billion project, which covers about 118 kilometres, including 86 kilometres of concrete pavement and 17 kilometres of asphalt works in Kano.
“Funding has never been this consistent. It shows the president’s commitment and love for the people, especially our northern brothers and sisters,” he stressed.
Ibrahim Oyewale in Lokoja
The indigenous people of Ayen Community have once again called attention of the Commissioner of Police, Edo State Command, Mr. Monday Agbonika, to ignore calls for withdrawal of his men deployed to restore, retain peace and security in the community. This was contained in a statement signed by the community spokesperson of the Ayen community copy of which was made
available to journalists in Lokoja yesterday.
According to the statement, “Of recent, the impersonator of Ohen chieftaincy title, Inoruwa Adanegbe, unilaterally beckoned Edo Commissioner of Police to withdraw his men from the community feigning there is lasting restoration of peace and security.
“He made this call during the uncultured unethical kangaroo ceremonial enthronement of factional community association
executives held outside Ayenland and televised by the ITV television station and in attendance of the Acting Odionwere of Ayenland Chief Paul Abiwerem.
“This is a man whom children reported to have being abducted few days before the kangaroo events. And allegedly, the abductor was his youngest son, who connived with Inoruwa Adanegbe, trafficked him out of Ayen for alleged medical treatment.
CSO Raises the Alarm over Rising Religious Radicalism, Highlights Risks of Unregulated Madrasas in Nigeria
Linus Aleke in Abuja
A Civil Society Organization (CSO), under the banner of the West Africa Network for Peacebuilding (WANEP), has raised serious concerns over rising religious radicalism and highlighted the risks of unregulated madrasas in both Northern and Southwestern Nigeria.
The CSO raised these concerns during a national deliberative briefing to present
key findings from two studies exploring the ideological, cultural, and security implications of madrasas in both Northern and Southwestern Nigeria.
A representative of WANEP in Nigeria, Mr. Emmanuel Ami- Okhani, revealed in a statement that the project is supported by the European Union Research and Action for Peace (REcAP) programme.
The statement noted that one of the working paper presentations of a major study, titled
“Madrasas, Charities and Religious Radicalism in Northern Nigeria: A Study of the Almajiri System”, authored by Prof. Freedom Onuoha, Dr. Saheed Babajide Owonikoko, and Dr. Chukwuma Okoli, explored the theological foundations and operational structures of the Almajiri system, particularly in Abuja, Kano, and Borno states - regions selected for their population size, security relevance, and Islamic education presence.
Emmanuel Addeh in Abuja
Umahi inspects Abuja-Kaduna road, lauds Tinubu
WORKSHOP ON CONVERSION OF PLASTIC TO ULTRA-LOW SULPHUR DIESEL...
L-R: Head of Secretariat, Rural Women Energy Security Initiative, Mrs. Jumaima Ella; DG and Special Envoy of the Governor of Osun State on Climate Change and Renewable Energy, Professor Chinwe Obuaku-Igwe; Director, Pollution Control and Environmental Health, Federal Ministry of Environment, Engr. Dr. Bahijjahtu Abubakar; CEO, Premium Blue Economy Ltd, Mr. Olushola Gegele; and Chairman, Nature News Publication, Mallam Aliu Akoshile, during the workshop on conversion of plastic to ultra-low sulphur diesel in Abuja, yesterday
Amupitan: Our Mandate is Credible Poll in Anambra, Not Disenfranchise Eligible Voter
Says INEC will deploy 24,000 personnel NSA vows any violence will be met with strong, uncompromising response
The Chairman of the Independent National Electoral Commission (INEC), Prof. Joash Amupitan, yesterday, said the mandate handed over to him as his first litmus test was to ensure a credible governorship election in Anambra State and
ensure that no eligible voter was disenfranchise.
Amupitan added that after a week-long comprehensive readiness assessment conducted across the state, the commission was confident in affirming its full preparedness for the polls.
This was as the National Security Adviser (NSA),
Mallam Nuhu Ribadu, has warned that any form of violence by political parties or their candidates during the November 8 Anambra State Governorship election would be met with a strong and uncompromising response.
Speaking at the Inter-Agency Consultative Committee on
Election Security (ICCES) held at the INEC headquarters, Abuja, Amupitam said, “Our mandate is to conduct credible elections, and we are determined that no eligible voter should be disenfranchised.”
He recalled that the commission recently conducted a Mock Accreditation Exercise
UNICEF, JASPI Foundation Collaborate to Strengthen Child Protection in Benue
United Nations Children’s Fund, UNICEF, has promised to support any initiative that seeks to strengthen the government’s policy on child protection and abuse such as Gender Based Violence, GBV and sexual exploitation, particularly in Internally Displaced Persons, IDP camp, in Benue State. It made the commitment yesterday in Makurdi, during a stakeholders meeting organized by UNICEF in collaboration with JASPI Health and Gender Development Initiative on how to Plan and Agree on Sexual
and Gender Based Violence, SGBV and Prevention of Sexual Exploitation and Abuse, PSRA, Implementation Priorities in Benue state, which brought together stakeholders from Ministries, Departments, Agencies and MDAs.
Child Protection Specialist, UNICEF Enugu field office, Vic- tor Atuchukwu, lamented that such cases are most rampant in the Internally Displaced Persons camp.
He described the topic as apt, affirming that cases of sexual exploitation and abuse are more topical in the IDPs camp.
The UNICEF Child Protec-
tion Specialist Enugu Office, further explained that focusing on IDP camps is because of the vulnerability of inmates, stressing that gender-based violence and sexual exploitation are equally found in offices, between persons with influential powers trying to get undue advantage over the other.
He added that UNICEF with one of the strongest sexual and exploitation prevention policies, decided to partner the Benue State Government to see how it could adopt its policy and even improve on it.
Atuchukwu said UNICEF’s interventions are mostly on
Restoration of Degraded Environment: HYPREP Sensitises Ogoni Stakeholders on Peacebuilding
Blessing Ibunge in Port Harcourt
The Hydrocarbon Pollution Remediation Project (HYPREP) has organised a two-day capacity-building workshop on Alternative Dispute Resolution (ADR) and peacebuilding techniques for stakeholders of Ogoniland in Port Harcourt.
The workshop it was observed, yesterday, brought together traditional rulers, community leaders, women, and youth representatives from Ogoni to strengthen grassroots capacity in managing conflicts and promoting sustainable development. Speaking during the workshop with the theme
“Mechanism for Alternative Dispute Resolution and Other Peacebuilding Techniques in Ogoni,” Project Coordinator of HYPREP, Prof. Nenibarini Zabbey, reaffirmed the agency’s commitment to sustaining peace and fostering community harmony across Ogoniland. Zabbey, said peacebuilding remains a cornerstone of
child protection, health and education of the child but it beamed its searchlight on children in the IDP camps and their host communities, stating that in collaboration with the state government, the organization intends to develop a document in such a way that will ensure total eradication of SGBV and sexual exploitation as well as abuses both in IDP camps and the entire state.
in 12 selected polling units in six Local Government Areas of Anambra State, using the Bimodal Voter Accreditation System (BVAS).
