Issuu

Edun: FG Achieved 85% Capital Expenditure Execution in 2024, Pushes Global Competitiveness IMF warns against policy reversal, urges Nigeria to stay the course on reforms

Nume Ekeghe Minister of Finance and Coordinat-

ing Minister of the Economy, Wale Edun, has announced that the federal government achieved 85 per cent

performance in capital expenditure in the 2024 fiscal year, underscoring what it described as improved budget

execution and stronger public finance management. Edun disclosed this yesterday in Lagos at the launch of

Inflation Eases to 15.15% -Pg 9

Nigeria Economic Summit Group (NESG) 2026 Macroeconomic Outlook. He stressed the need to position

Nigeria as a competitive economy Continued on page 9

1966 Coup: ACF, NEF, Others, Mark 60 Years of Sardauna’s Assassination... Page 10 Friday 16 January, 2026 Vol 30. No 11240. Price: N400

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UT H

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Atiku’s Son Defects to APC, Vows to Mobilise for Tinubu’s Re-election Barau declares move major boost to ruling party’s 2027 consolidation drive Former VP says son’s decision not unusual or alarming

Sunday Aborisade in Abuja

In a political development filled with symbolism and far-reaching

implications ahead of the 2027 general election, Abubakar AtikuAbubakar, the son of former Vice President and 2023 presidential

candidate of Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, has formally defected to the ruling All Progressives Congress

(APC), pledging to work for the re-election of President Bola Tinubu. Popularly known as Abba, the younger Atiku was received on

Thursday at the National Assembly by Deputy President of the Senate, Senator Barau Jibrin, alongside top APC leaders from the North-east

geopolitical zone. Party leaders described the deContinued on page 9

Tinubu: We’ll Never Forget Those Who Sacrificed Everything for Our Country Salutes families, widows, children, loved ones of fallen heroes, says their loss ‘profound’ Atiku, Obi, governors, PDP, ADC, others honour the fallen heroes Story on page 9

SHETTIMA, AKPABIO, KALU HONOUR FALLEN HEROES...

Vice President Kashim Shettima laying the wreath during the 2026 Grand Finale of the 2026 Armed Forces Celebration and Remembrance Day, held at the National Arcade, Abuja, yesterday

L R: Deputy Speaker, House of Representatives, Rt. Hon. Benjamin Okezie Kalu, and President of the Senate, Godswill Akpabio, laying the wreath during the 2026 Grand Finale of the 2026 Armed Forces Celebration PHOTOS: GODWIN OMOIGUI and Remembrance Day, held at the National Arcade, Abuja, yesterday

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FRIday, JANUARY 16 , 2026 • T H I S D AY

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FRIDAY, JANUARY 16, 2026 • THISDAY

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

NEWS

DANGOTE CEMENT PLC 2025 CUSTOMER AWARD NIGHT...

L R: President and CEO, Dangote Industries Limited, Aliko Dangote; Overall Winner, Dangote Cement Plc 2025 Customer Award, Managing Director and CEO, Kazab Heritage Limited, Otunba Kazeem Olayemi Odeyeyiwa and his wife, Chief Mrs. Adesola Odeyeyiwa; and Chairman, Dangote Cement Plc, Mr. Emmanuel Ikazoboh at the Dangote Cement Plc 2025 Customer Award Night and Celebration held in Lagos on Wednesday PHOTO: SUNDAY ADIGUN

After Farouk Ahmed’s Exit, Dangote Refinery Raises In-country Petrol Supply by 65%

Contribution jumps to 32m litres per day from 19.4m litres Aliko confirms changes, puts current supply at 50m litres daily Seeks backing for Tinubu to achieve $1tn economy by 2030 Announces expansion of cement production capacity to 90m tonnes

Emmanuel Addeh in Abuja and Dike Onwuamaeze, Peter Uzoho in Lagos The Dangote Refinery boosted its domestic petrol supply by 65 per cent in December, increasing output from 19.4 million litres per day to over 32 million litres daily, latest data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said yesterday. However, the jump in local supply by a huge margin in less than one month by the Dangote Refinery followed the exit of the erstwhile Chief Executive Officer of the NMDPRA, Farouk Ahmed. Incidentally, on the day the data was released, the President of the Dangote Group, Alhaji Aliko Dangote, confirmed the increased supply, but said that the facility has now raised loading to an average of 50 million litres daily since President Bola Tinubu effected the leadership change at the agency. Ahmed had had a running battle with the President of the Dangote Group over what the billionaire businessman termed the unrestrained granting of import licenses by the former NMDPRA chief executive despite growing local capacity. The matter got to a head when Africa’s richest man accused Ahmed of corrupt enrichment and reported him to the anti-graft agencies, a development that coincided with the formal resignation of the NMDPRA head in mid December. But according to the NMDPRA data released yesterday, the Dangote Refinery’s domestic petrol supply increased from 19.47 million litres per day in November to 32.01 million litres per day in December, a jump of about 65 per cent in just one month. Also, the national petrol sufficiency rose markedly. Besides, the rise in Dangote’s fuel output coincided with improvements in national fuel stock levels. Petrol stock sufficiency climbed to 29.20 days in December, compared with 16.65 days in November, providing a stronger buffer against supply disruptions and distribution bottlenecks. A THISDAY analysis showed that the 32 million litres in-country petrol supply as well as the 29 days local

PMS sufficiency in December were the highest in the whole of 2025, highlighting how much things changed during the period under consideration. In all, the NMDPRA fact sheet showed that daily consumption of petrol climbed to 63.7 million litres per day in December, up from 52.9 million litres per day in November, representing a month-on-month increase of about 20.4 per cent. The surge marked one of the strongest monthly consumption jumps recorded in 2025, reflecting higher transportation demand, festive-season mobility, and improved product availability across the country. At the same time, total domestic petrol supply increased from 71.5 million litres per day in November to 74.2 million litres per day in December, helping to ease pressure on fuel distribution channels and improve national stock levels. The NMDPRA data indicated that consumption growth outpaced supply growth in percentage terms, underscoring the importance of maintaining steady refinery output and efficient distribution networks. But the supply of diesel by the domestic market declined from 20.4 million litres per day in November to 17.9 million litres per day in December, even as daily consumption increased slightly from 15.4 million litres per day to 16.4 million litres per day. In contrast, Liquefied Petroleum Gas (LPG) domestic supply edged up from 5.0 metric tonnes per day in November to 5.2 metric tonnes per day in December, reflecting steady growth in household cooking gas adoption. Also, domestic natural gas supply recorded a marginal increase, rising from 4.684 billion standard cubic feet per day (Bscf/d) in November to 4.787 Bscf/d in December, supporting power generation and industrial activity. Beyond Dangote’s contribution, the NMDPRA reported continued progress on other refining projects. The Waltersmith Refinery Train 2, with a capacity of 5,000 barrels per day, it said , completed pre-commissioning activities in December, with hydrocarbons expected to be introduced by January 2026. The Authority also confirmed the

issuance of one Licence to Establish (LTE) and one Licence to Construct (LTC) during the period, signalling sustained investor interest in Nigeria’s refining and downstream infrastructure. Meanwhile, the President of the Dangote Group has disclosed the refinery located in Lagos has been loading an average of 50 million litres every day since Tinubu effected a leadership change at the regulatory agency. Dangote disclosed this on Wednesday during the Dangote Cement’s customers’ celebration and award night for distributors of Dangote Cement’s product in Lagos with the theme “Partner for Growth.” At the same event, Dangote Cement Plc also celebrated its top distributors and customers with N15 billion worth of rewards for their continued loyalty, resilience, and outstanding performance. At the 2026 Distributors’ Awards Night, held in Lagos under the theme: “Partner for Growth”, the company celebrated its highest-performing partners.” Recipients received an impressive array of gifts, including cash prizes, containers of cement,

high-end SUVs, and compressed natural gas (CNG)-powered trucks, all valued at N15 billion. Dangote stressed: “We need to support the programme of Tinubu to make sure we enable Nigeria to reach its target of a $1 trillion economy by 2030. In the past couple of days we have had a sense of peace when His Excellency, President Tinubu, threw away most of the corrupt people who are actually our own regulators. “Right now, the good news is that since December 17 we have actually been doing an average of 50 million litres of loading of our inventory every day.” He also elaborated on the Dangote Group’s Vision 2030 that is aimed at making the group a $100 billion enterprise by 2030. “In December 2025 we launched our Vision 2030. It is focused on consolidation, industrial expansion, and cross border investments that will deepen Africa’s self-sufficiency in critical sectors such as energy, manufacturing and infrastructure. “This is borne out of my conviction that Africa’s future will be built by Africans who refuse to accept limits.

People who dream big work hard and never stop believing in what is possible. Under this vision our cement will be producing 90 million tonnes by 2030, which means that we are 50 per cent more than the entire production of Saudi Arabia. ‘‘Under this same vision we have already signed an agreement to expand our petroleum refinery from 650,000 million barrels per day (mbpd) to 1.4 million bpd. The good news is that we are starting the foundation next week. This is to double our (refinery’s) production capacity and take advantage of economies of scale. “At 1.4mbpd, we will be 48 per cent of the entire refining capacity of Saudi Arabia that started in 1936,” Dangote said. He also said that the group is expanding its fertiliser plant from 3 million metric tonnes (mmt) to 12mmt per annum to make it the largest producer of urea in the entire world. “We have actually carried out groundbreaking for the new fertiliser complex in Ethiopia and have signed an agreement to build tank farms in Namibia for the storage of our refined

products. We are building a massive pipeline to control and also distribute products along many countries in southern and eastern Africa. “We are planning a backward integration in sugar in Ghana alongside several investments in Ethiopia in sugar,” he added. Dangote said the gathering was to celebrate and honour the distinguished distributors of Dangote Cement’s products for their dedication, resilience and drive in 2025. He said: “I consider it a great honour to stand before a determined and focused group of people who are not only our cherished distributors but the very heart beat of our organisation. Your tireless work in the field; your unalloyed loyalty to our products and your direct engagement with our customers are what turn our vision and strategies into a tangible result. “Our celebration today tagged ‘Partner for Growth’ is a clear testament that our growth journey to 2026 has already begun. It is, therefore, time to intensify our efforts in the business of distributing our range of cement products.

Time to Rescue Nigeria from Grips of Slave Drivers, Odigie-Oyegun, ADC Leader, Says Felix Omoh-Asun in Benin

A former governor of Edo State and prominent leader of the African Democratic Party (ADC), Chief John Odigie Oyegun, has said the party was ready to free Nigeria from the grips of the present government that has turned its citizens into slaves. According to the ex-All Progressives Congress (APC) chairman, Nigeria has been under severe burden since independence, and it was time to get freed through the ADC. Speaking during the official declaration of Dele Momodu, who formally joined ADC at the party secretariat in Benin-City, the Edo State capital, yesterday, Odigie-Oyegun charged all Nigerians to work together to redeem

the country from the needless burden, adding that it needed principled minds like Chief Dele Momodu to make the difference. “The people of this country have carried a burden since independence and the burden is getting too hard and we must all work together to redeem the country from the needless burden and we need principled minds like Chief Dele Momodu to make the difference “Today, is unique in the history of the African Democratic Party because it marks a significant milestone in the party’s quest to reposition the Country Nigeria. “Dele Momodu was part of the individuals in Nigeria who played a significant role in keeping the military

out of Nigerian politics. “Here we are today sitting side by side in another existential struggle because the life of this country is going to depend on everyone of us sitting down here today. “It is not a campaign yet but we are warming up and gathering friends, we are gathering men of integrity, principled minds like Dele Momodu. He is not one of those politicians and for him to be joining us means so much for us as a party. “As a media man, he policed politics and politicians but today he has decided to join us and I want to say that these are the kind of people this country needs.” In his address, Momodu thanked the leadership of the party and

promised not to take their trust and support for granted. “Today, I’m standing before my leaders as I humbly reintegrate myself into the beautiful process of my state. People have asked me if I want to be the governor or a senator, but I tell them that I just want to promote the interest of our people “My picking up the party card today is just the beginning of the journey and my mission is to join hands of fellowship with citizens of like minds to rescue, recover and reset Nigeria. Nigeria must be rescued from one party state and this journey must require the total commitment of majority of Nigerians who refused to be enslaved in their own country.”

THISDAY • FRIDAY, JANUARY 16, 2026

NEWS

NGX DEG CEO ROUNDTABLE AND LAUNCH OF THE NGX NET ZERO PROGRAMME...

L R: Group Chief Executive Officer, Access Holdings Plc, Innocent Ike; President and Group Chief Executive Officer, Transnational Corporation Plc (Transcorp Group), Dr. Owen Omogiafo OON; Group Managing Director and CEO, Nigerian Exchange Group (NGX Group), Temi Popoola; Chairman, NGX Group, Alhaji (Dr.) Umaru Kwairanga; Member, Management Board, DEG, Monika Beck; Outgoing Country Director, Nigeria, DEG, Bernd Tilemann; CEO, Nigerian Exchange Limited (NGX), Jude Chiemeka; CEO, Chapel Hill Denham, Bolaji Balogun; CEO, NGX Regulation Limited (NGX RegCo), Olufemi Shobanjo; and Chairman, ASHON and Board Member, NGX Group, Seinde Adenagbe during the presentation of the gong replica at the NGX DEG CEO roundtable dialogue and launch of the NGX Net Zero Programme in Lagos, yesterday

US Slams South Africa for Allowing Iran’s Participation in Naval Drills Emmanuel Addeh in Abuja

The United States has sharply criticised South Africa over its decision to allow Iran’s participation in ongoing naval exercises, describing the move as deeply troubling and inconsistent with Pretoria’s stated foreign policy principles. In a strongly worded statement, the U.S said Washington viewed with “concern and alarm” reports

that South Africa’s Minister of Defence and the South African National Defence Force (SANDF) proceeded with Iran’s involvement in the drills despite an alleged government directive to the contrary. The United States described Iran as a “destabilising actor and state sponsor of terrorism,” warning that its inclusion in joint military exercises undermines maritime security and regional stability.

The statement linked its problem with Iran’s participation to its domestic human rights record, calling it “particularly unconscionable” that South Africa would host Iranian security forces at a time when Tehran is accused of shooting, jailing and torturing citizens engaged in peaceful political activity. The U.S. argued that such actions stand in stark contrast to the democratic freedoms South

Africans themselves struggled to secure under apartheid. According to Washington, Pretoria’s engagement with Tehran weakens its moral authority on global justice issues and accused the government of hypocrisy in its international posture. The United States also rejected South Africa’s likely defence of the move as an expression of non-alignment. Allowing Iranian

SEC DG Meets IGP, Seeks Stronger InterAgency Collaboration to Tackle Cybercrime Linus Aleke in Abuja Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has called for deeper collaboration between the commission and Nigeria Police to effectively combat cybercrime and other financial offences threatening Nigeria’s capital market. Agama made the call during a courtesy visit to the Nigeria Police Force Headquarters in Abuja, where he led members of the SEC management team to a meeting with Inspector-General of Police (IGP), Kayode Egbetokun. According to a statement by Force Public Relations Officer, CSP Benjamin Hundeyin, the meeting provided a

platform for both institutions to reaffirm their shared commitment to inter-agency cooperation aimed at strengthening national security, economic stability, and investor confidence in the country’s financial system. Speaking at the meeting, the SEC director-general commended the Nigeria Police for their sustained efforts in maintaining law and order nationwide, as well as continued support to the commission in the execution of its regulatory and enforcement mandates. He specifically praised the professionalism and responsiveness of the force in handling matters related to capital market infractions and financial crimes.

Agama expressed the commission’s intention to deepen its partnership with the police, particularly through enhanced engagement with Nigeria Police Force National Cybercrime Centre (NPF-NCCC). He stated that the centre’s technical expertise and operational capacity had proven critical in addressing cyber-enabled financial crimes. He said closer collaboration would improve intelligence sharing, regulatory enforcement, and capacity building in response to emerging threats within the capital market. The Inspector-General of Police welcomed the SEC delegation and thanked the commission for the confidence it had consistently shown

Alleged Missing N1trn: Youth Seeks EFCC’s Prosecution of Three Ex-Abia Governors Alex Enumah in Abuja

A youth organisation has asked a Federal High Court in Abuja, for an order of mandamus, compelling the Economic and Financial Crimes Commission (EFCC) to charge and prosecute three former governors of Abia State, over alleged mismanagement of the sum of N1 trillion Abia State funds. Those the youth group wants the prosecution of Senator Orji Uzor Kalu, Senator Theodore Ahamefula Orji, and Okezie Ikpeazu.

The youths, under the aegis of Support the Youth Organisation, is asking the court to grant them leave for judicial review of mandamus for the EFCC to charge and prosecute the ex-governors over the alleged mismanagement of state funds. They contend the order brought under Section 6 of the EFCC Establishment Act, falls within the responsibility of the anti-graft commission to inquire into the management of funds meant for the construction of roads, payment of salaries of workers and pension

for retirees. In an affidavit deposed to by Susan Nwaze, a Nigerian citizen, the CSO wondered why the EFCC, which had previously launched an investigation into the alleged diversion of funds under the three administrations, including over N551 billion in the coffers, N383 billion revenue from federal accounts, N55 billion excess crude revenue, N2.3 billion Sure P funds, N1.8 billion ecological funds, and N10 billion for a non-existent airport, suspended the action.

in the Nigeria Police. He reaffirmed the force’s unwavering commitment to inter-agency cooperation and assured SEC of continued support in both current engagements and future initiatives. The IGP emphasised that effective modern policing relied heavily on strong institutional partnerships. He assured the delegation that specialised units of the force, including the NPF-NCCC, would continue to work closely with SEC to protect Nigeria’s financial system and safeguard the nation’s economic interests.

military forces to operate in South African waters or undertaking high-level solidarity visits to Tehran, the statement argued, goes beyond neutrality. Instead, the US said it represents a clear choice to associate with a regime accused of brutal repression at home and support for militant activity abroad. The criticism adds to growing tensions between Washington and Pretoria over South Africa’s foreign policy direction, particularly its engagement with countries viewed by the U.S. as adversarial. Vessels from China, Iran, Russia and the United Arab Emirates sailed into waters off Cape Town around a week ago to take part in the exercises as part of the BRICS grouping of nations. Reports said the South Africa government had sought to have Iran drop out of the China-led drill, which is taking place amid a crackdown in Iran that activists say left thousands dead. However, it was unclear to what extent the Iranian vessels were involved in the exercises, which were justified by the South African navy as necessary to “ensure the safety of shipping lanes and maritime economic activities.”

Before now, the Trump administration had accused South Africa of anti-American policies and boycotted its G20 summit in November, also imposing 30 per cent trade tariffs. “The United States notes with concern and alarm reports that the Minister of Defense and SANDF defied a government order regarding Iran’s participation in the ongoing naval exercises. “Iran is a destabilising actor and state sponsor of terror, and its inclusion in joint exercises – in any capacity – undermines maritime security and regional stability. It is particularly unconscionable that South Africa welcomed Iranian security forces as they were shooting, jailing, and torturing Iranian citizens engaging in peaceful political activity South Africans fought so hard to gain for themselves. South Africa can’t lecture the world on ‘justice’ while cozying up to Iran. “And permitting Iranian military forces to operate in South African waters — or going to Tehran and expressing solidarity — isn’t ‘non-alignment’: it’s choosing to stand with a regime that brutally represses its people and engages in terrorism,” the statement added.

Research Commercialisation Underway as FG Inaugurates Committee Adds N3b operational budget in 2026 financial year

Kuni Tyessi in Abuja

To foster economic growth and industrial competitiveness, the federal government has inaugurated a steering committee as well as policy drafting committee for the National Research to Commercialisation Policy. It said beyond this, the inauguration aims at translating research outputs into tangible economic and social value in which the nation will benefit from in years to come. Also, it has announced an additional support for research

commercialisation, including a N3 billion operational budget for Research, Innovation and Commercialisation Committee, RICC in the 2026 financial year and the harmonisation of existing research funding lines to ensure synergy and measurable impact. Minister of Education, Dr. Tunji Alausa, who stated this at the inauguration in Abuja yesterday, said the initiative which would reposition research and innovation, said Nigeria had invested substantially in research across universities, research institutes and specialised agencies.

He however lamented the translation of research outcomes into products despite the huge investments and services had remained weak and fragmented. According to him, “Over the years, Nigeria has produced valuable knowledge and innovative ideas, but the pathway from research to real impact has remained weak, fragmented and largely unstructured,” he said. He explained the National Research to Commercialisation Policy was designed to close the gap between knowledge generation and value creation.

FRIDAY, JANUARY 16, 2026 • THISDAY

NEWS

WHEN MINISTER OF INNOVATION RECEIVED MKSCPE...

L R: Permanent Secretary, Federal Ministry of Innovation, Science and Technology, Philip Ebioghe Ndiomu; Executive Director, MIT Kuo Sharper Centre for Prosperity and Entrepreneurship (MKSCPE), Dina Sherif; and Minister of Innovation, Science and Technology, Kingsley Tochukwu, during the visit of the executive director to the minister’s office in Abuja on Wednesday

Again, Nigeria’s OPEC Oil Output Slips Despite FG’s Assurances Wood Mackenzie: Nation’s crude production to exceed 2m bpd in 2026

Emmanuel Addeh in Abuja

Nigeria’s crude oil production declined in December 2025, reversing the modest recovery recorded in the previous month, according to data from the Organisation of Petroleum Exporting Countries (OPEC) based on direct communication from member countries. Figures from OPEC’s January 2026 Monthly Oil Market Report (MOMR) released yesterday showed that Nigeria produced an average of 1.422 million barrels per day in December, down from 1.436 million barrels per day in November. The month-on-month drop of about 14,000 barrels per day underscored the fragility of Nigeria’s output recovery, despite sustained efforts to stabilise production through improved security around oil infrastructure and gradual restoration of shut-in fields. Although December’s output

remained broadly in line with Nigeria’s 2025 average, it fell short of the OPEC quota of 1.5 million barrels per day. The data highlighted the continued impact of operational disruptions, ageing infrastructure and deferred investments, which have constrained the country’s ability to sustain higher output levels on a consistent basis. Elsewhere across Africa, crude oil production trends were mixed in December. Algeria, Africa’s largest producer after Nigeria, recorded an increase in output to about 972,000 barrels per day, up from 968,000 barrels per day in November, reflecting stable operations and incremental gains. Libya also saw production rise, with output climbing to roughly 1.371 million barrels per day in December, supported by improved security conditions at key oilfields and export terminals. In contrast, smaller producers posted marginal changes. Congo

increased output to about 281,000 barrels per day, while Equatorial Guinea edged up to 46,000 barrels per day. Gabon’s production was broadly stable over the period, reflecting limited capacity for significant short-term expansion. Also, OPEC has said world oil demand would rise at a similar pace in 2027 as this year and published data indicating a near balance between supply and demand in 2026, contrasting with other forecasts of a major glut.

Justice Mohammed Umar of a Federal High Court, Abuja, has struck out the alleged cybercrime charge against the senator representing Kogi Central Senatorial District, Senator Natasha AkpotiUduaghan. The judge struck out the suit following the notice of discontinuance filed by the prosecution, the Attorney-General of the Federation (AGF). This is coming few hours after Justice Chizoba Orji of a High Court of the Federal Capital Territory (FCT), struck out a similar case bordering on alleged defamation against the Senate President, Godswill Akpabio and former Kogi State Governor, Mr.

Yahaya Bello. Although, Akpoti-Uduaghan, her lawyers and prosecution lawyers were all seated in court Wednesday afternoon, the judge however called the parties into his chamber where the notice of discontinuance was moved by prosecution counsel, Aderonke Imana. Just like the situation at the FCT, the senator’s lawyer, Dr. Ehioge West-Idahosa, SAN, did not object. At the High Court of the FCT, West-Idahosa however moved for the matter to be struck out and also urged the court to release all documents belonging to the defendant and her sureties. The prosecution counsel did not oppose to application made

OPEC+ pumped 42.83 million bpd in December 2025, down 238,000 bpd from November, driven by reductions in Kazakhstan, Russia and Venezuela, despite the output hike agreement in place for December, OPEC said in the report. The report forecast demand for OPEC+ crude will average 43 million bpd in 2026, unchanged from last month and close to what OPEC+ produced in December. Meanwhile, Sub-Saharan

Africa’s upstream oil and gas sector is entering 2026 with renewed momentum, according to Wood Mackenzie’s outlook for the region, with Nigeria emerging as one of the principal drivers of the recovery. Wood Mackenzie projects that for the first time since 2015 regional oil and gas output will exceed 6 million barrels of oil equivalent per day, underscoring a sharp turnaround from the production lows recorded in 2022.

Ex-Halliburton Executive Sues Firm, Seeks $250 Million Over Alleged Discrimination Wale Igbintade

A former senior executive of Halliburton Energy Services Inc., Mr. Olukayode Togun, has sued the oilfield services giant at the National

Court Strikes Out Cybercrime Charge against Akpoti-Uduaghan Alex Enumah in Abuja

The 2027 forecast is in line with the oil cartel’s view that oil demand will rise at a relatively robust rate, and that moves to cleaner fuels will take place more slowly than some predictions. OPEC expects oil demand to rise by 1.34 million barrels per day in 2027, close to the 1.38 million bpd growth expected this year, it said in the monthly report on its website. The outlook is OPEC’s first 2027 projection in its monthly report.

by the defence counsel for the matter to be struck out. In a short ruling, Justice Chizoba Orji struck out the suit, and equally discharged the sureties. She also ordered that all their documents be returned to them. Akpoti-Uduaghan was arraigned on June 30, on a six-count charge filed by the then Director of Public Prosecution of the Federation (DPPF), Mohammed Abubakar. She was granted bail, following which Justice Umar adjourned till September 22, for the commencement of trial. Meanwhile, she was arraigned at the FCT High Court on a three-count charge bordering on alleged defamation.

Industrial Court of Nigeria, Lagos Division, over the termination of his employment, alleging discrimination, wrongful dismissal, and breaches of international labour standards. In the suit, NICN/LA/268/2025, Togun, through his counsel, Mr. Folabi Kuti, SAN, is asking the court to declare his dismissal unlawful and award him $250 million in general damages, alongside various financial entitlements in naira, United States dollars, and Norwegian kroner. When the matter came up for mention on Wednesday, Justice Elizabeth Orji adjourned proceedings to February 24, 2026, for hearing of Halliburton’s preliminary objection. At the hearing, Kuti informed the court that an application for interlocutory injunction and the defendant’s objection to jurisdiction were pending. He said the objection was based on Halliburton’s claim that Togun worked for a foreign entity rather than its Nigerian subsidiary. “The claimant worked for the Nigerian entity for three years. The defendant must refute that,” Kuti argued, urging the court to order parties to maintain the status quo and hear both applications together. Justice Orji declined to make any interim order, noting the claimant had

not yet responded to the preliminary objection. Halliburton’s counsel, Mr. Michael Akinleye, argued the suit was incompetent, contending that Halliburton Energy Services Inc. is a foreign company with no presence in Nigeria. He submitted the claimant failed to obtain leave to serve originating processes outside Nigeria, as required by the NICN Rules, and that service on Halliburton Energy Services Nigeria Limited did not amount to valid service on the foreign company. Halliburton further argued that Togun wrongly commenced the action using Form 1 instead of Form 3, which is mandatory for service outside jurisdiction, and urged the court to strike out the suit for want of jurisdiction. Responding, Kuti maintained that Nigerian law permits actions against foreign companies and that service was properly effected. In his statement of facts, Togun said he is a dual citizen of Nigeria and Norway who spent about 12 years in senior roles within the Halliburton group in Norway before being persuaded in September 2024 to relocate to Nigeria as Group Business Development Manager.

He alleged that although he was promised full expatriate benefits, Halliburton offered him a “semiexpatriate” package because he is Nigerian, denying him housing, schooling, hardship allowances, salary uplifts, and travel benefits enjoyed by other expatriates, including those junior to him. Togun said he spent over N100 million renting and furnishing an executive residence in Banana Island, Lagos, in reliance on the company’s assurances, and is seeking a refund. Despite the alleged discrimination, he said he delivered strong results, including leading a $45 million project signed in February 2025 and projecting over $30 million in profits for Halliburton Nigeria in 2025. According to him, his performance earned commendation from Halliburton’s global President and CEO, Mr. Jeffrey A. Miller, including selection for a Long-Term Incentive Award. He said problems arose in September 2025 following a global restructuring, when his role was marked “potentially redundant,” despite his duties later being absorbed by a Vice-President. “The continued existence of the functions shows this was not a genuine redundancy but a targeted removal,” Togun claimed.

THISDAY • FRIDAY, JANUARY 16, 2026

NINE

Inflation Eases to 15.15% Amid Moderation in Energy, Food, Commodity Prices Severe in Abia, Ogun, Katsina, others IMF hails downward trajectory, predicts lower cost of living for Nigerian households

James Emejo in Abuja and Nume Ekeghe in Lagos The Consumer Price Index (CPI), which measures the rate of change in prices of goods and commodities, increased to 15.5 per cent year-on-year in December 2025, compared to 17.33 per cent in the preceding month, National Bureau of Statistics (NBS) said yesterday. According to the CPI report for the period under review, monthon-month, headline inflation stood at 0.54 per cent, compared to 1.22 per cent in November. International Monetary Fund (IMF) welcomed the continued deceleration in inflation, stating that the trend points to easing inflation and potential relief for households grappling with rising costs. IMF also welcomed the NBS’ adoption of international best

practices in calculating the CPI, saying it enhances the credibility and comparability of Nigeria’s inflation data. In a statement, IMF said, “We welcome the December Consumer Price Index (CPI) inflation figures released by the Nigerian Bureau of Statistics (NBS), which show an easing of inflation that, if sustained, will help reduce cost-of-living pressures and support macroeconomic stability. “The release reflects a welcome change in methodology that aligns Nigeria’s CPI calculation with international best practices, as set out by ECOWAS and the IMF’s 2020 CPI Manual. “Under the new methodology, the NBS links the old CPI to the rebased and reweighted index using the full year of 2024 as the reference period, making the data more stable and comparable over time.

