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A Federal High Court in Abuja has ordered Imo State Governor Hope Uzodimma to stop presenting himself as the All Progressives Congress (APC) candidate for the Imo West Senatorial District election scheduled for January 16, 2027.https://thebureaujournal.com/court-ruling-okorocha-uzodimma-imo-west-candidate/
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Stanbic IBTC Holdings Plc reported a 35.05% year-on-year increase in group profit before tax to N531.88 billion for the nine months ended September 30, 2026, from N393.84 billion a year earlier.Source: https://businessbureaunews.com/stanbic-ibtc-nine-month-profit-2026/
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It is a positive sign for the economy. |
The National Economic Council (NEC) has endorsed a 90-day economic action plan focused on food affordability, tax harmonisation and faster delivery of projects intended to improve living conditions and business activity.Source: https://businessbureaunews.com/nigeria-government-90-day-economic-plan-food-transport-costs/ |
The All Progressives Congress (APC) 2027 Presidential Campaign Council has appointed new leaders for its youth and women mobilisation directorates and created a Directorate of Stage Organisation and Management ahead of President Bola Ahmed Tinubu’s re-election campaign.Source: https://thebureaujournal.com/apc-2027-campaign-council-olawande-betta-edu/
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The Federal High Court in Abuja has dismissed a suit by Intels Nigeria Limited seeking to stop the Economic and Financial Crimes Commission (EFCC) from investigating transactions connected to an alleged $74 million debt owed to the Nigerian Ports Authority (NPA).Source: https://businessbureaunews.com/intels-efcc-74m-npa-dispute-court-ruling/
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Nigeria’s headline inflation rate fell to 14.63% in September 2026 from 15.39% in August, extending the country’s disinflation trend to four consecutive months, according to figures attributed to the National Bureau of Statistics (NBS).Source: The Business Bureau
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Former Chief of Naval Staff, Vice Admiral Usman Jibrin (retd), has led a delegation of Kogi East political stakeholders to meet Hon. James Abiodun Faleke, declaring their readiness to unite and mobilise votes for President Bola Ahmed Tinubu’s re-election in 2027.Source: https://thebureaujournal.com/2027-all-is-set-to-deliver-kogi-for-tinubu-admiral-jibrin-declares/
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The Presidential Working Group expects to transmit the National Policing Bill to the National Assembly within two weeks, with its chairman, Femi Gbajabiamila, saying preparations are approximately 90 per cent complete.Source: https://thebureaujournal.com/national-policing-bill-national-assembly-gbajabiamila/
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Duane “Keffe D” Davis has been sentenced to 40 years to life in prison for orchestrating the 1996 murder of rapper Tupac Shakur, Reuters reported on Tuesday, October 13. Davis, 63, received the sentence in Las Vegas following his first-degree murder conviction in August. He has said he intends to appeal. The sentencing follows the guilty verdict previously reported by The Bureau Journal. Family Addresses Sentencing Hearing Shakur’s sister, Sekyiwa, addressed Judge Carli Kierny, describing the ambitions their mother had nurtured in the rapper and the potential lost through his death. The sentence marks another major development in a case that remained unresolved for nearly three decades before Davis’s arrest in 2023. Prosecution Linked Shooting to Casino Fight Prosecutors argued that Davis organised retaliation after Shakur and members of his entourage assaulted Davis’s nephew at the MGM Grand casino on September 7, 1996. The groups were in Las Vegas on the night of the Mike Tyson–Bruce Seldon boxing match. According to the prosecution’s account, Davis and three associates travelled in a white Cadillac looking for Shakur and Death Row Records executive Marion “Suge” Knight. Shots were fired into their vehicle. Shakur was wounded and died six days later, aged 25. Davis’s Statements Became Central Evidence The case relied heavily on Davis’s accounts in interviews, his memoir and recorded conversations with investigators. His defence argued during the trial that those statements were boastful and could not be independently corroborated. A former detective acknowledged that he had been unable to verify Davis’s account, although he believed it. Davis did not testify. Conviction Does Not Identify the Gunman Davis was prosecuted for his role in organising the killing rather than for personally firing the fatal shots. Reuters reported that the identity of the gunman had not been conclusively established. The three other men in the Cadillac have since died. Davis’s planned appeal will now become the next stage of the legal proceedings. Source: https://thebureaujournal.com/keffe-d-sentenced-tupac-murder/
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Former Kaduna State Governor Nasir El-Rufai appeared before the Kaduna State High Court on Tuesday, October 13, as proceedings in his corruption trial continued beyond 7:30pm.Source: https://thebureaujournal.com/el-rufai-kaduna-corruption-trial-october-13/
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At least 22 people, including security personnel, were reportedly killed when suspected terrorists ambushed traders travelling under Nigerian Army escort in Bukkuyum Local Government Area of Zamfara State on Sunday, October 11, 2026.Source: https://thebureaujournal.com/zamfara-traders-army-escort-ambush-bukkuyum/
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Former Vice-President and African Democratic Congress (ADC) presidential candidate Atiku Abubakar has asked the Independent National Electoral Commission (INEC) to disclose the companies printing sensitive materials for the 2027 elections and explain recent departmental redeployments. In a statement issued by Phrank Shaibu, Director of Strategic Communication for the ADC Presidential Campaign Council, Atiku said transparent procurement and staffing decisions were necessary to protect public confidence in the polls. He demanded details of printing contractors, their allocations, procurement procedures and safeguards against political interference. “Nigerians should not have to depend on unnamed sources to discover who is producing their ballots,” he said.Atiku Seeks Confirmation or Denial of Hitech Claims Atiku asked INEC to confirm or deny whether Hitech, or any associated company, had received a contract to print sensitive election materials. He also questioned allegations that more than half of the materials, including those for the presidential election, had been allocated to an undisclosed company believed to be based in France. The statement sought clarification of reports that the Nigerian Security Printing and Minting Plc would produce materials for only 15 to 17 states, with private contractors handling the remainder. These claims were raised by Atiku’s campaign. The statement did not establish the identities of the contractors or confirm the alleged allocations. “If neither Hitech nor a company associated with it has been selected, INEC must say so clearly and put the matter