Issuu

Alleged N9bn Fraud: Court Remands Ex-AGF Malami, Son, a Lady in Kuje Prison To hear bail application January 2

Alex Enumah in Abuja

Justice Emeka Nwite of the

Federal High Court, Abuja, on Tuesday ordered the remand of former Attorney-General

of the Federation (AGF) and Minister of Justice, Abubakar Malami, SAN, at Kuje

Correctional Centre, Abuja, pending the hearing of his bail application.

Nwite made the order shortly after Malami, his son, Abdulaziz Malami, and an

employee of Rahamaniyya Continued on page 9

Seven Journalists Die, Four Injured in Gombe Auto Accident... Page 14 Wednesday 31 December, 2025 Vol 30. No 11224. Price: N400

www.thisdaylive.com TR

UT H

& RE A S O

King Charles Honours Wale Edun with Grand Commander of Victorian Order, President Hails Minister

Emmanuel Addeh in Abuja

King Charles III of the United Kingdom yesterday appointed Nigeria’s Minister of Finance and Coordinating Minister of

the Economy, Mr. Wale Edun, the Grand Commander of the Royal Victorian Order (CVO) in recognition of his distinguished service. The award places Edun in an

exclusive circle of Nigerians so recognised, as he becomes the first recipient since former Commonwealth Secretary General, Chief Emeka Anyaoku, was last honoured with the same

distinction. This underscores both the rarity of the award and its significance in acknowledging exceptional contributions to international and Common-

wealth affairs, especially in youth development, as well as his longstanding work with the Duke of Edinburgh’s Continued on page 9

Wale Edun

Tinubu: New Tax Laws Take Off January 1, CBN Projects $51.04bn External Reserves President says ready to work with N’Assembly to resolve pending issues Apex bank sees inflation at 12.94%, growth to accelerate to 4.49% Forecasts 34.68% increase in public debt, deficit of N12.14 trillion Nigeria recorded $4.60bn surplus in Q3, diaspora remittances peaked at $5.24bn

Deji Elumoye, Chuks Okocha, Emmanuel Addeh, James Emejo in Abuja and Nume Ekeghe, Funmi Ogundare in Lagos President Bola Tinubu, for the umpteenth time, disclosed yesterday that the new tax regulations would take effect as planned from January 1, 2026. His declaration came despite criticism from opposition political parties and other concerned groups. Also, the Central Bank of Nigeria (CBN) has projected a stronger macroeconomic outlook for the country, forecasting a significant growth in external reserves to $51.04 Continued on page 9

ROYAL VISIT TO FIRST LADY...

L-R: Olu of Warri, HRM Ogiame Atuwatse III; First Lady, Senator Oluremi Tinubu; and Olu of Warri’s wife, Olori Ivie Atuwatse III, during their visit to the First Lady in Lagos, yesterday PHOTO: STATE HOUSE

WEDNESDAY, DECEMBER 31, 2025 • T H I S D AY

THISDAY • WEDNESDAY, DECEMBER 31, 2025

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

NEWS

MALAMI ARRAIGNED FOR MONEY LAUNDERING...

Former Attorney General of the Federation and Minister of Justice, Abubakar Malami (middle), flanked by EFCC operatives, during his arraignment for money laundering offences at the Federal High Court in Abuja ... yesterday

Solid Minerals Delivered N63.92bn to Federation Account in 11 Months Insecurity constrains additional sector contribution

Emmanuel Addeh in Abuja

Nigeria’s solid minerals sector remitted a total of N63.92 billion into the Federation Account over the January to November 2025 period, underscoring both the growing fiscal relevance of the extractive sub-sector and the volatility that continues to

shape its contribution to national revenue. The month-by-month inflows, as captured in official remittance records presented to the Federation Account Allocation Committee (FAAC) this December, showed a year defined by sharp fluctuations, a strong secondquarter rebound, and a late-year

moderation linked to security and operational constraints. The year opened with January remittances of N4.18 billion, accounting for about 6.5 per cent of the cumulative inflow. This was followed by N3.78 billion in February, representing roughly 5.9 per cent of the total. Together, the first two months

contributed N7.96 billion, or just under 12.5 per cent of the eleven-month take, pointing to a relatively modest start for the sector at a time when mining activities are typically slowed by logistics and financing cycles. March recorded a further dip, with remittances falling to N2.15 billion, equivalent to 3.4

Gombe Picks Ex-NERC Spokesman as Chair of State Electricity Commission Emmanuel Addeh in Abuja

Gombe State Governor, Inuwa Yahaya, has approved the establishment of the Gombe State Electricity Regulatory Commission (GOSERC) and has approved the appointment of Dr. Usman Abba Arabi, as chairman of the new body. Arabi is a Member of the National Institute for Policy and Strategic Studies (NIPSS) and a seasoned public service officer with over two decades of experience in the Nigerian

Electricity Supply Industry (NESI). Arabi, an electricity regulatory specialist with a vast knowledge and experience, recently exited his position as a General Manager at the Nigerian Electricity Regulatory Commission (NERC), Nigeria’s apex electricity regulatory organisation. The Secretary to the State Government, Prof. Ibrahim Abubakar Njodi, who conveyed the approval, explained that the development followed the governor’s assent to the bills

establishing the commission, thereby giving it full legal backing to operate. Besides, the governor approved a head for the Gombe State Information Technology and Digital Economy Commission (GIDTEC), in a move to strengthen regulation, drive innovation and deepen economic transformation in the state. “Accordingly, Governor Inuwa Yahaya has approved the appointment of Dr. Usman Abba Arabi as Chairman of the Gombe State Electricity Regula-

tory Commission (GOSERC) and Al-Amin Umar Barambu, PhD, as Chairman of the Gombe State Information Technology and Digital Economy Commission (GIDTEC),” a statement released by the Director-General (Press Affairs), Government House, Gombe, Ismaila Uba Misilli, said. Both Arabi and Barambu, the statement said, are bringing vast and relevant expertise required to effectively drive the mandates of the newly established commissions.

per cent of total collections. This marked the weakest monthly performance of the year and reflected a slowdown in production and export activity across several mining corridors. By the end of the first quarter, cumulative inflows stood at N10.10 billion, barely 15.8 per cent of the eventual January– November total, highlighting how back-loaded the sector’s revenue performance would become. However, a decisive turnaround began in April, when remittances surged to N7.88 billion. This single month contributed about 12.3 per cent of the year’s inflows and more than tripled the March figure. An analysis of the data by THISDAY showed that the rebound gathered momentum in May, which emerged as the strongest month of the year with N9.66 billion paid into the Federation Account. May alone accounted for just over 15.1 per cent of total remittances, cementing the second quarter as the fiscal high point for the

solid minerals industry. In the same vein, June sustained the improved performance, although at a slower pace, with N4.75 billion remitted, representing 7.4 per cent of the total. By the end of the first half of the year, aggregate inflows had risen to approximately N32.34 billion. This meant that more than half of the entire January–November remittance, around 50.6 per cent, was delivered between April and June, underlining the outsized importance of the second quarter to annual revenue outcomes. The third quarter opened on a stable footing, with July recording N5.84 billion in remittances and contributing 9.1 per cent of the total. August followed with N6.23 billion, equivalent to 9.8 per cent, reflecting continued strength in mineral sales and improved compliance by operators. September extended this trend, posting N7.32 billion, or 11.5 per cent of cumulative inflows, making it the third-best performing month of the year after May and April.

Orphanages, NYSC, Communities Cheer Barau Bags PhD in Corporate Entrepreneurship Yuletide: as Tony Elumelu Donates Rice, Beans in Delta Aniocha North Local adequately captured in the in Office as Nigeria’s Deputy Senate President Omon-Julius OnabuinAsaba and Government Area. Elumelu Yuletide humanitarian Sunday Aborisade in Abuja

Deputy President of the Senate and First Deputy Speaker of the ECOWAS Parliament, Senator Jibrin Barau, has earned a Doctor of Philosophy (PhD) degree in Corporate Entrepreneurship from Maryam Abacha American University, Maradi, Niger Republic. This information is contained in a statement by his Media Aide

Ismail Mudashir on Tuesday in Abuja. Barau, according to the statement, successfully defended his doctoral thesis on December 22, 2025, culminating years of academic work pursued alongside his legislative responsibilities. His dissertation, titled “Entrepreneurial Orientation and Financial Performance of SMEs: The Moderating Role of Environment,” examined how

strategic entrepreneurial practices influence the performance of small and medium-scale enterprises within varying operating environments. The achievement, Mudashir explained, adds to the academic and professional credentials of the Kano-born lawmaker, who holds national honours of CFR and FCNA, and currently serves as the number two presiding officer of the Senate.

The joyous Yuletide atmosphere in Delta State has been further electrified by philanthropy icon and Chairman, United Bank for Africa (UBA), Dr. Tony Elumelu, with his donation of 2,000 bags of parboiled rice and 200 bags of beans to various groups and communities in the state. Beneficiaries of Elumelu’s end-of-the-year gesture included orphanages in Delta’s capital territory of Asaba, Okpanam,

Others were National Youth Service Corps (NYSC), the federal nursing college in Atea, Onicha-Ugbo and Onicha-Olona communities, as well as Elumelu’s hometown of Onicha-Uku. Some women groups, local security operatives, nonindigene residents, Christian bodies, including Christian Association of Nigeria (CAN), and traditional rulers, were

project. While rations for the orphanages were taken to the different homes earlier yesterday by a team led by the donor’s aide, Mr. Abdul Ramon, the general distribution to the beneficiaries took place at the country home of Dr. Elumelu in Onicha-Uku, which became a beehive of sorts with the gathering of the representatives of the various beneficiaries.

WEDNESDAY, DECEMBER 31, 2025 • THISDAY

NEWS

SIGNING 2026 APPROPRIATION BILL INTO LAW...

Osun State Governor, Senator Ademola Adeleke, signing the 2026 appropriation bill into law. With him, from left, are Osun State PDP Chairman, Hon. Sunday Bisi; Osun State Deputy Governor, Prince Kola Adewusi; Osun State Speaker of the House of Assembly, Rt. Hon. Adewale Egbedun; and others at the Governor’s office, Osogbo, Osun State…recently

Transgrid Completes Acquisition of 60% Stake in Eko Disco for N360bn Emmanuel Addeh in Abuja

Transgrid Enerco Limited has completed its acquisition of a 60 per cent controlling stake in Eko Electricity Distribution Company (EKEDC) in a deal valued at approximately N360 billion, a report by Nairametrics said yesterday. The transaction, which was expected to close by April 2025, was however finalised on December 30, marking one of the largest privately negotiated takeovers in Nigeria’s power distribution sector since the 2013 privatisation exercise. Transgrid Enerco is a strategic alliance formed by North South Power Company Limited (NSP), Axxela Limited, and the Stanbic IBTC Infrastructure Growth Fund (SIIF). Eko Disco currently serves the southern part of Lagos

State and the Agbara community in Ogun State, regions seen as critical to Nigeria’s industrial and commercial growth. The new owners plan to modernise the power firm’s operations, enhance customer service, and expand its electricity distribution capacity from 513MW to 1,500MW within the next few years. In January, during the signing ceremony, the Chairman of Transgrid Enerco, Mr. Olubunmi Peters, emphasised the significance of the milestone, describing it as a commitment to addressing Nigeria’s energy challenges. West Power & Gas Limited (WPG), the former core investor, had acquired the 60 per cent stake in Eko Disco for about $135 million during the 2013 power sector privatisation exercise.

However, it was learnt that Transgrid Enerco made an upfront cash payment of N180 billion, while the remaining N180 billion was secured through bank guarantees to provide deferred payment assurance to the sellers. The cash payment was settled in two installments, with N150 billion paid earlier in the week of the transaction’s completion, while the final N30 billion tranche was paid

The National Environmental Standards and Regulations Enforcement Agency (NESREA) has ordered closure of the Sunseed Oil processing plant in Zaria, Kaduna State, following findings of severe air pollution linked to the facility’s operations. NESREA said the action was taken after investigations confirmed the plant was emitting harmful pollutants into the atmosphere in breach of the National Environmental (Air Quality

Control) Regulations. The regulations require industries to install effective pollution control systems and adopt cleaner production methods to minimize environmental and health risks. A statement by the agency’s spokesperson Nwamaka Ejiofor on Tuesday said the level of emissions from the Sunseed Oil facility posed a direct threat to the surrounding environment and residents in nearby communities, prompting immediate intervention to

regulatory enforcement actions, the extant transaction was purely a commercial and strategic acquisition, it was gathered. The consortium’s acquisition is expected to inject fresh capital and improve operational governance at Eko Disco, while the new owners are also expected to roll out key performance programmes aimed at improving service reliability.

The deal will see the new owners integrating renewable energy solutions such as solar and hydropower, as the company aims to set a new benchmark for efficiency and environmental responsibility in the power sector. The Disco remains one of the most commercially viable utility companies in Nigeria due to its urban, high-density customer base and relatively strong revenue collection rate.

Northern Elders Urge Nigerians to Oppose FG’s Alleged ‘Reckless’ Borrowings Chuks Okocha in Abuja

Northern Elders Forum (NEF) called on Nigerians to speak out against what it described as reckless and

NESREA Shuts Sunseed Oil Facility in Zaria over Air Pollution Violations

Michael Olugbode in Abuja

on December 30. It was gathered that the parties involved were keen to close the deal ahead of the implementation of Nigeria’s revised capital gains tax regime, which is scheduled to take effect on January 1, 2026. Unlike several previous changes in electricity distribution company ownership in Nigeria, which were largely driven by loan defaults or

halt further damage. She noted the enforcement exercise reflects the agency’s resolve to ensure that industrial operators comply with environmental standards and to protect the public from the dangers associated with uncontrolled industrial emissions and effluents. Commenting on the development, the DirectorGeneral of NESREA, Prof. Innocent Barikor, warned companies operating across the country to adhere strictly to national environmental laws.

unsustainable borrowings by the federal government, warning that the country’s economic future is being dangerously mortgaged. In an open letter addressed to Nigerians, NEF said silence in the face of mounting public debt amounted to complicity. It stressed that the country was no longer dealing with routine fiscal decisions but a pattern of borrowing marked by weak accountability and democratic neglect. In the letter signed by NEF spokesperson, Professor Abubakar Jiddere, the group expressed concern over the federal government’s reported move to secure an additional N17.89 trillion loan to fund the 2026 budget, even though the budget had not been debated by the National Assembly. The forum said the fresh loan request came

against the backdrop of a troubling borrowing record since mid-2023, with little evidence of commensurate delivery of capital projects across the country. NEF outlined what it described as a “record that demands answers”, citing figures reportedly drawn from public records and media reports. It stated that in 2023, the Tinubu administration borrowed N2.17 trillion for supplemental capital projects, with about 70 per cent of the intended outcomes reportedly achieved. For 2024, the forum said the federal government borrowed $21.5 billion, €2.2 billion, and ¥15 billion to fund capital projects, yet only about 30 per cent of the capital targets were reportedly met. The situation, according to the elders, worsened in 2025, when borrowings

escalated to include $2.347 billion, $347 million, €4 billion, N1.15 trillion, and a $500 million Sukuk bond. As of December 11, 2025, the forum claimed that none of the capital projects linked to the loans had been implemented. It said, “Despite this record, the federal government is now pressing for another N17.89 trillion loan to fund the 2026 budget. This trajectory is neither normal nor sustainable.” NEF also criticised the National Assembly, accusing it of abdicating its constitutional responsibility by allegedly approving loan requests without rigorous scrutiny. The forum lamented that loans approved since mid-2023 were not subjected to transparent, line-by-line assessments of budget performance, project execution, value for money or socio-economic impact.

WEDNESDAY, DECEMBER 31, 2025 • T H I S D AY

WEDNESDAY, DECEMBER 31, 2025 • THISDAY

NEWS

FLAGSHIP SPA LAUNCH...

L-R: Former Managing Director/CEO, Ecobank Nigeria, Mr. Patrick Akinwuntan; his wife, Eva Akinwuntan; Managing Director/CEO, BodySignal Arabian Spa/Trail Energy Ltd and Luxe Horizon, Mrs. Tina PHOTO: SUNDAY ADIGUN Oruche; and Managing Director/CEO, Portale Integrated Services, Mr. Chike Oruche, at the official Flagship Spa Launch held at Lekki Face One, Lagos… weekend

NAFDAC Approves First Robotic Surgical Platform in West Africa Approval positions Nigeria as regional leader in advanced surgical care

Sunday Ehigiator Nigeria has recorded a major medical milestone, as the National Agency for Food and Drug Administration and Control (NAFDAC)

granted regulatory approval for the Toumai robotic surgical system, making the country the first in West Africa to clear a robotic surgery platform for clinical use. The approval confirmed

the safety and efficacy of the robotic system for Nigerian patients and opened access to advanced surgical care for more than 400 million people across the sub-region. The development marked

a significant leap in Nigeria’s healthcare technology landscape and placed the country at the forefront of surgical innovation in Africa. The approval followed the successful completion of West

ActionAid Nigeria Warns of Rising Debt, Weak Social Spending in 2026 Budget Proposal Michael Olugbode in Abuja

ActionAid Nigeria has raised serious concerns over the federal government’s proposed 2026 Appropriation Bill, warning the budget could worsen Nigeria’s debt burden and further sideline key social sectors critical to poverty reduction and inclusive growth. In its review of the N58.18 trillion budget proposal, the organisation said the 5.8 per cent increase over the 2025 approved budget does not sufficiently address long-standing

fiscal and structural challenges. Instead, it noted the financing plan, size of the deficit, and sectoral priorities pose risks to fiscal sustainability and accountability. ActionAid Nigeria expressed particular concern over the continued extension of budget implementation timelines, which has resulted in the 2026 budget running alongside extended 2024 and 2025 budgets. According to the organisation, operating multiple budgets simultaneously weakens

transparency, limits effective legislative oversight, and increases the risk of mismanagement of public funds, especially for capital and social sector projects. The group, in a statement on Tuesday by its Country Director, Dr. Andrew Mamedu, also pointed to repeated post-submission changes by the National Assembly, including upward adjustments to allocations without secured funding sources, as a key factor contributing to funding gaps, delayed releases, and the rollover of projects across fiscal

years. On the fiscal outlook, ActionAid Nigeria highlighted the proposed 2026 budget projects revenue of N34.33 trillion against total spending of N58.18 trillion, leaving a deficit of N23.85 trillion. It described the figure as the largest deficit in Nigeria’s history, representing sharp increases over the 2024 and 2025 deficits.

this on Tuesday during a media briefing on the 10th board’s six-month scorecard. Poroye revealed the commission had developed strategic plans for shoreline protection and reclamation in Ayetoro and other vulnerable coastal communities. According to him, Governor Aiyedatiwa has approved the construction of a shoreline protection and reclamation

project at Obe-Nla as a pilot initiative to test and refine the technology before wider deployment. While noting the commission’s various interventions were critical to safeguarding lives, property, and livelihoods in riverine areas, Poroye insisted that residents continued to suffer from the devastating effects of climate change, sea incursion, and coastal erosion.

