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Nigerians to Pay More for Calls, Data, SMS as NCC Sets Date for New Tariff for MTN, Airtel, Others

- The Nigerian Communications Commission (NCC) is set to announce a new tariff plan on December 13, 2024

- The NCC’s executive chairman, Aminu Maida, disclosed this in Abuja, saying that the development is meant to simplify tariff plans

- The commission earlier announced October 27 as the release date for new tariff plans, but it disclosed that it was not ready

The Nigerian Communications Commission (NCC) is set to release a new tariff plan for MTN, Airtel, Glo, and other telco operators on December 13, 2024. The development is part of the commission’s efforts to simplify tariff plans for telecom companies.

NCC reveals reason for new tariff plans

The executive vice chairman of NNC, Aminu Maida, disclosed this on Thursday, November 28, 2024, in Abuja.

The NCC boss, who was represented by Reuben Mouka, the director of public affairs, said the new plans’ unveiling date remains sacrosanct, unlike the botched date of October 27, 2024.

The commission earlier announced October 27 as the release date for new tariff plans. However, it disclosed that it was not ready due to stakeholders' non-conclusion.

The NCC also directed operators to limit their tariff and promotional plans to seven.

The directive aims to reduce complex tariff plans and bundles, ensure transparency and fairness of promotional elements, protect consumers’ interests, and ensure fair operator competition.

The NCC investigates data depletion

“On December 13, 2024, a new tariff plan will be announced against the old date of October 27, as announced. We have gotten stakeholders to make inputs.

The NCC chairman disclosed that the commission had thoroughly investigated consumer data depletion complaints and mandated that telcos engage a reputable audit firm.

The NCC disclosed that consumers must know that data usage is different on Android phones.

“As a consumer-centric regulator, the commission has embarked on public awareness on this for consumers to understand their data depletion better,” he said.

NCC speaks on advancing into, and 7G technology

Legit.ng earlier reported that the NCC has said that the country's introduction of 5G technology boasts a broader attack surface because of its denser network infrastructure and higher number of connected devices.

The commission stated that technology has advanced into the sixth and seventh generations (6G and 7G).

It said this at this year's telecom industry risk management conference in Lagos under the theme "Evolution and Future Risk Management in the Telecoms Industry: Harnessing Emerging Technologies and Trends."

Tax Reforms: Group faults Senator Monguno for not supporting Ndume, other critiques.

A non-political Group under the umbrella of Southern Borno Concerned Citizens (SBCCs) has expressed shock and displeasure over the position of Senator Mohammed Tahir Monguno (APC Borno North) for endorsing the controversial Tax Reform Bills sent to the National Assembly by President Bola Ahmed Tinubu.

Recall that the Bills before the national assembly, include; The Nigeria Tax Bill 2024, the Tax Administration Bill, and the Nigeria Revenue Service Establishment Bill aimed to repeal the Federal Inland Revenue Service (FIRS) Act and create the Nigeria Revenue Service (NRS) and, the Joint Revenue Board Establishment Bill.

The Bills which has passed second reading was hitherto condemned by Nigerian Governors Forum, National Economic Council Meeting, North East Governors Forum under the chairmanship of Governor Babagana Zulum of Borno State, Senator Mohammed Ali Ndume (APC Borno South) and many senators who claimed that the Bills are anti-people, and if passed into Law, will add to the current economic hardship faced by resilient Nigerians.

Senator Monguno (Chief Whip) had during his contributions at last Wednesday Plenary argued that the Bills if passed would reduce economic and tax burden on all Nigerians, especially that food, education, electricity and Pharmaceutical companies would be exempted from the Value Added Tax (VAT).

The National Chairman and Spokesperson of SBCCs, Comrade Bulama Sawa in a press statement issued to Journalists in Maiduguri on Friday commended President Tinubu for doing his best to implement his Renewed Hope Agenda after removal of fuel subsidy, attempt to float the naira against the dollar at the foreign exchange market and rejigging the business climate of the country.

The Group however expressed its displeasure to note that Tahir Monguno who has been at the national assembly as member House of Representatives for over decade, and now first time Senator and Chief Whip at the 10th assembly will support such controversial Tax Reform Bills at the detriment of his constituents, and of course Nigerians.

Sawa hailed Senator Ndume who has remained on the forefront in criticizing the Tax Reform Bills at the Plenary. He also appreciated Senator Kaka Shehu Lawan, SAN (Borno Central), Senator Abdul Ningi (PDP Bauchi Central) and other senators for their disposition on the matter.

The statement reads: ” We want to express shock and our displeasure over the position of Senator Mohammed Tahir Monguno (APC Borno North) for endorsing the controversial Tax Reform Bills sent to the National Assembly by President Bola Ahmed Tinubu.

”Although we are very much aware that the said Bills have passed second reading at the national assembly, let us commend and aligned with Nigerian Governors Forum, National Economic Council Meeting, North East Governors Forum under the chairmanship of Governor Babagana Zulum of Borno State, Senator Mohammed Ali Ndume (APC Borno South), many senators, Area Consultative Forum (ACF) and traditional rulers who have voiced their concern that the Bills are anti-people, and if passed into Law, will add to the current economic hardship faced by resilient Nigerians.

”We equally commend President Bola Ahmed Tinubu for doing his best in the ongoing implementation of his Renewed Hope Agenda after removal of fuel subsidy, attempt to float the naira against the dollar at the foreign exchange market and rejigging the business climate of the country. But we appealed to Mr. President to withdraw the Bills before the national assembly, as many pundits have expressed worry that if the Bills are passed and signed into Law, it will add salt to the injury”. The Group lamented.

It however expressed its displeasure to note that Tahir Monguno who has been at the national assembly as member House of Representatives for over decade, and now first time Senator and Chief Whip at the 10th assembly will support such controversial Tax Reform Bills at the detriment of his constituents, and of course Nigerians as a whole.

The Chairman of the Group therefore hailed Senator Ndume who has remained on the forefront in criticizing the Tax Reform Bills at the Plenary. He also appreciated Nigerian Governors Forum, especially Chairman of North East Governors Forum, Professor Babagana Zulum of Borno State, Senator Kaka Shehu Lawan, SAN (Borno Central), Senator Abdul Ningi (PDP Bauchi Central), other senators, traditional rulers and Area Consultative Forum (ACF) for their disposition on the matter.

Our Correspondent also observed that Governor Zulum who recently granted an interview with BBC Hausa, faulted the attempt to quickly pass the Tax Bills into law, and advised President Bola Ahmed Tinubu, the national assembly and other supporters to reverse their decision over the matter, considering the fact that about 60% total votes that brought Tinubu into office were from the North.

Tax reform: Northern senators in closed-door meeting as bill scales second reading

Northern Senators met behind closed doors on Thursday following the upper chamber’s passage of the Tax Reform Bills for a second reading.

The meeting announced during the plenary, was held in room 301 and lasted about two hours.

However, the details of the conversation remained unknown as the Chairman of the Northern Senators Forum, Senator Abdulaziz Yar’Adua, declined comment after the session.

Earlier on Thursday, the Senate tasked its Committee on Finance to invite governors, the Governors Forum, traditional rulers, and other stakeholders to attend a public hearing on the bills.

This followed the passage of the controversial bills for a second reading after a debate, after which they were referred to the Finance Committee, which was directed to revert in not more than six weeks.

Before the debate, the lawmakers had gone into a closed-door session.

On their return from the executive session, the Senate Leader, Opeyemi Bamidele ( APC, Ekiti Central) led the debate.

President Bola Tinubu had in October sent four tax bills to the National Assembly.

The bills include the Tax Reform Bills comprising the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024 and Nigeria Tax Bill, 2024.

When the bills were initially introduced, the northern governors rejected them, describing them as anti-democratic.

Following this, the National Economic Council, Nigeria’s highest economic advisory body, requested that the tax reforms bill be withdrawn from the NASS for more consultations.

He said this would allow for consensus building and understanding.

He announced, “Today, NEC took a presentation from the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.

“After extensive deliberation, NEC noted the need for sufficient alignment between and amongst the stakeholders for the proposed reforms.

“So, council, therefore, recommends the need to withdraw the bill currently before the National Assembly on tax reforms so that we can have wider consultations and also build consensus around these reforms for the benefit of the entire country.”