beyond doubt,” he said. Atiku argued that any involvement by Hitech or an associated company would require scrutiny, citing reported business relationships between the Chagoury family and the Tinubu family. He also referenced controversy surrounding Hitech’s Lagos–Calabar Coastal Highway contract. Departmental Changes Draw Questions The ADC candidate requested explanations for reported changes in INEC’s Electoral Operations, Voter Registry and Information and Communication Technology departments. The reports cited in the statement said Isa Magaji Gum had moved from Electoral Operations to the Voter Registry Department, while Oluyemi Titilayo Adeyemi-Showunmi had been appointed to lead Electoral Operations. Dr Lawrence Bayode was identified as head of ICT. “These departments are at the heart of election administration. INEC must explain these decisions, publish the criteria applied and show that every appointment and redeployment followed due process, was based on merit and was free from political interference,” the statement said. The demand comes as parties organise their election activities, including the ADC’s presidential campaign structure and grassroots mobilisation for President Bola Tinubu. Campaign Demands Clear Chain of Custody Atiku urged INEC to make greater use of domestic security-printing capacity and provide a transparent chain of custody for ballots and result sheets. He separately asked the Central Bank of Nigeria to disclose its banknote-printing allocations and explain the responsibilities of domestic and foreign contractors. His requests concerning election procurement add to scrutiny of other aspects of preparations, including the distribution of registered voters across the states and the FCT and INEC’s recruitment of ad hoc election personnel. ADC Pledges to Monitor Preparations Atiku said the ADC would monitor the commission’s preparations and draw the attention of domestic and international observers to concerns about transparency. He warned against attempts to manipulate the election and said any challenge would be pursued through voting, lawful civic action and other democratic channels. “Let there be no mistake: Nigerians will not accept a stolen election. Any attempt to rig the 2027 polls will be met with determined resistance through the ballot, lawful civic action, and every other democratic channel available to the people,” he said. Legal questions have also featured in preparations for 2027, including debate over party membership registers and candidate nomination requirements. No response from INEC or Hitech addressing the allegations was included in the statement. Source: https://thebureaujournal.com/atiku-inec-2027-ballot-printing-contracts/
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The National Space Research and Development Agency (NASRDA) says the procurement process for six new satellites approved by the Federal Government is 95 per cent complete, with agreements involving foreign technical partners expected in November. NASRDA Director-General, Professor Matthew Adepoju, disclosed this in Abuja on Friday, saying the programme would strengthen Nigeria’s space capabilities and replace ageing satellite infrastructure. The programme is estimated at about $2 billion. The completion figure relates to procurement, rather than the manufacture, delivery or launch of the satellites. Contract agreements expected in November Adepoju said Nigeria was scheduled to sign a Memorandum of Understanding and contractual agreements with foreign technical partners at the African Space Economic Conference in November. The programme covers three optical Earth-observation satellites, one Synthetic Aperture Radar satellite and two communications satellites, identified as NigComSat-2A and NigComSat-2B. According to him, the new assets would improve Earth-observation resolution and strengthen communications capabilities, supporting national development and security requirements. The importance of reliable environmental monitoring is illustrated by The Bureau Journal’s coverage of NiHSA’s monitoring of rising river levels and flood risks across 15 states. That monitoring programme is separate from the satellite procurement. Communications and geographic information The proposed satellites would expand Nigeria’s capacity to collect Earth-observation information and provide communications services. Geographic information also features in other public infrastructure initiatives. The Bureau Journal previously examined Nigeria’s planned GIS-enabled digital postcode system, which is designed to identify individual buildings. For the communications component, NIGCOMSAT has identified NigComSat-2A and NigComSat-2B as part of the acquisition programme following Federal Executive Council approval. Radio Nigeria’s earlier report identified Israel Aerospace Industries and France’s Thales Alenia Space as delivery partners. Satellite assembly and testing laboratory planned Adepoju also announced plans for an Assembly, Integration and Testing Laboratory in Nigeria. He said the facility would provide capacity to assemble, integrate and test satellites locally, with completion expected within 18 months of the signing of its contract. The emphasis on specialised facilities and technical training has parallels in other science programmes. The Bureau Journal previously reported on the renewable energy college and research facilities inaugurated in Kogi State. Opportunities for Nigerian professionals Adepoju said the satellite investment would create opportunities for Nigerian professionals and young people to develop expertise in space science, satellite engineering and related technologies. Developing the workforce for technology-intensive sectors remains a wider concern. The Bureau Journal has covered a youth technology fellowship providing digital training in Kogi and MTN Nigeria’s recruitment across technology, engineering and digital-services roles. Those initiatives are separate from NASRDA’s programme. The next milestone outlined by NASRDA is the signing of agreements with foreign technical partners in November. Source: https://thebureaujournal.com/nigeria-satellite-procurement-nasrda/
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The convener of the Coalition for Better Kogi State, Dr Tom Ohikere, and the convener of the Igala/Bassa Youth United Youth Forum, Ojochenemi Abubakar, have questioned the legal status of the Kogi Unity Accord and opposed a proposed law on governorship rotation. Speaking to The Bureau Journal, the two conveners argued that the group was neither a registered political party nor registered under an incorporated trusteeship arrangement. They also criticised a declaration they attributed to the Speaker of the Kogi State House of Assembly, Umar Yusuf, at the recent Kogi Unity and Power Rotation Summit that the legislature would enact a power-rotation law, with opponents free to seek legal redress. “That one declaration has confirmed all our fears,” Ohikere said. Conveners seek agreement rather than legislation The conveners said their groups deliberately stayed away from the summit because they believed the initiative would not adequately address equitable power rotation among Kogi’s three senatorial districts. They rejected agreements or decisions purportedly made on behalf of the Okun and Igala people. Ohikere argued that power rotation should rest on a broad-based agreement among the people rather