Amupitan noted that although the commission encountered some network challenges, he added that efforts were being made to ensure a seamless election on 8th November, 2025, saying the commission was ready for large-scale deployment on Election Day.
He stated: “We plan to deploy 24,000 personnel. The election will be held in 5,718 of the 5,720 Polling Units in the state. Voting will not take place in the remaining two Polling Units due to the absence of registered“Resultsvoters. will be collated at 326 Ward centres, 21 Local Government Area centres, and finally at the State Collation Centre in Awka.
“Due to the report of the high-powered delegation of four National Commissioners
to Anambra State that only 63.9 per cent of the voters collected their PVC, the Commission met yesterday (Monday) and decided to extend the ongoing collection of Permanent Voter Cards (PVCs) in Anambra State, starting from today, Wednesday, 29th October, until Sunday, 2nd November 2025.”
Amupitan stressed that the extension was aimed at ensuring all eligible voters can collect their cards at the designated collection centres across the 326 Registration Areas (Wards) in Anambra State.
He noted that the security agencies have played a crucial role in securing the environ- ment, without which the conduct of elections would be impossible in certain locations.
The INEC boss said to ensure every logistical, security, and operational detail for the successful election in Anambra is covered, a high-level ICCES meeting was held in the state itself.
Court Approves Additional Prosecution Witness in Oak Homes Fraud Case
Wale Igbintade
Justice Musa Kakaki of the Federal High Court, Lagos, yesterday granted the prosecution’s request to regularize its application for an additional witness in the ongoing N152 million property fraud trial of developer Olukayode Olusanya.
The application, filed on October 23, 2025, by prosecution counsel CSP Monday OmoOsagie, sought to add another witness to the case.
In his ruling, Justice Kakaki granted the request and directed
the prosecution to serve the amended application on the defence within 14 days, with the defence required to respond before the next adjourned date.
“The application is granted as prayed. The prosecution is to serve the amended application to the defence within 14 days, and the defence to respond before the next adjourned date,” the judge ruled.
Olusanya, Chief Executive Officer of Oak Homes Limited, stands trial alongside his com- pany on a four-count charge brought by the Nigeria Police
Force, including conspiracy and obtaining money by false pretence.
The defendants were arraigned on November 26, 2024, and pleaded not guilty to all charges. According to the police, between November 8, 2017, and August 4, 2020, Olusanya and a former company employee allegedly collected funds from a client under the pretext of selling apartments at Oak Residence, Victoria Island, Lagos, which were not delivered as promised.
George Okoh in Makurdi
Adedayo Akinwale in Abuja
FLAG-OFF OF #END PLASTIC POLLUTION CSR INITIATIVE OF CREDIT PRO...
L-R: Deputy Director, Environmental Sustainability, Lagos State Environmental Protection Agency (LASEPA), Mrs. Adekoya Oluwafunmike; Technical Special Assistant to the Special Adviser to the Governor on SDGs, Mr. Michael Folorunsho; Vice Chairperson, Chief Anthony Enahoro Estate Scheme 1, Ogba, Lagos State, Mrs. Bosede Fasayede; and Managing Director, CreditPro Finance Company Limited, Dr. Sola Adeyiga, during the flag-off of the #EndPlasticPollution CSR Initiative of CreditPro Limited in Lagos…recently
Sanusi: Jonathan Stopped Subsidy Removal to Prevent
B’Haram’s Attack on Protesters
Edun, Atedo, Oteh speak on leadership
Chuks Okocha and Michael Olugbodea in Abuja
The Emir of Kano, Muhammadu Sanusi II, has disclosed that the decision to suspend the fuel subsidy removal by President Goodluck Jonathan was because he feared Boko Haram could seize the opportunity to attack protesters.Speaking at the Oxford Global Think Tank Leadership Confer- ence, in Abuja, themed: “Better Leader for a Better Nigeria,” the Emir, who was at the time the Governor of Central Bank of Nigeria (CBN) and the prime promoter of fuel subsidy removal, said the right definition for what was happening with what was termed fuel subsidy was a hedge
with the government paying to keep the price at a point at all time.
“It was not a subsidy, it was a hedge. You see, a subsidy by definition, the government says I’ll pay X per cent of the price. That’s the subsidy. I’ll pay 20 per cent of the price. Whatever it is.
“Price goes up, you pay more, I pay more. Price goes down, you pay less, I pay less. What we had in this country is what in risk management you call a naked hedge. The worst possible derivative you can have.
“The government said to Nigerians, 200 million Nigerians, you will not pay more than X amount per litre. On petrol, no matter what the price of petrol is. So all price goes up from $40
to $140, the federal government pays the “Exchangedifference. rate moves from $155 to $300, the government pays the difference. Interest rates move from 5 per cent to 15 per cent, the government pays. Remember the price of petrol and what the calculations include the cost of crude, the cost of the by-product, the cost of transportation, even interest rates, demurrage.
“If you look at the template, all of those amounts were being absorbed. The federal government was saying I have an unlimited pocket.
“So move from a point where we were using revenues to pay subsidies to where we had to borrow money to pay subsidies, to where we had to borrow money to pay interest on the
borrowed money, we had become bankrupt.“Anyone who takes a naked hedge ends up being bankrupted, especially with a commodity where you don’t control the price. So, this was the point in 2012. Now, if Nigerians had allowed the Jonathan government to remove the subsidy in 2011, that would have been pain. But that pain would have been a very, very tiny fraction of what we are facing today. This is the cost of today. At that time, we worked out the numbers in the Central Bank, and I stood up and put my credit in front of the line and said, remove the subsidy today, inflation moves up from 11 percent to 13 per cent. I will bring it down a bit later. Oh, that’s about 30-something per
cent inflation. That was where we were.”
On Jonathan’s decision to suspend the planned subsidy removal, the Emir said: “And you know, the only reason the government compromised at that time, maybe you should know this, the only reason the government compromised and did 50% not 100% was Boko Haram. There were thousands of Nigerians on the streets in Lagos and Kano and Kaduna and all that. We had suicide bombers in the “Andcountry. it was like, if one day one of these suicide bombers goes to these Nigerians and explodes the bomb, and you have 200 corpses, it will no longer be about subsidy. So I got to give President Jonathan
the credit. He was determined to do it.”
Noting that Nigeria was a classless society, he explained that: “If you take the people you call leaders, go to the Senate, go to the House of Reps, you can go and pick 109 Nigerians at random, without election.
“Put them in the Senate chambers and the results may not be different from what you’re getting out. The truth is, you have highly educated people in government, but they live like illiterates. They forget their education behind.
“When you talk about praise singing, why would a man who is an educated man, an accomplished man, why would he be a praise singer to anyone?
Defection: APC at War over Mutfwang as N’Central Chides Nonaligned
The North Central Forum of the All Progressives Congress (APC) has declared its full support for moves to woo Governor Caleb Mutfwang of Plateau State into the ruling party, describing those opposing his defection within the party as “political paperweights” who could not deliver the party during the 2023 general elections.
