Traditional rulers in Yorubaland are considering invoking ancestral deities and deploying other indigenous spiritual mechanisms to combat terrorism, banditry, kidnapping and other violent crimes, Saturday PUNCH has learnt.
The development comes amid persistent insecurity across the South-West, where communities continue to grapple with rising cases of abductions and violent attacks
Some of the monarchs, who spoke with Saturday PUNCH on Thursday and Friday, said the move was being considered as a complementary measure to support conventional security efforts against terrorists, bandits and kidnappers operating in the region.
The development followed a call by the Ooni of Ife, Oba Adeyeye Ogunwusi, urging traditional rulers across Yorubaland to deploy ancestral means to tackle rising insecurity in the region.
Oba Ogunwusi, who is the Co-Chairman of the National Council of Traditional Rulers of Nigeria, made the call while speaking at the grand finale of the 2026 Ifa Festival.
He also urged traditional rulers to collaborate with the government to restore peace and order.
The South-West region has in recent times witnessed a surge in abductions and other violent crimes, with over 40 teachers and pupils of three schools in Yawota and Esinle communities in Oriire Local Government Area of Oyo State still being held hostage.
Traditional rulers adopt spiritual intervention
Speaking with Saturday PUNCH, the Olowu of Owu-Kuta in Osun State, Oba Adekunle Oyelude, said traditional rulers were “seriously considering the deployment of our ancient inherited deities to serve the purpose” in the fight against terrorists.
He expressed confidence in traditional means of tackling insecurity, saying many traditional rulers in Yorubaland believe in the potency of ancient powers and deities to protect their communities.
“The traditional rulers are seriously considering the deployment of our ancient inherited deities to serve the purpose of the moment, the invading bandits and kidnappers who are launching onslaughts on our various communities. We believe most of these deities can serve the purpose.
“Many Yoruba traditional rulers, at least 90 per cent of them, believe in the Yoruba gods, and they believe in the potency of the deities irrespective of their religion,” Oba Oyelude said.
Oba Oyelude revealed that the implementation had already begun in certain areas, though some communities were proceeding with caution due to potential implications on local trade.
“It is very certain that some communities are already taking these actions. We in the South-West will not fold our hands and wait for the Federal Government to do it all. We will support the government’s efforts because we are the direct beneficiaries.
“We are seriously working on all options. We are not limiting it to professional security forces. While we are asking Christians to deploy the Psalms they know, we are also asking Muslims to deploy the Quranic verses they know, while traditionalists, who are the custodians of the land, are being asked to move and invoke the spirit of the land to protect those who are on the land legitimately, not the invaders,” he said.
Similarly, the Ondo State Chairman of the Council of Obas and the Olowo of Owo Kingdom, Oba Ajibade Ogunoye, said his kingdom was considering adopting traditional measures to protect its people against banditry and other security threats.
He maintained that Yoruba traditional institutions had, from time immemorial, served as custodians of both the physical and spiritual well-being of their communities.
Oba Ogunoye added that there was nothing unusual about deploying time-tested indigenous mechanisms to safeguard lives and property.
He said, “We are Africans, and before now, we had ways of addressing insecurity challenges. I believe in what the Ooni said. We have to combine everything to fight this challenge.”
Oba Ogunoye also reiterated that the creation of state police would go a long way in combating insecurity.
“If state police is in effect, supported by traditional means, it would be arms for arms, so our communities would be safe to a very large extent,” the monarch declared.
The Deji of Akure, Oba Aladetoyinbo Aladelusi, also disclosed that the adoption of traditional mechanisms was already being considered in his kingdom to combat the invasion of terrorists.
He said, “We are having meetings to consider most of these suggestions on the need to use our traditional weapons in defending our people. We will also do this within the ambit of the law and ensure that no one is hiding under such a guise to perpetrate any illegality.
“We are already working with some of the vigilantes within our communities in this respect. We are hopeful that the results of these efforts will be visible in no distant time,” the monarch said.
Also speaking, the Onimeko of Imekoland in Ogun State, Oba Benjamen Olanite, said there was growing pressure on traditional rulers from their subjects to deploy indigenous spiritual mechanisms to tackle the worsening security situation in Yorubaland.
“This is the way our forefathers safeguarded their communities, and there is nothing wrong with deploying traditional means to combat criminality. Even the Nigerian Constitution recognises our traditions and the people’s right to defend themselves,” he said.
The monarch, however, called for caution, stressing that while traditional institutions might consider indigenous methods in addressing insecurity, such measures must remain within the bounds of the law and respect for human rights.
On his part, the Olu of Imasayi in Ogun State, Oba Lukmon Kuoye, said traditional institutions possessed indigenous protective mechanisms that could help secure communities and border areas, but stressed the need for proper legal backing and caution in their application.
He called on the National Assembly to urgently consider granting traditional rulers defined constitutional roles, saying this would enable them to contribute more effectively to the fight against insecurity.
“If we engage directly in the fight against insecurity, the government may rebuke us for exceeding our boundaries as traditional rulers. This is one of the things hindering the traditional institution from stepping forward to combat kidnapping and banditry in our region.
“We have a lot of means we can deploy. For instance, in our area, we have a charm we can place around our borders that can instantly kill any invader, even without physically confronting such an invader. We can use that to protect our boundaries,” Oba Kuoye said.
We are ready to invoke deities – traditionalists
Meanwhile, traditionalists have expressed readiness to collaborate with traditional rulers in efforts to tackle insecurity across Yorubaland, saying indigenous spiritual systems remain an important but underutilised tool for protecting communities.
Speaking with Saturday PUNCH, the leader of Ijo Orunmila Ifa Koseunti, Ifaniyi Akinside, said the call by monarchs for a return to traditional practices reflected the urgent need to revive cultural mechanisms that once helped safeguard communities.
“Each deity in Yorubaland has its purpose and function. For example, the Oro deity is invoked to ward off danger; we appease the river spirit to repel invaders and their co-conspirators. There are things we can do as traditionalists to protect Yorubaland from marauders, but many of these practices have been abandoned because of the nonchalant attitude of our traditional rulers towards tradition and culture.
“The Ooni is not asking us to engage in physical warfare or carry arms and ammunition to fight bandits. What the monarch is trying to tell us is that we must engage our attackers in spiritual warfare. If we had been doing this, what happened in Ogbomoso, Oyo State, would not have happened.
“We must fortify our borders spiritually. We can use the wind, the land and the water to fight the invaders and prevent them from infiltrating Yorubaland. There are things we can do to cause confusion in the camps of the terrorists or even make them kill themselves without us engaging them physically,” he said.
Another traditionalist and Ifa priest, Ifashina Atanda, called on South-West governors to dedicate a portion of their security votes to traditional interventions, insisting that collaboration with indigenous spiritual leaders could help curb insecurity in the region.
He said government efforts alone might not be sufficient without the involvement of traditionalists, who, according to him, can provide spiritual solutions through consultations with the Ifa oracle and prescribed rituals to appease deities believed to govern the land.
Atanda explained that through such consultations, the Ifa oracle is believed to reveal impending dangers, their timing and possible preventive measures, adding that this could help authorities take early action against security threats.
“What happened in Oyo is unfortunate, but it would have been prevented if they had consulted the Ifa oracle, which would have revealed the danger ahead of time. The gods of the land would have prevented the bandits from taking away the schoolchildren if the right thing had been done before the incident.
“Each South-West state has its own deity, and these deities must be consulted and appeased regularly to prevent the invasion of evil. This does not prevent Christians and Muslims from practising their faith,” the Ifa priest said.
On his part, a traditionalist and Nollywood actor, Pa Peter Fatomilola, said the government must begin to explore indigenous methods alongside conventional security strategies in addressing the rising insecurity across the South-West.
He stated that citizens should also be encouraged to adopt protective measures rooted in Yoruba culture, insisting that the region’s rich traditional heritage provides tools that could help defend communities against attacks.
Meanwhile, the Aare Ona Kakanfo of Yorubaland and National Leader of the Oodua Peoples Congress, Gani Adams, called for a combined spiritual and physical response to the worsening insecurity across the South-West, urging all religious groups and security stakeholders to be involved.
He said traditional rulers, traditional worshippers, Muslims and Christians all have roles to play in efforts to secure the region, stressing that the situation requires a collective approach beyond any single belief system.
According to him, spiritual intervention remains an important component in addressing insecurity, particularly through consultations and prayers across different religious platforms.
The Oodua Peoples Congress leader added that traditional worshippers, in particular, must intensify consultations with deities to seek protection for the land, while clerics of other faiths should also contribute through their respective spiritual obligations.
Tension In Ghana As Protesters Chant 'South Africa Must Go’, Storm MTN Headquarters In Accra
Tensions heightened in Ghana on Thursday as demonstrators under the banner of the “South Africa Must Go” campaign marched to the headquarters of MTN Ghana in Accra, intensifying growing protests against South African businesses in the country.
The protesters, who gathered in large numbers, converged on the telecommunications giant’s head office, demanding that South Africans and their businesses leave the country as anti-foreigner attacks escalated in South Africa.
Videos circulating on social media showed demonstrators carrying placards and chanting slogans as they approached the premises of MTN Ghana in the Ghanaian capital.
The protest is part of a broader campaign dubbed “South Africa Must Go,” which has gained traction in recent days in retaliation against the ongoing xenophobic attacks and killings of African migrants by South Africans.
Recall that on May 27, 2026, the first group of Ghanaian nationals evacuated from South Africa amid renewed xenophobic tensions arrived in Accra, as authorities moved to manage a widening humanitarian and diplomatic concern involving African migrants.
The Government of Ghana assured returning citizens that they would not be treated as refugees or abandoned persons, but would instead receive what officials described as a heroic and royal welcome upon arrival.
Speaking while receiving the first batch of about 300 evacuees, Ghana’s Foreign Affairs Minister, Samuel Okudzeto Ablakwa, said the administration had already prepared a comprehensive support package for the returnees.
“You are not going to arrive in Ghana as if you are orphans,” Ablakwa said. “You arrive, you are a hero’s welcome. The Chief of Staff himself has called me to say that he would love to join me to receive you.”
He added that a high-level government delegation would be present at the airport to receive them.
“And he will be there leading a high-powered government delegation to receive all of you,” he said.
The minister further stated, “You have seen the arrangements that the President has made. We have met and discussed a five-item package that everybody will be entitled to.”
Although details of the support package were not immediately disclosed, Ablakwa stressed that the government’s response was aimed at affirming the dignity of citizens abroad.
“We want to show the world that we cherish our nationals. Our citizens matter to us,” he said.
He rejected any suggestion that the returnees should be viewed as displaced persons.
“You are not refugees. You are not some destitutes. Ghana is not some war zone where we cannot take care of our own. Ghana is a place to be,” he added.
Ablakwa also praised Ghana’s reputation as a stable and welcoming nation, noting continued inflows of foreigners into the country.
“And that’s why many, many foreigners are trooping to Ghana… they always feel at home,” he said.
