Issuu

Tinubu: I Won't Sign Central Gaming Bill, It's Exclusively States' Affairs Wole Olanipekun: Presidential assent decline is sign of respect for Supreme Court

Alex Enumah in Abuja President

Bola

Tinubu

has assured that he will not assent to the Central Gaming Bill newly passed

by the National Assembly. Tinubu gave the assurance on Friday in Abuja during

the All Progressives Congress (APC) National Executive Committee (NEC) meeting.

He stressed that as a "constitutional democrat", he knew where his exclusive

legislative capacity started Continued on page 6

US Delegation Rules Out Troops’ Deployment, Defends Nigeria’s CPC Designation... Page 6 Monday, Monday, December January22, 6, 2025 Vol Vol29. 30.No No10865. 11215. Price: N400

www.thisdaylive.com TR

UT H

& RE A S O

FG Secures Release of Remaining 130 Abducted Schoolgirls, Teachers in Niger Idris: It’s soothing relief for Nigeria Abiodun hails Tinubu, urges massive support See story on page 6

SIGNED & SEALED, $750 MILLION FINANCING...

Chairman, Heirs Energies, Mr. Tony Elumelu and (L) President and Chairman of the African Export-Import Bank (Afreximbank), Dr. George Elombi, during the signing ceremony to mark the execution of a USD 750 million Financing Transaction between Heirs Energies and the Afreximbank in Abuja on Saturday

UNITY IN DIVERSITY...

L-R: The Obi of Onitsha, His Majesty Igwe Alfred Nnaemeka Achebe, in handshake with His Majesty Ogiame Atuwatse III (CFR), the Olu of Warri Kingdom, during the 16th edition of Ghigho Aghofen, the ceremonial change of palace watch in Warri, yesterday

MONday, DECEMBER 22, 2025 • T H I S D AY

T H I S D AY • MONDAY, DECEMBER 22, 2025

PAGE SIX

US Delegation Rules Out Troops’ Deployment, Defends Nigeria’s CPC Designation

Michael Olugbode in Abuja

A United States delegation has ruled out deploying troops to Nigeria, saying the country's decision to designate Nigeria as a Country of Particular Concern (CPC) was intended to encourage reforms through diplomatic pressure and partnership, rather than military intervention. Members of a bipartisan US Congressional delegation, which visited Nigeria to assess security and religious freedom concerns, said at a

press conference in Abuja that while Nigeria needs support to tackle rising violence, Washington was not considering “boots on the ground” as part of its response. The delegation was led by Rep. Bill Huizenga and included Reps. Michael Baumgartner, Keith Self, and Jefferson Shreve. “Nigeria does need help, but that does not mean US troops,” Huizenga said. “The CPC designation is a tool to motivate action, not a prelude to military deployment,” he

added. The lawmakers said the designation was driven by persistent violence affecting communities of all faiths, with particular concern over the Middle Belt, where they believe religious motivations play a role in some attacks. “It is unacceptable that anyone—Muslim or Christian—is experiencing this level of violence,” a member of the delegation said. “Protecting citizens of all faiths is a responsibility of the Nigerian government.” According to the

delegation, the CPC designation has already sparked internal discussions within Nigeria’s government, which they described as a positive development. They stressed that the move is not intended to punish Nigeria or its citizens but to encourage accountability, reforms, and stronger protection of religious freedom. The lawmakers distinguished between terrorism in the North-east— linked to Boko Haram and other extremist groups—and communal or religiously

motivated violence in other regions, noting that each challenge requires a different approach. “There are different regional realities,” one lawmaker said. “What works in Borno State may not work in Plateau or Benue.” The US officials emphasised that Nigeria’s CPC status is not permanent and will be reviewed based on measurable progress in reducing violence and improving religious freedom. They rejected suggestions that the designation could damage

FG SECURES RELEASE OF REMAINING 130 ABDUCTED SCHOOLGIRLS, TEACHERS IN NIGER Olawale Ajimotokan and Linus Aleke in Abuja

State forces, coordinated by the Office of the National Security Adviser (ONSA), have successfully secured the release of the remaining students and teachers abducted from St. Mary’s Catholic School, Papiri, in Rafi Local Government Area of Niger State, sources familiar with the operation, have said. The rescue operation confirmed that all remaining victims taken during the November 21 attack had now been freed. Armed bandits on motorcycles, on November 21, stormed St. Mary’s Catholic School around 2am, abducting no fewer than 315 students, including 12 teachers. The assailants, reportedly, moved systematically from dormitory to dormitory before taking their victims into nearby forests. During the initial attack, 50 students managed to escape. Security agencies had previously secured the release of around 100 abductees on December 8,

leaving a number of victims still in captivity until the latest operation. The source, the remaining captives were freed on Friday evening in a forest located between Agwara and Borgu Local Government Areas. Security personnel from the Office of the National Security Adviser oversaw the evacuation under heavy protection. The source added that the release followed intensive negotiations between the government and the abductors, though it remained unclear whether ransom was paid. The abduction from St. Mary’s Catholic School was recorded as the single largest school kidnapping in Niger State to date. Data showed that since January 2023, at least 816 pupils had been abducted in 22 separate school attacks. However, reports on the current location of the released students were conflicting. Some sources indicated they were in Minna receiving medical attention before being reunited with their

families, while others suggested they were in Abuja, awaiting handover to Governor Umar Bago of Niger State, who was currently in the city. Confirming the development, Bishop of Kontagora Diocese and Proprietor of the school, Most Reverend Bulus Dauwa Yohanna, said Bago called him "a few minutes ago to confirm the release of the children and their teachers". He, however, said the figure of children released was not mentioned, adding that they are expected in Minna today and to be received by the governor at Government House. Minister of Information and National Orientation, Mohammed Idris, said the rescue of the remaining 130 children and staff from St. Mary’s Catholic School, Papiri, Niger State, was a fitting end to the year. Idris stated this in a statement last night, stressing that all the abducted pupils of the Catholic School, numbering 230, had been freed, with not a single pupil was left in captivity.

He said the released 130 pupils had also been handed over to the Niger State government, after which they would be reunited with their families. Idris said, “This courageous effort by our security forces reaffirms our nation's resolve to protect its people. The federal government empathises with the parents and guardians of the pupils for the agony the abduction has caused them, wishes them a pleasant family reunion, a good healing process, compliments of the season and a Merry Christmas.” Ogun State Governor, and Chairman of Southern Governors' Forum, Dapo Abiodun, expressed delight at the release of the 130 students, saying it is a sign that evil forces would not triumph over Nigeria. Abiodun said the release of the remaining students of the school, which brought the total number of those rescued to 230, fulfilled Tinubu's pledge to ensure the freedom of the students without any hurt, and facilitate their reunion with their parents.

Huizenga

bilateral relations, describing it instead as a difficult but constructive engagement between partners. “True friends don’t walk away,” Huizenga said. “They stay engaged, even when the conversation is difficult,” Huizenga noted.

Commending the president for the security measures rolled out, which he said had restored the confidence of Nigerians in their government, Abiodun said the catalogue of releases of abducted persons, including 24 from Kebbi State and 100 from a Catholic school in Niger State, as well as the Christian worshippers in Eruku, Kwara State, showed that the president had capacity to face Nigeria's challenges head on. Abiodun, in a statement issued in Abeokuta, said it was particularly heartwarming that the students and their parents would be able to celebrate the Yuletide in warm embrace after the terrible ordeal, urging the security agencies to ensure that the perpetrators are prosecuted to the fullest extent allowed by law. He stated, "I am extremely delighted to learn that the remaining 130 students of St. Mary’s Catholic School Papiri community, Niger State, who were hitherto in captivity, have been released. "The students, their parents, Papiri community

and the Government of Niger State have all been through a lot, and I rejoice with them in this moment of triumph over the forces of darkness who seized innocent students from their hostels, and their teachers from the school grounds. "If this incident shows anything, it is the fact that the Bola Tinubu administration is committed to a safe, secure and prosperous Nigeria, and deserves our collective prayers and moral support. The governor added, "The president is determined to tackle the upsurge of kidnapping and terrorist attacks, and bring sanity back to our society, which will invariably restore the confidence of Nigerians and the international community in the government, and bring massive development. "The security agencies deserve plaudits for this feat. I also urge them to ensure that the terrorists behind the attacks on innocent and lawabiding Nigerians are hunted down and prosecuted to the fullest extent allowed by law."

that had not been nullified by the judgement of the Supreme Court. For emphasis and, as rightly acknowledged by your good self at the commencement of the Supreme Court legal year, the National Lottery Act ceased to be an existing legislation on November 22, 2024, when the Supreme Court delivered its judgement in SC.1/2008 and the National Assembly cannot subsequently purport to repeal what was/is already no longer in existence. "Our client also informed us that the Central Gaming Bill purports to legislate online gaming and lottery, as well as gaming and lottery across state geographical boundaries. It also suggests that revenues generated will not be paid to the Consolidated Revenue Fund but be distributed by the Federal Government against the constitutional

prescription for revenue sharing." The letter also stated that the apex court, in the judgement, "flatly rejected" the argument of the AGF and National Assembly that lottery and gaming were economic activities carried out online and across state borders. Olanipekun expressed the conviction that Fagbemi will be disturbed by the action of the National Assembly in enacting a law, which had been nullified by the apex court. He stated, "We are also confident that the AGF is very unlikely to support the situation where the Supreme Court invalidates an action as ultra-vires and the same litigant before the court, subsequently, re-enacts

TINUBU: I WON'T SIGN CENTRAL GAMING BILL, IT'S EXCLUSIVELY STATES' AFFAIRS and ended. The National Assembly had on December 2 passed the Central Gaming Bill aimed at giving legal powers to the federal government to regulate lottery and gaming across the states of the federation and the Federal Capital Territory (FCT). Displeased with the action of the federal lawmakers, the Attorney-General of Lagos State, through his legal representatives, the law firm of Wole Olanipekun, SAN, wrote to the Attorney-General of the Federation (AGF), Prince Lateef Fagbemi, SAN, warning against signing the bill into law, as doing so would be tantamount to disregard for the orders of the Supreme Court. The apex court had in a judgement last year nullified the National Lottery Act on the grounds that it fell outside

the legislative powers of the federal legislators. Olanipekun had in the letter dated December 12, 2025, specifically urged Fagbemi to advise Tinubu not to sign the bill into law. According to the senior lawyer, the new bill, as passed by the National Assembly, is illegal and unconstitutional, based on the apex court judgement, which held that the National Assembly lacked the necessary legal powers to legislate on lotteries and gaming, which is a residual matter for the state Houses of Assembly. In what appeared to be a heed to the advice of the AGF, the president, at the APC NEC meeting, affirmed his desire to always obey the Constitution of the Federal Republic of Nigeria. While noting that the

executive and most members of the National Assembly belonged to the same political party, APC, he was blunt in telling them that the issue of lottery fell within the residual matters of the states. “What I want you to forget is centralised lotto, go and read the constitution again. It is a residual matter," Tinubu said, adding, "Residual Matters belong to the exclusive legislative matters of the states." The president warned proponents of the bill to desist from further actions as he was not going to assent to it. The president stressed, "Don’t thread near it, there's no need for us to argue. I am a constitutional democrat. Lottery, lotto law, centralized lotto, gaming, and whatever it is... I read it and that it was coming to me, I won't sign it.”

Olanipekun had also in the letter reminded the AGF of the need to defend judgements of the Supreme Court, especially in the suit marked: SC.1/2008, between AG of Lagos State and others against the AGF and others. He recalled that the apex court, in the unanimous judgement delivered on November 22, 2024, nullified the National Lottery Act, on the grounds that lottery and gaming fell outside the powers of the National Assembly. He lamented that the National Assembly, on December 2, 2025, passed another legislation on lottery and gaming, termed the Central Gaming Bill. Olanipekun stated, "We are further informed that the said legislation purports to repeal the National Lottery Act, as if same was an existing law

Continued on page 35

MONday, DECEMBER 22, 2025 • T H I S D AY

NEWS

T H I S D AY • MONDAY, DECEMBER 22, 2025

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

LAI MOHAMMED'S BOOK LAUNCH...

L-R: Daughter of former President Muhammadu Buhari, Halima Buhari; Business Tycoon, Alhaji Nasiru Danu; former Chairman of APC, Chief Bisi Akande; former Minister of Information and Culture, Alhaji Lai Mohammed; wife of the former Minister, Mrs. Kudirat Mohammed and son of the former President, Yusuf Buhari (extreme right) at the launch of the book “ Headlines & Soundbites: Media Moments That Defined an Administration,” authored by the former minister in Abuja...recently

NUPRC Remits N7.75tn to Federation Account in 11 Months Amid Oil Headwinds November revenue to FAAC slumps to N660bn Gas flare penalties achieve 88.89% performance Dangote refinery drives 28% drop in Nigeria's petrol prices Says its N739/litre fuel sold at MRS stations nationwide Urges Nigerians to report non-compliant stations

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos Nigeria’s upstream petroleum sector delivered N7.75 trillion to the Federation Account between January and November 2025, underscoring the central role of oil and gas revenues in sustaining public finances despite persistent market and production pressures. The inflow, remitted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) during the period under review reflected statutory collections from oil

and gas royalties, gas flare penalties, rents and other upstream revenue streams. Specifically, according to the November 2025 revenue report presented to the Federation Account Allocation Committee (FAAC) on December 15, seen by THISDAY, a total of N7.748 billion was transferred to the Federation Account over the eleven-month period, highlighting the scale of upstream contributions to federally collectible revenue. Also, a report by Billionaires Africa, an independent Africafocused business intelligence and media platform, has noted

that Nigerians have begun to see the early benefits from Aliko Dangote’s $20 billion refinery, pointing out that the cost of petrol has dropped more than 28 per cent since the facility started operations in September last year. Besides, the Dangote Petroleum Refinery has said the sale of the promised N739 per litre petrol pump price was going on across all MRS Oil Nigeria Plc filling stations nationwide. Apparently, this was in response to reports that despite the announcement of a price slash by the refinery, the price has not been reflected

in filling stations. The refinery announced this in a statement issued last night, saying the move represented a significant milestone in its mission to deliver affordable fuel to Nigerians and stabilise the downstream petroleum market. The company said with over 2,000 MRS stations nationwide, the new pricing was expected to be implemented across all outlets, ensuring that the benefits of the reduction reached consumers nationwide. But the FAAC document showed that the January–

IPPG Marks Decade of Indigenous Leadership, Impact in Nigeria’s Energy Sector Says local firms now account for over 50% of oil, gas output

Emmanuel Addeh in Abuja

The Independent Petroleum Producers Group (IPPG) has marked its 10th anniversary, celebrating a decade of resilience, collaboration, and transformative impact in Nigeria’s oil and gas industry. Speaking in Abuja at the milestone event, IPPG Chairman and Chief Executive Officer of Aradel Holdings, Mr. Adegbite Falade, described the journey as ‘a decade defined by purpose, partnership, and impact.’ He noted that the anniversary was not merely a celebration of longevity, but a reaffirmation of the Group’s shared commitment

to strengthening indigenous leadership and advancing Nigeria’s energy sector. “This anniversary marks a decade in which indigenous operators have demonstrated their capacity to lead, deliver value, and shape the future of Nigeria’s energy sector,” Falade said. Over the past 10 years, IPPG, he said, has evolved into a leading industry voice and a credible partner in sector development. Through sustained advocacy and collaboration with government and regulators, indigenous operators now account for over 50 per cent of Nigeria’s crude oil and gas production, an achievement

widely seen as evidence of IPPG’s growing influence and effectiveness. Falade commended the administration of President Bola Tinubu for reforms aimed at repositioning the sector for growth and investment. He also acknowledged the support of the Ministers of State for Petroleum Resources, Heineken Lokpobiri and Ekperikpe Ekpo as well as the Special Adviser to the President on Energy, Olu Verheijen. Besides, Falade lauded the leadership of key institutions, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian

Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Content Development and Monitoring Board (NCDMB), and the Nigerian National Petroleum Company Limited (NNPC Ltd). Reflecting on the anniversary theme: “Building on a Decade of Impact,” Falade reaffirmed IPPG’s commitment to supporting government efforts to achieve energy security, particularly in the wake of International Oil Companies (IOCs) divestments. He emphasised that responsibility now rests squarely on indigenous operators to deliver sustainable production growth.

November performance by the NUPRC was achieved amid fluctuating crude oil prices and operational constraints that continued to shape revenue outcomes. Nonetheless, the cumulative inflow demonstrated the capacity of the upstream regulatory framework to sustain sizeable remittances over time, providing a steady fiscal backbone for the federation. Over the eleven months to

November, cumulative inflows remained substantial, although monthly collections were marked by volatility, driven largely by movements in crude oil prices and variations in production levels. But at N660.04 billion, a closer examination of the November figures showed that actual oil and gas revenue fell short of the monthly budget benchmark of N1.204 trillion, Continued on page 36

Gbenga Hashim Pays Condolence Visit to Family of Late Sheikh Dahiru Bauchi Chuks Okocha in Abuja

Former presidential candidate, Gbenga Hashim, has paid a condolence visit to the family of late Sheikh Dahiru Usman Bauchi, who passed away on November 27. Hashim described the Islamic scholar as a rare religious leader defined not just by learning, but also deep moral conscience and national commitment. The ex-presidential candidate, who shares the same June 28 birthday with the late cleric, spoke in Hausa that he later translated. He said Sheikh Dahiru Bauchi stood out in an era when religiosity was often divorced from godliness, stating that while many claim religious authority, few truly fear God. Hashim stated, “Sheikh Dahiru Bauchi was not just a religious man; he was highly learned, informed, and above

all, a man who genuinely feared God. “There are many religious people who do not fear God, but Sheikh Dahiru was different; he was a true man of God.” Hashim emphasised the late cleric’s unwavering dedication to Nigeria’s unity and peace, describing him as a national figure whose impact transcended religion, ethnicity, and region. “Apart from being an Islamic scholar, he was deeply committed to the unity of Nigeria and worked tirelessly for the peace of the nation. That is why I regard him as my father,” he added. Hashim reaffirmed his own lifelong commitment to the ideals Sheikh Dahiru embodied, stressing that national unity and peace remain non-negotiable values in a deeply diverse country like Nigeria.

T H I S D AY • MONDAY, DECEMBER 22, 2025

NEWS

10TH ANNIVERSARY DINNER OF THE IPPG...

L-R: IPPG Trustee/Chairman, A.A Holdings, Mr. Austin Avuru; IPPG Trustee/Chairman, Waltersmith Group, Mr. Abdulrazaq Isa, OFR; Chairman IPPG/CEO Aradel Holdings, Mr. Adegbite Falade; IPPG Trustee / CEO Frontier Oil, Engr. Dada Thomas and Chairman, Aradel Holdings, Mr. Osten Olorunsola at the 10th Anniversary Dinner of the IPPG held in Abuja...recently

Oil Refiners: Africa’s Crude Demand to Jump from 1.8m Bpd to 4.5m Bpd by 2050

Say continent will require over $100bn in investment to achieve feat Making fuels cleaner in Africa to gulp $16bn

Emmanuel Addeh in Abuja The African Refiners and Distributors Association (ARDA), has said that the continent's crude oil consumption will surge from about 1.8 million barrels per day in 2024 to as much as 4.5 million barrels per day by 2050, positioning the continent’s downstream energy sector as one of the world’s most significant untapped investment frontiers. Executive Secretary, ARDA, Anibor Kragha, in a statement, explained that by 2050, one in every four people on earth is expected to live in Africa, intensifying demand for transportation fuels as well as Liquefied Petroleum Gas (LPG) and other refined

petroleum products. However, despite rising consumption, Africa, he said, continues to rely heavily on imported refined products, exposing domestic markets to price volatility, foreign exchange pressures and supply disruptions. To close this gap and meet future demand, the association estimated that Africa will require more than $100 billion in refining investment between now and 2050. This, it said, includes refinery upgrades, capacity expansions and new greenfield projects capable of supplying cleaner fuels at scale. However, ARDA stressed that demand growth alone is not enough to attract investment, highlighting that downstream projects across

Peter Obi Slams House of Representatives over Refusal to Criminalise Vote Buying Chuks Okocha in Abuja Former Anambra State governor and Labour Party presidential candidate in the 2023 election, Mr. Peter Obi, has criticised the House of Representatives for declining to criminalise vote buying at the level of party primaries. Obi, in a statement released on Sunday, described the decision as a setback to Nigeria’s democratic reform efforts. Obi said Nigerians had hoped the House would take a firm stand against vote buying which he described as a major threat to credible elections and national development. On Dec. 18, the lawmakers, during the clause-by-clause consideration of the report seeking to amend the Electoral Act 2022, voted against a proposal to prohibit the inducement of voters during

party primaries. According to him, Nigerians’ expectation was dashed when lawmakers failed to address the issue at what he called the foundational stage of the electoral process. Obi argued that refusing to criminalise vote buying during party primaries amounts to protecting a broken system rather than safeguarding Nigeria’s democratic future. He maintained that credible elections cannot emerge from corrupt foundations and warned that national progress would remain elusive as long as inducement and bribery are tolerated within the political process. “Credible elections cannot be built on corrupt foundations, and national progress cannot be achieved while inducement and bribery are legitimised in the democratic process.

the continent frequently fail to advance beyond the planning stage because they do not meet the basic bankability requirements of international investors. One of the most critical barriers identified by Kragha was the lack of harmonised fuel specifications. Across Africa’s 54 countries, he said 46 maintain national fuel standards, resulting in

12 different petrol grades and 11 diesel grades. Sulphur levels, he emphasised, range from as low as 10 parts per million to as high as 2,500 ppm for petrol and up to 10,000 ppm for diesel, noting that this fragmentation restricts regional fuel trade, prevents economies of scale and complicates refinery investment decisions. ARDA estimated that

upgrading existing African refineries to meet cleaner, harmonised fuel standards would require about $16 billion in investment. While significant, the association said this cost would unlock regional markets, reduce supply-chain inefficiencies, improve public health outcomes and align Africa with global fuel norms. Besides, it said that infrastructure constraints

further compound the problem, highlighting a 2024 whitepaper by CITAC and Puma Energy, which cites widespread logistical weaknesses across the continent, including shallow ports which are unable to handle large vessels, congested berths, inadequate storage capacity, and over-utilised road and pipeline networks with multiple single points of failure.