The group’s position came as a rebuke to a recent Plateau APC stakeholders’ resolution passed at a meeting in Jos on October 17, 2025, where party leaders — led by former Deputy National Secretary, Barrister Festus Fuanter — unanimously resolved to resist any attempt to bring Mutfwang into the party. In a counter-statement
Stakeholders
in Abuja and signed by its chairman, Alhaji Saleh Zazzaga, a member of the APC Presidential Campaign Council in the last election, the North-Central Forum said the Plateau resolution was born out of self-interest and insecurity, not loyalty to the APC.
“It is not just about rejecting Governor Caleb Mutfwang. The real question is: who among these so-called stakeholders has the capacity to win elections for the party? Many of them couldn’t even deliver their polling units in 2023.”
According to the Forum, several of the signatories to the anti-Mutfwang motion lost their wards and local government areas to the PDP during the last polls, yet now parade themselves as kingmakers.
that both threaten Nigeria’s dream of shared prosperity and diversified exports.
According to the Quartus Economics report, reforms are still work-in-progress with much ground yet to be covered.
It stated, “Until multiple measures of health begin to align, no recovery can be called stable. In the past year, however, Nigeria’s macro health indicators have shown respite andEqually,promise.”beyond progress in tax reforms, the report said fiscal management (like public-sector procurement) urgently needed change.
It said, “Without muchneeded reforms here, the transmission mechanisms for public expenditure will remain weak and fail to drive growth. The intense scramble and ‘crave’ for public office in Nigeria is merely symptomatic of a pro-establishment elite culture that seeks to feed on,
rather than build the system.”
The report also stated that 10 years from now (2035), Nigeria’s population had been projected to surpass 280 million and peak at 320 million by 2050, adding that against a weak productive base, resources to raise, train, and expand infrastructure and social services to cater to a larger population can constrain economic growth.
The report said Nigeria was now in a better place than it was two years ago.
But it pointed out that the economy was like a patient, promising and vulnerable at the same time.
It prescribed some measures, including raising production and productivity across the ag- riculture value chain; fostering the culture of making things; initiating crucial reforms in the public sector; and taming the “locust” culture, among others.
On the need for public sector reform, the report
stated that despite Nigeria’s largely successful privatisation programme, the three tiers of government together remained the economy’s largest spenders.
It stated that without crucial reforms designed to direct public resources to their most effective social and economic uses, the country would con- tinually miss both inclusive and accelerated growth.
It said, “Reforming the public sector is not merely about cutting costs; it is about restoring purpose and efficiency to government spending.
“Every naira deployed must translate into measurable economic and social value, not lost in layers of bureaucracy and“Apatronage. leaner, more accountable public system would free resources for infrastructure, education, and innovation (the true drivers of growth).”
To a fixed exchange rate that
cost the economy dearly, the report said such must not happen again.
It added, “Any promise of unearned soft life in the present only endangers the country’s future and economic fortune.
“The real test of reform lies not in its announcement but in its endurance through political cycles.
On the monetary side, Nigeria’s currency regime is long overdue for an overhaul.
“The naira in the past two decades has lost so much value and gained so much weight that either introducing higher denominations or an outright redenomination is required to restore the naira’s portability.
“Especially in the informal sector, rural areas, and open-air markets on the country-side, portability is crucial for the velocity of money. Today, the naira trades on both ATMs and POS terminals because of its weight.”
Chuks Okocha in Abuja
Repo RT: N I ge RIA B A ck o N STAB le gR ow TH pATH , Bu T pA ce Rem AINS I NAD equ AT e
LG ELECTRONICS AND AXA MANSARD FREE MALARIA INSURANCE PARTNERSHIP...
L-R: Head of Marketing, AXA Mansard, Mr. Olusesin Ogunyoye; Managing Director, LG Electronics West Africa Operations, Mr. Hyoung Sub Ji; Chief Distribution Officer, AXA Mansard, Mrs. Jumoke Odunlami; and Assistant Product Manager, Eco Solutions, LG Electronics, Ms. Yeeun Kim, during the LG Electronics and AXA Mansard Free Malaria Insurance Partnership in Lagos, yesterday
AbdulRazaq: Kidnappers Have No Place in Kwara State, Receives 23 Freed Abductees
Hammed Shittu in Ilorin
Kwara State Governor, Alhaji AbdulRahman AbdulRazaq, yesterday, warned that there was no place for kidnappers in the state, just as he received 23 abductees who were recently freed by the Nigerian Army.
Commending President Bola Tinubu and the security agencies for their support, the governor, during the hand-over of the victims
Y e D ele: De S p IT
existing tax gaps.”
Citing the report, he said, “Expenditure rose sharply last year, almost N16 trillion. Encouragingly, for the first time in many years, capital expenditure outpaced recurrent expenditure.
“But when we dig deeper, a curious picture emerges. States implemented only two-thirds of their education budgets, spending less than N7,000 per citizen. In health, implementation was even lower at 62 per cent amounting to just N3,500 per citizen.
“This is the uncomfortable truth: too many states are still prioritising recurrent expenditure and uncontrolled overheads over classrooms and clinics. But no society can prosper if its people are unhealthy and unskilled.”
On debt, Oyedele said, “There are reasons for opti- mism. Domestic debt fell by N2 trillion; foreign debt by $200 million. 31 states actually reduced their domestic debt stock. That is fiscal discipline worth“Butcelebrating.challenges remain. Lagos and Edo still carry debt burdens of over N100,000 per citizen. And across the federation, states owe over N1.2 trillion in arrears to pensioners, contractors, and workers.
to him by Brigade Com- mander 22 Armoured Brigade Headquarters, Ilorin Brigadier General Nicholas Rume, also congratulated the victims on their freedom and promised continuous efforts to rid the state of criminal elements who were behind their abductions.
In a statement by his Chief Press Secretary, Rafiu Ajakaye, the governor said, “We thank God that you were all freed following the
“Let us be clear: borrowing is not the problem. Unproduc- tive application of debt is.
Borrowing is desirable when it creates infrastructures, jobs, andTheopportunities.” report further stated that states’ aggregate IGR grew by 52.52 per cent to N3.02 trillion, from N1.92 trillion in 2023.
Fifteen states grew their IGR by more than 50 per cent, with Enugu recording the highest growth of 381.44 per cent, while only two states recorded negative IGR growth, with Kebbi recording the worst decline among the entire states. Tax revenue accounted for 66.58 per cent of cumulative IGR of the states, while non-tax revenue accounted for 33.42 per cent.
States’ cumulative expendi- ture increased by 64.69 per cent to N15.63 trillion in 2024, from N9.49 trillion in 2022, while aggregate operating expenses, which formed 41.96 per cent of the aggregate expenditure, increased by 48.13 per cent to N6.62 trillion, from N4.64 trillion in 2023.
In addition, the report stated that the combined IGR of Lagos N1.26 trillion and Ogun N194.93 billion, represented the IGR of 24 states combined.
