WEDNESDAY 3RD SEPTEMBER 2025

BPE to List Genco, Two DisCos on Stock Market through IPO Keeps identity of companies involved confidential

Kasim Sumaina in Abuja

The Bureau of Public En-

terprises (BPE) is set to take generation company (GenCo) BPE Director General, Mr. yesterday. two electricity distribution to the stock market through Ayodeji Gbeleyi, disclosed this “Today, networks are being companies (DisCos) and one Initial Public Offering (IPO). at a media briefing in Abuja, considered for IPO. Today,

we see that sector potentially Continued on page 9

Visa Revocation: Action Meant to Protect American Citizens, Says US Embassy... Page 9 Wednesday 3 September, 2025 Vol 30. No 11105. Price: N400

www.thisdaylive.com TR

UT H

& RE A S O

N

Wike’s Team Moves to Wreck PDP Convention, Lists Conditions; Governors Threaten Showdown Damagum: National convention sacrosanct, silence not act of cowardice Bala Mohammed: If anyone wants to join faction of fools, we will allow him

Chuks Okocha in Abuja

of the opposition party have threatened a showdown folTensions are rising once more lowing fresh demands from the in the Peoples Democratic FCT Minister, Nyesom Wike Party (PDP) as Governors and his loyalists.

The new conditions, tied to the party’s much-anticipated convention, is set to deepen divisions and set the stage for a fierce internal battle.

Members of the PDP loyal to Wike, met on Monday night and came up with fresh conditions for the conduct of the November 15 and 16, 2025,

elective National Convention micro-zoning of offices of of the party slated for Ibadan, the National Working ComOyo State. mittee (NWC). Against the Specifically, the Wike’s camp said it was opposed to any Continued on page 9

2027: The Buhari Organisation Backs Tinubu, Declares Loyalty Tinubu says Nigeria has met revenue target for 2025, no more borrowing What this means for the Nigeria President dismisses pressure from Trump’s tariffs Stresses commitment to economic stability, food security, justice

Story on page 9

China Hosts Massive Military Parade in Message to America...

President Vladimir Putin of Russia (third left); President Xi Jinping of the People’s Republic of China (middle); President Kim Jong-un of the Democratic People’s Republic of Korea (second right); and other dignitaries at China’s V-Day military parade to mark the 80th anniversary of the victory in the Chinese People’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War, in Tian’anmen Square in Beijing, China PHOTO: China Daily

2

WEDNESDAY AUGUST 3, 2025 • T H I S D AY

WEDNESDAY AUGUST 3, 2025 • T H I S D AY

3

4

WEDNESDAY AUGUST 3, 2025 • T H I S D AY

5

THISDAY • WEDNESDAY, SEPTEMBER 3, 2025

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

NEWS

DEEPENING SECURITIES MARKETS TIES WITH BRAZIL...

L–R: Director, Nigerian Exchange Group (NGX Group), Dr. Okechukwu Crescent Itanyi; Director, NGX Group, Mrs. Ojinika Nkechinyelu Olaghere; Group Managing Director/CEO, NGX Group, Mr. Temi Popoola; Director-General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama; Group Chairman, NGX Group, Alhaji (Dr.) Umaru Kwairanga; Director, NGX Group, Mrs. Mosun BeloOlusoga; Director, NGX Group, Mr. Sehinde Adenagbe; Director, NGX Group, Mr. Nonso Okpala; Director, NGX Group, Mrs. Fatima Wali-Abdurrahman; Director, NGX Group, Mr. Ademola Babarinde, and Director, NGX Group, Mr. Mohammed Garuba, during a Bell Ringing Ceremony at Brasil Bolsa Balcão (Brazil Stock Exchange), held as part of a strategic business visit to Brazil…recently

Customs Service Board Approves Appointment of 4 DCGs, 12 ACGs, Promotes 3,312 Senior Officers Reviews key operational updates

James Emejo in Abuja

Rising from its 63rd regular meeting, Nigeria Customs Service Board (NCSB), yesterday, approved the appointment of four Deputy ComptrollersGeneral (DCGs) and 12 Assistant Comptrollers-General (ACGs).

The appointments were made to fill vacancies created by the recent retirement of some management members, while also strengthening equitable representation within the service’s leadership structure.

The customs board, chaired

by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, also approved the promotion of 3,312 senior officers across various ranks from Comptroller of Customs (CC) to Assistant Superintendent of Customs II (ASC 11).

The development was contained in a statement issued

by Assistant Comptroller of Customs/National Public Relations Officer, Abdullahi Maiwada.

Maiwada said the appoint-

ments were also in line with the availability of positions across the six geopolitical zones and in strict compliance with the Federal Character Policy of the government, as provided in Section 14(4) of the Nigeria Customs Service Act, 2023.

Additionally, the NCS management, during its 6th Management Meeting on August 29, approved the promotion of 202 junior officers from Assistant Inspector (AIC) to Customs Assistant I (CA1).

The promotions underscored the service’s commitment to merit-based career progression and recognition of outstanding performance, the statement said.

Furthermore, during the regular meeting and in line with the presidential directive on the National Single Window (NSW), the board acknowledged the sustained involvement of the Nigeria Customs Service in the project.

The service has seconded its World Customs Organisation (WCO)-accredited officers, supported the drafting of business process requirements, actively

participated in vendor selection, and continues to provide ICT and risk management expertise.

Maiwada also stated that the board stressed that with integration support from Trade Modernisation Project Limited,

The Crude Oil Refiners Association of Nigeria (CORAN) has announced its summit for 2025, explaining that the event is set to shape Africa’s refining agenda in a bid to ensure energy security on the continent.

Scheduled to take place in Lagos on October 6-7, 2025, the two-day programme themed: “Refining: Key to Energy Security in Africa,” will convene top leaders from government, industry, finance,

and civil society to chart a new course for Africa’s refining future.

A statement from the organisation stressed that Africa, despite being a major crude oil producer, remains heavily reliant on imported petroleum products. In Nigeria before now, over 90 per cent of refined fuel has been imported, leaving the economy exposed to global shocks, draining reserves, and inflating costs, it said.

The 2023 removal of fuel subsidies, it pointed out, further underscored the urgency of

review of the service’s revenue performance for the first half of the year. Between January 1 and June 30, the service recorded a total revenue collection of N3.68 trillion, representing a remarkable performance above

expectation.

The figure surpassed the projected revenue for the period by N390.19 billion or 11.85.per cent, reflecting the service’s strengthened capacity in revenue mobilisation.

Bayelsa Seeks Stake in $3.5 Billion Brass Fertiliser, Petrochemical Project Diri assures firm of support, commends Tinubu

Olusegun Samuel in Yenagoa

in excluding oil producing states and local governments from the Petroleum Industry The Bayelsa State government Act (PIA). has solicited for equity stake Diri in a statement by his in the Brass Fertiliser and Chief Press Secretary, Mr. Petrochemical Company Daniel Alabrah, contended project about to commence that implementation of the on the Brass Island in the state. PIA had been hampered in Governor Douye Diri made host communities due to the the request yesterday when anomaly in the legislation. the management team of the He noted that the disregard company paid him a visit in in the PIA of the Nigerian Government House, Yenagoa, Constitution, which vests stressing that the state’s control of land in the state position became necessary government, was a flaw that due to the negative fallouts has necessitated calls for its review.

He said: “Let us ensure that the state is not totally excluded from being partners in progress in this whole process. The PIA is one good building a self-sufficient refining sector as households and industries grappled with rising energy prices.

“Today, with the establishment of both conventional refineries and modular re- Ndubuisi Francis in Abuja fineries, expanding private investment, and accelerating President Bola Tinubu policy reforms, the opportunity applauded Dr. Akinwumi to reimagine Africa’s refining Adesina’s foresight and future has never been greater,” extraordinary performance the statement added. at the African Development The summit, it said, will Bank (AfDB), as he bowed feature keynote sessions, techni- out on Monday, after a cal panels, advertisements, and decade-long service as high-level networking. president of the pan-African

Crude Oil Refiners to Brainstorm on Africa’s Refining Agenda at 2025 Summit Emmanuel Addeh in Abuja

NCS was supporting the initiative towards early completion, reaffirming its commitment to trade facilitation, efficiency, and global best practices.

Moreover, the board undertook a comprehensive

example.

“When it was in its formative stages as a bill, we made a presentation through the Attorney General and Commissioner for Justice. We did that after consulting with our people, communities and chiefs. But at the end of the day, our inputs were ignored and thrown overboard as the PIA excluded the oil producing states and their local governments.

“The federal government now interacts directly with the communities and that is an affront on the Nigerian Constitution. The Constitution says the land belongs to the state government and not the federal government.

“The Constitution rec-

ognises communities as under the local government and the state government.

These anomalies in the PIA have made the law a time bomb. Today, because of the PIA, there are intra and inter-communal conflicts and litigations. So even funds that have been realised for their development cannot be disbursed to the communities.

If anybody thinks the state is not very important, we will then wash off our hands.”

The governor expressed the hope that the petrochemical company would be different and urged the management to partner the state government to correct the imbalance and avert conflicts in its host communities.

Tinubu Celebrates Adesina’s Decade-long Leadership at AfDB as He Bows Out development institution Speaking at the unveiling of a book and farewell ceremony, with the theme, “Akinwumi A. Adesina: The Man, His Mandate, Mission and Message,” held at the AfDB headquarters in Abidjan, Côte d’Ivoire, Tinubu highlighted Adesina’s transformative leadership

and contributions to Africa’s economic development.

Represented by Minister of State for Finance, Dr. Doris Uzoka-Anite, the president stated that through his High 5 agenda, Adesina drove economic growth, improved food security, and promoted regional integration across the continent.

6

WEDNESDAY, SEPTEMBER 3, 2025 • THISDAY

NEWS

FIRST ANNIVERSARY OF NIGER DELTA POWER HOLDING...

L-R: Executive Director, Legal Services and Company Secretary, Niger Delta Power Holding Company, Dr. Steven Andzenge; Executive Director, Networks, Mr. Bello Babayo Bello; Executive Director, Generation, Mr. Abdulahi Kassim; Managing Director/Chief Executive Officer, NDPHC, Jennifer Adighije; Executive Director, Finance & Account, Mr. Omololu Agoro and the Executive Director, Corporate Services, Mr. Omoregie Ogbeide-Ihama, cutting the one year anniversary cake of the Executive Management of NDPHC in Abuja... recently.

Abba Bello: NEXIM Bank Has Disbursed N420 Billion Concessionary Loans to Non-oil Exporters, Created 12,000 Jobs Hails restriction on shea nut export, reaffirms commitment to SMEs funding, mentorship James Emejo in Abuja Managing Director/Chief Executive, Nigerian Export-Import Bank (NEXIM), Mr. Abubakar Abba Bello, yesterday disclosed that the bank disbursed about N420 billion to non-oil exporters at concessionary, single-digit interest rate of nine per cent.

Bello spoke at an interactive

session with All Progressives Congress (APC) youth members on financing SMEs’ non-oil export activities, in Abuja.

Bello also said over 12,000 direct jobs had been created through the funding intervention to the subsector.

He said a total of N137 billion, out of the N150 billion Export Development Fund

(EDF), had so far been released to NEXIM by the Central Bank of Nigeria (CBN).

In 2018, the central bank introduced the N150 billion EDF – a debenture to support non-oil exports – with the funds channelled to NEXIM for distribution to Small and Medium Enterprises (SMEs).

The NEXIM managing

director pointed out that the bank had moved beyond the EDF, stating that NEXIM’s total assets currently stood at about N430 billion, all of which was deployed to financing exporters.

He said all lending by the bank followed same conditions as that of EDF. Bello said the federal government’s recent six-month ban on

Shettima: Tinubu Firmly Devoted to Security, Stability in Gulf of Guinea

Hails GGC’s role in fostering cooperation, peace, sustainable development

Deji Elumoye in Abuja Vice President Kashim Shettima has stressed President Bola Tinubu’s commitment to the peace, security and stability of the Gulf of Guinea, particularly ongoing reforms in the Gulf of Guinea Commission (GGC).

Shettima stressed Nigeria’s commitment to regional cooperation and African Union’s 2050 Integrated Maritime Strategy.

The vice president stated this on Tuesday, when he received in audience Executive Secretary of GGC, Mr Jose Mba Abeso, and his team at State House, Abuja.

“On behalf of President Bola Tinubu, I reaffirm Nigeria’s strong commitment to the objectives of the GGC,” the vice president said. “Nobody can undermine the role of the commission in fostering cooperation, peace, and sustainable development in the Gulf of Guinea,” he added.

Shettima stated, “As Africa’s most populous nation and unarguably the largest economy, we have interests to protect, promote, project, and preserve in the Gulf of Guinea. Be reassured that some of the issues you have raised, the President will give

them the desired attention.

We want the Gulf of Guinea to function effectively.”

He commended the management of GGC, assuring it of Nigeria’s “unalloyed commitment to the ideals and objectives of the commission”.

Earlier, Abeso solicited Nigeria’s support for the commission’s reform programmes aimed at expanding its membership to include all the 19 coastal states of the Gulf of Guinea, and improving peace and security in the region.

He also spoke on the need for stakeholders in the region

to jointly engage insurance companies to review the high premium paid for the movement of goods in the Gulf of Guinea.

Commending Nigeria’s leading role in the establishment of the Combined Maritime Taskforce in the region, Abeso sought Tinubu’s support in rallying other political leaders in the region to operationalise the force.

Tinubu Reinstates NTA DG, ED News, Minister of Foreign Affairs, Yusuf Tuggar Sets Aside Fresh Appointments Ambassador on Tuesday announced the President Bola Tinubu on Tuesday directed the reinstatement of DirectorGeneral of Nigerian Television Authority (NTA), Mr Salihu Abdullahi Dembos, who briefly vacated the post following some management changes at the agency.

Presidential spokes-

person, Bayo Onanuga, said Dembos, who was appointed director-general of the television network by Tinubu in October 2023, will now return to complete his three-year tenure.

The president similarly directed the recall of Executive Director, News, Mr Ayo Adewuyi, to complete his three-year tenure, which

ends in 2027.

Adewuyi was appointed

by Tinubu in 2024.

The new directives effectively reversed the previously announced appointments to the positions of Director-General, Executive Director of news, Executive Director of Marketing, and Managing Director of NTA Enterprises.

the suspension to one year to encourage further investment in domestic value addition, Bello called for a wider policy to discourage the export of raw agricultural products.

He said, “Let’s not stop at shea. We should begin phasing out the export of unprocessed commodities across other agricultural value chains. This is how we keep jobs and wealth at home.”

He emphasised the need for continuity and regular engagement, not just one-off events, and adding that the bank plans to organise quarterly encounters going forward.

He also promised an open-door policy to exporters, particularly SMEs, adding that as a trade facilitation agency, it is ready to assist in whatever capacity to make their export ambitions a reality.

Bello said the bank aimed to support service exports, including event planning, digital outsourcing, particularly call centres, accounting, and legal services.

Nigeria Set for Cyber, Digital Diplomacy, Creates Cyber Unit at Foreign Ministry

Michael Olugbode in Abuja

Deji Elumoye in Abuja

shea nut exports was a strategic step to support local processors and reduce production costs.

He stated that though the country supplied 40–60 per cent of global shea, it lacked industrial processing plants until 2018.

He said, “When we came on board in 2018, not one industrial plant was processing shea in Nigeria.

“Since then, we’ve financed four, located in Ogun, Kano, and two in Niger State, all now in production.”

According to him, a newly commissioned plant in Niger State had struggled to source raw shea due to competition from long-established foreign buyers who moved the product to neighbouring countries for processing.

Bello said, “The export ban guarantees a stable supply chain for these plants and reduces input costs. I believe we’ll now have excess shea for local processing.”

While urging the government to consider extending

creation of a Cyber Diplomacy Unit within the ministry as part of the efforts to keep the nation’s diplomatic cycle abreast of happenings in the cyber and digital space.

Tuggar noted the unit is to coordinate Nigeria’s cyber and digital-related foreign policy and ensure Nigeria’s voice becomes influential in international cyberspace

governance.

He noted this has become imperative in the evolving technological space, which has come to redefine the foundations of diplomacy.

The minister spoke at the seminar on anticipatory cyber, digital diplomacy organized by the Ministry of Foreign Affairs; an initiative designed to strengthen Nigeria’s foreign policy architecture and equip diplomats with the necessary tools to confront the challenges of the emerging digital age.

He said: “In the spirit of this forward-looking vision, the Ministry of Foreign Affairs has established a dedicated Cyber Diplomacy Unit. The Unit’s mandate is clear: to coordinate Nigeria’s cyber-related foreign policy across all diplomatic platforms, build capacity for cyber negotiations, champion ethical and inclusive digital governance, foster public–private partnerships for national cyber resilience and ensure that Nigeria’s voice is influential in global cyberspace governance.”

WEDNESDAY AUGUST 3, 2025 • T H I S D AY

7

8

WEDNESDAY, SEPTEMBER 3, 2025 • THISDAY

NEWS

PRESIDENT LULA’S PRIVATE MEETING WITH SOYINKA...

L-R: Prof. (Mrs.) Carolina Osunleye, Co-Founder at The African Pride; Nobel Laureate, Prof. Wole Soyinka; Brazilian President, Lula da Silva; and Mr. Ajoyemi Osunleye, Managing Partner at The African Pride, during President Lula’s private meeting with Prof. Soyinka

Obasanjo: Nigerians Should See Healthcare as a Right, Not Favour, Luxury Abubakar, Jonathan hail launch of Care365 Health Hub

Onyebuchi Ezigbo in Abuja

Former President Olusegun Obasanjo has said the country never envisioned a situation where quality healthcare will become a favour for the poor or luxury for the privileged and the urban elite.

