₦airaland Forum

In order to avert blood bath and put an end to acts capable of escalating mayhem, Justice S.N. Odili of the High Court of Anambra State, on the 17th day of January, 2025 gave an order of Interlocutory Injunction restraining the Okposieke family of Ogolieke village in Onitsha Anambra State from further demolishing or destroying properties belonging to ONITSHA SPORTS CLUB.

Several months after that order, arising from suit no 0/277/2024 (Incorporated Trustees of Onitsha Sports Club & 3 Ors. v Harold Ekwerekwu & 4 Ors; no day has passed without intense intimidation, harassment and varying forms of violation of the court order.

How long will members of Onitsha Sports Club live in perpetual fear? Who will alert the appropriate authorities that the "police"vans and several thugs deployed at the Sports Club are illegal and their activities repugnant ro natural justice? Is it when those acts result in major conflagration that the proper thing would be done? Who will bell the cat?

What is even more disturbing is that members of the prestigious ONITSHA SPORTS CLUB are being chased away from their premises in the most inhumane manner with men on "police" uniform. On the 29th of December, 2025; against order of court, the party with hybrid conmection was seen erecting structures wihin the premises of ONITSHA SPORTS CLUB while heavily armed "policemen" supervised this impunity.

If a land is in dispute and. parties have approached the courts for declaration/determination of title, why would a party who claims being connected to the powers that be resort to self help?

For the avoidance of doubt, these are the exact words of Justice S.N. Odili while granting the application by Onitsha Sports Club restraining the Okposieke family from demolishing or destroying properties within the Onitsha Sports Club:

"I have weighed the competing interests of parties in the suit, and it is my humble view that balance of convenience favours granting the application. Consequently, I hold that the application is meritorious. It is accordingly granted.

The defendants, jointly and severally, their agents, servants, privies and workmen are hereby restrained from destroying or demolishing the plaintiff's properties on the land in dispute, situate at Egerton Road, Government Residential Area Onitsha, Anambra State..."

Per S.N. Odili
17/1/25

#saveonitshasportsclub
Charles Chukwuma Soludo

Lies have been told over this matter, over and over. I have addressed this on national TV, major news platforms, and via my X handle. While the NCAA does not regulate airfares, I have invited ALL of the domestic airlines, bar none, and asked them about these taxes they keep talking about on TV. They ALL admitted to NOT paying the volume of taxes being bandied around.

I don't understand this 350k and 81k narrative, but I know that, for the kind of support that President Bola Ahmed Tinubu; the aviation minister, Festus Keyamo; and the DGCA, Capt. Chris Najomo have given to domestic carriers, I see no reason why the government keeps getting thrown under the bus via statements like this.

It is even ironic that, in the same statement, it is alleged that Nigerians pay the lowest domestic airfares in the world while also justifying the astronomical airfares that came to play in December even though there was no hike in taxes or jet fuel.

If my inviting the airlines themselves, speaking with travel agents, and the relevant departments within the Authority did not agree with the narrative being pushed, I don't see how this is sustainable.

If high taxes were the reason why airfares were 150k-200k, why did tickets sell for as high as 500k for a 45 minute trip when the said taxes did not increase?

And this is happening at a time when Festus Keyamo has ensured that domestic carriers now have access to dry lease aircraft; something they have not had in decades.

Not a single airline staff I spoke with two weeks ago agreed with the excuses I am reading on social and traditional media.

Sequel to questions asked me by the media about the claims made by a particular airline about paying eighteen taxes "to the NCAA," and using this as justification for its current airfares, we invited the domestic operators for a conversation about that allegation, flight disruptions, and customer service.

One thing we all agreed on was; NO DOMESTIC OPERATOR PAYS EIGHTEEN TAXES and, therefore, same cannot be reason for a hike in airfares. That narrative needs to be ended.

Commitments were made with regards to timely and honest communication during flight disruptions, and compliance with Part 19 of the NCAA Regulations 2023.

We will continue to engage and improve.

The Nigerian Civil Aviation Authority has dismissed claims that domestic airfares are inflated due to multiple taxes, insisting that airlines do not pay the alleged levies and attributing fare increases to normal market forces of demand and supply.

Director of Public Affairs and Consumer Protection Michael Achimugu, in a statement on X on Sunday, stated that repeated allegations of excessive taxes by the government on domestic flights are unfounded.

Resharing a past interview, Achimugu said: “Any domestic carrier operating domestic flights that says that they are paying 18 taxes is a liar. No domestic carrier pays 18 taxes for domestic flights.

“We understand the high air fares this period are down to market forces—demand and supply. Let us assume there are 18 taxes, where those taxes increased recently, so why is it different in December?”


He added that while the NCAA does not regulate airfares, it had invited all domestic airlines to clarify the matter.

“They all admitted to not paying the volume of taxes being bandied around. I don’t understand this 350k and 81k narrative, but I know that, for the kind of support that President Bola Ahmed Tinubu, the aviation minister, Festus Keyamo; and the DGCA, Capt. Chris Najomo have given to domestic carriers, I see no reason why the government keeps getting thrown under the bus via statements like this.”

The clarification follows comments by Air Peace CEO Allen Onyema, who told ARISE News that many return flights on South-East routes operate nearly empty, yet airlines bear the full cost of both legs.

Onyema added, “Almost 65 to 70 per cent of that money is not coming to the airlines. They’re going somewhere else—levies, taxes, and other charges,” describing airlines as the “sacrificial lamb” of the industry.

He stressed that high fares reflect operational realities rather than exploitation. Ticket prices also vary based on timing and demand, with cheaper fares available for early bookings. Comparing Nigeria with international markets, Onyema said domestic fares remain among the lowest globally.

Achimugu questioned claims of profiteering, noting the lack of tax hikes or fuel increases. “It is even ironic that, in the same statement, it is alleged that Nigerians pay the lowest domestic airfares in the world while also justifying the astronomical airfares in December, even though there was no hike in taxes or jet fuel.

“If high taxes were the reason why airfares were 150k–200k, why did tickets sell for as high as 500k for a 45-minute trip when the said taxes did not increase?” he asked.

He concluded by emphasising that the December surge in fares is driven by market forces.

“As far as I am concerned, the astronomical airfares in December are limited to certain destinations because of high demand. It is never just the airfares—it is bus fares, Airbnb rates, the price of food. It is market forces. It is Nigerians on Nigerians. This is not government.”

President Bola Ahmed Tinubu will depart Abuja on Saturday to visit Borno, Bauchi and Lagos States.
 
While in Borno State, President Tinubu will commission some projects undertaken by Governor Babagana Zulum and the Federal Government.
 
He will also attend the wedding ceremony of Sadeeq Sheriff, son of the former Governor of the State, Senator Ali Modu Sheriff, and his heartthrob, Hadiza Kam Salem.
 
From Maiduguri, the President will move to Bauchi to condole with the Government of Bauchi State and the family of Sheikh Dahiru Bauchi, the late renowned Muslim cleric and leader of the Tijjaniyya Muslim Brotherhood.
 
The Sheikh died on November 27.
 
After the condolence visit, President Bola Tinubu will leave for Lagos, where he will spend the upcoming end-of-year holidays.
 
He is expected to be the guest of honour at the Eyo Festival scheduled for December 27, among his numerous engagements while in the city.
 
The festival at Tafawa Balewa Square will honour prominent figures, including President Tinubu's mother, Alhaja Abibatu Mogaji, and former governors Alhaji Lateef Jakande and Chief Michael Otedola.

Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
December 19, 2025

A United States-based shipping company has formally petitioned Nigeria’s Inspector-General of Police, alleging that its motor tanker has been unlawfully seized, dismantled, and rendered inoperable following a charter agreement dispute.

NUJENIX Corporation filed the October 21, 2025, petition through its legal representatives at P.O. Onucheyo & Co., accusing multiple individuals and entities of criminal conspiracy, theft, illegal conversion, and issuing death threats. The company also alleged involvement of Nigerian Army personnel in the matter.