Following the various controversies that greeted the bills, the Senate on Wednesday invited the president’s economic team led by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, alongside the Chairman of the Federal Inland Revenue Service, Zacchaeus Adedeji and the Director-General of the Budget Office, Tanimu Yakubu, to the plenary to explain the bills in detail.

Bamidele, while leading the debate, reeled out proposals contained in the Tax Reform Bills, which according to him, aim at simplifying the tax landscape, reducing the burden on small businesses and streamlining how taxes are collected.

The legislation sought to increase the Value Added Tax distributable to the sub-national governments to 55 per cent while reducing the Federal Government’s share to 10 per cent.

The new legislative regimes also proposed zero VAT on exports and essential consumptions and VAT credit on assets and services in addition to goods consumed by businesses to lower the cost of production.

Bamidele noted that those whose salaries are not more than the minimum wage from Pay As You Earn deductions would be exempted from the tax regime.

He also said small businesses with an annual turnover of N50 million or less “are equally exempted from payment of taxes,” a key pro-business initiative that encourages job creation; deepens ease of doing business and incentivises more investments.

Similarly, the senate leader explained that there was a proposed huge reduction in company income tax from the current 30 per cent to 25 per cent that would last for at least two years.

He said, “As part of a deliberate attempt to curtail the incidence of double taxation and multiplicity of taxes and levies, multiple taxes hitherto paid by companies under various tax heads namely 2.5 per cent education tax, 0.25 per cent NASENI tax have been harmonized into a development level of 2 per cent which by 2030 will be applied to fund the newly established student loan scheme which will benefit many Nigerian youths.

“Unlike what is obtainable under the existing tax regime whereby the Federal Government takes a lion’s share of VAT revenues, it is proposed that the sharing formula should allow the state government to share 55 per cent of VAT revenue from the current 15 per cent to 10 per cent sharing formula.’’

“However, the local government’s share of VAT revenue remains unaffected. Relatedly, basic items consumed by Nigerian households such as food items, medical services and pharmaceuticals, educational fees, electricity, etc are exempted from VAT.

“Again, as part of efforts to ease the administration of income taxes and levies across the federation, there is a reasonable effort made to consolidate core tax statutes and related tax legislations,” Bamidele explained.

Contrary to misrepresentations in the public domain regarding the intendment of the bills under consideration, Bamidele explained that the bills contained innovative and people-oriented proposals as part of the government’s deliberate fiscal and tax reform measures to cushion the effect of ongoing broader economic policies such as the removal of subsidy on petroleum products and renew efforts to implement cost-reflective electricity tariffs in the power sector on Nigerian citizens, among others.

During the debate, the bills were supported by the minority leader, Abba Moro, (PDP, Benue South), Sani Musa ( APC, Niger East) and Seriake Dickson (PDP, Bayelsa West) and Tahir Mongunu (APC, Borno North).

In his contribution, the Chairman of the Senate Finance Committee, Sani Musa, stated that the bills’ objectives are good for the country.

He assured that the committee would give the bills the legislative processes it required, calling for memoranda from all stakeholders.

Senator Seriake Dickson emphasized the importance of tax reforms and their role in fostering fiscal federalism.

He stated, “The current administration aims to ensure that governments at all levels operate primarily on tax revenue, which I fully support. However, in a country as diverse as Nigeria, it is natural for issues to arise.

‘’These reflect our unique cultural, regional, and economic expectations. It is our duty to harness these differences and enact laws that serve the national interest.”

He acknowledged concerns about insufficient consultations before the introduction of the bills.

He noted, “Consultations should have taken place earlier. However, I believe further engagements will occur before our legislative activities conclude. This does not detract from the essence of these bills, which aim to emphasize derivation and encourage states to become more productive.”

Speaking on the revenue derivation provisions in the bills, the lawmaker stated, “For instance, oil workers operating in areas like Bayelsa or Rivers should have their PAYE taxes calculated and paid to the states where their activities are generated, rather than where the companies’ headquarters are located. This move, if implemented, will promote fairness and boost local revenue.”

Dickson also highlighted the multiplicity of taxes as a pressing issue, stating that, “Travelling from Lagos to Akwa Ibom, for example, one is harassed at multiple checkpoints by local government tax collectors demanding fees for tyre permits, exhaust permits, and more.

‘’This multiplicity of taxes stifles mobility and economic activities. Addressing this issue is critical.”

Dissenting, Senator Ali Ndume, (APC, Borno South), expressed concern about the timing and other foundational issues of the bills.

He remarked, “My problem is the timing. As it stands, discussions about reforms—no matter how good—are often misconstrued. Additionally, key elements like derivation and VAT require constitutional amendments to be effective.

“These complexities could have been resolved through earlier consultations with governors and traditional rulers.”

While he acknowledged the bills’ potential benefits, Ndume cautioned, “A small business earning N50m annually should not be taxed at the same rate as a billion-naira corporation.

“This disparity undermines the fairness these reforms claim to achieve.”

Ndume further said, “If the aspect raised by the governors and traditional rulers is taken away, we can pass the bills even in 24 hours.”

Responding, Senator Mongunu countered Ndume’s suggestion to withdraw the bills for further consultation.

He said, “The legislative process is clear. At the public hearing stage, all stakeholders, including governors and traditional rulers, can present their views. This process ensures transparency and thorough examination of the bills.”

“These reforms aim to reduce the tax burden on Nigerians, exempting essentials like food, pharmaceuticals, and electricity from VAT, and lowering corporate taxes from 30 per cent to 25 per cent. Such measures will spur economic growth and reduce inequality.”

In concluding the debate, the Senate unanimously resolved to pass the bills for a second reading, referring them to the Committee on Finance for further scrutiny.

The Senate President, Godswill Akpabio, said, “The bill has been passed for second reading, it will be now transmitted to the Committee for Public Hearing.

“In the course of the public hearing, Nigerians of all walks of life, of all groups, will come and aggregate, including the governors and traditional rulers, the Governors Forum are free to come and ventilate their opinion as to the pros and the cons of the bill.

“After the public hearing, our committee will now look at the various submissions aggregated and then bring it for clause-by-clause consideration.

“These bills are now referred to the Committee on Finance to be referred to the Senate in six weeks.”

The clause-by-clause consideration is done during the third reading of the bills where the bills are passed for the final time before being transmitted for concurrence and subsequently sent for presidential assent.

When Akpabio put the bills to a voice vote, the majority of the lawmakers shouted, “Aye” and the Senate President hit the gavel in affirmation.

The Federal Capital Territory Administration, FCTA, has published a list of alleged land title debtors in the Federal Capital Territory, FCT.

The FCTA in the same vein gave the defaulters two weeks from November 26, to pay for their certificates of occupancy (C of O).

Top on the list of 9,532 defaulters in the first batch is a former military Head of State, Ibrahim Badamosi Babangida, IBB, who governed Nigeria from 1985 to 1993.

According to the FCTA, IBB has an outstanding debt of N152 million for a plot of land in Asokoro, a highbrow area in the nation’s capital.

The immediate past governor of Benue State, Samuel Ortom, as well as former Sokoto State governor and serving senator, Aminu Tambuwal, were also listed as defaulters.

While Ortom was shown to have an outstanding payment of N950,000 for a plot of land in Bazango, a community on the outskirts of town, Tambuwal is reportedly owing N18 million for a plot of land in Carraway Dallas, a district located just miles from Asokoro.

The FCT threatened revocation and urged defaulters to settle their bills by e-payment to the FCT department of land administration account.

Some federal agencies, including the Nigerian Financial Intelligence Unit, NFIU, the Navy, and Police, were also named as defaulters.

The Lagos State Governor’s Lodge in Asokoro, Kaduna State Government, and ‘State House Abuja’, were also listed as land title debtors.

The United Kingdom on Wednesday unveiled its largest Visa Application Centre in Africa, located in Ikeja, Lagos.

Operated by VFS Global, the new centre marks a significant step in enhancing visa application services for Nigerians travelling to the UK.

This was contained in a statement by the British High Commission in Lagos on Wednesday.

With additional centres in Abuja and Victoria Island, Lagos, now operational since November 19, the facility in Ikeja is designed to streamline visa submissions and offer applicants a seamless experience.

The British Deputy High Commissioner, Jonny Baxter, attended the launch in Ikeja, emphasising the importance of the UK-Nigeria relationship.

He expressed optimism that the new centre would provide improved services for applicants.