Instead, Obasanjo said healthcare was to be considered as a fundamental right of every citizen.

Obasanjo’s remarks came just as two former Nigerian leaders, Gen. Abdulsami Abubakar (rtd) and ex-President Goodluck Jonathan, commended the vision of the founder and Chief Executive Officer of Care365 Health Hub, Engr.

Ngozi Joseph Odumuku, for bringing about an initiative capable of revolutionising healthcare access in Nigeria.

Speaking during the official launch of Care365 Health Hub, a digital health services provider on Tuesday in Abuja, Obasanjo lamented that millions of Nigerians

still walked miles to access a health facility while many died from preventable situations and conditions.

Obasanjo said, “This is not a favour to the poor. It is our responsibility as leaders, as policy makers, as patriots and as elite within our community. It is no longer acceptable that in the age of artificial intelligence and space tourism, a Nigerian child should die of malaria because her mother couldn’t afford to travel to the nearest health facility.

“It is unacceptable that young people in remote communities go blind untreated because there’s no eye clinic for hundreds of miles.”

He expressed optimism that with the current drive for improved access to healthcare services being championed by innovative platforms, such as Care365 Health Hub, the problem will be solved.

He said, “It is an honour and a great privilege to stand before you today as chairman

of this historic occasion, the official launch of the Care365 Health Hub product.

“I am pleased, not only because this initiative is timely and visionary, but because it speaks directly to the heart of one of our most critical national challenges: access to quality and affordable healthcare for all Nigerians.

“When I reflect on the Nigeria we envisioned at independence, and even more so during my years of service in government, healthcare was never meant to be a luxury for the privileged or the urban elite.

“It was to be a fundamental right, accessible 365 days of the year to the child

in Damaturu, the mother in Yenagoa, the farmer in Ogbomosho. and the teacher in Birinin Kebi.

“This was what was envisaged for Nigeria, yet we know the truth. Millions of Nigerians still walk miles to reach a health post.

“Still, many die from preventable situations and

conditions, and still more, many live in places where the nearest doctor is hours, and on bad roads, away.”

Obasanjo said Care365 Health Hub was daring to change the story and the situation in the country through digital innovation, which served as miniature hospital.

Brasília to Africa: Tinubu, Lula Endorse Soyinka’s Heritage Voyage of Return The global movement to reconnect Afro-descendants with their ancestral homeland received powerful endorsements from two world leaders, the Brazilian President, Luiz Inácio Lula da Silva and Nigerian President, Bola Ahmed Tinubu.

Both threw their weight behind the Heritage Voyage of Return (HVR) initiative during the latter’s recent state visit to the South American country in August.

Championed by The African Pride with Nobel Laureate, Prof.

Wole Soyinka as patron, HVR is a planned ‘homecoming’ journey via the sea for descendants of enslaved Africans in Brazil, The Caribbeans, and The Americas, as a symbolic and dignified pathway of spiritual reconnection, belonging, and identity restoration with the motherland.

During a landmark meeting in Brasília, President Lula warmly welcomed Soyinka, symbolically requesting the

elder statesman’s blessing by touching foreheads with the nonagenarian in a gesture of mutual respect and transference of grace, saying, “The grace on you, I ask it upon myself.”

The intimate moment has since resonated across Africa and the diaspora as a poignant symbol of solidarity, with President Lula going further to declare Brazil’s full support for HVR, affirming it as a historic opportunity to heal generational wounds and forge new ties of cooperation between Africa and

South America.

HVR was formally presented to Afro-Brazilian leaders and lawmakers at Brazil’s Legislative Chamber of the Federal District Brasilia, during a historic session hosted by President of the Education and Culture Commission, Gabriel Magno Pereira da Cruz, with Soyinka, Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso; and Chairman of the Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, leading the Nigerian delegation.

Tourism, Sustainability on Front Burner as Lagos GP Marks First E1 Race in Africa NNPC Appoints Ex-NLNG External

Rodi Basso: “City on par with iconic global waterfronts like Monaco, Venice” Relations Manager as New Spokesman Organisers of the E1 Series and mitment to clean energy and as a global host city.

Picks former shell official chief relations officer the Lagos State Government climate action, promotion of The event is a major on Monday expressed their readiness to hold a worldclass E1 Electric Powerboat Championship that will bring over 250 sports personalities together next month in Nigeria’s commercial and economic capital, Lagos.

They said the landmark event, taking place in Africa for the first time, between October 3 and 5 in Victoria Island, symbolises Lagos’ com-

innovation, tourism, cultural exchange, commerce, sustainability, water transportation and sports potential.

The E1 Lagos GP is more than a sporting event. It is history in motion.

For the first time, the world’s only all-electric powerboat championship comes to African waters, placing Lagos alongside Monaco, Venice, and Jeddah

milestone for the sport and for Lagos’ role in global sustainability conversations.

Speaking during a press parley on Monday, the Chief Executive Officer (CEO) of E1 Series, Mr. Rodi Basso, said Lagos competed with other global cities to secure the hosting rights, which would open the state for more investment opportunities in global sport and entertainment.

Emmanuel Addeh in Abuja

The Nigerian National Petroleum Company Limited (NNPC) yesterday announced the appointment of a former Nigeria LNG General Manager of External Relations and Sustainable Development, Andy Odeh, as its new Chief Corporate Communications Officer (CCCO).

Aside from Odeh, who

replaced Olufemi Soneye, who exited the national oil company recently, the national oil company also picked Morenike Adewunmi, a former official of Shell as its new Chief Relations Officer.

“NNPC Ltd. is pleased to announce the appointment of two seasoned executives, Mr. Andy Odeh and Mrs. Morenike Adewunmi, to key leadership positions. Mr. Odeh assumes

the role of Chief Corporate Communications Officer, while Mrs. Adewunmi has been appointed Chief Relations Officer,” a statement from the organisation stated.

Odeh, according to the statement released in Abuja, brings over three decades of extensive experience in communications and business administration across the oil and gas, advertising, and broadcasting sectors.

9

THISDAY • WEDNESDAY, SEPTEMBER 3, 2025

Nine

Visa Revocation: Action Meant to Protect American Citizens, Says US Embassy

Says heightened vetting applies to over 55m foreigners, not only Nigerians Declares it’s taking action on a scale never seen before

Emmanuel Addeh in Abuja

The US Embassy in Nigeria yesterday reacted to complaints that the American Government had begun discreet revocation of visas belonging to some Nigerians without any explanation or opportunity for appeal.

A spokesperson for the embassy in Lagos in a response to THISDAY enquiries, said that the action was part of President Donald Trump’s moves to secure the American people, noting that the increased vetting includes all of the more than

55 million foreigners with valid US visas and not just Nigerians.

“We seek your urgent clarification on reports on the purported blocking from entry of Nigerian US Visa Holders. Is this true? What is the general and specific implications of this on all valid Nigerian US visa holders?”, the THISDAY query stated.

But in a response, the embassy maintained that visas were being cancelled in cases where a foreign visitor – including foreign students – overstays their

lawful period of admission, engages in criminal activity or provides material support to a terrorist organisation.

The erstwhile spokesman of the Nigerian National Petroleum Company Limited (NNPC) Olufemi Soneye, had first raised the alarm last week in a widely-circulated piece.

Soneye described the trend as ‘unsettling’ explaining that it had gone beyond rumour or speculation, as dozens of affected Nigerians, professionals, entrepreneurs, and frequent travellers have received

formal letters instructing them to submit their passports at the consulate in Lagos or Abuja, only to have their visas unceremoniously canceled.

“What makes this development even more alarming is the veil of silence surrounding it. I have personally reviewed at least eight such cancellation letters. The notices cite Title 22, Code of Federal Regulations, Section 41.122 as the legal basis, vaguely stating that ‘new information became available after the visa was issued’.

“Beyond that, nothing is

2027: The Buhari Organisation Backs Tinubu, Declares Loyalty

Deji Elumoye in Abuja

explained. No evidence is shared. No avenue for appeal is offered. Recipients are merely advised to reapply if they wish, an instruction that provides no comfort to those suddenly stripped of their mobility,” Soneye, a media practitioner wrote.

In some cases, he stated that the humiliation had been unbearable as travellers discov- US President Donald Trump ered at the airport, sometimes even at boarding gates that authorities before being sent their visas had been quietly home in shame. invalidated, while a few were Continued on page 27 briefly detained by immigration

when he was transitioning May Almighty God grant you House of Representatives, Hon. from military service and public the wisdom and strength to Tajudeen Abbas, declared that appointments into the rough continue leading our nation,” the CPC bloc remains intact and The influential The Buhari terrain of democratic politics. Al-Makura declared. is solidly behind the President.

Organisation (TBO) yesterday The activities of TBO evenRecalling the CPC’s struggles “Indeed, today is the very declared its support for the tually gave rise to the CPC, before the 2013 merger that first time that former members Bola Tinubu administration, the political party formally birthed the APC, Al-Makura of the CPC have gathered in announcing that President registered in 2009 that carried described Tinubu and Buhari such large numbers to visit our Bola Ahmed Tinubu has Buhari’s banner in the 2011 as visionaries whose political President, to show support and earned the unalloyed loyalty presidential elections. This transi- partnership laid the foundation appreciation for what he has of its numerous members as tion from an informal political for justice, equity, and national been doing. I want to seize this the 2027 election approaches. organisation to a structured renewal. opportunity, Mr. President, to TBO led by a former party demonstrated the role “Mr. President, you and assure you of the unconditional Governor of Nasarawa State, TBO played as a launchpad President Muhammadu Buhari support of all former members Senator Tanko Almakura, said for Buhari’s later success. Its shared more than a political of the CPC,” Abbas said. this during a courtesy visit to networks and structures became alliance; you shared a vision Dismissing insinuations that the President at the State House, the nucleus of CPC and, later of a Nigeria built on justice, the bloc was fragmented, the on, part of the broader coalition economic sovereignty, and House Speaker insisted that over BPE to List Genco, Two DisCos on Stock Market through IPO birthed the All Progressives good governance. Together, 90 per cent of CPC’s pioneer a good candidate for an IPO the line. But government is still had gone beyond whether to that Congress (APC) in 2013. you conceptualised and built leaders remained active and on the Nigerian exchange, and keeping an eye on it,” he said. privatise the national refineries, At the event, Al-Makura, platform that remains our loyal. we are currently working on According to Gbeleyi, the adding that sales, commer- who spoke on behalf of the apride and our cause,” he said.

He also praised President that as well,” he said.

GenCos have not keyed into cialisation and privatisation group, commended Tinubu for Al-Makura pledged that Tinubu’s partnership with However, he did not name the eligible customer regula- are based on financial models. steering the country through the CPC family, Buhari in 2010, which eventually He hinted that BPE was challenging economic times, former governors,comprising the specific companies slated tion because of transmission ministers, open to whatever model could sustaining peace and stability, lawmakers, women leaders, paved the way for Buhari’s for the proposed exercise in challenges.

He added: “An Eligible be the best for the national and for honouring the memory and party executives, would presidency. a bid to maintain corporate Abbas further commended customer will also need trans- refineries. confidentiality. of their late leader and mentor, work tirelessly to consolidate Tinubu for the unprecedented “Nothing is cast in stone on former President Buhari.

He said, “On the IPOs of mission capability. If you Tinubu’s reforms and sustain respect shown to Buhari during potential DisCos and GenCos, at produce power in Zungeru the privatisation of refineries.

“We are with you in loyalty, the APC legacy beyond 2027. this stage, because of transaction and you need to sell power We are working to achieve the in person, and in purpose.

Continued on page 28 Also speaking, Speaker of the confidentiality, we are not in a in Egbin Power, there will be very best for Nigeria.

“These things are all driven position to disclose out of the transmission infrastructure for 11 DisCos, which are the two. you to be able to dispatch your by financial models...For us, all W i k e ’s T e a m M ov e s to W r e c k P D P C o n v e n ti o n , L ists it could be is a concessioning C o n diti o n s ; G ov e r n o r s T h r e at e n S h o wd o w n “And we are also unable to power.

Just before the conduct of with the zoning committee’s “It is not just the eligible process. It could be the Nigerian permutations to allow some disclose the GenCo that is the target for confidentiality and customer but you must also LNG model. But for us, it is NWC members to transform the 102nd National Executive recommendations, which was in order not to create anxiety ensure that you have the to stop the bleeding and stop to new positions, Wike and Committee (NEC) meeting of adopted by NEC that status quo his loyalists insisted that the the party last month at the party remains, but, said “we further, or apprehension; be it on wheeling infrastructure to the leakages,” stated.

However, he argued that office of the national chairman headquarters, National Secretary and very strongly hold that the labour side, be it on the deliver that power to that it was not possible to put a must be retained in the North of the party, Senator Samuel there should be no form of workers’ side, the company eligible customer.”

Anyanwu, was said to have micro-zoning for peace and Gbeleyi revealed that the figure as to how much the Central. or be it on the larger society.” initially refused to sign the letter stability within the party.”

In an apparent response to He also revealed that share- core investors of four DisCos government would raise from The group also said the holders’ loan agreements were remain intact, while seven have the transactions, noting that the conditions given by the of notification to Independent National Chairman of the National Electoral Commission camp of the Minister of the recently executed for 10 out of been restructured. options of commercialization, FCT, National Chairman of the (INEC), over Wike’s conditions, party should in the the 11 DisCos. The unbundling of the Trans- privatisation or concessioning PDP, Amb. Illya Damagum, but did so after the intervention North-Central remain in line with According to him, the dis- mission Company of Nigeria could apply. the zoning formula of the of PDP Governors. yesterday declared that the bursement of the loan would (TCN) led to the creation of the According to him, the federal national convention was 2021 convention.

THISDAY gathered that begin soon.

Nigerian Independent System government was projected to According to the group, among those present at On the privatisation of five Operator (NISO) to promote generate N312.3billion in 2025 sacrosanct.

In the same manner, Chair- Monday’s meeting of the it was “pertinent to caution GenCos, he said the transaction market independence and from asset sales or privatisation. man of the PDP Governors Wike’s loyalists were former that failure to comply with the was kept in abeyance because efficiency, he noted.

He expressed commitment to Forum and Governor of Bauchi Governors Samuel Ortom above resolutions and demands of exchange rate volatility and On metering, he said from working towards the realisation State, Senator Bala Mohammed, (Benue), Ifeanyi Ugwuanyi shall render any purported other factors. the 403,255 meters recorded in of the $1 trillion Gross Domestic stressed that there was no fac- (Enugu), Ayo Fayose, (Ekiti), national convention invalid, as “The transaction is held 2013, the industry as at March Product (GDP) economy, add- tion within the party, adding Okezie Ikpeazu (Abia), and legitimate members of the party in abeyance. It was in the 31, 2025 had 6,468,036 meter ing that the BPE was working that, ‘’If anyone wants to join a National Secretary, Senator would be disenfranchised.” to deliver 50 million jobs in faction of fools, we will allow Samuel Anyanwu. middle of the transaction we installations.

Other demands of the group recorded a massive exchange He gave the breakdown as line with the renewed hope him.”

The group, which tagged include: A call on the NWC volatility. When the transaction 3.2 million meters from the $500 agenda.

Wike and his allies have itself as Eminent Leaders and to “urgently conduct fresh, Nigeria, he said, has a $2.3 been at loggerheads with the Concerned Stakeholders of transparent, and inclusive started in 2021, exchange rate million Distribution Sector officially was around N450. As Recovery Program (DISREP) trillion infrastructure deficit, NWC and the PDP Governors the PDP, said having met to congresses in Ebonyi and at last year, exchange rate was while 2.5 million meters were an indication that over 23 over the convention, saying review the state of the party Anambra States, in line with averaging N1,600. Today, it’s from the Presidential Metering years, the country will need the conditions must be met and assessed the critical issues judgments of the courts. That to spend an average of N100 for the peaceful conduct of the leading to the forthcoming N1, 575. So, the fundamentals of Initiative. the transaction changed along The BPE DG said the debate billion annually. convention.

National Convention, agreed Continued on page 29 Abuja.

The delegation assured the President that the Congress for Progressive Change (CPC) bloc within the All Progressives Congress (APC) remained firmly behind his administration and would mobilise nationwide to secure the party’s victory at the 2027 polls.

The Buhari Organisation, better known by its acronym TBO, was created in the early 2000s as a platform to build late Muhammadu Buhari’s political profile before he ventured fully

into partisan politics. It was a structured support organisation that brought together loyalists, volunteers, and political strategists who believed in Buhari’s vision and sought to position him as a viable national leader.

At its core, TBO served as a vehicle for mobilising grassroots support and coordinating political activities across the country. It provided Buhari with the organisational backbone needed to contest elections and sustain his influence in national debates at a time

10

WEDNESDAY, SEPTEMBER 3, 2025 • THISDAY

NEWS

TOWARDS BUILDING A ROBUST AGRIC VALUE CHAIN...

L-R: Gabriel Okwuofu, Head, Special Projects Management Office, Origin Tech Group Nigeria; Prof. Akinloye Farinde, Former Dean, Agric (OAU); Mr. Kunle Olorode, Senior Industry Advisor; Prince Samuel Joseph Samuel, Executive Chairman, Origin Tech Group Nigeria; Prof. Adebayo S. Bamire, Vice Chancellor, OAU; Prof. Adesola Aderounmu, Deputy Vice Chancellor, Academics; Prof. Olufemi Ajayi, Dean, Agric, OAU; and Dr. (Mrs.) Bosede Bamire, during their visit to Origin Tech Group Nigeria…recently

Tinubu Celebrates Vice President Shettima on 59th Birthday Describes him as brother, co-traveller in nation building APC, Abbas, northern senators: Shettima’s leadership beacon of national progress As APC Youth Parliament North-East celebrates his ‘uncommon vision and purpose’ Deji Elumoye, Sunday Aborisade in Abuja and Segun Awofadeji in Bauchi President Bola Tinubu rejoiced with Vice President Kashim Shettima as he marked his 59th birthday on September 2.

