WEDNESDAY 27TH AUGUST 2025

To Boost Local Production, Create Jobs, Tinubu Okays Immediate Six-month Ban on Raw Shea Export

Deji Elumoye in Abuja To boost local production and

Temporary ban, a collective decision with sub-nationals, subject to review Shettima: Nigeria’s shea value will generate $300m annually in short term create jobs President Bola Ahmed Tinubu yesterday approved a six-month tem-

porary ban on the export of raw shea nut to curb informal trade and grow the country’s

sheaTinubuindustry. said the ban, which was with immediate effect, was subject to review on expiration. He said it was specifically aimed at boosting

Nigeria’s shea value chain to

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Ribadu: We’ll Hunt Terrorists, We’ll Find Them and Bring Them to Justice

Says Tinubu’s govt will ensure every community is safe, every citizen can live free Hands over 128 rescued kidnap victims to their families in Abuja

National Security Adviser (NSA), Mallam Nuhu Ribadu, yesterday, reiterated the federal government’s promise to relentlessly fight terrorism and hunt down terrorists threatening the citizens, declaring, “We will hunt them, we will find them, and

we will bring them to justice.”

IFC Lauds FG’s Economic Reforms, IMF

Calls for Marshall Plan for Power Sector

Decries low credit flow to real sector Identifies sectors with investment opportunities to create 780, 000 jobs FG says making plans to attract big auto manufacturers

L-R: Director-General, Security and Exchange Commission, Dr. Emomotimi Agama; Group Managing Director/Chief Executive Officer, Nigerian Exchange Group, Mr. Temitope Popoola; Chairman, Nigerian Exchange Group, Alhaji Umaru Kwairanga; and President Bola Tinubu, during an audience with the President in Brazil towards the achievement of a $1 Trillion dollar economy on the sidelines of the president’s state visit, yesterday

Group News Editor: Goddy Egene

Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0807 401 0580

Amid Costly, Unreliable On-grid Supply, Nigeria Emerges Second-largest Solar Importer in Africa

Amid Nigeria’s expensive and unreliable on-grid electricity supply, the country’s residents and businesses are now opting for alternative sources, with the continent’s most populous nation emerging as the second highest importer of solar panels in Africa in the 12 months spanning to June 2025.

According to new data from energy think tank, Ember, Nigeria imported 1,721 MW of solar panels, overtaking Egypt and trailing only South Africa during the period under review, as the continent’s renewables equipment imports rose 60 per cent year-on-year to reach 15,032 MW, compared to 9,379 MW in the previous 12 months.

In all, 20 countries set new import records, as South Africa led Africa’s solar push during its 2023 power crisis. According to the report,the cost of a solar panel in Nigeria can be recouped in less than six months by avoiding diesel expenses.

Aside from expensive band

‘A’ billing, Nigeria has recently raised fuel prices by around 400 per cent, making solar an attrac- tive alternative for businesses and households struggling with soaring energy costs and high reliance on generators.

According to the Ember report, nine of Africa’s top 10 solar importers, refined petroleum imports outweighed solar by a factor of 30 to 107 times, as renewables continue to reshape the country’s import

bill and energy mix.

In the same vein, the report stated that the vast majority of Africa’s solar panels came from Chinese imports. That is because China produced 80 per cent of the world’s solar panels in 2024, and is by far the biggest exporter.

“Africa’s solar panel imports set a new record in the 12 months to June 2025, reaching 15,032 MW — a 60 per cent increase on the 9,379 MW imported in the preceding 12 months. The surge in solar is happening across the continent. Twenty countries set new records for solar panel imports in the 12 months to June 2025.

“All those had imports of at least 30 MW; a further seven countries also set a record, but

for much smaller volumes. The growth rate in some countries was very high…Perhaps the biggest surprise in the data is that 25 countries imported 100 MW or more – up from 15 countries 12 months before.

“South Africa remained the biggest solar importer in the 12 months to June 2025.

Nigeria was second, overtaking Egypt in the last 12 months, and Algeria rose to third place. The volume of solar panels imported over the past 12 months has the potential to significantly increase power generation in many African countries,” the report stated.

Besides, Algeria imported 1,199 MW in the past year, while nations like Zambia, Botswana, and Sudan recorded exponential growth rates.

Smaller economies, including Liberia, Benin, Angola, and Ethiopia, also more than tripled their solar panel imports.

Many of these solar panels will directly replace diesel generation – and therefore replace oil imports, the docu- ment stated. Wood Mackenzie research from 2022 estimated 17 countries had more diesel generator capacity than on-grid power plant capacity – with 28 GW in Nigeria, 10 GW in Ghana and 8 GW in Kenya.

According to the report, in the last 12 months alone, solar panel imports into these countries was 1.7 GW, 0.3 GW and 0.5 GW respectively.

“A solar panel can pay back imported diesel within months.

In Nigeria, a 420 Watt solar panel retails for around $60

($0.14 USD/watt), and would produce 550 KWh in a year. At the current diesel price of $0.66 per litre, $60 of diesel would make only 275 KWh of electricity, implying a payback time of just six months.

“Even with the recent diesel price rises in Nigeria, diesel is twice as expensive in many other African countries, meaning an even shorter payback period elsewhere. These calculations reflect only the solar panel cost, excluding additional costs for fixtures, inverters and installation.

“Of course, the value of solar for African countries is not only in diesel replacement, but also in enabling economic growth through more reliable, cleaner and cheaper electricity access,” the Ember report added.

AFRICAN CHIEFS OF DEFENCE STAFF SUMMIT...

Representative of President Bola Ahmed Tinubu, Vice-President Kashim Shettima (middle) (Front row from L-R) Chief of Defence Intelligence, Major General Emmanuel Undiandeye; Air Vice Marshal Iboro Harry Etukudo; Chief of Naval Staff of Nigeria, Vice Admiral Emmanuel Ikechukwu Ogalla; Chief of Army Staff, Lieutenant General Olufemi Oluyede; Minister of State for Defence, Hon. Bello Matawalle; Chief of Defence Staff, General Christopher Musa; Deputy Secretary-General of the United Nations, Ms. Amina Mohammed; Senator Ahmad Lawan; Hon. Ahmed Kalambaina; Air Vice Marshal Nkem Aguiyi; and Major General Gabriel Ochigbano, at the African Chiefs of Defence Staff Summit 2025, which held at Bola Ahmed Tinubu International Conference Centre, Abuja on Monday

Fitch: Nigerian Banks Better Positioned to Absorb Forbearance Expiry Impact

Nume Ekeghe

Fitch Ratings has said Nigerian banks are now in a stronger position to handle the end of regulatory relief measures, explaining that recent capital raising, loan restructuring, and improved earnings have created buffers to absorb possible shocks.

In its latest peer analysis of Nigerian lenders, the global rating agency explained that while the phasing out of forbearance would inevitably push some Stage 2 loans into impaired categories and exert pressure on total capital adequacy ratios, the

sector has made progress in strengthening its capacity to withstand the transition.

In the report posted on its website yesterday, they stated: “The vast majority of Nigerian banks are expected to exit longstanding forbearance by end-2025, even though the expiry of forbearance will lead

to some large Stage 2 loans being reclassified as impaired, Fitch Ratings says in a new peer credit analysis on the country’s major banks.

“The banks’ preparedness is supported by the restructuring of many Stage 2 loans, capital raisings across the banking sector spurred by a large

increase in paid-in capital requirements, and increased loss-absorption capacity resulting from improved net interest margins.

“This will help counteract increased loan impairment charges and prudential provisions resulting from the expiry of forbearance and the

US Fed Governor Vows to Sue Trump after Removal Threat

Emmanuel Addeh in Abuja

Federal Reserve Governor, Lisa Cook, will file a lawsuit to prevent President Donald Trump from firing her, a lawyer for the embattled central bank official said yesterday, kicking off what could be a protracted legal fight over the White House’s effort to shape U.S. monetary policy.

“His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis. We will be filing a lawsuit challenging this illegal action,” Cook’s lawyer, prominent Washington attorney Abbe Lowell, said

in a statement.

The statement was issued a day after Trump said he would fire Cook, the first Black woman to serve on the Fed’s governing body, for alleged “deceitful and potential criminal conduct” related to mortgages she took out in 2021.

“We need people that are 100 per cent above board and it doesn’t seem like she was,” Trump told reporters at a meeting. He said he had several “good people” in mind to replace Cook but would abide by any court decision that left her in her job.

Trump’s showdown with

the nominally independent central bank follows other largely successful efforts to bring other elements of the U.S. government under his direct control, Reuters reported.

Since returning to office in January, the president has overseen the departure of hundreds of thousands of civil servants, dismantled several agencies and withheld billions of dollars of spending authorized by Congress.

Trump pressured the Fed to lower interest rates during his first term in the White House and he has escalated that campaign in recent months. The president has

demanded that rates be cut by several percentage points and threatened to fire Fed Chair Jerome Powell, although he recently backed away from that saber-rattling.

Cook’s departure would allow Trump to pick a majority of the Fed’s sevenmember board, including two incumbents and the pending nomination of White House economist Stephen Miran.

The Fed said in a statement that Cook and other board members serve 14-year ten-

ures and cannot be removed easily from office in order to ensure that monetary policy decisions are based on economic data and “the long-term interests of the American people.”

The attempt to influence U.S. monetary policy has knocked confidence in the dollar and U.S. sovereign debt and sparked fears of global financial turmoil. But market reaction to Trump’s latest Fed gambit was tame on Tuesday.

associated pressure on total capital adequacy ratios across the banking sector.”

It added that while the vast majority of Nigerian banks were expected to exit forbearance by the end of 2025, certain institutions would continue to operate under regulatory accommodation subject to penalties, including restrictions on dividend payments.

“Certain banks will be allowed to continue operating under forbearance, subject to certain penalties, including the inability to pay dividends,” the rating agency added.

The agency also noted that the recent devaluation of the naira has had a positive effect on banks’ foreign currency liquidity, as it boosted turnover in the foreign exchange market.

Fitch noted that Nigerian lenders generally have sufficient liquidity to meet upcoming Eurobond obligations, with $2.2 billion in maturities or callable instruments due by end-2026.

Deji Elumoye in Abuja

President Bola Tinubu has rejoiced with the Managing Director of the Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho, on his election as Vice President (Africa) of the International Association of Ports and Harbours (IAPH).

Dantsoho joined the management team of the

IAPH for a two-year term.

The 70-year-old global association serves as the voice for seaports world- wide and will mark its anniversary on October 7 in Kobe, Japan.

The President, in a release issued on Tuesday by his Adviser on Informa- tion and Strategy, Bayo Onanuga, appreciated the members of the IAPH for

the confidence reposed in Dantsoho by entrusting him with the position, just as they did in 2017, when Hadiza Bala Usman, one of Dantsoho’s predecessors, was similarly elected.

President Tinubu believed that the election of the NPA Managing Director will boost Nigeria’s ambition to tap into the global marine and blue economy.

The Peoples Democratic Party (PDP) Caucus in the House of Representatives has described the withholding of the local government allocations of Osun State as undemocratic.

The caucus, which noted that the action was undemocratic maintained that the right thing be done, due process be complied with, legal judgments be obeyed, so that Osun and the people of the state would enjoy the benefits of the creation and administration of local govern- ments in the state.

The caucus wondered why

President Bola Tinubu, a supposedly democratic person, who encountered a similar situation, heldthe local government funds and local government admin- istration of Osun to ransom.

The caucus made the call at a press conference after its emergency meeting held in Abuja on Monday to support the decision made by the party leadership through its organs at its meetings earlier held in Zamfara State.

The Leader of the Caucus, Hon. Fred Agbedi, said the caucus congratulated Amb. Umar Iliya Damagum, who was confirmed the substantive

national chairman of the party, having been in acting capacity for a couple of years.

“Osun State is led by a PDP governor, a successful government and governor who has proved that he’s in touch with his people and is delivering dividends of democracy to the people of Osun State.

“We are surprised that a supposedly democratic person, the president of Nigeria, President Bola Ahmed Tinubu, who himself encountered a similar situation, is holding the local government funds and local government administration of Osun State to ransom.

ON THE SIDELINES OF TICAD 9...

L-R: Director, Debt Capital Markets, SMBC Nikko, Yuki Mochizuki; Executive Director, Export and Development Solutions, SMBC, Hironari Kagami; SMBC BI EMEA Deputy CEO, Hiromitsu Yoshizawa; Managing Director & Group Treasurer, Afreximbank, Chandi Mwenebungu; Managing Director, Head of Africa Group, SMBC, Nisrin Abouelezz; MD/ CEO, BOI, Dr. Olasupo Olusi; Executive Board Member & Head, Financial Services, Africa Finance Corporation, Banji Fehintola; Executive Officer, Co-Global Head, Debt Capital Markets, Kinoshita Hiroyuki; and Managing Director, Chief Economist, SMBC, Katsura Daikuhara, on the sidelines of TICAD 9, held in Japan, yesterday

CBN Sets October Deadline for ISO 20022

Migration, Mandatory Geo-tagging of POS Terminals

Nume Ekeghe

The Central Bank of Nigeria (CBN) has issued a fresh directive mandating all banks, mobile money operators, super agents, and other licensed players in the payments ecosystem to complete migration to the ISO 20022 payment messaging standard and geo-tag all point-of-sale (POS) terminals by October 31, 2025.

The measure, while aligning the domestic financial system with international standards, is also aimed at curbing rising fraud cases across Nigeria’s electronic payments landscape.

The apex bank noted that fraudulent practices by rogue POS operators and the abuse of payment devices have created vulnerabilities that demand tighter surveillance, making geo-tagging and standardised messaging critical to restoring confidence in the retail payment system.

In a circular signed by the Director of the Payments System Supervision Department, CBN, Dr. Rakiya Yusuf, it stressed that all payment transaction messages ex-

changed both domestically and internationally must now be formatted in ISO 20022, ensuring standardised, high-quality data with accurate identifiers for payers, payees, merchants, and agents.

They reiterated that this uniform standard would enhance compliance with international benchmarks, improve transparency, and make it harder for fraudsters to exploit loopholes in payment messaging.

On the geo-tagging require- ment, the CBN directed stated that all existing and newly deployed payment terminals must have native geolocation services enabled with double-frequency GPS receivers to ensure reliable positioning.

Each device must be registered with a Payment Terminal Service Aggregator (PTSA), reflecting accurate latitude and longitude coordinates of the merchant or agent location.

It added: “All licensed operators are hereby reminded that ISO 20022 is the standard for payment messaging to support Nigeria’s payments objective of

ensuring standardized quality data.

“All payment transaction messages exchanged domestically or internationally must be formatted in ISO 20022 in line with CBN and SWIFT specifications.

“All Institutions shall ensure complete and accurate population of mandatory Data elements, including payer/ payee identifiers, merchant/ agent identifiers, and transac-

tion metadata.

“All in-scope institutions must complete migration activities and be fully compli- ant not later than October 31, 2025.”

On terminal geo-location, it added: “All existing and newly deployed payment terminals must have native geolocation services enabled, with DoubleFrequency GPS receivers for reliable geo-location service.