Africa Creative Market (ACM) has set the stage ablaze, igniting a new wave of creativity and innovation across the continent. Held recently at the Landmark Event Centre in Lagos, the event brought together the crème de la crème of the creative industry, including policymakers, investors, and cultural leaders from across Africa and beyond.

Africa’s first robotic surgeries, carried out on November 22, 2025, at NISA Premier Hospital, Abuja, by Chief Executive Officer of RoboMed, Dr. Obi Ekwenna. The two patients involved in the procedures were discharged within 12 and 48 hours, respectively, a recovery period significantly shorter than what was typical with traditional open surgery. Ekwenna said the clearance reflected the rigor of NAFDAC’s evaluation process and reassured patients of the system’s safety. He stated, “This approval reflects NAFDAC’s thorough evaluation of the technology’s safety profile. Nigerian patients can trust that this platform meets the highest regulatory standards. “They no longer need to travel abroad for world-class surgical care; we have brought

it home.” The Toumai robotic surgical system, manufactured by Shanghai-based MicroPort MedBot, allows surgeons to perform complex procedures with greater precision through high-definition 3D visualisation and four robotic arms. The technology enables minimally invasive surgery, resulting in smaller incisions, reduced pain, lower risk of complications, and faster recovery times for patients. Reacting to the approval, First Vice President of MicroPort Overseas Business, Dr. Altug Ergin, described the development as a milestone not just for Nigeria but for healthcare delivery across emerging markets. Ergin stated, “MicroPort MedBot is honored to partner with RoboMed in bringing the Toumai robotic surgical system to West Africa.

Africa Creative Market 2025 Ignites Continent’s Creative Economy OSOPADEC Deploys Shoreline Defence to Halt Mary With a focus on bridging countries, including Ghana, Nnah and trade, ACM 2025 Senegal, South Africa, and Erosion Onslaught in Ondo Oil Communities The fourth edition of the talent showcased the continent’s the United States.

Fidelis David in Akure

The Ondo State Oil Producing Areas Development Commission (OSOPADEC) has rolled out shoreline protection and land reclamation projects to stem the devastating coastal erosion and sea incursion ravaging oil-producing communities in the sunshine state. Chairman of the commission, Olabiyi Poroye, disclosed

rich creative potential and innovative spirit. The event featured a jam-packed program, including the Women in Film and TV Conference, the ACM Hackathon, the Global Creative Legal Summit, and the ACM Next Level Grand Finale. The Women in Film and TV Conference was a highlight of the event, featuring industry leaders from several

Keynote speakers included Lagos State Commissioner for Tourism, Arts and Culture, Toke Benson-Awoyinka, and veteran actress Joke Silva. US Consul General Rick Swart emphasized the importance of investing in skills and visibility for women’s stories, saying, “Investing in skills and visibility for women’s stories is crucial.”

THISDAY • WEDNESDAY, DECEMBER 31, 2025

NINE

Omosehin: No Deadline Extension on Insurance Recapitalisation Declares no company has legally scaled new capital hurdles, compliance evaluation underway Reaffirms commitment to safeguard policyholders, improve industry confidence

James Emejo in Abuja

Commissioner for Insurance (CFI)/Chief Executive, National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, yesterday declared that the July 30, 2026 deadline for the recapitalisation of insurance companies remained sacrosanct, adding that no extension will be granted. Omosehin also said the commission was yet to verify that any insurance company had fully complied with the recapitalisation requirement,

partly because their capital valuation had not been verified. Omosehin spoke at the opening of a seminar for insurance correspondents in Abuja. He said amending the deadline will amount to a breach of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which gave impetus for the new capital requirements. Represented by Deputy Commissioner for Insurance, Technical, Dr. Usman Jankara, the CFI said, legally, no firm could be adjudged to have met the new recapitalisation thresholds

until its compliance claims had been duly assessed, as stipulated in NIIRA. Providing an update on the recapitalisation exercise, Omosehin said, “Yes, calculations are ongoing. This is part of the improvement process and constitutes a real solvency framework. “We have issued guidelines on the role of capital valuation. Companies are required to submit key reports on their recapitalisation plans. The key point is that insurance entities must submit capitalisation plans

for evaluation. “Our duty now is to monitor progress toward the attainment of the recapitalisation plans as determined by individual entities. Companies whose plans meet minimum capital requirements are expected to comply within the stipulated timeline.” He said, “To ensure proper assessment, we have commenced engagements with firms such as KPMG, Deloitte, PwC, and others to ensure transparency in valuation. “They will assess assets, investments, and capital mix.

“After submission, the commission will review the reports and conduct its own evaluation where necessary. As of now, NAICOM has not verified any company. No company has been approved or adjusted yet. “We insist that when companies claim compliance, they must go through the full verification process to confirm that minimum requirements have been met.” The new capital thresholds, which were introduced by the NIIRA 2025, significantly raised minimum capital requirements

Omosehin for different sectors of insurance to strengthen the industry, setting N10 billion for Life, N15 billion for Non-Life, N25 billion for Composite, and N35 billion for Reinsurance, alongside a Risk-Based Capital (RBC) framework, with a one-year compliance deadline ending July 30, 2026.

TINUBU: NEW TAX LAWS TAKE OFF JAN. 1, CBN PROJECTS $51.04BN EXTERNAL RESERVES

billion in the 2026 fiscal year. Besides, the apex bank set the real Gross Domestic Product (GDP) growth at 4.49 per cent, and predicted a further moderation in inflation to an annual average of 12.94 per cent next year. But reacting to the President’s remarks, the Peoples Democratic Party (PDP) reiterated its earlier call for the suspension of the commencement date of the Tax Act based on alleged discrepancies between the harmonised and gazetted versions of the new Tax Act.

The opposition party accused Tinubu of pushing ahead with the new laws’ implementation date primarily to boost government revenue, rather than protect the interests of ordinary Nigerians. Also yesterday, the Chairman of the Presidential Fiscal Policy and Tax Reform Committee, Mr. Taiwo Oyedele, called on Nigerian universities to take a leading role in the successful implementation of the Tax Reform Act 2025. However, Tinubu in a statement also gave an assurance

KING CHARLES HONOURS WALE EDUN WITH GRAND COMMANDER OF VICTORIAN ORDER, PRESIDENT HAILS MINISTER

International Award. Also, the recognition adds to Edun’s career that has spanned public service, finance and international development, while reviving memories of a similarly rare honour last bestowed on Anyaoku during his tenure in charge of the Commonwealth. Part of the citation in the gazetted material read: “Central Chancery of the Orders of Knighthood. St. James’s Palace, London SW1, 30 December 2025. The King has been graciously pleased to make the following promotions in, and appointments to, the Royal Victorian Order (C.V.O.) to be an Honorary Commander: Adebayo Olawale Edun, lately Trustee, The Duke of Edinburgh’s International Award Foundation.” In his reaction to the honour, President Bola Tinubu, in a statement by the Special Adviser to the President on Information & Strategy, Bayo Onanuga, hailed the minister for the recognition, describing it as exceptional. “President Bola Ahmed Tinubu congratulates Mr Wale Edun, Minister of Finance and Coordinating Minister of the Economy, on his appointment

to the Royal Victorian Order by His Majesty King Charles III. “King Charles III appointed Mr Edun as Commander of the Royal Victorian Order (CVO) in recognition of his longstanding work with the Duke of Edinburgh’s International Award,” the statement noted. The Duke of Edinburgh’s International Award, the President said, is a global youth development programme that supports young people worldwide in building character, skills, and leadership, including in Nigeria, where thousands of young people currently benefit from the programme. Tinubu welcomed the ‘exceptional honour’ bestowed on the minister, whom he described as a pivotal member of his cabinet, and acknowledged that the recognition aligned with the priority his administration places on youth empowerment, opportunity, and national renewal. “The President commends Mr Edun’s industry and dedication, and reaffirms his administration’s commitment to developing Nigeria’s youth as leaders of today and tomorrow,” the presidential statement noted.

that his administration will be willing to work with the National Assembly to quickly resolve all issues identified in the cause of implementing the new tax laws. There were allegations that the reform documents signed by the President into law in June had been doctored and differed from what the National Assembly had passed. But the President, in an eight-paragraph statement titled, “New Tax Laws Will Commence On January 1, 2026 As Planned”, stated, inter alia: “The new tax laws, including those that took effect on June 26, 2025, and the remaining acts scheduled to commence on January 1, 2026, will continue as planned. “These reforms are a oncein-a-generation opportunity to build a fair, competitive, and robust fiscal foundation for our country. “The tax laws are not designed to raise taxes, but rather to support a structural reset, drive harmonisation, and protect dignity while strengthening the social contract. “I urge all stakeholders to support the implementation phase, which is now firmly

in the delivery stage. “Our administration is aware of the public discourse surrounding alleged changes to some provisions of the recently enacted tax laws. “No substantial issue has been established that warrants a disruption of the reform process. Absolute trust is built over time through making the right decisions, not through premature, reactive measures. “I emphasise our administration’s unwavering commitment to due process and the integrity of enacted laws. The Presidency pledges to work with the National Assembly to ensure the swift resolution of any issue identified. “I assure all Nigerians that the Federal Government will continue to act in the overriding public interest to ensure a tax system that supports prosperity and shared responsibility.” However, the PDP reiterated its earlier call for the suspension of the commencement date of the Tax Act, based on the alleged discrepancies between the harmonised and gazetted versions of the new Tax Act. In a statement by the National Publicity Secretary, PDP, Ini Ememobong, the opposition

party stated: ‘’Nigerians have demanded a thorough investigation of this anomaly and sought to know who carried out the illegal insertion and how it was done.” According to Ememobong, ‘’Rather than address these issues comprehensively, the Presidency has consciously minimised them and instead vehemently insisted that the commencement date must stand, despite the discrepancies. ‘’This disposition clearly shows where the priority of the government lies-between Nigerians and money. This Tinubu Presidency has always prioritised finance over the welfare and well-being of Nigerians from its inception in 2023, as evidenced by the reckless way it announced and implemented the removal of subsidy, which immediately impacted the economy of the country and caused ordinary Nigerians to suffer irreparable economic damage. ‘’In this instance, the President should remember that he is an employee of the people and, therefore, should listen to his employers. ‘’He should also remember that he won with less than

40 percent of the votes in the elections that gave him the job, and should therefore recognise that listening to Nigerians must be a primary duty of his administration, rather than serving the narrow interests of people around him. Mr President is reminded that a responsible PDP administration in 2012 listened to the cries of Nigerians and civil society organisations (where he played a prominent role during the protests) against the removal of fuel subsidy, in deference to the voices of Nigerians. ‘’The interest of Nigerians must be uppermost in the mind of the President and the Federal Government,’’ the PDP stated. Furthermore, the PDP stated: “We reiterate our earlier call for the suspension of the commencement date of the Tax Act, pending the conclusion of a thorough investigation. Obedience to laws in a democracy is directly linked to the belief that elected legislators have deliberated upon and approved them. ‘’A mere suspicion, let alone a confirmed fact, that unapproved sections have

Continued on page 27

ALLEGED N9BN FRAUD: COURT REMANDS EX-AGF MALAMI, SON, A LADY IN KUJE PRISON Properties Limited, Hajia Asabe Bashir, were arraigned on a 16-count criminal charge by Economic and Financial Crimes Commission (EFCC). Although they pleaded not guilty to the entire counts and their lawyers moved an oral application for their bail, the court declined to take the oral application on the grounds that it would amount to denying the prosecution the right to fair hearing. According to the judge, there is evidence of a written application for bail, which was served on the prosecution on Tuesday in court, and the prosecution by law needs time to respond to the written application just served on it.

Nwite explained that the court could not on its own withdraw the written application because the defendants, through their lawyers, moved an oral application for their bail. He stated that hearing and granting the oral application would amount to ambushing the prosecution, who had the right to respond to the written application already served on it. He subsequently adjourned till January 2, for hearing in the bail application. Malami, Abdulaziz, and Bashir are accused of conspiracy and concealment of proceeds of unlawful activities running into billions of naira.

The defendants were said to have committed the alleged offences between November 2015 and June 2025. Malami, who was Minister of Justice under former President Muhammadu Buhari, has been in custody of the antigraft agency since December 8, following his failure to meet his bail conditions. The defendants would be arraigned at the Federal High Court, Abuja, shortly after the assigning of the suit to a judge. The commission, in the suit filed by Mr. Jibrin Okutepa, SAN, claimed the funds allegedly acquired unlawfully were used for the purchase of luxury properties in Abuja, Kebbi, Kano, and

other locations. In count one, Malami and his son were said to have between July 2022 and June 2025, “procured METROPOLITAN AUTO TECH LIMITED to conceal the unlawful origin of the total sum of N1, 014, 848, 500.00 in the Sterling Bank Plc Account No. 0079182387, when they reasonably ought to have known that the said sum formed proceeds of unlawful activities and thereby committed an offence contrary to Section 21(c) of the Money Laundering (Prevention and Prohibition) Act 2022 and punishable under Section 18(3) of the same Act”. Continued on page 26

WEDNESDAY, DECEMBER 31, 2025 • T H I S D AY

WEDNESDAY, DECEMBER 31, 2025 • THISDAY

NEWS

2025 RJEMMANUEL PROJECT MANAGEMENT AND LEADERSHIP SUMMIT...

L-R: Project Management and Leadership Nigeria Summit Lead, RJEmmanuel, Faith Alfred; Head, Project Development and Administration Unit, IITA, Ibadan, Dr Kayode Awobajo; Founder and Managing Director of RJ Emmanuel, UK and RJEmmanuel Project Management, Nigeria, Dr. Yetunde Adeshile, and Director of Finance, RJEmmanuel, Pastor Peter Adeshile at the 2025 Project Management and Leadership Summit held at the Signature Hotel, Ibadan, Oyo State...recently

Tinubu Appoints Rotimi Oyedepo as New Director of Public Prosecutions

Rejoices with a ‘pivotal’ member of his cabinet, Wale Edun, on appointment to Royal Victorian Order Pays glowing tribute to Kaduna gov, Uba Sani, at 55 Deji Elumoye in Abuja President Bola Tinubu has approved the redeployment of Mr Rotimi Oyedepo (SAN) from Economic and Financial Crimes Commission (EFCC), to the mainstream Federal Civil Service as Director of Public Prosecutions (DPP), in the Federal Ministry of Justice. A letter dated December 23, 2025, signed by Omolabake Mafe on behalf of Chairman of Federal Civil Service Commission, stated that Oyedepo’s appointment was made in the public interest. According to a release issued on Tuesday by State House Director of Information and Public Relations, Mr Abiodun Oladunjoye, Oyedepo, as DPP, will fill the vacancy occasioned by the retirement of Mr Abubakar Babadoko, who will attain the mandatory eight years as a director on December 31, 2025. Oyedepo, a 2007 law graduate from the University of Ilorin, who attended the Law School in 2008, is expected to deploy his expertise to reduce

reliance on external counsel for critical prosecutions and to ensure greater coherence and consistency in Federal Government’s legal strategies. Before this appointment, Oyedepo worked at EFCC for over 15 years, specialising in the prosecution of complex economic and financial crimes. He also served as Head of the Monitoring Unit. Among others, he was a member of the legal team for the federal government in the landmark case of Process and Industrial Development versus Federal Republic of Nigeria, known as the P&ID case. He was named the EFCC Outstanding Staff of the Year in 2014 as well as the Best Financial Crimes Prosecutor in 2019. Tinubu equally congratulated Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, on his appointment to the Royal Victorian Order by His Majesty King Charles III. King Charles III appointed Edun as Commander of the

Royal Victorian Order (CVO) in recognition of his longstanding work with the Duke of Edinburgh’s International Award. The Duke of Edinburgh’s International Award is a global youth development programme that supports young people worldwide in building character, skills, and leadership. Thousands of young people in Nigeria are currently benefitting from the programme. Tinubu, in a statement issued on Tuesday by his Adviser

on Information and Strategy, Bayo Onanuga, welcomed the exceptional honour bestowed on the minister, a pivotal member of his cabinet, and acknowledged that the recognition aligned with the priority his administration placed on youth empowerment, opportunity, and national renewal. Tinubu commended Edun’s industry and dedication, and reaffirmed his administration’s commitment to developing Nigeria’s youth as leaders of

Medical Sciences, Engineering, and Information and Communication Technology (ICT) at Sanskaram University, were formally sent off on Tuesday during a ceremony in Jos. Governor Mutfwang described the initiative as a “strategic, merit driven investment in human capital development”, insisting the

he turns 55 on December 31. “The life, struggles, and triumphs of Governor Sani glisten with golden lessons, especially for our younger ones. As a young man, he identified a noble purpose for his life: the quest for a free and egalitarian society. It was a cause that some of us chose not for personal gain or self-promotion, but for the betterment of our society and the freedom of our people. Continues online

Senate to Audit NDDC Projects as Commission Seeks N1.75trn 2025 Budget Sunday Aborisade in Abuja

Niger Delta Development Commission (NDDC) yesterday came under renewed legislative scrutiny, as Senate commenced plans for a physical assessment of projects executed by the commission between 2021 and 2024, and it presented a proposed N1.75

trillion budget for the 2025 fiscal year. The budget proposal was presented to Senate Committee on NDDC by Managing Director and Chief Executive Officer of the commission, Mr. Samuel Ogbuku. Ogbuku disclosed the 2025 estimate represented a nine per cent reduction from the

Mutfwang Flags Off Scholarship Scheme, Sends 200for degree Plateau Students to India programmes in selection process was transpar- batch was devoid of any Yemi Kosoko in Jos Governor Caleb Manasseh Mutfwang of Plateau State has dispatched 200 students to India under the newly launched Mutfwang Legacy Scholarship Scheme, marking one of the state’s largest foreign education interventions in recent history. The beneficiaries, selected

today and tomorrow. The president also paid glowing tribute to Governor of Kaduna State, Senator Uba Sani, as he clocked 55. Tinubu, in a statement, extolled the virtues of Sani who he described as a trusted and reliable ally of his government. The president stated, “I warmly congratulate my younger brother and friend in the struggle for democracy in Nigeria, Comrade Uba Sani, the governor of Kaduna State, as

ent and devoid of political influence. “This process was not manipulated or influenced in any way. Everyone selected is here because of hard work and excellence,” he said, noting that Sanskaram University independently supervised the screening. He stressed the first

interference or interest from political, institutional, or quota considerations to reinforce meritocracy. “We did not allocate slots to politicians, local governments, or institutions. Plateau has some of the brightest minds in this country, and we insisted on a purely merit based process,” the governor added.