Tinubu, in a birthday message issued on Monday and person-

journey of life.”

Abbas also congratulated Shettima, describing him as a man of high intellect and a loyal, trusted, and dependable ally of Tinubu.

In a congratulatory message issued through his Special Adviser on Media and Publicity, Musa Krishi, the speaker stated that Shettima was an experienced and excellent politician and public administrator.

In a statement issued by Chairman of Northern Senators Forum, Senator Abdulaziz Yar’adua, the senators described ible intelligence, intercepted Magnum semi-automatic fire- of ammunition, 2 cartons of Shettima as “a beacon of leadera Nissan Almera vehicle arms (designed in Italy) with Danu Spaghetti (20 pieces ship, integrity, and service whose suspected of conveying the following serial numbers: per carton) and 2 bales and impact continues to resonate across the length and breadth prohibited items via the I. 22-0743, II. 602-H22YT-556, 1 sack of used clothing.

Ilara bush paths near the III. 602-H22YT-700, IV. “Additionally, another of Nigeria”.

APC Youth Parliament, 698-H21PT-24 (Pump Ac- patrol team made a separate border in Ogun State.

According to him, “Upon tion), V. 602-H22YT-586, interception of a Volkswagen North-East, also congratulated sighting our officers, the VI. 602-H22YT-551, VII. Sprinter bus suspected to the vice president.

In a goodwill message issued driver and one passenger 602-H22YT-566, VIII. 19KS- convey drones in a wooden abandoned the vehicle and 0193, IX. 602-H22YT-415, box along the Akure- Ore in Bauchi on Tuesday, chairman fled into the bush to evade X. 22-1809, XI. 22-1466, axis in Ondo State while on of the parliament, Mr. Kabiru arrest. A thorough search XII. 602-H22YT-642, XIII. a routine patrol. The arrest Kobi, described Shettima as a of the intercepted vehicle 602-H22YT-583 and XIV. occurred at about 0910hrs gentle leader who was commitrevealed the following items, 602-H22YT-572. of 9th August 2025. ted to the development of the Others, he added, are: carefully concealed within second-hand clothing and One used Mossberg pump action shotgun (Made in cartons of spaghetti.”

He stated the intercepted USA) Serial No. P256630, 15 items include: 14 used JOJEF assorted rifles, 4,841 rounds

ally signed by him, described Shettima as a co-traveller and brother in the onerous task of building a prosperous nation.

The ruling All Progressives Congress (APC), Northern Senators Forum (NSF), and Speaker of the House of Representatives, Hon. Tajudeen Abbas, also congratulated Shettima on the

occasion of his 59th birthday, praising his statesmanship and enduring commitment to national development.

APC National Publicity Secretary, Felix Morka, in a statement on Tuesday, said Shettima’s unwavering support and loyalty to Tinubu had been crucial to the steady strides and

success of the administration’s transformative Renewed Hope Agenda.

Morka stated, “We join millions of Nigerians to celebrate an exceptional leader, astute administrator and public servant, a quintessential progressive and loyal party man as he marks another year in his remarkable

Customs Intercepts Firearms, Ammunition, Industrial Drones at Ogun Border Eromosele Abiodun

As part of an ongoing offensive to dismantle smuggling networks within the Southwest region of the country, the Nigeria Customs Service (NCS), Federal Operations Unit, Zone A (FOU A), yesterday in Lagos, announced significant interceptions of firearms, ammunition, and two industrial drones.

Displaying the seized items during a press conference, Head of FOU, Comptroller Mohammed Shuaibu, said its patrol teams, acting on cred-

North-east and Nigeria, at large.

Tinubu, in his congratulatory message, stated, “Today, September 2, 2025, presents another unique opportunity to celebrate you, my brother, co-traveller and Vice President, as you mark another birthday.

“Since we embarked on this journey, united by the shared vision of building a more prosperous nation, your courage, sense of duty, tenacity, determination, and belief in Nigeria’s greatness have remained unshaken.

“You served the people of Borno, your home state, excellently as governor for eight years and later as senator representing Borno Central in the National Assembly. In both roles, you showed that leadership is service, not privilege, even in the face of immense challenges.

“However, your service to Nigeria, fueled by your passion for democracy, good governance, and economic development, has been even more remarkable.

Origin Tech CEO: Agriculture Remains Key Economic Driver in Nigeria

Addeh in Abuja and Obafemi Awolowo University of prosperity.”

Stakeholders: Unchecked GMOs Will Emmanuel According to him, this can (OAU) Ile-Ife, led by the Vice Emma Okonji in Lagos be done through partnerships, Chancellor, Prof.

Adebayo Undermine Nigeria’s Food Sovereignty The Executive Chairman of Bamire, at the corporate strategic investment, strong Michael Olugbode in Abuja

Stakeholders have warned Nigeria on toying with genetically modified organisms (GMOs) food, asking the government to determine the model of agriculture to embrace.

They raised the alarm that allowing genetically modified organisms without proper checks would undermine the nation’s food sovereignty.

The stakeholders while advocating the ban of GMOs in the country at the National Symposium on GMOs held in Abuja, said: “Nigeria is at a critical point where we must decide on the way forward for food sovereignty.

“We must decide which model of agriculture suits our context and meets our needs between industrial agriculture (dependent on GMOs and synthetic chemical

inputs) powered by multinational corporations and an agroecological system powered by the local farmers who provide over 70% of our food.”

They insisted that: “Nigeria’s traditional agricultural practices, including seed selection, mixed cropping, crop rotation, and natural soil fertility management, have historically sustained food systems without external dependencies.

Origin Tech Group Nigeria, Joseph Samuel, has admonished Nigerians to key into President Bola Tinubu’s vision of agricultural ‘revolution’ captured in his administration’s Greener Hope Agricultural Productivity Programme (GHAPP) as a catalyst for unlocking the nation’s economic potential.

Samuel reiterated this position while receiving members of the Governing Council of the

headquarters of the Origin Tech Group in the continuation of talks around developing robust partnership between the university and Origin Tech Group.

“Agriculture is key to Nigeria’s growth potential in driving Nigeria’s economic development,” he said, maintaining that agriculture value-chain presents “an opportunity that can easily transform Nigeria’s economy into an engine room

governance, and sustainable practices, explaining that as such the pivotal role of tertiary institutions such as OAU was very important.

“The 21st century has opened new vistas for economic growth, and with agriculture now in its ascendancy, commercial largescale farming and its value-chain stand out as the most promising tool for economic enhancement,” Samuel said.

WEDNESDAY AUGUST 3, 2025 • T H I S D AY

11

12

WEDNESDAY, SEPTEMBER 3, 2025 • THISDAY

NEWS

Dabirii visits Hadiza Bala Usman...

Special Adviser to the President on Policy and Coordination and Head of the Central Results Delivery Unit, Hadiza Bala Usman, and Chairman/CEO of the Nigerians in Diaspora Commission, Abike Dabiri when Dabirii visited the CRDCU for a discussions on the operations of the Commission.

Tinubu Directs Immediate Review of Security Operations in Katsina Seeks daily feedback on progress, reassures on state police Troops eliminate 20 terrorists, apprehend logistics suppliers in Borno

Deji Elumoye and Linus Aleke in Abuja

President Bola Tinubu yesterday declared that the Armed Forces will deploy more advanced military hardware and surveillance gadgets in Katsina State to halt the recent spate of attacks on innocent citizens by bandits.

The President, who spoke while receiving a delegation of eminent citizens of the state led by Governor Dikko Radda at the State House, said the federal government will consider the operations of a state police, and further equip recently deployed forest guards.

Tinubu, who decried the politicisation of proposed state police, said the exigencies of security in some states will require the deployment of outfits that understand the terrain and the peculiar culture of the people and

can easily network at the grassroots.

“The security challenges that we are facing are surmountable. Yes, we have porous borders. We inherited weaknesses that could have been addressed earlier. It is a challenge that we must fix, and we are facing it.

“I have today directed all the security agencies to energise further and look at the strategies. We have approved the additional acquisition of drones,” he said.

The President also directed daily feedback on the operations in Katsina.

“I am reviewing all the aspects of security; I have to create state police. We are looking at that holistically.

We will defeat insecurity. We must protect our children, our people, our livelihood, our places of worship, and our recreational spaces. They can’t intimidate us,” the President added.

He assured the eminent leaders that former President Muhammadu Buhari would be immortalised to capture his legacy for posterity.

“The time we lost our brother, President Buhari, is a loss for all of us. It is the will of God Almighty, but he has left in a good

Numelec Africa Holdings (NAH), a leader in healthcare infrastructure optimization across Africa, on Tuesday unveiled a landmark partnership deal with Digistain, a pioneering UK-based oncology diagnostics company, to introduce the Digistain novel risk profiling test for hormone receptor-positive breast cancer patients into the Nigerian healthcare system.

A statement signed by the Group Head, Operations & Administration Numelec Africa Holdings, Lai Oluwasegun said the partnership marked a decisive step toward democratizing access to life-saving cancer technologies across Africa.

“By bringing the world’s first reagent-free, spectroscopic breast cancer DNA assay to Nigeria, Numelec and Digistain aim to significantly reduce patient costs, cut diagnostic turnaround times, streamline physician

strong and push Nigeria forward. Not to look back in sorrow but move forward in success. It would have been regrettable if we had lost the elections to the other parties.

There are no other wishes he would have had than to have Katsina State intact, and the presidency intact,” the

President noted.

Earlier in his remarks, Governor of Katsina State thanked the President for his continual support for the state, which includes the appointment of indigenes into strategic positions in the state and the provision of infrastructure.

Medical Emergency Forces WashingtonBound United Airlines Flight Return to Lagos Flight later cancelled due to crew timeout

Chinedu Eze

THISDAY learnt that at about 2: 23 a.m. the flight returned United States-based United to Lagos because one of the Airlines Flight UA613, which passengers, Mr. Omokhdion took off from the Murtala Leslie, 64, experienced seizure Muhammed International 20 minutes into the flight Airport (MMIA), Lagos at and was not responding to about 12: 10 a.m. yesterday, on-board treatment; so, the returned to base after about aircraft had to make emergency two hours of flight due to a air return.

On landing, the flight was medical emergency. cancelled because of crew timeout, which happens when a flight’s cockpit or cabin crew reaches their maximum legally mandated duty hours and

Numelec Africa Holdings, UK Firm Partner to Tackle Cancer in Nigeria Onyebuchi Ezigbo in Abuja

way. He didn’t hand over a defeated country, a battered political structure, but a legacy of success, and that is the most important thing.

“We just have to continue praying that Almighty Allah should grant him Aljannah Firdausi and give the rest of us the ability to stand very

workflows, and ultimately optimize outcomes for thousands of Nigerian women diagnosed with early-stage breast cancer.

Developed at Imperial College London and validated in a wide range of patients, the Digistain Breast DNA test stratifies patients as low-risk or high-risk of recurrence, providing oncologists with a powerful decision-making tool to determine whether chemotherapy is required in addition to hormone therapy.

must stop working to ensure flight safety.

“About 20 minutes into the flight, the pilot in command announced that the flight would return to Lagos due to medical emergency and the flight was eventually cancelled,” disclosed a distraught passenger who was in the flight.

THISDAY also learnt that while Leslie was taken to the hospital for further check-up and treatment, the passengers were taken to a hotel pending when the airline would airlift

them to Washington.

The passenger who confirmed this narrated that after about an hour, 30 minutes into the flight, the captain made an announcement for any medical personnel on board to identify themselves and potentially assist Leslie.

When his health didn’t seem to improve, the captain later announced that the flight would have to return to Lagos for the passenger’s safety, as protection of lives was the priority of the airline.

Osun PDP Summons Stakeholders over No Confidence Vote on Officials Yinka Kolawole in Osogbo The Osun State Chapter of the Peoples Democratic Party (PDP) has cautioned some stakeholders in Ife Federal Constituency on a vote of no confidence purportedly passed on some leaders of the party.

The state leadership of the PDP noted that the party

directed all members and stakeholders in the constituency to immediately suspend further actions capable of escalating the situation.

In a statement issued and made available to THISDAY yesterday by the party Chairman, Hon. Sunday Bisi, the party stressed that all concerned persons had been

instructed to maintain status quo in line with the conflict resolution mechanisms of the party.

The PDP reiterated its respect and high regard for leaders of the party, particularly, Prince Kola Adewusi, Deputy Governor of Osun State, and Prof Wale Oladipo, member of the PDP Board of Trustees.

WEDNESDAY AUGUST 3, 2025 • T H I S D AY

13

14

WEDNESDAY AUGUST 3, 2025 • T H I S D AY

WEDNESDAY AUGUST 3, 2025 • T H I S D AY

15

19

T H I S D AY • Wednesday, September 3, 2025

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

S e p te m b er

S & P INDEX

2 ,

S & P INDEX

2 0 2 5 EXCHANGE RATE

OPR

25.34%

CALL

23.25%

INDEX LEVEL

595.26

1/4 to daTE

0.24%

N1,607.11/ 1 US DOLLAR*

OVERNIGHT

25.18%

1-MONTH

21.37%

1-DAY

0.10%

YEAR TO DATE

-10.99%

*AS AT Tues., September 2, 2025

3-MONTH

22.41%

MONTH-TO-DATE

0.24%

Amid Recapitalisation, GTCO, 12 Others’ Market Value Hit N15.72trn Wema Bank has highest yield on investment

Kayode Tokede On the back of the ongoing recapitalisation exercise directed by the Central Bank of Nigeria (CBN), the market value of Guaranty Trust Holding Plc (GTCO), Zenith Bank Plc and 11 other listed banks on the Nigerian Exchange Limited (NGX) increased to N15.72 trillion at the end of August 2025.

The NGX is currently a

NGX Banking Index closed higher at 40.95%

focal point for investors, particularly within the banking sector, as the CBN continues its assertive recapitalisation drive.

The CBN in March 2024 released its circular on review of minimum capital requirement for commercial, merchant and non-interest banks.

The apex bank increased the new minimum capital for commercial banks with international affiliations,

otherwise known as mega banks, to N500 billion; commercial banks with national authorisation, N200 billion and commercial banks with regional license, N50 billion.

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

capital. The 24-month timeline for compliance ends on March 31, 2026.

Under the new minimum capital base, CBN uses a distinctive definition of the new minimum capital base for each category of banks as the addition of share capital and share premium, as against the previous use of shareholders’ funds.

Amid demand by investors, the NGX Banking Index closed in eight

months closed at 40.95 per cent YtD, higher than the overall NGX All-Share Index that closed at 36.31 per cent YtD. Data collected by THISDAY from the NGX showed that GTCO, followed by Zenith Bank Plc and United Bank for Africa Plc (UBA) were the top three most capitalised banking stocks.

As at the end of August ended trading activities, the

market value of GTCO closed at N3.35 trillion, while Zenith Bank and UBA stood at N2.71 trillion and N1.99 trillion, respectively.

In YtD growth, the stock price of GTCO appreciated by 61.4 per cent to close August 2025 at N92 per share, while the stock price of Zenith Bank gained 45.05 per cent to close at N66 per share.

if revenue mobilisation remains weak.

The framework, unveiled by the Debt Management Office (DMO) and approved by the Federal Executive Council last week, resets Nigeria’s borrowing parameters in line with the MTEF 2025–2027 and the 2025 Appropriation Act. It seeks to balance cost and risk within sustainable thresholds

after earlier assumptions in the 2024–2026 MTEF were overtaken by sharp currency fluctuations.

A key feature of the new strategy is the upward adjustment of the public debt ceiling. The debt-toGDP ratio, which breached the previous 40 per cent cap after climbing to 52.3 per cent in 2024, is now capped at 60 per cent. The interest payment-to-GDP

ratio was also raised to 4.5 per cent from 3.7 per cent, highlighting the rising cost of debt servicing.

While the shift provides the government with wider fiscal space, some analysts argue it reflects a growing dependence on borrowing rather than a clear path to fiscal sustainability. With GDP currently estimated at $243 billion, the expanded limit could encourage

further debt accumulation at a time when revenues continue to underperform due to oil price volatility and sub-2.0mbpd output.

Commenting, analysts at Afrinvest stated: “While periodic recalibration of debt strategy is consistent with global best practice, the shift raises important considerations. The higher debt ceiling appears less about sustainability and

more about creating room for increased borrowing.

With GDP currently estimated at $243billion and the government targeting a jump to $1trillion by 2027, lifting the debt ceiling from 40 per cent to 60 per cent effectively creates wider fiscal space for additional borrowing.