He noted that returnees would continue to be treated with dignity and respect, saying, “We will accept you as royals.”
Dangote Petroleum Refinery is seeking to raise about $1 billion through a private placement that values the company at $39.1 billion.
According to an Information Memorandum, the refinery is offering three billion ordinary shares at a placement price of $0.35 per share. The transaction is expected to raise approximately $1 billion and has already attracted strong investor interest, with indications suggesting that the offer may be oversubscribed following the close of the indication-of-interest period.
The offer implies a valuation of approximately $39.1 billion for the refinery, making it one of the most valuable privately held industrial assets in Africa. The refinery currently has approximately 111.67 billion ordinary shares in its share capital. The private placement is expected to raise about $1 billion in fresh capital.
Applications require a minimum subscription of 1 million shares, equivalent to an investment of $350,000. Additional subscriptions are accepted in multiples of 500,000 shares, while investors will be subject to a 365-day lock-up period from the date of allotment.
According to the memorandum, the proceeds will be used to support ongoing expansion projects and general corporate purposes, with the fundraising exercise described as a key component of the refinery’s broader funding strategy.
The refinery’s $39.1 billion valuation reflects investor expectations regarding its strategic role in Nigeria’s energy sector and its growing influence across regional petroleum markets.
It also highlights the scale of the facility’s contribution to reducing Nigeria’s dependence on imported refined petroleum products. The refinery has a processing capacity of 650,000 barrels per day and commenced petroleum product production in 2024.
Operations have expanded across multiple product lines, including diesel, aviation fuel, naphtha, and premium motor spirit (PMS).
Industry analysts noted that the facility has significantly altered fuel supply dynamics within Nigeria while creating new export opportunities.
The valuation further highlighted investor confidence in the refinery’s ability to generate long-term value through domestic supply and regional exports.
The current capital raise forms part of the refinery’s broader expansion programme as it continues to strengthen its position in regional energy markets.
Market observers viewed the transaction as a potential step toward broadening the company’s shareholder base ahead of any future listing.
Aliko Dangote has previously indicated plans to eventually list the refinery on the capital market.
With indications suggesting that demand has already exceeded the targeted raise, the transaction could rank among the most significant private capital raises in Nigeria’s corporate history while serving as a key test of investor appetite for large-scale Nigerian industrial assets
Barring any last-minute change of formation, former Vice President Atiku Abubakar has succeeded in setting up a possible ‘AA’ ticket on the presidential ballot of the African Democratic Congress (ADC) by picking former Transportation Minister, Chibuike Amaechi, as his running mate.
Also, yesterday, he declared that the actions by the Bola Tinubu-led All Progressives Congress (APC) administration contradicted the spirit, sacrifice and legacy of June 12.
Coming after weeks of rigorous negotiations within the Nigeria Democratic Congress (NDC) coalition platform, which was threatened by post-primary recriminations, the choice of Amaechi comes as a bold counter to the OK ticket pairing of Peter Obi and Rabiu Kwankwaso on the rival NDC for the January 16, 2027, presidential election.
By settling for Amaechi, Atiku seems to have decided to do what he failed to do in the lead-up to the 2023 election cycle, when he refused to accept former Rivers State governor, Nyesom Wike, who emerged as the first runner-up in the Peoples Democratic Party (PDP) presidential primary.
While the duo of the 2023 Labour Party (LP) presidential candidate, Obi, and his New Nigeria Peoples Party (NNPP) counterpart, Kwankwaso, joined the ADC, speculations were rife that the party had a predetermined plan to have Atiku run with the former transportation minister to achieve a North-East/South-South balance on the party’s presidential ballot.
But contrary to those conjectures, Amaechi, shortly after he filled and returned his N90 million presidential nomination form, said he was not positioning himself for a VP slot.
Further, pushing back on the reports of a possible pairing with Atiku after Obi and Kwankwaso left ADC for the NDC, Amaechi, on May 20, ruled out the possibility of a consensus rather than a direct primary.
Speaking to The Guardian on how the former Transportation Minister finally succumbed to pressures and entreaties from highly placed political leaders from both the North-West and South-South, a very close ally of Amaechi said Atiku assured that the “VP nominee would have extensive roles to play in the campaigns and government”.
Before the latest development, ADC chieftain, Eze Chukwuemeka Eze, had dismissed comments credited to party stalwart, Dele Momodu, suggesting that Amaechi had rejected the party’s VP slot ahead of the 2027 general election.
In a statement posted on his verified social media accounts yesterday, Eze described Momodu’s remarks as personal opinion capable of creating unnecessary tension, mistrust and misunderstanding within the party.
According to him, Amaechi’s previous comments after the ADC presidential primaries had only indicated that no one had approached him regarding a VP position.
ATIKU, in a statement which he personally signed and released to commemorate another Democracy Day on June 12, urged citizens to stand up against bad governance, reject the politics of intimidation, and resist every manifestation of democratic backsliding.
He stressed that Nigerians must, once again, summon the courage of those who marched, protested, resisted, suffered and sacrificed for freedom for June 12 to retain its meaning.
The Adamawa politician said, over the past three years, Nigerians had witnessed a deliberate and coordinated effort to weaken, fragment and neutralise opposition political parties ahead of the 2027 general elections.
He added that through manufactured leadership crises, orchestrated defections, political intimidation and the abuse of state institutions, every credible opposition platform had come under sustained attack.
The former VP said institutions that ought to serve the Nigerian people impartially had increasingly been transformed into instruments of partisan warfare, adding that anti-graft agencies, the police, the National Assembly, and even segments of the judiciary had been deployed to harass, intimidate, and coerce opposition voices into submission or defection.
Tinubu orders breakup of Optasia’s 12-year monopoly on airtime credit lending
…FCCPC secures presidential backing to dismantle exclusive control over N3trn airtime advance market
…Capital flight and lack of local investment, cited among other reasons
....Nine Nigerian fintechs to be onboarded
President Bola Tinubu has directed the Federal Competition and Consumer Protection Commission (FCCPC) to break the 12-year monopoly of South African firm Optasia on airtime credit lending and data advance services in Nigeria, authoritative sources have told Vanguard.
The decision, which followed a high-level briefing by the FCCPC, marks a major policy shift aimed at opening up an estimated N3 trillion annual market to Nigerian fintechs.
According to multiple sources within the commission, the President was persuaded by arguments that Optasia’s exclusive arrangement has for over a decade facilitated substantial capital flight while contributing minimally to local tax revenues or employment.
“The Commission’s argument is that deregulating the sector will promote competition, the Nigeria First Technology Policy, employment for Nigerians and discourage capital flight to South Africa as hitherto perpetrated by Optasia,” an FCCPC official familiar with the briefing told this newspaper on condition of anonymity because he was not authorised to speak publicly.
The directive, which sources say was issued in writing late last month, effectively orders the FCCPC to use its statutory powers under the Federal Competition and Consumer Protection Act to end exclusivity arrangements that have kept smaller players out of the airtime credit lending space.
Airtime credit lending allows mobile phone users to borrow small amounts of airtime or data when their balance runs out, repaying typically within days—a service used by tens of millions of low-income Nigerians.
Allegations of non-compliance
It is alleged that Optasia—formerly known as Channel VAS—has operated for 12 years without establishing any administrative infrastructure in Nigeria. Sources further alleged that the company employs no Nigerian staff and does not share credit data with Nigerian bureaus or other financial technology firms, creating an information asymmetry that has stifled local competition.
Attempts to reach Optasia for comment on these allegations were unsuccessful as of press time. The company’s legal representatives in Nigeria did not respond to multiple inquiries. However, it is understood that Optasia has already filed an interim injunction before a Federal High Court seeking to restrain the FCCPC from implementing any deregulation measures.
The allegations, if proven, could have significant regulatory implications. Under Nigerian law, foreign companies providing digital financial services to Nigerian consumers are generally expected to maintain a local presence, comply with data localisation requirements, and contribute to the national tax base. The FCCPC’s case, as presented to the Presidency, reportedly hinges on the alleged claim that Optasia has circumvented these expectations.
The FCCPC’s acting executive vice chairman, Adamu Abdullahi, has previously spoken publicly about the need to dismantle anti-competitive arrangements in digital lending.
In a recent industry forum, Abdullahi warned that “no single company, regardless of origin, will be allowed to hold an entire digital subsector hostage through exclusive contracts that do not serve Nigerian consumers.”
Industry analysts say the timing of the directive is significant, coming as Nigeria grapples with foreign exchange shortages and seeks to maximise local value from its digital economy.
The airtime credit lending market, estimated at N3 trillion in annual transaction value, represents a substantial pool of consumer spending that policymakers believe should benefit domestic firms.
A senior fintech executive who requested anonymity because his company is among those seeking to enter the market described the President’s decision as “a watershed moment.” He added: “For 12 years, one foreign firm has extracted value from Nigerian consumers with almost no local reinvestment. That model is now ending.”
The FCCPC is expected to publish implementation guidelines within 60 days, detailing how the monopoly will be unwound and what conditions new entrants must meet.
The nine companies which are expected to be onboarded are: Technotrends Platforms Nigeria Limited, Total Tim Nigeria Limited, Fonyou Technologies Nigeria Limited, Rane Interactive Medien CLS Limited, MRS Innovation Nigeria Limited, Mode NG Applications Nigeria Limited, ERL Telecoms Service Limited, Cloud Interactive Associate Limited, and Coverage Broadband Limited.
Among the requirements being considered are mandatory local data hosting, minimum Nigerian equity participation, and transparent credit data sharing with the Nigerian Credit Bureau.
Nigerian banks earned a combined N209.18bn from account maintenance charges in the first quarter of 2026, representing a 14.07 per cent increase from the N183.37bn recorded in the corresponding period of 2025, an analysis of the unaudited financial statements of 11 listed lenders by The PUNCH has shown.
The review also showed that total fee and commission income rose to N984.47bn in Q1 2026 from N866.30bn in Q1 2025, indicating a 13.64 per cent year-on-year increase.
The figures, drawn from the results of 11 of the 13 banks listed on the Nigerian Exchange, exclude FCMB Group and Unity Bank, which had yet to publish their unaudited first-quarter financial statements.
Account maintenance fees are regulated charges applicable only to current accounts, according to the Central Bank of Nigeria’s Guide to Charges by Banks and Other Financial Institutions. The fee replaced the former Commission on Turnover and is intended to enable banks to recover the cost of operating active transactional accounts.
So This Happened (EP 401) reviews: Families still await return of abducted Oyo pupils0:00 / 0:00 An analysis of the banks’ earnings showed that Zenith Bank generated the highest account maintenance income at N25.07bn, followed by Ecobank Transnational Incorporated with N118.06bn recorded under cash management and related fees, which serves as the closest disclosed equivalent. Access Holdings posted N16.68bn, Guaranty Trust Holding Company earned N15.12bn, while United Bank for Africa generated N13.26bn.
