MONDAY 12TH OCTOBER 2026 by THISDAY Newspapers Ltd

Enugu Alleges Plot by Opposition to Import Thugs, Destabilise State Ahead of 2027 Polls Blasts NDC for observing a minute silence for the living Denies govt’s involvement in airport, secretariat incidents

Emmanuel Ugwu-Nwogo in Enugu

Enugu State Government, last night, said it had uncovered alleged plans by some opposition elements

to import armed thugs and bandits into the state to create panic and a false sense of insecurity ahead

of the 2027 general election. The government also scolded National Democratic Congress

(NDC) leaders for observing a minute’s silence for the living in order to gain political traction in

the state.

Continued on page 5

FG Begins Payment of Gencos’ N4 Trillion Debt, Fixes 2027 for Full Settlement... Page 10 Monday, Monday,October January12, 6, 2026 2025 Vol Vol29. 31.No No10865. 11509. Price: N400

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PDP Tackles INEC over Omission of Its Candidates in Final List of 2027 Contestants Pantami's camp says devt temporary challenge Gwarzo remains our candidate, says NDC Kwankwasiyya movement wants reason from INEC over NDC exclusion in new list

Chuks Okocha in Abuja, Segun Awofadeji in Gombe and Ahmad Sorondinki in Kano

Peoples Democratic Party (PDP) has expressed concern

over the omission of some of its candidates from the final list of successful contestants released

by the Independent National Electoral Commission (INEC) yesterday.

Some of the PDP governorship candidates whose names were not listed by INEC in the

final list were Ladi Adebutu, Continued on page 5

Tinubu: World Bank Report Shows Economic Reforms Working Says FG waived N3.3tn fuel taxes, duties to ease prices Urges opponents to explain what their promises will cost Again, presidency knocks Atiku's subsidy plan, says it's unrealistic Story on page 5 W’Bank: Nigeria among top 10 recipients of $112bn private capital in 2026

INAUGURATION OF THE NEW BOARDS OF OBIJACKSON AND NESTOIL COMPANIES...

L-R: Dr. O.J. Mbonu, Barr Nduka Ikeyi, Engr. Chinazo Okoye, Mr. Chino Obiagwu SAN, Mr. Chidi Anya, Engr. Dipo Olanrewaju, Mr. Kenneth O. Aigbinode, Mr. Gbenga Olaniyan, Engr. Ubaka Emelumadu, Mr. Wolfgang Goetsch, Mr. David Oye-Igbemo, Chief Victor Alonge, Mr. Abdulrahman Yinusa, Dr. Suleyman Ndanusa, Engr. Ernest Ozomma Akuezumba, Dr. Akin Oparison, Prof. Christopher Bode, Barr Nnaji Igwe, Dr. Ogechukwu Obiejesi, Mrs. Folasade Akinmusire, Group CS; Prof. Tagbo Oguonu...Sitting: Engr Jafaru Damulak, Pastor Ben Akabueze, Dr. Mrs. Nnenna Obiejesi, Dr. Ernest Azudialu Obiejesi (OFR), Group Chairman; His Imperial Majesty, Oba Adeyeye Enitan Ogunwusi CFR, Ooni of Ife Ojaja II; Dr. Theo Osanakpo, and Dr. Musa Wen Ibrahim, during the inauguration of the new boards of Obijackson and Nestoil Companies...recently

MONDAY, OCTOBER 12, 2026 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 12, 2026

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Standard Bank Eyes 4.99% Stake in OPay as Fintech Plans to List on New York Stock Exchange

Bank plans to invest $200 million Nigerian operations account for 89.5% of Opay's first-half year revenue

Emmanuel Addeh, James Emejo in Abuja and Nume Ekeghe in Lagos

South Africa’s Standard Bank Group is seeking to secure up to a 4.99 per cent stake in Nigerian-focused fintech OPay for a maximum investment of $200 million, placing a major African banking institution at the centre of the digital payments company’s proposed New York Stock Exchange (NYSE) listing.

The proposed investment comes as OPay’s financial performance accelerates, with revenue more than doubling in the first half of 2026 and net income rising sharply, according to its registration statement filed with the United States Securities and Exchange Commission (SEC). The transaction would give Standard Bank, which already operates in Nigeria through Stanbic IBTC Holdings, an equity position in one of the region’s

largest digital financial services platforms while potentially opening new avenues for collaboration in payments, lending and cross-border transactions. Stanbic Africa Holdings, a subsidiary of Standard Bank Group, has signed a subscription agreement to acquire shares through a private placement alongside OPay’s initial public offering (IPO), subject to completion of the offering

and regulatory approvals. Under the agreement disclosed in OPay’s Form F-1 registration statement, the investment will be capped at the lowest of $200 million, 0.98 per cent of Standard Bank Group’s qualifying regulatory capital, excluding unappropriated profit, or the value of a 4.99 per cent interest in OPay calculated at the IPO price. The filing does not disclose the number of shares to be offered

or the proposed price range. Profits, transaction volumes strengthen investment case OPay’s financial disclosures provide a clearer picture of the business attracting the South African lender. Revenue climbed to $536.3 million in 2025 from $205.7 million in 2024, while the company swung from a net loss of $50.8 million to a net profit of $72.5 million over the period. The momentum strengthened

Cardoso

in the six months ended June 30, 2026, when revenue more than doubled to $467.1 million from the comparable period a year earlier. Net income rose to $90.9 million from $21.7 million.

TINUBU: WORLD BANK REPORT SHOWS ECONOMIC REFORMS WORKING

Deji Elumoye and Emmanuel Addeh in Abuja

President Bola Tinubu yesterday defended his administration’s economic reforms, citing stronger economic growth, rising foreign reserves and increased revenues to states, and welcomed last week's World Bank report indicating Nigeria’s steady economic growth. The president also disclosed that the federal government had forgone more than N3.3 trillion in fuel taxes and duties to cushion the impact of rising petrol prices,

while highlighting the expansion of compressed natural gas (CNG) transportation as part of efforts to reduce the cost of living. The president’s comments on the reforms came as the country emerged among the top 10 recipients of the $112 billion private capital mobilised by the World Bank Group in the year ended June 2026, according to information from the global lender. Besides, the presidency has again knocked the fuel production subsidy being proposed by former Vice President and candidate of

the African Democratic Congress (ADC) in the January 2027 presidential poll, Atiku Abubakar, describing it as ‘unrealistic’. However, in a statement issued by his Adviser on Information and Strategy, Bayo Onanuga, Tinubu said the World Bank’s October 2026 Nigeria Development Update, titled: “Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities,” confirmed that the difficult decisions taken since 2023 were beginning to yield results. Tinubu said the removal of the petrol subsidy, unification

of the foreign exchange market and efforts to strengthen fiscal discipline had increased government revenues, stabilised the economy and created room for federal and state governments to invest in development. "These findings confirm that the difficult but necessary decisions to remove the petrol subsidy, unify the foreign exchange market and strengthen fiscal discipline have raised revenues, stabilised the economy and created fiscal space for every tier of government to invest in its people.

"The dividends of reform are becoming visible. But more work remains to ensure they fully translate into better living standards for every household, starting with lower food prices and decent jobs for our young people. "Our administration will stay the course of reform and redouble its focus on inclusive growth under the Renewed Hope Agenda," he assured.

According to the report, Nigeria’s economy grew by 4.2 per cent in the first half of 2026, compared with 3.9 per cent in the corresponding period of 2025, despite the effects of the conflict in the Middle East. The World Bank also projected that growth would average at least 4.4 per cent between 2026 and 2028. Besides, the World Bank report found that federation revenues increased by 69 per cent in real

What the World Bank Report Says

Continued on page 45

PDP TACKLES INEC OVER OMISSION OF ITS CANDIDATES IN FINAL LIST OF 2027 CONTESTANTS the Ogun State governorship candidate and Ali Pantami, the Gombe State governorship candidate. The party, in a statement by its National Publicity Secretary, Hon. Jungudo Haruna Mohammed, also assured all affected candidates, members and supporters that it was already engaging with INEC to address the issues responsible for the omissions, with a view to securing an amicable resolution in accordance with the law and established electoral guidelines. The PDP, therefore, assured all concerned that it was treating the development with utmost seriousness and would communicate further developments as appropriate. Meanwhile, a former senator, Shehu Sani, has advised political candidates omitted from the INEC lists to stop pursuing legal action, saying the supreme court ruling on party membership requirements was clear. He said that in September, a seven-member panel of the supreme court upheld an appeal filed by INEC and restored

sections 77(5), 77(6), 77(7) and 84(2) of the Electoral Act. Section 77(5) provides that only members whose names appear in a political party’s membership register submitted to INEC at least 21 days before a primary, congress or convention, could participate in the exercise. In a post on X, Sani urged affected candidates to conserve their resources and prepare for future elections rather than spend more money challenging their exclusion in court. “The Supreme Court ruling that enabled INEC to exclude some names of candidates is very clear. Affected candidates should not waste their money, time and energy fighting a lost battle. “I also wish to appeal to those Barristers and SANs to ‘pity’ those candidates and allow them to rest, and not mislead them into spending more money ‘filing fresh suits’. Four years will come and go; let them strategise for the future,” he added.

Pantami's Camp: It’s

Temporary Challenge

The Pantamiyya Movement, a group loyal to Professor Isa Ali Pantami, has described the omission of his names as the PDP from INEC’s final list as a temporary challenge. In a statement by its spokesperson, Professor Suleiman Mohammed, which Pantami also shared on his Facebook account, urged supporters of the PDP and the Pantamiyya Movement to remain calm, hopeful and focused. According to the statement, the omission did not amount to a final determination of the former minister’s political future. “This is a temporary challenge and a normal part of the electoral process, not a final determination, in sha Allah,” the statement added.

Gwarzo Remains Our Candidate, Says NDC The leadership of the New Democratic Congress (NDC), has said in spite of the latest list

of successful candidate for 2027 elections, which ommited its candidate as released by INEC, Aminu Abdussalam Gwarzo remained its governorship candidate. In a telephone interview on the developing situation, the Kano State NDC Chairman, Alhaji Hussaini Mairiga, dismissed notions of a change in the party’s ticket, assuring party faithful that the structure of the ticket remained entirely intact as originally planned. According to him, the joint ticket of their gubernatorial candidate and his running mate, Mustapha Rabiu Kwankwaso, was duly processed, finalised, and submitted to the electoral body in strict accordance with all established electoral guidelines and statutory deadlines. "Gwarzo's name was submitted to INEC, and he and his running mate, Mustapha Rabiu Kwankwaso, are the authentic flagbearers of the party," Mairiga stated reiterating the party's backing for their candidates. Addressing the discrepancies

observed in the newly published list, the chairman attributed the development to administrative friction rather than an official rejection by the commission. He suggested that human error or a logistical miscommunication within the broader bureaucratic process likely triggered the anomaly. "I believe there is a mix-up somewhere, and I do not think the list is from the commission, since we are sure that the name we submitted is what stands," Mairiga remarked, downplaying fears of a deliberate party disenfranchisement.

Kwankwasiyya Movement Wants Reason from INEC over NDC Exclusion in New List The Kwankwasiyya Movement has demanded a clear explanation from INEC, over the exclusion of the NDC, Kano State governorship candidate, Comrade Aminu Abdussalam Gwarzo, from its final list of candidates.

ENUGU ALLEGES PLOT BY OPPOSITION TO IMPORT THUGS, DESTABILISE STATE AHEAD OF 2027 POLLS

Secretary to the State Government (SSG), Professor Chidiebere Onyia, made the assertions at a press conference at Government House, Enugu. Onyia stated, “We, however, make bold to say that the peace and security we have achieved in Enugu State in the last three years, and at huge material costs and sacrifices by our security agents, are non-negotiable and irreversible.” The SSG said the Governor Peter Mbah administration remained committed to protecting citizens’ democratic rights, including the freedom to campaign for and vote for candidates of their choice in

the forthcoming elections. He described the right of residents to elect their leaders through free, fair and credible polls as fundamental to the state’s democratic development. Onyia added that the government was confident of securing a second term for Mbah based on the governor’s performance and delivery on campaign promises. “Indeed, these inalienable rights of Ndi Enugu to elect their leaders in free, fair and credible polls are our surest hope for re-election come 2027,” he said. He added that the administration

had no reason to resort to desperate measures, maintaining that its record in office would be the basis for seeking a renewed mandate from the electorate. He specifically addressed the incidents involving NDC at Akanu Ibiam International Airport and the party’s state secretariat in Enugu on Saturday. Onyia faulted claims of loss of lives at the NDC state secretariat, and also denied any involvement of the government or the governor’s Chief Security Officer, Ifeanyi Osondu, in both incidents. He explained that the airport confrontation was a matter between

NDC and federal authorities, while stating that the shooting incident at the party secretariat was already under police investigation. According to the SSG, government’s preliminary findings indicate that the airport incident followed NDC’s attempt to hold a “Grand Statewide Campaign Flagoff 2026” at the facility without securing the necessary approval from the Federal Airports Authority of Nigeria (FAAN). He said the party had published notices inviting its members and supporters to the event, including on the Facebook page of its governorship candidate in the state.

Onyia explained that the police had advised the party to obtain FAAN’s approval before security personnel could be deployed to the airport for the event. He said, “Further findings, however, revealed that the NDC did not secure the approval of FAAN to host a grand statewide rally at its facility. Security agencies, therefore, advised the organisers of the rally to rethink it.” The SSG alleged that NDC proceeded to mobilise its members to the airport and attempted to gain entry into the facility, resulting in a confrontation with airport authorities.

Reacting to the development in a statement yesterday, the spokesperson of the Movement, Dr. Habibu Sale Mohammed, said the group was concerned about the omission, noting that there was no known court order to justify it. "We understand the anxiety this development has caused among our supporters across Kano State and beyond," Dr. Mohammed said, appealing for calm while the matter was being addressed through proper channels. "We therefore appeal to everyone to remain calm, exercise restraint and avoid speculation while the matter is being addressed through the appropriate administrative and legal channels," it said. According to the statement, available records showed that Gwarzo duly registered with the NDC within the stipulated period as required by the Electoral Act. "We are not aware of any court order or judicial pronouncement that could serve as basis for his omission from the published list," the Movement said.

He said security agencies intervened to disperse the “riotous” party members and restore order around the airport, which he described as a strategic national asset. Onyia added that the state government’s account was consistent with the statement issued by Enugu State Police Command on Sunday. Speaking on the shooting incident at NDC secretariat in the GRA area of Enugu, the SSG said security reports had established that a violent clash occurred at the Continued on page 44

NEWS

T H I S D AY • MONDAY, OCTOBER 12, 2026

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 08074010580

BOOK LAUNCH ...

L-R: A guest, Engr. Dapo Akinsanya; Co-Founder, Guaranty Trust Bank, Mr. Fola Adeola; Managing Partner, Oyagbola Chambers and Poet/The Author, Bayo Oyagbola; and Founder, WISCAR, Amina Oyagbola, at the book launch entitled 'The Sky's Forgotten Prayers - Echoes of River, Drum and Heaven' by Bayo Oyagbola held in Lagos ... recently

FG Demands Prompt Remittance of Revenues by Agencies, Transfer of Operating Surpluses to CRF

Urges adherence to law on submission of audited accounts Unfolds new framework to end overlapping regulatory demands in MDAs

Ndubuisi Francis in Abuja

The federal government has directed its agencies to remit all revenues due to the government promptly and in full, transfer operating surpluses to the Consolidated Revenue Fund (CRF), and submit audited accounts as required by law.

In the Nigerian public finance, an operating surplus is the excess income or profit that government-owned enterprises (GOEs), statutory corporation, or revenue-generating agency makes after covering its operational expenses and financial obligations. The directive came as the federal government moved to

hold Ministries, Departments and Agencies (MDAs) to measurable performance targets, with a new framework designed to cut bureaucratic delays, eliminate overlapping regulatory demands and make government more responsive to businesses and investors. Minister of Finance and

Coordinating Minister of the Economy, Taiwo Oyedele, announced this during a strategic engagement with heads of agencies and senior government officials at the Federal Ministry of Finance headquarters in Abuja. Oyedele said the next phase of Nigeria’s economic reforms must go beyond stabilising the

economy to fixing the everyday frustrations businesses encounter in their dealings with government, adding that agencies must make it easier, not harder, for businesses to operate, invest and expand. To achieve this, he called on agencies to remain within their statutory mandates and eliminate duplicate requirements, multiple fees and unnecessary procedures that increase the cost of doing business. According to a statement issued Sunday by the Head of Information and PR Unit, Federal Ministry of Finance, and effective communication Efe Ovuakporie, the minister channels to resolve operational outlined a “One Government” challenges and prevent disputes. Besides, the statement explained that the meeting identified five bilateral partnerships for coordinated activities: The Gambia and Senegal; Benin and Nigeria; Côte d’Ivoire and Ghana; Côte James Emejo in Abuja d’Ivoire and Liberia; and Liberia and Sierra Leone. Director General/Chief Executive, The partnerships are expected Standards Organisation of Nigeria to cover land and maritime (SON), Dr. Ifeanyi Okeke, said boundary operations, security, the agency is stepping up its cross-border initiatives, economic campaign against fake and development and regional substandard products through a integration. technology-driven authentication system that will enable consumers to verify the genuineness of goods with their mobile phones. Speaking at the 2026 World Standards Day celebration in Abuja, over the weekend, he He added that GBB said SON was strengthening was involved in the digital market surveillance, product transformation of the federal authentication and traceability government, moving from to make it easier for consumers the paperless workflows to an to distinguish genuine products automated workflow, adding from unapproved goods. that the company is working The standards organisation with basically all the MDAs to seeks to close gaps exploited by ensure that digitalisation is not counterfeiters in the domestic just something on paper, but market amid unprecedented something that would improve proliferation in recent times. the efficiency of government, Under the Product improve transparency and improve Authentication Tracking the effectiveness of civil servants System, consumers can use as well.

Nigeria, Seven ECOWAS Countries Move to Strengthen Border Cooperation Emmanuel Addeh in Abuja

Nigeria and seven other West African countries have agreed to strengthen border security, accelerate boundary demarcation and deepen cross-border cooperation to promote regional integration and economic development. The agreement was reached at the Third Meeting of Heads of National Boundary Commissions, held in Banjul, The Gambia, from October 6 to 8, 2026, according to a statement issued by the National Boundary Commission (NBC) and signed

by its Head of Information, Press and Public Relations, Chinwe Udouwem. Nigeria was represented at the meeting by the Director General of the commission, Adamu Adaji, alongside representatives from Benin, Côte d’Ivoire, The Gambia, Ghana, Liberia, Senegal and Sierra Leone. The meeting, organised under the annual consultation mechanism established by the Economic Community of West African States (ECOWAS) in 2024, reviewed progress on recommendations from the second meeting held in

Cotonou, Benin, in August 2025. According to the statement, participants called for stronger political commitment, improved technical collaboration and sustained dialogue among neighbouring countries to accelerate boundary delimitation, demarcation and reaffirmation. They also emphasised the need for bilateral agreements to clearly define the objectives, stages and technical requirements of boundary operations, while advocating the use of compatible equipment, experienced technical personnel

Galaxy Backbone Moves to Digitalise More MDAs from Current 30 Oghenevwede Ohwovoriole in Abuja

The Managing Director of Galaxy Backbone (GBB), Prof. Ibrahim Adeyanju, has expressed the company’s plan to increase the number of digitalised Ministries, Departments and Agencies (MDAs) of the federal government from the current 30. Adeyanju made the disclosure at a breakfast engagement meeting with GBB customers organised to celebrate and commemorate

customer service week 2026, with the theme: "Going the Extra Mile" on Friday in Àbuja. Commenting on GBB's achievements and what they hope to achieve going forward, he said, "We have gone quite far. So even with the last head of service, Mrs. Didi, Esther Watson-Jack, we are able to digitalise no less than over 30 MDAs that actually moved to one government platform and are now using our platform to approve documents, memos and basically ensuring that we have

less paper. "So, we are also saving government a lot of money because less paper is being used, less trees can fall and then you have a lot of cost savings from that. "Moving forward, like I said, we want to continue to improve our services. We want to increase adoption of the paperless service and we want to continue to satisfy our customers and extend our tentacles to some of the places where we don't currently have a presence."

approach under which MDAs would coordinate their activities rather than leave businesses and other applicants to navigate conflicting demands from different institutions. Where mandates overlap, Oyedele said the goal should be one lead agency, one process and one fee. He also urged agencies to consult stakeholders before introducing new regulations, assess the economic implications of proposed measures, coordinate with other relevant institutions and give reasonable notice before major policy or regulatory changes take effect.

SON Deploys Authentication Technology Amid Proliferation of Fake Products

their phones to check products carrying embedded identification technology and establish whether they meet SON’s requirements, reducing dependence on physical visits or enquiries to the agency. Okeke said the initiative formed part of broader efforts to improve consumer protection and ensure that businesses operating within the country adhered to established quality and safety requirements. He urged market associations, traders and business owners to stock and sell only products bearing appropriate SON certification marks, warning that standards were essential to fair competition, consumer confidence and the survival of compliant manufacturers. According to him, producers of substandard goods enjoy an unfair cost advantage over manufacturers investing in quality, undermining legitimate businesses and weakening the credibility of Nigerian products.

T H I S D AY • MONDAY, OCTOBER 12, 2026

NEWS

OGAGA IFOWODO WINS THE NIGERIA PRIZE FOR LITERATURE...