NAOC Acquisition: Oando Secures Africa’s Oil, Gas Deal of the Year Award

Recognition validates quality of our work, says energy company

Emmanuel Addeh in Abuja

Oando Plc has been awarded the Oil and Gas Deal of the Year, Africa, at the 2025 IJGlobal Investor Awards, in recognition of its acquisition of the Nigerian Agip Oil Company Limited (NAOC) from the Italian multinational energy company Eni. The transaction is still widely regarded as one of the most consequential and momentous upstream Merger and Acquisition (M&A) transactions in Nigeria in

recent years. The award was announced at IJGlobal’s annual ceremony following an independent assessment by senior international energy and infrastructure finance professionals, who evaluated transactions based on innovation, execution strength and sector-wide impact. The IJGlobal Investor Awards, organised by IJGlobal, a global authority on energy and infrastructure finance,

celebrate outstanding project finance, corporate finance and M&A transactions across key markets. Past recipients include leading international investors, energy majors and top-tier financial institutions whose transactions have reshaped industry benchmarks. Reacting to the recognition, Oando’s Chief Legal Officer, Efuntomi Akpeneye, said the award underscored the discipline behind the transaction. “Our

mandate was clear: deliver a structure that protects the company, strengthens our long-term position and aligns with global standards for complex M&As. “This deal demanded rigorous due diligence, precise risk management and a firm understanding of the regulatory landscape. The recognition validates the quality of work done and reinforces our commitment to executing transactions that reshape Oando’s strategic trajectory,” she said.

Yuletide: FCCPC Warns Road Transporters Against Arbitrary Fare Hike Amid Fuel Price Reduction James Emejo in Abuja

Executive Vice Chairman/Chief Executive, Federal Competition and Consumer Protection Commission (FCCPC), Mr. Tunji Bello, yesterday cautioned inter-city road transport operators against arbitrary and unexplained fare increases during the yuletide travel period. The caution came amid a

surge in consumer complaints across the country, and reported reductions in the pump price of Premium Motor Spirit (PMS) also known as petrol. Bello said the commission was closely monitoring market conduct throughout the festive season and had intensified engagement with transport unions, park managers and operators nationwide.

He explained that the engagements were preventive in nature and were aimed at encouraging responsible pricing practices, voluntary compliance and orderly market behaviour. He said while price increases were not in themselves unlawful, the conduct that exploited consumers or took unfair advantage of heightened

seasonal demand might attract regulatory attention under the Federal Competition and Consumer Protection Act (FCCPA) 2018. Bello stated that practices, such as inadequate fare disclosure, coercive conduct, or coordinated pricing arrangements among operators to the detriment of consumers will be subject to strict regulatory scrutiny.

MONday, DECEMBER 22, 2025 • T H I S D AY

T H I S D AY • MONDAY, DECEMBER 22, 2025

NEWS

WOMEN EXPORTERS IN DIGITAL ECONOMY...

L-R: Executive Director/CEO, Nigerian Export Promotion Council (NEPC), Mrs. Nonye Ayeni; Director, Policy and Strategy, NEPC, Mr. Dalhat Lawal; and Director, Solid Mineral Department, NEPC, Mr. Samson Idowu, at the opening of the Women Exporters in Digital Economy (WEIDE) Fund Town Hall meeting, held in Abuja… recently ENOCK REUBEN

Heirs Energies Seals $750m Financing with Afreximbank to Boost Oil Production

Elumelu hails deal as clear manifestation of African capital working for African businesses Liquidity injection to raise firm's oil output target to 100,000 barrels per day, from 50,000 barrels, over three years Achieve 250 million standard cubic feet of gas, from 120 million George Elombi reaffirms commitment to strengthen Africa’s energy sector

James Emejo in Abuja and Peter Uzoho in Lagos Africa's largest indigenous energy company, Heirs Energies Limited, has sealed a $750 million financing deal with African Export-Import Bank (Afreximbank) in its quest for energy efficiency. The agreement, signed by Chairman, Heirs Holdings, Mr. Tony Elumelu, and President, Afreximbank, Dr. George Elombi, for their respective entities at the weekend in Abuja, aimed to propel Heirs into its next phase of growth. Elumelu hailed the deal as a

"clear manifestation of African capital working for African businesses”. He commended Elombi for coming through for private sector leaders in the continent. Elumelu chronicled Heirs Energies' venture into oil and gas, highlighting the initial funding barriers it faced but which Afreximbank help played a catalytic impact in financing. He admitted that the "story cannot be told without referencing Afreximbank’s catalytic growth support working with the African Finance Corporation (AFC) and other partners”.

He also acknowledged that it was, indeed, tough to survive in business in Africa, praising Afreximbank for unprecedented impact. Elumelu said, "No one can develop Africa; the most catalytic and impactful financial institution in Africa is Afreximbank. They have grown the capacity and

The GTCO Food and Drink Festival, which concluded yesterday, has had a significant impact on the Nigerian economy, injecting billions of naira into the economy and providing a platform for entrepreneurs and small businesses to showcase their products and services. The festival, held at the GT Centre in Oniru, Lagos, from December 20 to 21, 2025, featured over 213 small and medium-sized enterprises, providing a platform for vendors to showcase their products and services. Many vendors reported significant sales and increased visibility. According to estimates, the festival is capable of injecting billions of naira into the Nigerian economy, creating jobs and stimulating economic growth. The impact of the festival

on the Nigerian economy is expected to be felt for a long time, with many vendors and participants expecting to increase their sales and expand their businesses. The festival has proven to be a significant boost to the Nigerian economy, and it is expected that future events will continue to promote economic growth and development. Bamidele Obende, a participant at the festival, noted that the event has provided a platform for people to showcase their abilities and products, which in turn brings in more customers and contributes to the growth of the economy. "People can showcase their abilities and what they can actually do, and that brings people to come over to experience what people can produce," he explained. "So, they are also able to purchase, and that contributes to the growth of the economy as well."

the least you owe them is to perform. If you perform, you encourage them to do more for you and others. And this is our mantra. "Even when we had significant oil theft in our operations, we never defaulted in our payments. No private sector business in Africa without Afreximbank.”

Further recounting the acquisition of Oil Mining Lease (OML) 17, Elumelu stated that the transaction encountered prolonged delays under the administration of former President Muhammadu Buhari, partly due to concerns that the asset was too large for private sector ownership.

Tinubu Lauds DSS DG for Ensuring Press Freedom, Upholding Citizens’ Rights Rejoices with him for winning IPI press freedom award

Deji Elumoye in Abuja

Bola Tinubu has GTCO Food and Drink Festival Injects President hailed Director-General of Billions into Nigerian Economy Department of State Services Mary Nnah

boldness to support African businesses." He urged private sector leaders to repay their loans promptly to open more opportunities for businesses in the continent. He said, "To my fellow private sector leaders: when financial institutions support you, please,

(DSS), Mr. Oluwatosin Ajayi, for ensuring press freedom, upholding citizens’ rights, and discharging his duties within the bounds of the law. Tinubu, in a release issued Sunday by his Adviser on Information and Strategy, Bayo Onanuga, also congratulated Ajayi,

on his recognition as a champion of press freedom by the Nigerian National Committee of the International Press Institute (IPI). Ajayi was honoured with a commendation award at the Annual Conference of the respected journalism organisation on December 2, 2025, in Abuja. According to the IPI, "Since he was appointed Director-General of the

Department of State Services (DSS) in late August 2024, Mr. Adeola Oluwatosin Ajayi has demonstrated an unmistakable commitment to press freedom and respect for journalists and media organisations. "We do so not only to acknowledge his commendable press freedom credentials but also to encourage him to do even more and to inspire other officials, institutions, and

organisations to emulate his example." Tinubu affirmed that the DSS under Ajayi was changing the narrative of hostility against members of the press and creating an atmosphere of dialogue and robust engagement with the civil populace. He encouraged other security agencies and officials to emulate the DSS example and engage the media as partners, not adversaries.

Fagbemi: Tinubu Committed to Efficient, Accountable Justice Sector Alex Enumah in Abuja

The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), on Sunday, said, President Bola Ahmed Tinubu is committed to a justice sector that will deliver timely outcomes to Nigerians. Fagbemi made the claim at the launch of the Enterprise Content Management System (ECMS), by the Federal Ministry of Justice in Abuja,

where he also inaugurated the renovated staff clinic, sports centre, creche, and staff canteen. A statement by the AGF's media aide, Kamarudeen Ogundele, noted that the ECMS is a digital platform that enables the ministry to create, process, approve, store and retrieve official documents electronically. Those, the statement noted, at the launch included the Head of the Civil Service of the Federation, Mrs.

Didi Esther Walson-Jack; the Ministry’s SolicitorGeneral of the Federation and Permanent Secretary, Mrs. Beatrice Jeddy-Agba; Permanent Secretaries of Ministry of Interior, and Health and social welfare; as well as heads of agencies under the ministry. Fagbemi, in his keynote address, said the launch marked the ministry’s departure from the era of manual, unstructured information management.

He said, “By digitizing our correspondences, emails, and legal documents, we are dismantling the bureaucratic bottlenecks that have historically slowed the wheels of justice. “This transition to a paperless environment is a cornerstone of our digital transformation strategy, specifically aligned with Pillar 5 of the Federal Civil Service Strategy and Implementation Plan (FCSSIP25).

MONday, DECEMBER 22, 2025 • T H I S D AY

T H I S D AY • MONDaY DECEMBER 22, 2025

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

2026 Federal Budget: Tinubu’s Politics of Security, Sacrifice and Consolidation

President Bola Tinubu’s 2026 federal budget proposal’s presentation last Friday signals a decisive political moment, blending hard security choices, economic reforms and legislative partnership in Nigeria’s search for stability, writes Sunday Aborisade.

President Tinubu laying the 2026 federal budget proposal before the National Assembly in Abuja...last Friday.

hen President Bola Tinubu walked into the chamber of the National Assembly on Friday to present the 2026 Appropriation Bill, the ritual was familiar. Yet the message was unmistakably political. Beyond figures and fiscal projections, the N58.18 trillion proposal represented a defining statement about power, priorities and the direction of governance midway into his administration. Tagged the “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the estimates place defence and security at the centre of national planning, allocating N5.41 trillion, which is the largest single sectoral vote. In a polity still grappling with insurgency, banditry, kidnapping and violent criminal networks, the choice was deliberate and symbolic: security, Tinubu argued, is the foundation upon which all other ambitions rest. Budgets, as lawmakers often remind Nigerians, are more than economic tools; they are political documents that reveal the soul of a government. Tinubu acknowledged this directly, telling the joint session that the numbers before them were “not mere accounting lines but a clear statement of national priorities.” The figures underscore that intent. Total projected revenue for 2026 stands at N34.33 trillion against expenditure of N58.18 trillion, with N15.52 trillion set aside for debt servicing. Capital expenditure of N26.08 trillion outweighs recurrent (non-debt) spending of N15.25 trillion, a ratio the president framed as evidence of a development-driven agenda. The fiscal deficit of N23.85 trillion, equivalent to 4.28 per cent of GDP, sits just within legislated limits, signalling a careful balance between expansion and restraint. Underlying the proposal are conservative assumptions: oil benchmarked at $64.85 per barrel, production at 1.84 million barrels per day, and an exchange rate of N1,400 to the dollar. In political terms, this caution is designed to avoid the credibility gaps that plagued earlier budgets built on overly optimistic forecasts.

The political centrepiece of Tinubu’s speech was security, not only in funding, but in doctrine. His declaration that all armed groups and gun-wielding non-state actors operating outside state authority would henceforth be treated as terrorists marked a significant rhetorical and policy escalation. Bandits, militias, violent cult groups, forest-based armed collectives and even foreign-linked mercenaries were explicitly named. More strikingly, the president extended culpability to financiers, arms suppliers, informants, ransom negotiators and political protectors, warning that no shield, political, traditional or religious, would be tolerated. In a country where security crises have often been complicated by local politics and elite complicity, the statement carried heavy political implications. It was an attempt to redraw the moral and legal boundaries of violence, collapsing grey areas into a clear binary: loyalty to the state or enmity against it. The N5.41 trillion earmarked for defence and security is intended to back that posture with resources, modernising the armed forces, strengthening intelligence-led policing, improving border security and deploying technology-enabled surveillance. Tinubu promised that spending

would now be tied to “clear accountability and measurable outcomes,” a pledge aimed at addressing long-standing public scepticism about security votes. Beyond security, the budget allocates N3.56 trillion to infrastructure, N3.52 trillion to education and N2.48 trillion to health. Tinubu framed these sectors as mutually reinforcing pillars of national renewal. “Without security, investment will not thrive. Without educated and healthy citizens, productivity will not rise. Without infrastructure, jobs and enterprise will not scale,” he told the lawmakers. Politically, this framing seeks to counter criticism that the administration’s early focus on macroeconomic reforms, fuel subsidy removal, exchange rate unification and tax changes, came at the expense of social welfare. By foregrounding education and health alongside roads, power and rail, the president attempted to re-anchor his reform agenda in everyday human outcomes. Still, some legislators hinted that allocations to education and health might be revisited during parliamentary scrutiny, reflecting the enduring tension between fiscal realism and social demand. Perhaps the most politically sensitive moment of the address came when Tinubu openly acknowledged the hardship Nigerians have endured. “Families and businesses have faced pressure; established systems have been disrupted; and budget execution has been tested,” he said,

Ultimately, the 2026 budget estimate’s presentation was about consolidation, power, policy and narrative. For Tinubu, it was an opportunity to assert control over the reform story, to reframe hardship as transition, and to project firmness on security at a time of persistent threats.

conceding what many citizens have felt acutely since 2023. This admission was not merely rhetorical empathy. It was a calculated political move to own the costs of reform while asking for patience. Tinubu insisted that the sacrifices were yielding results and that the 2026 budget was designed to consolidate gains and translate recovery into improved living standards. To support this claim, he cited macroeconomic indicators: GDP growth of 3.98 per cent in the third quarter of 2025; inflation moderating for eight consecutive months to 14.45 per cent by November; improved oil production; expanded non-oil revenues through tax administration; and external reserves rising to about $47 billion a seven-year high. In Nigeria’s contested political space, such statistics are not neutral facts but instruments of persuasion, deployed to sustain legitimacy amid lingering discontent. Another politically significant aspect of the 2026 proposal is Tinubu’s determination to enforce fiscal discipline and end the culture of perpetual roll-over budgets. He directed the Ministers of Finance and Budget, alongside the Accountant-General and the Budget Office, to conclude outstanding components of the 2024 and 2025 budgets by March 2026. The implication is clear: 2026 should stand alone, implemented fully within its fiscal year. Government-owned enterprises were also warned to meet revenue targets, as the administration moves toward end-to-end digitisation of revenue collection, real-time dashboards and interoperable payment platforms to block leakages. For lawmakers and policy analysts, this represents a structural shift. A ranking senator described the approach as a “bold departure” from past practices that blurred accountability and weakened implementation. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

MONday, DECEMBER 22, 2025 • T H I S D AY

T H I S D AY MONDAY DECEMBER 22, 2025 20 TR

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& RE A S O

Monday December 22, 2025 Vol 27. No 11221

opinion@thisdaylive.com

www.thisdaylive.com

THE NORTH AND REGIONAL SECURITY TRUST FUND Uba Sani is rallying the North for a safer, united region prepared to unlock its enormous potential, writes MUSA MUHAMMED

See page 21

THE NIGERIAN ECONOMY IN 2025

SEUN AWOGBENLE

contends that though things are gradually picking up, we must diversify the economy with a strong focus on agriculture and

manufacturing

See page 21

EDITORIAL

ABANDONED TO ROT AWAY...1

See page 22

LINUS OKORIE argues that business growth happens when there is a structure that allows capable people to take real ownership

THE FOUNDER'S PARADOX

Every founder begins in the same place. You carry the dream on your back, you hold every loose end together, and you build something out of sheer will. You know every customer by name. When a big decision need making, everyone waits for you. You've become the sun your entire operation orbits around. And for a while, this level of control feels like the secret ingredient that makes everything work. This is precisely why you are stuck. The very thing that once fueled the business becomes the thing that limits it. The belief that only you can do things the right way slowly becomes a cage. It is subtle at first. You rewrite emails your staff has already sent. You hover during tasks you already delegated. And you begin to feel like the entire operation would collapse while you are away. This is the founder’s paradox. You have successfully built a business that can only function at the speed of YOU. This psychological trap begins with good intentions. You want to preserve quality. You want customers to trust the brand. You want things done with precision. But over time, the loyalty you have to your own methods becomes a ceiling over the company’s potential. Research from McKinsey shows that companies where the founder makes most of the decisions grow slower than those where leadership is distributed. The founder thinks they are protecting the business, but they are slowly killing the business’ growth. Another research from the Alternative Board shows that 49% of small business owners work more than 50 hours per week, yet their businesses grow at roughly the same rate as those whose owners work 35 hours. This simply means that all those extra hours are not buying you growth. They are buying you exhaustion and a business model that collapses the moment you step away. There is a perverse pride in being irreplaceable. It feels like proof of your value, your expertise, your contribution. When your team says, "I will wait for you to review this," it sounds like respect when it is actually a red flag. Unknown to you, this has serious financial implications. Every task only you can do represents a ceiling on your revenue. If you are the sole person who can close deals, you can only close as many deals as your schedule allows. If you are the only one who understands the financials deeply enough to make spending decisions, every purchase waits on your availability. If you are the last quality check on everything, your standards become a production bottleneck.

When the founder is involved in everything, strategic tasks shrink. Vision takes a back seat. Decisions pile up, waiting for your attention. Customers wait longer for responses. Opportunities sit untouched because you are buried in daily work. You confuse motion with progress. You spend your day answering questions instead of building systems that produce answers without you. The team feels the strain too. Talented people rarely stay in environments where they cannot take meaningful ownership. When every idea needs your stamp, people stop bringing ideas. Eventually you begin complaining that good talent is difficult to find, when the problem is that good talent does not thrive in a structure that revolves around one person. Frankly speaking, in an economy where talent determines who keeps winning, a founder who cannot surrender control will always lose the best people to companies that let them think, lead, and evolve. Chika owns a fashion business in Lagos. For five years she worked through weekends and late nights, convinced that nobody could manage clients or production with her level of care. The business grew to a point, but then it plateaued. She stayed busy, but she was not moving forward. Her wake-up call came when I asked her, what would happen if she were unavailable for two weeks? She knew the answer. Everything would fall apart. I gave her a list of activities to build a system effectively. Within months she removed herself from operational work entirely. Her hours dropped dramatically and revenue rose from N18 million to N36 million in one year. It happened not because she worked more, but because she built clarity where there was once chaos. These are principles every founder eventually must learn. Not all tasks are equal. Some tasks grow the business.

Others only keep the business alive. The activities that grow the business are your responsibilities as the leader. They directly influence growth and stability of the business. Everything else is operational that can and should be delegated. As a founder, like Chika, you need to document how work actually gets done. Not the idealized version in your head, but the real process. Which vendors do we use for what? How do we onboard a new client? What is our quality checklist? What happens when something goes wrong? If you approve invoices, what do you actually check? What makes you say yes versus no? What do the numbers need to look like? If you review marketing copy, what are you looking for? What changes do you typically make and why? Most of this knowledge lives exclusively in the founder's brain, which makes you a single point of failure. The goal is to prepare an accessible documentation for the 20% of processes that drive 80% of outcomes. The idea of documenting everything feels overwhelming, so people never start. You can prepare a standard operating procedure in less than two hours. Choose one task you repeat often, perform it slowly while explaining each step out loud, record the screen or take notes, describe what a successful outcome looks like, and then tidy the notes into a simple sequence. Share it with someone on your team and have them follow it for a week. Adjust it based on their experience. That small act alone begins to loosen the dependence the business has on you. Another one is decision-making, and it's the most overlooked yet most critical. This is about defining decision rights and criteria. Who can approve what spending levels? What decisions require consensus versus individual judgment? What principles guide us when choosing between options? Without this, every decision becomes a referendum requiring your input. With it, your team develops judgment that mirrors yours even when you are not there. A useful exercise for breaking this pattern is to create what I call an expertise map. Every business depends on skill in five areas: sales, financial management, operations, product or service delivery, and people management. Rate yourself in each area from one to five. Then rate your team. 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.