The petition names John George Igor, Leonard Kwentua, Okoye Okezie Jude, Oluwagbemiga Ebenezer, Ampliar Resources Ltd, and Ebenco Global Link Ltd as parties connected to the alleged offences.

NUJENIX Corporation is representing the interests of its owner and CEO, Eial Golan Yachiel, an Israeli-American citizen based in the United States.

According to the petition, the Florida-registered MT Thor was transferred to Sub-Sea 9 Ocean Services Ltd through a bareboat charter agreement on January 1, 2021, with Igor identified as the operator. The agreement stipulated biannual payments of $912,500, but Igor allegedly defaulted on the arrangement, remitting only $25,000 in total.

The company claims that after assuming control of the vessel, Igor ceased all communication and issued threats against the owner’s life, stating through the lawyers that “he has threatened that our client will be kidnapped and killed or die mysteriously if he steps his foot on the shores of Nigeria.”

During a press briefing in Abuja, the company’s legal team emphasized that the situation had escalated beyond a commercial disagreement, with armed personnel allegedly being deployed to intimidate parties and obstruct police operations.

“This is not about business again. This is about threats, detention and force,” attorney P.O. Onucheyo stated, adding that law enforcement efforts to make arrests were blocked.

The legal representatives reported that the vessel was eventually located in Koko, Warri, Delta State, where it was allegedly concealed and systematically dismantled under military guard.

“They went and hid the vessel there, and they have been vandalizing it. They butchered it,” Onucheyo claimed, describing the tanker’s current condition as severely deteriorated compared to its original state.

The petition alleges that when Marine Police officers discovered the vessel and attempted to tow it to a secure facility, they were intercepted by a Nigerian Army gunboat reportedly commanded by Lt. Col. Mustsoha Garba, who took custody of the tanker.

NUJENIX Corporation asserts that MT Thor has been stripped of essential navigational and bunker equipment, leaving it completely unseaworthy.

“Right now, the vessel is damaged beyond repair and is no more seaworthy due to the criminal activities of the suspects,” the petition states.

The company has submitted photographic evidence purportedly documenting the vessel’s condition at delivery in January 2021 alongside images of its current state.

Given the alleged threats to life, unlawful detention, and deployment of armed forces, NUJENIX Corporation is requesting immediate action from the Inspector-General of Police.

“We humbly urge and request that the Inspector-General of Police use your good office and intervene so that justice will be served,” the petition concludes.

Private petroleum depot owners in Lagos have reduced the ex-depot price of Premium Motor Spirit (PMS, commonly known as petrol) by ₦118 per litre approximately 14% in response to recent price cuts by the Dangote Refinery.

Market surveys on December 15, 2025, showed major private depots dropping their PMS prices to ₦710 per litre, down from an average of ₦828 per litre a week earlier on December 8.

Specific price adjustments include:
- Menj Depot: From ₦828 to ₦710 per litre
- Integrated Depot: From ₦826 to ₦710 per litre
- Bovas Depot: From ₦826 to ₦710 per litre
- A.A. Rano Depot: From ₦829 to ₦710 per litre

The reduction was driven by competition from Dangote Refinery-linked marketers offering petrol at around ₦703 per litre. A depot operator noted: “The Lagos market reacts faster because Dangote’s prices are cheaper here. Once Dangote marketers began selling around ₦703 per litre, it became difficult to move volumes at higher prices.”

Private depots initially tried to hold prices near ₦800 per litre, but slow sales and the threat of stock buildup forced them to align with Dangote's lower rates.

The price cut is likely to intensify competition and could lead to further reductions during the holiday season if Dangote sustains its supply and pricing approach.

[b]Construction giant Dantata & Sawoe Construction Company Limited has escaped liquidation after settling a $1.4 million debt owed to Zutari Consulting Nigeria Ltd, prompting the Federal High Court in Abuja to strike out the winding-up petition against the company.
Justice Mohammed Umar dismissed the liquidation suit [/b]on Wednesday after confirming that Dantata & Sawoe had paid the full settlement amount covering the $1,257,592.83 debt for subcontract work on the Dangote Fertiliser Plant project in Lekki, Lagos.

In his ruling, Justice Umar vacated and discharged earlier orders that had appointed liquidators for the construction firm. The decision followed a review of affidavits presented to the court and submissions from counsel representing both parties.

Facing the threat of liquidation, Dantata & Sawoe had moved swiftly to clear the outstanding debt in full. Through a motion on notice filed by its lawyer, I.I. Okim, on December 4, the company informed the court that it had completely settled its obligation to Zutari Consulting Nigeria Ltd.

The legal battle had intensified months earlier when the court approved the publication of a winding-up petition against Dantata & Sawoe in two national dailies. Justice Umar had previously granted Zutari Consulting’s request for liquidator appointment, noting that the construction company had been given ample opportunity to settle the debt but repeatedly offered excuses.

When the matter came up for hearing, lawyers for both parties confirmed that a settlement had been reached. E. Joshua, representing Zutari Consulting, and Okim for Dantata & Sawoe jointly confirmed that the outstanding debt had been cleared.

Okim urged the court to grant his client’s motion in light of the payment, while Joshua made an oral application to discontinue the liquidation proceedings. Justice Umar granted the application after hearing from both counsel and struck out the case.

According to John Dalam, Head of Litigation and Insurance for Dantata & Sawoe, several credit transfers were made to Zutari Consulting to fulfill the payment obligation. He emphasized that continued execution of the liquidation order would have caused irreparable harm to the company.

The $1.4 million settlement relates to subcontract work performed on the Dangote Fertiliser Plant project in Lekki, Lagos, resolving a dispute that had threatened the existence of one of Nigeria’s major construction companies.

The Federal Executive Council (FEC) has approved the design and construction of a new headquarters for the Bank of Industry (BoI) at Eko Atlantic City, Lagos, marking a major step in the Federal Government’s drive to reposition Nigeria’s industrial and financial infrastructure.

The approval was announced on Wednesday by the Minister of State for Industry, Trade and Investment, Senator John Enoh, while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu in Abuja.

According to Enoh, the council approved five key memoranda relating to the ministry, with three focused on industrial development and two on trade and investment.

BoI Headquarters project gets greenlight
Enoh confirmed that the BoI project received formal approval from the council.

“Council approved the award of contract for the design and build of the Bank of Industry headquarters in Eko Atlantic City,” he said.

The new headquarters is expected to serve as a central hub for the BoI’s expanded role in financing industrial growth, small and medium-scale enterprises, and export-oriented manufacturing.

FEC approves purchase of 200 electric buses
As part of broader industrial and automotive sector reforms, the council also approved the purchase of 200 electric buses for the National Automotive Design and Development Council (NADDC).

“The first memo that was considered and approved was the award of a contract for the supply of 200 units of electric buses at the cost of N58 billion for the National Automotive Design and Development Council,” Enoh said.

He explained that the project aligns with the administration’s strategy to strengthen Nigeria’s automotive ecosystem while promoting cleaner energy solutions and industrial expansion.

Nigeria industrial policy 2025 approved
Enoh described the approval of the Nigeria Industrial Policy 2025 as the most consequential outcome of the FEC meeting.

“The Nigeria Industrial Policy 2025 was finally approved today, and it provides the framework that will guide industrial growth and development,” he said.

He noted that the absence of an updated industrial policy had previously hindered international partnerships and donor engagement.

“Many of our development partners would not even listen to us because there was no industrial policy, so this approval is extremely significant,” Enoh added.

He said the policy directly supports President Tinubu’s economic diversification agenda under the administration’s eight-point policy framework.

Lekki medical tourism park, trade fair hosting approved
On trade and investment matters, Enoh disclosed that FEC approved the construction of internal and access roads within the Lekki Medical Tourism Park in Lagos.

