Issuu

NMDPRA Proposes 138 Rules to Check Unfair Competition, Monopoly in Oil Sector Set to curb price-fixing, collusion, abuse of dominance Downstream regulator, FCCPC to deepen coordination New rules to scrutinise contracts, mergers, JVs, others Emmanuel Addeh and Aminat Hassan in Abuja

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) yesterday

announced that it was proposing 138 new regulations to rein in unfair competition, monopoly and

abuse of market power in Nigeria’s midstream and downstream petroleum sector.

The proposed Midstream and Downstream Petroleum Prevention of Anticompetitive Practices and

Behaviour Regulations, 2026, Continued on page 9

OPay: Turning Technology into Social Value for Nigerians... Page 8 Wednesday 23 September, 2026 Vol 31. No 11490. Price: N400

www.thisdaylive.com TR

UT H

& RE A S O

2027: Makinde Meets North-west Stakeholders in Katsina, Canvasses Removal of Mining from the Exclusive List... Page 7

CBN Crashes Interest Rate by 350bps to 23%, Market Expects Cheaper Credit Cardoso declares rate adjustment a “reset and recalibration” of monetary policy rather than shift to easing stance Says CBN reforms have restored confidence, rebuilt external reserves to $55bn amid FX stability LCCI, Rewane, Oye, Uwaleke, Yusuf, Oyerinde, others applaud apex bank

Story on page 9

OPENING SESSION OF THE 81ST UNGA...

Front Row: L-R: Vice President Kashim Shettima; Minister of Foreign Aﬀairs, Ambassador, Bianca Odumegwu-Ojukwu; and Nigeria’s Permanent Representative to the United Nations, Amb. Jimoh Ibrahim. At the back row is Governor Dauda Lawal of Zamfara State and other members of the Nigerian delegation during the opening session of the 81st United Nations General Assembly in New York, USA, yesterday

WEDNESDAY SEPTEMBER 23, T H I S D AY

WEDNESDAY, SEPTEMBER 23, 2026 • THISDAY

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

NEWS

APM NORTH WEST ZONE PRESIDENTIAL TOWNHALL...

L-R: National Chairman, Allied People’s Movement (APM), Yusuf Mamman Dantalle; Oyo State Governor and APM Presidential Candidate, Seyi Makinde; his running mate, Alhaji Lawal Daura, during the North West Zone Townhall with stakeholders and political leaders in Katsina State PHOTO: OYO GOV’S MEDIA UNIT

Lokpobiri: Without Tinubu’s Decision Fuel Subsidy ‘ll Cost Nigeria N21tn Annually Says Nigeria would be like Venezuela if fuel spending was retained States Atiku’s petrol subsidy proposal has no legal, fiscal basis Claims higher FAAC allocations reflect savings from subsidy removal Reveals $1.4bn of $1.5bn refineries’ fund already spent before he resumed Emmanuel Addeh in Abuja The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, yesterday argued that Nigeria would have been spending about N21 trillion annually on petrol subsidy at the current exchange rate if the regime had been retained. Lokpobiri, who spoke in an interview on Channels Television, said the estimate was based on the N18.4 billion that former Minister of Finance, Zainab Ahmed, told the House of Representatives in 2023 that the country was spending daily on petrol subsidy. He explained that the N18.4 billion daily subsidy expenditure, at the then exchange rate of N448 to the dollar, amounted to about $41 million a day and approximately $15 billion annually. According to him, converting the $15 billion at an exchange rate of N1,400 to the dollar would amount to about N21 trillion annually. “That’s for the purpose of argument, to say that today’s exchange rate is perhaps N1,400 to a dollar. If you change $15 billion at N1,400 to a dollar, it will be about N21 trillion. That’s what Nigeria would have spent, subsidised,” he said. The minister defended the removal of petrol subsidy, saying the Petroleum Industry Act (PIA) 2021, provides that

petroleum products should be priced under free market conditions at both wholesale and retail levels. He said the decision by President Bola Tinubu to remove the subsidy was therefore in line with existing law, describing it as difficult and painful but necessary. He warned that retaining the subsidy could have pushed Nigeria into a situation similar to that of Venezuela, despite the South American country’s huge crude oil reserves. The minister dismissed former Vice President Atiku Abubakar’s proposal for a production subsidy on petrol refined locally, arguing that the plan has no legal, fiscal or financial basis. Lokpobiri described Atiku’s position as political and maintained that petrol pricing in Nigeria was now governed by the free-market provisions of the PIA. He said the legislation provided for petroleum products to be sold under market forces, adding that the government could not simply return to the subsidy regime that had been dismantled under President Bola Tinubu. “So, whatever Atiku is saying is simply political. And Nigerians shouldn’t take him seriously,” Lokpobiri maintained. Atiku had argued that because Nigeria produces the crude oil and now has significant domestic refining

capacity, including the Dangote refinery, Nigerians should be able to benefit from cheaper locally refined petrol through a production subsidy. Asked where the savings from subsidy removal had gone, Lokpobiri said the funds were reflected in increased allocations to the three tiers of government through the Federation Account Allocation Committee (FAAC). “When, at the end of every month, the FAAC is convened, these days we get N2.3 trillion, N2.1 trillion. This is

the first time it has happened,” he said. He added that many state governments had previously struggled to pay salaries but were now undertaking major projects, attributing the improvement partly to the savings from subsidy removal. Lokpobiri also categorically denied that the federal government was still paying or reimbursing any subsidy, either directly or through the NNPC. The minister also argued that deregulation had created opportunities

The Manufacturers Association of Nigeria (MAN) has announced that a former Director-General of the United Nations Industrial Development Organisation (UNIDO), Dr. Kandeh Kolleh Yumkella, would be the distinguished guest speaker of its “6th Adeola Odutola Lecture.” This was announced yesterday by the President of MAN, Mr. Francis

Meshioye, during a press briefing on the association’s “54th Annual General Meeting (AGM)” which would take place in Lagos from October 5 to October 7, 2026, with the theme “Leveraging National Industrial Policy to Position Nigeria as Africa’s Industrial Hub.” Meshioye said that 6th Adeola Odutola Lecture will be the principal platform for interrogating of the AGM’s theme.

On the rising price of petrol, which he acknowledged was placing pressure on Nigerians, Lokpobiri maintained that the government could not arbitrarily reduce or increase pump prices because the market had been deregulated. He said crude oil was a global commodity and that international crude prices affected the cost of refined petroleum products. “Crude oil is a global commodity. And the price is global,” he said.

Alleged Anti Labour Practices: FG Responds to NLC’s Petition to ILO, Moves to Avert Crisis Says talks on new minimum wage underway To announce incentives for workers soon

Onyebuchi Ezigbo in Abuja The federal government yesterday responded to the complaint filed against it by the Nigeria Labour Congress (NLC) at the International Labour Organisation (ILO). It also said collective bargaining negotiations were going in various sectors on proposals for new minimum wage for workers while additional incentives for workers and citizens would be announced in the coming weeks

Permanent Secretary, Federal Ministry of Labour and Employment, Dr. Kamil Shoretire, disclosed this yesterday, at a training workshop for Labour Correspondents in Abuja. Shoretire, said Nigeria has met the September 1 deadline given by the ILO to address outstanding issues raised by labour. “Let me start with the ILO. We have met the deadline. We have responded to the request from ILO. I was there when a complaint was

MAN AGM: Former UNIDO’s DG, Yumkella, to Speak on Leveraging National Industrial Policy Dike Onwuamaeze

for private investment in the petroleum industry, including refining, and cited the Dangote Refinery as an example. He said the refinery would not have been as attractive to investors if the government had continued importing petroleum products and selling them below market prices. “Deregulation all over the world is to enable private sector businesses to thrive, and all the businesses that are associated with the oil and gas sector,” he said.

He said: “Our AGM will, therefore, provide an important platform for manufacturers, government, policymakers, development partners and other stakeholders to examine how the National Industrial Policy can move from aspiration to measurable industrial outcomes. “We are particularly delighted that the 6th Adeola Odutola Lecture, which will anchor the major public policy conversation of this year’s

programme, will feature former director general of UNIDO, Dr. Kandeh Kolleh Yumkella, as our distinguished guest speaker. “His extensive experience in industrial and international development makes his perspective particularly relevant as we examine how Nigeria can translate industrial policy into productive capacity, competitiveness and sustainable economic development.”

filed by the NLC against Nigerian government at the ILO on some of the labour issues that are yet to be resolved in country,” he explained. He added: “We responded at the ILO, but we also got that certain areas were not addressed or were pending. So those ones were the ones that we got a deadline on September 1, and we have responded accordingly.” Shoretire said it was normal for labour unions to take disputes to the ILO when they feel a government is not responsive, and as a member, Nigeria is expected to respond. On minimum wage, Shoretire said though government was yet to announce a timetable for fresh negotiations, background discussions were ongoing. “We are yet to announce the timetable for that, but background discussions are already ongoing. When it’s time to get the press involved in what has been proposed and what is being negotiated, it will be revealed to you,” he said. He said collective bargaining agreement (CBA) talks with various sectors, including health and education, are ongoing and being fast-tracked to reflect in next

year’s budget. “Various discussions with health, education and other sectors that have lots of issues in terms of wages and allowances are ongoing and they are being fast tracked so that the ones that are agreed will reflect the next year’s budget,” he said. On the wage award, he said it still exists and government has not ordered its stoppage, adding that additional incentives for workers and citizens would be announced in the coming weeks. He said the ministry supports skills development through apprenticeship programmes and training centres, noting that the National Directorate of Employment (NDE) invests heavily in building artisanal skills. The NLC had petitioned the ILO at the last International Labour Conference in Geneva, alleging violations of the Right to Organise and Collective Bargaining Convention, 1949 (No. 98). In an address by its President, Joe Ajaero, the NLC had alleged that workers face persistent violations and that trade union leaders are threatened, assaulted, intimidated and victimised.

THISDAY • WEDNESDAY, SEPTEMBER 23, 2026

NEWS

2026 TATUM BANK GRADUATION CEREMONY...

L-R: Divisional Head, Human Capital Management and Corporate Services, Tatum Bank, Elohor Okelue; Best Graduate Trainee, Tech, Kamaldeen Busari; and Managing Director/CEO, Tatum Bank, Mr. Niyi Adeseun, at the 2026 Tatum Bank Graduation ceremony for the Graduate Trainee Programme in Lagos ... recently

2027: Makinde Meets North-west Stakeholders in Katsina, Canvasses Removal of Mining from the Exclusive List Insists vacationing elected executives must hand over to deputies As Yari leads APC delegation to prominent northern clerics ahead 2027 Chuks Okocha in Abuja Presidential candidate of Allied Peoples Movement (APM) and Governor of Oyo State, Seyi Makinde, called for the removal of mining from the Exclusive List. Makinde, who spoke yesterday in Katsina during a North-west stakeholders’ meeting, also stated that elected chief executives must hand over to their deputies when proceeding on vacation. He stated, “Right now, the issue of mining is on the Exclusive Legislative List in our constitution. Devolve that responsibility to the states and let

there be oversight only at the federal level. They will do better.” In a related development, DirectorGeneral of All Progressives Congress (APC) Presidential Campaign Council, Senator Abdulaziz Yari, had been leading a high-powered delegation across northern Nigeria to seek the support of influential Islamic leaders for President Bola Tinubu’s re-election bid. The delegation had travelled across key states in the North-central, Northwest, and North-east geopolitical zones. The APM presidential candidate, stated, “We are determined to reset

our economy. Yes, people will argue that Nigeria is rich in natural resources. But natural resources are not enough. “We also want to reset the security architecture in Nigeria. A few days ago, we all woke up to learn about the 37 young souls who were lost in Niger State. “Is it their fault that they were born in Nigeria? Is it their fault that they were looking for means of surviving? No, sir. The answer is no.” He said people might not want to take responsibility, but from what had been done so far and the actions

that have been taken, “We can see that we are focusing on the supply side of things. For every 10,000 illegal miners, you have, perhaps, another 10,000 on the demand side, legitimising the operation. “And we want to reset our sociopolitical system, which is what I have just mentioned. What level of government should take decisions on issues that affect our people? ‘’ I do promise you that this campaign for us will be issue-based. And that is why it is concerning to us, and to me personally, that our President is on working leave.” Makinde said, “I have looked

FAAN: Nigeria’s Aviation Market Hits 18.8m Passengers as Airline Capacity Surges 37.4% Says several airlines resume operations in Nigeria Kasim Sumaina in Abuja Federal Airports Authority of Nigeria (FAAN), Tuesday, said the country’s aviation industry recorded strong growth in 2025, with passenger traffic climbing to 18.8 million domestic and international travellers, an 11.9 per cent year-on-year increase. FAAN stated that the growth underlined Nigeria’s expanding aviation potential, saying and the country is now the fourth-largest aviation market in Africa. Managing Director/Chief Executive of FAAN and Vice President of Airports Council International (ACI) Africa, Mrs. Olubunmi OnabanjoKuku, gave the hint at the opening of ACI Africa Regional Conference and Exhibition 2026 in Abuja. Onabanjo-Kuku said Nigeria’s scheduled airline capacity reached 1.19 million seats in September 2026, representing a 37.4 per cent increase over September 2025, making it the fastest growth rate among Africa’s top 10 aviation markets. She attributed the surge to currency reforms, new aircraft leasing arrange-

ments, and renewed confidence among international airlines operating in Nigeria. According to her, “Several airlines have resumed operations in Nigeria since the current Minister of Aviation and Aerospace Development assumed office, with more expected to return.” Onabanjo-Kuku added that Lagos remained the growth driver, stating that scheduled seat capacity at Murtala Muhammed International Airport (MMIA) rose by 24.1 per cent in September, the fastest growth among Africa’s 10 largest airports. Citing data from the International Air Transport Association (IATA), she said African airlines recorded a 6.4 per cent year-on-year increase in international passenger demand in July 2026, compared to a 0.1 per cent decline in global international demand. “Overall, Africa’s passenger demand grew by 5.2 percent, making it the second fastest-growing region after Latin America and the Caribbean, and well above the global average of 0.2 percent,” Onabanjo-Kuku said. Despite the positive trend, she

warned that Africa’s aviation gap remained wide, asserting, “Africa accounts for just one per cent of global air traffic despite having 18 percent of the world’s population.” Load factors were still below global averages and the financial viability

of African airlines remained fragile, she stated. With over 220 million people and about 19.5 million annual passengers across 28 airports, Nigeria still has significant untapped potential, Onabanjo-Kuku said.

at the Constitution of the Federal Republic of Nigeria and, of course, as a state governor, I also operate under that constitution. Anytime I have to travel out, not for work but on vacation, for more than 21 days, I transmit power to the deputy governor. Why is this not happening at the national level? “Section 145 of the constitution provides for the president to transmit a written declaration to the President of the Senate and the Speaker of the House of Representatives when proceeding on vacation or otherwise unable to discharge the functions of office. “If the president is unable, whether through sickness, a medical trip or incapacitation, to function, we are all human. Anything can happen to anybody at any time. If that happens, the president should also transmit power to the vice president.” Makinde stated, “I promise you that, as your President, I will follow the Constitution to the letter. If I am not going to be available, if I am on vacation, I will transmit power to the vice president. Record this and hold me accountable. “So, on this basis, I want to implore you to know that what we have ahead of us is a daunting

and challenging task. But if we do what we are supposed to do, with support, we can achieve it. “And for the election, I maintain and repeat it: it won’t be APC versus APM, or APM versus ADC, or ADC versus NDC. It will be APC versus Nigerians.” The APM presidential candidate said, “Please get your PVC and show the APC that Nigeria is bigger than individuals. It is bigger than even the systems that have held us down. “So, together, let us embark on the Reset Agenda so that we have a Nigeria that will work for everybody, irrespective of tribe, religion or which corner of Nigeria you decide to stay in.” Makinde stated, “On this note, expect me back. This is the town hall for the Northwest. I am still coming back here in Katsina, Kaduna, Kano, Kebbi, Zamfara and Jigawa to campaign on a state-by-state basis,” Governor. “You must have skills and knowledge, and you must also have intensive production. Our economy must work 24/7. Otherwise, if our economy shuts down at 7 or 8 o’clock in the evening, we cannot compete with economies that are running 24/7.

UNDP, SMEDAN, Korean Agency Partner to Transform Nigeria’s Entrepreneurship Ecosystem Oghenevwede Ohwovoriole in Abuja The United Nations Development Programme (UNDP) in partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), and the Korea International Cooperation Agency (KOICA), are partnering on a digital programme the ‘Abuja Centre for Entrepreneurship’ (ACE), to drive digital innovation in the ecosystem. Head of Inclusive Growth at the UNDP, Claire Henshaw, stated this at the KOICA media engagement with

journalists on Tuesday in Abuja, with the theme, “Showcasing KOICA’s Development Impact in Nigeria.” Henshaw said, “I will speak from the context of the work that UNDP is supporting KOICA with, which is the construction of the Abuja Centre for Entrepreneurship. This project is going to provide a strong platform for the entrepreneurship ecosystem to drive digital innovation, skills acquisition, and digital transformation as a whole with respect to the young businesses that we have on ground in Nigeria, targeting young people, targeting the ecosystem

within Abuja and its environs. “It’s laudable because as much as we have our universities of learning, given the advent of AI and the Fourth Industrial Revolution, I think it’s important for Nigeria and Africa to catch up. And so KOICA is providing that leverage in supporting what the government is already doing, particularly when it comes to strengthening the capacities of our young people to drive the ecosystem, within the context of investments, innovation, and trade.” SMEDAN, she disclosed, is fully involved, adding that any project

that is designed for entrepreneurship without bringing in the right partners is going to fail from inception. “SMEDAN already has the mandate to support over 48 million Micro, Small and Medium Enterprises (MSMEs) in Nigeria. So, no other partner is right to ensure that there is inclusion, there is access. And the way that the programme is going to be designed, going forward, which has already been implemented by SMEDAN, in collaboration with KOICA, is to ensure that the right set of people access this space,” she said.

WEDNESDAY, SEPTEMBER 23, 2026 • THISDAY

NEWS

HIGH-LEVEL LEADERS DIALOGUE AT THE GLOBAL RENEWABLES SUMMIT 2026...

L-R: Chair of the UK Board for the Climate Group and former Premier of South Australia, Mr. Mike Rann; Founder and Executive Chairman of Fortescue, Dr. Andrew Forrest; Governor of Lagos State, Mr. Babajide Sanwo-Olu; Executive Vice-President for a Clean, Just and Competitive Transition in the European Commission, Teresa Ribera and the CEO, Global Renewables Alliance, Mr. Bruce Douglas, during a High-Level Leaders Dialogue at the Global Renewables Summit 2026, a ﬂagship event of Climate Week NYC, themed “Delivering Electrify Now,” in New York, United States, on Monday

UK-Backed Programme Unlocks $630m for Nigerian Businesses, Targets 21,400 Jobs Six-year initiative records 23 investment deals as new toolkit seeks to help firms overcome barriers to capital Michael Olugbode in Abuja Nigeria’s drive to attract investment into its manufacturing sector has received a boost, with a United Kingdom-backed programme facilitating more than $630 million in investment across 23 businesses, while opening up its fundraising experience to other companies seeking capital to expand. Organisers of the programme, Manufacturing Africa, disclosed the figures at an investment-focused event in Lagos on Monday. British officials, investors, business leaders, and development partners gathered at the forum to assess its six-year operations in Nigeria and launch a free digital toolkit designed to help businesses secure financing. The investment deals have the potential to create or safeguard more than 21,400 direct jobs, according to the programme, which has supported Nigerian companies in preparing for investment and navigating the process of securing capital. The figures underscore the scale of financing that businesses can mobilise when investment facilitation is combined with practical support,

even as the country continues to seek ways to expand industrial activity, attract private capital, and generate employment. But beyond celebrating completed transactions, the launch of the Fundraising Toolkit signals an effort to extend the programme’s experience to a wider pool of Nigerian enterprises, particularly those struggling to translate growth ambitions into investment-ready propositions. The resource is intended to help businesses understand what investors require, prepare for fundraising, and navigate negotiations, using practical guidance, templates,

and insights drawn from actual transactions across African markets. According to the programme, the toolkit draws on more than six years of investment facilitation across Nigeria, Ethiopia, Kenya, Rwanda, Tanzania, and Senegal, bringing together lessons from more than 300 investment opportunities and over 70 financial closes. It also incorporates insights from more than 23 international investors, including development finance institutions, private equity firms, and impact investors. The programme said the material was developed from real fundraising experiences rather than theoretical

The National Hajj Commission of Nigeria (NAHCON) has said it would not reverse the N250 million statement of account for three years it demanded from Hajj Tour Operators as conditions to be allocated with pilgrims. The Chairman and Chief Executive Officer, NAHCON, Ambassador Ismail Abba Yusuf, disclosed this yesterday in Abuja at an interface with the media on the various issues shaping the 2027 Hajj exercise. He said the need to ensure that tour operators have financial capacity that prompted the Com-

programme, saying it would enable more Nigerian businesses to access practical knowledge, investor insights, and connections needed to raise capital and expand. “The Fundraising Toolkit we launched tonight is one of the programme’s most important legacies,” he said. Baxter added that it would continue to equip businesses with resources to attract investment beyond the programme’s operations. He said the partnership had also strengthened economic ties between Nigeria and the UK by supporting businesses to expand, unlock investment, and create

employment opportunities. British High Commissioner, Pete Vowles, said the programme’s significance lay in helping companies understand how to access commercial finance and use it to grow their operations. Vowles said he was interested in learning how participating businesses had secured funding and how they intended to apply the new resource to support other companies. He said the ability of businesses to share their experiences and help others access finance would be an important measure of the programme’s wider impact.

OPay: Turning Technology into Social Value for Nigerians Sunday Ehigiator OPay, a digital financial services provider, has expanded its social impact interventions in Nigeria beyond financial services, supporting education, youth innovation and women’s economic empowerment through a series of technology-driven programmes.

The company’s initiatives, which include the OPay Scholars Programme, Play4aChild initiative and Women Empowerment Programme, are aimed at using technology, resources and strategic partnerships to create opportunities for Nigerians. The interventions have so far reached thousands of beneficiaries, with more than 1,200 direct

NAHCON Insists on N250m Bank Statement from Hajj Tour Operators Olawale Ajimotokan in Abuja

investment guidance, reflecting how deals are structured, negotiated, and concluded across African markets. Speaking at the event, British Deputy High Commissioner in Lagos, Jonny Baxter, said the Nigerian businesses supported by the initiative had demonstrated the potential of investment facilitation to contribute to economic growth and employment. Baxter said the 23 transactions had mobilised more than $630 million and had the potential to create or safeguard over 21,400 direct jobs. He described the newly launched toolkit as a lasting legacy of the

mission to change the guarantee to N250 million from N40million in lieu of pilgrims in spite of objection from the operators. “We changed that bank guarantee to N250m and there was a lot or resistance but we felt the move was correct, because if you are taking for example, 100 pilgrims to Saudi Arabia that is already N1 billion while you are depositing N40 million. “If you go and mess up with those pilgrims, we will use the N40 million to do what? That is the reason we raised it to align with the responsibility that they have,” Yusuf said. He added that the commission

was also working and consulting all the time with the states on digital interface as only a few of the Nigerian tour operators have the kind of capacity that the Saudis required for uploading to NUSUK platform as most of them were still going through the commission. Yusuf also clarified that because of international anti money regulation, every fund remitted to pilgrims has to pass through Central Bank of Nigeria (CBN), which he added would not remittance for private entities for Hajj when there are manufacturers of matches who also want to get foreign exchange for raw materials

beneficiaries under the company’s N1.2 billion, 10-year scholarship commitment, over 14,000 beneficiaries through Play4aChild and more than 100 women supported through its Women Empowerment Programme. The National Innovation Challenge, delivered in partnership with Google and 3 Million Technical Talent (3MTT), focuses on young Nigerians with ideas and skills capable of addressing real-world problems. According to the programme’s approach, the initiative seeks to move young Nigerians beyond simply using technology to becoming creators and problem-solvers by supporting innovation and technical talent. The OPay Scholars Programme represents another major component of the company’s social impact strategy. The programme brings together the National Innovation Challenge, OPay Futures and the company’s long-term scholarship commitment. Rather than treating education support as a one-off intervention, the 10-year commitment is designed to provide sustained support to students and young people. The support is intended to help beneficiaries remain in school, gain access to learning opportunities and improve their prospects of building futures based on knowledge and skills. Another key intervention is Play4a-

Child, which provides educational materials and other support aimed at improving children’s learning experiences. Since its inception, the initiative has supported more than 14,000 direct beneficiaries. The programme is based on the understanding that access to appropriate learning materials can make school more engaging, support learning and help remove some of the everyday barriers affecting children’s education. OPay has also identified women’s economic empowerment as another area of focus. Through its Women Empowerment Programme, more than 100 women have received support through skills development, capacity building and startup assistance. The programme is designed to provide women with practical skills and resources that can help them earn income, strengthen their businesses and become more financially independent. The intervention also reflects a broader understanding of financial inclusion, which goes beyond access to financial services to include building people’s capacity and opportunities to participate meaningfully in the economy. The company’s approach relies on

technology, partnerships and its reach through digital platforms to deliver resources and opportunities at scale. The partnership with Google and 3MTT on the National Innovation Challenge, for instance, combines corporate resources with technical expertise and existing national platforms to reach young Nigerians more effectively. The initiatives are therefore focused on translating technology and corporate resources into measurable social outcomes. For students, the interventions can provide educational support; for young innovators, opportunities to develop ideas into solutions; for children, access to learning materials; and for women, skills and startup support that can help create sources of income. The programmes reflect an approach to corporate social responsibility that places emphasis on measurable impact, with the number of beneficiaries and opportunities created providing indicators of the reach of the interventions. More than 1,200 beneficiaries have been reached through the OPay Scholars Programme, over 14,000 through Play4aChild, while more than 100 women have received support through the Women Empowerment Programme.

THISDAY • WEDNESDAY, SEPTEMBER 23, 2026

NINE

2027 Election: Tinubu, Uzodimma Urge Police to Remain Impartial IGP charges politicians to compete with ideas, shun violence Linus Aleke in Abuja and Amby Uneze in Owerri President Bola Tinubu and Imo State Governor Hope Uzodimma yesterday charged the Nigeria Police Force to maintain professionalism and impartiality ahead of the 2027 general elections, as Inspector-General of Police, Olatunji Disu, warned officers against compromising their neutrality. They spoke at the opening of the 2026 Conference and Retreat for Senior Police Officers in Owerri, Imo State, where the IGP also charged politicians to compete with ideas rather than thuggery, warning that the police would act against those involved in vote-buying, arms mobilisation, intimidation and threats to voters or electoral officials.