“All payment terminals must

be registered with a Payment Terminal Service Aggregator (PTSA) with accurate latitude/ longitude coordinates indicating the Merchant/Agent place of business/service and status.”

It added: “All Operators (PTSAs, PTSPs, PTADs, Acquirers) are to ensure their PoS Terminals and Applications are duly certified by the National Central Switch to align with the listed standards.

“As part of the Certification

process, all payment terminals must have the National Central Switch SDK for Geolocation monitoring and Geofencing implemented within the libraries of its PoS Application.” Furthermore, it noted that Android Operating System (OS) v10 is the minimum OS requirement across all terminals to ensure compatibility and seamless integration with the National Central Switch Geolocation SDK.

Ogun Revenue Agency Hails Dangote Cement Ibese for Exemplary Tax Compliance

Sunday Ehigiator

The Ogun State Internal Revenue Service (OGIRS) has commended Dangote Cement Ibese Plant for its outstanding tax compliance and consistent role as the state’s highest tax-paying industrial organisation. During a familiarisation tour of the 12 million metric tonnes per annum (mmtpa) cement plant in Ibese yesterday,

Onyema: Air Peace to Commence Lagos–São Paulo Passenger Route Under Nigeria–Brazil BASA Agreement

Says late November 2025, to mark first direct connection between both countries

Kasim Sumaina in Abuja

The Chief Executive Officer (CEO) of Air Peace, Allen Onyema, Tuesday hinted the airline has secured approval to commence direct passenger flights between Lagos and São Paulo under the Bilateral Air Services Agreement (BASA) signed between Nigeria and Brazil.

The agreement was

concluded in Brasília on Monday by Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, and Brazil’s Minister of Ports and Airports, Silvio Filhos, in the presence of Presidents Bola Tinubu and Luiz Inácio Lula da Silva.

Confirming the development to journalists, Onyema described the Lagos–São Paulo route as “long overdue” and a

significant boost for Nigeria’s aviation sector.

Onyema stated the airline would start with three weekly flights, with plans to increase frequency as demand and operational conditions allow.

The service, scheduled he added, will begin by late November 2025, will mark the first direct connection between both countries by a Nigerian carrier.

OGIRS Director of Field Operations, Mrs. Oluwaseun Olajube, lauded the company for setting a benchmark in corporate responsibility and financial transparency.

Olajube, who led the OGIRS delegation, expressed satisfaction with the company’s tax records while urging it to maintain timely documentation and deepen collaboration with the Service, particularly its Yewa North Zonal Office.

“Dangote Cement Ibese Plant continues to demonstrate

excellence in tax compliance, and we are proud to acknowledge their contribution to the economic development of our state,” she said, adding that OGIRS remained committed to creating a environmentbusiness-friendly that rewards transparency and compliance.

Receiving the OGIRS team, Dangote Cement Ibese Plant Director, Mr. Ayyagari Subbaraidu, expressed appreciation for the recognition, noting that the commendation underscored the importance

of private sector collaboration in driving sustainable growth.

“This recognition is not just about numbers, it is about leadership, integrity, and the positive impact of responsible corporate citizenship,” Subbaraidu said. “We recognise that tax revenue is the backbone of economic development of states and remain committed to upholding compliance, accountability, and transparency in all our engagements with government agencies.”

COREN Inaugurates Committee on Amendment of Engineers Registration Act

Emmanuel Addeh in Abuja

The Council for the Regulation of Engineering in Nigeria (COREN) has inaugurated a committee on the Amendment of the Engineers Registration Act (as Amended) 2018.

The inaugural meeting was held yesterday at the COREN headquarters, Abuja, where the President of COREN, Prof. Zubair Abubakar, underscored the importance of the assignment.

Abubakar, a statement from COREN said, noted that the review of the Act was critical to strengthening engineering regulation, aligning with global best practices, and ensuring the profession remains responsive to emerging national and international realities.

The Committee, chaired by Kamila Maliki, is composed of seasoned engineering practitioners, legal experts, and stakeholders in the engineering ecosystem, the

statement stressed.

The committee membership include: Kamila Maliki (Chairman); Ejikeme Mgbemena (Deputy Chairman); while Andrew Onyilo is the Sec- retary and Arowolo Aituaje Precious is Assistant Secretary.

Members are: Margaret Oguntala; Dominic Udoatan; Isyaka Lawan; Kam-selem Al- haji Bukar; Umar Maikunkele; Cyril Onyeneke; Prof. O.A. U.

and Folorunsho Oladoyin.

Tinubu Lauds Nigeria’s Capital Market’s Steady Growth in Over Two Years

Hosts

NGX group board and SEC DG in Brazil Invited to NGX trading floor

Deji Elumoye in Abuja

President Bola Tinubu has lauded Nigeria’s capital market’s remarkable growth since he as- sumed office over two years ago.

He noted the phenomenal rise in market capitalisation and increased trading activity, which have broadened investment opportunities for Nigerians and international investors.

President Tinubu, in a release issued by his Adviser on In- formation and Strategy, Bayo Onanuga, spoke on Tuesday during his state visit to Brazil,

Dike Onwuamaeze

International Monetary Fund (IMF) and International Finance Corporation (IFC) have stated that the President Bola Tinubu administration has done a good job in implementing structural reforms required to make Nigeria a more attractive investment destination. IMF and IFC urged the Ti- nubu administration to continue to travel on its chosen path without backsliding because the government’s reform measures had started yielding macroeconomic stability, deceleration of inflationary pressure, foreign exchange (FX) market stability, and growing foreign reserves.

Ribadu assured that the government of President Bola Tinubu will continue to pursue those who terrorised the people, and will not rest until every community was safe and every citizen could live free.

He gave the assurance in Abuja when he handed over 128 kidnap victims rescued from captivity in Kaura Namoda Local Government Area of Zamfara State to their families.

The NSA refuted media reports that over 30 of the victims had been killed by bandits, and insisted that nearly all were rescued alive.

He spoke at a brief handover ceremony at the headquarters of the National Counter Terrorism Centre, Office of the National Security Adviser (NCTC–ONSA).

Emphasising that there would be no haven for those who terrorised citizens, the NSA added, “We will hunt them, we will find them, and we will bring them to justice — or they will meet the same fate as the many kingpins who have already been neutralised by our forces.”

He stated that the govern- ment had always employed both kinetic and non-kinetic measures to address the challenges, and this balanced approach would continue to guide the security forces.

Further reminding Nigerians

when he received the DirectorGeneral of the Securities and Exchange Commission (SEC) and the Board of Directors of the Nigerian Exchange Group Plc.

He described the market’s performance as a clear reflection of investor confidence in his administration’s reforms and bold economic measures.

According to him: “Nigeria’s markets must be a trusted engine of enterprise and prosperity. My government will continue to pursue reforms that unlock capital, protect investors, and drive innovation, so that our

Those views were expressed yesterday in Lagos by IMF Resident Representative, Dr. Christian Ebeke, and Principal Country Officer, IFC, Nigeria, Mr. Christian Mulamula, during the “International Business Conference and EXPO 2025: Invest Nigeria” organised by Lagos Chamber of Commerce and Industry (LCCI). Tinubu, who was represented at the EXPO 2025 by Minister of State for Industry, Trade and Investment, Senator John Owan Enoh, said the government was speaking with key automobile industry players to see how to put things in place that could make it attractive for these auto firms to come and set up plants

that unity and resilience would always overcome fear and violence, Ribadu stated, “The government of President Bola Ahmed Tinubu will continue to pursue those who terrorise our people, and we will not rest until every community is safe and every citizen can live free from the threat of banditry and terrorism.”

He disclosed that the 128 victims, mostly young women, were rescued from bandits’ captivity on August 26, 2025, through the efforts of the security forces and unwavering support of local communities.

Ribadu stated, “Today, we present a total of 128 persons rescued from Kaura Namoda, Zamfara State. This is a remarkable achievement and a testament to our resolve as a nation.

“Today is not just about their return — it is about reaffirming our collective determination to create a more secure environment for every single person living within the territorial boundaries of our beautiful country. What matters most is giving relief to our people.

“These victims were brought to the Office of the National Security Adviser (ONSA) not only to secure their safety but also to facilitate their healing process. Healing is as important as the rescue itself.

“They will be treated for

economy works for every Nigerian”.

The President hailed the NGX Board and SEC leadership for their commitment, affirming his administration’s unwavering resolve to elevate Nigeria’s financial ecosystem.

He stressed that this dialogue is vital to achieving the Renewed Hope Agenda’s economic targets and positioning Nigeria as Africa’s premier investment destination.

President Tinubu promised to continue supporting the capital market and was ready

in Nigeria.

Tinubu thanked LCCI for providing the platform for dialogue and collaboration, saying for too long the business environment in Nigeria has been of immense potential that is hampered by challenging realities and a story of brilliant ideas and determined entrepreneurs navigating a maze of bureaucratic turmoil.

He stated, “My administra- tion was elected with clear mandate to change that story; to rewrite the narrative from that of obstacles to one of opportunities.

“And I am here today to assure you with the full weight of my office to assure you that

trauma and supported to reintegrate into their families and communities, because we understand that the journey to full recovery requires compas- sion, care, and resilience.

“We recognise the courage, sacrifice, and professionalism of our armed forces, the police, intelligence services, and all who worked quietly and diligently to secure these releases.”

The NSA disclosed that the government had, over the recent months, reunited a number of

generate around $300 million annually in the short term.

Vice President Kashim Shettima who announced the president’s directive during a multi-stakeholder meeting at State House, Abuja, called on the Federal Ministry of Finance and other relevant government agencies to fast- track enforcement of the ban.

Speaking on the directive, Shettima said the decision was not “an anti-trade policy but a pro-value addition policy designed to secure raw materials for our processing factories and enabling industries run at full capacity thereby boosting rural income and jobs for our people”.

According to him, the decision “will transform Nigeria from an exporter of raw shea

to implement additional reforms to strengthen and expand the sector.

Earlier, SEC Director-General, Dr. Emomotimi Agama ap- plauded the recent signing of the Investment and Securities Act (ISA) 2025 and described it as one of Africa’s most comprehensive legal frameworks for capital markets.

He said the Act will propel Nigeria towards a ₦300 trillion market while ensuring equitable wealth distribution through strong investor protection and regulatory clarity.

this is not just a promise but a reality we are building every singleIMFday.” and IFC identified the unification of the FX rates, removal of petrol subsidy, and the recently enacted tax reform laws as areas the administration deserved special commendation. They added that Nigeria needed to stay the course because the monster was retreating but had not gone away.

According to them, the immediate visible gains of the reforms include less volatility in the foreign exchange market; easing of inflation and return of foreign capital inflows into Nigeria’s economy.

hostages rescued from captivity. He stated, “We have seen mothers reunited with their children, husbands with their wives, and communities made whole again. Each rescue is a victory for the Nigerian people and a crushing blow to the networks of terror that seek to undermine our peace.”

National Coordinator of the National Counter Terrorism Centre (NCTC), Major General

Continued on page 29

nut to a global supplier of refined shea butter, oil and other derivatives”.

The vice president stated that the latest move was about industrialisation, rural transformation, gender empowerment, and expansion of Nigeria’s global trade footprint.

On opportunities for job creation and income generation, he said, “Nigeria produces nearly 40 per cent of the global shea product, yet we account for only one per cent of the market share of $6.5 billion.

“This is unacceptable. We are projected to earn about $300 million annually in the short term, and by 2027, there will be a 10-fold increase. This is our target.”

On his part, NGX Group Chairman, Alhaji Umaru Kwairanga, expressed gratitude for the President’s bold reforms, noting that trading volumes and market values have nearly tripled since the commencement of the current administration.

He urged the fast-tracking of the listing of major state-owned enterprises, such as NNPC Limited, and the introduction of tax incentives to sustain this momentum.

He also invited the President to visit the NGX trading floor to recognise these achievements.

Ebeke said, “The first thing that is important is that inflation is finally decelerating. It does not mean that prices are falling but that the pace at which prices are increasing is going down.

“The second thing I wish to mention is that the exchange market is now more stable.

“What we are looking for is not a stable Naira per se but a stable exchange market because a stable Naira will be a product of stable exchange market.

“We can see that the reserves are going up and businesses are no longer struggling to find Dollar even though they complain that it is a little bit pricy. But that it is available is a right step in the right direction.”

Ebeke also said Nigeria had enough foreign reserves to cover what they were supposed to insulate against, like FX liabilities, short term debts and imports, adding that the country’s current account has also shown that the FX reserves would strengthen further.

“This is very good because it brings confidence and helps businesses to plan,” he said.

Ebeke assured that the Central Bank of Nigeria (CBN) had the capacity to intervene in the FX market to curb disorderly

Shettima explained that the ban was a collective decision involving the sub-nationals and the federal government with clear directions for economic transformation in the overall interest of the nation.

He said, “Government is not closing doors; we are opening opportunities. Mr President is currently in Brazil, and both countries have agreed to prioritise access for Nigerian shea butter and oil into the Brazilian market. This process will be completed within the next three months.”

The vice president high- lighted the gender dimension of the policy, stating that “by protecting the shea industry, we are protecting livelihoods, dignity and opportunity for

Also, Group CEO of NGX Group, Temi Popoola, em- phasised the importance of positioning Nigeria’s Exchange as a global investment hub through stronger partner- ships, modernised market infrastructure, and deeper product innovation.

conditions.

He gave “kudos to the Tinubu’s administration for pushing through these landmarks tax reform laws.”

IMF, however, expressed concern that much of the FX inflows were portfolio investments, while very little foreign direct investments (FDIs) were going into manufacturing and other productive sectors.

Ebeke said, “Nigeria receives very little FDIs and it is actually worrisome when you compare Nigeria with countries at the same level of its GDP.”

He also said bank credit to the private sector, which would boost productivity, was very low in Nigeria.

The IMF country representative said, “When compared to many countries, Nigeria’s credit to GDP ratio is very low. And even when banks extend credit, the bulk of it goes to the oil and gas while manufacturing and agriculture actually receive very, very little credit.

“So, there is a misallocation of domestic savings in Nigeria as there are concentrations on few sectors but the sectors that are supposed to drive productivity and good wages are not receiving much.”

Continued on page 29

millions of our women.

“We are not closing doors; we are opening better ones. Today, we plant the seeds of an industry that will yield fruit for decades to come for our women, for our economy, and for Nigeria’s place in global trade.”

Earlier, Minister of Agriculture and Food Security, Senator Abubakar Kyari, explained how the country stood to benefit from the shea export ban.

Kyari regretted that despite being the world’s largest producer of shea nuts, contributing nearly 40 per cent of global supply, Nigeria captured less than one per cent of the multi-billion-dollar

ENGAGEMENT AND MEETING AROUND GRASSROOTS BASKETBALL...