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MONDAY DECEMBER 22, 2025

Uba Sani is rallying the North for a safer, united region prepared to unlock its enormous potential, writes MUSA MUHAMMED

THE NORTH AND REGIONAL SECURITY TRUST FUND In a region long weighed down by the harrowing effects of banditry, terrorism, farmer–herder conflicts, kidnappings, and illegal mining, a new wave of leadership is beginning to shine through. At the centre of this renewed momentum is Kaduna State Governor Uba Sani, whose steady, courageous, and reform-minded leadership of the Northern Governors’ Forum (NGF) is reshaping the narrative of governance and security coordination in the North. Since assuming the chairmanship of the forum, Governor Sani has brought to the table what many analysts have described as clarity of purpose, political will, and a results-driven approach, qualities that have become desperately needed in a region grappling with one of the most complex security situations in sub-Saharan Africa. Recently in Kaduna, these qualities came to the fore as the 19 northern governors, under his coordination, took what is arguably one of the boldest collective decisions in recent years: the creation of a multibillion-naira Regional Security Trust Fund aimed at tackling insecurity head-on. The decision, formalised in a communiqué after a joint security meeting between the Northern Governors’ Forum and the Northern Traditional Rulers Council—signals a major policy shift. Each of the 19 states, in collaboration with local governments, is to contribute ₦1 billion monthly to the Fund. The scale of the contribution underscores the resolve of the governors to move beyond rhetoric and provide a sustainable, well-resourced platform for confronting insecurity. Crucially, the communiqué noted that deductions will be made at source, ensuring transparency, predictability, and shielding the Fund from bureaucratic bottlenecks that often stifle public sector initiatives. This approach reflects what many have recognised as Governor Sani’s trademark: practical solutions backed by sound financial architecture. As governor, Sani has pioneered sustainable security funding mechanisms, restructured community policing frameworks, and introduced people-centred peacebuilding efforts. His influence is now visibly rippling across the region. Though soft-spoken, Uba Sani’s leadership style is defined by quiet determination. Insiders at the Kaduna meeting described his engagement as “firm, clear-headed, and visionary”, a reflection of a leader who deeply understands both the urgency and complexity of the North’s challenges. His stewardship of the meeting ensured that the discussions transcended political boundaries. Under his guidance, governors deliberated not as representatives of their individual states, but as collective custodians of a region

whose fate is intertwined. The communique, though signed by Gombe State Governor Muhammadu Inuwa Yahaya, reflects the strategic thinking and consensus-building atmosphere that Uba Sani has fostered within the forum. He has made collaboration—not competition—the organising principle of the NGF. A particularly significant highlight of the resolutions was the call for President Bola Ahmed Tinubu to suspend all mining exploration for six months to enable a comprehensive audit of the sector. Illegal mining has for years served as a lifeline for criminal networks across the region, fueling violence, funding armed groups, and encouraging environmental degradation. The decision to revalidate all mining licences, in consultation with state governments, demonstrates a renewed commitment to asserting state authority over mineral-rich territories that have been operating in legal and security vacuums. Governor Sani’s ability to secure a unified position from all 19 states on such a sensitive matter underscores his capacity to drive difficult conversations and reach actionable decisions. Another major step championed under Sani’s leadership was the NGF’s reaffirmation of its unwavering support for the establishment of state police. Northern governors have historically been divided on the matter, but the Kaduna meeting witnessed unusual unanimity. By encouraging both National and State Assembly members from the region to expedite action, Uba Sani and his colleagues have positioned the North as a major advocate of a reform that could redefine internal security management in Nigeria. Beyond policy decisions, the communique conveyed deep empathy, another hallmark of Governor Uba Sani’s leadership. The NGF extended heartfelt condolences to communities in Niger, Kebbi, Kwara, Kogi, Sokoto, Jigawa, Kano, Borno and Yobe States that recently suffered killings, abductions, and Boko Haram attacks. Muhammed writes from Abuja

SEUN AWOGBENLE contends that though things are gradually picking up, we must diversify the economy with a strong focus on agriculture and manufacturing

THE NIGERIAN ECONOMY IN 2025

If I may be so bold, let me start by saying I am one of those who believe that for a long time, our economic foundations were predicated on faulty assumptions. Since the days of yore and especially culminating in the period between 2015 and 2023, the Nigerian economy was so badly mismanaged that if it were a private business, no investor would put their money on it. Nigeria has experienced years of chronic underinvestment, weak productivity, dwindling exports, drop in government revenue, fiscal deficits and low growth in that order. Rather than confront the challenges head-on, governments at different times made the easy choice of multiple subsidies and borrowing to make up for these failings. By 2023, these challenges had come to a head; we institutionalised a system of fixing our foreign exchange to keep the value of the naira artificially low, borrow to pay fuel subsidies to keep prices down and sometimes even pledge in advance the crude we were yet to produce. Part, if not all, of our revenue was going into debt servicing. In addition to foreign exchange and energy, the government was also subsidising electricity and agriculture. The economy was flatlining, and growth was stagnant. Investor confidence in the economy was significantly low, foreign direct investment dipped, portfolio investment was at its lowest, and credit rating agencies downgraded Nigeria. We were almost becoming a pariah nation in the global economy, with features you would only find in a communist state. The year 2023 was a sink or swim moment; we had no option but to start tabula rasa; we had to hit the reset button, else the economy would crash. Everyone agreed that to turbocharge the economy, we must fix the foundations by way of reforms. This meant that everything that had been kept at artificial prices immediately went up, leading to the worst cost of living crisis. Nigeria’s experience could be likened to a rite of passage for any transition economy, similar to the experience of the Soviet states in the 90s. The outlook for 2025 started on a shaky note for the economy. While the reforms were beginning to rally, Nigerians were groaning under the worst form of living cost, inflation, lower purchasing power, a rise in food and energy prices and a high exchange rate. For an economy that was largely dependent on imports, these had a multiplier effect on everything, including housing, construction and rents, driving more people into poverty without enough social safety net to account for the situation. Within the first quarter of the year, the optimism of many Nigerians had dwindled; their patience had turned into paralysis, and resilience was already far stretched. This was understandable, and in fairness, this was a reality no one could contend with. As we approached midyear,

food prices began to fall and energy prices dropped, following the full operation of the Dangote refinery. This led to an instant improvement in the cost of living. By the end of the third quarter virtually all the economic growth indices had begun to show signs of recovery. Inflation is slowing down. Interest rate is easing. GDP is growing. Foreign reserve is improving. Foreign exchange is stable. Energy prices are down; the credit rating is upgraded. Equity markets are bullish, and the overall economy appears stable. Despite the economic growth indicators looking up, the conversation has always come down to whether or not ordinary men and women can feel the impact of the reform in their pockets. While food prices are much improved, they are yet to return to the pre-reform levels, and purchasing power is still largely low. One of the plausible reasons for this is that reforms, as I have studied them, follow a pattern. The principle behind the reform is to move the economy closer to market efficiency, which has immediately stabilised the economy, almost akin to bringing back someone on death throes. The next phase following the stability is the growth phase, which should translate into improvements in living standards. To achieve this growth, we must build the economy sustainably by paying attention to the drivers and enablers of the economy. Productivity remains a key driver of living standards; we must therefore diversify the economy further with a strong focus on agriculture and manufacturing to grow our exports and earn more foreign exchange, which would enhance our foreign reserves and the value of our currency. This should also be followed by consolidating our ease of doing business reforms, attract greater Foreign Direct Investment (FDI) inflows, stimulate the economy through the credit economy, invest in key human capital of health and education and expand the social safety net and close our infrastructure gap in rail, road, power and internet access. Awogbenle, a development and public policy professional, writes from the United Kingdom. He can be reached via seunawogbenle@gmail.com

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EDITORIAL

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

MONDAY DECEMBER 22, 2025

ABANDONED TO ROT AWAY...1 Properties built at great cost should be put to productive use

National Assembly Complex at Tafawa Baleiting a 2021 report of the Nigerian Inwa Square, the Independence building, which stitute of Quantity Surveyors, which housed the Defence Ministry and former Federidentified approximately 11,866 fedal Ministry of Commerce at Tinubu Square, the eral government properties and buildFederal Ministry of Works and Housing, Minisings abandoned across the country, try of Education building and the NITEL buildthe House of Representatives recently ing. Others are former Supreme Court building, mandated a special ad hoc committee to investiformer Navy Headquarters on the Marina, the gate the issue. House Minority Leader, Kingsley NNPC Complex in Ikoyi, and the NITEL offices at Chinda, who cited findings from the NIQS report Falomo and Iponri. There is also the uncompletsaid neglected projects represent approximateed 18-storey National Provident Fund Building ly 63 per cent of all federal building initiatives (Nigeria Social Insurance Trust Fund) off the Laundertaken since Nigeria’s independence. He gos-Badagry Expressway, which reportedly has lamented that the nation was wasting prime asbecome a haven for kidnappers, ritualists and sets. armed robbers. Many of these buildings, which But there have been many such committees by are very much suitable for converthe National Assembly, while sion into other uses, are lying falseveral buildings that could low, and have become more or less be converted to profitable If the federal government cannot manage these edifices, ‘dead capital’. economic assets continue to Across the country, many propwhy not hand them over to the government of the states lie in waste. “Some agencies erties belonging to individuals, of government operating in where they are domiciled or sell them to private investors states and the federal government states across the country are have either been abandoned, or experiencing challenges in so they could be put to some good use? underutilised, and constituting finding office accommodation danger to lives and property. But it due to difficulties in paying speaks to failure in leadership that these prime rent,” according to Iyawe Esosa, who moved the national assets that should ordinarily add up to earlier motion that was unanimously adopted by T H I S D AY what a country flaunts as its economic strengths EDITOR SHAKA MOMODU his colleagues in May last year. “Reports have reare left to waste away. Simply because the relDEPUTY EDITOR WALE OLALEYE vealed that over 50 assets confiscated from poMANAGING DIRECTOR ENIOLA BELLO evant authorities have refused to turn them into litically exposed persons, civil servants, and other DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU the economic goods which they should be. Today, individuals are currently unoccupied and rotting CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI the story of several of these vital assets owned EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN away.” by the federal government, especially outside THE OMBUDSMAN KAYODE KOMOLAFE It is indeed baffling that authorities in NigeAbuja, is that of abandonment. ria seem not to consider many of these edificIf we may ask, why is it a huge challenge to es, built over several decades ago but which are the government to consider and enact a policy currently in disuse across the country, as part of that would guide the use and management of T H I S D AY N E W S PA P E R S L I M I T E D what should make up our national wealth. Apart EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA Nigeria’s national assets? What would it take from the potential positive social impacts being GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, from the government to consider and implement lost, these facilities, if put to productive use, can ISRAEL IWEGBU management models for these assets? And if the help provide jobs for a considerable number of DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, federal government cannot manage these edificANTHONY OGEDENGBE our young people. DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI es, why not hand them over to the government of There are several abandoned offices and housSNR. ASSOCIATE DIRECTOR ERIC OJEH the states where they are domiciled or sell them es all over Lagos resulting particularly from the ASSOCIATE DIRECTOR PATRICK EIMIUHI to private investors so they could be put to some movement of the seat of the federal government CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI good use? DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO to Abuja. Some of the buildings include the old TO SEND EMAIL: first name.surname@thisdaylive.com · To be concluded tomorrow

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 UMUAHIA DAY: BRIDGING THE GAP, STRENGTHENING THE BONDS

It was a weekend of colour, culture, and deep communal reflection as the Old Umuahia Development Union (OUDU), Lagos Branch, hosted Umuahia Day 2025 Lagos. It was a heart-warming cultural celebration that brought sons, daughters, and in-laws of Old Umuahia together under one roof. Held under the compelling theme “Bridging the Gap,” the event went far beyond festivity. It was a deliberate call to unity, continuity, and closer collaboration among Umuahia people at home and in the diaspora. The celebration, held under the Chairmanship of Mazi Chidi Onwuchekwa, unfolded as an occasion rich in heritage, meaning, and hope. From the moment guests arrived, the atmosphere spoke volumes. The hall came alive with colourful traditional attire, vibrant cultural rhythms, warm embraces, and joyful reunions as old friendships were rekindled and new bonds

formed. It was a space to felicitate, celebrate, reconnect, and recommit to shared values and collective progress. In his welcome address, Chief Christ Nwanike, President of the Old Umuahia Development Union, Lagos Branch, reminded the gathering that Umuahia’s story is one of resilience, migration, and enduring unity. He traced the long journey of Umuahia Ama-Asa (Old Umuahia), from centuries past through colonial times, the civil war, and waves of urban migration, to the emergence of vibrant diaspora communities. He noted that the Lagos Branch of the Union has existed for over seven decades, sustained by strong village councils and associations that have “co-existed as a union in Lagos all these years, notwithstanding the experiences of both before and after the civil war.” This legacy of perseverance and togetherness, he said, is what Umuahia Day seeks to preserve and project.

Reflecting on past milestones, Chief Nwanike recalled that the inaugural Umuahia Day in Lagos in 2019 laid a solid foundation for renewed engagement and cultural awareness. Six years later, the 2025 edition returned at a critical moment, offering a chance to pause, reflect, and strengthen the bonds that unite the Umuahia people. “The theme Bridging the Gap,” he explained, “was carefully chosen to revive our collective belief that the efforts of our heroes past will not be in vain, and to inspire the present and next generations to carry the mantle forward.” Delivering the keynote address, Mazi Chidi Onwuchekwa described the celebration as more than a cultural festival, calling it “a call to remembrance, a celebration of identity, and a declaration of unity.” Elvis Eromosele, elviseroms@gmail.com

MONday, DECEMBER 22, 2025 • T H I S D AY

T H I S D AY • MONDay, DECEMBER 22, 2025

FEaturEs

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

How the COAS Conference Reassessed Nigerian Army’s Fight against Terrorism, Insurgency

The just concluded Chief of Army Staff Annual Conference 2025 in Lagos served as a strategic stocktaking of Nigeria’s security environment. Framed around the evolving nature of terrorism and the need for longterm stabilisation through both diplomatic and military approaches, the conference examined operational gains, institutional reforms, civil-military relations and troop welfare. From President Bola Ahmed Tinubu’s reaffirmation of support and insistence on constitutional professionalism, to the Nigerian Army’s commitment to training overhaul, intelligence enhancement and welfare-driven reforms, Chiemelie Ezeobi writes that the gathering marked a transition from assessment to action in Nigeria’s security recalibration

L-R: Chief of Defence Intelligence, Lieutenant General Emmanuel Undiandeye; Lagos State Commissioner of Police, Olohundare Jimoh; Air Officer Commanding, Logistics Command, Air Vice Marshal Abubakar Abdul Suleh; Chief of Naval Staff, Vice Admiral Idi Abbas; Chief of Army Staff, Lieutenant General Waidi Shaibu; widow of late COAS, Lieutenant General Taoreed Lagbaja; Vice President, Kashim Shettima; Lagos State Governor, Babajide Sanwo-Olu: Minister of Defence, General Christopher Musa (Rtd); Chief of Defence Staff, General Olufemi Oluyede; representative of the Speaker of the House of Representatives, Hon Babajimi Benson; and Senator Azeez Musa Yar’adua

gainst the backdrop of Nigeria’s evolving security challenges, the Chief of Army Staff (COAS) Annual Conference 2025 convened in Lagos as a strategic forum for reassessing how the Nigerian Army confronts terrorism, insurgency and complex criminal threats. Beyond its ceremonial importance, the conference served as a high-level policy and operational retreat, bringing together serving and retired senior officers, defence policymakers and security stakeholders to evaluate the Army’s performance in 2025 and refine its direction for the year ahead. The conference brought the Vice President Kashim Shettima as well as serving and retired service chiefs including the Minister of Defence, General Christopher Musa (Rtd); Chief of Defence Staff (CDS), General Olufemi Oluyede; Chief of Army Staff, Lieutenant General Waidi Shaibu; his wife, Safiyyah; Chief of Naval Staff (CNS), Vice Admiral Idi Abbas; as well as former COAS, Gen Ipoola Akinrinade and Gen Azubuike Ihejirika; ex-Minister, Gen Ike Nwachukwu; former CDS Alexander Ogomudia, General Gabriel Olonisakin and General Lucky Irabor. Others include Lagos State Governor, Babajide Sanwo-Olu; representative of the Speaker of the House of Representatives, Babajimi Benson; Senator Azeez Musa Yar’adua representing the Senate President; Lagos State Commissioner of Police, Olohundare Jimoh; Flag Officer Commanding (FOC) Western Naval Command (WNC), Rear Admiral Abubakar Mustapha, among others senior officers. Key Derivatives Anchored on the theme, “Examining the current landscape of terrorism through the lenses of diplomatic and military action: strategy for long-term prevention and stabilisation”, the conference sought to move discussions beyond battlefield successes to the deeper drivers of insecurity. Deliberations also focused on how military operations intersect with diplomacy, intelligence coordination, civilmilitary engagement and regional cooperation, recognising that modern security threats demand responses that extend beyond force of arms. Also examined was the shifting character of terrorism in Nigeria and the wider region, the increasing sophistication of non-state actors, and the need for a security architecture that is adaptive, intelligence-driven and rooted in constitutional order, just as it provided an opportunity to review operational gains,

L-R: Former Chief of Army Staff, Lieutenant General Faruk Yahaya (Rtd); former COAS, Lieutenant General Tukur Buratai; Former Chief of Defence Staff (CDS), General Gabriel Olonisakin (Rtd); Former COAS, Lieutenant General Abdulrahim Dambazau (Rtd); Former COAS, Gen Ipoola Akinrinade (Rtd); ex-Minister, General Ike Nwachukwu (Rtd); Minister of Defence, General Christopher Musa (Rtd); Former CDS, General Luther Agwai (Rtd); former CDS, General Alexander Ogomudia (Rtd); and former COAS, Lieutenant General Azubuike Ihejirika (Rtd)

identify gaps in training and logistics, and strengthen inter-agency collaboration within a joint operational framework. Critical Self-assessment In his opening address, the Chief of Army Staff, Lieutenant General Waidi Shuaibu, set the tone for the conference by describing it as a deliberate platform for critical self-assessment, just as he explained that the gathering was designed to review the Nigerian Army’s operational and administrative performance over the course of 2025, identify gaps, and consolidate plans for the coming year. He noted that deliberations over the days of the conference spanned administration, training and operations, and that the depth of engagement had provided a clearer picture of both progress made and shortcomings encountered. According to him, the discussions reinforced the reality that Nigeria’s operating environment is becoming increasingly complex, with evolving threat patterns requiring continuous learning, adaptation and innovation. He reaffirmed that, in response, the NA would immediately begin to realign its training, operational and logistics frameworks with his Command Philosophy, which prioritises professionalism, adaptability, combat readiness and resilience within a joint and multi-agency environment. Central to this effort, he said, would be a comprehensive overhaul of training curricula across Army schools, driven by mission-specific and realistic training that directly influences operational outcomes. He also underscored the need to enhance intelligence, surveillance, target acquisition, reconnaissance and cyber capabilities, noting that regional instability and global shifts in the character of warfare demand constant institutional evolution. Greater emphasis, he added, would be placed on Special Forces and Army Aviation to achieve desired operational effects. Welfare featured prominently in the COAS’s interventions. He acknowledged persistent accommodation shortages within the Army and committed to completing ongoing residential projects, initiating new ones across divisions, and expanding renovation works across

barracks as an interim measure. He also highlighted sustained efforts to secure post-service housing for soldiers, describing troop welfare as inseparable from morale, discipline and operational effectiveness. Pledge for Support and Charge for Professionalism and Constitutional Loyalty President Bola Ahmed Tinubu, while speaking, reaffirmed his administration’s commitment to the welfare, professionalism and operational effectiveness of the Nigerian Army. Represented by Vice President Senator Kashim Shettima, the president described the conference as a reflection of the Armed Forces’ enduring heritage and resilience. He urged the Army to consolidate recent gains in national security while remaining firmly apolitical and guided by constitutional boundaries. Highlighting ongoing modernisation efforts, President Tinubu referenced investments in Army aviation, armoured platforms and refurbished fighting vehicles returned to service as evidence of sustained support for operational readiness. The President also stressed the importance of partnerships with friendly nations to expand research, innovation and indigenous production, noting that long-term security requires both capability development and strategic independence. Equally significant was his emphasis on civil-military cooperation, describing security as a process that involves winning public trust, restoring dignity and improving lives alongside kinetic operations. Stability as a Development Imperative Lagos State Governor, Mr Babajide Sanwo-Olu, framed security as the foundation upon which development rests. He observed that enduring progress is impossible without stability, and that stability, in turn, depends on a capable, disciplined and professional military. Commending the Nigerian Army’s restructuring and professional development, the Governor described the institution as one consciously repositioning itself to meet the demands of a modern democracy. His remarks reflected the perspective of sub-national governments whose economic and social ambitions are closely tied to

the security environment. Intelligence Sharing, Interagency Collaboration as Essential Pillars In turn, Minister of Defence, General Christopher Musa, placed the conference within the broader national effort to counter terrorism and violent crime. He acknowledged that while challenges persist, the operational capacity of terrorist groups, bandits and other criminal elements has been significantly degraded across multiple theatres. He attributed these gains to improved planning, troop resilience and the growing effectiveness of joint and multi-agency operations. Stressing that modern security threats cannot be addressed in isolation, he described intelligence sharing, coordinated planning and inter-agency collaboration as essential pillars of national defence. The conference concluded with symbolic gestures underscoring institutional memory and sacrifice, including the unveiling of a book on the life and service of the late Chief of Army Staff, Lieutenant General Taoreed Lagbaja, and the presentation of cheques to families of deceased soldiers. Also rewarded were master warrant officers who went home with brand new trucks. From Assessment to Commitment When the closing ceremony reached its peak, it marked a transition from reflection to commitments. While Lieutenant General Shuaibu assured President Tinubu and Nigerians that the Army would remain unflinchingly loyal to the Constitution and the Commanderin-Chief in discharging its responsibilities with professionalism and discipline, he said the conference was a candid assessment of the Army’s operational and administrative performance in 2025. He further announced that outcomes from the deliberations would inform immediate adjustments to training, operations and logistics, including a comprehensive review of training curricula, enhanced focus on Special Forces and Army Aviation, and expanded intelligence and cyber capabilities. He also harped on welfare with renewed commitment to addressing accommodation shortages, completing housing projects and securing post-service housing for personnel. This pledge reinforced the central message of the conference that operational success, institutional reform and human welfare remain inseparably linked in the Nigerian Army’s evolving security mission.

T H I S D AY • MONDAy, DECEMBER 22, 2025

BUSINESSWORLD R A T E S MONey MarKet

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

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Investors’ Transaction on NGX Crosses Historic N10.54trn in 11 Months

Kayode tokede Foreign and domestic investors’ transactions on the Nigerian Exchange Limited (NGX) crossed an historic N10.54 trillion in 11 months of 2025 helped by critical reforms by the federal government, which boosted confidence in the local bourse. The N10.54 trillion transaction represents an increase of 114.6 per cent Year-on-Year (YoY) when compared to N4.91 trillion in 11 traded in the same period in 2024.