“This change leads to a revision of the 2025 inflation numbers but continues to show a trend of inflation coming down throughout the year.” According to the CPI, food inflation stood at 10.84 per cent year-on-year in December, compared to 39.84 per cent in December 2024, while month-on-month, the food index declined to -0.36 per cent, compared to 1.13 per cent in November. The decline in food inflation was attributed to the rate of decrease in the average prices of tomatoes, garri, eggs, potatoes, carrots, millet, vegetables, plantain, beans, wheat grain, grounded pepper, and onions, among others. The “All items less farm produce and energy” or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 18.63 per cent, year-on-year in

December, compared to 29.28 per cent in December 2024. Month-on-month, the core index was 0.58 per cent compared to 1.28 per cent in the preceding month. Year-on-year, urban inflation stood at 14.85 per cent in December, from 37.29 per cent in December 2024, while on a month-on-month basis, inflation rate rose to 0.99 per cent, from 0.95 per cent in November. Rural inflation stood at 14.56 per cent, year-on-year in the review period, from 32.47 per cent in December 2024. On a month-on-month basis, the rural index declined to -0.55 per cent, compared to 1.88 per cent in November 2025. NBS explained that the “December 2025 year-on-year Headline inflation rate, including all other sub-indexes were obtained through maximisation of the index reference period, that

is, using a 12-month index reference period where the average CPI for the 12 months of 2024 is equated to 100. “This is a departure from the single-month index reference period, in which December 2024 was set to 100, which would have produced an artificial spike in the December 2025 year-on-year inflation rate. “This artificial spike is induced by the base effect, which is methodological, not structural, resulting in a rate that is not in tandem with current inflationary realities; hence the need to resort to the 12-month index reference period, by equating the entire 2024 to 100. This definitely affects the raising factor used for the re-referencing of the 2024 CPI series and the already released year-onyear inflation rates for January to November 2025.” The NBS further stated, “This

NBS boss, Prince Adeyemi Adeniran process is in line with International Best Practice as contained in the Consumer Price Index International Monetary Fund (IMF) Manual, specifically in Section 9.125 and the ECOWAS Harmonised CPI Manual, which address index reference period maximisation, following a rebasing exercise.” At states level, headline inflation, year-on-year, was highest in Abia (19.03 per cent), Ogun (18.80 per cent), and Katsina (18.66 per cent), while Sokoto (8.61 per cent), Plateau (9.05 per cent), and Kaduna (10.38 per cent) recorded the lowest rise in prices in December.

TINUBU: WE’LL NEVER FORGET THOSE WHO SACRIFICED EVERYTHING FOR OUR COUNTRY

Deji Elumoye, Chuks Okocha, Olawale Ajimotokan, Linus Aleke in Abuja, James Sowole in Abeokuta, Kemi Olaitan in Ibadan, Blessing Ibunge in Port Harcourt, George Okoh in Makirdi, Emmanuel Ugwu-Nwogo in Enugu, Laleye Dipo in Minna, Gbenga Sodeinde in Ado Ekiti, Boniface Okoro in Umuahia and Ahmad Sorondinki in Kano

President Bola Ahmed Tinubu, yesterday, pledged his government’s continued support for the welfare and dignity of officers and men of the Nigerian Armed Forces, saying the nation will never forget the sacrific-es of those who paid the ultimate price to secure it.

In a statement to commemorate the 2026 Armed Forces Remembrance and Celebration Day, Tinubu said a secure nation would always stand behind those who defend its territorial integrity. Tinubu, who was attending a week long Abu Dhabi Sustainability Summit in the United Arab Emirates, in the seven-paragraph release stated, “On this Armed Forces Remembrance and Celebration Day, Nigeria pauses to honour its heroes. “We remember the brave men and women of the Nigerian Armed Forces who sacrificed everything for our country. “Their names might not always be remembered, but their courage

sustains our freedom and peace. A nation that forgets its fallen heroes loses its direction; Nigeria, however, remembers. “I also speak today to the families of our fallen heroes- widows, children, and loved ones. Your loss is profound, and no words can replace the sacrifices of your loved ones. They served Nigeria with honour, and our people will never forget their sacrifices.” He said, “Today, we celebrate our serving personnel. From the frontlines to support positions, on land, sea, and air, you carry the heavy responsibility of protecting our people and sovereignty with discipline, courage, and professionalism, often far from home.

“As President and Commander in Chief, I reaffirm my commitment to the welfare and dignity of our Armed Forces. A secure Nigeria stands behind those who defend it. We will continue to support them in action. “May our fallen heroes rest in peace. May God strengthen our Armed Forces. May God bless Nigeria.” The federal government also reaffirmed its commitment to providing robust support for the Armed Forces of Nigeria (AFN) as the military hosted the 2026 Armed Forces Celebration and Remembrance Day (AFCRD) Regimental Dinner Night at the Armed Forces Officers’ Mess, Asokoro, Abuja. Minister of Defence, General Christopher Musa, described the Armed Forces Celebration and Remembrance Day as far more than a ceremonial observance. Musa said the event embodied the enduring values, heritage, and spirit of the Nigerian military institution. The minister stated that the occasion provided an opportunity to honour the professionalism, resilience, and gallantry of officers and men currently serving across

various theatres of operation, while paying tribute to those who laid down their lives in defence of the country’s sovereignty and unity. In a statement by Director of Defence Information, MajorGeneral Samaila Uba, the minister was quoted as commending Nigerian troops for their courage and professionalism in confronting complex and evolving security threats, often under extremely challenging conditions. “The peace and security enjoyed by the nation today are products of their vigilance, sacrifice, and unwavering dedication,” the statement said. Musa paid glowing tribute to fallen officers and soldiers, saying their sacrifices remain deeply ingrained in the nation’s collective memory.

and patriotism stand as a constant reminder that our freedoms are secured by their devotion. “Today, my family and I join millions of Nigerians in solemn remembrance and deep gratitude to the brave men and women of our Armed Forces. ‘’We honour those who paid the supreme sacrifice in defence of our nation, and we salute those who continue to serve with courage, discipline, and an unwavering commitment to the safety and unity of our country. ‘’Their selflessness, resilience, and patriotism stand as a constant reminder that our freedoms are secured by their devotion. We say thank you for your service, and your sacrifice.’’

ATIKU’S SON DEFECTS TO APC, VOWS TO MOBILISE FOR TINUBU’S RE-ELECTION Obi: Sacrifice of Fallen Soldiers fection as a symbolic and strategic as we move towards 2027,” he influenced his return to Nigeria Permanent Reminder of and decision to join APC. gain for APC as it intensified efforts added. Country’s Duty to Promote Peace Atiku: Their Selflessness, Welcoming him into the party, “He is young, focused and to consolidate its base ahead of Patriotism Secured Our Former Anambra State Governor APC National Vice Chairman determined to contribute to shaping the next election cycle. and Labour Party presidential But the former vice president (North-east), Comrade Mustapha the future of this country. This is freedom in 2023, Mr Peter Obi, said his son’s political preferences Salihu, described the defection as the kind of youth Nigeria needs,” Former Vice President Atiku candidate paid tribute to Nigeria’s fallen were purely up to him, stating that far-reaching, stating that it reflects Jibrin added. Abubakar said the selflessness military personnel, describing their A presidential aide, Alhaji his movement to APC is “neither “politics without borders”. and patriotism of the fallen heroes sacrifice as a lasting reminder of Salihu said, “Today is one of my Mahmoud Abdullahi, assured unusual nor alarming”. secured the freedom of Nigeria. the nation’s duty to promote peace, Announcing his defection, happiest days. This young man has the new APC entrant of Tinubu’s In a message to the fallen heroes hope, and progress. Abubakar declared his resignation seen the policies and programmes acceptance and support, describing during the armed forces day, Atiku from PDP and full alignment with of the Tinubu administration and said, ‘’Their selflessness, resilience, Continued on page 36 Continued on page 35 APC, describing the decision as has decided to align with them. “The APC is a progressive party both historic and deeply personal. He attributed the move to what driven by ideology, not personal EDUN: FG ACHIEVED 85% CAPITAL EXPENDITURE EXECUTION IN 2024, PUSHES GLOBAL COMPETITIVENESS longer just building bigger banks, He explained that the extension broader reforms anchored on fiscal both regionally and globally. he called the quality of leadership ambition.” That was as International Monetary but also ensuring that stronger capital resulted in strong execution levels discipline, transparency, and prudent He assured the new entrant and political ideology represented by the APC leadership and the of equal rights and privileges Fund (IMF) cautioned Nigeria against positions translated into productive with aggregate capital expenditure management. reaching 85 per cent by year-end, an He said Nigeria’s fiscal position within the party, stressing that reversing recent economic reforms, credit for the real economy. Tinubu administration. Abdullahi said the recapitalisation improvement on outcomes recorded had shown notable improvement. He stated, “I am here today to APC remains open to all Nigerians warning that renewed government “Nigeria’s fiscal position did formally announce my exit from committed to national develop- intervention in price and volume exercise was designed to create a in previous years. “In aggregate, capital expenditure demonstrate resilience, and I controls would be unsustainable more resilient banking system capable my former party and my decision ment. to join the APC. In his remarks, Jibrin congratu- and could undermine hard-won of supporting Nigeria’s ambition of in 2024 reached 85 per cent perfor- would say marked improvement, becoming a trillion-dollar economy, mance,” he stated. reflecting discipline, management “This decision follows the lated Abba for what he described macroeconomic gains. particularly through improved access While acknowledging that capital and transparency focused reforms,” Equally speaking at the outlook outstanding leadership style of as a bold, wise and principled Deputy President of the Senate, decision, assuring him and his presentation, Nigeria’s IMF Country to credit for small and medium-sized spending in 2025 would be lower, he stated. According to the minister, Senator Barau Jibrin, and my belief supporters of full backing within Representative, Dr. Christian Ebeke, enterprises (SMEs) and growth-critical the minister said the government deliberately chose to consolidate sustained capital spending remains said the authorities must remain sectors. in the ideology of President Bola APC. Speaking on the budget, Edun said gains by completing ongoing projects critical to easing food prices, lowerto the current fiscal and Ahmed Tinubu and the Renewed He said, “You didn’t come here committed the outcome followed the extension rather than initiating new ones, given ing the cost of capital, expanding monetary policy path. Hope Agenda.” because of your father. You came Ebeke stressed that while progress of the 2024 budget implementation prevailing fiscal constraints. mortgage financing, boosting Abubakar pledged to work because you believe in President had been made, the reform agenda period, which allowed the governEdun also dismissed concerns closely with Jibrin to actualise Bola Ahmed Tinubu, his ideology was far from complete. He said ment to complete critical projects about fiscal sustainability. He stated electricity supply and accelerating Tinubu’s second-term bid. He and the Renewed Hope Agenda. inflation remained in double rather than abandon them midstream. that the government met all its road construction key drivers of inclusive economic growth. directed all coordinators and “You have taken this decision digits, limiting policy flexibility He said the decision reflected statutory obligations, despite the Edun said the country had moved members of his political structure, based on conviction.” and underscoring that “the job is growing discipline and transparency tight environment. from crisis management into a phase formerly known as the Haske The deputy senate president not done”. “Despite these fiscal challenges, all of stabilisation and consolidation, but in fiscal operations. Atiku Organisation, to immediately disclosed that Abba, who had Edun stated, “In terms of the the statutory obligations, foreign debt cautioned that reform momentum Deputy Governor, Economic Policy, align with APC. been closely monitoring political Central Bank of Nigeria (CBN), Dr. capital budget, the budget, at the end service, domestic debt service, salaries must be sustained to translate stability “To this effect, I am directing developments from the United Muhammad Abdullahi, stated that of the day, is a law of the National were all met by the government,” into long-term growth. all coordinators of my association States, was impressed by the as Nigeria’s bank recapitalisation Assembly. They extended the 2024 he said. Looking ahead, he said the 2026 to join the APC and work for Tinubu administration’s reforms programme moved into its final budget for the full year to ensure The minister added that the capital Continued on page 36 President Bola Ahmed Tinubu and inclusive outreach, which phase, CBN’s priority was no that projects were completed.” expenditure performance was part of

FRIDAY, JANUARY 16, 2026 • THISDAY

NEWS

PRESS CONFERENCE ON THE RCCG 2025 ECONOMIC SUMMIT...

L R: Team Lead, Economic Summit, RCCG Lagos Province 35, Dr. Ayodeji Ebo; Head of Skills Acquisition Programme, Deacon Tunde Adepoju; Pastor in Charge, RCCG Lagos Province 35, Pastor Ben Akabueze; Chairman, Empowerment Committee, Pastor Emeka Obiagwu; and Vice Chairman, Empowerment Committee, Assistant Pastor Demola Ogunfeyinmi at the press conference organised by RCCG Lagos Province 35 in preparation for the 2026 Economic Summit held in Lagos, yesterday PHOTO: SUNDAY ADIGUN

1966 Coup: ACF, NEF, Others, Mark 60 Years of Sardauna’s Assassination Score Tinubu low on governance, crisis management

John Shiklam in Kaduna

Arewa Consultative Forum (ACF), Northern Elders Forum (NEF), and other northern groups yesterday marked 60 years since the assassination of Sir Ahmadu Bello, Sardaunan Sokoto, Premier of the defunct Northern Region. They described Sardauna’s death

in the January 15, 1966 military coup as a defining tragedy in Nigeria’s history. Speaking at a press briefing, Chairman of Board of Trustees (BoT) of ACF, Alhaji Bashir Dalhatu, said, “Today is exactly 60 years since Sir Ahmadu Bello, Sardaunan Sokoto and some of his colleagues were murdered by rogue elements of the

Nigerian military.” He recalled the killings plunged the country into series of crises, including a 30-month civil war and the loss of hundreds of thousands of lives. Dalhatu, who spoke on behalf of the Northern Elders Forum, Sir Ahmadu Bello Memorial Foundation, Arewa House, and other groups, said

while Armed Forces Remembrance Day was a worthy celebration, critical moments in Nigeria’s political history must not be forgotten. He stated, “The heroism and sacrifices of our men and women in the armed forces are worthy of celebrating. In the same spirit, key elements of our history are also worth remembering, particularly

Emefiele Trial: Defence Alleges EFCC Pressured Co-accused to Implicate Ex-CBN Governor Wale Igbintade The lawyer representing the second defendant, Henry Omoile, in the ongoing trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, yesterday accused the Economic and Financial Crimes Commission (EFCC) of attempting to pressure his client into implicating the former apex bank chief. The lawyer, Nnamdi Ofia, who testified during the trial-within-trial ordered by Justice Rahman Oshodi to determine the voluntariness of Omoile’s statement to the EFCC, alleged that investigators made several promises to his client in exchange for incriminating Emefiele. Emefiele and Omoile are standing trial on charges bordering on accepting gratification, receiving gifts through agents, corruption,

and fraudulent receipt of property. The defendants also alleged that EFCC conferred corrupt advantages on associates, in violation of the Corrupt Practices Act, 2000. Both men pleaded not guilty. At the resumed hearing yesterday, Ofia told the court that Omoile informed him that the head of the EFCC interrogation team assured him of bail, and possibly that he would not be charged, if he cooperated by providing incriminating evidence against the first defendant. The witness further testified that the interrogation was conducted in a question-and-answer format and that his client was required to give “satisfactory” answers before being allowed to write them on the statement sheet. He said, “On several occasions, questions were put to the second

defendant and he answered, but he was not allowed to write them down because the answers did not conform with what the interrogators wanted. I objected to this many times.” Ofia added that the interrogation session of February 26, 2024 ended with investigators informing him that his client would be detained because they were “not done with him”. According to him, when he returned the following day, February 27, 2024, he discovered that Omoile was being interrogated in his absence. He said he questioned the process, but was confronted by an officer identified as David, who challenged his right to intervene. “Tempers rose and David walked me out of the premises,” he said. Ofia further told the court that he reported the incident to the head

of the team, who advised him not to worry and asked him to wait in the reception area. He said he was not allowed to render legal services to his client until about 8pm, when Omoile was returned to the detention centre. He further stated he was later informed that his client had refused to cooperate and would not be released, prompting him to apply for bail from the EFCC zonal head. He said Omoile was detained for 21 days, after which he filed a fundamental rights enforcement suit at the Federal High Court in Lagos. He added that Justice Muslim Hassan granted bail but ordered that the defendant be remanded at the Ikoyi Correctional Centre pending the perfection of the bail conditions.

Undeclared $40,000 Cash: Sule Lamido’s Son Know Fate Friday as S’ Court Delivers Judgment Alex Enumah in Abuja

The Supreme Court will on Friday (tomorrow), deliver its judgment in the appeal filed by Aminu Sule Lamido, the 34-year- old son of the former Jigawa State Governor, Sule Lamido, following his conviction on undeclared $40,000 cash at the airport and false declaration of foreign currency charge brought against him by the Economic and Financial Crimes Commission (EFCC) Aminu Sule Lamido was arrested

on December 11, 2012, by the EFCC at Mallam Aminu Kano International Airport, on his way to Egypt over alleged failure to declare the sum of $40,000 cash in the Customs Currency Declaration Form after initially declaring the statutory $10,000 cash to the Nigeria Custom Service (NCS). He was subsequently arraigned before the Federal High Court in Kano while the court convicted him on July 12, 2015 and ordered him to forfeit 25 per cent of the undeclared foreign currency to the federal government.

Dissatisfied, Aminu approached the Court of Appeal, in Kaduna, praying for an order setting aside the judgment of the lower court. But the appellate court in its judgment delivered on Monday, December 7, 2015 and read by a Justice Habeeb Abiru, dismissed the appeal by Aminu and upheld the decision of the lower court while resolving all the issues raised against Aminu (the appellant). Further dissatisfied, Aminu approached the Supreme Court, for an

order setting aside his conviction and nullify the judgments of the Federal High Court and that of the Court of Appeal. It is instructive to note that the lead prosecuting EFCC lawyer, DCE Sa’ad Hanafi, now Acting Zonal Director of Benin Directorate of the Commission, handled the case all through from the Federal High Court, Court of Appeal and the Supreme Court while Chief O E B Offiong (SAN) represented Aminu during the proceedings.

where they remind us of major turning points in our lives as Northerners and Nigerians. “We are having to deal with unbearable cost of governance, deeply worrying and complex inter communal relations, conflicts that take lives daily and fights which serve as evidence of poor standards of leadership and management of public affairs.” Dalhatu said the late Sardauna remained a symbol of visionary and selfless leadership in the north. “People of the north have a special place in their hearts for the Sardauna and his colleagues who made the supreme sacrifice 60 years ago,” he said. He added that their leadership offered “a vital lesson in the study

of committed and visionary leadership”. The ACF BoT Chairman highlighted the developmental legacy of the former premier, stating, “Sixty years after the Sardauna, the north looks with pride at the world class university, the Ahmadu Bello University, which his vision and commitment led him to its establishment.” According to him, the fragmentation of the former northern region and rising insecurity reflect poor governance. Dalhatu reaffirmed the north’s commitment to democracy, stating, “The north will assert itself as a key player in the growth and development of the democratic system in Nigeria.”

PSC Praises Usman’s Contributions to Policing, Governance, Policy Reforms in Nigeria Linus Aleke in Abuja

The Police Service Commission (PSC) has lauded Hajiya Hadiza Bala Usman, Special Adviser to the President on Policy and Coordination and Head of the Central Results Delivery Coordination Unit (CRDCU), for her remarkable service to the nation as she celebrates her 50th birthday. Speaking at the sidelines of the Usman @50 Governance Colloquium, held at the Congress Hall of the Transcorp Hilton Hotel, Abuja, PSC Chairman, DIG Hashimu Salihu Argungu (rtd), highlighted Hajiya Usman’s exceptional contributions across policing, governance, and national policy reforms. He noted the event offered an opportunity not only to celebrate her milestone but also to reflect on themes of leadership, accountability, results-based governance, and public service excellence. A statement by the PSC’s Head of Protocol and Public Affairs, Torty Njoku Kalu, said the Chairman particularly commended Hajiya Usman for her pivotal role in advancing policy reforms, strengthening institutional frameworks for effective governance,

and fostering improved coordination between public sector entities. He also emphasised her support for initiatives that enhance the operational capacity and professionalism of the Nigeria Police Force. DIG Argungu described Hajiya Usman’s career as a model of discipline, courage, and unwavering commitment to public service. From her tenure as Managing Director of the Nigerian Ports Authority to her current strategic advisory role at the highest levels of government, her leadership has significantly enhanced governance delivery, accountability, and institutional efficiency. “Her tireless efforts in policy coordination and results delivery have not only transformed critical sectors but also inspired a new generation of public servants—especially women—to pursue excellence in nation-building,” the Chairman said. He congratulated Hajiya Usman on reaching the milestone of 50 years, describing it as a fitting celebration for a life devoted to integrity, purposeful service, and national progress, while praying for continued wisdom, strength, good health, and greater impact in the years ahead.

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HANDING OVER OF THE LASUTH CANCER WAITING UNIT...

L R: Oncologist Resident at Lagos State University Teaching Hospital (LASUTH), Dr. Yusuf Oduyoye; Deputy Chairman, Medical Advisory Committee, Clinical Service 1, Dr. Ayodele Bamidele; Director, Clinical Service and Training, LASUTH, Prof. Adebowale Adekoya; Founder, Lifeline Advocacy Development Initiative, Bimbo Oloyede; and Assistant Director of Nursing Service, Oyebanji Agnes at the handing over of the LASUTH cancer waiting unit and other medical equipment to the centre in Lagos, yesterday

Soludo: Nobody is Marginalising Igbo, Stop Fighting War that Ended 56 Years Ago Hails Tinubu’s renewed vigour on security

David-Chyddy Eleke in Awka

Anambra State Governor Chukwuma Soludo, has declared that no section of the country was marginalising the Igbo, urging people of the South-East to stop fighting a war that ended 56 years ago, instead of embracing peace and full participation in nation-building. Soludo made the remarks, yesterday, during the wreathlaying and parade ceremony to mark the 2026 Armed Forces Remembrance Day celebration at the Alex Ekwueme Square, Awka, where he also commended President Bola Tinubu for what he described as renewed vigour and seriousness in tackling terrorism and other forms of insecurity across the country. The governor expressed confidence that with the increased commitment of the federal government, the lingering security challenges confronting

the nation would be decisively overcome. He paid tribute to Tinubu as the Commander-in-Chief of the Armed Forces, noting that insecurity had festered for nearly two decades and was almost becoming a new normal before the current administration’s renewed efforts. According to him, the collaboration among the armed forces and other security agencies had given fresh hope that terrorism would be finally dealt with. He praised the President for the resolve shown so far and urged him to sustain the momentum. Soludo, however, expressed concern over what he described as the low interest shown by people of Anambra State and the South-East in general in enlisting into the Nigerian Army and Police Force. He warned that such attitude was counter-productive and amounted to self-marginalisation,

stressing that a nation could not be built by citizens who chose to opt out of its core institutions. He revealed that during the last recruitment exercises into the army and the police, Anambra

The Ambrose Alli University Alumni Association (Worldwide) has strongly criticized the arrest and detention of students of Ambrose Alli University (AAU), Ekpoma, by operatives of the Nigeria Police Force following recent protests over rising insecurity in the area. In a statement issued under the leadership of its President, Dr. Clifford Omozeghian, the association described the police action as unlawful, unconstitutional, and an abuse of power. The alumni body maintained that the students were merely exercising their civic rights to protest against persistent cases of kidnapping and insecurity in

and around Ekpoma, Edo State. According to the association, some of the arrested students were reportedly picked up from their hostels and private residences without warrants, due process, or prior notification to their families. It argued that such actions violate fundamental human rights, including the rights to personal liberty, dignity, freedom of expression, and peaceful assembly as guaranteed under Nigeria’s 1999 Constitution. The alumni group further accused the police of acting as agents of intimidation rather than protectors of citizens, stressing that such conduct damages public confidence in law enforcement and paints Edo State in a negative

forces, stressing that Nigeria belonged to all its citizens and that full ownership of the country required active participation. Soludo said if the trend continued, future generations

would complain of the absence of officers of Anambra or Igbo extraction in the security architecture of the country, despite having refused to participate when opportunities were available.

PDP Picks Caretaker Committees in Delta, Enugu, Imo, Rivers and Osun States Chuks Okocha in Abuja The National Working Committee (NWC) of the Peoples Democratic Party (PDP), has approved the appointment of caretaker committees to take charge of the party’s affairs in Delta, Enugu, Imo, Rivers and Osun States. The appointments were made on behalf of the National Executive Committee (NEC) and in line with Section 29(2)(b) of the PDP Constitu-

AAU Alumni Association Condemns Arrest of Students, Demands Immediate Release Michael Olugbode in Abuja

recorded the lowest expression of interest in the country, a development he described as worrisome. The governor called on youths in the state to enlist in the armed

light nationally and internationally. Reiterating that “students are not criminals and peaceful protest is not a crime,” the association insisted that any allegations against students must be handled through lawful procedures rather than mass arrests and harassment. The AAU Alumni Association outlined several demands, including: public apology from the Edo State Commissioner of Police within 24 hours; the immediate and unconditional release of all detained students; an independent investigation into the conduct of the police officers involved; a review of the circumstances surrounding the arrests; and the establishment of protocols to prevent future violations of students’ rights.

tion (2025 as amended), according to a public notice signed by Theophilus Dakas Shan, the party’s National Organising Secretary, yesterday. In the notice, the party said the decision followed NWC’s constitutional responsibility to ensure the proper administration and continuity of party structures at the state level. “The National Working Committee (NWC) of our Great Party, the Peoples Democratic Party (PDP), acting on behalf of the National Executive Committee (NEC) and pursuant to Section 29(2)(b) of our Constitution (2025 as amended), has approved the appointment of the following party leaders to the Caretaker Committees for Delta, Enugu, Imo, Rivers, and Osun States,” Shan stated.

In Delta State, the caretaker committee will be led by Prof. Sylvester Monye as chairman, with Dr. Michael Tidi, Esq. serving as secretary, alongside other members drawn from different parts of the state. The Enugu State committee has Steve Oruruo as chairman and Martin Ugwuamadieze as secretary, while Chief John Jude Okere and Mr. Magnus Amadi were appointed chairman and secretary respectively of the Imo State committee. For Rivers State, the party named Ogbam Ojimah as chairman and Dr. Field Baribeful Nkor as secretary, while the Osun State caretaker committee will be headed by Hon. Tunde Tijani, with Hon. Bamidele Seyi-Abiola as secretary.

The PDP said the caretaker committees were empowered to run the day-to-day affairs of the party in their respective states in accordance with its constitution. “The Committees are charged with the responsibility of managing the affairs of the Party in their respective States, as stipulated in Section 21(2) (a-b) of the PDP Constitution. “The tenure of these committees shall not exceed 90 days, or until such a time as a new Executive Committee is elected. “In carrying out this assignment, Committee members must be strictly guided by the PDP Constitution (2025 as amended), the Electoral Act, 2022, and the Constitution of the Federal Republic of Nigeria, 1999 (as amended),” the notice read.

Kidnapped Edo Medical Doctor Rescued

Felix Omoh-Asun in Benin

After weeks in kidnappers’ den, Dr. Ibrahim Abu Babatunde, has been rescued. Dr. Babatunde was abducted alongside his brother, who was killed in captivity in Auchi area of Edo State on January 1st 2026. The Edo State Chairman of the Nigerian Medical Association, Dr Eustace Oseghale, confirmed the release of the doctor, Thursday. Oseghale who said the state executives of the association are currently in a meeting added they

will issue an official statement on the release. The medical doctor, doing his housemanship with the Edo University Teaching Hospital, Iyamho, was abducted with his younger brother, Abu Tahir, a fresh medical doctor graduate from Ambrose Alli University, AAU, after the close of work. The duo were kidnapped at the gate of their residence located at Igbira camp, Auchi, the administrative headquarters of Etsako West Local Government Area of Edo State.