About 10 states, including Borno, Ogun, Nasarawa,
pressure from the security forces.
“We also thank the Commander-in-Chief of the Nigerian Armed Forces, Presi- dent Bola Ahmed Tinubu, for his support and the Nigerian Army and other security agencies working together to achieve this success.
“We are glad to see 23 victims freed and presented today. We thank the Army and the Medical Centre here for looking after them since
Ekiti, Enugu, Zamfara, Bayelsa, Bauchi, Osun and Niger, had above 500 per cent growth in their IGR between 2015 and 2024.
States’ foreign debt also increased by 1.66 per cent to $4.58 billion in 2024, from $4.50 billion in 2023.
Kaduna, Jigawa and Ondo had the highest foreign debt- to-total debt ratios, at 97.39 per cent, 96.42 per cent, and 90.04 per cent, Averagerespectively. subnational debt per capita moved to N41,766, from N40,469 in 2023.
On the way forward, Oyedele said, “First, we need to rethink our fiscal federalism and deepen revenue reform. States must harmonise taxes and how revenue is administered, digitise collection, and invest in the informal economy - not seeking to extract tax from vulnerable citizens.
“States should enact tax harmonisation laws, stop taxing capital and investment, such as excessive Right of Way (RoW), business permits, etc.
“It is time to shift decisively from spending to investment, especially in education and health. Develop a spending framework and budget reforms that compel the right behaviour in public financial management. Also drive better accountability
they were rescued.
“We’ve known their plights, and I assure that the government will support them in rehabilitation. The challenges we are going through, I can assure you, are“Liketemporary. the GoC has said, it is either they (criminals) leave Kwara or they die here. This is a state of harmony.”
AbdulRazaq appreciated the Army and the new Brigade Commander for the
especially at LGs level.
“Third, debt strategy. Borrow less for recurrent spending, borrow responsibly for infra- structure and productivity. We need to adopt a positive net financial position as our debt strategy. Should a state borrow to build an airport or farm access roads etc?
“Finally, there are opportuni- ties. With VAT reforms kicking in from 2026, states’ share will rise to 55 per cent.
That could amount to over ₦4 trillion in 2026. The question is: will this money be spent, or will it be invested?”
Oyedele added, “Nigeria cannot afford another decade of middling performance. The time has come for states to rise above mere survival or simply getting by, to investing in their people, and to create prosperity that is both shared and sustainable.”
In his remarks, CBN Deputy Governor, Economic Policy, Dr. Muhammad Abdullahi, said market normalisation and policy credibility were attracting capital back into the Nigerian economy.
Abdullahi said total capital importation was rising, adding that market-driven autonomous inflows are increasing, signalling a structural shift towards a more sustainable external position.
He said at 62 per cent,
deployment of troops to the state to get rid of the hostile non-state actors, pledging sustainable support to the Armed Forces.
“The GoC has been on the ground for the past two weeks, and since he came, we have seen the turnaround of the event. And we have seen the criminals leaving, with many of them arrested or terminated. Peace is now being restored to Kwara,” he said.
year-on-year rise in capital importation demonstrated revived investor appetite fol- lowing FX unification and backing clearance.
The CBN deputy governor stressed that the apex bank had continued to pursue price stability to preserve the real value of revenues, ensuring that fiscal windfalls translate into real services.
Among other recommenda- tions to strengthen the fiscal policy framework, Abdullahi urged states to complete 100 per cent TSA to close leakages and improve cash management.
He added that states should rather broaden revenue base, than hike rates, and harmonise state/local taxes to reduce friction for SMES.
He said states should seek prudent debt strategy, and plan within medium-term anchors to avoid rollover stress, stating that their foreign debt shares exceed 80 per cent of total debt.
Abdullahi said, “Windfalls become dividends only through discipline, transparency, and human-capital investment.”
BudgIT’s Global Director, Oluseun Onigbinde, said the report reflected the “choices state governments are making, the paths they are taking, and the opportunities they are either seizing or leaving on the table”.
In his remarks, Rume acknowledged the support the troops have been receiving from the state government, and pledged to continue to mount pressure on the criminals until they were rid of the whole of Kwara state. “Your Excellency, I thank you very much once again and we do really appreciate your efforts because without that, a lot of operations that have been going on would not have been possible.
Onigbinde said, “This report began with a simple belief. That every kobo meant for citizens should be traceable, justified, and used to improve lives. We have seen remarkable improvements since we first started this journey. From the days when only five states published budgets to today, where transparency has become a competitive advantage.”
Onigbinde said, “Governors now wait eagerly — sometimes nervously — to see where they stand. Citizens have stronger voices.
“Data has become a lever for accountability. We celebrate that progress sincerely. We did not start by seeking to build transparency in subnational governments; we want to be clear that they had a strong fiscal base. As the title of this report reflects, we have gone through phases of growth, decline, and middling per- formance.”
He added, “The State of States is not BudgIT’s report alone. It is a public resource. A call to action. A roadmap for reform. A reminder that Nigeria’s future is not shaped only in Abuja. The engine of national prosperity must fire in Kano, Enugu, Bauchi, Oyo, Rivers, Sokoto, and across every corner of this federation.”
ELECTRIC FERRY FOR LAGOS...
L-R: Chief Executive Officer, Caverton Offshore Support Group (COSG), Mr. Olabode Makanjuola; Permanent Secretary, Ministry of Transportation, Lagos State, Mr. Olawale Musa; Commissioner for Transportation, Lagos State, Mr. Oluwaseun Osiyemi; Technical Assistant to the Commissioner for Transportation, Mrs. Fadekemi Immanuel; and Head of Operations, Lagos State Waterways Authority (LASWA), Mr. Ibrahim Famuyiwa, during the conduct of sea trials of the Caverton-built OMIBUS Electric Ferry in Lagos, yesterday
Tinubu Seeks Senate’s Confirmation of New CDS, Other Service Chiefs
Akpabio: They’ll be screened, approved today to prevent security gap Defence minister
Sunday Aborisade and Linus Aleke in Abuja
President Bola Ahmed Tinubu has formally requested Sen- ate’s confirmation of the newly appointed military chiefs, including Lieutenant General Olufemi Oluyede as Chief of Defence Staff (CDS), urging the upper chamber to grant expeditious approval in the interest of national security and operational continuity.
In a letter addressed to Senate President Godswill Akpabio and read during plenary yesterday, the president said the nominations were made in accordance with the provisions of Section 18(1) of the Armed Forces Act, Cap A20, Laws of the Federation of Nigeria, 2004. Tinubu wrote: “Distinguished Senate President, appointment of Chief of Defence Staff. In compliance with the provisions of Section 18(1) of the Armed Forces Act, Cap A20, Laws of the Federation of Nigeria, 2004, I am pleased to present
for confirmation by the Senate the appointment of Lieutenant General Olufemi Oluyede as Chief of Defence Staff.
“While I hope that the Senate will consider this request expeditiously, please accept, Distinguished Senate President, the assurances of my highest consideration and best regards.”