This is according to the latest “domestic & foreign portfolio participation in equity trading” report released by the NGX, which stated that total transactions by foreign and domestic participants represented a new record for the stock market. The report also credited the Pension Fund Administrators (PFAs) and domestic high network investors increasing participation for the new high. On the back of the historic transactions

during the period under review, the market capitalisation of the NGX gained N28.5 trillion. The report revealed that Foreign Portfolio Investments (FPIs) accounted for N2.19 trillion or 20.77 per cent of the total N10.54 trillion, while domestic investors accounted for N8.35 trillion or 79.23 per cent. Year-on-Year, foreign investor transactions saw a growth of 179 per cent or N2.19 trillion in from

N785.28 billion in 2024 while domestic inventors transactions doubled to N8.35 trillion, about 102.3 per cent growth when compared to N4.13 trillion in 2024. According to the report, the breakdown of domestic investors showed that domestic institutional investors’ transactions moved from N2.02trillion in 11 months of 2024, to N5.13 trillion in 11 months of 2025, while domestic retail investors’ transactions stood at N3.22 trillion

in 11 months of 2025, from N2.11 trillion in same period in 2024. The report showed that the proportion of foreign investors increased from 15.98 per cent in the in 2024 to 20.77 per cent in 2025. Also, domestic investors closed 11 months of 2025 at 79.23 per cent increase as against 84.02 per cent in 2024. Furthermore, the report indicated upbeat across the buy and sell sides of foreign transactions as foreign inflows stood

at N1.18 billion from N370.15billion in the same period in 2024. Also, outflows on the other hand, moved from N415.13 billion to N1.01 trillion in the comparable period of 2025. The surge in foreign investors’ participation in the Nigerian stock market could be attributed the FX reforms by the Central Banks of Nigeria (CBN) aimed at enhancing transparency, compliance, and market stability. The story continues online on www.thisdaylive.com

PenCom to Collaborate With ICPC to Drive CPS Compliance ebere Nwoji

The National Pension Commission (PenCom), has said that it has mapped out strategies to expand compliance of both employers and employees with the Contributory Pension Scheme(CPS) disclosing that it would execute a memorandum of understanding with Independent Corrupt Practices Commission( ICPC ) on recovery of

pension liabilities. The commission also said it would collaborate with state MDAs to drive compliance with the Pension Reform Act 2014 by private schools, hospitals and recreational centres. PenCom Director General, Ms Omolola Oloworaran stated this at a media retreat organised by the commission in Lagos. She said as part of efforts towards expanding

compliance with the CPS the commission would institutionalise regular round table discussions with the Nigeria Labour Congress NLC, the Trade Union Congress (TUC) and key stake holders to deepen compliance awareness and buy-in. She said in addition to this, the commission would automate issuance of pension compliance certificate (PCC) to ensure faster and transparent

process in the certificate issue. Oloworaran added that the automation of the pension compliance certificate would among other things enhance recovery of outstanding contributions and penalties through ICPC stronger enforcement and recoveries. She said it would improve compliance levels in private education, healthcare and hotels as well as increase sub

national adoption of PCC as a compliance tool. The PenCom boss said it would also strengthen trust, awareness and worker participation through structured engagement. To achieve the expansion target, Oloworaran, said the commission would pay priority attention to institution of stronger sanctions for persistent defaulters, deepen recovery exercise through collaboration with the

ICPC, strengthen public awareness and stakeholder engagement with the commission’s social partners capacity and institutional adoption of PCC as requirement for granting government intervention to Micro small and enterprise businesses. She observed the need to sustain dignity of workers at retirement through health care security. The story continues online on www.thisdaylive.com

M a r k e t d ata a s at F r i d ay, d e C e M b e r 1 9 , 2 0 2 5 BONDs DesCriPtiON Price ^16.2884 17MAR-2027 ^19.94 20MAR-2027 ^13.98 23FEB-2028 ^21.00 20MAR-2028 ^14.55 26APR-2029

99.30 103.24 94.73 107.26 105.58

Change updated time (%) 16.86 0.00 December 19, 2025 16.87 0.00 December 19, 2025 16.93 0.00 December 19, 2025 16.93 -0.01 December 19, 2025 17.00 0.00 December 19, 2025

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CONtraCt Current teNOr Contract rate ($/₦) (MONtH) NGUS DEC 13M – 30 2026 NGUS JAN 14M – 27 2027 NGUS FEB 15M – 24 2027 NGUS MAR 16M – 31 2027 NGUS APR 17M – 28 2027

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MONDAy, DECEMBER 22, 2025 • T H I S D AY

BUSINESSWORLD

NEWS

L-R Partner and Chief Operating Officer of KPMG Nigeria, Toyin Gbagi; Member, Seyi Bickersteth Scholarship programme (SBSP) Board of Trustees, Mr. Leye Adebiyi; Partner, Tax Managed Services & CSR Lead, Mrs. Adenike Yomi-Faseun; Member, SBSP Board of Trustees, Mrs. Adebisi Lamikanra; Senior Partner, KPMG Nigeria/CEO KPMG West Africa), Mr. Tola Adeyemi; Member SBSP Board of Trustees, Mrs. Catherine Bickersteth and Member SBSP Board of Trustees, Mr. Oye Hassan-Odukale during the 2025 Seyi Bickersteth Scholarship programme Award Ceremony held at the Leadway Assurance Corporate office in Lagos… recently

LCCI Calls for Continued Lowering of MPR to Stimulate Private Sector Dike Onwuamaeze The Lagos Chamber of Commerce and Industry (LCCI) has called for sustained lowering of Monetary Policy Rate (MPR) in order to stimulate the private sector that is currently plagued with increased borrowing costs and reduced investment incentives. This view was expressed by the immediate past President of LCCI, Mr. Gabriel Idahosa, in the 2025 Annual Report he presented during the chamber’s 137th Annual General Meeting in Lagos. Idahosa said: “During the third quarter of 2025, the Monetary Policy Committee (MPC) met for the fourth time. The MPR was lowered by 50 basis points to 27 per

cent in September from 27.50 per cent in July. All the fundamentals around the moderation in the rate indicate an expansionary policy direction to stimulate the economy and boost growth.” He added: “The private sector is currently plagued with increased borrowing costs and reduced investment incentives; therefore expansionary monetary policy is expected to stimulate the private sector by lowering interest rate rates, which improves credit availability and reduces borrowing costs.” The call for sustained lowering of the MPR is supported by the continued moderation of inflation rate since January 2025.

Idahosa said that headline inflation declined by 846 basis points between January and October 2025, falling to 16.05

per cent from 24.5 per cent. “Looking ahead, inflation is expected to maintain its downward trajectory,

supported by improved food supply, stabilising commodity prices, relative calm in the foreign exchange

market, stable energy costs and enhanced policy and regulatory consistency,” he said.

JEX Markets Appoints Ayemhere MD/CEO, Subject to SEC Approval Sunday Ehigiator

JEX Markets Limited, Nigeria’s energy commodities exchange and market infrastructure company, has announced the appointment of Dr. Blessing Ayemhere as its Managing Director and Chief Executive Officer, subject to the approval of the Securities and Exchange Commission

(SEC). The appointment is expected to take effect from January 3, 2026. The company in a statement yesterday, said “Dr. Ayemhere will provide strategic leadership as JEX Markets advances plans to build a transparent, liquid, and globally competitive marketplace for natural gas and other energy-related products in Nigeria. “In his role, he will

work closely with the Board, regulators, market participants, and infrastructure partners to launch trading operations, deepen liquidity, strengthen market integrity, and drive innovation across the JEX ecosystem.” Commenting on the appointment, the Chairman of JEX Markets Limited, Mr. Oscar Onyema, said the selection followed a rigorous

process facilitated by Global Career Company. According to him, “Dr. Ayemhere’s depth of experience and proven leadership would strengthen the company’s capacity to deliver on its mandate of building a world-class, transparent, and efficient energy marketplace that supports Nigeria’s energy transition and industrial growth.”

NCS Faults FIRS-France ‘Delta’s Budget Motivated by Oborevwori’s MoU, Insists on National Financial Prudence, Growing Economy’ not just predicated on has left even his initial critics Ekedayen made the Onabu Data Sovereignty Policy Omon-Julius certain economic parameters in awe by his forthright and remarks during a press in Asaba but also advised by the consistent commitment to conference he jointly

Emma Okonji

The Nigeria Computer Society (NCS), which represents the technical, professional, and ethical standards of the Nigerian ICT community, has faulted the recent Memorandum

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)

of Understanding (MoU), signed between the Federal Inland Revenue Service (FIRS) and the France authority, aimed at strengthening digital tax administration and institutional capacity of the FIRS. According to NCS, such arrangements may undermine Nigeria’s economic sovereignty, risk foreign access to critical data, and position Nigeria in a vulnerable digital dependence posture. NCS therefore called for the establishment of a National Data Sovereignty Policy, that would enable government to prioritise a comprehensive national data sovereignty framework that clarifies conditions for cross-border data sharing, regulates foreign entities’ access to public sector data, and sets protocols for data audit trails, encryption standards, and sovereignty preservers.

Delta State Commissioner for Economic Planning, Mr Sunny Ekedayen, has said that the rather ambitious appropriation figures for the 2026 fiscal cycle was

leadership disposition of Governor Sheriff Oborevwori, especially his financial prudence and commitment to good governance. He said that Oborevwori

delivering on his promises to improve the lives of Deltans through equitable provision of infrastructure projects, human capital development. and job creation.

addressed with the State Commissioner for Works (Rural Roads) and Public Information, Mr. Charles Aniagwu in Asaba, Delta State.

Kayode Tokede

forms part of broader efforts to transform digital tax administration, increase transparency and improve the integrity of transaction-level tax reporting in Nigeria. Commenting on the development, Partner and Tax’s Regulatory Services Leader, PwC Nigeria, Chijioke

Uwaegbute in a statement said: “e-Invoicing embeds tax compliance directly into everyday business activity. As transaction data moves into real-time digital systems, organisations must be able to rely on that data for tax reporting, audit and regulatory review.

“This accreditation reinforces PwC’s role in helping organisations build trust, comply and report with confidence. We combine deep tax and regulatory expertise with technology to ensure e-Invoicing processes are accurate, empowering businesses to comply.

developed for citizens of the Republic of Benin. The application is powered by GovSmart, Seamfix’s government digital identity and service delivery platform, and was delivered in collaboration with the Government of the Republic of Benin.

The company explained that the ePass application enables Beninese citizens living abroad to apply for and renew their international passports fully online, without visiting embassies or consular offices. Launched globally in October, the service is now accessible in over 80 countries.

“At Seamfix, our goal is simple: enabling people to securely prove who they are so they can access the opportunities they deserve. With ePass, distance is no longer a barrier to trusted identification or access to essential government services.

FIRS Accredits PwC as System Integrator for Mandatory e-Invoicing The Federal Inland Revenue

Service (FIRS) has accredited PwC Nigeria as a system integrator for Nigeria’s mandatory e-Invoicing system under the Monitoring, Billing and Settlement (MBS) platform. The accreditation

Firm Partners Benin Republic to Launch ePass, Passport Platform Chinedu Eze

Seamfix, a provider of digital identity and biometric solutions supporting institutions across Africa and globally, has announced the global launch of ePass, a self-service digital passport renewal application

T H I S D AY • MONDAy, DEcEMBER 22, 2025

BUSINESSWORLD

STATUS REPORT

Conoil: Sustaining Shareholders Return on Investment Kayode Tokede Conoil Plc over the years has sustained its tradition of delivering value to shareholders despite an unrelenting economic climate. In the last 20 years, the company has consistently rewarded shareholders with dividend payout and its impact has tickled down to its stock price currently trading at N187.20 per share on the floor of the Nigerian Exchange Limited (NGX). From a dividend payment of N1.50 per share in 2020 to N3.50 per share in 2024 financial year (FY), the downstream company has remained resilient and competitive among its peers listed/unlisted on the bourse. The dividend payout of N3.50 per share in 2024FY (N2.43 billion) from N2.50 per share in 2023FY (N1.73 billion), is the highest in the history of the company and it is on the backdrop of the management’s resilience and strategic focus as a leading force in Nigeria’s downstream petroleum sector. In the year under review, the company declared N323.1 billion in revenue, nearly 61 per cent growth from N201.4 billion in 2023 to underline the management’s effectiveness of its strategic initiatives and the agility of its operations. Also, the declared N323.1 billion is another record and it was driven by 98 per cent revenue from White products that contributed 98 per cent or N316.66 billion, while lubricants contributed two per cent or N6.5billion of the total revenue generated in 2023. Conoil has identified three operating and reportable segments: White products, Lubricants and Liquefied Petroleum Gas (LPG). The White products segment is involved in the sale of Premium Motor Spirit (PMS),

Aviation Turbine Kerosene (ATK), Dual Purpose Kerosene (DPK), Low-pour Fuel Oil (LPFO) and Automotive Gasoline/ grease Oil (AGO). The products under the lubricants segment are Lubricants transport, Lubricants industrial, Greases, Process Oil and Bitumen. Products traded under the LPG segment are Liquefied Petroleum Gas - Bulk, Liquefied Petroleum Gas - Packed, cylinders and valves. From the profit & loss figures, the company declared N2996.77 billion cost of sales, representing an increase of 63 per cent from N181.6billion in 2023, to bring gross profit at N26.35billion in 2024, about 33 per cent increase over N19.8 billion reported in 2023. Conoil’s declared operating expenses of N11.49billion in 2024, representing an increase of 58 per cent from N7.25 billion in 2023. The breakdown of the company’s operating expenses showed that

distribution expense closed 2024 at N6.89 billion in 2024, up by 149.45per cent from N2.76billion in 2023, while administrative expenses moved from N4.49 billion in 2023, about 2.4 per cent when compared to N4.6billion declared in 2024. Finance cost was at N3.95billion in 2024, up by 102.2 per cent from N1.96 billion in 2023. Finance cost 102.2 per cent was driven by N3.95 billion interest on bank overdraft in 2024 from N1.95 billion in 2023 and accretion expense that closed 2024 at N7.9million in 2024 from N6.7million in 2023. “Bank overdrafts are repayable on demand. The average effective interest rate on bank overdrafts approximates 32% (2023: 19per cent) per annum and are determined based on NIBOR plus lender’s markup. The overdraft was necessitated by the increase in the cost of both white products and base oils in line with the current

economic realities,” the company explained in its 2024 audited result and accounts. On this, the company posted profit before tax of N11 billion in 2024 from N12.28 billion in 2023,while profit after tax moved from N9.87 billion in 2023 to N8.77 billion in 2024.

Stronger balance sheet position Conoil, however, has maintained its stronger position to reflect robust expansion in its area of operations. In 2024, the company posted total assets of N114.95 billion, representing an increase of nearly 18 per cent from N97.5 billion declared in 2023. As total current assets crossed the N100 billion mark to N108.47billion in 2024 from N93.61 billion in 2023, total non-current assets closed 2024 at N6.5billion from N3.87 billion in 2023. The story continues online on www.thisdaylive.com

Air Peace, Overland Boost Domestic Connectivity with Ibadan, Abuja Flights Air Peace and Overland Airways have announced the resumption of daily return flights between Ibadan and Abuja from December 24, 2025, following the reopening of Ibadan Airport

to commercial operations. Air Peace said the move was aimed at restoring seamless air access for travellers in Oyo State and neighbouring areas, with the airline responding to

renewed passenger demand for direct connectivity to the nation’s capital. The airline said fares on the route will start from N95,000, positioning the service as an affordable option during the festive rush and beyond. The Ibadan, Abuja return

is part of Air Peace’s wider domestic expansion, which includes the resumption of Warri flights and additional frequencies across its network to manage increased yuletide traffic and sustain growth into 2026. Backed by the recent addition of a third Embraer

190 aircraft to its fleet, Air Peace reaffirmed its commitment to improving connectivity, easing travel stress and supporting economic activity through reliable air transport services. Overland said the resumption of flight operations between Ibadan

and Abuja, followed the reopening of the airport. Chief Operating Officer of Overland Airways, Mrs. Aderonke Emmanuel-James, described the development as a significant milestone, noting that the airline is the pioneer operator on the Ibadan route.

Sunday Ehigiator

Speaking at the Lagos event, the President of LAPO, Barr Faith Osazuwa-Ojo, said the Fair was designed to strengthen local production, create jobs and support smallscale farmers, particularly women and youths, who form the backbone of Nigeria’s poultry value chain. Osazuwa-Ojo, who was represented by the Executive Vice President,

Dr Victor Noruwa, noted that the 2025 edition, themed ‘Sustainable Poultry Farming: Innovations for Food Security and Economic Growth’, underscored the urgent need to address food insecurity while promoting inclusive economic development through agriculture. “Poultry farming remains one of the most accessible pathways to nutrition security,

income generation and employment for millions of Nigerians,” she said, adding that empowering smallholder farmers was critical to building resilient local economies. According to her, “over the years, LAPO has played a significant role in promoting agriculture and strengthening food security across Nigeria through targeted programmes and initiatives.

Nigerian Breweries Empowers Additional 1,000 LAPO Calls for Increased Investment Students in Lagos, Others i n S u s t a i n a b l e P o u l t r y F a r m i n g

Nigerian Breweries Plc, Nigeria’s foremost brewing company, has entered into a strategic partnership with FATE Foundation, a leading non-profit organisation, to empower 1,000 Nigerian students under the Orange Corners Student Ambassadors Programme, an initiative of the Kingdom of the Netherlands. Speaking on the partnership, Corporate Affairs Director, Nigerian Breweries Plc, Uzodinma Odenigbo, explained that the company is committed to empowering additional 1000 students under the existing program, while FATE Foundation will oversee its implementation, including student mobilisation, programme coordination, and delivery. “The partnership reinforces Nigerian Breweries’ longstanding commitment to youth empowerment and entrepreneurship

development,” said Odenigbo. “Through initiatives like this, we are creating pathways for the next generation of entrepreneurs and business leaders in Nigeria.” Also speaking on the partnership, Executive Director of FATE Foundation, Adenike Adeyemi, expressed enthusiasm about the collaboration between Nigerian Breweries and the Orange Corners Programme. “Nigerian Breweries has been a longstanding partner with Orange Corners Nigeria in many ways. We are delighted to have the company continue to support the Orange Corners Programme and elated that this commitment will reach an additional 1000 young Nigerians leveraging the proven Orange Corners Student Ambassadors framework,” said Adeyemi.

The Lift Above Poverty Organisation (LAPO) hosted the second edition of its Annual Chicken Fair yesterday, simultaneously held in Benin City, Abuja, and Lagos, with a call for increased investment in sustainable poultry farming to enhance food security and economic growth in Nigeria.

ipNX Enhances Robotics, AI Competition in Secondary Schools Emma Okonji

ipNX, a leading technology and telecommunications company in Nigeria, collaborated with the Lagos Chamber of Commerce & Industry (LCCI) to celebrate outstanding young student innovators at the Annual Secondary School Essay Competition, held recently at

Commerce House, Victoria Island, Lagos. The LCCI Annual Secondary School Essay Competition, is a flagship educational initiative designed to nurture the intellectual potential of Nigerian students and equip them with a deeper understanding of economic and business concepts.

Representing ipNX at the event were the Deputy Director, Strategic Business Initiatives, Mr. Segun Okuneye, and the Head of Marketing & Corporate Communications, Mobolaji Caxton-Martins, who engaged with students, presented prizes, and reaffirmed our dedication to supporting initiatives

that foster innovation and thought leadership among youth. Deputy Director, Strategic Business Initiative, ipNX Nigeria, Segun Okuneye, said: “Education is the cornerstone of national development, and we are proud to support initiatives that challenge students to think critically, innovate, and excel.

MONDay, DECEMBER 22, 2025 • T H I S D AY

BUSINESSWORLD

PERSPECTIVE

Solewant Group Raises Bar on CSR, Donates Police Outpost to Boost War against Insecurity

Group Chief Executive Officer, Solewant Group, Mr. Solomon Ewanehi (middle); Area Commander, Eleme Police Area Command, Rivers State, ACP Opayemi Olufunke (speaking), representing Rivers State Police Commissioner, CP Olugbenga Adepoju, flanked by other dignatories

Olusola Adeoye

n its renewed commitment to the welfare of its host communities, Solewant Group has donated a brand-new police outpost, beside Solewant Industrial Park, in Eleme Local Government Area (LGA) of Rivers State as part of its contributions to the security of the oil-producing Niger Delta region. For more than two decades, Solewant Group, has retained its position as Nigeria’s foremost pipe production, coating and energy sector industrial solutions provider, showcasing technologies to the global oil and gas industry. The state-of-the-art police outpost was officially inaugurated and donated to the Nigerian Police on Friday, 20th December, 2025. In his welcome address, while handing over the facility to the Nigeria Police authorities, the Group Chief Executive Officer of Solewant Group, Solomon Ewanehi, said the rise in insecurity in the country, pockets of violence, theft and kidnap incidents witnessed along the road prompted the company to intervene by building and donating the outpost to the police to assist them in their efforts to tackle insecurity in the area. He noted that crime is a persistent issue, “but we can improve our efforts to prevent and reduce it.” According to him, Nigeria faces rising crime rates, with statistics showing increased banditry, kidnapping, and robbery. He cited a report by the National Bureau of Statistics (NBS), which revealed 51.89 million crime incidents in Nigerian households from May 2023 to April 2024. “Given our population, that’s alarming. However, there’s hope. Violence-related deaths dropped from 15,493 in 2022 to 11,794 in 2023. With dedication and resources, we can lower crime rates,” Ewanehi added. He disclosed that underreporting is a challenge, due to what he called the distrust of law enforcement. “Not all officers are the same; many are dedicated and inspire us to address crime positively. Our collaboration with the Police Force has been smooth, leading to today’s event,” he added. Ewanehi noted that his company has brought law enforcement closer to the community, to promote peace, security, and rapid response. “Solewant Group constructed this police outpost to enhance security and support our community. We’ll continue to assist the Police Force and encourage community involvement. We can create low-crime communities like Iceland, Denmark, and Japan,” he added.