L-R: Chief Marketing, Communications and Events Officer, NBA Africa, Ope Lawal; Managing Director, Folawiyo Group, Mr. Tijani Babatunde Folawiyo; Two-Time WNBA All-Star, Basketball Analyst and First Female Basketball Africa League (BAL) Ambassador, Chiney Ogwumike; Governor, Lagos State, Mr. Babajide Olusola Sanwo-Olu; Chief Operating Officer, NBA Africa, Mr. Naki Molewa; and Chief Commercial Officer, NBA Africa, Mr. Yebelta Getachew, during an engagement and meeting highlighted opportunities for collaboration around grassroots basketball, youth empowerment, and talent development, held in Lagos, recently

Port Harcourt Officially Crowned Nigeria’s Premier Energy City, Ibas Rallies Private Sector, Pledges Support

Ejiofor Alike

Port Harcourt, the Rivers State capital, was yesterday officially crowned as “Nigeria’s Premier Energy City”. The state government and Society of Energy Editors said the move was part of efforts to re-enlist the city

into the World Energy Cities Partnership (WECP), a global network of energy hubs, which included Houston in the United States, Aberdeen in the United Kingdom, Stavanger in Norway, and 15 other cities.

Sole Administrator of Rivers State, Vice Admiral

Ibok-Ete Ekwe Ibas (rtd.), who confirmed the state government’s acceptance of the investiture at Government House, Port Harcourt, invited the private sector to continue to invest in Port Harcourt.

Ibas also promised that the state government would provide the security,

fiscal discipline, and policy frameworks to make investments not just viable but also profitable.

He said, “Port Harcourt will not only remain the hub for oil and gas but will expand as a centre for gas develop- ment, refining, petrochemicals, and renewable innovations

Justice Minister: Extending Full Implementation of ACJA to States Will Promote Speedy Trials

Attorney General of the Fed- eration (AGF) and Minister of Justice, Lateef Fagbemi, SAN, yesterday stated that the Admin- istration of Criminal Justice Act (ACJA) had already proven to be a transformative legal framework at the federal level.

Fagbemi said extending the law’s full application across the states will further deepen respect for human rights, promote speedy trials, and reduce the incidence of prolonged detention.

The minister made the assertion in Abuja during the official unveiling of a CLEEN Foundation project, “Strengthen- ing Rights-Based Approach to ACJA Frameworks & Advancing Women, Peace & Security Agenda in Nigeria,” which was supported by the Norwegian Embassy.

The AGF stressed that the project was aimed at strengthen- ing justice delivery, enhancing accountability, and ensuring that the protection of citizens’ rights remained central to the country’s justice system.

He revealed that ACJA was been fully implemented in 12 states of the federation, namely, Ekiti, Lagos, Cross River, Akwa Ibom, Imo, Enugu, Benue, Plateau, Gombe, Adamawa, Kaduna, and Jigawa.

Represented by Assistant Direc- tor in the ministry, David Kassive, Fagbemi also emphasised the effective operationalisation of the Women, Peace and Security (WPS) agenda in five states — Imo, Kaduna, Plateau, Benue, and Nasarawa.

According to him, “This speaks to our recognition of the critical role women play in peacebuilding, conflict resolution, and the promotion of inclusive governance.

“By institutionalising the WPS agenda, we are not only

strengthening our justice and security frameworks but also ensuring that women’s voices, perspectives, and leadership are meaningfully integrated into decision-making processes that affect national peace and stability.”

He said the project represented an intersection between justice and peace, rights and security, inclusion and development.

He added that it provided Nigeria with an opportunity to foster collaboration among the justice sector, security institutions,

civil society, women’s groups, and the media — all working together towards the shared vision of a Nigeria where justice is accessible, rights are protected, and peace is sustainable.

Administrator of the National Judicial Institute (NJI), Justice Babatunde Adejumo, said ACJA was an innovative piece of legislation, which identified the protection of the rights and interests of all those involved in the criminal justice process as one of the core reasons for its enactment.

that drive Nigeria’s energy transition.”

Ibas hailed Society of Energy Editors for the recognition, saying this bold proposition is a resounding vote of confidence in the future of Port Harcourt.

“You have affirmed Port Harcourt’s rightful place in Nigeria’s energy story and rekindled our shared ambition to position this city as the beating heart of Africa’s energy future,” he said.

Represented by Secretary to the State Government (SSG), Professor Ibibia Worika, the administrator stated that Port Harcourt was Nigeria’s energy heritage and the cradle of the nation’s industrial dreams.

Ibas stressed, “From the discovery of oil in Oloibiri to the establishment of refineries and petrochemical complexes, Rivers State has carried the weight and promise of Nigeria’s prosperity. This investiture affirms our history, but it does more. It challenges us to go further. Port Harcourt is not just Nigeria’s energy

capital—it is destined to become the energy capital of Africa.”

He added, “This recognition is not an end; it is a new beginning. It calls us to dream bigger and act bolder.

“Together, we must: consolidate our leadership in oil and gas by deepening value addition, promoting local content, and ensuring Rivers’ people are active participants in every link of the value chain; expand into renewables and innovation—to harness solar, wind, hydro, and gas resources alongside petroleum, securing a balanced and sustainable energy future; build a regional energy hub with world-class infrastructure, investor-friendly policies, and talent pipelines that connect Nigeria to Africa and the world; promote en- vironmental responsibility by proving that prosperity and stewardship can go hand in hand, safeguarding our rivers, farmlands, and communities for future generations.”

NSIB Launches Investigation into Abuja-Kaduna Train Derailment

The Nigerian Safety Investigation Bureau (NSIB) yesterday said that a team had been deployed to the site of the Abuja-Kaduna bound train that derailed, in a bid to gather evidence, engage relevant stakeholders, and commence investigation into the circumstances surrounding the incident.

NSIB noted it was aware of the derailment involving the Kaduna-bound train

service which occurred at approximately 11:09 a.m at kilometre 49, between Kubwa and Asham stations.

The Bureau said that current information available indicated that six persons sustained injuries, with no recorded fatalities.

Commenting on the incident, in a statement issued by the Director, Public Affairs and Family Assistance, NSIB, Mrs. Bimbo Oladeji, the Director General of NSIB, Captain Alex Badeh Jr., sympathised with all those who sustained

injuries.

“The Bureau has deployed investigators to the site to ensure the root cause of this derailment is uncovered,” he added.

Badeh stressed that the investigation will focus on identifying the direct and underlying factors that led to the derailment, with the aim of issuing safety recommendations to prevent a recurrence.

“Our commitment is to ensure safer rail transport for Nigerians through a transparent and independent

investigation. The NSIB will provide updates as the investigation progresses,” he stressed.

Meanwhile, President Bola Tinubu, who is on an official visit to Brazil, on Tuesday expressed sadness over the Abuja-Kaduna train that derailed earlier in the day.

The President, on his verified X handle, @PBAT, added that he had been briefed about the incident and expected to be updated from time to time.

“Even while in Brazil, I have received reports of

today’s Abuja–Kaduna train derailment. I am deeply saddened by this incident. My heartfelt prayers are with the injured, their families, and all passengers who went through this distressing experience.

“I am staying updated on the latest developments and await a full briefing to ensure swift action and support for all affected. The NRC is already addressing the situation, and necessary steps are expected to be taken to prevent similar occurrences in the future,” he added.

WEma Bank Plc’S

L-R: MD/CEO, Qualinvest Capital Limited, Adeboye Teriba; Deputy Managing Director, Wema Bank PLC, Oluwole Ajimisinmi; Group Managing Director, Meristem Capital Limited, Sulaiman Adedokun; and Executive Director, Retail and Digital Business, Wema Bank PLC, Tunde Mabawonku, during the signing ceremony of Wema Bank Plc’s ₦50 billion Capital Raise Private Placement, held in Lagos...recently.

International Press Institute Condemns Police Harassment of Journalist Azuka Ogujiuba

Sunday Ehigiator

Nigerian National Committee of the International Press Institute (IPI Nigeria) has condemned what it described as the arrest, detention, and ongoing harassment of jour- nalist and publisher, Azuka Ogujiuba, by operatives of the Nigeria Police.

Ogujiuba, a former journalist with THISDAY Newspapers, who publishes Media Room Hub, has faced repeated police intimidation while covering a court case involving a land dispute.

Despite being based in Lagos she had allegedly been summoned multiple times to Abuja by police officers acting on directives from the Federal Capital Territory (FCT).

According to IPI Nigeria, the journalist has been ar- rested and detained on two occasions in connection with her reports on the case.

The organisation described the actions of the police as “blatant harassment aimed at silencing a journalist for performing her lawful

duties”.

IPI Nigeria said, in a state- ment signed by its Deputy President, Fidelis Mbah, and Legal Adviser/Chair of the Advocacy Committee, Tobi Soniyi, “These actions undermine press freedom, erode public confidence in the rule of law, and constitute a direct violation of Nigeria’s obligations under the Inter-

national Covenant on Civil and Political Rights as well as the African Charter on Human and Peoples’ Rights.”

The group demanded that the Inspector-General of Police, Kayode Egbetokun, order his officers to desist from further harassment of Ogujiuba.

It stressed that if the police believed she had commit-

ted any offence, the proper procedure was to charge her before a competent court of law rather than subjecting her to “endless intimidation”.

IPI Nigeria further warned that continued harassment of journalists would force it to include the IGP in its “Book of Infamy,” a public record of individuals and institutions that violated or

enabled violations of press freedom in Nigeria.

The organisation restated that journalists must be able to cover matters of public interest without fear of arrest, detention, or reprisals, stating that any attempt to muzzle the press “strikes at the very heart of Nigeria’s democracy and weakens public trust in its institutions.”

IPI Nigeria stated, “We stand in full solidarity with Azuka Ogujiuba and with all journalists in Nigeria who face intimidation and persecu- tion in the line of duty. The Nigerian government must uphold its responsibility to protect press freedom and to ensure that the rights of journalists are respected without compromise.”

Court Orders Final Forfeiture of N5bn Shares Linked to Ex-Army Director, Maj General Umar Mohammed

Wale Igbintade

Justice Dehinde Dipeolu of the Federal High Court in Lagos has ordered the final forfeiture of shares worth over N5 billion traced to former Group Managing Director of Nigerian Army Properties Limited (NAPL), Major General Umar Mohammed, and businessman Kayode Oladipupo Filani.

The order, delivered yesterday, followed an application

by the Economic and Financial Crimes Commission (EFCC), which told the court that the 245,568,137 shares were purchased with proceeds of unlawful activities carried out during Mohammed’s tenure as head of the Army’s property company.

EFCC counsel, Hanatu Kofanaisa, explained that a Special Court Martial had already convicted Moham- med on 14 out of 18 counts of stealing and related offences.

LASG: Environmental Change Must Begin in Our Schools

The Lagos State Government on Tuesday affirmed that the environmental change the state needs must begin in all the schools across the state. This affirmation was made by the Permanent Secretary, Office of Environmental Services, Dr. Omobolaji Gaji, during the year 2025 Annual Environmental Bees Club (EBC) Handlers’ Symposium held at the LCCI Conference Centre, Alausa, Ikeja.

He added that the change can be achieved in ways the young people think, act and

dream about the environment.

The Permanent Secretary, represented by the Director, Environmental Education Unit, Mrs. Monsurat Banire, said the gathering is not a routine exercise but a strategic investment in the future of Lagos.

He described the vision behind the Environmental Bees Club as not just an ornament but a framework.

He added it is a framework where students encounter the environment not as an abstract subject but as a daily

practice of responsibility innovation and leadership stressing that the role of teachers here is not incidental but are the pivot around which the framework spins.

According to him, the theme of this year’s sym- posium, “Trash to Treasure: Transforming Waste into Resourceful Opportunities in Schools,” is more than a slogan as it embodies a profound truth that is within the very problems we face lie in the seeds of our solutions.

She added the Commission had met all legal requirements for final forfeiture, including the mandatory newspaper publication, without any objection being filed.

In granting the application, Justice Dipeolu held that the EFCC had proved its case and ordered the shares permanently forfeited to the Federal Government, in favour of the Nigerian Army Properties Limited.

The application was brought under Section 44(2)(b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud and Other Fraud Related

Offences Act, 2006.

According to court docu- ments, the forfeited shares were held through Rowet Capital Management Lim- ited and Resort Securities & Trust Limited, in the name of Awhua Resources Limited, a company linked to Mohammed.

Among the forfeited assets are millions of shares in leading Nigerian companies such as Cadbury Nigeria Plc, Dangote Sugar Refinery Plc, Flour Mills Plc, Conoil Plc, Oando Plc, Japaul Gold & Ventures Plc, NAHCO, Vitafoam Nigeria Plc, Transcorp,

Union Bank of Nigeria, and Unilever Nigeria.

EFCC investigations revealed that Mohammed, as head of NAPL, illegally sold army-owned properties and channeled the proceeds into massive stock acquisitions to disguise the source of the funds.

In an affidavit supporting the application, EFCC investigator Nwike Fortune stated that preliminary investigations revealed proceeds of the sales of the properties were used in the acquisition of shares in different companies now sought to be finally forfeited.

Social Media Post: Anambra House of Assembly Suspends Lawmaker for 3 Months

David-chyddy Eleke in Awka

The Anambra State House of Assembly has suspended the member representing Ayamelum Constituency, Hon- ourable Bernard Udemezue, for three months.

The suspension was announced on Tuesday during plenary at the Anambra State House of Assembly chambers by the speaker of the house.

Udemezue’s suspension was as a result of accusation by the house members over a post he allegedly made on social media, which was said to be damaging.

The lawmaker had in a WhatsApp message he shared in a group mostly populated by his constituents revealed his allowances as a lawmaker, and also added that he receives N10million quarterly from the

state government for projects in his constituency. This didn’t seem to go down well with his colleagues.

A report presented by the House Committee on Rules, Business, Ethics and Privileges chaired by the Majority Leader and member representing Ekwusigo Constituency, Sir Ikenna Ofodeme, suspended Udemezue for three months without salary.

Acting Group Politics Editor DEJI ELUMOYE

Email: deji.elumoye@thisdaylive.com

08033025611 sms only

Yari: Northern Hawk Who Sides with Tinubu When It Matters Most

In Senator abdulaziz Yari, the Senator representing Zamfara West, President Bola Tinubu, might have found a rare northern ally, writes oluwaseyi

In the labyrinth of Nigerian politics, where shifting allegiances and self-interest often define loyalty, Senator Abdulaziz Yari’s political journey is emerging as a case study in strategic fidelity.

Once dismissed as an ambitious northern tactician with eyes on high office, Yari has gradually built a reputation for subtle but consistent loyalty to President Bola Tinubu, even when it was politically risky to do so.

As Nigeria gears up for the 2027 elections and President Tinubu faces growing questions about northern support, Yari has once again raised his hand.

At the recent All Progressives Congress (APC) northern stakeholders’ meeting, the former Zamfara state governor publicly reaffirmed his support for Tinubu, declaring: “He is our president. We must stand by him. The time for political games is over; we must unite behind him.”

This wasn’t the first time Yari stood with Tinubu. In fact, during the politically tense months leading to the APC presidential primaries and the 2023 general election, Yari, quietly, but effectively sided with Tinubu, even as powerful forces within then president Muhammadu Buhari’s inner circle worked to undermine him (Tinubu).