The president, had last week approved a sweeping reorganisation of the nation’s military hierarchy, appointing new service chiefs to drive his administration’s renewed security strategy amid escalating threats across the country.
The newly appointed officers include Major General Waheedi Shaibu as Chief of Army Staff, Rear Admiral Idi Abbas as Chief of Naval Staff, Air Vice Marshal Kennedy Aneke as Chief of Air Staff, and Major General Emmanuel Undiendeye as Chief of Defence Intelligence.
After reading the President’s correspondence, Akpabio referred the request to the Committee of the Whole
and proposed that the Senate screens and confirms all the nominees together today to ensure seamless leadership transition within the Armed Forces.
“Distinguished colleagues, this request is hereby referred to the Committee of the Whole for immediate consideration,” Akpabio said.
According to him, “In view of the appointment of the Chief of Defence Staff, I plead with Distinguished Senators to confirm them all at the same time. That is, the Chiefs of Army, Air, and Naval Staff, so that they can immediately resume work and ensure there is no gap in our security operations.”
meets new service chiefs
The Senate unanimously adopted the motion through a voice vote, setting the stage for a collective confirmation of the top military appointments.
Meanwhile, the Minister of Defence, Mohammed Badaru Abubakar, yesterday, received the new Service Chiefs during their maiden courtesy visit to his office at the Ministry of
Defence, Ship House, Abuja. In a statement by his media aide, Mati Ali, the Minister revealed that in attendance were the Chief of Defence Staff, Lieutenant General O. O. Oluyede; Chief of Army Staff, Major General W. Shaibu; Chief of Naval Staff, Rear Admiral I. Abbas; and Chief of Air Staff, Air Vice Marshal S. K. Aneke.
Akpoti-Uduaghan Asks Court to Dismiss FG’s Case, Alleges Political Motivation
Sunday Aborisade in Abuja
Senator Natasha AkpotiUduaghan, representing Kogi Central Senatorial District, has filed a motion before the Federal High Court, Abuja, seeking the dismissal of the six-count criminal charge instituted against her by the federal government.
In her application, the lawmaker described the case
Military Silent as Soldiers Raid Former Governor’s Residences in Abuja, Bayelsa
More than twelve hours after soldiers of the Nigerian Army allegedly raided the residences of ex-President Muhammadu Buhari’s loyalist and former Governor of Bayelsa State, in Abuja and Bayelsa, military authorities have refused to comment on the matter.
A trending report on the soldiers’ raid of the former petroleum minister’s residences linked the military’s action to the rumoured coup attempt.
The military has since denied
any coup plot, insisting that the sixteen detained personnel were still under investigation and have not yet been linked to any coup attempt, as speculated in some sections of the media.
In a statement by the Direc- tor of Defence Information, Brigadier General Tukur Gusau, the military stated that a routine internal exercise had led to the arrest of sixteen officers over issues of indiscipline and breaches of service regulations. He added that investigations revealed the officers’ griev-
ances stemmed largely from perceived career stagnation, caused by repeated failures in promotion examinations, among other Meanwhile,factors. the Nigerian Army has declined to com- ment on the alleged raids on ex-governor’s homes in Bayelsa and Abuja.
Calls and messages to the Spokesperson of the Guards Brigade and the Director of Defence Information, Brigadier General Tukur Gusau, were not responded to as at the time of filing this report.
as an abuse of prosecutorial powers and a violation of constitutional provisions governing the exercise of such authority by the Attorney-General of the Federation (AGF).
Akpoti-Uduaghan, through her legal team, argued that the charges were not instituted in the public interest, but rather to advance private and political interests.
She contended that the AGF acted contrary to Section 174(3) of the 1999 Constitution (as amended), which requires that the powers of prosecution be
exercised in the “public interest, the interest of justice, and to prevent abuse of legal process.”
According to her, “the charges before this Honourable Court serve no public purpose and amount to a gross abuse of legal authority.”
The six-count charge against Akpoti-Uduaghan was filed on May 22, 2025, alleging defamation and other related offences.
But the senator maintained that the alleged offences stemmed from political disagreements and public
commentary rather than any criminal intent.
In her supporting affidavit, the Kogi lawmaker insisted that the case was politically motivated, stressing that it arose from long-standing rivalries and criticisms of public figures.
She said the prosecution was a misuse of state resources aimed at silencing her and deterring public scrutiny of those in power.
“The continuation of this charge would occasion a miscarriage of justice,” her motion read in part.
FG, ActionAid, World Bank Push New Plan to End Poverty
Michael Olugbode
in Abuja
The federal government, ActionAid Nigeria, and development experts have reaffirmed their collective resolve to eliminate poverty through inclusive growth, fiscal accountability, and citizen empowerment by the year 2030.
Speaking at the “HighLevel Dialogue on Rethinking
Poverty Reduction Strategies in Nigeria”, held in Abuja, Minister of Budget and National Planning, Senator Atiku Bagudu, said the government’s focus was on building an economy that rewarded hard work, ensured fairness, and supported only those genuinely in need.
“The biggest form of social protection is ensuring that
hardworking Nigerians receive fair rewards for their efforts, while social transfers go to those genuinely disadvantaged,” Bagudu stated. He said President Bola Tinubu’s administration was committed to eliminating poverty by 2030 through the Renewed Hope Development Plan, which emphasises productivity, innovation, and inclusion.
Linus Aleke in Abuja
COURTEsy VisiT…
L-R: Director-General, Dr Nnamdi Azikiwe Annual Award Lecture, Hon. Chineme Onyeke; Minister of State for Finance, Dr Doris Uzoka-Anite, andformer Governor of Niger State, Dr. Mu’azu Babangida Aliyu, during a courtesy call on the minister in Abuja…recently
Let Justice Remain Your Guiding Light, IG Charges New Senior Officers
Linus aleke in abuja
The Inspector-General of Police(IG), Kayode Egbetokun, has charged the newly decorated senior officers to lead with fairness, act with integrity, and let justice remain their guiding light both within the Force and in their service to the public.
He stated that leadership at the top demands equity, justice, and fairness — the enduring values that define true authority and inspire confidence within and
EFCC Collaborates with Osun Car Dealers to Tackle Money Laundering
yinka Kolawole in osogbo
The Economic Financial Crime Commission(EFCC) yesterday asked over 450 car dealers in Osun State to work with the anti-graft agency to tackle money laundering and comply with counter-terrorist financing regulations.
Also, Osun State Governor, Ademola Adeleke, has noted that compliance with Special Control Unit Against Money Laundering(SCUML) regulations by business owners in the state is not optional.
EFCC Coordinator, Ibadan
Zonal Directorate, Toyin Ehindero-Benson, also sensitised the car dealers under the auspices of Association of Motor Dealers of Nigeria(AMDON) on the need to prioritise Know Your Customers(KYC).
Ehindero-Benson, during the programme held in Osogbo, opined that “the sensitisation programme is part of our effort to strengthen collaboration with stakeholders and promote compliance with anti-money laundering and counter-terrorist financing regulations.”