“The approval for the construction of internal and access roads within the Lekki Medical Tourism Park was granted,” he said.

He also confirmed that the council was formally briefed on Nigeria’s selection to host the Intra-African Trade Fair (IATF).

“Nigeria has officially been selected to host the Intra-African Trade Fair after a competitive bidding process,” Enoh stated.

Lagos chosen as host city
According to the minister, Lagos will host the trade fair, with the Lagos Creative and Cultural Centre (former National Arts Theatre) designated as the main venue.

He said hosting the IATF strengthens Nigeria’s strategic position within the African Continental Free Trade Area (AfCFTA) framework and complements ongoing industrialisation programmes being implemented in collaboration with the United Nations Industrial Development Organisation (UNIDO).

What you should know
Last week, the Federal Executive Council (FEC) approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years.

The Minister of Budget and Economic Planning, Senator Atiku Bagudu, said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises.

Nigeria’s tourism sector has found an unlikely champion in “Detty December“, the month-long festive frenzy that has transformed Lagos into Africa’s premier end-of-year destination. What began as organic street slang has evolved into a structured economic phenomenon that generated ₦111.5 billion ($71.6 million) in December 2024 alone, positioning Lagos as a serious contender in global cultural tourism.

The numbers tell a compelling story. Lagos welcomed approximately 1.2 million visitors during the 2024/25 season, a remarkable achievement for a nation that has historically struggled to capitalise on its tourism potential. Hotels contributed ₦54 billion from 15,000 stays, while short-let apartments earned ₦21 billion from nearly 6,000 reservations. Even nightlife venues played their part, with the top 15 lounges and nightclubs generating ₦4.32 billion during the month.

This festive season has become more than mere entertainment, it represents a strategic pivot for Nigerian tourism. The federal government, recognising the phenomenon’s potential, recently approved a National Tourism Brand Framework that officially designates “Detty December” as one of four national tourism brands. This governmental endorsement marks a transition from grassroots cultural movement to structured national asset, complete with marketing budgets and international promotion.

The diaspora factor cannot be overstated. Nigerian returnees—affectionately called “IJGBs” (I Just Got Back)—arrive with foreign currency and elevated spending power, creating a unique economic stimulus. Their participation transforms December into a homecoming that blends cultural pride with commercial viability, as families reunite and networks strengthen while money flows through local businesses.

Yet Detty December’s tourism success extends beyond Lagos. Cross River State’s Calabar Carnival attracted over 300,000 tourists, representing a 42% increase from 2023, demonstrating that strategic festival planning can generate tourism revenue across multiple regions. The entertainment industry benefited spectacularly too, with December 2024 becoming the highest-grossing month for Nigerian cinemas, totaling ₦2.8 billion in box office revenues.

The broader implications are significant. Nigeria’s travel and tourism market is projected to grow at 11.23% annually through 2029, reaching $5.64 billion in market volume. Detty December serves as proof of concept—evidence that Nigeria possesses the cultural capital and organizational capacity to compete in global tourism markets. The season has effectively branded Nigeria as a destination where African culture, contemporary music, and vibrant nightlife converge.

However, sustainability remains the critical question. Can this December magic extend throughout the year? The government’s “101 Days in Lagos” initiative suggests an affirmative answer, attempting to elongate the tourism season beyond a single month. Infrastructure investments, including improved airport connectivity and hotel development, indicate recognition that seasonal success must translate into year-round competitiveness.

Detty December has inadvertently solved one of Nigerian tourism’s persistent challenges: perception. For years, security concerns and negative international coverage overshadowed the nation’s tourism potential. Yet millions now voluntarily choose Lagos as their holiday destination, drawn by authentic cultural experiences that no marketing budget could fabricate. The season has become Nigeria’s most effective tourism advertisement—proof that when given reason to come, people will.

As Nigeria’s tourism sector matures, Detty December stands as both achievement and template. It demonstrates how cultural authenticity, when properly leveraged, can generate substantial economic returns while strengthening national identity. The challenge now is replicating this success beyond December, transforming seasonal enthusiasm into sustained tourism growth that benefits not just Lagos, but the entire nation.

Nigeria has emerged as one of Africa’s top contributors to airline ticket-tax revenue, generating $62 million in 2024, according to new data from the International Air Transport Association (IATA).
The country’s earnings represent a significant portion of the continent’s total ticket-tax revenue of $1.97 billion, underscoring Nigeria’s growing importance in Africa’s aviation sector.

IATA’s latest report, which analysed ticket-specific taxes across global regions, revealed that while Africa contributed only a modest share of the $60.3 billion generated worldwide, several major aviation markets on the continent played crucial roles in regional performance.

The continent recorded an average ticket tax of $14.9 per passenger, surpassing the Asia Pacific average but remaining below rates charged in North and South America.

South Africa Leads African Markets

South Africa dominated Africa’s aviation tax landscape, generating an estimated $410 million in ticket-tax revenue from both domestic and international markets. Egypt followed closely with $360 million, while Ethiopia contributed approximately $310 million.

Morocco and Kenya rounded out the top five African markets with $295 million and $215 million respectively. These nations host the continent’s busiest international travel hubs and collectively accounted for the majority of Africa’s total revenue, demonstrating how aviation-dependent economies drive tax collections across the region.

Global Revenue Patterns
The report highlighted stark contrasts between Africa and other global regions in terms of ticket-tax revenue generation.

North America maintained its position as the world’s largest source of ticket-tax revenue with $34.1 billion, driven by substantially higher average charges of $23.4 on domestic tickets and $49.8 on international flights—the highest rates globally.

Europe ranked as the second-largest contributor with $14.5 billion in combined domestic and international taxes, supported by moderate but widespread levies averaging $12.1 per ticket.

South and Central America stood out for imposing some of the world’s steepest international passenger taxes at an average of $45.5 per ticket, though the region’s total revenue remained comparatively lower due to reduced passenger traffic.

Notably, IATA reported that the Middle East continues its longstanding practice of charging no ticket-specific taxes, a policy that continues to influence competitive dynamics in global aviation.

Africa’s Tax Structure and Implications
Within Africa, international ticket-tax earnings were primarily driven by average charges of $20.7 per passenger. Industry analysts suggest the continent’s reliance on ticket taxes reflects broader fiscal pressures and the need for governments to strengthen revenue streams tied to aviation.

However, this approach comes at a time when airlines and passengers are already grappling with rising travel costs, raising questions about the balance between revenue generation and sector competitiveness.

Nigeria’s Aviation Potential
Nigeria’s $62 million contribution, while modest compared to larger African markets like South Africa and Egypt, highlights the country’s aviation potential and the substantial passenger traffic flowing through its major airports.

As the global aviation industry continues to recover from recent disruptions, analysts believe these latest figures could reignite important conversations around tax policies, competitiveness, and the long-term sustainability of Africa’s air transport sector.

The data suggests that as African nations seek to maximize revenue from their aviation sectors, careful consideration must be given to maintaining competitive pricing that supports passenger growth and airline viability in an increasingly interconnected global market.

Two members of the house of representatives from Bayelsa defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).

The legislators are Rodney Ambaiowei (Southern Ijaw federal constituency) and Oboku Oforji (Yenagoa/Kolokuma/Opokuma).

Tajudeen Abbas, speaker of the house, announced the lawmakers’ defection in a letter read during Wednesday’s plenary.

Ambaiowei attributed his decision to the protracted crisis in the PDP.

“This decision is burned out of the division in the national leadership of the PDP, which has sprinkled across the various structures and chapters of the party, creating confusion as to which faction is responsible for the party affairs,” he said.

“With this uncertainty, it has become difficult to perform my role and effectively represent my constituency.”

The defection comes about 24 hours after Mansur Musa, a lawmaker from Kebbi, moved from the PDP to the APC.

Last month, Douye Diri, governor of Bayelsa state, joined the APC from the PDP.