Thus, Yari’s is the less-told story of a northern powerbroker, who defied the odds, resisted pressure from Aso Rock and aligned with the future, not just out of political calculation, but with a conviction that Nigeria needed strong, tested leadership.

As 2022 rolled in, it became clear that the

Adedotun

2023 presidential election would be one of the most consequential in Nigeria’s democratic history. With Buhari completing his constitutional two-terms of eight years, the APC was faced with a monumental challenge – the choice

of a fitting successor.

While the party had promised to move power to the South, the inner workings of Buhari’s presidency, especially his tight-knit northern advisory circle suggested otherwise.

But Tinubu, a co-founder of the APC and

acclaimed political tactician had made clear his intention to run. What followed was a sophisticated attempt by Buhari’s loyalists to stop him, using tools ranging from subtle delegitimisation to weaponisation of a monetary policy.

It was in this heated atmosphere that Senator Yari began to distinguish himself, not with fiery speeches or social media campaigns, but through strategic silence, procedural interventions, and quiet resistance to policies and party decisions that were widely perceived to target Tinubu.

A major ploy to sideline Tinubu was the push by Buhari’s men to impose a “consensus candidate” for the APC presidential ticket. Names like Vice President Yemi Osinbajo, Senate President Ahmad Lawan, and even Hon. Rotimi Amaechi were floated as possible options. The idea was to craft an elite agreement that would force Tinubu out of contention without a proper primary.

Notably, Yari, alongside some like-minds, flatly rejected this, insisting that all aspirants must go to the field. In several strategy meetings and party fora, he opposed any undemocratic consensus arrangement.

“We are not going to accept any consensus arrangement that sidelines other aspirants. Let every aspirant test his popularity. That is the democratic way,” Yari reportedly told party stakeholders in May, 2022.

Prof Adebowale Adefuye: A Life Remembered

In this report, Tokunbo Adedoja pays tribute to former Nigerian a mbassador to the United States of a merica, Prof. adebowale Ibidapo adefuye, who died 10 years ago.

Ten years ago today, Nigeria lost one of its most accomplished diplomats, scholars, and patriots - a man whose practice of diplomacy stood as a model of intelligence, discretion and tact, and commitment to nationhood. Professor Adebowale Ibidapo Adefuye lived a life defined by dedication and steadfastness. He was a defender of Nigeria’ image, a tireless advocate for Nigeria’s leadership in Africa and on the global scene, and a respected scholar.

One of the highlights of his career as a diplomat was his service as Nigeria’s Ambassador to the United States from 2010 to 2015, following his appointment by President Umaru Musa Yar’Adua.

As THISDAY New York Bureau Chief, I witnessed firsthand Adefuye’s patriotic drive to elevate Nigeria–US relations, and his remarkable ability to navigate the delicate art of diplomacy.

Adefuye took office at a time of strained relations between Nigeria and the United States, heightened by terrorist threats. The failed Christmas Day 2009 attempt to bomb a Northwest Flight from Amsterdam by the ‘underwear bomber’, Umar Farouk Abdulmutallab, a young Nigerian, had cast Nigeria in negative light in the US and placed it on US Terror Watch list as a ‘country of interest’. Its nationals were subjected to more vigorous security checks at US airports.

Adefuye’s arrival in Washington marked a turning point. Through strategic engagement and deft negotiation, he secured Nigeria’s removal from that list within months, a milestone achievement in bilateral relations.

Soon after, on April 6, 2010, came another breakthrough: the signing of the historic US–Nigeria Bi-National Commission Agreement. The agreement, signed at the Treaty Room of the Department of State by the then US Secretary of States Hillary Clinton and the then Nigerian Secretary to the Government of the Federation, Yayale Ahmed, focused on four key areas: Good governance and transparency; regional cooperation and development; energy reform and investment; and food security and agricultural development.

Adefuye pursued the goals of the BNC with great energy and unwavering determination. He spearheaded various Nigerian trade delegations and

roadshows in US, and facilitated the signing of MoUs between Nigeria and institutions such as the EXIM Bank of the United States.

Under his stewardship, the embassy provided needed support to Nigerian businesses seeking investment opportunities in the US, and facilitated investment forums where Nigerian governors and business leaders engaged with American investors.

Adefuye’s influence extended well beyond embassy walls. He positioned Nigeria as a rallying point for African diplomacy in Washington. With his uncommon mastery of diplomacy, he made Nigerian embassy at 3519 International Court NW Washington DC, a beehive of activities for US-based Nigerians, Nigerian officials and business leaders visiting the US, and American diplomats who had a stint in Nigeria.

His engagement with top officials of the Department of State was robust, including the then Assistant Secretary of State in Charge of African Affairs, Ambassador Johnnie Carson, who attended major Nigerian events organized by the Council on Foreign Relations (CFR), and the Corporate Council on Africa (CCA).

Adefuye facilitated high-level meetings between top Nigerian and US officials in Washington, including Oval Office meetings at the White House between President Barack Obama and President Goodluck Jonathan, and later between President Donald Trump and President Muhammadu Buhari.

His stewardship also witnessed the transfer to Nigeria of USCGC Chase (WHEC-718), a Hamilton-class high-endurance cutter of the US Coast Guard, rechristened NNS Thunder - which remains one of Nigerian navy’s most significant assets.

Adefuye elevated Nigeria’s voice on foreign policy, particularly African issues. He championed diaspora engagement, encouraged Nigerians in the US to remain connected to their homeland, and helped lay the foundation for enduring cooperation through the bilateral commission.

FEaturEs Ike Ji Edda, Amalgam of Culture, Tourism, and Economy

On August 29, the Edda people of Ebonyi State will converge at Nguzu Edda, their traditional headquarters, for Ike Ji Edda, a grand new yam festival that blends culture, heritage, and tourism with economic potential. Led by the Edda LGA Chairman, Hon. Chima Ekumankama, this year’s celebration promises to elevate the age-old tradition into a cultural carnival, showcasing the significance of yam in Igbo identity while positioning Edda as a hub for unity, tourism, and economic growth, Uzoma Mba writes

August 29 has been slated to be a day of culture, fanfare, celebration of heritage, and the promotion of the tourism potential and economy of the Edda people of Ebonyi State.

All roads will lead to Nguzu Edda, the traditional headquarters of the Edda people that day.

Even though the people had always celebrated the New Yam Festival, but this year, it will sound a higher note and expected to be an integration of cultural carnival with the sustenance of the tradition of the people.

At the fore of this cultural event is the Chairman of Edda LGA, Hon. Chima Ekumankama who assured to pull the stops and make the event loud and memorable.

In his words “New Yam Festival is a mark of Igboness. Every part of the Igbo world celebrates the king of food - Ji. Edda is part of that.

“This eight month of the year in the common calendar is actually the first month of the Igbo Calendar, the beginning of the year and season. We begin our year in a season of abundance when the rains fertilise the earth to yield food, when the harvest of the labour of the people starts to come from their fields and toils.

“Like every member of society, I am a product of culture, I am a child of my heritage and it is an obligation on me to make sure that what our people, the Edda Clan is known for is preserved.

“This is why I am mobilising our people to roll out fully for a grand new yam festival we call Ike Ji in Edda. The reason the Igbo celebrates yam is because it is indigenous to our people and our world. Wherever you find yam in the world, such place borrowed it from the Igbo and the West African region.”

Why the celebration

Borrowing from scientific evidences, domestication of wild food which is farming gave rise to sedentary lifestyle of the human race. Settling to look

after the domesticated/planted crops which assured the population of food security rather than relying on the vagaries of wild harvest gave rise to the building of towns and cities.

Therefore, the founding and settlement of the Edda Clan derive from the cultivation of yams, and owes its consolidation of a stable society to the crop and others. That is one of the major reasons it is the king of foods of our people.

The importance of the festival expanded over time to incorporate diverse manifestations which involve all the segments and genders of the population.

Among all the traditional festivals in Edda, only Ike Ji cuts across all the four days of the Igbo week, and also encompasses different and specific roles for all the people - the men, women, young people, not leaving out the children.

Celebration

Ike ji in Edda starts on Orie, the day the ikoro is sounded to herald a new era that ushered the people out of lack during unwu (famine season) into abundance. On Afo day, the people shopped for the necessary items for the cerebration ahead, while the new yam is harvested the following day, Nkwo.

In the evening of this day, the young men hold Ichu Afa (sending off the fading year because the following day starts a new year). They dance around in jubilation for seeing the end of a year, and bid the twilight year a farewell while looking forward to the coming day that heralds a new beginning.

The following day is Eke Ipo, which is actually the New Year’s Day. It is the most significant of the days. The significance of this day is the commensalism that accompanies a new yam delicacy of Ipo, a mashed new yam dish eaten among the kindred.

All who eat the ipo together are

bound by blood and by mutual social responsibility of being each other’s protector in kinship.

From the day the new yam is harvested, the Edda traditional priests of yam collect new yam peeling in their homes and drop them in the Nfijioku until Izu ato (eight market days) is complete, when the stone slab of the shrine is covered again. It is after this period that Edda can roast the new yam or boil it with the skin.

Celebrations ended with Orie Eyighiya, the day for the women and maidens, which lasted all night when they sang and danced in merriment. Such nights used to be the only moment young maidens were taken to their husbands in marriage, especially the ada.

A new order

Leadership is the society’s rudder. This novel unified Ike Ji Edda starting in 2025 is with credit to the LGA Chairman, Hon. Ekumankama. The new order his administration engendered is befitting of the royalty he belongs to as a prince in Edda land.

Credit also goes to all the traditional custodians of Ike Ji in Edda and other leaders who aligned with his innovative idea to make such a landmark moment possible.

Significance

Th festival symbolises communal sharing, celebration of the king of the food crops and its origin, and Igbo identity, the Igbo New Year, foundation of our consolidated sedentary society and advancement, celebration of purity of the young virgins and the elevation of moral values where the older women taught the young maidens the virtues of motherhood, being good home keepers and wives, and industry.

To the Edda world, the festival further renews the bond of kin ties, celebrates industry since only

the diligent in farmingcultivated and harvested yam, social responsibility of a man being able to provide for the family, and above all a thanksgiving to Chineke for preserving their lives to harvest the seed they sowed.

Economy and tourism

Cultural celebrations such as Edda and Igbo New Yam festival are magnates that propel the economic growth.

The Council Chairman said “In the quest of my administration to set Edda on the path of economic growth, we have to harness the cultural component and project it to the world to come and see. Such grows the economy, deepens the sustainability of our culture and endows us with pride as a people that have roots.

“When our Ike Ji starts attracting up to 20,000 external visitors every year, our economy gets better. Ike Ji Edda will make so much progressive sense and elicit multiple benefits to the people in tourism, unity, and economy.”

Yam occupies a very important place in global food trade and economy today. Conversely, the cultivation of yam in Edda is actually in decline with less importance attached and fewer people taking to yam farming. Yam sold 75 million metric tons at the global market in 2020, and 67 per cent of the output from Nigeria. The gross income from yam production and sales in the period was about $15 billion with a global consumption of 89 million tonnes in 2024. This is expected to grow to 95 million tons in 2035, with revenue worth of $56.1 billion.

Against the perception of many, the economic importance of yam is rather on the rise than waning. As the original owners of yam, we can also tap into more yam production as Edda’s economic base. This will encourage us to task our relevantexperts to intervene and modernise our approach since yam has become celebrated in Edda in a more dignified manner.

Kayode Tokede

Following the federal government’s decision to reduce domestic borrowing, investors subscription to FGN bonds in the eight months of 2025 went down to N4.98 trillion, about 12.5 per cent decline when compared to N5.64 trillion in the comparable period of 2024.

This is according to the bond auction results data released by the Debt Management Office (DMO). The reduction follows a deliberate cut in

bond offerings, as the government seeks to temper its borrowing amid elevated interest rates and mounting concerns over the country’s rising public debt profile.

FGN Bonds are debt securities (liabilities) of the Federal Government of Nigeria (FGN) issued by the DMO for and on behalf of the federal government.

FGN bonds are considered the safest of all investments in the domestic debt market because it is backed by the ‘full faith and credit’

of the government, and as such it is classified as a risk-free debt instrument. They have no default risk, meaning that it is absolutely certain your interest and principal will be paid as and when due. The interest income earned from the securities are tax exempt.

The government had approved Nigeria’s medium-term debt management strategy (MTDS) for the 2024-2027 fiscal year, pegging the debt-to-gross domestic product (GDP) ratio at

60 per cent as against the 52.25 per cent as of December 2024.

“Interest payments will not exceed 4.5 per cent of GDP compared to 3.75 per cent in 2024, while sovereign guarantees are to remain below 5 percent of GDP, up from the 2.09 percent,” the DMO said On the composition of the debt portfolio, the agency said the mix of domestic to external debt has been revised to “55:45, compared to 48:52 previously, while domestic borrowing will maintain

at least 75 percent longterm instruments against a maximum of 25 percent short-term”

The President Bola Tinubu-led administration plans to borrow approximately N13.8 trillion to finance its 2025 budget deficit, with a significant portion expected to be raised in the first half through a mix of new and re-opened bonds.

However, in the eight months under review, the federal government offered a sum of N2.13 trillion in FGN bonds, a significant

59 per cent decrease from the N5.15 trillion offered in eight months of 2024. The debt office, thus, allotted N4.23 trillion, a 11 per cent drop from the N4.73 trillion allotted a year earlier. The reduced offerings reflect a strategic shift aimed at moderating domestic debt accumulation while enhancing liquidity in existing bonds, a response to the high cost of borrowing in the current interest rate environment.

Nume Ekeghe

Credit to the private sector increased by 4.02 per cent year-onyear to N76.14 trillion in June 2025, up from N73.19 trillion recorded in June 2024, the latest Central Bank of Nigeria (CBN) Money and Credit Statistics show.

The rise reflects a net expansion of N2.94 trillion within the twelve-month period, underscoring the private sector’s growing access to credit amid a volatile monetary environment.

Monthly data from June 2024 to June 2025 reveal alternating periods of expansion and

contraction. Following the June 2024 base of N73.19 trillion, credit rose sharply to N75.51 trillion in July and dipped slightly to N74.73 trillion in August.

September 2024 witnessed a rebound to N75.83 trillion, only for the series to contract again in October to N74.07

trillion. November saw a resurgence to N75.96 trillion, followed by a peak in December of N78.02 trillion. Entering 2025, lending activity moderated, with balances at N77.38 trillion in January and N76.26 trillion in February. Credit fell further to N75.98 trillion in March, before

strengthening again to N78.08 trillion in April. The series softened in May to N77.83 trillion before closing June 2025 at N76.14 trillion.

Other monetary aggregates recorded even more pronounced shifts over the year. Broad money supply (M3) climbed from N101.46

trillion in June 2024 to N117.50 trillion in June 2025, representing a robust 15.8 per cent increase. The broad money trajectory suggests persistent liquidity growth in the system, reflecting both credit creation and expansionary flows.