FUDMA Affirms Othman as Substantive Vice-chancellor
Francis sardauna in Katsina
The Governing Council of Federal University Dutsin-Ma (FUDMA) has approved the appointment of Professor Mohammed Khalid Othman as the substantive vice-chancellor of the university. The Pro-Chancellor and Chairman of the Governing Council, Ali Abubakar Jatau, announced the appointment shortly after the 36th Special Meeting held at the Grand Amber Hotel and Suites, Dutse, Jigawa State.
A statement issued by
the Director, Information and Protocol of the institution, Nasiru M. Abdul, said Othman’s appointment followed the submission and consideration of the report of the Joint Council/ Senate Selection Board on the appointment of a substantive vice-chancellor for the university.
The statement quoted the chairman of the governing council as saying that: “The emergence of Prof. Othman followed a rigorous selection process involving 17 shortlisted applicants for the position.”
beyond the Force. Speaking at the decoration ceremony of the newly elevated Deputy InspectorsGeneral of Police, Assistant Inspectors-General of Police, and Commissioners of Police
in Abuja yesterday, the IG said their actions would set the tone for discipline, professionalism, and morale across the Service.
He said: “The Nigerian people expect a Force that
is smarter, more responsive, and deeply connected to the communities it serves. I therefore charge you to fully embrace the philosophy of Community Policing and the practice of Intelligence-
Led Policing as you take on your new commands. Harness technology, empower your personnel, and drive innovations that keep our operations one step ahead of criminal enterprises.”
Ekiti Guber: Oyebanji’s Selection Process Undemocratic, Says Group
Folalumi alaran in abuja
The Coalition of Civil Society Groups has described the emergence of Ekiti State Governor, Biodun Oyebanji, as the All Progressives Congress (APC) candidate for the 2026 governorship election as undemocratic.
The group said the process that produced Oyebanji lacked transparency and internal democracy, warning that such political practices could endanger Nigeria’s democratic system.
Addressing journalists in Abuja yesterday, the President of the coalition,
Comrade Oladimeji Olatunji, described the consensus arrangement that led to Oyebanji’s adoption as “questionable and devoid of credibility.” Olatunji said rather than allowing a transparent contest of ideas and competence, the APC leadership in Ekiti State
chose to “endorse mediocrity over merit.”
He said: “We condemn and reject the outcome of the kangaroo adoption of Governor Oyebanji as the consensus candidate of the APC in the forthcoming gubernatorial election in Ekiti State.
All Igbo States are One, United, Says Anioma Movement
sunday Ehigiator
In a statement signed by its Media Director, Chief (Barr.)
Tonnie Osita Oganah, the group declared that “Anioma is Igbo,” stressing that cultural and linguistic similarities across Igbo communities prove their unity and shared ancestry.
The Anioma State Creation Movement has reaffirmed that all Igbo-speaking states remain one united family bound by common heritage, language, and destiny; despite political boundaries created by successive governments.
“We all speak the Igbo language, though dialects differ. We eat the same food, wear the same traditional attire, share the same four market days, observe the same wedding and burial rites, and hold the same naming ceremonies,” he said.
Oganah noted that the unity of the Igbo people was tested and proven during the civil war, when all Igbos, irrespective of state of origin, suffered the same fate of defeat, hunger, and displacement, and were forced to restart life with just £20 each.
Observe Ethics When Reporting Children, FG, UNICEF Advise Journalists
James sowole in abeokuta
The United Nations Children Fund (UNICEF) and the Federal Ministry of Information and National Orientation yesterday stressed the need for journalists to observe principles of ethics when reporting issues affecting children.
The UNICEF and the ministry made the call at the opening of a twoday training of media professionals on ‘Ethical Journalism and Children Rights Reporting’, held in Ibadan, Oyo State.
The training, which was organised by the Federal
Ministry of Information and National Orientation in collaboration with the UNICEF, drew participants from South-west states of Lagos, Oyo, Osun, Ogun and Ondo.
In her keynote address, the UNICEF Chief of Lagos Field Office, Celine Lafoucriere, said that ethical reporting
about children is imperative to ensure their rights are not compromised in the pursuit of catchy headline. She said: “At UNICEF, we believe that every child has the right to be seen, heard, and protected. Ethical reporting is not just a professional standard, but it is a moral imperative.”
Odii, Jimmy-Eboma to Lead Discussions at SSE Lab’s MBA Business Showers
Nume Ekeghe
The Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr. Charles Odii, and the Founder and Chief Executive Officer of
Small-Scale Enterprise (SSE Lab), Mrs. Adesola JimmyEboma, are set to headline the second edition of the Manufacturing Business Accelerator (MBA) Business Showers. The event is a flagship initiative aimed at celebrating Cohort 2
graduands while deepening dialogue on redefining the role of micro small, and medium enterprises (MSMEs) in driving Nigeria’s economic growth.
Tagged,“Innovation.
Inclusion. Impact: Redefining MSMEs in the Nigerian
Economy, the event is scheduled to hold October 30th, 2025, in Ikeja, Lagos and will have keynote addresses delivered by Mr Charles Odii, and the Group Head, Retail & SME Banking at Nova Bank, Ms Esther Obiekwe.
Super Falcons Held in Abeokuta, Qualify for WAFCON 2026
Olawale Ajimotokan in Abuja
Champions Nigeria’s Super Falcons have qualified for next year’s Women Africa Cup of Nations (WAFCON) after a 1-1 draw with Bénin Republic in the return leg of the final round of the qualification series in Abeokuta on Tuesday. The 10-time African champions qualified on aggregate 3-1.
Benin’s Amazons turned out to be credible fighters at the MKO Abiola Sports Arena, as they ap- proached the game with vigour, passion and vibrancy, with the
pacy and nimble-footed Dossi Germaine Honfo and Yenido Romaine Gandonou the lead orchestrators.
However, the Super Falcons were calm, collected and confident, and the Amazons’ rearguard had to spiritedly clear their lines after Captain Rasheedat Ajibade freed Asisat Oshoala as the Falcons surged forward in the 8th minute.
Five minutes later, it was no surprise that they got on the scoresheet, when defender Ashley Plumptre nodded firmly into the net from a corner by
Spires 5-Aside Tourney off to a Flying Start in Lagos
The much-anticipated second season of the Spires 5-Aside Naija Street Soccer Tournament began with plenty of excitement on Sunday.
This year’s event commenced with a celebrity match, which saw some of Nigeria’s finest skits makers and social media influencers took to pitch to show their football skills. At the end of hostilities, it was Team Pooja who came out tops with a 2-1 victory against Team IBK at the Stables Sports Centre in Surulere.
The opening matchday further produced plenty of fireworks as New Generation FC and All Saints FC produced an eight goal thriller, which ended with four goals on either side. The second fixture, however, produced a winner as Peckins FA secured a 3-1
win against Olaodus FC in yet another pulsating encounter. For the initiator of the tournament, Dr. Bankole Alibay, this year’s event has recorded a great start, and they hope to build on the success going forward.