The abductors who had earlier demanded the sum of N200million as ransom for the duo, however, killed his junior brother, Tahir Abu on January 6, 2026. His lifeless body was found by the river side by security operatives. Despite the death of the newly graduated medical doctor, the gunmen still held Dr. Babatunde hostage and reduced the ransom to N100million. The ransom was reportedly further reduced to NN40 million after additional negotiations with family members

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FRIday, JANUARY 16, 2026 • T H I S D AY

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Politics

Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com 08033025611 sMs OnLY

Industrial Harmony as a Catalyst for Nigeria’s Health Renaissance

Osaretin Igbemudia in this piece traces the history of industrial unions in the health sector globally and relates it to current efforts by the federal government to improve labour relations in the nation’s health sector.

he struggle between two critical pillars among the four factors of production—labour and entrepreneurship or leadership—is a historical constant. Across centuries, labour and leadership have repeatedly found themselves in cycles of disagreement and contestation. In the health sector, particularly over the past 50 years, labour–management disharmony has been a recurring global phenomenon. Notable examples include the United Kingdom’s Consultants’ and Junior Doctors’ strikes of 1975; Canada’s Ontario Doctors’ Strike of 1986; and the United States’ California Physicians’ Strike of 1975, among others. More recently, crippling labour actions have occurred even in some of the world’s most advanced healthcare systems. In 2023, the United Kingdom experienced the largest strike in the history of the National Health Service, involving nurses and ambulance workers. In October 2023, more than 40,000 Kaiser Permanente workers across four U.S. states embarked on a major strike. Overall, over 75,000 healthcare workers—including EMTs, nursing assistants, and pharmacists—participated across multiple states to protest wages and staffing levels. Similarly, nurses’ strikes have persisted in New York City over stalled contract negotiations. These examples illustrate that labour– management conflict is not a discriminatory phenomenon; it is a global reality. The contrast becomes even more striking when healthcare spending in these countries is compared with Nigeria’s. For instance, the United States spends over $12,000 per person on healthcare, the United Kingdom about $6,700 per person, while Nigeria spends approximately $90–$100 per person. Yet, despite this stark disparity in health expenditure, Nigeria is steadily building a more robust and resilient healthcare system, undergirded by improved infrastructure and an expanding pool of skilled manpower. Under the Health Sector Renewal Initiative, several landmark programmes and reforms have been introduced. Primary and secondary healthcare facilities have been rehabilitated; strategic agreements to promote local pharmaceutical manufacturing have been signed; thousands of health workers have been trained and others newly recruited; and health infrastructure has received significant upgrades, including the establishment of new top-tier cancer centres across the geo-political zones. Hospitals have been revamped, and multiple turnaround policies have been implemented. Nationwide, over 60,000 health workers have been trained, enhancing both confidence and quality of care delivery. In parallel, the federal government has taken critical steps to improve labour relations within the health sector. A new hazard allowance for all health workers is currently being processed, while more than ₦10 billion owed under the 2025 Medical Residency Training Fund has been paid in recent months. Furthermore, the government is institutionalising salary relativity adjustments demanded by health unions for CONHESS-aligned workers and CONMESS-aligned doctors. It has also fully paid the seven months’ arrears of the 25%/35% CONMESS adjustment, aside from minor omissions and bank-related errors that are already being addressed.

hospitals. To further retain specialised skills, strengthen manpower capacity, and ensure employment security, the federal government has approved an upward review of the retirement age for skilled clinical health professionals in federal tertiary hospitals and centres—from 60 to 65 years of age, or from 35 to 40 years of service, whichever comes first. It is important to emphasise that under the Tinubu administration, the 2024–2025 period heralded a historic pivot of our health sector towards a more self-reliant and industrialised system. Despite the obvious challenges, Nigeria’s health sector continues to make significant progress and is considered a high-potential frontier among emerging peers like Brazil and Indonesia, principally owing to the strategic reforms that have resulted in over $2.2 billion in investment commitments as of late 2025. Recently, Nigeria and Brazil signed a Memorandum of Understanding to strengthen local pharmaceutical manufacturing and industrial cooperation. The MoU was signed by the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC), EMS Brazil, and Oaks Medical Limited. This MoU is one of over 20 that PVAC has recently signed with world-class companies to implement impactful projects. Additionally, the 2024 accoutrement allowance for medical officers has been fully disbursed. Recognising the critical importance

of manpower, the Federal Ministry of Health and Social Welfare has granted more than 23,000 recruitment waivers for health professionals in federal

-Igbemudia writes from Abuja. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

The Igbo Blueprint for Equity in Nigeria

In this piece, Sam Onuigbo commends President Bola Tinubu’s ongoing reforms, advocates for Igbo equity in Nigeria, urging structural reforms and a sixth Southeastern state to address historic marginalisation and foster national unity.

hen the Global Igbo Foundation Initiatives invited me to deliver a keynote address recently, they framed a tricky, but simple title: “Igbo Yesterday, Today, and Tomorrow.” The invitation came at a moment of quiet reflection. However, as I got ready, I realised that the title did not envisage a linear chronology, but a diagnosis of a persistent condition. Our yesterday is not a buried past; it is the bedrock upon which our present uncomfortably rests. Our tomorrow is not a distant prospect, but an urgent negotiation waiting to be honoured. The venue was a modern conference hall in Abuja, Nigeria’s purpose-built capital, a city that often feels like a grand experiment in neutrality. Yet, there is no neutral ground when discussing the place of the Igbo in the Nigerian project. The December air was thick with Harmattan dust, blurring the sharp lines of the building. Inside, the atmosphere was different—clear, focused, charged with a collective understanding that we were about to engage in more than a ceremonial speech. We were to attempt an act of historical cartography, mapping the soul of a people onto the contested terrain of a nation. I began with pleasantries, commending the organisers. Such gatherings are vital. But, civility must not become a cage for difficult truths. So, I stepped into the heart of the matter, a story that begins with a

fundamental misunderstanding. European colonialists, armed with the tidy logic of monarchies and centralised states, looked upon the intricate, republican societies of the Igbo and saw chaos. In their reports, they labelled us “stateless,” “argumentative,” and “ungovernable.” What they failed to comprehend was a civilisation that had perfected a demanding form of participatory democracy long before it became a global ideal. Our governance was woven through village assemblies (Ama Ala), councils of elders, robust age-grade systems, and powerful women’s councils (Umuada). Leadership was earned,

debated, and constantly held to account. This was not anarchy; it was a sophisticated social contract. This intrinsic resistance to autocracy is not an abstract concept. It has faces. One is King Jaja of Opobo. Born Mbanaso Okwaraozurumba in Amaigbo, sold into slavery as a youth, he rose through sheer will and commercial genius to found a powerful city-state, Opobo, and dominated the palm oil trade. His crime was refusing to let British trading interests dictate terms to African producers. For that defiance, he was lured onto a British warship under a purported truce, kidnapped, tried in Accra, and exiled to Barbados, the West Indies. He died in 1891 in the Spanish Island of Tenerife on his journey home. His story is not a footnote: it is a central parable of Igbo enterprise and the price of resisting injustice and exploitation. Then came the women of Oloko, in what is now Ikwuano, my own local government area in Abia State. In 1929, tens of thousands of Igbo women rose in what was glibly termed the ‘Aba Women’s Riot.’ It was a profound, meticulously organised revolt against colonial taxation and the corruption of warrant chiefs. -Onuigbo, a former member of the House of Representatives, writes from Abuja. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY • FRiday JaNUaRy 16, 2026

politics

Akwa Ibom: Parties in Early Yayi: From Ilaro’s Altar to Push for 2027 Oke Mosan’s Door Etim Etim writes that major political parties invlufing the ruling all progressives congress, people’s democratic party, african democratic congress and labour party in akwa ibom state are already mapping out plans to win the 2027 general elections in the oil-rich state.

olitical parties in Akwa Ibom State have commenced early preparations for the 2027 elections. APC in particular is setting off in ernest, signaling readiness to fend off opposition challenge and re-elect Governor Umo Eno and Senator Godswill Akpabio, among others. On Friday, January 2, 2026, the governor called a stakeholders’ meeting - the second since he joined the party in June, 2025 - and announced a formation of an eight-member committee to ‘’work with the Party’s leadership to ensure a transparent, consultative and united process…to prepare for the 2026 Party Congresses as we prepare for the 2027 general elections’’. The committee is chaired by the Secretary to the State Government, Prince Enobong Uwah, with a member of the House of Representatives, Dr. Patrick Umoh, as Secretary. Congresses are scheduled to hold between Wednesday, February 18 and Saturday, March 2. They would elect 27 party executives for each of the 369 wards; 27 executives for each of the 31 LGAs and 37 members of the State EXCO of the party. In addition, five delegates, to be elected in each ward, would go on to participate in the governorship primary while three to be elected in each LGA, would go to Abuja to participate in the presidential convention. Congresses therefore provide exciting opportunities for democracy to thrive in the communities. But they could also be the beginning of intractable crisis if not well managed. The Congress Planning Committee therefore has its job cut out for it and party members are keenly watching. Some are suggesting that the committee should be expanded to include at least one party executive either at zonal or national level ‘’to further help the committee navigate some thorny issues’’, as one put it because ‘’such an important committee should have a representative of the party as a member’’. Governor Eno is aware of the enormity of the tasks ahead. He stressed on peace, unity and rancor-free politics in his speeches at the stakeholders’ meeting on Friday and church service on Sunday. Senator Akpabio spoke along the same theme, advising members to mobilize others to register at INEC and obtain voters’ card. ‘’Second-term elections in Akwa Ibom State are typically very competitive and we should not underrate the opposition even though we are the biggest party in the state. On average, total governorship votes in the state is between 600,000 and 700,000; but for 2027, we should aim to return

the governor and the President with 1.2 million votes’’, he said. The room erupted in a sustained applause. But the opposition parties are not sleeping. Sources say the PDP is planning to field Hon. Onofiok Luke, former Speaker of the House of Assembly and former member of House of Representatives, as its governorship candidate. Akpabio made a passing reference to this at the stakeholders’ meeting when he asked APC members to ‘’work hard to reinforce the party’s position as a formidable platform because some young people are also planning to throw their hats into the ring’’. Luke, 47, was Akpabio’s personal assistant when he was governor, but is now practicing law in Abuja. Last night, I asked him if he would challenge the governor in 2027. He paused for a moment and picked his words carefully: ‘’my plans are in God’s hands; that’s all I will say’’. I had asked him a similar question in August, but he brushed it aside with ‘’my brother, I respect you a lot; it is too early to talk about it now’’. If Luke throws his hat into the ring, it would not surprise many. He was one of the five aspirants that contested for the PDP nomination in 2022. After the emergence of Eno as the party’s candidate, Luke made initial attempts to defect to Labour Party to pick its ticket, but quickly abandoned the plan and backed Eno who went on to win the election. I asked him then why he jettisoned the idea of running on LP. He talked of high costs of prosecuting a governorship election and the odds against an opposition candidate. He will take these into considerations as he ponders his options this time around. Both Luke and Eno are from the same LGA. In ADC, the options seem fairly straightforward. Dr. Ukana Bassey, a US-based medical doctor from Nsit Ibom has commenced exploratory discussions with associates on the possibility of entering the race. But Senator John James Akpanudoedehe, a veteran politician, will easily pick the ticket if he chooses to run. The former FCT Minister (State) under President Umaru Musa Yar ’Adua has run for governor four times. In 2011, he contested under ACN and was on the way to winning when the election was abruptly cancelled. In 2015, he lost in the APC primary to Obong Umana Umana who had joined the party from PDP a few weeks earlier. In 2019, Udoedehe lost to Obong Nsima Ekere in the APC primary and in 2023, he defected from APC to ANPP and picked its governorship ticket. He polled 21, 329 votes in the election, against Umo Eno’s 354, 348 votes and Bassey Albert’s (YPP) 136, 262 votes. Although INEC had determined that APC had no candidate in the election due to protracted litigations and internal crisis, the party polled 129, 602 votes. Senator Albert has since joined APC from YPP and has announced his support for Eno. The state of play clearly suggests that Eno will easily win his re-election, with over 70% of the votes, according to several informed analysts I have spoken to. But experienced politicians advise against undue presumptions. Says Hon. Kufre Etuk who was a member of the House of Assembly when Luke was Speaker, ‘’although APC is clearly the leading party in the state, PDP still has some support. We can’t afford to be lax’’.

Kunle Somorin writes about the 2026 annual thanksgiving service held in ilaro for the chairman of the senate committee on appropriations, senator olamilekan adeola, ahead of the 2027 gubernatorial poll in the Gateway state.

he first Saturday of 2026 found the Cathedral Church of Christ in Ilaro awash in a sapphire sky that soon yielded a cleansing rain. Stained-glass windows threw a kaleidoscope of colour across the pews, where Ogun’s political and cultural aristocracy sat shoulder-to-shoulder with ordinary parishioners. The heavy perfume of incense rose in tandem with a chorus of hymns, while the steady thrum of drums set a heartbeat for the gathering. The congregation swayed between reverence and celebration, aware that this was no ordinary thanksgiving. It was the 22nd annual thanksgiving of Senator Olamilekan Adeola - a ritual he has turned into a political runway since his deliberate entry into public service. Yet this year the liturgy bore the weight of prophecy. Diocesan Bishop, Rt. Revd, Michael Oluwarounbi, robed in white and gold, delivered a homily that turned Scripture into a manifesto for the present. “Solomon was a king who built a temple and ruled with wisdom,” he intoned, “and today we see in our own Solomon, Senator Adeola, a man called to build, to empower, and to lead. This thanksgiving is not merely gratitude - it is a signpost of destiny.” The words rippled through the nave, casting Adeola’s career in a holy light that no campaign billboard could muster. It was a divine endorsement - an imprimatur that politics alone cannot manufacture. The nave was a who’s-who of Nigerian power. Senator Saliu Mustapha of Kwara Central; Deputy Majority Whip of the House of Representatives, Hon. Isiaka Ibrahim; Minister of State for Health, Dr Isiaq Salako; Senator Tokunbo Afikuyomi, the Olu of Ilaro and Paramount ruler of Yewaland, Oba Kehinde Olugbenle; former Deputy Governor, Segun Adesegun; ex-Speaker, Kunle Oluomo; together with commissioners, lawmakers and community leaders, filled the rows. Their presence was more than attendance; it was tacit approval. As one guest whispered from the courtyard, “This is more than a thanksgiving; it is Ogun’s politics rehearsed in liturgy.” Outside, the solemnity of the service spilled onto the streets of Ilaro and later at Asade Agunloye Pavillion, formely called Empire Parade Ground. Drummers beat vibrant rhythms, dancers swirled in colourful attire, mostly the state colours of yellow and white, children laughed in the courtyard, and an abundance of food flowed among the guests. The thanksgiving became a carnival, a reminder that Nigerian politics is as much about visibility and presence as it is about power. When Senator Adeola rose to speak, his words blended heartfelt thanks with a forward-looking manifesto. He began with concrete promises, praising both President Bola Tinubu and Governor Dapo Abiodun who, he said, facilitated his seamless return to home, to Ilaro to continue his public service from his erstwhile base in Lagos: “Along the Sokoto-Badagry Expressway, 66 dams will rise. When that road is completed, President Tinubu will have forged a new Nigeria and a new economy. I am a living testimony to the President’s work.” He then recalled the president’s removal of fuel subsidies, a policy he claimed saved the nation over N10 trillion a year: “In two years the subsidy was scrapped, cutting a leech that drained our economy. As Chairman of Finance I saw the borrowed funds redirected to roads, dams, and futures.” The applause that followed was spontaneous; for many in the congregation the senator ’s figures were not abstract statistics

but tangible relief. The speech also carried the language of the supposed Thanksgiving brochure, where, on page 13, he outlined “My Vision for Ogun State.” On a whole page, he declared, “We see with clarity the vision and foresight of where Ogun State should be in the near future. Every step we take will shape a greater tomorrow, where our people enjoy shared prosperity, sustainable growth, and opportunities that match their aspirations. Our State will become the model of progress we have envisioned, and together, we will build a greater future for the Gateway State.” By echoing those words on the altar, Adeola stitched his political agenda to a sermon of destiny. Throughout the service he displayed an accountability profile not only aimed at the people of Ogun West Senatorial District, but in foreshadowing things to come State-wide, if elected governor next year. In a slide-show of over 200 photographs he narrated, “We have taken steps to deliver tangible dividends of democracy across Ogun West, guided by our shared commitment to inclusive development, effective representation, and the welfare of the people… As we look ahead, I pray that the new year brings peace, good health, renewed hope, and greater opportunities to every home across Ogun West. Together, we will continue to build a future we can all be proud of.” The visual record of roads, health centres, schools, scholarships and empowerment projects that he has facilitated over the past two and a half years reinforced the claim that his gratitude was grounded in deeds. Adeola’s thanksgiving was indeed anchored in visible deeds. Artisans received sewing machines and toolkits; petty traders were granted micro-loans to expand their stalls; youths benefitted from vocational-training programmes. At cultural milestones such as Isaga Day and the Iganmode Festival, he reaffirmed his commitment to tourism and heritage, positioning Yewa’s identity as a national asset. A constituent summed the sentiment succinctly: “Yayi has given our children hope, our traders strength, our artisans dignity.” Perhaps the most enduring legacy is the Yayi Scholarship Programme, which has financed hundreds of indigent students across universities, polytechnics and nursing colleges. One beneficiary, a medical student from Ilaro, testified, “Without Senator Adeola’s scholarship I would have dropped out. Today I’m in my final year, and I owe it all to him.” These scholarships sow loyalty, nurture talent, and embed Adeola’s name in the aspirations of a generation. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY • FRIday JaNUaRy 16, 2026

ProPerty & environment

Umahi: FG to Install CCTV on Bridges, Commissions Third Mainland Bridge’s Facility

Bennett Oghifo The federal government has concluded plans to deploy closed-circuit television (CCTV) surveillance systems on all bridges on federal roads across the country, as part of a broader strategy to enhance road safety, security and infrastructure management. Minister of Works, Senator David Umahi, disclosed this at the commissioning of a state-

of-the-art CCTV monitoring station for the Third Mainland Bridge in Lagos. Umahi said the project was in line with the directive of President Bola Ahmed Tinubu to comprehensively rehabilitate critical road and bridge infrastructure nationwide, stressing that the Third Mainland Bridge intervention was conceived not just as a Lagos project but as a model for the entire country. According to him, when

the present administration assumed office in 2023, the condition of the Third Mainland Bridge was alarming, with defects on the pavement surface, the superstructure above water and the substructure beneath. “The President directed that bridges and roads must be totally re-evaluated and rehabilitated because once a bridge is cut into two, movement is completely disrupted,” he said.

The minister explained that beyond structural rehabilitation, the CCTV system was designed to address speeding, frequent vehicle fires, suicide attempts and general security challenges on the bridge. He said security agencies, led by the police, would enforce speed limits and operational rules, supported by real-time surveillance and rapid response facilities, including patrol vehicles and boats.

He noted that the monitoring station was strategically located on designated lay-bys to prevent obstruction of traffic, with personnel equipped with communication gadgets to ensure swift intervention. “We see everything going on on this bridge. This engagement is a testament to what Mr. President wants over all our federal roads, and we are starting with this as an example,” Umahi said.

The minister also used the occasion to issue a series of policy and operational directives aimed at improving the quality and durability of road construction nationwide. He announced that stone base laying would henceforth require the use of paper and cement mixture to improve longevity, while all road shoulders would be constructed with concrete rather than asphalt.

Firm Gets ISO Certification, Seek Infrastructure Boost Fadekemi Ajakaiye Anglia International Services Ltd., a non-oil pre-shipment inspection company, has called for improved rail infrastructure to enable faster and cheaper movement of agricultural produce. Executive Director of the firm, Mr Stephen Dawodu, made the call on Monday during a virtual interview with newsmen in Lagos, while

discussing the company’s ISO 9001:2015 Quality Management System certification. Dawodu said that this would help in sustaining and expanding the non-oil export growth. He said that efficient rail connectivity would significantly reduce haulage costs, ease pressure on roads and enhance the competitiveness of Nigerian exports in the global market. According to him, the com-

pany provides pre-shipment inspection and certification services that help exporters comply with international trade regulations, while also supporting government efforts to document processes and prevent revenue leakages. Dawodu said the firm’s ISO 9001:2015 certification, alongside reforms introduced by President Bola Tinubu, had contributed to improved performance in the non-oil export sector.

ISO 9001:2015 is an international standard for quality management systems, designed to help organisations consistently meet customer and regulatory requirements while improving efficiency. He commended the Federal Government for establishing export hubs across all geopolitical zones, noting that the initiative had helped boost non-oil export earnings. Dawodu cited available

records showing that the non-oil exports rose to N9.2 trillion in the first nine months of 2025, representing a 48 per cent increase compared to the same period in 2024. Despite the gains, he expressed concern over persistent infrastructure deficits, particularly poor road networks and limited rail connectivity, which continue to hinder the smooth movement of exportbound produce.

The executive director said expanded rail transport would make haulage more affordable and reduce wear and tear on roads, improving overall logistics efficiency. He also called for the construction of an additional seaport in the North-Central zone, supported by rail links and good road infrastructure, to further unlock the region’s export potential and boost national export revenue.

Nigeria’s Gas is Becoming More Investable, Says Gbite Falade Bennett Oghifo When Gbite Falade, chief executive of Aradel Holdings, addressed executives and policymakers at Pitching Nigerian Gas to Global Capital in Lagos—a conference organised by Capitas Partners and Savannah Capital under the License to Energy Series, with support from Good Governance Africa, a Johannesburg-based policy think tank—his message was measured but pointed. “Our mission is to move the needle forward—to explore how Nigeria could more efficiently produce and monetise its full potential in gas,” he said. Nigeria holds one of the world’s largest gas endowments, yet for most of its modern energy history, gas has lived in the shadow of oil—flared, underpriced and structurally neglected. What Falade and other participants argued at the conference was that this era may finally be ending—not because Nigeria has more discovered gas, but because the system governing its gas endowments is becoming investable. From CSR to Market Structure Falade’s explanation for Nigeria’s long-delayed gas moment began with history. “Our industry has historically been oil-centric,” he said. “Until the Petroleum Industry Act (PIA) came into effect about three years ago, there was no clear commercial framework for gas monetisation.” Nigeria’s petroleum architecture was built to serve crude oil production, largely for the energy security needs of foreign markets. Gas followed as a by-product—something to be managed, not developed. Where gas gathering projects existed, they were limited and often justified as social obligations rather than businesses. “Gas suppliers were paid

as little as N10 per thousand scf—far below cost recovery,” Falade said. “That was not a business. That was national sacrifice.” Some producers continued supplying gas out of national commitment, but the economics discouraged new investment. Over time, this distorted pricing culture hollowed out the sector’s ability to attract capital to develop gas. The first signs of structure emerged around 2010, when Nigeria introduced a round of gas price legislation that differentiated pricing between power and commercial users. While power tariffs remained deeply subsidised, commercial pricing began to create a foundation for bankable investments. A franchising model for last-mile gas distribution followed. Lagos was allocated to Gaslink, Aba to Shell Nigeria Gas, Ikorodu to Falcon, while Gasland served other industrial centres. These hubs catered primarily to industrial users and were priced commercially. Yet even this progress stalled. As supply reliability faltered, many industrial customers turned to captive energy solutions. A significant constraint, Falade argued, was infrastructure. Nigeria relied almost entirely on a single trunk line—the Escravos–Lagos Pipeline System—financed from the balance sheet of an NNPC subsidiary. “That balance sheet was never sufficient to support the massive infrastructure expansion needed nationwide,” he said.

underpaid. GenCos could not meet their obligations to gas producers,” Falade said. “Consequently, gas suppliers were unwilling to make new investment decisions.” This cycle—weak offtake, unpaid debts and stalled upstream investment—defined Nigeria’s gas sector for years.

The power-sector drag The gas-to-power value chain compounded these challenges. As Nigeria rolled out NIPP power plants, the system failed to evolve as an integrated commercial ecosystem. “Power was subsidised. Consumers

Investors see traction—but execution matters Investors at the conference agreed that the trajectory has improved—but cautioned that capital remains selective. Segun Olujobi of Vertex Energy said credible offtake, governance

PIA- A regulatory break with the past The Petroleum Industry Act marked a break with that past. “The PIA came as a turning point,” Falade said, introducing clearer frameworks for midstream infrastructure, pricing and regulatory oversight. It brought transparency, stability and predictability—attributes investors price more than optimism. Recent executive directives have reinforced that shift, providing clarity on dollar-denominated transactions, resource classification and fiscal terms, particularly for Production Sharing Contracts and deepwater operations. “This regulatory maturity has fostered investor confidence,” Falade said. The change is now visible in production. Aradel affiliates supply more than 70 million standard cubic feet of gas per day. ND Western delivers about 250 million scf daily to the domestic market. Renaissance Africa produces close to 2 billion scf per day, largely for LNG exports, with plans to expand domestic supply. “These numbers reflect renewed confidence in the gas business,” he said.

standards and execution discipline now determine bankability. Export markets remain the most reliable buyers, while the domestic gas market is becoming investable only gradually as pricing improves and enforcement strengthens. For smaller operators, Olujobi said partnerships, aggregation of volumes and shared infrastructure are increasingly essential. “Capital responds to comfort,” he said, pointing to repayment history, transparency and partner quality as decisive factors. For executives such as Falade and investors like Olujobi, the shift from intent to execution depends less on policy statements than on whether regulation translates into speed, clarity and predictable outcomes. Regulators geared to deliver That expectation now rests on the Nigerian Upstream Petroleum Regulatory Commission, led by Oritsemeyiwa Eyesan to further improve sector regulation and investability. Eyesan, newly appointed to lead NUPRC, has pledged to reposition the Commission as a business enabler, expand gas production and accelerate approvals under the PIA. Her tenure coincides with a new licensing round and NNPC Limited’s announced divestment programme—developments that could unlock gas-heavy assets if handled with speed and consistency. Jennis Anyanwu, Deputy Director, Gas Production and Utilisation at the Nigerian Upstream Petroleum Regulatory Commission, said at the event that Nigeria has more than 50 trillion cubic feet of gas available for monetisation, giving the country enough gas to pitch to global investors . He

Falade

also said that the regulator has issued 19 primary gas-related regulations. “Some of these regulations are designed to balance gas exports with domestic gas delivery, in line with the objective of catalysing industrialisation through gas,” he said. He added that NUPRC’s industry engagements, investment roadshows and Decade of Gas consultations helped identify regulatory, fiscal and infrastructure bottlenecks—input that shaped recent Presidential Executive Orders now credited with stimulating investment. Local capital, domestic capacity Alongside regulation, targeted financing is supporting domestic gas utilisation. The Nigerian Content Development and Monitoring Board, led by Felix Omatsola Ogbe, is backing projects through the Nigerian Content Intervention Fund. Represented by Ejiro Dortie, the Board disclosed that the

fund provides single-digit, long-tenor financing of up to $10 million per obligor via the Bank of Industry and NEXIM, supporting gas cylinders, storage and distribution infrastructure, as well as pipelines such as AKK and OB3. A narrow but real opportunity Nigeria’s gas challenge was never about geology. It was about structure, pricing and credibility. What Falade and others argued is that these elements are finally aligning. “Today, things are beginning to shift,” Falade said. “Nigeria is better positioned to transform gas from a byproduct into a central driver of industrial and economic growth.” The opportunity is real—but narrow. If licences turn into production, rules into projects and confidence into capital, Nigeria’s gas sector may finally complete the transition from sacrifice to structure—and from promise to investable reality.