Adeniran: Other States Should Adopt Oyo’s AI-backed Basic Education Reform Model

Twenty-five years after the enactment of the Universal Basic Education Act, key stakeholders agree that foundational learning (literacy and numeracy) remains elusive for millions of children in Nigeria. In this interview, the Executive Chairman of the Oyo State Universal Basic Education Board (Oyo SUBEB), DR. Nureni Aderemi Adeniran, explains how Oyo has developed a model that is addressing this challenge. Sunday Ehigiator presents the excerpts

Describe the role Oyo State Universal Basic Education Board is playing in improving basic education

At Oyo State Universal Basic Education Board, we ensure that foundational education—basic education—is properly monitored and supervised. That is the core mission and objective of the Board: to provide free, qualitative, and accessible basic education to all children without hindrance.

We also ensure that infrastructure and the learning environment are conducive. The government of His Excellency, Engineer Seyi Makinde, the Executive Governor of Oyo State, has been making concerted efforts to provide adequate infrastructure for schools. The State has constructed several new classroom blocks, renovated many others across all local government areas, and supplied furniture for pupils and teachers. We know there is more to do, and we continue to work. Don’t forget that we have 2,508 public schools in our state, and it’s not easy to reach all of them at the same time.

What’s your assessment of literacy and numeracy among children in Nigeria?

The truth is that the situation in Nigeria is deeply concerning. Literacy and numeracy levels are far below expectations, and this is reflected in both national and international data. According to the World Bank (2023), 70 per cent of 10-year-olds in Nigeria cannot read and understand a simple sentence—a situation described as learning poverty.

Similarly, UNESCO reported in 2024 that Nigeria accounts for over 20 per cent of out-of-school children in sub-

Saharan Africa, with more than 10 million children out of school, most of them at the basic education level.

UNICEF has also emphasised that without urgent reforms, Nigeria risks losing a generation of children who lack foundational skills. Several factors contribute to this situation. Economic challenges often prevent parents and guardians from appreciating or investing in education. Cultural and religious beliefs also sometimes hinder enrollment and retention, especially for girls.

Ignorance about the long-term benefits of education remains a

barrier. For example, in our state where free education is provided, you would expect parents to still play their part in supporting their children. Yet, some do not. Buying exercise books or providing food for their children should not be considered too much of a responsibility.

Even purchasing school uniforms is not excessive, but we still see parents who neglect these basic duties, despite the government ensuring that education itself is free. In such cases, some teachers go beyond their call of duty—buying exercise books, textbooks, or even uniforms for

“Historically, this region of Nigeria—the southwest—was the cradle of modern education during the era of the late Sage, Chief Obafemi Awolowo, when universal primary education was introduced. Back then, children aspired to become lawyers, journalists, or doctors.Today, many children’s aspirations are different, shaped by social pressures.These days, there are children whose aspiration is to make money fast.They want to become yahoo, yahoo boys or footballers. While there’s nothing wrong in becoming a footballer, for example, the great Segun Odegbami, one of Nigeria’s football legends, was also an engineer.”

pupils. While this demonstrates their dedication, it should not have to be so.

To address this gap, we introduced what we call an Open Day in our public primary schools. We discovered that many parents were not showing sufficient interest in their children’s education. In the past, parents were more engaged—you could leave home for school and, without notice, your father or mother would appear at your classroom, simply to check on your progress. That culture of quiet parental involvement is what we are trying to revive, so parents become active partners in their children’s learning journey.

Historically, this region of Nigeria—the southwest—was the cradle of modern education during the era of the late Sage, Chief Obafemi Awolowo, when universal primary education was introduced. Back then, children aspired to become lawyers, journalists, or doctors. Today, many children’s aspirations are different, shaped by social pressures. These days, there are children whose aspiration is to make money fast.

They want to become yahoo, yahoo boys or footballers. While there’s nothing wrong in becoming a footballer, for example, the great Segun Odegbami, one of Nigeria’s football legends, was also an engineer. We used to call him mathematical Odegbami. Education made him more functional and versatile. In the education sector, we strongly believe that whatever profession you pursue, education enhances your productivity. A trader with education is a better trader; a craftsman with education is more innovative. That’s why strengthening literacy and numeracy is not just about schooling—it’s about national development and empowerment.

Marketing in the Age of AI: Balancing Precision with Human Connection

Deshola Shittu

Over the past two decades, digital media has not only evolved, but it has also completely reshaped the business landscape. For marketing professionals, the rules of the game have not just changed, they have been rewritten. Today, social media platforms go beyond amplifying brand messages; they serve as mission-critical tools for acquiring customers, driving revenue, and sustaining long-term profitability.

As a marketing professional who has been part of this digital shift, driving transformation for leading brands like United Bank for Africa (UBA), Interswitch, Coronation, and Transnational Corporation Plc (Transcorp), I’ve seen firsthand how social media has grown from a simple brand awareness tool into a true engine for business growth. From driving the launch campaign of the first chatbot in banking, Leo by UBA, to leading the digital launch of the singularity platform at Coronation, digital media has been instrumental to the success of these campaigns. However, this evolution comes with its complexities. The same platforms that now offer unmatched reach and hyper-personalisation also introduce new challenges; challenges that have only intensified in today’s era of generative AI.

Let’s explore how digital media changed the game and take a cautionary look at the opportunities and pitfalls for marketing professionals in the age of AI.

FRom BillBoaRdS To algoRiThmS

Back in the early 2000s, marketing budgets leaned heavily on traditional channels (print, TV, and radio). These platforms delivered reach, but they were costly, broad-stroke, and offered little in the way of real-time feedback.

Fast forward to today, and the focus has shifted. We now talk about customer journeys, micro-targeting, community engagement, and algorithm-powered storytelling.

What was once a one-way broadcast has transformed into a dynamic, multi-channel conversation. A single, well-crafted social campaign can drive product sign-ups overnight.

A thoughtful reply to a customer’s tweet can restore trust faster than a full-page newspaper apology and, with data-driven social listening, brands

can refine campaigns to not just meet but surpass KPIs.

That’s the true power of digital, not chasing fleeting viral moments, but creating content that is purposeful, measurable, and directly tied to business outcomes.

The digiTal media eConomy

According to Hootsuite’s 2024 Digital Trends Report, over 62% of the global population is active on social media, that is more than 5 billion people. For context, a simple Google search shows Africa, the second most populous continent after Asia, has an estimated population of 1.55 billion. The number of people using social media is three times the population of an entire continent. That’s a lot of people.

According to Statista the average user now spends 2 hours and 23 minutes daily across platforms. In Nigeria, digital ad spending is projected to grow to N144 billion ($90 million) in 2025, with social media marketing being the fastest-growing component.

Brands that fail to integrate digital strategy into their core business goals are losing visibility, customers, and market share.

• Deshola Shittu, group Head, Marketing and Corporate Communication, Transcorp Group wrote from Lagos

The story continues online on www.thisdaylive.com

Rebuilding Trust in Contributory Pension Scheme

As agitations and allegations of mismanagement and embezzlement of pension fund under CPS mounts, industry analysts said the situation could only be addressed by education and awareness, ebere nwoji reports

Recent threat by the Nigerian Labour Congress (NLC) to embark on industrial action on account of alleged government’s mismanagement and sidelining of workers and employers in the management and investment of their pension contributions, is a testament to the high level of ignorance and lack of trust by Nigerians on the managers and workings of the Contributory Pension Scheme( CPS) .

It has also spelt the need for the regulator, National Pension Commission(PenCom) to lead the sector operators on the onerous task of instituting periodic awareness campaign that will update Nigerians’ knowledge and understanding of the workings of the CPS and the role of various actors in the management of the pension fund.

Apparently, the CPS which Nigeria adopted from Chile had in June this year clocked 21 years but many Nigerians except few who have one thing or the other to do with the regulator are totally ignorant of the workings of the scheme, the benefits and the sacrosanct nature of the fund.

These are the reason for frequent allegations on mismanagement of the funds and PenCom cannot continue to ignore these voices.

This high level of ignorance transcends the contributing workers to even the

political class including those appointed as members of various pension committees in government.

Even some media managers and their reporters and pension programme presenters are not immune from this problem of lack of awareness on the CPS scheme.

media, law makeRS ignoRanCe

In one of the pension discourse last week on a popular television station, the manner in which a highly respected presenter in the station who has doctorate degree spoke about mismanagement of pension funds under CPS showed clearly that penCom still has a long way to go in the challenging task of educating Nigerians at all levels on the modus operandi of the CPS .

From the presenter’s line of argument, many are yet to understand that PenCom did not just heap the over N23 trillion pension fund in one place and be spending it at will, allowing people to draw from it or staking it arbitrarily to any portfolio of investment of its choice.

As earlier stated, even among the law makers on whose predecessors’ table the Pension Reform Act 2004 amended in 2014 was drafted, there is also high level of misunderstanding of the system .

Two years back, THISDAY reported an incident that happened at a retreat organised for members of house of representative committee on pension and members of House Committee on Establishment and public service.

Their furious mood at the retreat on account of alleged mismanagement of the pension fund, their accusations and counter accusations on PenCom and Pension Fund Managers on embezzlement of the pension funds shows that they need clarification on how the fund is being managed and on whose custody it is as stipulated by the law.

They made it clear to PenCom that in most cases, Nigerians see PFA managers as people who sit in executive air-conditioned offices enjoying workers’ hard earned money. As such, they don’t so much believe what comes from the PFA managers.

Obviously, these set of people alleging embezzlement of the pension fund lacked knowledge of the fact that neither PenCom nor the pension fund administrators have access to the fund.

They are also ignorant of the fact that PenCom cannot determine where to invest the funds rather institution called Pension Fund Custodians (PFCs) are the ones vested with powers to decide with the directive of the law where to invest the funds that is why

the fund is shared into different asset classes for investment.

To crown this high level of misunderstanding of the CPS, the former Chairman of House of representative Committee on pension, Husaini Mohammed Jallo, in some paragraphs of his good will message at the retreat said “ Retirees under CPS are said to be allegedly suffering from the exploitation and rip off under the guise of managing their benefits and entitlement. In 2004, retirees were compulsorily asked to join the CPS operated by the Pension Fund Administrators (PFAs) under the control of PenCom, by virtue of 2014 amended Act, the narrative of retirees plights under the CPS does not change the situation any better. The narrative is that CPS denies them having greater share of lump sum after retirement and dispenses a paltry monthly pension to retirees across the board under this scheme.”

In conclusion he said “ Retirees under this scheme worked for their life-saving benefits while those collaborators (referring to PFAs) under CPS enjoy their hard earned benefits in the name of investing their funds for them.”

But at the end of that retreat, his orientation on CPS was reasonably changed because teaching and learning on CPS actually took place at the retreat and all went back happily.

South Africa Reaffirms Commitment to Fostering Economic Diplomacy with Nigeria

Dike Onwuamaeze

The Government of South Africa has expressed its commitment to fostering economic diplomacy and bridging cultural and geographical divides in its relations with Nigeria in order to unlock new opportunities for trade and investments that would drive growth and development in Africa. This commitment was declared in Lagos by the Acting High Commissioner and Consul General of South Africa in Nigeria, Professor Bobby J. Moroe, in his welcome remarks at the “2025 Outward Selling Trade Mission to Nigeria,” which was organised by the South Africa Consulate General Lagos and the Department of Trade, Industry and Competition

(DTIC) of South Africa.

Moroe said that South Africa and Nigeria “have a unique opportunity to strengthen trade and investment ties, driving economic growth and development. I look forward to exploring these opportunities with you. Together, let us tap into the transformative power of trade to stimulate growth, generate employment, and enhance lives.”

He also said that South Africa and Nigeria are among the four biggest economies in Africa and should collaborate to be able to put Africa on the world’s economic map.

He said; “Remember that Nigeria and South Africa should lead the charge of industrialisation in the continent. And this is part of

our contribution in ensuring that the continent becomes an economic power house.

“In the advent of African Continental Free Trade Area (AfCFTA), South Africa and Nigeria are poised really to advance issues of common interest in trade and investments. And this is our contribution to that,” adding that “by leveraging on this agreement, we can unlock new avenues for trade and investment, driving growth and job creation.”

Speaking during the trade mission, Chairman, NigeriaSouth Africa Chamber of Commerce (NSACC), Dr. Ije Jidenma, said that Nigeria and South Africa are bonded by ties that cannot be broken and urged African countries to make Africa a home to all Africans.

Stanbic IBTC Relaunches Promo for Private Banking Clients

Nume

Ekeghe

Stanbic IBTC Bank has announced the return of its exclusive Save and Enjoy Promo, unveiling Season 2 of the campaign which seeks to deepen customer engagement while rewarding the loyalty of its Private Banking clients.

Building on the success of its maiden edition, the initiative will once again offer high-net-worth clients premium lifestyle rewards ranging from luxury business class tickets to top destinations such as the United States, the

United Kingdom and Canada, to airport priority passes valid for one year, bespoke vintage travel boxes and a host of other consolation prizes.

Head, Private Banking, Stanbic IBTC Bank, Layo Ilori-Olaogun, expressed her enthusiasm ahead of the launch. In a statement, she re-emphasised the importance of building strong connections with the bank’s Private Banking clients.

Layo said: “Our Private Banking clients deserve experiences that match their

ambitions. Our Save and Enjoy Promo Season 2 is a celebration of success, luxury and lifestyle and we are thrilled to create a more rewarding journey for our clients this season”.

By participating in the campaign, clients can experience firsthand the personalised services and financial solutions tailored specifically for their needs. The focus is on delivering exceptional value and ensuring that each client’s banking experience aligns with their unique financial goals and aspirations.

LAPO MfB Champions Youth Empowerment at NYSC SagamuCamp

Sunday Ehigiator

In line with its commitment to youth empowerment and financial inclusion, LAPO Microfinance Bank has engaged National Youth Service Corps (NYSC) members at the Sagamu Orientation Camp, Ogun State, as part of activities to celebrate the 2025 International Youth Day (IYD).

At the camp, the bank hosted a series of financial literacy sessions, entrepreneurial challenges,

and interactive games aimed at equipping corps members with vital money management skills, business insights, and a savings culture. Participants also had the chance to win cash prizes through knowledgebased quizzes, business pitch contests, and team challenges that promoted creativity, problem-solving, and financial discipline.

Addressing the corps members, the Director of Marketing and Communications, LAPO Microfinance Bank, Mr.

Oluremi Akande, emphasised that youth empowerment remains central to the bank’s mission.

“At LAPO Microfinance Bank, youth empowerment is not just a corporate social responsibility; it is a strategic investment in the nation’s future. The enthusiasm, innovation, and resilience of Nigerian youths inspire our drive to provide them with financial knowledge and opportunities that can translate into sustainable livelihoods,” Akande said.

Lagos Teachers, Educators March Ahead of Guinness World Record Attempt

The streets of Lagos came alive on Saturday as teachers from across the state joined the “Walk for Teachers Event,” a flagship pre-event roadshow ahead of the “Let There Be Teachers Conference” 2025. The symbolic walk, which began at the National Stadium, Surulere, and ended at Tafawa Balewa Square (TBS), underscored

the vital role of teachers as the bedrock of quality education and champions of national development. In attendance were key education leaders and stakeholders, including Mrs. Adeyinka Falilat Kolawole, the 4th Vice Chairperson of the Nigeria Union of Teachers (NUT), Lagos Chapter.