N1.985 trillion proposed and appropriated for the 2024 fiscal year. He told the Senator Asuquo Ekpenyong-led committee that the proposed N1.75 trillion budget was expected to be funded from multiple sources. The various fund sources, according to him, included N776.5 billion as federal government contribution; N752.8 billion from oil companies; N109.4 billion as revenue brought forward from 2024; N53.67 billion as recoveries from federal government agencies; and N8.35 billion as internally generated revenue. A breakdown of the proposal showed that N1.631 trillion was earmarked for projects execution across the Niger Delta region, while N223 billion was allocated to internal projects. Personnel cost was put at N47.56 billion, with N49.929 billion set aside for overhead

expenditure. On the performance of the 2024 budget, Ogbuku informed the committee that as of October 31, 2025, the commission’s actual revenue stood at N1.985 trillion, exceeding the initial target of N1.911 trillion. He attributed the improved revenue performance largely to the extension of the 2024 budget implementation to December 31, 2025. Following the presentation, the committee held a closeddoor session with the NDDC management to review both the budget proposal and the status of ongoing and completed projects across the Niger Delta. Briefing journalists after the session, Chairman of the committee, Senator Asuquo Ekpenyong, said Senate would embark on an extensive oversight tour of NDDC projects in the nine Niger Delta states in January 2026.

WEDNESDAY, DECEMBER 31, 2025 • T H I S D AY

WEDNESDAY, DECEMBER 31, 2025 • THISDAY

NEWS

2025 EYO FESTIVAL IN LAGOS...

L-R: Lagos State Permanent Secretary, Ministry of Tourism, Arts and Culture, Mrs Bopo Oyekan-Ismaila; Special Adviser to Lagos State Governor on Tourism, Arts and Culture, Mr Idris Aregbe; and Senior Special Assistant to Lagos State Governor on Tourism, Arts and Culture, Damilola Ayinde-Marshal, at 2025 Eyo Festival held at Tafawa Balewa Square, Lagos Island... recently

Seven Journalists Die, Four Injured in Gombe Auto Accident ’Deeply saddened’ Atiku mourns journalists’ demise

Chuks Okocha in Abuja and Segun Awofadeji in Gombe

Federal Road Safety Corps (FRSC) has confirmed that seven members of the Nigeria Union of Journalists (NUJ) lost their lives, while four others

sustained injuries in a lone fatal road accident involving an NUJ bus in Gombe State. The crash involving journalists, staff of the Nigerian Television Authority (NTA), Gombe, and Ministry of Information occurred on Monday evening

as the journalists were returning from a wedding ceremony in Gombe South Senatorial District. The victims were part of a delegation that had travelled to honour a colleague, an employee of NTA, who was getting married.

Former Vice President Atiku Abubakar said yesterday he was saddened by the death of the seven journalists, who lost their lives in the accident. Atiku, in a statement shared on his official Facebook page, described the deceased as

Natasha: Joshua’s Tragedy Renews Call for National Highway Safety Emergency As FRSC zonal commanding officer calls for cautious driving Sunday Aborisade in Abuja and Bennett Oghifo in Lagos Senator Natasha AkpotiUduaghan representing Kogi Central has called for urgent and far-reaching reforms to Nigeria’s highway safety architecture following a fatal road accident that claimed the lives of two close associates of two-time former world heavyweight boxing champion, Anthony Joshua. Meanwhile, in a related development, the Zonal Com-

manding Officer (ZCO) of the Federal Road Safety Corps (FRSC), in charge of Lagos and Ogun states, Assistant Corps Marshal Ann Oladayo, has called on motorists to exercise utmost caution in driving on the highways during the yuletide period. She made this call while on a follow up visit to the site of the Road Traffic Crash (RTC), involving world heavyweight boxing champion, Anthony Joshua, that claimed the lives

of two of his friends. Senator Akpoti-Uduaghan in a condolence message issued on Tuesday expressed deep sympathy with Joshua, whose friends reportedly travelled with him to Nigeria before the tragic incident. She described the loss as devastating and avoidable, lamenting the recurring carnage on Nigerian roads. Akpoti-Uduaghan said the incident once again exposed the dire state of highway safety

in the country, stressing that preventable road crashes had continued to claim thousands of lives yearly due to weak enforcement, poor infrastructure and slow emergency response. She said, “My heart goes out to Anthony Joshua at this painful moment. Losing two close friends in such tragic circumstances is heartbreaking.

dedicated media professionals who met their untimely deaths while returning from the wedding ceremony of a colleague. He stated, “I am deeply saddened by the tragic loss of seven journalists in a fatal road accident in Gombe South. “These were dedicated professionals who met their untimely end while returning from the wedding ceremony of a colleague.” Those who lost their lives in the incident included Zarah Umar, Manager News and Senior Special Assistant to the Governor in the Office of the First Lady; Manu Haruna Kwami, Manager Administration, NTA; Isa Lawan; Musa Tabra, a retired Manager News; Aminu Adamu, senior driver; Adams Danladi of StarTimes; and Judith Kutus, Information Officer with the Gombe State Universal Basic Education Board (SUBEB). Confirming the incident in a telephone interview with

journalists, Gombe State Sector Commander of FRSC, Samson Kaura, said a total of 11 persons were involved in the accident. According to him, “From the information available to us, 11 people were involved in the crash. Sadly, seven of them died on the spot, while four others sustained varying degrees of injuries.” Kaura stated that preliminary findings indicated that the accident was a lone crash, likely caused by a tyre burst. “It is a lone accident, and from what we have gathered so far, it is very fatal. Although investigations are still ongoing, I suspect it may have been a tyre burst. Perhaps the driver applied the brakes suddenly, which caused the vehicle to somersault,” he stated. The sector commander added that FRSC rescue teams were promptly deployed to the scene and were still conducting rescue and recovery operations as of the time of the interview.

ICPC Scores NSITF High on Integrity, Ethics Test

NGO Urges Nigerians, Institutions Onyebuchi Ezigbo in Abuja Unit, (NSITF-ACTU) Mrs. over 144 other MDAs as Josephine Oamenmade, it moved to 42nd position Nigeria Social Insurance made available to newsmen up from 186th it occupied to Support Osun Orphanage Home The Trust Fund, (NSITF) said in Abuja said the Fund’s. 2024 on the EICS national

Yinka Kolawole in Osogbo

A non-governmental organization, Osun Country Club, has called on well-meaning Nigerians and institutions to come to the aid of an orphanage home in Osun State. The NGO donated food items and cash gifts worth millions of naira to the Our Lady of Fatimah Orphanage

home in Osogbo, the state capital. Speaking shortly after the presentation of the gifts to the management of the Our Lady of Fatimah Orphanage home, the President of Osun Country Club, Chief Abiola Falayajo, urged individuals and society at large to extend their hand of giving to the less privileged, saying that

government cannot do it all alone. Falaya said members of the club came to the orphanage home’s support to firm up the beautiful work the carer and the proprietors of the orphanage have been doing. He disclosed they will ensure that organizations support all the orphanage home across the state.

it has been given a pass mark by the Independent Corrupt Practices and Other Related Offences Commission’s, (ICPC) in its ethics and integrity compliance scorecard for 2025 and the ACTU effectiveness index for the same year. A statement signed by the chairman of NSITF’s AntiCorruption and Transparency

EICS performance rose from 59.0 in 2024 to 71.3 in the year under review. Her words: “We have recorded marked improvements in the recently released ICPC Ethics and Integrity Compliance Scorecard, (EICS) for 2025 and the ACTU Effectiveness Index for the same year. “The Fund also sprung

ranking out of the 357 MDAs assessed by the anti-graft agency”. While highlighting the progress, NSITF said: “We are proud to announce our exceptional performance in the 2025 ICPC Ethics and Integrity Compliance Scorecard. We have moved from 186th to 42nd position nationwide out of 357 MDAs.”

WEDNESDAY, DECEMBER 31, 2025 • T H I S D AY

T H I S D AY • WEDNESDAy, DECEmbER 31, 2025

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

D E C E m b E R

S & P INDEX

3 0 ,

S & P INDEX

2 0 2 5 EXCHANGE RATE

OPR

25.34%

CALL

23.25%

INDEX LEVEL

595.26

1/4 TO DATE

0.24%

N1,465.11/ 1 US DOLLAR*

OVERNIGHT

25.18%

1-MONTH

21.37%

1-DAY

0.10%

YEAR TO DATE

-10.99%

*AS AT TUES., DEC. 30, 2025

3-MONTH

22.41%

MONTH-TO-DATE

0.24%

Amid Excess Liquidity, Total OMO Subscription Reached N60.33trn in 2025

Kayode Tokede On the back of excess liquidity in the financial sector, total subscription to the Open Market Operation (OMO) conducted by the Central Bank of Nigeria (CBN) in 2025 increased to N60.33 trillion, representing a significant increase of 246 per cent when compared to N17.45 trillion in 2024. OMO is a monetary policy tool used by CBN to regulate money supply and liquidity through buying or selling government securities at the secondary market. OMO bills also play a

central role in helping the CBN influence short-term interest rates and absorb excess cash from the system. By issuing these high-yield bills, the apex bank is able to sterilise liquidity, reduce inflationary momentum, and guide market expectations ahead of its next monetary policy decision. The total subscription in 2025 is against the U.S. investment bank, J.P. Morgan report that called on investors to exit long positions in Nigerian OMO bills, warning that global risks, driven by falling oil prices and renewed trade

tensions, could deepen Nigeria’s macroeconomic vulnerabilities. According to financial data released by CBN, the total amount offered to be raised in 2025 stood at N17.44 trillion, which is about 59.2 per cent increase over N10.95trillion in 2024. The total successful amount raised in the year under review stood at N26.85 trillion, which is about 98.14 per cent growth over N13.55 trillion raised in 2024. Analysis of the CBN data it raised N4.57 trillion in the first quarter of 2025 and

about N7.42 trillion in the second quarter 2025. Throughout Q2 2025, the CBN initiated eight OMO auctions designed to absorb surplus cash from the system and stabilise short-term interest rates. Despite offering a total of N4.5 trillion across its standard tenors, demand significantly outpaced supply, reflecting heightened investor appetite for high-yield fixed income instruments. Parthian Limited in its Q2 2025 financial markets noted that the increased demand for OMO was largely fueled by elevated

yields that have made OMO bills increasingly attractive, particularly to Nigerian banks seeking to bolster their earnings amid lower lending activity. Major lenders, buoyed by ample liquidity, have been allocating substantial funds—some averaging over N1 trillion—to money market instruments. This trend reflects a broader strategy to leverage favorable interest rates while minimizing credit risk. However, the strong investor turnout, especially for longer-dated instruments such as OMO, indicates that financial institutions

are willing to tie down capital in longer-term securities to capitalise on high yields while guarding against inflation. Yields in 2024 was more attractive than that of 2025 as the CBN reduced yields to lower government borrowing costs, manage inflation, and align monetary policy with broader economic goals. High yields mean the government pays more to borrow, so cutting them helps reduce debt servicing burdens and encourage lending to the real economy. The story continues online on www.thisdaylive.com

External Reserves Up 10.8% YoY to $45.28bn as FX Buffers Strengthen Nume Ekeghe Nigeria’s external reserves rose to $45.28 billion as of December 24, 2025, marking a year-on-year (YoY) increase of about 10.8 per cent from $40.85 billion recorded on December 24, 2024, data from the Central Bank of Nigeria (CBN) has showed. Analysts submits that the steady build-up

reflects a sustained accumulation trend through 2025, underpinned by improved foreign exchange inflows, tighter demand management and continued reforms in the FX market. A closer look at the monthly trajectory showed that reserves began 2025 at just above $40.9 billion in early January, before edging past the $42 billion threshold by late

March, supported by increased FX liquidity and stronger market confidence following policy adjustments. The second quarter was largely a period of stabilisation rather than growth. Reserves hovered within the $38.0 to $38.4 billion range, with only marginal daily movements. By the end of June, reserves stood at approximately

$37.21 billion, marking the lowest point of the year and confirming that reserve accumulation had not yet taken hold in the first half. A clear shift emerged from July where reserves began a steady upward trend, rising from $37.19 billion at the start of July to about $41.42 billion by the end of September. This phase

marked the beginning of a more durable rebuild, supported by improved foreign exchange inflows and tighter FX market management. The pace of accumulation strengthened further in the fourth quarter. By late October, reserves had crossed $43 billion, and by mid-November stood above $44 billion, signalling stronger inflows

and reduced pressure on external buffers. December saw reserves peak for the year. Although there were mild pullbacks from intra-month highs above $45.4 billion, the stock closed at $45.28 billion on December 24, its strongest level in over a year and a net increase of more than $4.4 billion compared with the same period in 2024.

M a r k e t d ata a s at t u e s d ay, d e C e M b e r 3 0 , 2 0 2 5 BONDS DESCRIPTION Price Yield Change Updated Time (%) ^16.2884 1799.42 16.76 0.00 December mAR-2027 30, 2025 ^19.94 20103.46 16.60 -0.01 December 30, 2025 mAR-2027 ^13.98 230.01 December 94.94 16.85 FEb-2028 30, 2025 ^21.00 20December 107.42 16.80 0.00 mAR-2028 30, 2025 ^14.55 26105.58 16.98 0.00 December APR-2029 30, 2025

BILLS MATURITY NTb 8-Jan26 NTb 5-Feb26 NTb 5-mar26 NTb 9-Apr26 NTb 7-may26

Discount Yield 15.32

15.38

15.55

15.80

15.70

16.15

15.77

16.48

15.90

16.84

CPS

Change (%) Updated Time

MATURITY

-0.01 December 30, 2025 -0.01 December 30, 2025 0.00 December 30, 2025 -0.01 December 30, 2025 0.00 December 30, 2025

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

Discount Yield 19.21

19.40

19.81

20.07

20.73

21.14

18.16

18.82

19.23

20.22

CLEARED NAIRA-SETTLED NDFS Change (%)

Updated Time

-2.47 December 30, 2025 December -2.30 30, 2025 -1.98 December 30, 2025 -0.63 December 30, 2025 -0.01 December 30, 2025

CONTRACT Current TENOR Contract Rate ($/₦) (MONTH) NGUS DEC 13m – 30 2026 NGUS JAN 14m – 27 2027 NGUS FEb 15m – 24 2027 NGUS mAR 16m – 31 2027 NGUS APR 17m – 28 2027

Updated Time

December 30, 2025 December 30, 2025 December 30, 2025 December 30, 2025 December 30, 2025

Wednesday, deCember 31, 2025 • T H I S D AY

bUsInessWOrLd

PersPeCTIVe

More Than Celebration: Segilola’s Christmas Event Shows the Future of Social Responsibility Madhurii Sarkar-Amoda

hristmas holds a timeless significance across communities in Nigeria and throughout Africa. It is a season that calls people back to generosity, unity, and shared humanity. For children, it sparks unfiltered joy and possibility. For families, it deepens the bonds that anchor community life. And for organisations committed to responsible development, it offers a rare moment to demonstrate presence, gratitude, and genuine partnership. This was the spirit that guided Segilola Resources Operating Limited (SROL) on 20 December 2025, when the company hosted a Christmas celebration for children across its host communities. What unfolded that day was more than a festive gathering; it became a vivid demonstration of what community partnership can look like in Nigeria’s modern mining sector. Throughout 2025, SROL continued to embody a culture of giving, one that becomes even more meaningful during the festive season. The company has consistently implemented social responsibility initiatives that uplift its host communities and set a new benchmark for responsible mining. This steadfast commitment has earned Segilola industry-wide respect, reflected in its recent recognition at the 2025 SISA Awards as the Community Development Champion, alongside the Award of Excellence for Decent Work from Nigeria’s Federal Ministry of Labour and Employment. SROL’s approach illustrates that responsible mining extends far beyond regulatory compliance, environmental stewardship, or economic contribution — areas where

the company has clearly excelled. True responsibility also lies in building trust, nurturing connections, and sustaining the social fabric of the communities that welcome industry players into their lands. Throughout the year, SROL has demonstrated this philosophy through a holistic set of initiatives: empowering over 200 women with business and digital skills for International Women’s Day; supporting youth innovation through a university competition; commissioning a new palace in Imogbara; enabling sustainable agriculture in Iperindo; upgrading infrastructure in Odo-Ijesha; hosting medical outreach for over 3,000 people; and launching SegunCare, a programme dedicated to supporting individuals with chronic conditions. These are more than projects; they are investments in a shared and inclusive future. But the Christmas celebration

revealed something just as important: the heart behind the In a sector where success is often measured in metrics, it becomes easy to miss the value of moments that transcend measurement. Yet communities remember experiences long after numbers fade. They remember when a company was truly present, celebrating with them, and honouring the cultural rhythms that give life meaning. This was the atmosphere on 20 December. Children gathered for a day filled with games, music, food, and unfiltered excitement. Every child was seen. Every child felt valued. And in those moments, Segilola once again communicated something profound: that mining can be human, empathetic, inclusive, and grounded in genuine care. Beyond the celebration with children, Segilola’s end-of-year engagements

extended into tangible gestures that touched households across its host communities. As part of the festive season, the company distributed end-of-year gifts to community members, reinforcing a culture of appreciation and shared joy. These gestures were not framed as handouts, but as symbols of solidarity, acknowledging the everyday partnership between SROL and the people whose livelihoods intersect with its operations. The company’s commitment to cultural preservation and community identity was also evident in its role as one of the corporate sponsors of the Iwude Festival, a revered cultural celebration in Osun State. By supporting the festival, the company aligned itself with traditions that strengthen communal bonds and affirm shared heritage. In the wider urban landscape, SROL further demonstrated its festive-season commitment by sponsoring the decoration and beautification of a prominent roundabout and flyover in Osogbo. The initiative contributed to a brighter, more welcoming city atmosphere during the holidays, offering residents and visitors a shared visual symbol of celebration and renewal. For SROL, the Christmas celebration was not an isolated gesture. It was a natural extension of an operating philosophy that places people at the centre of progress. It reflected an understanding of the cultural heartbeat of the communities it serves, and a recognition that development is ultimately about lives, stories, aspirations, and shared experiences. The story continues online on www.thisdaylive.com

Transforming Nigeria’s Agribusiness Landscape: How the 2025 Tax Act Unlocks Multinational Growth Potential Ade Adefeko

igeria’s 2025 Tax Act represents a watershed moment for the country’s agribusiness sector. As one of four comprehensive fiscal reform acts signed in June 2025, this landmark legislation is poised to revolutionise how multinational corporations invest in, operate within, and grow Nigeria’s agricultural value chain. Through strategic incentives, streamlined regulations, and forward-thinking policy frameworks, the government is making a deliberate bet on agricultural transformation as a cornerstone of economic development. This strategic analysis examines the transformative impact of these reforms through the lens of multinational agribusiness operators—the pivotal players whose investment decisions will determine whether Nigeria realises its agricultural potential.

The Comprehensive Tax Reform Framework

The Nigeria’s 2025 Tax Act operates within a broader ecosystem of four interconnected legislative reforms designed to consolidate Nigeria’s fragmented tax system, broaden the tax net, harmonize administration, and strengthen enforcement mechanisms. Together, these reforms create a coherent policy architecture that addresses decades of fiscal inefficiency.

The Four Pillars of Reform

1. Joint Revenue Board of Nigeria (Establishment) Act, 2025 - Creates institutional coordination for revenue collection across federal, state, and local governments.