“I am delighted to witness the opening of this, the largest visa application centre in Africa. Nigeria remains one of the UK’s most important partners, and we hope that VFS deliver ever-improving services for those applying for visas to the UK,” Baxter said.

Also, the Director of Visa, Status and Information Services at UK Visas and Immigration, Marc Owen, described the development as a milestone in offering world-class visa services.

Owen noted that over 225,000 UK visa applications from Nigerian nationals were processed in the year to June 2024, reflecting the growing demand for travel to the UK.

“The opening of our new VAC in Ikeja marks an exciting milestone for UKVI and VFS Global in the provision of a world-class UK visa service here in Nigeria and elsewhere across Africa.

“In the year to June 2024, we processed more than 225,000 UK visas for Nigerian nationals across all categories and this new partnership demonstrates our continued commitment to ensuring our visa services are accessible, efficient and meet the needs of all applicants,” he noted.

The new partnership introduces a range of enhanced services, including document upload assistance, extended submission hours, SMS updates, courier passport returns, and the option for applicants to retain their passports after biometric enrolment.

Additionally, Abuja residents can now submit applications from their preferred locations using the Mobile Visa Service, while a Premium Lounge option offers a personalised experience with dedicated staff.

These optional services aim to enhance convenience for applicants without affecting processing timelines or outcomes.

The UK remains a top destination for Nigerian travellers, who account for five per cent of all global UK visit visa applications.

The new facility underscores the UK’s commitment to meeting this demand while maintaining efficient and accessible visa services.

VFS Global, a long-term partner of UK Visas and Immigration since 2003, has expanded its operations from 58 countries to 142, further cementing its role in managing visa services worldwide.

“Please, you all should leave Davido alone, mad people. Davido spoke the truth. Nigeria's current economic state is so bad…”

Prominent Nigerian entertainers have rallied behind their colleague, Davido, to address the economic challenges Nigerians are enduring under President Bola Tinubu’s administration.

Music executive Paulo Okoye, rapper Ruggedman, Tiwa Savage, Kiekie, Tacha, and other celebrities voiced their concerns after Davido faced backlash for his comments on Nigeria’s economy.

PREMIUM TIMES earlier reported that Davido, during an appearance on the ‘Big Homies House’ podcast, urged Black Americans to reconsider relocating to Nigeria due to economic difficulties.

The 32-year-old singer highlighted poor leadership, a high exchange rate, and skyrocketing petroleum prices as significant hindrances.

However, the ‘Timeless’ hitmaker remarks sparked criticism, notably from All Progressives Congress (APC) stalwart Joe Igbokwe and Reno Omokri, a former aide to ex-President Goodluck Jonathan.

Several celebrities took to social media to defend Davido, highlighting the struggles of ordinary Nigerians with inflation, rising living costs, and an unpredictable business climate.

The truth

Paulo, 57, supported Davido’s comments in an Instagram post on Monday, describing them as a reflection of Nigeria’s harsh realities.

According to him, the challenging economy has driven global companies out of the country and left local businesses grappling with significant losses.

He also emphasised the growing trend of young talents emigrating for better opportunities abroad.

He said: “Please, you all should leave Davido alone, mad people. Davido spoke the truth. Nigeria’s current economic state is so bad.

“With global companies leaving and local businesses facing significant losses, we face challenges. Let’s acknowledge the reality and work towards a better future. God bless Nigeria.”

Too much hardship

Ruggedman, whose real name is Michael Stephens, stressed that the level of hardship in Nigeria has become unbearable for its citizens.

He called on the government to address the situation instead of shifting blame and criticising Davido for his remarks.

“Okay, Davido has said what he said. Moving forward, the government should fix Nigeria so nobody will say such a thing again.

“All this barking all over the place is not fixing the nation. The hardship is too much”, said the ‘Thy Album Come’ hitmaker.

Surviving in Nigeria

Additionally, Tiwa Savage revealed how Nigeria’s economic challenges have negatively affected the entertainment industry and its creative talents.

During her appearance on the ‘Shopping The Sneakers’ podcast on Sunday, the 44-year-old said surviving in the country is hard.

She remarked that the state of the Nigerian economy has essentially transformed celebrities into hustlers.

Tiwa Savage said, “I think Nigeria is, but when you come to Nigeria, you will understand why we breed so many superstars.

“To survive in Nigeria is something else, so the artists that come out of Nigeria are just like hustlers. They are just hustling.”

Double hustle

More so, content creator Oluwabukunmi Adeaga-Ilori, known as KieKie stated that the current economic challenges have forced entertainers to juggle multiple jobs simultaneously.

In a now-deleted post on her Instagram story, KieKie lamented the constant rise in commodity prices, highlighting the daily struggle of increasing costs.

The brand influencer, TV host and actress wrote: “We’ve all doubled our hustle, but it’s not showing because things are ridiculously and unbelievably expensive. May God help us.”

Relocation

Meanwhile, Reality TV star and entrepreneur Anita Akide, known as Tacha, has announced her decision to relocate to the United Kingdom, citing Nigeria’s worsening economy.

Tacha, who gained fame as a housemate in BBNaija Season 4, shared the news on her X page on Monday.

While she did not specify her departure date, she wrote: “Relocating to the UK so help me God.”

Background

The celebrities mentioned are not the first to criticise Nigeria’s worsening hardships and dire economic situation.

In February, this newspaper reported that veteran Yoruba actor Ebun Oloyede, known as Olaiya Igwe, who went naked to campaign for Mr Tinubu, expressed concern about the country’s growing struggles.

Olaiya, 66, a staunch APC supporter, urged Mr Tinubu to tackle the widespread hunger and address the lack of positive changes Nigerians had been anticipating under his leadership.

Olaiya’s outcry over the economic challenges was preceded by that of Fuji music icon Wasiu Ayinde Marshal, known as Kwam 1, another ardent supporter of Mr Tinubu, who also called for urgent action to alleviate the nation’s hardships and insecurity.

In February, Kwam 1 lamented the worsening conditions Nigerians have faced since Mr Tinubu assumed office.

He urged the President to fulfil the promises of good governance made during his campaign and respond to the cries of citizens, emphasising their widespread suffering.

As of press time, Davido has responded to criticisms of his remark about the economic situation.

On Monday’s X page, the singer wrote, “God bless Nigeria.”

Only four states—Lagos, Rivers, Oyo, and Bayelsa—received less than they contributed.

An analysis of revenue allocation data from Nigeria’s Federation Account Allocation Committee (FAAC) has highlighted some disparities in the redistribution of Value Added Tax (VAT) proceeds among states.

Agora Policy, in a data analysis shared on its X account on Tuesday, highlighted inequalities in VAT distribution among states.

Data analysis from the policy think tank highlighted how Lagos State, the top VAT contributor for the first 10 months of 2024, was allocated 16.78 per cent of its contributions. Meanwhile, Imo State received a staggering 1,715.98 per cent of its contributions during the same period.

The data, which covers VAT contributions and disbursements from January to October 2024, reveals some distortions in how funds are distributed under the federal system.

Lagos contributed N2.21 trillion in VAT, accounting for the highest share of the total pool. Meanwhile, Imo’s contributions stood at N3.33 billion, the lowest among the states. But Imo received N57.09 billion, a figure significantly higher than what it contributed.

The report categorised states based on the proportion of VAT they received relative to their contributions.

Only four states—Lagos, Rivers, Oyo, and Bayelsa—received less than they contributed.

Seventeen states, including Kano and Kaduna, received between 101per cent and 300 per cent of their contributions, while eleven states, such as Bauchi and Ekiti, were allocated 301 per cent to 500 per cent.

Four states—Imo, Abia, Cross River, and Kebbi—benefited the most, each receiving more than 500 per cent of their VAT contributions.

Agora Policy’s analysis highlights Lagos and Imo as outliers.

For the ten months under review, the highest total VAT allocation to a state was N371.09 billion. In contrast, Nasarawa received the least allocation, totalling N47.07 billion with a difference of N324.02 billion.

Value Added Tax (VAT) remains a crucial revenue source in Nigeria’s fiscal framework, with collections distributed among the federal, state, and local governments through a set formula.

The federal government currently retains 15 per cent, states receive 50 per cent, while local governments are allocated the remaining 35 per cent.

Critics argue that the current inter-state sharing formula—based on factors such as population, equality, and landmass—does not favour high-revenue states like Lagos and Rivers which contribute significantly to VAT collections.