than legislation that could become the subject of litigation. “We are not proposing a law that says go to court. We are proposing a Kogi Charter of Equity, as done in Enugu, Anambra, Akwa Ibom and Cross River, where rotation works by covenant, not by law,” he said. Proposed rotation begins with Kogi West Ohikere proposed an eight-year rotational arrangement beginning with Kogi West, followed by Kogi East and Kogi Central. Senatorial district Proposed governorship period Kogi West 2028–2036 Kogi East 2036–2044 Kogi Central 2044–2052 He said the proposed charter would prevent any district from remaining outside the governorship for decades and promote equity, inclusion and political stability. Describing Kogi West as “Kogi in miniature,” Ohikere cited its ethnic and cultural diversity, its inclusion of Lokoja, the state capital, and its economic and agricultural corridors. Abuja summit planned for October Ohikere invited stakeholders from all three districts to a proposed Kogi Equity, Unity and Rotation National Summit scheduled for the third week of October in Abuja. He said participants would include youths, women, traditional rulers, religious leaders, farmers, traders and students. Discussions about community cohesion have also featured in The Bureau Journal’s coverage of Admiral Usman Jibrin’s call for unity at the Idah reconciliation summit and Kogi’s participation in the Kwararafa Development Forum summit. Those gatherings are separate from the proposed power-rotation summit. According to Ohikere, the October gathering would deliberate on and draft a Kogi Charter of Equity for subsequent presentation to political parties, the Independent National Electoral Commission and traditional rulers across the state. “If you believe Kogi is a three-legged stool that cannot stand on two legs, join us,” he said. Source: https://thebureaujournal.com/kogi-power-rotation-ohikere-abubakar-equity-charter/
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Nigeria’s allocation for the 2027 Hajj has increased to 60,000 pilgrims after Saudi Arabia approved an additional 10,000 slots, the National Hajj Commission of Nigeria (NAHCON) has announced.Source: ---->> The Bureau Journal
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Journalist Babajide Kolade-Otitoju, popularly known as BKO, has said former Kaduna State Governor Nasir El-Rufai has received less public support from political allies than he expected during his detention.Source: The Bureau Journal
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Nigeria and Jamaica have signed an Agreement on Technical Assistance aimed at deepening bilateral cooperation and expanding the reach of Nigeria’s Technical Aid Corps (TAC) Programme in the Caribbean country.Source: The Bureau Journal
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The Environment and Land Court in Malindi has temporarily halted preparations for the proposed Dangote East Africa Refinery in Lamu County, throwing a legal challenge over the project’s land into sharper focus ahead of its planned groundbreaking. Justice Jane Onyango issued interim orders directing parties to maintain the existing situation on the disputed land in the Hindi/Manda Magogoni area until October 14. The orders followed a petition filed by Salim Tima Swale and 132 other residents challenging plans for the multibillion-shilling refinery. Under the interim orders, activities including clearing, excavation, fencing and construction on the disputed parcel have been restricted. The order also prevents disposal or other dealings with the land while the court considers the petition. Residents challenge land acquisition The petitioners say they have occupied, cultivated and developed portions of the disputed land for many years and want their interests recognised in any compulsory acquisition process. The residents’ challenge centres on land in the Hindi/Manda Magogoni area identified for the proposed refinery. They contend that their longstanding occupation and use of the property give them interests that should be addressed before the project proceeds. The court has certified the matter as urgent, bringing the land dispute into the centre of the preparations for one of Kenya’s most ambitious proposed energy investments. Court order affects refinery site preparations The interim order means that physical activities covered by the court’s directions cannot proceed on the disputed land while the status quo is maintained. The development comes just as Kenya prepares for the planned groundbreaking of the refinery in Lamu. Earlier reports had indicated that President William Ruto was expected to attend the ceremony, alongside Dangote Group President Aliko Dangote. The court’s intervention does not amount to a final determination of the residents’ claims. The substantive dispute remains before the Environment and Land Court, with the next proceedings scheduled for October 14. $17bn Dangote refinery project The proposed Lamu refinery is estimated at about KSh2.2 trillion ($17 billion) and is designed to process up to 700,000 barrels of crude oil per day. The project is being positioned as a major addition to East Africa’s petroleum infrastructure, with plans for the refinery to supply refined products to Kenya and other regional markets. Its proposed scale would make the project a significant investment in the region’s energy and logistics infrastructure. Reports have indicated that the development is also intended to support Lamu’s emergence as a regional energy hub. However, the court proceedings underline that the project’s progress depends not only on financing, engineering and construction arrangements but also on resolving outstanding questions concerning land rights and the interests of affected communities. Source: The Business Bureau
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The academic records of Peter Obi, presidential candidate of the Nigerian Democratic Congress (NDC), have come under fresh legal scrutiny after Labour Party chieftain Abayomi Arabambi filed three separate suits seeking access to records held by WAEC, the University of Nigeria, Nsukka (UNN), and the National Youth Service Corps (NYSC). The suits, filed at the Federal High Court in Abuja, seek orders compelling the three institutions to release existing official records relating to certificates reportedly issued to Obi. Arabambi’s legal action comes as political activity gathers pace ahead of the 2027 elections, with questions surrounding candidates’ qualifications and public records likely to attract increasing attention as the contest approaches. But the plaintiff has drawn a clear line between his request for information and any allegation that Obi’s certificates are forged. According to the court documents, Arabambi is not asking the court to determine whether certificates Obi submitted to the Independent National Electoral Commission (INEC) are genuine or forged. Instead, he wants the institutions to disclose what their own records show about the certificates. Three Suits, Three Institutions The action against WAEC is marked FHC/ABJ/CS/2064/2026 and was filed on September 1, 2026. The NYSC case, marked FHC/ABJ/CS/2063/2026, was filed on the same date, while the suit against UNN, marked FHC/ABJ/CS/2144/2026, was filed on September 9. All three actions were filed on Arabambi’s behalf by his lawyer, Anderson Asemota. The plaintiff says he had separately approached the