L-R: Chairman of the NLNG Prize Advisory Board, Professor Akachi Adimora-Ezeigbo; Winner of The Nigeria Prize for Literature 2026, Ogaga Ifowodo, receiving his award from NLNG’s MD/CEO Adeleye Falade at the weekend

Alliance: NNPC Must Release Weekly Data on FG’s Fuel Discount Scheme Calls for stronger enforcement against illegal levies Seeks transport vouchers to cushion rising fuel costs

Emmanuel Addeh in Abuja

The Alliance for Economic Research and Ethics (AERE) has urged the Nigerian National Petroleum Company Limited (NNPC) to publish weekly data on its N66 per litre petrol discount scheme, including volumes sold, participating outlets, average discounts and the impact on its profit margins. The organisation also warned that the federal government must ensure that temporary relief measures do not evolve into another petrol subsidy regime,

arguing that transparency, clear expiry dates and accountability should guide interventions aimed at cushioning the impact of rising fuel prices. In an analysis titled: “The N66 Question: Relief Without Relapse: How to Cut Petrol Prices Without Rebuilding the Subsidy Monster,” AERE said NNPC should publish a regular performance scorecard to enable Nigerians to assess the reach and cost of the initiative. “Second, publish the experiment. NNPC Retail should release weekly data on participating outlets, litres sold under the scheme, the average

Oyo Sugar Factory Set for Inauguration After Over N2.2bn NSDC Support Sunday Ehigiator

The Oyo Sugar and Derivatives Industries Limited (OSDL) factory in Iseyin, Oyo State, has reached the commissioning and test-running stage following more than N2.2 billion in financial support from the National Sugar Development Council (NSDC). The 300-tonnes-per-day (TCD) greenfield sugar mill was developed under the Nigeria Sugar Master Plan (NSMP) and is one of the few new-build sugar factories to emerge from the plan’s Backward Integration Programme. The NSDC, in a statement, congratulated the promoters and farming communities in Iseyin on the milestone, describing the development as the culmination of more than a decade of financial, technical and institutional support by the Council. According to the Council, it funded the procurement of the factory’s core 300 TCD sugar mill at approximately N1.64 billion. As the project progressed, the NSDC provided additional funding for sugarcane development and operational support, bringing its

total financial commitment to approximately N2.2 billion. The Oyo State Government also contributed an estimated N850 million in equity funding towards the completion of outstanding works. The Council commended the promoters and farming communities for transforming the initiative from a cooperative farming venture into an operational sugar factory. Executive Secretary/Chief Executive Officer of the NSDC, Kamar Bakrin, said the project’s progress was the result of sustained commitment by the key stakeholders. “That this factory now stands ready for commissioning is the result of sustained commitment; by the Council, by the Oyo State Government and by the promoters themselves,” Bakrin said. He said the NSDC would continue to support the project as it transitions to full-scale commercial production. “Our work does not end here. The NSDC will remain engaged as OSDL moves into full-scale commercial production, and we expect this project to serve as proof that Nigeria’s sugar sector can be built on locally grown cane,” he said.

discount, and its effect on volumes and margins. The public does not need a press release every week. It needs a scorecard,” the group maintained. Although the NNPC introduced the N66 discount on October 1, 2026, as an Independence anniversary promotion, the Ministry of Finance last week

incorporated the measure into a 10-point government response to rising petrol prices, with priority promised for public transport operators. NNPC subsequently announced that the discount would continue nationwide until October 31. The organisation cautioned that the absence of a direct budgetary

charge did not mean the initiative was without public financial implications. “NNPC is state-owned. If a reduced margin becomes permanent, lower commercial returns can still affect what the company contributes to the public purse,” it stated, stressing that the discount should remain

a time-bound customer-relief experiment rather than a permanent entitlement. AERE noted that the discount amounted to about 4.7 per cent of the average petrol price of N1,400 per litre cited by the Finance Ministry, compared with approximately N830 before the latest international oil-market shock.

Fayemi Advocates Borderless Africa, New Approach to Migration, Citizenship, Regional Integration Gbenga Sodeinde Ex-Ekiti State Governor and former Minister of Solid Minerals Development, Dr. John Kayode Fayemi, has called for a fundamental rethink of Africa’s approach to migration, citizenship and regional integration, stressing the continent’s development aspirations cannot be achieved without enabling Africans to move, work and belong across

borders with dignity and rights. Fayemi made the call while delivering the keynote address at the 2026 Democratic Governance Institute organised by the Council for the Development of Social Science Research in Africa (CODESRIA), in collaboration with the Centre for Migration Studies, University of Ghana, held in Ilishan, Ogun State. In his presentation titled “Moving Africa: Labour Mobility, Free Movement and

the Democratic Governance of Belonging,” Fayemi examined the connection between human mobility, regional cooperation and democratic governance, arguing that migration should not only be viewed as a challenge but also as an opportunity capable of accelerating Africa’s collective prosperity. He noted that as the continent advances efforts towards deeper economic integration through

the African Continental Free Trade Area (AfCFTA), restrictions limiting the movement of Africans across national borders continue to raise critical questions about the true meaning of continental unity. According to him, Africa’s integration agenda must place greater emphasis on citizenship, belonging, labour mobility and the opportunities that free movement can create for millions of Africans.

NDDC Director Takes Over as ISMNC Rivers Chair Pledges results-driven leadership

Blessing Ibunge in Port Harcourt

Director of Planning, Research and Statistics at the Niger Delta Development Commission (NDDC), Dr. Patterson Ogon has assumed office as Chairman of the Rivers State Chapter of the Institute of Strategic Management of Nigeria (ISMNC), pledging to promote professional excellence, ethical leadership and measurable results. Ogon formally took over the chapter’s administrative affairs following a handover ceremony held at the weekend in Port Harcourt, after his election to the position.

Speaking at the chapter’s inaugural meeting, swearing-in ceremony and handover of administrative responsibilities, the new chairman said his administration would consolidate the achievements of his predecessors while strengthening the institute’s role in professional development and strategic leadership. He said the chapter would serve as a platform for strategic thinking, intellectual development, mentorship and collaboration, stressing that membership must offer tangible opportunities for learning, networking and professional growth.

“Strategy must translate into practical outcomes. Every programme and initiative undertaken by this chapter must have clear objectives, create demonstrable value and deliver measurable results,” Ogon said. He identified continuous professional development as a major priority, noting that technological advancement, artificial intelligence, changing economic realities and evolving leadership expectations had made adaptability essential for professionals. According to him, his administration will promote seminars, workshops and knowledge-sharing engagements

while strengthening mentorship and intergenerational learning to combine the experience of established professionals with the innovative ideas and technological awareness of younger members. Ogon also pledged to promote transparency, accountability and professional ethics, assuring members that the chapter’s resources would be managed prudently in their collective interest. He called for stronger collaboration among members, state chapters, regional structures and the institute’s national leadership, urging professionals to contribute their expertise and opportunities towards advancing the organisation.

T H I S D AY • MONDAY, OCTOBER 12, 2026

NEWS

UAE BUSINESS GROUP'S VISIT TO LOKPOBIRI...

L-R: Member, Apolonia Investment Holdings, UAE, Cheikh Oumar Niasse; Member of the Company, Abhihram Chava; Member, Harishkumar Chaudhary; Minister of state for Petroleum (Oil), Sen. Heineken Lokpobiri; Chairman, Apolonia Investment Holdings, UAE, Dr. Abdulrahmaan Al Ansari; Member, Shehu Tijjani Abdullahi; Rami Al Ansari; Mohamed Chalghoumi and Abdullahi Maigemu, during the Apolonia Investment Holdings Officials visit to the minister in Abuja...recently

Bakrin: $7.1bn Sugar Plan to Save $2.1bn in FX Annually

NSDC unveils 10 greenfield estates, targets 835,000 tonnes of additional output, projects110,000 Jobs, others

James Emejo in Abuja Executive Secretary/Chief Executive, National Sugar Development Council (NSDC), Kamar Bakrin, has revealed that the revised $7.1 billion, 10-year sugar development programme will bridge the country's domestic production gap, cut annual Foreign Exchange (FX) expenditure by about $2.1 billion and create 110,000 jobs. He noted that as the country intensifies efforts to reduce dependence on imported sugar, 10 proposed greenfield estates, expected to produce 835,000 metric tonnes of sugar annually at full capacity, remained central to the ambitious plan to lift national output beyond two million tonnes. Bakrin spoke while briefing journalists in Abuja over the

weekend, adding that the council was moving from policy commitments towards measurable implementation, with estate performance to be monitored through physical inspections and satellite technology. The initiative targets a market with annual domestic demand of 1.8 million tonnes, underscoring the scale of investment and production needed to achieve self-sufficiency, cut sugar imports, conserve foreign exchange and create jobs. The NSDC boss further outlined a three-pronged strategy built around improving existing estates, expanding established operators and attracting new investors into greenfield projects. The programme’s success, however, will depend on translating investment commitments into

Zenith Bank Donates N5m to Blind Association for White Cane Day Bennett Oghifo

Zenith Bank has donated N5 million to the Nigeria Association of the Blind (NAB), Lagos State Chapter, to support efforts to promote safe mobility, independence and public awareness of the challenges faced by persons with visual impairments. The donation, presented at the bank’s headquarters on October 9, 2026, is to support activities marking the 2026 International White Cane and Safety Day scheduled for October 15. The intervention is expected to strengthen the association’s awareness campaign, including a planned walk to highlight the importance of the white cane and advocate safer public spaces for persons who are blind or visually impaired. The gesture comes amid

persistent accessibility challenges confronting persons with disabilities, particularly in navigating roads, public infrastructure and other shared spaces. The Chairman of the NAB, Lagos State Chapter, Mr. Babatunde Safiu, expressed appreciation to Zenith Bank for the financial support, describing it as an important contribution towards ensuring the success of the awareness walk. Safiu said the donation would go a long way towards supporting the association’s planned activities and advancing public understanding of the needs and rights of persons with visual impairments. The International White Cane and Safety Day is observed annually to raise awareness of the white cane as an essential mobility aid for blind people and those with visual impairments.

functioning factories, reliable cane supplies and commercially viable operations, he added. Greenfield projects advance towards implementation Bakrin said the pipeline of 10 greenfield projects had progressed beyond the conceptual stage, with promoters identified for all the proposed estates and 143,478 hectares of land secured. The projects envisage combined milling capacity of 55,500 tonnes of cane daily, while independent technical reviews are underway to ensure they meet bankability requirements. The council expects the 10 estates to contribute 835,000 tonnes of sugar annually when fully operational, complementing production from existing estates and expansion by incumbent operators. According to him, credible Nigerian business groups outside the sugar industry had expressed interest in investing, alongside

international companies, including some already operating in the country. According to him, some prospective investors had acquired land and commenced feasibility studies, with the council hopeful that groundbreaking on some projects could begin before the end of the year. He said the projects were distributed across eight states, while as many as 14 states had climatic conditions potentially suitable for commercial sugarcane cultivation. Adequate water supply and sufficient rain-free days are critical to commercial production, particularly for the development of sucrose in sugarcane. Meanwhile, the 10-year programme requires $7.1 billion in investment, comprising $5 billion in debt financing and $2.1 billion in equity. The proposed debt structure includes approximately $3 billion from export credit agencies, $1.75

billion from development finance institutions and $250 million from local development finance institutions. Existing operators to deliver bulk of production Beyond the greenfield pipeline, the programme seeks to optimise existing estates to produce approximately 100,000 tonnes annually, while incumbent operators are expected to contribute 1.22 million tonnes. Together, the three interventions are projected to generate more than two million tonnes of sugar annually across 13 projects, exceeding current domestic demand. The projections place the expansion of existing businesses alongside new investment as critical to achieving the production target, rather than relying exclusively on greenfield development. Ethanol, power to strengthen investment case

The NSDC is also positioning future sugar estates as integrated bioenergy platforms capable of producing sugar, ethanol and electricity. Bakrin said the additional revenue streams were important to the commercial viability of the projects, particularly ethanol, which he described as a significant component of their bankability. He noted that Nigeria had maintained an E10 blending mandate since 2007, requiring ethanol to account for about 10 per cent of fuel consumed under the policy. Successful implementation of the investment programme, he said, could provide sufficient domestic ethanol to meet that target. The estates are also expected to generate electricity for sale or injection into the national grid, expanding their contribution beyond food production and reducing dependence on a single revenue stream.

Girl Child Int'l Day: UNICEF Canvasses Stronger, Collective Action to End Child Marriage, Empower Girls Segun Awofadeji in Gombe

As the world commemorates the International Day of the Girl Child, the United Nations Children’s Fund (UNICEF) has called for collective action to end child marriage and ensure equal access to education and development opportunities for all children, particularly girls from poor and vulnerable families. The Chief of UNICEF Bauchi Field Office, Dr. Nuzhat Rafique made the call yesterday during the commemoration of the 2026 International Day of the Girl Child, organised by the UNICEF Bauchi Field Office at Maidugu Hotel, Gombe under the theme, “End Child Marriage and Invest in

Girls’ Rights,” brought together traditional rulers, women’s groups, development partners, media practitioners and girls to discuss strategies for protecting girls’ rights, improving their wellbeing and expanding their access to education and skills development. Dr. Nuzhat Rafique explained that no country could achieve meaningful development without providing boys and girls with equal opportunities to access quality education and realise their full potential. She noted that despite progress in promoting girls’ rights, millions of girls worldwide continued to face discrimination, violence, poverty and conflict, which restricted their choices and denied

them opportunities to fulfil their aspirations. According to UNICEF’s 2026 estimates, approximately one in five girls worldwide is married before the age of 18, representing about 650 million women and girls alive today who were married during childhood. The UN agency also estimated that more than 12 million girls were married before reaching adulthood each year, with sub-Saharan Africa recording the highest prevalence at 31 per cent. Rafique expressed concern that child marriage continued to deprive girls of education, threaten their health and expose them to violence, social isolation and psychological distress.

She also highlighted the disproportionate impact of crises, conflicts and displacement on girls, noting that such conditions increased their vulnerability to child marriage, sexual violence and maternal mortality. The UNICEF chief said girls aged 15 to 19 were twice as likely as boys to be outside education, employment or training, while girls in fragile and conflict-affected settings faced greater risks of missing out on secondary education. “Every girl deserves a childhood. Every girl deserves the freedom to learn, to grow, to make her own choices and to define her own future. Yet millions of girls are still denied that freedom,” she said.

T H I S D AY • MONDAY, OCTOBER 12, 2026

NEWS

PRE-EVENT PRESS CONFERENCE ON THE 26TH COWLSO’S NATIONAL WOMEN CONFERENCE...

L-R: The First Lady/Chairman, Committee of Wives of Lagos State Officials (COWLSO), Dr. Ibijoke Sanwo-Olu, flanked by wife of the Deputy Governor/Vice Chairman, Mrs. Oluremi Hamzat (left); Chairperson, 2026 National Women Conference, NWC, Dr. (Mrs) Olayemi Oke-Osanyintolu (right) and members of COWLSO during a pre-event press conference on the 26th COWLSO’s National Women Conference, at the Bagauda Kaltho Press Centre, the Secretariat, Alausa, Ikeja... recently

LCCI Calls for Six-month Plan to Reduce Petrol Prices, Ease Costs Afenifere rejects N1,350 petrol price cap, demands N400/litre Blames Tinubu presidency for hunger, hyperinflation Dike Onwuamaeze and Sunday Aborisade in Abuja

The Lagos Chamber of Commerce and Industry (LCCI), yesterday commended the federal government’s proposed petrol price-stabilisation mechanism, and called for a six-month plan to reduce petrol pump prices and ease business costs. The Director General of LCCI, Dr. Chinyere Almona, said that the proposal to establish

a ceiling of N1,350 per litre on the ex-gantry or landing cost of petrol, with monthly reviews and public disclosure, represented an acknowledgement by the government that excessive volatility in energy prices has significant consequences for the wider economy. She, however, noted that while price stability is desirable, stability at an excessively high price is not sufficient to restore business competitiveness.

“Our position is clear: we welcome the government's intervention to moderate price volatility, but the next step must be a credible plan to bring petrol prices down progressively, sustainably and transparently,” she stated. According to her, Nigeria needs a mechanism that delivers both price stability and a progressive reduction in petrol prices over a defined period. She said: “The chamber is

concerned that the proposed arrangement, in its present form, may cushion businesses against sudden increases without necessarily bringing down the already elevated cost of energy. “Nigerian businesses are contending with high electricity tariffs, substantial expenditure on alternative power generation, rising logistics costs, expensive financing and other structural constraints. Petrol price increases compound these

Dapo Abiodun: Ogun East’s Economic Transformation to Boost Nigeria’s Growth

Ogun State governor, Prince Dapo Abiodun, has said the emerging economic opportunities in Ogun East, driven by industrial expansion, airport development, road infrastructure, energy prospects and the proposed Gateway Deep Sea Port, have the potential to transform the region into a major economic hub with far-reaching benefits for Nigeria’s economy. Abiodun said the convergence of these strategic assets would not only accelerate economic growth in Ogun State but also strengthen Nigeria’s maritime

trade, industrial capacity, logistics network, employment generation and investment prospects. The governor who spoke at the weekend during the investiture of the Commissioner for Environment, Hon. Oladimeji Oresanya, as the 19th president of Sagamu Club in Sagamu, said the region’s growing economic significance had strengthened the argument for the creation of an additional state in the area. He urged community leaders and other stakeholders to sustain their contributions to the development of the region

and work with the government to maximise the opportunities emerging from its strategic location and expanding economic infrastructure. Ogun East is positioned to play an increasingly important role in Nigeria’s economic development, with its proximity to Lagos, established industrial corridor, expanding transport infrastructure and access to coastal resources providing a foundation for investment across several sectors. A major component of this emerging economic landscape is the proposed Gateway Deep

Sea Port and Blue Marine Special Economic Zone in Ogun Waterside. The projects are expected to create opportunities in maritime services, manufacturing, warehousing, shipping, export processing and freight transportation. Beyond their anticipated impact on Ogun State, the projects could strengthen Nigeria’s capacity to handle maritime trade, support export-oriented industries, attract international capital and create employment across multiple sectors of the national economy.

pressures, affecting distribution, transportation, production and the cost of delivering goods and services.” She said that although the proposed ceiling may moderate the immediate transmission of international oil price and exchange-rate shocks, it does not, on its own, guarantee that petrol prices will decline to levels that provide meaningful relief to businesses and consumers. Furthermore, the LCCI remarked that requiring refiners and importers to absorb temporary cost increases and recover them when market conditions improve may smooth price movements, but it could also create deferred cost obligations. It said that if these obligations are not transparently accounted for and recovered within clearly defined limits, they could eventually place renewed upward pressure on prices. Almona said: “The chamber, therefore, urges the federal government to complement the proposed stabilisation mechanism with a six-month ‘Petrol Price Reduction Programme’ designed to deliver progressive, measurable and sustainable reductions in domestic pump prices.

“The LCCI proposes that the government, working with domestic refiners, petroleum marketers, regulators and other relevant stakeholders, should establish a six-month programme with the objective of reducing petrol pump prices by approximately 15–20 per cent from the prevailing national weighted-average price, subject to independently verified supply costs, market conditions and the sustainability of the proposed measures.” She also recommended five additional measures that would enable the proposed programme to be credible and commercially sustainable. “First, improve domestic crude supply to refineries. Nigerian refineries should have more predictable access to crude under transparent, commercially viable arrangements. Reliable supply can reduce procurement uncertainty, foreign-exchange exposure and avoidable logistics costs. “Second, boost the deployment of alternative transportation mechanisms like the CNG initiative, electric vehicle infrastructure, and other interventions that will reduce the cost of moving goods and persons across the nation.

World Mental Health Day: Plan International Donates Drugs Worth N80m to Sokoto Govt Onuminya Innocent in Sokoto Plan International Nigeria has donated family planning commodities, STI drugs and psychotropic medications worth over N80 million to the Sokoto State Government to strengthen mental and adolescent health services in the state. Presenting the donation at the Doctor's House, Old Airport, Sokoto, the Country Director of Plan International Nigeria,

Dr. Charles Usie, said the gesture was part of activities to commemorate the 2026 World Mental Health Day. Usie, represented by Mr. Laban Onesimus, said the donation was made under the Adolescent Sexual and Reproductive Health in Nigeria (ASPIRE) project, a multi-sectoral initiative funded by Global Affairs Canada. According to him, the ASPIRE project is being implemented

by Plan International Nigeria in Bauchi and Sokoto States to address interconnected barriers affecting adolescent girls and young women across SRHR, gender equality and mental health. He explained the intervention followed routine quality-of-care and supportive-supervision activities which identified gaps in the availability of essential family planning commodities, STI medicines and psychotropic

medications in supported health facilities. He noted that access to essential health commodities is critical to ensuring that adolescents, young women and others requiring care can access timely, appropriate and uninterrupted health services, particularly for Sexual and Reproductive Health and Rights (SRHR) and mental health needs. The donated items include

Depot Medroxyprogesterone Acetate (DMPA) both SC and IM, Microgynon pills, Gold Circle condoms, Doxycycline, Ciprofloxacin, Levofloxacin, Metronidazole, Azithromycin and a wide range of psychotropic medications. Others are mood stabilizers and anti-epilepsy drugs such as Carbamazepine and Sodium Valproate, antidepressants including Amitriptyline, Fluoxetine,

Escitalopram and Sertraline, as well as antipsychotics such as Haloperidol, Risperidone, Olanzapine, Trifluoperazine and Chlorpromazine. Usie explained the commodities will be formally handed over to the State Ministries of Health in Sokoto and Bauchi States for integration into existing government storage, distribution and monitoring systems rather than creating parallel structures.

T H I S D AY • MONDAY, OCTOBER 12, 2026

NEWS

WHEN OGWASHI-UKU MONARCH EMBARKED ON STREET WALK...

L-R: Personal Assistant to the Obi of Ogwashi-Uku, Prince Onyema Okonjo; HRM Dr. Ifechukwude Aninshi Okonjo II, Obi of Ogwashi-Uku and various community leaders and groups as well as a crowd of jubilant residents as the OgwashiUku royal father embarked on a royal walk on the streets of the city to thank God for divine protection, peace and prosperity at this year's New Yam festival... recently

FG Begins Payment of Gencos’ N4 Trillion Debt, Fixes 2027 for Full Settlement Minister seeks market restructuring to prevent fresh arrears Targets commercially sustainable electricity market

Emmanuel Addeh in Abuja

The federal government has commenced the settlement of outstanding debts owed to electricity generation companies (Gencos) and their associated gas suppliers under its N4 trillion Power Sector Debt Reduction Programme, with full settlement of the legacy obligations targeted for 2027. The Nigerian Bulk Electricity Trading Plc (NBET) announced the commencement of payments at the weekend, following the successful issuance and signing of N728.979 billion Series 2 bonds under the programme. The settlement comprises N402 billion in cash bonds and N326.979 billion in non-cash bonds, according to a statement in Abuja by NBET’s Managing Director and Chief Executive Officer, Akin Odeyemi.