Earlier in October, President Bola Tinubu submitted four fiscal bills to the National Assembly, including the Nigeria Tax Bill 2024 and the Tax Administration Bill.

Among the proposed measures is a plan to reduce the federal government’s VAT share to 10 per cent, while states’ allocations would reflect a derivation principle, allowing states to earn more based on the revenue collected within their borders.

However, the new tax proposals have generated controversy, particularly from northern elites, who fear the reforms could place their region at a disadvantage.

There was a mild drama Wednesday at the National Assembly, Abuja, as the Senate attempted to allow members of President Bola Tinubu’s economic team into the chamber.

The Senate Leader, Opeyemi Bamidele (APC, Ekiti Central), had moved for suspension of Order 12 to allow for visitors into the chamber.

Bamidele said, “Tax experts and consultants as well as the Director-General of the Budget Office and the Chairman of the Federal Inland Revenue Tax, Zacchaeus Adedeji, were to attend the plenary to explain the Tax Reform Bills in detail to lawmakers.”

However, immediately after the submission, the lawmaker representing Bauchi Central, Senator Abdul Ningi (PDP), stood up and read from the Order listing the titles of those who were allowed into the Senate plenary according to the Senate’s rules.

Ningi said such a conversation was more appropriate at the committee level and should be handed over to the finance committee and, maybe appropriations, to interface with the team.

In response, Deputy Senate President, Jibrin Barau (APC, Kano North) explained that the Senate suspended its rule to allow for openness and let Nigerians watch the live proceedings and listen to the debate on the Tax Reform Bills.

He, thereafter, asked the Senate leader to address the order he came under.

Bamidele, in response, said, “Mr President, I listened to the Point of Order raised by the most distinguished, highly respected, well-revered former leader of the House and of the Senate, distinguished Senator Abdul Ningi.

“Mr. President, let me clarify. My motion was for suspension, not invocation of Order 12. Order 12 talks about those who are privileged to speak in this hallowed chamber, as well as the exceptions that can be granted.

“But when a motion is moved for suspension, it means that the rule does not apply again. In addition, sir, for our working relationship, let me also amend my motion by saying that in addition to my motion for the suspension of Order 12 on floor privileges, I’m also coming under Order 1B, which says in all cases where there’s no specific provision or rule, the Senate shall regulate its procedure.

“So, Mr President, let it be said that my motion is based on both the invocation of Order 1B of our rules, as well as the suspension of Order 12 of our rules. Nigerians need to know, and we also want to know. Let’s hear these people.”

Upon his explanation, the deputy president then put the question to a voice vote, after which he hit the gavel in favour of the ayes.

Shortly after, Ndume stood up and said such an important matter should have been highlighted on the Order Paper and since it wasn’t a Supplementary Order Paper, it should be printed or stepped down for another legislative day.

Barau, after explaining, said they should avoid rhetoric and face facts, after which he ruled Ndume out of order.

A moment after members of the economic team were allowed into the plenary, Ndume stood up and raised another Point of Order stating that the Deputy Senate President describing his comment as “rhetoric” was an insult.

He said, “I, therefore, demand an apology from you.”

In response, Barau laughed and said rhetoric wasn’t an insult, and it wasn’t directly in response to his comment but a general statement.

Once again, Barau ruled Ndume out of order.

Nigerian FinTech startup Moniepoint recently has joined the prestigious ranks of Nigerian unicorns, Flutterwave, Interswitch, and Paystack as a private company valued at over $1 billion.

While these firms showcase the remarkable growth of Nigeria’s tech ecosystem, their remain private which limits direct investment opportunities for Nigerians with these high-value companies.

For investors eager to tap into billion-dollar valuations companies, the Nigerian Exchange (NGX) provides an alternative platform through its listed companies, some of which exceed the $1 billion mark, reflecting the market’s concentrated value and the country’s economic diversity.

Market overview

As of November 2024, NGX hosts over 160 listed companies, but only a few surpass the $1 billion in market capitalization.

The exchange’s total market capitalization stands at N58.91 trillion ($35.31 billion), with its top nine firms accounting for a substantial 70.31% of this figure.

The top three companies— Airtel Africa, Dangote Cement, and BUA Foods— collectively represent valued at N23.535 trillion (approximately $14.046 billion), accounting for 39.77% of the total market capitalization.

Below are the top publicly traded companies on NGX with market capitalization above $1 billion using an official exchange rate of N1,675.49 as of 31st October 2024.

9. Aradel Holdings (Oil & Gas) – $1.28 billion

Aradel Holdings entered the list with a market capitalization of N2.15 trillion (approximately $1.28 billion), accounting for 3.64% of the overall equities market.

Its stock is viewed as a valuable investment, bolstered by a 9-month revenue increase to $0.244 billion (N377.58 billion) and a pre-tax profit of $124.16 million (N191.45 billion).

Aradel Holdings debuted on the NGX Main Board on October 14, 2024, at N702.69 per share. However, by October 31, the share price had dropped 29.54% to N459.10.

The company is currently trading at 14.82 times its trailing twelve months earnings per share.

The company manages the Ogbele, Olo, and Olo West marginal fields, acquired from NNPC. Prior to its listing on the Nigerian Exchange (NGX), Aradel traded on the NASD OTC market, where its share price surged from N1,089 to N9,867.38 by September 2024, reflecting strong investor confidence.

8. Transcorp Power (Services) – $1.61 billion

Transcorp Power has a market capitalization of N2.69 trillion ($1.61 billion), representing 4.56% of the total market value.

As the operator of the Ughelli Power Plant in Delta State, one of Nigeria’s largest, the company reported revenue of $0.144 billion (N223.55 billion) and a pre-tax profit of $52.60 million (N81.12 billion), highlighting its strong performance in the energy sector.

Listed on the Nigerian Exchange (NGX) on March 4, 2024, at N240 per share, Transcorp Power’s stock has since increased by 49.96%, closing at N359.90 on October 31.

The company is trading at 34.36 times its trailing twelve months earnings per share.

7. Geregu Power (Services) – $1.71 billion

Geregu Power’s market capitalization stands at N2.87 trillion, approximately $1.71 billion, making up 4.86% of the equity market as of the end of October.

Operating the Geregu Power Plant in Kogi State, the company plays a key role in Nigeria’s energy supply.

It reported revenue of $0.73 billion (N112.58 billion) and a pre-tax profit of $23.51 million (N36.26 billion), underscoring its robust operational performance.

The company’s share price saw a 188.22% year-to-date increase, reaching N1,150.00 on the last trading day in October.

Geregu Power is currently trading at 102.36 times its trailing twelve months earnings per share.

6. BUA Cement (Industrial Goods) – $1.97 billion

BUA Cement has a market capitalization of $1.97 billion (N3.31 trillion). As a major player in Nigeria’s industrial sector, the company generated $0.378 billion (N583.40 billion) in revenue and recorded a pre-tax profit of $40.86 million (N63.01 billion) in the first nine months of 2024.

It operates production facilities in Edo and Sokoto states.

During the review period, BUA Cement’s share price increased by 98.54% year-to-date, closing at N97.80 on the last trading day in October.

The company is trading at 78.70 times its trailing twelve months earnings per share.

5. Seplat Energy (Oil & Gas) – $2.00 billion

Seplat Energy, with a market capitalization of $2.00 billion (N3.35 trillion), accounts for 5.63% of the equity market.

The company reported a nine-month pre-tax profit of $237.82 million (N366.71 billion) and revenue of $0.694 billion (N1.07 trillion).

Its $1.28 billion acquisition of ExxonMobil’s Nigerian assets has strengthened its position in Nigeria’s oil and gas sector.

Seplat’s share price surged 146.75% year-to-date to N5,700 as of October 31, trading at 38.47 times its trailing twelve months earnings per share.

4. MTN Nigeria (ICT) – $2.19 billion

MTN Nigeria holds a market capitalization of $2.19 billion (N3.67 trillion), accounting for 6.21% of the equity market.

Despite a $462.81 million (N713.63 billion) pre-tax loss from naira devaluation, the company generated $1.53 billion (N2.37 trillion) in service revenue over the first nine months of 2024, showcasing its resilience in tough economic conditions.

The stock underperformed, dropping 33.30% year-to-date to N175.10 by October 31, reflecting market concerns about its financial position.

3. BUA Foods (Consumer Goods) – $4.24 billion

BUA Foods, with a market capitalization of $4.24 billion (N7.10 trillion), ranks third, accounting for 12.01% of the market.