The lawmakers’ defection further reduces the number of PDP legislators in the national assembly.

The Federal Government has begun the process of repaying the N4tn debt owed to Power Generation Companies with the launch of a N590bn first-tranche bond issuance.

The initial tranche, part of a wider N4tn NBET Finance Company Plc Bond Programme, is guaranteed by the Federal Government. It comprises N300bn in cash bonds to be issued to the market and N290bn in non-cash bonds to be directly allotted to GenCos on identical terms.

The PUNCH learnt that details contained in the bond term sheet obtained by our correspondent on Tuesday revealed that the Series 1 bond will be issued between November and December 2025. CardinalStone Partners Limited is serving as the lead issuing house and financial adviser.

According to the term sheet, “Series 1 Tranche A involves N300bn issued to the market for cash, while N290bn under Tranche B is allotted to the GenCos on identical terms. The bond will be issued between November and December, with a seven-year tenor on a fixed-rate coupon, redeemed on an amortising basis and paid semi-annually in arrears.”

The bond issuance marks a major step by President Bola Tinubu’s administration to resolve what experts describe as one of the most crippling financial crises in Nigeria’s power sector. The Series 1 bond carries a seven-year tenor, a fixed coupon rate, and semi-annual interest payments, and will be amortised over its lifespan.

It will be listed on the Nigerian Exchange and the FMDQ Securities Exchange, and will qualify under the Trustee Investment Act, making it eligible for investment by pension fund administrators, banks, asset managers, insurers and high-net-worth investors.

The issuer also retains the discretion to absorb oversubscription of up to N1.23tn, creating room for additional non-cash bond allocations to GenCos if required.

The term sheet added, “Pricing will be based on the yield of the seven-year FGN bond plus a spread, and the issuance will be conducted through a book-build process. The minimum subscription is N5m, representing 5,000 units at N1,000 each, with additional subscriptions in multiples of N1,000.

“Proceeds from the issuance will be used to settle outstanding liabilities owed to GenCos. The instrument is guaranteed by the full faith and credit of the Federal Government, enjoys CBN liquidity status, meets PenCom compliance requirements, qualifies under the Trustee Investment Act, and will be listed on both the Nigerian Exchange Limited and the FMDQ OTC Securities Exchange.”

It further noted that “oversubscription may be absorbed at the discretion of the issuer up to a maximum of N1,230,000,000,000 approved for Phase 1 of this transaction. The issuer reserves the right to increase the size of the non-cash bonds to be issued to the GenCos under any Series or accommodate additional allotments as may be required.”

Nigeria’s power sector has been weighed down for years by NBET’s inability to settle GenCos’ invoices due to chronic under-remittance by electricity distribution companies (DisCos).

GenCos have repeatedly complained that mounting debts, currently estimated at N4tn and projected to reach N6tn by year-end, have crippled their operations, weakened gas supply contracts, and forced several power plants to run far below capacity.

This liquidity shortfall has contributed significantly to recurrent grid collapses, poor generation output, and unstable electricity supply nationwide. The bond is fully guaranteed by the Federal Government, enjoys Central Bank liquidity status, and meets PenCom requirements for pension fund investments.

In a mail notice to investors, the firm said the seven-year bond, with a coupon range of 16.25 per cent to 16.75 per cent, is designed to support ongoing electricity market reforms, with proceeds directed toward strengthening the power sector.

The instrument carries a full sovereign guarantee and will be listed on both the Nigerian Exchange Limited and FMDQ Securities Exchange.

The mail read, “Dear Valued Investor, Trust this email finds you well. In Furtherance of the upcoming FGN-backed Electricity Bond, which is scheduled to open soon, with a tenor of 7 years and a coupon range of 16.25 per cent–16.75 per cent. The bond programme is structured to deliver direct impact to the power sector, with proceeds applied towards strengthening electricity market reforms.

“It also carries a full sovereign guarantee, providing comfort comparable to traditional FGN bonds. The bond notes will be listed on both the NGX and FMDQ and will benefit from the PenCom waiver. While recognition by the CBN for repo and collateral purposes is yet to be obtained, feedback on this will be available shortly.”

The firm added that the bond would also benefit from the National Pension Commission waiver, although approval from the Central Bank of Nigeria for repo and collateral eligibility was still being processed.

CardinalStone noted that the Presidential Power Sector Debt Reduction Committee, chaired by the Minister of Finance and Coordinating Minister of the Economy, would lead the engagement with investors at a virtual forum scheduled for Wednesday, December 10, 2025.

The session is expected to bring together banks, pension fund administrators, asset managers, insurance firms, and other major stakeholders to provide clarity on power sector reforms and encourage market participation in the N1.23tn bond issuance under the Power Sector Multi-Instrument Issuance Programme.

Registration for the event, which will be held via Zoom, is compulsory, the notice added.

“Based on the above, the Presidential Power Sector Debt Reduction Committee, under the distinguished leadership of the Honourable Minister of Finance and Coordinating Minister of the Economy, in collaboration with our firm we are pleased to invite you to the Investor Forum for the N1.23tn Power Sector Bond Issuance (“the Issue”) under the Power Sector Multi-Instrument Issuance Programme (“the Programme”).

“The forum will convene key institutional investors in the Nigerian Capital Market, including Banks, Pension Fund Administrators, Asset Managers, Insurance Companies, and other power sector stakeholders.

“Our goal is to provide clarity on ongoing power sector reforms, outline the planned bond issuance, and foster strong market participation. You are invited to join this engagement as a critical stakeholder in shaping the future of the Power sector in Nigeria,” the notice concluded.

An official familiar with the development, who spoke on condition of anonymity due to lack of authorisation to speak on the matter, said the power generation companies had been invited to a meeting scheduled for Wednesday, likely to discuss details of the planned electricity bond. The source added that the bond issuance had so far raised “more questions than answers” among sector stakeholders.

“Gencos have been invited for a meeting tomorrow. The meeting will most likely be to discuss the details of the bond. The bond issuance actually raises more questions than answers,” the official said.

Ondo State recorded another major milestone in its security drive today as Governor Lucky Orimisan Aiyedatiwa commissioned the new Amotekun Command & Control Centre and Training Auditorium in Akure.

The Governor reiterated that protecting lives and property remains a top priority under his administration’s OUR EASE agenda. He praised the Amotekun Corps, especially Commander Akogun Adetunji Adeleye for their loyalty, sacrifice, and innovation.

Key Highlights
•New Command & Control Centre to boost intelligence + rapid response
•New Training Auditorium for modern tactical + theoretical training
•Approval for 500 new Amotekun recruits
•Stronger synergy among all security agencies in Ondo State
•Tributes paid to late Governor Oluwarotimi Akeredolu, visioner of Amotekun

Security chiefs including the CP, NSCDC Commandant, and DSS Director all applauded the Governor for his unwavering support, noting that it has helped make Ondo one of the most peaceful states in Nigeria.

The maiden AGM of the Amotekun Cooperative also held during the event.

Ondo stands firm. Ondo stands secure.

Nigeria finished eighth on the medals table with a total of 30 medals, marking its best-ever performance at the Islamic Solidarity Games, while Turkey emerged at the top of the standings.

This year has been a remarkable success for the National Sports Commission, which has supported more than 40 sports federations in attending international competitions, many of whom have delivered outstanding performances and secured medals.

The count includes taekwondo, swimming, cricket, para-powerlifting, para-badminton, among others.

Nigeria’s haul, comprised 11 gold, 12 silver, and 7 bronze, a result that reinforces the National Sports Commission’s (NSC) strategic direction of sending only athletes with strong podium prospects to major international events.

Competing in seven sports, Taekwondo, Boxing, Athletics, Wrestling, Weightlifting, Para-Powerlifting, and Para-Athletics, the team delivered an unprecedented outcome, winning medals in every sports they competed in.