The story continues online on www.thisdaylive.com

Analysts Cautious on Nigeria’s Higher Debt Ceiling, Say Revenue Gaps Remain Bigger Risk Nume Ekeghe

Nigeria’s decision to revise its Medium-Term Debt Management Strategy (MTDS) for 2024–2027 has stirred mixed reactions among analysts, who acknowledge the need to adapt borrowing plans to prevailing realities but warn that the higher debt ceiling could expose the economy to greater vulnerabilities

The story continues online on www.thisdaylive.com

M a r k e t d ata A s at T u e s d ay, S e p t e m b e r 2 , 2 0 2 5 BONDS Description Price Yield Change Updated Time (%) ^16.2884 17September 99.68 16.48 0.00 2, 2025 MAR-2027 September ^19.94 20104.40 16.69 0.00 2, 2025 MAR-2027 ^13.98 23September 95.10 16.40 0.01 FEB-2028 2, 2025 ^21.00 20September 108.83 16.67 0.00 MAR-2028 2, 2025 ^14.55 26September 106.40 16.87 0.00 2, APR-2029 2025

BILLS Maturity NTB 4-Sep25 NTB 9-Oct25 NTB 6-Nov25 NTB 4-Dec25 NTB 8-Jan26

Discount Yield

CPs

Change (%) Updated Time

Maturity

16.34

16.56

September -0.01 2, 2025

15.68

16.13

September -0.01 2, 2025

16.37

17.08

September -0.01 2, 2025

16.17

17.09

September -0.01 2, 2025

17.70

September -0.09 2, 2025

FAST CP VI 11-AUG-25 SALC CP II 3-OCT-25 LFZC CP X 16-SEP-25 SIBP CP I 11DEC-25 CILE CP V 11-DEC-25

16.46

Discount Yield 24.25

24.34

20.57

21.27

20.64

21.14

18.58

19.88

22.01

23.85

CLEARED NAIRA-SETTLED NDFS Change (%)

Updated Time

September -0.01 2, 2025 September -0.01 2, 2025 September -0.01 2, 2025 September 0.00 2, 2025 September -0.01 2, 2025

Contract Current Tenor Contract Rate ($/₦) (Month) NGUS AUG 13M – 26 2026 NGUS SEP 14M – 30 2026 NGUS OCT 15M – 28 2026 NGUS NOV 16M – 25 2026 NGUS DEC 17M – 30 2026

Updated Time

September 2, 2025 September 2, 2025 September 2, 2025 September 2, 2025 September 2, 2025

20

T H I S D AY • Wednesday, September 3, 2025

BUSINESSWORLD

FINANCE

Fidelity Bank Deepens Push for Non-oil Exports via FNITCC Nume Ekeghe writes on Fidelity Bank’s ambitious drive to reposition Nigeria’s economy through non-oil exports and how its global platform, FNITCC, is proving impactful in creating trade linkages, deepening foreign exchange inflows, and complementing government diversification policies

N

igeria’s diversification drive has gathered momentum in recent years as government initiatives push to reduce dependence on crude oil and strengthen non-oil sectors as engines of growth. From the Central Bank of Nigeria’s RT200 programme to incentives offered by the Nigerian Export Promotion Council (NEPC), the country has implemented policies designed to encourage exporters, boost foreign exchange inflows, and integrate local enterprises into global value chains.

Complementing these efforts, Fidelity Bank Plc has steadily positioned itself as one of the private-sector leaders advancing the country’s non-oil export agenda. Through its flagship initiative—the Fidelity Nigeria International Trade & Creative Connect (FNITCC), the bank has built a global platform that links Nigerian exporters with international buyers, diaspora markets, and strategic investors.

For a country where oil revenues remain vulnerable to global shocks, FNITCC is more than a corporate innovation. It is a deliberate tool to help Nigeria unlock new streams of foreign exchange, strengthen small businesses, and showcase the creativity and resilience of its people to the world.

Beyond Commodities: A Broader Vision The design of FNITCC reflects Fidelity Bank’s conviction that Nigeria’s future global competitiveness lies not only in raw commodities but also in value-added goods and services. The expo has created space for agriculture and consumer-packaged goods, but equally for sectors such as fashion, cosmetics, fintech, and the wider creative economy.

The federal government has also increasingly emphasised the need for value addition rather than the mere export of raw commodities. A recent policy directive on shea butter, for instance, underscores this shift by encouraging local processors to refine and package the product before it leaves Nigeria. The move aligns with broader industrialisation and job-creation objectives, while ensuring that the country captures more value across the production chain—a goal that platforms like FNITCC are now helping to actualise by connecting these upgraded products to international markets.

FNITCC events are immersive and deliberately multi-sectoral. They combine product exhibitions, breakout sessions, diaspora investment panels, curated workshops, art displays, and even theatrical and fashion performances. The aim is clear: to connect the breadth of Nigerian enterprise to global markets, while ensuring that exporters are able to meet international standards and

FNITCC. Since 2022, when we hosted the inaugural edition, the FNITCC expo has been at the heart of driving global market access for local businesses, and I am delighted that this year we will be in the city of Atlanta, USA.”

access the finance required to scale.

In a statement announcing this year’s FNITCC, Fidelity Bank’s Managing Director and Chief Executive Officer, Dr. Nneka Onyeali-Ikpe, said: “Since 2022 when we hosted the maiden edition, FNITCC has evolved beyond a platform for promoting Nigeria’s non-oil exports to become a veritable showcase of the immense value Nigeria has to offer the global market.”

Showcasing Nigeria on the Global Stage The FNITCC journey began in London in November 2022.

Hosted at the Novotel London West, the inaugural event drew more than 100 exhibitors and 90 speakers, attracting over 1,000 daily attendees. It unlocked trade and investment deals worth about $250 million, validating the proposition that Nigerian businesses could compete abroad if given the right exposure and institutional support. A year later, the platform moved to Houston, Texas a city known for its energy base but also home to one of the largest Nigerian diaspora communities in the United States. FNITCC Houston, held in October 2023, attracted over 160 Nigerian and U.S.based businesses across fintech, commodities, fashion, agriculture, and creative industries. The highlight was a landmark $40 million pre-export finance facility

in favour of JohnVents Industries, one of Nigeria’s fast-rising cocoa exporters. The facility, arranged

by Afreximbank with Fidelity Bank as the local administrative agent, demonstrated how trade promotion could be matched with access to finance to deliver real outcomes for exporters.

This month, September 18-20, 2025, FNITCC is heading to Atlanta, Georgia. The choice is deliberate: Atlanta has become a hub for black entrepreneurship, cultural exchange, and diaspora investment in the United States. Its large Nigerian and African diaspora population provides a ready market for ethnic and value-added products, while its robust chambers of commerce and international trade networks make it an attractive gateway for exporters. Fidelity is also partnering with Amplify Africa, the organizers of AFRICON, one of the largest African diaspora business and culture summits in the U.S., to amplify the reach of this edition.

By situating FNITCC in Atlanta, Fidelity Bank is tapping into a dynamic U.S. market and aligning with diaspora-led networks that can act as long-term anchors for trade and investment flows.

Onyeali-Ikpe added: “As part of our commitment to developing platforms that promote economic growth, creativity, and sustainable trade both within Nigeria and internationally, we are pleased to announce the third edition of

Consolidating Success and Expanding Scope Between the London and Houston editions, FNITCC generated a consolidated deal pipeline of over $500 million. For Nigeria, where non-oil exports are still under $5 billion annually, this is a significant achievement. It demonstrates the potential of structured, privatesector-led platforms to complement government diversification policies with measurable outcomes.

FNITCC Atlanta is expected to attract more than 3,000 participants—including exporters, U.S. buyers, policymakers, investors, multinational corporations, and development finance institutions.

Programming highlights include B2B matchmaking sessions, policy dialogues, diaspora investment roundtables, and sector-specific workshops. Strategic sectors in focus will include agriculture, consumer goods, energy transition minerals, fashion, beauty, and creative services.

By positioning exporters side-by-side with financiers, regulators, and global buyers, FNITCC provides the missing ecosystem Nigerian businesses often lack when venturing into foreign markets.

Nigeria’s FX Outlook, Case for Diversification The timing of Fidelity’s intervention could not be more strategic. The naira has shown greater stability in recent months, supported by a mix of policy reforms and improving inflows, helping to restore investor confidence in the broader economy.

With global attention once again turning to Nigeria’s vast potential, this is an opportune moment to deepen non-oil export growth.

The long-term case remains clear: as the world transitions away from fossil fuels, Nigeria cannot afford to depend solely on crude oil revenues.

Building new, resilient export pillars is essential to sustaining growth, creating jobs, and securing foreign exchange inflows that are less vulnerable to commodity price swings.

FNITCC sits at the heart of this shift. By showcasing value-added goods, creating structured access to global markets, and linking exporters to international buyers, the platform helps convert Nigeria’s comparative advantages into tangible competitiveness. In doing so, it strengthens the broader diversification drive while reinforcing the growing sense of economic optimism.

The story continues online on www.thisdaylive.com

21

T H I S D AY • WEDNESDAY, SEPTEMBER 3, 2025

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

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

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

floor of the Nigerian Stock Exchange.

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

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

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 01 September-2025, unless otherwise stated.

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 576.55 579.06 45.04% Afrinvest Plutus Fund 374.98 374.98 39.83% Nigeria International Debt Fund 100.00 100.00 17.95% Afrinvest Dollar Fund 112.78 112.78 2.43% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 20.38% AIICO Balanced Fund 7.40 7.47 29.55% AIICO Eurobond Fund 100.00 100.00 6.90% Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 19.11% Anchoria Equity Fund 1.59 1.59 21.21% Anchoria Fixed Income Fund 386.24 391.70 49.65% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 47.24info@anchoriaam.com 48.66 33.23% ARM Discovery Balanced Fund 971.45 1,000.74 22.21% ARM Ethical Fund 93.14 95.95 35.84% ARM Eurobond Fund 1.20 1.20 11.92% ARM Fixed Income Fund 1.32 1.32 22.81% ARM Money Market Fund 1.16 1.16 18.79% ARM Shariah Fixed Income Fund 1.10 1.10 12.15% ARM Short Term Bond Fund 1.03 1.03 5.22% ARM Short Term Eurobond Fund 1.00 1.00 20.84% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn 113.62 113.62 14.63% AVA GAM Fixed Income Dollar Fund 1,215.11 1215.11 20.32% AVA GAM Fixed Income (Naira) Fund 1.00 1.00 19.00% AVA GAM Money Market Fund AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn 0.00 0.00 0.00% AXA Mansard Equity Income Fund 0.00 0.00 0.00% AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn 0.00 0.00 0.00% CEAT Fixed Income Fund 0.00 0.00 0.00% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.05 1.05 15.83% CardinalStone Fixed Income Alpha Fund 1.11 1.11 10.54% CardinalStone Equity Fund 1.57 1.59 33.26% CardinalStone Dollar Fund 1.11 1.12 11.59% CardinalStone Money Market Fund 1.00 1.00 20.88% CardinalStone Balanced Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapel Hill Denham Money Market Fund 0.00 0.00 0.00 Nigeria Bond Fund 0.00 0.00 0.00 Paramount Equity Fund 0.00 0.00 0.00 CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 0.00% 114.18 114.18 12.80% Cordros Fixed Income Fund 120.56 120.56 10.63% Cordros Halal Fixed Income Fund Cordros Dollar Fund ($) 116.20 116.20 7.03% Cordros Milestone Fund 225.22 226.96 22.50% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 0.00 0.00 0.00 Coronation Balanced Fund 0.00 0.00 0.00 Coronation Fixed Income Fund 0.00 0.00 0.00 EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund 0.00 0.00 0.00 EDC Nigeria Balanced Fund 0.00 0.00 0.00 EDC Nigeria Halal Fund 0.00 0.00 0.00 EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 0.00 0.00 0.00 Emerging Africa Bond Fund 0.00 0.00 0.00 Emerging Africa Balanced Diversity Fund 0.00 0.00 0.00 Emerging Africa Eurobond Fund 0.00 0.00 0.00 Emerging Africa Halal Fund 0.00 0.00 0.00 FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Money Market Fund 100.00 100.00 0.20 FBN Bond Fund 1,734.84 1,734.84 0.12 FBN Dollar Fund 132.89 132.89 0.08 FBN Halal Fund 158.57 158.57 0.14 FBN Specialized Dollar Fund 125.45 125.45 0.08 FBN Blended Dollar Fund 105.72 105.72 0.06 FBN Balanced Fund 445.49 449.70 0.37 FBN Smart Beta Equity Fund 488.62 495.44 0.51 FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund (LMMF) 1.00 1.00 0.00% Legacy Equity Fund (LEF) 3.89 3.89 11.13% Legacy USD Bond Fund (LUBF) 5.20 5.31 39.34% FCMB-TLG Private Debt Fund 0.00 0.00 0.00% FSL ASSET MANAGEMENT LIMITED Adeniran.Daniel@fsl.ng Web: https://www.fsl.ng/asset-management ; Tel: +2348062727759 Fund Name Bid Price Offer Price Yield / T-Rtn FSL Money Market Fund 0.00 0.00 0.00 FSL Euro Bond 0.00 0.00 0.00 FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral income fund 4,719.57 4,719.57 11.63% Coral money market fund 100.00 100.00 20.26% FSDH HALAL FUND 1,287.77 1,287.77 12.91% FSDH dollar fund 1.32 1.32 6.66% Coral Balanced Fund 11,311.60 11,402.08 73.04%

HILLCREST CAPITAL MANAGEMENT dabbey@hillcrestcapmgt.com Web: https://hillcrestcapmgt.com/; Tel: +2348075144540, 0214540094 Fund Name Bid Price Offer Price Yield / T-Rtn Hillcrest Balanced Fund 0.00 0.00 0.00 LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn LOTUS HALAL FIXED INCOME FUND 1,280.50 1,280.50 10.06% LOTUS HALAL INVESTMENT FUND 2.81 2.86 24.01% LOTUS HALAL EQUITY EXCHANGE TRADED FUND 50.28 55.57 64.01% LOTUS WAQF ENDOWMENT FUND 1,183.76 1,183.76 7.38% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 0.00 0.00 0.00 Meristem Value ETF 0.00 0.00 0.00 Meristem Growth ETF 0.00 0.00 0.00 Meristem Fixed Income Fund 0.00 0.00 0.00 Meristem Dollar Income Fund 0.00 0.00 0.00 Meristem Money Market Mutual Fund 0.00 0.00 0.00 MANGO ASSET MANAGEMENT jetadafe@mangoam.com Web:https://mangoam.com/; Tel: +234 7030839517 Fund Name Bid Price Offer Price Yield / T-Rtn Mango Naira Money Market Fund 1.00 1.00 20.30% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Money Market Fund (NMMF) 100.00 100.00 19.85% Norrenberger Islamic Fund (NIF) 106.32 106.32 15.08% NORRENBERGER DOLLAR FUND (NDF)-----($) 104.70 104.70 9.44% NORRENBERGER TURBO FUND (NTF)-----(N) 102.30 102.30 12.33% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 0.00 0.00 0.00 PACAM Fixed Income Fund 0.00 0.00 0.00 PACAM Money Market Fund 0.00 0.00 0.00 PACAM Equity Fund 0.00 0.00 0.00 PACAM EuroBond Fund 0.00 0.00 0.00 SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn The Frontier Fund 0.00 0.00 0.00 SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 0.00 0.00 0.00 SFS REIT 0.00 0.00 0.00 UH REIT/SFS 0.00 0.00 0.00 STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Money Market Fund Stanbic IBTC Bond Fund Stanbic IBTC Shariah Fixed Income Fund Stanbic IBTC Enhanced Short-Term Fixed Income Fund Stanbic IBTC Absolute Fund UPDC REIT Stanbic IBTC Balanced Fund Stanbic IBTC ETF 30 Fund Stanbic IBTC Ethical Fund Stanbic IBTC Guaranteed Investment Fund Stanbic IBTC Imaan Fund Stanbic IBTC Nigerian Equity Fund SIAML Pension ETF 40 Stanbic IBTC Aggressive Fund Stanbic IBTC Conservative Fund

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

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

REITS Fund Name SFS REIT UPDC REIT

10.00 259.03 135.27 139.68 5,168.20 11.59 8,936.27 378.00 4.29 382.40 840.03 40,136.95 586.10

10.00 259.03 135.79 143.18 5,170.86 11.59 9,020.58 378.00 4.35 383.01 850.03 40,712.93 586.10

19.19% 0.13% 0.86% 1.35% 0.02% 1.70% 40.11% -7.80% -97.86% 8.10% 68.53% 58.42% -27.64%

11,956.31 8,716.35

12,123.41 49.37% 8,753.09 28.25% jemenike@stlassetmgt.com

Bid Price 0.00 0.00 0.00

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

Bid Price 1.00 1.18 1.93 122.50 1.21 122.16 1.80 2.11 1.67

Offer Price Yield / T-Rtn 1.00 18.58% 1.18 10.58% 1.93 8.56% 122.50 8.74% 1.21 8.81% 122.16 20.22% 1.82 39.45% 2.13 26.94% 1.68 29.80% funds@vetiva.com

Bid Price Offer Price Yield / T-Rtn 15.06 15.16 #REF! 31.80 32.00 #REF! 50.36 50.56 #REF! 1.00 1.00 19.72% 49.27 49.37 #REF! 147.83 149.83 #REF! service@quantumzenithasset.com.ng Bid Price Offer Price Yield / T-Rtn 32.59 32.98 53.26% 29.46 29.46 5.59% 1.00 1.00 19.32% investmentoperations@zedcrest.com Bid Price 1.00

Offer Price 1.00

Yield / T-Rtn 20.59%

1.30 $ 1.38

1.30 $ 1.38

31.36% 16.42%

NAV Per Share

Yield / T-Rtn

0.00

0.00%

8,753.09

28.25%

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

22

T H I S D AY • WEDNESday, SEPTEMBER 3, 2025

business/MOnEYGUIDE

Sterling Bank Marks OneYear of Zero Downtime with Groundbreaking SeaBaas

•Surpasses 2bn Transactions Nume Ekeghe Sterling Bank Limited has celebrated the first anniversary of SeaBaas, the revolutionary core banking system designed and built in Africa.