In the statement, NBET said the ongoing settlement marked a significant step in addressing historical obligations, restoring liquidity across the electricity value chain and strengthening the financial position of power sector participants. The company added that the programme, being implemented under President Bola Tinubu’s leadership, was designed to support the objectives of the government and establish a more financially sustainable electricity market. According to NBET, the settlement would help electricity generation companies strengthen their financial positions, sustain and improve their generation assets, and support increased electricity production and greater reliability across the market. It said the immediate focus was on preparatory activities for the

MAN Elects Ifeanyi Okoye 12th President

Dike Onwuamaeze

The Manufacturers Association of Nigeria (MAN), has announced the election of the Chief Executive Officer of Juhel Nigeria Limited, Dr. Ifeanyi Eric Okoye, as its 12th President. Okoye, whose election took place at the just-concluded 54th Annual General Meeting (AGM) of MAN, succeeded Mr. Francis Meshioye. Okoye holds a Bachelor's degree in Pharmacy from the University of Ife (now Obafemi Awolowo University), an M.Sc. and PhD in Pharmaceutical Technology and Industrial Pharmacy from the University of Nigeria, Nsukka, where he was the best graduating student in his class. He established JUHEL Nigeria Limited in 1987, a wholly indigenous pharmaceutical manufacturing company with

headquarters in Enugu, Enugu State. Okoye is a Fellow of the Pharmaceutical Society of Nigeria and an alumnus of Harvard Business School in Boston, United States of America. He is also a Member of the National Institute, having attended the National Institute for Policy and Strategic Studies in Kuru, Plateau State. Okoye was conferred the national honour of Officer of the Order of the Federal Republic (OFR) in 2012. He has served on several committees, including the Ministerial Committee on the Establishment of World-Class Hospitals and Diagnostic Centres from 2013 to 2015; member of the governing council of the Standard Organisation of Nigeria (SON) from 2009 to 2022.

second phase of the programme. The ongoing settlement marks a major step towards addressing historical obligations, restoring liquidity across the electricity value chain, and strengthening the financial position of power sector participants. “Beyond addressing legacy obligations, this development provides a pathway for the Nigerian electricity market to progressively transition towards a more sustainable market cashflow framework, characterised by improved payment discipline, stronger liquidity and greater commercial certainty to support continued investment across the value chain. “ A more financially stable generation segment is also expected to strengthen the capacity of Gencos to sustain and improve their generation assets, support increased electricity generation, and contribute to greater reliability across the Nigerian electricity

market,” NBET added. Meanwhile, speaking at the Harvard Business School Association of Nigeria (HBSAN) Energy Conference in Lagos at the weekend, Minister of Power, Joseph Tegbe, stated that the federal government envisages that debts to the Gencos could be fully repaid by 2027. “We have brought in bonds… We plan to finish paying (legacy debts) by next year,” the Cable quoted Tegbe as saying. In the same vein, Tegbe stated that beyond the debt settlement, the government was considering changes to the current electricity market structure. According to him, this includes moving away from the existing model in which NBET purchases electricity from generation companies and sells it to Distribution Companies (Discos). The minister, however, stressed that settling the outstanding

obligations was only part of the challenge, adding that the government must reform the electricity market to prevent the accumulation of fresh debts. “But again, it’s not just paying the backlog or legacy debt. The plan is how to make sure it doesn’t happen anymore and one of the ways that we’re trying to make sure this happens is to take a second look at the market structure and market design itself,” the minister said. The minister argued that the arrangement had contributed to a system in which government intervention was required to cover tariff shortfalls, raising questions about its long-term sustainability. “And my plan at the end of the day is to move from that model. That model will not help us. We can’t keep covering tariff shortfalls and think we’ll be able to give power to every Nigerian,” Tegbe said.

He advocated a greater reliance on bilateral agreements between generation and distribution companies, under which electricity supply would be more closely linked to the ability of buyers to pay. “So all we need to do is to move to bilateral agreements, and we already have bilateral agreements working. Mainstream Energy Solutions Limited (MESL) supplies IBEDC, Mainstream supplies Ikeja Disco and they pay because mainstream will supply you what you pay, rather than somebody who will say the government will always give you money,” he explained. The minister also expressed concern about the assumptions underpinning electricity tariffs and the federal government's subsidy obligations, warning that the current structure could perpetuate financial pressures if the underlying problems were not addressed.

NDLEA Rearrests 83-Year-Old Woman for Drug Trafficking, Seizes 2.8 Tonnes of Cannabis

South African woman arrested with 32.74kg cannabis at PH airport

Michael Olugbode in Abuja An 83-year-old woman previously convicted for drug trafficking has been arrested again with methamphetamine and Colorado, as the National Drug Law Enforcement Agency (NDLEA) records major drug seizures across several states, including the arrest of a South African woman with 32.74 kilogrammes of cannabis at Port Harcourt airport. The octogenarian, Uloma Uchechi Sunday, was arrested last Wednesday at her residence in Ite-Uzo, Umuaguma, Obingwa Local Government Area of Abia State, with quantities of methamphetamine

and Colorado, a synthetic cannabinoid, allegedly tied around her waist with a wrapper. The NDLEA spokesman, Femi Babafemi, in a statement on Sunday said the octogenarian’s arrest followed intelligence indicating she operated a drug joint allegedly patronised by criminal elements terrorising the community. Sunday had previously been arrested on May 17, 2025, alongside her 32-year-old daughter, Chisom Uchechi, at the same residence. The agency said they were found with 50 grammes of methamphetamine, 522 grammes of skunk, 260 grammes

of fresh cannabis leaves and 12 grammes of tramadol. Both women pleaded guilty and were sentenced to 12 months’ imprisonment or a fine of N200,000 each. They paid the fines and were released. According to the NDLEA, the older woman subsequently returned to the drug trade and allegedly established a drug joint at her residence. In a separate operation, operatives of the agency, working with the Nigeria Customs Service, arrested a South African national, Gebashe Sithandiwe Jessie, at the Port Harcourt International Airport, Omagwa, Rivers State, with 30 parcels of Thai Loud,

a cannabis strain weighing 32.74 kilogrammes. The suspect, who arrived from Thailand through Doha aboard a Qatar Airways flight, allegedly concealed the drugs in two travelling bags. The agency said she admitted to previously trafficking drugs through other African countries and attempting to expand her route to Port Harcourt. The arrests formed part of a series of interdiction operations in which the NDLEA recovered large consignments of illicit drugs at airports, along highways and in residential locations across Lagos, Taraba, Kano, Kaduna, Edo, Cross River, Ondo and Plateau states.

MONDAY, OCTOBER 12, 2026 • T H I S D AY

MONDAY OCTOBER 12, 2026 TR

UT H

& RE A S O

Monday October 12, 2026 Vol 27. No 11501

opinion@thisdaylive.com

www.thisdaylive.com

KADUNA’S CNG TRANSPORT INITIATIVE The state transport model connects mobility with sustainable development, writes SIMON YUSUF

See page 17

WHAT LEADERS DO WHEN NOBODY IS WATCHING

Some of the consequential decisions are rarely on the agenda, contends LINUS OKORIE

See page 17

EDITORIAL

PUTTING AN END TO CHILD MARRIAGE

See page 18

The disagreement over the pipeline surveillance contracts is uncalled for, argues FRANK TIETIE

A NEW CHAPTER IN NIGER DELTA

In his magnum opus, titled ‘Niger Delta Rivalry’, renowned historian Obaro Ikime described the Niger Delta as a place occupied by peoples and ethnicities who would hardly cooperate about anything but would fight over almost everything. Beyond the natural resource curse of exploitation, environmental degradation, and large-scale human and material underdevelopment, the intense rivalry among the ethnic groups and peoples of the Niger Delta was the primary driver of unnecessary tensions that hindered the region's development. From the Federal Government's siting of a proposed Maritime University to the establishment of an oil and gas industrial park for the region, or any major maritime development, Niger Deltans, in a contest of ethnic supremacy, were prepared to go to war among themselves, driven by a strange sense of entitlement in determining who among them should benefit or not from such development. Knowing this about them, their oppressors have learnt ways to keep them fighting among themselves while the exploitation of their lands and people continues. Against this backdrop, the recent claims by Alhaji Mujahid Asari Dokubo against the Olu of Warri, fitted into the pattern of unhealthy rivalry among the people of the Niger Delta. It is most counterproductive and against the interests of peace and development in the Niger Delta for an Ijaw leader to attack the respected monarch of the Itsekiri nation, Ogiame Atuwase III, the Olu of Warri. The Olu is the Chairman of the Board of Pipelines Infrastructure Nigeria Ltd (PINL), a company with substantial Niger Delta ownership operating a pipeline surveillance contract with NNPCL, like Tantita Security Services Ltd, which is operated by the respected Ijaw leader, High Chief Government Ekpemupolo (Tompolo). Both companies have been hailed by the NNPCL and the Federal Government for helping increase Nigeria’s crude oil production. Nigeria substantially expanded its pipeline surveillance and security arrangements during a massive oiltheft and pipeline-vandalism crisis in 2022. The production figures are hard to ignore. From the disastrous lows of 2022, when crude production fell below one million barrels per day, Nigeria has recovered to production levels approaching 1.8 million barrels per day. NEITI, NUPRC and NNPC data all show that indigenous community-based surveillance contractors such as PINL achieved this for Nigeria. Therefore, whatever disagreements may exist over the allocation of the contracts and their

costs, firstly, it must be acknowledged that a security arrangement that has restored nearly 100% pipeline security, reduced disruption, and ensured a substantially higher production of crude oil for Nigeria should be commended. At a time when it was once thought that the Nigerian government’s unofficial policy was to exclude the Niger Delta people from substantial participation in the oil and gas industry, it was a welcome development when the administration of former President Muhammadu Buhari in 2022 awarded pipeline surveillance contracts to indigenous companies operated by Niger Deltans. This came after the companies underwent rigorous, high-level scrutiny by the National Assembly and security agencies. Therefore, PINL was neither awarded the surveillance contracts on a sentimental basis nor with a sense of entitlement because it is operated largely by Niger Deltans. Though an indigenous company, PINL passed the tests of efficiency and good corporate governance which were established under its erstwhile Chairman, Hosa Wells Okunbo, which earned it an already existing long-standing security contract based on its track record. That was long before the current reign of Atuwase Ogiame III. It is elementary that a company’s chairmanship does not necessarily equate to ownership, but it signals the integrity and reputational stability for which respected traditional rulers in the firstclass category are known. While it is correct that PINL operates a substantial part of Nigeria's pipeline-surveillance architecture, principally covering the Eastern Corridor of the Trans Niger Pipeline and associated infrastructure, NNPCL has not authoritatively disclosed the precise financial value and percentage allocation of the respective contracts, despite widely circulated and sharply disputed figures. Therefore, it is needless to stoke ethnic tensions in a region that has suffered so

much neglect and underdevelopment because of conflict merchants. It is heartening that the era of mutual suspicion and baseless rivalry in the Niger Delta is fading away, and being replaced by a progressive generation that wants to promote unity, peace, and rapid development of the region and its people. PINL's policy and practice of scaling down its surveillance operations by engaging youths from oil and gas host communities in gainful employment to provide security and ancillary services has led to a new wave of progress and improved living standards for many families in the Niger Delta. Data have shown a drastic reduction in illegal bunkering and illegal refining of petroleum products. What was once an area that recorded explosions of illegal refineries, with a population slowly dying from the heavy soot that flowed from the ‘kpo fire’ used for ‘cooking’ diesel, PINL’s activities have not only restored near 100% pipeline security and safety. Many of our angry young men have now been equipped with the critical skills to contribute to national development. The tide is turning in the Niger Delta. The region is gradually moving away from a history of violence and conflict, marked by rivalry among its ethnic nationalities. The era when its competent people were excluded from being major players in the oil and gas industry is coming to an end. No person or group in the region should feel entitled to the vast oil and gas resources to the exclusion of others who have also borne the brunt of crude oil exploration and production over the last 60 years. Now is the time for the people of the Niger Delta to breathe the fresh air of peace and development. Beyond pipeline surveillance contracts, the Niger Delta people have much more to attain. Worldclass refineries and blending plants, oil and gas industrial parks, as the world has never seen, specialized training schools, including universities and centres for maritime and oceanography studies, international financial hubs and banks for the development of oil and gas industries and communities, and many more are yet to be established in the region, and to be owned by Niger Deltans. Only an atmosphere of mutual respect among the ethnic nationalities of the Niger Delta can achieve the new dreams of the region and its people. Welcome to the new era. Tietie, lawyer, Media Personality and Convener of the Energy Security Coalition, writes from Abuja

T H I S D AY

MONDAY OCTOBER 12, 2026

The state transport model connects mobility with sustainable development, writes SIMON YUSUF

KADUNA’S CNG TRANSPORT INITIATIVE

Climate action is often discussed in the language of international agreements, emissions targets and global conferences. Yet some of its most meaningful expressions are found much closer to home, in the buses people board every morning, the roads they travel and the air they breathe. In Kaduna State, Governor Uba Sani’s deployment of 100 Compressed Natural Gas (CNG) mass transit buses offers a practical illustration of how climate-conscious infrastructure can become part of everyday life. Beyond improving public transportation, the initiative presents an opportunity to reduce transport-related emissions, improve urban air quality and demonstrate how subnational governments can integrate environmental considerations into public service delivery. The programme is particularly noteworthy because transportation is not merely about moving people from one destination to another. The way a city organises mobility influences fuel consumption, congestion, air pollution, household expenses and the overall environmental quality of urban life. By introducing high-capacity CNG buses across major urban corridors, Kaduna is pursuing a transport model that connects mobility with the wider objectives of sustainable development. The scale of the initiative is important. According to the information provided on the programme, the 100 buses operate along major routes, making multiple daily trips between approximately 6am and 6pm. During their first year of operation, the buses reportedly carried about 3.2 million passengers. Based on an average journey of 12 kilometres, this represents approximately 38.4 million passenger-kilometres of transport service. These figures illustrate the extent to which the buses have become part of Kaduna’s urban mobility system. They also provide a useful starting point for considering the environmental implications of the programme. Before their introduction, urban transportation in Kaduna was predominantly characterised by minibuses and tricycles. The deployment of high-capacity buses represents a move towards a more organised mass transit system, with the potential to transport larger numbers of passengers using fewer vehicles. This matters because the environmental performance of public transportation depends not only on the fuel a vehicle uses, but also on how efficiently it moves people. A well-utilised bus can distribute its fuel consumption and emissions across many passengers, potentially reducing the emissions associated with each passenger’s journey.

The climate benefits are therefore linked to two related changes: the transition from conventional fuels to CNG and the movement towards higher-capacity public transport. Compressed natural gas offers an alternative to conventional petrol and diesel in transport applications. Under comparable operating conditions, natural gas generally produces less carbon dioxide from combustion per unit of energy than diesel or petrol. Modern CNG vehicles can also reduce certain forms of particulate pollution compared with older, higher-emitting diesel vehicles. For Kaduna, these characteristics create an opportunity to improve the environmental performance of public transport while continuing to meet the mobility needs of a growing urban population. Using indicative operational emissions factors, the supplied estimates place the difference between conventional diesel and CNG operation for the fleet at approximately 1,370 tonnes of carbon dioxide equivalent (CO₂e) avoided annually, under the stated operating assumptions. This estimate should be understood as an indicative comparison rather than a complete measurement of the programme’s climate impact. Actual savings depend on factors including fuel consumption, vehicle utilisation, maintenance, the emissions characteristics of the vehicles being compared and the source of the electricity or fuel used throughout the transport system. The wider comparison with the minibuses and tricycles that might otherwise carry the same passengers could also produce a different estimate. A comprehensive assessment would need to establish how many conventional vehicles have been displaced, how full the buses are and how their routes compare with previous travel patterns. Even with these qualifications, the programme offers a practical foundation for measuring how transport investment can contribute to emissions reduction. Yusuf, writes from Kaduna State

Some of the consequential decisions are rarely on the agenda, contends LINUS OKORIE

WHAT LEADERS DO WHEN NOBODY IS WATCHING

For executives, some of the most consequential leadership decisions are rarely the ones that appear on the agenda. They are the decisions made after the meeting has ended. Whether to disclose an uncomfortable number or present a more convenient version of reality. Whether to give a junior employee credit or quietly take it. Whether to confront a high performer whose behavior violates the organization’s values. Whether to protect a colleague because of personal loyalty. Whether to admit that a decision was wrong when changing course may make the leader look less competent. These choices may never appear in an annual report or leadership biography. Yet they reveal something fundamental about the person making them. Character is often most visible when there is little incentive to display it. One of the most instructive corporate cases is Wells Fargo. For years, the bank was regarded as one of America’s largest and most successful financial institutions. Its strategy of deepening relationships with existing customers through multiple products was commercially understandable. Cross-selling is not, in itself, an unethical business practice. The problem emerged when aggressive sales targets and compensation incentives became powerful enough to distort behavior. In 2016, the U.S. Consumer Financial Protection Bureau found that employees had opened unauthorized deposit and credit-card accounts, among other practices, to meet sales targets and earn compensation. According to the regulator, Wells Fargo’s own analysis identified more than two million deposit and credit-card accounts that may not have been authorized by customers. The important lesson is not simply that some employees acted dishonestly. It is more uncomfortable than that. What happens when the system rewards the result more aggressively than it examines the way the result is achieved? That is an executive question. Every organization creates incentives, whether deliberately or otherwise. Targets tell people what matters. Bonuses tell them what is rewarded. Promotions tell them what is valued. The response to bad news tells them whether truth is welcome. These mechanisms can produce extraordinary performance when designed

well. But they can also produce unintended behavior when the pressure becomes disconnected from the purpose. The CFPB concluded that Wells Fargo’s sales goals and incentive-compensation arrangements contributed to the misconduct and criticized the bank’s failure to monitor those arrangements adequately. That distinction matters. The lesson is not that targets are bad. It is that what leaders measure, reward and tolerate must remain connected to what the organization actually exists to achieve. This principle reaches far beyond banking. Imagine an executive receives a report showing that the organization is likely to miss its quarterly target. Nobody outside the company knows yet. The executive can ask the team to confront the problem honestly. They can communicate the reality to the board and begin working on a solution. Or they can pressure people to find a way to make the numbers look better. The decision may take only a few minutes. But it tells everyone in that room what matters more: reality or appearance. The same principle applies to the treatment of high performers. Suppose an executive has a star employee who consistently delivers exceptional results but repeatedly mistreats colleagues. Does the executive confront the behavior? Or does performance become an excuse? The decision may affect one employee, but the message reaches everyone. The organization learns whether excellence includes character or whether results provide immunity. The same is true of recognition. Who receives credit when a project succeeds? The executive who presented the work? Or the person who actually built it? Again, it may appear insignificant. It is not. Leaders teach people what matters through these choices. Okorie MFR is a leadership development expert spanning 30 years in the research, teaching and coaching of leadership in Africa and across the world. He is the CEO of the GOTNI Leadership Centre.

T H I S D AY MONDAY OCTOBER 12, 2026

EDITORIAL

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

PUTTING AN END TO CHILD MARRIAGE

All stakeholders must do more to contain the practice

he theme for the International Day of the Girl Child 2026 held yesterday was “End child marriage and invest in girls' rights.” Sadly, there was not much awareness in Nigeria despite the United Nations Educational, Scientific and Cultural Organisation (UNESCO) projecting that 30 per cent of girls aged 15 to 19, who should still be in school, are currently married. According to UNESCO, only 14 per cent of girls from low-class families in the country complete primary school. This is a menace that will persist except there is a proactive action by those in authority. Aimed at highlighting and addressing “the needs and challenges girls face, while promoting girls' empowerment and the fulfilment of their human rights”, October 11 every year has since 2012 been used to draw attention to the plight of girls. With about 70 per cent of families living below poverty line, it is no surprise that the girl-child is often the first casualty in most rural communities in Nigeria today. She is usually the one sent into the streets to hawk, or to go and work as house help for more fortunate families. Some have also been pushed into prostitution, and early marriage in the process. Child marriage is a manifestation of gender inequality, reflecting social norms that perpetuate discrimination against girls. The act is a violation of human rights and young girls who marry as children are more likely to drop out of school and have limited independence. Sadly, in Nigeria, more than half of the underage children have husbands who are 10 or more years older. In most instances, girls forced into early marriages, do not know and may have never met their groom. The implication of a child engaging in early marriage is that she is conferred with the responsibilities

of an adult which she is not prepared for. A bride child may experience complications from pregnancy and childbirth, a major cause of death among adolescent girls below the age of 19 in Nigeria. Bride children are also susceptible to HIV infections, cervical cancer and obstetric fistulas while their offspring are at increased risk for premature birth and death as neonates, infants, or children. They are also prone to domestic violence, sexual and physical abuse. This arbitrary practice is largely the cause in elevated cases of brides who resort to killing their supposed husbands mainly by poisoning as the marriage is not consensual as demanded by law. Many of the minors given out to early marriages are of poor background where the parents struggle to provide the basic needs of the family. Among other factors responsible for child marriage are ancient cultural traditions, religious and social pressures, and illiteracy. Though there is a public outcry against underage marriage and attempt to prohibit it by amending section 29, sub section 4 of the constitution, the practice, however, continues with all the risks it poses. Some states and influential political figures have doggedly opposed the attempt by insisting on the status quo. We call on government to address this menace in view of its consequences on women and the social economic development of the country. A bride child is denied her right to education which is the bedrock on which the greatness of every society is founded, restricting her from contributing to nation-building. We are particularly concerned that early betrothal places child brides at risk of widowhood at an early age as they are significantly younger than their husbands. That risk subjugates them to economic and social challenges for a greater portion of their lives, compared to women who get married as adults.

The implication of a child engaging in early marriage is that she is conferred with the responsibilities of an adult which she is not prepared for T H I S D AY

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

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

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

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

LETTERS LEGISLATIVE AGENDA FOR FCT WOMEN AND GIRLS FCT women’s agitation for practical measures to improve their welfare has always been of concern, as well as protection and advancement of women and girls across the six Area Councils. Of particular concern is the seven priority areas underpinning Senator Philip Tanimu Aduda’s legislative agenda for women and girls: skills development and economic empowerment: supporting legislation and budget provisions that expand access to vocational training, digital skills, enterprise development and cooperative financing. Support for women-owned businesses: Championing access to grants, affordable credit, markets and public procurement opportunities, with transparent criteria to ensure support reaches intended beneficiaries. Education and mentorship: Advocating policies and funding that promote girls’ enrolment, retention and completion of school, alongside scholarships, STEM

education, adult literacy and mentorship. Maternal and community healthcare: Advocating adequate funding for maternal healthcare, primary health facilities and aﬀordable health coverage, while strengthening oversight of service delivery across the six Area Councils. Women’s Representation and Leadership: Supporting legislative and policy reforms that expand women’s participation in governance, public appointments and decision-making, alongside leadership development opportunities. Protection and Inclusion of Vulnerable Women: Championing legal protections and social support for widows, women living with disabilities and other vulnerable women, including access to livelihoods, essential services and protection against discrimination and dispossession. Prevention of Gender-Based Violence and Access to Justice: Supporting stronger legal protections, eﬀective

enforcement, survivor services, shelters and accessible legal aid through adequate funding and oversight. Princess Hauwa Philip Aduda has emphasised the importance of sustained dialogue with women leaders to ensure that grassroots concerns inform these priorities. She encouraged continued engagement, collaboration and practical recommendations to strengthen the proposed agenda. This therefore reinforces the importance of women’s participation in shaping policies that aﬀect their lives and holding public representatives accountable for results. Through continued consultation, the priorities will be further developed into a legislative agenda focused on measurable improvements in the lives of women and girls across the FCT. Ambassador Mariam Haruna, Abuja

MONDAY, OCTOBER 12, 2026 • T H I S D AY

T H I S D AY • MONday OCTOBER 12, 2026

Politics

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

M O N D AY D I S C O U R S E

As Organised Labour Squares Up with FG over Worsening Living Conditions...

Onyebuchi Ezigbo takes a look at various demands and position of the two Labour Centres - Nigeria Labour Congress and Trade Union Congress - over the biting cost of living in the country. While NLC is demanding outright reduction of the pump price of petrol to about N668 per litre, TUC, on its part, is seeking a revaluation of the Naira to exchange at N800 to a dollar so as to trigger reduction of fuel price to about N600 per litre.