Speaking at the event,

Mrs. Kolawole noted that:

“The success of this walk underscores that teachers are strong and capable of handling the responsibility of moulding the minds that will shape the future of our country.” She also rallied support for the “Let There Be Teachers Conference,” scheduled for September 20, 2025, at Tafawa Balewa Square, Lagos.

FCMB Group Profit Before Tax Up 23% YoY to N79.3bn

Kayode Tokede

FCMB Group Plc has announced its unaudited financial results for the half year (H1) ended June 30, 2025. The Group reported a N79.3 billion profit before tax (PBT),

representing a 23 per cent year-onyear increase, driven primarily by improved net interest income and asset yields.

Gross revenue for the period rose to N529.2 billion, reflecting a 41.3 per cent year-on-year increase from N374.5

billion recorded in the H1 2024, supported mainly by a 70.3 per cent growth in interest income. However, noninterest income declined by 35.1 per cent due to a N36.6 billion drop in currency revaluation gains compared to last year.

Net interest income almost doubled, rising from N106.2 billion in the previous year to N207.4 billion by June 2025.

The yield on earning assets improved to 20.2 per cent, leading to a net interest margin of 9.1 per cent, up from 6.3 per cent in the 2024 financial year.

The Group’s digital business—payments, lending, and wealth services—grew strongly.

Digital revenues increased by 60 per cent year-onyear, rising from N46 billion in June 2024 to N73.6 billion in June 2025.

Digital services now

account for 13.9 per cent of total earnings. Operating expenses rose by 46.1 per cent to N153.2billion. The increase was due to higher personnel costs, regulatory expenses, technology costs, and general inflationary pressures.

LAUNCH OF LAFARGE READY MIX FREEDOM PLANT...

L-R: Head of Aggregates and ReadyMix, Lafarge Africa Plc, Derek Williamson; Chairman and Chief Executive Officer, Periwinkle Empire, Dr. Chiedu Nweke; Group Managing Director and Chief Executive Officer, Lafarge Africa Plc, Lolu Alade-Akinyemi; and Managing Director, Periwinkle Residences Limited, Emeka Anyaegbuna, at the launch of the Lafarge Readymix Freedom Plant held in Lagos, yesterday

How Foiled Moves to Suspend Anyanwu Ahead NEC Rescued PDP from Fresh Crisis

Zoning presidential ticket two years to election anti-people, ADC tackles PDP, APC Hashim-Olawepo’s group says zoning done in error

A foiled decision by the Peoples Democratic Party (PDP) caucus to suspend the national secretary of the party, Samuel Anyanwu, ahead of its Monday’s 102nd National Executive Committee (NEC) meeting, saved the party from erupting ahead of its planned national convention later in the year.

But African Democratic Congress (ADC) said the decision by PDP and All Progressives Congress (APC) to begin talks about zoning their 2027 presidential tickets two years before the election showed they did not care about addressing the plight of Nigerians.

At the same time, Gbenga Olawepo-Hashim Solidarity Movement (GHSM) faulted the PDP NEC’s decision to zone its 2027 presidential ticket to the south, describing it as a constitutional and strategic blunder.

Joint Action Committee of Northern Youth Associations (JACON) also rejected the hasty zoning decision, and said it was

targeted at the north.

THISDAY gathered that Anyanwu had refused to sign the letter for the proposed national convention on the conditions that certain demands were met.

His conditions, THISDAY learned, included that the congresses in some South-east states, including Ebonyi and Anambra, be re-conducted before he would sign the letter to the Independent National Electoral Commission (INEC) intimating it of the dates for the convention.

THISDAY sources said the development had angered members of the caucus, populated mainly by governors of the party, who at their meeting, which preceded the NEC, resolved to suspend him and get someone else to sign the letter to INEC.

But the timely arrival of former Senate President, Dr. Bukola Saraki, THISDAY was told, saved the day, after he warned that traveling that route might see the party playing into the hands of its enemies.

Sources added that Saraki pleaded with the caucus to let him engage Anyanwu to

stand down and not be seen as deliberately clogging the path to progress of the party.

Although a majority of the caucus members were said not to have believed that Saraki could pull it off, especially when tension was said to have risen already, he engaged Anyanwu, who also saw reasons with him and eventually signed the letter after putting away his demands.

PDP at its NEC meeting zoned the party’s 2027 presi- dential ticket to the southern region of Nigeria, and retained its chairmanship in the north.

In May 22, governors of the ruling APC and some powerful organs of the ruling party adopted President Bola Tinubu, a southerner, as the sole candidate of the party for the 2027 election.

Both PDP and APC said their decisions aligned with the eight-year unwritten rule of power rotation between the southern and northern regions of the PDP’scountry.decision to zone its presidential ticket to the south of the country was seen as a master stroke by a lot of PDP

House to Audit UBTH 2024 Expenditure

Adibe Emenyonu in Benin City

The Federal House of Representatives has announced plans to carry out an audit on the University of Benin Teaching Hospital (UBTH) as it relates to the 2024 budget expenditures and 2025 projection of the hospital.Patrick Umo, Chairman, House Committee on Public Health Institution, announced this on Tuesday in Benin City

while speaking with journalists. Umo, accompanied by Billy Osawaru, representing Orhiomwon/Uhunmwode federal constituency on oversight visit to the tertiary hospital.

The house committee chairman said the visit was not a witch-hunt but to perform its constitutional function and carry out a comprehensive audit of the 2023 and 2024 budgetary expenditures.

He said they have look at the books and documents that have been submitted to the committee even though some of the documentations are not as accurate as “we would have expected them to be”.

The committee chairman who queried the debt on drug revolving fund and others said “we will sit over the documents, evaluate them and do all that we can when necessary.

Northern group rejects taking presidency to south

members and their supporters. They stressed that the move that might have given the party a chance at the 2027 general election.

Yet, there have been some other interests, who considered the decision, both undemocratic and unconstitutional, including the fact that it might have been targeted at the north.

Zoning Presidential Tickets Two Years to Poll Anti-people, ADC Tackles PDP, APC

African Democratic Congress (ADC) said the decision by the PDP and the APC to begin talks about zoning their 2027 presidential tickets two years before the election showed they did not care about addressing the plights of Nigerians.

“The general election is still in 2027. It’s still two years

away,” ADC spokesman, Bolaji Abdullahi, said on Channels Television’s The Morning Brief programme yesterday.

“Why are we so preoccupied and behaving in such a way that Nigerians begin to look at the political elite across the political divides that we don’t care about them?”

Abdullahi, who claimed PDP was playing a game, stated, “Why are they taking the decision two years before the general election?

had shown interest in running for president on its platform and was not insufficient of potential flag bearer.

He stated, “When people say that the coalition was put together for a particular candidate running elections, in the papers yesterday, Alhaji Atiku Abubakar, came out to say he is going to run for president.

“So, if this whole thing was put together for him, why would he need to come out to say he is running for president. Don’t forget we still have the likes of Peter Obi, Rotimi Amaechi and others, who are interested in running, and we have reiterated that they have an equal chance.” Abdullahi explained that ADC was not bothered by the decisions of PDP and APC, but focused on consolidating its newly formed union.

“They are very experienced people, and they know the implications of showing their way too early. So, it’s either they are playing the predetermined game or baiting some people to come around because they’ve been shopping around for who to be the presidential candidate of the Abdullahiparty.” said ADC had several qualified persons, who Continues online

Delta Government Lauds FG, World Bank on Impact of D-CARES

Hosts NG-CARES of Bayelsa, Cross River, Edo, Akwa Ibom, Rivers

Omon-Julius Onabu in Asaba

The Delta State Government has expressed appreciation to the Federal Government and the World Bank for the socio-economic impact of the D-CARES Programme in complementing the transformative programmes and projects of the state government especially for the poor and vulnerable citizens in the state.

Governor Sheriff Oborevwori gave the commendation in an address at the NG-CARES South-South Zonal Independent

Verification Agents (IVAS) Performance Review Meeting, on Tuesday in Asaba, the state capital, with representatives of the World Bank, Federal Government as well as the states of Edo, Bayelsa, Cross River, Akwa Ibom, Rivers and host state in attendance.

Represented by the Secretary to State Government (SSG), Dr. Kingsley Emu, the governor said that it was gratifying the objectives of the programme, initiated to mitigate the adverse effects of the COVID-19 pandemic,

have been complementary to the programmes of his administration particularly geared towards improving the well-being of the poor and vulnerable in the state. The governor said, “It is with great delight that I warmly welcome you all to Asaba, the capital of our dear state, for this crucial South-South Zonal Consultative Meeting to review the performance of the Independent Verification Agents (IVA) engaged for the NG-CARES Programme in Nigeria.

2025 ENVIRONMENTAL BEES CLUB HANDLERS SYMPOSIUM...

L-R: CEO, Sweep Foundation, Barrister. Phillips Obuesi; CEO, Project Save the Planet, Mr. Benjamin Sulaimon; CEO, FABE International, Mrs. Temitope Okunnu; Representative of the Permanent Secretary, Office of Environmental Services and Director, Education Unit, Mrs. Monsurat Banire; and a Director in the Office of Environmental Services, Mr. Ramon Fagbolade, during the 2025 Environmental Bees Club Handlers Symposium, held at the Lagos Chamber of Commerce and Industry (LCCI) Building, Ikeja, Lagos, yesterday

ASUU Protests Govt’s ‘Wicked Neglect’ of Universities Ahead of Threats of Strike

Our Correspondents

Member chapters of the Aca- demic Staff Union of Universities (ASUU), across the country have warned of an impending crisis in the university system over the alleged government’s inaction on long-standing issues affecting the sector, describing it as ‘wicked and heartless’.

On a protest march to register their anger with the government yesterday were the ASUU Chapters of the University of Lagos, the Federal University of Technology (FUTA), Akure, Nnamdi Azikiwe University, Awka, Usman Danfodio University, Sokoto State University, Shehu Shagari University of Education, Sokoto, University of Ilorin, Federal University Lokoja, the University of Port Harcourt, University of Benin, and several others.

Federal University of Technology, Akure

The FUTA Chapter protested the long-standing neglect of the tertiary academic sector during a remonstration at the institution, in compliance with the directive of the national body (ASUU), which had declared August 26, 2025, as a nationwide protest day across all campuses in the country.

The protesters, who carried placards with various inscriptions and chanted solidarity songs, marched through the campus to express their dissatisfaction and grievances with the government’s alleged neglect of their demands.

Addressing journalists, the Chairman of ASUU, FUTA, Prof. Pius Mogaji said the government’s alleged failure to address issues such as the re-negotiation of the 2009 ASUU-FGN Agree- ment, sustainable funding of universities, and the plight of retired academic staff, threatens the very foundation of higher education in Nigeria.

Mogaji said: “The Union has consistently clung to the assur-

ance of the federal government, holding on against all odds with the belief that its officials possess integrity that can stand the test of public scrutiny.

“Regrettably, months later, we are compelled to inform the Nigerian public that these legitimate and long-standing issues remain unaddressed, a trend that threatens our already fragile educational sector and faces the imminent risk of yet another crisis.

“The report of the Alhaji Yayale Ahmed-led re-negotiation, painstakingly concluded and submitted since February 2025, has been left to gather dust in the corridors of power for more than five long months; the govern- ment has treated the document with reckless indifference, a clear betrayal of trust, and an insult to the principle of collective bargaining.

“To ignore it is to undermine the very foundation of higher education in this country. While we take note of the government’s planned meeting of August 28, 2025, let it be clear: the clock is ticking and time is no longer on the government’s side.

“Our patience has been stretched to its breaking point, trust has been shattered and only decisive government action can mend it. The NEC has resolved that all options remain on the table.

“If government chooses provocation over responsibility, if it continues to play games with the future of our universities, then it alone must bear the consequences of the storm that will follow. The ball is squarely in the government’s court. Restore trust now - or brace for the inevitable.”

Also, ASUU Chapter of Usman Danfodio University, Sokoto, Sokoto State University, and Shehu Shagari University of Education, Sokoto, issued a stern warning to the federal government, demanding concrete action to address the lingering issues

affecting Nigerian universities.

The union’s threat came as it embarked on the protest, urging the government to take proactive steps to meet its demands and avoid a nationwide strike.

Usman Danfodio University

Addressing newsmen, Chair- man of the Usman Danfodio University, Sokoto Chapter, Prof. Nurudeen Almustapha, emphasised the need for the government to honour the Ahmed-led report, which was submitted in February 2025.

The report addresses critical issues affecting Nigerian universities, including funding, university autonomy, and academic freedom.

ASUU is also vehemently opposed to the government’s proposed loan scheme for lecturers, which they describe as a “poisoned chalice” designed to enslave lecturers. Instead, they demand the release of withheld salaries and the implementation of the renegotiated draft agreement submitted in February 2025.

The union’s frustration stems from the government’s failure to address the lingering issues affecting Nigerian universities.

Despite numerous promises and agreements, the government has yet to sign the renegotiated draft agreement, which has been pending since 2021.

The union has also accused the government of failing to provide adequate funding for universities, leading to a decline in the quality of education.

The union has also called on well-meaning Nigerians, including the Nigerian Inter-Religious Council (NIREC), National Association of Nigerian Students (NANS), traditional rulers, and the National Assembly, to prevail on the government to avert a crisis.

ASUU, Nnamdi Azikiwe University, Awka,

On their part, members

of ASUU, Nnamdi Azikiwe University, Awka, Chapter, yesterday also embarked on a peaceful protest over poor salaries.

Leaders of the union in the university, including the ASUU NAU Chairperson, Innocent C. Nnubia, and the Zonal Coordinator of the union, Prof. Dennis Aribodor, and thousands of lecturers marched through major roads in the university, wielding placards with various inscriptions.

The protesters marched from the ASUU secretariat through to the Enugu-Onitsha and ended at the administrative blocks of the university, where they demanded audience with the Acting Vice Chancellor, Prof. Carol Arinze-Umobi.

The ASUU NAU chairperson who led the protest while addressing the representative of the Vice Chancellor, Prof. Pius Okoye chronicles the demands of the union.

He said: “Three months ago at the national secretariat, ASUU held a press conference and specifically raised the following issues: Conclusion of the Re-negotiation of the 2009 ASUU-FGN Agreement, immediate payment of three and half months withheld salaries sustainable funding of our universities.

“Others are revitalisation of public universities, victimisation of our colleagues in LASU, KSU (now Prince Abubakar Audu University) and FUTO, payment of outstanding 25 to 35 percent salary arrears, promotion arrears for over 4-year third party deductions.

“The government made promises to address these issues, but regrettably, we are here to inform the general public, through our dear compatriots in the press, that these issues are still lingering.

“We in ASUU, Nnamdi Azikiwe University branch, address this press conference to inform the government and the general public that time is

running out and we should not be held responsible if there is a breakdown of industrial harmony in our campuses.”