2. Nigeria Revenue Service (Establishment) essential medical products under the Act, 2025 - Establishes a modernized new Act. revenue collection agency with • 4% Development Levy: to replace enhanced technological capabilities. multiple taxes, including Tertiary 3. Nigeria Tax Administration Act, 2025 Education Tax, Police Trust Fund, - Streamlines administrative procedures NASENI, and IT levies and reduces bureaucratic complexity. • Sustainability Provisions: 5% fossil fuel 4. Nigeria Tax Act, 2025 - Provides surcharge coupled with tax credits substantive tax policy reforms, incentives, for renewable energy investments and a framework for economic sectors. in agricultural operations These reforms collectively aim to elevate Nigeria’s tax-to-GDP ratio from Strategic Incentives for Agricultural Businesses its current level to 18% by 2026/27, The Tax Act introduces a suite of targeted while simultaneously driving economic incentives specifically designed to catalyze diversification and agricultural sector growth. agricultural investment: • Five-Year Tax Exemption: Complete income tax exemption for new From Complexity to agricultural enterprises (for crop Clarity production, livestock, forestry, dairy, and The Burden of Fiscal Uncertainty cocoa processing) during their critical Prior to these reforms, Nigeria’s establishment phase. This exemption business environment was characterized applies from the date operations begin. by profound fiscal unpredictability • Economic Development Tax Incentive and labyrinthine bureaucracy. For (EDTI) replaces Pioneer Status: A multinational agribusiness operators, modernised replacement for the this uncertainty manifested as a outdated Pioneer Status Incentive, strategic impediment—making offering more flexible and impactful long-term capital allocation decisions support. EDTI provides a 5% annual difficult, hindering expansion planning, tax credit for up to 5 years on and ultimately suppressing the sector’s qualifying capital expenditure. growth potential. • Capital Gains Tax (CGT) Relief: Special Companies operating in capitalprovisions for angel investors and intensive agricultural value chains— venture capital supporting agribusiness from large-scale crop production startups. The exemption applies to to feed manufacturing and food angel investors who hold startup processing—found themselves investments for more than 24 months. navigating an environment where It is noteworthy that the CGT rate the rules of engagement shifted increased from 10% to 30% under unpredictably, compliance costs the new Act. escalated without warning, and • VAT Exemptions: Zero-rated on basic investment returns remained perpetually food items, agricultural inputs, and uncertain.

The Cascading Tax Complexity

Perhaps no challenge was more acute than the bewildering complexity of the pre-existing tax regime. Businesses confronted what industry insiders described as a ‘cascading effect of multiple taxes’ - a proliferation of overlapping levies that transformed tax compliance from a routine administrative function into a resource-draining ordeal. The litany of obligations included: • Tertiary Education Tax • Police Trust Fund Levy • Various Information Technology levies • Multiple state and local government taxes • Sector-specific assessments and charges The cumulative effect was profound: companies dedicated disproportionate resources to tax compliance rather than core business activities—production optimisation, innovation, market expansion, and value chain development. Capital that should have been allocated to farm mechanisation, processing capacity, or distribution networks was instead absorbed by compliance costs and administrative overhead.

How Reforms Transform Agribusiness Operations

Streamlined Tax Framework The 2025 Tax Act directly addresses the complexity challenge through fundamental simplification. By consolidating multiple levies, standardising procedures, and creating clear, predictable guidelines, the Act transforms tax compliance from an obstacle into a manageable administrative function. The story continues online on www.thisdaylive.com

T H I s D Ay • WEDNESDaY DECEMBER 31, 2025

Politics

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

As Judiciary Struggles with Negative Perception in 2025...

Efforts by the judiciary to earn respect and trust of the Nigerian citizens and even the international community continues to suffer setbacks with the delivery of some judgments that seems out of tune with justice, writes Alex Enumah.

lthough, year 2025 was not an election year; where the courts are fast becoming the decider of political office holders rather than the electorates, the nation’s judiciary however, continues to receive the bashing from all quarters owing to some of its judgments delivered recently. The Supreme Court of Nigeria, is not just the final court in the country, but a court whose judgments can shape policies and legal directions of both the executive and legislative arms of government. Little wonder the judiciary prides itself not just as the “last hope of the common man”, but also the pillar of democracy. In a welcome at its official website, the Supreme Court claims that as the guardian of the Constitution and the final arbiter in all legal disputes in the country, it plays a pivotal role in upholding the rule of law, protecting fundamental rights, and ensuring justice for all. However, some of the apex court’s decisions in 2025, especially political cases has left many Nigerians just as confused and hopeless us most election cases in the past. In 2024, the apex court was applauded when it ruled in favour of local government autonomy, given hope that development would begin to take place at the grassroots. But, few months later, in February 2025, the apex court set aside two judgments of the Court of Appeal, which had earlier nullified judgments ordering for the withholding of funds due to Rivers State as well as the stoppage of the conduct of local government elections in the state, over dispute between a faction of the Rivers State House of Assembly and the state executive. At the heart of the Rivers dispute is the issue of defection by 27 members of the assembly said to be loyal to the Minister of the Federal Capital Territory (FCT), Nyesom Wike. While the apex court is yet to decide whether the Martins Amaewhule-led faction actually defected from the People’s Democratic Party (PDP) that sponsored them to office and whether they can continue to remain in office after defecting, the silence of the apex court on this matter arguably is responsible for the cur-

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rent gale of defection both at the state and federal levels, as there seems to be no consequences for defecting. Kudos to the Supreme Court that Nigeria is fast becoming a one-party state. Similarly, the decision of the apex court to affirm the seizure of monthly allocations due to Rivers State, also arguably laid the foundation for the creation of a ‘State of Emergency’ in March this year. Recall that President Tinubu in declaring the state of emergency had made reference to the judgment of the apex court in respect of breakdown of law and order in the state.

In invoking Section 305 of the Constitution, Tinubu went ahead to suspend the Governor, Siminalayi Fubara, his deputy and the entire house of assembly for six months and appointed a sole administrator to run the state during the period. The suspension of elected public officials sparked condemnation and was followed by a legal action at the apex court by governors of the PDP states. The judgment of the apex court besides turning out to be a mere academic exercise, as it was delivered over two months after the expiration of the emergency rule, created more confusion as it appeared to give backings to the president to suspend an elected

state governor alongside the state assembly. Till date, most senior lawyers declined to comment on the judgment, waiting to see a certified true copy of the original judgment. Besides the Rivers matters, the apex court’s judgment in the Osun State witheld local government funds and the PDP leadership issue were other verdicts which instead of growing the country’s democracy has further stunted its growth and continues to encourage impunity. Osun State Government had through its Attorney-General (AG) and Commissioner for Justice, dragged the federal government to the apex court, challenging the decision of the Attorney General of the Federation (AGF) to withheld funds belonging to the state’s LGAs and directing same to be paid into a special account for the benefit of the alleged sacked chairmen and councillors of the All Progressives Congress (APC). The plaintiff, in the suit marked: SC/CV/773, had sought for an order of the apex court directing the AGF to immediately release the statutory allocations to chairmen and councilors validly elected for the 30 Local Government Areas of the Osun State. Plaintiff had also sought for another order barring the AGF from further withholding, suspending or seizing monthly allocations and revenues standing to the credit of the constituents LGs, having democratically elected chairmen and councillors in place. Delivering judgment early December, the apex court in a split decision of six-to-one dismissed the case of the plaintiff on grounds of jurisdiction. It however, came down heavily on the federal government for disobeying the apex court’s judgment on LG autonomy. In ruling in the preliminary objection brought by the federal government, the majority judgment observed that contrary to the claim of the federal government, the defendant’s “hands are not clean” because they have been soiled by the decision to unjustly withhold the funds of the state LGAs. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

For Uba Sani, A Governor for All, at 55

Henry Ugbolue writes about the political trajectory of a member of the Ninth National assembly and current Governor of Kaduna State, Senator Uba Sani, as he clocks 55.

here are public lives that unfold as a steady accumulation of titles, and there are rarer ones that read as a moral journey; shaped by struggle, refined by responsibility, and sustained by fidelity to principle. As the ebullient Governor of Kaduna State, Senator Uba Sani, turns 55 today, December 31, 2025, Nigeria and friends of Nigeria are invited to reflect on a life of uncommon coherence: one in which ideals professed in youth have not been discarded in power, but rather deepened, institutionalised, and translated into measurable outcomes. Sani’s story is inseparable from Nigeria’s own democratic odyssey. His earliest emergence into public life was as a student union leader, forged in the crucible of debate, dissent, and civic consciousness. Those formative years prepared him for a far sterner test: the pro-democracy struggle of the 1990s, when the annulment of the June 12, 1993 presidential election plunged the nation into crisis. At a time when fear became policy and silence a survival strategy, Sani chose audacity. Alongside his close ally and friend, Shehu Sani, he emerged as one of the young northern activists who rejected the regime’s cynical attempt to ethnicise the struggle and falsely frame it as a sectional contest. With tenacity and sincerity of purpose, Uba Sani crisscrossed the northern and southern parts of Nigeria (especially after Shehu Sani

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was incarcerated by the military junta on allegations of coup plotting), building bridges across regions, faiths, and convictions. He worked assiduously alongside some of the boldest voices of that era: the late Chief Gani Fawehinmi,

Dr. Beko Ransom-Kuti, Femi Falana, Femi Aborishade, Joe Okei, and others, towards a singular objective: the actualisation of the overwhelming mandate freely given to Chief Moshood Kashimawo Olawale Abiola on June 12, 1993 by Nigerians but criminally annulled by the military regime.

When arrests thinned the ranks and repression intensified, Sani adapted rather than retreated, expanding the struggle to draw attention to the incarceration of figures such as the late General Shehu Musa Yar’Adua and the deposed Sultan of Sokoto, Alhaji Ibrahim Dasuki. Loyalty; to comrades, to conscience, and to country, was the defining constant of those years. That moral backbone would later distinguish his legislative career. In the 9th Senate, where he represented Kaduna Central Senatorial District, Sani did not merely participate; he shaped the agenda. He topped the list of senators with the most progressive bills and ranked among those whose legislative initiatives were eventually signed into law by the President. His was a legislature driven by ideas, not theatrics; by reform, not rhetoric. Among his most consequential contributions was the sponsorship of the Banks and Other Financial Institutions (Amendment) Act, BOFIA 2020. Few laws in recent Nigerian history have so decisively anticipated the future. BOFIA modernised Nigeria’s financial sector, strengthened regulatory oversight, enhanced stability, and, critically, brought fintech innovations within a coherent legal framework. -Ugbolue writes from Abuja. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY WEDNEDAY DECEMBER 31, 2025 20 TR

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Wednesday December 31, 2025 Vol 27. No 11227

opinion@thisdaylive.com

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WINNING BEYOND POLITICS

AHMED MAIYAKI pays tribute to Uba Sani, Kaduna State governor at 55

See page 21

THE IMO ECONOMIC SUMMIT

The Summit highlights a new approach to governance—one that prioritises opportunity over dependency, contends YAKUBU DATI

See page 21

EDITORIAL

RETURNING THE INTERNALLY DISPLACED BACK HOME

See page 22

Nigeria’s greatest underutilised resource is not buried beneath the earth. It is the creative genius, irrepressible energy, and cultural confidence of our people, argues K BOLANLE ATI-JOHN

CHRISTMAS AND THE POWER OF A CREATIVE NATION Christmas arrives each year not merely as a holiday but as a reminder that light still breaks through darkness and that hope can rise even when circumstances seem heavy. This season carries a message that transcends celebrations. Joy is not merely a feeling, it is an affirmation of possibility. For many Nigerians, this year has been challenging. Economic pressures persist, national uncertainties linger, and weariness tugs at collective hope. Yet even in the midst of difficulty, there are moments that remind us of who we are, moments that awaken the soul of a nation. One such moment came in the form of a vibrant cultural expression. The recent Christmas music video “Everybody Loves Christmas,” connected to Funke Akindele’s popular film franchise Everybody Loves Jenifa, offered more than festive entertainment. In the video, Santa Claus did not merely appear. He danced to Afrobeats, moved in step with our rhythms, and became part of our cultural pulse. Actors, musicians, and entertainers united in a production that blended global tradition with a uniquely Nigerian energy. It was a joyful spectacle that felt both familiar and new, international yet unmistakably local. That joyful creation did more than entertain. It revealed something fundamental about us. It showed that our cultural identity is a source of power. It showed that our creativity is not borrowed. It showed that our joy can be a strategic national strength. Nigeria’s greatest underutilized resource is not buried beneath the earth. It is not oil or mineral wealth alone. It is the creative genius, irrepressible energy, and cultural confidence of our people. We see this every day in the ingenuity of entrepreneurs building enterprises from nearly nothing, in the bold artistry that reimagines what excellence looks like, in the resilience of families who find laughter in scarcity, and in the imagination of our youth whose dreams refuse to be confined. There is something unmistakable about Nigerians, a spark that refuses to be extinguished. We transform adversity into opportunity, scarcity into invention, and hardship into stories of triumph. We turn ordinary moments into celebrations. We create beauty that travels far beyond our borders yet remains identifiably ours. This is not merely entertainment. It is strategic strength, cultural capital with economic and diplomatic value. In 2023, global

streams of Afrobeats music exceeded 12 billion plays, demonstrating how Nigerian creativity commands massive international attention. Meanwhile, Nollywood contributes many hundreds of billions of naira to Nigeria’s Gross Domestic Product every year. These facts are evidence that culture is an economic engine with the power to drive prosperity and reputation. Nations do not rise on concrete and steel alone. Roads, bridges, and physical infrastructure are essential, but they do not build the emotional architecture of a society. Culture builds it. Imagination builds it. Shared meaning builds it. When creativity thrives, economies expand. When people feel that their stories matter, national identity strengthens. When joy becomes public, hope becomes daily. Christmas teaches this truth clearly. Light cannot be defeated. The story of Christmas itself is one of hope emerging from unlikely circumstances. In a humble environment, a child was born who became a beacon of hope for the world. In a similar way, Nigeria’s story is marked by resilience. Greatness emerges through challenge, courage is expressed through community, and brilliance becomes stronger under pressure. Our nation will not be rebuilt by infrastructure alone. Yes, we need robust physical development, but we must also nurture the cultural and emotional structures that bind us. A society that loses its joy risks losing its will to rise. A society that embraces joy as a source of strength becomes resilient and unbreakable even in hardship. This season of Christmas is an invitation to national awakening. When Nigerians show up as themselves, joyous, confident, and expressive, something extraordinary happens. We shape how the world sees us and how we see

ourselves. That power must be nurtured and celebrated. We must elevate our storytellers, filmmakers, musicians, designers, poets, and digital creators as central pillars of national progress. Culture is not an accessory to development. It is part of the structure. It constructs belonging, reinforces identity, and transforms visibility into influence. A healthy creative ecosystem generates employment, builds global reputation, and infuses the nation with renewed pride. We must also empower our youth. The imagination of young Nigerians is one of the largest economic opportunities in our history. When young creatives and innovators thrive, they do not merely build personal futures. They rewrite the narrative of a country. They bring honor to the flag. They produce cultural exports that the world embraces. They generate wealth that changes communities. As lights decorate homes and cities during this Christmas season, let us allow the light within us to shine as brightly. Let this moment illuminate a larger truth. Nigeria is not waiting to be saved. Nigeria is waiting to be expressed. The way forward begins with belief. Belief in our identity. Belief in our creativity. Belief that we can participate in the world while remaining fully ourselves. The best chapters of the Nigerian story are not behind us. They are ahead, waiting to be written by those who choose to shine brightly even in difficult times. This Christmas, may joy not be momentary. May it become a conscious choice. Let every celebration be an act of resilience. Let every creative expression be a statement of confidence in our collective future. Let every smile convey that Nigeria will rise again, not by imitation, but by the strength of who we are. May this season lift every weary heart. May every home be filled with laughter and peace. May unity conquer division. May the brilliance God has placed in Nigerians shine brighter than any challenge we face. And may God bless our beloved country with the courage to believe in the treasure He has placed in our people. Merry Christmas Nigeria. Joy to every home. Hope to every heart. And light, abundant light, into our future. Rear Admiral Ati-John (rtd) writes from Lagos

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WEDNEDAY DECEMBER 31, 2025

AHMED MAIYAKI pays tribute to Uba Sani, Kaduna State governor at 55

The Summit highlights a new approach to governance—one that prioritises opportunity over dependency, contends YAKUBU DATI

WINNING BEYOND POLITICS

THE IMO ECONOMIC SUMMIT

In a polity often defined by sharp divisions, political brinkmanship and transactional calculations, Governor Uba Sani’s leadership offers a study in restraint and strategic consensus. At 55, the Kaduna State Governor stands out not for flamboyance, but for methodical governance anchored on institutional reform, inclusion and political maturity. Since assuming office on May 29, 2023, his administration has steadily converted stability into political capital, demonstrating that enduring political strength is built not on rhetoric, but on results. Uba Sani assumed leadership at a moment when Kaduna required reassurance more than empty talk, healing more than haste and structure more than spectacle. His early declaration to serve as governor for all—irrespective of ethnic, religious or political affiliation—has remained the moral compass of his administration, shaping both policy direction and political conduct. That governing philosophy has translated into measurable outcomes. Kaduna State emerged first on the National Transparency and Integrity Index, affirming discipline, accountability and prudence in public finance. The State’s ranking as second on the Ease of Doing Business index further reflects reforms that simplified processes, strengthened investor confidence and repositioned Kaduna as a predictable destination for enterprise. Kaduna was also recognised as a national benchmark for drug prevention and treatment by UNODC, demonstrating its commitment to public health, youth protection and social order. Security and peacebuilding have been the earliest and most defining tests. Previously, banditry, kidnapping and terrorism disrupted livelihoods and eroded social cohesion. The administration responded with a layered security strategy combining intelligence, community engagement and institutional coordination. 150 Hilux patrol vehicles and 500 motorcycles were deployed to security agencies, enhancing mobility and rapid response. Central to this success is the Kaduna Peace Model, a multi-layered security and peacebuilding framework. Unlike conventional approaches, it shifts the focus from purely force to non-kinetic methods emphasizing dialogue, community engagement, social inclusion, and tackling root causes of conflict such as poverty and unemployment. Coupled with an early warning system, this approach has ensured zero conflict across the State since 2023, creating a foundation for sustainable peace and community cohesion. Peace created space for infrastructure, which became a tool for inclusion. Critical road projects linking farms to markets and rural communities to urban centres were completed. Beyond easing mobility, these roads improved access for women and children to healthcare facilities—contributing to reduced maternal and infant mortality—while facilitating school access and enrolment while boost-

ing economic fortunes of the people. Looking ahead, the 2026 budget provides ₦100 million per ward for 255 projects, ensuring equitable development across Kaduna State. Healthcare reforms have been systemic. Over a dozen General Hospitals have been remodelled and re-equipped across three senatorial zones. 255 Primary Healthcare Centres have been upgraded to Level two status, the highest by any sub-national government. The establishment of the Kaduna State Centre for Disease Control and the commissioning of the 300-bed Specialist Hospital have strengthened emergency response and specialised care. Salary increases for medical and health workers and school teachers have reinforced professionalism and morale. Education and human capital development remain central. Tuition fees in stateowned tertiary institutions were reduced by 40 percent, while over ₦500 million was committed to foreign education and scholarship support. Over 300,000 out-of-school children have been re-enrolled, while three skill acquisition centres in Rigachikun, Soba and Samaru Kataf now train 32,000 youths in 14 trades, combining opportunity with empowerment. Agriculture, contributing over 42 percent of Kaduna’s GDP, has been strategically repositioned. Allocation to the sector rose to over 11.6 percent in the 2026 budget, from less than one percent previously. Over 200,000 smallholder farmers benefited from the free fertilizer distribution of 900 trucks in two years. This renewed focus is reinforced by the $200 million China-backed poultry project, projected to generate 350,000 direct and indirect jobs and $450 million in revenue, positioning Kaduna as a hub for agro-industrial foreign direct investment. Inclusivity has remained a hallmark of governance. Through a multidimensional poverty reduction strategy, over 2.5 million residents have gained bank accounts, securing formal economic participation. Social protection initiatives, including the free transport scheme deploying 100 CNG buses, benefitted over 1.4 million commuters, saving ₦1.39 billion in fares within five months. In parallel, ₦13.5 billion in pensions and gratuities were paid, restoring dignity to retirees long neglected. Maiyaki is the Commissioner for Information, Kaduna State