Despite economic challenges, the company recorded $0.694 billion (N1.07 trillion) in revenue and a pre-tax profit of $141.15 million (N217.65 billion) for the first nine months of 2024.

Its share price gained 98.54% year-to-date, reaching N394 by October 31. BUA Foods is currently trading at 50.36 times its trailing twelve months earnings per share.

2. Dangote Cement (Industrial Goods) – $4.86 billion

As of October 31, Dangote Cement is the second most valued company in Nigeria, with a market capitalization of N8.15 trillion ($4.86 billion), representing 13.79% of the equity market.

In the first nine months of 2024, it generated $1.66 billion (N2.56 trillion) in revenue and a pre-tax profit of $263.55 million (N406.38 billion).

Its share price rose 49.67% year-to-date, closing at N478, and is currently trading at 17.8 times its trailing twelve months earnings per share.

1. Airtel Africa (ICT) – $4.93 billion

Airtel Africa, with a market capitalization of N8.26 trillion ($4.93 billion), leads Nigeria’s equity market, making up 13.97%.

The company recorded $2.37 billion in revenue and a pre-tax profit of $178 million for the half-year ending September 30, 2024. Its share price rose 16.55% YTD, closing at N2,200 on October 31.

Dangote Cement, valued at N8.15 trillion ($4.86 billion), generated $1.66 billion in revenue and a pre-tax profit of $263.55 million in the first nine months of 2024.

Its share price increased 49.67% YTD, reaching N478 by October 31, trading at 17.8x its trailing twelve months earnings per share.

ObosiLandlord:
Deport them to thier countries

Over 10,000 student acceptance letters identified as potentially fraudulent in Canada.

Canada’s Immigration, Refugees, and Citizenship Canada (IRCC) has identified over 10,000 student acceptance letters as possibly fraudulent, raising concerns over the integrity of international student admissions.

The move follows the introduction of stricter verification procedures aimed at addressing issues with fake letters discovered in previous years.

According to The Economic Times, the director-general of the International Students Branch at IRCC, informed a parliamentary committee that the government had introduced stricter verification processes in response to the growing issue.

The new checks were carried out over the past year as part of the review of 500,000 student applications. While most of the letters were confirmed to be genuine, a significant number were flagged as suspicious.

Stricter verification of student admissions

The new checks revealed that 93% of the student acceptance letters were verified as legitimate. However, 2% of the documents were found to be fraudulent, while 1% were linked to canceled admissions. In several instances, universities and colleges had failed to properly confirm the authenticity of the letters before admitting students.

Bronwyn May explained that the enhanced verification measures were introduced after a series of cases in 2023, where international students were at risk of deportation due to receiving fraudulent acceptance letters from an unlicensed consultant in India.

These incidents prompted the government to take action by requiring educational institutions to confirm acceptance letters through an online portal, a process that is now mandatory for all applicants, whether inside or outside Canada.

Concerns over Student exploitation

Reports inform that the issue of fraudulent student documents has raised additional concerns regarding the treatment of international students. Jenny Kwan, an immigration critic for Canada’s New Democratic Party, described the findings as “extremely alarming” and called for the government to address both the fraudulent practices and potential involvement of educational institutions.

“Canada has a responsibility to ensure that international students who have been defrauded are protected,” Kwan said in an interview with The Globe and Mail, according to the Times.

Kwan stressed that Canada’s reputation as a destination for international students could be at risk if such fraudulent practices were not swiftly dealt with. She urged the government to not only focus on fraud prevention but also provide support for students who had been misled.

A growing focus on fraud prevention

According to reports, The IRCC’s move to tighten the verification process marks a growing concern over the integrity of international student admissions in Canada, as international students represent a significant part of the Canadian economy, with thousands of students coming to study each year.

The discovery of fraudulent documents highlights the need for stronger safeguards to prevent exploitation and ensure the credibility of the admissions process.

The IRCC’s efforts reflect a broader commitment to maintaining the integrity of Canada’s immigration system and ensuring that students are not subjected to fraudulent practices. The new checks are expected to provide additional protection for students and institutions alike.

International students’ impact on Canada’s economy

International students contribute significantly to Canada’s economy, not only through tuition fees but also in terms of job creation and cultural exchange. As the number of international students continues to rise, ensuring the authenticity of their documents and the legitimacy of their admissions is crucial to maintaining a trustworthy system.

The government’s strengthened verification process aims to reduce the risk of fraud while supporting the growth of Canada’s international student population.

With the new measures in place, the IRCC hopes to prevent further incidents of fraud and protect the interests of both international students and Canadian educational institutions.

The government’s response aims to uphold the reputation of Canada as a leading destination for higher education while safeguarding the rights of students who choose to study in the country.

The Federal Competition and Consumer Protection Commission (FCCPC) has raised concerns about the circulation of substandard and unregistered sugar products in Nigerian markets.

According to a press release issued on November 20th, these smuggled brands, mainly from Brazil, fail to meet mandatory Vitamin A fortification requirements, posing significant health risks and economic threats.

The FCCPC identified brands such as Grupo Moreno, Terous, USI S. Joao, Alvean, and Arapora Bionergia as culprits.

The statement revealed that these products lacked essential labeling, including production and expiry dates, batch numbers, and NAFDAC registration.

“Many of the identified sugar products lacked normal labeling, including production and expiry dates, batch numbers, and the mandatory National Agency for Food and Drug Administration and Control (NAFDAC) registration. Even more concerning, most of the products were not fortified with Vitamin A, a critical nutrient essential for good vision, immune health, and overall well-being. The absence of this fortification exposes Nigerian consumers to serious health risks, including blindness and increased susceptibility to infections, particularly among vulnerable groups such as children and pregnant women,” they stated.

Impact on local manufacturers

The FCCPC stressed that the influx of substandard sugar undermines the local sugar industry, creating unfair competition for compliant producers. FCCPC noted that smugglers often manipulate prices to deceive consumers, putting undue pressure on genuine manufacturers.

“The influx of smuggled sugar undermines fair competition, placing undue pressure on compliant local producers who adhere to regulatory standards. Importers of these substandard products engage in price manipulation to the detriment of genuine producers and consumers, while pretending that the products are genuine. This jeopardises the sustainability of the Nigerian sugar industry and also erodes consumer trust in the market,” the statement read.

The FCCPC also pointed out that porous borders particularly from neighboring countries such as Cameroun and the Benin Republic further complicate enforcement efforts and hamper traceability.

In response, the FCCPC is ramping up efforts to address the issue through multiple strategies, including:

Awareness campaigns: Educating consumers about the dangers of unregistered and non-fortified sugar products.

Surveillance and enforcement: Strengthening collaboration with NAFDAC, Nigeria Customs Service, and other agencies to disrupt the supply chain of smuggled sugar.

Stakeholder engagement: Promoting adherence to quality standards and fair competition among industry players.

The Commission added that industry stakeholders are being engaged to ensure compliance with quality standards and promote fair competition within the sugar market and urged Nigerians to verify sugar products for proper labeling, including evidence of Vitamin A fortification and NAFDAC registration.

The United Kingdom Embassy in Nigeria announced on Tuesday a change in its visa application centres, with a new supplier taking over their management.

The transition, which is expected to affect some applicants, may result in changes to the locations where documents are submitted and collected.

In a statement via its X (formerly Twitter) account, the Embassy informed the public that affected customers would be contacted directly via email with specific instructions.

“The supplier of our visa application centres in Nigeria is changing. During this transition, some customers may submit and collect their documents from different locations. You will be contacted via email if this affects you,” the statement said.

The visa application centres in Abuja and Lagos, which have been facilitating the process, remain operational in those cities.

Applicants are reminded to book appointments before visiting these centres.

The Embassy advised those seeking further information to visit the official visa application website.

WeddingParol:
A refined talent attraction strategy.

Meanwhile, African leaders are chasing out their talents to serve their colonisers and oppressors.

The Independent National Electoral Commission will officially present certificates of return to Ondo State Governor-elect, Lucky Aiyedatiwa, and his deputy, on Wednesday.

The certificates would be issued at the commission’s headquarters in Abuja.

The Chief Press Secretary to the INEC Chairman, Rotimi Oyekanmi, disclosed this to our correspondent on Monday.

He said, “The certificates of return would be presented by INEC to the governor-elect and his deputy on Wednesday at the commission’s headquarters.”