In a statement, the bank said in just twelve months since its go-live, SeaBaas has processed over 2 billion transactions, reduced processing times by about 60 per cent, and driven a 66 per cent surge in customer adoption, setting new benchmarks for scale, efficiency, and reliability in financial technology.

“Since launch, the platform has powered Sterling’s digital ecosystem, OneBank, SterlingPro, Switch, Specta, and more, while enabling fintech integrations, agent

banking networks, and third-party solutions. With zero downtime across 365 days of service, SeaBaas has proven its resilience as one of the most dependable financial platforms on the continent.

“SeaBaas, to us, represents a proof of possibility” said Abubakar Suleiman, Chief Executive, Sterling Bank. “It shows that Africa can build world-class technology, solve complex problems locally, and scale globally. This milestone is a collective victory for every Sterling colleague, our partners, and our customers who believed in the vision.”

Designed by Sterling Bank and developed in collaboration with Peerless Software, KPMG,

“Bazara Technologies, Revent Technologies, and AppQuest Solutions, alongside Sterling’s in-house engineering talent, SeaBaas has become a model of courage, ingenuity, and execution excellence in Nigeria. Beyond technology, it has unlocked significant cost savings, freed resources for reinvestment, and accelerated financial inclusion across Nigeria’s economy.

Looking forward, Sterling intends to build on this momentum by expanding SeaBaas capabilities to tackle bold challenges, reimagine financial systems, and showcase the potential of African innovation on a global stage.

Parallex Bank Secures ISO Recertification, Reinforces Leadership in Security, Others Parallex Bank Limited has once again raised the bar in operational excellence and risk management, following its successful recertification for three global ISO standards.

In a statement, the bank noted that the certifications reaffirm the Bank’s commitment to innovation, resilience, and service quality in the ever-evolving financial services landscape.

The statement further explained that the

bank was recertified for ISO 27001:2022 (Information Security Management System), ISO 20000:2018 (IT Service Management System), and ISO 22301:2019 (Business Continuity Management System).

Parallex Bank first secured these certifications in 2022 and has now sustained compliance after a rigorous threeyear review process, demonstrating its ability to continuously meet

international benchmarks.

The statement added that the recertification carries significant implications for the Bank and its stakeholders.

It reaffirms continued compliance with global standards and reduces the risk of regulatory non-compliance. It also strengthens customer and stakeholder confidence by underscoring the Bank’s ongoing commitment to security, service quality, and business continuity.

Segilola Resources Operating Confirmed as a Sponsor of GGCE 2025

The organising committee of the Gold and Gemstone Conference & Exhibition (GGCE) 2025 has confirmed Segilola Resources Operating Limited as a sponsor of this landmark conference and exhibition, scheduled to take place in Lagos.

Segilola’s partnership underscores its strategic vision to support responsible mining, value addition, and genderinclusive empowerment

across Africa’s gold and gemstone value chain.

The company’s investment highlights a shared emphasis on ethical sourcing, traceability, and sustainable operations across the industry.

With programming focused on artisanal miners, jewellery SMEs, export readiness, and investor integration, Segilola’s involvement signifies sustained support for grassroots and

commercial stakeholders alike.

“We are honoured to welcome Segilola onboard as a sponsor of GGCE 2025,” said Engr (Mrs) Janet Adeyemi - President, Women in Mining Nigeria on behalf of the GGCE team.

“Their support reinforces our mission to drive inclusive growth, gender equity, and high‑standards in Africa’s gold and gemstone sectors.”

CBI Community Network Unveils Initiative for Celebrating African Excellence A new chapter has opened for Africans in the diaspora as the CBI African Icons Merit Award officially debuts in Indiana, United States. Conceived by the CBI Community Network, the award is designed to celebrate and spotlight Africans abroad who are shaping their communities and industries with remarkable impact.

Organizers emphasize that while Indiana remains the base, the scope of the award extends globally honoring

and inviting African icons from all over the world to be recognized for their outstanding achievements.

Speaking during the announcement, Convener and Founder of the CBI Community Network, Mr Sunday Lanre Omotoso described the award as a unifying African project created by Africans, and owned by all Africans all over the world. The message is clear: if you are in the diaspora and

making impact, this platform was created for you. Indiana serves as the foundation, but the vision is global ensuring that African excellence is celebrated without borders.

“This award is not just an event, it is a movement,” Mr Omotoso emphasised.

“We want Africans in every corner of the world to know that their contributions matter. We are creating a legacy of pride, recognition, and unity. Our greatness knows no boundaries.”

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) NOVEMBER

Month

Money Supply (M3)

108,966,480.44

-- CBN Bills Held by Money Holding Sectors

19,796.18

Money Supply (M2)

108,946,684.26

Quasi Money

72,672,756.90

-- Narrow Money (M1)

36,273,927.36

---- Currency Outside Banks

4,652,527.74

---- Demand Deposits

31,621,399.62

Net Foreign Assets (NFA)

17,347,112.78

Net Domestic Assets(NDA)

91,619,367.66

-- Net Domestic Credit (NDC)

115,576,757.67

---- Credit to Government (Net)

39,616,629.91

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

75,960,127.77

--Other Assets Net

12,147,461.96

Reserve Money (Base Money)

30,871,571.25

--Currency in Circulation

4,878,125.22

--Banks Reserves

25,993,446.02

--Special Intervention Reserves

278,860.37 • Source - CBN

Money Market Indicators (in Percentage) Month

November

Inter-Bank Call Rate

28.88

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

27.50

Treasury Bill Rate

18.00

Savings Deposit Rate

6.56

1 Month Deposit Rate

8.48

3 Months Deposit Rate

9.53

6 Months Deposit Rate

12.13

12 Months Deposit Rate

14.22

Prime Lending rate

18.39

Maximum Lending Rate

31.06

NSE

NSE MARKET INDEX % Change

CAP

0.75%(52%YoY)

Index

0.9% (29%Y/D) • Monetary Policy Rate - 27.50%

OPEC DAILY BASKET PRICE As At 6TH JANUARY , 2025

The price of OPEC basket of twelve crudes stood at $76.18 a barrel on Monday, compared with $75.89 the previous Friday, according to OPEC Secretariat calculations.

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

23

T H I S D AY • WEDNESday, SEPTEMBER 3, 2025

mARKET NEWS

Stock Market Plummets as Investors Lose N985.7bn in Two Days Kayode Tokede

The Nigerian stock market sustained its downward trend in early September 2025, dropping by N985.72 billion in the first two days trading activities on investors’ profit-taking in large-mid capitalised companies.

The market capitalisation

that opened trading in September 2025 at N88.769 trillion, dropped by N985.7 billion or 1.11 per cent to close yesterday at N87.784 trillion.

In the first day trading activities in September 2025, the market capitalisation dropped by N362.8 billion or 0.41 per cent to close at N88.407 trillion on

P R I C E S MaiN Board

F O R DEALS

investors profit-taking in Lafarge Africa Plc, Zenith Bank Plc and 31 others. The following day, the market capitalisation depreciated by N622.95 billion or 0.7 per cent to close at N87.784 trillion amid profit-taking in Lafarge Africa Plc, Guaranty Trust Holding Company Plc (GTCO) and 46others.

With the second

S E C U R I T I E S Market Price

quantity traded

consecutive decline, the investors in Lafarge Africa have lost 14.7per cent of their investment as the cement producing company stock price plunged to N110.85 per share as of September 2, 2025 from N130 per share it closed for trading in August 2025.

On this, the Nigerian Exchange Limited All-Share Index plunged by 1,557.86

T R A D E D

value traded ( N )

MaiN Board

A S O F

basis points or 1.11per cent to close at 138,737.64 basis points from 140,295.50 basis points it closed for trading August 2025.

Major sectors such as NGX Banking Index fell by 1.93 per cent to close at 1,499.06 basis points while the NGX Oil & Gas depreciated by 0.36per cent to close at 2,372.94basis points.

On market outlook for this week, analysts at United Capital Plc had stated that “equity market could be cautiously optimistic, driven by expectations of a potential interest rate cut from the Central Bank of Nigeria due to moderating inflation, alongside a relatively stable Naira and an increase in foreign reserves.”

S E P T E M B E R / 2 / 2 5 DEALS

Market Price

quantity traded

value traded ( N)

24

T H I S D AY • Wednesday SEPTEMBER 3, 2025

Politics

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

How Has Judiciary Fared Under CJ Kekere-Ekun in Last One Year?

It has been one year since Justice Kudirat Olatokunbo Kekere-Ekun assumed office as Chief Justice of Nigeria. In this piece, Wale Igbintade, reflects on her leadership and the significant strides made in strengthening the judiciary since August, 2024.

O

n August 22, 2024, history was made when Justice Kudirat Kekere-Ekun was sworn in as the 18th Chief Justice of Nigeria. At a time when public confidence in the judiciary had reached a critical low, she emerged as a leader whose experience, integrity, and courage inspired renewed hope.

A year into her tenure, her leadership has already left a visible mark. The story of her first 12 months is one of restoration of confidence, order, efficiency, and dignity in Nigeria’s justice system.

From the outset, Justice Kekere-Ekun confronted the deep institutional rot that had eroded the judiciary’s credibility. In her inaugural address, she spoke with striking candour, admitting that “the judiciary was under immense pressure, its independence constantly tested, and its officers in need of urgent support.” She vowed to tackle these challenges head-on—and her record thus far proves she has kept her word.

Her commitment to restoring the judiciary’s moral authority has been unmistakable.

She has consistently admonished judges to remain impartial, courageous, and mindful of the sacred trust vested in them.

Addressing newly sworn-in judges earlier this year, she declared: “Let your judgments be reasoned, impartial, and courageous.

The judiciary, as the final arbiter of justice, depends on the credibility of its officers. Each of you now bears a share of that institutional burden and of that honour.”

These were not mere rhetorical flourishes.

Under her chairmanship of the National Judicial Council (NJC), petitions against judicial officers that once dragged on for years have been addressed with unprecedented swiftness. Frivolous petitions are dismissed promptly, while serious ones attract decisive sanctions. This balanced approach has revived public faith that judicial misconduct will no longer be swept under the carpet.

Her defence of judicial independence has been equally unwavering. When the Governor of Imo State attempted to bypass constitutional seniority in appointing an Acting Chief Judge, she decisively intervened.

In Benue, she halted an unlawful attempt by the House of Assembly to remove the Chief Judge. These interventions were not merely procedural; they were principled affirmations that judicial independence cannot be sacrificed for political expediency.

Security for judicial officers, long neglected, has also been prioritized. Through direct engagement with the Inspector-General of Police, she secured the creation of special protection units across all states, ensuring dedicated security and stricter enforcement of court orders. The effectiveness of this initiative was demonstrated in Bayelsa, where a kidnapped High Court judge was swiftly rescued through coordinated security action.

Equally, she has elevated judicial welfare, recognizing that judges under financial or security stress are more vulnerable to compromise. By advocating for improved remuneration, housing, and healthcare, she has laid the groundwork for a judiciary less exposed to external pressures and better positioned to deliver fearless justice.

Her efforts have not gone unnoticed. Senior lawyers, including members of the Body of Senior Advocates of Nigeria (BOSAN), have publicly commended her for introducing a culture of accountability and stability at a time when the judiciary desperately needed moral rearmament.

tion—effectively dismantling the racket of fake notaries.

At the Supreme Court, case management has been tightened under the Supreme Court Rules 2024, which impose strict timelines for filing briefs: 45 days for appellants, 30 days for respondents, and 14 days for replies.

Late filings now attract penalties, curbing the culture of endless indulgences that once bogged down appellate proceedings.

Financially, the impact has been remarkable. For instance, in the 2024/2025 Legal Year, the Supreme Court generated N347,822,368, a staggering leap from just N4.8 million the previous year, ushering in a new era of financial sustainability.

Technology has also been deployed to strengthen transparency and access to justice. Virtual hearing infrastructure has been expanded, enabling litigants to attend proceedings remotely, a development particularly helpful in cases involving parties outside Nigeria.

The Nigerian Bar Association has applauded these measures, describing them as “steps that align the Nigerian judiciary with global best practices.”

Kekere-Ekun

moral triumph, then her administrative triumph lies in the reorganization of the Supreme Court.

When she assumed office, inefficiency and corruption plagued the apex court. Files routinely disappeared, registries were compromised, and case listings were susceptible to manipulation. Determined to clean the house, she constituted a special committee whose recommendations birthed a sweeping restructuring.

The Court Records Processing Unit was created by merging the Process, Records, and File Units, thereby eliminating the scourge of missing files. She also established a Central Information Unit to provide lawyers and litigants with easier access to case details, and a Case Continuation Unit to prevent adjourned matters from falling into limbo.

The Receiving and Data Entry Units were digitized, and the Registry was reorganized to promote transparency.

A new Disposal Unit was charged with archiving concluded cases and

transmitting them to the National Archives, while the Exhibits and Judgment Pasting Unit was digitized to preserve judicial memory and make past judgments easily retrievable.

The results have been transformative. Case listings are now handled transparently by Justices in open court, ending the notorious practice of clerks accepting bribes to “move” files. Missing files are now rare, thanks to tracking systems. Lawyers enjoy quicker access to case information, while a physical audit of pending cases is paving the way for a full electronic filing system.

For many observers, these reforms have not only boosted efficiency but also restored credibility to the apex court, changes that can rightly be described as revolutionary.

Driving Judicial Automation Beyond restructuring, Justice Kekere-Ekun has embraced digital transformation as an engine of justice. The enrolment of new lawyers has moved entirely online, integrated with Nigerian Law School records.

Notary Public applications are now electronic, with a central digital register accessible globally for embassy verifica-

Justice Kekere-Ekun’s first year in office is defined by a rare blend of moral clarity, administrative efficiency, digital innovation, and human-centered leadership. She has restored confidence in the judiciary by holding officers accountable, defended its independence against political interference, reorganized the Supreme Court for transparency, embraced technology, improved Reorganizing the Supreme Court If safeguarding judicial integrity is her revenue, and uplifted staff morale.

Staff Morale and Welfare Justice Kekere-Ekun has equally understood that institutional reform must be underpinned by a motivated workforce.

Court staff, once demoralized and underpaid, now receive prompt salaries and expanded training opportunities.

Professional development programmes have enhanced competence, reduced registry errors, and cultivated a culture of accountability. Registry complaints have dwindled, corruption has receded, and morale has visibly improved. By treating staff as partners in reform rather than obstacles, she has fostered a more motivated and service-oriented judiciary.

According to insiders, even small but symbolic reforms—such as prompt provision of working tools and refurbishment of dilapidated offices, have signaled to staff that their welfare truly matters. For the first time in years, registry officers describe themselves as “part of a bigger mission” rather than cogs in a broken bureaucracy.

The Legacy of Her First Year Justice Kekere-Ekun’s first year in office is defined by a rare blend of moral clarity, administrative efficiency, digital innovation, and human-centered leadership. She has restored confidence in the judiciary by holding officers accountable, defended its independence against political interference, reorganized the Supreme Court for transparency, embraced technology, improved revenue, and uplifted staff morale.

These are not merely bureaucratic achievements—they are foundational to Nigeria’s democracy. A credible judiciary strengthens the rule of law, stabilizes governance, and reassures citizens that justice remains attainable.

Her first year, therefore, is not just a marker of time but a landmark of reform. She has shown that courage can restore dignity, that integrity can drive change, and that principled leadership can breathe new life into institutions battered by distrust.

The years ahead will test whether these reforms endure. Stakeholders - from political actors to the Nigerian Bar Association and civil society - must now play their part in sustaining the momentum. But one truth is already undeniable: Justice Kudirat Motonmori Olatokunbo Kekere-Ekun’s first year as Chief Justice has redefined the possibilities of judicial leadership in Nigeria—independent, transparent, efficient, and just.

25

THISDAY • WEDNESDAY, SEPTEMBER 3, 2025

FOCUS

Dangote Refinery: One Year, One Refinery, A Nation Transformed

By Abiodun Alade

I

n just 12 months, the Dangote Petroleum Refinery has shifted Nigeria from fuel importer to regional energy supplier, stabilised its currency, slashed fuel costs, and sparked an industrial revival. As Africa’s largest refinery marks its first year of operation, it stands as a bold symbol of private ambition driving national transformation.

One year ago today, a long-standing paradox began to unravel in Nigeria.

For decades, despite being Africa’s largest oil producer, Nigeria was heavily reliant on imported refined petroleum products, particularly Premium Motor Spirit (PMS), commonly known as petrol.

While the country exported crude oil, it re-imported fuel at a premium, creating a costly and unsustainable cycle. The result was predictable: fuel scarcity, long queues, ballooning import bills, subsidy scam, smuggling of petrol and a national economy perpetually tethered to global oil market volatility.

But on 3 September 2024, that story began to change with the commencement of production of petrol at the Dangote Petroleum Refinery, a privately built megaproject that has, in a single year, begun to redefine the country’s energy landscape and with it, much of the broader economy. The refinery is also producing diesel, jet fuel, and Liquefied Petroleum Gas (LPG) among other products.

From Scarcity to Surplus Located on the edge of the Atlantic in the Lekki Free Trade Zone just outside Lagos, the $20 billion refinery is the largest single-train facility, capable of processing 650,000 barrels of crude oil per day. Its commissioning last year was heralded as a potential turning point for Nigeria. Twelve months on, such optimism was not misplaced.

Fuel shortages, once a near-ritual during holiday seasons and election cycles, have largely disappeared. Petrol as well as diesel, and cooking gas prices have dropped, stabilising transport and household energy costs. In a country where inflation has been stubbornly high, this has offered a rare and tangible form of relief.