institutions under the Freedom of Information Act, 2011, asking for records concerning certificates he believed they issued to Obi. He alleged that WAEC rejected his request, while UNN and NYSC had, as of the time the suits were filed, neither supplied the requested information nor explained why it was being withheld. The development adds another layer to the increasingly active political realignment ahead of 2027. The Bureau Journal recently reported on Peter Obi’s political activities and reported visit to Benue, while the wider opposition movement continues to take shape. What Arabambi Wants From WAEC In the case against WAEC, Arabambi is asking the court to compel the examination body to release a Certified True Copy of WAEC Certificate No. SC042560, stated in the suit to have been issued to Obi Gregory Onwubuase in June 1978. Court documents showed that WAEC, in a letter dated August 11, 2026, rejected Arabambi’s request, relying on Sections 14(1)(a) and 14(2)(a) and (b) of the Freedom of Information Act. Arabambi is challenging that refusal, asking the court to determine whether the information sought should be disclosed under the provisions of the law. He also wants the court to direct the respondents, where they claim that any part of the requested information is exempt from disclosure, to identify the information being withheld and state the specific statutory provision relied upon. Why UNN Records Matter The suit against the University of Nigeria, Nsukka takes a similar but broader approach. Arabambi is seeking access to the university’s certificate register, academic records, graduation records, Senate or degree-award records and other existing official documents relevant to Certificate No. D000198, insofar as those records exist. He wants the university’s records to establish what they disclose about the certificate and its particulars. Importantly, the plaintiff says he is not asking the Federal High Court to pronounce on the authenticity of the certificate. His stated objective is to obtain the university’s own records and ascertain whether the certificate and its details appear in them. The issue of official records and accountability is particularly significant in an election cycle where candidates’ backgrounds are likely to receive intense scrutiny. NYSC Certificate Also Targeted Arabambi’s third case concerns NYSC Certificate No. 203495, stated to have been issued to “Obi, Gregory Peter-Onwubuase (Mr.)” on May 1, 1986. He is asking for official records relating to the certificate, including the document, record or material upon which the certificate was based or issued, provided such material remains within the custody, possession or control of the respondents. He is also seeking information about how the name “Peter-Onwubuase” appears in the relevant NYSC records. The name issue is likely to attract attention because it goes directly to the particulars contained in the records the plaintiff is asking the court to compel NYSC to disclose. Arabambi Says It Is About Disclosure, Not Forgery Throughout the three suits, Arabambi maintains that he is seeking access to existing official records rather than asking the institutions to create new information. He told the court that the information is being sought in the public interest, particularly for “transparency and accountability concerning persons seeking public office”. His position is that the institutions should disclose records already within their custody, possession or control so that the status and particulars of the certificates can be independently ascertained. That distinction is important. The filing of the suits does not, by itself, establish that any certificate belonging to Obi is forged or invalid. It establishes that a political figure is asking the court to compel public institutions to disclose records concerning those certificates. What the Court Is Being Asked to Order Among the reliefs sought, Arabambi wants the Federal High Court to declare that the respondents’ refusal or failure to furnish the requested information was wrong. He is also asking the court to hold that his requests constituted valid applications under the Freedom of Information Act and that the failure to provide the information amounted to a refusal or deemed refusal under the law. For UNN, he wants an order of mandamus compelling the university to communicate the outcome of its verification of Certificate No. D000198 based on its existing official records. He is seeking a similar order against NYSC concerning Certificate No. 203495. Arabambi is further asking the court to order disclosure of all severable portions of the requested information that are not exempt from disclosure. He has also invoked Section 25 of the Freedom of Information Act, asking the court to order disclosure where it finds that the respondents are not authorised to deny access, lack reasonable grounds for refusing access, or where the public interest in disclosure outweighs the interest served by withholding the information. A New Legal Pressure Point Ahead of 2027 The suits arrive at a politically sensitive moment. Obi remains one of the most prominent figures in the opposition camp, while parties and political actors continue to reposition ahead of the 2027 presidential election. The Bureau Journal has been tracking that shifting landscape, including political movements within the NDC and developments involving other parties preparing for the 2027 contest. Recent political developments have also included fresh manoeuvring around opposition alliances. The Bureau Journal previously examined the wider electoral landscape and the challenges facing the emerging opposition bloc, including the role of Obi and other major political figures. Meanwhile, the political contest is already extending beyond presidential calculations. The emergence of party candidates for legislative seats, including the APC’s senatorial candidates ahead of the 2027 elections, illustrates how quickly the electoral machinery is taking shape. In that environment, disputes over candidates’ records can become politically consequential even before they reach the courtroom’s substantive stage. No Hearing Date Yet As of the time of filing the report, no date had been fixed for the hearing of the three suits. The immediate question before the court is therefore not whether Peter Obi’s certificates are genuine or forged, but whether the institutions holding the relevant records should be compelled to disclose them under the Freedom of Information Act. Whatever the eventual outcome, the cases could place renewed attention on the documentary records surrounding one of Nigeria’s most prominent presidential contenders as the country moves closer to the 2027 election. The Bureau Journal will continue to follow the proceedings and any response from WAEC, UNN, NYSC, Peter Obi or his political organisation. Source: https://thebureaujournal.com/peter-obi-credentials-arabambi-sues-waec-unn-nysc/