In his words: “ We are happy there’s a great buzz around the tournament at this time and everyone is talking about it, the sixteen teams are hungry to finish tops in their respective and even go all the way to win the tournament, this is the feeling around this year’s championship and we believe the fans will enjoy it every step of the way”.
The Environmental Social and Governance expert further reveals plans ahead of a tech week and other seminars for the players.
Nigeria Bankers Games 2025 Kicks
The University of Lagos Sports Complex was abuzz with excitement on Saturday, as the Nigeria Bankers Games (NBG) 2025 officially kicked off.
The opening ceremony was a grand spectacle, featuring a colourful performance by bankers from various institutions, showcasing their team spirit and athletic prowess.
First Bank of Nigeria Plc, the defending champions, retained their title in the march past event with an impressive score of 98.2%.
Access Bank and Wema Bank secured the second and third positions, respectively, with outstanding performances.
The ceremony featured a thrilling aerobics session, led by an energetic instructor, emphasiz- ing the importance of work-life balance. The theme was at the
off in Style
forefront of the games, promot- ing camaraderie and friendly competition among banking professionals.
Before the kickoff of the day’s football matches, the Class of 2025 Hall of Famers were unveiled.
Eleven ambassadors of the Nigeria Bankers Games were inducted, recognising their exceptional commitment and achievements in the competition.
The outstanding individuals include; UBA’s Peter Nwachukwu, First Bank’s Solomon Idowu, UBA’s Augustine Ihenyen, FCMB’s Vincent Egemba and Uyi Uhunmwangho of Stanbic IBTC.
The list also saw First Bank’s Olayemi Okam, UBA’s Ben Ekwere, Stanbic IBTC’s Efe Omoduemuke, First Bank’s Yusuf Abiodun, Wema Bank’s Kayode Osumah and Sterling Bank’s Fredrick Rekuoya were inducted.
a little above the sticks from
Super Falcons were forced to a 1-1 draw against Benin Republic’s Amazons to qualify for the 2026 Women’s Africa Cup of Nations in Abeokuta...yesterday evening. Nigeria qualified on 3-1 aggregate, having won the first leg away 2-0 last week
Okoronkwo to side-net from a free-kick with four minutes left in the first period. The Amazons began to pour forward in the 56th minute, when Chiamaka Nnadozie saved from Gandonou, and then had to stretch full length to push away a shot from 25 yards by Yolande Gnammi two minutes later.
The game turned into a real contest on the hour, when Yasminath Djibril struck the ball high and above Nnadozie into the net from a free-kick on the left, for the equalizer.
Nigeria had opportunities to increase the tally, with Folashade Ijamilusi missing from close range after goalkeeper Sourakatou Alassane uncharacteristically dropped the ball, and Alassane saved from Ajibade in the 77th minute. Substitute Joy Omewa and Ijamilusi combined in the 90th minute, but Alassane was up to the task.
Qualification means Nigeria have the opportunity to not only defend their title in Morocco next year, but also aim for an 11th title in 14 championships, as well as a ticket to the 2027 FIFA Women’s World Cup finals in Brazil.
Delap Back from Hamstring Injury as Chelsea, Wolves Clash Tonight
Striker Liam Delap is returning from a hamstring injury at a time of need for Chelsea. The Blues lost 2-1 to surprise pack- age Sunderland at Stamford Bridge on Saturday, with manager Enzo Maresca blaming “a lack of creativity” and his side’s crossing being “not the best”.
Chelsea’s forwards are strug- gling for goals and assists as Delap returns in the Carabao Cup at lowly Wolves tonight, having missed 10 games since sustaining the injury in the 2-0 win over Fulham in August.
Maresca said the 22-year-old will be phased in “gradually”, and the summer signing’s return is important for a side facing criticism over their inconsistency, which has left the domestic cups their most realistic chance of winning a trophy this season.
Chelsea signed Delap from Ipswich Town for £30mdespite interest from Manchester United, Newcastle United and Everton.
Yet the England Under-21s forward was behind £55m sign- ing Joao Pedro in the pecking order at this summer’s Club World Cup - and with good reason.
Joao Pedro scored three goals in three appearances as Chelsea won the inaugural tournament in the United States. The Brazil striker added two more goals
and three assists in his first four Premier League games after joining from Brighton.
More recently, however, Joao Pedro has not scored in his
past seven matches. Maresca said he is one of three play- ers - along with midfielders Enzo Fernandez and Moises Caicedo - who currently need to be
When“protected”.asked by BBC Sport
about Joao Pedro’s dip in form, Maresca said: “For sure the physical part is important. When you are not 100% it’s difficult to compete, especially in this “Joaoleague. Pedro is not a number nine that is going to score 20 goals each year. Joao’s a fantastic player, he’s going to score and give assists but he’s a different kind of nine to ones that score 20 to 25 goals each year like (Robert) Lewandowski, (Kylian) Mbappe or (Erling) Haaland.”
Kwara Commits over N2bn Towards Sports Devt
Hammed Shittu in Ilorin
Kwara State Government has said that it has committed over N2billion towards upgrading of sports facilities across the state in the last six years.
Among the facilities upgraded included Pa Gabriel Ladipo Indoor Sports Hall at the Kwara State Stadium Complex, Ilorin; tennis and squash courts, a
refurbished football field, and ongoing reconstruction of the Offa and Lafiagi stadia.
The Chairman, House Committee on Information and Sports, Hon. Rukayat Motunrayo Shittu, stated this in Ilorin over the weekend while briefing sports writers on the ongoing efforts of Governor AbdulRahman AbdulRazaq led administration in sports
development. Hon. Shittu described the scale of investment as a turning point in Kwara’s development planning.
She said, “We are seeing sports as a business enabler, not just recreation.
“Every court built and every stadium refurbished means jobs for builders today and oppor- tunities for athletes tomorrow.
CARABAO CUP
Esther Okoronkwo. In the 23rd minute, Oshoala’s firm header from another
Okoronkwo corner missed narrowly, and in the 34th minute, Michelle Alozie’s header was
Oshoala’s cross. There was still time for
Delap (left) and Joao Pedro joined Chelsea this summer for a combined £85million
Kunle Adewale
FUnERAL SERVicE oF LATE DR chRiSTophER KoLADE...
L-R: Sister of late Dr Christopher Kolade, mercy Aladebiaye; Wife of former President olusegun obasanjo, mrs Bola; Widow of Kolade, Beatrice Kolade; former Vice President, Prof Yemi osinbajo; former President olusegun obasanjo; ogun State Governor, Prince Dapo Abiodun and Chief Justice of Nigeria, Kudirat Keke-ekun, during the funeral service of late Christopher Kolade at the St. Peters Anglican Church, Lagos...yesterday
Kayode Komo LA fe
Amupitan’s Thankless Job
President Muhhamadu Buhari did a great thing on June 12, 2018, by recognising Bashorun Moshood Abiola as president- elect and Ambassador Babagana Kingibe as Vice President-elect. This was 25 years after Abiola won a presidential election as the candidate of the old Social Democratic Party (SDP) with Kingibe as his running mate. Buhari conferred on Abiola posthumously the highest national honour of the Grand Commander of the Order of Federal Republic (GCFR) and on Kingibe the second highest honour of the Grand Commander of the Order of the Niger (GCON).