T H I S D AY • FRIDAY, JANUARY 2, 2026

FACTFILE

with Lanre Alfred

…truth behind the headlines, conspiracies, cover-ups, trials and triumphs

Nigerian Billionaires Seen in a New Light I

have been watching, with a mixture of fascination and quiet amusement, a new language circulate among Nigeria’s richest citizens. It is spoken not in boardrooms or shareholder meetings but in frames, captions, curated images, and the careful choreography of public moments. It carries no scent of crude oil or cement dust, yet it travels faster than pipelines and port capsules. This language announces arrival without sirens, commands attention without decrees, and translates fortune into intimacy. For the first time in decades, our billionaires are speaking directly to us. Billionaires who once preferred the hush of guarded estates and the insulation of corporate anonymity are now stepping deliberately into the bright commons of social media, hoping—no, calculating—to acquire voice, relevance, and a new form of social capital. A consequential transformation is moving through Nigeria’s uppermost economic stratum, altering the way power announces itself, how influence circulates, and where authority locates its voice. The men who once commanded markets from behind fortified gates have now entered a new phase of self-expression, one shaped by light, immediacy, and deliberate openness. I do not think this shift is accidental. It feels studied, measured, and deeply aware of the times. Mobile phones and computer screens have become their new amphitheatre. Social media timelines now function as corridors of engagement. Carefully curated moments serve as emissaries to a public once kept at a respectful distance. The billionaire now appears not as rumour or legend but as image, presence, and personality. This shift carries none of the recklessness of exhibitionism. It arrives with patience and calculation, with a keen understanding of the modern economy’s invisible architecture—where reputation compounds faster than interest and narrative often outruns net worth. Social media presence has become an instrument of persuasion, a site where wealth acquires texture and capital gains personality. I see Nigerian billionaires learning, sometimes awkwardly, sometimes elegantly, that the power to be seen, understood, and continuously interpreted confers an authority money alone can no longer secure. For decades, Nigerian wealth drew strength from distance. Power lived in opacity, in the controlled scarcity of access, in silence thick enough to inspire awe. The billionaire was felt through institutions, not encountered through temperament. That era has thinned. Digital culture, with its insistence on proximity and perpetual engagement, has rearranged the hierarchy of influence. Wealth now performs best when it converses, reassures, and narrates itself in real time. Social media has become an amplifier of intent. It allows industrial ambition to appear human, corporate discipline to feel personal, and success to register as both earned and stewarded. I have noticed that billionaires who once trusted only spokespeople and press releases are discovering the potency of direct address, where tone, timing, and visual grammar convey meaning beyond language. Today’s audience rewards coherence, continuity, and candour. Nigeria’s wealthiest figures are learning to meet that expectation without surrendering dignity. Nowhere is this clearer to me than in Abdulsamad Rabiu’s recent evolution. For years, Rabiu embodied restraint—defined more by enterprise than exposure. Yet gradually, almost cautiously, he has allowed the public to witness fragments of a life previously guarded with near-clinical discretion. A speedboat gliding across Lagos waters. A relaxed caption hinting at leisure. Images from strategic meetings across global capitals. Quiet moments inside an office environment. None of it feels indulgent. All of it feels intentional. What strikes me most about Rabiu’s growing comfort with social media is the precision of his timing. Just days after BUA Group distributed an extraordinary N30 billion in cash incentives to long-serving staff, Rabiu surfaced online not with celebration or self-congratulation, but with leisure. In a short Instagram video, he appeared on a boat cruise and beach rides, far removed from boardrooms and factory floors, captioning it simply: “Catch me

if you can… from Lagos waves to beach rides.” I am equally drawn to how Rabiu uses ordinary language to frame moments of intimacy. In one post, he shares a meal with friends and writes: “Grateful for friends. Moments like these are what friendship is about.” In another, he walks alone through the vast, tastefully furnished expanse of his office, taking a phone call as he moves, and captions the clip: “TGIF. Have a great weekend ahead.” The words are almost throwaway, but the imagery communicates the quiet rhythms of leadership that persist even as the week winds down. Perhaps the clearest signal of how Rabiu is calibrating visibility comes in a photograph with global power quietly acknowledged rather than loudly announced. Standing with the Prime Minister of the United Arab Emirates, he writes: “A moment of grace and honour with His Highness, Sheikh Mohammed bin Rashid Al Maktoum, PM of UAE and Ruler of Dubai.” It is reverent, measured, and diplomatically precise. Taken together, these posts reveal a billionaire learning to be seen without over-explaining himself—allowing carefully chosen moments to translate authority, access and stewardship into a language today’s public understands. These moments unfold alongside a year of undeniable corporate momentum. BUA Group’s expansion across cement, food processing, infrastructure, and energy provides the economic architecture beneath this visibility. The acquisition of a Bombardier Global 8000 jet signals operational scale and continental reach. Partnerships with international engineering firms speak to precision and ambition. Employee reward schemes distributing billions of naira to long-serving staff add moral ballast, reframing wealth as shared destiny rather than solitary triumph. What Rabiu communicates online is not excess. It is confidence shaped by stewardship, ambition tempered by loyalty, and leadership conscious of its audience. His images do not beg for admiration. They invite understanding. And in that invitation lies real power. I also find it instructive to consider Mike Adenuga’s enduring silence. The Globacom chairman remains the emblem of near-total privacy, a philosophy

where influence flows through corporations and philanthropy rather than personal exposure. His mystique was cultivated deliberately. Silence itself became authority; rare appearances became events. Yet even this model now negotiates an age intolerant of absence. Corporate platforms now speak steadily in his stead, countering impersonation and misinformation while maintaining institutional presence. The lesson here is not corrective but evolutionary. Influence can still thrive without personal broadcasting, but signals, explanations, and reassurance are now unavoidable currencies. Across Nigeria’s billionaire class, different expressions of this new visibility reveal a shared understanding, filtered through temperament. Aliko Dangote, for instance, treats social media as an extension of corporate power. Through the Dangote Group’s platforms, scale and ambition are projected with disciplined consistency. Updates foreground industrial progress, investment milestones, and development initiatives across Africa. The Dangote Refinery appears repeatedly, not as a boast but as a symbol of industrial capacity and continental self-reliance. The editorial direction is unmistakable. Manufacturing excellence. Expansion into critical sectors. The human impact of large projects. Images from project sites paired with explanatory captions open windows into operations that would otherwise feel remote. The message is clear: this is a business rooted in production, not speculation. Engagement levels suggest that this strategy works. Social media becomes not just broadcast but feedback loop, allowing the group to sense public sentiment in real time. Over time, this visibility has shaped perception. Online, the Dangote brand reads as synonymous with African industrialisation, its credibility reinforced by consistency and scale. It has quietly set a standard many others now feel compelled to follow. Tony Elumelu, however, offers a different template—one that blends enterprise, philosophy, family, and continental aspiration into a single worldview. His pages read like journals of intention. Discipline sits beside domestic warmth. Boardroom images coexist with reflections on resilience. The message never wavers: African entrepreneurship

is not theory; it is lived practice. His interventions are often sharp, sometimes provocative. Endorsements spark debate. Opinions travel quickly. Engagement follows almost automatically. Relevance renews itself through audacity, and Elumelu understands this terrain better than most. Then there are figures like Terry Waya, who treats leisure itself as cultural capital. Travel, fashion, and elite sociality construct an identity where success is expressed as experience, not accumulation. Different philosophies, same conclusion: presence sustains influence. In this era, attention has become an economic force. Social media converts it into value with brutal efficiency. Followers become allies. Engagement signals trust. Virality bypasses traditional gatekeepers. For billionaires, this economy complements financial capital, enhancing brand elasticity, strengthening loyalty, and softening reputational risk. But conversion demands discipline. Visibility invites scrutiny. Consistency becomes currency. Misalignment erodes trust faster than silence ever did. The most persuasive presences balance openness with restraint, spontaneity with structure, humanity with purpose. Digital intimacy collapses distance. Family photographs invite affection and commentary. Leisure signals balance and provokes comparison. I see these men learning to curate without appearing contrived, to share without surrendering control. This labour is psychological. Presence demands vigilance. Authenticity requires oversight. The feed becomes a managed space, reflecting values rather than impulses. Reputation now builds incrementally, post by post. Philanthropy gains durability through documentation. Employee welfare acquires symbolic power when shared. Partnerships signal seriousness when announced deliberately. The archive remains visible, resistant to erasure. Errors travel fast. Corrections demand humility. The billionaire becomes custodian of a living record. There is no denying the moral and commercial yield of this visibility. Consumers gravitate toward brands with faces. Employees rally behind leaders they recognise. Investors value clarity. Communities respond to acknowledgement. Rabiu’s employee reward initiative illustrates this perfectly. The act affirms loyalty. The sharing amplifies its resonance. The narrative reframes wealth as custodianship, not conquest. Leadership, here, feels continuous and considered. The intersection of visibility and politics, however, requires caution. Endorsements energise supporters and provoke critics. Neutrality risks aloofness; alignment invites consequence. Platforms magnify impact, and posts endure. Billionaires know this, and they tread carefully. Visuals have become vehicles of intent. Boats, jets, boardrooms, and fitness routines; none is accidental. They communicate scale, discipline, access, and ease. What separates persuasion from excess is restraint. The strongest images project assurance, not insistence. Social media has also altered how legacy forms. Reputations once shaped slowly now evolve in real time. Billionaires document journeys as they unfold, clarifying decisions, highlighting milestones, and responding to events. Memory becomes collective, shaped by audience reception as much as by intent. This immediacy invites admiration and criticism alike. Values are tested under constant observation. Consistency, transparency, and restraint matter more than ever. Even now, discretion retains value. Together, these shifts are shaping a distinctly Nigerian expression of modern wealth—one that blends enterprise with accessibility, ambition with cultural awareness. Our billionaires now speak to a younger, digitally fluent public that values narrative as much as success. Across screens and timelines, Nigeria’s most powerful business figures are redefining influence. Wealth no longer relies solely on distance to command respect. It now engages, explains, and occasionally reassures. In this new economy of attention, credibility and trust sit beside capital as measures of value. Reputation, like wealth, must now be managed patiently, deliberately, and in public.

T H I S D AY FRIDAY JANUARY 16, 2026 20 TR

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Friday January 16, 2026 Vol 27. No 11239

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FRIENDS OF HADIZA BALA USMAN …

JOSHUA J. OMOJUWA celebrates Bala Usman and friends

See page 21

CARDINALSTONE’S ₦2TRN TRANSACTIONS

The performance is an increasing proof that Nigerian financial institutions can operate with professionalism and credibility, contends SOLA ONI

See page 21

EDITORIAL

AVERTING RECURRING FIRE DISASTERS

See page 22

UCHENNA NWANKWO argues the need to revamp the United Nations and give it teeth to douse tensions

IS THIRD WORLD WAR INEVITABLE AND IMMINENT?

The cracks in the League of Nations, which was established in 1919 for the promotion of international co-operation, peace and security came rather too early. The break-up of the League resulted from her inability to settle major disputes that were addressed to her. Hence, as these disputes escalated, the very foundation of the League which was the willingness or agreement of the big powers to act together was eroded to a point where the League became only a paper-tiger. This deteriorating trend that culminated in the Second World War and the subsequent cessation of the League's existence started with the Sino-Japanese dispute. After the Japanese invasion of Manchuria in 1931, the League made frantic efforts to stop the war. She set up a Commission of Inquiry which came up with recommendations for normalization of relations between the two powers. Unfortunately, as history books tell us, the Japanese Government turned down the proposal and withdrew from the League. The war raged on with the world watching helplessly. Soon after, the Italians invaded Abyssinia in total defiance of the League's pleas, recommendations and injunctions. Even the application of the League's laid down sanction of ostracism against such erring states, and to which about 50 memberstates ratified, failed to deter Italy's aggression against Abyssinia. Eventually, Italy over-ran Abyssinia and like the Japanese, withdrew her membership of the League. The final blow that was to signal the total collapse of the League did not take long in coming. When it did come; the Second World War not only marked the demise of the League but also exposed the inherent structural weakness of the organisation. We are at it again! Even the United Nations Organisation, which replaced the League of Nations is more or less a carbon copy of the defunct League of Nations notwithstanding the observed shortcomings of the latter. The rising global tensions in the world today has just led Russia, China and Iran to sign a pact for unified response to fight the US if it attacks any of them. Given the rising disputes, tensions and unwarranted aggression around the world today, and the looming World War they portend, we need to revamp the United Nations (UN) and give it the sure-footing to douse such escalations, if we genuinely wish to avoid a third World War. Presently, the UN lacks the capacity to stem the tide in these two critical and pivotal theatres – the Russo-Ukraine war and the Israeli-Palestinian/Iranian conflicts

– while the simmering China-Taiwan imbroglio appears completely beyond UN intervention or management! Discussions of the above conflicts within the United Nations Security Council (UNSC) often end up in stalemates due mainly to the perpetual disagreement and squabbles amongst its permanent members or the big-five, who readily flash their respective veto-cards to annul virtual decisions of the council from time to time. The result is that the UNSC is increasingly becoming ineffective, irrelevant and, I dare say, an obstacle to progress. The structure of the UN and the use of veto-power are the main reasons why the UN is under-performing! Increasing the number of permanent members of the UNSC, as is being suggested in some quarters, will worsen matters by increasing the chances of effective annulment of every decision in the council. Meanwhile, the emergent US-Venezuela faceoff and surprising US overtures to acquire or annex Greenland are widening in scope. The way things are going, it may not take long to see Russia and USA withdraw their respective memberships of the United Nations in much the same way Japan and Italy dropped their respective memberships of the League of Nations. Of course, the US is already half way there, given its announced withdrawal from 31 UN agencies recently! Indeed, if I may ask: has the United Nations not become a paper-tiger like the League of Nations just before its eventual collapse? The problem is that the subsisting arrangement denies the UN the democratic pull and appeal that should have conferred the requisite leverage or de facto leadership on her. Rather, the arrangement promotes autocracy and quasi-colonisation of the rest of the world by the big-five. This is detrimental to progress, because the environment is poisoned by large scale political exclusion.

Therefore, for the UN to thrive, it must be democratised, with full legislative powers and function residing with a new UN Assembly or World Assembly, which would displace both the UN General Assembly (UNGA) and the UNSC, and such that every member-nation can partake in the law-making/decisiontaking processes of the UN. No vetopower! This will underscore the march of democracy, which would empower the UN to hold every-nation in check. Indeed, a restructured UNSC should become the in-house committee on security for a new UN or World Assembly. Membership of the committee should consist of the first ten most powerful member-nations, with another ten elected members. Secondly, power-sharing amongst UN member-nations should be predicated on the national power of each nation, which is a three-dimensional concept resting on the following three axions: (1) population; (2) equality of states principle (that derives from national character); and (3) economic power (reckoned from their respective GDPs). Call it ‘the democracy of the third degree’, if you like! The three factors are to be used in determining the respective voting power or number of parliamentary seats assignable to each member-nation, as detailed in my new book, Towards Effective World Security. Decisions in the new Assembly are to be made on democratic principles and as reflected by votes obtained on the floor of the Assembly. It is possible that decisions on procedural matters will be based on the simple majority rule while the more difficult matters like compelling a nation on any issue – e.g., to back-down in a quarrel with another nation, ostracism, etc. – may require the securing of absolute majority of votes on the floor of the UN or World Assembly. The UN was established shortly after the Second World War in 1945 by the major victorious powers in that war, namely: USA, USSR (now Russia), UK, France and China. They imbued the UNSC with certain powers and roles that ought to belong to the legislative arm of the UN, the so-called General Assembly, thereby making it an inferior legislature of the colonial type. The big-five became the only permanent members of the Council, with domineering powers and colonising influences in world affairs! The UNSC became the podium from which the big-five hoped to continually survey the world scene and deal with any recalcitrant nations, to keep the world peaceful. uchennwankwo@gmail.com

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FRIDAY JANUARY 16, 2026

JOSHUA J. OMOJUWA celebrates Bala Usman and friends

FRIENDS OF HADIZA BALA USMAN …

44 BC was a consequential year. A year in Nigeria’s short history that mirror’s Rome’s 44 BC would be 1966. A group of Roman Senators, the Liberators, had succeeded in assassinating Julius Caesar. They saw the prospects of a future King Julius Caesar being a threat to Rome as a Republic. The killing of Julius created a cascade of events that went on to shape what became the Roman Empire. You could plot a thread of effects from that day to this in global history. However, my interest here is what happened just after Caesar had been killed. Records are sketchy, so William Shakespeare’s rendition of Mark Antony’s funeral oration, Friends, Romans, countrymen, lend me your ears will offer guidance. Before the speech, Romans were on the side of the assassins. It was not the right time to identify as a friend or ally of the slain Caesar. Antony knew not to draw the ire of the Roman people. If he was going to get justice for Caesar, he needed to turn the people against the assassins and that had to be done quickly, for the sake of the Republic. In his speech, he deployed emotional manipulation, facts—a direct reference to Caesar’s will, rhetorical questions, irony, repetition, metaphor, et al. He used every tool in his arsenal except be direct in his speech. Mark Antony could not afford to be literal. He would have risked being lynched by the people if he had chosen that path. He had to sway the people to his side before achieving his intention of making them see the assassins for who they are. So, when Taiwo Oyedele, the man who has been as certain in the news as taxes, said at the Hadiza Bala Usman’s 50th Birthday Colloquium, “it is easier to speak truth to power than it is to speak truth to the masses”, I intuitively understood him. I play at both ends; saying what needs to be said to power and saying a of things that earn me the flak and ire of social media users. It is assumed that speaking truth to power is harder, but it is not. It is better to draw the ire of a government than to be at the wrong end of the people’s anger. This is why certain politicians irritate me. They are aware that what they are promising is impractical. They know what is right and what is best for the people, at least they do most times. However, their engagement with the public is never from the point of what is true or beneficial to the people, but what will make them popular before the people. If you do not appreciate friends who only tell you what you want to hear, so that they can stay in your good books, then you certainly must understand the risk these populists pose to society. They undermine development. And it is easier to be a populist than to be a reformer. A reformer pursues what needs to be done, at the risk of losing popularity, to advance society while a populist only chooses to play to the gallery. I saw one of my beliefs about power validated at the Hadiza Bala Usman colloquium. I have heard people say politics and power change people. I differ. People are always who they are, power enables

the individual a more rounded expression of themselves. A good person is one, in or out of power. The DG of NEMA, Zubaida Umar and the former ES of NEITI, Waziri Adio exemplify this position for me. In the thirteen years I have known Mr Adio, before, through and after his tenure at NEITI, the man is the same ol’ gee. If I had the means and the power, I’d make his book, The Arc of the Possible, an essential read for all public servants in Nigeria. To read and apply Adio’s template from that book in public service is to deliver public service as it is intended. Zubaida Umar’s was more to a specific experience on the day. She had delivered a sweet and sharp keynote. I liked it for being personal and sincere, taking the story as far back as when she and Hadiza were only girls with dreams. I had met Mr Manzo Ezekiel, the DG’s aide earlier. But I made no mention of knowing her personally. Because of my experience with many public servants, as far as I was concerned, I used to know Zubaida Umar. Because I just did not expect her to remember me. Here, there are three kinds of people; those who genuinely do not remember you, those who do but would rather not be bothered. The third kind is a special breed, they remember you and not only will they let you know that, but they’d also do so without any iota of consciousness of their place or office. They remember you as a human that they are and that you are. Their allegiance is a celebration of the shared history and humanity. When she picked me out of the crowd, I was taken by her humanity. I saw a genuine person and then immediately reminded myself that this was against the norm. People like Zubaida Umar are rare. This was a day for friends; including Bashir Dabo, the Maga Isan Zazzau being the leader of the orchestra that put the colloquium together, amidst protest from Hadiza Bala Usman who takes hiding in plain sight to new heights. Then there was Rinsola Abiola, the DG Citizenship and Leadership Trainining Centre, erudite and clear minded as ever and the DG of the Central Bank, newly minted Dr. Muhammad Sani Abdullahi (Dattijo) and Dr Habiba Lawal. Seun Okinbaloye marshalled a panel conversation that ought to be seen by everyone whilst Dr Joe Abah defied time to deliver a keynote for the ages. The celebration of Hadiza Bala Usman and the people who made the day a historic one is one more pointer to this truth; people over politics, always. Omojuwa is chief strategist/ Aipha Reach/ BGX Publishing

The performance is an increasing proof that Nigerian financial institutions can operate with professionalism and credibility, contends SOLA ONI

CARDINALSTONE’S ₦2TRN TRANSACTIONS

CardinalStone’s record-breaking ₦2 trillion in transaction value on the Nigerian Exchange (NGX) in 2025 isn’t just a headline, it’s a statement. Beyond the staggering numbers, this milestone reflects deeper shifts in Nigeria’s capital markets: growing liquidity, increasing institutional participation, and the rise of intermediaries capable of operating at global standards. In a market often defined by potential rather than scale, CardinalStone’s performance stands out. Crossing ₦2 trillion in transaction value within a single year wasn’t just a record; it was unprecedented. No Nigerian broker had ever hit this mark before, and CardinalStone did it decisively, having already crossed ₦1 trillion earlier in the same year. Achieving both milestones in a single trading period cemented its position as the NGX’s largest broker by transaction value, a clear signal of market leadership and momentum. The numbers tell the story. CardinalStone accounted for 18.3% of total market value traded, ranking ahead of other peers such as Chapel Hill Denham Securities, Stanbic IBTC Stockbrokers, Cordros Securities, Meristem, and EFG Hermes Nigeria. The top ten brokers collectively executed ₦7.3 trillion, roughly 62% of market activity. CardinalStone alone drove nearly a fifth of the entire market’s traded value. This is a reflection of its execution scale and client trust. This scale is particularly significant against the backdrop of Nigeria’s macroeconomic challenges, including currency adjustments, inflationary pressures, and global risk repricing. The firm’s performance signals that domestic capital is active, institutional participation is deepening, and the equities market is far more liquid than many external narratives suggest. CardinalStone’s achievement is the result of years of methodical growth. The firm has steadily expanded its footprint among domestic institutional investors and high-value clients while maintaining strong relationships with international counterparties in South Africa, North America, the United Kingdom, and Europe. Its client base includes some of the most sophisticated fund managers operating in and outside Africa. These participants demand not just access, but reliability, research depth, and world-class execution. In frontier and emerging markets, liquidity can be fragile, and execution

risk is high. CardinalStone’s proven ability to consistently manage complex transactions sends a powerful signal that Nigeria’s trading infrastructure can meet international standards. The implications of the N2 Trillion milestone go beyond the firm. Market leadership of this magnitude drives liquidity aggregation, price discovery, and overall efficiency. By deepening liquidity and supporting institutional participation, CardinalStone is helping create a more investable market, one capable of withstanding volatility and attracting longterm capital rather than speculative flows. International recognition reinforces this narrative. CardinalStone’s accolades, including Euromoney’s Africa’s Best Broker and Best Equities House, Nigeria, are endorsements from global market observers who benchmark firms against international peers. Such recognition elevates both the firm and Nigeria’s financial ecosystem, positioning the country alongside more established African capital hubs. Crucially, CardinalStone’s 2025 performance reframes global perceptions of Nigeria. Too often, discussions about the market focus on macro risks while underplaying institutional progress. A broker executing over ₦2 trillion in a single year affirms narratives that dealing member firms in Nigeria are capable of bridging local opportunity with global capital. In this sense, the milestone is both symbolic and practical. Symbolic because it marks how far Nigeria’s capital markets have matured; practical because it strengthens the infrastructure through which future growth is sustainable. Ultimately, the story of CardinalStone in 2025 is not just about being number one on the NGX. It is about proving that Nigerian financial institutions can operate with professionalism, credibility, and global relevance. For investors watching from outside the country, that may be the most important signal of all. It is a clear message that Nigeria is no longer just a market of potential, but a market of scale and substance. Oni, an Integrated Communications Strategist, Chartered Stockbroker, Commodities Broker and Capital Market Registrar, is the Chief Executive Officer, Sofunix Investment and Communications

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T H I S D AY

EDITORIAL

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

FRIDAY JANUARY 16, 2026

AVERTING RECURRING FIRE DISASTERS Regulatory authorities should enforce the law

o fewer than 133 lives and N19.72 billion worth of property were lost to fire incidents in Lagos State in 2025, according to statistics from the Lagos State Fire and Rescue Service (LSFRS). This paints a dreary picture of avoidable disasters. According to the LSFRS Controller General, Margaret Adeseye, there were 1,685 fire incidents with 473 victims rescued alive. These are in spite of operational challenges like inadequate water supply during emergency response. While disclosing that carelessness and negligence were the major causes of fire disasters, Adeseye advised Lagosians to be safety conscious. It is a counsel we recommend for all Nigerians. We urge authorities at all levels to be concerned about the growing numbers of preventable disasters across the country. But we must commend the Lagos State government for keeping records of these incidents, and it is worthy of emulation by other states. They must establish critical institutions that not only deal with these challenges but also keep tabs of them. That is the only way preventable measures can be put in place to avert future occurrences. That fire is becoming all too frequent should concern all critical stakeholders in the country. Several reports have shown that these disasters occur largely due to human errors, most of them arising from the failure of citizens to abide by basic rules and regulations established by extant town planning and physical development laws. Few buildings, for instance, have water sprinklers or fire extinguishers at strategic and accessible points for use in case of fire outbreak. Besides, many building entrances are not wide enough for fire engines to access in the event of fire incidence. While non-compliance with safety regulations might have been largely due to ignorance as many citizens do not engage the services of qualified professionals to handle the construction of their property,

there is also considerable evidence of lack of diligence by property developers who compromise standards in a despicable effort to cut corners to reduce costs. Whatever the situation may be, it is the failure of enforcement of regulations that has led to most disasters. For instance, town planning officials are required by law to monitor physical development and ensure that building codes and safety standards are complied with at every stage of construction. In the same way, road traffic regulators, including the police and the road safety corps, are mandated to ensure compliance with traffic regulations not just on speed limits but also on axial load, particularly of articulated vehicles. What is found generally is that regulatory authorities in Nigeria are more reactive than proactive. Meanwhile, even their reactive approach to enforcement is fraught with unbearable inefficiency given response time to distress calls. The result is that lives and properties are usually lost before the intervention of the management agencies. That is unacceptable in any serious society. Going forward, we recommend that the reactive approach to enforcement of regulation must change if the nation is to fundamentally check the spate of disasters enveloping it. Regulatory agencies need to apply the rules in accordance with extant laws that require them to provide effective supervision of physical development at every stage of construction. We also consider it necessary for the various regulatory agencies and disaster management bodies to collaborate and embark on a massive public enlightenment on safety regulations, dangers of non-compliance and basic steps to take in the event of any untoward occurrence. Overall, we must institute a culture of voluntary compliance, which will lessen the task of the regulatory bodies and draw the curtain on the increasing spate of disasters plaguing the country. And there must be a conscious effort by the people to take the issue of safety much more seriously.

These disasters occur largely due to human errors, most of them arising from the failure of citizens to abide by basic rules and regulations T H I S D AY

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LETTERS ILLICIT DRUGS AND THE CHALLENGE OF ADDICTION

N ‎ igeria’s fight against illicit drugs has intensified in ways that are impossible to ignore. Across the country, seizures have increased, trafficking routes have been disrupted, and criminal networks have come under sustained pressure. The National Drug Law Enforcement Agency has been at the centre of this effort, expanding its operational reach and reinforcing the message that drug trafficking carries real consequences. These actions have improved security, reduced the brazenness of drug markets, and reassured many communities that the state is present and alert. Yet for all this progress, many Nigerians still encounter drugs in their everyday environments. Familiar faces linger in the same spots, open drug scenes re-emerge, and drug-related petty crime continues to unsettle neighbourhoods. This reality is often misinterpreted as enforcement weakness, but a closer look reveals a different truth. The persistence of drugs on the streets is driven less by the failure to stop supply and more by the continued presence of people who are already dependent on drugs and have nowhere else to go.

Decades of research in criminology and public health show that once dependence takes hold, demand becomes stubbornly resistant to pressure. Prices can rise, dealers can be arrested, and routes can shift, but the dependent user keeps searching. This is why many low-level drug offenders appear repeatedly in arrest records. They are not hardened criminals adapting to enforcement; they are individuals trapped in a cycle of addiction, relapse, and survival. Without treatment, enforcement clears the street temporarily, only for demand to recreate the market. Modern drug policy increasingly recognizes drug dependence as a chronic health condition influenced by social and economic realities. Unemployment, trauma, displacement, untreated mental health conditions, and social exclusion all raise the risk of problematic drug use. Punishment alone does little to address these drivers. Evidence from multiple countries shows that while enforcement is necessary to maintain order, long-term reductions in drug use and drug-related crime depend heavily on accessible treatment and rehabilitation services.

This is why rehabilitation is not a soft option or a diversion from security priorities; it is a core security tool. Every dependent person who receives effective treatment represents one less steady customer for street dealers, one less repeat arrest for law enforcement, and one less vulnerable individual feeding the illicit drug economy. Studies consistently show that treatment and rehabilitation reduce relapse rates, cut drug-related offences, and ease the burden on courts, prisons, and policing. In practical terms, rehabilitation locks in the gains that enforcement creates. NDLEA’s evolving approach already reflects this understanding. Beyond seizures and arrests, the agency has increasingly emphasized counseling, treatment referrals, and rehabilitation as part of its broader mandate. This integrated thinking aligns with global best practice. However, the scale of drug dependence far outstrips the current capacity of rehabilitation facilities. Christiana Daniel, Jalingo, Taraba State

T H I S D AY • FRIday, January 16, 2026

BUSINESSWORLD R A T E S

MONEY MARKET

A S

REPO

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

08056356325, 07034471123

J a n u ar y

S & P INDEX

1 5 , 2 0 2 6

S & P INDEX

EXCHANGE RATE

OPR

25.34%

CALL

23.25%

INDEX LEVEL

595.26

1/4 to daTE

0.24%

N1,460.15/ 1 US DOLLAR*

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25.18%

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-10.99%

*AS AT THUR, JAN. 15, 2026

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Despite Improved Rating with Lessors, Nigerian Airlines Still Pay Outrageous Aircraft Insurance Premium

Chinedu Eze It has emerged that despite the signing of Irrevocable De-Registration and Export Request Authorisation (IDERA) by the federal government, Nigerian airlines are forced to pay outrageous aircraft insurance premium. For instance, the aircraft insurance premium paid last year by Nigerian airlines reached over N15 billion. Last year, there was an improved rating of Nigeria

by lessors, based on enhanced compliance with Cape Town Convention, which moved from 49 per cent in 2023 to 75.5 per cent in 2024, yet Nigerian airlines paid so much for aircraft insurance premium last year. The cost of aircraft insurance paid by Nigerian airlines is comparatively very high. According to insurance underwriters who specialise in aviation insurance, Nigerian airlines pay minimum of $1 million per annum for

the insurance of a single Boeing B737-300 classic, which is far higher than $100, 000 which airlines in Europe and the United States pay for the insurance of the same aircraft type. Insurance stakeholders said the high cost stemmed from risk perception of operations in Nigeria, which they dubbed high country risk, but the federal government has made efforts to bring down the perception, which prompted Aer Cap to offer dry lease

to leading Nigerian airline, Air Peace, last year after 10 years hiatus, when lessors blacklisted domestic carriers and only offered wet lease of aircraft at exorbitant cost. Former President of Chartered Insurance Institute of Nigeria (CIIN) and the Managing Director, Alpha Choice Insurance Brokers, Sunny Adeda, said despite the signing of the agreement or deed, there was no guarantee that aviation insurance premium rate would come down this year or in the nearest future.