The three-day retreat, themed: “Developing a Nigeria Police Roadmap for Effective Management of Security during Elections”, brought together senior police officers and representatives of other security and law enforcement agencies. Representing Tinubu at the event, Secretary to the Government of the Federation, George Akume, said the police had a central responsibility in protecting voters, electoral officials, candidates and election materials. He urged the force to embrace technology, improve response times and deepen cooperation with other security agencies, while assuring it of continued federal government support for reforms, training, technology, welfare and operational logistics. He said: “The security of our electoral process is not merely about

protecting ballot papers or polling stations. It is about protecting citizens, safeguarding electoral officials and materials, creating an environment in which political parties and candidates can campaign peacefully, preventing violence and intimidation, and ensuring that every Nigerian who chooses to participate in our democracy can do so without fear. “The 2027 general elections will therefore require careful preparation, professionalism, impartiality, intelligence-led operations, and close coordination among all security and electoral stakeholders.” Tinubu further directed the police to strengthen intelligence gathering, improve response times, deepen community engagement and embrace technology, stressing that the Force must build public confidence

through professionalism, discipline and accountability. “The federal government expects the Nigerian Police Force to maintain the highest standards of professionalism and impartiality in the discharge of its electoral responsibilities. Every Nigerian, irrespective of political affiliation, ethnicity, religion, social status, or geographical location, must feel protected by the police. “The police must be seen not as an instrument of political interest, but as a national institution serving the Nigerian people and protecting the constitutional order. This is fundamental to public trust and to the credibility of our democracy,” he said. Uzodimma, who hosted the retreat, similarly urged the police to strengthen intelligence-led polic-

ing, embrace digital technology and improve inter-agency coordination ahead of the elections. The governor said misinformation and digital manipulation had created new challenges for election security, stressing that police neutrality and public trust were critical to ensuring credible elections. He also advocated decentralised policing, saying state police could bring security closer to communities, while acknowledging the need to address recruitment, funding, training, accountability and safeguards against political abuse. Uzodimma warned against any police conduct capable of discouraging voters from coming out to exercise their civic rights, urging officers to ensure that the knowledge gained at the retreat reached the rank and file.

Olatunji Disu He said the credibility of elections hinged on whether citizens could cast their votes without fear, placing the police at the centre of securing political rallies and campaigns, electoral materials and results. The governor also disclosed that 7,000 operatives of the Imo Vigilante Organisation had been inaugurated to work closely with the police, particularly in intelligence gathering.

Tinubu Seeks African Unity to Protect Continent’s Mineral Wealth Charges continent to stop exporting wealth, start profiting from its resources Deji Elumoye and Folalumi Alaran in Abuja President Bola Tinubu yesterday canvassed a fresh continental push to end the historical exploitation of Africa’s critical mineral resources, urging African nations to unite and halt the export of raw materials. He also demanded an aggressive alliance among African countries to

ensure the continent transitions from a mere supplier of raw minerals to a hub for local processing, manufacturing, and value addition. The President made the call on Monday in New York, United States, during the Africa Minerals Stategy Group (AMSG) High-level Roundtable on Critical Minerals Development in Africa held on the sidelines of the ongoing 81st

Session of the United Nations General Assembly (UNGA). Convened and chaired by President Tinubu, who was represented by Vice President Kashim Shettima, alongside AMSG Chairman and Nigeria’s Minister of Solid Minerals, Dr. Dele Alake, the high-level dialogue, themed, “From Resources to Wealth: Continental Cooperation for Mineral Value Addition, Data

Sovereignty, Innovative Financing and Critical Minerals Security,” focuses on transforming the continent’s mineral wealth into sustainable economic growth. In his address delivered by Shettima, Tinubu told African leaders and other stakeholders that the continent cannot claim to be wealthy while its children wallow in poverty amid mines that enrich the world.

NMDPRA PROPOSES 138 RULES TO CHECK UNFAIR COMPETITION, MONOPOLY IN OIL SECTOR contained in 23 parts, the regulator explained, is an attempt to establish detailed competition rules for the industry. The rules, if finalised, would prohibit a range of practices including price-fixing, collusion, market allocation, bid rigging, coordinated supply restrictions and the abuse of dominant positions. They would also regulate access to critical petroleum infrastructure such as pipelines, storage terminals, jetties, bulk-loading facilities and depots, while imposing greater transparency requirements on tariffs, fees, capacity and other commercial information. Speaking at a stakeholders’ consultation on the proposed regulations in Abuja, the NMDPRA

Chief Executive, Rabiu Umar, said the framework was designed to strengthen competition while providing greater certainty for investors and protecting the integrity of the petroleum market. “The proposed regulations are intended to strengthen the midstream and downstream petroleum sector by preventing anti-competitive practices, addressing abuse of dominance, promoting fair and non-discriminatory access in essential infrastructure, and also enhancing transparency and market efficiency,” he stated. According to him, the Authority has received several submissions from its stakeholders regarding the proposed regulations, which will be reviewed to give industry

stakeholders a chance to have an input. “We particularly welcome your views on the clarity, practicality, and likely impact of the proposed regulations. We encourage participants to identify specific provisions that may require clarification or refinement and, where appropriate, suggest practical alternatives that can achieve the intended regulatory objectives,” he stated. The Authority, he said, recognises that effective regulation must provide regulatory certainty, support investment and innovation, promote efficient markets and protect the integrity of the petroleum sector. Umar stressed that the Authority had recently signed a Memorandum of Understanding (MoU) with the

Federal Competition and Consumer Protection Commission (FCCPC) to strengthen regulatory coordination and fair market practices in the petroleum sector. He said: “A few weeks ago we signed an MoU, a Memorandum of Understanding, with the FCCPC, which by law is also empowered to ensure that there are fair market practices in the country and in the sector. Our mandates are not necessarily conflicting. “Our mandates are complementary. And as a result of that, we have signed an MoU with the FCCPC to make sure that we strengthen the regulatory environment as regards the petroleum midstream and downstream sector in the country.” Continued on page 37

“For generations, Africa has furnished the materials of prosperity elsewhere. Our duty is to ensure that the future being fashioned from African minerals has room for African ambition,” he declared. Tinubu regretted that mineral-rich communities lack infrastructure, jobs, and a stake in their own wealth at a time when global demand for clean energy, AI, and advanced manufacturing has made Africa’s critical minerals—like cobalt, copper, lithium, and rare earth elements—indispensable to global supply chains and economic security. The answer to such deprivation, he observed, “must be processing, refining, batteries, components, African technologies and competitive skills,” noting that “the worth of a mine must be counted in the lives it improves. “Jobs, industries, infrastructure, technology transfer, African enterprise participation and prosperity retained across generations must measure our progress from resources to wealth,” he maintained. The President warned, however, that no African country can achieve this alone, adding that competing through lower royalties, weaker local content, and excessive concessions

will only weaken the continent’s negotiating power. “Fragmentation leaves us exporting raw materials and buying finished goods at a premium. Cooperation gives our markets scale, our industries integration, our financing reach and our negotiations authority,” he said. Back home, Tinubu noted that Nigeria must require local value addition for new mining licenses, strengthen geological data and investor access, organise artisanal miners into cooperatives, combat illegal mining, and improve regulatory accountability His words: “Revenue rose from approximately N6 billion in 2023 to over N38 billion in 2024 and between N68.1 billion and N70 billion in 2025. Major foreign investment commitments and large-scale lithium processing capacity developed and commissioned in Nasarawa State demonstrate the possibilities.” He drew attention to his administration’s mining policy direction, which stipulates that minerals extracted in Nigeria must sustain Nigerian industries, workers, skills, and communities, saying ongoing reforms indicate that “firm terms can attract serious capital.” Continued on page 37

CBN CRASHES INTEREST RATE BY 350BPS TO 23%, MARKET EXPECTS CHEAPER CREDIT James Emejo in Abuja, Nume Ekeghe and Dike Onwuamaeze in Lagos

Central Bank of Nigeria (CBN) yesterday slashed the Monetary Policy Rate (MPR), the benchmark interest rate, by 350 basis points to 23 per cent, from 26.5 percent. CBN Governor Olayemi Cardoso announced the decision at the end of the twoday meeting of the Monetary Policy Committee (MPC) in Abuja, raising expectations of cheaper credit among private sector operators. Analysts and the Organised Private Sector (OPS), welcomed the CBN decision. The experts, including real sector operators, however, expressed shock at the unprecedented CBN move, as none had pre-empted the sheer

magnitude of the rate adjustment in one fell swoop. Lagos Chamber of Commerce and Industry (LCCI); Managing Director/Chief Executive, Financial Derivatives Company Limited, Bismarck Rewane; Chairman, Alliance for Economic Research and Ethics Ltd/ GTE, Dele Kelvin Oye; and Professor of Capital Market/pioneer President, Capital Market Academics of Nigeria, Professor Uche Uwaleke, all welcomed the central bank’s policy direction. Equally welcoming CBN’s new policy path were Chief Executive Officer of Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, and Director-General of Nigeria Employers’ Consultative Association (NECA), Mr. Adewale-Smatt Oyerinde, and among others. They believed the decision to lower

the benchmark rate would positively impact the real sector by encouraging cheaper credit to manufacturers as well as boosting jobs.

Rate Cut a Reset, Not Policy Easing Addressing journalists after the two-day meeting of the Monetary Policy Committee (MPC) in Abuja, CBN Governor Olayemi Cardoso also explained that the reset was principally aimed at repairing the transmission mechanism through which monetary policy decisions influenced money-market rates and the broader economy. The central bank’s move signalled a major recalibration of its monetary policy framework as inflationary pressures eased and external buffers

strengthened. Cardoso described the downward rate amendment as a “reset and recalibration” of monetary policy rather than a shift to an easing stance. MPC also recalibrated the Standing Facilities Corridor to +250/-300 basis points around the MPR, while retaining the Cash Reserve Requirement (CRR) at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, and 75 per cent for non-Treasury Single Account public-sector deposits. Cardoso stressed that the corridor adjustment should not be interpreted as a shift in the underlying monetary policy stance. He said the move constituted an “operational realignment” designed to strengthen monetary policy transmission, improve the effectiveness of the framework, and reinforce MPR as the

principal signal of monetary policy. MPC observed that the divergence between MPR and prevailing market rates had weakened the transmission of its decisions to the financial system. CBN also said the ongoing overhaul of its monetary policy implementation framework, including the adoption of Nigerian Overnight Financing Rate (NOFR) as a transaction-based benchmark, had improved transparency in money-market operations. NOFR was introduced by CBN and Financial Markets Dealers Association earlier this year to provide a standardised, transaction-based benchmark for overnight funding and strengthen policy transmission. Cardoso said, “The committee decided to reduce the MPR and recalibrate the policy corridor as an important operational realignment

aimed at strengthening monetary policy transmission and reinforcing the primacy of the MPR. “The MPC emphasised that the recalibration of the corridor does not constitute a change in the underlying monetary policy stance, but rather an operational reset to enhance the effectiveness of monetary policy and support the transition to an inflationtargeting framework. “Members were of the view that the current macroeconomic environment remains supportive of such a recalibration without undermining the disinflation process.” Cardoso said the committee “considered the reset of the MPR and recalibration of the corridor appropriate to better align the monetary policy Continued on page 35

WEDNESDAY, SEPTEMBER 23, 2026 • THISDAY

NEWS

INAUGURATION OF BOARD OF TRUSTEES FOR ACCUGAS COMMUNITY DEVELOPMENT TRUST...

L-R: Stakeholder Relations Manager, Savannah, Nigeria, Obinna Okorie; Senior Manager, Host Community Development Trust, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Cynthia Nzeh; Chairman, Board of Trustees, Accugas Host Communities Development Trust, Bassey Itama Abang; Communications Manager, Savannah, Nigeria, Okwudili Onyia; Corporate Social Responsibility/Nigerian Content Development Advisor, Savannah, Nigeria, Roland Uye; and Corporate Social Responsibility Advisor, Savannah, Nigeria, Edem Ntekim during the inauguration of the Board of Trustees for the Accugas Host Communities Development Trust (HCDT) in Uyo, Akwa Ibom State...recently

Tinubu Pays Tributes to Africa Music Icon and Juju Maestro, King Sunny Ade, at 80 Says he exemplifies a life of cultural ambassadorship and musical excellence Rejoices with ex-Katsina Gov, Ibrahim Shema, at 69 Sanwo-Olu: KSA remains a reference point in creative industry Deji Elumoye in Abuja President Bola Tinubu has paid glowing tributes to Nigeria and Africa music icon, King Sunny Ade, on the occasion of his 80th birthday. Tinubu, in a tribute, yesterday, said in eight decades, Sunny Ade has exemplified life of musical excellence and cultural ambassadorship. In an eight-paragraph tribute, the president, stated that, “Today, I warmly celebrate Chief Sunday Adeniyi Adegeye, the legendary King Sunny Ade and an icon of Nigerian and African music, on his 80th birthday.

“For eight decades, you have exemplified musical excellence and cultural ambassadorship, enriching our nation and bringing joy to millions across generations. “Through your extraordinary talent, creativity, discipline and enduring passion, you transformed juju music into a globally recognised Nigerian cultural treasure. “As one of Africa’s most celebrated entertainers, you have brought the richness of our culture to audiences worldwide. “Your distinctive sound, masterful blend of guitar, talking drums and other

traditional instruments, mesmerising dance steps, and innovative approach to music have earned you a distinguished place in the history of African arts and entertainment. “Beyond your musical accomplishments, you have remained a proud ambassador of Nigeria, demonstrating through your career that our cultural heritage can transcend borders and speak powerfully to people everywhere. “Your remarkable contributions to the Nigerian creative industry have inspired generations of musicians and practitioners. Your music has not only entertained, but it has also preserved

our cultural identity, celebrated our traditions and projected the beauty and diversity of our country to the world. “As President, I deeply recognise and celebrate the immense contributions of our cultural icons. On this important milestone, I am especially grateful to God for the grace He has given you. “At 80, you embody excellence, perseverance and service to the arts. Your achievements remind us that talent, when combined with dedication and commitment to one’s heritage, can become an enduring national legacy. “On behalf of my family, the Government and the people of Nigeria,

I extend my heartfelt congratulations. May Almighty God bless you with good health, wisdom and many more fulfilling years.” Also, yesterday, Tinubu rejoiced with a former governor of Katsina State, Ibrahim Shehu Shema, on his 69th birthday, yesterday, September 22, 2026. Shema, a lawyer and politician, who served as the governor of Katsina State from 2007 to 2015, is now a member of the All Progressives Congress (APC) and a member of the party’s Presidential Campaign Council. The President, in a release by

Onanuga joined family, friends, and associates in celebrating the visionary leader, whose legacy of public service remains a reference point in the country. Tinubu commended Shema for his dedication to nation-building and national development, acknowledging his laudable interventions across various sectors in Katsina State during his tenure as governor. The President believed the former governor raised the bar of governance in Katsina through sustained investment in durable infrastructure, including rural roads, schools, business institutes, clinics, and a state-of-the-art specialist hospital. Tinubu thanked Shema for his continued support and prayed that Almighty God would grant him many more years in good health.

Donald Duke: Nigeria’s Population Tripled King Sunny Ade Without Economic Expansion Since Shagari Era Sanwo-Olu: Remains a Reference Point in Says Nigeria still operating with equivalent of Shagari-era $25bn budget Questions economic justification, timing of Lagos-Calabar Coastal Highway Our Creative Industry Sunday Ehigiator Former Cross River State governor and presidential candidate of the Peoples Redemption Party (PRP), Donald Duke, has said Nigeria’s economy has effectively shrunk since the Second Republic, as government spending and productive capacity have failed to keep pace with the country’s population growth. Duke said Nigeria was still operating around the same dollar-denominated budget recorded under former President Shehu Shagari more than four decades ago, despite the population having increased from about 76 million to an estimated 230 million. He spoke to journalists in Abuja while assessing the country’s economic challenges, worsening cost-of-living crisis and growing social tensions. According to him, Nigeria’s failure to address productivity over the decades was at the root of many of the challenges confronting the country. “I think we got it wrong from independence, but as the years go by, the effects become stark. We have not addressed the issue of productivity,” he said. Duke said the Shagari administration operated an average annual budget of about $25 billion between 1979 and

1983, when Nigeria’s population was approximately one-third of its present size. “Today, our population, they say, is about 230 million people. We are still spending the same $25 billion that Shagari spent 46 years ago. All these trillions and trillions, by the time you convert them, you come down to the same thing. “In essence, the economy has not grown. In fact, it has shrunk because $25 billion in 1979 or 1980 is not the same as $25 billion today.” He said the consequences of the situation were evident in widespread poverty, unemployment, insecurity and the desperation of millions of Nigerians struggling to survive. Duke argued that the primary responsibility of government was to create an environment in which citizens could become productive while enjoying security and access to justice. “The essence of government is to ensure the utmost productivity of citizens within a safe and orderly environment. That is why you need security. That is why you have the judiciary. If Nigeria were to be safe and orderly and the people were productive, nobody would care whether you came from Sokoto, Calabar or somewhere else,” he said.

The former governor also questioned the economic justification and timing of the Lagos-Calabar Coastal Highway, arguing that government should prioritise projects and interventions with greater immediate economic and social impact. “We woke up one morning and said we wanted to build a road from Lagos to Calabar. What are the economics?

How many communities will it go through? “A road is commuting infrastructure between communities. There are existing roads. What happens to those roads? What happens to the East-West Road that we have been talking about?” He acknowledged that he would personally benefit from the coastal highway because of his connections

to Lagos and Calabar, but said personal benefits should not determine public expenditure. “I would be the happiest person because I live in Lagos and Calabar. I would be going back and forth. But even if it were the best road, with a sea view as you are going to Calabar, what is the economics of it? What is the opportunity cost?

Lagos State Governor, Babajide Sanwo-Olu, has also felicitated with King Sunday Adeniyi Adegeye, popularly known as King Sunny Ade, as he marks his 80th birthday. Sanwo-Olu, in a statement by his Special Adviser on Media and Publicity, Mr. Gboyega Akosile, described KSA as a global music icon and one of Africa’s pioneers, who took Nigerian music to the world stage.

APC Writes Court Registrar, Kick Against Substituted Service for Tinubu Over Eligibility Suit Adedayo Akinwale in Abuja The All Progressives Congress (APC) has kicked an order of the Federal High court granted to the Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar to serve court processes on President Bola Tinubu through the party’s national secretariat. The ruling party in a letter dated September 22, 2026 and addressed to the Deputy Chief Registrar of the Federal High Court in a case presided over by Justice I.E. Ekwo described the ex parte application for

substituted service as unnecessary and misleading. In the suit marked FHC/ABJ/ CS/1888/2026, Atiku and his coplaintiff instituted an action against President Bola Tinubu, the APC, and the Independent National Electoral Commission (INEC) as 1st, 2nd, and 3rd defendants, respectively. The letter signed by the APC National Secretary, Senator Ajibola Basiru revealed that Tinubu’s legal team had already filed and served his defence on Atiku’s counsel before the order was moved. He cautioned the court against

allowing its processes to be abusively employed for media propaganda and public harassment. Basiru recalled that when the matter was listed on September 1, 2026, President Tinubu’s counsel, Mr. Omosanya Popoola, SAN, appeared in court and expressed readiness to accept service of the court processes on behalf of the President, but Atiku’s legal counsel objected to the request. He stressed that on the further instruction of the President, his lead counsel, Chief Wole Olanipekun, SAN, formally wrote the Court on 10th September, 2026, to the effect that the

first Defendant has instructed him/his legal team to collect the originating processes filed by the Plaintiffs on his behalf, and also obtain Certified True Copies of same, The party’s scribe stressed that the President’s legal team formally obtained and paid for Certified True Copies on September 11, 2026, after which they filed a Preliminary Objection on September 14 and a comprehensive defence alongside a written address on September 15. The party stressed that it lacks the legal mandate to receive court processes on behalf of the President.

THISDAY • WEDNESDAY, SEPTEMBER 23, 2026

NEWS

PRESENTATION OF THE CERTIFICATE OF INCORPORATION TO BRANDZEAL MEDIA...

L-R: Director, BrandZeal Media Limited, Benita Mamedu; Chairman, BrandZeal Media Limited, Mr. Fidelis Ethuakhor; and Executive Director, BrandZeal Media Limited, Mr. Ben Mamedu, at the formal presentation of the Certiﬁcate of Incorporation to BrandZeal Media Limited after their Inaugural Board Meeting, in Lagos on Monday

Coastal Highway: Umahi Decries Vandalism, 105km Pavement Set for Completion FG threatens to shut road over rising deaths, damage

Emmanuel Addeh in Abuja and Bennett Oghifo in Lagos The Minister of Works, David Umahi, yesterday disclosed that the main pavement of the first 105 kilometres of the Lagos-Calabar Coastal Highway would be completed by November 2026, even as he decried the vandalism of public infrastructure along the project corridor. Umahi disclosed this in Abuja when he received the report of the Northwest leg of the nationwide Federal Roads Project Tour conducted by the National Association of Nigerian Students (NANS), led by its President, Akinteye Afeez. He said the pace of construction on the coastal highway was unprecedented, noting that work was continuing on bridges along sections one and two of the project. “And so, the speed on that coastal highway is unprecedented. We are still building bridges in these sections one and two. Even though for this Section 1, the bridges in Section 1 are part of Section 2 project. But for the main pavement, 105 kilometres, the main pavement will be completed by November this year. This is very

important,” Umahi said. However, the minister expressed concern over the destruction of infrastructure around the Lagos-Calabar Coastal Highway, particularly at the Apapa axis, warning that vandalism could undermine the benefits of government’s investments in major infrastructure projects. He said he was shocked by the extent of damage to infrastructure under the bridge in the area, including the destruction of structural elements and the use of spaces around the bridge by heavy-duty vehicles. “I wept when I saw the level of destruction under the bridge in the Apapa axis. People even pass through the piers, trailers high over the piers to pass from one point to another. This mind-boggling damage, this is unacceptable,” he said. Umahi said the cutting of metals and destruction of block works could not be justified as development, stressing that public infrastructure represented an investment in the country’s future. “That is not development, and to put the blame on the general public, that’s not development,” he said. The minister’s comments came as

NANS presented its findings from the Northwest leg of its inspection of federal road projects across Kano, Jigawa, Kaduna and Sokoto states. The students’ body said the exercise was designed to physically assess the state of federal road projects, particularly those providing access to tertiary institutions and student communities, and to provide feedback based on firsthand observations. Among the roads inspected were

The Nigeria Union of Journalists (NUJ), FCT Council, on Monday flagged off its 2026 annual InterAgency Football Tournament in Abuja. The competition which will commence on Tuesday, September 22, 2026, is aimed at strengthening friendly relations among journalists, security agencies, government organisations, private sector and professional bodies. Sixteen teams from various organisations will participate in the tournament scheduled to hold at Area 3 football pitch and Old Parade Ground, Area 10, Garki, Abuja. The participating teams are:

NUJ, Federal Road Safety Corps (FRSC), Nigeria Police Force (NPF), Nigerian Air Force (NAF), National Drug Law Enforcement Agency (NDLEA), Federal High Court (FHC), Nigeria Immigration Service, Nigeria Customs Service, Nigeria Medical Association (NMA), Sports Writers Association of Nigeria (SWAN), AIBEN Properties, Nigerian Television Authority (NTA), FCT Football Coaches Association, NAWOJ, Women Football All Stars Association, Nigeria Security and Civil Defence Corps (NSCDC), Nigerian Army and National Institute for Sports. The grand finale and presentation of trophy and medals will hold on Saturday, September 26 at 11 a.m. Addressing journalists at the press

was determined to see them through. “All these projects, some are completed as you have noticed, some are ongoing, show that Mr. President is very intentional in getting all of them completed. They’ll all be completed,” he said. The minister also urged Nigerians to protect public infrastructure, warning that the destruction of roads, bridges and other facilities undermined the country’s development.

2,471 Cross River Communities at Risk as NiHSA Warns 15 States of Floods Folalumi Alaran in Abuja

No fewer than 2,471 communities in Cross River State are among areas exposed to possible flooding as the Nigeria Hydrological Services Agency (NiHSA) warned of high flood risk across 15 states between September 19 and 25. The agency’s latest assessment also identified 703 schools, 344 health facilities, 145 markets, 453 religious centres and 854 hectares of farmland in

NUJ Flags Off Annual Soccer Competition in Abuja Onyebuchi Ezigbo in Abuja

the Kano-Kwanar Danja-Hadejia Road, Kano Northern Bypass, KanoMaiduguri Road, Kano-Katsina Road, Kaduna-Kano Road, Abuja-KadunaZaria-Kano Road, Zaria-Funtua-Sokoto Road, Mando-Birnin Gwari Road, Sokoto-Badagry Road and IllelaDukamaje Road. Umahi reiterated the commitment of the federal government to completing ongoing road projects across the country, saying President Bola Tinubu

He said the NANS inspection was particularly useful because it enabled students to see government projects firsthand and form their assessments based on physical evidence rather than relying solely on information provided through official channels. The leadership of NANS specifically recommended the construction of a pedestrian bridge at the Federal Cooperative College in Kaduna along the Abuja-Kaduna-Zaria-Kano route, citing the need to improve the safety of students crossing the highway.

conference and draws ceremony, Chairman of the Sports Committee and Chairman of the Organising Committee, Ndubueze Chidoka, said sports remains a unifying force. “Sport does not have a language. Sport is an integral activity that unites the people and has the power to change the world for the better irrespective of religion, ethnic and political affiliations. This is our own little contribution to the promotion of peace and unity in our dear country,” he said. He urged participants to exhibit sportsmanship and fair play and to adhere strictly to the rules guiding the competition, noting that the tournament would attract dignitaries, captains of industry, government officials and football enthusiasts.

Cross River State within the identified flood exposure areas. The warning, contained in NiHSA’s high flood risk alert designated NFA-2026-262, followed forecasts of rising river levels and increased risk of riverine flooding across the affected areas. According to the assessment, nine river stations are at risk, with Obubra, Itigidi and Epento on the Cross River among locations requiring close monitoring. The Director-General and Chief Executive Officer of NiHSA, Umar Mohammed, consequently urged state governments, local government councils, emergency management

authorities, traditional rulers, community leaders and residents in vulnerable locations to take immediate precautionary measures. He urged residents in flood-prone communities to act before flooding occurs, including moving people, livestock and valuables from vulnerable floodplains to pre-identified higher ground where necessary. Mohammed also called for the activation of community-based earlywarning and response mechanisms and urged residents to regularly monitor NiHSA flood advisories and river-level updates. Other states highlighted in the assessment include Imo, Ebonyi,

Benue, Anambra and Akwa Ibom, alongside nine additional affected states covered in the detailed state reports. The NiHSA boss cautioned residents against crossing flooded roads, bridges or fast-moving water, whether on foot or by vehicle, while urging authorities to pre-position relief materials, safe drinking water, water-treatment supplies and first-aid materials. He further advised stakeholders to identify and prepare safe shelters for possible temporary evacuation, clear blocked drainage channels and river outlets where it is safe to do so, and avoid construction and habitation in vulnerable floodplain areas.

Ogun Monarch, Residents Seek Establishment of Customs Training School in Domain James Sowole in Abeokuta The traditional ruler of a border town in Ogun State, Onimeko of Imeko, Oba Benjamin Alabi Olanite, and residents of the town have appealed to the federal government to establish a training school for the Nigeria Customs Service in the border town in view of the historical significance of the town as a frontier community. The appeal was made at a press conference organized to mark the

2026 annual Imeko Festival held at Imeko Conference Hall, as part of activities marking Imeko Day. At the event, community leaders including, Professor Anthony Asiwaju, Dr. Dele Ogunsiji, Chief Mary Ogunjobi, former Commissioner for Women Affairs in the state, and other eminent Imeko indigenes joined the royal father to raise concerns over the educational challenges confronting residents of the border community. Oba Olanite called on the

federal government to take advantage of Imeko’s strategic location and historical connection with Nigeria’s frontier administration by establishing a training institution for the Nigeria Customs Service in the town. He said Imeko had played an important role in Nigeria’s border administration dating back to the colonial era, arguing that its historical and geographical position made it suitable for a specialised training institution.