In terms of total fee and commission income, Ecobank led the pack with N237.80bn, followed by Access Holdings with N205.03bn, UBA with N124.07bn, First Holdco with N96.12bn and Zenith Bank with N84.79bn.
Among lenders that disclosed account maintenance income separately, GTCO recorded the fastest growth, with charges rising by 42.15 per cent from N10.63bn to N15.12bn.
Sterling Financial Holdings followed with a 38.31 per cent increase to N2.38bn, while Wema Bank’s account maintenance earnings rose by 31.30 per cent to N3bn. Zenith Bank posted a 30.81 per cent increase to N25.07bn and UBA recorded a 27.65 per cent rise to N13.26bn.
For total fee and commission income, Zenith Bank recorded the strongest growth at 41.43 per cent, followed by Fidelity Bank at 39.70 per cent, Sterling Financial Holdings at 33.25 per cent, Stanbic IBTC Holdings at 30.37 per cent and First Holdco at 23.67 per cent.
However, not all lenders recorded growth in account maintenance income. Fidelity Bank’s earnings from the line declined by 2.52 per cent to N3.24bn from N3.33bn, while Stanbic IBTC’s account transaction fees, its closest equivalent to account maintenance charges, fell by 4.98 per cent to N1.91bn from N2.01bn.
The PUNCH also found mixed performance across other fee-generating lines.
Access Holdings grew fee and commission income by 17.5 per cent to N205.03bn, driven by credit-related fees, bills and letters of credit, and e-business income. Account maintenance income rose modestly by 4.1 per cent to N16.68bn.
Ecobank’s fee and commission income increased by 7.72 per cent to N237.80bn, supported by brokerage fees, portfolio management fees and cash management-related charges, which accounted for almost half of total fee income.
Fidelity Bank recorded a 39.7 per cent increase in fee and commission income to N33.28bn, largely driven by ATM charges, Fidelity Connect commissions and letters of credit fees. Account maintenance charges declined despite the strong overall growth.
First Holdco grew fee and commission income by 23.67 per cent to N96.12bn, with strong contributions from credit-related fees, brokerage income, custodian fees and financial advisory services. Account maintenance charges rose by 17.38 per cent to N10.46bn.
GTCO increased fee and commission income by 7.09 per cent to N80.31bn, supported by strong growth in e-business income, credit-related fees and asset management fees. Account maintenance charges contributed 18.82 per cent of total fee income.
Jaiz Bank recorded a 10.29 per cent increase in fee and commission revenue to N5.67bn, although it did not separately disclose account maintenance charges.
Stanbic IBTC expanded fee and commission revenue by 30.37 per cent to N83.14bn, driven by asset management, brokerage, custody and foreign currency service fees. Its account transaction fees declined by 4.98 per cent.
Sterling Financial Holdings posted a 33.25 per cent increase in fee and commission income to N16.88bn. Account maintenance fees rose by 38.31 per cent to N2.38bn, while other fees and commissions surged by 139.32 per cent.
UBA’s fee and commission income declined by 3.04 per cent to N124.07bn as lower earnings from credit-related fees, remittance fees and transactional service commissions offset gains from account maintenance charges and pension custody fees. Account maintenance income rose by 27.65 per cent.
Wema Bank’s fee and commission income fell by 30.57 per cent to N17.39bn due mainly to declines in electronic product fees, financial guarantees and foreign exchange transaction charges. However, account maintenance income increased by 31.3 per cent.
Zenith Bank recorded a 41.43 per cent increase in fee and commission income to N84.79bn. Account maintenance charges, which represented 29.57 per cent of total fee income, rose by 30.81 per cent to N25.07bn. Strong growth in foreign withdrawal charges, electronic product fees and letters of credit commissions supported performance.
Commenting on the development, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the increase in banking transactions and fee income reflected improving economic activity and rising confidence in the formal sector.
Yusuf said, “If the momentum of economic activities is growing, it reflects in the performance of the banks, particularly when we look at activities within the formal sector of the economy. The demand for banking activities is a derived demand because the demand for banking activities is in order to support economic activities.
“So if you are seeing growth in the economy, if you are seeing an improvement in business confidence in the economy, if you are seeing profitability of businesses, there is a positive correlation between what the economy is saying and what business performance is saying. All of these things are reflected in the transactions in the banks, which ultimately also reflects in the profitability of the financial institutions.”
The CPPE chief observed that there is a strong correlation between the tempo of economic activities and banking transactions and profitability.
“It is a reflection of the momentum that we are seeing in terms of economic recovery, business confidence, investors’ confidence and macroeconomic stability supporting business growth,” he concluded.
The growth in banking fees coincides with signs of strengthening economic activity. Nigeria’s private sector expanded to a nine-month high in May 2026, with the Stanbic IBTC Purchasing Managers’ Index rising to 54.1 points, supported by stronger demand, increased output, new product launches and improved logistics.
The banking sector has also continued to benefit from ongoing reforms. Earlier this year, the Central Bank of Nigeria said its financial-sector reforms, including the recapitalisation programme, were strengthening the foundations of the economy.
According to the apex bank, 33 banks had raised additional capital as of March 2026, while 30 institutions had already met the new minimum capital requirements for their licence categories.
Five worshippers abducted during an attack on ECWA Church in Omugo, Oro Ago District of Ifelodun Local Government Area of Kwara State, have died in captivity.
The church’s minister, Rev. Timothy Omole, informed the congregation about the tragic development in a message to the church’s WhatsApp platform.
He, however, confirmed the development to Daily Trust in a telephone chat Wednesday night.
Among those killed was the pastor’s wife, Mrs Rachael Oluwaremilekun Omole.
The victims were among eight worshippers kidnapped when armed men invaded the church during a Sunday service on March 22, 2026.
According to Rev. Omole, the news left him heartbroken.
“It is with deep pain in my heart that I inform you that out of eight people that were abducted from ECWA Omugo on the 22nd of March, 2026, only three are still with the kidnappers”, he said, adding that “The remaining five have been with the Lord.”
The Clergy listed the deceased as “Elder Chief David Omopariola, Chief Joseph Ibitoye Afariogun, Mrs Iyabo Aniyi, Elder Joshua Akanbi Adeyemi and Mrs Rachael Oluwaremilekun Omole, his wife.”
“God to console their immediate family and the church at large.”
Rev. Omole said the information was relayed by Mr Sunday Bakare, one of the abductees, who escaped from captivity after spending more than a month with the kidnappers.
According to him, Bakare informed the church that five of the abductees had died while three others remain in captivity.
Some of the victims, it was gathered, were on medication but were allegedly denied access to their drugs by their captors.
Sources familiar with the negotiations had earlier disclosed that families of the victims were informed of the deaths, although details surrounding the circumstances remained unclear.
The attack occurred on March 22 when gunmen stormed the church during worship, shooting sporadically and forcing congregants to flee before whisking away eight worshippers into a nearby forest.
Following the abduction, the kidnappers reportedly demanded ₦1 billion ransom, an amount that the pastor confirmed was reduced to N150 million during negotiations.
Sources had told Daily Trust that relatives of the victims eventually raised about ₦20 million and also provided food items and other supplies allegedly requested by the abductors in a bid to secure their release.
Despite the efforts, the kidnappers reportedly collected the money and supplies but refused to release the victims.
Three of the abducted worshippers are still believed to be in captivity.
Governor Sheriff Oborevwori of Delta State has said it would be “evil” for Deltans to vote against President Bola Tinubu in the 2027 presidential election, citing the president’s ties to the state through First Lady Oluremi Tinubu.
Speaking during an interview on Arise Television aired on Tuesday, Oborevwori said Tinubu remains the only likely presidential contender with a direct affiliation to Delta State and should therefore enjoy the support of the people.
“Among the candidates that emerged, Bola Ahmed Tinubu is the only one that has an affiliation to Delta State,” the governor said.
“The man is an in-law here, and it would be evil to vote against your in-law. It’s a family affair. In the South-South, the people in Delta are saying this is their own. They were deceived before; now they can’t.”
The governor also credited the first lady with strengthening the president’s support base in the state, particularly among the Itsekiri ethnic group.
“The First Lady is holding the state strong, and no Itsekiri person will vote against Tinubu. No Urhobo man will because their son is the governor,” he said.
Oborevwori further defended the Tinubu administration’s economic policies, arguing that recent reforms have boosted revenue available to states.
“The confidence we have is in the people. His reforms and programmes are working very well. Sometimes when I commission projects and tell people we have money, it’s because of the reforms. If they are not working, we won’t get money,” he added.
The governor’s remarks come months after First Lady Oluremi Tinubu was conferred with the traditional title of Utukpa-Oritse of the Warri Kingdom, also known as Ugbone, meaning “Light of God”, by the Olu of Warri, Ogiame Atuwatse III, during a ceremony in Warri in February 2026.
At the event, the First Lady, whose mother is of Itsekiri descent from Warri while her father was Yoruba, described the honour as a reaffirmation of her commitment to service and national unity.
Senate President Godswill Akpabio has said the red chamber is working towards securing tickets for some of the senators who lost the bid to contest the 2027 general elections.
Daily Trust reports that about 40 senators across the All Progressives Congress (APC), the Peoples Democratic Party (PDP), Nigeria Democratic Congress (NDC), among other lost the primaries.
Speaking after the 4-week recess of the Senate Akpabio congratulated those who lost the primaries in anticipation of the desired results.
He said the Senate leadership was shocked by the high number of losses suffered by incumbent lawmakers.
“I felicitate, particularly those who have secured their mandates to represent their parties in the next election. I know that there will always be victories and disappointments, yet above every individual triumph stands a greater triumph, the triumph of democracy itself.”
“And in this Senate, we have promised that we will have very few disappointments, and I do know that the Senate leader and the leadership of the Senate are working very hard towards that, so in advance, I will say congratulations to all of us across party lines,” he said.
Senators Ned Nwoko, Gbenga Daniel, Danjuma Goje, Rufai Hanga, are among the lawmakers who lost return tickets.
Akpabio expressed concern over the abduction of schoolchildren and teachers in Oyo State, assuring that the government was doing its best to ensure their return.
Describing the incident as an assault on “our collective humanity”, Akpabio warned politicians against exploiting national tragedies for partisan advantage.
“At moments such as these, there is a temptation to divide, to accuse, and to seek advantage from tragedy. Politicians and aspirants must resist that temptation for such cheap publicity.”
“Let us continue to support every lawful and necessary measure to strengthen security, protect our schools, safeguard our communities, and ensure that every bandit faces the full weight of justice,” he said.
The Independent National Electoral Commission (INEC) has broken its silence on the controversy involving Lere Olayinka, spokesman of Federal Capital Territory (FCT) Minister, Nyesom Wike.
Olayinka had taunted Emeka Ike, a Nollywood actor, for registering in Imo State and transferring his registration details to the FCT on May 15.
He attached two images to the post, which social media users said contained details obtained from INEC’s administrative login portal.