The electoral commission declared Aiyedatiwa of the All Progressives Congress the winner after he secured a total of 366,781 votes, defeating the Peoples Democratic Party’s Agboola Ajayi, who garnered 117,845 votes.

Meanwhile, the Social Democratic Party has rejected the results of the Saturday governorship election declaring Aiyedatiwa winner

Speaking with journalists on Monday in Akure, the state capital, the Chairman of the Ondo SDP, Mr Gbenga Akinbuli, described the election as a shame on the democracy of the country, saying there were harassment and intimidation of the party’s agents while the people were also not allowed to vote in many polling units amid alleged massive vote-buying.

Akinbuli said the SDP legal team was already working on the outcome of the election, calling for the cancellation of the results of the election.

He said, “We sent our agent out. If one agent casts his vote at every polling unit, we should record nothing less than 2,000 votes.

“Our agent went to the polling units as early as 7 am, but they were intimidated out of the units; they couldn’t do anything. Voters were not allowed to come out. How can you register over two million voters and you are saying less than 600,000 came out to vote? It’s a big shame on the government of the day. Voters were telling me that they were scared for their lives; they could not come out.

“Our legal team has started work. We are asking for the immediate cancellation of the election. It’s a show of shame, it was a buyer and seller competition.”

Speaking on the exercise, the candidate of the party, Mr Bamidele Akingboye, who polled 438 votes in the election, complained that the election was marred with various irregularities and malpractices.

Akingboye said, “If you see my comments on the radio for the past one month, I’ve been calling on the people of Ondo State to come out and vote. Last Saturday was supposed to be the day Ondo State was supposed to free themselves from slavery and hunger they have been facing for some time, but what I saw was shocking to me. Even an APC chieftain was insulting me publicly; he was even about beating me up, but I just had to play maturity. It was a sad story. I mentioned that this election was not accepted.”

But the APC has denied the allegation of electoral malpractices in the Saturday poll.

The Director of Media and Publicity of the Ondo APC, Mr Steve Otaloro, described the allegation by the SDP as ridiculous and misleading

Otaloro said, “The election, which was widely observed by local and international organisations, has been adjudged as the most credible election in the state’s recent history. The election was commended by all election observers, including YAGA Africa, which praised the Independent National Electoral Commission for conducting a great improvement and departure from previous elections.

“The people of Ondo State have spoken through their mandate, electing Governor Lucky Aiyedatiwa for a second term with an overwhelming 366,781 votes across the 18 local government areas.”

He urged the opposition parties to approach the election tribunal with their grievances instead of conducting a press conference to “ridicule the sanctity of this well-acclaimed near-perfect governorship election.”

Barely two months after the September completion deadline flop, the Nigerian National Petroleum Commission has explained why it could not deliver the much-awaited Port Harcourt Refinery Company.

In an interview with our correspondent on Monday, the NNPC Chief Corporate Communications Officer, Olufemi Soneye, said the company encountered risks and challenges while carrying out the rehabilitation, being a brownfield project.

He noted that the NNPC began the commissioning of critical equipment and processing units after the mechanical completion in Nigeria.

“You may recall that mechanical completion of the PHRC revamp was successfully achieved several months ago, marking a significant milestone in the project. Following this, we began the commissioning of critical equipment and process units.

“However, as is common with brownfield projects of this scale and complexity, we encountered unforeseen risks and challenges,” he stated.

Nonetheless, he told The PUNCH that the issues were resolved and commissioning activities have resumed.

Soneye stressed that work is being carried out to ensure the project’s completion.

“These issues have since been effectively resolved, and commissioning activities have resumed.

“Work is being carried out around the clock to ensure the successful completion of this critical project,” he told our correspondent.

Asked if there is any timeline for the completion of the project, he replied, “Shortly.”

It was observed that the NNPC desisted from giving new deadlines for the delivery of the refinery, having failed to meet its deadlines seven times.

The moribund Port Harcourt refinery is one of three owned by the Federal Government and managed by the NNPC.

Nigerians have been hopeful that the cost of fuel could crash if the country refines its crude and ends the import of refined products.

The NNPC said last week that it would continue to import fuel, saying it was not the sole off-taker of petrol at the Dangote refinery.

The refinery, situated in Nigeria’s oil-rich Niger Delta region, has been in operation since 1965, but later became moribund for several years.

In March 2021, the Nigerian government acquired a $1.5bn loan for the renovation and modernisation of the refinery, but the contractor handling the project has yet to announce its completion.

The PUNCH observed that promises made to Nigerians by the Federal Ministry of Petroleum Resources and the NNPC about the refinery have continued to hit brick walls.

After the failure of the sixth deadline in early August, the then Chief Financial Officer of the NNPC, Umar Ajiya, said the refinery would commence operations in September 2024.

However, September ended without a word from the NNPC about the refinery, and Nigerians have been left in the dark since almost two months ago.

Recall that the contractor overseeing the rehabilitation of the Port Harcourt refinery, Maire Tecnimont SPA, refused to disclose the completion date for the project, despite a formal request from a human rights lawyer, Femi Falana.

Apparently baffled by the delay in the completion of the project, Falana had filed an official request under the Freedom of Information Act, seeking clarity on the date set aside for the project completion.

In response, Maire Tecnimont’s legal representative, Muyiwa Ogungbenro, a partner at Olajide Oyewole LLP, sent a letter to Falana in early October, declining to reveal the information.

Ogungbenro stated that the Managing Director of Maire Tecnimont SPA, as part of an independent private contractor, is not obligated to disclose such information under the FOI Act.

“We are counsel to Maire Tecnimont SpA, and we have our client’s instruction to respond to your letters dated 17 and 24 September 2024 requesting information on the contract between our client and Nigerian National Petroleum Company Ltd.

“Our client is a private company. Being a private independent contractor, our client is not a company in which any government has a controlling interest, and does not provide public services, functions or utilising public funds for them to be bound by the obligations in the Freedom of Information Act.

“On this ground, our client regrettably cannot provide the information you have requested,” Ogungbenro declared.

Since then, information about the refinery has been kept from the public, whose hope for cheaper petrol lies in the facility.

From December 2023, NNPC had been giving Nigerians different dates, assuring them that the refinery would begin the sale of refined products soon, having attained mechanical completion.

In July, the Group Chief Executive Officer of the NNPC, Mele Kyari, stated categorically that the refinery would come into operation in early August. He had said in 2019 that the NNPC would deliver all the country’s four refineries before the end of former President Muhammadu Buhari’s administration last year.

When he appeared before the Senate in July, Kyari boasted, “I can confirm to you, Mr Chairman, that by the end of the year, this country will be a net exporter of petroleum products.

“Specific to NNPC refineries, we have spoken to a number of your committees, and it is impossible to have the Kaduna refinery come into operation before December, it will get to December, both Warri and Kaduna; but that of Port Harcourt will commence production early August this year.”

However, the promise was not fulfilled in August which was the sixth postponement.

Though the NNPC said it was on course, the refinery has yet to commence operations even as the fourth quarter of the year nears the end.

The PUNCH recalls that the 210,000 barrels per day refinery was said to have reached what the NNPC called mechanical completion of rehabilitation work in December. It stated that the facility would start refining 60,000 barrels of crude oil daily after last year’s Christmas break.

Later in January, Kyari said the refinery was being tested and would be ready by the end of the first month.

During the second month of the year, the Shell Petroleum Development Company of Nigeria Limited completed the supply of 475,000 barrels of crude oil to the facility, raising the expectations of marketers that production would soon start.

This came a few weeks after the NNPC said in January that it was seeking to engage reputable and credible operations and maintenance companies to run the refinery.

In mid-March, Kyari said the Port Harcourt refinery would commence operations in two weeks, April.

“We are serving this country with honour and dignity. And we will make sure that the promises we make on the rehabilitation of these refineries will take place,” Kyari stated after he appeared before the Senate Ad-hoc Committee investigating the various turnaround maintenance projects of the country’s refineries.

As the April deadline elapsed, independent petroleum marketers told The PUNCH that the facility would begin production by the end of July.

Commenting on this then, NNPC’s spokesman, Soneye, said that regulatory approvals from international bodies were the only impediment stalling the operational commencement of the refinery.

Ibadan, a lively city with a rich cultural heritage, has some of Nigeria’s most vibrant and bustling food markets. Whether you’re looking for fresh produce, exotic spices, or locally prepared dishes, Ibadan’s markets offer a wide range of options for food lovers and shoppers.