According to Adeda, there is no regular rate for aviation insurance, noting that the premium depends on the market risk at every point in time. “If the year experiences soft market (no accidents or catastrophe) then premium will be low but if there are accidents, terror attacks at the airport and other acts that threaten security and safety of flight operations, for example, the aircraft insurance premium will be high,” Adeda said. He, however, said premium paid on

helicopters was much higher than premium paid on fixed wing aircraft because helicopters don’t fly high and they record more accidents that fixed wing aircraft and therefore attract higher insurance premium. “Helicopter premium is high but, overall, premium is determined in foreign market and if the magnitude of losses is high then premium payable that year will be high,” Adeda noted. The story continues online on www.thisdaylive.com

Nigerian Navy, NIMASA to Deepen Partnership on Hydrography, Wreck Removal Eromosele Abiodun The Nigerian Navy has called for increased collaboration with the Nigerian Maritime Administration and Safety Agency (NIMASA) in the area of hydrography to sustain improved safety of navigation in Nigerian waters. The Flag Officer Commanding, Western Naval Command (FOCWNC), Rear Admiral Abdullahi Mustapha,

made this call during a familiarisation visit to NIMASA, where he also acknowledged the gains recorded from NIMASA’s longstanding partnership with the Nigerian Navy. Mustapha noted, “The longstanding and unwavering partnership NIMASA has maintained with the Nigerian Navy has culminated in the current tranquility being witnessed within the Nigerian maritime domain, and it is a clear

testament to the strength of this partnership.” He further stated that enhanced information sharing through the integration of NIMASA’s C4i Centre with the Navy’s Falcon Eye system would significantly improve security within the nation’s maritime domain. Speaking further, Mustapha said: “I would like to use this opportunity to commend NIMASA for providing and maintaining

platforms under the Deep Blue Project, which are operated by the Nigerian Navy. This has greatly enhanced our operations.” He added that the two newly acquired hydrographic vessels, with the capability to identify the exact location and size of wrecks, would significantly enhance NIMASA’s operations in wreck removal. According to him, “Utilising advanced vessels such as NNS Lana

and NNS Ochuzor has undoubtedly contributed to improved safety standards within the maritime sector. It is therefore important that we jointly sustain these standards through deeper collaboration with NIMASA.” In his response, the Director General/CEO NIMASA, Dr. Dayo Mobereola, described the improved security in Nigeria’s territorial waters as the backbone of President Bola Tinubu

administration’s economic diversification policy. According to him, “the maritime sector is at the forefront of President Tinubu’s Renewed Hope Agenda as well as the Federal Government’s economic diversification policy and it is our shared obligation (NIMASA and the Navy) to deliver a safe and secure maritime space for maritime activities to thrive.” The story continues online on www.thisdaylive.com

M a r k e t d ata A s at W e d n e s d ay, J a n u a r y 1 5 , 2 0 2 6 BONDS Description Price Yield Change Updated Time (%) ^16.2884 17January 99.24 16.96 0.01 15, 2026 MAR-2027 January ^19.94 20102.00 17.88 -0.01 15, 2026 MAR-2027 ^13.98 23January 94.94 16.91 0.01 FEB-2028 15, 2026 ^21.00 20January 107.42 16.74 0.00 MAR-2028 15, 2026 ^14.55 26January 104.39 17.43 -0.33 15, APR-2029 2026

BILLS Maturity NTB 5-Feb26 NTB 5-Mar26 NTB 9-Apr26 NTB 7-May26 NTB 4-Jun26

Discount Yield

CPs

Change (%) Updated Time

Maturity

15.55

15.69

January -0.01 15, 2026

15.70

16.03

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16.04

16.65

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16.60

17.49

January 0.06 15, 2026

17.59

January -0.01 15, 2026

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

16.48

Discount Yield 21.49

21.53

21.99

22.10

22.72

22.98

19.27

19.84

19.92

20.80

CLEARED NAIRA-SETTLED NDFS Change (%)

Updated Time

January -0.02 15, 2026 January -0.01 15, 2026 January -0.01 15, 2026 January 0.00 15, 2026 January 0.01 15, 2026

Contract Current Tenor Contract Rate ($/₦) (Month) NGUS JAN 13M – 27 2027 NGUS FEB 14M – 24 2027 NGUS MAR 15M – 31 2027 NGUS APR 16M – 28 2027 NGUS MAY 17M – 26 2027

Updated Time

January 15, 2026 January 15, 2026 January 15, 2026 January 15, 2026 January 15, 2026

FRIday, January 16, 2026 • T H I S D AY

BUSINESSWORLD

M M A 2 R e c o rd s S u c c e s s , Introduces Slot System for 2026

Stories by Chinedu Eze

The Murtala Muhammed Airport Terminal Two (MMA2), operated by BiCourtney Aviation Services Limited, has said it recorded a highly successful year-end operational period in 2025. It further said the development underscored the terminal’s resilience, operational flexibility and strong collaboration with airline partners, ground handling companies, and other critical service providers during the peak festive travel season. According to the company, throughout the

high-traffic end-of-year period, MMA2 worked closely with its airline partners and key service providers, including ground handling companies, to deliver seamless and efficient operations, with passenger comfort, safety, and service continuity remaining top priorities. To support uninterrupted flight operations, the terminal provided extended operational coverage, remaining open beyond its scheduled shutdown periods on several occasions to accommodate late-night and delayed flights. These extensions were

implemented alongside routine and essential daily maintenance activities, which continued without compromise to ensure the highest standards of safety, infrastructure integrity, and operational efficiency. Speaking on operational outcomes from the year-end period and improvement plans for the new year, Head of Aeronautics & Cargo Services and acting Chief Operating Officer, Remi Jibodu, stated that insights gained during the peak season would directly inform key efficiencyenhancing initiatives in 2026.

Air watch

A i r Watch Outbound Continue to Outpace Inbound Passengers Flight

S A H C O S c a l e s O p e ra t i o n s with New Equipment, Training Chinedu Eze

Skyway Aviation Handling further enhance the company’s full Company (SAHCO) has acquired new equipment, engaged in training of personnel and also strengthened airline partnerships. In a statement, Head of Corporate Communications at SAHCO, Mrs. Vanessa Uansohia, said the equipment were eco-friendly and would

capacity for efficient and effective service delivery to numerous airlines on international and domestic routes. “In line with its sustainability agenda, SAHCO has commenced the replacement of ageing equipment with eco-friendly ones and would continue while maintaining

environmental and sustainability compliance across all facilities”, the statement said. Equipment and manpower are interwoven, hence the renewal of the company’s Training School Authorization and expansion of the school offering a wide bouquet of courses in line with global best practices.

Delta Closes Strong in 2025, Forecasts Growth for 2026

Delta has reported a solid close in 2025, posting strong financial results for both the December quarter and the full year, which underscors the airline’s operational resilience and disciplined execution amid a challenging global environment. For the December quarter, Delta recorded $16.0 billion in operating revenue, delivering an operating income of $1.5 billion and an operating margin of 9.2 per cent. Earnings per share for the quarter came in at $1.86, supported by healthy demand across

premium, international and corporate travel segments. Operating cash flow for the quarter totalled $2.3 billion, reflecting continued strength in Delta’s core business. On a full-year basis, Delta generated $63.4 billion in operating revenue, with operating income of $5.8 billion and a pre-tax income of $6.2 billion, translating to a 9.8 per cent pre-tax margin. Full-year earnings per share reached $7.66, while operating cash flow

stood at $8.3 billion. “The Delta team delivered a strong close to our centennial year, demonstrating the differentiation and durability we’ve built,” said Delta CEO Ed Bastian. Excluding special items, Delta delivered $4.6 billion in free cash flow for the year and achieved a return on invested capital of 12%, reinforcing its longterm financial framework focused on profitability, cash generation, and balancesheet strength.

FAAN Director Conferred with Chieftaincy Title The Director of Special Igwe

Group Business Editor Eromosele Abiodun Deputy Business Editor Chinedu Eze Comms/e-Business Editor Emma Okonji Asst. Editor, Energy Emmanuel Addeh Asst. Editor, Money Market Nume Ekeghe Correspondents KayodeTokede(CapitalMarkets) James Emejo (Finance) Ebere Nwoji (Insurance) Reporter Peter Uzoho (Energy)

Duties at the Federal Airports Authority of Nigeria (FAAN), Mrs. Obiageli Orah, has been conferred with chieftaincy titles as Chief Ugosimba and Lolo Nmaluluno of Oba Kingdom. In the same vein, her husband, Nze Alobueze Orah, was installed as Ichie Okokpa I of Oba Kingdom. The chieftaincy titles were conferred during a grand traditional ceremony held recently at Oba Kingdom, Idemili South Local Government Area of Anambra State. Speaking at the ceremony,

Eze Okpoko II reoresented by Sanuel Onunkwo ( Ichie Ifedinoba) described Mrs. Orah as “a daughter whose integrity, compassion, and commitment to societal advancement stand as a shining example for women in leadership.” “The title of Lolo Ugosimba is reserved for women who embody strength, goodness, and a deep sense of responsibility to their people. Mrs. Orah has consistently demonstrated these qualities, and we are proud to honour her,” the monarch stated.

Data from the Billings and Settlement Plan (BSP) of the International Air Transport Association (IATA), has disclosed that foreign airlines and domestic operators on international service, raked in about $1.1 billion in 2025 adding that most of the passengers were on outbound flights. Record also confirms that Nigerians continue to travel for many essential factors. According to the record, for outbound and inbound to strike a balance, government must carry out studies to know the factors that make Nigerians leave the country. For several years, international flights have recorded more outbound flights but overall, Nigeria is not recording high passenger traffic growth both on international destinations and domestic destinations because since 2016 till date, figures have hovered around 15 million passengers per annum, reaching 16 million in 2022 and gravitating back to 15 million the following years and also, international passenger traffic remains around four million. The Group Managing Director, Finchglow Holdings Limited and President, Association of African Aviation Training Organisations, Nigeria (AATON), Bankole Bernard, believe Nigerians will continue to travel because of many factors, which include poor health infrastructure, disruptions in the education system and others. “The number of passengers who travel out of the country will remain high because many Nigerians travel for medicals, including our political leaders and others who can afford it. Many Nigerians do not want to leave their children in Nigerian universities because of strike, so they send them overseas for education and Nigerians travel for holidays. You cannot stop Nigerians from travelling. All these government officials have their children studying abroad and travel for vacation. That is why we have all these issues at home because they have alternative places to go,” he said. Bernard stated that until government began to look at the reasons why Nigeria prefers to travel overseas and push to improve the system in Nigeria, Nigerians will continue to travel abroad and there will always be outbound flights. “Until government begins to look inwards, the figures will continue to be lopsided. The increased outbound passenger movement should open the eyes of government. They go out for medicals, education, and tourism, so you cannot blame the international airlines because they are not ripping off the country;

they are meeting a need. It is a supply and demand principle,” he said Bernard, who is also former President of the National Association of Nigeria Travel Agencies (NANTA), said that most of the travels Nigerians make abroad could be grouped as tourism because there is medical tourism, education and then vacation, adding that Nigerians travel overseas for different reasons. He noted that although there was influx of Nigerians in the Diaspora and others for Detty December in the last month of the year, but the figures of outbound still surpassed in-bound passenger movement and urged the government and Nigerians to provide more incentives to sustain Detty December by providing more attractions to ensure the continuity of the yearly event. “People come to Nigeria to celebrate Detty December because if they have $1, 000; that is N1.5 million and $10, 000, that is almost N15 million. That is enough to give yourself he biggest treats in Nigeria. But if the Naira appreciates further, the major attraction may stop and those that come to Nigeria will look elsewhere where they can get such favourable exchange. But we and our government have not thought of how to sustain that yearly visit. We have to position ourselves well to encourage the repetition. Government should do an assessment to know what to put in place to attract more of them to be coming every year,” Bernard further said. He noted that government had not used the opportunity to create jobs, and has not provided the needed infrastructure, noting that internet is everywhere in most parts of the world most public places have internet, “but even the Nigerian airports do not have internet, suggesting that the Nigerian government could reach a deal with network providers which could empower the airports, adding that such costs could be defrayed by advert and other services that the internet could attract.” Travel expert and organiser of Akwaaba African Travel Market, Ikechi Uko, said that international flight operation is recording high load factor because it is not affected by the economic situation in the country. “This is because those who travel are the middle class and those who can afford it, but the economic situation affects passenger movement on domestic travel; so, no matter how the economy wavers, international airlines will continue to have patronage,” he said. The story continues online on www.thisdaylive.com

T H I S D AY • FRIday, January 16, 2026

BUSINESSWORLD

INTERVIEW

ASHON Chairman: Inconsistent Policy Pose Biggest Challenges to Nigerian Capital Market In this definitive interview, the Chairman of the Association of Securities Dealing Houses of Nigeria, Sehinde Adenagbe, speaks on challenges facing Nigerian capital market and offers in-depth assessment of the market’s current state, the drivers behind the NGX’s historic gains, and the reforms shaping its future. Kayode Tokede presents the extracts Congratulations on your election as the Chairman of Association of Securities Dealing Houses of Nigeria (ASHON). What is your general assessment of the current capital market environment? hank you. My election represents a call to service. Despite short-term volatility, the market has remained resilient, with improving liquidity, modest growth in listedcompany earnings, and steady participation from domestic and foreign investors.

modern trading tools. We will also engage government authorities to help firms access incentives and funding to strengthen their capital base.

What role will foreign investors play in the near term? Foreign investors remain crucial for liquidity and market depth. We are working to ensure Nigeria’s investment climate aligns with global best practices, particularly in governance, transparency, macroeconomic stability, and ease of capital repatriation. The introduction of T+2 settlement cycle will further endear the market to investors.

What are the biggest challenges confronting the Nigerian market today? Key challenges include inconsistent policy signals, macroeconomic instability, low financial literacy, and gaps in technology infrastructure. Together, these factors dampen investor confidence and limit the market’s ability to attract long-term capital. How did the Nigerian Exchange Limited (NGX) perform in 2025? In 2025, the Nigerian Exchange (NGX) delivered exceptionally strong performance, ending the year among the world’s best-performing emerging and frontier markets. The NGX AllShare Index (ASI) surged 51.19per cent year-to-date, closing at an all-time high of 155,613.03 basis points, its strongest annual return in nearly two decades. This rally was driven by broad investor confidence, macroeconomic stability and structural market reforms that boosted liquidity and valuations. Total market capitalisation expanded to roughly N99.38 trillion, up sharply from the start of the year, underlining robust capital gains for investors. Throughout the year, key sectors such as consumer goods, insurance, industrials and banking delivered significant returns, contributing to the overall bullish sentiment and strong index performance. How does your association plan to address low investor confidence? We will strengthen ethical standards, improve disclosure practices, and collaborate with regulators on investorprotection initiatives. A nationwide investor-education programme is also planned to rebuild trust and deepen participation. What reforms are you advocating to enhance market development? Reforms will enhance more transparency. We need more clarity on the issue of capital gain tax (CGT) which dragged the market down by about N4.8 trillion in a single market day. We support stricter compliance reviews, faster reporting timelines, and unified digital reporting platforms to reduce information gaps. The Investment and Securities Act (ISA) 2025 is a

How will you ensure stronger collaboration across the capitalmarket ecosystem? We will create a structured engagement framework involving regulators, listed companies, investment banks, registrars, and custodians. Coordination will accelerate reforms, improve investor experience, and strengthen market efficiency.

Ad e n a gb e

landmark reform. It expands the definition of securities, strengthens investor protection, and brings new products, including digital assets, under regulation. ISA 2025 also enhances the SEC’s oversight powers and has contributed to Nigeria’s removal from the FATF grey list in October 2025, supporting smoother international transactions. Stable FX reforms and exchange-rate unification have improved pricing predictability for foreign investors, supporting increased capital inflows. Going forward, policies are needed to encourage new listings, long-term institutional investment, market infrastructure improvements, and security measures to create a safe investment environment.

mediation channels, clarify escalation procedures, and ensure investors receive prompt and fair hearings.

Many investors complain about slow dispute resolution. What is your plan? We will work with regulators to strengthen the dispute-resolution framework, establish faster

How will you support member firms during this period of change? We will provide capacity-building programmes, professional training, compliance support, and access to

How do you plan to deepen retail investor participation? We will launch targeted financialliteracy campaigns, simplify investment products, and use digital platforms to make investing more accessible to younger demographics. Partnerships with schools and universities will introduce capital-market education early. We shall make the market more investor-friendly by simplifying our onboarding process. Also to work with the CSCS in order to reduce time taken for new accounts to be active. We shall work with the press to ensure professional How will technology and reportage of the market, innovation feature in your agenda? What is your stance on the Technology is central to our current regulatory environment? agenda. We will champion Regulation is essential for market modernised trading infrastructure, stability, and we acknowledge support fintech partnerships, and progress made by regulators. We promote the responsible use of AI advocate for more collaborative in risk management and market policy making, especially regarding surveillance. These measures will broker operations, cross-boarder improve efficiency, reduce errors, transactions and incentives for and enhance the trading experience. capital.

How can the SEC handle recapitalisation of stockbroking firms effectively? Recapitalisation is essential but must be practical. A phased or tiered approach allows firms of different sizes to meet new capital requirements gradually. The Securities and Exchange Commission (SEC) to give a considerable cool- off period for the exercise to go through. Clear timelines, transparent guidelines, flexible compliance windows, and incentives such as reduced fees, low-interest financing, and support for mergers can ease the process. Continuous stakeholder engagement is vital to ensure recapitalisation strengthens the industry without stifling growth. What message would you like to leave with investors at the start of your tenure? Investors should be confident in Nigeria’s capital market. Since May 2023, the NGX All-Share Index has risen about 136%, and market capitalisation has expanded significantly, reflecting renewed confidence. Reforms such as ISA 2025, FX market improvements, and exchange-rate unification have strengthened market integrity, broadened product offerings, and improved investor protection. Removal from the FATF grey list supports smoother international transactions. While progress is evident, more work lies ahead. Policies encouraging new listings, long-term institutional investment, improved infrastructure, and enhanced security will be critical. Our association is committed to safeguarding investor interests, enhancing transparency, and driving reforms to make the capital market more competitive, inclusive, and resilient.

FRIday, January 16, 2026 • T H I S D AY

BUSINESSWORLD

PERSPECTIVE

Teriba Tasks Stockbrokers to Unlock Capital for 2026 Budget Kayode Tokede Renowned economist and Chief Executive Officer of Economic Associates, Dr Ayo Teriba, has urged stockbrokers to take the lead in helping the federal government generate funding for capital projects in the 2026 budget by monetising Nigeria’s idle public assets. Nigeria’s 2026 budget is projected at N58.18 trillion, with capital expenditure amounting to N26.08 trillion, or roughly 44 per cent of total spending. Teriba cautioned that excessive borrowing to finance the budget could strain fiscal stability, arguing instead that dormant government assets valued at over N43 trillion could be unlocked to bridge the funding gap. Teriba made the call while speaking at the Nigerian Economic Review and Recommendations for 2026,

organised by the Chartered Institute of Stockbrokers (CIS). He said stockbrokers are well placed to structure investment instruments capable of creating liquidity from government-owned assets. He cited examples from Saudi Arabia, Brazil and India, where governments fund infrastructure by selling or securitising state assets through capital markets. He further urged the Ministry of Finance Incorporated (MOFI) to publish a comprehensive register of public assets, allowing private investors to identify, securitise and list viable assets on the stock exchange. “Capital projects should not be tied solely to current revenue. They should be structured to fund themselves,” Teriba said. On fiscal policy, the economist advised caution on personal income taxation, noting that while transaction-based taxes may be appropriate, the economy is still in recovery mode

and requires supportive measures. Also speaking at the event, Chief Economist at United Capital, Mr Ayodele Akinwunmi, identified manufacturing, trade, logistics, real estate, telecommunications, banking, mining and solid minerals as sectors with strong growth prospects in 2026. He said Nigeria’s debt-to-GDP ratio of 39 per cent was not alarming but agreed that deeper private sector participation in government assets was necessary. In his welcome address, President and Chairman of CIS, Mr Oluropo Dada, said the forum was organised to enhance accountability, showcase institutional achievements, align CIS strategies with national economic objectives and set a clear direction for 2026. According to Dada, throughout 2025, CIS hosted a series of high-impact economic, professional and policy-focused engagements aimed at strengthening Nigeria’s capital market ecosystem.

Konga Offers 25% Discount on Starlink, Konga Jara Konga, Nigeria’s leading composite e-commerce platform, has officially announced the launch of its inaugural shopping campaign of 2026, tagged Konga Jara. According to Konga, the decision to spotlight Starlink during the Konga Jara campaign reflects the growing importance of reliable internet access in today’s digital-first economy. Connectivity now underpins work, learning, entrepreneurship, and everyday communication. By making Starlink kits more affordable and easier to access, Konga is responding directly to a pressing need faced by households and businesses across Nigeria. Head of Commercial Planning at Konga, Onochie Melvin, said: “We listened carefully to what Nigerians said they needed to truly kickstart 2026 on the right footing. “Reliable internet connectivity emerged as the foundation upon which other aspirations depend. Students need it for online learning,

entrepreneurs need it to scale digital businesses, and professionals rely on it for remote work. This Starlink offer is not just

about selling products; it is about removing barriers that prevent Nigerians from fully participating in the digital economy.”

Firm Presents LG CLOiD Home Robot at CES 2026 LG Electronics (LG) has announced LG CLOiD, an AI-enabled home robot that was demonstrated publicly for the first time at Consumer Electronics Show (CES) 2026. Designed to perform and coordinate household tasks across connected home appliances, CLOiD is intended to reduce the time and physical effort required for everyday chores. The system represents LG’s latest development in AIbased home robotics and smart home platforms, building on the company’s Self-Driving AI Home Hub (LG Q9), and the ThinQ ecosystem.

At CES 2026, the company showed LG CLO i D operating in diverse home e n v i ro n m e n t s . I n o n e s c e n a r i o , t h e ro b o t re t r i e v e s milk from a refrigerator and places a croissant into an oven to prepare breakfast. After household occupants leave, LG CLOiD initiates laundry cycles and folds and stacks garments after drying. These tasks display LG CLOiD’s ability to understand the user ’s lifestyle and precise appliance control. At the core of LG CLOiD is the company’s Physical AI technology, which combines: Vision Language Model (VLM) – converts images and video into structured, languagebased understanding.

Award Organiser UnveilsTop 100 Female Founders The Aurora Tech Award, a global award dedicated to supporting outstanding female tech founders from emerging markets, has unveiled its Top 100 founders to watch for 2026. In 2025, a record 3,400 applications were submitted from 127 countries, reflecting unprecedented growth from previous year’s 2,018 submissions across 116 nations.

The Top 100 highlights the global breadth of women-led innovation, with the highest number of applications coming from Nigeria, Kazakhstan, Kenya, Colombia, Egypt, Brazil, India, Chile, Pakistan, and Mexico. According to key sector trends, Healthtech remains the strongest sector across the top 13 countries represented. This cohort comprises 23 healthfocused startups, continuing last

year’s trend, in which health tech also led the field. Founders are tackling many aspects of this sector, including wellbeing, longevity, digital medical tools, productivity platforms, life sciences, sports tech and more. Across these sectors, women founders consistently gravitate toward solving real, tangible problems rooted in their local communities, which strongly shapes the types of innovations emerging from each region.

This

Weekend

T H I S D AY • FRIday, JANUARY 16, 2026

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

07010510430

Weekly Magazine

Mabel Abel-Onaiwu:

UTH

& R E ASO

Building Safer Communities for Present, Future Generations

T H I S D AY • FRIday, JANUARY 16, 2026

Cover

Mabel Abel-Onaiwu: Building Safer Communities for Present, Future Generations

With a distinguished military career spanning over a decade and professional certifications in safety, health, and communication, Ambassador Mabel Abel-Onaiwu is etching her legacy in the annals of time, empowering young girls, women, and communities across Africa to realise their full potential. Alongside her flourishing military career, she has established the not-for-profit organisation, She Safety and Health Initiative, which has reached over 20,000 women since its inception. Driven by a vision with a continental scope, Abel-Onaiwu is not resting on her oars. For her, the future is about building stronger communities for women, not just in Nigeria, but across the African continent. Esther Oluku brings the excerpts. As a trained military officer actively involved in the social services sector, can you take us back to your early years? What was it like growing up as a young girl? rowing up as a young girl, I was raised with strong values around discipline, service, and responsibility. I learned early that resilience and purpose are essential tools for navigating life. Like many girls, I also witnessed the limitations placed on young women—especially in areas of safety, health, and access to opportunity. These early experiences shaped my confidence, leadership instincts, and deep sense of empathy. They planted the seed for my lifelong commitment to ensuring that girls grow up safe, healthy, and empowered to reach their full potential.

girl-child safety and development. Beyond outreaches and trainings, how do you ensure the projects’ sustainability? Sustainability is central to our strategy. We focus on capacity building, policy advocacy, community ownership, and longterm partnerships. Programs such as SHE Academy, our school safety framework, and the training of local facilitators ensure that knowledge and impact remain long after each intervention. We also prioritize monitoring, evaluation, and documentation to continuously improve our programs and demonstrate impact to partners and funders.

What prompted your move into social services space? My move into social services was driven by a clear gap I observed while serving and working across communities—particularly the lack of structured safety, health, and emergency response education for women and girls. I realized that empowerment without safety and health is incomplete. This led to the founding of SHE Safety and Health Initiative. What have been some of your notable engagements in this space? Through She Safety and Health Initiative, we have delivered school safety programs, first aid and emergency preparedness training, community health outreaches, advocacy campaigns, and large-scale engagements in partnership with government institutions, the Nigerian Navy, ministries of education and health, and international safety organizations. To date, our work has directly and indirectly impacted over 20,000 beneficiaries, primarily women, girls, and vulnerable populations. How crucial do you believe safety and health are to the overall development of the girl child? Safety and health are foundational to the development of the girl child. A girl who is unsafe or unhealthy cannot fully access education, leadership, or economic opportunities. Unfortunately, many girls grow up without basic knowledge of personal safety, health rights, or emergency response. Through SHE Safety and Health Initiative, we bridge this gap by integrating safety education, first aid, reproductive health awareness,

Mabel Abel-Onaiwu

leadership development, and advocacy into schools and communities. Our approach is preventive, practical, and culturally responsive—ensuring girls are not just informed, but equipped to protect themselves and others. Our guiding message remains: HER HEALTH. HER SAFETY. HER VOICE. As an organisation with a continental dream, are there plans to scale the project further? This impact has been achieved through school programs, community outreaches, health screenings, advocacy campaigns, and emergency preparedness training. Yes, we have clear plans to scale further—both nationally and across Africa. Our focus is on institutional partnerships, digital learning platforms, training of trainers, and regional collaborations that will allow us to replicate our models sustainably in other countries. As an organisation working across countries, how do you curate solutions to meet the needs of your various audiences? We adopt a community-centered and data-informed approach.

Before implementing any project, we engage local stakeholders, educators, community leaders, women groups, and young people, to understand cultural, social, and safety realities. Our solutions are then adapted to local contexts while maintaining global best practices in safety and health. This flexibility allows us to remain relevant, effective, and respectful of diverse audiences across regions. Social services require significant resources. How have you accessed funding, partnerships, and human capital support from both private and public institutions? We have accessed resources through a mix of strategic partnerships, institutional collaborations, grants, corporate sponsorships, and volunteer engagement. We work closely with public institutions, private sector partners, international safety bodies, and development organizations that share our vision. Human capital remains one of our strongest assets. We have built a growing network of trained volunteers, professionals, and ambassadors who are passionate about women and

How do you balance your roles as a mother, military officer, and head of a social service organisation? Balance comes from clarity of purpose, discipline, and a strong support system. The military has taught me structure, accountability, and time management, while motherhood has taught me empathy and patience. I see these roles not as competing, but as complementary. Each strengthens the other and fuels my commitment to building safer communities for present and future generations. Would you say you and your team are meeting your set organisational goals? Yes, we are steadily meeting and refining our organisational goals. While the work is ongoing and the needs are vast, the progress we have made—in reach, partnerships, visibility, and impact—reinforces our belief that we are on the right path. We remain committed to continuous learning, innovation, and excellence. What are your long-term plans for She Safety and Health Initiative and what should the Nigerian public be expecting in the near future? Our long-term vision is to position SHE Safety and Health Initiative as a leading African organisation in women and girl-child safety, health, and emergency preparedness. In the near future, the Nigerian public can expect expanded school safety programs, large-scale women’s health initiatives, leadership and emergency response training, policy advocacy campaigns, and stronger private-sector collaborations. We are also working toward regional expansion and digital learning solutions to reach even more girls.