The controversy erupted after announced that he was interested in contesting for the House of Representatives seat for the AMAC/Bwari Federal Constituency in the FCT under the Nigerian Democratic Congress (NDC).
The issue generated widespread reactions as many wondered why it was leaked through an INEC administrative webpage.
In a statement on Tuesday, Mohammed Kudu Haruna, the National Commissioner and Chairman of the Information and Voter Education Committee, said investigation was ongoing.
The statement said the aide did not have direct access but that he obtained the information via people who had such access.
“The attention of the Independent National Electoral Commission (INEC) has been drawn to allegations currently circulating on social media and in some sections of the media regarding the alleged unauthorised access to the Commission’s Continuous Voter Registration (CVR) database and the subsequent publication of information on a candidate in the recent primaries of a political party in the Federal Capital Territory.”
“The Commission takes this allegation seriously and has immediately commenced a thorough investigation to establish the facts surrounding the incident.
“As part of the ongoing Continuous Voter Registration (CVR) exercise nationwide, authorised INEC Registration Officers were granted controlled access to specific components of the CVR system to enable them register new applicants, process requests for transfer of registration and update voter records where necessary. Such access is restricted to official duties only and is withdrawn at the conclusion of the exercise.
“The audit trail from the preliminary investigation has enabled the Commission to identify the user account through which the information was accessed. Accordingly, relevant personnel have been questioned, and all units connected with the incident are cooperating fully with the investigation.
“The Commission is also examining all technical, administrative and operational factors associated with the matter in order to establish individual responsibility and determine the circumstances surrounding the use of those credentials and identify any breach of internal access-control protocols before taking appropriate action against anyone involved.
“Preliminary findings from the Commission’s audit trail so far, however, indicate that there was no external breach of the CVR database, no hacking incident, and no unauthorised external access to the Commission’s ICT infrastructure. Rather, the information in question was accessed through valid user credentials assigned to personnel participating in the ongoing CVR exercise but released without authority.
“The incident under investigation relates to the retrieval of a specific voter record and does not indicate any compromise of the Commission’s broader voter registration infrastructure or the personal data of over 90 million registered voters.
“The Commission wishes to state categorically that it takes the security, confidentiality and integrity of voter data with the utmost seriousness and remains committed to transparency, institutional integrity, and the protection of voters’ personal information.
“Furthermore, the Department of State Services (DSS), on its own accord, has commenced an independent investigation into the matter. The Commission will continue to cooperate fully with all relevant security agencies and will not hesitate to refer any person found culpable for appropriate legal action.
“Members of the public and the media are therefore urged to disregard unfounded speculations while investigations remain ongoing. The Commission will continue to keep the public informed of its final findings and any measures taken in response to the incident in due course.”
Lere Olayinka recently came under heavy criticism from Nigerians after leaking Ike’s voter information through an INEC administrative webpage.
By Ayomide Tella and Donatus Anichukwueze
Actor Emeka Ike says he is prepared to take action against Lere Olayinka, media aide to the FCT Minister, Nyesom Wike, over the exposure of his data from the portal of the Independent National Electoral Commission (INEC).
Ike contested for the House of Representatives seat for the AMAC/Bwari Federal Constituency in the Federal Capital Territory (FCT) under the Nigerian Democratic Congress (NDC) and lost.
Olayinka recently came under heavy criticism from Nigerians after leaking Ike’s voter information through an INEC administrative webpage.
On his X handle on Saturday, Olayinka tweeted that Ike was formerly a registered voter in Imo State before transferring his registration to the FCT on May 15.
He attached two images to the post, which many believed contained details obtained from INEC’s administrative login portal.
Some of the personal information contained in the screenshots included Ike’s application number, registration centre, Voter Identification Number (VIN), profile picture, name and date of application.
Reacting to the development on Channels Television’s The Morning Brief on Tuesday, Ike described Olayinka’s action as shocking and the height of political rascality.
“It’s quite shocking, extreme and it is the height of political rascality for government officer to access a citizen’s information from the INEC cyber. It tells you a lot, shows how much impunity we have flying around there and people have access to the things they shouldn’t be having access to and that’s quite deplorable and I see that as a huge insult and slap on every political party and every Nigerian.
“He is telling every Nigerian that whoever you are, I can pull your information from anywhere and I can do what I want and that rascality needs to be stopped,” he said.
The actor said he was ready to challenge Olayinka for exposing his private details to the public.
“Actions are ready, I’m ready to take him on. He has no right to exploit my privacy and insult Nigerians the way he did. If he has been doing it in the past, this should be the last time he does it.”
Speaking further on the breakfast programme, Ike explained the reason behind his decision to contest for the House of Representatives seat in the FCT.
“I actually wanted to run in my state but a couple of people came to me, it was like a clarion call. People came to me and told me, ‘sir, you need to do this now, we need you in Abuja’.
“And I’m like you know I’m already trying to run in my state, but they insisted and the surge was high and I considered it seeing the relevant issues they brought on board and I said okay fine let’s see how we can build Abuja. A municipal area needs to be properly guarded and looked into, so I decided to shift to Abuja,” Ike said.
Former Ekiti State Governor, Ayodele Fayose, has alleged that the Oyo State Government orchestrated the recent abduction of schoolchildren and teachers in parts of the state as part of a plot to embarrass President Bola Ahmed Tinubu.
Fayose made the allegation while speaking on a televised programme, where he questioned the response of the Oyo State Government to the incident and suggested that political considerations may have influenced its handling.
The former governor’s comments followed the kidnapping of pupils and teachers by gunmen in some local government areas of Oyo State on Friday, an incident that drew national attention and prompted a response from the Federal Government.
In the aftermath of the abduction, President Tinubu dispatched a high-powered delegation to the affected communities and assured residents that efforts were underway to secure the release of the victims.
Reacting to the development, Fayose argued that state governments bear primary responsibility for local security challenges and should not immediately shift attention to the Federal Government.
“Let me branch to Oyo State, before you get to the president in the hierarchy of leadership and governance, there is local government, there is state, state has security votes and there are people that are supposed to be working,” he said.
Fayose claimed that Governor Seyi Makinde failed to respond promptly to the incident, alleging that the governor prioritised political activities over addressing the crisis.
“In Oyo State, I strongly believe though I might be wrong but this sometimes might be orchestrated. The governor of Oyo State had his nomination and that of his candidates in the face of this abduction,” he said.
“He did not take any action, no steps were taken, it was after those nominations that he went to the families to visit them.”
The former governor further alleged that the incident may have been deliberately arranged to cast the Federal Government in a negative light.
“I sometimes believe that the abduction at Oyo School was orchestrated by the Oyo State Government to blackmail President Tinubu,” Fayose stated.
Neither Governor Makinde nor the Oyo State Government had immediately responded to the allegation at the time of filing this report.
The abduction has continued to generate reactions from political stakeholders and security analysts, with renewed calls for stronger measures to tackle insecurity and protect schools across the country.
A notorious bandit leader, Kachallah Muhammad, has established communication with relatives of the abducted retired senior military officer, Major General Rabe Abubakar Batsari, Daily Trust learnt on Monday.
Sources told our correspondent that the bandit kingpin, who operates in parts of Katsina State, opened a line of communication with the family of the retired General on Monday morning.
The retired Major General and his wife were reportedly abducted on Saturday in Katsina State.
Their vehicle was ambushed along the Marabar Musawa–Kafinsoli Road in Matazu Local Government Area by gunmen, who, according to witnesses, emerged from hiding, blocked the road and opened fire on the vehicle, forcing it to a halt before abducting the retired officer and his wife into a nearby forest.
The road, according to residents of the area, is unsafe due to repeated bandit attacks.
A senior local government official in Batsari, who spoke on condition of anonymity due to security concerns, confirmed to our correspondent that he personally spoke with the abducted officer during the conversation facilitated by the bandit leader.
“I spoke with Major General Rabe through Kachallah Muhammad. He told us that he is hale and hearty and that his wife is also fine,” the official said.
According to the source, the retired general assured his family and associates that they are being adequately taken care of by their captors, a development that has somewhat eased anxiety among relatives and residents of the area.
The official further disclosed that during the interaction, Kachallah Muhammad made his demands clear, insisting on the release of his relatives, allegedly being held by Nigerian security authorities.
“He said what he wants is the immediate release of his relatives in government custody,” the official added.
The bandit leader, the source said, also expressed willingness to return to negotiations, indicating openness to dialogue aimed at restoring peace in Matazu and other areas under his influence.
“He said he is ready to go back to the negotiation table to achieve peace in Matazu and neighbouring communities,” the official said.
Family, residents express concern
Relatives and residents of Batsari have expressed deep concern over the abduction of the retired senior military officer, describing the incident as a devastating blow to both his family and the community that has benefited from his years of service and philanthropy.
A family member, Mariya Ibrahim, said the retired general, whom she described as the family’s breadwinner, was travelling to Katsina for a wedding with his wife when they were abducted.
“He served this country with dedication and deserves protection even in retirement. We want him and his wife rescued unharmed,” she said.
A resident, Ibrahim Mamman Batsari, said: “If a retired senior military officer can be kidnapped, then ordinary citizens are even more vulnerable. Government must rise to its responsibility.”
Another relative, Aisha Abubakar Batsari, described the retired officer as the pillar of the extended family and appealed for his safe rescue.
Residents noted that the general had remained actively involved in community development projects in Batsari.
A community leader, Haruna Mai Maganin Kwari Batsari, said the retired officer was expected in the town on the day of the incident to discuss community matters.
Security expert, Abubakar Ibrahim, said the incident reflects a dangerous escalation of insecurity in Katsina State, warning that criminal groups appear to be growing bolder.
“The kidnapping of a retired Major General shows how emboldened bandits have become. It exposes the vulnerability of major highways and rural communities. If urgent and decisive action is not taken, the situation could further deteriorate.”
2027: ‘They live in rented apartments but want to be governor’ — Eno fires at challengers
Governor Eno has questioned the credentials of unnamed political challengers, saying some live in rented apartments yet seek to govern Akwa Ibom.
by Saviour Imukudo
Governor Umo Eno of Akwa Ibom State appears to have begun his re-election campaign on an attacking note, questioning the credentials of some opposition figures seeking to contest the state’s governorship seat in 2027.
Speaking on Saturday during a media chat to mark his third anniversary in Uyo, the governor said some of his challengers lived in rented apartments but desired to govern the oil-rich state.
Mr Eno, however, did not mention the name of any politician or gubernatorial aspirant.
The governor’s remarks came amid growing political activities ahead of the 2027 general elections, with opposition politicians and other stakeholders positioning themselves for the next election cycle.
Questions over opponents’ credentials
Mr Eno said critics often underestimate the realities of governance until they assume public office.
“My dear brothers and sisters, if you’re not a governor, you’re not a governor. That’s the truth. It’s sweet to stay outside to want… So if I were a governor, I would do this,” he said.
“When you come in as a governor, forget about the siren, area boys, and female youths. Leave all those things and become a governor and notice how you’ll feel.”