Speaking on the security situation in the company’s host community, Ewanehi explained that “our workforce and those that drive into Onne have in one way or the other witnessed a number of issues along this road and its environs. “This challenging issue at one point even led us to have a situation where we experienced gunshots on our fleet of vehicles of workers that were going back home. A number of things happened to us with respect to some persons jumping into the bush and trying to hide because of one or two things. “Within three months, we witnessed eight attacks within our industrial park and this led to a lot of cost that we experienced as a result of theft, crime and the like. And this is not peculiar to us,” Ewanehi explained. He further revealed that “Solewant Group decided to move our symbiotic relationship with the Nigerian Police to the next step by constructing this police outpost that we have here today. “What we have here is a furnished police outpost with complete water system, generating power set, complete inverter with a solar panel to go with, to ensure that they are able to combat crime and assist us to move and work seamlessly along the route and also within the community where we operate,” he added. Speaking shortly after inspecting the police outpost, the Area Commander, Eleme Area Command, ACP Opayemi Olufunke, on behalf of the Rivers State Police Commissioner, CP Olugbenga Adepoju, thanked Solewant Group for building and donating the facility to the Nigerian Police and urged other companies to emulate the gesture. She said the outpost would help boost security in the Alode community and surroundings, and also deepen the cordial relationship between the company, the police and the community whose morale and confidence she said would be boosted by the gesture. “It’s a good one and I want to thank the GMD/CEO of Solewant Group for what he has just done and we also advise others to key in. This will help reduce the insecurity we’re having in this area,” she said. Also speaking, the Youth President of Alode community, Comrade Dickson Igwe, also lauded Solewant Group for

its benevolence to his people, especially in ensuring the security of the host Alode community and its environs. Established 25 years ago, Solewant Group has impacted positively on its host communities and delivered over 100 high-impact projects to international oil companies (IOCs) and engineering, procurement and construction (EPC) companies, including the manufacturing of steel pipes, anti- corrosion and mechanical protection on steel pipes, protection of pipeline field joints, and fabrication of pipes, making the company a leading African provider of coated steel pipes to oil and gas industries. The company’s state-of-the-art industrial park is Africa’s largest-pipe coating facility, spanning 156,000 square meters in Alode. Earlier this year, the company inaugurated an ultra-modern Pipe Bend Multi-Layer Pipe Coating Plant at the facility. The company’s team of innovators and engineers, in partnership with Euro-American OEMs, developed and built the state-of-the-art Pipe Bend Coating Plant. The facility is designed to handle highvolume manufacturing of steel pipes and coating products, fabrication and coating application solutions —fusion bonded epoxy (FBE), three-layer polyethylene (3LPE), and 3-to-5-layer polypropylene (5LPP) to concrete weight coating systems, field joint systems, insulation, Cathodic protection (CP) systems and Energy training solutions. Equipped with world-class Euro American technologies, from the company’s Dutch partners, KEMA Coatings (Canada), Raychem RPG of Indian, CANUSA CPS of Canada, the facility is a game changer in the federal government’s efforts to make Nigeria the hub of steel pipe manufacturing in Africa. The modern pipe bend coating plant provides reliable multi-layer coating protection on non-linear steel pipe structures, including but not limited to, Buckle arrestors, Pipe Bends, Pipeline Field Joints, short run pipeline, pipeline spools, pipeline Risers, pipeline Tie ins, Tie backs, among others, in accordance with the current ISO Standards. Other facilities within Solewant Group’s industrial park include concrete weight coating plant, steel pipe manufacturing

and metal fabrication facility, pipe storage and preservation area, and laboratory. The company has significantly contributed to Nigeria’s local content development by establishing Africa’s largest pipe coating plant, capable of providing three working shifts during production. This reduces reliance on imports and handling diverse and enhances in-country capacity. By offering world-class pipeline coating solutions and now providing multi-layer coating systems on nonlinear steel structures that comply with ISO 2016, the company has bolstered Nigeria’s foreign exchange reserves and contributed to the nation’s industrial growth. To compete globally, the company focused on innovation, adherence to international standard organisation (ISO) specifications, by adopting cutting-edge solutions, such as automation of our factories, establishment of multi- layer coating protection of linear and nonlinear pipeline technologies, which cater to the specific demands of Africa’s oil and gas environment. Today, Solewant Group operates diversified portfolios, namely - Solewant Nigeria Limited, Pipe and Metals Industries Limited, Field Joint Coating Limited, Solewant Specialty Protective Coatings and Paints Limited, as well as Solewant Energy Training Institute (SETI). The company’s growing reputation has led to a surge in contracts from key players like SPDC (now Renaissance Africa), SNEPCO, Chevron, NLNG, ExxonMobil, TotalEnergies, First E&P, OANDO, NGIC, and other clients. The company also hosts an annual energy summit, which attracts policymakers, energy executives, financiers, development partners, and researchers from across Africa and the rest of the world. This year’s summit, the 9th in the series, took place from November 27–28, 2025, at the Solewant Industrial Park, Alode-Onne. Themed: “Emerging Technologies and the Future of Sustainable Energy Development in Africa,” the 2025 summit focused on how transformative technologies such as Artificial Intelligence (AI), robotics, automation, data analytics, and other digital innovations are redefining the frontiers of Africa’s energy transition. At a time when the world demanded more sustainable and efficient energy systems, the company responded with innovation, integrity, and impact. • Adeoye writes from Lagos

T H I S D AY • MONDAY, DECEMBER 22, 2025

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 18 December 2025, unless otherwise stated.

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

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

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 604.00 615.10 53.16% Afrinvest Plutus Fund 389.91 389.91 13.24% Nigeria International Debt Fund 100.00 100.00 13.21% Afrinvest Dollar Fund 114.53 114.53 5.77% ALPHA MORGAN CAPITAL MANAGERS LTD mutualfund@alphamorgan.com Web: www.alphamorgan.com, Tel: +2347018898523 Fund Name Bid Price Offer Price Yield / T-Rtn ALPHA MORGAN BALANCED FUND 2,189.83 2,202.64 44.99% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 18.80% AIICO Balanced Fund 7.71 7.82 34.96% AIICO Eurobond Fund 100.00 100.00 7.82% Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 17.24% Anchoria Equity Fund 1.66 1.66 26.93% Anchoria Fixed Income Fund 403.88 408.58 56.29% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 51.83 53.39 46.17% ARM Discovery Balanced Fund 1,041.88 1,073.30 31.07% ARM Ethical Fund 103.31 106.43 50.67% ARM Eurobond Fund 1.23 1.23 10.96% ARM Fixed Income Fund 1.37 1.37 20.49% ARM Short Term Bond Fund 1.21 1.21 17.25% ARM Shariah Fixed Income Fund 1.14 1.14 13.43% ARM Short Term Eurobond Fund 1.05 1.05 5.07% ARM Specialized Dollar Fund 1.04 1.04 4.47% ARM Money Market Fund 1.00 1.00 18.12% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn 120.26 120.26 16.27% AVA GAM Fixed Income Dollar Fund 1,260.57 1260.57 18.06% AVA GAM Fixed Income (Naira) Fund 1.00 1.00 16.22% AVA GAM Money Market Fund AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn 0.00 0.00 0.00% AXA Mansard Equity Income Fund 0.00 0.00 0.00% AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn 2.73 2.73 11.09% CEAT Fixed Income Fund 5.94 6.07 31.59% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.08 1.08 13.56% CardinalStone Fixed Income Alpha Fund 1.12 1.12 10.62% CardinalStone Dollar Fund 1.80 1.82 51.97% CardinalStone Equity Fund 1.19 1.20 19.33% CardinalStone Balanced Fund 1.00 1.00 18.85% CardinalStone Money Market Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapel Hill Denham Money Market Fund 0.00 0.00 0.00 Nigeria Bond Fund 0.00 0.00 0.00 Paramount Equity Fund 0.00 0.00 0.00 CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 17.14% 111.77 111.77 12.71% Cordros Fixed Income Fund 122.27 122.27 11.84% Cordros Halal Fixed Income Fund Cordros Dollar Fund ($) 118.59 118.59 7.00% Cordros Milestone Fund 230.47 232.18 25.05% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 17.27% Coronation Balanced Fund 2.11 2.15 28.28% Coronation Fixed Income Fund 1.50 1.50 9.69% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund 0.00 0.00 0.00 EDC Nigeria Balanced Fund 0.00 0.00 0.00 EDC Nigeria Halal Fund 0.00 0.00 0.00 EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 0.00 0.00 0.00 Emerging Africa Bond Fund 0.00 0.00 0.00 Emerging Africa Balanced Diversity Fund 0.00 0.00 0.00 Emerging Africa Eurobond Fund 0.00 0.00 0.00 Emerging Africa Halal Fund 0.00 0.00 0.00 FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Money Market Fund 0.00 0.00 0.00 FBN Bond Fund 0.00 0.00 0.00 FBN Dollar Fund 0.00 0.00 0.00 FBN Halal Fund 0.00 0.00 0.00 FBN Specialized Dollar Fund 0.00 0.00 0.00 FBN Blended Dollar Fund 0.00 0.00 0.00 FBN Balanced Fund 0.00 0.00 0.00 FBN Smart Beta Equity Fund 0.00 0.00 0.00 FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund (LMMF) 1.00 1.00 0.00% Legacy Debt Fund (LDF) 1.48 1.48 7.13% Legacy Equity Fund (LEF) 3.60 3.62 -0.74% Legacy USD Bond Fund (LUBF) 5.51 5.63 46.11% FCMB-TLG Private Debt Fund 0.00 0.00 0.00% FSL ASSET MANAGEMENT LIMITED Adeniran.Daniel@fsl.ng Web: https://www.fsl.ng/asset-management ; Tel: +2348062727759 Fund Name Bid Price Offer Price Yield / T-Rtn FSL Money Market Fund 0.00 0.00 0.00 FSL Euro Bond 0.00 0.00 0.00 FIRST ALLY ASSET MANAGEMENT LIMITED blossom.omojughare@first-ally.com Web: https://first-allyasset.com/ ; Tel: +2348023217850 Fund Name Bid Price Offer Price Yield / T-Rtn FAAM Money Market Fund 1.00 1.00 19.62% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral income fund 4,732.89 4,732.89 8.24%

Coral money market fund 100.00 100.00 17.70% FSDH HALAL FUND 1,319.42 1,319.42 11.57% FSDH dollar fund 1.34 1.34 6.05% Coral Balanced Fund 11,128.96 11,212.31 47.32% HILLCREST CAPITAL MANAGEMENT dabbey@hillcrestcapmgt.com Web: https://hillcrestcapmgt.com/; Tel: +2348075144540, 0214540094 Fund Name Bid Price Offer Price Yield / T-Rtn Hillcrest Balanced Fund 0.00 0.00 0.00 LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn LOTUS HALAL FIXED INCOME FUND 0.00 0.00 0.00 LOTUS HALAL INVESTMENT FUND 0.00 0.00 0.00 LOTUS HALAL EQUITY EXCHANGE TRADED FUND 0.00 0.00 0.00 LOTUS WAQF ENDOWMENT FUND 0.00 0.00 0.00 MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 0.00 0.00 0.00 Meristem Value ETF 0.00 0.00 0.00 Meristem Growth ETF 0.00 0.00 0.00 Meristem Fixed Income Fund 0.00 0.00 0.00 Meristem Dollar Income Fund 0.00 0.00 0.00 Meristem Money Market Mutual Fund 0.00 0.00 0.00 MANGO ASSET MANAGEMENT jetadafe@mangoam.com Web:https://mangoam.com/; Tel: +234 7030839517 Fund Name Bid Price Offer Price Yield / T-Rtn Mango Naira Money Market Fund 1.00 1.00 17.26% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED

enquiries@norrenberger.com

Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Money Market Fund (NMMF) 0.00 0.00 0.00 Norrenberger Islamic Fund (NIF) 0.00 0.00 0.00 NORRENBERGER DOLLAR FUND (NDF)-----($) 0.00 0.00 0.00 NORRENBERGER TURBO FUND (NTF)-----(N) 0.00 0.00 0.00 PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 10.00 10.00 17.2 PACAM Fixed Income Fund 11.89 12.59 -1.85% PACAM Money Market Fund 3.50 3.57 33.94% PACAM Equity Fund 1.96 2.04 40.61% PACAM EuroBond Fund 152.84 158.91 11.76% SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn The Frontier Fund 0.00 0.00 0.00 SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 0.00 0.00 0.00 SFS REIT 0.00 0.00 0.00 UH REIT/SFS 0.00 0.00 0.00 STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Money Market Fund Stanbic IBTC Bond Fund Stanbic IBTC Dollar Fund (USD) Stanbic IBTC Shariah Fixed Income Fund Stanbic IBTC Enhanced Short-Term Fixed Income Fund Stanbic IBTC Absolute Fund UPDC REIT Stanbic IBTC Balanced Fund Stanbic IBTC ETF 30 Fund Stanbic IBTC Ethical Fund Stanbic IBTC Guaranteed Investment Fund Stanbic IBTC Imaan Fund Stanbic IBTC Nigerian Equity Fund SIAML Pension ETF 40 Stanbic IBTC Aggressive Fund Stanbic IBTC Conservative Fund

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

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

0.00 259.24 1.67 143.92 160.63 5,176.09 12.39 9,665.90 920.70 4.47 384.12 925.46 41,472.55 1,127.47 12,353.80 9,305.55

0.00 259.24 1.67 143.92 160.63 5,176.09 12.39 9,756.15 920.70 4.53 384.47 936.57 42,047.52 1,127.47 12,512.25 9,340.58

16.10% 0.31% 7.07% 8.22% 18.24% 0.19% 10.30% 51.54% 124.56% -97.77% 8.54% 85.67% 63.65% 39.19%

54.25% 36.88% jemenike@stlassetmgt.com

Bid Price 100.00 1,424.15 112.59

Offer Price Yield / T-Rtn 100.00 20.25% 1,444.80 43.45% 112.59 12.59% unitedcapitalplcgroup.com

Bid Price 1.00 1.22 1.97 124.54 1.25 128.28 1.90 2.21 1.78 1.13

Offer Price Yield / T-Rtn 1.00 15.99% 1.22 13.81% 1.97 10.12% 124.54 9.36% 1.25 4.52% 128.28 5.50% 1.92 46.03% 2.23 31.83% 1.79 36.94% 1.13 13.06% funds@vetiva.com

Bid Price Offer Price Yield / T-Rtn 14.57 14.67 28.44% 35.85 35.95 103.49% 54.23 54.43 77.23% 1.00 1.00 16.24% 54.75 54.95 48.15% 142.52 144.52 1.95% 1.00 1.00 16.24% service@quantumzenithasset.com.ng Bid Price Offer Price Yield / T-Rtn 34.23 34.64 60.95% 40.18 40.55 50.90% 30.12 30.12 7.94% 1.00 1.00 17.76% investmentoperations@zedcrest.com Bid Price 0.00 0.00 0.00

Offer Price 0.00 0.00 0.00

NAV Per Share

Yield / T-Rtn 0.00 0.00 0.00 Yield / T-Rtn

0.00

0.00%

9,340.58

36.88%

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

T H I S D AY • MOnDAY DeCeMbeR 22, 2025

business/MOneYGuiDe

WACT-APMT Graduates 600, Boosts Community Entrepreneurship

WACT– APM Terminals Nigeria has recently graduated additional 600 beneficiaries from the fourth and fifth cohorts of its WACTpreneur programme, reinforcing its commitment to sustainable community development and inclusive economic growth across its host communities. The graduation ceremony brought together programme beneficiaries, community leaders from their host communities, Onne and Ogu, implementation partners, and WACT representatives to celebrate the successful completion of six months of intensive entrepreneurship training and mentorship. Speaking at the event on behalf of the Managing Director, Jeethu Jose, WACT Senior People Business Partner, Chinelo Obienyem, congratulated the graduates for their dedication and perseverance and further encouraged the graduates to apply the knowledge gained to grow their enterprises and contribute to local

economic development. “Today, we are celebrating more than the graduation of 600 beneficiaries; we are celebrating determination, resilience, and the entrepreneurial spirit within our host communities. Through the WACTpreneur programme, participants have been equipped with practical skills to build sustainable businesses that can positively impact their families and communities,” Obienyem said. “We are confident that the skills acquired through this programme will enable our graduates to create jobs, expand their businesses, and serve as role models for entrepreneurship within their communities. We acknowledge Dufy Global Enterprise for their role in delivering the training and mentorship ,” Obieneyem added. According to the Onne Community Development Committee Chairman, Godfrey Maate, “This is not just an occasion but an epoch-making one. WACT has consistently demonstrated genuine commitment to our community, not only

through infrastructure projects but by empowering our people with skills that promote self-reliance and economic growth.” Speaking on WACT’s broader commitment, the Community Relations Manager, Justin Okwuofu reaffirmed the organisation’s long-term focus on sustainable impact. “At WACT, our approach to community development is centered on empowerment L-R: WACT Senior People Business Partner, Chinelo Obienyem handing over the certificate of and sustainability. participation and business management kit to one of the participants, Grace Tamuno at the 4th and Programmes like 5th WACTpreneur graduation in Onne, Rivers State...recently WACTPRENEUR are designed to equip people with skills that create lasting value, strengthen local economies, and improve quality of life in MONEY AND CREDIT STATISTICS (MiLLiOn nAiRA) our host communities,” October 2025 Month Okwuofu said. He added that Money Supply (M3) 119,037,577.07 WACT plans to -- Cbn bills Held by Money Holding sectors 9,291.49 launch the 6th cohort 119,028,285.58 of WACTPRENEUR Money supply (M2) by February 2026, Quasi Money 79,681,419.97 continue its scholarship 39,346,865.60 programme, maintain -- narrow Money (M1) 4,646,794.28 the solar energy systems ---- Currency Outside Banks at the Primary Health ---- Demand Deposits 34,700,071.33 Care Centres, and Net Foreign Assets (NFA) 34,804,442.84 develop a master plan Net Domestic Assets(NDA) 84,233,134.23 for the community 99,199,655.08 projects in its host -- Net Domestic Credit (NDC) communities. ---- Credit to Government (Net) 24,787,980.96

MARKET INDICATORS

Golden Terra Oil Drives Heart Health Conversation If you live in a Nigerian home, you already know that the kitchen is where some real decisions are made. It is where families gather, where flavours meet fire, and where health, often unknowingly, is partly shaped, one scoop of oil at a time. And in that everyday space, Golden Terra Oil has become more than a cooking companion; it has become a teacher, a guide, and one of the strongest voices driving the conversation around heart health in Nigeria. It is here that the brand’s core message, Pour Pure Love comes alive. With thousands of consumers engaging daily across social media

platforms, Golden Terra Oil has earned a unique place in Nigerian kitchens, not only because of its pure, heart-friendly cooking oil but because of its unwavering commitment to consumer education. The brand treats every post, every expert tip, and every digital conversation as an opportunity to empower families with knowledge. It believes that good health begins with informed choices guiding consumers to Pour Pure Love into their meals and into their homes. The brand simplifies complex nutritional concepts through healthand-wellness experts on topics like cholesterol balance, fat types, PUFA,

Omega-3, Omega-6, and turns them into practical lessons that fit seamlessly into everyday life. According to Chief Marketing Officer, TGI Group, Probal Bhattacharya, “For Golden Terra, consumer education is central to our philosophy. Beyond producing heartfriendly cooking oil, we believe in enlightening our consumers, giving them clarity, science, and confidence to make better decisions for themselves and their families. True impact isn’t only what we put in the bottle; it is the wisdom we place in the hands of the people. That is how we Pour Pure Love into society.”

SO&U Brings Holiday Cheer to Communities SO&U, one of Nigeria’s leading marketing and communications groups, has successfully held the 8th edition of its annual community service initiative, ‘Give Love,’ reaffirming its strong commitment to social responsibility and community impact. The 2025 edition of the initiative, themed “From Our Heart to Theirs,” was delivered with the generous support from staff and client partners, whose contribution helped extend warmth, care,

and essential food items to underserved members of the community during the festive season. Speaking on the initiative, the Group Managing Director of SO&U, Mr Udeme Ufot, MFR, described ‘Give Love’ as a true reflection of the Group’s core values. “At SO&U, we believe that true success is measured not only by business results but by the positive impact we create in the lives of others. ‘Give

Love’ remains our way of sharing kindness and standing in solidarity with underserved members of our host community, especially at a time when many may need it most,” he said. SO&U also expressed its appreciation to client partners, including Flour Mills of Nigeria Plc, for their support and collaboration, noting that partnerships of this nature are critical to achieving meaningful and sustainable community impact.

---- 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).

T H I S D AY • mONDAY DECEmBER 22, 2025

mARKET NEWS

Access Holdings Gets Shareholders Approval to Raise N40bn

Kayode Tokede

The management of Access Holdings Plc has secured shareholders approval to raise up to N40 billion in fresh equity capital via a private placement. The bank kicked off the year with a rights issue. It raised N351 billion by issuing millions of new shares and increased its share capitalisation to N600

billion. The capital helped the Tier 1 lender emerge as the first to beat the banking regulator’s N500 billion capitalisation benchmark. The Holding Company disclosed this in a corporate filing with the Nigerian Exchange Limited (NGX). The approval was granted at the company’s Extraordinary General Meeting (EGM) held virtually on December 18, 2025.

P R I C E S MAIN BOARD

F O R DEALS

The capital raise is part of Access Holdings’ broader strategy to strengthen its balance sheet and support its growth objectives across its banking and non-banking subsidiaries. To accommodate the private placement, shareholders approved an increase in the company’s issued share capital from N26.66 billion to N27.65 billion, through the creation of 1.98 billion new ordinary

S E C U R I T I E S MARKET PRICE

qUANTITy TRADED

shares of 50 kobo each. The Holding Company said, “Following the increase, Access Holdings’ total issued shares will rise from about 53.32 billion to 55.29 billion ordinary shares. The new shares will rank pari passu with existing shares, implying that current shareholders could face dilution, depending on the final size and structure of the capital raise. “Also, the Board of Directors

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MAIN BOARD

A S

O F

have been authorised to allot the new ordinary shares created in connection with the private placement, at a price of N20.25 per share or as determined by the Board to one or more investors in such tranches and on such terms and conditions as shall be determined by the Board.” Access Holdings added, “The shareholders have authorized the board of Directors to take such further

actions and do such further things as may be required to give effect to the above resolutions including but not limited to obtaining the approvals of the relevant regulatory authorities including the Central Bank of Nigeria, the Securities and Exchange Commission and the Nigerian Exchange Limited as well as complying with the directives of any relevant regulatory authority.”