Moreover, Nigeria has remarkably shed its label as Africa’s top fuel importer, a title it held for decades. That distinction now belongs to South Africa.

President Bola Ahmed Tinubu hailed the refinery as “a remarkable achievement” and “a phenomenal project of our time,” underscoring its significance to Nigeria’s industrial and economic growth.

“This is more than what you see; it’s about what you can envision and build,” says Pan African Banker and

More Than Oil: A Platform for Industrialisation Beyond the numbers, the Dangote Refinery is repositioning Nigeria for deeper industrial development. By producing key by-products such as polypropylene, base oils, and jet fuel, the facility is stimulating growth in manufacturing, plastics, aviation, lubricants, and agro-processing.

It has also become a centre for skills transfer and technological learning, offering on-the-job training to thousands of Nigerian engineers and technicians who previously lacked access to advanced refining technology. In a country where “brain drain” is a persistent issue, this represents a quiet but critical investment in human capital.

“The Dangote Group has become a nurturing ground for Nigerian engineers, scientists, and technicians, many of whom have gone on to work as expatriates in various countries,” noted Funmi Sessi, chairperson of the Nigeria Labour Congress, Lagos State chapter.

She noted that this is not just about oil. It’s about knowledge, competence, and sovereignty.

The Road Ahead

Dangote

Fintech expert, Patrick Akinwuntan.

“Dangote’s success with this refinery teaches us that audacious leadership can overcome the biggest obstacles”

A Lifeline for the Naira The refinery’s influence extends beyond fuel pumps and tank farms. By significantly reducing Nigeria’s reliance on fuel imports, the country has saved an estimated $25–$30 billion annually in foreign exchange, a staggering amount for an economy frequently grappling with currency crises.

This shift has helped stabilise the Naira, which has gained modest ground against major currencies for the first time in years. With less demand for dollars to pay for refined fuel imports, the Central Bank has found some breathing space in managing exchange rate volatility.

Furthermore, by exporting surplus refined products to neighbouring West African nations, the refinery has created a new stream of foreign exchange earnings, contributing to a rare surplus in Nigeria’s balance of payments in early 2025.

In September 2024, the governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, stated that lifting petrol from the refinery can turn around Nigeria’s dollar-starved economy

“This is also expected to moderate foreign exchange demand for importation of refined petroleum products, with a positive spillover on external reserve and improvement in the overall balance of payment position,” he added.

He added that CBN Monetary Policy Committee expressed optimism that it will moderate transportation costs and significantly support the easing of food price pressures in the short to medium term.

GDP Growth and Job Creation The refinery is projected to add approximately $15 billion annually to Nigeria’s GDP, representing a vital infusion of real sector growth at a time when the economy is still recovering from the shocks of the COVID-19 pandemic, multiple currency devaluations, and a costly fuel subsidy phase-out.

On the employment front, over 570,000 direct and indirect jobs have been created through the refinery’s operations and its wider value chain, including logistics, supply services, maintenance, and construction. Entire communities have emerged around the facility, supported by new roads, power infrastructure, and water systems that were previously non-existent.

While the refinery’s first year has delivered much-needed progress, the road ahead is not without hurdles. Crude oil supply consistency, export logistics, and continued importation of substandard petroleum products persist.

Still, for many Nigerians, the shift from energy dependency to relative stability is nothing short of monumental.

“One year in, and it’s already hard to imagine going back to how things were,” says Energy analyst Ibukun Phillips. “For once, the future feels like something we can build not just wait for.”

A New Chapter for Nigeria and Africa As the world’s energy landscape evolves, Nigeria’s success in refining its own crude and exporting surplus fuel offers lessons for other resource-rich but import-dependent countries across the Global South. The Dangote Refinery is no silver bullet, but it is a powerful demonstration of what can happen when ambition, capital, and execution align in the right place at the right time.

President of the Economic Community of West African States (ECOWAS) Commission, Dr Omar Touray, lauded the refinery as a “beacon of hope for Africa’s future” and a demonstration of what the private sector could achieve in driving regional industrialisation.

In one year, one refinery has shifted the trajectory of a nation. And it may only be the beginning.

•Abiodun, a communications specialist writes from Lagos

26

T H I S D AY • WEDNESday, SEPTEMBER 3, 2025

FEatures

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

Inside Abuja’s Best-kept Secret: The Getaway Private Resort

Festus Okoronkwo

A

buja, Nigeria’s fast-paced capital, is no stranger to opulence. From the glittering lobbies of five-star hotels to the airy penthouses overlooking the city, there’s no shortage of destinations promising indulgence. Yet, tucked away just minutes from the heart of the city lies a retreat so unique, so steeped in African authenticity, that it redefines what luxury means in West Africa. This is The Getaway—a resort of resorts, where tradition and modern comfort merge under the same sky.

From the moment you step in, The Getaway whispers—rather than shouts—its grandeur. The interiors are a love letter to Africa’s heritage: warm, earthy tones, locally sourced wood, and art so intricate it feels like each carving holds a secret. The walls and walkways are adorned with handpainted canvases and carved artworks, each telling a story of culture, history, and craftsmanship. It’s a space that feels curated, not merely decorated.

The bathrooms alone are enough to make Cleopatra envious. Imagine her in all her regal beauty—yet even she might have paused to admire the detailing, the handcrafted fixtures, and the balance of elegance with utility.

Every corner feels thought through, every detail deliberate.

Dining With Distinction The dining experience here isn’t just about food—it’s about atmosphere.

One of the most striking spaces is a small dining area that feels like a cross between a private chef’s table and a mini conference room. It’s intimate yet grand, the kind of place where business deals and heart-to-heart conversations can both find a home.

But step outside, and the magic expands.

Carved right into the rocks of Dawaki is the Echelon—an elevated vantage point offering sweeping views of the property. From here, the upper deck lounge, the lower deck restaurant, and the lively market square come into sight, forming a living postcard of activity and charm. Beyond, your gaze stretches across Gwarinpa, Katampe Extension, and parts of Maitama, with Abuja’s cityscape unfurling in the distance—a patchwork of shimmering roads, lush vegetation, and iconic rocks.

It’s not just a view; it’s a perspective—a reminder of how close you are to the city, yet how far you’ve traveled in spirit.

A Retreat for the Mind and Soul True to its name, The Getaway is a deliberate escape from the hustle and bustle of Nigeria’s capital. Here, peace is not an afterthought; it’s the main offering. It’s where nature meets nurture, where every guest is made to feel as though the world beyond the gates has been put on pause.

“This is the best-kept secret in Abuja,” a tourist remarked recently, “It feels like a presidential treat outside the State House.” Indeed, the experience has that rare blend of intimacy and grandeur,

The Getaway resort

making it equally suited for quiet personal retreats and high-level private gatherings.

The apartments are designed as hideaways—secluded, secure, and personalized. Guests aren’t just accommodated; they are indulged.

Whether it’s the arrangement of flowers, the choice of fabrics, or the placement of art, each element is tuned to enhance the sense of exclusivity.

booked.

Setting a New Benchmark in West Africa The Getaway is more than just a place—it’s a statement. It signals that Nigeria is no longer an observer in the world of destination luxury; it’s a contender. In fact, there’s nothing quite like this anywhere else in West Africa. The resort proves that world-class hospitality doesn’t have to be imported; it can be imagined, designed, and executed right here at home.

It’s a triumph of vision and execution, an embodiment of what can happen when local artistry meets global standards.

From the hand-carved décor to the panoramic views, from the thoughtful architecture to the impeccable service, The Getaway doesn’t just meet expectations—it rewrites them.

Lifestyle and Leisure at Its Best Beyond its serene accommodations, The Getaway offers spaces for social and recreational indulgence. There’s a shisha lounge for unhurried evenings, a fully equipped gym for those who wish to keep their fitness routine alive, a bar stocked with curated selections, and an open grill that transforms fresh ingredients into smoky, mouthwatering feasts.

But perhaps the true luxury here is privacy. In an era when destinations compete to be louder, flashier, and more public, The Getaway embraces discretion. Five Minutes to the City, a World You could spend days here and never Away in Experience feel crowded, even if the resort is fully Perhaps the most surprising fact

about The Getaway is its location. Just five minutes from Abuja’s city center, it offers easy access for residents and visitors alike. Yet stepping through its gates feels like crossing into another realm—a place where time slows down, where conversations are richer, and where the air feels somehow fresher.

Whether you’re a high flyer seeking pampering, a couple craving intimacy, or a solo traveler needing space to think, The Getaway offers not just accommodation, but an experience that lingers.

In a city that moves quickly, The Getaway reminds you of the value of slowing down. It invites you to sit back, breathe deeply, and let the world wait for you. Because here, luxury isn’t just about things—it’s about how a place makes you feel.

In the heart of Nigeria’s capital, hidden in plain sight, The Getaway stands as proof that the best destinations aren’t always the farthest. Sometimes, paradise as conceived by Africa’s new age hospitality giant, Gidanka is just around the corner.

•Okoronkwo is a hospitality writer.

27

THISDAY • WEDNESDAY, SEPTEMBER 3, 2025

NEWS

DIASPORA RETURNS INITIATIVE VISIT TO LAGOS STATE COMMISSIONER OF TOURISM...

L-R: CEO, Strategic Solutions Global/Convener, Diaspora Returns, Nancy Taiye Aragbaye; President, East Point Convention and Visitors Bureau, Georgia, Chantel Ross Francois; Lagos State Commissioner for Tourism, Art and Culture, Toke Benson; and Founder/CEO, Wateright Initiative, Dr. Prince Ero Ibhafidon, during a courtesy visit to the commissioner in her office by Diaspora Returns Initiative, held in Lagos, yesterday PHOTO: SUNDAY ADIGUN

INEC: Over 2.5m Eligible Nigerians Registered Online for CVR in Two Weeks to appear physically to complete the process in 811 state and local government offices nationwide where their fingerprints and facial biometric details will be captured.

He noted this instruction is clearly stated on the online Visa Revocation: Action Meant to Protect American Citizens, Says US Embassy portal, while urging all online But the US embassy in might pose a threat to US provides material support and we use this authority pre-registrants to complete the Nigeria emphasised that the national security or public safety to a terrorist organisation, or to take action when there is process in-person at the INEC Act covering current actions by is key to protecting US citizens otherwise violates US law,” an indication of a potential designated registration centres the American government was at home. Every prospective the response noted. ineligibility under the INA,” without which the online not new, stressing that what is traveler to the United States According to the note from it stressed. process alone is invalid. happening is that the Trump undergoes interagency security the embassy, the consular offices Besides, the embassy emOlumekun added: “The administration was tightening vetting. The Department’s hold the right to cancel visas phasised that although the law Commission met in regular the noose in cases where there continuous vetting includes at any time, especially when existed before now, this is the session today, Tuesday 2nd are indications of a potential all of the more than 55 million there’s a suspicion that the largest scale of such an exercise September 2025. Among other ever, insisting that it is meant issues, it considered the report ineligibility. foreigners who currently hold rules were flouted.

“The Trump Administration valid U.S. visas.

“This work is based squarely to protect the American people. of the ongoing nationwide “While we have had this Continuous Voter Registration is protecting our nation and “Under the Trump Adminis- on the Department’s authorities our citizens by upholding the tration, the State Department is under the Immigration and revocation authority for (CVR) for both the online and highest standards of national revoking the visa in cases where Nationality Act (INA) – tools decades, we are using all the in-person registration of voters. security and public safety a foreign visitor – including for- that have existed for decades. information we have to do this “The exercise which started eign students – overstays their Section 221(i) gives the Secretary on a scale never seen before, on Monday 18th August 2025 through our visa process.

“Prohibiting entry to the lawful period of admission, and Consular Officers discretion in order to keep American is now in its second week. As United States by those who engages in criminal activity, to revoke visas at any time, borders secure and American at Sunday 31st August 2025, communities safe,” the US a total of 2,532,062 Nigerians embassy in Nigeria added. pre-registered online.

The Independent National Electoral Commission (INEC) has revealed that a total of 2,532,062 Nigerians pre-registered online in the ongoing Continuous Voter Registration (CVR)

exercise within two weeks.

INEC National Commissioner and Chairman, Information & Voter Education Committee, Sam Olumekun, in a statement issued Tuesday reiterated these

are pre-registration figures from INEC’s dedicated CVR portal.

He explained that introduction of the pre-registration option in 2021 has enabled Nigerians to commence the

online process from anywhere in the world 24 hours a day, including weekends.

However, Olumekun emphasised that all online pre-registrants are required

“Last week, the Commission published the detailed breakdown of the figure at the end of Week One of the exercise.

“The cumulative figure at the end of Week Two shows that 1,218,482 (48.12 per cent) are male and 1,313,580 (51.88 per cent) are female. In terms of age and occupation, the majority - 1,602,484 (63.29 per cent) - are between the ages of 18 and 34, while 647,528 (25.57 per cent) are students.”

Olumekun stressed the Commission was aware that there were Nigerians who have no access to online facilities or those who prefer to register in-person.

Consequently, he said INEC staff have been deployed to attend to eligible citizens at the Commission’s 811 state and local government offices nationwide where they can simultaneously begin and complete their registration.

FCTA Imposes N5m as Penalty for Arbitrary Land Conversion in Abuja Wike: FG Will Solve 80% of Judges’ Olawale Ajimotokan in Abuja

The Federal Capital Territory Administration (FCTA) has approved N5 million as penalty per title holder for arbitrary land use conversion in various streets of Nigeria’s capital.

FCT Minister, Nyesom Wike, gave the approval yesterday at the presentation of the report of the committee headed by Muktar Galadima on land use and development of properties along selected streets of the FCT. The committee recommended that holders who

contravene the terms and conditions of grant of their respective Right of Occupancy with respect to land use should be sanctioned by the new provisions.

The report said that in order to stimulate commercial developments at locations planned and designated for commercial activities, holders of undeveloped plots at the Central Business District and the Sector Centers within Phase II should immediately develop their plots.

It noted that the proposal was to discourage commercial activities within planned residential locations and

slowing down arbitrary land use conversion along the various streets of the city.

To this effect, the FCTA said it has now mandated holders of undeveloped land/properties located at Central Business District and the Sector Centres within Phase II of the nation’s capital to, within three months, commence development on their plots failing which the titles in respect of any of such undeveloped plots will be revoked/withdrawn.

Responding to the report, Wike warned that it would no longer be business as usual for those flouting the city’s land use laws.

Housing Problem Before 2027

Olawale Ajimotokan in Abuja

FCT Minister Nyesom Wike has boasted that about 80 per cent of the accommodation problem bedeviling judges would have been solved before the end of the first tenure of President Bola Tinubu.

He gave the assurance yesterday at the foundation laying ceremony of three magistrate buildings in Jabi, Asokoro, and Garki, Abuja, attended by Justice Sylvanus Orji, who represented the Chief Judge of the FCT, Hon Justice

Husseini Baba-Yusuf.

The minister noted there would be no quick dispensation of justice when there is no enabling environment for judges and magistrates, adding it would be difficult when there is no provision for their welfare.

“I have been going around, and sometimes when you see where our judges and magistrates sit, it’s very, very embarrassing. And then you still consider, or you still want them to deliver justice quickly, as you want them to do. You need to provide good enabling

environment, good offices, good court halls for them to be able to do that.

“Sometimes you go and you see where justices are living as tenants. And then sometimes, when they are not able to pay on time, they are at the mercy of the landlords.

“And that can be embarrassing. Even where they are living, you don’t even know, sometimes where criminals are.

Sometimes, they are living with even those criminals around. So how do you want to guarantee their life?” Wike said.

28

WEDNESDAY, SEPTEMBER 3, 2025 • THISDAY

NEWS

CONFERMENT OF A DOCTORATE (HONORIS CAUSA)...

R-L: Chief Executive Officer and Managing Director, Cubana FMCG/Friends and Family Wineries Limited, Efosa Ogbeide and Chairman of Patjeda Group of Companies, Dr. Patrick Ejedawe, at the conferment of a Doctorate (Honoris Causa) in Strategic Leadership and Change Management by the African Leadership Business School, held at the Sheraton Hotels, Ikeja, Lagos…recently

ADC: Tinubu Running Most Divisive Government in Nigeria’s History Chuks Okocha in Abuja

The African Democratic Congress (ADC) has accused the Bola Tinubu administration of manipulating official infrastructure data in a desperate attempt to deflect growing criticism over allegations of nepotism and regional bias, alleging that the Nigerian leader is running the most divisive government in Nigerian history.

In a statement issued

yesterday, the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, stated that the Tinubu government’s infrastructure report not only reinforced existing suspicions about exclusionary governance but also exposed the administration’s alarming comfort with misleading the public with fake news.

The party said that it had observed with keen interest the federal government’s recent flurry of media en-

gagements, particularly the hurried release of a glossy infrastructure document tagged “Infrastructure Equity for Every Region.

Progress for Every Nigerian.

The Renewed Hope Agenda in Action.”

According to the spokesman of ADC: ‘’Ordinarily, we would have commended such an effort at transparency. However, the context and content of the report suggest that this was less of a gesture of accountabil-

ity and more a panicked propaganda attempt at damage control in the face of mounting criticism about the government’s nepotistic and exclusionary tendencies. ‘’It should be noted that this is the first time that any government in Nigeria would be so hard pressed to prove that it has actually given all parts of the country a sense of belonging. “ But the reason is clear: this is the most divisive government we have ever

2027: The Buhari Organisation Backs Tinubu, Declares Loyalty

his passing, noting the state support accorded his family and the President’s personal involvement.