The union said its members do not enjoy embarking on strike, but it remains the last option, and they will not hesitate to embark on one if government fails to yield to its demands.

ASUU, UNILAG Chapter

Also, ASUU, the University of Lagos (UNILAG) chapter, yesterday warned that it may be forced to embark on another round of industrial action if the federal government continues to ignore longstanding demands affecting the welfare of lecturers and the survival of public universities.

Briefing journalists after its sensitisation protest, the Chairman of the UNILAG chapter, Prof. Idou Keinde, explained that the union has exercised patience for over two years without an industrial action, but cannot continue indefinitely while its members suffer under poor welfare conditions, unpaid arrears, and government neglect.

“Our members have endured teaching on empty stomachs, poor retirement benefits, unpaid arrears, and rising inflation. The government cannot keep us talking forever. If nothing is done, we may have no other option than to take action,” he warned.

Key among ASUU’s unre- solved demands include an end to the victimisation of members in Lagos State University, Prince Abubakar Audu University, and the Federal University of Technology, Owerri.

Prof. Keinde also condemned the government’s handling of retirement benefits, describing it as unacceptable and cruel.

He expressed concern that professors who served for over 40 years retire on a monthly pension of about N450,000 in

today’s harsh economic realities. The Education Rights Campaign (ERC), also called on the government to put an end to the Tertiary Institutions Staff Support Fund (TISSF), which they alleged was dubious, saying it should be replaced with a better pay package for education workers.

The Deputy National Coordinator, Isaac Ogunjimi, in a statement, explained that there must be a significant improvement in the living and working conditions of staff as well as adequate funding of public education by the government at all levels.

ASUU, University of Ilorin

Similarly, members of ASUU, the University of Ilorin (UNILO- RIN) yesterday staged a peaceful rally to draw the attention of the federal government to their plight.

The union stressed that the rally was aimed at drawing the attention of the nation to a looming crisis in “our universities system” over the delayed implementation of agreements the federal government reached with ASUU.

The protesters wielded placards that read: “Honour and implement your agreement with ASUU;” “we demand for improved facilities in our universities;” “university workers are not slaves and increase budgetary allocation for education.”

Speaking with newsmen in Ilorin, ASUU UNILORIN Chairman, Dr. Alex Akanmu said, “The general public is once again invited to prevail on the government to accede to all our demands to avert another disruption of academic calendars in our universities.

“As peace-loving as we are, we can no longer allow the welfare of our members to be subjected to the delay tactics of this government.

EXTRAORDINARY WOMEN CONFERENCE...

L-R: Vice Chancellor, Achievers University, Prof. Omolola Irinoye; Relationship Coach and Marriage Counsellor, Mrs. Adetutu Oshofowora; Executive Director, KEA Group and Convener of The Extraordinary Women Conference, Kemi Irinoye; Principal Medical Officer/Lead Psychiatrist, University Health Service, University of Ibadan, Dr. Alero Adegbolagun; Mental Health Advocate, Chioma Fakorede; and Programme Manager and State Coordinator at Berachah Children’s Organisation, Oluwagbemisola Zion-O’yemi, during the 2025 Extraordinary Women Conference organised by Kemi Irinoye Foundation, held in Ibadan… recently

Adamu Laka, disclosed that the victims were rescued in two batches following coordinated operations.

Laka stated that the first batch was rescued on August 14, and they comprised 42 individu- als — 40 males, seven females, and a toddler.

He added that the second batch was rescued on August 19 and included 34 males and 54 females.

According to the NCTC national coordinator, “Unfortunately, among the second batch, we lost one of the children due to illness and the extreme fatigue he suffered while in the kidnappers’ camp. Additionally, one of the rescued women gave birth prematurely, and the baby is currently receiving care in an incubator at a medical facility.

“Following their rescue, all victims were placed under the care of the Office of the National Security Adviser, where they received immediate medical attention, psychological support, and rehabilitation.

“Today’s handover marks another step in our commit-

global shea economy.

He said, “Nigeria produces an estimated 350,000 metric tonnes of shea annually across 30 states, with the potential to reach nearly 900,000 metric tonnes. Yet our share of the $6.5 billion global market is less than one per cent.

“The Rapid Assessment of the Shea Value Chain, conducted by the PFSCU, Federal Ministry of Industry, Trade and Investment, and in close collaboration with the Federal Ministry of Agriculture and Food Security, provided the evidence that shaped this presidential directive.”

According to the minister, the assessment shows that over 90,000 metric tonnes of raw shea are lost each year in informal cross-border trade, even as Nigeria’s “processors operate at only 35 to 50 per cent capacity, despite a national installed capacity of 160,000 metric tonnes”.

Kyari further explained that

ment to ensuring that victims of terrorism and banditry are not only rescued but also properly reintegrated into society with dignity and care.”

Meanwhile, a civil society organisation (CSO), Partnership Against Violent Extremism (PAVE) Network – PCVE-KIRH — with the support of Global Community Engagement and Resilience Fund (GCERF) and ActionAid Nigeria, yesterday, unveiled two initiatives: Youth Against Violent Extremism (YAVE) and YAVE Youth Content Challenge, aimed at countering terrorist ideologies, promoting peacebuilding, and tackling violent extremism in Nigeria.

Speaking at the unveiling of the initiative, Interim National Coordinator of YAVE, Mohammed Mustapha, said the event was designed to give young people a platform to shape narratives, counter extremist ideologies, and lead initiatives that strengthen peace, inclusivity, and community resilience across Nigeria.

Regarding the second initia-

while “regional neighbours, such as Ghana, Burkina Faso, Mali, and Togo, have already imposed restrictions to protect their industries,” Nigeria was vulnerably left “as the outlier and a hotspot for opportunistic and unregulated buying.

Underscoring the enormous potential of the shea trade for Nigeria, the minister stated that the shea sector “could generate more than $300 million annually in the short term and position Nigeria to capture a significant share of the projected $9 billion global market by 2030.

Kyari stated, “Shea is one of the few commodities where our country holds both a comparative and absolute advantage. With over five million hectares of wildgrowing shea trees, Nigeria has the natural endowment to dominate not only in produc- tion but also in value-added processing.

“Shea is also identified in

tive, the YAVE Youth Content Challenge, Mustapha explained that it would encourage youthled storytelling and creative advocacy as tools for preventing and countering violent extremism (PCVE).

He added that the new platform served as a dedicated space for young people to exchange ideas, co-create solutions, and lead impactful initiatives to counter violent extremism (CVE) at both grassroots and national levels.

Mustapha stated, “Through this initiative, YAVE seeks to reinforce the critical role of youth as catalysts for change, positioning them not just as stakeholders, but as leaders in shaping a more peaceful and secure society.

“The YAVE Digital Platform is a vibrant, interactive hub tailored to amplify youth voices and foster collaboration among young change-makers working to prevent violent extremism. The platform encourages ideasharing, project incubation, and storytelling for peace.

“The launch also includes a

our Zero Oil Plan as a strategic non-oil export. With a projected global market growth from 6.5 billion dollars today to 9 billion dollars by 2030, Nigeria can position itself at the heart of this expansion.”

The minister stated that since 90 per cent of pickers and processors of shea were women, investment in the value chain would directly translate into women’s empowerment, rural job creation, and sustainable livelihoods. He said this aligned with the Tinubu administration’s focus on women empowerment and the pledge by the Federal Ministry of Agriculture and Food Security “not only to support the rural population but also to create a pathway for national economic develop- ment”.

Kyari explained, “The reasons for this presidential directive are clear. Without corrective action, Nigeria risked becoming a raw depot for

nationwide digital contest — an inclusive, multimedia competition open to Nigerian youth, inviting submissions in various digital formats such as short films, graphics, photography, poetry, spoken word, essays, and other creative media. The contest aims to spotlight youth innovation and promote peace narratives in both local and national contexts.”

Kwara:

Dozens of Kidnap Victims Escape as Security Forces Raid Bandits’ Hideouts

Dozens of persons being held by suspected bandits at the Baba-sango hideouts in Ifelodun Local Government Area of Kwara State, yesterday, escaped from the hideouts following a security crackdown on the place.

A security officer, who confirmed the development to newsmen in Ilorin last night, said, “The security operation has really been a modest success, in spite of the ambush laid for the government forces.

“Not only were several of

opportunistic and illicit buyers, undermining our processors’ capacities, disempowering rural women, and forfeiting billions in potential export revenues.

“The PFSCU rapid assessment, which engaged over 2,000 pickers and 65 processors, confirmed the urgent need for action. Informal exports, estimated at 90,000 metric tonnes annually, are draining our domestic supply.

“With neighbours like Mali, Burkina Faso, and Togo already restricting raw exports, Nigeria risked being left as the region’s raw depot. The benefits of the temporary ban are equally compelling.

“It will secure domestic supply, enable processors to operate at full capacity, curb informal trade, and lay the foundation for Nigeria to transition from exporting raw kernels to exporting high-value derivatives such as butter, olein, and stearin.”

the criminals eliminated, but dozens of their victims have also fled the area. Many are now in Babanla and Shagbe.

“Also, a forest guard which we thought we had lost to the operation has since returned home after the operation that lasted between Sunday and Monday morning.”

A government source said the victims apparently fled after their captors scampered to safety in the wake of the determined efforts to dislodge the criminals.

The source said, “Many of their abductors died in the

He stated that the reality of today was that poverty was actually going up in Nigeria and reducing citizens’ purchasing power, and they could no longer afford certain products.

He advised the government to fight insecurity, address power challenges, and encourage agriculture in order to ameliorate rising food prices and cost of living.

Ebeke said, “No other emerging market country has to deal with the type of insecurity problem Nigeria is facing. Nigeria needs to fix its security problem for its private sector to thrive.

“The second is power. The objective of Tinubu’s administration is 7.0 per cent GDP’s growth, which will need more reliable

“Thereelectricity. should be a marshal plan to fix the power sector given the multiplier effect it has on other sectors.”

He observed that Nigeria’s regulatory environment was marred by unnecessary administrative requirements that must be fixed in order for the private sector to keep prospering.

Similarly, Mulamula, said, “The good news is that Nigeria has taken bold steps to implement the structural reforms required to make it a more attractive investment destination by unifying the FX markets, tightening monetary policy to manage inflation and

encounter with the security forces, while others fled to safety.

“While a lot may need to be done, the Sunday night operation has posted appreciable success in the government’s efforts to rout out the criminals.

“Community leaders in Babanla have reported seeing many kidnap victims who escaped from Babasango in the aftermath of the operation.” He said the security crack- downs were steadily being done until the “cowards are totally chased out of the state.”

removing costly petrol subsidy.”

Mulamula said Nigeria had huge investment opportunities in the ICT, pharmaceutical manufacturing, renewable energy and agriculture and agro-processing.

The IFC principal country officer stated, “Expanding the nationwide fibre network will open up new investments in digital for businesses, schools, hospitals and government agencies. This has potential to create over 200,000 jobs.

“Nigeria rich agricultural resources present an opportunity for industrialisation in agricultural processing and food security. We deem this as an opportunity to create over 300,000 jobs and the renewable energy space has opportunity to create 250,000 jobs.

“Increasing urbanisation comes with increases in noncommunicable diseases and increase demands for drugs. This coupled with new policy that requires drug importers to move toward local production creates an attractive investment opportunity in Nigeria with opportunity to create over 30,000 new jobs.”

President of LCCI, Mr. Gabriel Idahosa, said the goal of EXPO 2025 “is to unlock and deepen Nigeria’s boundless investment opportunities from energy to technology, manufacturing to agriculture, infrastructure to creative economy”.

Police Confirm Abduction of Husband, Wife, Daughter in Katsina Town

Francis sardauna in Katsina

The Katsina State Police Command has confirmed the abduction of a 33-yearold man, Anas Ahmadu, his wife, and daughter at Filin Canada Quarters in the Katsina metropolitan area of the state.

A statement issued by the Command’s Public Relations Officer, DSP Abubakar Sadiq Aliyu, said the hoodlums, armed with sophisticated weapons, kidnapped the victims in the wee hours

of yesterday. He said the hoodlums “fatally shot” a member of a local vigilante group in the area, Abdullahi Muhammad, and fled the scene with the victimbefore the arrival of the police operatives.

Aliyu, in the statement, said: “Today, (Tuesday) August 26, 2025, at about 0300 hours, some suspected gunmen armed with dangerous weapons attacked the residence of one Anas Ahmadu, 33, of Filin Canada Quarters, Katsina State, kidnapping

him, his wife, and his daughter, Jidda Anas.”

“Also, the hoodlums fatally shot one Abdullahi Muhammad, 25, of the same address, who is a member of the local vigilante, and escaped the scene before the arrival of police operatives.

“Upon receipt of the report, the DPO quickly rushed to the scene, restoring normalcy in the area as investigation commenced with a view to tracking and arresting the perpetrators of the dastardly act.

MOFI, CRMI Partner on Risk Mgt in State-Owned Enterprises

The Ministry of Finance Incorporated (MOFI) has entered into a strategic partnership with the Chartered Risk Management Institute of Nigeria (CRMI) to deepen risk management practices and entrench sound governance across state-owned enterprises (SOEs).

The agreement, sealed through a Memorandum of Understanding (MoU) in Abuja, underscores

both institutions’ resolve to address long-standing governance gaps in public enterprises, while ensuring sustainability and stronger contributions to Nigeria’s economy.

Speaking at the ceremony, the President and Chairman of the Council of CRMI, Mr. Kevin Ugwuoke, commended MOFI’s pivotal role in the economy, citing its asset base of more than N18 trillion, indirect

employment of over 15,000 Nigerians, and holdings in 52 entities. He expressed confidence in MOFI’s long-term target to grow its portfolio to N100 trillion within the next decade, describing the vision as ambitious yet achievable given its ongoing reforms.

Ugwuoke further praised MOFI’s leadership team for driving a culture of risk consciousness in public enterprises.

Ondo Communities Protest Invasion, Seek Aiyedatiwa’s Intervention

Fidelis david in akure

Indigenes of Ikale communities of Odigbo Local Government Area of Ondo State yesterday protested against the alleged invasion of their land and the undue intimidation of their people by private firms.

The protester from communities comprising Ikale community, Ago alaye, and Agrifon claimed that

the company’s actions are a clear disregard for their rights and a threat to their livelihoods.

The aggrieved residents gathered at the A1 and A9 areas, carrying placards and banners with inscriptions such as: ‘Enough is Enough’; ‘We say No to Rex intimidation’; ‘Ikale communities say no to Marginalisation’, among others, chanting solidarity

songs to press home their demands.

The Youth Leader of the communities, Mr Gabriel Adeyeye, while addressing journalists, urged the company to respect the rights of the genuine indigenes.

Particularly, he claimed that the company’s actions were not only affecting their lives but also undermining the peace and stability of the community.

Experts Make Case for Early Childhood Devt in Nigeria

Medical experts have made a case for early childhood development in Nigeria, stressing the need for parents to give special care to their children from birth to age five.