D E C E M B E R / 1 8 / 2 5 DEALS

MARKET PRICE

qUANTITy TRADED

vALUE TRADED ( N)

T H I S D AY • MONDAY, DECEMBER 22, 2025

NEWS

MEDIA PARLEY ON THE CELEBRATION OF ORIGIN AUTOMOBILE WORKS 25TH ANNIVERSARY...

L-R; Chief Operating Officer, Origin Automobile Works (OAW), Mr. Leo Edward; Executive Director, Investment Risks & Debt Management, Origin Tech Group, Mr. Bosun Ososanya; Executive Director, Corporate Services, Origin Tech Group, Mr. Sesan Ayeni; Executive Chairman, Origin Tech Group, Prince Samuel Joseph Samuel and Executive Vice Chairman, Origin Tech Group, Sir Olakunle Ball during the media parley to celebrate the 25th anniversary of Origin Automobile Works in Lagos...weekend ABIODUN AJALA

Enugu Govt: Multiple Documents Prove Our Ownership of Abuja Property Accuses firm of faking Power of Attorney, abuse of court process

Alex Enumah in Abuja

Enugu State Government has reiterated its claim of ownership of a disputed plot of land located at Cadastal Zone B03, Wuye District, Abuja, with the presentation of multiple documents to that effect. The state government similarly challenged a firm, Simonis Ventures Nigeria Limited, also laying claim to

the said property, to present any valid documents in its possession in respect of the disputed property. The government accused Simonis of a failed attempt to fraudulently acquire Plot 804 in the said Wuye District measuring about 1.04 hectares through fraudulent transfer of ownership, insisting that the property has not changed ownership since it was first

allocated to Enugu State. Speaking to journalists on Sunday in Abuja, General Manager (GM), Enugu State Housing Development Corporation, Dr. Gerald Asogwa, explained that investigations by both the police and Economic and Financial Crimes Commission (EFCC) had long established Enugu State Government as the rightful owner of the said

He stated, “The allocation using a fake and fraudulent was erroneously issued in Irrevocable Power of Attorney the name of Enugu State dated 25/02/2002, suspiciously Property Development witnessed in 2005. Corporation, instead of Enugu “But the said Power of State Government or Enugu Attorney was not sealed, had no State Housing Development Governor’s consent as required Corporation.” by law, was not co-signed by Asogwa wondered how a any government official, and non-legal personality could have failed to disclose the name been transferred to Simonis or designation of any lawful Ventures Nigeria Limited. executor. The document was He stated, “There has clearly concocted to deceive never existed any parastatal, authorities and is attached as corporation, or company Exhibit 3.” known as Enugu State Property Asogwa explained that upon Development Corporation discovery of the anomaly, Enugu at the time of allocation State Government applied to the or thereafter. The named Abuja Geographic Information Alhaji Aliko Dangote and allottee, therefore, lacked legal System (AGIS)/FCT Authorities we write pursuant to his personality and contractual for correction, following which express instructions regarding capacity ab initio. “the wrongful allocation was grievously libelous statements “Yet in 2002, the said non- cancelled, and Plot 804, Wuye, broadcast by TrustTV News existent entity purportedly was re-allocated to Enugu State and uttered by you during transferred the land to Simonis Government as the rightful an interview aired on Ventures Nigeria Limited owner. Wednesday, 17th December, 2025 in reaction to the petition submitted by our client ADC Candidate, Salaam, Assures to Independent Corrupt Osun of Development, Preaches Practices and other related Issue-based Politics offences Commission (ICPC)." "Our client is a widely Yinka Kolawole in Osogbo governorship candidates reputable international across the state without businessman. He is the richest Governorship candidate of the reservation. black man on earth and he African Democratic Congress He, however, said the time has the largest business (ADC) for the 2026 Osun State has come for other towns to conglomerate in Africa. election, Dr. Najeem Folasayo reciprocate the gesture by Salaam, has assured the people supporting Ejigboland to of the state of his commitment produce the next governor to inclusive development of Osun State. Salaam commended the to build the state's ideal and responsible leadership reign of the current Ogiyan, if elected. collective dreams. describing it as a period Salaam, a former Speaker of "As you may be aware, we marked by notable political the state house of Assembly, are currently repositioning and developmental progress gave the assurances during the service delivery architecture in the State a courtesy visit to the palace for Ejigbo and its people. “Since the ascension of the to run more efficiently on of the Ogiyan of Ejigboland, Ogiyan to the throne, Ejigbo Oba Omowonuola Oyeyode digital infrastructure super has produced a Senator, a Oyesosin II, where he formally highway. member of the House of presented himself as a "The aim is to become less Representatives, and two candidate in the forthcoming reliant on physical paper, Speakers of the Osun State governorship election. provide round-the-clock House of Assembly. It is now Speaking at the palace, services and ultimately time for Ejigboland to produce he noted that Ejigboland improve turn-around time," has historically supported a Governor,” he said. Gov. Otti said. property. Presenting various documents of ownership, Asogwa stated that the very the first application for the plot of land in the Federal Capital Territory (FCT) was made by Enugu State Government during the administration of Dr. Okwesilieze Nwodo in 1992, adding that the request was granted on January 14, 1993.

Alleged Defamation: Dangote Threatens Kaduna Businessman, Kailani Mohammed with N100bn Suit

Alex Enumah in Abuja

The President of Dangote Group, Dr. Aliko Dangote, has threatened to commence a N100 billion legal action against Kaduna-based businessman Kailani Mohammed if he (Mohammed) fails to retract a libelous publication made against Dangote and his business, within the next seven days. Africa's richest man in a letter demanded immediate public explanation, retraction and unreserved apology from the Kaduna businessman, for

alleging Dangote engaged in unclean business, especially in the 1980s in Port Harcourt, Rivers State. The letter dated December 20, was served on Mohammed through the law firm of Dr. Ogwu James Onoja, SAN, and amongst others claimed Mohammed defamed Dangote, lowered his reputation and tarnished his business engagements, when he (Mohammed) alleged that Dangote engaged in unclean business in Port Harcourt and also queried his source of wealth as the richest man in Africa.

Mohammed was said to have made the offending statement during an interview aired on Wednesday December 17th, 2025 on TrustTV News in reaction to his petition against Dr. Farouk Ahmed, submitted to the Independent Corrupt Practices and other related offences Commission (ICPC). The letter is titled, "Demand for Public Explanation, Retraction and Unreserved Public Apology on your Libelous Publication against Alhaji Aliko Dangote, GCON", and signed by Onoja. "We are solicitors to

Otti Grants Automatic Employment to 50 TechRise Graduands Boniface Okoro in Umuahia Abia State governor, Dr. Alex Otti, has granted automatic employment to 50 outstanding graduates of TechRise Cohort 2 into the state civil service. Otti made the announcement at the weekend at the JAAC Building Secretariat during the graduation of 849 young people from a three-month intensive training on 21st-

century digital skills. "The 50 beneficiaries will be employed into relevant ministries, departments, and agencies, subject to possession of required documents," Otti said. He lifted an employment embargo for the graduands, directing them to submit documentation on Monday, December 22, 2025. Otti said 1,359 TechRise graduates trained in the last 12 months would provide

critical manpower for the state's digital transformation. The TechRise initiative aims to create competent IT solution providers to drive development. Otti noted the Techrise initiative was set up to create an elite corps of competent IT solution providers who, ultimately, would apply their skills, knowledge and superior understanding of the technology ecosystem

T H I S D AY • MONDAY, DECEMBER 22, 2025

NEWS

GBENGA HASHIM’S CONDOLENCE VISIT TO THE FAMILY OF LATE SHEIKH DAHIRU BAUCHI... Khalifa Sheikh Ibrahim Bauchi (L) and Presidential hopeful, Dr. Gbenga Hashim, during his condolence visit to the family of the late Sheikh Dahiru Bauchi in Bauchi… recently

Female Drug Kingpin Arrested in Lagos with 23.5kg Cocaine Stashed in Children’s Room As NDLEA Adamawa declares war on drug traffickers, announces major seizures

Michael Olugbode in Abuja and Daji Sani in Yola

Twenty months after a cocaine trafficking cartel led by a couple, Toheebat Dauda and Lookman Dauda, was smashed by operatives of National Drug Law Enforcement Agency (NDLEA) with multi-billion-naira worth of

illicit drugs recovered, another leader of the syndicate, Shodunke Simbiat, who went underground since May 2024, has been nabbed in her Lagos home, where additional 23.5 kilogrammes of the class A drug were recovered from her children’s room. In a related development, the state Commander of NDLEA in Adamawa, Aliyu

Abubakar, said the agency reported seizing 353 kg of cannabis sativa, 983 kg of tramadol, and 60.5 kg of other opioids. Abubakar said the operations also netted 150 suspects, with six convictions secured and 53 cases still pending at the Federal High Court in Yola. He said six weapons were recovered,

39 individuals placed in counselling and rehabilitation, two vehicles were impounded, a one‑hectare of cannabis farm was cleared, and N163,170 was forfeited to the federal government. In the Lagos seizure, according to a press statement by the spokesman of the anti-narcotics agency, Femi Babafemi, on Sunday, the

Alteration in the Tax Laws: Northern Pressure Group Urges NASS to Probe Allegations, Start Tinubu’s Impeachment Chuks Okocha in Abuja The League of Northern Democrats (LND) has called on the Senate and the House of Representatives to investigate allegations of alterations in the tax reform laws recently assented to by the President, Bola Tinubu. It also demanded that the national parliament invokes its constitutional powers under Section 143 to commence impeachment proceedings without any

delay if the allegation is substantiated. This was contained in a petition addressed to the Senate President, Godswill Akpabio and the Speaker of the House of Representatives, Tajudeen Abbas. The petition on behalf of the group by Dr. Ladan Salihu, Publicity Secretary of League of Northern Democrats said, ''we wish to write to you in your capacities as the constitutional custodians of Nigeria’s

legislative authority and the immediate institutional victims of the grave allegation made on the floor of the House of Representatives by Hon. Abdulsammad Dasuki (PDP-Sokoto) - namely, that the tax law gazetted and assented to by the president differs materially from the version duly passed by the National Assembly.'' According to the spokesman of the group, ''If this allegation is established to be true, it no doubt

constitutes a direct assault on the legislative powers vested exclusively in the national assembly by the constitution. ''The president has no constitutional authority to amend, modify, substitute or rewrite a bill passed by parliament. His role is strictly limited to assent or refusal of assent. Any deviation from this is an illegal usurpation of legislative powers, a contempt of parliament and a grave breach of the constitution.

Nnewi to Showcase Gains of Inward Investment as Industrial Town Mark Centenary of Monarch

Emmanuel Ugwu-Nwogo in Enugu

The benefits of inward investments through which Nnewi was transformed into an industrial hub would be amply showcased next week during the centenary celebration of the traditional ruler that spurred the industrial development. His Royal Highness Igwe Dr. Kenneth Onyeke Orizu

III, who has been on the throne for 62 years and has turned 100 years of age, is credited with encouraging his subjects to bring their wealth home (Aku ruo ulo philosophy). The policy is said to have resulted in the transformation of Nnewi into a major industrial town in the Southeast zone, boasting of such giants as Innoson Vehicle Manufacturing

Company (IVM), Ibeto Group, among others. Speaking on the forthcoming centenary celebration during a press conference at the Centre of Memories, Enugu, the Chairman of the organising committee, Chief Ben Etiaba, said that Nnewi was ready to showcase its industrial, cultural and tourism endowments. He said that royalties from across Africa were

expected to fly into Nnewi in Anambra State to join the appreciative people to celebrate a transformative monarch who has brought economic growth, industrial development and cultural renaissance. According to him, prominent monarchs from Uganda, Malawi, South Africa, among other countries were expected to grace the centenary celebration.

kingpin, Lookman, and his queen, Toheebat, were arrested on Saturday, May 25, 2024 by operatives of a special operations unit of NDLEA at Ibiye, along Lagos-Badagry expressway, while attempting to cross the land border to deliver the consignment in Ghana. Babafemi said at the point of their arrest, 42 blocks of cocaine weighing 47.5 kilogrammes were found on them, with a swift follow up operation in their residence at Plot 24/25 OPIC extension, Petedo Road, Agbara, Ogun State, leading to the recovery of additional eight blocks of the same drug weighing

10 kilogrammes, bringing the total weight of the consignment seized from the couple to 57.5 kilogrammes. According to the spokesman, determined to rein in every member of the syndicate, the NDLEA operatives continued with follow up intelligence and surveillance on the transborder drug trafficking organisation until a 39-yearold female stash keeper, Shodunke Simbiat, was identified as a key member of the DTO, which elicited her being trailed to her 31 Onasanya Street, Surulere, Lagos residence on Tuesday, December 9, 2025.

Jigawa PDP Rejects Sule Lamido’s Suspension, Calls for Immediate Reversal Chuks Okocha in Abuja

The Jigawa State chapter of the Peoples Democratic Party (PDP), has condemned the suspension of a former governor of the state and one of the party’s founding fathers, Alhaji Sule Lamido, by the party’s Board of Trustees (BoT), describing the action as unjust, vindictive and inimical to party’s unity. Chairman of the party in the state, Dr. Babandi Ibrahim Gumel, disclosed this in a statement. According to the statement, the Jigawa PDP received news of Lamido’s suspension with “profound shock and disappointment.” The statement added that the suspension, which was reportedly based on allegations that Lamido attended meetings

capable of undermining party unity, amounted to an affront to justice, internal democracy and the reconciliation efforts recently championed by the PDP leadership. The party stressed that the exercise of legal and constitutional rights within the party should not be interpreted as an act of disunity. It recalled that Lamido approached the court after he was allegedly denied the opportunity to purchase a nomination form to contest the position of National Chairman of the PDP. The statement further noted that the Federal High Court in Abuja, presided over by Justice Peter Lifu, ruled in Lamido’s favour by restraining the PDP from proceeding with its national convention until his right to contest was determined.

T H I S D AY • MONDAY, DECEMBER 22, 2025

NEWS

AT ONE-DAY SYNOD OF THE LAGOS SOUTH WEST DIOCESE...

L-R: The Chancellor of Lagos South West (Anglican) Diocese, Barrister (Mrs) Modupe Akinwande; Bishop of Lagos West Diocese, Rt Rev James Odedeji; his wife, Lydia; Bishop of Badagry Diocese, Rt Rev B.J Akinyemi; Bishop of Lagos Diocese, Rt Rev Ifedola Okupevi; Bishop of Lagos South West, Rt Rev Ebenezer Adewole; his wife, Mercy; and the Bishop of Lagos Mainland Diocese, Rt Rev Akinpelu Johnson, at the one-day Synod of the Lagos South West Diocese, held in Festac Town, Lagos on Friday SUNDAY ADIGUN

TCN Lists Achievements, Says 131 Vandalism Cases Recorded Despite Historic Milestone Hits all-time transmission peak of 5,801mw in 2025

Emmanuel Addeh in Abuja

Despite experiencing 131 cases of vandalism, the Transmission Company of Nigeria (TCN) yesterday revealed that it recorded an all-time wheeling record of 5,801.84mw, with donor-funded projects hitting over $1.16 billion. Describing it as a ‘historic milestone’, the Managing Director/Chief Executive Officer of the company, Ahmed Abdulaziz, in his end-of-year

message to stakeholders, stressed that daily energy delivery also reached 128,370.75 MWh nationwide. Abdulaziz attributed the achievement to deliberate investments in infrastructure rehabilitation, expansion of transformer capacity and sustained maintenance of transmission assets across the network, declaring that TCN’s wheeling capacity has now increased to 8,700MW. According to the TCN chief,

between January 2024 and November 2025, the company commissioned 82 new power transformers, adding over 8,500 MVA to the national grid, but lamented that vandalism remains a major threat. According to the TCN chief executive, 131 vandalism incidents were recorded across TCN’s network between January and November 2025, but noted that the company was working closely with the Office of the National Security Adviser

(ONSA), security agencies and community vigilante groups to address the challenge. He highlighted major sector reforms in 2025, particularly the unbundling of TCN and the successful takeoff of the Nigerian Independent System Operator (NISO), with facilities advanced by the $1.6 Nikki donor funds being the Abuja Feeding Scheme, which involves the construction of five new substations and a new 330kV transmission line. “A highlight of our progress

Pate: FG Gives Priority to Health Sector, Says 12 Million Girls Have Received HPV Vaccine

Onyebuchi Ezigbo in Abuja

Coordinating Minister of Health and Social Welfare, Prof. Ali Mohammad Pate has said that President Bola Tinubu is treating the country's healthcare system as a national development priority anchored on improved outcomes, stronger systems, and a renewed focus on prevention. As part of the progress recorded by government, Pate said that since the introduction of the Human Papillomavirus (HPV) vaccination campaign

in October 2023, it has cumulatively reached over 12 million girls aged 9 to 14 nationwide, Pate who stated this while receiving a Lifetime Achievement Award for Advancing Preventive Healthcare at the Capital Health Award ceremony in Abuja, said that his ministry has received tremendous support from the president in transforming the health sector. The minister who was represented by his Senior Special Adviser, Barrister

Chinedu Moghalu said that government considers preventive healthcare as a strategic pathway to reducing avoidable disease burden, protecting human capital, and improving national productivity. He said that it was this vision that underscores the effort by the federal government to revive hospital facilities especially at the primary healthcare levels "This intervention is aligned with the Nigeria Health Sector Renewal Investment Initiative and its Sector Wide

Approach, translating evidence into national action through strengthened platforms for primary healthcare and immunisation "Preventive healthcare is not supplementary. It is a strategic pathway to reducing avoidable disease burden, protecting human capital, and improving national productivity.," he said. Pate spoke of the introduction of the Human Papillomavirus vaccine into Nigeria’s national immunisation programme, describing it as a landmark preventive intervention.

Kwara 2027: Again, Another Group Advocates Merit-based Leadership, Rejects Zoning

Hammed Shittu in Ilorin

Ahead of 2027 in Kwara State, another pressure group, the Kwara Inclusion Advocates (KIA) again at the weekend urged the political stakeholders to allow the merit-based leadership and capacity zeal

to thrive on who will emerge as the next governor of the state in the 2027 elections so as to stabilise the political growth of the state. The group therefore insisted that, the real question for 2027 is not whose turn it is, but who can heal, secure and unite

Kwara State. A pressure group, Political Leaders of Thought (KPLOT) in the All Progressives Congress(APC) has called for competence of gubernatorial candidate of the party rather than zoning arrangement ahead of the 2027 elections

in the state. Speaking with newsmen in Ilorin last Friday, the group said the leadership of the party should root for the ideal personality across the three senatorial districts of the state so as to move the state forward.

came on March 4, 2025, when TCN transmitted an all-time peak generation of 5,801.84MW with a maximum daily energy of 128,370.75MWh delivered nationwide; the highest ever recorded in the country’s history,” Abdulaziz stated. He attributed the achievement to deliberate investments in infrastructure rehabilitation, expansion of transformer capacity and sustained maintenance of transmission assets across the network. “This year, we made deliberate strides to strengthen our infrastructure, rehabilitate ageing assets, and expand transformer capacity across the country. With these efforts, TCN’s wheeling capability has grown to 8,700MW,” he added. While lamenting that infrastructure vandalism remained a major threat to grid stability, he revealed that 131 vandalism incidents were

recorded across TCN’s network between January and November 2025, a development that hobbled performance considerably. TCN, the sole bulk transporter of electricity in the nation's power sector was stablished by the Electric Power Sector Reform Act of 2005, and serves as the nexus of the Nigerian Electricity Supply Industry (NESI), with the mandate to ensure the efficient bulk transmission of electricity to distribution load centres, as well as to carry out System Operations and Market Operations. To effectively discharge its core transmission mandate, the TCN management, Abdulaziz said, has continued to implement a strategic, well-articulated, and systematic programme known as the Nigerian Electricity Grid Maintenance, Expansion and Rehabilitation Programme (NEGMERP), which incorporates both short- and long-term objectives.

NAFDAC Mounts Surveillance Against Import of Recalled Indomie Noodles

Onyebuchi Ezigbo in Abuja

The Management of the National Agency for Food and Drug Administration and Control (NAFDAC) said it has increased vigilance and border surveillance to guard against the entry of vegetable flavoured Indomie Noodles recently recalled by the French Authority over possible health risk. The agency said it was aware of the recall of Indomie Noodles Vegetable Flavour by the French Authority (Rappel Conso of France) on account of the presence of undeclared allergens, specifically milk and eggs, which may pose significant health risks to

consumers with allergies or intolerances. It however allayed fears of the recalled product being found in the local market, adding that noodles are listed on the Import Prohibition List of the Federal Government of, meaning their importation into the country is not allowed. It added that Indomie instant noodles products (and other brands of noodles) registered by NAFDAC for sale in the Nigerian market are manufactured locally in Nigeria and are only granted NAFDAC registration status following a strict regulatory regime covering all aspects of Good Manufacturing Practice (GMP).

T H I S D AY • MONDAY, DECEMBER 22, 2025

NEWS

MAIDEN EDITION OF WARRI INTERNATIONAL FILM FESTIVAL...