T H I S D AY • FRIday, JANUARY 16, 2026

features

Agbapuru Promises Better Future For Hazie Masters Club Uzoma Mba

he President of Hazie Masters Club and Chief Executive Officer of RichyGold Group of Companies, Lagos, High Chief Richard Agbapuru has vowed to keep expanding the socio-economic frontiers of the Club with a view to catering for the needs of members and the Nigerian public. Agbapuru, who spoke superlatively of his members at the club’s end of year party recently noted that the year 2025 was a very pleasant one for Hazie members largely due to the enormous support of their wives. During the year, the Club’s 62-bedroom hotel and suites located along Ago Palace Way, Okota began operation and currently caters for the hospitality needs of members of the public. The magnificent hotel and suites complex already has a good number of Nigerians in the Club’s employment which is a confirmation of High Chief Agbapuru’s promise in his statement during 2024 end of year party when the complex was still under construction. At the 2024 End of year party, while speaking on the hotel project, he had said “our Club has achieved much this year, particularly with respect to our investment objectives. The upcoming hotel is expected to generate jobs for both graduates and non-graduates as a way of creating opportunities for Nigerians,” he had promised. An extension work is currently going on, in the complex to provide more lodging accommodation and this called for a big time celebration as witnessed on Saturday 20th December, 2025 in the event centre located behind the hotel. The highly elated RichyGold Group boss in his opening speech at the event joyfully remarked that the end of year celebration was dedicated to Hazie Club members’ wives for what he described as their humility over the years. He noted that the women have continued to be very supportive to their husbands through obedience, humility and non-distractive tendencies. He explained that any marriage that was characterized by spousal squabbles and

Some of the club members

Chief Richard Agbapuru

other forms of distraction would not always allow any form of progress particularly in business. For this, he deeply appreciated his members’ wives for ensuring that the Club’s objectives were not thwarted over the years. To demonstrate the level of appreciation for their wives, the Club’s management ensured that every member’s wife was well rewarded financially towards having a very robust Christmas and New Year celebrations. They were handsomely gifted cash wise

during the all-night party. High Chief Agbapuru used the opportunity to appeal for more support from both members and their wives as he was poised to take Hazie Masters Club which is fast becoming a brand in the comity of social clubs in Nigeria, to a higher level. He remarked that if every member continues to give his leadership the maximum support needed, he would be in a position to largely support whoever succeeds him as the President of the Club when the

time comes. He encouraged members to remain everly committed to the vision and mission of the Club and make it more formidable and progressive. He specifically appreciated his vice president, Chief Amaechi Anuma “for being a pillar of support and a worthy leader,” emphasizing that these milestones achieved would have been impossible without his efforts and dedication to the growth of the club. In the words of President Agbapuru, “also worthy of note are the efforts put in by some members such as Sir Paul Obi, a Senior Advocate of Nigeria, Chief Valentine Ike and others whose interest in the progress of the club were evident.” The event which lasted into the early hours of Sunday was very lively in every aspect as Chief Agbapuru literarily assumed the position of ace comedian through his well coordinated banters and anecdotal indulgence that sent everyone laughing. The two event anchors, with stage names as OXYGEN and KWEKWE respectively, were in their best elements as they struck the ribs of Hazie members and their wives with jokes that made people reel in laughter. Members and their wives were looking quite radiant in immaculate white uniforms. Remarkably, the occasion was lavishly spiced with a high degree of camaraderie.

Olam Agri in Nigeria Recognised as Top Employer 2026 for Sixth Consecutive Year Olam Agri has been recognised by the Top Employers Institute as a Top Employer 2026 in Nigeria for the sixth consecutive year, reaffirming the company’s sustained commitment to building a high-performing workplace driven by data-led people strategies, independent validation, and practices that enhance business performance, employee engagement, and growth. The Top Employers Institute also recognised Olam Agri as a Top Employer across the African continent for the sixth consecutive year, with certifications in nine other countries including Cameroon, Côte d’Ivoire, Mozambique, Nigeria, Senegal, South Africa, Australia, The Netherlands, and Switzerland. The recognition underscores Olam Agri’s position as an employer of choice, where employees are empowered to build meaningful careers within a purpose-driven organisation that values performance, inclusion, collaboration, and long-term impact. Active in 131 countries and regions, Top Employers Institute is the global authority in HR certification, benchmarking, and advisory. Its programme certifies organisations based on the results of its HR Best Practices Survey, which covers six domains including People Strategy, Work Environment, Talent Acquisition, Learning, Diversity, Equity and Inclusion, and Wellbeing.

L-R: Damilola Adeniyi, Head, Corporate Affairs & Legal, Olam Agri; Moshood Quadri, Head, Industrial Relations and Human Resources, Olam Agri; and Bola Adeniyi, GM/ Head, Marketing, Olam Agri, holding the sixth consecutive Top Employer certification plaque presented to the agribusiness by the Top Employer Institute on January 15, 2026, at the company’s Lagos head office

Speaking on the significance of the consecutive recognitions, Jaideep Biswas, Senior Vice President and Regional Head of Human Resources, Olam Agri, said, “To have secured the Top Employer Certification for the sixth consecutive year reinforces our focus and intentionality on building and maintaining an engaged, inspired and satisfied workforce. Our team is our greatest asset, and we continuously deploy cross-cutting programmes to ensure excellence and shared learning.” Anil Nair, Olam Agri in Nigeria

Country Head, said the recognition reflects the company’s focus on people alongside its global mission. “As we strive to ensure a food-secure world, we also ensure our world-class workforce finds fulfilment in their roles. Thanks to our human resource department leaders’ inputs, we keep recording positive employee sentiment and high retention rates. The sixth consecutive Top Employer certification will spur us to do more to maintain a well-equipped and inspired workforce as the world of work transforms,” he said.

Olam Agri said it remains committed to building an inspiring and high-performing organisation where passionate employees drive business growth, contribute to a sustainable future, and build fulfilling careers. This commitment is anchored on a culture of excellence that encourages collaboration and teamwork, rewards meritocracy and entrepreneurial spirit, and promotes a diverse and inclusive workplace built on trust and autonomy. The company noted that easy access to senior leadership empowers employees, reduces bureaucratic hurdles, and supports agile decision-making. The organisation also highlighted its purpose-driven workplace, with sustainability at its core, enabling it to contribute to global food security, improve access to better nutrition, enhance community livelihoods, and address climate change. In addition, Olam Agri said its global footprint offers employees opportunities to take on challenging assignments that broaden experience and support career aspirations, while ensuring employees feel valued, recognised, and supported to reach their full potential. Top Employers Institute Chief Executive Officer, Adrian Seligman, said the certification reflects Olam Agri’s commitment to excellence in people practices. “Achieving a Top Employer Certification for 2026 reflects Olam Agri’s dedication to building an outstanding workplace that enables sustained business performance.

FRIday, JANUARY 16, 2026 • T H I S D AY

business/MOnEYGUIDE

Champion Breweries Redeems N4.21bn Series 1 Commercial Paper Upon Maturity Kayode Tokede

Champion Breweries Plc has announced the successful redemption of its N4.21 billion Series 1 Commercial Paper Notes upon maturity, issued under its N15 billion Commercial Paper Issuance Programme. The company in a statement said the Series 1 Commercial Paper provided cost-effective short-term financing, boosting its liquidity and cash flow management. “The 50 per cent oversubscription of the Series 1 and 2 Commercial Paper demonstrate strong investor confidence in Champion Breweries’ credit

profile and ability to deliver sustainable stakeholder value. The Series 1 Commercial Paper had a tenor of 176 days at a discount rate of 21.1081 per cent. “The full and timely redemption of the Series 1 Commercial Paper reflects Champion Breweries’ disciplined financial management and prudent treasury practices, while reinforcing continued confidence by participants in the Nigerian debt capital markets in the Company’s operational resilience and liquidity management framework,” it said. Commenting on the

redemption, Managing Director of Champion Breweries Plc, Dr. Inalegwu Adoga, said: “This successful redemption highlights our commitment to financial discipline and transparency. It is a testament to the trust our investors place in us and strengthens our ability to execute our long-term growth strategy while delivering value to all stakeholders. Champion Breweries remains focused on strengthening its financial position, maintaining robust stakeholder confidence, and executing its longterm growth strategy with discipline and transparency.”

MARKET INDICATORS

Norrenberger: 2026InvestmentEnvironmentCallsforSelectiveInvestment, Diversification Oriarehu Bony

Analysts at Norrenberger have expressed that the investment environment in 2026 calls for selectivity, forwardlooking positioning, and active diversification. The analysts stressed that the market in the new year is transitioning from peak tightening to normalization, as opportunities will increasingly favour investors who anticipate, rather than react to, policy and market inflection points. Norrenberger in a report titled, “Where To Invest 2026”, explained that the fixed income market is projected to move from peak yield to capital appreciation in 2026.

“While nominal yields remain attractive, the era of peak rates is likely behind us. As inflation continues to cool and policy rates trend lower, longer-dated fixed income instruments should benefit from both carry and capital gains. “Our recommendation is to remain invested across the yield curve, with an increased bias toward medium-to-long tenor bonds to lock in real yields and participate in price appreciation as rates decline further,” the firm explained. The analysts stated that Norrenberger fixed income funds are positioned to actively manage duration and optimize returns through this transition. “For liquidity-

focused investors, the Norrenberger Money Market Fund and Classic Investment Products continue to offer competitive risk-adjusted yields while preserving capital,” the firm added. On the equity market, Norrenberger noted that, “After several strong years, equity returns in 2026 are expected to be more earnings- driven and selective rather than broad-based. “Companies with strong balance sheets, pricing power, and exposure to structural growth themes will stand out.” Looking ahead, Norrenberger stated that it projected 2026 to be a year of gradual normalization rather than dramatic shifts.

Zichis Agro-allied Completes Board Meeting Amid NGX Listing Plans Kayode Tokede

Zichis Agro-allied Industries Plc, has completed its board meeting with the capital market regulating bodies, financial advisers and shareholders amid its plans of a liisting by introduction, N1.09 billion shares on the floor of the Nigerian Exchange Limited (NGX). The agro-allied company is planning to list on the growth board of NGX 600 million ordinary shares of N0.50 each at N1.81 kobo per share, translating into N1.09 billion. Financial advisers at the board meeting include QCAPITAL Limited and Cordros Capital Limited. In his opening remarks before the signing ceremony with key market stakeholders, the Board Chairman, Mr. Hezekiah Oshaba, promised that the organisation would be guided by best corporate

practice when listed on the NGX. Oshaba said, “As a board, we will be guided by the best corporate practice. By the time we are listed, we will follow all the guidelines that we are supposed to follow and ensure that our investors don’t have any regret in the long run. As businessmen that we all are, if you put your money anywhere, you expect returns, and that’s the essence of all of it anyway. “Be rest assured that as board members, and even the management team, we are poised to take you to another level. As it has already been said, the NGX is growing in leaps and bounds, and everybody, as it were, wants to tap from the growth.” Speaking also, the Managing Director, Zichis Agro-allied Industries, Mrs. Anthonia Akabusi, stated the company’s

transition from a limited to a public limited company is a remarkable journey. He said, “The transition is a journey of resilience and scalability. Zichis Agro-allied Industries listing on the NGX is a starting point. We are promising investors, stakeholders and regulators that the management is not going to disappoint in transparency and consistent filing of reports “We are ready to learn, and adjust to listing requirements of the regulators. Our communication team is ready to listen and make corrections when necessary. We promise to execute our strategy once listed on NGX. What we present to stakeholders is what the management is going to practice. Our shareholders value is what we are holding onto and we promise not to disappoint.”

MONEY AND CREDIT STATISTICS (MILLION NAIRA) October 2025

Month

Money Supply (M3)

119,037,577.07

-- CBN Bills Held by Money Holding Sectors

9,291.49

Money Supply (M2)

119,028,285.58

Quasi Money

79,681,419.97

-- Narrow Money (M1)

39,346,865.60

---- Currency Outside Banks

4,646,794.28

---- Demand Deposits

34,700,071.33

Net Foreign Assets (NFA)

34,804,442.84

Net Domestic Assets(NDA)

84,233,134.23

-- Net Domestic Credit (NDC)

99,199,655.08

---- Credit to Government (Net)

24,787,980.96

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

74,411,674.12

--Other Assets Net

2,603,854.03

Reserve Money (Base Money)

36,641,142.21

--Currency in Circulation

5,057,881.01

--Banks Reserves

31,583,261.21

--Special Intervention Reserves

284,361.95 • Source - CBN

Money Market Indicators (in Percentage) Month

October 2025

Inter-Bank Call Rate

October 2025

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

27.00

Treasury Bill Rate

15.07

Savings Deposit Rate

7.43

1 Month Deposit Rate

11.37

3 Months Deposit Rate

11.32

6 Months Deposit Rate

11.12

12 Months Deposit Rate

11.78

Prime Lending rate

18.89

Maximum Lending Rate

29.56

NSE MARKET INDEX CAP

0.75%(52%YoY)

Index

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

OPEC DAILY BASKET PRICE As At 24TH NOVEMBER , 2025

The price of OPEC basket of twelve crudes stood at $63.14 a barrel on Monday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

FRIday, JANUARY 16, 2026 • T H I S D AY

mARKET NEWS

Equities Market Ends Nine-day Positive Run, Drops by N458bn

Kayode Tokede

The stock market section of the Nigerian Exchange Limited (NGX) yesterday reversed its gains, ending a nine-day winning streak into the new year, with the market capitalization declined by N458 billion. The stock market’s positive run ended on the backdrop of investors profit-taking in MTN

Nigeria Communication Plc that dropped by 4.1 per cent Aradel Holdings Plc with a decline of 5.1per cent, and NB that dipped by 2.3 per cent. On this, the NGX All Share Index lost 714.66 basis points or 0.43 per cent to close at 166,057.29 basis points while the Month-to-Date and Year-toDate returns settled at +6.7per cent. Also, market capitalisation lost N458 billion to close at N106.323 trillion.

P R I C E S MaiN Board

F O R DEALS

On sector performance, the NGX Banking Index gained 0.8per cent and NGX Consumer Goods Index advanced by 0.3per cent, while the NGX Oil & Gas Index dropped by 2.2per cent and NGX Insurance Index declined by 0.2per cent. The NGX Industrial Goods index closed flat. Market breadth was negative, with 36 gainers overshadowed by 41 losers. Nestle Nigeria recorded the

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

quantity traded

highest price gain of 10 per cent to close at N2,153.80 and per share. NCR Nigeria followed with a gain of 9.97 per cent to close at N116.90, while Jaiz Bank rose by 9.92 per cent to close at N8.20, per share. Morison Industries appreciated by 9.90 per cent to close at N5.66, while MeCure Industries up by 9.84 per cent to close at N97.70, per share. On the other hand, McNichols led the losers’ chart

T R A D E D

value traded ( N )

MaiN Board

A S

O F

by 9.99 per cent to close at N6.58, per share. Caverton Offshore Support Group followed with a decline of 9.47 per cent to close at N7.65, while Ikeja Hotel declined by 9.43 per cent to close at N35.05, per share. FTN Cocoa Processors depreciated by 9.38 per cent to close at N7.05, while Neimeth International Pharmaceuticals declined by 8.91 per cent to close at N9.20, per share.

J A N UA RY DEALS

Meanwhile, the total volume traded rose by 35.80 per cent to 1.035 billion units, valued at N31.590 billion, and exchanged in 51,227 deals. Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 245.183 million shares valued at N798.451 million. Access Holdings followed with 78.411 million shares worth N1.801 billion, while Zenith Bank traded 72.434 million shares valued at N5.029 billion.

/ 1 5 / 2 6 Market Price

quantity traded

value traded ( N)

T H I S D AY • FRIDAY, JANUARY 16, 2026

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 09 January 2026, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.

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

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 0.00 0.00 0.00 Afrinvest Plutus Fund 0.00 0.00 0.00 Nigeria International Debt Fund 0.00 0.00 0.00 Afrinvest Dollar Fund 0.00 0.00 0.00 ALPHA MORGAN CAPITAL MANAGERS LTD mutualfund@alphamorgan.com Web: www.alphamorgan.com, Tel: +2347018898523 Fund Name Bid Price Offer Price Yield / T-Rtn ALPHA MORGAN BALANCED FUND 2,286.91 2,300.71 4.05% 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 17.99% AIICO Balanced Fund 8.05 8.16 2.60% AIICO Eurobond Fund 100.20 100.20 0.19% Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 16.26% Anchoria Equity Fund 1.65 1.65 26.52% Anchoria Fixed Income Fund 438.95 444.31 69.91% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.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 55.12 56.78 4.07% ARM Discovery Balanced Fund 1,078.91 1,111.44 1.66% ARM Ethical Fund 108.63 111.91 4.32% ARM Eurobond Fund 1.21 1.21 61.10% ARM Fixed Income Fund 1.33 1.33 127.22% ARM Short Term Bond Fund 1.19 1.19 113.82% ARM Shariah Fixed Income Fund 1.14 1.14 14.91% ARM Short Term Eurobond Fund 1.05 1.05 4.13% ARM Specialized Dollar Fund 1.04 1.04 0.00% ARM Money Market Fund 1.00 1.00 17.80% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn 121.83 121.83 1.34% AVA GAM Fixed Income Dollar Fund 1,269.32 1269.32 10.00% AVA GAM Fixed Income (Naira) Fund 1.00 1.00 16.20% 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 2.75 2.75 11.36% CEAT Fixed Income Fund 6.19 6.34 36.09% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.08 1.08 -0.31% CardinalStone Fixed Income Alpha Fund 1.24 1.24 -0.97% CardinalStone Dollar Fund 1.94 1.96 4.57% CardinalStone Equity Fund 1.29 1.30 3.71% CardinalStone Balanced Fund 1.00 1.00 17.76% CardinalStone Money Market Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapel Hill Denham Money Market Fund 0.00 0.00 0.00 Nigeria Bond Fund 0.00 0.00 0.00 Paramount Equity Fund 0.00 0.00 0.00 CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 16.48% 112.35 112.35 11.58% Cordros Fixed Income Fund 122.95 122.95 12.91% Cordros Halal Fixed Income Fund Cordros Dollar Fund ($) 119.05 119.05 5.80% Cordros Milestone Fund 239.61 241.49 3.77% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 16.46% Coronation Balanced Fund 2.18 2.22 2.76% Coronation Fixed Income Fund 1.50 1.50 0.29% 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 First Asset Money Market Fund 100 100 16.21% First Asset Bond Fund 1670.77 1670.77 11.06% First Asset Dollar Fund 128.16 128.16 7.25% First Asset Halal Fund 142.87 142.87 13.91% First Asset Specialised Dollar Fund 124.94 124.94 7.64% First Asset Balanced Fund 446.05 450.46 4.14% First Asset Smart Beta Equity Fund 475.84 482.59 17.17% First Asset Blended Dollar Fund 110.89 110.89 0.81% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund (LMMF) 1.00 1.00 0.00% Legacy Debt Fund (LDF) 1.48 1.48 6.46% Legacy Equity Fund (LEF) 3.61 3.63 -0.35% Legacy USD Bond Fund (LUBF) 5.82 5.95 54.81% FCMB-TLG Private Debt Fund 0.00 0.00 0.00% FSL ASSET MANAGEMENT LIMITED Adeniran.Daniel@fsl.ng Web: https://www.fsl.ng/asset-management ; Tel: +2348062727759 Fund Name Bid Price Offer Price Yield / T-Rtn FSL Money Market Fund 0.00 0.00 0.00 FSL Euro Bond 0.00 0.00 0.00 FIRST ALLY ASSET MANAGEMENT LIMITED blossom.omojughare@first-ally.com Web: https://first-allyasset.com/ ; Tel: +2348023217850 Fund Name Bid Price Offer Price Yield / T-Rtn FAAM Money Market Fund 1.00 1.00 17.30% 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 4,765.15 4,765.15 11.99%

Coral money market fund 100.00 100.00 15.89% FSDH HALAL FUND 1,328.18 1,328.18 11.43% FSDH dollar fund 1.34 1.34 7.49% Coral Balanced Fund 11,544.60 11,634.49 153.78% 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 1,304.57 1,304.57 0.29% LOTUS HALAL INVESTMENT FUND 3.05 3.10 3.05% LOTUS HALAL EQUITY EXCHANGE TRADED FUND 62.25 68.80 6.15% LOTUS WAQF ENDOWMENT FUND 1,270.19 1,270.19 1.83% 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 16.50% 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) 0.00 0.00 0.00 Norrenberger Islamic Fund (NIF) 0.00 0.00 0.00 NORRENBERGER DOLLAR FUND (NDF)-----($) 0.00 0.00 0.00 NORRENBERGER TURBO FUND (NTF)-----(N) 0.00 0.00 0.00 PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 10.00 10.00 15.81 PACAM Fixed Income Fund 11.97 12.70 -0.16% PACAM Money Market Fund 3.51 3.58 4.18% PACAM Equity Fund 2.06 2.14 -0.24% PACAM EuroBond Fund 165.37 171.59 7.12% 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 Dollar Fund (USD) Stanbic IBTC Shariah Fixed Income Fund Stanbic IBTC Enhanced Short-Term Fixed Income Fund Stanbic IBTC Absolute Fund UPDC REIT Stanbic IBTC Balanced Fund Stanbic IBTC ETF 30 Fund Stanbic IBTC Ethical Fund Stanbic IBTC Guaranteed Investment Fund Stanbic IBTC Imaan Fund Stanbic IBTC Nigerian Equity Fund SIAML Pension ETF 40 Stanbic IBTC Aggressive Fund Stanbic IBTC Conservative Fund

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

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

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 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 1.22 1.98 124.95 1.25 129.44 2.02 2.31 1.85 1.18

Offer Price Yield / T-Rtn 1.00 15.31% 1.22 -21.43% 1.98 7.59% 124.95 5.80% 1.25 5.85% 129.44 14.42% 2.04 5.23% 2.33 4.20% 1.87 3.63% 1.18 5.53% funds@vetiva.com

Bid Price Offer Price Yield / T-Rtn 15.94 16.04 28.44% 40.89 40.90 103.49% 58.34 58.54 77.23% 1.00 1.00 16.88% 59.36 59.56 48.15% 144.93 146.93 1.95% 1.00 1.00 16.88% service@quantumzenithasset.com.ng Bid Price Offer Price Yield / T-Rtn 36.20 36.64 6.69% 42.05 42.46 5.16% 31.34 31.34 3.39% 1.00 1.00 16.79% investmentoperations@zedcrest.com Bid Price 0.00 0.00 0.00

Offer Price 0.00 0.00 0.00

Yield / T-Rtn 0.00 0.00 0.00

NAV Per Share

Yield / T-Rtn

0.00

0.00%

9,523.60

1.05%

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.

T H I S D AY • FRIDAY, JANUARY 16, 2026

FOCUS

From Treasury to Terror: Inside $9.7 Million Terrorism Financing Storm Rocking Bala Mohammed’s Bauchi State The Economic and Financial Crimes Commission is maintaining that contrary to the claim of Governor Bala Mohammed of Bauchi, its feud with the state government has to do with alleged terrorism financing rather than politics, writes Alex Enumah

or some time now, the Economic and Financial Crimes Commission (EFCC) has been at loggerheads with the Bauchi government. While the state government is claiming politically motivated investigations and persecution of state officials, the anti-graft agency, on the other hand, is insisting that the Governor Bala Mohammed’s administration cannot use taxpayers’ money to inflict terrible pains on citizens through the activities of terrorist groups in and around the state. The menace of terror groups, including kidnappers, aside from ruining the nation’s economy, has turned many young women into widows with many orphans who may become another future burden on the country. The position of many is that, besides going after those bandits and kidnappers, security officials should also begin a manhunt of their financiers. Although activities of bandits, Boko Haram and other violent extremist groups in Bauchi seem to be minimal when compared to states like Plateau, Benue, Taraba, Borno, Katsina and Zamfara, amongst others, the EFCC claimed it has evidence that the state is funding some of the terror groups operating in the country. U.S. President Donald Trump had, during the last Christmas, ordered military bombardment of some communities in Sokoto, believed to be a supply route and base of a terror group said to be responsible for various attacks on Christians in parts of the north. A lot of people had then questioned the attack, arguing that the bombarded communities were not Christian communities and had no links with terrorist organisations in the country. However, in the EFCC case, court documents showed that the Bauchi government made payments to firms and individuals, including those linked to terrorism. One of those individuals includes the national president of the Miyetti Allah Kautal Hore, Bello Bodejo. The group comprises Fulani herders-turned-political pressure group. Bodejo was arrested on January 23, 2024, by the Defence Intelligence Agency (DIA) for establishing an ethnic militia group, Kungiya Zaman Lafiya, although the police command in Nasarawa had declared that the group was not recognised as a vigilance group. However, in March 2024, the office of the Attorney General of the Federation (AGF) arraigned him before the Federal High Court, Abuja Division, on three counts of terrorism under the Terrorism (Prevention and Prohibition) Act, 2022. Bodejo, according to the charge, was also accused of providing material support, assistance and transportation for activities connected with acts of terrorism. Although he had applied for bail, the judge declined on the grounds of the severity of the charge. However, on May 30, 2024, the office of the AGF withdrew the charge against him without explanation. Seven months later, Bodejo was again arrested for undisclosed reasons by the military, which transferred him to the custody of the State Security Service (SSS). However, the High Court of the Federal Capital Territory (FCT) ordered his release from custody on December 30, 2024, following the challenge of his continued detention. It is this same Bodejo that the EFCC claimed received $2.3 million from the Bauchi government. The allegation was contained in a charge filed against Bauchi’s Commissioner for Finance, Yakubu Adamu and three others. The charge sheet marked FHC/ABJ/CR/705/2025 alleged that he conspired to provide funds in the aggregate sum of $2.3 million in cash for the benefit of Bello Bodejo and persons associated with him, pursuant to approval granted by the Bauchi governor. The other defendants, Balarabe Ilelah, Aminu Bose and Kabiru Mohammed are said to be civil servants and signatories to Bauchi State Government’s accounts and/or payment instruments. They were arraigned on December 30, 2025, on a 10-count criminal charge bordering on alleged terrorism to the tune of $9.7 million, preferred against them by the EFCC. Although they pleaded not guilty to all the counts, the trial judge refused to

Bauchi State Governor, Bala Mohammed grant them bail, owing to the gravity of the alleged offence. In his ruling delivered on January 5, 2026, Justice Emeka Nwite explained that terrorism-related offences threatened social order and that pre-trial release could endanger the public; hence, such bail cannot be granted. “I am not unmindful of the constitutional provision of Section 36(5), which provides that every person who is charged with a criminal offence shall be presumed innocent until he is proven guilty. But I must not hesitate to state that the said constitutional provision is not absolutely right,” the judge stated. He explained that, in considering the bail application, all factors must be taken into account, such as the nature of the offence, the nature of the evidence in support of it, and the severity of the punishment that conviction will entail. “Our criminal justice system has its stipulations and safeguards for the prosecutor, the accused and the victim. In the proper operation of that system, it can be said that it is in the interest of the society and with those safeguards that if an application for bail pending trial, there is a good reason to believe or strongly agree that the accused will not jump bail, thereby making himself available to stand his trial and /or will not interfere with witnesses thereby constituting an obstacle in the way of justice, the court will be acting within the undoubted discretion to grant bail. “I have carefully considered the affidavit evidence available before me at this point in time. And I have also considered the proof of evidence, especially the statement of Dan Lawan Abdulmumuni and other prosecution witnesses, together with the grave threat to national security and public safety this case poses. And I have also taking cognizance that terrorism related offences threatened social order and pre-trial release could endanger the public. “In my view, the prosecution/respondent has succeeded in raising a reasonable presumption of criminal responsibility on the part of the applicants (Adamu and co-defendants). In view of the foregoing, I am of the humble view, and I so hold that the interest of justice will be met by giving the matter an accelerated hearing. Consequently, the application

EFCC Chairman, Olanipekun Olukoyede is hereby refused,” the judge ruled. Among the evidence before the court are memos from Bauchi’s Accountant-General, Sa’idu Abubakar, and statements from individuals interviewed by EFCC investigators on various occasions. Abubakar had, in a memo to the Bauchi governor dated May 15, 2024, sought the approval for the “Regularisation of Commitments Under Security”. “Your Excellency, I respectfully wished to draw your attention to the urgent emergency security expenditures incurred as installed in the attached schedule of items 1-34. These expenditures are aligned with the cash flow projections earlier discussed with Your Excellency. In view of the above, I humbly request your Excellency’s approval to regularise the expenditures,” the memo stated in part. According to the schedule, Bodejo allegedly received $980,000 on February 7, 2024; $750,000 on March 3 and $500,000 on March 20. Similarly, another suspect, HCF Jalam, allegedly received $2 million on February 26 and 27, 2024. HCF Yakubu also got $2 million on April 4 and $1.5 million on May 4, and another individual, Usman, in the SSG’s office received $2 million on May 5, 2024. The total amount captured in the memo amounted to about $17 million and N75.2 million. Abubakar, in another memo dated July 20, 2022, had sought the governor’s approval to “leverage the existing Employees’ Loan Scheme window, alongside selected third-party arrangements, to finance activities that do not have adequate cash backing”. The accountant-general informed the governor that, “if approved, the implementation of this measure will be managed with utmost discretion and strict confidentiality”. Meanwhile, one of the prosecution witnesses, in a statement to the commission, gave a detailed account of how he handed over $2.3 million in cash to Bodejo at various locations in Abuja. The witness, Yakubu Dabo Takai, disclosed that he was “instructed” by Danlawan Abdulmunini, aka D. Nice, to collect U.S. dollars in cash from one Kabiru Muhammad of MAHR Multipurpose Ventures of Zone 4. He stated that the accumulated amount collected from Muhammad was $2.3 million in cash, adding, “I gave the said amount of $2.3 million in

cash to Bello Bodejo on the further instruction of Abdulmunini.” Takai claimed that he delivered $100,000 to Bodejo in cash at CT View Restaurant Zone 4, Abuja, on December 26, 2023 and another $980,000 at Bodejo’s residence in Brains and Hammers behind Old CBN Garki 2, Abuja, on February 7, 2024. The witness said he took $750,000 in cash to Bodejo at Wuse Zone 4, Abuja, on March 3, 2024, and $500,000 cash on March 20, 2024. “I didn’t know Bodejo before these transactions. I got to know him at the time when Abdulmunini gave me the instructions vide his phone registration Sim number. Regarding the finance commissioner, the witness disclosed that Abdulmunini called him to collect $6,965,000 from Yusuf Isa Haruna, adding that after collecting it in cash, he handed it over to the commissioner. According to him, he collected and handed over $2 million in cash to Adamu on July 25, 2024, at CT View Restaurant in Abuja and another $1.5 million at Amingo supermarket on May 27, 2024. On April 4, 2024, the witness disclosed that he collected another $2 million from Haruna and handed it to Adamu at CT View Restaurant, while the sum of $915,000 was collected and handed over to the Finance Commissioner at Asokoro on May 15, 2024. Similarly, he noted that on July 1, 2024, he collected from Haruna $200,000 and handed it to Adamu at the Federal Ministry of Finance, Abuja, while another $250,000 was collected on July 6, and delivered to the finance commissioner at the headquarters of the NNPCL, adding that $50,000 was collected on May 5, 2024, which was handed over to Adamu at Sahad Stores at the Central Business Area. However, the witness said, “There is no acknowledgment of receiving the above-stated amount from me by Bello Bodejo and Yakubu Adamu.” These claims, however, are part of what the court is expected to unravel when legal fireworks resume at the Federal High Court, Abuja Division. Justice Nwite had, on January 13, returned the case file to the chief judge of the court for reassignment since he had entertained the matter as a vacation judge.