Tinubu

hen organised labour speaks, government usually listens with one ear open for the sound of strike drums. But this October, the sound coming from Labour House is not a single beat. It is two different rhythms for same destination - bringing down the cost of living facing Nigerian workers. The Nigeria Labour Congress (NLC), which is the more militant of the two centres, drawing more of it’s members from average and low income earners has bluntly demanded an outright reduction in the pump price of petrol to at least half of it’s current cost. Bring petrol back to N668.30 per litre, it said. That was the price when President Bola Tinubu signed the N70,000 minimum wage into law in July 2024. On the other side, the Trade Union Congress (TUC), in a more technocratic posturing said: Don’t just slash pump price, fix the exchange rate of Naira to N800 to one Dollar and the pump price will fall to N600 on its own. Two Labour Centres, one pain, two prescriptions. At the same time the federal government appears to be torn in between two difficult choices of abandoning it’s professed policy of total removal of subsidy, floating of national currency and restoring the subsidy and intervening to shore up the Naira value. NLC’s Ultimatum: Return To 2024 Fuel Price Level: The NLC fired first. On October 7, 2026, after its National Executive Council and Central Working Committee converged at the Olaitan Oyerinde Hall at Labour House, Abuja. The atmosphere, according to communiqué signed by President Comrade Joe Ajaero, was sombre. “The joint meeting-in-session notes with profound alarm the deepening misery inflicted on the Nigerian working class... Inflation continues to soar unabated, the Naira remains traumatised, wages have been rendered worthless, and the cost of living has become unbearable,” the communique reads. Its resolution was direct. A two-week ultimatum beginning Friday, October 9, for government to: reduce petrol price to what it was at signing of current minimum wage in 2024; commence renegotiation of a new national minimum wage;

Ajaero

implement February 5, 2026 Terms of Settlement with it’s affiliate - the Joint Health Workers Union (JOHESU); and implement demands of Joint Public Sector Negotiating Council or it will be compelled to take remedial steps. For NLC, the argument is moral and mathematical. as at mid 2024, when minimum wage was fixed at N70,000, petrol was N668.30 per litre. Today petrol hovers above N1,400 in many cities. That means the wage has lost over 40 percent of its energy purchasing power before food and transport are even considered. In NLC ‘s view, bringing petrol back to N668 will only restore the original bargain. NLC also demanded tax relief and wage awards, insisting government “cannot continue to demand sacrifice from workers while not offering any relief.” However, for TUC the diagnosis of the present energy crisis and it’s biting impact on the populace should be tackled by first identifying it’s causative factors which Is the exchange rate debacle. Before it’s latest recommendation on the revaluation of the Naira, TUC had earlier urged the government to see if it can plough back part of the extra profit or windfall from unbudgeted higher crude oil prices to subsidize local refineries to cause a reduction in the cost of their product for domestic market. In 2024, TUC had presented a 15-point

Osifo

demand with exchange rate as central. It has not shifted. Last week, TUC President, Comrade Festus Osifo mounted the podium after the Congress NEC meeting to further demand that Federal government upgrades the value of the Naira which in the union’s view has been grossly undervalued. “High exchange rate of Naira to a Dollar is central to rising cost of goods including the pump price of petrol,” he said. Osifo acknowledged improvements: macroeconomics picking up, inflation achieving some stability, exchange rate gaining strength. While commending the CBN Governor, Olayemi Cardoso, he, however, said N1,300 to $1 official rate is still a failure. “We still believe that Naira should be somewhere between seven to 800 Naira to $1. At 400 it was overvalued. At 1,300 it is undervalued. It is not trading at the strength it should,” Osifo argued, citing local and international think tanks. This is the TUC path. Nigeria imports refined fuel, even with Dangote Refinery and Port Harcourt running, pricing remains import-parity linked. Every Dollar rise adds to pump price. Strengthen Naira to N800/$, you cut import bill by almost 40 percent, you cut petrol to about N600, you also cut cost of drugs, school fees linked to Dollar, spare parts and food imports. It is not just fuel, it is everything. On wages, TUC is more patient. It expects formal minimum wage talks by February 2027, six months to expiration of Minimum Wage Act, but wants immediate talks on allowances and wage awards. It also backed warning strike by Joint National Council of federal workers and

NLC ultimatum lapses on October 23, 2026. TUC has not given a date but its warning on escalation of federal workers’ strike adds weight. If government ignores the two labour unions, it risks a joint action - NLC shutting down economic activity, TUC also crippling oil sector expertise

pledged to escalate if unresolved, and waded into JOHESU health dispute and the Niger tragedy where about 30 minors reportedly died in NSCDC custody, demanding culprits be punished. From all indications, it appears that the Labour Centres are adopting different tactics to drive home the demand of the workers for better living conditions in the face of harsh economic situation in the country. The difference is not just economic; it is strategic. NLC wants an immediate, administratively determined relief - government should order NNPCL and marketers to drop price, even if it means subsidy or price modulation. Quick win for workers, but with fiscal cost. On the other hand, TUC wants a marketcorrecting structural fix - monetary policy that makes Naira truly reflect its value, which will naturally drag down petrol and general inflation, but requires CBN reforms, improved dollar supply, oil production and investor confidence. Labour watchers say both NLC and TUC may be right but incomplete in their submissions. A stronger Naira to N800 would indeed crash petrol below N600 without subsidy, but can CBN sustain N800 without burning reserves? A forced price cut to N668 would instantly relieve workers, but without Forex reform, queues and scarcity may return. What unites them is urgency. The current minimum wage, which looked like victory in 2024, now buys less Garri than it did then. Organised Labour, which has been relatively quiet in 2026, is smelling the 2027 pre-election air where government is more likely to concede. For President Tinubu’s government, the clock is ticking away. NLC ultimatum lapses on October 23, 2026. TUC has not given a date but its warning on escalation of federal workers’ strike adds weight. If government ignores the two labour unions, it risks a joint action - NLC shutting down economic activity, TUC also crippling oil sector expertise led by PENGASSAN, its affiliate body headed by Osifo himself. That combination grounded Nigeria in 2012 and 2024. The question now is whether Abuja will choose NLC’s quick cut, TUC’s strong Naira, or, as often happens, a middle road that satisfies neither of the two parties.

MONDAY, OCTOBER 12, 2026 • T H I S D AY

T H I S D AY • Monday, October 12, 2026

BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

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

08056356325

O ctober

S & P INDEX

9 , 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%

N1,381/ 1 US DOLLAR*

OVERNIGHT

25.18%

1-MONTH

21.37%

1-DAY

0.10%

YEAR TO DATE

-10.99%

*AS AT Fri., October 9, 2026

3-MONTH

22.41%

MONTH-TO-DATE

0.24%

Amidst Loans, Deposit Drive, Nine Banks Total Assets Cross N162.45tn

Stories by Kayode Tokede On the back of hike in loans & advances and deposit growth, a total of nine listed banks on the Nigerian Exchange Limited (NGX) recorded a whooping N162.45 trillion total assets for half year (H1) ended June 30, 2026. This is about a 6.42 per cent increase over N152.65 trillion reported in the full year ended December 31, 2025. The nine banks are: Ecobank Transnational Incorporated, First Holdco Plc, Zenith Bank and Guaranty Trust Holding

Company Pllc (GTCO). Others are: FCMB Group Plc, Stanbic IBTC Holdings Plc, Sterling Financial Holdings Company Plc, Jaiz Bank Plc and Wema Bank Plc. Analysis of the banks result showed that Ecobank Transnational Incorporated recorded N49.21 trillion total assets as of June 2026, a decline of 0.91 per cent from N49.66 trillion reported in 2025, while Zenith Bank total assets reached N32.65trillion, a growth of 3.78 per cent from N31.46 trillion reported in 2025.

In the period under review, First Holdco recorded N30.64 trillion total assets, a growth of 12.46 per cent from N27.25 trillion reported in 2025 while GTCO posted N18.62trillion total assets an increase of 4.81 per cent from N17.76 trillion in 2025. Commenting, GTCO stated that it strengthened the group’s funding and asset deployment capacity, with customer deposits increasing by 10.3 per cent and total assets expanding by 4.8 per cent from 2025. “The 21.9 per cent

growth in investment securities reflects continued deployment of the expanded funding base while maintaining balance-sheet flexibility. Well-diversified asset base structure across all the group’s business verticals with loans accounting for 16.9 per cent, a pointer to future opportunities for growth; investment securities - 36.9 per cent, cash & cash equivalent - 25.4 per cent, a testament of the Group’s strong liquidity position and robust earning capacity,” GTCO explained in a

presentation,” it said. On its part, Stanbic IBTC Holdings posted a 26.59 per cent increase in total assets to N10.9 trillion; FCMB Group reported 9.53 per cent growth in total assets to N8.4trillion; Wema Bank declared 13.52 per cent appreciation in total assets to N5.76 trillion. Also, Sterling Financial Holdings Company saw its total assets up by 19.30 per cent to N4.67trillion and Jaiz Bank announced 27.01 per cent raise in total assets to N1.64trillion. The banks audited/ unaudited H1 2026 showed

a growth in deposit that contributed 72 per cent of the N162.45 trillion total assets as of June 30, 2026. Among the nine banks’ results and accounts posted on NGX, Ecobank leads others with the deposit, declaring N37.3 trillion, about 2.27 per cent increase over N36.44 trillion in 2025. It was followed by Zenith Bank that closed the period under review at N26.35trillion, a 8.29 per cent increase over N24.33 trillion in 2025. The story continues online on www.thisdaylive.com

NGX Foresees N300trn Market Capitalisation Amidst New Listings The Chairman of The Nigerian Exchange Group (NGX), Umaru Kwairanga has said that the group is projecting a N300 trillion market capitalisation with new listings as the capital market seeks a bigger role in Nigeria’s drive towards a $1 trillion economy. Kwairanga, who disclosed this at the 30th anniversary and annual awards dinner of the Association of Issuing Houses of Nigeria (AIHN) in Lagos, highlighted the

need to attract more retail investors, deepen market participation and expand investment opportunities. He said the exchange had urged President Bola Tinubu’s administration to encourage more state-linked companies, particularly in the energy and technology sectors, to list on the market to widen investment opportunities and strengthen the capital market. He said the exchange had also raised the prospect of

fintech company OPay listing in Nigeria before pursuing an overseas listing, adding that President Tinubu had asked the governor of the Central Bank of Nigeria (CBN) to examine the matter. OPay, he said, was working towards a domestic listing. Kwairanga noted that technology had transformed the capital market from manual processes to digital transactions, adding that continued innovation would be essential to

attracting younger investors and making investment opportunities more accessible. He congratulated the association for milestone achievement in the last three decades, stressing that the NGX Group is always proud to associate with institutions that are making an impact in the Nigerian capital market. “AIHN is an association that has deepened the Nigerian market today,”he said.

Speaking also, President of AIHN, Kemi Awodein, said the association would continue to work with regulators, government and investors to deepen the market, promote transparency and good governance, and encourage innovation to strengthen investor confidence. Awodein said the market had evolved considerably since the association was established 30 years ago, with instruments such as

green bonds and bookbuilding now forming part of its development. She described the capital market as a critical channel for mobilising funds for investment, economic growth, job creation and national development. At the anniversary dinner, AIHN recognised firms for their contributions to Nigeria’s capital market through its annual awards. The story continues online on www.thisdaylive.com

M a r k e t d ata A s at F r i d ay, O c t o b e r 9 , 2 0 2 6 BONDS Description Price Yield Change Updated Time (%) ^13.98 23October 96.72 16.60 0.00 9, 2026 FEB-2028 October ^21.00 200.00 9, 105.70 16.60 2026 MAR-2028 ^19.30 17October 105.35 16.65 0.15 9, APR-2029 2026 ^14.55 26October 95.91 16.51 0.00 APR-2029 9, 2026 ^18.50 21October 105.62 16.65 -0.05 9, FEB-2031 2026

BILLS Maturity NTB 8-Oct26 NTB 5-Nov26 NTB 3-Dec26 NTB 7-Jan27 NTB 4-Feb27

Discount Yield

Change (%) Updated Time

Maturity

17.00

17.22

October -0.01 9, 2026

17.30

17.77

October -0.01 9, 2026

17.79

18.55

October -0.01 9, 2026

18.54

19.73

October -0.01 9, 2026

18.25

October -0.01 9, 2026

PCLL CP V 25-SEP-26 AGRO CP IV 7-DEC-26 DAIL CP II 26-NOV-26 JVIL CP XXIV 29-DEC-26 EMZO CP II 14-JAN-27

17.00

CLEARED NAIRA-SETTLED NDFS

CPs Discount Yield 22.92

23.14

22.74

24.06

21.09

22.07

22.21

23.80

21.69

23.44

Change (%)

Updated Time

October 0.00 9, 2026 October -0.01 9, 2026 October 0.00 9, 2026 October 0.01 9, 2026 October 0.01 9, 2026

Contract Tenor Contract (Month)

Current Rate ($/₦)

Updated Time

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Monday, October 12, 2026 • T H I S D AY

BUSINESSWORLD

News

PORTS CONNECTIVITY…

L-R- Managing Director/ CEO Nigerian Ports Authority (NPA) Dr. Abubakar Dantsoho and Executive Secretary/CEO Nigerian Shippers Council (NSC) and member of Dala Dry Port delegation, Mr. Hassan Bello after a meeting with the management of the NPA in Lagos… recently

Recapitalisation: Insurers Tasked on Stronger Institutions, Better Service Delivery Ebere Nwoji

The National Insurance Commission (NAICOM) and the National Pension Commission (PenCom), have urged insurance companies and pension Fund operators to ensure that recapitalisation translates into stronger institutions, better services and improved financial security for Nigerians. Both sectors are undergoing

recapitalisation process with the insurance sector having concluded its own process and pension sector’s slated to end July 2027. The regulators made the call recently at the 11th Annual Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE). Speaking at the conference, the commissioner for insurance, Mr Olusegun

Omosehin, said insurers must look beyond meeting minimum capital requirements to strengthening their balance sheets, improving risk management and enhancing claims settlement. He said the successful completion of the recapitalisation exercise in insurance sector marked the beginning of a new phase, requiring operators to preserve and deploy their

capital prudently. Omosehin said insurers must align their assets with their liabilities to ensure that adequate, liquid and diversified investments were available to meet obligations to policyholders. He also urged operators to adopt disciplined investment policies, strengthen corporate governance and improve risk management to protect their enhanced capital bases.

Similarly, Director-General of PenCom, Ms Omolola Oloworaran, urged pension Fund operators yet to meet the recapitalisation requirements to comply with the directive urgently. “I’d like to make a warning to the industry. All those who have not met the recapitalisation in the pension industry, there’s no going back. Go and meet your capital requirements

with urgency,” she said. Oloworaran said recapitalisation was necessary to strengthen regulated institutions and improve their capacity to withstand economic and financial shocks. She said the reforms were particularly important because pension and insurance institutions managed resources critical to the livelihoods and financial security of Nigerians.

NIMASA-BEAP: Portal Opens to NPA Moves to Fix Rail, Logistics Gap At Inland Dry Ports Abubakar Dantsoho, and The discussions the nation’s seaports. Chibuzor the Executive Director of focused on strengthening He said the facilities must Nigerians as Age Barrier is Removed Oluchi The Nigerian Ports Authority Dala Inland Dry Port, Mr institutional collaboration, be equipped to handle The Nigerian Maritime Administration and Safety Agency, NIMASA has announced the removal of the age restriction for participation in its National Innovation Hackathon 2026, under the NIMASA Blue Economy Accelerator Programme (NIMASA-BEAP), following widespread demand from Nigerians seeking to participate in the initiative. The agency in a statement said the NIMASA-BEAP

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)

application portal, which opened recently is now available to all Nigerians aged 18 years and above, regardless of gender, ethnicity, religion or educational background. “NIMASA is therefore urging Nigerian innovators, entrepreneurs, researchers, developers, engineers, artisans, graduates and students to take advantage of the opportunity and submit their applications on the portal at no cost. The National Innovation Hackathon, scheduled for December 2026, is designed to identify innovative solutions to challenges and opportunities across Nigeria’s maritime and blue economy. “The Hackathon features 13 innovation tracks, covering areas including maritime technology and logistics; maritime safety, surveillance and security; green shipping and vessel decarbonisation; seafarer welfare; port digitisation; marine waste management; aquaculture and sustainable fisheries; coastal and artisanal fishing; ocean data and analytics; naturebased coastal defence; marine tourism; marine biotechnology; and deep seabed mining technologies and research,” it said.

(NPA) has moved to address rail connectivity and logistics challenges affecting inland dry ports as part of efforts to integrate the facilities into the nation’s port system and improve cargo movement across the country. The move followed a meeting between the NPA management, led by its Managing Director, Dr

Ahmad Rabiu, alongside representatives of Funtua Inland Dry Port, at the authority’s corporate headquarters in Marina, Lagos. The engagement came after the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, directed the transfer of operational oversight of inland dry ports to the NPA.

addressing infrastructure constraints and improving operational efficiency across Nigeria’s maritime logistics chain. Speaking during the meeting, Dantsoho stressed the need to upgrade inland dry port infrastructure and technical capacity to complement ongoing modernisation efforts at

increasing cargo volumes and support the broader transformation of Nigeria’s maritime sector. “For our Inland Dry Ports to function at the same velocity as the ongoing modernisation across our seaports, we must proactively upgrade dry port infrastructure and technical capacity,” Dantsoho said.

Esther Oluku

The reunion, which was the first public meeting of the group in the last 44 years, brought together over 50 Old Boys in a celebration of life, success and comradeship lasting two days and hosting students and Old Boys to a symposium and Gala respectively. President, Eko Old Boys

Association (EKOBA) 81/82, Johnson Folayan, speaking during the symposium added that in furtherance to the commitment of EKOBA 81/82 to support the institution towards meet the demands of modern education, it is opening a cash reward for the best graduating students for each class.

The best graduating students from senior secondary school three will get a cash reward of N100,000; best graduating students from senior secondary school one and two will get N75,000 each while best graduating students from junior secondary school one, two and three will get N50,000 each.

EKOBA Donates Toilet Block, N400k Cash Prizes to Alma Mater The 1981/1982 alumni class of Eko Boys High School have handed over a fully completed toilet block to the Junior Secondary School section of their alma mater as part of activities to mark their 44th graduation anniversary and reunion.

inDrive Commits N132m to Driver Reward Campaign

inDrive, a global mobility and delivery services platform, has committed more than N132 million to a driver reward campaign running across Lagos and Abuja from October 5 to December 16, 2026. The initiative is part of efforts to recognise drivers and

create more value for their participation on the platform. Speaking on the campaign, Country Manager, inDrive Nigeria, Timothy Oladimeji, said that the initiative reflects the company’s commitment to creating more value for drivers while reinforcing

the principles that underpin its platform. Oladimeji added that the campaign provides drivers with additional opportunities to benefit from their activity on the platform, with more rides translating into more entries and opportunities to win.

“Our drivers are at the heart of the inDrive community, and we want to continue creating meaningful ways for them to benefit from being on the platform. With inDrive, drivers have greater control over their work, can agree on the price with passengers and keep more of what they earn.

Monday, October 12, 2026 • T H I S D AY

BUSINESSWORLD PERSONALITY

The Dele Oye Transmogrification to Economic Advocacy In this report, Crusoe Osagie explains Dele Oye’s unique transformation into an astute economic advocate

Oye

fter leaving the then University of Ife (Obafemi Awolowo University) in 1988 with a sound degree in law, and the Nigerian Law School in 1989, his future seemed well defined. He entered the arena and began to build a unique law firm which was providing very nimble, bespoke legal services. Dele Oye and Associate as he chose to call it, caught the attention of older legal practitioners as the firm announced itself in the Nigerian law scene. His clients cut across sectors: Banking and financial institutions, diplomatic missions, realtors, trading companies, very high net worth individuals among many other. In the early days, his youthful outlook, playful appearance and jovial disposition cloaked his lethal legal capability. Opponents never saw him coming. Clients only jumped off their seats after he delivered outstanding results under impossible circumstances. At a ceremony where he was inducted as the President of the Abuja Chamber of Commerce and Industry Mines and Agriculture, a former governor who was also a former minister described the first time Oye was recommended to him as the lawyer to help him retrieve his landed property that had been seized by powerful forces in the country. According to the former governor, I looked at him, very young and youthful and asked the person who suggested him if it was a joke. He said he later ate his words after Oye methodically navigated the minefield of powerful interest groups behind his predicament and recovered every single property that had been wrongly taken from him. After listening to too many of these stories of his exceptional brilliance in legal practice, one would conclude that this was his forte and believe that it will certainly be within the law profession that his legacies will be established. How wrong that conclusion would be. In the years that followed, the various layers of Oye’s genius became increasingly obvious. Peel off one layer, like an onion, the underlying layer is steering at you. Legal Practice to Institutional Leadership Oye’s professional journey gradually extended beyond legal practice into institution-building, public service and economic development. His growing involvement in different organisations revealed his capacity to mobilise people, strengthen institutions and apply his experience to challenges affecting society.

An important milestone was his relationship with his alma mater, Obafemi Awolowo University, Ile-Ife, formerly the University of Ife. Between 2000 and 2004, he served as National President of the university’s Alumni Association, seeking to transform alumni loyalty into practical support for institutional development. His contributions included supporting physical infrastructure, notably hostel accommodation completed in 2004. This initiative addressed student housing needs and reflected his belief that leadership should produce lasting benefits. His subsequent service on the university’s Council further exposed him to governance, administration and institutional planning. These experiences reinforced a principle that would recur throughout his career: leadership should be judged by tangible achievements and the lasting value it creates.

ACC and NACCIMA Oye’s legal practice exposed him to the broader difficulties confronting businesses, including inconsistent government policies, regulatory burdens, inadequate infrastructure and limited access to finance. He recognised that such challenges required collective advocacy and sustained engagement with policymakers. From 2008 to 2011, he served as President of the Abuja Chamber of Commerce and Industry. The chamber provided a platform for representing business interests and addressing shared concerns involving taxation, investment, infrastructure, security and the cost of doing business. His legal expertise and commercial experience enabled him to understand both regulatory requirements and entrepreneurs’ practical challenges. The naming of the Dele Oye Hall at the chamber’s premises provides a lasting reminder of his association with the institution. His leadership journey subsequently extended to the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), where he had previously served in positions including National Deputy President. On June 8, 2023, he was inaugurated as NACCIMA’s 22nd National President.

Leading NACCIMA required balancing the different interests of manufacturers, agricultural producers, traders and other businesses while presenting their common concerns to government. At his inauguration, Oye emphasised collaboration with government agencies, industry leaders and international partners to promote trade, investment and economic development. His appointment brought together decades of experience in law, institutional administration and commerce, positioning him to represent Nigerian enterprise at the highest level of the chamber movement.