L-R: Key Account Officer, Warri Intercontinental Distillers Limited (IDL),Mr. Evwierejeria Benjamin; Chairman, Warri South Local Government Area, Comrade Agbateyiniro Weyinmi Isaac; Founder/Organizer, Warri International Film Festival (WARRIFF), Mr. Alex Eyengho; Member, Federal House of Representatives representing Warri Federal Constituency, Hon. (Chief) Thomas Ereyitomi; All Progressive Congress (APC) Chairman, Warri South LGA, Comrade Mario Owumi; and Retail Development Representative, Warri, IDL, Mr. Adjeke Alex, at the maiden edition of Warri International Film Festival (WARRIFF), in Warri, Delta State ... recently

Tinubu Assures Nigerians of Peaceful Xmas, Says It Will Be Marked in Safety, Harmony Reiterates govt's readiness to defeat terrorism, banditry Sanwo-Olu: Eyo festival will reinforce nation's unity

Deji Elumoye in Abuja

President Bola Tinubu, yesterday, assured Nigerians of a peaceful and joyous Yuletide, stressing that the holiday season would be marked by peace, harmony, and safety across the country. Tinubu, who gave the assurances while receiving members of the Eyo group, along with his Wife, Oluremi Tinubu, in audience at his Ikoyi residence, Lagos, urged Nigerians to celebrate responsibly, emphasising that the festive period should be free of fear and violence. He stated, "Well, I am happy for this great cultural remembrance and rekindle of our culture. It is a great honour to come back home to meet our people ready, happy and healthy for the celebration of Eyo Carnival. "In peace, harmony, love, brotherhood and sisterhood we continue to pray to God Almighty, the coming Christmas

should be a joyous one for every one of us. "The coming holidays will not be a disaster for Nigeria, you stay in peace, rejoice in peace. Dance in peace, no danger to anybody's life, everybody is a member of this great family." Tinubu described the Eyo festival as a significant cultural celebration, expressing happiness over a “great cultural remembrance and rekindling” of the Lagos heritage. He stated that Lagos had continued to make progress, just as Nigeria was recording steady advancement, adding that the current atmosphere of celebration reflects the country’s progress. Tinubu declared, "Eko is making progress, Nigeria is making progress. It is a result of this progress we are all rejoicing for this period. "God will bless you, will bless Lagos, will bless Federal Republic of Nigeria, and I assure you we will defeat terrorism and banditry."

Governor Babajide SanwoOlu of Lagos State described the ongoing Eyo festival in the state as a unique opportunity to showcase the state’s rich and enduring cultural heritage, saying the celebration reinforces unity, identity, and shared history among Lagosians. Sanwo-Olu said the festival provided a platform to demonstrate the depth of Lagos culture, stating that societies without strong cultural identity risk extinction. He added that the Eyo festival offersed an avenue for people to appreciate Lagos’ heritage, in line with the president’s call for a celebration that brought everyone together. The governor stated, "It's an opportunity to show the very deep cultural heritage of Lagos. They say the people without a culture are becoming an extinct generation of people, so we can use this to explain and for people to see the very deep cultural heritage of Lagos and, like the president has said, it

will be a celebration of some sort for all of us, where all the various Eyo families will come out in regalia, in unity, in peace, in celebration of the moment and season that we all find ourselves.” Sanwo-Olu added, “So what we have done here is to usher in the Adimu, which is the most prominent in order of ranking. They have come to pay homage to myself and now to the president, so this formally commences the full week of Eyo Festival that will now crown it on Saturday, December 27. "Officially now the celebration has started from today, and all of them will begin to pull their people together in brotherhood and in sisterhood and in unity." He explained that the Eyo festival was being held in remembrance of four prominent Lagosians and Nigerians. The governor stated that it had been eight years since the last Eyo festival, expressing satisfaction that preparations have now been concluded for

TINUBU: I WON'T SIGN CENTRAL GAMING BILL, IT'S EXCLUSIVELY STATES' AFFAIRS

the same action which the court has found to be illegal and unconstitutional. It is worthy of note that, none of the constitutional provisions interpreted by the Supreme Court in SC.1/2008, has been altered or amended. "It is in light of the foregoing that we respectfully implore the AGF to advise the President of the Federal Republic of Nigeria, to decline presidential assent to the gaming/lottery legislation, now passed by both the senate and House of Representatives, after the Supreme Court has decided that lottery and gaming are outside

the constitutional vires of the National Assembly. "We urge the AGF to accept the assurances of our best regards, whilst hoping that our client’s legitimate request herein communicated is expeditiously acted upon in order to halt the constitutional breach and assault on the final judgement of the Supreme Court, where both the National Assembly and the Honourable AGF, were parties" The AGF had at the beginning of the Supreme Court legal year on 22nd November 2024 described the court’s decision nullifying

the National Lottery Act as landmark and acknowledged that by the decision, the constitutional power to legislate on lotteries was exclusive to the states’ Houses of Assembly. In a telephone conversation with THISDAY after the president’s assurance that he would not assent to the new lottery bill, recently passed by both houses of the National Assembly, Olanipekun stated that he did not expect anything less from the president. He said the decline of presidential assent was a show of respect for the Supreme Court and the constitution. According

to him, the judgement of the Supreme Court on the subject is a statement on the nature of Nigeria’s federalism and the powers of the federating units. Olanipekun stressed that the National Assembly should not have embarked on the unconstitutional venture of re-enacting a federal legislation on lottery. He said Tinubu’s decline of assent to the bill showed the beauty of constitutional democracy. He lauded the fidelity of the AGF to the constitution and the president’s alignment with well-reasoned advice to decline presidential assent to the bill.

this year’s edition. According to the governor, "It's been long eight years that we had Eyo Festival and we are happy that we set in motion to have this year own. And it's in memory of four prominent Nigerians and Lagosians. "First military administrator of the state, late Mobolaji Johnson; first civilian governor of the state, Alhaji Lateef Jakande; late former civilian governor of the state, Sir Micheal Otedola; and finally our mother, who passed on less than a decade ago, Alhaja Abibatu Mogaji, who incidentally is the mother of our current president." He added that the president’s ties to Lagos, having served

as the state’s 12th governor, made the occasion particularly significant. "It's historical for us. For me, personally, I've been governor for six and a half years, this will be the first that I will be witnessing. For us, his coming home is an icing on the cake for us,” he said. Sanwo-Olu also acknowledged the Oba of Lagos, Rilwan Akiolu, for granting approval for the Adimu Orisa Eyo to proceed, describing the moment as historic. He said in over six years as governor, this would be the first Eyo Festival he would witness in office, calling it “an icing on the cake”.

I’ll Retire After My Governorship, I’ve No Presidential Ambition, States Governor Otti

Boniface Okoro in Umuahia

Abia State Governor, Dr. Alex Otti, has denied nursing any presidential bid, reiterating that he would retire from active politics soon after his governorship. Otti made this clear, weekend, at the Michael Okpara Auditorium, Government House, Umuahia, while addressing a viral video criticising his visit to Sokoto to see Mazi Nnamdi Kanu. The post had accused him of hiding under the Indigenous People of Biafra (IPoB) leader’s case to pursue his presidential ambition. But Otti denied nursing any political ambition beyond his governorship mandate. "One of the things he (the video maker) talked about was my ambition after being Governor. And I had said it

before, and I want to say it again, that by the time I'm done with governorship, I will retire. "So, I don't have presidential ambition, nor vice-presidential ambition. I also don't have senatorial ambition. So, when I finish with governorship, I will go. "I came for a mission. And when I deliver that mission, I will give way to younger people. So, he was talking of Igbo presidency. I don't even understand what that means. "So, I think if his thesis is based on that assumption, the assumption has collapsed, because he won't see me on the ballot," Otti said. The governor explained that it was essential for politicians to know when to quit, especially after completing their mandate.

T H I S D AY • MONDAY, DECEMBER 22, 2025

NEWS

ADVANCING QUALITY HEALTHCARE THROUGH TECHNOLOGY AND DATA-DRIVEN SOLUTIONS...

L-R: Special Adviser to Lagos State Governor on Health, Dr. Kemi Ogunyemi; Lagos State Head of Service, Mr. Olabode Agoro; Lagos State Commissioner for Health, Prof. Akin Abayomi; and Lagos State Permanent Secretary, Health District 3, Dr. Monsurat Adeleke, during the 2025 Management Retreat of the District, with the theme “Advancing Quality Healthcare Through Technology and Data-Driven Solutions,” held at Parkview Estate, Ikoyi... recently

NUPRC REMITS N7.75TN TO FEDERATION ACCOUNT IN 11 MONTHS AMID OIL HEADWINDS representing 54.78 per cent of the target and leaving a negative variance of N544.76 billion. Compared with October 2025, when oil and gas revenue stood at N873.10 billion, the November revenue declined by N213.06 billion, representing a month-on-month drop of 24.40 per cent. The contraction underscored the sensitivity of government revenue to shifts in crude oil output and price realisation. Oil and gas royalties remained the largest contributor to total revenue but were also the weakest performer against budget expectations. In November, royalties generated N605.26 billion, accounting for about 91.7 per cent of total oil and gas revenue. According to the document, this was significantly below the monthly budget projection of N1.144 trillion, resulting in a shortfall of N538.92 billion, or 47.1 per cent. The royalty figure also declined sharply from the N807.08 billion recorded in October, marking a month-onmonth reduction of N201.81 billion, or 25.0 per cent. The drop in royalty receipts largely explained the overall decline in oil and gas revenue for the month, given the dominant weight of royalties in total collections. However, gas flare penalties provided a relatively stronger performance, contributing N51.84 billion in November. Although this was lower than the N61.90 billion recorded in October, representing a decline of N10.06 billion or 16.3 per cent, gas flare revenue achieved 88.89 per cent of its monthly budget benchmark of N58.32 billion. The shortfall of N6.48 billion was comparatively modest relative to other revenue lines. Besides, rental income fell sharply to N0.78 billion in November, from N3.20 billion in October, reflecting a month-on-month decline of N2.42 billion, or 75.6 per

cent. Despite the drop, rental revenue significantly exceeded its monthly budget target of N0.34 billion, achieving a budget performance of 225.95 per cent and delivering a positive variance of N0.43 billion. The FAAC report showed that miscellaneous oil revenue emerged as one of the few areas of improvement during the month, with collections rising to N2.16 billion in November, more than double the N0.93 billion recorded in October. The increase of N1.23 billion represented a growth of about 132 per cent and enabled the category to exceed its budget benchmark of N1.95 billion by N0.21 billion, achieving a performance rate of 110.59 per cent. Overall, however, the gains recorded in gas flare penalties, rentals and miscellaneous revenue were insufficient to offset the steep decline in royalty collections. The result was a significant budget underperformance for the month, reinforcing concerns about the sustainability of oil-dependent revenue assumptions. In the same vein, the November FAAC data underscored the continued exposure of public finances to upstream volatility, as royalties accounted for more than nine-tenths of oil and gas revenue, fluctuations in production volumes and price benchmarks translate almost directly into revenue swings. While NUPRC’s remittance provided substantial fiscal relief, the scale of the budget variance highlighted the need for cautious revenue forecasting and broader diversification of government income. “The commission collected a total sum of N660,040,724,467.36 in November 2025, giving a percentage performance of 54.78 per cent . In comparison with the approved monthly budget of N1,204,801,984,708.98, a negative variance of

N544,761,260,241.63, equivalent to 45.22 per cent was recorded. This performance was due to fluctuation in the crude oil price and shortfall in crude oil production. “Total collection decreased by N213,063,939,505.34 equivalent to 24.40 per cent when compared with N873,104,663,972.70 collected in October 2025. There was no payment for Project Gazelle in the month of November 2025. “The amount transferred to the Federation Account in November 2025 was N660,040,724,467.36, while the total amount transferred by Central Bank of Nigeria (CBN) from January to November 2025 is NGN7,748,607,748,497.86. “The Commission's performance from January to November 2025 is N9,411,138,888,157.33 which is inclusive of NNPC Ltd JV & PSC Royalty Receivables of N977,120,130,737.48 for the period of January to November 2025 and Project Gazelle receipt of N835,689,852,435.38 for the same period,” it stated. Besides, the NUPRC confirmed receipt of $1,804,755.32 in the month under review from the cumulative outstanding amount of $101,960,934.63 expected from Production Sharing Contract (PSC), and Modified Carry Agreement (MCA) liftings, leaving a balance of $100,156, 179.31 from the NNPC. “The amount of $1,804,755.32 received is part of the total collection reported above for sharing by the Federation this month,” the document stated. Also, data tracked by Billionaires Africa has shown that petrol, which sold for N1,030 ($0.71) per liter in September 2024, has fallen to N739 per liter by December 2025. The drop, it said, comes amid a broader easing of inflation with the National Bureau of Statistics (NBS) reporting headline inflation in November at 14.45 per cent year-on-year down from 16.05

per cent in October. The refinery plans to maintain steady fuel supplies through the festive season, aiming to prevent shortages and long queues at filling stations. Dangote Petroleum said it would release 1.5 billion liters of petrol into the local market in December and another 1.5 billion liters in January 2026, roughly 50 million liters a day starting December 1, the report recalled. “In line with our commitment to national well-being, we are ensuring a holiday season without fuel scarcity,” Dangote said during a visit by the South-South Development Commission. He added that production would rise to 1.7 billion liters in February, or about 60 million liters a day, noting that the plant already produces between 40 million and 45 million liters daily. Commissioned in 2023 with an initial capacity of 350,000 barrels per day, the Dangote Refinery commenced full petrol production in September 2024 and is scaling toward its design capacity of 650,000 barrels daily. Diesel and aviation fuel production began earlier in the year, thus supporting domestic supply and reducing Nigeria’s reliance on imported refined products. “Dangote is also moving to expand the facility further. A recent agreement with Honeywell in India will support a 750,000-barrelper-day extension next to the current plant, potentially raising capacity to 1.4 million barrels daily. Once completed, the refinery is expected to surpass India’s Jamnagar facility as the world’s largest. “Officials estimate that the fully expanded complex could generate $55 billion in annual revenue, reduce fuel imports, and support Nigeria’s foreignexchange reserves. Additional output will include 2.4 million metric tons of polypropylene annually, Euro VI-grade fuel, and up to 1,000 megawatts of on-site power making it one

of Africa’s largest industrial projects,” the report added. Similarly, in an apparent response to complaints that the fall in petrol prices was not reflecting at the pumps, the Dangote Petroleum Refinery has said it has commenced N739 per litre petrol pump price across all MRS Oil Nigeria Plc filling stations nationwide. The refinery announced this in a statement issued last night, saying the move represented a significant milestone in the refinery’s mission to deliver affordable fuel to Nigerians and stabilise the downstream petroleum market. The company said with over 2,000 MRS stations nationwide, the new pricing was expected to be implemented across all outlets, ensuring that the benefits of this reduction reach consumers nationwide. In the statement, the refinery commended marketers who have embraced the new pricing regime and urged others to follow suit in the interest of national economic recovery. “We commend MRS and other marketers who have demonstrated patriotism by reflecting the reduced price at the pump. We call on others to join this effort as a show of support for Nigeria’s economic recovery,” the refinery stated. Historically, the festive season in Nigeria has been associated with fuel scarcity and sharp price hikes. However, Dangote Refinery said it has delivered a decisive market intervention—crashing pump prices at a time when Nigerians typically brace for hardship. Backed by a guaranteed daily supply of 50 million litres, the refinery said this initiative fundamentally alters the supply dynamics during the holiday period. By refining locally at scale, the refinery noted that it is reducing Nigeria’s exposure to volatile global markets, conserving foreign exchange, stabilising the Naira, and strengthening energy security.

It noted that this sustained price cut and steady supply were providing relief to households, businesses, and transport operators nationwide. The refinery also issued a stern warning against attempts by unscrupulous operators to create artificial scarcity in response to the price reduction, calling on government agencies to act decisively. “Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable. We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the statement added. The refinery also advised consumers to resist purchasing fuel at inflated prices when cheaper, high-quality alternatives were readily available. “We encourage Nigerians to avoid buying PMS at excessively high prices when they can access locally refined fuel at N739 per litre from over 2,000 MRS stations nationwide. Report any MRS station selling above N739 per litre by calling 0800 123 5264. “We also call on other petrol station operators to patronise our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market", the statement said. Dangote Petroleum Refinery reaffirmed its commitment to steady supply, price moderation, and energy security, emphasising that its operations were anchored on long-term national interest rather than short-term market pressures. “Our objective remains clear: to ensure consistent supply of high-quality petroleum products at affordable prices for Nigerians, while supporting economic stability and reducing dependence on imports,” the refinery concluded.

T H I S D AY • MONDAY, DECEMBER 22, 2025

NEWS

SIGNING CEREMONY BETWEEN NIGERIAN BREWERIES AND FATE FOUNDATION...

L–R: Dean and Director, The FATE School, Adebambo Adebowale; Supply Chain Director, Nigerian Breweries Plc, Federico Agressi; Finance Director, Nigerian Breweries Plc, Maria Karaseva; MD/CEO, Nigerian Breweries Plc, Thibaut Boidin; Corporate Affairs Director, Nigerian Breweries Plc, Uzodinma Odenigbo; Executive Director, FATE Foundation, Adenike Adeyemi; Consul General, Kingdom of the Netherlands in Lagos, His Excellency Michel Deelen; Policy Advisor, Entrepreneurship, Youth Employment and Healthcare, Consulate General of the Netherlands in Lagos, Sonia Fajusigbe; Deputy Consul General, Consulate General of the Netherlands in Lagos, His Excellency Peter Keulers during the partnership signing ceremony between Nigerian Breweries Plc and FATE Foundation for the Orange Corners Student Ambassador Program—an initiative of the Kingdom of the Netherlands implemented by FATE Foundation, held in Lagos ... recently

Akpabio Takes Natasha’s Suspension Battle to Supreme Court After A’Court Strikes Out Brief Kogi Senator mocks senate president in cryptic message, says her people are her security

Sunday Aborisade in Abuja The legal and political contest surrounding the suspension of Senator Natasha AkpotiUduaghan has escalated, with Senate President, Godswill Akpabio, heading to the Supreme Court to challenge a ruling of the Court of Appeal that struck out the federal government’s brief in the

matter. Akpabio’s move followed a judgement of the Court of Appeal, Abuja Division, which dismissed the federal government’s brief of argument in the defamationrelated appeal arising from Akpoti-Uduaghan’s suspension from the senate. The appellate court held that the brief was fundamentally

defective and failed to comply with mandatory provisions of the Court of Appeal Rules. Certified records of proceedings showed that the appellate court struck out the brief on procedural grounds, citing multiple infractions by the appellants’ legal team. These included the use of an improper font size and line spacing, exceeding the

stressing that compliance with court rules is essential to the administration of justice. On that basis, the brief was struck out in its entirety. Akpabio rejected the decision and approached the Supreme Court, insisting that the Court of Appeal acted wrongly. In his Notice of Appeal, marked SC NO: SC - 2025. Appeal Nos: CA/ABJ/ CV/1107/2025. Suit No: FHC/ABJ/CS/384/2025, he argued that his constitutional right to fair hearing was breached when the appellate court declined to grant leave birthday. The book itself is to regularise the defective a compendium of wisdom brief or permit an extension and experience. beyond the prescribed page “We are proud of Makinde limit. in terms of delivery of good He asked the apex court to governance. If we have 80 set aside the proceedings of per cent of governors like November 28, 2025, nullify the Makinde, the country will ruling of the Court of Appeal, fare better,” Nwifuru said. and allow him to refile his Organizer of the occasion, Odefa described Makinde as a true friend and highly detribalised Nigerian. “We are honouring Makinde to show appreciation and thank him for what he has Blessing Ibunge in Port done for us,” Odefa said. Harcourt

stipulated 35-page limit, and failure to seek the leave of court before departing from the rules. The court also found that the Notice of Appeal itself suffered from defects that undermined the competence of the entire process. The justices ruled that the breaches were substantive and not mere technicalities,

Makinde Reiterates Call for True Federalism, Competitive Political Environs Benjamin Nworie in Abakaliki Oyo State Governor, ‘Seyi Makinde, has reiterated his call for true federalism and unity in diversity through which every citizen would enjoy equal treatment irrespective of tribes and ethnicity. He made this known at Remeritona Hotel, Abakaliki, Ebonyi State, during his 58th birthday celebration and book launch organised by the National Vice Chairman of People Democratic Party

(PDP), South East, Chief Ali Odefa. He emphasized that the Igbo have a role to play in nurturing the nation on the part of true federalism. Makinde, who recalled that Nigeria was negotiated as a federation, emphasized the need to make the political environment competitive. "I am calling on our brothers/sisters on this occasion of my 58th birthday, to play the same role and make the political environment competitive.

"It will be a great birthday gift for me, if we make up our minds and participate to make our voices heard by calling for true federalism of the Federal Republic of Nigeria. So, we must not be bystanders." In his speech, Governor Francis Nwifuru of Ebonyi State, represented by his deputy, Patricia Obila, extolled the leadership qualities of Makinde for institutionalising good governance in Oyo State. “Today, we are here to launch a Book on Makinde and to celebrate his

Member representing South East on the Governing Board of North East Development Commission (NEDC), Hon. Sam Onuigbo, has commended President Bola Tinubu for insisting on the fiscal autonomy of local government councils. Addressing the National Executive Committee (NEC) of All Progressives Congress (APC) at the Presidential Villa recently, Tinubu had frowned

at the continued fiddling with the local government funds by governors. The president noted that he has been patient with the governors, lamenting that despite the unambiguous judgment of the Supreme Court affirming the fiscal autonomy of Local Councils, most state governors continued to emasculate the funding of the local government system in the country. Speaking to journalists in Abuja, yesterday, Onuigbo

regretted that the low-level democratic benefits in the 774 councils in the past 26 years of fourth republic follows the undue interference by state chief executives in the running of grass roots governance. He expressed delight to hear the President’s passionate declarations in the presence of governors and party men. “What this means is that governors who have been tampering with Local Government funds should be prepared to show where

My People Are My Security, Says Natasha in Cryptic Message to Senate President Meanwhile, the Kogi Central Senator, Natasha Akpoti-Uduaghan, yesterday, took a swipe at the Senate President, Godswill Akpabio, over his appeal to President Bola Tinubu to reconsider the withdrawal of police escorts attached to lawmakers, saying her faith and the support of her constituents remain her true security.

Fubara Commiserates With Bayelsa Gov

Tinubu Hailed over Council Autonomy

Adedayo Akinwale in Abuja

arguments in compliance with the rules. Natasha was suspended for six months, with her privileges withdrawn, over alleged misconduct on the floor of the senate, a move that sparked controversy within and outside the National Assembly.

the money went. “Mr President is determined; and my understanding of the tone and tenor of his statement, some governors will go down for seizing Local Government money through various means. “I think this is a wonderful opportunity for me personally and the Nigerian people to continue to commend Mr. President for remaining dogged, determined, resolute in trying to resolve this issue,” Onuigbo noted.