Here’s a guide to Ibadan’s top five food markets, where you can find high-quality, affordable ingredients.

1. Bodija Market

Bodija Market is one of Ibadan’s largest and most famous markets, known for its extensive selection of fresh food and household items. This market is a go-to spot for fresh produce, from locally grown fruits and vegetables to meat, fish, and grains. Bodija Market also has different sections dedicated to grains, tubers, and spices; locals and visitors frequent it. While the market can get crowded, especially during weekends, it’s a lively place to explore the rich diversity of Nigerian food culture.

The specialties are fresh produce, fish, grains, and spices. To avoid crowds, the best time to visit is early mornings or weekdays.

2. Oje Market

Oje Market is one of the oldest markets in Ibadan and is known for its unique cultural and historical significance. Although it’s famous for traditional herbal medicine, vendors sell food items, including locally grown vegetables, yams, and traditional cooking spices. This market is important for people interested in traditional ingredients and herbs in Yoruba cuisine.

The specialties are traditional herbs, yams, local vegetables, and spices. The best time to visit is mid-morning on weekdays.

3. Aleshinloye Market

Aleshinloye Market is a modern market with various food stalls, retail shops, and supermarkets. It is especially popular for packaged food items and imported and locally produced goods. While it has a different ambiance from traditional markets, Aleshinloye Market offers a convenient shopping experience for people looking for foodstuffs in bulk or premium products like wines, snacks, and condiments.

The specialties are packaged and imported, as well as wines and bulk food items. The best times to visit are Afternoons and weekends.

4. Agbeni Market

Agbeni Market is known as Ibadan’s “food basket,” as it has one of the city’s widest selections of food items. Located near the city center, Agbeni is ideal for wholesale purchases of grains, spices, fresh fruits, and vegetables. While crowded, the vibrant energy and variety of options make Agbeni Market a great place to experience Ibadan’s food scene.

The specialties are Grains, fresh fruits, vegetables, and spices. The best time to visit is on Weekday mornings with fewer crowds.

5. Sango Market

Sango Market is a large, lively market that sells both food and non-food items. The food section is known for fresh produce, poultry, and spices. It is also a convenient location for buying meat and seafood, which are staples in Nigerian cuisine. Although the market can be chaotic, it’s a fantastic place to experience authentic Nigerian food shopping and find everything from vegetables to prepared ingredients for local dishes.

The specialties are poultry, meat, seafood, vegetables, and spices. The best time to visit is Early in the morning.

Tips for shopping in Ibadan’s food markets

Bargain wisely: Most items in Ibadan’s markets don’t have fixed prices, so bargaining is a common practice.

Visit Early: Arriving early ensures access to the freshest produce and avoids crowds.
Carry Cash: Many vendors may not accept transfer payments, so it’s wise to have cash on hand.

Wear Comfortable Clothing: Ibadan markets are usually busy and hot, so dress comfortably.

Stay Hydrated: Walking through these markets can be tiring, so carry water or take breaks as needed.

These top food markets in Ibadan not only offer essential food items but also provide a glimpse into the rich culture and traditions of the city. Whether you’re a local resident or a visitor, exploring these markets can be a rewarding experience filled with the flavors, sights.

Controversial cross-dresser, Idris Okuneye, also known as Bobrisky, has reportedly flown out of Nigeria a few days after he was released by the Economic and Financial Crimes Commission.

Although he did not reveal his destination, Bobrisky, in a series of videos shared on his Instagram story on Monday morning, announced that he was travelling on a first-class ticket.

“See you soon, Nigeria. This girl bought a first-class ticket three times; that’s over 30 million. Raise the bar for this girl,” he boasted.

He humorously remarked on the disfigurement of his passport photo, saying, “That passport disfigured my picture.”

Bobrisky’s departure comes on the heels of a series of events that unfolded last week.

PUNCH reports that the embattled cross-dresser was stopped and removed from an Amsterdam-bound KLM flight at Murtala Muhammed International Airport while attempting to travel to London on Thursday night.

He alleged that he sustained injuries during the incident and subsequently alerted his followers on social media.

Following the altercation, he was taken to the headquarters of the EFCC in Abuja, where he reportedly faced questioning regarding claims that he had bribed officials with N15 million to dismiss money laundering charges against him.

He was later released on bail on Saturday after he reportedly denied bribing the EFCC in his confessional statement made at the commission’s headquarters.

Bobrisky’s legal troubles began in April 2024, when he was sentenced to six months in prison for naira abuse.

Although initially incarcerated at Kirikiri Prison, reports emerged that he spent only three weeks in confinement before being discreetly relocated to an undisclosed private location.

The situation escalated further in September when a social media influencer, Martins Otse, known as VeryDarkMan, released an audio recording allegedly featuring Bobrisky discussing the bribery of EFCC officials to drop money laundering charges against him.

Atalanta’s Nigerian superstar Ademola Lookman continued his outstanding form for club and country, netting a superb brace in La Dea’s 3-0 win over Napoli.

Lookman’a opening brace set the tone for the match before Matteo Retegii rounded up the scoring ro give the away side a rare victory over Napoli.

Lookman breaches stubborn Napoli defence

So far in the Serie A season, home side Napoli had only conceded two goals in their opening five goals at the Diego Armando Maradona Stadium

However, Lookman showed why he remains one of the hottest forwards in Serie A, breaching one of the most stubborn defenses in the league at the moment with two stunning goals.

With his 16th goal of the year, Lookman became the Serie A player with the most goal contributions for 2024.

Lookman’s goals come amid the backdrop of Napoli’s on-going tussle with another Super Eagle star, Victor Osimhen, who is still on loan from the Partenopei to Galatasaray after a protracted battle to leave the club during the summer.

ABUJA — THE United States billionaire philanthropist and Chairman Gates Foundation, Bill Gates has announced a $2.8 billion investment aimed at enhancing the country’s healthcare, nutrition, and agricultural sectors.

Speaking at the National Economic Council, NEC, meeting presided over by Vice President Kashim Shettima at the Presidential Villa, Abuja, on Wednesday, Gates emphasized the critical need to invest in Nigeria’s greatest resource, its people, while addressing the economic challenges the country faces.

Gates, who had met with the Vice President alongside the Chairman of the Dangote Foundation, Aliko Dangote, has been a long-time advocate for Nigeria, with his foundation’s commitment to the country now totaling over $2.8 billion, the largest of its kind in Africa.

His remarks to the NEC highlighted both the challenges and opportunities facing Nigeria, especially in the wake of economic stagnation and rising national debt.

He underlined the importance of prioritizing primary healthcare, noting that without health, “there can be no opportunity,” pointing out that despite Nigeria’s wealth, the country spends just N3,000 per person annually on primary healthcare, a ratio that he argued should be reversed.

Gates urged Nigerian leaders to increase funding for primary healthcare and to ensure timely disbursement of allocated resources.

He also praised recent efforts, such as the successful HPV vaccination campaign that reached over 12 million Nigerian girls in just one month.

However, he stressed the need for continuous improvement, particularly in data-driven decision-making to optimize healthcare delivery and workforce management.

Addressing nutrition, Gates highlighted the alarming rate of child malnutrition in Nigeria, which contributes to nearly half of all child deaths.

He called for greater private-sector involvement in food fortification and urged state governments to ensure compliance with nutritional mandates.

Gates also discussed affordable interventions in maternal health, such as the use of multiple micronutrient supplements (MMS) that could prevent millions of cases of anaemia and save thousands of newborn lives.

In the agricultural sector, Gates expressed concern over Nigeria’s food insecurity, exacerbated by climate change and poor agricultural practices.
He advocated for increased funding for extension services, fertilizers, and infrastructure to support farmers.

He also encouraged the adoption of innovative crop varieties with higher yields and greater resistance to pests, such as the new cassava varieties developed with support from the Gates Foundation.

The philanthropist reaffirmed the Gates Foundation’s long-term commitment to Nigeria and Africa.

He acknowledged the difficulties in turning around the country’s fortunes but expressed optimism that with smart investments, innovative thinking, and dedicated leadership, Nigeria could build a better future.

“By putting the Nigerian people first, Nigeria’s leaders can build a better future,” Gates said., adding: “I still believe in the grand vision of Nigeria’s future, and that future depends on all of you.”

President Bola Tinubu has described the $280 billion Economic Trade Partnership growth between Africa and China as exponential.