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The Business Bureau — Uber is leaving Nigeria after 12 years. That is significant. But the debate that has followed the exit may be focusing on the wrong question. The immediate question is why Uber decided to leave. The more important question for Nigeria may be this: What happens when foreign capital leaves an economy in which domestic ownership remains relatively weak? Uber announced that it would wind down its Nigerian operations effective September 2, 2026, following what it described as a review of its business. The company has not publicly identified one specific factor as the decisive reason for its departure. Reuters reports that Nigeria's ride-hailing industry has been dealing with rising fuel costs, inflation, currency volatility and intensifying competition. There is another important piece of context. Uber is simultaneously restructuring its global business and plans to cut about 3,300 corporate jobs, roughly 10% of its workforce, as it simplifies its organisation and redirects resources towards strategic priorities including autonomous mobility. None of this means Nigeria's economic difficulties should be ignored. They should not. Nigerians are facing pressure from the cost of food, transportation, housing, energy and other necessities. Businesses are dealing with expensive capital, infrastructure problems and unpredictable operating costs. But there is a danger in reducing the entire story to one conclusion: Nigeria has more than 200 million people, but too few people can afford to consume enough to make foreign businesses profitable. That is part of the story. It is not the whole story. Nigeria Has A Purchasing-Power Problem. But It Also Has An Ownership Problem A population does not automatically create a profitable market. A company needs customers with enough disposable income to buy its products or services repeatedly at prices that can sustain the business. That is basic economics. But there is another economic question that deserves equal attention: who owns the businesses serving those consumers? There is a profound difference between being a consumer in an economy and owning a piece of the economy. A Nigerian who books a ride is a customer. A Nigerian who drives the car is providing labour or operating a small business. A Nigerian who owns the vehicle owns an income-producing asset. A Nigerian who owns shares in a company owns a claim on part of its future value. A pension fund investing in productive Nigerian businesses is an institutional owner. These are not the same economic positions. And Nigeria's long-term development depends heavily on how many people can move from merely participating in economic activity to owning productive assets. Uber's Exit Should Force A Different Conversation When Uber leaves Nigeria, the natural reaction is to ask what went wrong with the Nigerian market. That is reasonable. But there is another question worth asking: Why does the departure of one foreign company create such a large national conversation in the first place? Part of the answer is that multinational companies bring capital, technology, jobs, brands, management systems and global networks into local markets. When they leave, the country loses some of that economic activity. But there is a second reality: strategic control remains with the owners. If the owners determine that capital can produce better returns elsewhere, they can change their allocation. That is not necessarily a failure of capitalism. It is how international capital markets work. And it is precisely why a country should want a strong domestic capital base alongside foreign investment. Nigeria should welcome foreign capital without becoming permanently dependent on it. Foreign Investors Are Not The Enemy This distinction is critical. The answer to Uber leaving is not to become hostile to multinational companies. Nigeria needs them. Foreign direct investment can bring technology, capital, expertise, competition, global supply chains and access to international markets. The objective should instead be to build an economy in which foreign capital and domestic capital reinforce each other. The ideal is not: Foreign capital versus Nigerian capital. It is: Foreign capital plus Nigerian capital. That means Nigeria needs companies capable of attracting international investors while also building enough domestic ownership to ensure that Nigerians participate in the wealth those companies create. The Country Needs More Nigerians With Capital This is where the conversation needs to move beyond consumption. Nigeria does not only need people who can afford more Uber rides, smartphones, restaurant meals and other services. It needs people who can buy businesses, build businesses, acquire property, invest in shares, finance equipment and accumulate productive assets. That is how purchasing power can eventually become wealth. And that distinction matters because consumption by itself does not create lasting financial security. If a household earns ₦500,000 and spends all of it every month, its consumption may contribute to economic activity, but the household is not necessarily building wealth. If the same household eventually manages to direct part of its income into productive assets, it begins to build a balance sheet. That balance sheet matters. It can provide income, collateral, financial security and an inheritance for the next generation. A country needs consumers. But a wealthy country needs owners. Outright Ownership Matters More Than We Admit There is also a case for putting much greater emphasis on outright ownership in Nigeria's economic conversation. This does not mean every asset should be purchased with cash. Modern economies depend on mortgages, business loans, leasing, venture capital, private equity and other forms of financing. The issue is what the financing ultimately achieves. Does it help a Nigerian acquire an asset? Does it help a business expand production? Does it create an income stream? Does it build equity? Or does it simply allow households to maintain consumption while their income remains stagnant? Those are very different outcomes. Debt can be productive when it finances an asset or business capable of generating future income. Debt can also become a trap when it is repeatedly used to finance consumption without a corresponding increase in earning capacity or wealth. Nigeria should be much more interested in financing ownership than financing perpetual consumption. The POS Entrepreneur Shows What Ownership Can Look Like This does not have to begin with a multinational company or a multi-billion-naira investment. It can begin with a small business. The Business Bureau recently examined the economics of running a POS business across Lagos, Abuja and Port Harcourt and found that estimated monthly operating overhead for a typical single-terminal operation ranged from roughly ₦163,000 to ₦174,000, depending on the city and cost structure. The analysis also estimated startup capital of about ₦100,000 to ₦150,000 for a basic setup. That example is important because a POS operator is not merely consuming. The entrepreneur is attempting to own a business. The business may be small. Its margins may be thin. Its risks may be substantial. But the underlying economic principle is different. The individual is attempting to transform capital into an income-producing activity. That is precisely the kind of domestic capital formation Nigeria needs at scale. Technology Shows Nigeria Can Build Its Own Platforms The Uber story also presents an opportunity to look at Nigeria's technology sector differently. Nigeria has already demonstrated that local entrepreneurs can build financial technology companies and digital businesses capable of attracting significant international attention. The Business Bureau's analysis of Nigeria's push towards a $1 trillion economy examined the