FRIDAY, JANUARY 16, 2026 • THISDAY

NEWS

ANNUAL HOLY SPIRIT CAMPUS RALLY...

L R: General Overseer, Redeemed Christian Church of God, Pastor Enoch Adeboye; Deputy Vice Chancellor Administration, University of Ibadan, Prof. Peter Olapegba; and other ministers at the Annual Holy Spirit Campus Rally, University of Ibadan, on Wednesday

NJC Warns Judges Against Reckless Ex Parte Orders, Cautions Heads of Court on Case Assignments Reiterates zero tolerance for reckless ex parte orders

Wale Igbintade

The National Judicial Council (NJC) has reiterated a stern warning to judges across the country against the indiscriminate grant of ex parte orders, cautioning that the practice undermines due process and erodes public confidence in the judiciary. The warning formed part of the resolutions reached at the Council’s 110th meeting held on January 13,

2026, under the chairmanship of the Chief Justice of Nigeria, and was contained in a statement issued by the NJC on Tuesday. “The Council reiterated its earlier warning to judges against indiscriminate grant of ex parte orders,” the statement read. The Council also advised Heads of Court “to be circumspect in assigning complex matters to newly appointed judges.”

The NJC said the warning followed its review of petitions and disciplinary matters involving judicial officers nationwide, as well as deliberations on judicial appointments, retirements and other administrative issues. According to the Council, the directive was necessitated by recurring complaints arising from the misuse of ex parte orders, particularly in politically and commercially sensitive

cases. While stressing that ex parte orders remain an essential judicial tool in deserving circumstances, the NJC warned that such orders must be granted strictly in accordance with the law and applicable rules of court. It cautioned that abuse of the power exposes the judiciary to allegations of bias, forum shopping and loss of public trust. The Council also underscored the

responsibility of Heads of Court in case assignment, noting that complex and high-stakes matters should not be indiscriminately assigned to newly appointed judges without adequate experience, as such decisions could affect the quality of justice delivery and the integrity of judicial outcomes. The warning came against the backdrop of the Council’s review of 39 petitions against judicial officers across the federation. Of the number,

NPAN Mourns Passing of Veteran Journalist, Yakubu Mohammed Mohammed Haruna says deceased lived honest, simple life

Emmanuel Addeh in Abuja

The Newspaper Proprietors’ Association of Nigeria (NPAN) has mourned the death of Yakubu Mohammed, a co-founder of Newswatch magazine and its former deputy chief executive officer, describing his passing as a major loss to Nigerian journalism. Mohammed died at the age of 75 after a brief illness, according to a statement issued by the association and signed by its General Secretary, Angela Emuwa. NPAN said it was deeply saddened by the death and extended condolences to his family, colleagues, friends and the wider media community. The association described Mohammed as a towering figure in Nigerian journalism who devoted his life to the pursuit of truth and the advancement of the profession. It noted that as one

of the founding fathers of Newswatch magazine, alongside the late Dele Giwa, Ray Ekpu and the late Dan Agbese, Mohammed played a central role in shaping investigative journalism in Nigeria. “The leadership and members of the Newspaper Proprietors’ Association of Nigeria NPAN) are deeply saddened to announce the passing of Yakubu Mohammed, a co-founder of Newswatch magazine and its former deputy chief executive officer, who died at the age of 75 after a brief illness. “We mourn the loss of a stalwart of Nigerian journalism who dedicated his life to the pursuit of truth and the advancement of the profession. As one of the founding fathers of Newswatch-alongside the late Dele Giwa, Ray Ekpu, and the late Dan Agbese-Yakubu Mohammed was instrumental in birthing a new era

of investigative journalism in Nigeria. “In 1984, during an era defined by military oversight, he helped build a platform that gave a fearless voice to the Nigerian people and set a gold standard for editorial excellence. Yakubu Mohammed was an icon of investigative journalism, and his contributions to the Nigerian media landscape will be forever remembered,” the statement added. NPAN said Mohammed was instrumental in building the magazine into a publication that gave voice to the Nigerian public and set a benchmark for journalistic excellence at a time when press freedom was under severe pressure. Beyond his editorial and managerial roles, Mohammed was widely regarded as an icon of investigative journalism whose influence extended across generations of reporters and

AMVCA 2026: A Call to Action for African Storytellers Mary Nnah The 12th Africa Magic Viewers’ Choice Awards (AMVCA) is set to ignite the African film and television industry once again, with the official call for entries now open. As of Sunday, January 11, 2026, filmmakers and content creators across the continent can submit their work for consideration in the most prestigious awards platform

in Africa. Africa Magic, in partnership with MultiChoice, a Canal+ company, is calling on the continent’s most talented storytellers to showcase their skills and compete for the top prizes. The organisers in a press release made available to THISDAY yesterday, noted this year’s edition promises to be bigger and better, with 32 award categories, including 18 jury-decided categories and 11

audience-voted categories. The AMVCA’s commitment to Pan-Africanism, cultural preservation, and equitable representation is evident in the expansion of the Indigenous Language categories to include Best Indigenous Language – North Africa and Best Indigenous Language – Central Africa. The inclusion of these categories is a significant step towards promoting Africa’s diverse languages and cultures.

editors. His contributions, NPAN said, would remain an enduring part of Nigeria’s media history. NPAN noted with sadness that Mohammed’s death comes barely two months after the passing of Dan Agbese, his long-time colleague and fellow Newswatch co-founder. The association said the successive losses have created a significant void in the Nigerian journalism community and called for their legacies to serve as inspiration to younger journalists. On behalf of its members, NPAN extended condolences to the Mohammed family, the government and people of Kogi State, Newswatch co-founder Ray Ekpu, former Newswatch Editorin-Chief Soji Akinrinade, as well as the Nigerian Guild of Editors (NGE)

The late Yakubu Mohammed

and the Nigerian Union of Journalists (NUJ). The association prayed for the repose of Mohammed’s soul and for strength for his family and loved ones to bear what it described as a monumental loss.

26 petitions were dismissed for lack of merit, seven were recommended for further investigation, while two judicial officers were cautioned. The NJC recalled that it has, in the past, sanctioned judges who failed to exercise proper discretion in granting ex parte orders, which are made without hearing the other party to a suit. The latest development has reignited calls for stiffer sanctions against judges found to have abused their judicial discretion by granting frivolous ex parte injunctions. Concerns over the spate of conflicting ex parte orders came to the fore in 2021, when the then Chief Justice of Nigeria, the late Justice Ibrahim Tanko Muhammad, summoned Chief Judges of the Federal Capital Territory, Rivers, Kebbi, Cross River, Jigawa, Anambra and Imo states for an urgent meeting. At the meeting held on September 6, 2021, Justice Muhammad warned against reckless assumption of jurisdiction in matters already before other courts, cautioned against forum shopping, and advised Heads of Court against assigning complex cases to inexperienced and newly appointed judges. He vowed that the judiciary would no longer tolerate indiscipline or allow any judge to tarnish its image, assuring that judges involved in granting conflicting ex parte orders would face disciplinary action.

Rights Groups Condemn Demolition of Makoko, Call for Immediate Halt

Michael Olugbode in Abuja

A coalition of national and international human rights, environmental, and social justice organisations has condemned what they describe as the “violent and unlawful” demolition of Makoko, a historic waterfront fishing community along the Lagos Lagoon. In a joint statement released, the groups alleged that demolition activities began on January 5, 2026, and have continued despite outcry from residents and civil society

actors. According to the organisations, government-backed demolition teams have destroyed homes, schools, health facilities, and religious buildings, leaving hundreds of families without shelter. Eyewitness accounts cited in the statement claim that security personnel accompanying the demolition teams used tear gas and excessive force against residents, including women, children, and elderly persons. Displaced families are report-

edly sleeping in boats, churches, and open spaces along the lagoon as they struggle to find temporary refuge. The coalition further noted that Makoko is not an isolated case. Over the past year, thousands of residents across several Lagos waterfront and informal communities—including Oko-Baba, Ayetoro, Otumara, Baba-Ijora, Oworonshoki, and Precious Seeds - have faced similar evictions. In many cases, demolitions were carried out without prior notice, consultation, or resettlement plans.

THISDAY • FRIDAY, JANUARY 16, 2026

NEWS

BARAU RECEIVES ATIKU’S SON TO APC...

L R: Deputy President of the Senate, Senator Barau Jibrin welcomes the son of former Vice President, Atiku Abubakar, Abba, to the APC. With them is the North East Zonal Vice Chairman of the APC, Comrade Mustapha Salihu, yesterday Photo: DPS Media Office.

ADC Primary: Atiku Doesn’t Have Dollars to Bribe Delegates, Declares Dele Momodu Chuks Okocha in Abuja A chieftain of the African Democratic Congress (ADC), Bashorun Dele Momodu, has dismissed concerns that a former Vice President, Atiku Abubakar, would use money to unduly influence the party’s presidential primary. Publisher of Ovation Magazine made this known

yesterday during an interview on Channels Television’s ‘Morning Brief’ programme while addressing questions about how the party would manage the presidential ambitions of its top chieftains ahead of the party’s primary election. Momodu clarified that campaign funding should not be confused with bribery, explaining that money was

needed for legitimate campaign logistics and election day operations. “It’s not just about money. When we talk about money, there are logistics. We’re not talking about bribing,” Momodu said. The ADC chieftain cited the 2024 United States presidential election as an example, noting that substantial campaign funds

do not guarantee victory. “Even in America, Kamala Harris outperformed Donald Trump in terms of raising funds. She had over a billion dollars to spend. She still didn’t win,” he stated. Momodu explained the practical uses of campaign funds, emphasising election security rather than delegate inducement.

“You need, for example, on the day of the general elections, you need to make sure that you can manage every polling booth. Make sure nobody can rewrite your votes, nobody can steal your votes. That’s what we mean by money,” he said. Addressing speculation about Atiku’s financial capacity, Momodu noted that the former vice president did not control

TINUBU: WE’LL NEVER FORGET THOSE WHO SACRIFICED EVERYTHING FOR OUR COUNTRY

In a message shared on his X account on Thursday to mark Armed Forces Remembrance Day, Obi said the annual event offered Nigerians an opportunity to recommit themselves to building a country worthy of the sacrifices made by its heroes. He stated that the true resting place of a soldier was not in the grave but in the hearts and minds of the people they protected. “A soldier’s true grave is not in the earth, but in the hearts and minds of those they protected, those who slept peacefully while their heroes stood guard,” Obi wrote. Obi added that the most meaningful way to honour the fallen was living lives that promoted peace and progress, and providing leadership that gave hope to the hopeless. He also acknowledged the pain endured by the families of fallen servicemen and women, describing the day as a reminder of “an empty chair and a voice that is no longer heard”. He assured them that the sacrifices of their loved ones were not in vain. Obi offered prayers for the fallen heroes, saying, “God bless our fallen heroes, and may their souls continue to rest in eternal honour.”

ADC Faults Tinubu’s Absence on Armed Forces Remembrance Day, Salutes Fallen Heroes

African Democratic Congress (ADC) faulted President Bola Tinubu’s absence from the

national ceremo-nies marking Armed Forces Day, at a time of deepening insecurity. ADC, however, joined Nigerians in marking the 2026 Armed Forces Remembrance Day, honouring fallen and serving members of the Nigerian Armed Forces. The party said the president’s absence on a day dedicated to national reflection and solidarity with troops and military families was troubling. It said the presence of the Commander-in-Chief carried moral and symbolic weight for soldiers on the frontlines. The position was contained in a statement by National Publicity Secretary of ADC, Bolaji Abdullahi. ADC said Armed Forces Remembrance Day was not merely ceremonial, but a moment that demanded visible leadership and shared national grief, especially as security personnel confronted multiple threats across the country. The statement said, “Today, the African Democratic Congress (ADC) joins Nigerians, especially our military families, in commemorating the 2026 Armed Forces Remembrance Day, a day set aside to honour the courage, sacrifice, and patriotism of the men and women who have laid down their lives in defence of our nation. “This is ordinarily a solemn national moment, one that demands presence, reflection, and leadership at the highest level. “It is, therefore, deeply troubling that the President of the Federal Republic is absent and unavailable on a day meant to symbolise solidarity with our armed forces

and the families who continue to bear the cost of Nigeria’s security failures.” ADC decried the pressures faced by the military, stressing that soldiers remain overstretched while confronting insurgency, banditry, and violent crime in several parts of the country.

PDP: May Their Deaths Not Be in Vain

National Chairman of Peoples Democratic Party (PDP), Taminu Turaki, SAN, prayed that the deaths of members of the Nigerian armed forces would never be in vain. In a statement, Turaki said, ‘’We convey our deepest condolences to the families of members of the Armed Forces who died in active service while executing their mandate of protecting the territorial integrity and sovereignty of our country. ‘’We use this opportunity to demand improved welfare packages for members of the Armed Forces and all members of the security and intelligence community, to help them better discharge their assigned roles.” He added, “We also urge the Federal Government to adequately fund the security agencies to effectively neutralise the agents of insecurity and restore peace and security to our country. “On a day like this, we acknowledge that they paid the supreme price for the continuous existence of our country. ‘’We advise all actors, whether

state or non-state, not to engage in actions capable of destabilising the country. “In honour of those who have died to keep our country safe, we pray that their deaths may not be in vain and their labours not be forgotten.’’

Sanwo-Olu Pledges Unwavering Support

Lagos State Governor, Mr. Babajide Sanwo-Olu, assured members of the Nigerian Armed Forces of his administration’s unwavering support in their quest to safeguard and protect the sovereignty of the country. Sanwo-Olu, who was represented by the deputy governor, Dr. Kadri Obafemi Hamzat, gave the assurance during the parade and laying of wreaths ceremony in commemoration of the 2026 Armed Forces Celebration and Remembrance Day, held at Remembrance Arcade, Tafawa Balewa Square (TBS), Lagos. Sanwo-Olu said the Lagos State government’s commitment to supporting the families of fallen heroes was never in doubt, adding that Nigerian governments and the people would always remember their sacrifices. He stated that personnel of the Nigerian Armed Forces risked their lives to ensure the safety of life and property, hence, the need for the federal and state governments to reciprocate by providing necessary support. The governor stated, “Today, we are doing the Armed Forces

celebration and Remembrance Day to honour and encourage our military officials, as well as to remember our fallen heroes and to pray for them. “And to let them know that their sacrifices have never been in vain. This is just to show them that the nation is behind them and that we will do everything that it takes to always support them.”

Abiodun Reiterates Support for Families of Fallen Heroes

Ogun State Governor, Dapo Abiodun, reiterated his administration’s commitment to improving the welfare of families of deceased soldiers, who paid the supreme price in the service of the nation. Abiodun stated this during the special parade and wreath-laying ceremony to commemorate the 2026 Armed Forces Remembrance Day, held at Arcade Ground, Governor’s Office, Oke-Mosan, Abeokuta. Abiodun also pledged the continued support of his administration for veterans of the Nigerian Army in recognition of their selfless service to the country. Represented by his deputy, Mrs Noimot Salako-Oyedele, the governor said fallen heroes and war veterans deserved to be honoured. He said the peace and unity currently enjoyed in the country were products of their patriotism and sacrifice. The governor said the annual Armed Forces Remembrance Day celebration was one of the ways government honoured heroes past, despite the security challenges

state resources like some other political figures. “Atiku is a business man. He has been a business man since he left power in 2007. He does not control any state in Nigeria,” he remarked. Asiwaju controls at least Lagos. I don’t know other states he controls personally, and he can do and undo. Wike controls Rivers,” he added. confronting the country. He stated, “I commend the gallant officers and men of the Nigerian Army. Your professionalism, discipline and commitment to duty continue to underpin the peace and stability we enjoy in Ogun State and across the country. We do not take your sacrifices for granted.”

Makinde: We’ll Further Strengthen Oyo’s Security Architecture

Oyo State Governor, ’Seyi Makinde, yesterday, assured residents that his administration would make more efforts to strengthen the security architecture of the state to ensure that every space of the state was secure. Makinde stated this at the grand finale and laying of wreaths of the 2026 Armed Forces Celebration and Remembrance Day, held at the Lekan Salami Sports Complex, Adamasingba, Ibadan. He expressed appreciation to the officers and men of the armed forces for securing the state, urging them not to relent in their efforts. The governor commended the efforts of security operatives in sustaining the relative peace and harmony in the state and across the country, assuring residents that his administration’s commitment to securing lives would receive further boost. He also hinted that plans were afoot to set up a welfare scheme for families of the five forest guards killed recently at the Oloka Village axis of old Oyo National Park, in Oriire Local Government Area of Continued on page 37

FRIDAY, JANUARY 16, 2026 • THISDAY

NEWS

TRANSPORTATION RESEARCH BOARD (TRB) ANNUAL MEETING...

L-R: Director General, Nigerian Building and Road Research Institute, Prof. Samson Duna; Corps Marshal, Federal Road Safety Corps, Shehu Mohammed; Executive Director, Transportation Research Board, Victoria Sheehan; President, Insurance Institute for Highway Safety/recipient of this year’s award on safety, David Harkey; and Deputy Chairman, House Committee on Road Safety, Hon Mansur Jega, during the 2026 Transportation Research Board annual meeting in Washington, USA... recently. PHOTO: FRSC

Defence Minister: Nigeria Must Collaborate with Neighbours to Defeat Terrorism Highlights governance, social crises as key drivers of insecurity

Nume Ekeghe The Minister of Defence, Gen. Christopher Musa, has reiterated that Nigeria must strengthen collaboration with its neighbours to effectively tackle terrorism, warning that insecurity in the country is not solely a military problem but a broader governance, intelligence, and social crises issue. Speaking on ARISE Prime Time yesterday, Musa emphasised the multidimensional nature of Nigeria’s security challenges, insisting that the kinetic approach alone cannot solve all the challenges. “The kinetic aspects cannot solve all the problems. It will only provide

an enabling environment for all other aspects to take place. And I think that’s very critical. You know, we mentioned the issue of our borders,” he said. The minister highlighted the importance of regional cooperation, noting that Nigeria’s neighbours are facing similar security threats. “Efforts have been made, and that’s why we are going to extend more with our relationship with Niger, Chad, Cameroon, and Benin Republic now, because they are equally beginning to face a similar issue,” Musa said. He added that Nigeria’s security challenge is part of a global phenomenon, drawing parallels with the fight against ISIS and ongoing crises

in Mozambique, Burkina Faso, and Mali. “It is something that we all must come together to work against what’s going on now,” he stressed. Musa also addressed reports of potential US military involvement in Nigeria, dismissing claims of imminent attacks as exaggerated while reaffirming the country’s sovereignty. “Well, somehow, I think the reports were overblown. There’s nothing happening like guns ablazing. Nigeria is a sovereign country. “Whatever we did, whatever happened, or whatever is going to happen, we have that collaboration, working together jointly. I can tell Nigerians clearly that whatever it is that Americans are doing in Nigeria,

always going to do in Nigeria. We have to be together, discuss, plan, execute together. No country will just fly into Nigeria and do whatever it feels like. They know it won’t happen that way,” he said. On domestic stability, Musa reiter-

reforms, he warned that pro-cyclical spending, especially in the build-up to elections, could reverse gains achieved by the federal government and key economic managers, including the finance minister and CBN Governor. Ebeke said, “Government intervention in controlling prices and volumes is no longer sustainable for Nigeria. The objective going forward must be to stay the course on both fiscal and monetary policy.” He added, “There is still what I would describe as unfinished business. Inflation remains in double digits, and while the deputy governor will speak more on this, it is clear that the job is not yet done. “In my view, Nigeria currently faces two key risks. The first is the risk of complacency—of believing that the job is already done. This risk is not necessarily at the federal level; I see it more at the subnational level. “Fiscal space has increased significantly for states, and in a pre-election year, the temptation towards pro-cyclical fiscal policy becomes a very acute risk. “That could easily undo the gains achieved by the minister of finance, the central bank governor, and other members of the economic team.” Ebeke said, “The second risk is what we refer to as home-grown volatility. This is self-inflicted—policy mistakes that introduce unnecessary pain into the system. “A return to exchange rate controls, for example, would be a major mistake at this point. It would deplete

reserves, distort market signals, and negatively impact market confidence. In short, Nigeria is facing difficult policy trade-offs.” CBN’s deputy governor (economic policy) said the recapitalisation exercise was designed to create a more resilient banking system capable of supporting Nigeria’s ambition of becoming a trillion-dollar economy, particularly through improved access to credit for SMEs and growth-critical sectors. Abdullahi, speaking on a panel, stated, “At the inception of the capitalisation programme, the major focus is how do we ensure that we have stronger banks that can support our drive towards a trillion-dollar economy. And the only way to get there is through the credit-review sector, to SMEs, to businesses that require funding at good rates. “So, as we close up towards March, I mean, the efforts have been quite impressive. We have about 20 banks that have already met it. A number of banks are meeting it every day.” He explained that much of the intervention-style financing previously undertaken by the CBN was essentially fiscal in nature and not sustainable as a permanent monetary policy tool. As a result, Abdullahi said CBN had held deep consultations with Ministry of Finance to reposition development finance within a broader growth strategy, with fiscal authorities taking the lead going forward.

of committing a career-like coup as something in Nigeria. We must all put hands together to support the democratic norms in place. We must continue to work hard to make Nigeria peaceful and secure for all Nigerians,” he said.

Adeleke Salutes Ex-Gov, Bisi Akande, at 87 Says he’s a statesman with distinction

Yinka Kolawole in Osogbo Osun State Government has congratulated a former governor and National leader of the All Progressives Congress (APC), Chief

EDUN: FG ACHIEVED 85% CAPITAL EXPENDITURE EXECUTION IN 2024, PUSHES GLOBAL COMPETITIVENESS

budget, tagged Budget of Consolidation, Renewed Resilience and Shared Prosperity, was designed to convert macroeconomic stability into tangible benefits for citizens. Edun explained, “After two years or so of implementing what we all agree are transformative and-politically difficult reforms, this administration has delivered what I would say is significant macroeconomic stabilisation. “When you look at the growth trajectory and at the success in terms of the monetary aggregates we are now at the threshold of stabilisation, consolidation. “But it is a phase that demands resolve, discipline and policy consistency as we go forward, and the central message is that Nigeria cannot afford to pause, cannot afford to retreat, cannot afford to sleep, and that is a big undertaking. “And success will determine whether stability is converted into sustained growth, whether growth delivers productive jobs and whether poverty is reduced at scale. “So, we need to position the Nigerian economy as a competitive regional and global player capable of feeding itself, housing itself, and, of course, powering the Nigerian economy.” On his part, Ebeke identified complacency as one of the most immediate risks facing the economy, particularly at the subnational level. With state governments enjoying improved fiscal space following recent

ated the importance of democracy as a safeguard against military interventions. “First and foremost, to know that coup is wrong. Nobody should ever have that in mind. “Nigeria should do it from now onward. Nobody should ever think

According to him, CBN and Ministry of Finance have been working on a new definition of growth strategy. “Now, we’ve done a lot of work in that space to understand what are the links in the development finance.,” he said. Abdullahi stated, “Nigeria needs about N230 trillion in terms of development finance for various sectors. The capitalisation on average for all of the development finance institutions combined is not up to N9 trillion. So, there’s a huge gap in terms of that. “So how do we crowd in private sector capital globally and domestically? How do we ensure that when that capital comes in that it’s used efficiently, that people don’t deploy it to other uses?” The CBN deputy governor said, “So, we’ve done a lot of work on it, and the fiscal will be leading on this going forward. And then to see that as much as possible we’re able to crowd in finance from global partners and global investors, but also domestically to rechannel it. “And then there’s a clear programme to then see how do we correct the incentives in each of the DFIs to ensure that when people give up money it’s not seen as government money that should just be wasted. “So, there’s a lot of work in the background for that, and we are hoping that over the next few months we’ll see some movement in that space.”

Abdulkareem Adebisi Akande on his 87th birthday. A statement by the Governor described the octogenarian as a blessing not just to Osun State but to Nigeria at large. According to Adeleke, Akande was living on the positive side of history as one of the leaders who invested their energy, time, and resources in national development. The governor noted how Akande constructed the Osun State Government Secretariat between 1999 and 2003 when he was governor of Osun State. “Chief Bisi Akande is a seasoned politician and statesman. He has

served Nigeria with distinction in various capacities. He has his name written in gold on the formation of credible opposition with the birth of the then Alliance for Democracy (AD) which later metamorphosed into Action Congress (AC), Action Congress of Nigeria (ACN), and later the All Progressives Congress APC which is now the ruling party in Nigeria,” he said. While praying to God to spare the life of Akande with sound health, the governor noted that Baba Akande was a reservoir of knowledge on Public administration, political development, and regional development.

ATIKU’S SON DEFECTS TO APC, VOWS TO MOBILISE FOR TINUBU’S RE-ELECTION are neither unusual nor alarming, his decision as a return home. “Just like Atiku, Tinubu is also even when family and politics your father. Your decision is like intersect. “As a democrat, I do not coerce coming back home. You and your coordinators have a future in this my own children in matters of conscience, and I certainly will party,” Abdullahi said. Kano State Coordinator of Haske not coerce Nigerians. “What truly concerns me is the Atiku Organisation, Hon. Mubarak Musa, speaking on behalf of the poor governance of the APC and group, described the defection as the severe economic and social strategic. Musa stated that their hardships it has imposed on our political activities would henceforth people. “I remain resolute in workbe coordinated through the deputy senate president. ing with like-minded patriots He said, “We worked tirelessly to restore good governance for our former platform. We will and offer Nigerians a credible now double our efforts and deliver alternative that brings relief, hope, for the APC in 2027.” and progress.” Musa described Jibrin as their The high point of the event at political leader and a stabilising the National Assembly complex force in the north. was the formal renaming of Abba’s However, reacting to his son’s political platform, from Haske defection to APC, Atiku stated on Atiku Organisation to Haske Bola his Facebook page, “The decision Tinubu Organisation, signalling of my son, Abba Abubakar, to a complete realignment of its join the APC is entirely personal. structure and mission in support “In a democracy, such choices of Tinubu’s re-election bid.

THISDAY • FRIDAY, JANUARY 16, 2026

NEWS

HONOURING THE FALLEN HEROES...

Governor of Enugu State, Dr. Peter Mbah, lays a wreath at a cenotaph in honour of the nation’s fallen heroes during the 2026 Armed Forces Remembrance Day ceremony at Okpara Square, Enugu, yesterday

TINUBU: WE’LL NEVER FORGET THOSE WHO SACRIFICED EVERYTHING FOR OUR COUNTRY the state. The governor assured the armed forces that his administration would continue to remember and support maimed soldiers, widows, orphans, and other dependants of the fallen heroes, because they paid the ultimate price to keep the country safe and secure. He said, “I can only say thank you to the officers and men of the Nigeria Armed Forces. This is a challenging time for us as a nation. We are still dealing with all sorts of security challenges and they have been trying their best. “We have asked them to do a lot more with very little resources and they have been doing their bit. I want to urge them not to relent. I want to say that for us, as a government, we will continue to give the necessary support to ensure that it is not a hardship posting for them.” Makinde stated, “For Oyo State, a few days back, we had an incident at the Old Oyo National Park where some forest guards were killed. We commiserate with their families and we will do our best to ensure that they are looked after. It is not time to play the blame game. “We won’t leave any stone unturned until we keep every inch of space and land in Oyo State safe and secure.”