Rivers State Governor, Siminalayi Fubara, has commiserated with the people of Bayelsa State over the sudden death of their deputy governor, Senator Lawrence Ewhrudjakpo. Fubara described the late Senator Ewhrudjakpo, as a man of exceptional calibre whose public service was defined by intellectual depth, humility and uncommon dedication. Fubara stated this when he led leaders from Rivers State on a condolence visit to Bayelsa State Governor, Senator Douye Diri, following Ewhrudjakpo’s sudden death on December 11.

The governor arrived in Yenagoa dressed in black native attire with a matching cap, symbolising mourning. Fubara described the passing of the deputy governor as a monumental loss, not only to Bayelsa but also to Rivers, noting that both states share deep historical, cultural and political ties. He said the loss had personally touched him, stressing that death remained an event beyond human control and was determined only by God, who gave and took life. Fubara assured the Bayelsa State Government of Rivers State’s readiness to support funeral arrangements for the late deputy governor.

T H I S D AY • MONDAY, DECEMBER 22 , 2025

MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe

Email duro.ikhazuagbe@thisdaylive.com

08111813083 SMS Only

Chukwuma Calls on President Tinubu to Force Entire NFF Board to Resign 2026 WORLD CUP MISS Duro Ikhazuagbe Not satisfied with inability of the Super Eagles to qualify for next year’s FIFA World Cup after similarly missing out of the last edition in Qatar in 2022, a former Vice President of the Nigeria Football Federation (NFF), Chief Gabriel Chukwuma, has asked for the resignation of the entire board of the Nigeria Football Federation (NFF) led by Ibrahim Gusau. Although the NFF has petition FIFA to disqualify DR Congo who defeated Super Eagles in shootouts of the final match of the African Playoffs in Morocco last month, for fielding nine players that Nigeria consider “ineligible”, Chukwuma stressed that seeking to get into the Intercontinental playoffs through the boardroom was beneath the three-time continental champions. “The NFF board should resign because if they had gotten their acts together earlier, the Super Eagles would have qualified with ease without depending on play-offs or boardroom points now.” The former proprietor of Gabros FC of Nnewi who is

R E S U LT S AFCON 2025 Morocco 2-0 Comoros TODAY Mali v Zambia S’Africa v Angola Egypt v Zimbabwe Premier League Aston Villa 2-1 Man Utd NPFL El Kanemi 3-2 Enyimba K’Pillars 2-1 Plateau Abia War 1-0 W’Wolves Kwara Utd 2-0 Bayelsa Rangers 2-1 Ikorodu City Remo 2-3 B’Insurance Shooting 2-1 Tornadoes Wikki 0-0 Kun Khalifa

one of the highest stakeholders in Nigerian football, having managed a football club for 22 years from amateur to professional rank, said that apart from not qualifying for the 2026 World Cup, the current board rendered all male national teams powerless. “The board has through cluelessness reduced our male teams to minnows of African football, beaten easily by unpopular or unknown names in football,” he noted with sadness. Chukwuma recalled: “Since last year, I have been telling them to contact me so that I can assist in contributing money and can possibly engage some of my friends to assist, if money was their problem. “Now, they have failed, there is nothing they can do. They should stop deceiving President Bola Tinubu that there is still hope for Super Eagles to Reach the World Cup to be hosted by USA, Canada and Mexico. “Just because our president is a listening president, they go to him and deceive him. They forget that Nigerians like football. They hardly eat or sleep when Nigerian teams are playing as they are always ready to watch them. “The federal government gave NFF tax payers’ money, including my money and they swallowed it. Nigeria have the crop of best legs in the whole world. But the problem is that those who manage our football dont know what to do, they are only interested in doing players’ agent. He decried the situation where everyone in football administration will wants his or her players to be in the teams to play matches. “Football is either you get

Goldberg Rallies Support for Super Eagles with ‘Our Beat, Our Gold’ As Nigeria build momentum towards the 2025 Africa Cup of Nations (AFCON) in Morocco, Goldberg Lager Beer has unveiled a nationwide fan engagement campaign aimed at rallying support for the Super Eagles and reigniting the passion that defined the team’s run to the final of the last tournament in Côte d’Ivoire. Nigeria have been drawn in Group C alongside Tunisia, Uganda and Tanzania, a group widely seen as competitive and unpredictable. The Super Eagles will open their campaign against Tanzania on 23 December at the Complexe

Sportif de Fès, before facing Tunisia on 27 December. They will conclude the group stage against Uganda on 30 December. The campaign, themed Our Beat, Our Gold, draws inspiration from the rhythm, pride and resilience that connect Nigerians to football. It positions Goldberg as a central part of the AFCON experience, blending live match viewing with music, entertainment and consumer rewards. At the centre of the initiative is a flagship viewing centre planned for the Police College in Ikeja, Lagos, from 4 30pm and admission is free.

L-R: Super Eagles forwards, Paul Onuachu, Moses Simon and Ademola Lookman at training in Fes, Morocco ahead of Nigeria’s opening Group C clash with Tanzania on Tuesday evening

results or you get rich. As long as you want to enrich yourself you cannot get results. I said this many months ago that Nigeria cannot qualify for the World Cup. Not that I was wishing the country bad luck but just to challenge those managing

our football to qualify for the World Cup.” Chukwuma reiterated, “ Let me say it again, all NFF board members should resign from their positions to allow young managers take over the management of football in the

country and prepare for the 2030 World Cup. “It is shameful that some countries that are not up to Lagos qualified easily. And now, I am hearing that these same people who have dragged our football into the abyss are

preparing to return for another term. “It is an insult to the whole nation. If President Tinubu allows them to go for anothet term, we have accepted defeat and should say goodbye to ever qualifying for the World Cup.

Electric El Kaabi Helps Morocco to Win over Stubborn Comoros AFCON 2025 OPENER

WAfrica Cup of Nations (AFCON) 2025 hosts Morocco began their campaign to win a second continental title with a somewhat nervy win over Comoros in the tournament opener in rainy Rabat on Sunday night. Brahim Diaz had fired the hosts to a comfortable lead in the 55th minute after the first half had ended goalless. Substitute Ayoub El Kaabi netted a sensational overhead

kick with a quarter of an hour remaining to make the game safe for the North Africans and ensure that Walid Regragui’s side lived up to pre-match expectations by delivering victory. The Atlas Lions spurned a glorious chance to take an 11thminute lead after Iyad Mohamed brought down Brahim Diaz in the box, but Comoros goalkeeper Yannick Pandor got his left knee to Soufiane Rahimi’s penalty.

Ayoub El Kaabi (left) scored an over the head kick goal as hosts Morocco defeated Comoros 2-0 in the opening match of the 2025 Africa Cup of Nations (AFCON) in Rabat...last night

Is 45-year AFCON History About to Be Repeated in Morocco? More than 45 years ago, Nigeria’s then Green Eagles opened their 12th Africa Cup of Nations (AFCON) campaign against Taifa Stars of Tanzania. The Christian Chukwu led Eagles defeated the East Africans 3-1 in Lagos to go all the way to their

N I G E R I A V TA N Z A N I A first AFCON title as hosts in 1980. Since then, both countries have not met in the opening fixture of any group of this African football showpiece. But as both nations are billed to kickoff Group C

on Tuesday before Tunisia and Uganda battle in the group’s other fixture later in the night, Nigerian ball fans are pointing at the good omen the fixture portends for the Super Eagles. While Eagles have gone

all the way to adding two more titles and are chasing a fourth here in Morocco, the Taifa Stars are yet to record even a win in all their outings in Africa’s flagship football tournament, after drawing three and losing six of their previous nine encounters.

Kuti, Aiyelabegan Reclaim Titles at 3rd Daniel Ford T’Tennis Tournament Matthew Kuti and Sukurat Aiyelabegan reclaimed the titles they lost in 2024 to Abdulbasit Abdulfatai and Kabirat Ayoola at the 3rd Daniel Ford Elite Table Tennis Tournament, held at the Molade OkoyaThomas Hall of Teslim Balogun Stadium, Lagos on Saturday. The colourful finals had in attendance Governor Babajide Sanwo-Olu of Lagos State and Chairman of the Nigeria Diaspora Commission (NDC),

Abike Dabiri-Erewa. The climax of the tournament lived up to expectations, with sponsor Yemi Edun reaffirming his commitment to staging the competition annually. Kuti was flawless throughout, delivering nearperfect performances from the group stage to the final, where he dominated Muiz Adegoke 4-0 to reclaim the boys’ U-19 title. With this victory, Kuti has now won the category

twice in the last three editions. Similarly, Aiyelabegan defeated Khadijat Okanlawon 4-0 to secure the girls’ U-19 crown, also her second triumph in three years. In other categories, Chinenye Okafor of Abia retained the girls’ U-15 title and was named Most Valuable Player (female), while Habeeb Adebayo clinched the boys’ MVP award alongside the U-12 boys’ title. Elizabeth Emelike of Abia

emerged champion in the girls’ U-12 singles, and Joseph Marvelous of Kogi defeated Umar Ayoola of Lagos 3-0 to win the boys’ U-15 title. Governor Sanwo-Olu, who served as the special guest, praised Edun for his foresight in sponsoring the tournament with the aim of discovering grassroots talent. He also urged athletes to embrace discipline, hard work, and to avoid doping.

T H I S D AY • MONDAY, DECEMBER 22, 2025

BACKPAGE CONTINUATION LANDSLIDE BEFORE THE EARTHQUAKE from their parties unless they are split into factions, PDP Speakers and Senate Presidents always shielded defectors and never declared their seats vacant despite demands by their former parties to do so. Since 2023, not only MPs but state governors are also defecting in the middle of their governorship mandates. Before Fintiri and Mutfwang, Rivers State Governor Simi Fubara sought an end to his political troubles by defecting to APC. That, too, was foreseen because he did not attend PDP’s Ibadan convention after he was restored to his seat after the six months’ suspension. He said he was defecting to APC to show gratitude to President Bola Tinubu for restoring him to office, a strange kind of gratitude because it was the same Tinubu who suspended him on grounds that many Nigerians thought were at the service of Nyesom Wike. Before Fubara, Taraba State Governor Agbu Kefas also defected from PDP to APC. Some Taraba journalists said he did so against the wishes of his political godfather, General Theophilus [T.Y] Danjuma. Shortly after Kefas defected, Danjuma was seen receiving PDP leaders led by its new National Chairman Kabiru Turaki at his Lagos home. Before Kefas, Bayelsa State Governor Duoye Diri, defected; before him, Enugu State Governor Peter Mba did the same. Before Mba, Akwa Ibom State Governor Umo Eno jumped the PDP ship, and preceding Eno, Delta State Governor Sheriff Oborevwori defected to APC with his entire cabinet, entire members of his state assembly, entire Local Government chairmen and councilors and entire PDP state, local government and ward executives. He also took along with him former state governor Ifeanyi Okowa, who was PDP’s vice presidential candidate in the 2003 elections. Yet another PDP governor, Ademola

Adeleke of Osun, jumped ship. He did not go to APC, because the Osun State APC is powerful, it narrowly lost the governorship to him four years ago, is bent on reclaiming it in the upcoming off-season election and will not concede its ticket to the dancing governor, since its own men are eagerly waiting in the wings. So Adeleke danced his way to the small Accord party and quickly grabbed its nomination. But another group claiming to be an Accord party faction held a parallel congress and nominated another candidate. So, although Adeleke was banking on his incumbency powers to fight his way to re-election even on the platform of a non-descript party, the Wike Formula in PDP may again be at play. In summary, PDP that emerged from the 2023 elections with twelve state governors, is now down to three. Last year it lost control of Edo State to APC. The three governors left in PDP, i.e. Bala Mohammed of Bauchi, Seyi Makinde of Oyo and Dauda Lawal of Zamfara, must now be walking tightropes to avoid landslides and earthquakes. Bala and Makinde are completing their second terms in office so they are less endangered. Governor Lawal however is a first termer who will be up for re-election in 2027. Somewhat like Adeleke, moving to APC is a bit problematic for him because he only narrowly defeated it in the last election and must first seek accommodation with Zamfara APC’s powerful leaders, Bello Mutawalle and Abdulaziz Yari. Apart from the three left-over PDP governors, there are three other opposition party governors in Nigeria. They are Prof Chukwuma Soludo of Anambra [APGA], Alex Otti of Abia [Labour Party] and Abba Kabir Yusuf of Kano, NNPP. All three of them must be contemplating their political future. Soludo only recently secured re-election, having deftly fended off Federal hostility by playing the pro-

Tinubu game. Although APGA has been in control of Anambra State since 2006, the party has hardly expanded outside that enclave and must be contemplating its post-Soludo future. Otti is also in quandary because LP is disorganised at the national level, with two claimants to its national leadership and with its leader, Mr. Peter Obi having one leg in the opposition ADC. In last month’s off-season guber polls in Anambra State, LP secured only 10,000 votes in Mr. Obi’s home state. Governor Abba Yusuf of Kano also faces a dilemma. Although his state has a long history of defying federal power, remarks made by NNPP’s leader Rabi’u Kwankwaso suggest a move towards APC. Most probably, they are still haggling over the terms of the defection, because Kano APC leaders will not easily concede the governorship ticket to NNPP defectors, the latter’s incumbency notwithstanding. In the earlier years of this Republic when PDP held unrivalled sway, it gathered a lot of decampees but few sitting governors. In 2007, outgoing Kebbi State Governor Muhammad Adamu Aleiro defected from ANPP to PDP and got the governorship ticket conceded to his bloc, which fielded Sa’idu Nasamu Dakingari. In Bauchi State too, Governor Isa Yuguda, elected on ANPP’s platform in 2007, defected to PDP, as did Governor Mamuda Aliyu Shinkafi of Zamfara. However, five PDP governors, namely Adamawa’s Murtala Nyako, Rivers’ Rotimi Amaechi, Sokoto’s Aliyu Magatakarda Wamakko, Kano’s Rabi’u Kwankwaso and Kwara’s Abdulfatah Ahmed defected to APC in 2014 and enormously helped in the ruling party’s historic defeat. I am just wondering. Why was it that in the 51 months of the Second Republic [October 1979 to December 1983] in

this same Nigeria, not one opposition party governor ever defected to the ruling NPN? Not one. At the start of that Republic, there were nineteen states and five registered political parties. NPN, which controlled the Presidency, had seven governors; UPN had five; NPP had three; GNPP had two and PRP had two. Along the way, there were rifts in some of the opposition parties caused by PRP and GNPP governors’ desire to team up with their UPN and NPP counterparts to form the mega opposition Progressive Peoples Party, PPP]. Party leaders Aminu Kano and Waziri Ibrahim objected; FEDECO refused to register PPP [probably at NPN’s behest]; it also said any governor who wanted to defect to another party must first resign. Thus, GNPP governors Muhammadu Goni of Borno and Abubakar Barde of Gongola both resigned and contested the 1983 elections on UPN’s tickets. PRP’s Abubakar Rimi of Kano also resigned and contested on NPP’s platform, while Kaduna’s PRP governor Abba Musa Rimi opted to forgo re-election. All of them lost to NPN candidates in the “landslide victory” of 1983. In the Third Republic, not one of the 30 state governors [16 NRC and 14 SDP] ever changed camps, so why are almost all opposition governors of the Fourth Republic in a wildebeest-like migration to the ruling party? Is it fear of anti-graft agencies, lure of alleged Presidential largesse to defectors, lack of trust in INEC to provide a level playing field, or fear that their parties will be so riven by [APC-sponsored] factions that they will be unavailable to provide anyone with a platform to contest the 2027 elections? Caveat Emptor: Landslides and earthquakes in Nigeria’s political history, however achieved, step on mines down the road.

DISSECTING TINUBU’S BUDGET SPEECH: DISCIPLINE AS DOCTRINE, BOLDNESS AS SIGNAL, SECURITY AS CORE longer be masked by opacity or manual processes. The subtext is unmistakable: systems will now remember who performed and who did not. 4. Security Doctrine: No Moral Grey Zones On national security, the speech abandons euphemism entirely. The declaration that any armed group operating outside state authority will be regarded as terrorists is a doctrinal reset. It removes political, ethnic, or semantic cover from violent non-state actors. This is bold because it narrows discretion and widens accountability. It also signals to security agencies that ambiguity will no longer be an operational excuse. 5. Fiscal Numbers as Political Statement The budget aggregates are presented not as defensive explanations, but as choices: * a conservative oil benchmark * realistic production assumptions * a deficit framed within sustainability, not denial. The repeated insistence that “these numbers are not mere accounting lines” reinforces the President’s framing of the budget as an instrument of national priority, not legislative ritual. 6. A Quiet but Firm Philosophy Shift Perhaps the most important feature of the peesentation is its philosophical undertone: Nigeria is moving from expansion without discipline to consolidation with enforcement. The closing line captures it succinctly: “The most significant budget is not the one we announce. It is the one we deliver.”

Tinubu

That sentence alone separates this speech from many of its predecessors.

Why This Budget Matters This budget speech is bold not because it promises miracles, but because it sets consequences. It does not sell optimism cheaply; it conditions optimism on discipline, systems, and performance. The fiscal numbers reinforce this realism. Conservative oil benchmarks, realistic production assumptions, and a deficit framed within sustainability signal deliberate choices rather than defensive explanations. When the President insists that these are not

mere accounting lines, he reframes the budget as an instrument of national priority. Underlying the entire speech is a quiet philosophical shift: Nigeria is moving from expansion without discipline to consolidation with enforcement. The closing line captures this succinctly—the most significant budget is not the one announced, but the one delivered. For the North, and for Nigeria as a whole, this budget matters not because it promises miracles, but because it establishes consequences. It conditions optimism on discipline, clarity of command, and measurable performance. In that sense, the 2026

Budget Speech is less a fiscal document than a governance marker—and its boldness lies precisely there. In tone, structure, and substance, it signals a presidency that is no longer merely reform-minded, but executiondriven. If followed through, it marks a transition point: from reform as intent to reform as enforcement. In that sense, this budget is less a fiscal document and more a governance marker—and its boldness lies precisely there. •Sunday Dare, Special adviser to the President on Media and Public Communication/Spokesperson

Price: N400

MONDAY, DECEMBER 22, 2025 • T H I S D AY BACK PAGE LEAD PHOTOGRAPH

DANCING TO EYO FESTIVAL MUSIC AT HIS LAGOS RESIDENCE...

L-R: Principal Secretary to the President, Hakeem Muri-Okunola, Lagos State Governor, Babajide Sanwo-Olu and President Bola Ahmed Tinubu dancing to the Eyo Festival in Lagos … yesterday

MAHMUDJEGA VIEW FROM THE GALLERY

Landslide Before the Earthquake

he phrase “landslide victory” crept into our national political lexicon in August 1983 when the ruling National Party of Nigeria [NPN] recorded a sweeping presidential election victory and also increased its haul of state governors from seven to thirteen out of 19. It snatched six governorships from opposition parties but lost one state, Kwara, to UPN. All the newspapers reported then of an NPN landslide victory but when reporters accosted the legendary wordsmith Dr. K. O. Mbadiwe and asked him what he thought it, he said, “No, no. This is not a landslide victory. It is a political Fintiri earthquake.” With the migration, last week alone, opposition Peoples Democratic Party of two more state governors from the [PDP] to the ruling All Progressives

SUNDAYDARE

Congress [APC], the latter has already recorded a landslide victory more than a year before the 2027 general elections and is on course to record a political earthquake in the upcoming elections. Whether that is historically safe, is another matter. Both Adamawa State Governor Ahmadu Umaru Fintiri and Plateau State Governor Caleb Mutfwang’s defections had been expected since the two of them publicly dissociated themselves from the decision taken at PDP’s Ibadan convention in November to expel several estranged chieftains, including Federal Capital Territory [FCT] Minister Nyesom Wike. Open disagreement with the decision of a national convention could only be a sign of preparing to depart.

The gale of defections of state governors from opposition to the ruling party at the federal level has consolidated one of the most conspicuous differences between politics in the Fourth Republic and that of earlier Republics, especially the Second and the Third. Defections in themselves have never been unusual in Nigerian politics. Ordinary party members, some of them imaginary, often announce their defection by the thousands usually as “supporters” of a major figure who defected. Since 1999, a lot of Federal and state legislators also defected from opposition to ruling parties. PDP gained a lot from those defections during its heydays. While MPs cannot legally defect Continued on page 39

GUEST COLUMNIST

Dissecting Tinubu’s Budget Speech: Discipline as Doctrine, Boldness as Signal, Security as Core

resident Bola Ahmed Tinubu’s 2026 Budget Speech is remarkable, not only for its rhetorical flourish, it is remarkable, for something far more consequential in Nigerian public finance management: authority, realism, and enforcement intent. This budget indicates where Nigeria is coming from, where it is, and— critically—what must now change. 1. A President Owning the Hard Truths,Powering Forward The first strength of the speech lies in what it does not evade. The President openly acknowledges that: * budget execution must be stronger,firm

* revenue assumptions were optimistic, * and fiscal reality eventually caught up with projections. This candour is rare in budget presentations, which often prefer abstraction over admission. By naming the problem plainly, the President establishes credibility and signals a shift from excuse-making to corrective action. The clarification that the additional three months for 2025 budget execution is legal housekeeping, not fiscal indiscipline, further reinforces a leader who understands constitutional boundaries and chooses to explain them, not hide behind them. 2. The Boldest Line in the Speech: Command, Not Consultation

The speech reaches its most consequential moment at Paragraph 12: “Let me be clear: 2026 will be a year of stronger discipline in budget execution.” This is not rhetorical emphasis; it is executive instruction. Naming the Minister of Finance, the Minister of Budget and Economic Planning, the Accountant-General, and the DirectorGeneral of the Budget Office is deliberate. It does three things at once: * fixes responsibility, * removes ambiguity, * and collapses bureaucratic distance. This is presidential authority exercised without apology. It sends a clear signal that 2026 is not a negotiating year for fiscal laxity.

3. From Reform Rhetoric to Enforcement Architecture The speech’s boldness deepens in its treatment of Government-Owned Enterprises (GOEs). The language shifts from encouragement to performance compulsion: * assigned revenue targets * digitised end-to-end collections * interoperable payment rails * real-time dashboards, * performance scorecards tied to evaluations. This is not merely reform language; it is institutional redesign. The President is explicit that underperformance will no Continued on page 39

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