role of fintech, digital infrastructure and technology in creating scalable businesses from Nigerian problems. Read why Nigeria's technology sector is central to its $1 trillion economy ambition. https://businessbureaunews.com/nigeria-tech-trillion-dollar-economy/ The lesson should not simply be that Nigeria needs more startups. It should be that Nigeria needs more Nigerian-owned intellectual property, platforms, technology companies and scalable businesses. If Nigerians can build the platforms through which Nigerians transact, the economic value generated by those transactions has a greater opportunity to accumulate within the domestic economy. Ownership can still be shared with foreign investors. In fact, attracting foreign investment into successful Nigerian companies can accelerate growth. But there is a major difference between a Nigerian company attracting foreign capital and Nigeria having no domestic alternative when foreign capital leaves. Consumer Credit Is Not A Substitute For Wealth The argument that Nigeria needs a deeper consumer-credit market also deserves careful examination. Credit can be enormously useful. A mortgage can allow a household to acquire a home that would otherwise take decades to purchase outright. Equipment finance can allow an entrepreneur to increase production. Working-capital finance can allow a small business to buy inventory and serve customers. But credit should not be confused with prosperity. If households borrow more simply because their incomes cannot keep pace with the cost of living, the country may record higher consumption without solving the underlying problem. The stronger objective is to make credit an instrument through which Nigerians can acquire productive assets and build equity. That is why the difference between borrowing to consume and borrowing to produce deserves far more attention in Nigeria's economic debate. Even Small Savings Can Become Capital Domestic ownership also requires a financial system that makes investment accessible beyond Nigeria's wealthiest households. That does not mean everyone should rush into the stock market or a particular investment product. It means Nigerians should understand that money can potentially be transformed into financial assets rather than remaining entirely in cash or being consumed immediately. For example, Treasury Bills provide one route through which investors can lend to the Federal Government through short-term securities. The Business Bureau's recent guide explains how Treasury Bills work, the primary and secondary markets, typical tenors and the factors investors should consider before committing funds. Read our guide to CBN Treasury Bills and how Nigerians can invest. The point is not that Treasury Bills alone will transform Nigeria. They will not. The point is that a society that develops a broader culture of saving and investment gradually creates a deeper pool of domestic capital. And domestic capital is what allows Nigerians to become owners. Nigeria's Technology Story Needs More Nigerian Ownership There is an important irony in the Uber discussion. Nigeria has one of Africa's strongest technology and entrepreneurial ecosystems, yet many of the most successful businesses still require substantial external capital to scale. Foreign capital can help these companies grow. But over time, Nigeria should also develop stronger domestic institutions and investment channels capable of funding the next generation of businesses. Pension funds, asset managers, banks, family offices, venture-capital firms, cooperatives and retail investors all have potential roles to play within a properly regulated financial system. The objective should be to create a virtuous cycle: Nigerians save → Nigerian capital is invested → Nigerian businesses expand → Nigerians earn income → Nigerians acquire assets → domestic capital grows. That is a much more powerful long-term economic model than simply hoping that foreign companies will keep arriving. But Government Still Has A Major Job To Do It would be wrong to turn this into a lecture telling ordinary Nigerians to “just invest” while ignoring the conditions that make wealth creation difficult. Ownership requires an environment in which assets can actually create value. Businesses need electricity. They need roads and logistics. They need security. They need predictable taxes. They need functioning courts and enforceable contracts. They need access to reasonably priced capital. They need stable rules. And they need an economy in which inflation does not continuously erode the value of accumulated savings. The Business Bureau's recent coverage of Nigeria's national e-invoicing rollout, for example, shows how businesses are having to adjust to an increasingly formalised compliance environment, with the first enforcement phase focused on companies with annual turnover of at least ₦5 billion. Formalisation can improve tax administration and accountability, but policymakers must also ensure that compliance costs do not suffocate the businesses they are trying to formalise. Economic policy should ultimately make it easier for businesses to survive, grow and become assets that Nigerians can own. One Of Nigeria's Biggest Problems Is That Too Much Wealth Is Concentrated This is where the ownership argument becomes even more important. A country can experience economic growth without that growth translating into broad-based wealth. GDP can rise. Companies can make money. Stock markets can rally. Foreign investment can increase. And millions of households can still feel financially insecure. The missing link can be ownership. If only a small portion of society owns significant amounts of productive capital, economic expansion does not automatically produce widespread financial independence. That is why Nigeria needs a broader ownership class. Not merely a larger consumer class. The Next Nigerian Middle Class Should Own Something A genuinely resilient middle class should not be defined solely by what its members can afford. It should also be defined by what they own. A family that can afford a ride-hailing trip but has no savings is financially vulnerable. A professional who earns a good salary but has no investment assets is exposed to income shocks. A small-business owner whose entire livelihood depends on one digital platform is exposed to platform risk. A driver financing a vehicle solely for one ride-hailing service is exposed to both debt risk and platform risk. But a household that owns productive assets has another layer of financial protection. The assets may generate income. They may appreciate. They may provide collateral. They may be transferred to children. They may survive the departure of a particular company. Ownership creates economic options. Uber Can Leave. Nigeria's Capital Should Stay. This may ultimately be the most important lesson from Uber's departure. Nigeria cannot control every strategic decision made by multinational corporations. It cannot guarantee that every global company will remain in the country forever. Nor should it try to. Businesses exist to allocate capital where they believe the opportunities justify the risks. What Nigeria can control is the strength of its domestic economic base. It can build better capital markets. It can deepen financial inclusion. It can encourage productive investment. It can make it easier for entrepreneurs to build scalable companies. It can improve