Weightlifting led Nigeria’s medal haul with 6 gold, 4 silver, and 3 bronze, followed by Athletics, which secured 2 gold, 4 silver, and 3 bronze.

Wrestling added 2 gold and 2 silver, Para-Powerlifting contributed 1 gold, while Boxing and Para-Athletics each earned 1 silver. Taekwondo completed the tally with 1 bronze medal.

Director General of the National Sports Commission, Bukola Olopade, praised the team’s exceptional outing, stating:

“It is not a coincidence that Nigeria won medals in every sport we participated in at the 6th Islamic Solidarity Games. This achievement reflects the new direction we have taken in sports development.

After meeting with our team at the Commission and the Elite and Podium Board led by Yusuf Ali, we made a deliberate decision to bring only podium prospects to Riyadh and today, that decision has paid off.”

He added that the performance in Riyadh sets the standard for future international engagements:

“From Boxing to Taekwondo, Weightlifting, Wrestling, Track and Field and Powerlifting, Nigeria secured medals in every sport we entered. This is the new benchmark at the National Sports Commission, guiding our preparations for upcoming competitions, including the Commonwealth Games and ultimately, the Olympics.”

Officials stated that Team Nigeria’s record-breaking finish in Riyadh marks a defining moment in the country’s sporting evolution and strengthens its position as a rising force in global multi-sport competitions.

The National Sports Commission (NSC) has secured the approval of the National Council of Sports for a landmark policy that formally criminalises and institutionalises sanctions against age falsification in Nigerian sports.

Endorsed at the 2nd National Council on Sports in Calabar, this decision represents the strongest and most comprehensive reform ever implemented to confront age cheating, a practice that has embarrassed the nation, derailed talent development and damaged Nigeria’s international image for decades.

“The era of impunity is over,” Hon. Olopade declared, describing age falsification as “a national disgrace and a systematic sabotage of Nigeria’s sports future.” He cited repeated high-profile scandals that have subjected the country to global ridicule, adding that the NSC will no longer tolerate a system where fraud thrives at the expense of honest young athletes.

“Age cheating steals dreams, destroys careers and tarnishes our flag,” Hon. Olopade said. “These new sanctions send a clear message: If you manipulate, falsify or misrepresent ages in Nigerian sport, you will face the full weight of the law.”

The newly approved sanctions apply to athletes, coaches, team officials, officiating officials, state delegations and administrators involved in any form of age fraud.

Offending athletes will face immediate disqualification, loss of medals, withdrawn records and suspensions ranging from one to two years for a first offense, and longer or permanent bans for repeat violations.

Coaches and officials involved in falsification risk licence suspensions of up to three years, removal from all duties and permanent disqualification in severe cases.

Entire teams and state delegations may be disqualified, stripped of results and fined to cover administrative and investigation costs.

These policies take effect immediately across all national age-grade competitions and will inform Nigeria’s participation in continental and international events going forward.

The reform is a central pillar of the NSC’s Renewed Hope Initiative for Nigeria’s Sports Economy (RHINSE), which elevates transparency, accountability and integrity as nonnegotiable standards for a modern, globally respected sports system. By criminalising age falsification, Nigeria now aligns with the strict compliance mechanisms enforced by FIFA, World Athletics, FIBA and the IOC.

The NSC also issued a clear warning: age cheating will no longer be treated as a minor internal issue. Athletes, parents, officials and state representatives who assist, conceal or participate in falsification will face penalties without exception.

To strengthen enforcement, the commission will deploy enhanced verification technologies, including biometric screening, digital birth-record cross-checks and mandatory documentation audits before major competitions.

Olopade stressed that the new measures are designed to protect honest young athletes and ensure fairness across all levels of competition.

“Genuine 17-year-olds should not be competing against falsified 20-year-olds. These reforms protect our children, our reputation and our future.”

With this bold move, Nigeria positions itself as a continental leader in establishing clear and enforceable consequences for age fraud. The NSC expects the reforms to boost youth performance, improve talent discovery pathways, restore public trust and elevate the integrity of sports administration nationwide.

The National Sports Commission commended the National Council of Sports for its unanimous support and urges all state sports councils, federations, coaches, parents and administrators to uphold these new standards in full.

The ongoing construction of the Sokoto–Badagry Highway has now extended into the Badagry–Ogun axis, with major activity starting from Agbara Junction through Lusada to Atan. The Ogun State Government had earlier rehabilitated this corridor, successfully completing one carriageway… pic.twitter.com/ecQhkC0paJ

— Just Ozed (@Just_Ozed) November 27, 2025

Nigeria, Africa’s most populous nation and a beacon of potential on the continent, continues to navigate a complex landscape of economic reforms, security threats, climatic vulnerabilities, and global pressures as of late 2025. President Bola Ahmed Tinubu’s Renewed Hope Agenda, launched with ambitious goals of economic diversification, security restoration, infrastructure revival, and social welfare enhancement, remains the guiding framework for national progress. Yet, two and a half years into the administration, tangible outcomes in several critical sectors fall short of the urgency demanded by citizens facing daily hardships, from blackouts and food shortages to rampant insecurity and untapped cultural wealth.

The average Nigerian believes the buck stops at the table of the president, they are half right. There are the buck bringers, the ministers who work closely with him and this is addressed to them. This opinion, grounded in fact and data looks at performance in four pivotal ministries: Art, Culture, Tourism and Creative Economy; Defence; Power; and Humanitarian Affairs, Disaster Management and Social Development. The intent is constructive: to highlight gaps not for blame, but to propel actionable reforms.

Harnessing Nigeria’s Vast but Underutilized Soft Power

Under Honourable Hannatu Musa Musawa, the ministry’s merger of tourism, arts, culture, and creative economy was visionary, aiming to position these sectors as pillars of non-oil revenue and job creation. Nigeria’s assets are unparalleled: over 1,000 annual festivals, two UNESCO World Heritage Sites (Osun-Osogbo Sacred Grove and Sukur Cultural Landscape), 14 tentative listings, vibrant Nollywood (second-largest film industry globally), Afrobeats dominating international charts, and natural wonders like Yankari National Park, Obudu Cattle Ranch, and the Idanre Hills.

Yet, as of November 2025, performance remains disappointing. International arrivals hover below pre-COVID levels, with World Bank data showing stagnation around 1-2 million annually, far behind Kenya (over 2 million) or Rwanda (rapid post-pandemic recovery). Tourism contributes less than 5% to GDP, compared to 10-15% in peers like Thailand or Kenya. Revenue projections for 2025 are modest at $3-5 billion, per Statista and WTTC estimates, despite potential for $10-15 billion with proper harnessing. Domestic tourism, vital amid economic constraints, lacks aggressive promotion—Lagos’ “Detty December” generates millions but remains localized.

In just 365 days, under the astute leadership of Aare (Dr.) Abisoye Fagade, the National Institute for Hospitality and Tourism (NIHOTOUR) has done what previous administrations feared to even attempt: it has fully activated the NIHOTOUR Establishment Act 2022. Where others saw lawsuits and entrenched interests, Dr. Fagade saw a sacred mandate. He moved decisively to enforce registration, certification, grading, and regulation of practitioners across hospitality, travel, and tourism.

The physical transformation is breathtaking. From a mere six campuses and zonal offices, NIHOTOUR has exploded to twenty-nine locations across the federation in under twelve months.

This is not just brick-and-mortar expansion; it is a deliberate democratisation of skills and opportunities. Thousands of youths, women, and previously excluded practitioners now have access to internationally benchmarked training in culinary arts, tour guiding, hotel management, and customer service excellence. E-learning platforms have been scaled, curricula modernised, and partnerships with international bodies initiated.