At a time when the main news items coming from Africa's most populous country are terrorism and air strikes while the world is beginning to see Nigeria as a theater of war, Imo State Governor Hope Uzodinma's intervention could not have come at a better time. The governor, rather than join others to brood and lament, has decided to do something positive to prove to the world that President Bola Ahmed Tinubu is doing his best to revamp the economy and put Nigeria on the path towards development. For the past few weeks, Imo had become the cynosure of all eyes as investors, entrepreneurs, intellectuals, world leaders, and experts converged in Owerri for the economic summit in which the world was invited to view the other side of Nigeria that has been overshadowed by the blight of the recent efforts to dislodge terrorists from the country. The Imo Economic Summit, championed by Governor Uzodinma, comes as a strategic effort to align subnational development with President Bola Ahmed Tinubu’s general vision for the country as contained in the Renewed Hope Agenda. So it was that for three days, Owerri took center stage in Nigeria’s economic conversation as Governor Uzodinma attracted international investors, development partners, and diaspora leaders to the summit, which drew prominent figures, including Ban Kimoon, former UN Secretary-General; Boris Johnson, former UK Prime Minister; and African leaders such as Joseph Boakai of Liberia and Ameenah Gurib-Fakim, former President of Mauritius. Nigerian dignitaries, including Vice President Kashim Shettima and Minister of Finance Wale Edun, were also in attendance, alongside business heavyweights like Aliko Dangote. The presence of traditional leaders, including the Ooni of Ife and Rt. Hon. Ahmed Idris Wase, the Deputy Speaker of the 9th Assembly, added cultural and intellectual depth to the discussions. The summit has proven that beyond the skepticism lie potential; that beneath the challenges, Nigeria is a success story with promises of a greater future. Instructively, it has revealed that Nigeria’s pathway to recovery increasingly depends on how states translate national policy into local opportunity. Key sectors highlighted at the summit included infrastructure, technology, agribusiness, energy, and manufacturing. Uzodinma emphasized the state’s readiness to collaborate with international investors, creating an environment conducive to sustainable growth. Beyond economics, the summit shattered myths held about Nigeria, that it is a country of particular concern with high insecurity risks that do not entertain investors. Instead, people saw opportunities, potential, and platforms for trade, commerce, and industry and positioned

Imo State as a strategic connector between the South-East, national reforms, and global networks. Uzodinma’s message at the summit was clear: national economic recovery will only succeed when federal reforms are matched by proactive action at the sub-national level. This, experts say, is demonstrating a strong belief in aligning with the economic policies at the center, which aim to accelerate development for the country. By bringing global attention to Owerri, Hope Uzodinma has demonstrated that sub-national leadership, when aligned with national vision, can convert potential into tangible opportunity, setting a new benchmark for state-led economic initiatives in Nigeria. The summit reflected a conscious shift in Imo State’s economic thinking—from reliance on statutory allocations to a proactive search for sustainable growth driven by investment, productivity, and private-sector participation. For Uzodinma, economic governance is no longer about managing scarcity but about unlocking dormant potential. With the linking of Imo State to global networks and aligning regional aspirations with national policy goals, the summit has positioned Imo as a forward-looking state that is open for business. The summit’s alignment with the Renewed Hope Agenda was evident in its emphasis on private-sector leadership, ease of doing business, and institutional reform. The attraction of citizens to attend the Christmas celebrations this year in droves has marked a turning point for a region responding to a leadership with concrete direction. By bringing the world to Owerri, Hope Uzodinma has taken a decisive step toward translating potential into tangible economic progress. The Imo Economic Summit highlighted a new approach to governance—one that prioritizes opportunity over dependency. As implementation follows dialogue, the summit stands as a statement of intent: Imo State is ready to convert reform into results and potential into performance. Gov. Uzodinma has indeed added traction to the transformational leadership of Asiwaju Tinubu for national integration and economic prosperity, and like the GenZs would say, "Hope get doings”. Yakubudati@gmail.com

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T H I S D AY

WEDNESDAY DECEMBER 31, 2025

EDITORIAL

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

RETURNING THE INTERNALLY DISPLACED BACK HOME Everything should be done to ensure the communities are safe and secure

jected in the camps. former Senate Leader, Ali Ndume, We appeal to all critical stakeholders to help has urged the federal government tackle the diminishing quality of life in the IDP to support the Borno State Governcamps where the rate of mortality and malnutrition ment in resettling and rehabilitatis unacceptable. Government, donor agencies and ing the internally displaced people NGOs should also address the cases of low rate of (IDPs) who have been out of their vaccination in the camps amid allegation of shortcommunities for more than a decade due to the fall in intervention by corresponding agencies. Boko Haram insurgency. He made the appeal at a There are also health and other issues. Some of the Christmas luncheon he organised in collaboration people in these camps suffer from post-traumatic with many of the victims. But the challenge of instress disorders. Many children born in the camps ternal displacement goes beyond Borno State. Nido not have access to education, placing their fugeria is credited with the third highest number of ture at risk. IDPs in Africa - a continent that is reputed to have The dire situation of the displaced persons is amthe largest number of IDPs in the world. ply captured in a recent report by the United NaWhile authorities in the country plot how to retions Office for the Coordination of turn these victims back to their Humanitarian Affairs, which stated communities, it is important that “The vulnerable host populathat special attention be paid to The authorities must work to restore lasting tions are in critical need of humanmany of the camps. There are itarian interventions that include security to the communities so that they can return reports of people sleeping outfood, water, sanitation, protection, side in the open while others education, shelter and health serto pick up the bits and pieces of their lives are in extremely overcrowded vices.” places, making their conditions The challenges arise probably bedire, harsh and critical. The T H I S D AY cause of the ineffectiveness of the several agencies number of IDPs is also on the rise. It is estimatEDITOR SHAKA MOMODU of government saddled with the responsibility of DEPUTY EDITOR WALE OLALEYE ed that 1.8 million people, of which women and MANAGING DIRECTOR ENIOLA BELLO soothing the pains of the IDPs, and massive corchildren, constitute 87 per cent are affected by the DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU ruption. After all, it is known that relief materials continued widespread insecurity and hostilities in CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI meant for the IDPs have been diverted to the open the country. EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN markets for sale to the public by officials of govTHE OMBUDSMAN KAYODE KOMOLAFE We acknowledge the limitations of government, ernment. Also notorious is the fact of misapproprigiven lean resources. But we must find ways to ation of funds meant for the relief of the displaced ameliorate the problems of the most vulnerable in persons. By diverting scarce resources meant for the society. Apart from massive food shortages, the most vulnerable of our people, life is being T H I S D AY N E W S PA P E R S L I M I T E D the victims are imperilled by several risk factors. EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA made increasingly difficult for them. This chalDislodgement of populations, and resettlement in GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, lenge must be addressed. makeshift locations create atmosphere of overISRAEL IWEGBU The federal government needs to ensure that DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, crowding, economic and environmental degradaresources being deployed to help the poor and ANTHONY OGEDENGBE tion, poverty, lack of safe water, poor sanitation DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI vulnerable of our society are not being misapproand waste management. All of this promotes comSNR. ASSOCIATE DIRECTOR ERIC OJEH priated by a few persons in positions of authority. municable diseases and make life unbearable for ASSOCIATE DIRECTOR PATRICK EIMIUHI The authorities must also work to restore lasting CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI the displaced citizens. There are also reports of the DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO security to the communities so that they can return startling abuses to which women and girls are subTO SEND EMAIL: first name.surname@thisdaylive.com to pick up the bits and pieces of their lives.

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LETTERS

WHO PICKS BAUCHI APC GUBER TICKET?

Bauchi State is historically known for its political volatility. The roots of it could be traced to the pre-independence era when Sa'adu Zungur, Abubakar Tafawa-Balewa and Aminu Kano formed one of the pioneer political organisations in the Northern region, the Bauchi General Improvement Union (BGIU), and the Bauchi Discussion Circle (BDC), to create political awareness especially as it related to freedom when the nation marched towards independence. Since then, Bauchi has remained not only visible on the nation’s political map but also strategic for the political voltage it generates and the impact it has on other states whenever there are elections. Little wonder therefore, that pundits and indeed politicians follow political developments in the state at times like this when elections are around the corner. And interestingly, like in the past, given the political actors already in the trenches, the game promises to be tough in

2027. What is apparent is that three political parties are to be watched in the forthcoming elections. The ADC, APC and PDP. While the ADC is working on its structure across the state, the ruling PDP is searching for what Governor Bala Mohammed once described as a loyal party man to be given the party's flag to fly in 2027. For the APC, high wire politicking never ceased even after the 2023 elections outcome and the judicial contests that followed. With former education minister Adamu Adamu’s withdrawal from the limelight and the yet unofficial exit of the party's flag bearer in the 2023 governorship election, Air Marshal Sadique Baba Abubakar, the permutations and variables in the APC’s equation have significantly varied. The contest is now mainly between Mohammed Ali Pate, Yusuf Tuggar, Shehu Buba and Bala Wunti. Both Pate and Tuggar are members of the Tinubu cab-

inet. While the former holds sway in the health ministry, the latter is in the foreign affairs ministry. Tuggar was a former member of the house of representatives. A former special assistant to former governor Isa Yuguda, Shehu Buba is currently the senator representing Bauchi south. Bala Wunti had an extensive career at the NNPCL and held key positions including the chief upstream investment officer, at different times MD of PPMC and NAPIMS and the Chief HSE Officer. He was noted to have made reforms in the oil and gas industry while also being a fellow of major energy institutes. After retirement, Wunti remains a significant figure in the global energy sector with focus on public service, technology and youth. Mukhtar Jarmajo, Misau, Bauchi State

T H I S D AY • WEDNESDAY, DECEMBER 31, 2025

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 29 December 2025, unless otherwise stated.

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

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

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 0.00 0.00 0.00 Afrinvest Plutus Fund 0.00 0.00 0.00 Nigeria International Debt Fund 0.00 0.00 0.00 Afrinvest Dollar Fund 0.00 0.00 0.00 ALPHA MORGAN CAPITAL MANAGERS LTD mutualfund@alphamorgan.com Web: www.alphamorgan.com, Tel: +2347018898523 Fund Name Bid Price Offer Price Yield / T-Rtn ALPHA MORGAN BALANCED FUND 222.56 2,242.52 46.57% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 18.58% AIICO Balanced Fund 7.79 7.90 36.29% AIICO Eurobond Fund 100.00 100.00 7.21% Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 18.28% Anchoria Equity Fund 1.62 1.62 24.10% Anchoria Fixed Income Fund 408.01 412.93 57.92% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 52.61 54.19 48.38% ARM Discovery Balanced Fund 1,051.64 1,083.35 32.30% ARM Ethical Fund 103.74 106.87 51.30% ARM Eurobond Fund 1.23 1.23 10.82% ARM Fixed Income Fund 1.37 1.37 20.35% ARM Short Term Bond Fund 1.21 1.21 17.14% ARM Shariah Fixed Income Fund 1.15 1.15 13.49% ARM Short Term Eurobond Fund 1.05 1.05 5.08% ARM Specialized Dollar Fund 1.05 1.05 4.60% ARM Money Market Fund 1.00 1.00 17.56% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn 121.71 121.71 17.09% AVA GAM Fixed Income Dollar Fund 1,265.83 1265.83 17.94% AVA GAM Fixed Income (Naira) Fund 1.00 1.00 16.42% AVA GAM Money Market Fund AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn 105.72 105.72 6.08% AXA Mansard Equity Income Fund 1,071.86 1,071.86 8.20% AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn 2.74 2.74 11.24% CEAT Fixed Income Fund 6.00 6.14 31.69% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.08 1.08 13.39% CardinalStone Fixed Income Alpha Fund 1.12 1.12 10.52% CardinalStone Dollar Fund 1.85 1.87 56.16% CardinalStone Equity Fund 1.24 1.25 24.47% CardinalStone Balanced Fund 1.00 1.00 18.57% CardinalStone Money Market Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapel Hill Denham Money Market Fund 0.00 0.00 0.00 Nigeria Bond Fund 0.00 0.00 0.00 Paramount Equity Fund 0.00 0.00 0.00 CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 17.67% 112.19 112.19 12.71% Cordros Fixed Income Fund 122.74 122.74 11.89% Cordros Halal Fixed Income Fund Cordros Dollar Fund ($) 118.82 118.82 6.99% Cordros Milestone Fund 230.75 232.44 25.18% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 0.00 0.00 0.00 Coronation Balanced Fund 0.00 0.00 0.00 Coronation Fixed Income Fund 0.00 0.00 0.00 EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund 0.00 0.00 0.00 EDC Nigeria Balanced Fund 0.00 0.00 0.00 EDC Nigeria Halal Fund 0.00 0.00 0.00 EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 0.00 0.00 0.00 Emerging Africa Bond Fund 0.00 0.00 0.00 Emerging Africa Balanced Diversity Fund 0.00 0.00 0.00 Emerging Africa Eurobond Fund 0.00 0.00 0.00 Emerging Africa Halal Fund 0.00 0.00 0.00 FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn First Asset Money Market Fund 100 100 16.32% First Asset Bond Fund 1665.64 1665.64 10.99% First Asset Dollar Fund 127.8 127.8 7.23% First Asset Halal Fund 142.18 142.18 14.10% First Asset Specialised Dollar Fund 124.63 124.63 7.76% First Asset Balanced Fund 425.55 429.55 44.38% First Asset Smart Beta Equity Fund 443.63 449.87 54.08% First Asset Blended Dollar Fund 112.03 112.03 12.03% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund (LMMF) 1.00 1.00 0.00% Legacy Debt Fund (LDF) 1.49 1.49 7.19% Legacy Equity Fund (LEF) 3.60 3.63 -0.58% Legacy USD Bond Fund (LUBF) 5.53 5.65 47.04% FCMB-TLG Private Debt Fund 0.00 0.00 0.00% FSL ASSET MANAGEMENT LIMITED Adeniran.Daniel@fsl.ng Web: https://www.fsl.ng/asset-management ; Tel: +2348062727759 Fund Name Bid Price Offer Price Yield / T-Rtn FSL Money Market Fund 0.00 0.00 0.00 FSL Euro Bond 0.00 0.00 0.00 FIRST ALLY ASSET MANAGEMENT LIMITED blossom.omojughare@first-ally.com Web: https://first-allyasset.com/ ; Tel: +2348023217850 Fund Name Bid Price Offer Price Yield / T-Rtn FAAM Money Market Fund 1.00 1.00 20.17% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral income fund 0.00 0.00 0.00

Coral money market fund 0.00 0.00 0.00 FSDH HALAL FUND 0.00 0.00 0.00 FSDH dollar fund 0.00 0.00 0.00 Coral Balanced Fund 0.00 0.00 0.00 HILLCREST CAPITAL MANAGEMENT dabbey@hillcrestcapmgt.com Web: https://hillcrestcapmgt.com/; Tel: +2348075144540, 0214540094 Fund Name Bid Price Offer Price Yield / T-Rtn Hillcrest Balanced Fund 0.00 0.00 0.00 LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn LOTUS HALAL FIXED INCOME FUND 1,299.63 1,299.63 14.94% LOTUS HALAL INVESTMENT FUND 2.96 3.01 36.91% LOTUS HALAL EQUITY EXCHANGE TRADED FUND 58.15 64.27 89.69% LOTUS WAQF ENDOWMENT FUND 1,227.40 1,227.40 10.82% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 33.75 33.89 43.34% Meristem Value ETF 82.84 83.29 24.83% Meristem Growth ETF 39.57 39.92 38.24% Meristem Fixed Income Fund 10.00 10.00 18.35% Meristem Dollar Income Fund 113.11 113.11 17.09% Meristem Money Market Mutual Fund 10.92 10.92 7.31% MANGO ASSET MANAGEMENT jetadafe@mangoam.com Web:https://mangoam.com/; Tel: +234 7030839517 Fund Name Bid Price Offer Price Yield / T-Rtn Mango Naira Money Market Fund 1.00 1.00 17.30% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED

enquiries@norrenberger.com

Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Money Market Fund (NMMF) 0.00 0.00 0.00 Norrenberger Islamic Fund (NIF) 0.00 0.00 0.00 NORRENBERGER DOLLAR FUND (NDF)-----($) 0.00 0.00 0.00 NORRENBERGER TURBO FUND (NTF)-----(N) 0.00 0.00 0.00 PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 0.00 0.00 0.00 PACAM Fixed Income Fund 0.00 0.00 0.00 PACAM Money Market Fund 0.00 0.00 0.00 PACAM Equity Fund 0.00 0.00 0.00 PACAM EuroBond Fund 0.00 0.00 0.00 SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn The Frontier Fund 0.00 0.00 0.00 SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.15 1.15 17.05% SFS REIT 174.00 174.00 25.15% UH REIT/SFS 62.74 62.74 20.37% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Money Market Fund Stanbic IBTC Bond Fund Stanbic IBTC Dollar Fund (USD) Stanbic IBTC Shariah Fixed Income Fund Stanbic IBTC Enhanced Short-Term Fixed Income Fund Stanbic IBTC Absolute Fund UPDC REIT Stanbic IBTC Balanced Fund Stanbic IBTC ETF 30 Fund Stanbic IBTC Ethical Fund Stanbic IBTC Guaranteed Investment Fund Stanbic IBTC Imaan Fund Stanbic IBTC Nigerian Equity Fund SIAML Pension ETF 40 Stanbic IBTC Aggressive Fund Stanbic IBTC Conservative Fund

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

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

0.00 259.24 1.67 144.34 161.30 12.41 12.41 9,674.70 308.11 4.46 384.92 934.49 42,075.58 409.08 12,502.95 9,342.45

0.00 259.24 1.67 144.34 161.30 12.41 12.41 9,762.29 313.44 4.52 385.27 946.27 42,653.36 416.13 12,663.88 9,377.13