The governor also dismissed what he described as attempts by “recycled politicians” to present themselves as alternatives to his administration.
“When I see recycled politicians coming back to tell me stories, I look at them and say, ‘You had the opportunity; show me one thing you did,'” he said.
“We’re going on a campaign. I’d like to debate with them; let them tell me what they did.”
‘They live in rented apartments’
The governor intensified his criticism when he questioned the personal achievements of some of those seeking elective office.
“Some of them don’t have a house. They live in a rented apartment and want to become governors. Is that how it works?” he said.
“They should tell me what they’ve done in life that succeeded. Anything they laid their hands on died,” he said without offering details of what he meant.
“And you want me to hand over the state treasury to you. Akwa Ibom, we’ve gone past that level. They should stop deceiving people.”
Political background
Mr Eno was elected governor in 2023 on the platform of the People’s Democratic Party (PDP), succeeding former Governor Udom Emmanuel.
In a major political realignment, he defected from the PDP to the All Progressives Congress (APC) in 2025, a move that reshaped the political landscape in Akwa Ibom and generated intense debate among political stakeholders.
Since joining the APC, the governor has repeatedly defended his administration’s record and urged residents to judge his government based on its performance.
While supporters of the governor argue that his administration has recorded significant achievements in infrastructure, education, health, and rural development, opposition figures have accused the government of failing to adequately address key governance challenges despite the state receiving trillions of naira in revenue.
With months before formal campaigns for the 2027 governorship election begin, Mr Eno’s latest remarks suggest that political contestation in Akwa Ibom is already gathering momentum.
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has lamented the presence of cows roaming the streets of Abuja, describing the menace as a national security issue.
The Minister insisted that livestock should not be allowed to move freely in the nation’s capital city.
Wike stated this on Monday during his monthly media chat in Abuja while responding to concerns raised by journalists over the increasing presence of cattle in parts of the city, despite ongoing efforts to improve the capital’s infrastructure and aesthetics.
Asked about cows grazing on lawns and roaming across roads in the FCT, the minister said: “It is an issue of national security.”
When pressed further on how the issue relates to national security, Wike replied: “No, no, no. We must face reality.”
According to him, the Federal Government’s policy direction on ranching remains the best approach to addressing the problem.
“One of the things we have done when we came in, but look, the President said, now let’s do ranching and see how we can take these cows, animals out of the city,” he said.
Describing the situation as unacceptable, Wike added: “It is an eyesore. It is not fair. It is not good.”
The minister noted that in many developed countries, livestock were not allowed to roam freely within urban centres.
“We have developed countries where they have cows. You have to go and see them. Go to Saudi Arabia. Go to all the cities. You cannot see the cows there. You cannot see them,” he said.
Wike lamented that government’s efforts to implement policies aimed at addressing the problem were often misunderstood or politicised.
“When you begin to develop some policies, people find it weird. ‘Oh, they are pushing cows because of this.’ No, no, no. It is an issue of national security,” he said.
The minister also addressed concerns over street trading, begging and other forms of nuisance within the city centre.
According to him, the FCT Administration (FCTA) has continued efforts to remove illegal traders from roadsides and unauthorised locations but required greater public support to sustain the exercise.
“You see again, when you see traders, this is where it is provided for you to trade, not to adjust anywhere. The next thing you see is a market. There is no market here. That also constitutes nuisance,” he said.
Wike added that the administration’s actions were intended to protect the integrity of the nation’s capital.
“We have been trying to, we have been doing that. But again, we need the media support to be able to educate the public that what we are doing is for the interest and for the generality of the people.
“This is the only one city we have in Nigeria. We cannot allow it to be destroyed simply because they are saying, ‘Oh, I want to go and see where I can find my daily bread.’ That does not mean you shouldn’t do what the law provides,” he stated.
Arsenal’s dream of winning a first-ever UEFA Champions League title ended in heartbreak on Saturday night as they lost 4-3 on penalties to Paris Saint-Germain following a tense 1-1 draw after regulation and extra time.
The Gunners, making only their second Champions League final appearance and their first in 20 years, fell short after missed spot-kicks from Eberechi Eze and Gabriel Magalhães handed PSG victory.
The defeat quickly sparked reactions across the English Premier League, with rival clubs and players taking subtle and direct digs at Mikel Arteta’s side.
Chelsea were among the first to respond, using the moment to taunt their London rivals. In a post on social media, the Blues invited supporters to book a tour of Stamford Bridge, describing it as London’s “home of trophies” and accompanying the message with two stars symbolising their two Champions League titles.
“Come and visit London’s Home of Trophies. Book your Stadium Tour at Stamford Bridge now,” the club wrote.
Crystal Palace also joined the banter. Fresh from winning the UEFA Conference League, the South London club reminded supporters of their European success, highlighting that they now possess a continental title while Arsenal are still waiting for theirs.
Aston Villa, winners of this season’s Europa League, opted for a more subtle approach. The Midlands club posted about having “another trophy to fight for” when they face Champions League winners PSG in the upcoming UEFA Super Cup.
Nottingham Forest, two-time European champions, also weighed in by sharing an image of club legend John “Robbo” Robertson celebrating with the European Cup trophy.
Players joined in the mockery as well. Tottenham Hotspur forward Richarlison, who has often clashed with Arsenal supporters, posted a video of a baby laughing uncontrollably shortly after the final whistle.
Manchester City striker Erling Haaland also appeared to take a swipe at the Gunners, sharing a photograph of himself and friends smiling broadly. The post was widely interpreted by fans as a reaction to Arsenal’s defeat.
Despite the Champions League disappointment, Arsenal moved quickly to shift focus back to domestic success. On Sunday, the club staged an open-top bus parade through London to celebrate their Premier League triumph as they sought to put the European final setback behind them.
These used Eberechi Eze’s Arsenal announcement sound to mock him after his missed penalty🙆♂️🙆♂️if you have Arsenal fans as friends, check up on them😂💔 pic.twitter.com/KAigesBwcq
Eric Omondi Sets the Stage for Tomorrow’s Celebration at Nairobi Archives as Manchester United Fans Mock Arsenal’s Champions League Final Defeat pic.twitter.com/F09uk5ouuF
The Federal Government delegation met with community leaders and relatives of the victims as efforts continue to secure the release of those still being held captive.
The Federal Government delegation met with community leaders and relatives of the victims as efforts continue to secure the release of those still being held captive.
The National Security Adviser, Nuhu Ribadu; the Inspector-General of Police, Olatunji Disu; the Minister of Defence, Christopher Musa; and the Chief of Staff to the President, Femi Gbajabiamila, on Saturday visited Ogbomoso, Oyo State, to meet with community leaders and families of teachers, students and pupils abducted from schools in the area.
The visit followed the abduction of teachers and pupils from Community Grammar School, Baptist Nursery and Primary School, and L.A. Primary School in Oriire Local Government Area on May 15, 2026.
During the visit, the Federal Government delegation met with community leaders and relatives of the victims as efforts continue to secure the release of those still being held captive.
The high-level visit comes amid growing public concern over the incident, which has sparked protests and renewed calls for stronger security measures to protect schools and rural communities across Oyo State.
Also on Saturday, Governor Seyi Makinde visited Ogbomoso and reassured residents that his administration would continue to deploy every available effort to secure the safe return of the abducted teachers and pupils.
Addressing members of the community, the governor appealed for patience, understanding and cooperation, urging residents not to apportion blame to either the federal or state government but to unite behind efforts to rescue the victims.
Makinde sympathised with the affected families and the wider community, describing the incident as unprecedented, particularly because it involved the abduction of underage children.
He said he shared in the pain and grief of the victims’ families, adding that regardless of any grievances the abductors might claim to have, their actions remained cruel, unacceptable and inhumane.
The governor also recalled the sacrifices made by operatives of the Western Security Network, codenamed Amotekun, some of whom have lost their lives while tackling security challenges across the state.
He disclosed that since the abduction occurred, he had been holding security meetings twice daily and working closely with relevant security agencies to facilitate the safe return of the victims.
Makinde further commended security commanders for their dedication and commitment to protecting lives and property in the state and called on residents to continue praying for the success of ongoing rescue efforts.
“Don’t cry. I have come here today because of you. You installed this government. I want to let you know that this government is responsible to you. By the grace of God and your cooperation, we will bring back our children and the teachers.
“Please, I want you to cooperate with us because we are doing everything humanly possible to get our children and teachers back,” Makinde said.
He added: “This is not the time to start trading blame on who should be responsible for the release of these children between the state and federal government. This is just the time to come together to rescue our children and their teachers.
“I feel your pain but have trust in us.”
The abduction occurred on May 15 when gunmen stormed Baptist Nursery and Primary School, Yawota Community Grammar School and L.A. Primary School in Esiele, Oriire Local Government Area, and kidnapped 45 pupils and teachers.
Days later, one of the abducted teachers, reportedly a Mathematics teacher, was said to have been killed by the attackers.
The incident drew widespread condemnation, with both Governor Makinde and President Bola Tinubu promising swift action to rescue the victims and bring the perpetrators to justice.
However, with many of the abductees still in captivity more than two weeks after the attack, anxiety has continued to grow across Oyo State and beyond.
The mounting frustration culminated in a peaceful protest last Monday in Ogbomoso, where teachers suspended classroom activities and marched to the Teaching Service Commission (TESCOM) office to demand urgent government intervention.
Carrying placards with various inscriptions, the protesters called on authorities at all levels to intensify efforts to secure the release of the abducted pupils and teachers.
They also urged the government to strengthen security around schools and guarantee safer learning environments for both students and education workers.
As public refineries struggle, the NNPC-Dangote legal war is reshaping Nigeria’s downstream oil sector, writes Festus Akanbi
As public refineries remain largely dormant, the legal confrontation between the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Petroleum Refinery is rapidly becoming a defining moment for Nigeria’s industrial policy, energy security and investment climate.
At the centre of the dispute is Dangote Refinery’s challenge to fuel import licences issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to rival marketers. The refinery argues that continued importation undermines local refining capacity and runs counter to the spirit of the Petroleum Industry Act (PIA), which encourages backward integration and domestic production.
NNPCL, however, warned the Federal High Court in Lagos that restricting imports could expose Nigeria to supply disruptions, fuel shortages and potential monopoly risks. Yet many observers find it difficult to reconcile the national oil company’s legal position with its continued ownership of the Dangote Refinery project.
The contradiction has become more pronounced because NNPCL’s refineries in Port Harcourt, Warri and Kaduna have failed to deliver sustainable production despite billions of dollars committed to rehabilitation. Industry data indicate that over $3.1 billion was spent on refinery repairs, including $1.5 billion for Port Harcourt, $897.6 million for Warri, and $740.7 million for Kaduna. Yet the facilities remain largely ineffective.
Against this backdrop, the 650,000-barrels-per-day Dangote Refinery has dramatically reshaped Nigeria’s downstream petroleum sector. The facility reportedly supplied nearly 80 per cent of Nigeria’s petrol consumption in April 2026 after reaching full operational capacity earlier this year.