Speaking on Thursday in Beijing, at the Forum on China-Africa Cooperation (FOCAC), Tinubu underscored the value of the trade volume between Africa and China, saying it shows deep economic relationship and expanded integration.

The Nigerian leader told the forum, which included Chinese President Xi Jinping and other African leaders, “I think the flourishing Economic Partnership Trade between Africa and China has grown exponentially, reaching an estimated 280 billion US dollars.”

He highlighted China’s consistent demonstration of commitment to Africa, describing it as high level engagement that has yielded strategic agreement and shared vision of growth.

The ECOWAS Chairman said the partnership was one built on mutual respect, sovereignty, and non-interference.

According to him, “At the heart of China-African relations is a foundation built on trust, mutual respect, and the pursuit of common goals. As we look to the future, it is crucial that we maintain the momentum, peaceful dialogue, transparent business practices.”

He added, “Diplomatic conflict resolution remains at the forefront of our efforts.”

Tinubu informed the forum, which also had UN Secretary-General, António Guterres, in attendance, that FOCAC, as a platform, had played a crucial role in strengthening economic ties and reaffirming both partners’ commitment to mutual progress, despite global challenges facing the regions.

He stated, “China has consistently demonstrated its commitment to Africa, not only through financial and developmental support, but also through cultural exchanges that bring our people closer and closer together.

“The establishment of the institute and Chinese cultural centres across Africa exemplifies the depth of our cultural function and shared learning.

“This impressive figures speak volumes about the extent of our economic relationship and expanding integration of our market. I say China’s Belt and Road Initiative aligns with Africa’s own infrastructure goals under the African Continental Free Trade Agreement.

“Our joint efforts reinforce the vision for a multipolar world, where diverse perspectives are embraced and cooperation is key to solving global challenges.”

The president explained that the project offered a great promise that further signified the success of FOCAC and the broader partnership, revealing the importance of cooperation in creating opportunities for development and shared prosperity.


Tinubu emphasised the importance of continued cooperation in trade, investment, and cultural exchange, despite global challenges.

He said the FOCAC platform “has been pivotal in strengthening our economic ties and reaffirming our commitment to mutual progress, despite the global challenges we face, whether the economy or geographical, our partnership has stood firm, resolute and offering a powerful example of what can be achieved through respect for sovereignty and non-interference, one of the highest highlights of this collaboration.”

Earlier in his remarks, Jinping announced a $50 billion financial support for Africa, in addition to military aid.

The Chinese president said China appreciated its ties with African nations, stressing that both should rally their populations together to become a powerful force and write a new chapter in global peace, prosperity, and progress.

He pledged another $280 million in aid to African countries, while proposing partnership actions to jointly advance modernisation with Africa.

According to him, the 10 action plans, to be implemented in the next three years, cover mutual learning among civilisations, trade prosperity, industrial chain cooperation, connectivity, development cooperation, health, agriculture and livelihoods, people-to-people and cultural exchanges, green economic development, and common security.

Jinping stated, “To implement the 10 partnership actions, the Chinese government will provide RMB360 billion yuan of financial support through the next three years.

”This breaks down into RMB210 billion yuan of credit line, RMB80 billion yuan of assistance in various forms, and at least RMB70 billion yuan of investment in Africa by Chinese companies.

”In addition, China will encourage and support Africa in issuing panda bonds in China to enhance our results-oriented cooperation in all areas.”

He proposed a new era of relations between China and Africa.

According to him, “Thanks to nearly 70 years of tireless efforts from both sides, the China-Africa relationship is now at its best in history.

“With its future growth in mind, I propose that bilateral relations between China and all African countries be elevated to the level of strategic relations, and that the overall characterisation of China-Africa relations be elevated to an all-weather China-Africa community with a shared future for the new era.”

Also speaking at a high-level meeting on peace and security at the 2024 Forum on China-Africa Cooperation (FOCAC), on Thursday in Beijing, Tinubu called on world leaders to embrace multilateralism and reject protectionism as essential steps towards achieving lasting peace, security, and stability.

The President, who spoke in his capacity as Chairman of ECOWAS Authority of Heads of State and Government, declared, “Your Excellencies, as the world searches for new ways of establishing an enduring peace amidst complicated and dynamic security challenges across regions, I say there is an urgent need to rethink the approach to global governance and economic development.

“Embracing multilateralism and rejecting protectionism and strengthening cooperative partnership is essential if we must achieve lasting peace, security, stability, and prosperity for future generations.”

Tinubu stated that the challenges facing today’s world – ranging from food insecurity to armed conflict – could only be addressed through partnerships founded on mutual respect, fairness, and inclusiveness.

He said, “I thank the African Union for being very consistent in their advocacy for global peace and working towards the realisation of its vision for a peaceful and secure Africa as articulated in Agenda 2063.

“The AU’s Silencing the Guns Initiative has been pivotal in restoring peace across the continent and re-enforcing the call for global peace.

“We have very little time left and I send sincere appreciation to the People’s Republic of China for its unwavering commitment to building a shared future for the advancement of humanity.”

The ECOWAS chairman reiterated Nigeria’s commitment to promoting peace, good governance, and security across West Africa, while commending China’s contributions to Africa’s development through initiatives like the Belt and Road and FOCAC.

He highlighted the importance of confronting the root causes of conflicts, such as poverty, inequality, and social injustice, emphasising that true peace is not just the absence of war, but the presence of justice, equity, economic opportunity, and human security.

According to Tinubu, “Nigeria has played a pivotal role in ECOWAS evolution. Throughout the bloc’s transition from an economic bloc to an integrated regional security architecture for West Africa, Nigeria has been there at the forefront.

“Nigeria’s leadership has been critical in developing mechanisms for conflict resolution and management.

“ECOWAS remains deeply committed to upholding good governance, combating terrorism, providing humanitarian aid, and engaging in intensive peacekeeping, diplomacy, and mediation.

“Nigeria’s approach to fostering peace and stability in West Africa is comprehensive, combining military intervention, diplomatic engagement, dialogue, negotiations, and mutually-beneficial economic collaboration. “Nigeria’s unwavering commitment to peacebuilding has solidified its position as a cornerstone of regional stability. We will continue to strengthen our efforts in support of a more secure and prosperous West Africa. I assure you.”

Several commercial transport operators in Ilorin on Thursday stormed some major streets in the metropolis to protest the new hike in petrol pump price.

During the protest, they expressed their displeasure with the sudden price hike, with the action leading to untold hardship for thousands of commuters.

The protests which commenced on Thursday morning significantly disrupted the movement of commercial vehicles across the city.

This forced passengers to resolve to trekking to their destinations.

The protest was spearheaded by some operators of commercial tricycles and commercial motorcycle riders who blocked several major roads in the city.

The road blocks occurred at Taiwo Isale, Coca-Cola road Junction, Maraba, Gambari Road and Offa Garage, bringing traffic to a standstill for several hours.

Consequently, commuters faced severe delays as the protesters restricted vehicular movements, demanding immediate action to address the situation.

Jimoh Abubakar, a commercial tricycle operator who spoke with NAN at Maraba, revealed that the protest was because of the sudden hike in fuel pump price.

Abubakar said the increase was unfair, adding that transporters hardly made profit due to money spent on fuel.

“In fact, when we were charging N50 per drop, it was more profitable than now. The hardship is too much, the government should help us,” he said.

Another tricycle rider, Yusuf Issa, also called on government to reduce fuel pump price, saying tricycle riders now spend all their income on fuel.

“They (government) should reduce it totally. It is becoming very difficult to make any profit, not to talk of taking care of the family from what we do for a living,” he said.

The focal points of the protest, such as Maraba and Murtala Mohammed Way Junction, witnessed aggrieved transporters chanting “(We say) ‘No’ to consistent price hike”.

Security operatives, including personnel of the Nigerian Police and the Nigeria Security and Civil Defence Corps (NSCDC), were deployed to key areas in the metropolis to ease the tension and ensure orderliness.

The presence of security agents helped to prevent any escalation into violence and ensured that the protest remained largely peaceful in spite of the significant disruptions to daily activities.

The protest caused widespread disruption as residents who relied on public transport as they were stranded and could not go for their daily activities.

Many of them later resolved to trekking to their various destinations.

Most independent petroleum marketers in Kwara now sell at different prices ranging from N950 to N1200 per litre.(NAN)