17.02% 0.30% 6.99% 8.29% 18.18% 10.17% 10.31% 51.66% -24.20% -97.77% 8.77% 87.54% 66.02% -49.06%

56.11% 37.42% jemenike@stlassetmgt.com

Bid Price 0.00 0.00 0.00

Offer Price Yield / T-Rtn 0.00 0.00 0.00 0.00 0.00 0.00 unitedcapitalplcgroup.com

Bid Price 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Offer Price Yield / T-Rtn 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 funds@vetiva.com

Bid Price Offer Price Yield / T-Rtn 15.00 15.10 28.44% 39.30 39.40 103.49% 55.67 55.87 77.23% 1.00 1.00 17.64% 56.31 56.41 48.15% 142.30 144.30 1.95% 1.00 1.00 17.64% service@quantumzenithasset.com.ng Bid Price Offer Price Yield / T-Rtn 34.10 34.50 60.31% 40.16 40.54 50.83% 30.29 30.29 8.56% 1.00 1.00 17.01% investmentoperations@zedcrest.com Bid Price 1.00 1.37 $ 1.49

Offer Price 1.00 1.37 $ 1.49

NAV Per Share

Yield / T-Rtn 19.92% 27.66% 19.70% Yield / T-Rtn

0.00

0.00%

9,377.13

37.42%

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

T H I S D AY • WeDnesDAY DeCeMbeR 31, 2025

business/MOneYGuiDe

FCMB-TLG Private Debt Fund Secures SEC’s Approval for N20bn Series II Issuance

Kayode Tokede

FCMB Asset Management Limited (FCMBAM) has announced that it has received Securities & Exchange Commission (SEC) approval for the FCMB-TLG Private Debt Fund Series II Issuance of up to N20 billion, marking a significant milestone in the Fund’s growth strategy. Following the approval, a formal signing ceremony was held in Lagos, to execute the relevant transaction documents, signalling the imminent launch of the Fund’s Series II Issuance. Similar to the Fund’s Series I and building on its success, Series II has been designed to raise capital from Qualified Institutional Investors (QIIs) as well as High Net Worth Individuals (HNIs) and deploy

same as corporate debt to mid-sized corporate organisations in sectors of the Nigerian economy that are aligned to the United Nations (UN) Sustainable Development Goals (SDGs). Specifically, Series II will focus on supporting businesses in Agriculture, Clean Energy, Education, Healthcare, IT/Technology, and Transport/Logistics. Speaking at the signing ceremony, Chief Executive Officer (CEO) of FCMB Asset Management, James Ilori in a statement said, “The approval of the Fund’s Series II Issuance is a validation of the confidence the SEC has in our ability to successfully manage the Fund, deepen the private debt market, create value for our investors, and support investee companies. Our aim is to continue to support those sectors of

the Nigerian economy that promote economic growth and development.” Ilori thanked the professional parties and the regulator for their various roles in ensuring the successful registration of the Fund’s Series II Issuance and assured them of the commitment of Isha Doshi of TLG Capital Investments Limited added that, ‘’This Series II approval reflects the strengthening partnership between TLG Capital and FCMB Asset Management with a shared focus on building a robust local private credit ecosystem. He said, “Through this collaboration, we are helping to deepen the asset class, catalyse domestic capital, and support Nigerian businesses with long-term, well-structured financing that underpins sustainable growth”.

LovonusTargetsValue-chain Financing, Digital Expansion for Growth Nume Ekeghe Lovonus Microfinance Bank is positioning valuechain financing and digital expansion as the twin pillars of its next growth phase, as it navigates a challenging macroeconomic environment and rising pressure on microfinance operators. Managing Director and Chief Executive Officer, Adeola Ayibiowu, in a statement noted that the bank is prioritising financing along trade and agriculture-linked value chains, where structured cashflows and clustered activities offer stronger risk management and more sustainable returns. He noted that focusing on economically active clusters allows the bank to support productive enterprises

while preserving asset quality. Ayibiowu said Lovonus will also deepen its use of digital channels to improve customer onboarding, loan processing and repayment efficiency, describing technology as an operational enabler rather than a branding exercise. According to him, increased digital adoption is helping to lower service costs, shorten turnaround time and improve the overall customer experience, particularly for micro and small businesses with limited access to physical branches. He added that youthand women-led enterprises remain a core focus of the bank’s strategy, noting that these segments are often underserved despite their strong contribution to grassroots economic

activity. The bank plans to scale support for such businesses through tailored products, cooperative-based lending structures and partnership-led outreach. It states: “Looking ahead, Ayibiowu identified value-chain financing, particularly within trade and agriculture-linked clusters, as a major growth opportunity for the bank. He also pointed to youth- and women-focused enterprise financing, as well as agency and partnershipled expansion, as more sustainable pathways than costly brick-and-mortar growth. Geographically, he said targeted expansion within economically active corridors makes more sense than aggressive nationwide spread, arguing that growth in the current climate must be selective and deliberate.”

Bet9ja Announces N100M Giveaway to Reward Customers Nationwide Nigeria’s leading sports betting platform, Bet9ja, has announced its biggest festive promotion yet with the launch of a N100 million December Giveaway, set to reward customers with daily cash prizes, luxury rewards, free bets, and casino bonuses throughout the holiday season. Running from December 13 to December 31, the promotion coincides with one of the most exciting periods on the global football calendar, featuring top European leagues, continental competitions, and the Africa Cup of Nations (AFCON). The campaign is designed to reward loyal customers while welcoming new

players during a season traditionally defined by high energy, celebration, and major sporting moments. Throughout the promotion, customers will have multiple opportunities to win significant rewards, including life-changing cash prizes, luxury items such as cars, iphones and samsung galaxy smartphones, daily free bets, casino bonuses, and special festive offers tied to key match days. The campaign will culminate in a grand cash reward of N150 million, reinforcing Bet9ja’s reputation for delivering some of the most impactful promotions in the Nigerian betting industry. Speaking on the campaign, Ayo Ojuroye,

CEO,, Bet9ja, said “The N100 million December Giveaway reflects Bet9ja’s long-standing commitment to putting our customers first. December is a period of celebration, football, and shared experiences, and we wanted to ensure our players feel truly rewarded during this time. By combining daily opportunities to win with some of the biggest moments on the football calendar, we are creating a promotion that delivers real value, excitement, and impact for Nigerians nationwide. This is consistent with our mission to lead the industry through innovation, trust, and customer-focused experiences.”

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MiLLiOn nAiRA) October 2025

Month

Money Supply (M3)

119,037,577.07

-- Cbn bills Held by Money Holding sectors

9,291.49

Money supply (M2)

119,028,285.58

Quasi Money

79,681,419.97

-- narrow Money (M1)

39,346,865.60

---- Currency Outside Banks

4,646,794.28

---- Demand Deposits

34,700,071.33

Net Foreign Assets (NFA)

34,804,442.84

Net Domestic Assets(NDA)

84,233,134.23

-- Net Domestic Credit (NDC)

99,199,655.08

---- Credit to Government (Net)

24,787,980.96

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

74,411,674.12

--Other Assets Net

2,603,854.03

Reserve Money (Base Money)

36,641,142.21

--Currency in Circulation

5,057,881.01

--Banks Reserves

31,583,261.21

--Special Intervention Reserves

284,361.95 • Source - CBN

Money Market Indicators (in Percentage) Month

October 2025

Inter-Bank Call Rate

October 2025

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

27.00

Treasury Bill Rate

15.07

Savings Deposit Rate

7.43

1 Month Deposit Rate

11.37

3 Months Deposit Rate

11.32

6 Months Deposit Rate

11.12

12 Months Deposit Rate

11.78

Prime Lending rate

18.89

Maximum Lending Rate

29.56

NSE MARKET INDEX CAP

0.75%(52%YoY)

Index

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

OPEC DAILY BASKET PRICE As At 24tH nOVeMbeR , 2025

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

T H I S D AY • WEDNESDAY DECEmBER 31, 2025

mARKET NEWS

Inventors’ Demand for BUA Foods Lift Stock Market by 0.42%

Kayode Tokede

The Nigerian Exchange Limited All Share Index (NGX ASI) yesterday gained by 645.19 basis points, or 0.42 per cent to close at 155,034.72 basis points on investors’ demand for BUA Foods Plc. Thus, the NGX ASI in its Month-to-Date and Year-toDate returns settled higher at +8.0per cent and +50.6per cent,

respectively. Also, market capitalisation gained N411 billion to close at N 98.843 trillion. Market sentiment was bullish, with 46 advancing stocks outweighing 24 declining counters. Guinea Insurance, Honeywell Flour Mills and Julius Berger recorded the highest price gain of 10 per cent each to close at N1.32, N21.45 and N152.90 respectively, per share. Austin Laz & Company

P R I C E S MAIN BOARD

F O R DEALS

appreciated by 9.94 per cent to close at N3.87, while Multiverse Mining & Exploration up by 9.88 per cent to close at N13.35, per share. On the other hand, Union Dicon Salt and LivingTrust Mortgage Bank led the losers’ chart by 10 per cent each to close at N6.30 and N3.42 respectively, while First HoldCo followed with a decline of 9.94 per cent to close at N44.40, per share. Veritas Kapital Assurance depreciated by 7.47 per cent

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

qUANTITy TRADED

to close at N1.61, while Mutual Benefits Assurance declined by 7.46 per cent to close at N3.10, per share. Also, the total volume traded increased by 223.84 per cent to 4.684 billion units, valued at N38.865 billion, and exchanged in 34,852 deals. Transactions in the shares of Cornerstone Insurance topped the activity chart with 3.670 billion shares valued at N18.535 billion. FCMB Group followed with 302.352 million shares worth

T R A D E D

vALUE TRADED ( N )

A S

MAIN BOARD

O F

N3.326 billion, while Wema Bank traded 97.390 million shares valued at N1.865 billion. Access Holdings traded 75.072 million shares valued at N1.634 billion, while Chams Holding Company sold 47.539 million shares worth N169.483 million. Imperial Asset Managers Limited said, “at the equity market session today, nearterm sentiment remains cautiously optimistic, supported by strong year-to-

date performance, sustained interest in fundamentally sound and liquid stocks, and ongoing portfolio rebalancing ahead of the year-end. “However, trading activity is expected to remain selective and range-bound, as investors lock in profits in outperforming sectors while awaiting clearer cues from macroeconomic developments, liquidity conditions, and early positioning ahead of the new trading year.”

D E C E M B E R / 3 0 / 2 5 DEALS

MARKET PRICE

qUANTITy TRADED

vALUE TRADED ( N)

WEDNESDAY, DECEMBER 31, 2025 • THISDAY

NEWS

GCIEM CONFERMENT CEREMONY...

L-R: Awardee of Research Fellow, Global Chartered Institute of Energy Management, Canada (GCIEM), Elodimuo Blessing; Dr. Medinah Ibrahim; Rabi Ojone Yusuf; Guest Speaker, Chinedu Igwus; African President, GCIEM, Prof. Stephen Akhere; other awardees, Seugha Patricia and Amb. Alagba Gloria Ajiri, during the conferment of Research Fellow at GCIEM in Abuja… recently PHOTO: ENOCK REUBEN

Kwankwaso to Yusuf: Learn from Oth-ers, Insists No One Who Betrays NNPP Succeeds Party crisis deepens as supporters battle over leadership

Ahmad Sorondinki in Kano The national leader of New Nigeria Peoples Party (NNPP), Rabiu Kwankwaso, has expressed disappointment over reports that some party members, including Kano State Governor, Abba Yusuf, were considering leaving the party. Speaking to party supporters at his Kano residence, the former governor said the new development did not surprise him. In a viral video from the event, Kwankwaso stated that history had shown that anyone who betrayed NNPP never ended well politically. “What I am seeing is even beyond what I expected because I am aware that few, very few of you have decided to cross to the other side. Don’t worry, whoever knows them should advise them,” he said. The Kwankwasiyya leader explained that the mammoth

crowd at the ceremony was clear proof that NNPP still enjoyed strong grassroots support across Kano State, despite moves by some political figures to align with the governor. “I’m very glad with the turnout today because I didn’t expect to see so many faces here. I thought they would follow the governor’s camp. But I want to remind those who left us that nobody has betrayed us and succeeded,” Kwankwaso added. Supporters of Kwankwaso and Yusuf engaged in a leadership tussle, following the purported expulsion of the party chairman, Hashimu Dungurawa, and his replacement by Abdullahi Zubairu Abiya. Barely 48 hours after viral reports that Yusuf planned to leave the party for All Progressives Congress (APC), the two political leaders engaged in

verbal attacks, suspensions, and counter-suspensions. At his Gargari Ward, Dawakin Tofa Local Government Area of Kano State, the ward chairman, Shuaibu Hassan,

APC: we’re ready to receive gov

announced the expulsion of Dungurawa. According to the resolution by the party leadership, Dungurawa was removed over allegations of creating

divisions within the party, instigating internal crisis, failing to pay party dues, and making abusive remarks against the governor of Kano State. In his response, the party

chairman dismissed the expulsion and described it as child’s play, inconsequential, saying it lacks constitutional backing or political weight within the party structure.

Ekiti Guber Poll: PDP Heads to Court to Compel INEC to Recognise Its Candidate Chuks Okocha in Abuja

The Peoples Democratic Party (PDP), has said that it would seek a court directive to compel the Independent National Electoral Commission (INEC) to recognise its governorship candidate in Ekiti State. In a statement by the National Publicity Secretary of the party, Ini Ememobong, the party said the exclusion of the name and particulars of party’s candidate from the list of candidates for the 2026 Governorship Election in Ekiti

State by INEC was another confirmation of the biased disposition of the current leadership of the Commission towards the affairs of the PDP. According to Ememobong, ‘’For the avoidance of doubt, INEC was duly notified of the conduct of our party’s governorship primaries. ‘’The Commission attended and monitored the exercise and subsequently issued reports confirming that the primaries complied with all extant laws

and were democratically conducted. ‘’Following this, INEC released the relevant nomination portal codes to our party, through which the official nomination forms were accessed, before they disingenuously blocked the code a few days before the submission date, causing us to resort to manual submission at their office (receipt of which was acknowledged). ‘’Being fully aware of

the grave and far-reaching consequences of excluding a validly nominated candidate from an election, INEC ought to have acted with caution and responsibility by including the name of Dr. Oluwole Oluyede, the duly nominated candidate of the PDP, in the published list of candidates. ‘’This would have been the safest and most lawful course of action for the Commission, had it acted without bias,’’ the PDP spokesman stated.

ALLEGED N9BN FRAUD: COURT REMANDS EX-AGF MALAMI, SON, A LADY IN KUJE PRISON

Ekiti Police Arrest 3,490 Suspects in wereMalami and his son ings Account No. 0179011105 sum of N700 million paid for in count two alleged between November 2022 and a property at No. 3 Onitsha Crescent, Garki, Abuja, and have procured the same September 2024. 2025, Record Significant Drop in Crime toMETROPOLITAN AUTO In count six, they were N850 million for another Decorate newly promoted officers

Gbenga Sodeinde in Ado Ekiti

The Ekiti State Police Command has arrested a total of 3,490 suspects for various criminal offences across the state in 2025, recording a significant reduction in crime compared to the previous year. The Commissioner of Police in the state, Mr. Joseph Eribo, disclosed this on Tuesday during the commissioner’s conference and media briefing held in Ado-Ekiti, where four

newly promoted officers were also decorated. Eribo explained that all the suspects arrested during the period were thoroughly investigated and prosecuted in line with the law, stressing the command’s achievements have helped to sustain peace and enhance public safety across Ekiti State. According to him, crime statistics for 2025 showed a clear decline when compared with figures recorded in 2024. Murder cases dropped from

53 in 2024 to 37 in 2025, while kidnap incidents reduced from 17 to 7 within the same period. Similarly, rape cases declined from 41 in 2024 to 31 in 2025, cultism cases reduced from 12 to 7, and house-breaking incidents dropped from 82 to 65. Armed robbery cases fell sharply from 18 in 2024 to 7 in 2025, while defilement cases decreased slightly from 26 to 24. Attempted murder cases also dropped from 26 in 2024 to 18 in 2025.

TECH LIMITED to conceal the unlawful origin of another sum of over N600 million. In another count, they were alleged to have, in November 2022, used Rahamaniyya Properties Limited to conceal N500 million paid for a luxury duplex at Amazon Street, Maitama, Abuja. In count five the trio were alleged to have sometimes in September 2024, conspired to disguise the unlawful origin of the aggregate sum of N1, 049, 173, 926. 13 paid through the Union Bank Plc account of Meethaq Hotels Ltd, Jabi, sav-

accused of indirectly taking control of the aggregate sum of N1, 362, 887, 872.96, paid through the savings account of Meethaq Hotels Ltd in Union Bank Plc, when they “reasonably ought to have known that the said funds formed proceeds of unlawful activity and you thereby committed an offence contrary to section 18(2) (d) and punishable under section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022”. In another count, Malami, his son, and Bashir were also charged with concealing the

property at Plot 683, Jabi District, Abuja. Similarly, the three defendants were said to have in February 2018 acquired No. 3 Rhine Street, Maitama, Abuja, for N430 million and in the same month concealed N210 million for No. 3130, Cadastral Zone A04, Asokoro, Abuja. They were also charged with concealing N325 million for No. 1241B, Asokoro District, between March and June 2021, and N120 million for No. 27 Efab Estate, Gwarimpa, Abuja, between November 2015 and January 2016.

THISDAY • WEDNESDAY, DECEMBER 31, 2025

NEWS

2025 AWARDS AND PUBLIC LECTURE OF CIAPS...

L-R: Director General, Commonwealth Institute of Advanced Professional Studies (CIAPS), Dr. Anthony Kila; Ms. Yemisi Ransome-Kuti; Alara of Ilara, Oba Olufolarin Ogunsanwo; CIAPS’ Award recipient, Miss Nafisat Adulahi Aminu; Her Father/ Commissioner for Religious Affairsand Ethical Reorientation, Yobe State, Alhaji Yusuf Umar; Senator Femi Kila; and former Managing PHOTO: KOLAWOLE ALLI. Director, Daily Times Nigeria Plc, Chief Tola Adeniyi at the 2025 Awards and Public lecture of CIAPS at Victoria Island, Lagos...recently.

Turaki: PDP Open to Reconciliation, Efforts Must Not Compromise Unity and Stability Party leadership crisis can be resolved in one week, Olawepo-Hashim tells chairman National Chairman of Peoples Democratic Party (PDP), Kabiru Turaki, SAN, said the party was open to reconciliation, but he stressed that such efforts must not compromise the unity, stability, and continued existence of the party. That was as a presidential

hopeful, Gbenga OlawepoHashim, said the lingering leadership crisis in the party could be resolved within one week if its leadership embraced political solutions rather than prolonged legal battles. Turaki spoke yesterday when he received Olawepo-Hashim

during a consultation visit. Speaking at a meeting held at Turaki’s Asokoro residence in Abuja, and attended by the deputy national chairman and national youth leader of the party, the chairman told the presidential hopeful that the party leadership under

his watch remained open to reconciliation. Olawepo-Hashim met Turaki as part of an ongoing consultation aimed at achieving an out-of-court resolution to the party’s internal dispute. He was among the conveners of PDP in 1998 and its

first elected Deputy National Publicity Secretary. Olawepo-Hashim said resolving the crisis politically would better serve the survival of the party and the health of Nigeria’s multiparty democracy. According to him, the party already possesses the

constitutional authority required to resolve the impasse without resorting to litigation. “There are more than enough legitimate members of the National Executive Committee (NEC) to convene a meeting and resolve this crisis within one week,” Olawepo-Hashim stated.