WEDNESDAY, SEPTEMBER 23, 2026 • THISDAY

NEWS

COOKING GAS TO RURAL WOMEN...

L-R: Deputy Coordinator, Team BAT- CORRECT, Mr. Victor Ganzallo; Head of Media and Communications, Mr. Kayode Alfred; beneﬁciary, Jennifer Udohsi; and Head of Mobilisation, Aminat Elegushi, when Team BAT-CORRECT distributed cooking gas to rural women to celebrate the birthday of Nigeria’s ﬁrst lady, Senator Oluremi Tinubu in Lagos... recently

Bago: NSCDC Ofﬁcials Are Unprofessional Laleye Dipo in Minna Niger State Governor, Mohammed Umaru Bago, has said the Nigeria Security and Civil Defence Corps officials that handled the case of the 37 Illegal miners who died in their custody were “unprofessional’ in the way the matter was handled. Bago made the remarks in Minna, yesterday, when he received officials of the state Chapter of the Christian Association of Nigeria (CAN), who paid him a sympathy visit at the Government House. “The death of the artisanal miners would have been avoided, but due to lack of professionalism on the part of the officers,” Bago declared before restating that government would investigate the issue to its logical conclusion.

He prayed to God to console the relations of the deceased illegal miners. Bago also sued for continued peaceful coexistence among the diverse ethnic nationalities and adherents of the major religions in the state, adding that his administration would continue to accord equal treatments to all those resident in the state. Bago further called for peaceful coexistence “as we don’t have any other state we can call our own.” He, however, advised religious leaders to use their pulpits to discourage parents from allowing their children from partaking in artisanal mining, saying instead they should enroll them in schools as basic education was free in the state.

Earlier, the state CAN Chairman represented by his deputy, Reverend Joshua Markus Rikoto, condemned the death of the arti-

sanal miners and commiserated with bereaved families and the Government and people of the state over the disaster.

The ECOWAS Community Court of Justice is seeking to strengthen the role of journalists in holding member states accountable for implementing its judgments, as concerns persist over the enforcement of decisions issued by the regional judicial institution. President of the Court, Hon. Justice Ricardo Claudio Monteiro Gonçalves, made the call at the opening of a three-day training workshop for journalists from ECOWAS Member States, urging participants to use their media platforms to draw attention to governments’ obligations under regional treaties. He said the Court’s existing enforcement mechanism places responsibility for executing its judgments on member states, but described the level of compliance as below expectation. “Let me also urge you to use your media platforms to engage member states on the need to faithfully implement the decisions of the Court in accordance with their treaty obligations,” Gonçalves said. His remarks placed the spotlight on a central challenge facing regional

justice: ensuring that judicial decisions translate into practical outcomes for individuals and communities. The ECOWAS Community Court of Justice serves as a regional judicial institution within the Economic Community of West African States, with jurisdiction that includes human rights cases involving member states. Its judgments can address allegations of human rights violations and provide remedies to applicants. However, enforcement depends on mechanisms involving national authorities rather than the Court independently executing its own decisions. Under Article 24 of the Court’s Supplementary Protocol, judgments are enforced through a writ of execution submitted by the Chief Registrar to the relevant member state, where execution proceeds according to domestic civil procedure rules. The Court has also explained in its jurisprudence that member states have obligations to comply with its judgments, while its own authority to directly enforce those decisions is limited. This arrangement makes cooperation between the regional institution

should be implemented inorder to give the public assurance that government did not have any hand in the incident.

CNA: Other Constitution Bills Await NASS Passage Before Sending to State Assemblies Says only state police bill transmitted to states Sunday Aborisade in Abuja The leadership of the National Assembly, has said other constitution bills being amended were still awaiting passage by the National Assembly before sending to the state Houses of Assembly.

It, however, clarified that only the Constitution alteration bill seeking to establish State Police Services has so far been transmitted to the 36 state assemblies for consideration and approval. The clarification followed reports and public perceptions suggesting

ECOWAS Court Turns to Media as Enforcement Gap Threatens Impact of Regional Justice Michael Olugbode in Abuja

He commended the state government for setting up a committee to investigate the matter and advised that the report of the committee

and national authorities an important part of the enforcement process. Differences in domestic procedures, institutional capacity and the implementation of regional legal instruments can affect how judgments are carried out. The Court has identified enforcement as an area requiring stronger coordination with national institutions. In 2026, it held bilateral engagements with national authorities in countries including Guinea, Sierra Leone and Nigeria to discuss compliance, institutional cooperation and practical enforcement challenges. These engagements form part of broader efforts to improve the implementation of decisions across the region. Gonçalves said limited public understanding of the Court’s mandate, procedures, jurisdiction and judgments was partly linked to gaps in media coverage. He stressed that journalists need a sound understanding of the institution’s composition, structure and legal responsibilities to communicate its work accurately. The president said the workshop was designed to improve judicial

reporting and establish a network of journalists across the ECOWAS region who would report regularly on the Court’s activities. “This training is, therefore, very important for the Community Court of Justice,” he said.

that all the Constitution alteration bills currently before the National Assembly had been forwarded to the state legislatures. In a statement by the Clerk to the National Assembly, Kamoru Ogunlana, yesterday, the National Assembly said th e only bill transmitted to the states was the Constitution of the Federal Republic of Nigeria 1999 (Sixth Alteration) Bill, 2026, seeking to provide for the establishment of State Police Services and related matters. Ogunlana recalled that the National Assembly had, on September 16, 2026, informed the public that the State Police Bill had been transmitted to the 36 State Houses of Assembly for consideration and approval. “For the avoidance of doubt, it is only this particular Constitution Alteration Bill that has so far been transmitted to the State Houses of Assembly,” the Clerk stated.

He stressed that it was therefore incorrect to suggest or create the impression that all the Constitution Alteration Bills before the National Assembly had been transmitted to the states. According to him, the decision to accord priority to the State Police Bill was in response to widespread public demands and concerns over security and policing in the country. He explained that the initiative was aimed at addressing those concerns through an appropriate constitutional and legal framework. The Clerk further disclosed that the other Constitution (Sixth Alteration) Bills before the National Assembly would be transmitted to the 36 State Houses of Assembly after they had been passed in identical form by both chambers of the federal legislature, in accordance with the constitutional amendment process.

Desperados Expands Experiential Footprint with Roadblock in Port Harcourt Activation

Mary Nnah

Desperados has extended its youthfocused experiential marketing drive with the staging of Roadblock in Port Harcourt recently at the EUI Centre. The activation, which ran for eight hours, drew thousands of attendees and marks the latest stop in the brand’s nationwide push to connect with Gen Z consumers through music and culture-led experiences. The Port Harcourt edition leveraged Roadblock’s established Afro-Electronic format, featuring a lineup that included DJ Spinall, DJ

Big N, WannixHandi, DJ Chelar, DJ Ice Cue, DJ Kelvin Kelvin and Deejay Kaydee. The event was produced with an all-black and all-white dress code, immersive lighting, visual effects, and live performance elements. For Desperados, the move signals a continued investment in culture marketing as a growth strategy. Rather than traditional advertising, the brand is increasingly using large-scale entertainment platforms to build relevance and direct engagement in key urban markets. Speaking on the strategy, Senior Brand Manager for Desperados,

Onyebuchi Allanhah, said: “Bringing the Roadblock experience to Port Harcourt allowed us to connect with young people in a city with a vibrant culture and a strong sense of self-expression. At Desperados, we are committed to creating experiences that feel authentic to our audience and keep the brand relevant within the culture.” Industry analysts note that experiential activations like Roadblock have become a core tool for beverage brands seeking to deepen market penetration in Nigeria’s competitive youth segment.

WEDNESDAY SEPTEMBER 23, T H I S D AY

WEDNESDAY SEPTEMBER 23, 2026 ˾ T H I S D AY

NEWS

AUTHORISED DEALING CLERKS INDUCTION CEREMONY…

L-R: Company Secretary, Nigerian Exchange Group (NGX Group), Izuchukwu Akpan; Chief Executive Oﬃcer, Nigerian Exchange Limited (NGX), Jude Chiemeka; President, Chartered Institute of Stockbrokers (CIS), Fiona Ahimie, and, former CIS President, Ariyo Olushekun, during induction ceremony for the newly qualiﬁed Authorised Dealing Clerks in Lagos…recently

Kano Busts Major Drug Cartel, Arrests 380 Suspects, Recovers Weapons Ahmad Sorondinki inKano

22, 2026, about two months ago. engaging in thuggery locally He said the task force has known as ‘Daba’ and phone The Kano State Multi-Agency secured over 230 convictions snatching.” Task Force on Drug Abuse and and is now targeting 10,000 According to him, the Illicit Trafficking has burst a major youths for rehabilitation, skills operations led to the recovery drug cartel in the state, arresting acquisition and reintegration. According to him, “Within 380 suspects and recovering dangerous weapons in a two- the period, the committee month coordinated crackdown. carried out joint dislodgment The Chairman of the task operations across notorious black Nume Ekeghe force, Muhuyi Magaji Rimin spots, including Race Course, Gado, disclosed this last Monday Filin Idi, Filin Mahaha, Tashar Nigeria’s financial inclusion rate has at a press briefing in Kano on Rami, Kawo Area and Tashar risen to 79 per cent, representing the activities of the committee Rimi, where miscreants gather about 94.2 million adults, as the rapid since its inauguration on July to take illicit substances before expansion of digital financial services continues to draw more Nigerians into the formal financial system, the latest Access to Financial Services in Nigeria (A2F) Survey by Enhancing Financial Innovation and Access The Senator Sharafadeen said President Bola Tinubu, (EFInA) has shown. The survey, released in Lagos, also Alli Campaign Organisation upon assumption of office, has berated Governor Seyi signed the Electricity Act Makinde of Oyo State for 2023 into law, consequently attributing inadequate empowering states to electricity supply for his generate, transmit and Wale Igbintade administration’s continued distribute electricity and dependence on fuel-powered meet the energy needs of All is set for the arraignment of the Founder, Managing generators to operate the people in their states. streetlights in Oyo State. “Taking advantage of Director/Chief Executive Officer A statement by Director, the opportunity created (CEO) of Chappal Energies, Mr. Media and Publicity for by President Tinubu, our Ufoma Joseph Immanuel, before Alli’s Campaign Council, dear state under Makinde the High Court of Lagos State, Bisi Oladele, said Makinde’s established the Oyo State Ikeja Division, over the alleged excuse was not only Electricity Regulatory theft of an official vehicle. In Charge No: 28400C/26, disingenuous and showed Commission and completed gross incompetence, but also the transfer of regulatory seen by journalists, the police pointed to glaring leadership oversight from the Nigerian failure. Electricity Regulatory Alli’s campaign council Commission (NERC). Kuni Tyessi in Abuja

of assorted substances, including Cannabis Sativa, Exol-5, Diazepam, Pentazocine Injection, Methamphetamine, Tramadol, ‘Suck and Die’, Rubber Solution

and Pregabalin Capsules, as well as knives, cutlasses, daggers and clubs. He expressed concern over the diversion of controlled drugs

from legitimate supply chains, revealing the seizure of about 870,000 capsules of Pregabalin from a leading pharmaceutical company in the state.

EFInA: Financial Inclusion Hits 79%, Digital Finance Drives Access

Your N8.5bn Power Project Failed Abysmally, Makinde Told

showed that formal financial inclusion had climbed to 73 per cent, equivalent to about 87.2 million adults, putting Nigeria ahead of the 70 per cent target established under the National Financial Inclusion Strategy. The latest figures mark a significant shift in the country’s financial inclusion landscape, with digital channels emerging as one of the strongest drivers of the expansion. According to the 2026 A2F Survey, 64.4 per cent of Nigerian adults

now use digital financial services, compared with 45 per cent in 2023 and 34 per cent in 2020. The findings were unveiled under the theme, “Access. Opportunity. Growth: Advancing Financial and Economic Inclusion for All Nigerians,” at an event attended by government officials, regulators, financial institutions, development partners and civil society organisations. Opening the main plenary, Board

Chair, EFInA, Dr Agnes Olatokunbo Martins, said the theme captured both the progress made and the ambition that should guide the next phase of Nigeria’s financial inclusion journey. She described the value of the survey as its ability to show what administrative data cannot, explaining that while administrative data can tell us about accounts, transactions, infrastructure and providers, A2F tells us about the person behind those numbers.

Criticism Trails Police Arraignment of Chappal Energies Boss by Police alleged that Immanuel conspired with others, who were not named, to steal a Lexus Sport Utility Vehicle (SUV) LA 600F identified in the charge as belonging to Chappal Energies Offshore Limited. The defendant, who is the CEO of the company, is currently standing trial before another Judge of the same court,

Justice Mojisola Dada, on a criminal charge brought against him by the Economic and Financial Crimes Commission (EFCC), following a petition by Immanuel’s business partner, Adebisi Adebutu. The EFCC case arose from a dispute involving Immanuel and Adebutu concerning commercial investment arrangements.

Court documents showed that the dispute centred on commercial investment arrangements involving Chappal Energies Mauritius Limited, Intermediate and Investment Holdings Limited, R28 Limited and its founder, Adebutu, in connection with investments linked to the acquisition of Equinor Nigeria’s assets.

Students Commend E-DON, Call for Expansion to Universities, Polytechnics

Rotary Districts 9111 & 9112 The National Association of Students (NAUS), Host Seminar on October 7 University National Association of Nigerian Rotary International Districts 9111 & 9112 have announced the date for the joint annual public image seminar, Wednesday October 7, 2026. According to Rotary International District 9111 Governor, Rotarian Bukola Bakare, “ the seminar focuses on building a lasting and impactful image, aims to empower Rotarians, journalists and media practitioners with the requisite knowledge to strengthen Rotary’s visibility and credibility in Nigeria.” The Rotary International District 9112 Governor, Rotarian Layi Abidoye disclosed that

“Guest speakers are Dr Lekan Fadolapo, Chief Executive Advertising Regulatory Council of Nigeria (ARCON); Akogun Tokunbo Modupe, Founder and Chief Consultant, TPT International PR Limited; and Rotarian Ademola Akinbola, Managing Director Brand Stewards Ltd are panel of discussants.” The Chairman District 9111 Public Image Committee, Rotarian Olalekan Otun revealed that “these speakers will deliver presentations on the theme: “Beyond visibility: Building a public image that endures and creates a lasting impact.”

Colleges of Education Students (NANCES), and National Association of Polytechnic Students (NAPS) have commended the Electronic Education Initiative (E-DON) as one of the notable developments

in Nigeria’s education sector in recent times. The student umbrella bodies made the commendation at a joint world press conference held yesterday, where they addressed issues affecting students and the wider Nigerian tertiary education system. Speaking on behalf of the Joint Union, the President of the National Association of

University Students (NAUS), Dr. Meshach Anthony Nwankwo, described E-DON as an initiative capable of strengthening digital teaching, global education partnerships through virtual live interactive classrooms, as well as learning and improving the ability of Nigerian students and faculty to compete favourably with their counterparts globally.

The student leader particularly appreciated the Executive Secretary of the National Commission for Colleges of Education (NCCE), Dr. Angela Ajala, the Committee of Provosts and other stakeholders for supporting the implementation of the E-DON initiative across Colleges of Education in Nigeria.

Delta’s Tertiary Schools’ Workers Get New Salary Structure Omon-Julius OnabuinAsaba A new salary structure has been approved for academic staff of the four Delta Stateowned universities effective from August 2026, while that of non-academic staff and other tertiary institutions would take effect from September.

Governor Sheriff Oborevwori announced this on Tuesday in Asaba while swearing-in the new Auditor-General of the State, Mr Emasogbe Matthew Oghene, and the inauguration of the governing councils of the University of Delta Agbor, Dennis Osadebay University Asaba, and Southern Delta University Ozoro.

The four universities have been accredited to offer professional courses including medicine, law, nursing and accounting, he noted. Enrolment figures for the respective institutions have risen from about 50,000 in 2023 to more than 100,000 in 2026 as previously made public, the

governor said. Oborevwori expressed delight that the academic calendar of the universities had remained unaltered either to industrial action from the staff or student unrest in 17 years, describing the development as evidence of the state government’s commitment to stable academic activities.

T H I S D AY ˾ WEDNESDAY SEPTEMBER 23, 2026

15 Acting Group Politics Editor DEJI ELUMOYE

POLITICS

Email: deji.elumoye@thisdaylive.com 08033025611 SMS ONLY

Any Solution in Sight to Incessant Security Breaches on the Plateau?

Recent violence recorded in parts of Plateau State has once again exposed the fragility of its security architecture, after gunmen killed ﬁve people and injured two at Mangu’s Friday market, an attack that came few hours after Inspector General of Police, Olatunji Disu, pledged renewed action to stem recurring assaults. Yemi Kosoko reports.

IGP Disu

lateau State is once again confronting the grim reality of a security architecture buckling under relentless pressure. In the days following Inspector General of Police, Olatunji Disu’s high profile visit to the state, with an engagement meant to signal renewed federal resolve in communities across Jos South, Mangu, Bokkos, Barkin Ladi and Riyom that have suffered a fresh wave of coordinated attacks that left at least several people dead and properties destroyed. The killings, which unfolded within hours and across multiple local government areas, have deepened public anxiety and raised troubling questions about the effectiveness of current policing strategies. The most devastating of the incidents occurred in Jos South, where nine passengers travelling to Jos were ambushed at Dungus community around 9:40 p.m. Witnesses said suspected gunmen opened fire on their vehicle without warning, killing several on the spot. Others sustained gunshot wounds, with some later confirmed dead in the hospital. Among the dead was a member of Operation Rainbow, the multi agency outfit established to support peace efforts in Plateau. A resident, Musa Dauda, described the aftermath as chaotic, noting that several victims succumbed to injuries while receiving treatment. In Mangu Local Government Area, two people were killed when suspected terrorists invaded Vodni community in Pushit District during the night. Four others sustained gunshot injuries and are currently receiving treatment in Mangu town. Around the same period, two more people were killed in Tahoos, Riyom Local Government Area, in yet another night time assault. The attacks were not isolated; they formed part of a broader pattern of violence that has persisted despite repeated security deployments and public assurances. The violence has not spared Fulani herders, who suffered a separate attack in Aloghom Sabon Gari, Mangu Local Government Area where three teenage herders, Garzali Shaibu (18), Bashiru Yakubu (14), and Salim Abubakar (15), were allegedly killed while tending their cattle. Members of the herding community said 50 cattle were shot dead, with several herders still missing. Coordinator of the Fulbe Fulani Development Association in Mangu, Hashimu Yahaya,

Mutfwang

described the killings as “brutal and unprovoked,” insisting the victims were peacefully grazing when gunmen opened fire. State chairman of MACBAN, Ibrahim Yusuf Babayo, condemned the attack, alleging a “calculated attempt to cleanse Fulani herders and destroy their means of livelihood.” These incidents underscore the complexity of Plateau’s security crisis in which multiple communities, often with competing narratives, suffer devastating losses. It is a conflict landscape where victims and perpetrators are not easily categorised, and where cycles of reprisal deepen mistrust. It was against this backdrop that IGP Disu visited Plateau State a fortnight ago. His trip included engagements at the National Institute for Policy and Strategic Studies (NIPSS), Kuru, and a courtesy visit to the Plateau State Government House in Jos, where he met with Deputy Governor Josephine Piyo. Disu said he was in Plateau to engage the Commissioner of Police, officers of the command and other stakeholders toward addressing the attacks. He disclosed that some arrests had been made, attributing the progress to increased confidence among residents to provide information to the Police. “We are not happy about this situation,” he said. “Some arrests have been made because of the efforts we have put in. We are going to find a lasting solution to this.” He pledged closer collaboration with the Plateau State Government and other

stakeholders, stressing that the Police would continue to work towards improving security and protecting residents. Deputy Governor Piyo welcomed the IGP’s visit, describing it as a demonstration of federal concern for Plateau’s security. She commended the new Commissioner of Police, Ayodeji Faniyan, for his efforts and highlighted steps taken by the state government, including the establishment of a control centre in Jos. But her appeal was pointed. She urged the IGP to reactivate the Mobile Police barracks in Gashish and increase deployment to Barkin Ladi, Riyom and Bokkos areas that have endured repeated attacks with little deterrence. The challenge, however, lies in the stark contrast between assurances and unfolding events. The attacks that followed, particularly the Friday market killings in Mangu and the Sunday night assaults, have raised difficult questions about the effectiveness of current security strategies. If arrests have been made, why do attackers still operate with such confidence? Why do communities continue to face repeated assaults despite multiple deployments? Where are the intelligence gaps that allow attackers to strike across multiple Local Government Areas within hours? Plateau’s security challenges are not merely operational; they are structural. The terrain is vast, rural communities are dispersed, and attackers often exploit difficult landscapes to evade capture. Intelligence gathering remains weak, and trust between communities and security agencies is inconsistent. The Police, despite increased deployments, face limitations in manpower, mobility and real time intelligence. Joint operations with other security agencies have produced mixed results, often reactive rather than preventive.

Plateau’s security challenges are not merely operational; they are structural.The terrain is vast, rural communities are dispersed, and attackers often exploit diﬃcult landscapes to evade capture. Intelligence gathering remains weak, and trust between communities and security agencies is inconsistent.

Disu’s visit to Plateau also intersected with his broader national message delivered at NIPSS, where he argued that Nigeria’s emerging creative “orange economy” cannot thrive without a secure environment. His point was simple: national development is impossible without stability. According to him, the sector can contribute significantly to employment, investment and national development if creators and their businesses are adequately protected from criminal activities, stressing the establishment of an Orange Economy Security and Intellectual Property Coordination Desk within an appropriate existing structure of the Nigeria Police Force. He said the proposed desk would facilitate specialised policing, inter-agency collaboration, dedicated reporting mechanisms and stronger engagement with stakeholders in the creative sector. But in Plateau, where markets, farms and rural settlements have become recurring targets, the challenge is immediate and deeply destabilising. The killings in Mangu, Jos South, Bokkos and Riyom underscore a painful truth: without decisive, intelligence driven policing, communities will continue to pay the price for systemic lapses. The IGP’s visit was meant to reassure Plateau; instead, it has highlighted the widening gap between official promises and the lived reality of communities under siege. Yet the visit remains important; it signals federal attention, opens channels for collaboration, and places pressure on security agencies to deliver results. But the path forward requires more than visits and assurances. It demands stronger intelligence networks built on trust with local communities, rapid response units that can reach rural areas quickly, reactivation of dormant security infrastructure, transparent investigations into attacks, and joint operations that prioritise prevention over reaction. Plateau State stands at a critical juncture. The recent attacks, spanning passengers, farmers, herders and rural communities, reflect a security crisis that is both complex and deeply entrenched. The IGP’s visit offered hope, but the killings that followed have sharpened the demand for accountability and decisive action. As residents mourn and brace for what may come next, the pressure on Nigeria’s security machinery is mounting. The question now is whether the assurances given in Jos can become the sustained, intelligence-driven policing Plateau desperately needs.