Perhaps most revolutionary is the regulatory courage displayed. Dr. Fagade’s three-phase strategy stakeholder dialogue, systematic implementation, and unapologetic enforcement (with security agencies where necessary) has forced compliance from powerful operators who had grown comfortable in the shadows. Hotels, travel agencies, restaurants, and event centres are now being graded and certified. Standards are no longer optional. Revenue that previously disappeared into private pockets is beginning to flow properly to government coffers and, more importantly, service quality is rising. Youth unemployment is being attacked at its root through genuine skill acquisition. Investors can now see a regulated, professional sector worth betting on. In one year, NIHOTOUR has become the brightest spot in Nigeria’s entire tourism ecosystem.

Few days ago, the Honorable Minister of Art, Culture, Tourism and Creative Economy, Hannatu Musa Musawa, in an act that can only be described as inexplicable, announced the immediate suspension of all NIHOTOUR enforcement activities nationwide. The very agency that has delivered the most tangible progress under the Renewed Hope Agenda; the one actually implementing President Tinubu’s diversification agenda while the ministry itself has remained largely invisible, has been deliberately crippled.

Challenges persist: insecurity deters visitors, visa processes are cumbersome (despite e-visa improvements), infrastructure at sites is poor (e.g., poor roads to Sukur), and marketing is fragmented. Initiatives like the D30 Data Platform (launched for creative economy insights) and collaborations with NIHOTOUR show intent, it should not be extinguished. Nollywood exports grow organically, yet government support for formal distribution and IP protection is inadequate. The creative sector employs millions informally but suffers from piracy and limited funding.

Comparatively, Rwanda’s “Visit Rwanda” campaign (Arsenal sponsorship) boosted arrivals 20-30% annually post-2018, generating billions. Kenya’s Magical Kenya brand and visa-free policies for Africans drove 32% growth in 2023-2024. Thailand’s integrated cultural-tourism strategy (festivals + eco-sites) yields over $60 billion yearly.

For the longest time, one project i have expected from the ministry has been a VR guided tour of the wonders of Nigeria; Old Kano city, The Ife sculpture, Benin walls, Igboukwu Terracotta carvings. Ease visas as Rwanda did, turning arrivals into millions. Fund creative hubs like Korea’s Hallyu wave, exporting Nollywood to billions. Certify sites for safety, involve communities as Benin kings once did their guilds. This is the chance to unlock 20 million job to rival the glory of oil.

Defence in an Age of Shadows

In the tales of old, Ogun, god of iron, forged weapons for justice, not tyranny. The Oyo Empire’s cavalry swept vast lands; Kanem-Borno’s knights repelled invaders across deserts. Leaders like Sunni Ali Ber of Songhai protected caravans, fostering peace for trade. Yet when shields cracked, empires fell to hubris.

Nigeria stands at such a monumental moment in our history, Hannibal stands at our gate, infact, to put it into proper context, Hannibal has already crept through the crevices. Boko Haram’s resurgence, bandits in Zamfara’s forests, Lakurawa’s terror in the northwest. In 2025 alone, over 2,266 killed in the first half, surpassing all of 2024. Some villages have been sacked overnight, hundreds killed. The schoolgirls of Chibok are in our rearview mirror, Just a few days ago, another school was ransacked, and school students were carted away again. Kidnappings haunt highways; 33 million face hunger partly from untended farms.

Honourable Mohammed Badaru Abubakar, the defense minister, is supposed to stand guard against these marauders; however, that has not been the case. To see real gains, we must seal loopholes that leak information to the insurgents, shift to population-centric counter-insurgency (COIN) and protect civilians first (Colombia model vs. FARC). Night operations, mobility upgrades; reduce special forces over-reliance. The need for oversight is needed; AI/drones for real-time surveillance. Community intelligence networks will be better.

Security is the lifeblood of investments; we cannot say foreigners or even local investors should come and put their money where insecurity reigns. Mohammed Badaru needs to tighten his belt. The military must come back to working for the people, not their own selfish agenda and ambition.

Powering Nigeria’s Path to Industrialization

Reliable electricity is the lifeblood of modernization. Under Honourable Adebayo Adelabu, the Ministry of Power has pursued reforms like tariff adjustments and the Siemens deal for grid upgrades. Yet, in 2025, challenges endure: frequent grid collapses, estimated losses of over N10 trillion annually to businesses from unreliable supply, and only about 4,000-6,000 MW generated against a demand exceeding 20,000 MW.

Public frustration is palpable; tariff hikes without corresponding service improvements have sparked outcry from labor unions. While privatization aimed at efficiency, distribution companies (DisCos) struggle with metering, theft, and collection. Rural electrification lags, exacerbating poverty.

Progress includes some mini-grid initiatives and renewable pushes, but the gap between policy and delivery widens hardship amid inflation. There have also been a number of power grid issues this year. To see more gains, there must full implementation of constitutional allowances for states to generate and distribute power. Support models like Lagos and Rivers’ independent projects. Aggressively pursue solar and hydro, targeting 30% renewables by 2030. Partner with private firms for off-grid solutions in rural areas, akin to Kenya’s M-KOPA success. Also the ministry should look into establishing an independent regulator with citizen representation to oversee tariffs and performance, ensuring hikes tie directly to service improvements.

A Compassionate Response to Vulnerabilities

With overlapping crises,displacement from insecurity, floods affecting millions, and economic shocks, the ministry (post-reshuffle under new leadership) manages safety nets like school feeding and cash transfers.

Yet, 2025 projections are grim: 33 million in acute food insecurity, up significantly, with Emergency levels nearly doubling. Floods submerged farmlands, cholera outbreaks surged, and aid access remains blocked in conflict zones. Past scandals eroded trust, though reforms aim to clean up.

This ministry is one on which there are weights of expectation and a lot of eyes look to. In a bid to revamp soiled reputation, transparency must be the order of the day. The ministry must work on integrating disaster management with agriculture for flood-resistant crops and early warning systems in partnership with states. Empower state emergency agencies and NGOs for faster response, reducing bureaucracy.

Nigeria’s challenges are surmountable with leadership that embraces feedback. To the Honourable Ministers of Art, Culture, Tourism and Creative Economy; Defence; Power; and Humanitarian Affairs: this is a professional appeal to redouble efforts. The Renewed Hope Agenda can shine brighter with innovative, inclusive, and accelerated implementation.

We, as patriotic Nigerians, stand ready to support through dialogue, expertise, and partnership. Let us move from critique to collaboration, for a secure, prosperous, and vibrant Nigeria.

Salisu Mohammed

Public debate is vital for reform. But debate must be anchored on facts, not misrepresentation. Recent reports by Nairametrics and BusinessDay on Nigeria’s capital gains tax (CGT) reform mischaracterised both the policy and my engagements with key stakeholders. Given their reach and credibility, it is important to set the record straight. 

1. 𝐎𝐧 𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫 𝐒𝐞𝐧𝐭𝐢𝐦𝐞𝐧𝐭

𝐂𝐥𝐚𝐢𝐦: (Nairametrics): Foreign investors were frustrated with Taiwo Oyedele. The mood on the call was one of “palpable disappointment and unease.”

𝐅𝐚𝐜𝐭: A total of 281 participants attended the call from more than 10 countries. Contrary to claims of “frustration” and “unease,” about 80% of participants who gave feedback after the event rated the engagement 9 or 10 out of 10, with an overall average of 8.6. From the comments, many wished we had more time – certainly not the expected reaction of frustrated investors. 

2. 𝐎𝐧 𝐈𝐝𝐞𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐋𝐚𝐛𝐞𝐥𝐬

𝐂𝐥𝐚𝐢𝐦: Oyedele’s tone was “ideological,” described as “socialist” for saying that the bottom 97% cannot pay tax and the government should focus on the top 3%.

𝐅𝐚𝐜𝐭: My statement was in the context of low income earners and nano businesses. Exempting the poor while taxing the wealthy fairly is not socialism; it is progressive taxation, a principle embedded in virtually every advanced economy. 

3. 𝐎𝐧 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞𝐧𝐞𝐬𝐬

𝐂𝐥𝐚𝐢𝐦: Oyedele’s remarks on the CGT send troubling signals about Nigeria’s competitiveness and predictability.