TINUBU: NEW TAX LAWS TAKE OFF JAN. 1, CBN PROJECTS $51.04BN EXTERNAL RESERVES

been smuggled into a law with the capacity to affect all Nigerians is sufficient reason to suspend its commencement. The President must act in favour of the people of this country; to do otherwise is a clear confirmation that money, not the people, is the priority.’’ In the meantime, Taiwo Oyedele has called on Nigerian universities to take a leading role in the successful implementation of the Tax Reform Act 2025. He stated that academia was central to public understanding, compliance, and long-term sustainability of the reforms. Oyedele made the call at a virtual one-day discussion on the ‘Nigerian Tax Law and You,’ organised by Babcock Business School, Ilisan-Remo, Ogun State, in collaboration with the Federal Government Fiscal Policy and Tax Reform Committee. In his presentation titled, ‘Nigeria Tax Reforms 2025: Implications for the Academia and Small Businesses,’ he outlined the implications of the new tax regime for universities, academic staff, and the broader education sector. He noted that the Tax Reform Act represents a structural reset of Nigeria’s tax system, which for decades had been weighed down by complexity, excessive discretion, weak alignment with global standards, and an unfair burden on low-income earners and small enterprises.

“These weaknesses eroded trust, discouraged compliance and limited the effectiveness of taxation as a tool for growth. “The reforms are not about raising taxes but about fixing the architecture of the system to make it fairer, simpler, and more productive,” Oyedele said. Focusing on academia, he said universities occupy a unique position as employers, centres of learning and drivers of thought leadership, adding that that the reforms would bring greater clarity to personal income tax obligations for academic and non-academic staff, potentially increasing disposable income, while exemptions and zero-rating of basic consumption items such as food, health and education would further improve quality of life. Oyedele disclosed that the new tax framework provides additional tax reliefs for education and education providers, clearer rules distinguishing not-for-profit academic activities from commercial operations, and new incentives aimed at promoting research and development within universities and tertiary institutions. Beyond compliance, the chairman stressed that universities have a broader responsibility to engage with the reforms intellectually and practically. In addition, he urged academic institutions to teach

the new tax laws accurately, interrogate them critically, generate evidence-based feedback, and help train the next generation of tax professionals, administrators and policymakers. “Tax reform that is not understood is not likely to succeed, and at the centre of this understanding is academia,” he stated. He also advised university administrators to begin early preparation by reviewing internal governance structures, payroll systems, and the separation of exempt and commercial activities, noting that failure to do so could complicate compliance under the new framework. Oyedele further encouraged academics and professionals to help translate policy into practice, support public understanding and hold the government accountable, describing tax reform as a collective responsibility rather than an adversarial process. He concluded that the Tax Reform Act 2025 presents a rare opportunity to build a fair, competitive and resilient fiscal system for Nigeria, adding that its success would ultimately be judged by how well it is understood, implemented and the positive impact it has on the lives and wellbeing of Nigerians. Earlier in his remarks, Vice-Chancellor of Babcock University, Prof. Afolarin

Olatunde Ojewole, described Nigeria’s ongoing tax reforms as timely and necessary. He argued that the restructuring of the tax system was critical to reducing the burden on vulnerable citizens while ensuring that the wealthy pay their fair share for national development. Ojewole stated that the forum was the second in a series championed by the university, following an earlier physical session held in Lagos that attracted over 300 participants from across the country. He noted that the tax reform debate had become a dominant national conversation, extending beyond policy circles into homes and boardrooms, underscoring its significance to Nigeria’s economic future. According to the VC, the reforms are apt in a country that, despite its vast natural and human endowments, continues to struggle with revenue generation and relies heavily on domestic and external borrowing to finance annual budgets. “Nigeria has remained poor while borrowing year after year, sometimes borrowing wisely and, at other times, borrowing unwisely. This reform seeks to progressively restructure our resources,” Ojewole said. He explained that the proposed tax reforms are designed to reduce the tax burden on the

vast majority of vulnerable Nigerians, while requiring greater contributions from the very rich and high-net-worth individuals who, according to him, have benefited disproportionately from the economy. He described this approach as consistent with global best practices in progressive economies, where the wealthy are taxed more effectively to support national development and social equity. He said Babcock University, through its business school, decided to partner with the federal government as part of its community service mandate by providing a platform for informed dialogue on the reforms. According to him, the university aims to bring together scholars, policymakers, and stakeholders to interrogate the laws, deepen public understanding, and address citizens’ concerns with evidence-based advice to the government. Also speaking, the Head of School, Babcock Business School, Prof. Rufus Ishola Akintoye, reaffirmed the institution’s commitment to national development, describing its engagement with Nigeria’s tax reform process as part of a broader mandate to give back to society through informed policy dialogue. He noted that the engagement reflects the institution’s vision of contributing meaning-

fully to Nigeria’s socio-economic transformation. According to him, Babcock University was positioning itself for another era of greatness by deliberately aligning academic excellence with community development and national policy conversations. “As part of our university commitment to community development, we are not just collaborating with the presidential fiscal policy and tax reform committee; we are fulfilling our institutional mandate to give back to our community and the nation,” he stated. Akintoye commended Oyedele for his dedication to driving public understanding of the reforms, describing his nationwide engagements as a demonstration of selfless service to the country. “We truly appreciate the good work you are doing for this nation. You have made yourself available at all times to address the many issues and concerns running through the minds of Nigerians,” he said. The head of school noted that the tax reform conversation has generated widespread interest and concern across the country, making it imperative for academic institutions to provide platforms for clarity, enlightenment and constructive Continued on page 28

WEDNESDAY, DECEMBER 31, 2025 • THISDAY

NEWS

HANDING OVER CEREMONY...

L-R: Former President, CIEEEN, Engineer Kings Adeyemi; Past President, CIEEEN, John Funso Adebayo; Incoming President, CIEEEN, Engineer Felix Adegboye; Outgoing President, CIEEEN, Engineer Felix Olu; Investiture Planning Committee, Engineer Atinuke Owolabi, during the Chartered Institute of Electrical and Electronic Engineering of Nigeria handling over ceremony in Abuja, yesterday PHOTO: KINGSLEY ADEBOYE

US Strike: Amotekun Arrests 39 Suspects Fleeing Sokoto in Ondo Forest, Parades 61 Tightens grip across borders

Fidelis David in Akure

The ripple effect of the recent US military operation against ISIS terrorists in northern Nigeria reached Ondo State, as the state’s Security Network Agency, code-named

Amotekun, yesterday, announced the arrest of 39 suspects, who allegedly fled Sokoto State and relocated into forest reserves in the state. State Commander of Amotekun, Chief Adetunji Adeleye, disclosed the de-

velopment while parading 61 suspects arrested for various criminal offences at the agency’s headquarters in Akure. Adeleye said the 39 suspects were apprehended at Elegbeka axis in Ose Local Government Area, a notorious security

flashpoint where the Olufon of Ifon was murdered some years ago. “A couple of days ago, 39 suspects were arrested together, claiming that as a result of the heat turned on them in the northern part of the country,

they relocated into the forest,” Adeleye said. Describing Elegbeka as a long-standing black spot for criminal activities, Adeleye said Amotekun had established a permanent control post inside the forest to curb kidnapping

and armed robbery. “For anyone to stay in our forest areas, the government has made it clear that such a person must obtain permits. The sudden influx of these elements raises serious questions,” he stated.

TINUBU: NEW TAX LAWS TAKE OFF JAN. 1, CBN PROJECTS $51.04BN EXTERNAL RESERVES

engagement. Meanwhile, the Central Bank of Nigeria (CBN) has projected a stronger macroeconomic outlook for the country, forecasting a significant growth in external reserves to $51.04 billion in the 2026 fiscal year. Besides, the apex bank set the real Gross Domestic Product (GDP) growth at 4.49 per cent, and predicted a further moderation in inflation to an annual average of 12.94 per cent next year. The projections were contained in the CBN’s latest Macroeconomic Outlook for Nigeria, published on its official website yesterday, where it reiterated that recent policy reforms will begin to yield more durable macroeconomic stability. In another development, Nigeria recorded an overall Balance of Payments (BOP) surplus of $4.60 billion in the third quarter of the year (Q3 2025), the CBN further disclosed. The performance marked a turnaround from the deficit position in the preceding quarter, the bank added. The improvement was supported by a sustained current account surplus of $3.42 billion, further aided by stronger trade performance, resilient remittance inflows, increased financial flows, and continued accretion to external reserves, according to a statement by CBN acting Director, Corporate Communications, Mrs. Hakama Sidi Ali.

However, according to the central bank outlook, headline inflation is expected to remain on a downward path after peaking in the previous year, supported by improving supplyside conditions and enhanced coordination between monetary and fiscal authorities. THISDAY recalls that inflation, which climbed to 34.8 per cent in December last year, has since eased following a rebasing exercise, standing at 14.45 per cent in November, based on latest data from the National Bureau of Statistics (NBS). In the report, the CBN said the inflation outlook was anchored on sustained stability in the foreign exchange and energy markets, alongside the lagged effects of earlier interest rate hikes, which are expected to continue dampening demand-side pressures. On the external position, the outlook pointed to a gradual strengthening of Nigeria’s buffers, as inflows improve and pressure on the foreign exchange market eases. “The external reserves is projected at $51.04 billion in 2026, compared with $45.01 billion in 2025. The external reserves is expected to be boosted by reduced pressure in the FX market based on the anticipated rise in oil earnings, sovereign bond issuance, and diaspora remittance inflow. “Additionally, Dangote refinery’s expansion of its nameplate capacity to 700,000

bpd from 650,000 bpd in 2025 and eventually to 1.4 million bpd in the medium term would further support the growth in external reserves,” the outlook stated. Commenting on the report the CBN Governor, Olayemi Cardoso, said the moderation in inflation would provide the foundation for a more rulesbased monetary policy regime over the medium term. “Inflation, though still elevated, is projected to moderate further to 12.94 per cent in 2026, reflecting the combined impact of easing food and energy prices, as well as the lagged effects of the bank’s monetary policy tightening cycle. “The expected continuation of the disinflationary trend will provide a firm basis for the bank’s gradual transition to a full-fledged inflation-targeting framework. Likewise, the exchange rate is projected to remain broadly stable, supported by rising diaspora remittances, higher oil receipts, and strong investor confidence. The bank remains committed to discharging its mandate in a manner that balances the objectives of price stability and sustainable economic growth,” he said. With improvements in external buffers and a more stable foreign exchange environment, factors the CBN considers critical for investor confidence, the bank said it expects economic growth to

accelerate to 4.49 per cent in 2026, from an estimated 3.89 per cent in 2025. Cardoso added that the growth outlook reflected expectations of broader-based expansion across the economy, particularly outside the oil sector. “The domestic economy is projected to expand by 4.49 per cent in 2026, from an estimated 3.89 per cent in 2025. The outlook reflects expectations of continued expansion in key non-oil sectors, improved crude oil production, and sustained stability in the macroeconomic environment. “These factors, supported by ongoing structural reforms and prudent policy management, are anticipated to strengthen productive capacity, enhance investor confidence, and consolidate the foundation for inclusive and resilient growth,” he added. Beyond growth and inflation, the CBN also addressed fiscal sustainability concerns, projecting that Nigeria’s public debt burden would remain within manageable limits despite continued borrowing. “The public debt is anticipated to remain on a sustainable path in 2026. It is projected at 34.68 per cent of GDP by end-2026 compared with 33.98 per cent at end-June 2025. The development is predicated on expected new borrowings, as discretionary fiscal policy actions remain a major driver of debt dynamics. The revaluation

effect on public debt, which dominated debt dynamics in 2023–2025, is expected to narrow in 2026 owing to exchange rate stability,” the apex bank said. Besides, the report projected average oil production of 1.71 million barrels per day, reflecting expectations of improved security around oil assets and better operational efficiency, an assumption that underpins both the growth and external balance outlook for 2026. Themed: “Consolidating Macroeconomic Stability amid Global Uncertainty”, the CBN projected improved activity in the non-oil sector, although it noted that structural constraints persist. The document stressed the need for harmonised fiscal and monetary policies, institutional reforms and tailored guidelines to sustain investor confidence and economic momentum, highlighting the importance of maintaining orthodox monetary policy and continued reforms in the foreign exchange market to ensure price and exchange rate stability. According to the CBN, the fiscal space in Nigeria improved in 2025 due to ongoing reforms, stable crude oil prices and domestic production, as total public debt stood at 33.98 per cent of GDP at the end of June 2025, with domestic debt accounting for 52.86 per cent and external debt 47.14 per cent. Besides, the external sector

recorded a balance of payments surplus of an estimated $5.80 billion in 2025, it said, supported by higher reserves, which rose to about $45.01 billion from $40.19 billion in 2024. The CBN said retained revenue and expenditure for 2026 are projected at N35.51 trillion and N47.64 trillion respectively, resulting in a provisional deficit of N12.14 trillion, equivalent to 3.01 per cent of GDP. However, the report listed some likely risks, including possible resurgence in inflation if fiscal spending rises sharply or if global financial conditions deteriorate, triggering capital reversals and exchange rate volatility. In the same vein, it cautioned that adverse weather conditions, disruptions to crude oil production, geopolitical tensions and renewed protectionist trade policies could weaken growth and external balances. Furthermore, it noted that a significant rise in non-performing loans could weaken banks’ balance sheets, while concentration risks from recapitalisation could lead to investor fatigue and crowd out other issuers. “Various downside risks could impact the economic outlook for 2026. For instance, if the projected deceleration in inflation is not attained, the monetary easing could be discontinued, thereby lowering growth prospects.

THISDAY • WEDNESDAY, DECEMBER 31, 2025

NEWS

CORONATION OF CHIEF UCHENNA AS ‘ UDEMBA IFITE OGWARI...

Chief Executive Officer, Green Enterprises Development Limited, Chief Uchenna Amaku (2nd L); Igwe of Ifite-Ogwari Community of Ayamelum LGA of Anambra State, Igwe Alphonsus Ofuebe and others, during the coronation of Chief Uchenna as ‘ Udemba Ifite Ogwari ‘ in Ifite-Ogwari Community of Anambra state ... yesterday

To Win Anything in Rivers, You Must Go Through Wike,Victor Giadom Tells Fubara Gov gets more support ahead 2027 elections

Blessing Ibunge in Port Harcourt

National Vice Chairman of All Progressives Congress (APC), South-South, Hon. Victor Giadom, has told Governor Siminalayi Fubara of Rivers State that he must have to go through Minister of the Federal Capital Territory (FCT), Nyesom Wike, to win anything in the state. Giadom stated this yesterday during Wike’s Thank You Visit to the people of Gokana Local Government Area. Describing Wike as a

“dependable leader” in Rivers politics, Giadom assured the minister that there would be no political force in Gokana other than Wike. He stated, “I guarantee, on behalf of my brothers, that the Gokana people are for Wike and Tinubu and nobody will challenge Wike’s influence in Gokana. “Gokana is a no-go-area for anybody, even Governor Fubara. For him to win anything in Gokana, he must pass through Wike.” Magnus Abe, a former senator, who represented Rivers

South East, also said the people of Gokana had already chosen their friends – Wike and Tinubu. Abe said, “Wike is a leader that unites and that is why we are united. If you follow Wike, you will not go home empty-handed. “The Ogoni people are with you and we will not go home empty-handed. Please, tell Tinubu not to bother coming to Gokana to campaign. We are for him.” Deputy Speaker, Rivers State House of Assembly, Dumle Maol, assured Wike that the people of Gokana would be

with him every step of the way. “Anywhere you go we will go,” he said. Earlier, Chairman of Gokana local council, Mr Confidence Deko, pledged total support to the minister, saying, “Wherever you go we will go. “This local government is for you because of what you have done for us. Please, tell Tinubu that the people of Bokana are appreciative of him. The time for payback is near and we will do the needful.” Responding, Wike explained that the visit was to say “thank you” to Gokana people for their

good deeds and support over the years. He commended the people for the display of unity of purpose for Tinubu, saying, “When you are united, good things will come.” He asked the people to be patient and listen to their leaders for direction on where to go when the time comes. The minister promised to continue to work with the people, adding that APC and the Peoples Democratic Party (PDP) in Rivers were working under the umbrella of Tinubu’s Renewed Hope Agenda. “That is why you see PDP and APC members here,” he said.

Thieves Drill into German Bank Fubara Gets More Support Vault, Escape with Estimated $105m Ahead of 2027 Emmanuel Addeh in Abuja

Thieves used the quiet Christmas period to drill their way into the vault of a German retail bank and make off with about $105 million worth in money and valuables from customers’ deposit boxes, police said yesterday. The perpetrators drilled through a thick concrete wall at a branch of Sparkasse bank in the western city of Gelsenkirchen and then broke into several thousand safe deposit boxes and stole a sum

estimated in the double-digit millions of euros, the police said in a statement. Most shops and banks close in Germany over the Christmas period starting from the evening of December 24, and police only discovered the hole after a fire alarm went off in the early hours of Monday, December 29. Dozens of angry customers gathered in front of the bank on Tuesday loudly chanting “Let us in!”, Reuters reported. “I couldn’t sleep last night.

We’re getting no information,” one man told the Welt broadcaster as he waited outside the branch, adding that he had been using the safe for 25 years and that it contained his savings for old age. Another man said he used his deposit box to store cash and jewellery for his family. A spokesperson for the Sparkasse bank in Gelsenkirchen did not immediately respond to a request for comment. Police said witnesses have reported that they saw several

men on Saturday night carrying large bags in the stairwell of an adjacent parking garage. There were also reports of a black Audi RS 6 leaving the garage early on Monday morning with masked men inside. The vehicle’s licence plate was that of a car stolen in Hanover, more than 200 kilometres to the northeast of Gelsenkirchen, police said. Separately, AP reported that some 2,700 bank customers were affected by the theft in Gelsenkirchen, quoting police and the Sparkasse bank.

Meanwhile, in spite of the alleged reoccurring disagreement between supporters of Wike and Fubara, some groups in the state swore to ensure the re-election of the governor in 2027. Speaking yesterday, during the opening of the 2025 Eneka Day Celebration, President of Ohanaeze Ndigbo, Senator John Azuta-Mbata, pledged the Emeka people’s continued support for Fubara’s administration. Azuta-Mbata further declared the community’s readiness to back the governor’s re-election bid in the 2027 general election.