For decades, Nigeria remained trapped in the paradox of being Africa’s largest crude oil producer while relying heavily on imported refined products. That dependence created a multi-trillion-naira import ecosystem that consistently exerted pressure on foreign exchange reserves, fuel subsidies, and the naira itself.
Former President of the Organised Private Sector of Nigeria and former President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Oye, believes the refinery has disrupted that old structure in ways capable of transforming the economy.
According to Oye, Nigeria spent about N15.42 trillion on petrol imports in 2024 alone, describing the figure as evidence of structural weakness in the country’s energy architecture. He argued that local refining through Dangote could save the country over N15 trillion annually while generating up to $11 billion yearly in foreign exchange through exports of refined petroleum products.
He maintained that reliance on domestic refining would reduce pressure on the naira, improve macroeconomic stability and strengthen Nigeria’s balance of payments.
In one of the strongest criticisms of NNPCL’s position, Oye said maintaining import licences despite existing domestic refining capacity amounted to “penalising the player who built the stadium while rewarding those who merely show up to play.”
He rejected claims that the Dangote Refinery represents a monopoly threat, insisting instead that the project symbolises economic sovereignty and industrial self-reliance. According to him, Nigeria’s energy future should be built on domestic production rather than dependence on foreign refineries.
Built at an estimated cost of $20 billion, the refinery processes 650,000 barrels of crude daily and reportedly produces about 53.6 million litres of petrol and 23.6 million litres of diesel each day. It has also begun exporting refined products, including jet fuel, diesel and petrol, to markets across Africa, Europe, Asia and the Americas.
Supporters of the refinery argue that exposing such a massive investment to unrestricted competition from foreign-supported refiners could discourage future industrial investments in Nigeria.
Their concerns stem partly from the structural advantages foreign refiners enjoy. International refiners typically access cheaper financing, state-backed infrastructure and lower logistics costs. By contrast, Dangote Refinery was forced to construct its own deep seaport, roads, power systems and storage facilities while operating within Nigeria’s high-interest-rate environment.
Energy economist Kelvin Emmanuel recently warned that Nigeria risks repeating policy mistakes that contributed to the collapse of local industries such as textiles and tyre manufacturing if domestic refining is prematurely exposed to uncontrolled reliance on imports.
The Manufacturers Association of Nigeria (MAN) has repeatedly linked import dependency to the collapse of local industries and the loss of millions of jobs over the years. Analysts fear the petroleum downstream sector could suffer similar consequences if local refining investments are not strategically protected.
Supporters of the Dangote Refinery also point to Section 317 of the Petroleum Industry Act, which encourages backward integration and the development of local refining. They argue that imports should serve only as temporary supplements when domestic supply proves insufficient.
However, in court filings, NNPCL argued that the Dangote Refinery has not produced independently verified evidence demonstrating that it can consistently meet nationwide fuel demand without disruptions. According to NNPCL, energy security extends beyond refining capacity to include storage infrastructure, distribution networks, haulage systems, and strategic fuel reserves.
Some downstream operators, including the Petroleum Products Retail Outlets Owners Association of Nigeria and the Independent Petroleum Marketers Association of Nigeria, have supported the continuation of imports, insisting that competition remains necessary to stabilise prices and reduce supply vulnerabilities.
However, Dangote’s supporters counter that the downstream sector remains heavily regulated by the NMDPRA, making it difficult for any single operator to dictate market outcomes. They also argue that the real monopoly in Nigeria’s fuel market historically existed during the decades when fuel importation was dominated largely by NNPCL itself.
Beyond the legal arguments, analysts say the larger issue is investor confidence and policy consistency.
The Dangote Refinery is regarded as one of Africa’s biggest private industrial investments. Consequently, the public legal confrontation between the refinery and a government-owned shareholder raises difficult questions about Nigeria’s investment environment at a time when the country desperately needs fresh capital inflows.
Investor concerns have intensified as the Dangote Refinery reportedly prepares for a public listing around September 2026. Industry sources estimate pre-IPO interest at nearly $2 billion, while projected valuations range between $40 billion and $50 billion.
Analysts warn that uncertainty surrounding import policies, crude supply arrangements, and market access rules could weaken investor confidence in the project and in Nigeria generally.
During a recent visit to the Dangote Refinery, NNPCL Group Chief Executive Officer, Bashir Ojulari, described the partnership as essential for achieving domestic energy sufficiency, industrial growth and operational synergy.
That earlier show of cooperation now contrasts sharply with the adversarial tone adopted in court.
For Nigeria, the implications of the dispute extend far beyond a single refinery or legal battle. The country still spends substantial foreign exchange on imports of refined petroleum products despite being one of Africa’s leading crude oil producers.
At its core, the controversy raises difficult questions about how Nigeria intends to balance market competition with industrial protection. It also forces policymakers to confront a larger issue: can Nigeria genuinely pursue economic nationalism while exposing its largest domestic industrial investments to unrestricted foreign competition?
The Federal High Court may eventually settle the legal issues. But the broader economic and policy debate triggered by the NNPCL-Dangote confrontation could shape Nigeria’s industrial future far more profoundly than the lawsuit itself.
The All Progressives Congress, APC, has announced Princess Damilola Sonayon-James as its deputy governorship candidate for the 2027 Lagos State governorship election.
Sonayon-James, an indigene of Badagry, will run alongside the party’s governorship candidate, Dr Obafemi Hamzat, in the 2027 poll.
A prominent politician, sustainability expert and business executive, she is known for her grassroots political engagement and advocacy for women’s participation in leadership and governance.
She currently serves as the Deputy State Chairman of the APC in Lagos State, a position she attained after previously serving as the party’s State Assistant Woman Leader.
Over the years, Sonayon-James has played key roles within the APC structure in Lagos and has also served as Supervisory Councillor for Agriculture and Social Services in Badagry West Local Council Development Area.
Academically, she holds a Master’s degree in Social Work from Ladoke Akintola University of Technology, LAUTECH, as well as a degree in Business and Human Resources Management from the University of Hull, United Kingdom.
Beyond politics, she has established a career spanning human resources, logistics and sustainability management. She is the Chief Executive Officer of DGS Chauffeurs and Logistics.
Her emergence as the APC deputy governorship candidate places her alongside Hamzat as the party prepares for the 2027 governorship election in Lagos State.
Suspected terrorists who abducted schoolchildren and teachers from three schools in Esinele, Yamota and Alawusa towns in Oriire Local Government Area of Oyo State have opened communication channels with the state government, Saturday PUNCH can report.
Two highly credible sources told our correspondents that the hoodlums refused to speak directly with the families of the victims.
“They said they only want to talk to the governor and nobody else. That was the condition they gave for negotiation. So, nobody knows the details and what they are demanding,” a source said.
It cannot, however, be confirmed if the negotiation is being done by the governor himself or a representative of the state.
But a top source said the communication channel was a relief.
“It is not that security agencies don’t know what to do. But the risks are too high. The relief is that at least now, they are talking,” the source said.
Saturday PUNCH gathered that the demands of the terrorists were being kept discreet in order not to jeopardise the lives of the victims.
The Special Adviser to Governor Seyi Makinde on Security, Abayomi Fagbenro, declined to comment on the matter.
“I can’t give any information at the moment,” he said in a terse message to Saturday PUNCH.
Fear over fate of toddlers
Teachers and pupils, including toddlers aged two and three, were reportedly abducted in three schools last Friday.
The victims have now spent eight days in captivity.
Families and community leaders say their fears have increased as the rainy season sets in, which makes movement through forests and rough terrains increasingly difficult and dangerous for the captives.
Sources within affected communities told Saturday PUNCH that the victims were being moved in thick forests and across states to evade security pressure.
They noted that survival for the children in such harsh conditions had become a major source of concern for parents already traumatised by the attack.
A community leader, who asked not to be identified because he was not authorised to speak to the press, said residents were in the dark about the whereabouts of the abductees.
“We are worried about their safety. We don’t know how they are faring. Children of two-year-old are among the abductees,” the source said.
Teachers, pupils abandon classrooms
Saturday PUNCH learnt that pupils in public and private primary and secondary schools in Ogbomoso and neighbouring communities like Ikose, Ikoyi, Tewure and Dananu had abandoned classrooms following the incident.
Findings by our correspondents revealed that school attendance had also dropped drastically across communities as many parents had refused to send their children to school over security concerns.
Also, despite assurances from the Oyo State Government, teachers and education workers said fear remained widespread among pupils, parents and school personnel.
A teacher at Ikose Primary School, who spoke on condition of anonymity, disclosed that attendance had dropped drastically.
She said, “All the schools, both private and public, in Ogbomoso have been empty since Monday. Pupils stopped attending school after the Esinele attacks. The matter became worse on Tuesday when some students at Areago Grammar School saw some men in the bush around them hunting squirrels.
“The students, because of the Esinele incident, raised the alarm that there were terrorists on the school premises. That led to pandemonium, and everybody started running helter-skelter. One of the pupils was knocked down by a vehicle around the Owode area of Ogbomoso, and he died instantly. His mother also died from shock after hearing about the death of her son. Ogbomoso was turned upside down on Tuesday.”
She added, “On Wednesday, only private schools had a few pupils, far below normal attendance. But pupils in public schools did not go at all. All the teachers in my school and other areas in Ogbomoso, Esinele, Yamota, Ikose, Ikoyi, Tewure and others had to return home around 12pm.
“The situation became worse on Thursday; the number of teachers and pupils also dropped across the area. We didn’t see any students, while many teachers also did not show up. We left school before 11am.”
The source disclosed that all teachers agreed not to go to school on Friday in honour of a former Assistant Headmaster of L.A. Primary School, Joel Adesiyan, who was killed by the terrorists during the incident.
Adesiyan was buried on Friday.
Similarly, a teacher in Tewure told Saturday PUNCH that some parents informed her last Sunday that their children would not be attending school because of the Esinele attack.
“They called at different times on Sunday evening to say that their children would stay away from school for some time because they were scared to attend school following the abduction of their mates in Esinele and Yamota. I could even tell from our conversations that they were scared.
“Since Monday till now (Thursday), the number of pupils in my school has reduced. The pupils who attended school on Wednesday were fewer than 20,” she said.
Another teacher in one of the schools in Ogbomoso, who identified herself simply as Oyeyemi, said fear had gripped many parents and teachers following the abduction incident.
She noted that several pupils who managed to go to school during the week were withdrawn before closing time by their parents due to growing panic and rumours of possible terrorist attacks.
“Since the incident happened, things have not been the same again. Many classrooms are half empty because parents are scared of sending their children to school. Some parents have been calling to say they would rather keep their children at home until they are sure the situation is under control. You cannot blame them because everybody is afraid.