𝐅𝐚𝐜𝐭: Competitiveness is not defined by the absence of CGT. The most advanced capital markets - the U.S., U.K., South Africa, among others - apply CGT and remain attractive to investors while many countries with no CGT lack robust capital markets altogether. Competitiveness depends on overall returns and risk factors, not on the absence of CGT. 

4. 𝐎𝐧 𝐓𝐚𝐱 𝐉𝐮𝐫𝐢𝐬𝐝𝐢𝐜𝐭𝐢𝐨𝐧𝐬

𝐂𝐥𝐚𝐢𝐦: Oyedele inaccurately argued that foreign portfolio investors (FPIs) would pay equivalent taxes in their home countries even if Nigeria did not collect CGT.

𝐅𝐚𝐜𝐭: In reality, nearly all investors are taxable in their home countries and, where they are not, it is only fair that the source country collects its fair share of tax. A simple fact-check would have clarified this. See here taxsummaries.pwc.com/quick-charts/c… 

5. 𝐎𝐧 𝐀𝐧𝐨𝐧𝐲𝐦𝐨𝐮𝐬 𝐒𝐥𝐮𝐫𝐬 𝐚𝐧𝐝 𝐔𝐧𝐩𝐫𝐢𝐧𝐭𝐚𝐛𝐥𝐞 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐬

𝐂𝐥𝐚𝐢𝐦: An unnamed “Africa-focused fund” described Oyedele’s position as “mostly BS.”

𝐅𝐚𝐜𝐭: Beyond the unprofessional language quoted anonymously, which lowers the standard of professional journalism, the claim portrays ignorance. The top African capital markets - South Africa, Morocco, Botswana, Nigeria and Egypt - all apply tax on shares. Hopefully the “Africa-focused fund” has not been evading taxes across the continent. 

6. 𝐎𝐧 𝐌𝐢𝐬𝐫𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐛𝐲 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐃𝐚𝐲

𝐂𝐥𝐚𝐢𝐦: A softened but largely similar publication by BusinessDay further claimed that Nigeria is “tripling CGT for foreign equity investors. 

𝐅𝐚𝐜𝐭: This is false. Both local and foreign investors benefit from exemptions based on thresholds and reinvestment. Tax applies only where those thresholds are exceeded without reinvestment. Labelling this as a punitive tax on foreign investors is misleading. 

𝐓𝐡𝐞 𝐑𝐨𝐥𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐞𝐝𝐢𝐚

It is troubling when reputable outlets amplify misinformation. Professional journalism demands diligence - independent verification of facts, avoidance of anonymous slurs, distinguishing between biased opinion and credible evidence for balanced reporting.  

Since May 2023, investors in Nigeria’s capital market have earned average returns of over 100% even in US dollar terms (capital gains, dividends, currency appreciation). Expecting local and foreign investors who wish to exit to pay tax on their net gains is neither unusual nor hostile, it is tax equity. 

𝐅𝐢𝐧𝐚𝐥 𝐖𝐨𝐫𝐝

I rarely respond to misinformation, especially from non-credible sources. But given the credibility of Nairametrics and BusinessDay, clarification is necessary. Intentional misreporting is not journalism; it is sabotage and careless reporting is negligence.  

While ensuring progressivity and equity across board beyond CGT, the tax reform addresses a myriad of tax issues plaguing the capital market. This is an opportunity to attract more investments into the market especially by retail investors away from gambling and virtual assets trading that today attract more interest from Nigerians than the capital market. 

Along with my team, I remain focused on the national assignment I have been entrusted with: contributing modestly but firmly to reforms that strengthen Nigeria’s economy and promote fairness.

I urge the media to play its part responsibly - to interrogate rather than sensationalise, and to inform, not mislead. Visit fiscalreforms.ng for more information on the reforms.
𝘐 𝘵𝘩𝘢𝘯𝘬 𝘺𝘰𝘶 𝘧𝘰𝘳 𝘺𝘰𝘶𝘳 𝘢𝘵𝘵𝘦𝘯𝘵𝘪𝘰𝘯 𝘵𝘰 𝘵𝘩𝘪𝘴 𝘮𝘢𝘵𝘵𝘦𝘳😀

For many that have been wondering what it means for Nigeria to be removed from the FATF Grey list, here is a brief overview of everything that you need to know!

Great times are here♾️♾️

✅ Boosts investor confidence and strengthens Nigeria’s global financial reputation.
✅ Eases foreign investment inflows and international banking relationships.
✅ Reduces compliance scrutiny on cross-border transactions.
✅ Signals progress in anti-money laundering and counter-terrorism financing reforms.

The Nigerian Army has dismissed as false and misleading a recent online publication alleging that bandits overran troops and carted away six General Purpose Machine Guns (GPMGs) and over 30,000 rounds of ammunition in Obanla, Kwara State.

Contrary to the sensational claims, troops of 148 Battalion (Rear) conducting ongoing clearance operations across Kogi and Kwara States have continued to record significant operational successes. In a recent engagement, the troops mounted a strong blocking position along the Kwara–Ekiti border axis, where they neutralized two armed bandits and recovered two brand new AK-47 rifles.

At no time were Army positions overrun, nor was any cache of weapons or ammunition lost to criminal elements, as mischievously reported by the online platform. The publication is a fabrication designed to mislead the public and undermine the morale of gallant troops diligently working to restore peace and stability in the region.

The Nigerian Army remains committed to ensuring that all forms of criminality are decisively dealt with across the country. Members of the public are therefore urged to disregard the false report and continue to support the military with timely and credible information that would aid ongoing operations.

The Nigerian Army also reiterates its readiness to sustain the tempo of operations until all criminal networks in Kogi, Kwara, and adjoining states are dismantled.

POLYCARP OKOYE
Lieutenant Colonel
Deputy Director
Army Public Relations
2 Division Nigerian Army
5 October 2025

The Dangote Truck Assembly Plant, operated by Dangote Sinotruk West Africa Ltd, is a $100 million joint venture based in Lagos, Nigeria. The facility assembles and manufactures heavy-duty, medium, and light trucks, including semi-trailers and tipper bodies, with an impressive annual production capacity of 10,000 units.

A former Special Assistant on Media and Publicity to ex-President Muhammadu Buhari, Garba Shehu, has dismissed claims by ex-President Goodluck Jonathan that his principal was once nominated by Boko Haram to mediate peace talks with the Federal Government.

Shehu refuted the claim in a statement titled ‘Boko Haram did not nominate Buhari as their mediator’ on Friday.

Shehu’s rebuttal came hours after Jonathan’s remarks at the public presentation of Scars, a book by former Chief of Defence Staff, Gen. Lucky Irabor (retd.), where the former president said Boko Haram insurgents once named Buhari as their preferred negotiator.

Jonathan stated, “One of the committees we set up then, the Boko Haram nominated Buhari to lead their team to negotiate with the government.

“So I was feeling that, oh, if they nominated Buhari to represent them and have a discussion with the government committee, then when Buhari took over, it could have been an easy way to negotiate with them and they would have handed over their guns. But it was still there till today.”

In response, Shehu insisted Jonathan was “making a false start” ahead of a possible 2027 presidential bid.

He stated, “Muhammed Yusuf or Abubakar Shekau, the deceased leaders of the Boko Haram terrorist group, never nominated Muhammadu Buhari for any such role.

“In fact, Shekau routinely denounced and threatened Buhari, and their ideologies were in direct opposition,” he said, recalling that Buhari narrowly survived a 2014 Boko Haram bomb attack in Kaduna which left his aides injured.

Shehu explained that the controversy stemmed from a 2012 press conference in Maiduguri by a faction led by Abu Mohammed Ibn Abdulaziz, who listed Buhari and several northern leaders as possible mediators.