He commended the appointment of Eze Chike Worlu Wodo, head of the Apara clan, as Chairman of the Rivers State Council of Traditional Rulers. In his remarks, Chairman of the Community Caretaker Committee (CTC), Lawson Chukwu, reaffirmed the community’s loyalty to the Fubara administration. Chukwu thanked the governor for elevating their traditional stool to Second-class status and for the ongoing flyover project, while requesting the construction of internal roads as well as drainage systems to address perennial flooding. He pledged Eneka’s total support for the governor’s second-term ambition. Chairman of the occasion, George Chibuozu, described the celebration as a strong platform for advancing human capital and infrastructural development in the community. Earlier, Fubara assured the people of Eneka of his administration’s commitment to restoring critical road infrastructure and preserving the community’s traditional heritage. Speaking on the theme, “Unity: Our Strength for Progress,” Fubara urged the people to remain united, stressing that unity is vital for attracting meaningful government intervention and sustaining development.

wedneSday DECEmber 31, 2025 • T H i s d ay

NEWS

BUSINESS JOURNAL ANNUAL LECTURE…

L-R: Managing Director/CEO, APT Securities and Funds Limited, Garba Kurfi; Publisher/Editor-in-Chief, Business Journal, Prince Cookey; Managing Director/CEO, Arthur Stevens Asset Management Limited and keynote speaker, Olatunde Amolegbe; Pro- Chancellor, Michael and Cecilia Ibru University/Chairman of the occasion, Prof. Anthony Kila; Managing Consultant/CEO, Samuelson Advisory Partners, Tony Epelle, and Managing Editor, The Eagle Online, Dotun Oladipo, during the Business Journal annual lecture in Lagos…recently

Stakeholders Call for Urgent Intervention as Bandits Ravage Mineral-Rich Kogi Communities Group urges govt to help release 70 captives in bandits’ den

IbrahimOyewaleinLokoja and SundayEhigiator

Stakeholders from Bunu District in Kabba-Bunu Local Government Area of Kogi State have raised the alarm over escalating insecurity in the area, revealing that no fewer than 21 out of the 40 communities in the district

have been attacked by bandits. The stakeholders, under the umbrella of the Bunu Development Association (BDA), Bunu Initiative Generation (BIG), Bunu Students Association, Women Development Union and other groups, staged a protest in Lokoja

yesterday to draw attention to what they described as a worsening humanitarian and security crisis in the mineral-rich region. Bunu Kingdom, which

is endowed with at least 19 solid minerals in commercial quantities spread across its communities, has in recent months come under sustained attacks, resulting

in killings, kidnappings, and mass displacement of residents. Addressing journalists during a press conference, President of the Bunu

Development Association, Pastor Kolawole Johnson, disclosed that over 60 persons from the affected communities are currently in the custody of kidnappers.

NGO Urges Govts, Individuals to Collaborate against Violent Extremism

violent extremism. vements such as multi- have enhanced collaboration Innocent in The organisation said it stakeholder workshops, among government Sokoto Monarch Challenges Subjects Onuminya has made significant strides peer learning exchanges, agencies, security forces, to Invest in Yewaland Aorganisation non-governmental in preventing and countering and community resilience and civil society, which (NGO), violent extremism (PCVE) campaigns focusing on led to the drafting of State

James Sowole inAbeokuta

A first class traditional ruler, the Olu Ilaro and Paramount Ruler of Yewaland, Oba Kehinde Olugbenle, has called on indigenes of the area at home and Diaspora to prioritise investment in the area as a way of giving back to their native land. The monarch made the call during the inauguration of an ultra-modern Amusement Park and Yewa Frontier Radio in Ilaro, Yewa South Local Government

Area of Ogun State. The monarch described the Amusement Park as a spectacular project that would deepen the recreational experience of the younger ones. He said Yewa Frontier Radio 109.2 FM, which is the first in the axis, would provide a sustainable platform for people of the Senatorial district to tell their stories, thereby enhancing further growth and development of Yewaland as a whole.

The PAVE Network, has urged government at all levels and individuals to collaborate in combating

in the North-west region, At a press conference yesterday, the organisation highlighted key achie-

peace education and tolerance messaging. The organisation further explained that these efforts

Action Plans (SAPs) and Local Action Plans (LAPs) to address the complex security challenges in the region.

Mosque Bombing: Group Decries Channels TV’s Coverage Oluwaseyi Adedotun

The Companion, an influential Muslim professional organisation, has condemned Channels Television for what it described as “unprofessional, insensitive

and conflict-provoking” coverage of the tragic bombing of a mosque in Maiduguri on Christmas Eve. In a statement jointly signed by its National Publicity Secretary, Professor Tunde Akanni,

and National Amir, Imam Nojimdeen Jimoh, the group accused the broadcaster of downplaying the gravity of the attack and failing to reflect the scale of Muslim casualties during worship. The Companion said the incident demanded the

“highest level of accuracy, empathy and responsibility,” especially in a period of heightened religious emotion, but expressed shock that Channels Television allegedly “glossed over the specifics” of the attack.

FERMA Begins Rehabilitation of Ilorin-Ogbomoso Road Foundation Makes Case for Yelutide: safety and ease movement being handled by the Kwara facilities are meant for the HammedShittuinIlorin Widows, Less Privileged in Oyo during the festive period. State Office of the Federal benefit of all Nigerians.

KemiOlaitaninIbadan

A non-governmental organisation, BayoBola Comfort Foundation, has called for action to uplift widows and the less privileged in the country, marking its anniversary with presentation of cash assistance to over 30 widows, widowers and those with disabilities. The co-founder of the Foundation, Mrs. Adebola Alufa, while speaking on the sidelines of the event held Ibadan, said empowering the less privileged, most especially widows, is a moral obligation

and national priority, stating that most Nigerians are suffering due to the economic pressures. The cash donation was aimed at reducing the burden on beneficiaries during this yuletide season. The intervention came at a time when economic pressures continue to worsen the plight of widows across many communities, where the loss of a spouse often results in sudden financial instability and social vulnerability particularly in the absence of formal social safety nets.

Worried by the dilapidation state of the Ilorin- Ogbomoso highway, the management of the Federal Roads Maintenance Agency (FERMA,) has started the rehabilitation works on the road in order to ensure the

The NEMA officer in charge of the Kwara State, Lukman Shola Onimago, dropped the hint to newsmen in Ilorin during the inspection of the ongoing work on the highway. The rehabilitation work is

Roads Maintenance Agency under the Operation Connect Your Destination programme. Onimago advised motorists to drive carefully and protect government infrastructure. He stated that public

He explained that the rehabilitation is being carried out under FERMA’s annual programme tagged, “Operation Connect Your Destination,” which is implemented nationwide during the yuletide season.

BlessingIbungeinPort Harcourt

Andoni Local Government Area of Rivers State. This is even as the HCDT has trained 15 youths of the community in different livelihood skills. Chairman of Ikuru Town HCDT, Prof Lysias Gilbert ,t while speaking at a town hall/ livelihood distribution meeting

in the community, stated that the 15 persons were selected from amongst the families. He said the beneficiaries were trained for a period of one year, while the livelihood supports emanated from the community’s register. Prof Gilbert explained that

the gesture was to support the families and give them a sense of belonging, especially in the yuletide season, while also stating that the training for youths is to equip the future generation of the community with in-demand skills to make them self-reliant.

HCDT Empowers Community with N50m Palliatives in Rivers The Ikuru Town Host Community Development Trust (HCDT) has distributed livelihood support items worth about N50million to over 2,500 households in Ikuru Town,

THISDAY • WEDNESDAY, DECEMBER 31, 2025

WEDNESDAYSPORTS Perfect Super Eagles Beat Uganda to Top Group C, Tunisia Runners up

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

0811 181 3083 SMS ONLY

Nigeria to play either Cameroon or Mozambique in Round of 16 on Monday Duro Ikhazuagbe Nigeria’s Super Eagles finished the group stage campaign of the ongoing 2025 Africa Cup of Nations with maximum nine points to top Group C. Opening goal from Paul Onuachu in the 28th minute plus a brace from Raphael Onyedika in the 62nd and 67th minutes ensured that Nigeria repaid a 47-year-old debt to the Ugandans that defeated Green Eagles at the 1978 edition hosted by Ghana in Accra. What even made the victory sweet for Nigeria was that it

was achieved with a largely a largely second XI and coach Eric Chelle rested the bulk of his starting line up. Only Victor Osimhen and Calvin Bassey can be said to be amongst the first XI players in the squad to reduced the match to a training session for the East Africans who were looking for their first win to wrestled the second placed ticket from Tunisia who drew 1-1 with Tanzania in the second game of the Group C. Nigeria dominated this first half and to Eagles credit, they showed ambitions to win this encounter even though they

had already qualified for the knockout rounds of the tournament. Moses Simon was lively on the left side of attack, while there were interesting duel between two big men – Calvin Bassey in the Nigerian defence and Uche Ikpeazu, whose father is Nigerian, in the attack of the Cranes of Uganda. At the return from the first half break, Uganda’s experienced goalkeeper, Denis Onyango who was injured in the first half had to be substituted by second choice goalkeeper, Salim Magoola.

Magoola stayed barely 10 minutes on the pitch before getting a red card for stopping Victor Osimhen’s goal-bound ball with his hands outside his area. Coach Paul Put then had to pull out a player to field Uganda’s third choice goalkeeper, Nafianz Alionzi. Three minutes later, Raphael Onyedika coolly collected Samuel Chukwueze ‘s lob to increased Nigeria’s tally to 2-0. And in the 67th minuted Onyedika scored his second and Eagles went up 3-0 . Rogers Mato however pulled

back one for the Uganda in the 75th minute to give the Cranes a false sense of hope of a possible equaliser coming. A flurry of changes of bringing in majorly defenders effectively sealed off Eagles backline while the match dragged on with no more goals coming from either side. Mato chipped a finish over the onrushing Francis Uzoho for Uganda’s consolation goal. Nigeria will remain in Fes and face the third-placed team

RESULTS Uganda 1-3 Nigeria Tanzania 1-1 Tunisia Benin 0-3 Senegal Botswana 0-3 DR Congo

TODAY

E’Guinea v Algeria Sudan v Burkina Faso Gabon v Ivory Coast Mozambique v Cameroon

from Group F - Mozambique, Cameroon or Ivory Coast - on Monday (19:00 GMT).

Group C Table Nigeria Tunisia Tanzania Uganda

P 3 3. 3. 3.

W 3 1. 0. 0.

D 0 1. 2. 1.

L 0 1. 1. 2.

GF 8 6. 2. 3.

GA 4 5. 3. 7.

GD 4 1. -1. -4.

Pts 9 4 2 1

...Onyedika Bags Man-ofthe-Match Award in the Uganda, Nigeria Clash

Uganda’s second choice goalkeeper, Salim Magoola (right) being flashed a red card for picking ball outside his goal area during the AFCON 2025 final group match with Nigeria on Tuesday evening

Imadu Elected Vice President of African Boxing Congress The inaugural African Boxing Congress (ABC) held in Lagos at the weekend has elected Omonlei Imadu as the Vice President of the continental boxing body. The election of Imadu who is also the vice president of the Nigeria Boxing Federation (NBF), was generally seen as the reaffirmation of Nigeria’s leading role in African Boxing.

The landmark event organised by the Nigeria Boxing Federation witnessed the participation of over 30 countries on the continent. The congress which held in Lagos State, is a significant milestone towards strengthening governance, unity, and global competitiveness within African boxing. Solomon Desmond Kargbo

(Sierra Leone) was elected president, while Anta Gueye (Senegal) emerged as second vice president. Cyprien Tamo Tamo (Madagascar) will serve as Secretary General. Other members of the board are: Alaeldin Alfaith (Sudan) Lamptey George (Ghana) Dirang Thipe - (Bostwana) and Awil Gele - (Somalia). The congress also announced

Omonlei Imadu (2nd right) and other officials of the newly inaugurated African Boxing Congress (ABC) at their swearing in ...last weekend

the organization of the first-ever African Boxing League to begin in 2026. The framework for the league was unveiled at a gala-night held at Providence Hotel in GRA Ikeja. The newly elected president Solomon Kargbo said the board will work assiduously towards achieving the aims and objectives of the continental body in line with the framework of World Boxing. “This congress is a significant milestone to change the trajectory of the squared ropes sports in the continent. We would implement several programs to support the respective national federations to grow the sports. “ We are creating a new trajectory for African boxers to dominate at the global stage, including the Olympics. These things are achievable with the board we have in place,” Kargbo added.

Raphael Onyedika has been named the official Man-of-theMatch after he netted twice for the Super Eagles to shoot down the Cranes of Uganda 3-1 in a final 2025 AFCON Group C clash in Fes last night. The Club Brugge defensive midfielder struck twice in the second half after he was set up by Samuel Chukwueze as the Super Eagles crowned another dominant display to win their first round group with a perfect score of nine points. He has now scored three international goals. He thus becomes the third Nigerian player to win the official award after Semi Ajayi (vs Tanzania) and Ademola Lookman (vs Tunisia).

Raphael Onyedika...Man-ofthe-Match award winner Uganda on the other hand, made unwanted AFCON record of using three goalkeepers in the fixture against Nigeria.

NPFL Chairman, Elegbeleye Eugolises Amokachi on his Birthday Chairman of the Nigeria Premier Football League (NPFL), Otunba Gbenga Elegbeleye, has felicitated exinternational Daniel Amokachi on his birthday, and described him as a role model for the domestic league players. Amokachi turned 52 yesterday (December 30), and Elegbeleye said that his footprints on the nation’s football are remarkable. “As one of the home grown players that went to Europe and blossomed, Dan is a worthy ambassador of the domestic league”, the NPFL Chairman

said in his tribute to the star famously nicknamed “The Bull”. Elegbeleye also recalled that the inborn desire to contribute to the growth of the domestic league made Amokachi return to Nigeria to play for Nasarawa United at the end of his European career in 2005. “Like football stars from Argentina, Brazil and South Africa, the Bull hung his boots in Europe but came back here to inspire the younger generation of players on the pitch when he joined Nasarawa United in 2005.

THISDAY • WEDNESDAY, DECEMBER 31, 2025

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IN SEARCH OF SOLUTION TO PDP CRISIS...

L-R: PDP National Chairman, Kabiru Tanimu Turaki (SAN); and Presidential hopeful, Olawepo Hashim, during a meeting on resolving the crisis in the party, yesterday

FEMIFALANA GUEST COLUMNIST

Basic Functions of the FRSC B ritish heavyweight boxer has been injured in a car crash on the Sagamu/Lagos expressway on Monday, December 29, 2025. The accident killed two members of his team. Joshua was a passenger in a vehicle that collided with a stationary truck on the expressway. The two men who lost their lives were Sina Ghami and Latif “Latz” Ayodele, the boxer’s promoter. According to reports, Joshua is in a stable condition in an undisclosed hospital and will remain there for observation. As the police failed to cordon off the scene of the tragic crash, many onlookers took the pictures of Joshua while reeling in pains. The pictures were circulated in social media without regard to Joshua’s fundamental right to privacy. However, the Federal Road Safety Corps (FRSC) has said that its preliminary findings show that excessive speed and wrongful overtaking were the cause of the motor accident. In a statement issued yesterday, FRSC said Joshua’s SUV was “travelling beyond the legally prescribed speed limit on the corridor” and “lost control during an overtaking manoeuvre” leading to the accident.

FRSC Boss, ACM Shehu Mohammed While the FRSC be faulted in its assessment, the body cannot afford to wash off its hands like Pontius Pilate. Having regard to the status of Joshua, the media and public commentators have taken advantage of the fatal road accident to draw attention to the state of Nigerian roads, the total disregard for speed limit by motorists, as well

as the lack of ambulance and non availability of medical facilities on the highways. It is pertinent to point out that by virtue of section 10 of the Federal Road Safety Commission Act Federal Road Safety Corps is responsible for enforcing all traffic laws, managing road safety operations, and ensuring the smooth flow of traffic in Nigeria. With respect to safety of motorists and other road users, the FRSC shall discharge the following functions: (i) recommend works and deviees designed to eliminate and minimize accidents on the highways and advise the federal and State Governments including the Federal CapitaI Administration and relevant govemmental agencies on the localities where such works and devices are required. (ii) make the highway safe for motorists and other road users. (iii) determine and enforce speed limits for all categories of roads and vehicles and control the use of speed limit device. (iv) clear obstruction on any part of the highways; (v) ensure that all vehicles carry caution signs, to be used when a vehicle breaks down

ERICTENIOLA

on the highway. (vi) regulate the use of Mobile Phones by motorists; (vii) regulate the use of seat-be Its and other safety devices; (viii) prevent or minimize accidents on the highways; (ix) provide roadside and mobile clinics for the treatment of accident victims free of charge; (x) give prompt attention and care to victims of accidents ; (xi) arrest and prosecute individuals reasonably suspected of committing traffic offenses. No doubt, President Bola Tinubu has conveyed the condolences of the people of Nigeria to Joshua and the families of his friends who were killed in the accident. However, the Federal Government should direct the FRSC to ensure the safety of motorists and other road users in Nigeria in accordance with the provisions of the FRSC Act. As a matter of urgency, the relevant authorities should provide firefighters, clinics and ambulances on Nigerian roads.

GUEST COLUMNIST

Crisis Of Local Government Creation

here is a lingering problem over the way and manner local governments have been created arbitrarily in this country. The problem became worse under the Military. Some call it military nepotism and as it is now, with the 1999 constitution very difficult to amend, it seems we have to live and endure with the problem for a long time. Before independence in 1960, there were 240 native authorities in Nigeria, the North had 144, the West had 55 and the East had 47. The states we referred to as East had 72 local governments

in 1979 while the Zone we referred to as West including Lagos had 60. The states that we group as the old North had 152 local governments in 1979 while the old Mid-Western region which we named as Bendel state had 19 local governments. In total we had 303 local governments. For example, Lagos state had 8 local governments in 1979. And they were Lagos-Island, Lagos-Mainland, Shomolu, Mushin, Epe, Badagry, Ikorodu and Ikeja. The same Lagos State now has 20 local governments according to the 1999 constitution.

In 1979, Kano state had 20 local governments namely Kano (Metropolitan), Dambatta, Ringim, Minjibir, Gezewa, Bichi, DawakinTofa, Gwarzo,Tundun-Wada, Rano, Wudil, Dawakin-Kudu,Dutse,Jahun,Birnin-Kudu,Gaya, Hadejia,Keffin-Hausa,Gumel and Kazaure. Now the old Kano state has been broken into two states, Jigawa and Kano state respectively. The present Kano state has 46 local governments while Jigawa has 27 local governments. In short, the old Kano state of 1979 now has 73 local governments. Imo state had 22 local governments

in 1979. Now Imo state had been broken into Abia and Imo state respectively. Abia state now has eighteen local governments while Imo state has 28 local governments. In 1979, Rivers state had 10 local governments; now Rivers state has been broken into two, Bayelsa and Rivers. Rivers state has 23 local governments while Bayelsa has 8 local governments. Kaduna state had 14 local governments in 1979, now it has been broken into two Katsina and Kaduna state. Continues online

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