T H I S D AY ˾ WEDNESDAY, SEPTEMBER 23, 2026

FEATURES

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

As Cardoso Turns 3 at CBN, Reforms Shift Nigeria’s Financial System into New Gear Nume Ekeghe writes on the series of reforms undertaken by the Central Bank of Nigeria under Governor Olayemi Cardoso in his three years in oﬃce, and how the changes are reshaping the country’s ﬁnancial system

another 15 million Nigerians into the formal financial system. But Cardoso also made an important admission. “The success of this vision will not be measured by the document, but by execution.” By 2026, the CBN was also introducing PoS geo-fencing and dual-connectivity requirements, while on July 1, 2026, enhanced instant-payment security measures gave customers greater control over transaction preferences and limits and strengthened device authentication, identity verification and real-time fraud monitoring. The objective is no longer simply to get Nigerians onto digital platforms. It is to make them confident enough to stay there.

ree years ago, Olayemi Cardoso took over as Governor of the Central Bank of Nigeria (CBN) at a time when confidence in the country’s financial system had been badly

tested. The foreign exchange market was fragmented, the naira was under severe pressure, inflation was eroding household incomes, and the banking industry was operating with a capital base that the new CBN leadership believed would be inadequate for the size of economy Nigeria aspired to become. Cardoso assumed office on September 22, 2023. What followed was not one bigbang reform, but a succession of changes across virtually every important part of the financial system. The banking industry has been recapitalised. The foreign-exchange market is undergoing a fundamental reform. Payments regulation is being tightened even as the system is redesigned for a more digital economy. Financial-market infrastructure is being modernised, while the CBN has stepped up its defences against fraud, cyber threats and financial crime. And, perhaps most visibly, the country’s external reserves have climbed above $50 billion. Since assuming office, Cardoso has therefore led a series of profound reforms at the Bank and, by extension, the Nigerian economy, which has seen a significant turnaround in financial stability and market confidence. The reforms have not gone unnoticed as President Bola Ahmed Tinubu has repeatedly commended Cardoso's stewardship, while international recognition followed in March 2026, when the CBN was named Central Bank of the Year 2026 by Central Banking in London. The award was later formally presented to Cardoso in June. But perhaps more revealing than the accolades is the timeline itself. It shows a central bank that has spent the past three years trying to change not merely individual policies, but the way the financial system works. A Stronger Capital Base for Nigeria’s Banks The banking sector was always going to be one of the biggest tests of Cardoso's tenure. On March 28, 2024, the CBN announced its recapitalisation programme, setting new minimum capital requirements of 500 billion for banks with international authorisation, 200 billion for national banks and 50 billion for regional banks. The deadline was March 31, 2026. The rationale was straightforward enough: Nigerian banks needed stronger balance sheets if they were going to finance a bigger economy and remain capable of absorbing shocks. Cardoso had previously framed the question around the possibility of Nigeria becoming a $1 trillion economy, asking whether the existing capital base of the banking system would be enough. And by March 31, 2026, 33 banks had met the revised capital requirements and raised approximately N4.65 trillion in new capital. More strikingly, 72.55 per cent of the funds came from domestic sources, with the remaining 27.45 per cent sourced internationally. The significance went beyond compliance, for Cardoso: “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.” However, the longer-term question is what banks do with the money because a stronger

Cardoso

capital base gives lenders more room to absorb losses, take larger positions and finance businesses. But ultimately, the success of the exercise will be judged not by how much money was raised, but by whether that money helps expand productive credit and supports investment. The recapitalisation has also been accompanied by other governance reforms. One of which is that by September 2025, the CBN introduced a succession framework for Domestic Systemically Important Banks, requiring orderly succession arrangements for chief executives of institutions whose disruption could have wider consequences for the financial system. Also, in February 2026, the CBN approved the Bank of Industry's Non-Interest Banking Window, widening the range of financing structures available to businesses and households. Taken together, the measures suggest a CBN concerned not only with whether banks are adequately capitalised, but whether the industry is governed well enough and diversified enough to support the economy. RESTORING ORDER TO THE FOREIGN EXCHANGE MARKET If one reform defined the early part of the Cardoso years, it was the attempt to fix Nigeria's foreignexchange market. The CBN inherited a market where the gap between the official and parallel rates had become wide enough to distort economic decisions and encourage arbitrage. Cardoso’s response was to move towards a more market-driven system and gradually dismantle some of the arrangements that had kept the official and parallel markets apart. The transition was painful and on March 24, 2026, the CBN introduced new naira-settlement requirements for International Money Transfer Operators, aimed at improving the transparency and traceability of remittance flows. The following day, March 25, international oil companies were permitted to repatriate 100 per

cent of their export proceeds through authorised dealer banks. The significance of the IOC reform is difficult to miss. Oil remains Nigeria's largest source of foreign exchange and improving the route through which export earnings enter the formal market directly affects liquidity. The CBN also strengthened the framework for Bureau de Change operators in 2026, giving licensed BDCs structured access to FX through authorised dealer banks while introducing the FX BDC Purchase Tracker to improve monitoring and compliance. Then, on May 15, 2026, Cardoso launched the fourth edition of the Foreign Exchange Manual. The cumulative effect is an attempt to make the FX market less opaque and less dependent on administrative discretion. With all these developments, the gap between the official exchange rate and BDC rates had narrowed to below two per cent, while reserves remain above $52.5 billion. That is a long way from the market Cardoso inherited. TAKING NIGERIA’S PAYMENTS SYSTEM TO THE NEXT LEVEL Nigeria's payments system has changed dramatically over the past decade, but the CBN under Cardoso has increasingly focused on a new question: how do you make a rapidly growing digital ecosystem safe, reliable and genuinely inclusive? The answer began taking shape on September 9, 2025, when the committee for the Payments System Vision 2028 project was inaugurated. A month later October 6, 2025, the CBN also introduced revised agent-banking guidelines, tightening requirements around customer protection, agent oversight, transaction controls, location monitoring and sanctions. Then came the bigger milestone as on June 1, 2026, the CBN launched Payments System Vision 2028, a roadmap built around interoperability, security, inclusion, innovation, trust and collaboration. Cardoso's language at the launch was revealing. He described payment infrastructure as the “invisible roads that move money”, arguing that efficient payment systems were increasingly central to economic growth, competitiveness and poverty reduction. The ambition is considerable: 95 per cent financial inclusion by 2028, bringing

STRONGER CONSUMER PROTECTION, FRAUD & CYBERSECURITY The rapid growth of digital banking has changed the meaning of financial stability. A bank can be well capitalised and liquid and still face a serious threat if its systems are vulnerable to fraud or cyberattack. That is why the Cardoso CBN has increasingly treated consumer protection, cybersecurity and financial crime as part of the stability agenda. On December 2, 2025, the apex bank introduced a revised cash policy, changing cash-withdrawal thresholds while removing restrictions and charges on cash deposits. Then on November 2025, financial institutions were directed to withdraw misleading or non-compliant advertisements and strengthen transparency in financial communications. Then came a series of more technical reforms in March 2026. On March 10, the CBN introduced automated AML/CFT/ CPF standards aimed at improving real-time monitoring of financial-crime risks. On March 12, the BVN and watchlist framework was strengthened. And on March 30, the CBN deployed the Cybersecurity Self-Assessment Tool to help regulated institutions identify weaknesses in their cybersecurity posture. There was also a stronger push for banks to respond more rapidly to electronic fraud with a clear vision that the Nigerian financial system is becoming increasingly digital. Its defences therefore must become increasingly digital too. This is perhaps one of the less visible changes under Cardoso, but it could become one of the most important as the regulator is moving from simply asking whether a financial institution is solvent to asking whether it is resilient enough to withstand the modern risks facing financial institutions. MODERNISING NIGERIA’S FINANCIAL MARKETS The most technical reforms are often the ones least noticed outside the financial markets. But they can have an outsized effect on how efficiently the system operates. On April 17, 2026, the CBN formally introduced the Nigerian Overnight Financing Rate (NOFR) in collaboration with the Financial Markets Dealers Association. NOFR is transaction-based and designed to provide a more reliable benchmark for overnight funding, improving price discovery, transparency, liquidity management and monetary-policy transmission. Cardoso described it as a significant reform in the development of a more resilient and credible financial sector. “The introduction of NOFR represents a significant reform that reinforces the Central Bank of Nigeria’s commitment to building a more resilient, efficient and credible financial services sector.” NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

WEDNESDAY SEPTEMBER 23, T H I S D AY

T H I S D AY WEDNESDAY SEPTEMBER 23, 2026 20 TR

UT H

& RE A S O

Wednesday September 23, 2026 Vol 27. No 11481

opinion@thisdaylive.com

www.thisdaylive.com

A TROPHY FOR TINUBU'S COURAGE?

FRANK TIETIE urges the President to ensure the establishment of state police

See page 21

KADUNA’S YOUNG INNOVATORS

SALISU MUHAMMED commends the state’s investment in creative innovators

See page 21

EDITORIAL

ADDRESSING GROWING ECONOMIC HARDSHIP

See page 22

Nigerians are becoming less capable of being shocked by wrongdoing, argues GODWIN SOGOLO

VALUE EROSION: NIGERIA'S GREATEST CHALLENGE

Toward the close of the last century, much of the world had already begun to turn its back on socialist ideology. Understandably, therefore, university curricula in much of the Western ZRUOG SDLG LQVX൶FLHQW DWWHQWLRQ WR WKH Marxist dictum: “Philosophers have only interpreted the world, in various ways; the point, however, is to change it” — a call for praxis, understood as the integration of theory and practice in the pursuit of social change. At the University of Ibadan, from the 1960s through the 1990s, we taught the philosophy of values to undergraduates, primarily explaining the nature and functions of moral values in human society. We did not, however, place VX൶FLHQW HPSKDVLV RQ WKH SUDFWLFDO means of cultivating sound moral values and transmitting them from one generation to the next. In retrospect, WKLV ZDV D VLJQL¿FDQW OLPLWDWLRQ knowing what moral values are does not necessarily teach people how to live by them or how to sustain them within society. The failure of the Nigerian educational system has been further exacerbated by the growing emphasis on monetary acquisition. Before Nigerian socialists of the immediate post-colonial era faded into oblivion, they had warned against the dangers of excessive wealth accumulation, particularly the ways in which the relentless pursuit of money could undermine human values and damage social relationships. It is all too evident today that, in Nigeria and, indeed, in much of the world, monetary accumulation has increasingly reduced human worth to economic value, subordinating social and moral considerations to material gain. Money has, in a sense, acquired a power far beyond its practical functions: it has become a measure not merely of economic success, but also of social status and even of human worth. The danger is that the unrestrained pursuit of wealth ultimately alienates people from one another and, more seriously, from their own humanity. 7KH FXPXODWLYH H൵HFWV DUH QRZ becoming manifest in disturbing and potentially dangerous ways. Rather than retaining their enduring character as foundations of human dignity and wellbeing, moral values have increasingly become a dispensable appendage of Nigerian life. More disturbing still is the apparent erosion of moral sensitivity itself.

none and expected none from others. Is Nigeria drifting towards a Hobbesian state of nature, in which self-preservation becomes the overriding principle of human conduct? The question is no longer merely theoretical. There was a time when certain events and forms of conduct would have provoked widespread shock, condemnation and moral outrage. Increasingly, however, what was once regarded as abnormal and intolerable appears to be losing its capacity to shock us. Consider the following: ,I D SULQFLSDO R൶FHU VXFK DV WKH Bursar of a major national institution like the National Open University of Nigeria, were brutally killed by bandits, the incident would once have been perceived as a national tragedy, attracting ZLGHVSUHDG SXEOLF RXWUDJH DQG R൶FLDO concern. Yet when such an incident occurred on September 6th 2026, in Zamfara State, to Mallam Nasiru Gusau Marafa, it passed with remarkably little public attention. (2) The kidnapping of schoolchildren and their teachers, professors, lawyers, doctors, traditional rulers, politicians, prominent businesspeople and other notable Nigerians would once have dominated the national headlines. Today, such incidents increasingly appear to have become routine, receiving attention RQO\ EULHÀ\ EHIRUH EHLQJ GLVSODFHG E\ the next disturbing event. (3) The alleged abduction of a father by his own son's kidnapping gang for ransom would once have been regarded as almost beyond belief — a shocking violation of the most basic bonds of family and trust. Today, such incidents that would once have been considered unthinkable are increasingly becoming part of our experience. (4) A father sexually abusing his own teenage daughter would once have been regarded as a terrible abomination, provoking profound moral indignation. Today, even such horrifying incidents do not always generate the degree of public outrage that their gravity demands.

Situations that ought to shock the human FRQVFLHQFH ² WRUWXUH YLROHQFH VX൵HULQJ greed, insatiable acquisitiveness, and other manifestations of evil — are LQFUHDVLQJO\ PHW ZLWK LQGL൵HUHQFH UDWKHU than moral outrage. What ought to be UHJDUGHG DV DEQRUPDO R൵HQVLYH DQG deeply disturbing is gradually being accepted as normal and ordinary. The danger, therefore, is not merely that Nigerians are violating moral values; it is that we are progressively losing the capacity to be morally appalled E\ WKHLU YLRODWLRQ 7KH QDWXUDO ÀRZ RI human sympathy is drying up, while moral apathy is becoming increasingly normal. When a society reaches the point DW ZKLFK VX൵HULQJ QR ORQJHU GLVWXUEV cruelty no longer shocks, and greed QR ORQJHU R൵HQGV WKH FRQVFLHQFH WKH problem is no longer simply a decline in moral conduct; it is a deeper erosion of the moral sensibility through which human beings recognise, condemn and resist evil. Historically, very few societies are known to have survived without moral values. In the 1970s, the British social anthropologist Colin Turnbull documented what appeared to be a rare and disturbing case in his seminal book, The Mountain People (Simon & Schuster, New York, 1972). His study of the Ik community of northern Uganda suggested that, under conditions of extreme scarcity and deprivation, the Ik had largely dispensed with the moral sentiments that ordinarily regulate Sogolo KXPDQ VRFLDO UHODWLRQV (YHQ ¿OLDO is an Emeritus Professor who has DWWDFKPHQW DQG WKH UHFLSURFDO ÀRZ taught and conducted research in RI D൵HFWLRQ DFFRUGLQJ WR 7XUQEXOO 3KLORVRSK\ IRU RYHU ¿YH GHFDGHV ± DW WKH appeared to have virtually disappeared as 8QLYHUVLW\ RI ,EDGDQ &DUGLৼ 8QLYHUVLW\ recognised human sentiments. A mother, of Wales and currently at the National for instance, could snatch food from the Open University of Nigeria. He also mouth of her starving infant. In short, served as a member of the Editorial the Ik had ceased to extend altruistic Board of The Guardian Newspapers in consideration to one another: they gave the 1980s and 1990s.

T H I S D AY

321

WEDNESDAY SEPTEMBER 23, 2026

FRANK TIETIE urges the President to ensure the establishment of state police

SALISU MUHAMMED commends the state’s investment in creative innovators

A TROPHY FOR TINUBU'S COURAGE? KADUNA’S YOUNG INNOVATORS The only way President Bola Ahmed Tinubu will be different from former President Goodluck Jonathan, who served one term, is to do things differently. President Jonathan attempted and failed to remove the petroleum subsidy because misguided civil society activists intimidated him. APC power-hungry politicians led by Bola Tinubu and Muhammadu Buhari desperately sought to unseat him by latching onto any populist grounds. Jonathan also tried to reset Nigeria onto a path of progress by convening the 2014 National Conference. Still, he failed to implement the recommendations when some prominent governors and members of his own ruling party, the Peoples Democratic Party (PDP), led by former Vice President Atiku Abubakar, including Rotimi Amaechi of Rivers State, Rabiu Kwankwaso of Kano State, Murtala Nyako of Adamawa State, Aliyu Wammako of Sokoto State and Abdulfatah Ahmed, opposed him and created serious tension for him by defecting to the opposition All Progressives Congress (APC). Other prominent PDP members who terrified Jonathan from implementing the far-reaching recommendations of the 2014 National Conference were Aminu Tambuwal and Bukola Saraki, who led about 50 serving members of the House of Representatives and about 25 serving Senators at the time to defect from the PDP to the opposition APC. A confused President Jonathan was further hoodwinked in 2014 by fifth columnists in his administration and some prominent PDP leaders. They persuaded him that implementing the Conference recommendations could wait until after the elections, which they had primed him to win. But they indeed hated his planned reforms and preferred the status quo, which benefited them. So they set him up for a humiliating defeat by first promising support across the North and South, then swore to themselves to work against him. Jonathan lost, but he didn't really lose. Nigerians lost the opportunity to remove the petroleum subsidy much earlier under an administration that was more responsive and accountable. Nigerians also lost a golden opportunity of a lifetime to implement a national consensus provided by the National Conference to correct the irregularities of a forced and convoluted federation whose progress and development had been, and remain, arrested by its politics of domination, suspicion, and corruption.

President Bola Tinubu is again at the threshold of creating history after he displayed courage in removing the petroleum subsidy and attempting to establish State Police, matters once considered impossible to achieve because of entrenched interests. Through a mathematical historiographical lens, President Tinubu's current push to establish State Police aligns with the earlier intrigues that led to Jonathan's botched implementation of the National Conference. The clear common factors in the two situations include upcoming presidential elections just months away and a crucial national fundamental shift in Nigeria's security governance as a federation through the establishment of state police, which is as significant as implementing the conference recommendations. What President Jonathan failed to realise was that if he had implemented some, if not all, of the National Conference recommendations, he would have been rewarded with re-election or an extended presidency, all for Nigeria's good. President Bola Tinubu must continue to steer and stay on his path of courage in establishing State Police to the end, especially before the January 2027 presidential elections. He must resist intimidation and blackmail by the mixed reactions following his removal of petroleum subsidies. A continued focus on the gains, and the deployment of cooperative communication may help to elicit a greater national understanding. Similarly, he cannot afford to baulk to critics who are urging him to defer the establishment of state police till after the election. That would spell catastrophic consequences for his reelection. Tietie, Lawyer and Executive Director, Citizens Advocacy for Social & Economic Rights (CASER), writes from Abuja

For decades, one of the most persistent challenges confronting Nigeria has been the inability to translate the enormous energy and creativity of its young population into sustainable economic value. Young Nigerians have ideas. They build things. They solve problems. They develop applications, machines, businesses and technologies, often with very limited resources. What is frequently missing is the bridge between innovation and opportunity. That is why Governor Uba Sani’s decision to award N3 million each to outstanding young innovators in Kaduna State deserves attention beyond the immediate value of the financial support. The intervention represents a deliberate attempt to move youth empowerment away from the familiar language of promises and into the territory of practical investment. At the 2026 International Youth Day Conference in Kaduna, Sani rewarded young people whose work reflects different dimensions of the technological possibilities available to the state. Among the beneficiaries were computer engineering students of Ahmadu Bello University, Zaria, who developed an innovative walking aid designed to assist visually impaired people. Another beneficiary, Fauziyya Muhammad Auwal of Kaduna State University, was recognised for her achievements in space technology. She was described as the first female astronaut candidate with Titans Space Industries and Nigeria’s first female analogue astronaut for the 2026 LunAres Research Station in Poland. She is also the founder of ASTHERA, an initiative focused on space technology. Eight microchip designers selected for specialised training under Kaduna's human capital development initiative also received support, alongside Al Amin Mohammed Idris and Shamsudeen Jibril, winners of the National Board for Technology Incubation NEXTGEN Challenge. The diversity of the beneficiaries is revealing. This is not simply about rewarding academic excellence. It is about identifying talent wherever it is emerging and giving young people the resources and confidence to take their ideas further. Sani's message to young people was perhaps more significant than the monetary awards themselves. He said his administration would continue to expand skills acquisition and vocational training because every young person deserves the opportunity to leave school not only with a certificate but also with a skill capable of providing a dignified livelihood.

That is a powerful proposition in a country where the gap between education and employment remains one of the most difficult challenges facing young people. A certificate should open a door. But when the door does not exist, a young person needs something else: the ability to create value. That is why technical skills, vocational training, digital literacy and entrepreneurship are becoming increasingly important components of youth development. Kaduna's approach, as articulated by the governor, is to create multiple pathways. One young person may become a software developer. Another may become a skilled technician. Another may build a manufacturing enterprise. Another may become a researcher. Another may enter public service. The objective should not be to force every young person into the same definition of success, but to ensure that every young person has a realistic opportunity to build a productive future. Perhaps the most ambitious element of Sani's message was his challenge to young people to move beyond consuming technology. “You must design, build and own them,” he said. That distinction is critical. Nigeria has become an enthusiastic consumer of technology. Nigerians use smartphones, digital banking platforms, social media, artificial intelligence and a growing range of digital services. But consumption alone does not create enough wealth. The larger economic opportunity lies in producing the technology, intellectual property, services and platforms that other people will consume. This is where Kaduna's investment in young innovators becomes strategically relevant. The computer engineering students developing a walking aid for visually impaired people are not merely completing an academic project. They are demonstrating how technology can respond to real human needs. The microchip designers represent another frontier. Muhammed writes from Kaduna State

22 4

T H I S D AY WEDNESDAY SEPTEMBER 23, 2026

EDITORIAL

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

ADDRESSING GROWING ECONOMIC HARDSHIP

The authorities need to do more and free millions of people locked in poverty

he economic reform programmes of the President Bola Tinubu administration have led to skyrocketing transportation costs, food, and service prices, and precipitated a sharp erosion of real wages. More disturbing is that increased statutory allocations arising from the removal of fuel subsidies and merging of the Naira exchange rates have not translated into better governance at any level. In Nigeria today, prices of virtually everything are on the rise. Living in extreme poverty, as it is the case with millions of Nigeria, means living on an amount that cannot guarantee the barest minimal needs for survival. While we are mindful that the current economic challenge may be global, what makes the Nigerian situation more sobering stems from several factors, including the high poverty rate. In most of the 36 states, pipe borne water remains a scarce commodity while thousands die every year because of poor sanitation and ill-equipped health centres. Many educational institutions are decrepit and inadequaWHO\ VWD൵HG 3HUKDSV HYHQ PRUH GHSUHVVLQJ GHVSLWH WKH VWDJÀDWLRQ WKDW SXVKHG WKH FRVW RI IRRG JRRGV and services beyond the reach of majority of Nigerians, some states are not only owing backlog of workers’ salaries and pensions, but are also yet to implement the National Minimum Wage of N70,000 signed into law two years ago. Rising fuel prices amid astronomical costs of goods and services have continued to torment the people and render their lives miserable. The federal government often blames the activities of middlemen for the soaring cost of goods and services. While this observation is partly true, the unassailable fact rePDLQV WKDW WKH QDWLRQ V PRQHWDU\ DQG ¿VFDO SROLFLHV are either wrong-headed or poorly implemented, WKHUHE\ LQÀLFWLQJ PRUH SDLQ RQ WKH PDVVHV )RU LQVtance, it is simple economics that if local producers

VRXUFH WKHLU UDZ PDWHULDOV DQG PDFKLQHU\ R൵VKRUH and are subjected to the vagaries of high exchange UDWH WKH FRVW RI WKHLU ¿QLVKHG SURGXFWV ZRXOG UHÀHFW WKHLU SURGXFWLRQ FRVW DQG SUR¿W PDUJLQ 7KH FRQVXmer bears the brunt. 2QO\ UHFHQWO\ WKH 8QLWHG 1DWLRQV :RUOG )RRG 3URJUDPPH :)3 ZDUQHG WKDW PRUH WKDQ PLOOLRQ SHRSOH DFURVV QLQH FRQÀLFW KLW VWDWHV LQ QRUWKHUQ Nigeria face severe hunger. But this challenge is not restricted to only one zone, it cuts across the nation. )RU \HDUV WKH )RRG DQG $JULFXOWXUH 2UJDQLVDWLRQ )$2 DQG WKH 81:)3 KDYH ZDUQHG UHSHDWHGO\ that millions of Nigerians are at the risk of hunger DV SULFHV RI IRRGVWX൵ VN\URFNHW 5HFHQW GDWD FRPpiled by an international e-commerce organisation also revealed that the average Nigerian household spends about 60 per cent of its income on food, one of the highest in the world. Meanwhile, public sector workers in the country have given the federal government till next Wednesday WK 6HSWHPEHU WR DGGUHVV the worsening economic hardship they and dependents face nationwide. Under the auspices of the Joint National Public Service Negotiating CounFLO -1361& 7UDGH 8QLRQ 6LGH WKH ZRUNHUV DUH demanding a stabilisation of the price of petrol at N500 per litre. Even if this seems unrealistic now, the demand came after the Nigeria Labour Congress 1/& DVNHG WKH IHGHUDO JRYHUQPHQW WR XUJHQWO\ approve emergency palliatives and wage awards to workers nationwide. While we recognise that many of the socio-economic challenges are global, what makes the Nigerian situation worse is that things have been pretty GL൶FXOW IRU WRR ORQJ :H WKHUHIRUH XUJH WKH DXWKRULWLHV LQ $EXMD DQG WKH VWDWHV WR IDVKLRQ RXW PHDVXUHV WR VDOYH WKH IUD\HG QHUYHV RI WKH VX൵HULQJ PDVVHV who are currently assailed by unprecedented high cost of living. People-friendly programmes must be put in place to inject the much-needed hope into the populace.

Rising fuel prices amid astronomical costs of goods and services have continued to torment the people and render their lives miserable T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITOR WALE OLALEYE MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

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

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

LETTERS

NIGERIA AND MACABRE CYCLE OF COUNTING CORPSES

$ FRXQWU\ JUDGXDOO\ GLHV ZKHQ LWV PRVW YXOQHUDEOH FLWLzens are allowed to die with neither consequences nor repercussions. In a case that has sent shockwaves through Nigeria, about 37 miners have died in custody after they were arrested and detained by the Nigeria Civil Defence DQG 6HFXULW\ &RUSV 1LJHU 6WDWH FRPPDQG :LWK R൶FLDO FODUL¿FDWLRQ ERXQG WR WDNH IRUHYHU LQ W\SLFDO 1LJHrian fashion, the rumor mill has charged into overdrive. 6X൵RFDWLRQ DV ZHOO DV WRUWXUH KDV EHHQ PRRWHG WRJHWKHU with the claim that the young men died when a noxious chemical was sprayed in the cell where they were held. Whatever the cause, their death is another damning FRQ¿UPDWLRQ RI OLYLQJ LQ 1LJHULD DQG WKH H[HFUDEOH H[cesses of those charged with the security of Nigerian lives and property. Multiple times every year, innocent and vulnerable Nigerians lose their lives at the hands of overzealous security personnel. Whether they are shot or die from torture or poor handling in custody, it has become common to

equate invitation and detention of Nigerians by security agencies to a death sentence. This sobering reality invites an inquiry into custodial conditions in Nigeria. While it has long been common knowledge that many detention facilities in Nigeria are XQ¿W HYHQ WR KROG DQLPDOV WKH 1LJHULDQ VWDWH VLPSO\ UHfuses to do anything about it. &RUUXSW 1LJHULDQ R൶FLDOV SUHIHU WR ORRW SXEOLF IXQGV while Nigerians who fall into the hands of renegade and rogue security agencies are detained in conditions that even animals would balk at. More often than not, this UHVXOWV LQ GHDWK RU OLIHORQJ SV\FKRORJLFDO VFDUULQJ $Q\ other country would commission an independent and impartial inquiry into this heinous incident of deadly negligence by the NSCDC in Minna, and citizens, though traumatized, would await the outcome of the investigation, knowing that heads will roll. But not Nigeria, where life loses value by the day. Shockingly, a country whose young people are brim-

ming with tenacity and talent is serving them graves instead of opportunities. What has not happened to young people in Nigeria? Would Nigerians forget this too after D ZKLOH" :LOO WKLV FDVH OLNH VLPLODU RWKHUV ¿QG D ¿QDO resting place under the carpet as these young men have found in mysterious circumstances? There is no greater measure of a country’s values and sense of direction than the worth it attaches to human life and dignity. When there is maximum respect for human OLIH DQG GLJQLW\ LW UHÀHFWV LQ HYHU\WKLQJ HOVH $UH VRPH Nigerian lives worth any less because they are probably uneducated or engaged in illegal mining? What happened to the constitution that preserves life and spells out the stringent conditions only under which it can be taken? Let anyone who has been searching for that country where life is cheaper than table salt look no further; that country is Nigeria. Ike Willie-Nwobu, Ikewilly9@gmail.com

WEDNESDAY SEPTEMBER 23, T H I S D AY

T H I S D AY ˾ WEDNESDAY SEPTEMBER 23, 2026

PROPERTY & ENVIRONMENT Businesses Must Invest in Nature as Biodiversity Loss Threatens Economy, Experts Warn r NCF, Natural Eco Capital unveil first Business Action Plan for Biodiversity Bennett Oghifo Nigerian businesses have been warned that failure to integrate biodiversity protection into their operations could expose them to growing environmental, financial and operational risks, as conservation experts called for stronger private-sector leadership and financing to halt nature loss. The warning came in Abuja at the inauguration of Nigeria’s first Business Action Plan for Biodiversity (BAP), developed by the Nigerian Conservation Foundation (NCF) and Natural Eco Capital (NEC), in collaboration with the Federal

Ministry of Environment and with support from Business for Nature. The initiative seeks to translate the country’s National Biodiversity Strategy and Action Plan (NBSAP) 2025–2030 into practical measures that businesses and financial institutions can adopt to reduce their environmental footprints, invest in nature-based solutions and integrate biodiversity considerations into corporate decision-making. Speaking at the event, the Director-General of NCF, Dr Joseph Onoja, said nature constituted the fundamental capital upon which virtually

every business depended, warning that businesses that ignored environmental degradation could eventually pay a heavy price. According to him, the profitability and sustainability of businesses were ultimately tied to the health of the natural environment. “It is important for businesses to get involved in nature preservation because it ultimately determines the eventual profitability of any business,” Onoja said. He cited the recent devastation witnessed in Nepal as a warning of what could happen when environmental pressures

accumulate and ecosystems are degraded. “When nature decides to act, when nature gives us her invoice, it destroys whatever we have made,” he said. Onoja said biodiversity conservation had become a global priority and that Nigeria had responded by adopting and domesticating the National Biodiversity Strategy and Action Plan 2025–2030 to reflect the country’s peculiar environmental and economic circumstances. He, however, stressed that adopting the national framework was not enough without effective implementation.

He said the Business Action Plan was therefore developed as a practical implementation framework, co-created with the business community to help companies ensure that their policies, processes and activities did not unnecessarily damage nature. “This plan will support businesses to see how they can ensure that their processes, actions and policies do not harm the environment,” he said. Onoja urged companies across sectors to adopt the BAP as a toolkit for mainstreaming biodiversity into their operations, insisting that conservation could no longer be treated

merely as a corporate social responsibility initiative. He said the launch marked the beginning of the implementation phase and would require businesses to move from broad commitments to measurable actions that would make their operations more nature-positive. Also speaking, the DirectorGeneral of Natural Eco Capital, Dr Eugene Itua, said the private sector had historically paid greater attention to climate change than biodiversity, despite its dependence on nature for raw materials, water, land and other resources essential to production.