“CPC in every state will go back home and mobilise support for Asiwaju. That movement will cascade down to local government areas, wards, and units. Insha Allah, CPC members will be at the forefront of ensuring your re-election in 2027 so you can continue the good work you are doing,” Abbas assured.

Addressing members of TBO, Tinubu declared that his government had met its revenue generation target for 2025 through the non-oil sector in August, stressing that this was achieved ahead of schedule.

He added that he would remain focused on Nigeria’s progress despite external pressures, including actions from US President Donald Trump.

According to him: “Nigeria is not borrowing. We have met our revenue target for the year, and we met it in August.”

Projecting confidence against international challenges, Tinubu dismissed concerns over United States Trump’s activities, saying,

“If non-oil revenue is going well, then have no fear of whatever Trump is doing on the other side.”

Shedding more light on his government’s economic achievements, the President emphasised the stabilisation of the Nigerian economy, with exchange rates improving from N1900 to a dollar to N1450 at present.

His words: “The economy is stabilised; nobody is trading pieces of paper for exchange rate anymore. When I took over, it was N1900 to a dollar. It’s N1,450 now. Rates have been stabilising now.”

He promised continued efforts to create jobs through export, import, and industrial growth.

On food security, the President unveiled plans for a nationwide mechanisation programme, with farm centres established in every region to boost productivity, ensure food sovereignty, and lift millions out of poverty.

“Our path to food security is clear. Every region will have a mechanised farm centre. We are committed to removing poverty from our land, and that is the

work we have already started,” the President stated.

Tinubu urged supporters not to be distracted by political noise ahead of 2027, assuring that his administration remains focused on reforms that will deliver prosperity.

“Don’t let anybody threaten you with uncertainty. We know the direction we are going, and we are certain of success. The legacy you will inherit from me is total commitment to justice, transparency and progress. At the end of this journey, it will be a house of joy and prosperity for all,” he said.

The President reflected on the early political alliance with Buhari, emphasising mutual respect and dedication to a progressive government.

“Let me first apologise for coming late. That’s the difference between Muhammadu Buhari and Bola Tinubu. If it were him, he would be here right on time,” Tinubu joked, before expressing heartfelt thanks to those in attendance, including Speaker of the House of Representatives, Abass; former Katsina State Governor and former Speaker, Hon Aminu Masari, Almakura, and others.

He recounted the challenging beginnings of their alliance, noting spirited debates on symbols—“He insisted on parliament and I insisted on broom. He’s so stubborn,” Tinubu pointed out.

The President reassured his supporters not to be swayed by threats but to draw strength from unity and shared belief in a progressive government building on Buhari’s legacy.

“Don’t worry about the threats.

When I see people like you, my determination is to work harder,” he said.

Tinubu also gave a pledge rooted in Buhari’s principles saying that part of what his administration inherited from Buhari was his honesty, transparency and justice.

“You won’t have anything less than that. You will have joy at the end of this journey, and we will definitely put something together to build a Buhari House; that house will be a house of joy and prosperity,” he assured.

What Tinubu’s ‘No More Borrowing’ Comment Means for Nigeria

had, where the principle of ‘it is our turn,’ has become a mantra of marginalisation and government business is run like an exclusive membership club.

“Unfortunately for the administration, in a desperate attempt to defend its records, it ended up convicting itself with obviously manipulated evidence,’’ Abdullahi stated.

For the avoidance of doubt, the ADC said, the so-called infrastructure

progress report, rather than exonerating the government, actually showcased the cronyism, the sloppiness and the lack of equitable distribution of projects and spending for which this APC government has become widely renowned. ‘’Under the section purportedly dedicated to North-western Nigeria, the government lists 12 projects, but upon closer scrutiny, at least four of those projects do not belong there.

If President Tinubu’s statement that Nigeria has met its revenue target and will no longer be borrowing holds true, the implication is significant for the country’s fiscal stability.

First, it suggests that the government is beginning to generate enough income from taxes, customs, oil earnings, and other non-oil sources to cover its planned expenditure. This would mark a shift away from years of heavy dependence on borrowing to plug budget deficits.

One clear outcome is the potential stoppage of the ways and means advances—the controversial mechanism through which the Central Bank of Nigeria (CBN) directly financed the federal government’s shortfalls.

For years, this practice ballooned Nigeria’s debt profile, fueled inflation, and raised questions about the independence of monetary policy. If the government halts this recourse, it would ease pressure on the CBN and help restore credibility to Nigeria’s fiscal and monetary framework.

Another implication is that the federal government will no

longer crowd out private players in the domestic borrowing space. By reducing the issuance of bonds and treasury bills to finance recurrent spending, the government frees up liquidity for the private sector, potentially lowering interest rates and stimulating investment in the real economy.

Politically, it also signals a commitment to fiscal discipline.

The move could reassure investors, rating agencies, and development partners that Nigeria is working to live within its means and limit unsustainable debt accumulation. If sustained, this could help stabilise the naira, tame inflation, and restore confidence in government finances.

In essence, Tinubu’s declaration points to the beginning of a new fiscal direction: reliance on Internally Generated Revenue (IGR) rather than borrowing, the end of ways and means financing from the CBN, and reduced dependence on domestic debt markets.

If backed by consistent revenue reforms, this shift could mark a turning point in Nigeria’s economic management.

29

THISDAY • WEDNESDAY, SEPTEMBER 3, 2025

NEWS

FAMILIARISATION VISIT OF HOUSE AD-HOC COMMITTEE ON FLOOD TO NEMA...

L-R: Director General, National Emergency Management Agency (NEMA), Mrs. Zubaida Umar; Member, House of Representatives Ad-Hoc Committee on Flood Management and Response, Hon. Mukhtar Zakari; Chairman of the Committee, Dr. Midala Balami; and Member of the Committee, Hon. Mohammed Jajare, in the Emergency Coordination Centre of NEMA, during the familiarisation visit of the Committee to the Agency’s Headquarters in Abuja, yesterday

Terrorism: Ohanaeze Ndigbo Lauds 6-Year Imprisonment of Simon Ekpa in Finland Benjamin Nworie in Abakaliki The apex Igbo socio-cultural organisation, Ohanaeze Ndigbo has lauded the federal government for the incarceration of Simon Ekpa in Finland, which has resulted to a six-year prison sentence for terrorism-related charges.

In a statement issued by the Deputy President General of the body, Okechukwu Isiguzoro, Ohanaeze Ndigbo commended the National Security Adviser, Mallam Nuhu Ribadu; the Minister of State for Defence, Dr. Bello Matawalle, and the Chief of Defence Staff, General Christopher Musa, for their

relentless efforts in dismantling the reign of terror that has engulfed the South East zone.

The body emphasised that the development, marked by the Finnish government’s sentencing of Simon Ekpa, underscores the Igbo people’s resolute opposition to armed struggle under the guise of

Biafra agitation.

According to Isiguzoro: “We commend the government for its landmark victory, specifically the incarceration of Simon Njoku Ekpa in Finland, resulting in a six-year prison sentence for terrorism-related charges.

“The Southeast region and

the entire Igbo race recognize and express heartfelt gratitude to the National Security Adviser, Mallam Nuhu Ribadu; the Minister of State for Defence, Dr. Bello Matawalle, and the Chief of Defence Staff, General Christopher Musa, for their relentless efforts in dismantling the reign of terror

that has engulfed the Southeast.

“Their decisive actions have demonstrably diminished the pervasive influence of terrorism and insecurity in our region.

The resultant cessation of the disruptive “sit-at-home” orders, masterminded by Ekpa, represents a significant stride toward stability and progress”..

Wike’s Team Moves to Wreck PDP Convention, Lists Conditions; Governors Threaten Showdown

a fresh and legitimate SouthEast Zonal Congress should be conducted.

“That the outcome of the valid and legitimate South-South Congress held in Calabar, Cross River State and recognised by the court be respected. That the Ekiti State Local Government Areas Congress should be conducted immediately, in obedience to the subsisting court judgement.”

According to the communique, the PDP stands at a defining crossroads where its ability to reconcile internal disputes, uphold fairness, and respect constitutional processes will determine its future relevance.

They said unity cannot be built on disenfranchisement, exclusion, or the neglect of valid judicial pronouncements, adding that “a credible National Convention must be anchored on transparency, fairness, and respect for the rule of law as well as inclusivity.”

However, in response to the conditions given by Wike and his men, Damagum declared that the national convention was sacrosanct.

Speaking at the inauguration of the National Convention Committee, Damagum said: “Leaders, brothers and sisters of the PDP. This National Convention is of critical importance and it’s sacrosanct. ‘’The National Officers we elect will lead our great party into the next general elections and beyond. We must recognise that the challenges we face as the leading opposition are mutating, much to the dismay

of well-meaning Nigerians.

“While the faction that broke out has not garnered much traction, we know that politics is dynamic, and the ruling class may seek to capitalise on or even sponsor such distractions to weaken the PDP, which remains the only dominant opposition party in our dear country, Nigeria. ‘’Permit me to share a few brief reflections, which I believe will help underscore the importance of this committee’s work. By fate and through political outcomes, I did not contest as National Chairman of the PDP; I was elected as Deputy National Chairman (North). Yet, for nearly two years now, first in an acting capacity and now substantively, I have been entrusted with chairing the affairs of this great party. ‘’Since assuming this responsibility, I have laboured with sincerity and utmost commitment to steady the ship of our party. In this period, we have pursued reconciliation, worked to reposition our structures, and ensured that despite challenges, the PDP remains the leading voice of the opposition and the enduring hope of millions of Nigerians. On this, we have succeeded.”

He added: ‘’But let me be clear; this success has only been made possible by silence and tolerance on my part. Not because I enjoy being disparaged, but because at critical moments, I chose restraint, not out of weakness, but as a conscious sacrifice for the survival and stability of our

Party. ‘’Ironically, many of the destructive voices have come from individuals who have benefited immensely from the PDP. They sought to sow division and weaken our structures. Yet history will record, and analysts will debate, but the consensus will remain that in a time of great difficulty, this National Working Committee, under my leadership, held the line and did a remarkable job. ‘’Today, I say with conviction that the PDP is not broken. The PDP is not defeated. The PDP is marching forward; stronger, more determined, and better prepared to fulfill our overriding objective: to reclaim the presidency of this great country and rebuild Nigeria from the mismanagement of the current ruling party.”

Speaking further, he said: ‘’This mission is critical. The recent by-elections across the country, as well as the local government elections in Port Harcourt, speak for themselves.

Opposition parties were met with intimidation and blatant rigging. The ruling party has shown no regard for democracy; their only interest lies in disenfranchising voters and stealing mandates.

“I will not dignify their actions by calling it ‘winning.’

Just as during the military era, when the founding fathers of our great party courageously accepted the responsibility of challenging the existing power structure, today we, too, accept this responsibility—to rescue Nigeria’s democracy from undemocratic forces and to

save our nation from this ongoing bastardisation.”

In his speech, Bala Mohammed said, ‘’We believe we have done it before, and we believe we will do it very well.

The Governors are with you, members of this party, and, of course, members of this important committee. ‘’We are with the NWC. We appreciate the sacrifice they are making. And, of course, we are men that have brought consensus. We are on the way forward. We certainly can’t wait.

The time has come when we must flex our muscles. ‘’We are not cowards, and we are not afraid of anybody.

We are capable of navigating this party beyond the shenanigans, beyond the arrogance, and beyond the impunity of others. We cannot continue to take part and allow people to take us to the slaughterhouse.

That’s our job. And our job is to make sure we don’t go to the slaughterhouse. ‘’And we are working as Governors and working with the committee to ensure that the key word is discipline. We will no longer allow or tolerate anybody to take us for granted. ‘’It has to stop. Enough is enough. We are not going to tolerate it any longer. Yes, consensus. Yes, accommodation.

But accommodation cannot mean stupidity and definitely, Mr. Chairman, we are with you on this journey as Governors.

And we will show that we believe in the capacity of the regulator, INEC. If anybody wants to become a faction of fools, we will allow him to go

and do it.”

In his speech, the Chairman of PDP Board of Trustees, Senator Adolphus Wabara, who was represented by the Secretary, Senator Ahmed Makarfi said the work of the Convention Planning Committee was quite challenging.

“The National Convention is not about excluding anybody, it’s also not a denial of the majority to have their way, because that’s what democracy is all about.

“Convention is not about 100 per cent but about the overwhelming majority. If you have 100 per cent fine.

In that direction, the party has zoned its positions, North, South. North can sit and do what they wish. South can sit and do what they wish.

“But that should not deny any individual who disagrees by testing his will. Buy the form, go to the field and test your capacity. So, there’s no need to raise temperature, because there will be no, and there should be no exclusion.

That has been the tradition since PDP was formed,” he stated.

Also, the Deputy National Chairman, Amb. Taofeek Arapaja said the PDP belongs to all and not to anybody or a group of people. According to him, ‘’PDP will not die. We are ready to move and we are already moving.

Nigerians, he said, know that the credible alternative is the PDP and that it is we heading back to Aso Rock, noting that PDP is great and remains great.

In his acceptance speech, Governor of Adamawa State, who is the Chairman of the National Convention Committee, Ahmadu Fintiri, pledged a transparent national convention where all would participate.

He pledged to replicate the 2021 national convention that elected the outgoing party leadership.

He added: ‘’We are going to make sure that we put more in our assignment, drawing from the constitution of this party, to make sure that we create consensus and we reconcile some of our members, so that we can go to Ibadan to make history that will give us a credible and better NWC, that will see us through to 2027 election. ‘’I have declared the secretariat open and I have kick-started the work of this convention until we deliver what is expected of us by the 15th of November in Ibadan.

I want to urge members of this committee to work hard.

“Everyone of us should make sure you leave your comfort zone, make sacrifices and ensure you are always available for every meeting so that we can plan and ensure that we deliver the best, the fairest and the most credible convention ever.

“This is so that we can open a gateway for some of us that have shifted sides, because I still believe there is no ADC in this country. It will still fizzle away so long as we get our acts together, so long as we do what is expected of us.”

30

WEDNEsday september 3, 2025 • T H i s d ay

NEWS

EDO COLLEGE PRIZE-GIVING CEREMONY…

L-R: Mother of the Prize Winner, Mrs. U. Utosu; Winner, Emmanuel E.Iyamu Award Prize for Physics, Master Henry Utosu, and Chairman, Edo College Old Boys Association (ECOBA) School Management Board, Sir Xerxes Orhue, during Edo College 2025 Graduation and Prize-giving ceremony in Benin City…recently

Nwifuru Disappointed as Nominee Rejects Ebonyi Economic Team Job Benjamin Nworie in Abakaliki

Ebonyi State Governor, Francis Nwifuru, has expressed disappointment with his nominee and 2023 Labour Party candidate for Abakaliki/Izzi federal constituency, Emmanuel Ezeh, for rejecting the membership of the newly inaugurated Ebonyi

Economic Team.

In a statement issued by the governor’s Special Assistant on New Media, Leo Ekene Oketa, the governor noted that “history would remember those who built bridges, not those who walked away from them.”

The nominee, in his letter addressed to the governor, faulted the timing of the appointment as late, despite

the fact that he had advised the governor on the need to constitute the Economic Team about two years ago.

However, in a swift reaction, the governor noted that Ezeh’s argument was

The leadership of the National Orientation Agency (NOA) yesterday warned that the country currently stands at a defining moment, lamenting the decay in civic orientation.

This is just as it proposed five thematic campaigns towards moral rejuvenation and upgrading of sense of nationhood.

The proposition was made at a press conference on “Nationwide Campaign on Five Thematic Areas at the Oyo State headquarters of the agency in Ibadan,

telling development, my beloved brother, Emmanuel Ezeh (IMMACULATE), appointed to the newly inaugurated Ebonyi State Economic Team by Governor Francis Ogbonna

Nwifuru, has declined the appointment, citing the timing of the team’s constitution, two years into the governor’s tenure, and quite evidently, political affiliations.

Technical Education Key to Industrial Revolution, Says Kogi Poly Rector

Ibrahim Oyewale in Lokoja

The importance of technical education cannot be overemphasised, as it is crucial to ignite the industrial revolution in the country.

The Rectory of Kogi State Polytechnic, Professor Usman the Oyo State capital.

According to the Salisu, disclosed this while Director-General, Mallam speaking at the Stewardship Lanre Issa-Onilu, and the state Director of the agency, Mrs. Simiat Seriki Adinoyi in Jos Akande, the five areas of concentration include: Plateau State Government has national enlightenment proposed a supplementary on government policies, budget of N2billion to programmes and activities, expand the Plateau Youth flood mitigation and Entrepreneurship and Skills disaster preparedness and Acquisition (PLAYESA) for national security awareness. Wealth programme, aimed The others are national at equipping young people value reorientation for with practical skills in ICT, students against extreme sign-out practices, and the Nigerian identity project and national symbols Omolabake Fasogbon campaign.

A Nigerian entrepreneur, Chika Nwaogu, has put the country in the spotlight after securing a $140,000 grant to tackle the menstrual stigma challenge that continues to limit girls’ opportunities.

UNICEF estimates that

‘Nigeria Stands at Defining Moment’ Kemi Olaitan in Ibadan

fundamentally flawed as economic reforms and strategic development are long-term processes, not tied to political calendars.

According to the governor, “In a disappointing but

Forum organised by the Correspondents Chapel of Nigeria Union of Journalists (NUJ), Kogi State Council in Lokoja yesterday.

Salisu explained that as part of efforts to provide the technical gap in the country today, the management of Kogi State Polytechnic has upgraded

the Entrepreneurship Development Centre to a full directorate.