Turkish Connection and International Trade Oye’s leadership also recognised that Nigeria’s economic development depends partly on access to international markets, investment, technology and commercial partnerships. As chairman of the Nigeria–Türkiye Business Council while serving as NACCIMA president, he helped advance efforts to strengthen economic relations between Nigeria and Türkiye. In October 2023, he led a Nigerian business delegation to engagements with the Union of Chambers and Commodity Exchanges of Türkiye, focusing on bilateral trade expansion and investment opportunities in Nigeria. The value of such engagements lies in their ability to produce lasting partnerships, technology transfer, job creation and increased productive capacity. Oye’s approach emphasises that international economic diplomacy must move beyond meetings and goodwill to deliver measurable commercial outcomes.

OPS Leadership In February 2025, Oye became Chairman of the Organised Private Sector of Nigeria (OPS), broadening his influence across the business community. The OPS brings together major associations, including NACCIMA, the Manufacturers Association of Nigeria and the Nigeria Employers’ Consultative Association. The organisation provides a platform for coordinating the interests of

manufacturers, employers, traders and entrepreneurs in national policymaking. Its importance reflects the private sector’s role in investment, employment, innovation, production and government revenue. Oye called for a united and inclusive private sector, emphasising transparency, cooperation and collective engagement. His challenge was to reconcile diverse business priorities while promoting policies that improve productivity, encourage investment and generate employment. Effective private-sector advocacy, however, requires more than demands for government concessions. It must also advance the national interest through policies that strengthen productive capacity, improve competitiveness and support sustainable economic growth.

Professional Ethics Oye’s movement into business leadership did not represent an abandonment of the legal profession. His service as a member of the Body of Benchers between 2016 and 2019 demonstrated his continuing engagement with professional standards and institutional responsibility. He also served for years as Lead Prosecutor to the Legal Practitioners Disciplinary Committee, which considers allegations of professional misconduct against lawyers. These responsibilities reinforced the importance of integrity, fairness, accountability and the consistent application of rules. The same principles underpin a sound business environment, where investors require confidence in contracts, dispute resolution and public institutions. His legal experience therefore provides a foundation for his economic advocacy. Strong institutions, enforceable rules and accountable leadership are essential to preventing disputes, building investor confidence and supporting sustainable commercial activity.

Business Representation to Economic Policy Oye’s emergence as Chairman of the Alliance for Economic Research and Ethics Ltd/GTE (AERE) represents a further stage in his professional transformation. The story continues online on www.thisdaylive.com

MONday, OCTOBER 12 • T H I S D AY

business/MOnEYGUIDE

Entrepreneurship Bootcamp Empowers 30 Finalists with Business Growth Insights Oluchi Chibuzor The Kajola Foundation, the social impact arm of the Thursday Business Group (TBG) has brought together 30 shortlisted entrepreneurs and emerging business leaders for its 2026 Entrepreneurship Bootcamp at the Lagos Chamber of Commerce and Industry (LCCI), Alausa, Ikeja, with a focus on business sustainability, regulatory compliance and opportunities for enterprise development. The one-day programme, held at the LCCI Training Room 2, provided a platform for participants and beneficiaries to gain practical business knowledge, engage with industry experts and explore strategies for building and scaling enterprises in an increasingly uncertain business environment. Delivering the keynote address, Mr. Olubunmi Oluwadare, a Certified Business Development Service Provider under

the Federal Government’s Business Development Service Providers programme, spoke on “The Business of Becoming: Building, Scaling and Sustaining in an Uncertain World.” Founder of ComplyDesk, Mr. Olaolu Olaniyi, also addressed participants on “The Entrepreneur and the Taxman: Understanding Your Rights, Obligations and Opportunities.” The session examined the importance of tax awareness to entrepreneurs, particularly in understanding their obligations and identifying opportunities to strengthen their business practices. The Nigerian Association of Small and Medium Enterprises (NASME), Lagos Chapter, participated as a special guest organisation, reinforcing the programme’s focus on the development and sustainability of small and medium-sized enterprises. Beyond the technical sessions, the bootcamp was designed to facilitate networking among

entrepreneurs, professionals and business leaders, while creating opportunities for collaboration, mentorship and further business development. A key component of the programme was the selection process for the final beneficiaries of the Kajola Foundation Entrepreneurship Grant. The Foundation had indicated that grant recipients would be selected during the event following an assessment of the finalists. However, the names of the successful beneficiaries were not available at the time of this report. The selection of 30 finalists represents the concluding stage of the process for participants seeking to benefit from the Foundation’s entrepreneurship support initiative. Their participation offered an opportunity to present their businesses for assessment while gaining exposure to professional insights relevant to their respective ventures.

APMT Honours 60 Pioneer Employees for Two Decades of Dedication APM Terminals Apapa has honoured 60 pioneer employees with N1.5 million gift vouchers each, in recognition of two decades of dedication, resilience and commitment to the growth of the terminal. The special celebration brought together the company’s management and employees who joined APM Terminals Apapa in its early years, many of whom have spent their entire careers with the company. The milestone offered an opportunity to reflect on the terminal’s remarkable transformation from largely manual operations into a modern, digitally driven facility. Speaking at the event, APM Terminals Nigeria Country CEO, Koen De

Backker, who previously worked with the company between 2008 and 2012, said, “I remember faces and I certainly remember the smiles. And what I do remember is your performance, persistence and resilience.” While commending the employees for the role they played in building the terminal’s reputation and success, De Backker said he was particularly proud of how far APM Terminals Apapa had come, describing it as a flagship terminal whose name and reputation now extend beyond Nigeria. “Today we talk about Apapa and I’m very proud. It’s a flagship terminal, and the name Apapa comes up everywhere you go. So that is you guys,”

he said. APM Terminals Apapa, Managing Director, Kamal Alhraishat, described the 60 honourees as the foundation upon which the terminal’s achievements have been built. He urged the employees to take pride in the transformation they had helped deliver, stressing that investment in technology and systems could only succeed because of the people behind them. “What you see now is the result of your hard work and dedication. So be proud of that. You are the foundation of this company. We invested in systems. We invested in everything. But all of that is nothing without the people,” Alhraishat said.

Obasanjo, Others to Grace FT Africa Summit Kayode Tokede The Financial Times Africa Summit returns for its 13th edition this month in London with Former President of Nigeria, Chief Olusegun Obasanjo, President of the Republic of Ghana, John Dramani Mahama, among others that have confirmed to take part. The two-day summit will bring together African leaders, policymakers, investors and executives to examine the issues shaping the continent’s economic future. Other confirmed speakers include Aliko

Dangote, President and Chief Executive, Dangote Group; Jakaya Kikwete, Former President of the United Republic of Tanzania; Kristy Mcneill, Minister for International Development, UK Government; Mo Ibrahim, Founder, Mo Ibrahim Foundation; and Ahmed Shide, Minister of Finance, Ethiopia, alongside ministers and business leaders from South Africa, Nigeria, Ethiopia, Angola, Mauritius, Rwanda, Sierra Leone, Côte d’Ivoire and the Democratic Republic of the Congo. Across two days, attendees can expect discussions spanning finance, trade, technology, infrastructure, energy and industrial growth,

with a particular focus on how African economies can convert structural change into stronger domestic markets, greater investment and longterm economic value. Day one will open with a keynote interview with President Mahama, followed by discussions on the future of finance, domestic capital mobilisation and the next phase of African fintech. Sessions will also examine the investment case for scaling SMEs, approaches to gold reserve management and the economic implications of Africa’s rapid urban expansion. The second day will turn to the wider forces shaping the continent’s growth trajectory.

L-R: Chief Financial Officer, APM Terminals Apapa, Lambratu Benka-Coker; pioneer staff and Planning Superintendent, Raphael Okolo and Managing Director, Kamal Alhraishat, during an event to honour the terminal’s pioneer employees in Lagos... recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) October 2025

Month

Money Supply (M3)

119,037,577.07

-- CBN Bills Held by Money Holding Sectors

9,291.49

Money Supply (M2)

119,028,285.58

Quasi Money

79,681,419.97

-- Narrow Money (M1)

39,346,865.60

---- Currency Outside Banks

4,646,794.28

---- Demand Deposits

34,700,071.33

Net Foreign Assets (NFA)

34,804,442.84

Net Domestic Assets(NDA)

84,233,134.23

-- Net Domestic Credit (NDC)

99,199,655.08

---- Credit to Government (Net)

24,787,980.96

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

74,411,674.12

--Other Assets Net

2,603,854.03

Reserve Money (Base Money)

36,641,142.21

--Currency in Circulation

5,057,881.01

--Banks Reserves

31,583,261.21

--Special Intervention Reserves

284,361.95 • Source - CBN

Money Market Indicators (in Percentage) Month

October 2025

Inter-Bank Call Rate

October 2025

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

27.00

Treasury Bill Rate

15.07

Savings Deposit Rate

7.43

1 Month Deposit Rate

11.37

3 Months Deposit Rate

11.32

6 Months Deposit Rate

11.12

12 Months Deposit Rate

11.78

Prime Lending rate

18.89

Maximum Lending Rate

29.56

NSE MARKET INDEX CAP

0.75%(52%YoY)

Index

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

OPEC DAILY BASKET PRICE As At 24TH NOVEMBER , 2025

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

MONday, OCTOBER 12 • T H I S D AY

mARKET NEWS

Stock Market Drops by N1.58tn on Sell Pressure in Aradel Holdings, Others Kayode Tokede The domestic stock market closed lower last week, as sell pressures on Aradel Holdings, First Holdco, Nestle Nigeria and Fidelity Bank depreciated the market capitalisation by N1.58 trillion to close the week at N161.26 trillion. Nigerian Exchange Limited All-Share Index lowered by

0.97 per cent week-on-week to close at 248,363.55 basis points to move to market’s year-to-date (YTD) return moderated to 59.60 per cent. The Nigerian stock market sentiment was weak, as market breadth closed negative with 54 decliners against 23 advancers. Tripple Gee & Company followed with a gain of 32.62 per cent to close at N3.09, while Guinea Insurance went up by 29.17

P R I C E S MaiN Board

F O R DEALS

per cent to close to 93 kobo, per share. On the other side, Critical Minerals Financing Corp (CMFC) led the decliners table by 20.27 per cent to close at N3.58, per share. ABC Transport followed with a loss of 18.24 per cent to close at N6.05, while Japaul Gold & Ventures declined by 11.11 per cent to close at N2.56, per share. Overall, a total turnover

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

quantity traded

of 2.715 billion shares worth N158.280 billion in 209,986 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 3.166 billion shares valued at N155.023 billion that exchanged hands previous week in 206,662 deals. The Financial Services Industry led the activity chart with 2.005 billion shares valued at N82.924 billion traded in 94,483 deals, contributing

T R A D E D

value traded ( N )

MaiN Board

A S

O F

73.84 per cent and 52.39 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 152.345 million shares worth N11.425 billion in 20,926 deals, while the ICT Industry pulled a turnover of 117.296 million shares worth N15.256 billion in 22,556 deals. Trading in the top equities, Access Holdings, Zenith Bank

and United Bank for Africa (UBA), accounted for 1.020 billion shares worth N50.520 billion in 29,382 deals, contributing 37.56 per cent and 31.92 per cent to the total equity turnover volume and value respectively. However, the anticipation of third quarter (Q3) 2026 earnings releases is likely to support selective interest in stocks with positive earnings prospects on the Exchange.

octo b er 0 8 / 2 6 DEALS

Market Price

quantity traded

value traded ( N)

BusinessSpecial

T H I S D AY • Monday, October 5, 2026 Editor: Goddy Egene goddy.egene@thisdaylive.com 0803 350 6821

Tantita’s Pipeline Protection and Boost in Foreign Exchange Reserves

Goddy Egene

igeria has in recent months been earning significantly from ongoing crude oil prices rally. The huge petrodollar inflows have boosted external reserves position to $55.06 billion as at October 8, 2026. This provides the economy with stronger footings against global shocks. Tantita Security Services Nigeria Limited (TSSNL) operations, which have bolstered oil production, sustained peace and stability in the Niger Delta region, have been linked to the boost in accretion to external reserves to the current levels. Nigeria’s external reserves crossed $55 billion mark in renewed rally linked to increased earnings from crude oil export due to continued peace and stability in the Niger Delta region. The external reserves have crossed $55.06 billion on October 8, reinforcing its capacity to provide the economy with leverages required against global shocks. The success of TSSNL operations remains a significant contributor to the surge in petrodollar inflows and sustained rise in external reserves. The Federal Government of Nigeria had appointed TSSNL to protect oil pipelines and other assets, ensuring peace and stability in the Niger Delta. TSSNL led by High Chief, Dr. Government Oweizide Ekpemupolo, alias Tompolo, was appointed due to trust and track-record of success in achieving peace and stability in the Niger Delta region. The appointment was to enable TSSNL, through its security operations, support the national economy in getting the full benefits of oil resources. TSSNL works in collaboration with other security outfits to achive its goals of securing oil assets and ensuring peace and stability in the Niger Delta region. TSSNL operations had ensured the security of oil pipelines, achieved uninterrupted flow of petroleum resources, and ensuring that Nigeria migrated from a position of constant loss management to stability, planning, growth and development. TSSNL operations have transformed the oil and gas landscape and allowed Nigeria to expand oil production quota

and significantly cut rampant oil theft. Its track record in mitigating risks associated with oil pipelines has positioned it as a reliable partner in preserving Nigeria’s economic backbone. As stakeholders advocate the continued collaboration with TSSNL, the imperative of securing oil infrastructure remains at the forefront of efforts to ensure the nation’s sustainable development. In the development process of any society, certain assets contribute to the advancement of society and its people. These assets ensure economic or monetary benefits for the people. These assets could be regarded as operating assets, non-operating assets or leased assets, among others.

Reserves movement chart Data from the Central Bank of Nigeria (CBN) website showed the current reserves position is far higher that CBN’s projected $51.04 billion year-end target, and will cover over 13 months import for the economy. The reserves also provide the CBN with the capacity to support the local currency and meet external obligations, have continued to rise steadily. Further analysis showed that the liquid portion of the external reserves stood at $54.08 billion. The reserves started June at $49.80 billion and crossed the $50 billion mark by June 5, reaching $50.12 billion. On June 15, reserves had increased further to $50.81 billion before rising to hit $51.9 billion on July 31. The sustained increase reflects stronger foreign exchange inflows and improved liquidity conditions in the country’s external sector.

Oil Prices Oil prices have soared to $104.7 per barrel due to ongoing war between the US and Iran in the Gulf region. There are also concerns over potential disruptions to key oil transit routes. For Nigeria, the current oil price is

already impacting positively export proceeds as seen in the second quarter performance. The strong export performance, especially the N12.91 trillion (approximately N13 trillion) export earnings in the second quarter showed that Nigeria maintained a sizeable merchandise trade surplus during the quarter, with exports significantly exceeding imports. The NBS data further showed that Asia emerged as Nigeria’s largest export market, receiving goods worth N8.72 trillion, or 32.29 per cent of total exports. Europe followed with N8.07 trillion, representing 29.87 per cent, while exports to Africa stood at N6.65 trillion, or 24.62 per cent. Exports to the Americas were valued at N3.11 trillion, representing 11.52 per cent, while Oceania accounted for N459.96 billion, or 1.70 per cent. Of Nigeria’s exports to Africa, ECOWAS member states accounted for N3.75 trillion, representing 56.39 per cent. India was Nigeria’s leading individual export destination during the quarter, receiving goods valued at N3.29 trillion, equivalent to 12.17 per cent of total exports.

Further gains for Nigeria With Brent crude trading above $99.63 per barrel—well above Nigeria’s 2026 federal budget benchmark of $64.85—the current rally in global oil prices is expected to strengthen the country’s fiscal revenues, foreign exchange reserves, and exchange rate stability. Analysts said that if tensions continued to escalate into a full-scale conflict disrupting the Strait of Hormuz—a vital route that carries roughly 20 per cent of global oil supply—Brent prices could rise far beyond $100 per barrel. “Higher oil prices typically strengthen Nigeria’s current account balance , improve foreign exchange liquidity and export proceeds,” the Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, stated in a recent policy brief titled ‘Implications of the Iran–US–Israel

Conflict on the Nigerian Economy’. “This could reduce short-term pressure on the naira and reinforce investor confidence,” Yusuf, a renowned economist, further explained. For Nigeria, such a surge in crude prices would sustain ongoing stronger export earnings and improved external balances.

TSSNL’s Operations Sustaining surge in export proceeds gains would require sustaining the oil assets protention by TSSNL Already, the battle against oil theft requires not only robust security measures. It extends to assigning criritcal surveillance roles to institutiuons with tested expertise and commitment to taming the scourge. In this regard, TSSNL had already contracted a hi- tech security company, Textron Systems, to deliver three uncrewed aircraft that would enhance the company’s capacity to carry out its surveillance operations on Nigeria’ s oil. Under the contract agreement, which was signed and sealed late last year, Textron Systems, USA, is mandated to deliver three Aerosonde Mk. 4.7 vertical takeoff and landing (VTOL) uncrewed aircraft systems (UAS) to the surveillance company. The systems will be delivered in a fully ITAR-Free configuration designed for ease of export to international customers. These aircraft will significantly enhance security operations for the protection of Nigeria’s vital oil and gas infrastructure. The deal also includes options for training and additional aircraft to support planned capability expansion, building on a previous Foreign Military Sale (FMS) contract to the country. The Aerosonde Mk. 4.7 VTOL UAS offers a runway-independent configuration powered by Hybrid Quadrotor technology, enabling vertical takeoff and landing. Its proven performance and benchmarksetting reliability make it an adaptable solution for security operations across Nigeria’s high-risk sectors. The story continues online on www.thisdaylive.com

THISDAY • MONDAY, OCTOBER 12, 2026

DIGITAL ASSET MARKETS

with Nicky Okoye

( digitalassets@anabelgroup.com )

Digital Asset Strategies and SubNational Project Development

he tokenisation of real-world assets (RWA) and the rise of digital asset markets are not merely theoretical trends; they are a rapidly accelerating global movement. Sub-national governments worldwide are moving from exploration to implementation, recognising that blockchain technology offers a new paradigm for public finance, asset management, and economic development. I will examine the global community across five continents, offering a comparative analysis of digital asset strategies, frameworks that support sub-national and municipal project development, and highlighting the key lessons from the world’s most active digital asset jurisdictions as they relate to sub-national project funding through digital asset market strategies. Asia; Strategy and Scale The Republic of Korea and the Busan Blockchain Cluster South Korea has recently adopted a structured, fully state-funded approach to building a blockchain hub. As recently as mid-2026, South Korea’s Ministry of Science and ICT launched a specialised blockchain cluster development project in Busan. The project aims to transform Busan’s manufacturing-focused industrial ecosystem into a digital industry hub. This strategy targets convergence across port logistics, tourism, and healthcare, which are Busan’s major strengths. Then integrating these with blockchain projects. The Government set aside about KRW 7.82 billion (approximately USD 5.9 million) and received a 1:1 matching ratio from the Busan Metropolitan Government. Key Strategies for Sub-Nationals in Africa: The Busan Blockchain Cluster is a model that aligns blockchain technology with existing industrial strengths. Busan is targeting sectors where Blockchain technology can deliver tangible benefits. Selangor, Malaysia: The Token-X Accelerator Malaysia’s Selangor state, through its state-owned digital corporation Sidec, has taken an active, market-facing approach. The project launched in 2026, which is very recent. Token-X is an accelerator programme specifically designed for digital asset and Web3 startups. It is focusing on high-impact areas, such as Real-World tokenisation of property, infrastructure, commodities, and carbon credits. It is also exploring digital securities and token offerings, as well as blockchain infrastructure. Token-X provides startups with mentorship, investment access, and regulatory support, a public-sector-led accelerator designed to move companies “beyond experimentation into real-world application”. Vietnam, Da Nang as an International Financial Centre Da Nang is positioning itself as a regional technology hub through a partnership with a global stablecoin issuer. In November 2025, the People’s Committee of Da Nang signed an MoU with Tether (USDT) to develop digital infrastructure and innovative governance. According to the review of the source documents, Tether will help shape Da Nang’s digital asset regulations, draft tokenisation frameworks, and establish regulatory sandboxes. The city aims for its digital economy to contribute 35–40% of GRDP by 2030 and, as such, has been designated, alongside Ho Chi Minh City, to establish an International Financial Centre starting in 2025.

L-R: Dr Nicky Okoye, Founder, Global Investment Advisory Community, and Prof. Chukwuma Soludo, Executive Governor of Anambra State. Discussing Sub-National Development Strategies at a recent conference.