Mixta Africa Delivers on Promise as 27 Ibudo Wura Homeowners Receive Keys Fadekemi Ajakaiye Mixta Africa, one of West Africa’s leading real estate developers, has handed over the keys to 27 homeowners at Ibudo Wura, its affordable

housing community along the Lekki-Epe Expressway. The latest handover brings the number of completed homes at Ibudo Wura across Phases 1 and 2 to 192, providing another tangible demonstration

of Mixta Africa’s commitment to delivering on its promises to homebuyers. For a homebuyer, delivery is the moment an investment becomes tangible: a completed home that can be occupied, used

L-R: Home Owner, Tunji Adeyemi; and Head of Duo Unit Mixta Africa, Olamide Odumade, during the Handover of Ibudo Wura Estate home units to the respective homeowners at the Mixta Africa housing handover ceremony held at Ibudo Wura Estate, Lakowe, Lagos... recently

and called their own. For Mixta Africa, it is also a measure of the trust placed in the company when a customer decides to buy a home. The handover builds on Mixta Africa’s more-than-20-year track record of delivering homes across Africa, with more than 30,000 homes delivered to date. Tola Akinsulire, Group Chief Commercial Officer, Mixta Africa, said: “Handing over keys is one of the most important moments in our relationship with a customer because it is when our promise becomes tangible. Buying a home is a significant financial and emotional commitment, and customers need confidence that what they have paid for will be delivered. Today, 27 more families have taken possession of homes they can call their own. Our responsibility is to keep earning that trust through consistent delivery across our communities.”

For the homeowners at Ibudo Wura, the handover represents the completion of a journey from purchasing a home to taking possession of it. Mrs Soprinye Banjo, one of the homeowners who received a key, expressed confidence that the environment would be good for her family: “what I am seeing today is good quality for the price, it is an excellent job done. I like the environment. Speaking with the engineers and facility managers today, I am confident that my family is in good hands” she said. Another homeowner, Mrs Yetunde Oyegunle, talked about her experience: “I was introduced to Mixta Africa and Ibudo Wura by a friend and I decided to give it a try. Getting here today, I was overwhelmed by what I saw and I am happy because this is real. The estate is beautiful, the home finishing is excellent and the environment is conducive. I will definitely

recommend the developers to anyone who is interested in owning a property because this is real.” Ibudo Wura also demonstrates how access to appropriate financing can support homeownership. Homeowners were able to access financing with as little as 10% equity payable over six months, interest rates at 9.75% per annum and tenors of between five and 20 years, with indicative monthly repayments from N534,785. Financing is available through the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF). With homes continuing to be delivered at the community, Ibudo Wura remains open for new buyers, with available units starting from N58,319,000 outright across one-bedroom apartments and two-bedroom row houses and H-type units. Outright purchase and six- and 12-month instalment options are available.

ABUMET Opens New Digital Learning Opportunities for Kano Pupils with Modern ICT Centre Bennett Oghifo In a major investment in education and community development, Nigeria’s leading glass and aluminium solutions company, ABUMET, has donated a fully equipped digital learning centre to Race Course Model Primary School, Kano, giving hundreds of pupils access to modern technology and practical computer education for the first time.

The initiative is part of ABUMET’s commitment to improving educational outcomes and helping young Nigerians acquire the digital skills needed to succeed in an increasingly technology-driven world. To bring the project to life, the company provided the school with 24 desktop computers, solar-powered electricity infrastructure, and new classroom furniture for both pupils and teachers. The

intervention is already creating a more conducive learning environment and introducing learners to hands-on computer education in ways that were previously difficult to achieve. For many of the pupils, the facility represents a first meaningful encounter with digital technology, opening new possibilities for learning, creativity and future career development. Speaking during the Corpo-

rate Social Responsibility (CSR) visit to the school, ABUMET General Manager, Diemo Schillack, said the project was inspired by the company’s desire to help bridge the digital divide and ensure that children are not left behind in the modern knowledge economy. According to him, exposure to technology at an early age can significantly influence a child’s educational journey, build confidence and create

opportunities that extend far beyond the classroom. We believe every child deserves access to quality learning tools and the opportunity to develop skills that will prepare them for the future,” Schillack said, adding, technology is now part of everyday life, and introducing these young learners to digital tools early gives them a stronger foundation for their education and future careers.

The ABUMET General Manager expressed appreciation for the warm welcome received from the pupils and staff, describing their enthusiasm and excitement as inspiring. He also reaffirmed the company’s commitment to supporting education and community development, saying that ABUMET plans to return within a year to assess the pupils’ progress and the impact of the learning centre.

E-Terra CEO Highlights Beneﬁts and Challenges of TechnologyDriven Election Management Fadekemi Ajakaiye Managing Director and Chief Executive Officer of E-Terra Technologies Ltd, Chief Dr. Ifeanyi Chukwutem Ochonogor, has called for the responsible deployment of technology to

strengthen Nigeria’s electoral system, while addressing the challenges of cybersecurity, data protection, infrastructure, public trust and electronic waste. Speaking at the Nigeria eGovernment Summit 2026,

themed “Mainstreaming Technologies in Nigeria Election Management,” Ochonogor said Nigeria’s gradual transition from largely manual electoral processes to technology-enabled systems presents significant op-

portunities for improving voter services, verification, information management, transparency and efficiency. He commended Engineer Layi Ajayi, Convener and Chairman of the Summit, for providing a platform

for government, technology experts, businesses and other stakeholders to shape Nigeria’s digital future. According to Ochonogor, however, technology alone cannot guarantee credible elections.

“The introduction of technology does not automatically guarantee credible elections. Its effectiveness depends on secure infrastructure, reliable systems, quality data, competent personnel, institutional integrity and public confidence.”

˾ WEDNESDAY, SEPTEMBER 23, 2026

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

S E P T E M B E R S & P INDEX

2 2 ,

2 0 2 6

S & P INDEX

EXCHANGE RATE

OPR

25.34%

CALL

23.25%

INDEX LEVEL

595.26

1/4 TO DATE

0.24%

N1,382/ 1 US DOLLAR*

OVERNIGHT

25.18%

1-MONTH

21.37%

1-DAY

0.10%

YEAR TO DATE

-10.99%

*AS AT TUES., SEPTEMBER 22, 2026

3-MONTH

22.41%

MONTH-TO-DATE

0.24%

Money Supply Up 12.4% YtD to N139.38tn Despite CBN Tightening Stance

Kayode Tokede Nigeria’s broad money supply (M3) jumped 12.4 per cent Year till Date (YtD) to an all-time high of N139.38 trillion in August 2026, defying the Central Bank of Nigeria (CBN)’s ongoing monetary tightening efforts aimed at reining in inflation and stabilising the Naira at the foreign exchange market. M3, which serves as the most comprehensive measure of money in circulation within an economy, includes not only the cash used in everyday

transactions but also largescale deposits and financial assets that influence lending, investment, and inflation. Despite the CBN’s firm stance on monetary tightening, the latest data from the apex bank indicates a year-on-year (YoY) increase of 16.5 per cent, with the money supply rising sharply from N119.69 trillion in August 2025. The expansion comes as the CBN maintains a relatively tight monetary policy stance, with the Monetary Policy Rate (MPR) held at 26.50 per cent

at its July 2026 Monetary Policy Committee meeting. The apex bank at its recent meeting cut the MPR to 23 per cent in a move to further tackle inflation. On a month-on-month basis, the figure climbed by 0.43 per cent from N138.78 trillion recorded in July 2026 from N139.38 trillion reported by CBN in August 2026. According to the CBN’s money & credit statistics, the M3 increased from N123.95 trillion in January 2026 to N124.99 trillion in April 2026, N129.21 trillion

in May 2026 and N133.25 trillion in June 2026, before reaching N138.78 trillion in July 2026 and N139.38 trillion in August 2026. The August increase amounted to approximately N601.6 billion compared with the previous month. In a bid to counteract inflationary pressures and stabilise exchange rate fluctuations, the CBN withdrew N4.72 trillion from the financial system through Open Market Operations (OMO) auctions between August 26 & 27, 2026.

Analysts noted that the move was part of broader efforts to reduce liquidity and cool rising consumer prices. A closer look at the components of M3 reveals a notable shift in liquidity sources. In August 2026, the surge in money supply was driven largely by higher net foreign assets, which stood at N37.39 trillion, a 10.1 per cent YoY drop from N41.59 trillion in August 2025. At the same time, net domestic assets increased significantly to N101.99

trillion in August 2026, up from N78.11 trillion in August 2025, a rise of 31 per cent YoY. This increase partially offset the fall in external assets and prevented a steeper decline in total money supply. This interplay between domestic and foreign asset movements illustrates the delicate balancing act the CBN is managing: injecting or mopping up liquidity while maintaining FX stability and curbing inflation. The story continues online on www.thisdaylive.com

Demand for Short-term Government Papers Soar as Fixed-income Turnover Hits N8.07tn Nume Ekeghe

Nigeria’s fixed-income market recorded N8.07 trillion in traded face value in the five trading days to September 18, with Open Market Operation (OMO) bills accounting for the bulk of activity as investors maintained strong demand for short-term government securities. The market recorded 2,097 trades involving 27 participants during the

period, with OMO bills alone accounting for N5.99 trillion, representing about 74 per cent of total traded value. The instrument also recorded the highest number of transactions at 1,045 trades. Analysis of trading numbers showed that FGN bonds followed with N1.19 trillion traded across 687 transactions, while Treasury bills recorded N877.76 billion from 354 trades. Sukuk activity remained limited at N8.35 billion across 11 transactions.

The composition of trading points to continued preference for shorter-duration instruments. OMO bills accounted for substantially more value than FGN bonds and Treasury bills combined, despite the latter two markets generating more than 1,000 transactions between them. The breadth of participation was also notable. OMO bills attracted 26 participants, compared with 22 for Treasury bills and 21 for FGN bonds, indicating that

demand for government securities remained relatively broad-based rather than being confined to a small group of investors. The strong concentration in OMO bills came against a yield environment that remained attractive to fixedincome investors. OMO bills closed the period at 19.57 per cent, with a weighted average yield of 19.74 per cent. Treasury bills recorded a closing yield of 15.76 per cent, while the weighted average

stood at 19.83 per cent. Across the FGN bond curve, yields remained predominantly in the mid-16 per cent range, with several maturities trading around 16.50 per cent to 16.90 per cent, before moderating towards 15.73 per cent, 15.42 per cent and 14.90 per cent at longer maturities. The combination of elevated yields and substantial turnover suggests that government securities continued to command

meaningful investor liquidity during the week, with shortterm instruments remaining the preferred destination for a significant portion of that demand. The market’s N8.07 trillion turnover also reflects continued depth across government securities, with activity spread across OMO bills, FGN bonds, Treasury bills and, to a lesser extent, Sukuk. The story continues online on www.thisdaylive.com

M A R K E T D ATA A S AT T U E S D AY, S E P T E M B E R 2 2 , 2 0 2 6 BONDS DESCRIPTION Price Yield Change Updated Time (%) ^13.98 2395.14 17.58 0.00 September FEB-2028 22, 2026 ^21.00 20104.63 17.60 0.00 September MAR-2028 22, 2026 ^19.30 17September 102.96 17.84 0.00 APR-2029 22, 2026 ^14.55 26September 92.93 17.87 0.00 APR-2029 22, 2026 ^18.50 21-0.20 September 102.15 17.78 22, 2026 FEB-2031

BILLS MATURITY NTB 6-Aug26 NTB 3-Sep26 NTB 8-Oct26 NTB 5-Nov26 NTB 3-Dec26

Discount Yield 16.22

16.34

15.39

15.68

15.80

16.36

16.45

17.28

16.45

17.66

CPS

Change (%) Updated Time

MATURITY

0,00 September 22, 2026 -0.33 September 22, 2026 -0.01 September 22, 2026 -0.01 September 22, 2026 -0.01 September 22, 2026

HAAI CP X 7-SEP-26 PCLL CP V 25-SEP-26 AGRO CP IV 7-DEC-26 DAIL CP II 26-NOV-26 JVIL CP XXIV 29-DEC-26

Discount Yield 22.10

22.76

21.75

22.63

20.93

22.74

19.44

20.86

20.53

22.56

CLEARED NAIRA-SETTLED NDFS Change (%)

Updated Time

0.05 September 22, 2026 0.10 September 22, 2026 0.11 September 22, 2026 0.13 September 22, 2026 0.08 September 22, 2026

CONTRACT TENOR Contract (MONTH)

Current Rate ($/₦)

Updated Time

–

˾ WEDNESDAY, SEPTEMBER 23, 2026

BUSINESSWORLD

PERSPECTIVE

After the Handover: Rethinking CSR’s Role in Women’s Economic Empowerment Madhurii Sarkar-Amoda

“I

f you educate a woman, you educate a nation” is a familiar saying. Its message remains relevant because when women have the opportunity to earn, build and grow, the benefits extend far beyond the individual. Across Nigeria, women already contribute significantly to economic activity. They run businesses across agriculture, food processing, fashion, retail and countless other sectors. Yet starting a business and growing it sustainably are very different. Women account for about 40% of early-stage entrepreneurs in Nigeria, but their representation declines as businesses grow. Women own about 43% of microenterprises, compared with 22% of small and medium-sized businesses and 20% of larger enterprises. Access to finance remains a significant barrier, with 45% of Nigerian women having access to funding compared with 56% of men. Meanwhile, over 50% of small businesses reportedly fail within their first year, with financing challenges and infrastructure deficits among the factors contributing to business failure. The picture is clear: for many Nigerian women, the challenge is not a lack of ambition. It is whether they have what they need to have sustainable, growing businesses. This raises an important question for corporate social responsibility (CSR): what does meaningful economic empowerment actually look like?

Beyond One-time CSR Intervention Community empowerment often follows a familiar pattern. Organisations identify

beneficiaries, provide intervention, measure the number of people reached, move on to the next programme, and show up the next year for a new set of beneficiaries. While immediate support can make a meaningful difference, economic empowerment requires a longer view. The more important question is what happens after the intervention. This is where the Segilola Women Initiative Programme (SWIP), launched in 2021 by Segilola Resources Operating Limited (SROL), Nigeria’s first large-scale commercial gold mine, offers a different perspective. Through SWIP, women in SROL’s host communities of Imogbara, Odo Ijesha and Iperindo have received business equipment and support designed to strengthen their enterprises. Since its launch, the programme has empowered more than 200 women.

This year, the sixth edition provided 30 women with equipment tailored to their businesses, including freezers, sewing and stoning machines, digesters, multipurpose grinders, gas burners and cooler sets, alongside financial literacy education. But perhaps more significant was what happened alongside this latest intervention. As part of SWIP’s ongoing monitoring, SROL returned to previous beneficiaries to assess their progress and identify what could help them take their businesses further. Three women, one from each host community, received additional equipment to increase production capacity, expand their product offerings and diversify their services. The distinction is simple but essential: SWIP does not only ask who needs support today; it also asks what previous beneficiaries need to keep moving forward. This is why continuous monitoring can change the value of an empowerment programme. It allows organisations to understand what happens after an intervention, identify emerging needs, and provide support based on business realities rather than assumptions. More importantly, it shifts the focus from simply reaching beneficiaries to helping them build businesses that can eventually create opportunities for others. That growth can extend well beyond the individual entrepreneur. Research shows that women reinvest up to 90% of their income into their families and communities. As a woman’s business grows, so can her household income, her ability to employ others, train apprentices, educate her children or support other businesses around her. The result is a

multiplier effect: an investment in one woman’s business can create value far beyond the original intervention.

Rethinking What CSR Can Achieve The experience of the Segilola Women Initiative Programme (SWIP) offers a useful lesson for companies looking to make their community investments more meaningful: impact is not always about doing more; sometimes, it is about staying invested for longer. For organisations working to advance women’s economic empowerment, this means looking beyond the number of beneficiaries reached and considering what happens after the intervention. Did the business survive? Did production increase? Did the beneficiary expand her products or services? Did she create employment or support others in her community? And, most importantly, what additional support might help her take the next step? These questions can help companies move from measuring outputs to understanding outcomes. This does not mean every CSR programme must provide indefinite support. Rather, it means designing interventions with the next stage of growth in mind. A sewing machine, freezer or business grant may be the beginning of an entrepreneur’s journey, not the measure of its success. For me, this is an important shift in how we think about economic empowerment. t .BEIVSJJ 4BSLBS "NPEB JT UIF $PNNVOJUZ %FWFMPQNFOU BOE 4UBLFIPMEFS .BOBHFS BU 4FHJMPMB 3FTPVSDFT 0QFSBUJOH -JNJUFE 430- The story continues online on www.thisdaylive.com

Benin-Asaba Expressway: Why Today’s Difficulties Should Not Define Tomorrow’s Highway Oluchi Chibuzor

here is an understandable temptation to judge a road construction project by what motorists experience at the particular moment they travel through it. If the road is rough, traffic is slow and diversions are uncomfortable, the conclusion is easily reached that something has gone badly wrong. For motorists on the Benin-Asaba Expressway, those frustrations are real. Failed portions of the road, congestion and the difficulties associated with travelling through an active construction corridor have generated understandable concern. But there is another question worth asking: should the condition of a road halfway through reconstruction become the final verdict on the project? In the case of the Benin-Asaba Expressway, that would be premature. The approximately 125-kilometre project is not simply an exercise in filling potholes or placing another layer of asphalt over an old highway. It is a major reconstruction and expansion programme involving site preparation, earthworks, drainage, pavement construction, culverts, production facilities, traffic management and substantial engineering and technical preparation required to deliver the project. Parts of the urban corridor are also planned for expansion into a modern 10lane carriageway. That scale matters because major infrastructure is built in stages. The finished asphalt that motorists eventually see is often one of the last visible stages of a much longer engineering process. Before that comes drainage. Then there are earthworks, subgrade preparation, pavement layers, culverts,

relocation of utilities where necessary, installation of production plants and mobilisation of specialised equipment. Evidence from project updates shows that these activities are taking place. There have been earthworks and subgrade preparation, drainage and culvert construction, asphaltic concrete and binder-course development and carriageway expansion. Work has also been documented from Chainage 9+500 to Chainage 30 in Benin and towards the Delta State axis. BAECC said billions of naira in privatesector resources have already been invested in construction equipment, materials, facilities and logistics. None of this means that motorists should be told simply to endure bad sections of the highway. On the contrary, a company reconstructing a road that remains open to traffic assumes two responsibilities at the same time: building tomorrow’s road and making today’s road reasonably passable. That is where palliative work becomes important. BAECC said it has carried out and continues to carry out palliative and rehabilitation interventions across the corridor. These measures are not intended to replace permanent reconstruction. They are designed to reduce hardship while the main engineering work continues. The distinction is important because palliatives can themselves become victims of the conditions they are meant to address. The rainy season has been particularly difficult. Persistent rainfall affects earthworks, drainage, pavement stabilisation and

asphalt operations. When the ground becomes saturated, some construction activities have to be slowed or resequenced. Asphalt and pavement operations cannot simply proceed under unsuitable conditions without risking the durability of the finished road. BAECC has also explained that some reconstructed sections have had to be reopened to traffic earlier than engineering practice would ordinarily favour in order to reduce congestion. This reveals the difficult balancing act at the heart of the project. Leave a section closed long enough for optimum construction conditions and motorists complain about congestion. Reopen it early to relieve traffic and the work may be exposed before engineers would ideally want vehicles back on it. The frustrations of the motorists are understandable, but they should be seen in the context of a major reconstruction project being undertaken under live traffic conditions. The present difficulty should also be viewed in the context of where the project is going. The real test will be what happens as rainfall recedes and construction conditions improve. That is when Nigerians should expect to see the plants, equipment, earthworks and engineering preparations translate into sustained permanent pavement construction. BAECC must therefore focus on strengthening palliative measures, improving traffic management, and providing clearer information on ongoing works across the corridor.

Accountability and patience can coexist. Government has a duty to demand performance. Motorists have a right to demand relief. But BAECC should also have a reasonable opportunity to complete the work it has mobilised to undertake. Changing direction midway through a complex construction programme may create the appearance of urgent action without necessarily producing faster delivery. The better approach is to keep pressure on the concessionaire to perform while allowing the engineering programme to mature. Nigeria has suffered too often from infrastructure projects that become trapped between political expectations, public impatience and changing institutional decisions. The Benin-Asaba Expressway should not become another one. The immediate priority must be aggressive palliative work to make difficult sections safer and more passable. The medium-term priority must be accelerated permanent construction as weather conditions improve. And the ultimate objective must remain completion of the entire corridor to the promised standard. Motorists are entitled to be impatient because they experience the road as it is today. But infrastructure policy must also consider the road that is being built for tomorrow. The Benin-Asaba Expressway should therefore not be judged solely by its most difficult construction season. BAECC should be judged by whether it converts the investment, equipment and engineering work already mobilised into a safe, durable and modern highway.

WEDNESDAY, SEPTEMBER 23, 2026 ˾ T H I S D AY

BUSINESSWORLD

NEWS

FG to Auction N500bn T-Bills Today as N2.47tn Liquidity Enters Market Nume Ekeghe The federal government is set to raise N500 billion through a Treasury Bills auction today as an estimated N2.47 trillion is projected to flow into the financial system this week, further strengthening liquidity conditions in the market. The auction, to be conducted

by the Central Bank of Nigeria (CBN) on behalf of the Debt Management Office (DMO), comprises N100 billion of 91-day bills, N100 billion of 182-day bills and N300 billion of 364-day bills. The auction comes as system liquidity has already risen sharply. The Financial Markets Dealers Association

(FMDA), in its latest weekly market snapshot, said liquidity improved 15.97 per cent to N2.86 trillion from N2.46 trillion, after about N4.45 trillion entered the financial system during the previous week. For this week, the market is expecting another N2.47

trillion in inflows, dominated by N2.27 trillion in OMO maturities. FGN bond coupons are expected to contribute N166.62 billion, while Treasury Bills and commercial paper maturities are projected at N28.04 billion and N5.51 billion respectively. FMDA said, “Looking

ahead, an estimated N2.47 trillion is expected to flow into the system this week, with OMO maturities accounting for about 92% of projected inflows.” The sizeable inflow, according to FMDA, comes as Treasury Bills yields have moderated across most tenors.

Average Treasury Bills yield stood at 18.77 per cent as of September 18, compared with 18.57 per cent a week earlier. The one-month, three-month and six-month bills yielded 17.88 per cent, 17.85 per cent and 19.04 per cent respectively, while the 12-month bill stood at 19.31 per cent.

NMDPRA Moves to Strengthen Access Bank Redeems $500m Senior Fight Against Fuel Smuggling Unsecured Eurobond at Maturity Kayode Tokede

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has convened a workshop with government security agencies to strengthen inter-agency collaboration in tackling the smuggling and diversion of petroleum products. The workshop focused on improving cooperation among regulatory, security and enforcement agencies, as well as strengthening the use of technology and data-driven surveillance to

monitor petroleum product movements. The NMDPRA Executive Director, Distribution Systems, Storage and Retailing Infrastructure, Ogbugo Ukoha, said diversion of petroleum products undermined the integrity and efficiency of the downstream market. He said every litre diverted from its legitimate destination could distort demand and supply data, weaken investor confidence and affect the sustainability of the petroleum industry.

MAP: Ikeja Electric to Refund Customers for Meters Peter Uzoho Ikeja Electric has promised eligible customers who previously paid for their meters under the Meter Asset Provider (MAP) scheme would receive refunds through credits applied to their vending transactions over the approved refund period. The distribution company also said customers can also monitor their refund status online using their meter number or account number. It explained that the refund dashboard provides details including the meter cost, refund count, monthly refund amount, total refund received and last refund date, as well as the applicable refund token sent

to the customer’s registered phone number or email address. Head of Corporate Communications at Ikeja Electric, Kingsley Okotie stated this during the company’s September Virtual Stakeholder Engagement, a monthly platform through which the Disco educates customers, provides operational updates and addresses issues affecting service delivery Customers with concerns about their MAP refunds were advised to use the Disco’s official complaint channels or visit their nearest undertaking office for assistance. Okotie urged customers to rely on the company’s official communication and complaint channels for accurate information and timely resolution of concerns.

PEARL Awards Set For 2026 Edition Kayode Tokede The PEARL Awards, Nigeria’s foremost platform for rewarding corporate performance in the capital market, will be held in Lagos, under the theme: “Celebrating Excellence, Inspiring the Future.” The prestigious annual awards, which recognise outstanding performance and excellence in Nigeria’s capital market, enter a new chapter following the celebration of the 30th anniversary of the PEARL Awards last year. President/CEO of PEARL Awards Nigeria, Mr. Tayo Orekoya in a statement released by the PEARL Awards Project Manager, Mr. Olisemeka Obi, that

the 2026 edition would build on the legacy of the past three decades while focusing attention on the future of Nigeria’s capital market. “The PEARL Awards has, for three decades, provided a credible platform for recognizing excellence, promoting best practices and celebrating institutions and individuals who contribute significantly to the growth of Nigeria’s capital market. This year, we are not only celebrating excellence; we are challenging the market to inspire the future.” As part of efforts to further strengthen its governance and professional depth, three distinguished professionals have been inaugurated into the PEARL

Access Holdings Plc, has announced that its flagship subsidiary, Access Bank Plc, has redeemed its $500 million Senior Unsecured Eurobond, which matured on September 21, 2026. The company secretary,

Access Holdings, Mr. Sunday Ekwochi in a statement said the repayment underscores the Bank’s strong liquidity position, disciplined balance sheet management, and continued commitment to meeting its obligations to investors and stakeholders.

According to him, the Eurobond was issued in September 2021 with a fiveyear tenor and a coupon rate of 6.125 per cent. He maintained that since issuance, the Bank has met all semi-annual coupon payment obligations as and when due.

Ekwochi in a signed statement noted that the redemption discharges the Bank’s obligations under the Eurobond and reflects the Bank’s prudent liquidity planning, robust financial discipline, and strong capacity to meet its funding commitments.

NPERA Dialogue with NPA on Smooth Handeover of Inland Dry Ports Eromosele Abiodun In a bid to streamline maritime operations and expand trade logistics into Nigeria’s hinterlands, the Nigerian Ports Authority (NPA) and the Nigerian Ports Economic Regulatory Agency (NPERA) have moved to strengthen inter-agency collaboration to ensure a seamless transition in the management and regulation of Inland Dry Ports (IDPs) across the country. The move followed a highlevel meeting between the management of the NPA and the executive leadership of NPERA at the NPA Corporate Headquarters in Lagos. The meeting, convened at the instance of the Honourable Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, focused on developing a framework for effective collaboration between the two agencies following recent regulatory reforms in the maritime sector. Receiving the NPERA delegation, the Managing Director of NPA, Dr. Abubakar Dantsoho, congratulated the DirectorGeneral/Chief Executive Officer of NPERA, Dr. Pius Akutah, on the enactment of the legislation, which rebranded and expanded the mandate of the former Nigerian Shippers’ Council into NPERA. Dantsoho reaffirmed NPA’s commitment to supporting NPERA in its new institutional role, stressing the importance of close coordination among agencies operating under the Ministry of Marine and Blue Economy. He said the transition offered

an opportunity to strengthen Nigeria’s logistics system and improve the movement of cargo from seaports to the hinterland. Speaking earlier, Akutah underscored the strategic role of NPA in the

development and long-term sustainability of Inland Dry Ports, describing effective IDPs as important catalysts for regional trade and the extension of maritime logistics into Nigeria’s hinterland.