According to him, “The move is in a bid to equip students in skill acquisitions and explore new programmes, adding that apart from certificates earned from academic activities, it is now compulsory for all

students of the institution to acquire at least a skill which will allow them to become self-reliant and not seek nonexistent white collars jobs.”

He pointed out that the new directorate is also to train the artisans who want to acquire technical skills to aid their area of specialisation.

Plateau Proposes N2bn to Drive Youth, Entrepreneurship Training fashion, and leatherworks.

The state Commissioner for Youth and Sports Development, Hon. Musa Achom, disclosed this during the flag-off of the current batch of PLAYESA training organised by the State Ministry for Youth and Sports Development in collaboration with the

Federal Ministry of Youth Development, at the National Youth Centre, Shere Hills, Jos. He explained that the fund, once approved by the state House of Assembly, would strengthen youth empowerment initiatives and position Plateau State as a hub for digital technology and the creative industry.

Ashom said: “The training is for young people to acquire skills, because not everyone can get whitecollar jobs. In this batch, we have 150 participants, and another 100 will join soon, making a total of 250 youths drawn from the 17 local government areas of Plateau State.”

one in 10 girls in SubSaharan Africa misses school during menstruation, with long-term effects on education and opportunities.

The grantor, Chocolonely Foundation, expects Nwaogu to channel funds to scale up menstrual health education in Ghana’s Volta

Region through her Social Enterprise, PadHer. PadHer leverages innovative tools like comics, animations, and digital games to promote menstrual and sexual health education, making learning engaging and accessible while breaking

down entrenched taboos.

The organisation will also partner Girls Club Ghana to achieve the grant’s objectives, extending outreach to thousands of schoolgirls through classroom programmes and distribution of reusable sanitary products.

Nigerian Entrepreneur Gets $140,000 Grant to Advance Menstrual Dignity in Ghana

ECOBA Lagos Education Foundation Celebrates Outstanding Students Edo College Old Boys Association (ECOBA) Lagos Education Foundation (ELEF) recently celebrated the outstanding achievements of students at the Edo College 2025 graduation and prize-giving ceremony at the school premises in

Benin City, Edo State.

During the ceremony, ELEF honoured 26 highachieving students in various classes who demonstrated excellence in academics, sports, character and music amongst others.

ECOBA Chairman of

the School Management Board, Sir Xerxes Orhue, who represented the ECOBA National President, Chief Lucky Igbinedion, chaired the ceremony.

In his remarks, Orhue congratulated the awardees on their

remarkable achievements and reaffirmed the foundation’s commitment to supporting educational development in Nigeria.

The Chairman of the Board of Administrators of ELEF, Professor E. S. Akpata, sent in his good will message.

31

THISDAY • WEDNESDAY, SEPTEMBER 3, 2025

WEDNESdaysports

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

Stanley Nwabali Arrives Camp as 16 Eagles Begin Training in Uyo Duro Ikhazuagbe Fit-again Goalkeeper, Stanley Nwabali, arrived in Uyo last night to take the number of players in Super Eagles camp to 16 on the first day of training ahead Saturday’s 2026 FIFA World Cup qualifying showdown with

W O R L D C U P Q UA L I F I E R S Rwanda’s Amavubi invaders from Kigali.

The Chippa United safe hands who is Nigeria’s first-choice goalkeeper returned to training after an injury scare last week.

Day-one training was coor-

TRANSFER NEWS

dinated by Head Coach Eric Chelle and had team Captain, William Troost-Ekong leading by example. Ekong was amongst early birds.

The Saudi Arabia-based defender arrived camp on Monday, alongside goalkeeper Amas Obasogie and defenders

Bruno Onyemaechi and Felix Agu. Agu, who plays his club football with Werder Bremen in Germany, impressed at left back at the Unity Cup Tournament in London in the summer.

Dependable forward Simon Moses, who scored a goal and made an assist in his new club, Paris FC’s league win at the weekend, is also in camp, as

Greece-based goalkeeper Adeleye Adebayo, defenders Chidozie Awaziem and Benjamin Fredericks, and midfielders Wilfred Ndidi, Frank Onyeka and Fisayo Dele-Bashiru.

Wing-back Olaoluwa Aina, defenders Bright Osayi-Samuel and Calvin Bassey, and midfielder Alex Iwobi have also arrived.

Christantus Uche, who

Oshoala Moves to Saudi’s Al Hilal Six-time African Player of the Year, Asisat Oshoala, has signed a two-year contract with Saudi Arabian club Al Hilal.

This was after she passed a routine medical at the Riyadh club.

She joined the Saudi club after a season with American

club Bay FC. ‘Agba baller’ as Oshoala is fondly called, has now joined fellow Super Falcons stars, Ashleigh Plumptre and Francisca Ordega, in the oil-rich kingdom.

She previously played for Barcelona Femeni as well as in England and China.

EAGLES IN CAMP

Turkey Lifeline for Ademola Lookman?

News outlet, CalcioMercato, has reported that there are now proposals from an unnamed Turkish club for Ademola Lookman.

Reports in the Turkish press yesterday also said the club has tabled an offer for the out of favour African Player of the Year but no words fri Atalanta

on it yet.

The transfer window in Turkey is still open until September 12, 2025.

Last year, Victor Osimhen took a loan deal to Turkish champions Galatasaray as a result of his transfer standoff with Napoli and that may well be the case for Ademola Lookman now.

Sevilla Terminate Iheanacho’s Contract

Kelechi Iheanacho is again a free agent after Spanish La Liga club Sevilla terminated his contract by mutual consent.

His contract with Sevilla was until June 2026.

Last summer, Iheanacho

joined Sevilla as a free agent after his contract with English club Leicester City ran out.

Iheanacho has however signed a one -year contract with Celtic FC in the Scottish League.

BAL, Chiney Ogwumike Celebrate Young Women in Basketball in Lagos The Basketball Africa League (BAL), through its BAL4HER platform, in collaboration with two-time WNBA All-Star and BAL Ambassador, Chiney Ogwumike and her foundation “Queens of the Continent”, celebrated young women in basketball at a three-day event in Lagos last weekend.

The on-court activities were led by Chiney Ogwumike, Nigeria Men’s National Team Head Coach, Abdulrahman Mohammed, and BAL staff and Senegalese basketball Player, Fatou Diagne.

The programme featured a networking and leadership

session, an U23 basketball camp, and an U16 clinic in Lagos, Nigeria, between August 29 and August 31.

This three-day event marks the first-ever BAL4HER initiative in Nigeria, in partnership with the Queens of the Continent Foundation, celebrating women in basketball.

In all, 100 young women, including 20 U23 players and female professionals in sports selected via an online application process, tipped off the weekend with an inspiring networking and leadership evening hosted

by Ogwumike.

moved to English side Crystal Palace from Getafe of Spain on transfer deadline-day, is being expected alongside forwards Samuel Chukwueze (now in English Premiership side, Fulham FC from AC Milan of Italy), Tolu Arokodare (now in Wolverhampton Wanderers from KRC Genk in Belgium) and Cyriel Dessers (now in Panathinaikos in Greece from Glasgow Rangers of Scotland).

African Player of the Year, Ademola Lookman, Galatasaray of Turkey’s Victor Osimhen and midfielder Raphael Onyedika are also being expected to hit camp today.

The squad of 23 will also execute the Matchday 8 encounter against South Africa in Bloemfontein, which will be played at the Toyota Stadium (also known as Free State Stadium) on Tuesday evening.

Stanley Nwabali ...arrived Eagles camp last night from South Africa

Alex Iwobi Calvin Bassey Fisayo Dele-Bashiru Ola Aina Bright Osayi-Samuel Moses Simon Chidozie Awaziem Adebayo Adeleye Benjamin Fredericks William Troost-Ekong Amas Obasogie Felix Agu Bruno Onyemaechi Wilfred Ndidi Frank Onyeka Stanley Nwabali

NPFL Award Winner, Anas, Targets Over 20 Goals this Season Receiving the 2024/25 NPFL Golden Boot Award in Abuja on Tuesday, Nasarawa United forward, Yusuf Anas, has set himself a target of over 20 goals in the current campaign.

At the award ceremony which was delayed due to the player’s involvement in the just ended Africa Nations Championship, Yusuf said the award has sparked a determination in him to score more goals than the 17 he netted last season.

Yusuf expressed gratitude for the recognition, describing it as a motivation to aim higher.

“I’m happy to be recognised by the NPFL. This award motivates me to push harder, and I hope to surpass my goal-scoring record from last season and hopefully score more than 20 goals ,” he said.

The Nigeria Premier Football League (NPFL) also honoured Daniel Ogunmodede, the Coach

of Remo Stars, champions of the 2024/25 NPFL season.

Ogunmodede guided his side to a historic first NPFL title when Remo Stars clinched the championship with 71 points, becoming the first privately-owned club from the South-West since the year 2000 to lift the league trophy.

It was a grand event at the Blue Springs Hotel in the

central district of the Federal Capital, Abuja and had in attendance, the President of the Nigeria Football Federation (NFF), Alhaji Ibrahim Gusau, who was represented by the General Secretary, Dr. Mohammed Sanusi.

In his address, Gusau reaffirmed his often stated confidence in the running of the league by the board led by Otunba Gbenga Elegbeleye.

Yusuf Anas...2024/2025 NPFL Golden Boot winner

Lagos to Host First E1 Electronic Powerboat Championship in Africa Kunle Adewale

The organisers of the E1 Series and the Lagos State Government yesterday expressed readiness to hold a world-class E1 Electric Powerboat Championship that will bring over 250 sports personalities together next month in Nigeria’s commercial capital Lagos.

They said the landmark event that would be taking place in Africa for the first time, between October 3 and 5 in Victoria Island, symbolises Lagos’ commitment to clean energy and climate action, promotion of innovation, tourism, cultural exchange, commerce, sustainability, water transportation and sports potential.

The E1 Lagos GP is more than a sporting event. It is history in motion. For the first time, the world’s only all-electric powerboat championship comes to African waters, placing Lagos alongside Monaco, Venice, and Jeddah as a global host city. The event is a major milestone for the sport and for Lagos’ role in global sustainability conversations.

THISDAY • WEDNESDAY, SEPTEMBER 3, 2025

Price: N400

back page lead photograph

Management Team of Brass Fertiliser and Petrochemical Company Visits Diri...

L-R: Bayelsa State Deputy Governor, Senator Lawrence Ewhrudjakpo, Governor Douye Diri, and Managing Director, Brass Fertiliser and Petrochemical Company, Chief Ben Okoye, during the courtesy visit of the management team of the Company to Government House, Yenagoa, ... yesterday

TANIMUYAKUBU guest columnist

Notes on the Economy

W

hen President Bola Ahmed Tinubu’s administration dismantled Nigeria’s rigid foreign exchange regime in 2023, critics were quick to call it a currency collapse. The naira plunged to N1,800 per dollar in March 2024, and headlines screamed of economic freefall. But beneath the noise, a deliberate, high-risk economic recalibration was underway—one that has now begun to pay off in spectacular fashion.

By August 2025, the naira had clawed its way back to N1,525/$1, marking a 15.28% strengthening in just five months—an annualised pace of nearly 48.9%. This wasn’t luck; it was policy. Increased oil receipts, swelling diaspora remittances, and the clearing of over $4 billion in foreign exchange backlogs restored investor trust. The unification of Nigeria’s FX windows created a single, transparent market rate—finally letting the currency find its realistic value.

Why does this matter? Because a realistic exchange rate does more than please economists—it changes the very arithmetic of trade.

Nigerian goods, once overpriced in dollars due to an artificially strong naira, suddenly became bargains on global markets. A bag of sesame seeds, cocoa beans, or even processed chocolate instantly cost less in New York, Mumbai, or São Paulo, without the Nigerian farmer or factory owner earning less in naira terms.

The result was swift and striking. Non-oil exports jumped from $2.696 billion in H1 2024 to $3.225 billion in H1 2025—a 19.62% yearon-year growth. And this wasn’t just a “price illusion.” Export volumes rose from 3.83 million to 4.04 million metric tonnes, proof that foreign buyers weren’t just paying more for the same goods—they were buying more goods, period.

• A perfect “sweet spot” had emerged: • For buyers abroad, Nigerian goods were cheaper than competitors’.

• For exporters at home, the naira value of earnings soared, enabling reinvestment into value-added processing—turning raw cocoa into chocolate bars, raw sesame into bottled oil.

• For the economy, the export surge pumped foreign exchange back into the system, strengthening the naira without eroding its competitiveness.

1. The feedback loop is textbook economics: 1. FX Reform Realistic Naira

President Bola Tinubu

2. Cheaper USD Prices Export Boom 3. Export Boom FX Inflows 4. FX Inflows Naira Stability 5. Naira Stability Investor Confidence & LongTerm Growth What’s remarkable is that this cycle feeds itself. As Nigerian goods win more market share globally, the inflow of export dollars reinforces naira stability. That stability lowers risk for investors, inviting portfolio and capital inflows that further bolster reserves.

The critics who cried “worthless naira” missed the bigger picture: a floating currency is not a sign of weakness—it is a tool for national competitiveness. By refusing to prop up the naira with scarce reserves and instead letting market forces work, the Tinubu administration has set the stage for a sustainable, export-driven growth path.

If Nigeria stays the course, the naira’s recovery won’t just be about exchange rates—it will be the story of an economy finally learning how to turn its currency into a competitive weapon on the world stage.

Every great nation carries its strength not only in its armies or its resources, but in its money. A currency is more than paper or digits; it is a flag in our pockets, a contract with our people, and, when made credible, a weapon in the global marketplace.

Today, our currency too often wobbles under pressure, retreating when it should be advancing.

But this is not destiny. This is a choice. And today, I lay before you a vision—and a roadmap—for

how we can transform the naira from fragile paper into competitive ammunition for the world.

The 100 days: Laying the Foundation The first forge is credibility.

In the first 100 days, we must clean the slate.

Every backlog of foreign exchange must be settled or transparently accounted for. A single, unified exchange rate must emerge, visible to all, trusted by all. Inflation must be tackled with clarity, and savers must be rewarded with real returns.

This is the discipline of a soldier cleaning his weapon before battle. Without credibility, no currency can march abroad.

The First Year: Building Trust and Utility Once credibility is forged, we must make the naira holdable—trusted and usable.

Within the first year, we must open deep and transparent markets, where investors can hedge, where businesses can plan, and where contracts are honored without fear.

We must also create demand. Our exports of electricity, gas, and services must increasingly be priced in naira. Our ports and borders must accept naira as payment. Our neighbors must begin to see our currency not as an option, but as a necessity.

And we must empower our diaspora—the millions who send billions home each year.

In the first year, remittances must be instant, seamless, and rewarding in naira. Their loyalty can become a lifeline of strength.

The Five-Year Horizon: Deployment and Resilience By the five-year horizon, our goal must be nothing less than transformation.

A currency others hold, not because we plead, but because they cannot trade without it. A currency trusted across West Africa, settling power bills, financing trade, and flowing through digital rails as naturally as water flows downstream.

By then, we must also have resilience: stabilization funds for shocks, reserve rules for discipline, and alliances that provide fallback strength. For storms will come. Oil prices will fall, capital will flee, inflation will threaten. But a true currency of power is one that survives the storm and emerges stronger.

The Vision: From Defense to Deployment The true measure of success will not be whether we can defend the naira. The true measure will be whether others must use it.

The day we stop asking, “How do we protect

the naira?” and instead declare, “Here is the naira—use it,” is the day we will know we have succeeded. That is when our money will cease to be a burden, and will become ammunition—quiet, powerful, respected—in the arsenal of our national sovereignty.

Conclusion: Manufacturing Power Let us be clear: we cannot talk our way to a strong currency. We must manufacture it.

In 100 days, credibility.

In one year, trust and demand.

In five years, deployment and resilience.

Step by step, discipline by discipline, trade by trade, remittance by remittance—we can forge the naira into something others cannot ignore.

This is the mission. This is the moment. To turn our money into might. To make the naira not just defended but deployed. To place our flag not only in our pockets, but in the very contracts and settlements of the world.

This, ladies and gentlemen, is the future we must build.

Northwest: The Lion’s Share of Tinubu’s Projects The Lagos Illusion A viral chart recently made the rounds, loudly proclaiming that Lagos alone received N3.9 trillion worth of federal projects.

To the casual observer, it seemed a damning indictment: as if the federal treasury had been converted into a Lagos development fund.

But closer inspection tells a different story. That chart bundles together national infrastructure— federal highways, coastal transport corridors, and strategic legacy roads—and labels them “Lagos-only projects.” By that logic, the Kano– Maiduguri expressway could just as easily be called a “Maiduguri-only project.” Such sleight of hand ignores a central truth: these are not local trophies. They are the arteries of a national economy.

When properly disaggregated, Lagos’ exclusive projects—airport fencing, Carter Bridge rehabilitation, localized upgrades—amount to about N1.2 trillion.

The much touted N2.7 trillion are highways and transport links passing through Lagos but serve the entire federation. In short, Lagos is not swallowing the budget.

Continues online

•Tanimu Yakubu is the Director-General of the Budget Office of the Federation

Printed and Published in Lagos by THISDAY Newspapers Limited. Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja .

All Correspondence to POBox 54749, Ikoyi, Lagos. Email: editor@thisdaylive.com, info@thisdaylive.com. Telephone Lagos: 0802 2924721-2, 08022924485. Abuja: Tel: 08155555292, 08155555929 24/7 ADVERTISING HOT LINES: 0811 181 3085, 0811 181 3086, 0811 181 3087, 0811 181 3088, 0811 181 3089, 0811 181 3090. ENQUIRIES & BOOKING: adsbooking@thisdaylive.com (ISSN 1117-871X)