“Abdulaziz was roundly condemned by the leaders of Boko Haram, who claimed that he had ‘no mandate of their leader, Imam Abubakar Shekau,’” he clarified.

At the time, Buhari himself denied knowledge of the claim. Shehu quoted then-CPC National Secretary, Buba Galadima, as saying, “As at 10pm yesterday when I spoke with him, he said he has not even heard about it… since nobody has contacted him as a person, he would not speak to the press.”

The matter was already a political flashpoint in the run-up to the 2015 elections.

Rotimi Fashekun, the late CPC publicity secretary, had accused Jonathan’s PDP government of exploiting the rumour.

“Without any scintilla of equivocation, General Muhammadu Buhari has never been directly or remotely connected with any insurrection or insurgency against the Nigerian nation and her people,” he said, describing Buhari as “the quintessential patriot that continues to magnetise the very best across the ethno-religious boundaries within the Nigerian nation-space.”

Fashekun also alleged that the PDP bore responsibility for insecurity, claiming there were three variants of Boko Haram, the original sect, a criminal faction, and “the most lethal of all, the Political Boko Haram, which this PDP-led Federal Government represents.”

Shehu added, “To be president in 2027, Goodluck Jonathan should look for another story to tell Nigerians… To win in 2027, Dr. Jonathan should look for a better story to tell Nigerians.”

$7000 per post: Israel paying undisclosed US influencers amid Gaza backlash, says Wikileaks

The Israeli government is paying US content producers up to $7000 per post as part of a major increase in budget for global influence campaigns. “We have to fight with the weapons that apply to the battlefields in which we engage, and the most important ones are on social media,” Israeli Prime Minister Benjamin Netanyahu told a group of US-based Jewish influencers in New York this week.

A September 2025 filing by Bridges partners LLC on behalf of 'Government of Israel through Havas Media Group' under the US Foreign Agents Registration Act (FARA) details “Initial payments for production and influencers. Concept development with each influencer. Begin matching with Israeli content partners and writing initial post,” among other line items. More than half the $900,000 total appears to be allocated to the recruitment and training of a cohort of more than a dozen US-based online influencers expected to post pro-Israel content.

The campaign is part of a larger influence push by Israeli authorities amid a collapse of public support in the US and elsewhere as the Gaza genocide draws into its third year. In late 2024, Israeli Foreign Minister Gideon Sa’ar negotiated a 20-fold increase in the foreign influence budget, securing USD$150 million. Among other initiatives, Israel is now paying $1.5 million a month to President Donald Trump's former digital campaign strategist Brad Parscale to produce “strategic communications,” using AI tools to generate thousands of variants on pro-Israel messaging. Parscale is is now registered as a foreign agent.

“We have to fight back. How do we fight back? Our influencers,” Netanyahu told the gathering in New York in September.

When Monica launched two years ago, it entered Nigeria’s fintech market with a bold promise of instant crypto-to-naira conversions and zero-fee transfers. For many Nigerians who were used to paying high charges and waiting days for international payments, the idea seemed ambitious. Today, Monica has not only delivered on that promise but has grown into one of Nigeria’s most trusted fintech platforms, serving more than 350,000 users and processing over ₦150 billion in payouts while converting more than 100 million dollars’ worth of cryptocurrency into naira.

From the beginning, Monica focused on solving real problems for creators, freelancers, and small businesses. Many of them worked with international clients but lost value to bank fees and unreliable systems. By providing instant crypto-to-naira payments with zero fees, Monica ensured that every naira earned was a naira received. This service has saved Nigerians millions in unnecessary charges and built strong loyalty among users.

“Our philosophy is simple,” said the CEO of Monica. “We believe what you earn is what you should receive. That is why we have sustained zero-fee transfers for two years straight. It is not a temporary strategy but a permanent part of how we serve Nigerians.”

Reliability has been another cornerstone of Monica’s growth. By running its own servers and maintaining a non-custodial system that stores crypto offline, Monica has achieved a 99.9 percent uptime record that ensures transactions are fast, secure, and always available. This track record has given Nigerians confidence that they can depend on Monica whether they are receiving payments, sending money, or paying bills.

“Reliability is not just a technical feature, it is a lifeline,” the CEO explained. “When a freelancer is waiting on payment or a family needs to pay electricity bills, there is no room for failure. Our investment in infrastructure ensures that Nigerians can count on Monica every single time.”

Over the past two years, Monica has also expanded into a full-service financial app. Beyond payments, users can settle utility bills, buy airtime and data, and purchase both local and international gift cards directly within the platform. Monica has also introduced a virtual dollar card that allows Nigerians to shop online and pay for international subscriptions without the restrictions that often limit access to global services.

“Our journey has always been about more than transactions,” the CEO added. “It is about building a proudly Nigerian platform that delivers freedom, convenience, and trust. Two years of zero-fee transfers prove that we are serious about this vision, and we are only getting started.”

For Nigerians, Monica’s two-year milestone is more than just a business achievement. It is proof that homegrown fintech innovation can be affordable, reliable, and sustainable. By combining instant stablecoin payments, zero fees, offline security, and everyday utility, Monica has redefined what a Nigerian fintech platform can deliver. As it looks to the future, Monica remains committed to one promise above all: fast, secure, and zero-fee payments for every Nigerian

The First Lady of Nigeria, Senator Oluremi Tinubu, CON, has officially launched a major economic empowerment programme for women, funded by a N1 billion grant from the Tony Elumelu Foundation.

The initiative, a collaboration between the Renewed Hope Initiative (RHI) and the Tony Elumelu Foundation, aims to directly support 18,500 women traders and small-scale business owners across all 36 states and the Federal Capital Territory (FCT).

During the launch event in Sokoto State, the First Lady represented by Wife of the Executive Governor of Sokoto State Dr. Fatima Ahmed Aliyu, emphasized that the programme is designed to bolster the entrepreneurial spirit of Nigerian women. “This is not a loan. It is a grant and a seed of renewed hope to help you recapitalize your existing businesses,” she stated. “It is my firm belief that when you empower a woman, you empower a household, a community, and indeed, a nation.”

Under the programme, 500 pre-selected women from each state and the FCT will receive a direct grant of N50,000 each to strengthen and grow their small businesses. Dr Fatima presented the first grants to some of the 500 beneficiaries from Sokoto State at the event on behalf of First Lady of the Federal Republic of Nigeria.

The First Lady expressed profound gratitude to the Tony Elumelu Foundation for its significant contribution, urging that “this act of generosity inspire many more across our nation.”

She also thanked the Governor of Sokoto State, His Excellency Ahmed Aliyu Sokoto, and his wife, Her Excellency Hajiya Fatima Ahmed Aliyu, for their support in facilitating the programmes of the Renewed Hope Initiative.

The event witnessed by dignitaries across board including wife of the State Deputy Governor, concluded with the formal flag-off of the empowerment programme, which is expected to provide a significant economic boost to thousands of women-led businesses nationwide.

The current record marks the highest level recorded since December 3, 2021, according to data obtained from the Central Bank of Nigeria (CBN).

TheCable Index analysis showed that the foreign reserves steadily climbed by 3.69 percent from $39.54 billion reported on August 1 to $41 billion on August 19.

The upward trajectory was maintained throughout the month as the reserves rose from $39.54 billion on August 1 to $39.99 billion on August 6.

On August 12, TheCable Index observed that Nigeria’s FX reserves had moved to $40.64 billion, and on Monday, there was an increase of 0.79 percent to $40.96 billion.

Olayemi Cardoso, governor of the CBN, had always stressed efforts by the bank to sustain growth in the FX reserves.

At the end of the monetary policy committee meeting, on July 22, Cardoso said the country was witnessing “sustained stability in the foreign exchange market”.

Cardoso also said there were increased capital inflows, improved crude oil production, rising non-oil exports, and reduced imports.

The CBN governor added that gross external reserves rose to $40.11 billion as of July 18, providing about 9.5 months of import cover.