“The Nigerian Ports Authority remains a cornerstone in ensuring our Inland Dry Ports function as effective centres for cargo transit and distribution to the hinterlands,” Akutah said.

T H I S D AY ˾ WEDNESDAY, SEPTEMBER 23, 2026

BUSINESS/MONEYGUIDE

Energy Ventures Moves to Convert Flared Gas to Power, LPG Blessing Ibunge ÓØ ÙÜÞ ËÜÍÙßÜÞ

Dutch energy firm, Energy Ventures BV, has commenced steps to convert about five million standard cubic feet of flared gas per day into electricity and liquefied petroleum gas (LPG) in Rivers State, describing the project as a major step towards transforming environmental waste into sustainable energy. The company’s Chief Executive Officer, Herbert Okibe, disclosed this during a visit to the project site and meetings with key partners, including the management of Port Harcourt Electricity Distribution Company (PHED). Okibe said Energy Ventures BV, the parent company of Africa Gas Technology Company Limited, was developing the project to harness flare gas from HES Energy and convert it into electricity and cooking gas for

communities around the project area. “What we are trying to do is convert waste gas to sustainable energy for customers who have been underserved in these areas,” he said. According to him, the project will harness five million standard cubic feet of gas per day, noting that it represents only a fraction of the gas being wasted through flaring across Nigeria. “This is one of over a hundred projects in Nigeria that actually waste similar volumes of gas. Nigeria is not unique to this problem. Nigeria is actually the seventh highest gas flaring country,” Okibe said. He added that if all the gas flared globally were harnessed, it would be sufficient to power the whole of Africa, describing the Rivers project as a pilot that could demonstrate the technical and economic viability of converting flare gas into useful energy.

“That’s 60 years of polluting the environment, emitting harmful gas to people that have caused air pollution and respiratory illnesses,” he said. “What we are doing is a very small step in actually trying to correct that.” He disclosed that the project had received support from the Dutch and Nigerian governments, while regulatory approvals had also advanced. Okibe said PHED had also given the company the green light to engage the Nigerian Electricity Regulatory Commission (NERC) for the necessary electricity-generation permit. He said the project would require tens of millions of dollars in investment, with funding expected from both private and public sources, including the Dutch government and Nigeria’s Midstream and Downstream Gas Infrastructure Fund (MDGIF).

L-R: Chief Financial Officer of Energy Ventures B.V, Govert Rietema; Chief Executive Officer, Herbert Okibe and Chief Commercial Officer, Yvonne te Wierik-Chioke, during a briefing with Journalists after company’s project sites visit in Port Harcourt, Rivers State...recently

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

Month

Money Supply (M3)

119,037,577.07

-- CBN Bills Held by Money Holding Sectors

9,291.49

Money Supply (M2)

119,028,285.58

Quasi Money

79,681,419.97

Mentorship Project Gears up Africa’s Creative Sector for Population Surge

-- Narrow Money (M1)

39,346,865.60

---- Currency Outside Banks

4,646,794.28

Omolabake Fasogbon

---- Demand Deposits

34,700,071.33

Net Foreign Assets (NFA)

34,804,442.84

Africa’s projected population of 2.5 billion by 2050 places immense demand on the creative sector to nurture budding talent to withstand evolving expectations and remain relevant. Currently valued at around $60 billion and projected to hit $200 billion by 2030, the regional creative economy, which includes Nigeria, remains fiscally vital and poised for explosive growth where output aligns with expanding demographic shift. Committed to keeping the sector competitive and on track, ‘The Nehemiah Project’ is setting out to mentor and equip creatives

to demands, while helping them find purpose. Speaking on the initiative, singer and filmmaker, Eniola AkinboNiyola explained that while Nigeria is not short on talent, it lacks the structure to properly guide and develop it. She revealed that the project stemmed from recent industry discussions among practitioners, where feedback spotted clear gaps in guiding emerging talent. She declared that Nehemiah Project is a direct response to the concerns raised following the conversations. “This is a structured mentorship initiative designed to connect emerging creatives with experienced professionals who can provide guidance,

knowledge, access, and practical industry experience. The aim is to help young creatives develop not only their craft, but also the professionalism, discipline, and understanding required to build sustainable careers and contribute meaningfully to the creative economy,” she said. Head of Business, Lifestyle, and Entertainment at T2 Mobile,Eliora Eberechukwu highlighted the long-term impact of the program beyond the 12-week engagement. She assured that it would unlock visibility and fulfillment for participants, stressing the need for partnerships to drive progress and sustainability.

Prudential Zenith Life Insurance Exceeds NAICOM’s Minimum Capital Ebere Nwoji Prudential Zenith Life Insurance has announced that it has met and exceeded the National Insurance Commission’s (NAICOM) new minimum capital requirement for life insurers by N22.1 billion 191 percent above the regulatory threshold. This has positioned the company among the most capitalised entities within the life insurance market segment. PZL received its new licence on August 5th, 2026 among the first set of forty-three insurers to

be recertified. The exercise is widely seen as a turning point f o r t h e s e c t o r, d e s i g n e d t o re s t o re public trust and position Nigeria’s insurers to underwrite larger, more complex risks. Speaking on the achievement, the Executive Director and Chief Operating officer of the company Afolabi Lawal, said: “As Nigeria’s insurance sector enters this new phase of regulatory reform, capital strength is what separates insurers that can be trusted for the long term

from those that cannot. Exceeding NAICOM’s new requirement by 22.1 billion gives our customers real confidence that we will be there when they need us most, and gives us the platform to keep investing in this market.” As part of Prudential plc, a leading insurer and asset manager in Asia and Africa, Prudential Zenith Life Insurance combines global expertise with local insight to provide simple, accessible health and financial protection for individuals, families and businesses in Nigeria.

Net Domestic Assets(NDA)

84,233,134.23

-- Net Domestic Credit (NDC)

99,199,655.08

---- Credit to Government (Net)

24,787,980.96

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

74,411,674.12

--Other Assets Net

2,603,854.03

Reserve Money (Base Money)

36,641,142.21

--Currency in Circulation

5,057,881.01

--Banks Reserves

31,583,261.21

--Special Intervention Reserves

284,361.95

˾ ÙßÜÍÏ ̋

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) ˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ Ͱ͵ϱ

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 ˾ WEDNESDAY, SEPTEMBER 23, 2026

MARKET NEWS

Domestic Investors Tighten Grip on NGX,Transact N11.89tn in Eight Months Kayode Tokede Domestic investors are tightening their grip on Nigeria’s stock market, accounting for nearly nine out of every 10 naira traded on Nigerian Exchange Limited (NGX) in the first eight months of 2026. Transactions by domestic investors rose to N11.89 trillion between January

and August, representing 89.77 per cent of the total N13.25trillion transactions recorded on the market during the period. Foreign investors accounted for N1.35trillion, or 10.23 per cent. The growing dominance of local investors comes as activity on the equities market has accelerated sharply this year. Total transactions in the first eight months of 2026 were 91.5 per cent higher

P R I C E S MAIN BOARD

F O R DEALS

than the N6.92 trillion recorded in the same period of 2025. Domestic transactions more than doubled from N5.46 trillion in the corresponding period of last year, while foreign transactions declined from N1.45 trillion. That pushed the domestic share of transactions to 89.77 per cent from 78.99 per cent a year earlier, while foreign participation fell to 10.23 percent from 21.01 per cent.

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

QUANTITY TRADED

The shift suggests that the surge in activity on Nigeria’s equities market this year has been powered largely by local capital, particularly institutional investors. Institutional investors accounted for N7.36 trillion of domestic transactions between January and August, compared with N4.53 trillion from retail investors. In the corresponding period of 2025, institutional and retail transactions stood at N3.13 trillion and N2.33

T R A D E D

VALUE TRADED ( N )

A S

MAIN BOARD

O F

trillion respectively. The scale of domestic activity this year has also surpassed the level recorded for the whole of 2025. Domestic transactions stood at N9.27 trillion last year, meaning the N11.89 trillion recorded in the first eight months of 2026 is already about 28 per cent higher. Foreign participation has moved in the opposite direction. Foreign transactions, which stood at N2.65 trillion for the whole of 2025,

S E P T E M B E R DEALS

MARKET PRICE

amounted to N1.35 trillion in the first eight months of this year. Trading activity, however, slowed sharply in August after a strong July. Total transactions fell 46.38 per cent to N1.27 trillion in August from N2.37 trillion in the previous month. Despite the decline, August transactions were 39.75 per cent higher than the N908.4 billion recorded in the same month last year.

2 2 / 2 6 QUANTITY TRADED

VALUE TRADED ( N)

T H I S D AY ˾ WEDNESDAY SEPTEMBER 23, 2026

EDUCATION UNIABUJA, Fawehinmi and Emergence of FCT’s Knowledge Economy Raheem Akingbolu looks at a changing University of Abuja and its ambitions to place human-centred technology, innovation and knowledge at the centre of the capital’s economic and development agenda

country’s capital is often judged by the buildings that define its skyline, but its enduring influence is measured by the ideas it produces. Abuja was built as Nigeria’s political and administrative capital. It is now taking on another identity, as a place where knowledge, innovation, and enterprise are beginning to shape the city’s wider development story. At the centre of this evolution is the University of Abuja, now Yakubu Gowon University, gradually establishing itself as one of the institutional signposts of the Federal Capital Territory’s intellectual and developmental ambitions. The change is not about one building, one project or one announcement. It is the cumulative effect of several things happening at once. The university is strengthening its energy infrastructure, linking research more closely to enterprise, exposing students to entrepreneurial opportunities and cultivating relationships beyond Nigeria’s borders. Investments in health sciences, accommodation, ICT and other facilities are also expanding the institution’s ability to serve a growing academic community. One of the clearest signs of this new direction came in August 2026, when the university launched its Enterprise University Initiative under the theme, ‘Innovative Agriculture as a Tool for Sustainable Enterprise Growth and Youth Empowerment’. Supported by the Federal Ministry of Education, the initiative aims to take knowledge beyond academic publication and connect it with practical application, commercialisation, and job creation. The idea goes beyond adding another programme to the university calendar. It speaks to a changing understanding of what higher education should deliver. In an economy where young graduates compete for limited formal employment, a

UNIABUJA VC, Prof. Hakeem Fawehinmi

degree alone may not be enough. The emerging approach is to give students the confidence and practical capacity to create value, develop ventures and pursue opportunities of their own. International engagement is adding another layer. Increasingly, the university is looking beyond its immediate academic environment to build relationships that can expand access to global knowledge, expertise and opportunities. In a city that hosts diplomatic missions and international institutions, this outward-looking approach gives the university a natural platform for connecting scholarship with the wider world. Its recent engagement with the Saudi Arabian Embassy in Abuja,

alongside a developing partnership with the Federal Ministry of Foreign Affairs and its selection to pilot the ECOWAS Club initiative, reflects that growing international orientation. The proposed collaboration with the Foreign Affairs Ministry covers diplomatic training, policy research, migration management, staff and student exchanges and professional postgraduate training. It also creates opportunities for interaction between the university and members of the diplomatic corps. Location makes this particularly relevant. Abuja is home to embassies, government ministries, international organisations and regional institutions. Few Nigerian universities operate so close to this concentration of diplomatic and policy activity. That proximity offers a chance to turn the capital itself into an extended classroom, where academic work can engage directly with questions of diplomacy, development, governance and international cooperation. Energy is another part of the story, though it is easy to overlook because reliable power is often noticed only when it is absent. For a modern university, electricity touches almost every aspect of academic life. Laboratories require it, research requires it, and digital learning requires it. So do campus security, administration and the everyday activities that allow students and staff to work effectively, often late into the evening. Against this background, the recent inauguration of a major solar-hybrid power project under phase II of the Federal Government’s Energising Education Programme is an important marker. Delivered by the Rural Electrification Agency through the Nigeria Electrification Project, with World Bank support, the project features a 3.3 MWp solar array, 3 MW of AC output capacity, 2 MWh of battery storage and 388 streetlights.

Its value goes beyond reducing dependence on diesel generators. More dependable power can improve teaching, research and laboratory services, while the renewable-energy installation itself provides a practical environment where students can see sustainable technology at work. The project also includes a renewable energy workshop and training centre, giving the intervention an academic dimension that fits naturally into the university’s growing emphasis on research, skills and innovation. This push is happening alongside wider expansion. A 4 billion TETFund-backed Health Sciences project is strengthening facilities for medical and health-related programmes, while a 1,500-bed hostel project through a public-private partnership is addressing accommodation. Earlier Central Bank of Nigeria interventions also contributed engineering facilities, postgraduate hostels and ICT centres. Buildings and equipment, however, tell only part of the story. A university ultimately lives through the quality and relevance of the knowledge it produces. Research, inaugural lectures, and academic work covering areas such as climate resilience and digital communication contribute to the university’s intellectual presence and connect its scholarship with issues that matter beyond the campus. The links between these strands are becoming clearer. Reliable energy creates better conditions for research. Research can become the raw material for enterprise. Enterprise can give young people another route into the economy. International partnerships bring new ideas, expertise and networks. Infrastructure provides the setting in which these possibilities can develop. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Obabori: Responsible Use of Technology in Education Will Help Girls Remain Relevant In a country where girl-child education is threatened by widespread poverty, cultural and religious biases, insecurity and school attacks, and early child marriage, Dr (Mrs) Oyindamola Obabori has remained a strong advocate for girls’ education because of its benefits to the individual and society. As she nears her retirement from the civil service, Obabori, who resumed as the 26th Principal of Queen’s College, Lagos, in September 2022, shares her success stories at the school. She also shared a few human management tips with aspiring teachers and school administrators. Uchechukwu Nnaike brings excerpts

s an educator, what has motivated you to continue in your career? I have always known that I will be a teacher, an educator. Growing up in a very large, extended family and being the eldest, I was often in charge of supervising the younger ones. I also knew early in life that I wanted to put things in their proper place, improve them, make them better than I found them, and try as much as I could to be a good example to everybody. So when I grew up and finished school at Obafemi Awolowo University (OAU), though I did not study education, I decided to go into teaching, against even my father’s wish for me to become a doctor. When I started work, teaching, first as a corps member, and through to now, the positive changes I saw, not only academically, but also behaviourally and socially in my students, and indeed, everyone that came my way, have motivated me to go on, not to relent, in being a change agent, an educator. Upon assuming ofﬁce in September 2022 as the principal of Queens College, what was your vision for the college under your leadership, and to what extent has the vision been realised? From the beginning, I wanted to make a change wherever I go, and working with children and the way the world is going, I felt there must be some direction for children; if not, we let them go the way they want to go. So my thought was to help children believe in themselves. To know that, whatever is happening around them in society, they can stand out and set a good example. They don’t have to conform

or teachers of all-girls schools should possess? From my experience as a teacher, the first thing is to be friends with the children. Friends in wanting to know them, what their thoughts are, and how they feel. You don’t just say ‘they are my students’; you should be able to observe any change in them. A teacher of girls, anywhere, whether in all-girls or mixed-gender schools, should be soft but firm, self-worthy, empathetic, a good listener, compassionate, observant, patient, a motivator, a role model, bold, hardworking, resilient, respectful, honest, and much more. A teacher of girls, and indeed all students, must know that everything about them communicates, impacts, and influences the student.

Obabori

to anything happening around them. They could think for themselves and stand on their own against anything or for anything. The goal is always to improve the students’ performance, behaviourally and academically. That has been realised. I always receive calls from parents with positive news about their children. Recently, a parent told me that her daughter graduated from the university with a first class in computer engineering. For me. it is a good thing. What qualities do you think leaders

Has rising insecurity in schools reduced girls’ enrolment, how can it be addressed, and why is girl-child education important? I may not have experienced a school attack first-hand, but as an educator, I cannot ignore the evidence. Where schools are unsafe, parents withdraw their children, and girls often pay the highest price. Affected parents’ confidence must be rebuilt; security agencies should communicate openly about security measures, support affected children and teachers, and create alternative learning arrangements. Girls who have dropped out should be deliberately identified and supported to return. Protecting girls in schools is not simply a security responsibility, but an investment in national development. Educating girls is very important because educating a girl transforms more than one individual. An educated girl makes informed decisions, raises educated children, earns an income, and contributes meaningfully to her

community. She can become anything she sets her mind to, including becoming a national leader. As the world continues to advance technologically, what special skills/soft skills must girls possess to remain relevant in the long run? To remain relevant in a rapidly advancing technological world, girls must develop both digital and human-centred skills, including digital literacy, critical thinking, creativity, problem-solving, communication, teamwork, and adaptability. They should also have emotional intelligence, leadership ability, confidence, resilience, commercial knowhow, hands-on trade skills, and a commitment to lifelong learning. Technology will continue to change, but girls who can learn, innovate, work well with others and use technology responsibly will always remain relevant. Vocational skills are also considered necessary; how do you ensure that your students master at least one skill before graduation? Outside the normal lessons, we have introduced weekly skills acquisition and freelancing sessions for the learning of skills such as field games, table games, music, disc jockeying, video editing, hat making, photography, fabric embellishments, knitting, makeover and gele tying, perfumery, cosmetics, baking, coding, and so many more. This gives the girls half a day each week to do what they are interested in. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

WEDNESDAY SEPTEMBER 23, T H I S D AY

WEDNESDAY, SEPTEMBER 23, 2026 • THISDAY

NEWS

KEYAMO GETS ACI AWARD OF COMMENDATION...

L-R: Senior Vice President, Airports Council International (ACI) World, Antoine Rostworowski; Managing Director/CE, Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Onabanjo-Kuku; Secretary General, ACI Africa, Mr. Ali Tounsi; and Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, SAN, as ACI Africa gives the Minister an Award of Commendation at the opening ceremony of the 35th ACI Africa Annual General Assembly and Exhibition, held in Abuja... yesterday

No Vacuum in Aso Rock Despite President, Vice President’s Absence, Declares Akpabio Defends Tinubu’s extended vacation, says he remains in charge from Europe ADC: President, vice-president’s absence at once violates constitutional provisions Tinubu’s extended holiday an unacceptable abdication of mandate, says PDP faction Obidient Movement insists he must tell Nigerians why he’s avoiding the US Chuks Okocha, Sunday Aborisade in Abuja and David-Chyddy Eleke in Awka President of the Senate, Godswill Akpabio, yesterday, dismissed concerns over President Bola Tinubu’s prolonged stay abroad, declaring that there was no leadership vacuum in the country and no vacancy in Aso Rock. Akpabio, according to a statement by his Media Office, spoke in Akwa Ibom State while commissioning road projects executed by Governor Umo Eno. He said Tinubu remained firmly in charge of the affairs of the nation despite his ongoing working vacation in Europe. His comments came amid renewed public debate over the president’s extended absence from Nigeria and calls by some political actors for him to formally hand over power to Vice President Kashim Shettima. Akpabio insisted that Tinubu had not ceased to exercise presidential authority, arguing that modern communication technology had made it possible for the president to direct government business from outside the country. He said, “I am the Senate President, and I am not the acting President of Nigeria, because President Tinubu is still in power. “He is on a working leave, and there is no absence in Aso Rock. The world is a global village, and one can give instructions over the internet. So, why are people complaining?” he said. The Senate President further maintained that there was no constitutional vacuum requiring him or any other official to assume presidential powers. “Right now, there is no vacancy. Asiwaju Tinubu is still in power, and he is still running the affairs of Nigeria,” Akpabio added. He also pointed to the president’s continuing diplomatic engagements as evidence that Tinubu remained active in the discharge of his responsibilities, citing his recent communication with French President Emmanuel Macron. The Presidency had Monday announced that Tinubu’s three-week working vacation, which began on August 30, had been extended by a few days, with the President expected to return to Nigeria at the weekend. According to the presidency, Tinubu travelled from London to Paris after spending about a week in the United

Kingdom, where he held engagements including a meeting with Macron. The presidency also said Tinubu had remained in contact with officials in Nigeria and continued to direct the affairs of government while abroad. It cited, among other actions, his directive for an independent investigation into the deaths of 37 suspected illegal miners in Minna following their detention by the Nigeria Security and Civil Defence Corps. Vice President Kashim Shettima, who had represented Tinubu at several official functions during the President’s absence, left Abuja on Sunday for New York to attend the 81st United Nations General Assembly. The presidency said secretary to the Government of the Federation, George Akume, would continue to represent the president at official functions while Shettima is away. Akpabio’s intervention came as questions over the constitutional implications of the President’s prolonged absence continued to generate political debate. While Akpabio maintained that there was no vacancy and that Tinubu remained in control, other political actors have called for a formal transfer of presidential powers to the Vice President. The Senate President, however, argued that the president’s physical absence from Nigeria should not be equated with an absence from office, stressing that instructions could be transmitted and government decisions taken remotely. Akpabio’s remarks therefore sought to reinforce the presidency’s position that Tinubu’s absence from the country did not amount to a leadership vacuum or a transfer of presidential authority.

ADC: President, Vice-President’s Absence at Once Violates Constitutional Provisions The African Democratic Congress (ADC), has described the continued absence of President Bola Tinubu in the country, while Vice-President Kashim Shettima is also outside Nigeria, as a dangerous disregard for the Constitution. The party, in a statement by the ADC National Publicity Secretary, Mallam Bolaji Abdullahi, said Section 145 of the Constitution required the president, when proceeding on vacation for a period of up to 21 days, to transmit

a written declaration to the President of the Senate and the Speaker of the House of Representatives, after which the Vice-President performs the functions of Acting President. “President Tinubu left Nigeria on 30 August and has now been away for more than 21 days. We therefore demand to know whether the required declaration was transmitted by the President. If he did not, we would like to know why the National Assembly has ignored Section 145 of the Constitution,” the ADC said. The opposition party also rejected the Presidency’s explanation that the president was on a “working vacation” or that the Secretary to the Government of the Federation, Senator George Akume, would represent President Tinubu at official events, dismissing it as “an absurdity that raises more questions than it answers. “Representing the President at events and ceremonies does not confer constitutional powers. The Secretary to the Government of the Federation is a mere appointee of the President. “He may attend events or deliver speeches on the President’s behalf, but he cannot exercise the constitutional powers of the President or Acting President. “Representation is not governance. Attendance at official functions is not presidential authority. Nigeria cannot be governed through ceremonial proxies,

telephone calls and press statements issued from foreign capitals,” the party said. The party added that the claim that the President has continued to direct national affairs from abroad only “compounds the absurdity”, saying a so-called “working vacation” did not remove the president’s constitutional obligations under Section 145. “There is no constitutional category known as a ‘working vacation’. Presidential authority cannot be transferred by convenience, protocol or press statement. Nigeria is a constitutional democracy, not a private enterprise to be managed remotely from a holiday destination.” The ADC also described as a “national disgrace” the fact that President Emmanuel Macron of France was in New York attending the United Nations General Assembly, while President Tinubu was still vacationing in Paris, the capital of France. “The irony would be amusing if it were not a national disgrace. At a time when world leaders are advancing their countries’ interests at the United Nations General Assembly, Nigeria’s President is holed up in the French capital while his host has left to pursue his own country’s national interest. “President Tinubu cannot be vacationing in Paris while President Macron is in New York representing France and expect Nigerians to accept

that it is okay for their President to continue to hang around in a country after the host has left to attend to more important things. This is not merely poor optics. It is a national embarrassment.” The party called on the Presidency and the National Assembly to provide a direct answer to one question: “Who presently exercises the constitutional powers of the President of the Federal Republic of Nigeria, and under what provision of the Constitution?”

PDP: Tinubu’s Extended Holiday Unacceptable Abdication of Presidential Mandate The Peoples Democratic Party (PDP) led by Tanimu Turaki, yesterday, said President Bola Tinubu’s extended holidays and absence at the United Nations General Assembly (UNGA) meeting was equivalent to abdication of State duties. He also said the action of the president was unconstitutional and unacceptable. In a statement by the National Publicity Secretary, Ini Ememobong, the said, ‘’Nigerians have been informed by a statement issued by the Presidential spokesperson, Bayo Onanuga, of the extension of President Tinubu’s vacation and his inability or unwillingness to attend the United Nations General Assembly (UNGA).

‘’The statement, which is issued in utmost bad faith, is as disappointing as it is insulting to Nigerians. It is disappointing because no reasonable parent or caretaker goes on vacation when his house is burning. ‘’The underlying tone of the message is that Nigerians, no matter how highly or lowly placed, should not question why the President-a servant of the Nigerian people, should be held accountable for his decision to be absent from the meeting of global leaders. ‘’We must remind the President and the Presidency that Asiwaju Bola Ahmed Tinubu sought for this job, and by being sworn in, he became the servant, not lord and master, of the country and all Nigerians, who have a right to question how he governs them. ‘’It is therefore necessary to question why the President will be going on vacation at a time when insecurity is on a steady rise, the macroeconomic indices are looking bleak, and the citizens are fed daily with renewed hopelessness. ‘’The President’s action is a stark opposition to the existential reality of most Nigerians. Furthermore, since he went on holiday in Europe, it was expected that he would proceed from there to America for UNGA- unarguably, the biggest gathering of world leaders, since the distance would be shorter from there.

Oyo Government Blasts Wike over Statement on Ibadan Airport, Says FG Didn’t Give N50 Billion Chuks Okocha in Abuja and Kemi Olaitan in Ibadan The Oyo State Government, yesterday, came hard on the Minister of the Federal Capital Territory (FCT), Mr. Nyesom Wike, dismissing as false, the claim that the federal government gave the state N50 billion for the reconstruction and upgrade of the Ladoke Akintola International Airport, Ibadan. The state government in a statement by the Special Adviser to Governor Seyi Makinde on Media, Dr Sulaimon Olanrewaju, while reacting to a statement credited to Wike, who reportedly said during a television programme on Monday that President Bola Tinubu

had provided about N50 billion to support the airport project, said the federal government’s approval for the airport upgrade was granted on the condition that the project would be undertaken at no cost to the federal government. Olanrewaju said the records of the approval were available to both the presidency and the Oyo State Government, insisting that the state had solely funded the comprehensive transformation of the airport. According to him, the works included the expansion and strengthening of the runway, upgrade of airfield lighting and navigational systems, apron improvements, enhanced aviation safety installations, the

dualisation of the Airport Road and the ongoing construction of a modern international terminal. He noted that Wike’s claim was not supported by any Federal Executive Council (FEC) decision, presidential approval or statutory aviation infrastructure process, insisting that aviation infrastructure funding was subject to established due-process channels involving the Federal Ministry of Aviation and other regulatory bodies. Olanrewaju further accused the minister of making an unsubstantiated claim capable of misleading members of the public and distorting public understanding of government finances. He maintained that the Oyo State government would continue to uphold

transparency and accountability, urging public officials to exercise restraint and responsibility when making statements concerning government projects and finances. “The Oyo State Government will not allow misinformation, especially one of this magnitude, to be weaponised for political point scoring or used to distort public understanding of government finances. The claim is not only false; it is reckless, misleading, and capable of eroding public trust if left unchallenged. “The federal government did not give Oyo State N50 billion for the Ibadan Airport upgrade. Any suggestion to the contrary is a fabrication and a lie from the pit of hell,” he said.