This case study shows a sub-national authority partnering with a global industry leader to co-develop the full regulatory and educational infrastructure for a digital asset hub, leveraging the partner’s global experience. Hong Kong: Cyberport’s Subsidy Scheme Hong Kong’s Cyberport, a government-owned digital technology hub, offers direct financial incentives. In June 2025, Cyberport launched the Blockchain & Digital Asset Pilot Subsidy Scheme. The Subsidy scheme provides funding of up to HK$500,000, approximately USD $64,000, for eligible pilot projects, covering up to 80% of project costs. Priority areas include RWA tokenisation, payment solutions, stablecoins, and Web3 security. This model shows how a sub-national government-owned entity can provide direct seed funding to reduce the risk of high-impact pilot projects, stimulate innovation, and build community. As a result, Cyberport currently hosts over 280 blockchain companies. The Middle East: Regulatory Pioneers and Execution Dubai, UAE’s Live Secondary Market for Tokenised Real Estate. Dubai is arguably the most advanced jurisdiction globally for RWA tokenisation in real estate. The Dubai Land Department, in partnership with Ctrl Alt and Ripple, has implemented a multi-phase real estate tokenisation project. Phase Two, launched in February 2026, enables controlled secondarymarket trading of tokenised properties on the XRP Ledger. The pilot initially tokenised 10 properties, representing over $5 million in real estate value, and generated approximately 7.8 million tokens now eligible for resale. The regulatory Framework included Ctrl Alt, the project partner, which is a licensed Virtual Asset Service Provider and the first firm to receive an Issuer licence from Dubai’s Virtual Assets Regulatory Authority (VARA). The firm reports having tokenised over $850 million in assets across real estate, private credit, funds, and commodities. Dubai offers the most advanced blueprint for sub-nationals and municipalities with significant real estate portfolios. Key lessons for Africa: Successfully integrating

blockchain with the official land registry, establishing a targeted regulatory authority (VARA), and then moving to secondary-market trading to create genuine liquidity. Emerging and Frontier Markets: Africa and Ukraine Democratic Republic of Congo: The AXIS Sovereign Tokenisation Programme The DRC has launched a sovereign publicprivate partnership to tokenise natural resources. The AXIS programme, led by the DRC Social Fund in partnership with Phoenix Capital, is tokenising community resources, starting with artisanal gold, to finance local development. The programme introduces the Sovereign Gold Reserve Token (SGRT), a digital monetary instrument backed by gold reserves, classified as “work in progress” (WIP) under IFRS/IAS. The strategy positions it as overcollateralized, with a 4:1 ratio of underlying gold reserves. This was done to boost investor confidence and acceptability. This is very significant, as it is the first sovereign, state-backed tokenisation of a strategic natural resource in Africa, aimed at reducing smuggling. The DRC accounts for 60% of Sub-Saharan Africa’s $30 billion annual gold smuggling losses. This approach is expected to increase public revenue and directly benefit local communities. Ukraine: Real-World Asset Tokenisation for Post-War Reconstruction Ukrainian territorial communities are exploring tokenisation as a strategic response to resource constraints. Academic and policy research in Ukraine is actively developing models to implement RWA tokenisation as a mechanism for sustainable local financing, particularly in the context of post-war reconstruction. This demonstrates how a war crisis can drive innovation, with tokenisation seen not as a luxury but as a vital tool for mobilising private capital, reducing dependence on interbudgetary transfers, and increasing transparency in asset management. Digital Asset (Crypto) Hub executive summary After a careful study of the experiences of these global jurisdictions, a sub-national

or municipal authority in Nigeria or across Africa seeking to strategically position itself as a digital asset hub would have to consider the following foundational pillars: 1. Regulatory Clarity: As Zug and Dubai demonstrate, a clear, innovation-friendly regulatory framework is paramount. This includes providing legal clarity for tokenised assets (e.g., Switzerland’s 2021 DLT legislation). Nigeria’s ISA-2025 is a great start. 2. Strategic Public-Private Partnerships: Most successful initiatives involve partnerships with industry leaders (e.g., Da Nang with Tether, Georgia with Hedera, DRC with Phoenix Capital). These partnerships bring technical expertise, global networks, and credibility. Under my leadership, GIAC is seeking to structure similar partnerships in Africa, with announcements expected in 2027. 3. Align with Existing Economic Strengths: The most effective hubs do not operate in a vacuum. Busan targets logistics and tourism, while Dubai focuses on its massive real estate sector. Aligning blockchain with a region’s natural assets creates immediate use cases and stakeholder buy-in. This goes without saying, placing Nigeria in the lead in several industries. 4. Direct Financial and Infrastructure Support: Programmes like Hong Kong’s subsidy scheme or Busan’s matching funds reduce the financial risk for startups, accelerating ecosystem development. Africa may need a Blockchain and Digital Asset fund to drive the scale that is required. 5. Talent and Education: A skilled workforce is critical. Successful hubs like Zug have partnered with leading universities (ETH Zurich, Lucerne University) to create a positive educational feedback loop. GIAC’s strategic relationship with Nnamdi Azikiwe University and the Centre for Capital Markets Studies, with Nicky Okoye and the Vice Chancellor as Co-Chairs, is a strong foundation for this approach. 6. A Flagship Project: Zug’s success was catalysed by attracting Ethereum. A new hub would benefit from a high-profile anchor project that attracts attention and demonstrates the jurisdiction’s commitment. GIAC’s naming of its flagship RWA-T project, billed for May 2027, would redefine Nigeria and Africa’s digital asset ecosystem. Global Investment Advisor’s opinion The global landscape of sub-national digital asset initiatives is diverse and dynamic. From state-funded clusters in South Korea to regulatory sandboxes in Dubai and sovereign tokenisation in the DRC, a clear pattern emerges: sub-national and municipal governments that act decisively to build the infrastructure, regulatory frameworks, and partnerships for digital assets can unlock new sources of capital and position their regions at the forefront of the 21st-century economy. My examples in this thesis are not a one-size-fits-all formula, but adaptable strategies that must be customised to local environments. The Global Investment Advisory Community is equipped to first conduct the necessary assessment and then strategically assist sub-national and municipal authorities in designing and implementing the strategies that best fit their unique economic landscape and asset base. Indeed……Great Things are Happening. Nicky Okoye Global Investment Advisor Founder, Global Investment Advisory Community (GIAC)

etamilc etalsnart nac sknab rehtehw tset lliw enildaed gnitroper ytilibaniatsus 8202 s Beyond Disclosure: Why Climate Risk Must Enter Nigerian ksir draoB dna noitaulav laretalloc ,ygetarts oiloftrop ,tnemssessa reworrob otni noit tI hSgDi AY s r eAND v•oMONDAY, THE ROAD TO 2028 | SUSTAINABILITY REPORTING, VALUE Banks’ Credit Decisions T H.RISK OCTOBER 12, 2026 Beyond Disclosure: Why Climate Risk Must Enter Nigerian Nigeria’s 2028 sustainability reporting deadline will test whether banks can translate climate yomnudalO hajilE yB information into borrower assessment, portfolioestrategy, collateral valuation andBY Board risk Banks’ Credit Decisions

THE 2028 AGENDA THE ROAD TO 2028 | SUSTAINABILITY REPORTING, RISK AND VALUE

oversight.

ELIJAH OLADUNMOYE

Beyond Disclosure: Why Climate Risk Must Enter Nigerian Banks’ Credit Decisions Nigeria’s 2028 sustainability reporting deadline will test whether banks can translate climate information into borrower assessment, portfolio strategy, collateral valuation and Board risk By Elijah Oladunmoye oversight.

By Elijah Oladunmoye

Nigeria’s 2028 sustainability reporting deadline will test whether banks can translate climate information into borrower assessment, portfolio strategy, collateral valuation and Board risk oversight.

bank can publish a detailed climate disclosure and still misprice climate risk. The real test is not the length of the sustainability section in its annual report, but whether information about flooding, heat, energy costs, regulation and technology changes the terms on which credit is granted. That test is becoming more important as Nigeria prepares for mandatory adoption of the IFRS Sustainability Disclosure Standards by Public Interest Entities for accounting periods beginning on or after 1 January 2028. The Financial Reporting Council of Nigeria’s amended roadmap and its 2026 Sustainability Reporting Guideline 1, SRG1, place sustainability information within mainstream corporate reporting. For banks, this makes climate reporting inseparable from credit governance. What the global standards are asking IFRS S1 focuses sustainability-related financial disclosure on information useful to investors, lenders and other creditors. It requires material information about risks and opportunities that could reasonably be expected to affect cash flows, access to finance or cost of capital over the short, medium or long term. It also requires connected information across governance, strategy, risk management, metrics and targets, and between sustainability disclosures and the related financial statements. IFRS S2 applies that investor-focused architecture to climate. It distinguishes physical and transition risks and requires disclosure of their effects on the business model, value chain, strategy, financial planning and resilience. For banks, the implication is direct: climate information should connect to credit processes and portfolio decisions rather than remain an isolated reporting narrative. Climate risk reaches banks through their customers Physical climate risks can damage assets, interrupt operations, weaken supply chains and increase insurance or repair costs. Transition risks can arise from changing regulation, technology, energy economics, litigation and market demand. Banks are usually exposed indirectly: the borrower absorbs the initial shock, but the consequences may reach debt-service capacity, collateral and recovery values. This is why climate risk should not be treated as a new and isolated risk category. It is better understood as a driver of existing financial risks. A flood may become credit and operational risk. A technology shift may become business-model and market risk. Higher energy or compliance costs may become margin pressure. Reduced insurance availability may increase loss severity when collateral is damaged. Financed emissions are a signal, not a credit rating IFRS S2 requires additional financed-emissions information for commercial banking activities. Among other matters, banks are expected to disclose absolute gross financed emissions by industry and asset class, gross exposure, the percentage of exposure included in the calculation and the methodology used. This gives users information on both the number and its coverage. The standard also explains why the metric matters: counterparties with higher emissions may be more exposed to policy, technology and market change, creating credit, market, reputational and operational risks for their financiers. However,

.krowemarf gnitroper ytilibaniatsus s’airegiN dna 2S SRFI ,1S SRFI no gniward ,sisylana s’rohtuA :ecruoS

eyomnudalO hajilE | noissimbus YADSIHT | 8202 ot daoR ehT

Source: Author’s analysis, drawing on IFRS S1, IFRS S2 and Nigeria’s sustainability reporting framework.

financed emissions indicate exposure, not does not mean automatically refusing how those matters enter major transactions and a standalone measure of creditworthiness. finance to carbon-intensive sectors; it means risk management, and how controls support The Road to 2028 | THISDAY Oladunmoye understanding the submission risk and the| Elijah borrower’s oversight. For banks, the Board Risk Committee, A high-emitting borrower may be financially Source: Author’s analysis, drawingcapacity on IFRStoS1, IFRS S2 and Nigeria’s sustainability manage it. credit reporting leadership,framework. Finance, Risk, Internal Audit strong and executing a credible transition. and Sustainability functions all have roles. A lower-emitting borrower may be highly A practical Board dashboard should not report exposed to flooding, water scarcity or supply- Nigeria-specific calibration matters financed emissions alone. It should show portfolio chain disruption. Financed emissions must The Road to 2028 | S2 THISDAY submission |inputs Elijah Oladunmoye IFRS requires scenario and coverage, data quality, high-risk sectors and therefore be considered alongside sector, geography, financial strength, transition assumptions to be relevant to the entity’s geographies, material physical-risk concentrations, capacity, facility tenor and physical-risk circumstances, including national and client transition assessments, scenario implications regional variables, local weather patterns, and management actions. The Board should information. infrastructure, energy use and technology. This also understand which movements reflect real What should change in underwriting? supports an important Nigerian conclusion: portfolio decisions and which arise from revised global scenarios and pathways are useful data, coverage or methodologies. Credit papers for climate-sensitive sectors starting points, but should not be imported What Nigerian banks should do now? should identify the material transmission mechanically. Nigerian banks operate in an environment channels. The objective is not to burden Banks should use the period before 2028 to every application with an identical ESG shaped by electricity unreliability, selfgeneration, diesel and gas dependence, identify climate-sensitive portfolios, revise sector questionnaire. It should ask questions relevant foreign-exchange volatility, high financing credit guidance, begin a transparent financedto the borrower’s business model, location, costs, infrastructure gaps and uneven emissions baseline, map material physical-risk asset life, and facility tenor. For an industrial borrower, the bank insurance penetration. These factors can concentrations, test selected borrowers under plausible scenarios and incorporate relevant may need to understand energy intensity, accelerate, delay or reshape how global climate drivers affect individual borrowers. findings into risk appetite and Board reporting. exposure to imported inputs, transition Localisation should therefore be explicit. They should also document assumptions and capital expenditure and the competitiveness of production technology. For real estate, asset A global carbon-price pathway may need controls so that disclosed information can location, flood exposure, energy efficiency and to be translated into energy, operating-cost, withstand future assurance. The decisive question is no longer whether a insurance cover may matter. For agriculture, export-market or technology assumptions water availability, heat, rainfall variability, that are meaningful in Nigeria. Physical-risk bank reports climate risk. It is whether climate and adaptation measures may matter. For oil analysis should reflect the actual location of information changes whom the bank finances, and gas, methane, flaring, decommissioning assets and borrowers. Scenario assumptions on what terms, and within what risk limits. obligations, product demand and regulatory should be transparent enough for credit Once that happens, sustainability disclosure becomes part of credit discipline rather than developments can affect longer-term resilience. committees and Boards to challenge. a reporting appendix. Where a risk is material, the credit Governance must move beyond the response may include pricing, tenor, •Elijah Oladunmoye is an audit partner and covenants, information requirements, sustainability team finance and sustainability leader who advises collateral haircuts, enhanced monitoring, IFRS S1 and IFRS S2 require disclosure of Boards and senior executives on reporting, limits or client engagement. The response should be proportionate. Climate integration how the Board and management oversee climate risk, valuation, governance, and sustainability-related and climate-related risks, assurance.

MONDAY, OCTOBER 12, 2026 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 12, 2026

NEWS

SIGNING CEREMONY OF THE BERKSHIRE MONEY MARKET FUND...

L -R: Partner, Ijewere and Company Limited, Mrs. Bola Akinjayeju; Partner, KS Legal, Mrs. Yeside Asolo; Head, Custody Services, Rand Merchant Bank, Mrs. Regina Asala; Managing Director, Berkshire Asset Management Limited, Mr. Adetola Odusote; Managing Director, CFG Africa Trustees Limited, Mr. Akindele Ogundepo; and Managing Director, Cordros Registrars, Bridget Bayo-Ajayi, at the signing ceremony of the Berkshire Money Market Fund held at Blue Rock,Victoria Island, Lagos....recently

Lagos-Calabar Highway: Ondo Coastal Communities Seek Tinubu’s Intervention Over Route Diversion Raise fears over exclusion, demand probe, independent engineering assessment

Fidelis David in Akure Coastal communities in Ilaje Local Government Area of Ondo State have called on President Bola Tinubu to intervene in the alleged diversion of the Lagos-Calabar Coastal Highway away from the proposed Ilaje coastal axis, demanding an independent engineering assessment, a transparent review of the route decision and an audit of its financial implications. The communities, under the umbrella of Ilaje Omuro Community Connect (IOCC), also urged the National Assembly and relevant anti-corruption agencies to scrutinise the circumstances surrounding the alleged route alteration, insisting that the federal government must provide verifiable evidence to justify any decision that could exclude the oil-producing coastal communities from a major national infrastructure project. In a statement issued on Sunday and signed by its lawyer and representative, Babatunde Omobone, the

organisation, which said it had more than 1,000 members of Ilaje extraction, expressed concern over explanations allegedly offered by the Minister of Works, Senator David Umahi, regarding the route decision. It maintained the issue extended beyond the construction of a highway, arguing the reported diversion raised fundamental questions about equitable development, economic inclusion, environmental protection and the treatment of coastal communities in the implementation of nationally significant infrastructure projects. "The issue at stake is not merely the construction of a road; it is a question of fairness, economic inclusion, environmental protection, and the right of the Ilaje people to benefit equitably from a major national development project," the statement said. To challenge arguments reportedly advanced against the feasibility of the Ilaje route, IOCC cited previous road construction interventions in

the area, including the IgbokodaUgbonla road undertaken by the Ondo State Oil Producing Areas Development Commission (OSOPADEC) and a reported 2010 contract awarded by the Niger Delta Development Commission (NDDC) for the Ugbonla-Awoye axis. The group argued that the projects warranted a detailed

explanation of the technical considerations behind the reported route change, asking the Federal Ministry of Works to identify the specific geological, environmental, engineering or financial constraints that could make the proposed Ilaje alignment impracticable. "If roads can be constructed within the Ilaje coastal

THISDAY Newspaper’s Port Harcourt correspondent, Blessing Ibunge, has won the Nigerian Content Development and Monitoring Board (NCDMB) Prize for Oil and Gas Print Reporter of the Year at the 13th edition of the Bayelsa Media Awards (BMA), held in Yenagoa, Bayelsa State. Ibunge emerged winner in the category in recognition of her reporting on the oil and gas sector in the Niger Delta. She received a cash prize of N1 million and a brand-new

laptop, alongside other winners in NCDMB-sponsored categories. The awards ceremony attracted media professionals from across the Niger Delta, including Rivers, Cross River, Imo, Akwa Ibom, Edo and Delta states, and coincided with activities marking the 30th anniversary of Bayelsa State’s creation. Other winners in the NCDMBsponsored categories were Joseph Kunde of TVC, Yenagoa, who won the Prize for Niger Delta Region’s Report on Economy, and Ebitimi

Demands enforcement of 18-year marriage age

More than 24 million Nigerian women and girls alive today were married before their 18th birthday, the National Council of Women's Societies (NCWS) has warned, demanding urgent action to end child marriage. In a statement on Sunday, October 11, 2026, to mark the International Day of the Girl Child, the Council said Nigeria, which is among countries with the highest numbers of child brides globally, cannot meet its 2030 deadline to end the practice without funded interventions and enforcement of the law.

The NCWS, under the theme "End Child Marriage and Invest in Girls' Rights," cited UNICEF figures and the 2023-2024 Nigeria Demographic and Health Survey, which shows 33.4 per cent of women aged 20-24 were married before 18, with prevalence approaching 50 per cent in the North-East and North-West. Its National President, Princess Edna Azura, described child marriage as a national development crisis, not a private family matter. The Council said poverty is a major driver, with girls from poor households far more likely to marry in adolescence. It warned of severe health consequences such

IOCC also called for an independent assessment by qualified engineering professionals, insisting that a decision with far-reaching implications for public infrastructure, regional connectivity and the expenditure of public funds should be supported by credible technical evidence and subjected to professional scrutiny.

THISDAY’s Blessing Ibunge Wins NCDMB’s Oil and Gas Print Reporter of the Year Award

24m Child Brides: NCWS Warns Nigeria Risks Missing 2030 Target Kuni Tyessi in Abuja

environment, what specific engineering, geological, environmental, or financial considerations make the proposed coastal highway route impracticable?" It asked, demanding the publication of relevant feasibility studies, geotechnical assessments, environmental impact assessments and comparative cost estimates.

eclampsia, infections, obstetric fistula, prematurity and low birth weight as well as lifelong loss of education and economic opportunities. It cited about 7.6 million out-ofschool girls nationwide, noting that women without formal education marry at a median age of 16.6 years compared to 21.7 years for those who complete secondary education. According to the Council, investing $114 million in out-ofschool girls in two northern states alone could generate $2.5 billion, about N3.6 trillion, in economic benefits, based on a 2025 study by UNICEF and the Federal Ministry

of Women Affairs. The NCWS said despite all 36 states adopting the Child Rights Act, implementation remains weak. It demanded enforcement of Section 21 of the Act which sets 18 as the minimum age of marriage, and called on the National Assembly to review Section 29(4)(b) of the Constitution which deems a married woman to be of full age. It also called for free birth registration, compulsory registration of all marriages with age verification, training for police, prosecutors, judges and customary and Sharia court officials, and functional family courts.

Zitimiyola of NTA, Yenagoa, who clinched the Oil and Gas Broadcast Reporter of the Year award. Both received N1 million and a laptop each. Speaking at the event, the Executive Secretary of NCDMB, Mr. Felix Ogbe, represented by the Board’s Manager, Government Relations, Mr. Teddy Bai, reaffirmed the agency’s commitment to supporting initiatives that promote journalistic excellence. Ogbe highlighted the media’s contribution to the establishment, growth and visibility of the Board, noting its critical role in shaping public discourse, promoting accountability and communicating development initiatives. He also commended the organisers of the Bayelsa Media Awards for sustaining a platform that recognises outstanding contributions to journalism. In his remarks, the Chairman of the Bayelsa Media Awards, Mr. Victor Binawari, said the initiative was established to recognise media practitioners who devote their professional skills to promoting individuals, businesses and institutions but often receive little recognition themselves. “We started because we noticed that media professionals will do so well to promote people, promote politicians, promote businesses and don't get the opportunity to be promoted,” Binawari said. He said the awards had grown beyond Bayelsa to become a regional platform attracting

journalists from across the Niger Delta, adding that the competition had encouraged professionalism and healthy rivalry among practitioners. Binawari also praised NCDMB for supporting the awards, noting that winners in its three categories would each receive N1 million and a brand-new laptop. Delivering the keynote address on behalf of the Bayelsa State Government, the Commissioner for Youth Development, Mr. Alfred Nimizigha, said the media had performed creditably in promoting accountability, disseminating information and scrutinising government policies and programmes. He urged journalists to sustain professionalism while embracing digital tools, data analysis, fact-checking and investigative reporting to strengthen public accountability and contribute to societal development.

Chairman of the Bayelsa Media Awards, Mr. Victor Binawari (left) and THISDAY Port Harcourt Correspondent, Blessing Ibunge, winner of the NCDMB Oil and Gas Print Reporter of the Year at the 13th edition of the Bayelsa Media Awards (BMA), in Yenagoa, Bayelsa State, last Thursday

T H I S D AY • MONDAY, OCTOBER 12, 2026

NEWS

2026 INTERNATIONAL WHITE CANE AND SAFETY DAY...

L–R: Head, Sustainability Research & Sustainability Group Zenith Bank Plc, Ugochi Nweke; Group Head, Research and Sustainability, Zenith Bank Plc; Dr. Charles Ujomu; Chairman, Nigeria Association of the Blind, Lagos Chapter, Babatunde Safiu, Chairman, Welfare Committee, Adeola Aina; Chairman, 2026 International White Cane and Safety Day Committee, Babatunde Mohammed; and Unit Head, Health & Safety Research & Sustainability Group, Zenith Bank Plc, Rotimi Arowobusoye, during the presentation of a N5 million donation towards the 2026 International White Cane and Safety Day celebration at the bank’s headquarters in Lagos... recently

Toxic Pesticide Residues in Beans: NAFDAC Raises the Alarm, Reiterates Ban on Chemicals

Sunday Ehigiator

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised the alarm over pesticide residues exceeding safe limits in beans, warning farmers against the misuse of agrochemicals while reaffirming its ban on pesticides containing paraquat, chlorpyrifos and atrazine. The Director-General of NAFDAC, Prof. Mojisola Adeyeye, raised the concerns over the weekend in Lagos, saying a recent market study on beans detected residues of pyrethroids and dimethoates above permissible levels. She warned that the improper application of pesticides could compromise food safety and expose consumers to harmful chemical residues. “Although NAFDAC does not oversee raw agricultural products, it frequently monitors them to track pesticide usage. A recent market study on beans revealed pesticide residues, specifically pyrethroids and dimethoates, exceeding safe limits,” she said. Adeyeye stressed that farmers must comply with internationally established standards for pesticide

application, noting that approved chemicals could also pose health risks when used incorrectly. “There are international levels that have been indicated for all pesticides, but if somebody uses it illegally, the more you use, the better. That is misuse. Because the level that is supposed to be used has already been set by international bodies,” she said. The NAFDAC boss also cautioned against using dimethoate to preserve beans after harvest, particularly to prevent weevil infestation. “While dimethoates are globally accepted for treating crops in the field, it is neither approved nor effective for post-harvest preservation of beans from weevils,” she said. On the regulation of pesticides, Adeyeye reaffirmed that the phase-out periods for banned chemicals under the agency's completed regulatory measures ended on January 1, 2026. She said products containing paraquat, chlorpyrifos and atrazine could no longer legally be manufactured, imported, distributed, sold or used in Nigeria. “As of January 1, 2026, all applicable phase-out periods

under NAFDAC's completed regulatory measures have ended. Phase-out periods are periods where we gave for each pesticide that we wanted to ban, to phase them out slowly from the market, so that farmers will not be adversely affected,” she said. According to her, despite the expiration of the phase-out periods, the agency's surveillance and enforcement operations continue to uncover products containing banned active ingredients in circulation. “These products that have been banned can no longer be manufactured, imported, distributed, sold, or used in Nigeria. These include products containing active ingredients such as paraquats, chlorpyrifos, and atrazine, among others. “Despite the completion of the phase-out period and the full prohibition of paraquat, atrazine, and others, NAFDAC surveillance and enforcement activities continue to uncover products containing the banned actives in circulation,” she said. Adeyeye attributed the continued circulation of the prohibited products to illegal importation, unauthorised local production and distribution.