“Attendance has dropped seriously within just a few days. In some classes, more than half of the pupils were absent. If urgent security measures are not put in place, more parents will withdraw their children completely because nobody wants to lose a child. Parents said they are no longer comfortable allowing their children attend schools located in isolated communities.
“What we need now is visible security presence around schools and communities. Parents want reassurance that their children are safe. Teachers, too, want to feel protected while doing their jobs. People are living in fear at the moment,” she said.
Teachers traumatised
Aside from Adesiyan who was killed by the terrorists during the attack, another teacher, Michael Oyedokun, was beheaded in captivity.
Oyeyemi said the killing of the two teachers had worsened anxiety among education workers.
“To be honest, we are traumatised. Some teachers are already discussing whether to stop going to remote schools for now. When you hear that a fellow teacher was killed and another was beheaded, you will understand the level of panic. We are humans too. We have families waiting for us at home,” she lamented.
A secondary school teacher in Oriire LGA, who requested anonymity for security reasons, also said attendance had dropped sharply in the days following the attack as many parents chose to keep their children at home.
“Even among teachers, there is anxiety because nobody can confidently say such an incident will not happen again. We are trying to encourage the students, but the fear is still there,” the teacher said.
Another teacher at a public secondary school within the Ogbomoso axis, simply identified as Tayo, said rumours circulating on social media had compounded the situation.
He said, “Some of the videos being circulated may not be accurate, but parents are reacting based on what they see and hear. Once there is a kidnapping involving schoolchildren, every parent becomes afraid.
“Attendance has definitely reduced compared to what it was before the incident. We have students who have not returned since the news broke. Parents keep calling to ask whether the environment is safe.”
Tayo added that many schools located near isolated rural communities faced unique security challenges because of their proximity to forests and long distances between settlements.
“Some parents now escort their children to school and return to pick them immediately after closing hours because they are afraid.
“Teachers are equally concerned because we work in these communities every day. What happened has created psychological trauma not only for the victims and their families but also for other children who now fear they could be the next targets,” the head teacher said.
She called on security agencies to establish a stronger presence around vulnerable schools, especially those located close to forest corridors frequently exploited by criminal groups.
The Oyo State Commissioner for Information, Dotun Oyelade, in a telephone interview with Saturday PUNCH, said the fears being expressed by teachers and parents were worsened by misinformation circulating on social media.
The commissioner accused some bloggers of circulating misleading videos capable of escalating fear among residents.
He said, “Bloggers are posting videos to aggravate the situation, even when the videos are false. So, that is the position of the government.
“Yes, the state government is aware that such sad developments are taking place within the community where the incident occurred. However, most of the incidents can be attributed to fake news emanating from social media.
“You will see recorded videos showing panic among students and, of course, this resonates with parents, who naturally would not want their wards and children to come into harm’s way.”
Oyelade added that the government had already issued official statements to calm the tension and reassure residents about security efforts in the state.
49-year-old teacher buried amid tears
There was an emotional outpouring on Friday as the remains of Adesiyan were laid to rest amid tears in Ogbomoso.
The 49-year-old was killed during the abduction of pupils and teachers penultimate Friday at about 9.30 am.
The funeral service, held at Ayegun Baptist Church, Ogbomoso, had in attendance the Permanent Secretary, Ogbomoso Zone I, Michael Ojelabi, who represented Governor Seyi Makinde; officials of the Nigeria Union of Teachers, relatives, friends, church members, and sympathisers, who all demanded justice for the deceased and the release of the abducted victims.
Saturday PUNCH observed that as of 10am on Friday, mourners had already gathered at the church for the service, while emotional scenes played out as family members and colleagues paid their last respects.
In his tribute read by Ojelabi, Makinde expressed sadness over the incident and assured that efforts were ongoing to secure the release of those still in captivity.
He said, “The state government is sad about the incident, and the government is doing all within its capacity to ensure that those in captivity are returned unhurt.”
Also speaking, the state NUT Chairman, Fatai Hassan, described the late teacher as a dedicated, humble and peace-loving professional whose impact would be missed by colleagues and students.
He said, “Today, the classrooms you once taught in will miss your voice, the staff room will miss your presence, and the union will miss your courage. Your family will miss your love and care. Indeed, a great tree has fallen. As human beings, we may question this painful incident, but God knows all things.
“Even in our tears and confusion, we take solace in the fact that your life, though short, was meaningful and impactful. In the journey of teachers, you touched many lives and left behind family, friends and loved ones. We pray that God strengthens your wife and every member of your family during this difficult period.”
In his sermon, the Senior Pastor of Ayegun Baptist Church, Rev. Paul Olaleye, urged the relatives of the deceased to be comforted and leave everything in God’s hands.
He called on people to always prepare for death, saying it could come at any time.
Olaleye said, “Death will not tell anybody the day and time it will come, but we need to prepare ourselves because after death, we will know either we have eternal joy or eternal sorrow.
“We need to prepare. Life is unpredictable and fragile. A day is coming when we will stand before God and give account of what we came to do in life. We need to start behaving as if it is time for us to die.”
An uncle of the deceased, Oyegun Sangotoye, who spoke with Saturday PUNCH shortly after the internment at the deceased’s residence, described him as a pillar of support for the family, lamenting that his death had robbed the family of its strength.
Sangotoye, a teacher at Community High School, Onikoko, Oriire LGA, said the deceased’s absence would be deeply felt by the entire family.
He, therefore, demanded justice, calling on government and security agencies to apprehend the perpetrators of the attack and bring them to justice.
Beheaded teacher childless despite 10 years’ marriage – Family
The family of Michael Oyedokun, the Oyo State schoolteacher abducted and later beheaded by terrorists, has said he died without a child despite being married for over 10 years, describing his death as a devastating and irreplaceable loss.
The spokesperson for the family, Ebeni Adediran, said the late teacher was a humble and peace-loving man who dedicated over two decades of his life to educating young Nigerians before his tragic killing.
“He was a good man in our family and this is why his death is a big loss to us, an irreplaceable loss. His death is painful. We can’t even describe his death,” Adediran said in a report by Sahara Reporters.
He explained that Oyedokun attended primary school in his community, proceeded to Ogbomoso Baptist High School and later qualified as a teacher, serving for about 21 years in public schools.
According to him, the deceased had recently been transferred back to his hometown after years of service in Oke-Ogun and remained closely attached to his family, regularly visiting his parents every few weeks.
Adediran said one of the most painful aspects of the tragedy was that Oyedokun left no child behind.
“The most painful part is that he did not leave any child behind. He had a wife but they did not have any child.
“They had been married for more than 10 years and despite all their efforts, no child came out of the marriage. And now the same man has died and there is no child to continue his lineage,” he lamented.
The teacher’s killing sparked outrage after a disturbing video allegedly released by his abductors surfaced online, showing him bound and forced to speak before he was murdered.
Meanwhile, the family has appealed to Nigerians to stop circulating graphic videos and photographs of the slain teacher, warning that the continued sharing of such content is worsening their emotional trauma.
“We truly appreciate the love, concern and sympathy shown towards our family during this painful time.
“However, the continuous circulation of those videos and images is deeply traumatising for us as a family.
“His loved ones and all of us, his nieces, nephews, cousins and relatives, have been emotionally devastated, especially as these contents keep appearing on social media,” the family said in a statement.
Oyedokun’s killing comes amid renewed national debate on the safety of educators and rising insecurity affecting rural schooling in parts of Nigeria, where teachers and students face increasing kidnapping risks along isolated routes.
Gbaja writes PSC, requests ‘special promotion’ for eight police officers attached to politicians
by Sodiq Yusuff
Femi Gbajabiamila, chief of staff to President Bola Tinubu, has asked the Police Service Commission (PSC) to grant special promotion to eight officers working with politicians, TheCable can report.
The requests, contained in two separate letters, raise legal and ethical concerns because the PSC Act vests promotion powers exclusively in the commission.
In one of the letters seen by TheCable, Gbajabiamila asked that the police grant “special promotion” to the “officers attached to the President, Federal Republic of Nigeria”.
One of the letters, dated February 20, 2026, contained the names of three officers, while the other had the names of five officers.
The request was to promote one officer from the rank of assistant commissioner of police (ACP) to deputy commissioner of police (DCP), and two others from chief superintendent of police (CSP) to assistant commissioner of police.
“By this letter, therefore, I am recommending the promotion of the officers to their next ranks in recognition of their exemplary leadership qualities, gallantry, teamwork and general performance of their duties in their respective offices,” Gbajabiamila wrote.
“As I anticipate your expeditious consideration of the request, kindly accept the assurances of my highest esteem, please.”
REQUEST CONTRAVENES POLICE SERVICE COMMISSION ACT
TheCable understands that the move by the president’s chief of staff is against the provisions of the Police Service Commission (Establishment) Act of 2001.
According to section 6 of the act, the powers to promote across the force lies with the commission and not with any individual outside the commission.
“The Commission shall be responsible for the appointment and promotion of persons (other than the office of the Inspector-General of Police) in the Commission Nigeria Police Force,” the act reads.
“The Commission shall not be subject to the direction, control or supervision of any other authority or person in performance of its functions other than as is prescribed in this Act.”
While the act allows President Bola Tinubu, as commander-in-chief of the armed forces to give directives to the PSC, it limits that power to matters of policy.
“Subject to the provisions of this Act, the President may give the Commission directives of a general nature or relating generally to matters of policy with regard to the performance by the Commission of its functions, and it shall be the duty of the Commission to comply with the directives,” section 19 of the Act reads.
PROMOTING TINUBU’S MEN
The push for special police promotion is not new to the Tinubu administration. In January 2025, Nurudeen Yusuf, aide-de-camp (ADC) to President Tinubu, was promoted from lieutenant colonel to colonel.
By December, he was promoted again, to brigadier-general through “special presidential promotion”, before the intervention of two former chiefs of army staff.
TheCable reported the controversial plan to decorate him as a one-star general was shelved at the last minute to avoid further problems within the military rank and file.
A presidency source familiar with the matter told TheCable that the situation was becoming a pattern in the Tinubu administration.
“The president’s men are using their proximity to baba to get away with desecrating the military and police hierarchy, and if care is not taken, this may make a mess of the order within the armed forces,” the source said.
“In the past, I used to vouch that baba knows nothing about this, but with the drama that went on with his ADC, it became clear that he might just be looking away.
“You will expect that Tunji Disu, who promised his men improved welfare, will not approve this special promotion, but watch him dance to the tunes and pressure of our people. Once baba has spoken, who is Disu to drag his feet?”
SECURITY ISSUES AND OFFICERS’ MORALE
Another police officer familiar with the matter told TheCable that the special promotion plan may have negative ripple effects on those fighting insecurity.
“In Yobe, 17 police officers were killed; nobody from the villa called their families or went to pay condolence visits,” the officer said.
“In fact, the other police officers in that squad went on to fight Boko Haram the next day. Those ones don’t get special promotions; they don’t even get presidential handshakes, but the ones who salute the president, drive in AC vehicles, and eat presidential food get presidential promotions for enjoyment.