THISDAY • WEDNESDAY, SEPTEMBER 23, 2026

NEWS

130TH INAUGURAL LECTURE...

L-R: The Inaugural Lecturer, Prof. Olufemi Oloyede, presenting a copy of the 130th Inaugural Lecture to Prof Ayodeji Agboola, Vice Chancellor Olabisi Onabanjo University, Ago-Iwoye, Ogun State... recently

Former SGF Babachir Lawal Joins NDC, Gives Reasons for Quitting Opposition ADC Dickson hands him North-east, North-central campaign leadership Party vows to show strength in 2027 Sunday Aborisade in Abuja A former Secretary to the Government of the Federation (SGF), Babachir Lawal, yesterday, joined the Nigeria Democratic Congress (NDC), declaring that the worsening insecurity, economic hardship, hunger and deprivation in the country compelled him to return to active politics and support the presidential ticket of Peter Obi and Rabiu Kwankwaso. Lawal, who until recently was a member of the African Democratic Congress (ADC), said he had initially contemplated retiring from partisan politics after becoming disillusioned with the conduct of political affairs

and the emergence of candidates he considered unsuitable to lead the country. His decision to join the NDC is significant, coming months after he had publicly ruled out the party and criticised Obi after the former Anambra State governor and former Kano State governor, Kwankwaso, left the ADC for the NDC. Lawal subsequently resigned from the ADC in June, alleging that its presidential primary had been manipulated in favour of former Vice-President Atiku Abubakar. The ADC rejected the allegations, saying its primary allowed members to make their choice.

Speaking at the residence of the National Leader of the Party, Senator Seriake Dickson in Abuja, Lawal said his return to active politics was motivated by what he described as the need to rescue Nigeria from worsening social and economic conditions. “Anybody at all in Nigeria that has the interest of our country at heart, that has sympathy for the suffering that is going on in our country, be it insecurity, economic deprivation, hunger, ignorance and disease, will have no choice but to join the party that presents Peter Obi and Rabiu Kwankwaso as the presidential candidates.” According to him, Nigerians

committed to the country’s progress should support the NDC ticket in the 2027 election. Explaining his political journey and decision to join the NDC, the former SGF said he had remained active in the APC because of his support for the party’s original presidential candidate, the Late Muhammadu Buhari, whom he described as a man of integrity. He, however, said his confidence in the APC subsequently collapsed over the emergence of another presidential candidate whom he said he considered more interested in personal interests than the national interest. Lawal said he later joined efforts to establish a political structure capable

of producing a government focused on security, economic prosperity and national cohesion. He said his subsequent experience within the ADC again left him disappointed, particularly over the party’s presidential primary. “Rather than failure and partner with evil, I decided that I would better retire from politics if that is how Nigeria would play their politics,” he said. But, according to him, he could not remain indifferent after considering the hardship confronting Nigerians. “I looked at my life, I looked at the future of my children, I looked at the future of the friends of my children.

I looked at the poverty, hunger and insecurity that my neighbours, my colleagues are living under,” he said. Lawal said he therefore decided to return to politics and support Obi and Kwankwaso, whom he credited with records of development in Anambra and Kano States respectively. “I think I have made a proper choice by coming out of my retirement and once again join Peter Obi,” he said. Receiving Lawal into the NDC, the party, former Bayelsa State Governor Seriake Dickson, described him as an experienced politician, organiser and mobiliser whose entry would strengthen the party ahead of the 2027 elections.

CBN CRASHES INTEREST RATE BY 350BPS TO 23%, MARKET EXPECTS CHEAPER CREDIT implementation framework with market realities”. He said that “would strengthen policy transmission and restore the MPR as the principal signal of monetary policy”. The CBN governor said, “Members emphasised that the recalibration represents an operational realignment of the framework and should not, in itself, be construed as a change in the underlying policy stance. “The MPC broadly observed the increasing resilience demonstrated by the Nigerian economy, reflected in moderating inflation, robust external reserve buffers, improved external sector fundamentals and strengthening investor confidence.”

Inﬂation, External Buffers, Balance of Payments as Policy Trigger Cardoso, who read the committee’s communique, stated that MPC decided to reduce the MPR and recalibrate the policy corridor as an important operational realignment aimed at strengthening monetary policy transmission and reinforcing the primacy of the MPR. MPC emphasised that the recalibration of the corridor did not constitute a change in the underlying monetary policy stance, but rather an operational reset to enhance the effectiveness of monetary policy and support the transition to an inflation-targeting framework.

MPC broadly observed the increasing resilience demonstrated by the Nigerian economy, reflected in moderating inflation, robust external reserve buffers, improved external sector fundamentals, and strengthening investor confidence. The committee acknowledged the considerable improvement in the balance of payments surplus to $3.51 billion in the second quarter of 2026, compared with $2.38 billion in the first quarter. Similarly, the current account surplus increased by 67.92 per cent to $7.54 billion in the second quarter of 2026, from $4.49 billion in the first quarter. The committee particularly underlined the progress in the disinflation process, evidenced by three consecutive months of decline in headline inflation, despite lingering geopolitical tensions in the Middle East and associated increases in global energy prices. Members observed that the moderation in inflation indicated the effectiveness of previous policy measures, sustained exchange-rate stability, and improved inflation expectations.

Fiscal-monetary Coordination MPC welcomed the presidential initiative on national affordable care programme, which is expected to lower transportation costs and support the continued decline in inflationary pressures. Furthermore, the committee

acknowledged the renewed commitment to policy coordination following the signing of the Memorandum of Understanding on fiscal-monetary coordination between the federal government, represented by the Federal Ministry of Finance, and CBN. It stated that the development, among others, will provide a structured framework to strengthen policy harmonisation towards the achievement of low and stable inflation.

Tightening Cycle Has Achieved Its Objectives Answering questions from journalists, Cardoso said the tightening cycle had achieved its primary objectives. He said the effectiveness of monetary policy now required attention to the transmission mechanism. According to him, the disconnect between MPR and prevailing interbank rates has weakened the transmission of monetary policy to the wider economy. “The tightening that we have done, in our view, has done its job. It has worked,” he said, stressing that CBN would remain on a restrictive path for as long as necessary. He stated, “We should not see this as an easing. This is a reset and a recalibration.”

Three Years of CBN Reforms: FX, Banking and Reserves Cardoso, who marked three years in office, also used the occasion to highlight the reforms undertaken since

2023, saying he inherited an economy characterised by currency instability, multiple foreign exchange rates, high liquidity, and weakened confidence. He said CBN had been brought back to its core mandate of maintaining price and financial stability, pointing to the reduction of Ways and Means financing from the previous regime of monetary expansion as part of the adjustment. He also defended the unification of the foreign exchange market, stating that the former multiple-rate regime created distortions and effectively amounted to a subsidy that imposed substantial costs on the economy. Cardoso said the FX reforms, together with tighter monetary policy, had helped restore stability and improve investor confidence. He identified the recapitalisation of the banking industry as another major milestone, stating that the exercise has attracted substantial domestic capital and positioned banks to support the ambition of a $1 trillion Nigerian economy. He said the strongest indicator of the changing external position was the rebuilding of the country’s reserves, disclosing that gross external reserves have risen above $55 billion. He described the level as the highest in more than 18 years.

Diaspora Remittances as Key FX Buffer The CBN governor attributed the improvement, partly, to stronger

diaspora remittances, saying inflows have risen sharply from about $200 million monthly, when the campaign to increase remittances began, to nearly $1 billion monthly by July. He said CBN would intensify engagement with Nigerians abroad, including during forthcoming international meetings, to sustain the growth in remittances. Cardoso also linked Nigeria’s return to major global investment indices, including developments involving FTSE Russell and JPMorgan, to renewed international confidence in the country. He said increased participation by international investors could deepen the capital market, improve foreign exchange liquidity, and strengthen monetary-policy transmission.

Fiscal-Monetary MoU to Institutionalise Coordination On fiscal-monetary coordination, Cardoso said the recently signed Memorandum of Understanding between CBN and Federal Ministry of Finance was designed to institutionalise cooperation rather than depend on individual relationships. He said the arrangement would be particularly important as Nigeria moved towards inflation targeting, which, in his view, could not be successfully implemented by monetary policy alone. “We have been talking about our journey to inflation targeting,” he said,

adding that fiscal and monetary authorities needs to operate “on the same road”.

CBN Prepares for ElectionYear Liquidity Pressures Ahead of the political and electoral cycle, Cardoso said CBN was preparing for possible changes in currency demand and liquidity. He said the bank would closely monitor currency in circulation, banking-system liquidity, monetary aggregates, and foreign exchange demand, while deploying liquiditymanagement tools where necessary. He assured Nigerians that currency would remain available, but warned that CBN would enforce existing limits and intensify surveillance against currency abuse in collaboration with law-enforcement agencies. Cardoso maintained that the reforms had placed the economy on a more stable footing, saying CBN would prioritise policy consistency to preserve the gains achieved over the past three years. The governor said the combination of improved reserves, FX stability, declining inflation, stronger remittances, banking recapitalisation, and closer fiscal-monetary coordination provided the foundation for the next phase of economic management.

Analysts React Managing Director/Chief Executive Continued on page 36

WEDNESDAY, SEPTEMBER 23, 2026 • THISDAY

NEWS

COURTESY VISIT...

L-R: Skal President Port Harcourt, Minabo Charles-Anyanwu; Co-founder/Managing Director and Cultural Ambassador, Goge Africa Worldwide Limited, Ambassador Isaac Moses; Managing Director, Goge Africa, Ambassador Nneka Isaac-Moses; Lagos State Permanent Secretary, Ministry of Tourism, Arts and Culture, Mrs. Bopo Oyekan-Ismaila; World President, Skal International, Mr. Andres Hayes; Head Tourism, Business Sterling Bank/Associate Member Skal, Abiola Adelana; National President, Skal Nigeria, Ademola Sanya; Vice President Skal Nigeria, Member Tariboba; and National Treasurer, Skal International, Irwgbe Felicia, during a courtesy visit to the Ministry to explore global collaboration, held at the ministry’s conference room, yesterday

CBN CRASHES INTEREST RATE BY 350BPS TO 23%, MARKET EXPECTS CHEAPER CREDIT Officer, Financial Derivatives Company Limited, Bismarck Rewane, told THISDAY that the latest decision should be viewed against the cumulative movement in monetary policy and the corresponding moderation in inflation, rather than as an isolated rate cut. Rewane said, “Let me put it this way, I think it’s time to look at the cumulative effect of all of this.” He said MPC had recorded a combination of rate cuts, increases, and periods of holding the policy rate before arriving at the latest decision. According to him, the cumulative 350 basis-point reduction must be considered alongside the decline in inflation, suggesting that the latest decision reflects a recalibration as the monetary environment changes. Rewane also pointed to CBN’s focus on monetary transmission and high-powered money, saying the bank remains conscious of the risks that excessive liquidity could pose to price stability. He stated, in an interview on CNBC, that the decision showed that CBN was prepared to deploy some of the buffers built up over the past period of monetary and foreign exchange adjustments. “What he has done is he has used the buffers that were built,” Rewane said, referring to the financial and policy buffers available to the authorities. His assessment suggests that the rate cut is not necessarily a retreat from monetary discipline, but a calculated decision based on the greater policy space created by improving fundamentals. That space, however, does not eliminate the risks. Rewane acknowledged the potential volatility around the foreign exchange market and the broader external environment, but stated that the available buffers provided room to absorb some of the pressure. He added, “So there are some risks, but what he has done is he has used the buffers that were built. When I say buffers, financial buffers and policy buffers as well, to say, okay, let’s throw the dice, all right. And there’s enough. There’s enough buffers, enough resolution, enough autonomy to actually build and go forward without actually distorting things. “Worst-case scenario is that the currency is trading about N1320, while the Purchasing Power-Parity (PPP) value is about N1,100. So, assuming it moves 10 per cent of the range the other way, so it gives you N1,400 to N1,130 something. You are about N1,430, which is where the parallel market was two months ago or a month ago.” Rewane added, “I don’t see that this could create massive volatility,

bearing in mind that our neighbouring country, not neighbouring Angola, has just seen its inflation rate drop that sharply, seen interest rates cut, and so it’s not totally out of the woods. “I mean, but clearly, what it has done is it has taken a position on the fact that, I am now ready to use my reserves and my savings to protect myself. “His position was reinforced by the changing composition of Nigeria’s foreign exchange inflows, particularly diaspora remittances.” However, Oye, while commending CBN for slashing MPR, described the decision as a decisive reset of monetary policy.

Banks Must Reciprocate CBN Gesture In a statement, Oye said the reduction of the benchmark rate represented a substantial policy adjustment capable of opening the door to lower borrowing costs. He, however, cautioned that the move would only have meaningful impact if banks transmitted the reduction to the real economy. According to him, the decision “deserves applause for its clarity and decisiveness”. But Oye stressed that a lower policy rate alone could not guarantee cheaper credit, increased investment, or stronger productive activity. He stated, “A lower policy rate opens a door; it does not guarantee that credit, investment, or productive enterprise will walk through it.” He said the current macroeconomic environment provided some basis for CBN’s recalibration, pointing to the moderation in headline inflation, which stood at 15.39 per cent year-on-year in August, down from 15.43 per cent in July and 15.93 per cent in May. Oye also stated that the official Nigerian Foreign Exchange Market (NFEM) rate strengthened from N1,364.8344 per dollar on August 3 to N1,332.9396 on August 31, describing relative foreign exchange calm as a more defensible description of the market than claims of complete stability. However, he identified the transmission of the rate cut to businesses and households as the critical test of the latest policy decision. He stated that CBN’s latest published aggregate measures for August put the prime lending rate at 17.86 per cent and maximum lending rate at 29.20 per cent, indicating that the cost of credit remains significant, despite the easing of inflation. According to him, the MPR reduction should begin to influence the cost of capital, but should not be mistaken for an automatic reduction in every bank’s lending rate. “The transmission question is the

central demand,” he said, stressing that banks should not be quick to reprice deposits downward while taking longer to review lending rates. Oye also urged CBN to monitor how quickly and transparently the policy adjustment fed through to loan pricing, particularly for viable businesses and productive investment. He called for greater transparency from banks, suggesting that the apex bank should encourage and publicly monitor adjustments in lending rates following the MPR reduction. He proposed a publicly accessible “Prime Lending Rate Adjustment Tracker” to enable borrowers, investors, and policymakers monitor how banks respond to changes in the monetary policy benchmark. Oye further linked the success of the rate cut to the recently signed Memorandum of Understanding (MoU) between CBN and the Federal Ministry of Finance on fiscal-monetary policy coordination. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and Cardoso signed the framework in Abuja on September 18. Oye said the agreement, which provided for closer coordination on policy consistency, information sharing, economic forecasting, government financing, and cash management, could become an important support mechanism for the latest monetary policy reset. He cautioned, however, that the agreement must not undermine the operational independence of the central bank. “Coordination must never become fiscal dominance,” he said, quoting a warning attributed to Oyedele. Oye said the essence of coordination should be to prevent fiscal and monetary policies from working at cross purposes while preserving CBN’s ability to take independent monetary policy decisions. He also pointed to recent credit data as an important indicator to watch, stating that net credit to government declined from about N33.92 trillion in July to N32.70 trillion in August, while credit to the private sector increased from about N83.43 trillion to N84.55 trillion. He said the figures did not by themselves establish that government borrowing was crowding out private-sector credit, but underscored the need for disciplined management of government financing and liquidity. Oye urged the finance ministry to give practical effect to the new fiscalmonetary coordination framework by strengthening government financing and cash-management planning. He called for a clear and regularly updated consolidated government financing calendar, aligned with liquidity forecasts and debt-issuance plans.

He also urged CBN to remain data-driven in considering subsequent policy decisions, warning against treating the latest rate reduction as the beginning of an automatic easing cycle.

New Era for Borrowers For borrowers, Oye said the new policy environment presented an opportunity to demand greater clarity from their banks on the benchmarks used in pricing facilities, the impact of the new MPR on existing and new loans, and the timing of subsequent reviews. He said the ultimate measure of the policy reset would not be the announcement itself but whether it resulted in a more predictable credit environment for enterprises and households. Oye stated, “The aim is not a celebratory press release or a lower number on a policy screen. The aim is an economy in which enterprises can plan, borrowers can understand their costs, public financing is managed with discipline, and monetary independence remains strong enough to say no when it must.” Uwaleke, while reacting to the MPR cut, stressed that the apex bank’s decision was justified by moderating inflation, exchange rate stability, improvement in FX market liquidity, and accretion to external reserves. He said, “It is a welcome development against the backdrop of the recently signed MoU between the Minister of Finance and the CBN governor on fiscal and monetary policies collaboration.” Uwaleke added, “I expect commercial banks to respond accordingly.” The CBN’s rate cut apparently caught the market off-guard, with analysts describing the scale of the reduction as unexpectedly bold.

CPPE: Rate Reduction Can Lower Cost of Capital The CPPE chief executive, Dr. Muda Yusuf, welcomed the MPR reduction saying, “The decision is particularly positive for the real sector, where high financing costs have become a major constraint on investment, production, working capital, and job creation.” Yusuf said the magnitude of the adjustment was largely unexpected and represented a significant shift from the prolonged restrictive monetary policy regime. He said, “It signals an important rebalancing of monetary policy towards supporting growth, investment, and economic recovery, while preserving price and financial-system stability. “The CPPE considers the adjustment timely, given the improving inflation trajectory and the growing costs of an excessively restrictive monetary

environment. “The reduction of the MPR to 23 per cent should, therefore, be viewed not merely as monetary easing, but as an important realignment of the policy rate with prevailing macroeconomic and financial-market conditions.” According to him, commercial lending rates for many businesses have remained at levels that are difficult to reconcile with productive investment, particularly in manufacturing, agriculture, construction, logistics, and other sectors with relatively long investment cycles and tight margins. He stated, “The policy adjustment, therefore, offers an opportunity to reduce the cost of capital, improve business cash flows, stimulate investment, and strengthen the productive capacity of the economy.” Yusuf, however, stated that the ultimate economic value of the decision would depend on transmission and expect banks to reflect the new monetary policy environment in the pricing of credit. He stated, “Lending rates on both new and existing facilities should progressively adjust downwards. Without meaningful transmission to borrowers, the impact of the policy adjustment on investment and economic growth would be limited.”

Lower Rates May Ease Government Borrowing Costs According to Yusuf, the decision also has potentially significant implications for public finance because the high interest-rate environment has contributed materially to the escalation of the federal government’s domestic debt-service burden. He said, “Government securities have had to compete with exceptionally high market yields, increasing the cost of borrowing and placing additional pressure on already constrained fiscal space. “A sustained moderation in interest rates should reduce the marginal cost of government borrowing and, over time, moderate domestic debt-service costs. “This could create additional fiscal space for infrastructure, security, education, healthcare and other development priorities.” The fiscal dividend would, however, depend on the extent to which the MPR adjustment translates into lower yields across the government securities market. CPPE also said the divergence between Nigeria’s monetary policy direction and recent tightening by some major central banks around the world could affect interest-rate differentials and the relative attractiveness of nairadenominated financial assets. This creates a potential risk of portfolio-flow reversals and renewed pressure on the foreign-exchange market.

CPPE stressed that the current monetary recalibration should be complemented by stronger fiscal and structural interventions aimed at reducing production costs, improving productivity, strengthening food and energy security, and expanding domestic productive capacity. “This is critical to ensuring that monetary easing translates into investment and additional output rather than renewed inflationary pressure,” Yusuf said.

NECA Hails Rate Decision Nigeria Employers’ Consultative Association (NECA) stated that a lower policy rate did not automatically translate into cheaper credit for businesses. NECA Director-General, Adewale-Smatt Oyerinde, stated that the retention of Cash Reserve Requirement (CRR) at 45 per cent for deposit money banks indicated that monetary conditions remained relatively tight. Oyerinde said, “The reduction could, over time, support lower lending rates and improve access to working capital and investment financing, particularly for manufacturers and SMEs. “However, the speed and extent of this transmission will depend on how banks adjust their lending rates. “With August 2026 headline inflation at 15.39 per cent, the new 23 per cent MPR remains above the prevailing inflation rate. The reduction, therefore, represents a measured easing rather than a shift to broadly accommodative monetary policy.” He added, “The adjustment could support improved liquidity management and monetary policy transmission. “The rate cut provides an opportunity for improved access to credit, but the broader cost of doing business remains a concern. “Manufacturers and other businesses continue to contend with high input, energy, logistics and foreign exchange-related costs. NECA will, therefore, continue to monitor the transmission of the policy rate reduction to actual lending rates and advocate for a sustained and predictable path towards lower financing costs.” Oyerinde also said the retention of relatively high CRR levels indicated that CBN remained attentive to liquidity and inflation considerations.

Comercio Partners: Remittances Can Cushion Portfolio Outﬂows Managing Partner, Comercio Partners, Nnamdi Nwizi, said the emphasis placed on diaspora remittances by CBN was particularly significant in assessing the implications of the rate cut for the foreign exchange market.

THISDAY • WEDNESDAY, SEPTEMBER 23, 2026

NEWS

INAUGURATION OF COMMITTE ON MINERS DEATH...

Members of the 10-member Independent Investigative Committee on the reported deaths of 37 persons in the custody of the Nigeria Security and Civil Defence Corps (NSCDC) in Niger State, shortly after their inauguration by the Minister of Interior, Dr Olubunmi Tunji-Ojo (4th from left), in Abuja on Tuesday

Tukur Was a Detribalised Nigerian, Great Patriot, Akpabio Eulogises Late PDP Leader Natasha pays condolence visit to ex-Kogi governor, Idris’ family Sunday Aborisade in Abuja President of the Senate, Godswill Akpabio, has described the late former National Chairman of the Peoples Democratic Party (PDP), Alhaji Bamanga Tukur, as a “detribalised Nigerian” and great patriot whose contributions to the country transcended ethnic and political boundaries. Akpabio, who arrived in Nigeria from Italy on Monday, stated this yesterday when he paid a condolence visit to the family of the late elder statesman, former governor of the defunct Gongola State and businessman. The Senate President, according to a statement by his Special Assistant on Media, Jackson Udom, said Tukur

left behind an enduring legacy of love, wisdom and service to the nation. He described the deceased as “a detribalised Nigerian, great patriot and towering national figure whose contributions to the country transcended ethnic and political boundaries.” Akpabio also recalled his personal relationship with the late elder statesman, noting that Tukur had chaired an event he attended in London in 2009. The Senate President expressed regret that Tukur was no longer alive to continue sharing his wealth of experience and wisdom, stressing that his contributions to national development would remain memorable. “The late Tukur left behind a legacy of love, wisdom and service to the

NMDPRA PROPOSES 138 RULES TO CHECK UNFAIR COMPETITION, MONOPOLY IN OIL SECTOR Giving an overview of the draft, the Authority Secretary and Legal Adviser to the Board, Joseph Tolorunse, said the proposed rules were intended to translate the competition provisions of the Petroleum Industry Act (PIA) 2021 into detailed and enforceable provisions specifically tailored to the midstream and downstream petroleum industry. He explained that the framework went beyond conventional restrictions on price-fixing, covering infrastructure access, dominant firms, vertical integration, mergers, digital markets, enforcement, penalties, compliance and coordination between regulatory agencies. Tolorunse said the regulations would effectively make competition protection a core component of petroleum regulation rather than leaving competition issues solely to general competition law. “The foundation of the regime is Regulation 3, which prohibits any conduct, agreement, arrangement, understanding, decision, or practice that has the object or effect of preventing competition, restricting competition or distorting competition. This applies regardless of form, meaning both explicit agreements and informal practices are captured,” he said. A significant aspect of the proposed framework, the overview showed, is its attempt to prevent companies from using control of critical infrastructure to shut out competitors from the market.

Under the rules, owners or controllers of essential petroleum infrastructure, including pipelines, storage terminals, jetties, bulkloading facilities and depots, would be prohibited from unjustifiably refusing, delaying or obstructing access by qualified third parties. Access, the Authority said, must be transparent and nondiscriminatory and based only on legitimate technical, safety and creditworthiness considerations. The proposed regulations would also impose extensive transparency obligations on operators providing midstream and downstream services. They would be required to publish tariffs, fees and general service conditions, while hidden surcharges, secret discounts, undisclosed preferential arrangements and informal side agreements capable of altering published access conditions would be prohibited. According to Tolorunse, the provisions are designed to ensure that operators compete on a level playing field rather than allowing control of infrastructure or commercial information to become a barrier to entry. The proposed framework also takes direct aim at coordination between competitors. Operators would be prohibited from coordinating pump prices, ex-depot prices, margins and discounts, freight charges, supply or output levels, territories, customer allocation and tender submissions.

nation and would continue to serve as an example to younger politicians and Nigerians,” he said. Akpabio further disclosed that the National Assembly would honour the late elder statesman on the floor of the Senate when it resumes from its current recess.

He urged Tukur’s children to continue in their father’s footsteps and uphold the values for which he was known. Responding on behalf of the family, one of the deceased’s sons, Mahmoud Tukur, thanked Akpabio, his wife, Mrs Unoma Akpabio, and

members of his entourage for the condolence visit. Mahmoud also expressed appreciation to President Bola Tinubu and Nigerians for honouring and remembering his father, who died at the age of 90 on Saturday, September 12, 2026.

Also, the Senator representing Kogi Central Senatorial District, Natasha Akpoti-Uduaghan, paid a condolence visit to Idris’ family. During her visit, Akpoti-Uduaghan described the former governor’s death as a significant loss to his family, Kogi State, the PDP and Nigeria.

COAS: Effective Military Operations Tied to Availability of Serviceable Platforms Tasks traditional rulers, leaders to back security with credible information Hammed Shittu in Ilorin and Linus Aleke in Abuja The Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu, has said the effectiveness of military operations was closely linked to the availability and serviceability of operational platforms. He explained that the availability of serviceable mobility assets was critical to enabling troops to move personnel, equipment and logistics promptly in response to operational requirements. Speaking at the commissioning of refurbished operational vehicles and the Nightingale Club at 1

Women Battalion, Giri, Abuja, the COAS said the refurbishment of operational vehicles was part of efforts to strengthen troops’ mobility, operational responsiveness and welfare in support of ongoing national security efforts. The Army Chief further stressed that the refurbishment of the vehicles would enhance the formation’s ability to respond efficiently to assigned tasks. Represented by the Acting Director of Army Public Relations, Colonel Appolonia Anele, the COAS directed commanders and personnel entrusted with the vehicles to ensure proper maintenance, responsible handling and strict adherence to regulations.

He emphasised that the assets were national resources that must be protected, properly accounted for and used strictly for authorised military purposes. The COAS further described the Nightingale Club as an important investment in the human element of military effectiveness, noting that a capable and resilient force requires not only operational equipment but also an environment that supports the morale, cohesion and wellbeing of its personnel. He said the facility would provide opportunities for recreation, healthy social interaction and relaxation for personnel and their families, while

strengthening camaraderie and esprit de corps within the formation. In this regard, he commended the leadership and personnel of 1 Women Battalion, as well as the officers, soldiers, civilian staff, contractors and other stakeholders whose collective efforts contributed to the successful completion of the projects. He noted that the achievements demonstrated the value of effective leadership, prudent resource management and collective responsibility, particularly as the Nigerian Army continues to optimise available resources to meet evolving national security demands.