infrastructure. It can make domestic businesses more competitive. And it can create more pathways for ordinary Nigerians to acquire meaningful stakes in productive assets. That is the long game. The Question Should Not Be “How Do We Keep Uber?” Uber's departure deserves scrutiny. So do the exits, restructurings and divestments of other multinational companies. They can reveal genuine weaknesses in Nigeria's investment environment. But the national response should not stop at asking how to persuade foreign companies to stay. The bigger question is: How do we build an economy in which Nigerians have enough capital, productive assets and competitive companies of their own that the departure of any single multinational does not shake the foundations? That requires higher incomes. It requires lower inflation. It requires productive jobs. It requires better infrastructure. It requires functioning institutions. And it requires something that receives far less attention than consumer spending: domestic ownership. Nigeria should absolutely want foreign investors. But it should also want Nigerian investors. It should welcome multinational companies. But it should also build Nigerian multinationals. It should encourage consumption. But it should encourage investment even more. It should expand access to credit. But it should make sure credit helps people build assets rather than trapping them in endless repayment. And above all, Nigeria should stop treating its 200-million-plus population simply as a gigantic pool of consumers. They are potential owners of the economy. That is the opportunity hidden inside the Uber debate. Uber can leave. Another multinational can leave. A foreign investor can redirect capital to another country. But if Nigerians have built businesses, acquired productive assets, accumulated financial investments and developed companies capable of competing globally, the economy does not leave with them. Nigeria does not need fewer foreign investors. It needs more Nigerian investors. It does not need fewer consumers. It needs millions more owners. Because the ultimate measure of economic independence is not simply how many global companies operate in Nigeria. It is how much of the wealth created in Nigeria Nigerians themselves are able to own. Source: https://businessbureaunews.com/uber-exit-nigeria-more-owners/
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ccollins:What do you mean by "more neater"? |
The African Democratic Congress (ADC) Elders Council in Kebbi State has rejected reports of a growing rift between the council and the governorship campaign of Abubakar Chika Malami, describing the claims as false and misleading.Source: https://thebureaujournal.com/kebbi-adc-elders-council-malami-rift/
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A Joint Investigation Visit (JIV) has identified operational failure as the cause of a fresh crude oil spill at the Nembe Creek oilfield in Bayelsa State, with more than 20 fishing settlements and communities reportedly affected by the pollution.Source: https://thebureaujournal.com/nembe-creek-oil-spill-bayelsa-jiv/
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Gunmen who abducted members of the National Youth Service Corps (NYSC) in Kogi State have reportedly demanded a ransom of ₦20 million for each of the victims still being held captive.Source: https://thebureaujournal.com/kogi-nysc-kidnapping-ransom/
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The legal dispute within the African Democratic Congress (ADC) in Kebbi State has deepened, with three aggrieved party members denying allegations that they are being sponsored to undermine the party’s governorship candidate, Abubakar Chika Malami.Source: https://thebureaujournal.com/kebbi-adc-crisis-aggrieved-aspirants-malami/
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Eleven people, including National Youth Service Corps (NYSC) members, have been rescued after gunmen attacked vehicles along the Aloma–Egane Expressway in Ofu Local Government Area of Kogi State, while security operatives continue searching for other victims still believed to be in captivity.Source: https://thebureaujournal.com/kogi-nysc-abduction-11-rescued/
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aswani:Don't be in a haste to embarrass yourself in the face of the world. Why you saw only the posts from the author was because you clicked on his archive. The Bureau Journal is a reputable news and media organization. You need to work on your attention to details.
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The legal battle over United States records linked to President Bola Ahmed Tinubu has entered another important stage, with a US federal court setting a fresh deadline for the release or processing of records sought from American government agencies.Source: The Bureau Journal
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The Igala community has called for the equitable distribution of secondary school construction projects being implemented under the Adolescent Girls Initiative for Learning and Empowerment (AGILE) programme in Kogi State in collaboration with the World Bank. The community also urged Kogi State Governor, Ahmed Usman Ododo, to address what it described as lopsided appointments and distribution of development projects across the state's three senatorial districts. The call followed an analysis of a Specific Procurement Notice for the construction of 28 secondary schools across 21 Local Government Areas (LGAs) in Kogi State under the World Bank-supported AGILE programme. AGILE Projects Show Wide Distribution Gap Across Kogi According to the procurement notice, the 28 secondary school projects are distributed across Kogi East, Kogi Central and Kogi West. However, an analysis of the listed beneficiary locations shows a significant disparity in the distribution of the projects among the three senatorial districts. Kogi East, which comprises nine LGAs, has nine projects, representing approximately 32.1 per cent of the 28 projects. Kogi West, with seven LGAs, has seven projects, representing 25 per cent of the total allocation. Kogi Central, despite having only five LGAs, has 12 projects, representing approximately 42.9 per cent of all 28 projects. The figures mean that while each LGA in Kogi East and Kogi West receives one project under the procurement notice, Kogi Central averages 2.4 projects per LGA. Kogi Central Gets 12 Projects Across Five LGAs The procurement notice lists projects in all five LGAs that make up Kogi Central Senatorial District. Adavi: Three projects Ajaokuta: One project Ogori/Magongo: Two projects Okehi: Three projects Okene: Three projects In total, the five Kogi Central LGAs account for 12 of the 28 projects. By comparison, the nine LGAs in Kogi East receive one project each, while the seven LGAs in Kogi West also receive one project each. This means that the seven projects above a simple one-project-per-LGA baseline are concentrated in Kogi Central. Kogi East Has Nine LGAs but Nine Projects Kogi East comprises Ankpa, Bassa, Dekina, Ibaji, Idah, Igalamela-Odolu, Ofu, Olamaboro and Omala. Each of the nine LGAs has one project listed in the procurement notice. The district therefore accounts for approximately 42.9 per cent of Kogi State's 21 LGAs but receives only 32.1 per cent of the 28 projects. This creates a gap of about 10.8 percentage points between the district's share of LGAs and