She said NAFDAC was strengthening collaboration with relevant government institutions, ministries, departments and agencies, as well as law enforcement authorities, to improve information sharing, detect illegal pesticides and intensify market surveillance. The agency, she added, would identify and seize prohibited products and take appropriate enforcement action against individuals and businesses found violating pesticide regulations. “No business interest or desire for profit will justify the illegal importation, distribution or sale of banned or non-compliant pesticides. NAFDAC will work with relevant authorities to identify, seize and remove illegal products from the market and take appropriate enforcement action against those who violate Nigeria's pesticide regulation,” she said. Adeyeye also disclosed that the agency had restricted the distribution of the 100-millilitre pack of dichlorvos, prohibiting its importation, manufacture and open-market sale following concerns about its misuse. She said the pack size had been linked to suicide cases,

Police Clampdown on Anti-Tinubu Rally Shameful, Unconstitutional, Says ADC-PCC

Chuks Okocha in Abuja

The African Democratic Congress Presidential Campaign Council (ADC-PCC), has condemned the Kano State Police Command’s disruption of a rally, agitating that President Bola Tinubu must go. The ADC campaign council said the “Tinubu Must Go” rally at The Avenue Event Center, Kano, not only condemned the Police action, it described the action as shameful, unconstitutional and a disturbing descent into authoritarianism. In a statement issued by its

Director of Media and Publicity, Kola Ologbondiyan, the council accused the police of violating Nigerians’ fundamental rights to peaceful assembly and freedom of expression, as guaranteed by the 1999 Constitution, as amended. The rally, led by Barrister Abba Hikima and organised by concerned youths, was reportedly disrupted when police operatives barricaded The Avenue Event Center and allegedly intimidated participants. Despite the police action, the council said the youths demonstrated courage and

determination by refusing to be silenced and insisting on making their voices heard. The ADC-PCC expressed particular outrage over the reported arrest of the owner of The Avenue Event Center for allegedly allowing the facility to be used for the gathering, describing the development as another troubling indication of the APC-led government’s intolerance of dissent. It, therefore, questioned why a business owner should face arrest for making a facility available for a peaceful gathering. “This is not democracy. This

is tyranny. For how long will the APC continue to use the police to suppress dissenting voices?” Ologbondiyan queried. He described as ironic a situation in which a government that claims to uphold democratic values appears threatened by citizens exercising their constitutional rights. “The message from Kano is loud and clear: Nigerians are tired, hungry and angry. You can stop a rally and arrest a venue owner, but you cannot arrest hunger in the land. You cannot barricade the anger and frustration of over 200 million people,” he said.

while other pack sizes remained subject to applicable regulatory controls. The NAFDAC chief urged farmers to observe approved pesticide application guidelines and avoid using chemicals for purposes outside their authorised

applications. She said adherence to international best practices was essential to protecting consumers, improving food safety and preventing the circulation of agricultural products containing unsafe levels of pesticide residues.

100 Years Celebration: Az-Zumratul Adabiyyah Institution Remains Defining Institution, Identity of Ilorin, Says Saraki Donates N150m to support Ansarul-Islam Society Hammed Shittu in Ilorin Former Senate President and Baba Adinni of the Ansar-UlIslam Society of Nigeria, Dr. Abubakar Bukola Saraki, has described the Az-Zumratul Adabiyyatul Kamaliyyah School of Arabic and Islamic Studies as one of the defining institutions and enduring identities of Ilorin and Kwara State. Saraki stated this in Ilorin on Sunday while delivering a goodwill message at the grand finale and public presentation of the centenary book of the school, held at the Muhammad Kamalul-Deen University, Ilorin. Saraki who was received with enthusiasm and cheers by the gathering, said the institution’s 100th anniversary was a rare milestone deserving of gratitude to Almighty Allah. He noted few institutions in Nigeria had survived a century while continuing to grow in strength and relevance. According to his Press Officer on Local Matters, Abdulganiyu Abdulqadir, Saraki said the occasion was a celebration of the enduring legacy of knowledge, faith and service which the institution represents. According to Saraki, the school’s continued existence and development reaffirm Ilorin’s position as a Centre and City of Knowledge, with institutions such as Az-Zumratul Adabiyyah playing a major role in sustaining the city’s rich tradition of Islamic scholarship.

Saraki also paid tribute to the late Sheikh Kamaludeen Al-Adabiyy, whose intellectual and spiritual legacy He said the legacy remains one of the reasons Ilorin continues to command respect for its contribution to Islamic knowledge. He commended successive Khalifahs and administrators of the Adabiyyah institutions for expanding and giving greater expression to the vision, aspirations and legacy of the late scholar. Saraki noted the century-old school had grown into a fountain institution from which several other institutions had emerged, including the Ansar-Ul-Islam Society and Muhammad KamalulDeen University. He expressed delight at the continued development of the university and other Adabiyyah establishments, saying they have produced ambassadors of knowledge and service whose contributions continue to bring pride to Ilorin, Kwara State and beyond. “From this Arabic and Islamic School, we now have a great society, the Ansarul-Islam Society to which I am, insha Allah, the Baba Adinni, and we have a university to which I am also associated. “What this means is that this Arabic and Islamic school that we are celebrating its centenary today has become a fountain institution that has given birth to many other satellite institutions.”, Saraki stated.

T H I S D AY • MONDAY, OCTOBER 12, 2026

NEWS

COMMEMORATING WORLD MENTAL HEALTH DAY...

L-R: Dr. Ogechi Bethel-Eke of the Rivers State Office of the National Human Rights Commission; Dr. Olufunmilayo Ilori, Founder of Amity Centre for Mental Health Foundation; and Olufunmilayo Alagbe-Afe of the Lagos State Ministry of Housing, at a community awareness programme organised by the foundation in Lagos to commemorate World Mental Health Day on Saturday

Arewa House Cancels Booking on Launch of ‘Tinubu: From Renewed Hope to Despair’ Chuks Okocha in Abuja

Arewa House has cancelled the public presentation of a book, “Tinubu: From Renewed Hope to Despair – A Critical Examination of President Bola Ahmed Tinubu’s Government,” organisers of the event announced yesterday. The new book, earlier scheduled to be presented on Thursday, October 15, 2026 at the Arewa House, Kaduna, offers a critical and evidence-based examination of the policies, performance and socio-economic consequences of the administration of President Bola Ahmed Tinubu since its inauguration in May 2023. According to a statement by the Executive Director of Centre for Democratic Development,

Research And Training (CEDDERT), Abubakar Siddique Mohammed, the organisers, “the presentation will provide an opportunity for distinguished scholars, public intellectuals, policymakers, political actors, members of the media and the wider public to engage with the issues raised in the book and reflect on the direction of governance and democracy in contemporary Nigeria. But the organisers have stated that they would “proceed with the presentation in Abuja and announce the new venue and date as soon as the necessary arrangements have been concluded.” Railing against the alleged attempt to suppression of free speech, the statement by Mohammed said: “We were not entirely surprised by this

development. From the moment we began sending out invitations to the book presentation, many people expressed fears that attempts would be made to prevent the event from taking place. “Given what we regard as the increasingly intolerant disposition of President Bola Ahmed Tinubu, some governors and their political loyalists, these fears were not without foundation. They appear increasingly unwilling to tolerate dissenting opinions and independent scrutiny. “Rather than engage critics with facts, defend their records and offer convincing answers to the mounting challenges confronting Nigerians, those in power appear more concerned with controlling public discourse

and protecting their political interests. “Any attempt to restrict critical expression raises serious questions about the commitment of those responsible to democratic principles. Those fears have now become a reality. Anticipating this possibility, we made efforts to secure an alternative venue in Kaduna. “However, we have been informed by every hotel we have approached that they have been warned not to accommodate our event. If these reports are accurate, they point to a disturbing attempt to deny citizens their right to assemble, exchange ideas and critically examine the conduct of those entrusted with public office. We are therefore relocating the book

IGP Visits NAF Hqtrs, Commiserates with Air Chief, Deceased Families and Others

Linus Aleke in Abuja

The Inspector-General of Police, Olatunji Disu, has commiserated with the Nigerian Air Force (NAF), the Chief of the Air Staff, Air Marshal Sunday Kelvin Aneke, and the families of the deceased crew members and

passengers who lost their lives in the ill-fated NAF 931 aircraft crash in Ondo State. The IGP expressed his condolences during a visit to NAF Headquarters, where he commiserated with the leadership, officers and personnel of the Nigerian Air

Force, as well as the families of those who lost their lives in the incident. He also expressed the solidarity of the Nigeria Police Force with the Nigerian Air Force and prayed for strength and comfort for the bereaved families and colleagues of the

deceased. According to a statement by the Force Public Relations Officer, CSP Anietie Iniedu, the Nigeria Police Force remains in solidarity with the Nigerian Air Force at this difficult time and honours the service and sacrifice of those who lost their lives.

presentation to Abuja. “Although we remain determined to proceed, our experience in Kaduna gives us reason to be concerned that further attempts may be made to frustrate the event, including through the involvement of security agencies. The reported pressure on Ahmadu Bello University to withdraw the

use of Arewa House is particularly troubling. “A university of ABU’s standing should be a defender of intellectual freedom, independent inquiry and open debate. It should provide space for the examination of public affairs, including critical assessments of government policies and the conduct of political leaders.

Tinubu Mourns Ebonyi Royal Father, Eze Igwe Ugbala II of Ndu Alike Community Deji Elumoye in Abuja

President Bola Tinubu has mourned His Royal Highness, Eze Francis Eze Igwe, the revered Agom Ugabala II of Ndufu Alike Autonomous Community, Ikwo Local Government Area of Ebonyi State. The president, in the condolence message issued on Sunday, described the demise of the revered traditional ruler as the loss of a custodian of culture, a repository of wisdom, and a symbol of unity. Tinubu, in the 11-paragraph tribute stated, inter alia: "It is with profound sorrow and a deep sense of loss that I received the news of the passing of His Royal Highness, Eze Francis Eze Igwe, the revered Agom Ugabala II of Ndufu Alike Autonomous Community, Ikwo

Local Government Area of Ebonyi State. "The passing of a revered traditional ruler, politician, educationist, and administrator is not merely the loss of an individual; it is the loss of a custodian of culture, a repository of wisdom, and a symbol of unity whose life and service have left an enduring imprint on his people. "His Royal Highness, Francis Eze Igwe, occupied a position of honour and responsibility in his community. As a traditional ruler, he represented the cherished values of our indigenous institutions, which continue to play an important role in preserving our cultural heritage, promoting communal harmony, and fostering peace and understanding among our people.

ENUGU ALLEGES PLOT BY OPPOSITION TO IMPORT THUGS, DESTABILISE STATE AHEAD OF 2027 POLLS party’s office and that the police were investigating the matter. The SSG disputed reports alleging fatalities, stating that the government’s findings indicate that no death occurred in the incident. He disclosed that a 43-yearold man, identified as Ifeanyi Nworie, sustained a gunshot wound and was taken to the Enugu State University Teaching Hospital, Park Lane, where he was stabilised before being transferred to the National Orthopaedic Hospital, Enugu, for further examination.

“We can, therefore, authoritatively report that there were no deaths as falsely claimed by some reports and NDC leaders,” he said. Onyia also faulted allegations that the Mbah’s Chief Security Officer was present at the party secretariat and supervised the shooting. He said the officer was with the governor at the Teachers Grassroots Movement mega rally at Okpara Square, Enugu, at the time of the incident. The SSG criticised the reported holding of a minute’s silence for

an individual he said was still alive, describing it as an attempt to mislead the public for political advantage. Reaffirming the state government’s position, Onyia said Mbah had sworn to protect the life and property of all residents, irrespective of their religious beliefs or political affiliations. He said the administration’s ambition to grow Enugu into a $30 billion economy and make it a preferred destination for investment, business, tourism, and living depended significantly

on sustained peace and security. According to him, that informed government’s substantial investments in security infrastructure and operations over the past three years. Onyia stated, “Consequently, the Enugu State government strongly condemns in its entirety any form of violence, including politically induced violence in the state. We welcome healthy debate and freedom of association and peaceful assembly.” He urged political parties and their candidates to exercise restraint

and embrace issue-based campaigns ahead of the 2027 elections. The SSG said democratic rights should be exercised responsibly, stating that political parties ought to serve as models of decorum and integrity. He questioned the decision to announce a statewide campaign flag-off at the airport and without the approval of the relevant authorities. Onyia stated, “Without holding brief for FAAN, is it not sheer rascality to attempt to hold a ‘Grand Statewide Campaign

Flag-off 2026’ of the NDC at the airport as publicised by the party and its gubernatorial candidate, especially without the approval by the appropriate authorities? “Is it not equally gross mischief and a sign of political desperation to hold a minute silence for a living person, just to mislead the public for political traction?” He accused opposition elements in the state of attempting to create the impression that Enugu was unsafe and that the government was intolerant of opposing political parties.

T H I S D AY • MONDAY, OCTOBER 12, 2026

NEWS

11TH ANNUAL NATIONAL CONFERENCE OF NIGERIAN ASSOCIATION OF INSURANCE AND PENSION EDITORS...

L-R: Commissioner for Insurance/CEO National Insurance Commission, Mr. Olusegun Omosehin; Director-General, National Pension Commission (PenCom), Ms. Omolola Oloworaran; Chairman, Nigerian Association of Insurance and Pension Editors (NAIPE), Mrs. Ebere Nwoji, and Group Managing Director of Custodian Investment Plc and Conference Chairman, Mr. Wole Oshin, during the 11th Annual National Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) on the theme, "Post Recapitalisation and Market Dynamics in Insurance and Pension Sectors" held in Lagos ... recently

Nigerians Fleeing South Africa Rise to 2,037 as Xenophobic Violence Persists FG evacuates 111 more, 44 children among returnees RCCG commits $265,854 to bring home 500 distressed citizens

Michael Olugbode in Abuja The federal government has evacuated another 111 Nigerians from South Africa amid renewed anti-immigrant violence, bringing to 2,037 the number of citizens repatriated since the latest evacuation exercise began in June, as concerns mount over the safety of Nigerians living in the country. The latest evacuation, involving 44 men, 23 women and 44 children,

underscores the continuing human cost of the hostility towards foreign nationals in South Africa and the growing diplomatic challenge confronting Africa’s two largest economies. The returnees arrived in Lagos aboard South African Airways Flight SA060 on Thursday, October 8, with the operation funded by a $265,854 donation from the Redeemed Christian Church of God (RCCG) to

support the repatriation of 500 distressed Nigerians. The Ministry of Foreign Affairs disclosed the development in a statement issued on Sunday by its spokesperson, Oluwafemi Adeniyi. Adeniyi revealed the returnees were received by officials of the ministry, Nigerians in Diaspora Commission (NiDCOM), National Agency for the Prohibition of Trafficking in Persons (NAPTIP),

National Emergency Management Agency (NEMA), and other relevant government agencies. The latest arrival brings to 15 the number of consular evacuation operations conducted from South Africa since June 10, when Nigeria commenced the exercise in response to security concerns arising from xenophobic attacks and anti-immigrant demonstrations. Of the 2,037 Nigerians evacuated

so far, 1,388 had their repatriation costs fully covered by the federal government, according to the ministry. The RCCG has funded one-way tickets for 318 returnees under its commitment to assist 500 distressed Nigerians, leaving another 182 tickets to be funded under the initiative. The federal government expressed appreciation to the church, led by Pastor Enoch

Adeboye, for the intervention, which had helped ease the financial burden of returning Nigerians seeking to leave an increasingly uncertain environment. However, the latest evacuation comes against the backdrop of fresh anti-immigrant protests in South Africa, where demonstrations in Johannesburg and Durban turned violent in early October, with vehicles set ablaze and foreignowned businesses looted.

impact, we have waived over N3.3 trillion in fuel taxes and duties. NNPC Retail is foregoing its profit margin for 30 days, prioritising public transport operators, while we work towards a N1,350-per-litre ceiling on wholesale petrol supply costs to reduce price volatility. "These measures are intended to ease the immediate burden while we continue expanding affordable transportation alternatives," he pointed out. Tinubu also challenged opposition politicians seeking to lead the country to explain the cost and sustainability of their proposals, arguing that political promises must be supported by credible financing plans. He added: "Every commitment must be sustainable and backed by a credible plan. That responsibility guides our decisions, including the difficult ones. Anyone seeking to lead Nigeria should be prepared to explain what their promises will cost, how they will deliver them, and whether they can sustain them. "Promises are easy to make when the costs can be postponed, leaving Nigerians and future generations to pay the bill."

has emerged among the top 10 recipients of private capital mobilised by the World Bank Group. The bank attracted a record $112 billion in private capital in the year ended June 2026, up from $69 billion in the preceding year. World Bank Group President, Ajay Banga, disclosed the figures in an interview with Reuters ahead of the annual meetings of the International Monetary Fund (IMF) and the World Bank. Nigeria was listed alongside Brazil, India, Turkey, Romania, Argentina, South Africa, Bangladesh, Mexico and Chile among the leading recipients. The $112 billion in private capital mobilised was in addition to $123 billion invested from the World Bank Group’s own resources, bringing its combined financing to $235 billion during the year. Africa attracted $22 billion in private capital, while Latin America and the Caribbean received $36.3 billion, Europe and Central Asia $21.3 billion, and South Asia $19.2 billion. The World Bank’s figures indicated the scale of efforts to draw private investment into developing economies at a time of mounting financing needs. Banga said the World Bank was also discussing potential crisis assistance with 30 to 40 countries as rising energy and fertiliser prices linked to the Middle East conflict threaten to increase economic pressures.

TINUBU: WORLD BANK REPORT SHOWS ECONOMIC REFORMS WORKING terms between 2023 and 2025, with state governments emerging as the largest beneficiaries. The additional resources enabled states to raise capital expenditure by 151 per cent in real terms over the same period. Most of the increase in state spending, it said, went into roads and other transport infrastructure, agriculture, energy and housing. According to the report, 29 of 33 states shifted their spending towards economic infrastructure, while real social spending per person increased in all but one state. The report also found that Internally Generated Revenue (IGR) grew in real terms in 31 of 35 states, while 21 states reduced their debt-to-GDP ratios between 2021 and 2025. Nigeria’s overall public debt is projected to decline from 40 per cent of gross domestic product in 2025 to 38.1 per cent in 2026. On inflation, the report noted that the rate fell from 27.6 per cent in January 2025 to 15.2 per cent in December 2025. However, higher global fuel prices linked to the Middle East conflict have slowed the pace of disinflation, even as the World Bank said it expects inflation to ease to about 12 per cent by 2028. Nigeria’s external position also improved, with the current account surplus rising to $12 billion, equivalent to 7 per cent of GDP, in the first half of 2026, from $8.6

billion in the corresponding period of 2025. Gross external reserves increased from $45.5 billion at the end of 2025 to $53.8 billion at the end of August 2026. The report further indicated that poverty had stabilised for the first time since 2019, with the World Bank expecting a gradual decline as economic growth outpaces population growth.

Tinubu Elated, Welcomes Findings While welcoming the report, Tinubu said his administration would expand targeted cash transfers, which he said had reached more than 10 million households, while accelerating CNG deployment and improving agricultural productivity, healthcare and education. "I urge state governments to use their higher revenues more prudently and prioritise projects that improve the living standards of Nigerians, and the health and education of our people. "I commend the Economic Management Team led by the Minister of Finance and Coordinating Minister of the Economy, state governors and all stakeholders for their cooperation in implementing these reforms. "I assure Nigerians that the best is yet to come under the Renewed Hope Agenda 2.0, which will accelerate the delivery of shared

prosperity for all Nigerians," he stated. Beyond the development update, the president used his message on X yesterday to highlight what he described as the benefits of governmentbacked CNG transportation, citing commuters and commercial drivers who said the alternative fuel had reduced their travel costs. Tinubu expressing his view on a documentary on the progress of the CNG initiative in Nigeria, recounted the experience of some citizens, including Blessing, whose journey from Masaka to Berger in the Federal Capital Territory, he said now costs N500, compared with N1,500 previously, representing a saving of N1,000 per trip. He also cited Ada and Abigail, who reportedly pay N1,600 to travel from Enugu to Nsukka instead of N4,000, saving N2,400 per journey. A taxi driver in the video, Kabir, told the president that N10,000 worth of CNG enabled him to make three additional return trips compared with colleagues using petrol. Tinubu also said he had received reports from Borno of commuters paying as little as N50 per trip on CNG and electric vehicles. "Your various experiences show what our investment in CNG transportation is intended to achieve. Lower operating costs for drivers should translate into more affordable fares for passengers,

leaving families with more money for their everyday needs. "When we removed the petrol subsidy, I knew the decision would bring difficulties for many households. With that decision came a responsibility to provide practical alternatives that would ease transportation costs. Your stories show this is already happening, and I want more Nigerians to experience these benefits," he added. The president said the federal government was working with state governments, through the Nigeria Governors’ Forum (NGF), and private investors to expand services under the National Affordable CNG Transportation Programme. He disclosed that Ekiti had received 15 buses in recent weeks, Lagos 20, while Akwa Ibom had 50 buses ready for service. Katsina had introduced 30 CNG hybrid buses and 200 electric tricycles, while Kano had received 30 CNG buses and five electric buses, with another rollout scheduled for Edo. Tinubu added that Kaduna’s 100 CNG buses had carried more than 3 million passengers, while over 400 certified centres had converted more than 120,000 vehicles to CNG. The government, he said, was also expanding refuelling infrastructure to improve access to alternative fuel. "I also recognise the pressure rising petrol prices place on families and businesses. To cushion the

‘Nigeria Among Top 10 Recipients of $112bn Private Capital’ The president’s defence of the reforms came as Nigeria

monday OCTOber 12, 2026 • T H I S D AY

NEWS xtra

ENDORSEMENT OF ABIA PDP GUBER CANDIDATE…

L-R: Abia Peoples Democratic Party (PDP), House of Assembly candidate for Ukwa East, Justice Uchenna; Deputy Governorship candidate/Abia PDP Chairman, Elder Amah Abraham; Abia PDP Governorship candidate, Dr. Kelechi Anosike; President, Council of Chiefs, Ndoki, Nkem Ogwo; President General, Ndoki Development Union, Chisom Henry Nwachukwu, and Abia South Senatorial candidate, Chinyere Onuoha, during the endorsement of Dr. Anosike by Ndoki Development Union Ukwa East as their consensus candidate for 2027 election in Abia State…recently

Scores Killed as Bandits Raid Two Communities in Niger

Laleye Dipo inMinna

Reports have claimed that scores of people were, at the weekend killed, when bandits raided two Niger communities, Kokani and Kigbera in Borgu Local Government of the state. Several houses and shops were razed by the gunmen said to be over 30. According to reports from the areas, the gunmen wielding guns and matchers stormed the

communities in the early hours of Thursday making the villagers to run helter skelter searching for safety. It was gathered that some food stuff and animal were taken away by the marauders. The reports added that the communities were among those raided about two months ago during which not less than 500 villagers were abducted and not less than 50 killed. The government then intervened

Tinubu Loyalist Escapes Alleged Mob Attack in Bauchi Segun Awofadeji in Bauchi

Chairman of the Da Hannu Na Political Mobilisation Group under the Arewa for Asiwaju Platform, Jamil Jadda Garko, has reportedly escaped an alleged mob attack in Bauchi State following a solidarity rally in support of President Bola Ahmed Tinubu. The incident reportedly occurred over the weekend after the group organised a road show that brought together supporters of the president from the seven states in the North-West geopolitical zone. The organisers said the peaceful procession moved from the Government

Reserved Area (GRA) to the stadium and Double 4 Hall, under the protection of personnel from the Department of State Services (DSS), the Nigeria Security and Civil Defence Corps and the Federal Road Safety Corps. They alleged that the swift intervention of security personnel helped prevent the situation from escalating into violence and possible bloodshed. The group had planned to visit a correctional centre, a rehabilitation centre and an orphanage to distribute relief materials as part of a humanitarian initiative organised in the name of President Tinubu.

sending a high powered team of security men to rescue those abducted. THISDAY learnt that because of improvised explosive devices allegedly planted on the roads the rescue efforts were hampered.