TINUBU SEEKS AFRICAN UNITY TO PROTECT CONTINENT’S MINERAL WEALTH Offering other African nations the Nigerian experience for adaptation across the continent, the President called for “reliable partnerships grounded in mutual benefit, shared responsibility, sovereign equality and respect for our priorities, with fair market access, industrial investment and technology partnerships that build African capabilities.” He implored member-countries of the AMSG to speak with one voice to promote Africa’s collective interest, insisting that reliability must never mean dependency, and partnership must never demand inequality. On the Continental Integration and Economic Assurance Declaration adopted and signed at the Roundtable, Tinubu said it must establish a predictable, investment-ready environment for Africa’s Strategic Mineral Corridors, harmonised policies, responsible investment and shared infrastructure. According to him, the Declaration’s authority must survive the

signing ceremony through a binding programme with timelines, financing, implementation and public accountability, even as he urged African nations to specify national and regional contributions; development finance institutions and sovereign investors to propose financing platforms. Declaring the Roundtable open, the President spearheaded an aggressive alliance to retain the continent’s mineral wealth, saying, “Africa’s power resides in its people, markets and ingenuity. “No outsider will organise our continent or place our industrial interests above their own. We must integrate our markets, mobilise African capital and negotiate with one voice wherever our interests converge. “Our industrial growth can strengthen global prosperity, the energy transition and secure supply chains. Minerals confer no automatic prosperity; vision, investment and industry must earn it. Political will

must turn mineral promise into enduring African wealth.” Earlier, Alake, said the group was proposing a Continental Integration and Economic Assurance Declaration (CIEAD) as a landmark continental framework designed to establish a unified architecture for Africa’s critical and solid minerals value chains. The strength of the gathering, he explained, reflected the journey and progress made in Africa’s solid minerals sector as manifested in the growth of the AMSG. Alake urged African countries that have yet to join the group to do so in the bid to ensure synergy of efforts, ideas and resources needed for Africa’s natural resources. He observed that Africa’s minerals ambitions cannot be realised by policy implementation alone as fully integrated partnership designed across financial transactions and infrastructure development as the way forward. In his remarks, the Chief Execu-

tive Officer of the Africa Finance Corporation, Samaila Zubairu, said African countries could no longer afford to delay industrialisation if the continent must feed, house and clothe its growing population over the next 24 years. Zubairu called for greater regional cooperation, saying unilateral efforts by individual countries could not address the scale of Africa’s development challenges. Also speaking, Kenya’s Minister of Blue Economy and Maritime Affairs, Mr. Hassan Ali Joho, underscored the importance of domestic resource mobilisation as a catalyst for solid mineral development in Africa and beyond. He added that for members of the AMSG to achieve holistic transformation, members must stay transparent, competitive and work towards greater alignment of licensing procedure while respecting the sovereignty of member states of the group.

WEDNESDAY, SEPTEMBER 23, 2026 • THISDAY

WEDNESDAYSPORTS

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

0811 181 3083 SMS ONLY

Maduka Okoye Missing as Chelle Drills 23 Eagles in First Training in Uyo Duro Ikhazuagbe Only Maduka Okoye was missing as Super Eagles had their first training ahead of their 2027 Africa Cup of Nations qualifiers against Madagascar and Guinea-Bissau in the next one week. Captain Wilfred Ndidi, winger Samuel Chukwueze and goalkeeper Stanley Nwabali were the last three players to arrive Eagles camp ahead

2 0 2 7 A F C O N Q UA L I F I E R S of the first training session at the Godswill Akpabio International Stadium in Uyo at 6pm. According to Media Officer of the team, Promise Efoghe, the Udinese shot-stopper is not expected in camp until Thursday morning. In a reply to THISDAY enquiry on the whereabouts of Okoye, the Media

Edo Queens Resume Training Ahead 2026 CAF Women’s Champions League Reigning WAFU-B champions, Edo Queens FC, will resume training today, Wednesday, September 23, as preparations begin in earnest for the 2026 CAF Women’s Champions League scheduled to hold in South Africa in October/November. According to the Media Officer of the team, Ojieva Ehiosun, the current Nigeria women’s league champions have been on a two-week break following their impressive conquest of the WAFU-B zonal championship in Burkina Faso. The Benin City-based team will return to the training ground with their sights firmly set on the continental showpiece. Having conquered West Africa, Edo Queens are fully aware that a

Officer admitted that the Udinese goalkeeper was granted permission to attend to family and personal matters before arriving camp on Thursday, 24 hours to Nigeria’s first match of the 2027 AFCON qualifiers. “Maduka Okoye will come into camp on Thursday. He asked for permission to attend to family and personal issues,” stressed Efoghe last night. Head Coach of the Super Eagles, Eric Chelle, led all the invited 23 players through their first full training

session on Tuesday evening inside the Nest of Champion training pitch. Other players at the first training session include; Arthur Okonkwo, Stanley Nwabali, Semi Ajayi, Calvin Bassey, Ola Aina, Bright Osayi-Samuel, Bruno Onyemaechi, Emmanuel Fernandez, Benjamin Fredericks, Chibuike Nwaiwu, Isaac James, Alex Iwobi, Wilfred Ndidi, Raphael Onyedika, Frank Onyeka, Ademola Lookman, Moses Simon, Samuel Chukwueze, Akor Adams, Taiwo Awoniyi, Tolu Arokodare, Moses Usor and George Ilenikhena. The three-time African champions will resume training at the stadium

bigger challenge awaits them in South Africa and are expected to commit themselves to intensive preparations ahead of the CAF Champions League proper.. The team will focus on sharpening it”s fitness, tactical organisation and overall readiness as they seek to make a strong impression on the continental stage. Also returning to the team is Head Coach Moses Aduku, who was absent during the WAFU-B campaign due to national team duties. Aduku, who travelled to Poland with some members of the Edo Queens squad with the Falconets is now back with the team and ready to take charge as preparations begin for the major task ahead.

on Thursday, September 25. Hidea Plus Limited, the organisers, also announced the date for the preliminary games which will take place across the local government of the state between October 2 and 16 while the zonal playoff take place at designated centres between October 20 and 21. CEO of Hidea Plus, Tony Pemu, said yesterday that the quarterfinal will take place at designated centres between October 23 and November 11. The two semifinals will be played on October 27 while the grand finale is scheduled for the Stephen Keshi Stadium, Asaba, Delta State.

PariPesa Partners Olympique de Marseille PariPesa and Olympique de Marseille are partnering to create new football experiences for supporters across Africa. As part of the agreement, PariPesa becomes OM’s Regional Africa Partner. The partnership combines a shared passion for football with a focus on digital engagement, giving fans more opportunities to connect with the Club and take part in co-branded activities. On how the partnership will come to life, it says throughout the collaboration, supporters will see a mix of digital campaigns, competitions, giveaways and original content. The aim is to celebrate OM’s

connection with Africa while making the Club’s stories and personalities more accessible to fans across the continent. There will be dedicated co-branded digital campaigns, fan competitions and giveaways and original football content connecting Marseille and Africa. There will also be shared commitment to African supporters. “Africa has always held a special place in Olympique de Marseille’s identity and community. Through our partnership with PariPesa, we look forward to creating new opportunities to engage with our supporters across the continent and further strengthen this connection,” said Alban Juster, General Manager of Olympique de Marseille.

This makes every tie important for the Super Eagles who last won the tournament in 2013 in South Africa. Eagles finished as beaten finalist in Côte d’Ivoire in 2024 and picked the third placed bronze in Morocco last February.

Arteta Agrees New Arsenal Contract

Zenith Bank/Delta Principals’ Cup to Kick off Sept 30 The organisers of the annual Zenith Bank/Delta State Principals’ Cup have announced the schedule for the 2026 edition of the championship put together specifically for the secondary school students within the state. According to the schedule released and made available to our correspondent, the kickoff date is September 30 at the St. Patrick’s College Field, Asaba with the final slated for November 5. The press conference to elaborate on the format of the tournament will take place also in Asaba on September 28 after the completion of the registration which started since September 15, and will end

today behind locked gates as fans and sports journalists are not allowed access to the place. The media officer however hinted that journalists will be allowed brief interview sessions with the players before or after training today. Nigeria will welcome Madagascar to the Godswill Akpabio International Stadium in Uyo on Friday, September 25 for their Group L fixture, before travelling to Guinea-Bissau for their second qualifying match on September 29. Nigeria’s talisman, Victor Osimhen will not be on duty in this opening match-day fixture as the Galatasaray’s frontman is yet to recover from the muscle tear that has sidelined him for couple of days. He also remains doubtful for the match-day 2 fixture with Guinea-Bissau on Tuesday. With Tanzania already guaranteed passage to the tournament as one of the hosts countries, Nigeria, Madagascar and Guinea-Bissau are left to compete for just one available qualification ticket from Group L.

PLAYERS IN CAMP Simon Moses Akor Adams Taiwo awoniyu Isaac James Emmanuel Fernandez Benjamin Fredericks Moses uzor George Ilenikhena Arthur Okonkwo Alex Iwobi Semi Ajayi Calvin Bassey Ola Aina Ademola Lookman Bright Osayi-Samuel Chibuike Nwaiwu Tolu Arokodare Bruno Onyemaechi Raphael Onyedika Frank Onyeka Wilfred Ndidi Samuel Chukwueze Stanley Nwabali *Yet to Arrive Maduka Okoye

Defender Calvin Bassey and other players at Super Eagles ﬁrst training at the Uyo stadium ahead the 2027 AFCON qualiﬁers against Madagascar and Guinea-Bissau on Friday and Tuesday next week

Mikel Arteta has agreed an improved new contract with Premier League champions Arsenal. The Spaniard’s current deal expires at the end of this season but talks over a new contract have been ongoing for a number of months. BBC Sport reported earlier this month that an agreement between all parties was close. And it is now understood Arteta has reached a final agreement with the Gunners to extend his stay. There is no confirmation over the length of his new contract but it is set to take him into at least his 10th year at the club following his arrival in December 2019. The new contract will also include a sharp pay increase from his current salary of £10million per year plus an additional £5million in bonuses. Speaking about his contract talks,

Arteta said last week that fans did not need to “worry” because he wanted to stay. “I’m extremely happy and I feel very grateful to work with the people I work with,” he said.

Mikel Arteta...seals new Arsenal deal

Waidi Akanni Secures Health Insurance Scheme for Lagos Legends Members of the Lagos Legends Club, have expressed their appreciation to their Convener, Engr. Waidi Akanni, for facilitating a health insurance scheme for them through the magnanimity of the Chairman of the Lagos State Lottery Board, Mr Bashir Abiola-Are. For the football veterans who proudly served Lagos State and Nigeria at various levels of football competitions—the absence of a functional players’ union had created a painful void. The intervention by Akanni, a former Super Eagles player, in addressing the welfare and healthcare needs of retired footballers, was timely. Most of the ex international who spoke while they were been enrolled for the health insurance scheme, also commended the Mr. Bashir Abiola-Are, Chairman of the Lagos State Lottery Board for making their dreams of a health Insurance scheme possible. “It is not easy at this period for anyone without any means of paying

for hospital bills to fall ill. We have many cases of former footballers who died from simple ailments treatable but absence of money to go to hospital caused the death of such former football stars. But we in the Lagos Legends

Club are fortunate to have Engr. Waidi Akanni who has used his network of friends to bring succor to us,” observed some members of the LLC. For the Lagos Legends, the HMO is more than an insurance scheme. “It

Mr. Bashir Abiola- Are, Chairman of the Lagos State Lottery Board (left) and Convener, Lagos Legends Club, Engr. Waidi Akanni during the visit of the LLC members to the lottery board chairman...recently

is a significant step toward restoring dignity, security and hope to football veterans, and another enduring legacy of Engr. Waidi Akanni’s leadership and commitment to the welfare of his fellow Legends,” observed Monday Kanu, another legend of the game. He described Akanni, a former Nigerian international and former Chairman of the Lagos State Football Association (LSFA) as a visionary leader who decided to use his extensive network and relationships to tackle one of the most pressing challenges confronting football veterans: access to healthcare when ill health comes calling. Kanu said the magnanimity of the Lagos State Lottery Board Chairman towards those who gave their youth and talent to football was worth emulating. He said his gesture is not just one off thing but will be renewable annually is the sweetest part of the scheme for the ex internationals.

T H I S D AY • WEDNESDAY, SEPTEMBER 23, 2026

BACK PAGE CONTINUATION ABDICATION OF THE DUTY OF THE FEDERAL GOVERNMENT TO PROTECT NIGERIANS IN SOUTH AFRICA Similarly, in the Apo Six case, The Incorporated Trustees of Fiscal and Civic Rights Enlightenment Foundation v Federal Republic of Nigeria (ECW/ CCJ/APP/02/14), the ECOWAS Community Court of Justice found Nigeria responsible for serious human-rights violations arising from the killing and ill-treatment of Nigerian citizens during a security operation in Abuja and awarded compensation to the victims and their families. Having established that the South Africa Police Service and South Africa Defence Force killed 30 Nigerians from 2022 to 2026 without any investigation and prosecution of the murderers, the Federal Government ought to drag South Africa before the African Court on Human and Peoples Rights. After all, the South Africa Government recently sued Israel at the International Court of Justice over the genocidal attacks unleashed on unarmed Palestinians in Gaza by the Israeli Armed Forces. These cases demonstrate that failure to investigate serious violations of the right to life and other fundamental rights can engage state responsibility. In view of the continuing killings and alleged abuses of Nigerians in South Africa, I urge the Federal Government to urgently consider instituting proceedings against South Africa before the African Court on Human and Peoples’ Rights. Nigeria and South Africa are parties to the African Charter and have ratified the Protocol establishing the African Court. Nigeria can therefore explore the possibility of bringing an interstate case concerning the failure to protect Nigerian nationals from serious humanrights violations and to ensure effective investigation, prosecution and remedies.

Chief Femi Fani-Kayode This is not a new proposal. In July 2026, I called on Nigeria, Ghana and other African countries affected by xenophobic attacks to institute proceedings against South Africa before the African Court and seek appropriate remedies, including provisional measures and compensation. In May 2026, I also petitioned the African Commission on Human and Peoples’

Rights over the continuing xenophobic attacks and other violations in South Africa and requested that the matter be referred to the African Court. The Federal Government should now move beyond diplomatic protests and pursue these available regional mechanisms. Nigeria ratified the Protocol establishing the African Court in 2004 but has not

made the declaration under Article 34(6) accepting direct applications to the Court from individuals and non-governmental organisations. The absence of the declaration denies Nigerians and eligible civil society organisations an important avenue of regional judicial redress. The Federal Government should therefore make the Article 34(6) declaration as a matter of urgency. It is difficult for Nigeria to demand effective regional justice for its citizens abroad while refusing to provide its own citizens with direct access to the African Court where the legal requirements for such access are otherwise satisfied. The Federal Government should also establish a mechanism, involving the Ministry of Foreign Affairs, the Nigerian mission in South Africa and the Federal Ministry of Justice, to document all cases involving the killing, torture and other serious abuses of Nigerians’ rights in South Africa and monitor the progress of investigations and prosecutions. The South African Government has a duty to protect Nigerians and other African nationals within its jurisdiction and to uphold their human rights. Unless the South Africa Government is called to order by the African Court on Human and Peoples Rights, the brutal killings of Nigerians and other African migrants will continue unabated and with almost total impunity. But the Nigerian Government must also do its part to stop the violence and travesty. The Federal Government must protect Nigerians, demand accountability from South Africa and use every available regional legal mechanism to secure justice and effective remedies for the victims and their families.

THE BROOM AND THE RAINBOW: TWO PLATFORMS, ONE PRESIDENT of the North. Does it imply the president shouldn’t care less about what fate befalls candidates of the APC at various levels? By no means! President Tinubu does not need to choose between them. He needs both. In 2023, he won in Rivers without the structure fully formed as it is at present. In 2027, he will have both the Progressive Governors Forum and the Rainbow Coalition mobilising for him in different territories. As Bolaji Adebiyi argued in an article in Thisday on Friday, Wike has demonstrated organisational capacity by fielding PDP candidates in 26 of the 28 states where elections will be held in January, even in several states where opposition parties like the African Democratic Congress and Nigeria Democratic Congress cannot field candidates. The essay noted that such an individual cannot be shoved aside. His support is as important and strategic as it was in 2023.

President Tinubu This rift will not hurt President Tinubu as the opposition may expect, because what matters

is whether the coalition will deliver votes for the President. In my view, it can. Those hoping

the disagreement will cause a political rift in the Villa should perish the thought. The President is on vacation in France and is expected to broker a truce himself when he returns, because he is the only leader both sides listen to. This is not a house divided. It is a big tent that allows mutual accommodation. The APC Governors will run the official campaign. Wike will run the coalition campaign for non-APC voters who love the President and want him re-elected. Both tendencies report to the same Commander-in-Chief. In the end, the Rainbow Coalition and the Progressive Governors Forum have one overriding mission: the election of President Tinubu for a second term. Both will have one communique and it will be titled “For President Tinubu’s re-election.” This is not brouhaha. It is a winning strategy. •Rahman is Senior Special Assistant to President Tinubu on Media and Special Duties.

NEWS

Tinubu Tasks 774 LG Chairmen to Keep thugs,Violence Out of 2027 Polls Says Nigerians must fearlessly be free to make choices Charges the autonomous councils on security, service delivery Deji Elumoye in Abuja President Bola Tinubu has tasked chairmen of all the 774 local government councils in the country to ensure that their councils are not turned into breeding grounds for political violence ahead of the 2027 polls nationwide. Tinubu particularly charged the local government chairmen to adopt zero tolerance for political thuggery, intimidation, hate speech and violence, warning them against allowing young Nigerians to be recruited for electoral violence or lured into substance abuse under any guise. Speaking Tuesday at the maiden Annual National Conference of the 774 Local Government Council Chairmen at the State House, Abuja, the President said local council leaders have a responsibility to create conditions in which Nigerians can exercise their democratic rights freely and without fear. Tinubu, who was represented at the conference with the theme

“Cascading President Bola Tinubu’s Renewed Hope Agenda to the Grassroots,” by Secretary to the Government of the Federation (SGF), Senator George Akume, explained that although the 1999 Constitution assigns responsibility for conducting elections to the Independent National Electoral Commission (INEC), local government chairmen, as leaders of the communities where voting takes place, have an important role to play especially in maintaining peace. His words: “Nigeria is entering the decisive weeks and months of the election cycle leading up to the 2027 General Election. The 1999 FRN (as amended) has given the responsibility of the umpire to the Independent National Electoral Commission (INEC). “However, as leaders of the communities in which elections would take place, you have an overarching responsibility to help create an atmosphere in which every Nigerian can exercise his or her democratic right without fear.

“I urge you to discourage divisions and adopt a zero-tolerance policy for thuggery, intimidation, hate speech and violence. Ensure that our youths are not lured into substance use and abuse, under any disguise”. The President also tasked the chairmen to help defuse political tensions in their communities, support lawful security coordination and protect citizens’ right to freely choose their leaders. “At the community level, I further urge you as leaders to douse tensions, support lawful security coordination and respect the right of citizens to make their choices freely”. To him, Nigeria’s democracy would be strengthened when citizens are able to participate peacefully in elections and retain confidence in the electoral process. Tinubu stressed that his administration remained committed to peaceful and credible elections, adding that the Renewed Hope Agenda must translate into tangible improvements

in food security, healthcare, education, infrastructure, employment and local enterprise. Tinubu also challenged council chairmen to justify the financial autonomy granted local governments by delivering measurable improvements in the lives of Nigerians. The President recalled that his administration approached the Supreme Court to affirm the constitutional rights and financial autonomy of local governments, culminating in the July 11, 2024 judgment. Tinubu stressed that local government autonomy should not be treated merely as an entitlement but as an instrument for delivering services to citizens. “The autonomy pronounced in the judgement of the Supreme Court of Nigeria places a huge responsibility on all chairmen, elected councillors and their management to deliver impactful governance at the grassroots”. According to him, Nigerians should begin to experience better primary

healthcare, basic education, rural roads, potable water, stronger food systems, assistance for small businesses and increased opportunities for women and young people. The President said local councils must consequently become centres for development planning, effective service delivery, early warning and measurable results, while embracing technology, reliable statistics and evidence-based decision-making. He noted that the Federal Government’s push for grassroots development was informed by the conviction that Nigeria could not achieve sustainable development through the centre alone. Tinubu recalled his experience as Lagos State governor, when his administration created 37 Local Council Development Areas, saying the objective was to bring government closer to a rapidly growing population and create more centres of development. “Contrary to some narratives that gained currency, our vision and focus was about shortening the distance

between government and the governed, widening access to services and creating more centres of local development”. The President while commenting on security said the issue had remained a top priority of his administration, with the Federal Government strengthening, equipping and reforming security institutions as well as training personnel. He, however, said sustainable security could not be achieved solely from the centre because lasting peace must be built “community by community”. Tinubu therefore directed the council chairmen to deepen collaboration with traditional rulers, religious leaders, youth and women groups, community associations and lawful security agencies to secure their communities. He said local authorities, because of their proximity to citizens, should be able to identify grievances and emerging threats before they degenerate into crises.

THISDAY • WEDNESDAY, SEPTEMBER 23, 2026

Price: N400

BACK PAGE LEAD PHOTOGRAPH

AKPABIO PAYS CONDOLENCE VISIT TO THE FAMILY OF THE LATE BAMANGA TUKUR...

L-R: Special Adviser to the President on Senate Matters, Senator Basheer Lado; Son of the late Elderstatesman, Bamanga Tukur, MahmoudTukur, President of the Senate, Godswill Akpabio and his wife, Mrs Unoma Godswill Akpabio, when Akpabio paid a condolence visit to the family of the late Adamawa politician in Abuja, yesterday PHOTO: SENATE PRESIDENT’S OFFICE

FEMIFALANA GUEST COLUMNIST

Abdication of The Duty of The Federal Govt To Protect Nigerians In South Africa

n 4 September 2026, a Nigerian cleric, Bishop Michael Taiwo Fakunle, was brutally assassinated by unknown gunmen in Johannesburg. After reportedly issuing threats against him, his killers went to his home and shot him dead. Barely 24 hours later, another Nigerian, Mr James Uchechukwu Nwankwo, reportedly died after being subjected to what has been described in the press as “gruesome interrogation techniques” by officers of the South African Police Service (SAPS) in Johannesburg. According to the Nigerian High Commissioner to South Africa, Chief Femi Fani-Kayode, Bishop Fakunle and Mr Nwankwo were the seventh and eighth Nigerians killed in South Africa in 2026, with four of the eight allegedly killed by South African police officers. He further stated that more than 100 Nigerians had been killed in South Africa between 2022 and 2026, including more than 30 allegedly killed by officers of SAPS and the South African

President Bola Tinubu Defence Force. Chief Fani-Kayode stated that, despite repeated

expressions of concern, “not one person has been arrested, detained, prosecuted or brought to justice” for these crimes. He called on the South African Government to do more to protect Nigerians and ensure that those responsible for the killings are brought to justice. The response from Abuja has so far been limited to condemnation of the latest killings. Yet the Federal Government has a constitutional and international human rights obligation to protect Nigerians and to take effective measures to secure justice when their rights are violated abroad. It is particularly disturbing that this continuing crisis is taking place against the background of a fresh deadline reportedly issued to African nationals, including Nigerians, to leave South Africa by 30 September 2026. The Federal Government cannot continue to issue statements of condemnation after every killing while taking no effective legal steps to secure accountability and justice.

The African Charter on Human and Peoples’ Rights and the International Covenant on Civil and Political Rights to which Nigeria is a state party guarantee the right to life and protect the dignity and security of every person. The obligations to investigate unlawful killings and torture, prosecute those responsible where there is relevant admissible evidence and provide effective remedies to victims and their families, including adequate compensation and guarantees of non-repetition is well established under international human rights law. In Beneficiaries of Late Norbert Zongo and Others v Burkina Faso (Application No. 013/2011), the African Court on Human and Peoples’ Rights found Burkina Faso responsible for failing to properly investigate the assassination of investigative journalist Norbert Zongo and his companions and ordered reparations to their families and beneficiaries. Continued on page 39

TUNDERAHMAN GUEST COLUMNIST

The Broom and The Rainbow: Two Platforms, One President

o some, especially in the opposition camp, it may seem like a brewing political storm, but the brouhaha in Abuja over Nyesom Wike’s Rainbow Coalition and the Progressive Governors Forum’s pushback is not a crisis. It is a sign that President Bola Ahmed Tinubu’s political architecture for 2027 is active and working. To fully grasp this, you must understand the President and why many see him as a master strategist. The Minister of the Federal Capital Territory, Nyesom Wike, has been unambiguous. He has not asked to join the All Progressives Congress. He has not asked the APC Governors for an alliance. As a PDP leader serving in an APC government, he is building a Rainbow Coalition- a platform of PDP, APC, and other party members whose sole mandate is to deliver votes for President Tinubu’s re-election. In Rivers State, the APC itself has endorsed

Nyesom Wike this model, perhaps because Wike controls both APC and PDP structures in the state. The

APC in the state has laid bare a convincing premise for its embrace: all politics is local, and the coalition is needed to protect President Tinubu’s votes. Many may dislike him for his guts, style and the controversies he seems to cultivate, but in my view, the FCT Minister is not weakening the APC. He is broadening Tinubu’s base beyond the APC, into places the APC cannot ordinarily reach. As former Deputy Speaker of the House of Representatives, Hon. Chibudom Nwuche, rightly called it, it is a “political masterstroke that is broadening the President’s support base”. Conversely, the APC governors led by their Chairman, Senator Hope Uzodimma, have also declared that their commitment is “exclusively to all APC candidates”. They emphasised that they would not support any arrangement that undermines President Tinubu’s re-election. They are right. As party leaders in their states, their job is to protect the APC ticket from

governor to House of Assembly. But they are worried that a coalition that helps President Tinubu at the top but fields PDP candidates against APC candidates at the bottom could confuse voters and put APC candidates in jeopardy. That is a legitimate organisational concern. It is not anti-Tinubu. It is pro-party discipline. Both are right to want to protect their turfs and their respective interests. This is where President Tinubu’s genius comes in. This situation can be aptly described as two legs of one body. The APC Governors are the first leg, the official party structure, delivering the party vote in 31 states. Wike’s Rainbow Coalition is the second leg, the extra-party structure, delivering votes from PDP strongholds, from Rivers to Oyo to parts Continued on page 39

Printed and Published in Lagos by THISDAY Newspapers Limited. Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja . All Correspondence to POBox 54749, Ikoyi, Lagos. EMAIL: editor@thisdaylive.com, info@thisdaylive.com. TELEPHONE Lagos: 0802 2924721-2, 08022924485. Abuja: Tel: 08155555292, 08155555929 24/7 ADVERTISING HOT LINES: 0811 181 3085, 0811 181 3086, 0811 181 3087, 0811 181 3088, 0811 181 3089, 0811 181 3090. ENQUIRIES & BOOKING: adsbooking@thisdaylive.com (ISSN 1117-871X)