its share of the projects. The disparity becomes more significant when population distribution is considered. Population Distribution Raises Further Questions Figures cited by stakeholders put Kogi East at approximately 45 per cent of the state's population, Kogi Central at 28 per cent and Kogi West at 27 per cent. When those stated population shares are compared with the project allocation, Kogi East's 32.1 per cent share of the 28 projects appears considerably lower than its stated population share of 45 per cent. Conversely, Kogi Central's 42.9 per cent share of the projects is substantially higher than its stated population share of 28 per cent. Kogi West, with 25 per cent of the projects against a stated population share of 27 per cent, is comparatively close to proportional representation. Based on those figures, the community is questioning whether population, educational needs and geographical considerations were adequately reflected in the project allocation. Central's Five LGAs Receive More Projects Than East's Nine LGAs One of the most striking features of the allocation is the contrast between Kogi Central and Kogi East. Kogi Central has only five LGAs but receives 12 projects. Kogi East has nine LGAs but receives only nine projects. This means that the five Central LGAs collectively receive three more projects than the nine Eastern LGAs. On a per-LGA basis, Central receives an average of 2.4 projects per LGA, compared with one project per LGA in Kogi East. The community said this concentration warrants an explanation from the relevant authorities, particularly because the projects are part of a major education intervention supported by the World Bank. Igala Community Calls for Transparency The Igala community said it is not opposed to development projects being located in Kogi Central or any other part of the state. Rather, it wants the government and implementing authorities to demonstrate that the projects were distributed according to transparent, objective and verifiable criteria. The community is therefore calling for the publication of the needs-assessment criteria, school-selection methodology and other technical documents used to determine the 28 beneficiary locations. It also wants the authorities to explain why some LGAs received multiple projects while other LGAs received only one. What Criteria Were Used to Select the Beneficiary Schools? The community is asking whether the distribution was based on factors such as school enrolment, infrastructure deficits, population, gender-related education needs, poverty levels, existing school conditions, distance to schools or other technical indicators. If such criteria were applied, the community believes they should be made public so that citizens can independently understand the basis for the geographical distribution. According to the community, publishing the assessment and selection methodology would help dispel concerns about possible political or geographical bias in the allocation. Call on Ododo to Stop Lopsided Appointments and Project Distribution Beyond the AGILE school construction projects, the Igala community also called on Governor Ahmed Usman Ododo to address what it described as lopsided appointments and project distribution across Kogi State. The community wants greater geographical balance in government appointments, infrastructure projects and other opportunities controlled by the state administration. It argued that equitable representation is important for maintaining public confidence and ensuring that citizens across the three senatorial districts feel included in the state's development agenda. The community stressed that its concern should not be interpreted as opposition to development in Kogi Central. Instead, it said public resources should be distributed according to fairness, need, transparency and clearly defined criteria. Why the AGILE Project Distribution Matters The AGILE programme is focused on improving access to education and empowering adolescent girls, making the location of participating schools an important issue for communities across Kogi State. New school infrastructure can improve access to learning facilities, support enrolment and create better conditions for students and teachers. However, communities that believe they are being consistently excluded from major education infrastructure interventions may question whether public resources are being distributed fairly. The issue therefore extends beyond the construction of individual schools. It raises broader questions about how public development resources are distributed across Kogi State. Community Demands Review of Project Allocation The Igala community is calling on the Kogi State Government and relevant AGILE authorities to review the distribution and make the underlying selection process transparent. It wants the authorities to publish the assessment reports used to determine the 28 beneficiary locations and explain the reasons behind the concentration of projects in Kogi Central. The community also wants the government to ensure that communities with significant educational infrastructure needs are not overlooked because of geographical, political or administrative considerations. The Bureau Journal's Analysis The figures contained in the procurement notice show that the 28 secondary school projects are not evenly distributed among Kogi State's 21 LGAs. Kogi Central has five LGAs but receives 12 projects, while Kogi East and Kogi West have 16 LGAs combined and receive 16 projects. The distribution, on its own, does not establish that the allocation was politically motivated or improperly made. There may be technical criteria behind the selection that are not contained in the procurement notice. However, the scale of the disparity is sufficient to warrant public scrutiny and an explanation from the relevant authorities. The key question is therefore: What objective needs-assessment formula was used to determine why five Kogi Central LGAs should receive 12 projects while the nine LGAs in Kogi East receive only nine? Publishing the selection criteria, assessment results and justification for the allocations would provide clarity and help strengthen public confidence in the AGILE programme. The Bureau Journal will continue to monitor the issue and report responses from the Kogi State Government, the AGILE programme authorities, the World Bank and other relevant stakeholders. Source: https://thebureaujournal.com/igala-community-agile-kogi-projects/
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Update - Namecheap's CEO says the data center didn't just suffer a power outage, but a "failure of its cooling systems." On X, Hillan Klein writes: "To protect our customers’ infrastructure and prevent equipment from overheating or suffering longer-term damage, we made the difficult but necessary decision to take affected services offline while we work with the data center operator to resolve the issue. We anticipate that the third chiller will be back online in approximately 3 hours, at which point we believe we will be able to begin bringing our services back online." Klein added: "The impact is broad, currently affecting more than 5,000 servers." |
olaric:It happened around 12 noon Nigerian time, and their server is still down. This is the first time that this is happening in a long time. I hope the damage is not much. |
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