The election was held on June 12, 1993. So Buhari declared June 12 as the Democracy Day, a change from May 29 earlier proclaimed by the administration of President Olusegun Obasanjo as the Democracy Day. Obasanjo was first sworn in as president on May 29, 1999.
Doubtless, the occasion was essentially a validation and celebration of the June 12, 1993, election.
But there was not even an applause for Professor Humphrey Nwosu, the chairman of the National Electoral Commission (NEC) that conducted the election deemed to be the “freest and fairest” in many quarters. So, Nwosu died an unsung hero in the June 12 story. During the week of his funeral earlier this year, a motion to immortalise his memory was defeated on the floor of the Senate. There was a stiff opposition to the motion by senators who regarded Nwosu as “anti-June12” and “lacking in courage of conviction.” The suggestion that the headquarters of the Independent National Electoral Commission (INEC) be named after Nwosu was also ignored. All this happened 17 years after Nwosu had documented his travails as the head of the electoral commission that conducted the much-applauded June 12 election in a book entitled “Laying the Foundation for Nigeria’s Democracy:MyAccountoftheJune12,1993Election and itsAnnulment.” He narrates in the book his ordeal as he struggled to defend the sanctity of the election. Yet, instead of praising Nwosu, his memory unjustifiably received condemnation. It was, however, immensely redemptive for Nwosu that on June 12 this year President Bola Tinubu conferred a posthumous award of the Commander of the Order (CON) of the Niger (CON) on the political scientist.
The fate of Nwosu is, perhaps, typical of chief electoral officers in Nigeria’s political history. In this political culture the efforts of the umpire are hardly appreciated. All that is remembered is what went wrong and little or nothing is said about the positive things done by the umpire. At the end of the tenure of the umpire all that remains
is a tale of woes. This should, perhaps, not be surprising in a political clime in which election is taken by some politicians as war and not a festival of Sometimesdemocracy. you wonder if anyone would like to take up the thankless job of INEC’s chairman in the future.
Such has been the trend since the appointment in 1964 of the first indigenous chairman of the electoral commission, Mr. Eyo Ita Esua, a teacher and trade unionist, who was in charge during the crisis-ridden 1964/1965 elections. His tenure ended at the end of the First republic in 1966. Before Esua’s tenure, a colonial officer, Ronald Edward Wraith, was appointed as the chairman of electoral commission in 1958. Wraith was in the saddle to organise the 1959 election of the government that was in place at independence in 1960.
Between Esua and the new chairman of the electoral commission, Professor Joash Amupitan, Nigeria has had 11 substantive chairmen of electoral commisssion and a lady in an acting cpacity. The following are the names of the chief electoral officers and their respective tenures: Michael Ani (1976 – 1979), Victor Ovie-Whiskey (1980 – 1983), Eme Awa (1987–1989), Humphrey Nwosu (1989 – 1993),
Okon Edet Uya (1993–1993), Sumner Dagogo-Jack (1994 – 1998), Ehraim Akpata (1998– January 2000), Abel Guobadia (2000–May 2005), Maurice Iwu (June 2005 – April 2010), Attahiru Jega (June 2010 – June 2015), Amina Bala Zakari (Acting, June – November 2015) and Mahmood Yakubu ( November 2015- October 2025).
None of the chairmen listed in the foregoing had a controversy-free tenure. Electoral disputes especially at the presidential elevel defined most of the tenures. Virtually every chairman ended being demonised and harrassed.
Indeed, some chairmen of the electoral commission had spectacular moments. For instance, in the build-up towards the 1983 presidential election the chairman of the Federal Electoral Commission (FEDECO), Justice Ovie-Whiskey, was accused of receiving a bribe of one million naira from a politician. In denying the unproven allegation the retired judge reportedly said that he would “faint” if he sighted a million naira cash! Talking about his own experience in office as chairman of NEC, Professor Awa, an eminent political scientist, famously said: ”if I open my mouth, Nigeria will burn”! Such is the turmoil that sometimes defined the tenures of chairmen of the electoral commission.
That is why the exceptionality of the Jonathan moment bears remarking any time the electoral institution is being discussed. President Goodluck Jonathan made history by accepting the verdict announced by Jega as the chairman of INEC in 2015. In fact, Jonathan congratulated Buhari before the collation of the votes were completed. Hence there was no dispute by the candidate.
Yet Professor Jega has hardly received an appaluse from politicians for the conduct of an election in which a sitting president conceded defeat as a candidate. Before the election, politicians and interest groups had expressed fears and levied allegations against Jega. In fact, spokesmen of some interest groups supporting a candidate alleged on television that they had “minutes of the meeting” in which Jega allegedly planned with another political party to rig the 2015 election. None of those allegations has been proved 10 years after Jega left office. In the eyes of the losers of elections
conducted by INEC under Jega’s leadership, all the technical innovation introduced during his tenure amounted to little or nothing. Yakubu’s story is far from being a departure from the pattern of total condemnation. The bitterness against him in some quarters still lingers. He has been accused of promising to deploy technology to enhance speed and tranparency in the process but failed because of what INEC described as “technical glitches” His critics are unrelenting even after his exit from the seat. Yet, those who declare Yakubu’s tenure a “total failure” while they are in the mood of hypercriticism would in another moment celebrate remarkable things that happened during the 2023 elections. The standard criticism was that INEC was a tool in the hands of the governmet in power. But the same INEC declared the results of the party in power losing in states where it would be expected to be dominant. Another outcome of the 2023 election is that candidates of eight political parties won elections into the National Assembly namely the All Progressives Party (APC), Peoples Democratic Party (PDP), Labour Party (LP), New Nigeria Peoples Party (NPP), All Progressives Grand Alliance (APGA), African Democratic Congress (ADC), Social Democratic Party (SDP) and Young Progressives Party (YPP). And, of course, candidates of two opposition parties - PDP and LP- won as governors. All these categories of elections were conducted by the same Yakubu’s INEC that was declared a “total failure” by those displeased with the result of the presidential election.
To be sure, the legitimacy of criticisms of INEC is not in dispute because of its pivotal task. The outcome of INE’s work determines who would hold positions of political leadership at various levels. In fact pointing out the errors and weakneses of INEC is necessary to strengthen it as an institution of Itdemocracy. is also fact of life that as a human exercise the conduct of elections cannot be perfect. It is, therefore, important to have a sense of balance in the assesment of those who are given the task of umpires. While errors or infractions must be fought, the integrity of INEC should be respected as a central institution of Nigeria’s liberal democracy. Unduly demonising virtually every head of the electoral would rather erode public confidence in INEC rather than building it as an institution.
Amupitan is taking off on an optimistic note by saying that elections should be decided at the polling booth and not in the courtroom. That’s a goal that is worth pursuing during his tenure. He certainly needs the critical support of stakeholders to succeed in choosing that path.