Fubara Lauds Tinubu’s Commitment to Security, Directs Employment of Fallen Soldiers’ Children

Rivers State Governor, Siminalayi Fubara, commended President Bola Tinubu for his commitment to strengthening the military, improving personnel welfare, and addressing Nigeria’s internal security challenges. Fubara ordered the immediate employment of children of fallen servicemen in the state as part of activities marking the 2026 Armed Forces Celebration and Remembrance Day. The governor gave the directive during the Armed Forces Remembrance ceremony at Government House, Port Harcourt. Fubara said the decision reflected the state government’s commitment to supporting the armed forces, other security agencies, and the families of fallen heroes. He stressed that the government would continue to work closely with military formations in the state, providing logistical and welfare support to enhance their effectiveness. The governor disclosed that Secretary to the State Government, Dr Benibo Anabraba, had been

given a clear mandate to ensure the immediate implementation of the employment directive for the beneficiaries. He said the move was aimed at providing direct socio-economic support to the families of deceased servicemen and improving the welfare of members of the Nigerian Legion and their dependents.

Alia Seeks Support for Military Families

Governor Hyacinth Alia joined senior military and security commanders to lay wreaths at the Tomb of the Unknown Soldier at the IBB Square, Makurdi. The ceremony, held in honour of Nigeria’s fallen heroes, was marked by deep reflection on courage, sacrifice, and national unity. Addressing attendees, Alia described the occasion as a moment of collective memory and responsibility. He said the ceremony went beyond protocol to reaffirm the state’s gratitude to those who stood between the nation and danger. The governor said the wreathlaying symbolised a clear message that the sacrifices of the armed forces will never be forgotten. He stated that while the 2026 celebration formally ended with the ceremony, the spirit of remembrance must continue to guide governance, community relations, and individual conduct. Alia paid tribute to service members who returned with physical and emotional scars, as well as those who paid the ultimate price. He acknowledged the enduring pain borne by the families of fallen heroes, assuring them that their sacrifices are permanently etched into the history of Benue State and Nigeria at large. He emphasised that unity remained the most powerful lesson drawn from the lives of fallen soldiers, pointing out that they served as one despite differences in faith, ethnicity, and background. The governor urged citizens to reject violence and division, and choose dialogue, cooperation, and a shared sense of nationhood.

Mbah: For Sustained Peace, Security, We Must Learn from Scars of Nigeria’s History

Enugu State Governor, Peter Mbah, urged Nigerians to learn from the scars of division and internal conflicts associated with the nation’s history in order to build a more united and secure society. Mbah made the call at the 2026

Armed Forces Remembrance Day and Wreath-Laying ceremony at Okpara Square, Enugu. He said “peace and safety must be protected by restraint, dialogue, and shared responsibility”. Mbah stated that imbibing the sad lessons of the ugly past would help in checking any tendency that could spark conflict, as “peace and security are sustained by a mindset that understands the value of prevention”. He stated, “Our history carries the scars of division. From the Civil War of the late 1960s to later internal conflicts, we have learned, at great human cost, what happens when unity fractures and lives become casualties of discord. “That history reminds us that progress is never guaranteed, and that peace and safety must be protected by restraint, dialogue, and shared responsibility.” The governor used the occasion to reaffirm the commitment of his administration to sustain support for Nigerian Armed Forces personnel and their families. He said, “This support goes beyond ceremony. It is reflected in practical care, in advocacy, and in partnership with the Federal Government to ensure that those who serve, and those who have served, are treated with respect and care.” According to him, January 15 of every year has become “a solemn day when Nigerians must pause, reflect deeply, and acknowledge the price paid by the nation’s heroes so that other citizens may live in safe-ty. “On this day of remembrance, we honour those families who continue to carry their memory. And we recommit ourselves to the values for which they served: unity, discipline, service, and respect for human life.”

Bago Seeks Support for Fallen Heroes’ Families

Niger State Governor, Alhaji Mohammed Bago, called on Nigerians to continue to support the Nigerian Army and the families of the fallen heroes. Bago made the call at the 2026 Armed Forces Celebration and Remembrance and Wreath-Laying Ceremony in Minna, the state capital. He stated that military personnel had made significant efforts to keep the security and sovereignty of the nation. He said many of them had paid the supreme price, while some of the survivors were incapacitated.

“It’s a clarion call for everybody in Nigeria to support the families of the fallen heroes, we should do whatever we can as a government and as individuals to continue to support them and their children,” Bago said,

You’re Epitome of Patriotism, Courage, Oyebanji Salutes Nigerian Soldiers

Ekiti State Governor, Biodun Oyebanji, saluted the men and officers of the Nigerian Army as exemplars of patriotism and courage with the sacrificial way they defended the territorial integrity of the country at the expense of their lives. Oyebanji commended Tinubu for siting 148 Army Battalion Base in Ekiti to reinforce security, describing this as a gesture well acknowledged and respected by the citizens. The governor spoke during the grand finale of the 2026 edition of the Armed Forces Remembrance and Celebration Day, held at Ekitiparapo Pavilion, Ado Ekiti, the Ekiti State capital. The military ceremony featured parade by officers and men of the Nigerian Army, inspection of the guard of honour by the governor and laying of wreaths by high ranking figures to venerate the memories of the departed soldiers. Oyebanji, represented by his deputy, Chief (Mrs) Monisade Afuye, said the celebration should not be the end of Nigerians’ respect and veneration for the war generals, veterans and the dead soldiers , who fought gallantly and paid the ultimate price to make the country an indissoluble entity. Going down memory lane, Oyebanji contextualised Nigerian Army’s act of unmatched patriotism from the way they fought vehemently during the civil war that ended in 1970 and the multifaceted fights they were still executing to foster peace and unity among Nigerians.

Otti: Abia Has Moved from Anxiety to Haven

Abia State Governor, Alex Otti, commended members of the armed forces and other security agencies for the improved security situation in the state, which had also rubbed off on the economic and social stability of the state. Otti made the commendation at the Major-General Aguiyi Ironsi Cenotaph in Umuahia on Thursday, during the 2026 Armed Forces

Remembrance Day. Otti stated that the enviable role of security agencies in restoring peace and stability across Abia had moved the state from the position of anxiety to that of haven. He attributed the improved security situation in the state to sustained collaboration between the government and security agencies. The governor stressed that the progress recorded could not have been achieved without the dedication and sacrifices of security personnel deployed across the state. He stated, “In Abia, we are grateful to members of the Armed Forces for their enduring commitment to peace and security in our community. “Abia has moved quickly from the anxiety of the last few years to assume a new identity as one of the safest destinations to live and travel to. “This could not have happened without the commitment of our partners in the various security establishments.”

Sani: Americans Can’t Solve Our Security Problems

Senator Shehu Sani warned that the United States could not be relied upon to tackle the surging banditry and terrorism tearing the country apart. Sani spoke yesterday at Mamman Vatsa Village, Abuja, during the launch of a book, “The Perilous Path to Europe,” and a stage play production, “The Village and the Vigilante.” He urged the people under the siege of banditry in northern Nigeria to be organised to confront terrorism and the reality of danger threatening their lives. Sani said the stage play was to demonstrate that the traumatised communities could defeat the bandits invading schools and kidnapping students, and holding the country to a ransom. He stated, “We are a nation of 230 million people, and if you put the summation of all these bandits and terrorists, they are not more than 5,000. People should be encouraged, people should be conscientised, people should be mobilised to stand in the defence of their freedom, and to stand in defence of their dignity and sanctity as human beings. “Your security, your peace and your survival is dependent not just on what the government can do, but how you are able to organize yourself within your own locality and standing up to these bandits

and terrorists. “I can assure you that if people are united and enlightened and supported by state apparatus, they can defeat those who feel that they own the land and can use the force of arms to subdue everyone.”

Northern Group Reviews Tinubu’s Performance, Commends Efforts in Security

A northern group, under the aegis of Public Enlightenment Movement Project, acknowledged President Bola Tinubu’s commitment to addressing the current spate of security challenges facing the region. The group, led by Nuhu Abdullahi, reviewed the two-year performance of the present administra-tion yesterday in Kano, stating that the federal government’s efforts so far are a step in the right direction. Speaking with newsmen shortly after the programme, Abdullahi cited the example of once-dangerous highways, such as the Kaduna-Abuja road, Binin-Gwari/Kaduna, which were now safer for night travel due to the neutralisation of key terrorist leaders and improved security operations. The group’s leader also praised the government’s infrastructure development initiatives, citing improvements in road networks, including the Adamawa-Fufore-Cameroon road, the Minna-Kontagora road, and the long-delayed Dikko Junction road, now nearing completion, as well as the overhead bridge leading into Minna town. He added that in the health sector, important interventions were being made under Tinubu, including renewed federal support for the Sir Patrick Ibrahim Yakowa Memorial Teaching Hospital and the expansion of the Modibbo Adama University Teaching Hospital in Yola. He said, “President Bola Ahmed Tinubu’s commitment to completing inherited infrastructure and strengthening national transportation networks is commendable. “This phase continues to provide factual information on national developments and initiatives under President Bola Ahmed Tinubu, helping citizens remain informed and engaged in the nation’s progress. “In education, reforms such as the conversion of the Federal College of Education, Zaria, into the Federal University of Education, Zaria, alongside plans to establish the Federal University of Applied Sciences in Kachia, are strengthening skills-based and technical education.”

FRIday january 16, 2026 • T H i s d ay

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COURTESY VISIT...

Governor Bassey Otu of Cross River State(right), in a handshake with the Chief of Naval Staff, Vice Admiral Idi Abbas, during a courtesy visit to governor in Calabar...recently

PANDEF Committee: Rivers Political Crisis ‘ll Be Resolved Amicably Chuks Okocha in Abuja

The Pan-Niger Delta Forum (PANDEF) Reconciliation Committee on Rivers State Political Crisis, has assured the people that the matter would soon be amicably resolved to guarantee peace and harmony among parties involved. The committee therefore, appealed for peace, insisting that the lingering political imbroglio in the state poses a serious threat not only to Rivers State but to national

CHANGE OF NAME

I, formally known and addressed as Azimeye Innocent Oshomah now wish to be known and addressed as Oshogwemoh Innocent Oshomah.

All former documents remain valid. The general public should please take note

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I formerly known and addressed as Eniola Temitope Asala, now wish to be known and addressed as Eniola Temitope Ahmed. All former documents remain valid. The general public should please take note. I formerly known and addressed as GODWIN MIRACLE, now wish to be known and addressed as ALABI GODWIN MIRACLE. All former documents remain valid. The general public should please take note.

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CORRECTION OF NAME

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stability and democratic conscience. The Chairman of the committee and former Attorney-General of the Federation and Minister of Justice, Chief Godwin Kanu Agabi, SAN, gave the assurance during the formal inauguration of the committee in Port Harcourt. Rivers State has in recent months been gripped by a seemingly intractable political face-off involving Governor Siminalayi Fubara, on one side and

APC E-Registration Not LP’s Concern, Says Ogun Senator James Sowole in Abeokuta The Chairman, Senate Committee on ICT and Cyber Security, Senator, Shuaib Afolabi Salisu, has slammed the Labour Party (LP) over the insinuation that the All Progressives Congress (APC) ongoing digital membership registration exercise is fraudulent. The senator described the LP’s claims on APC exercise as baseless and politically motivated. Salisu said such accusations can only be made by those who are directly involved in the process, noting that the LP is not a participant in the exercise. Salisu, who stated this while speaking with journalists, after he kick-started the e-registration of the APC at his Opeji Ward, in Odeda Local Government Area of Ogun State, argued that rather than making reckless allegations, the LP should concentrate on resolving its internal challenges and clarifying its leadership structure. He questioned whether the party currently functions as a cohesive political organization, pointing to persistent divisions and factional disputes within its ranks.

the Minister of the Federal Capital Territory (FCT) and former Governor Nyesom Wike, with the Rivers State House of Assembly on the other side.

The crisis, marked by legislative paralysis, rival power centres, and open political confrontation, has generated widespread national concern and

prompted PANDEF—the umbrella socio-political organisation of the SouthSouth—to intervene through a high-powered reconciliation committee.

In his key note address during the inauguration, Chief Agabi maintained that the assignment was a solemn responsibility that must be achieved.

Forum Seeks National Healing, Restitution for the Tragedy of 1966

As Nigeria marks the sombre ritual of Armed Forces Remembrance Day, a broadbased civic and intellectual organisation, Forum for National Restoration(FNR) has called for a deliberate, honest, and nationally owned process of reconciliation and restoration as a moral and historical restitution for the unresolved wounds of Nigeria’s January 15, 1966 military coup and its

far-reaching consequences. At an enlightenment and planning summit convened in Abuja, the forum, examined the 1966 coup as a defining rupture in Nigeria’s post-independence journey and one whose violent disruptions, premeditated and ethnically tilted killings set in motion cycles of mistrust, counter-violence, and enduring grievances that continue to shape the nation’s politics and inter-

communal relations. Participants at the event noted that the coup represented a fatal departure from constitutional order barely six years after independence. “While presented by its plotters as a corrective intervention, the coup’s execution marked by the assassination of senior political leaders and military officers, created a perception of ethnic selectivity

that fractured national cohesion and delegitimised the state in the eyes of many citizens” the forum said in a statement. In his presentation at the event, an Abuja based medical practitioner and Group Medical Director, Dr. Dominic Nnaemeka, Okechukwu observed that the coup’s aftermath deepened divisions rather than resolved governance failures.

ADC Guber Candidate, Salaam, Engages Osun Monarchs

Yinka Kolawole in Osogbo

The governorship candidate of the African Democratic Congress (ADC) in Osun State, Dr. Najeem Folasayo Salaam, has embarked on a strategic consultative visit to traditional rulers across Iwo, Olaoluwa, and Ayedire Local Government Areas of the state.

During the engagements, Dr. Salaam reaffirmed his commitment to inclusive governance, cultural preservation, grassroots development, and peoplecentred leadership. He described traditional institutions as critical stakeholders in governance, noting their enduring role as custodians of culture, peace,

and community cohesion. “Traditional rulers are to be respected, and I cannot but come and meet you, the monarchs and Baales, to seek your blessings and support in the forthcoming governorship election in Osun State. “The Baales are close to the people, especially at the grassroots, that was why we have come to meet you first.

You are very important to our party, ADC. We cannot look down on you,” Salaam emphasised. The ADC flagbearer pledged that, if elected, his administration would prioritise consultation, responsiveness, and effective service delivery for the benefit of all the people of the state.

RCCG Economic Summit to Spotlight Tax Reforms, Investment Positioning Nume Ekeghe

Tax reforms, investment strategy and Nigeria’s medium-term economic outlook will take centre stage at the 2026 Economic Summit organised by the Redeemed Christian Church of God (RCCG), Lagos Province 35.

Speaking at a media briefing held at RCCG Christ Church, Gbagada, Lagos, ahead of the summit scheduled for January 24, former Director-General of the Budget Office of the Federation and Pastor in charge of the province, Mr. Ben Akabueze, said the event was designed to equip

individuals, professionals and business leaders with the insight and tools required to navigate Nigeria’s evolving economic landscape. Akabueze said the summit was conceived as a strategic platform to empower both church members and the wider society at a time when Nigeria is undergoing one of

the most significant reform cycles in its history. “These reforms span taxation, fiscal policy, exchange rate management and broader market liberalisation,” he said. “While they may introduce short-term challenges, they are essential for long-term economic stability.”

JCI Maintains Youth Leadership Catalyst for National Devt OmolabakeFasogbon

A non- profit organisation, Junior Chamber International (JCI) Nigeria, has charged the federal government with deliberate investment in youth leadership development, affirming its importance to long-term sustainability and nation-building

efforts. The organisation also called on local authorities to treat leadership as a development priority, stressing the gains of harnessing Nigeria’s youth demographics for growth. The JCI Nigeria President, Akinbode Abitogun, made the call recently in Lagos at a media

parley where the group unveiled its 2026 national agenda with the theme: ‘Amplify – From Vision to Legacy’. He explained that the agenda rests on seven strategic pillars, including leadership development, membership growth, innovation, financial sustainability, and relevance to future generations.

Abitogun noted that the Amplify Blueprint, with the organisation’s ongoing National Secretariat project as a central legacy, represents a shift from aspiration to execution, where ideas are strengthened into systems, leadership transformed into legacy, and impact made sustainable.

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Gusau Hails Eagles’ Performance in S’final, Urges Team to go for the Bronze Duro Ikhazuagbe in Casablanca President of the Nigeria Football Federation (NFF) who also doubles as President of WAFU B, Ibrahim Musa Gusau (MON), has called on the Super Eagles

AFCON 2025 to put the narrow defeat the team suffered against hosts Morocco in Wednesday night’s semi final of the AFCON 2025 behind and go all out to win

Tanimu Rooting for Super Eagles to Win the AFCON 2025 Bronze Super Eagles defender, Benjamin Tanimu, has charged the squad in Morocco for the AFCON 2025 not to be discouraged by the semifinal loss to hosts Atlas Lions on Wednesday night in Rabat. After a grueling 120 minutes of topflight football, the Super Eagles lost 2-4 on penalty shootouts to Morocco. Tanimu who currently plys his trade with Maghreb of Fez in Morocco’s Botola Pro League, urged the players to look beyond the loss and prepare for the third place clash against the Pharaohs of Egypt on Saturday. ”The boys gave their best but you know this is what football entails. Being a player, I think fatigue came in, you understand? And it was just hard luck for us. “I wouldn’t say anything about the referee now, because it’s football. Anything can happen. Besides, we lost in penalty shootouts. We did very well, but I would say luck was not on our side. “I would not want my former Bendel Insurance goalkeeper,

Amas Obasogie and the rest of the guys to come this far and leave Morocco empty handed. So they should gear up and go all out for the third place bronze medal,” he said. Speaking about his none inclusion in the current squad playing in the 35th AFCON, Benjamin Tanimu commended the Nigeria Football Federation (NFF) for the crop of players selected. He also disclosed he was not in top shape during the selection process for the AFCON but said he would love to contribute his quota in the future if the opportunity presents itself. ”Everyone deserves to come to the national team. I’ve been there. In 2023, I played for the Under-23 (Olympic team). When I got the call-up, it was kind of a dream because, again, like I said, everybody wants to represent their country. Even those doing Taekwondo, Athletics, they all want to represent their country. So me getting the call-up to the U23 was a big one.

the Third-placed bronze match with Egypt in Casablanca on Saturday. Super Eagles were unfortunate to have lost 2-4 in penalty shootouts to the Atlas Lions inside the Prince Moulay Abdellah Stadium in Rabat with 65,458 home fans all in red jerseys rooting for the hosts team in Rabat. Regulation and extra time had deadlocked goalless before that shootouts in which Samuel Chukwueze and Bruno Onyemaechi lost their spot kicks. Speaking yesterday in Casablanca, President Gusau said: “It is important to retain

focus by not continuing to dwell on what happened in the semi final match. “As far as we are concerned, the team coped well in the circumstances, navigating a number of challenges and playing their game. Penalty shootouts remain lotteries in the game and it could have gone either way. Two years ago, we won our semi-final match of the AFCON after a penalty shootout. This time, it was not meant to be,” observed Gusau. He stressed that the federation was proud of the sheer commitment, sense of purpose, passion,

discipline, patriotic fervour and resilience of the Super Eagles. “The NFF is proud of the output of the team at this championship. Super Eagles gave their best and still remain the team to have scored the most goals here. We will talk to the players to pick up their morale and go for the bronze so that they will have something from a tournament in which they have done so well.” On his part, billionaire industrialist and philanthropist, Alhaji Abdul Samad Rabiu, GCON (Chairman of BUA Group), extolled the spirit and sense

of purpose of the team, and insisted that despite the loss, he would go ahead and fulfill his pledge of $500,000 to the players and officials. Meanwhile, the Super Eagles left Morocco’s administrative capital, Rabat for Casablanca (venue of their bronze-medal match with Egypt) yesterday afternoon. The team had a light training session in Casablanca on Thursday evening. Friday’s training session will be the official training, with media representatives allowed access for the opening 15 minutes.

Ohanaeze President Proud of Super Eagles Feats in Morocco

Benjamin Tanimu (left) in action for Morocco Botola Pro League side, Maghreb Fez FC . Hails Super Eagles for putting up brave performance against the AFCON Super Eagles’ Calvin Bassey (centre) in flight for ball possession against a Moroccan forward during Wednesday night’s AFCON 2025 semifinal clash in Rabat 2025 hosts country...on Wednesday night in Rabat

President General of Ohanaeze Ndigbo, Senator John Azuta Mbata, believes the Super Eagles deserve a pat on the back even if they were unable to advance to the Africa Cup of Nations grand finale. Azuta - Mbata said : “I am so proud of the team. This is soccer. You do not win it all. Even the best teams lose games. And do not forget that playing against the host nation comes with a huge burden.” He pointed out the historical challenge confronting the Eagles

Monimichele’s Pitch at Remo Stars Gets Nigeria’s First-ever FIFA Quality Certification

anytime they played North African hosts in the championships. “History has a way of repeating itself. The Eagles have never beaten North African hosts in a Nations Cup tournament. It began with the double defeat to Algeria in 1990 and continued with Tunisia in 2004. Now, it is Morocco. “The loss to the Red Atlas Lions reminds me of Tunisia 2004 when Nigeria lost to the hosts in the semifinals through penalty kicks. We should just move on,” the President General added.

...Goldberg and Fans Salute Eagles Despite Loss to Atlas Lions The drums sounded louder and the lights shone brighter on Wednesday night, even as Nigeria’s AFCON dream suffered a painful end. At the Ministry of Youth, Sports and Social Development (Pako Field), Dopemu, Lagos, Goldberg once again brought fans together under its Festival of Drums and Light, proving that support for the Super Eagles goes beyond results. After the successful first edition of the Festival of Drums and Lights during Nigeria’s

quarter-final win over Algeria, the experience returned bigger and bolder for the much-anticipated semi-final clash between the Super Eagles and hosts Morocco’s Atlas Lions. And the heartbreak that followed Super Eagles 2-4 penalty shootouts loss to hosts Mo was real, but so was the unity. Speaking after the event, Portfolio Manager, Mainstream Lager Brands, Nigerian Breweries Plc, Laolu Babalola, said the night captured the true spirit of Nigerian football fans.

Monimichelle Sports has proudly announced that it has achieved another first in stadium turf construction as the hybrid synthetic pitch it constructed for Remo Stars Football Club in Ikenne, Ogun State has been officially awarded FIFA Quality certification — the first by any pitch in Nigeria. The Chief Executive Officer of Monimichelle Sports Construction Limited, Ebi Egbe, posted this global certification of his job on social media yesterday. “This achievement marks a watershed moment in Nigerian football facility development, underscoring Monimichelle Sports’ leadership in delivering world class, performance-driven surfaces that meet the stringent criteria set by FIFA for safety, durability, ball roll and rebound, player interaction, and environmental sustainability.” Egbe stressed that hybrid synthetic surface engineered by Monimichelle Sports, combining elite performance with enhanced player safety designed to meet the needs of professional competition and community

usage, is a demonstration of Nigerian technical capability and international competitiveness in sports infrastructure. “This certification isn’t just a badge — it’s a confirmation that Nigerian engineering and innovation can meet the highest standards in the global game. “We

are honoured that the Remo Stars pitch has achieved what no other in the country has, and we remain committed to elevating sports infrastructure across every region of Nigeria,” gushed an obviously elated Egbe in the post. The FIFA Quality certification process involved rigorous

laboratory and field testing to ensure compliance with the world football body’s exacting performance specifications. “The awarded status positions Remo Stars’ facility among elite football venues worldwide and provides athletes with world-class playing conditions,” he reiterated.

Super Falcons to Open WAFCON Defence against Zambia, Egypt Super Falcons will begin their quest for a record-extending 11th WAFCON crown in a first round group that has Zambia, Egypt and Malawi. They will be based in Casablanca, Morocco, and this followed Thursday’s draw in Rabat here. The tournament, which will be staged in three Moroccan cities between March 17 and April 3, 2026, will also serve as a qualifier for the 2027 Women’s World Cup in Brazil. Hosts Morocco head Group A alongside Algeria, Senegal and

Kenya, while Group B is headed by South Africa and will have Cote d’Ivoire, Burkina Faso and Tanzania. Group D has Ghana, Cameroon, Mali and Cape Verde. Group A Morocco Algeria Senegal Kenya Group B South Africa Cote d’Ivoire Burkina Faso Tanzania

Group C Nigeria Zambia Egypt Malawi Group D Ghana Cameroon Mali Cape Verde *Rabat (two venues), Casablanca and Fès to host matches *Group C, headed by Nigeria, to play in Casablanca

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POLISH AMBASSADOR’S VISIT TO THE NIGERIAN AIR FORCE...

Chief of Air Staff, Air Marshal Sunday Aneke (L), with the Polish Ambassador to Nigeria, Mr Michał Cygan, during the visit of the Ambassador to the Nigerian Air Force (NAF) Headquarters in Abuja ... recently

STEVEOSUJI Has Tinubu Earned A Second Term? EXPRESSO

Scratching Their Brows:

ere we in climes where critical leadership positions are earned, President Bola Tinubu would not contemplate a second term in office. After almost three years as the president of Nigeria, he has convinced everyone - even his supporters - that he’s not cut out for the job. In such climes, his party would have been locked in deep deliberations to ensure that incumbency factor doesn’t trounce party survival and corporate imperatives. Once it has been determined that he could never win the next election, a more viable successor is immediately President Bola Tinubu tapped for the job. for more days than he was in Nigeria As it is, the All Progressives Congress (190 days out of 365). Therefore, on (APC) doesn’t need political strategists the perception of his health alone, the to advise it that President Tinubu could APC hierarchy should have wrought never win a free and fair election in 2027. a replacement already if it were not First, he was never a great presidential a shambolic contraption instead of an prospect ab initio. Recall that his mandate organic political organisation. But what was pulled out of the mire of Nigeria’s we have seen is a choir of endorsements worst electoral heist. by fawning sycophants at every turn. Though he sits on a wonky mandate, Person Of Particular Concern: nearly three years down the line, he still hasn’t been able to prove he could While Nigeria has been labeled a lead Nigeria. Country of Particular Concern (CPC) He is fast turning out to be the most by the US, her president may equally be abysmal leader Nigeria ever had at the considered to be a person of particular top. concern (PPC) by Nigerians. Today, Tinubu’s supporters and Many believe that the president of even his diehard ethnic jingoists are Nigeria in this age, is not freely travelling now scratching their brows in utter to the US. That immediately confers on des-pair and disappointment at his him, a certain pariah status. lack of capacity and compass. Confounded By The Economy: Not Fit To Lead: Tinubu has clearly been confounded It’s common knowledge that many by the economy. He doesn’t seem to Nigerians believe President Tinubu understand the basics. Neither does is ailing. he have any economic philosophy or Overtly, he travels abroad without vision of his own. full explanation or clarity especially to Much unlike his immediate predecesParis. sor, Muhammadu Buhari, who was This explains why, the opposition stubbornly nationalistic and refused to says that in 2025, he was out of Nigeria dance to the beat of the West, Tinubu is

seemingly wind-tossed. He fawningly genuflects to the dictates of the Bretton Wood system. He doesn’t seem to give a hoot about his people’s interests nor does he pause to ponder over the outcomes of his policies. This explains why he would impulsively yank off subsidies, float the currency and tax the very pants off the people without a thought. Reform Without Results: President Tinubu has made a sing-song of economic reforms from inception yet there’s no structured approach to it nor are there stated targets, deliverables and timelines. What we have had so far are uncoordinated actions, ad-hoc measures, propaganda and lies. Hardly any sector of the economy can be held out as a model of success after years of Tinubu’s so-called reforms. Inflation remains high in spite of the underhand shenanigans with national database. Prices of goods and services have gone up by over 200 percent since President Tinubu’s inception and may never come down. Nigeria Being Degraded And Depreciated: Manufacturing has shrunk; infact production has not been prioritised. Agriculture has been abandoned. Unemployment has worsened as new jobs are not being created. This has increased poverty exponentially as Tinubu dawdles with his harebrained reforms. In fact, the economy is near-comatose, budgets remain static and unfunded in the face of unmitigated debts. MDGs are starved of funds for capital projects. The economic situation is indeed dire. Unbridled Sleaze And Corruption; Bloated Government: Corruption has become the order under this administration. Each day comes with a new tale of odious sleaze. The government is oversized from

the outset and gets bigger by the day. Yet government officials live in opulence and ostentation. They engage in fruitless junkets abroad while hunger stalks the land. Nigeria May Collapse Under The Weight Of Tinubu’s Growing Ineptitude: The reform, yes, yes, the reform! Even the government may have forgotten about its much-vaunted reform as no positive achievement is recorded so far. Since it was more as brainwave than an articulated change programme, the lies and propaganda have run out of steam. Worse, there is no arrowhead driving Tinubu’s economy. The country may well be grounding to a halt under the heavy weight of ineptitude and vacuous leadership. Also, there’s a scant regard for merit and excellence. The executive council is thus a huge lumbering mass with little substance. There are indeed, a thousand and one reasons President Tinubu must not return to power in 2027.

LAST LINE: After Barrister Chigbo, Who’s Next?

he gruesome murder of Barr. Nwamaka Mediatrix Chigbo in Abuja is a signpost of the anomie that Nigeria has virtually become. That the renowned lawyer and activist could be grabbed in broad day light and gruesomely extinguished in the federal capital city signposts the quality of life in the Nigerian state. No one is safe in any corner of the land; we are utterly devoid of security cover ... And life is increasingly brutish and short! Who’s next? May Barr Chigbo’s great soul find repose. Amen.###

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