Confirming the story to THISDAY the state Police Command Public Relations Officer, Superintendent of Police Wasiu Abiodun, said four men of the local vigilance group were injured during the invasion.

Abiodun did not confirm any loss of life but said people in the affected villages “ were forced to flee to different locations.” The confirmation statement made available to THISDAY by Abiodun read:”On 8th October

2026 at about 4.30p.m, a group of armed bandits invaded Kokani and Kigbira villages, under Borgu LGA, set houses ablaze which forced few people in the villages to flee to different locations for safety.

Prophet Ugochukwu Predicts Obi’s Victory in 2027, Foresees Violent Transition Mary Nnah

The Overseer of Immaculate Chapel Ministries (ICM) Global, Prophet Alex Ugochukwu, has predicted that former Anambra State Governor and presidential hopeful of the National Democratic Congress (NDC), Peter Obi, will win the 2027 presidential election “clean

and clear.” The prophecy was contained in a declaration he made on September 30, 2026. Ugochukwu, a Nigerian cleric based in Canada, said he saw Obi, whom he described as “a man with an open tooth, handsome, tall man in the midst of jubilant Nigerians following an election. Come the 2027 election, Peter Obi

will win the election clean and clear.” According to the cleric, the latest vision is a fulfilment of an earlier revelation in which he saw “a new face” taking a seat, but whose manifestation was delayed. He cited Habakkuk 2:3, noting that “though the vision tarries, it will surely come to pass.”

While predicting victory for Obi, Ugochukwu warned of a potentially violent transition period. He said the aftermath of the election could witness widespread unrest and bloodshed, not instigated by Obi himself, but by Nigerians who are unwilling to continue with what he described as corrupt governance.

Mutfwang Urges Christian Unity as FBC Jos Marks 115 Years Yemi Kosoko in Jos

Plateau State Governor, Caleb Mutfwang, has called on Christians across Nigeria to strengthen unity in faith, love and purpose, declaring that a united church remains crucial to advancing the gospel and promoting peace as First Baptist Church, Jos, celebrated

its 115th anniversary yesterday. The event, held at the church auditorium under the theme, “Advancing Through Impactful Celebration,” drew government officials, church leaders, past and present pastors, members of the Baptist family, friends and well-wishers who gathered to thank God for sustaining

the church for more than a century. Mutfwang, who attended the celebration, congratulated the church on its 115 years of service to God and humanity and urged Christians to remain united in faith, love and purpose. According to him, unity among believers remains

critical to the advancement of the gospel and the promotion of peace in Plateau State and across Nigeria. The governor commended the church for its contributions to the spiritual growth and socio-economic development of the state and prayed for its continued expansion and relevance in the years ahead.

CDS Calls for Sustained Investment in Indigenous Space Technology Linus Aleke in Abuja

The Chief of Defence Staff (CDS), General Olufemi Oluyede, has called for sustained investment in indigenous space technology, research and innovation to strengthen national security and enhance the operational effectiveness of the Armed

Forces of Nigeria (AFN). The CDS made the call at the inaugural Defence Space Administration (DSA) Day celebration, under the theme, ‘Space Power and National Security.’ According to a statement by the Director of Defence Information, Major General Samaila Uba, the CDS

commended the DSA for its achievements, particularly the launch of DelSat-1, the establishment of geospatial intelligence infrastructure, the deployment of a Modular Earth Observation Outpost at the Headquarters of Operation HADIN KAI, and the commencement of academic activities at the Defence Space

School in Orogun. He charged the administration to strengthen indigenous research and development, improve the reliability and security of space-based products, and deepen their integration into joint and inter-agency military operations to address emerging security challenges.

Ijaw Leader Calls for Value Rebirth to Tackle Nigeria’s Devt Crisis Sylvester Idowu inWarri

An elder statesman and Ijaw leader, Dr. Joseph Ambakederemo, has called on Nigerians to embrace integrity, accountability and responsible citizenship, saying the country’s development

depends on the values guiding its leaders and citizens. Ambakederemo made the call at the weekend during the launch of Egedegbe’s book: ‘Value Rebirth: The Pathway to an Egalitarian Society’, held alongside the author’s 60th birthday celebration.

He said the occasion offered an opportunity to reflect on the challenges confronting Nigeria and the need to translate the country’s abundant human and natural resources into sustainable development. According to him, the book challenges Nigerians

to examine how their values influence the management and distribution of national resources, arguing that economic potential alone cannot guarantee prosperity without ethical leadership, responsible citizenship and strong institutions.

T H I S D AY • MONDAY, OCTOBER 12, 2026

MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe

Email duro.ikhazuagbe@thisdaylive.com

Man-of-the-Match Iheanacho Scores 12th Goal in 10 Games in Turkey Duro Ikhazuagbe

Kelechi ‘Senior Man’ Iheanacho continued from where he stopped before the September International break as he drew his Turkish second-tier League outfit, Bursaspor level with Mardin 1969 on Sunday evening. Iheanacho who was voted Man-of-the-Match has now scored 12 goals in 10 matches

since leaving Celtic to join the Turkish team last summer. The equaliser from the former Sevilla front man was however not enough to save Bursaspor as they conceded late in added time to be denied a share of the spoil. Zdravko Dimitrov found the net to secure a dramatic 2-1 victory for the visitors. The goal in the 81st minute yesterday by the Super Eagles

Messi’s Retirement: Ex FCTA Spokesman Wants FIFA to Introduce Over-40 World Cup

A former spokesman of the Federal Capital Territory Administration (FCTA), Mr Nosike Ogbuenyi, has advocated for the introduction of a new age grade global football competition by Fédération Internationale de Football Association, (FIFA) for mature veteran players aged 40 years and above. Speaking after he submitted a proposal for the new tournament to FIFA through the Nigeria Football Federation (NFF) secretariat in Abuja on Thursday, Ogbuenyi said the introduction of FIFA Over-40 World Cup “will make the football loving world to continue to watch the best of all times on the field of play for a longer period.” Speaking on the heels of the retirement on 6 October of one of football’s greatest of all times, Lionel Messi of Argentina, the two-time Special Assistant on Media to the FCT Minister said: “Here in Nigeria, we have seen our most talented and best of all times retire and become less visible publicly. We, the football fans find it difficult to keep track of our legends and stars like Austin Jay Jay Okocha, Kanu Nwankwo, Victor Ikpeba, Emmanuel Amuneke,

Obafemi Martins, Vincent Enyeama and John Obi Mikel and a host of others.” Beyond Nigeria, the former image maker of the FCT Administration said there are several football players below 65 that fans would like to continue to watch in action even as they age. He gave examples of such gifted players as Lionel Messi, Angel Di Maria, Gabriel Batistuta, Michael Owen, David Beckham, Andres Iniesta, Sergio Ramos, Xavi, Zlatan Ibrahimovic, Oliver Kahn, Miroslav Klose, Manuel Neuer, Lothar Matthaus , Ronaldinho Gaucho, Ronaldo de Lima, Roberto Carlos, Didier Drogba, Samuel Eto’o, Zinedine Zidane, Thiery Henry and Keisuke Honda. Ogbuenyi who suggested that only players between the ages of 40 and 65 should participate in the proposed tournament listed some of its advantages to include promotion of fitness, helping to keep ex football stars in spotlight after senior football, provision of source of income for the mature players and serving as medium to motivate and guide the younger footballers.

returnee, was a follow up to his strike in Nigeria’s 3-3 draw with Russia in an international friendly last week. Iheanacho has now scored in 10 consecutive matches for club and country. He’s the only African with such feat in Europe at the moment! Iheanacho was rated highest personal score of 8.3 points by Sofascore. His 17 goals scored in the 2026–27 campaign, Bursaspor have relied heavily on the influence of Iheanacho, who has contributed to 82.4 per cent of their goals. Bursaspor are second in the standings with 19 points from nine matches, three points behind leaders Kayserispor.

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PREMIER LEAGUE Cry’Palace 3-1 Nottingham Hull 2-2 Everton Liverpool 0-3 Man City EUROMATCH NPFL Katsina Utd 4-2 Enyimba Ranchers 0-0 N’Tornadoes Ikorodu City 2-0 Kwara Utd W’Wolves 3-1 Inter Lagos Nasarawa 2-0 Doma Utd Barau 2-2 Rangers Int’l Abia War 0-0 Rivers Utd Sporting Lagos 2-1 Insurance Plateau Utd 4-0 Kano Pillars Kelechi Iheanacho...scored his 12th goal in 10 matches of the season in Kun Khalifat 2-0 Shooting Turkey yesterday

MAN-OF-THE-MATCH IHEANACHO...

Abdullahi: My NBBF Ambition Aligns with Tinubu’s Sports Economy Agenda

Ahead of Thursday, October 15, 2026 Nigeria Basketball Federation (NBBF) elections in Abuja, top candidate for the presidency of the federation, Dr Mustapha Abdullahi, has said that his ambition to lead the NBBF comes as the Federal Government seeks to reposition sports as an avenue for investment, employment, and economic diversification. Dr Abdullahi is the DirectorGeneral of the Energy Commission of Nigeria. He said at the weekend that his proposed bid was informed by more than two decades of involvement in basketball and a conviction that the game could achieve more through professional administration, stronger domestic competitions and sustainable commercial partnerships. Sports investor Abdullahi, also Director of Youth of the Renewed Hope Ambassadors, said his experience as a player,

grassroots development investor, and public-sector manager had given him insight into the structural challenges facing the sport. “My vision is to help build a professionally managed federation with stronger domestic leagues, better player welfare, sustainable commercial partnerships and clear development pathways for young athletes,” he said. He added that collaboration with state associations, clubs, coaches and other stakeholders would be central to improving basketball administration and expanding opportunities for young players. Abdullahi’s proposed ambition also intersects with President Bola Tinubu’s restructuring of sports administration and the renewed emphasis on the sports economy through the National Sports Commission. He said the restoration of the Commission had created an

opportunity for sporting federations to strengthen their operations, improve governance and attract private-sector investment. Under the leadership of Mallam Shehu Dikko and Hon. Bukola Olopade, he said, there was greater emphasis on commercial sustainability and the institutional foundations required to develop sports beyond international competitions. For basketball, Abdullahi said, the priority should be to establish structures that support talent development, improve athletes’ welfare and make domestic competitions more attractive to corporate partners. His position is informed by practical involvement in the game. He played in Nigeria’s domestic basketball leagues, university competitions and the national youth setup before featuring for Trafford Basketball Club in

Manchester. Through the DAM Foundation, he said, he had invested in grassroots basketball by constructing a court in Kano, organising competitions in Okene and supporting an academy serving more than 500 children. These initiatives, he said, had reinforced his belief that young Nigerians needed access to facilities, organised competitions and professional coaching to develop their potential.

The Chairman of the Electoral Committee of the Nigeria Basketball Federation (NBBF), Barrister Lanre Glover, has assured stakeholders of a free and fair election to produce a new president and other executive members of the federation on Thursday, October 15, 2026.

Glover gave the assurance while speaking with sports journalists in Abuja at the weekend, stressing that all contestants would be given equal opportunities to exercise their franchise in accordance with the federation’s electoral guidelines. The legal practitioner explained

that the Electoral Committee would operate strictly within its jurisdiction as defined by the federation’s statutes and established electoral procedures. He noted that electoral processes at national, continental and international levels are governed by specific rules that

must be followed to ensure transparency and credibility. According to him, the committee’s responsibility includes vetting nomination forms and determining whether aspirants have met the requirements to contest the election. Glover disclosed that the committee had reviewed the nomination documents submitted by the presidential aspirants and would announce those who had qualified, as well as candidates who failed to meet the stipulated conditions. Five aspirants were nominated for the NBBF presidency, but the committee cleared three candidates outright, while another was given an opportunity to complete his documentation. The candidates cleared to contest are Olumide Joshua Oyedeji, Dr Mustapha Abdullahi and Ejike Ugboaja.

Abdullahi

....Glover Promises Free, Fair Poll, Gives Igoche Monday Deadline to Submit Tax Clearance L-R: Deputy Chairman, FIFA’s National Men’s Committee, Mr Amaju Pinnick; FIFA President, Gianni Infantino, and Ag. General Secretary, Confederation of African Football (CAF), Dr Samson Adamu on the sideline of the CAF Strategy Session/ State Banquet hosted by the Government of Cape Verde ... recently

Adekanbi Retains Ikeja Golf Club Caddies Championship Title Dolapo Adekanbi successfully defended his title at the 2026 Ikeja Golf Club Caddies Championship, emerging overall winner of the competition held last Friday. Adekanbi’s victory came in dramatic fashion after Uche Nwaokocha had set the early pace with an impressive gross score of 75, raising hopes of an upset before the tournament’s leading contenders — Adekanbi,

Muritala Adeola, Peter Okafor and Tunde Oladehinde — teed off later in the day. However, Adekanbi demonstrated remarkable discipline, composure and character to rise above the competition and retain his crown with a winning gross score of 73. A crucial finish over the final three holes proved decisive, as Adekanbi recorded a birdie on

the 16th, a bogey on the 17th and a par on the 18th to seal his victory and reaffirm his status as one of the standout players among his peers. More than 100 caddies from Ikeja Golf Club, Ikoyi Club Golf Section and Abeokuta Golf Club participated in the championship, which also featured club members playing alongside the caddies as guest players in a show of support

and encouragement. In the Junior Caddies Category, Adeshayo Oladokun emerged winner with a gross score of 80. The guest players’ category was won by Segun Ajayi of Abeokuta Golf Club, while Adeyinka Adelakun of Ikoyi Club Golf Section finished as second runner-up. In the Ladies’ Category, Deborah Asoore dethroned

defending champion Felicia Oyebanji, returning a gross score of 117 to claim the title. Speaking after the event, the Club’s Caddy Officer and chief organiser, Olugbenga Ayodele, said the championship provides a platform to nurture emerging golfing talents and showcase the next generation of amateur golfers capable of representing Nigeria on the international stage.

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MONDAY, OCTOBER 12, 2026 • T H I S D AY BACK PAGE LEAD PHOTOGRAPH

COURTESY VISIT TO GUINNESS NIGERIA AND PRESENTATION OF A COPY OF GUINNESS WORLD RECORDS...

L–R: Managing Director, Guinness Nigeria, Mr. Girish Sharma and Ambassador-Designate of Ireland to Nigeria, H.E. Ms Lesley Ní Bhriain, during her courtesy visit to Guinness Nigeria and presentation of a copy of the Guinness World Records 2026 book to the Ambassador-Designate where they discussed the longstanding relationship between Ireland and Guinness Nigeria's business in the country held in Lagos recently

MAHMUDJEGA Six Stumbling Blocks in 47 Years VIEW FROM THE GALLERY

everal prominent political names missing from the final list of governorship candidates for next year’s elections released by the Independent National Electoral Commission [INEC] at the weekend was likely to be seen by some voters as post-dated election rigging. Never mind that the basis for it was laid in the Electoral Act, ratified by the Supreme Court and enforced by INEC after a “careful study” by its lawyers. Among the prominent candidates who did not make it into the final list were Gombe PDP’s candidate Ali Ibrahim Pantami, Ogun PDP’s candidate Ladi Adebutu and Nigeria Democratic Congress’ [NDC] Kano State candidate, former deputy governor Aminu Abdussalam Gwarzo. Some other candidates with question marks hanging over their heads following the Supreme Court ruling however made the list, including Rivers APC candidate and former House of Representatives minority leader Kingsley Chinda; Kebbi ADC candidate and former Minister of Justice Abubakar Malami, and Nasarawa SDP candidate and former Police Inspector General Mohamed Adamu. The stumbling block that tripped them was Sections 77[5], [6], [7] and 84[2] of the Electoral Act 2026, which barred political parties from fielding candidates whose names were not in the membership register that they submitted to INEC within the time it stipulated. Zenith Labour Party [ZLP] had gone to court seeking to annul these sections as having violated the constitutional right of political parties to regulate their own affairs. A High Court rejected ZLP’s argument; the Court of Appeal accepted it and quashed the sections, but on September 26, Supreme Court overturned the Appeal Court’s ruling and restored the validity of the sections. After two weeks’ suspense, INEC published a list excluding some candidates on the strength of the court order. What was the import of this Electoral Act provision, demanding that parties submit a register of their members to INEC within a certain period before they can conduct their primary elections? On the face of it, it made some sense because INEC is legally mandated to observe party congresses, conventions and elections and to do that, it may need to know who the party’s registered members are. In practical Nigerian political terms however, a party register is unnecessary because apart from party officials and public officers elected or appointed into offices on a party’s platform, no one really belongs to any political party or pays membership dues. Back in the Second Republic, party membership or, more properly, supporting a political party

Pantami

was well marked and intense. Traders, market women, bus drivers, tenants, tailors and roadside mechanics all identified themselves with political by hanging party flags and symbols all over their premises. Party support in the Second Republic was so strong that landlords threw out tenants, customers avoided some stalls and fathers-in-law snatched their daughters away from husbands all on account of party differences. Even then, there was nothing like a party register of members, but when one wanted to contest an election, he may be asked to produce his party membership card. In a complete departure from the First Republic when people donated coins to finance their parties, from the Second Republic onwards, there is nothing like party membership dues; only persons occupying elected or appointed offices are required to pay dues to their political party. What then was the reason for smuggling this requirement into the Electoral Act at this time? Many people will say it was an advance APC manoeuvre ahead of the 2027 elections. Party strategists knew that a ruling party’s primary elections are bound to be contentious, with too many people struggling to grab its tickets. Our politicians being what they are, those who lose in the primary elections will allege rigging, manipulations and all sorts of things. Some of the allegations may be true, because governors, ministers and party kingmakers are as desperate to retain control and anoint their chosen candidates as aspirants are determined to grab party tickets. What then follows is defection; primary election losers jump to other, usually weaker parties where they buy [beg your pardon, win] election tickets and go on to appear on the ballot paper. At one time in the past, we had nearly 100 registered political

parties in this country. Most of them were briefcase parties just waiting to harvest defectors from the bigger parties after rancorous primaries. From all indications, APC strategists foresaw this happening, and they used their overwhelming majorities in both chambers of the National Assembly to insert these anti-defection measures into the Electoral Act. It might save APC from the headache of aspirants defecting to other parties and taking along with them large chunks of members. But it portrayed the National Assembly as an advanced rigging machine; stained Supreme Court’s reputation for upholding provisions that at least violate the spirit of the Constitution; of INEC for being seen as a tool in a manoeuvre; and it might encourage many voters to stay at home on election day because their preferred candidates have been excluded from the ballot. By my count, this is the sixth such legal electoral manoeuvre in Nigeria in five decades. The first one, unfolded in September 1978, was that parties must apply for registration before they can contest elections. The prescribed criteria of “spread” were very stiff. In India for example, small political parties with little spread apply for registration ahead of each election and are assigned a logo to use; the only advantage of bigger political parties is that they have a permanently registered logo. Numerous Nigerian parties applied for registration in 1979 but only five were registered. As we learnt later, Malam Aminu Kano’s PRP did not really meet the spread requirement for registration but the Supreme Military Council decided that not registering it will lead to disenfranchising millions of voters in Kano State, where it had visibly overwhelming support. The same scenario unfolded during party registration in 1999. Alliance for Democracy [AD] did not meet the spread criteria, but again the military rulers calculated that excluding it could disenfranchise millions of voters in the South West, where it had visibly overwhelming support. While the soldiers were careful with party registration, not so the politicians. In the Second Republic, FEDECO, at the ruling NPN’s behest, refused to register the potent Progressive Peoples Party [PPP], made up of four opposition parties, and instead registered Tunji Braithwaite’s Nigeria Advance Party [NAP], hoping to cut into UPN’s Southwest stronghold. PDP could not however stop INEC from registering APC in 2013, to its eternal regret. In 1979, came the tax issue. In the heat of the election campaign, FEDECO threatened to disqualify NPP presidential candidate Dr. Nnamdi Azikiwe and PRP presidential candidate Malam Aminu Kano because they did not pay their personal income

tax “as and when due,” as the law demanded. In one Radio Kaduna program, a PRP chieftain said he was the one who went to Malam Aminu Kano and asked for the tax receipts, and that “Malam brought them out, dusted them and gave them to me” to take to FEDECO. The interviewer then said, “Don’t you think Malam made a mistake by dusting them off? You should have taken them to FEDECO with the dust to show that they were old.” Both titans were later cleared to contest. In 1982, as the 1983 elections loomed, many ministers in President Shehu Shagari’s cabinet were known to be preparing to unseat their state governors. The seven NPN state governors then orchestrated a resolution in the party’s National Executive Committee, that any appointed official who desired to contest for governor must first quit his position. Some did [notably Agriculture Minister Ibrahim Gusau and Internal Affairs Minister Ali Baba] but others quietly gave up the aspiration. Before the 1983 elections came another manoeuvre orchestrated by the ruling NPN. FEDECO declared that an elected official can only recontest on the same platform in which he was earlier elected. Since neither PRP’s Santsi faction nor GNPP’s Mahmud Waziri faction were recognized by FEDECO, Governors Mohamed Abubakar Rimi of Kano and Abubakar Barde of Gongola resigned from their seats and contested under NPP, unsuccessfully. Just before Governor Muhammadu Goni of Borno resigned however, the courts overturned FEDECO’s order and he recontested under UPN’s platform, but lost to NPN’s candidate Asheikh Jarma. Then came the 2022 manoeuvre. National Assembly inserted a clause into the Electoral Act barring all appointed officials from participating as delegates at party congresses or standing for elections unless they quit their offices. Many senators wanted to challenge their governors for party tickets, but serving governors had an edge because their commissioners and special advisers were “statutory delegates” at the congresses, which guaranteed bloc votes for the governors. One of the biggest casualties then was Attorney General and Minister of Justice Abubakar Malami, whose ambition to contest for the governorship of Kebbi State under APC was thwarted. He is trying again this time, as an opposition ADC candidate. And then came this year’s manoeuvre, about party membership lists. The rule may look sensible to lawmakers, the courts and to INEC, but to the ordinary Nigerian voter whose loyalty at election time is more to a particular politician rather than to a political party, disqualifying candidates who defected from the ruling party to other parties is a mortal blow.

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