The experts, who spoke at the public presentation of the Osun State Early Childhood Development (ECD) Strategy in Osogbo maintained that early childhood development guarantees not just

survival, but the thriving and safety of the children.

Specifically, a consultant at the Obafemi Awolowo University Teaching Hospital Complex (OAUTHC), Ile-Ife and Team Leader of the ECD, Dr Oluwatosin Olorunmoteni, said early childhood development is cost effective and cuts across all areas of human endeavours.

She stressed the need for

the public sector health system to introduce early childhood development plans, just as she called on the government at all levels to support such plans in the interest of the children whom she described as the future of the country.

“The children should have their development monitored by the parents and this should be for every child.

Dangote Cement Marks Youth Day at Obajana

The Dangote Cement Plc has marked the International Youth Day at its Obajana plant, Kogi State.

Speaking at the event, the Plant Director, Nawabuddin Azad, who was represented by the General Manager, Social Performance, Ademola Adeyemi, said the company’s policy is in alignment with the United Nations’ ideals of

empowering the youth to enable them to play significant roles in social and economic development of societies.

Azad, who was speaking on the theme, “ Local Youth Action on SDG and Beyond,” said the youth has always in its job creation drives and empowerment programmes.

He noted that only

recently, youths from the company’s host communities were empowered through initiatives in poultry farming, solar entrepreneurship, fashion design, and several other vocational skills.

“At our plant, we believe in shared value where business success goes together with social progress.

AHEAD WORLD CUP QUALIFIERS...

Super Eagles Goalkeeper, Nwabali, Injured, May Miss Rwanda Clash

Duro Ikhazuagbe

With barely few days to Nigeria’s crucial 2026 World Cup qualifiers against Rwanda and South Africa, Super Eagles first choice goalkeeper, Stanley

Nwabali, has been injured while on duty for Chippa United in the South African PSL on Tuesday evening. Nwabali who is equally Chippa’s Number 1 goalkeeper was stretched off and replaced

TRANSFER NEWS

Atletico Lifeline Coming for Ademola Lookman?

Atletico Madrid have contacted Atalanta on the transfer of Ademola Lookman.

Italian news outlet, Mundo Deportivo, reported yesterday on the Atlético de Madrid’s transfer negotiations involving Ademola Lookman.

“Atlético de Madrid had negotiations with Ademola Lookman and Atalanta, but they are yet to meet the demands of the Italian club,” the news medium said Atalanta are more desirous of Ademola Lookman playing outside the Italian Serie A and so frustrated the bid by local rivals Inter Milan for the Super Eagles forward.

His agents have also been in contact with several Premier League clubs including Tottenham, Arsenal and Manchester City.

Chelsea’s Chukwuemeka Joins Dortmund in £24m Deal

Borussia Dortmund have signed England youth international Carney Chuk- wuemeka from Chelsea on a five-year contract.

The 21-year-old spent the second half of last season on loan at the German club and joins in a deal that could be worth about £24m.

The attacking midfielder made 32 appearances for Chelsea after a £20m move from Aston Villa in 2022.

Blues defender Aaron Anselmino has also agreed to join Dortmund, on a seasonlong loan, and has flown to Germanyto complete the deal.

The Chukwuemeka transfer means Chelsea’s income from player sales this summer is more than £270m, almost balancing out the £277m spent on incoming transfers.

European football’s governing body Uefa has told

the Blues they must record a positive transfer balance this window in order to be allowed to register their new signings for this season’s Champions League.

It follows them having been fined £26.7m for a breach of Uefa’s football earning rulesand having had a squad cost ratio - the proportion of their income paid out in wages - above 80%.

A number of other players have been linked with a move away from Stamford Bridge before Monday’s transfer deadline, including forwards Nicolas Jackson, Christopher Nkunku and Tyrique George, winger Raheem Sterling and defender Ben Chilwell.

Chelsea could also bring more players in, with Manchester United winger Alejandro Garnacho and RB Leipzig midfielder Xavi Simons among those linked.

Crystal Palace Want Man City’s Akanji

Crystal Palace have made an approach to sign Manchester City defender Manuel Akanji.

No official bid has been made, but sources told BBC Sport that Palace have enquired about the availability of the Swiss international.

It is understood City would want about £15m for Akanji, who has not featured in either of their Premier League games this season.

The 30-year-old also has interest from Turkish champions Galatasaray.

Akanji joined City from Borussia Dortmund in 2022 and was part of the Treble-winning side a year later, starting the Champions League final win over Inter Milan.

Earlier this month, boss Pep Guardiola suggested City’s focus was on outgoings having spent more than £150m on six players this summer.

by Elson Sithole in the 35th minute away against Richards Bay in Durban.

Although details of the injury have not been ascertained, it however looks serious from the manner he was helped out of the pitch

The news of Nwabali’s Injury will hit Super Eagles Head Coach, Eric Chelle, with much concern as the Chippa United captain has been Nigeria’s No 1 goalkeeper since the delayed 2023 AFCON last year, where

he shone as the country went all the way to the final and only lost to host Côte d’Ivoire to finish as runners up.

Maduka Okoye who should have stepped in as next in rank is serving ban for his involve- ment in betting infraction in the Italian Serie A and was overlooked in Chelle’s 31-man provisional squad released for the two qualifiers in September.

After the game against Rwanda in Uyo on September 6, Eagles will travel immediately

to Bloemfontein for the mustwin clash with Group C leaders Bafana Bafana on September 9.

The other goalkeepers in Chelle’s squad include former Bendel Insurance safe hands, Amas Obasogie who now plays for Tanzania’s Singida Blackstars; Adeleye Adebayo of Volos FC, Greece; and Sporting Lagos FC youthful goalkeeper, Ebenezer Harcourt.

Scan reports of the injury will determine for how long Nwabali may be on the sideline.

Super Eagles are expected to report in Uyo on Monday ahead of the clash with Rwanda at the Godswill Akpabio Stadium in Match day 7 of the qualifiers.

South Africa currently lead Group C on 13 points with Super Eagles fourth on seven points behind Rwanda and Benin Republic on eight points each in the qualifiers for the 2026 World Cup to be jointly hosted by the USA, Canada, and Mexico.

NPFL to Honour Anas, Ogunmodede in Abuja on September 2

Standout performers in the 2024/25 Nigeria Premier Football League (NPFL), Yusuf Anas and Coach Daniel Ogunmodede are set to be rewarded on Tuesday, September 2 in Abuja.

The award and reception was held up due to the engagement of the duo in the preparations and participation of the CHAN EaglesNPFLteam.Chairman, Otunba Gbenga Elegbeleye, disclosed

the new date and said it is pursuant to the board’s policy to promote excellence through the reward.

“It has been our policy to encourage players, coaches and the entire team to elevate the quality of our league football through outstanding performances.

“We have consistently rewarded our best club richly and the highest goals scorers and best performing coach in

Zenith Bank League:

The Atlantic Conference of the 2025 Zenith Bank/NBBF National Basketball League is getting more interesting with First Bank winning their opening game of Phase 2 of the competition.

First Bank only lost one game in Phase 1 and yesterday, they maintained their resurgence to

First

conjunction with our investment partner, GTI Assets Manage- ment”, explained Elegbeleye.

Anas of Nasarawa United, was the top scorer with 17 goals while Ogunmodede led Remo Stars to a historic title success for the first time since the club was founded.

The NPFL Chairman said each of the award winners will be rewarded with N1.5m and also presented with a commemorative plaque.

Bank in Phase 2 Winning Start

reclaim the title by beating Bayelsa Blue Whales 57-39 in Ilorin.

The Elephant Girls are eyeing a place in the Final 8 billed for Lagos.

On Sunday, defending champions, MFM, were also not relenting as they worked so hard to defeat Dolphins 49-48

in a very tight encounter.

MFM has so far have maintained an unbeaten run in this edition and will be playing their second game today.

With just five teams in the Atlantic Conference, only one team is expected to miss out on the final taking place between Sept 14 and 18 in Lagos.

In the Savannah Conference, Nigeria Customs defeated Air Warriors 69-64 in another very tight encounter that kept spectators on the edges of their seats from start to finish. The win was a boost for Customs as they battle for a top-four ticket in the Savannah Conference.

AFRiCAn ChiEFS oF DEFEnCE STAFF SUmmiT...

Eric Te NI o LA

The Supreme Powers of the President

Shortly after being sworn in as President on May 29,1999, President Olusegun Obasanjo (88) GCFR, delayed signing the Proclamation of the first sitting of the National Assembly. The delay lasted a few days during which there was suspense. Subsection 3 of Section 64 of the 1999 Constitution states that “subject to the provisions of this Constitution, the person elected as the President shall have power to issue a proclamation for the holding of the first session of the National Assembly immediately after his being sworn in, or for its dissolution as provided in this section”.

The delay in signing the proclamation by President Obasanjo GCFR was deliberate.

The then ruling party PDP zoned the SENATE PRESIDENCY to South East. President Obasanjo wanted his choice to be the Senate President. His choice was Senator Evan Enwerem. The choice of the majority of the PDP Senators was Senator Ike Omar Sanda Nwachukwu (84), who represented Abia North. Senator Nwachukwu was a retired general in the Army, a Minister of Foreign Affairs from December 1987 to December 1989 and also the former Military Governor of Imo state from January 1984 to August 1985. General Nwachukwu’s mother was a Princess from the Katsina Royal family. President Obasanjo’s vice at that time, Tura- kin Adamawa, Alhaji Atiku Abubakar GCON, wanted Dr. Chuba Wilberforce Okadigbo (17 December 1941 – 25 September 2003). Dr. Okadigbo was a member of the Peoples Democratic Movement (PDM) founded by Major General Shehu Musa Yar’adua (5 March 1943 – 8 December 1997), of which Alhaji Atiku Abubakar belonged. President Obasanjo reasoned that a retired general could not be President and another retired general be elected as Senate President, hence he decided on Senator Enwerem. It was at that time that the President appointed the Managing Director of Atoto Press in Ilorin, Major General(rtd.) Abdullahi Mohammed (86) as his Chief of Staff. It would have been an overkill for a retired General to be President, a retired General to be Chief of Staff and a retired General to be the Senate President. Major General (rtd.) Abdullahi Mohammed was National Security Adviser to General Abdusalami Abubakar (83) GCFR from 1998

to 1999; Director General of the National Security Organisation from 1976 to 1979; and Governor of Benue-Plateau State, Nigeria, from July 1975 to February 1976 during the military regime of General Murtala Mohammed.

In July 1975, Major General (rtd.) Mohammed was Director of Military Intelligence, and formed and executed the 1975 coup d’état plan with other officers, including Major General Shehu Musa Yar’Adua, Colonel Joseph Nanven Garba, Colonel Muhammadu Buhari and Colonel Ibrahim Taiwo, to depose General Yakubu Gowon (90) GCFR, after which they transferred power to General Murtala Ramat Muhammed GCFR (8 November 1938- 13 February 1976) as head of state. Immediately after the coup, he was appointed Governor of Benue/ Plateau State.

At the time, President Obasanjo appointed General Mohammed as Chief of Staff, the PDP Senators had resolved that General Ike Nwachukwu was to be their Senate President. In fact, he was coasting home to victory and this did not augur well for the President. To halt Senator Nwachukwu’s victory, President Obasanjo delayed signing the Proclamation.

The matter was later resolved following the intervention of the Chairman of the party, Chief Solomon Daushep Lar (4 April 1933 – 9 October 2013) and the chairman of the Board of Trustees, Chief Sunday Bolorunduro Awoniyi, the Aro of Mopa,

Kogi State (30 April 1932 – 28 November 2007). Eventually, Senator Nwachukwu stepped down and left the race only for Dr. Okadigbo and Senator Enwerem.

Chief Evan Enwerem (29 October 1935 – 2 August 2007) had earlier served as the governor of Imo state from 3 January 1992 – 17 November 1993.

With the support of President Obasanjo’s allies in the ruling party, plus support from two opposition parties, AD and ANPP, Senator Enwerem easily defeated Dr. Okadigbo with 66 votes to Okadigbo’s 43 votes.

Chief Evan Enwerem did not hold the post of President of the Nigerian Senate for very long. The Senate committee began investigating Senator Enwerem for allegations of corruption in 1999. The allegations against Senator Enwerem alleged that he falsified his name, and caused a controversy as to whether Senator Enwerem’s actual real name was Evan or Evans. Senator Enwerem was removed from office on 18 November 1999, in an ouster spearheaded by allies of Dr. Chuba Okadigbo. However, though removed as President of the Senate, Senator Enwerem remained a member of the Senate until 2003.

That delay in signing the Proclamation was the first exhibition of the supreme powers of the Nigerian President in the democratic setting.

The question of who is number two, number three or number four in the country could only be determined if the Nigerian President want it.

The Nigerian President is one of the most powerful in the world and the powers were conferred on him by the 1999 Constitution. Under the constitution, the President can do and undo and justify the execution of his orders. In fact, the Constitution is like giving the President a blank cheque. In addition, except during the regimes of former Presidents Umaru Musa Shar’adua and Goodluck Jonathan, the Nigerian President is the Minister of Petroleum.

Former President Olusegun Obasanjo made the justification in September 2002, while defending the power of the President, to make himself the Minister of Petroleum Resources. He cited that “Under Section 5 of the 1999 Constitution, the Executive powers of the Federation are vested in the President

who may exercise same directly or through the Vice President, Ministers or officers in the public service of the Federation. It is apparent from the wordings of this section that it is within my discretion to exercise these powers directly or delegate same to certain functionaries.

In the same vein, Section 147(1) of the Constitution makes provision for such offices of the Ministers of the Government as may be established by the President. This clearly gives me the discretion over which office of Minister to establish. The Constitution does not specify the Ministries which I have to establish or the powers which I may delegate to Ministers.

It is therefore within my constitutional powers to choose not establish the office of the Minister of Petroleum Resources and directly exercise executive control over petroleum matters. It is immaterial that the office of Minister of Petroleum Resources is provided for in the Petroleum Act as the provisions of the Constitution take precedence over that of an existing law in the event of a conflict”.

Party supremacy is now fading and is gradually being replaced by cult loyalty to the President encouraged and sustained by the supreme Presidential powers and patronage. The powers of the President were not that Supreme in 1979. At that time there was party supremacy. If you are in UPN, you dare not challenge Chief Obafemi Awolowo’s supremacy and the collective decision of the UPN even if you are a governor or Senator in 1979. The same with Dr. Nnamdi Azikiwe’s NPP, Alhaji Aminu Kano’s PRP and Alhaji Waziri Ibrahim’s GNPP. In the centre, there was the Monday caucus of the NPN, which was the highest decision-making body. The Monday caucus was always chaired by the Chairman of the party, Chief August Meredith Adisa Akinloye (August 19, 1916-18 September, 2007) with the secretary, Alhaji Uba Ahmed (1939-2012), President Shehu Usman Aliyu Shagari GCFR (25 February 1925-28 December 2018) and his vice, Dr. Alex Chukwuemeka Ekwueme GCON (21 October 1932 – 19 November 2017), always in