“If Tinubu continues like this, morale will be low, and men on the frontlines will have nothing to fight for again.”
He said promotion in the armed forces is inching closer to the exclusive preserve of godfathers and not meritorious service to Nigeria.
A shocking scandal is currently unfolding in Lagos after a popular billionaire businessman from Southern Nigeria (names withheld) was allegedly caught with his lover’s used sanitary pad hidden inside his pocket.
According to sources familiar with the matter, the wealthy man had reportedly been in a relationship with the lady for over seven years with the businessman reportedly sponsoring her lavish lifestyle, trips, and even purchasing a house for her in Lagos.
Trouble, however, started early this year after the businessman said to be a highly influential player in Oil and Gas ecosystem in the country visited the lady at her residence in highbrow Ikoyi area of Lagos state while she was on her monthly period.
Sources claim that after the man, who reportedly lives in Banana Island, Lagos left the house, the lady slept off, only to wake up later and discover that the menstrual pad she had discarded in the waste bin inside her bathroom the previous night had mysteriously disappeared.
Suspicious, she reportedly contacted the billionaire and asked him to return to the house immediately.
When confronted over the missing sanitary pad, the businessman allegedly denied taking it. But the terrified woman reportedly searched his bag and allegedly discovered the soiled sanitary pad hidden inside one of his pockets. She claimed that the circumstances surrounding the incident led her to strongly believe it was connected to ritual purposes and she questioned the chief why he took the pad but his explanation was unsatisfactory.
Shocked by the discovery, the lady said she ran and hid for her life and locked the house. Insiders further claim that after the incident, the businessman allegedly moved to reclaim the house he had previously gifted her by allegedly attempting to forge ownership documents.
However, the bubble bust after the visibly shaken lady observed through her CCTV camera app installed on her phone that an ally of the oil mogul together with other accomplices had unlawfully gained access into her apartment and removed personal belongings, including a Range Rover, a 2024 Lexus RX350, $50,000, N10 million in cash and her jewelry worth over 20,000 pounds.
Furthermore, she claimed that most recently, she discovered that all the documents (deeds of assignment) and other relevant documents relating to the purchase of the said property in her name by a popular housing agent were fraudulently forged and re-issued to bear the name of the said oil mogul who had bribed his way to register them with the Federal Land Registry.
The lady also stated that her mother and siblings have allegedly being subjected to threats, harassment and intimidation capable of causing a breach of peace.
She expressed fear for her safety claiming that influence, money and power are allegedly being used against her and that her life is currently under serious threat.
Sources also allege that the matter is now being investigated by the Special Fraud Unit in Ikoyi, Lagos, while the businessman is said to have gone into hiding to avoid public exposure.
Meanwhile, the frightened woman has fled abroad from where she engaged lawyers to write to the Special Fraud Unit, SFU, of the Nigeria Police Force in Ikoyi to investigate the case and give her justice. It was reliably gathered that the Inspector General of Police, Olatuni Disu who was briefed by the Commissioner of Police in-charge of the unit, Eloho Edwin Okpoziakpo directed that discreet investigation should be carried out to give the complainant justice underscoring police preparedness to give justice to the high and low.
Mr Umoru says those planned for recruitment included soldiers, officials of the State Security Service (SSS) and Julius Berger staff.
Zekeri Umoru, one of the suspected coup plotters, on Wednesday said discussions were held on switching off the electricity supply to the Presidential Villa, Abuja, to aid the alleged coup targeted at President Bola Tinubu and other top government officials.
Mr Umoru, a Julius Berger Nigeria Plc employee in the Maintenance Department at the Presidential Villa, spoke in a video evidence played before Justice Joyce Abdulmalik of the Federal High Court in Abuja.
He said he warned that such an action would immediately trigger investigations and the detention of workers on duty.
The fourth defendant stated this in the video while being questioned by some members of the Special Investigative Panel (SIP), which first investigated the case.
He alleged that Colonel Mohammed Ma’aji, the alleged coup mastermind, offered him money, through Police Inspector Ahmed Ibrahim, the third defendant, to recruit between 18 and 19 persons working inside the Villa.
Mr Umoru said those to be recruited include soldiers, officials of the State Security Service (SSS) and Julius Berger staff.
He also told the investigators that Mr Ma’aji allegedly said he wanted access to the Presidential Villa and could achieve it “with force,” even if those recruited from within the Villa declined to cooperate.
He claimed that Inspector Ibrahim later demanded N100 million from Mr Ma’aji to facilitate the operation through an ambulance route into the Villa, but that Mr Ma’aji refused because the amount was excessive.
He said Mr Ma’aji insisted that he could still gain access to the Presidential Villa by force, though “there would be bloodshed.”At some point, Mr Umoru said, he became uncomfortable with the alleged plan and repeatedly tried to return the money he had been given.
He said he felt that accessing the Presidential Villa “was no child’s play.”
He denied ever having access to the Villa’s solar power plant, despite allegations that he planned to sabotage the electricity supply within the complex.
On why he failed to report the alleged discussions to the authorities immediately, Mr Umoru claimed he was discouraged by Inspector Ibrahim, who allegedly asked him to delete the messages and avoid contacting Colonel Ma’aji because of an ongoing audit at their office.
Justice Abdulmalik adjourned the matter until May 21 for the continuation of the trial-within-trial, which is being conducted to ascertain the voluntariness or otherwise of the statements made by the six defendants.
The Federal Government, through the Office of the Attorney-General of the Federation (AGF), had arraigned the defendants on a 13-count charge before Justice Abdulmalik
The charge, marked: FHC/ABJ/CR/206/2026, was filed on April 20 by the Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN).
Those named in the charge are retired Maj.-Gen. Mohammed Ibrahim Gana (rtd), Cap. (NN) Erasmus Ochegobia Victor (rtd), Insp Ahmed Ibrahim, Zekeri Umoru, Bukar Kashim Goni, and Abdulkadir Sani as first to sixth defendants respectfully.
The former Minister of State for Petroleum Resources, Timipre Sylva, who is alleged to be part of the act, is listed as being at large.
The defendants were accused of offences ranging from treason and terrorism to failure to disclose security intelligence and money laundering linked to terrorism financing.
Giving another instance, he said some countries lack spirit of agreement in the continent saying their practices were not supportive when the BUA Group tried to expand into those countries.
by Omotoyosi Idowu
The founder of BUA Group, Abdul Samad Rabiu, said South African authorities denied him entry because his visa expired a day before his arrival in 2025, while Europeans were reportedly allowed into the country without visas.
The business mogul disclosed his travel experience while speaking at the Africa CEO Forum titled “Africa at Scale: Capital, Policy, and the Architecture of Growth” on Thursday in Kigali.
The billionaire said he returned to Lagos after waiting at Cape Town airport for hours, noting the experience as part of the challenges faced by Africans in Africa.
“I had a personal experience. Last February, I was travelling to Cape Town for the Mining Indaba. And as we landed, I left at night from Lagos to Cape Town. We arrived at 6 in the morning.
“As we arrived, we went to immigration. I tendered my passport, and the immigration officer looked at it and asked, ‘Where is your visa?’ and I said, ‘My visa is there.’ Unknown to me, my visa had expired the day before.
“Unfortunately, our crew did not check the visa to ensure the visa was valid. We were there for four hours, but at the end of the day, I had to turn back. I was turned back to Lagos,” he said.
According to the BUA Group chairman, passengers from three international flights, most of whom were Europeans, were allowed into Cape Town without visas.
The businessman said he understood why he was denied entry, but noted that allowing foreigners from other continents into South Africa without visas while restricting Africans from entering did not sit well with him.
“But the issue is, while we were waiting to see whether we would be able to get access to the countries without visas, there were three international flights from Europe. All three flights were mostly Europeans.
“I was standing there by the immigration desk, and every passenger on those three flights went into Cape Town without any visa. I do not have a problem with the fact that I was there without the visa and I was returned. I took full responsibility for that,” he said.
“I had an issue with being an African in Africa, being turned away because I did not have a visa, while foreigners from other continents were coming in and were allowed to enter without a visa. This must change,” he said.
Lack of cooperation
Mr Rabiu said there is a lack of cooperation among African countries, which affects the movement of Africans and also frustrates business expansion from one country to another on the continent.
Giving another instance, he said some countries lack the spirit of agreement on the continent, noting that their practices were not supportive when the BUA Group tried to expand into those countries.
“At BUA Group, as we expanded our regional investment, we actively sought to supply several African markets under the African Continental Free Trade Area framework.
“While some countries embraced the spirit of agreement, others were less supportive in practice, with administrative barriers and legacy import structures limiting our ability to participate fully in regional trade.
“So really, AfCFTA is not working as it should. Because I had a personal experience in one of the countries that we tried to penetrate, we were actually frustrated,” he said.
The BUA Group chairman said the experience underscores a broader challenge facing Africa, noting that although the African Continental Free Trade Area framework was created to integrate African markets, implementation across the continent remains inconsistent.
According to him, true integration is what transforms potential into economic scale, with the AfCFTA serving as a key driver through its market of more than 1.4 billion people across 55 countries.
He described the AfCFTA as one of the world’s most ambitious integration initiatives, stating that “its promise is clear: intra-Africa trade, regional value chains, and industrial scale that no single economy can achieve alone. Its potential does not deliver outcome, execution does.”
Africa’s transformation
Mr Rabiu said Africa’s next phase of transformation largely depends on five areas: capital, policy, infrastructure, value addition, and integration.
According to him, Africa needs capital to finance ambition, policy to enable execution, infrastructure as the foundation of growth, value addition to unlock the full value of its resources, and integration to unlock scale and fully drive its next phase of transformation.
“Let me start with capital. Across the continent, institutional capital is expanding—pension funds, sovereign wealth funds, and increasingly sophisticated private investment vehicles, yet infrastructure financing remains far below potential.
“The reality is clear: Africa is not short of capital; it is short of coordinated, mobile capital deployed at scale. We must unlock cross-border capital flows, harmonise investment frameworks, strengthen project preparation, and expand risk-sharing mechanisms for both domestic and international investments.
“Deepening capital markets is equally critical; cross-border listings, interoperable settlement systems, and expanded local currency trade are not merely technical reforms; they are strategic infrastructure,” he said.
He said segmented legal frameworks, overlapping approvals, and inconsistent enforcement continue to raise the cost of investment across many regions in Africa, describing them as structural constraints on growth.
“What is required is clear and transparent rules, predictable enforcement, and coordinated industrial strategies across borders. Alignment does not compromise independence; rather, it strengthens economic performance,” he added.
He reiterated that infrastructure is important to Africa’s growth, noting that no economy can industrialise without systems that power growth, including reliable energy, efficient ports, modern rail networks, quality roads, and digital connectivity.
Southwest Nigeria has been identified as the epicentre of Africa’s largest and most diversified counterfeit consumer goods economy, according to a new report by the DAWN Commission.
The report, titled "Southwest Nigeria Under Siege: The Counterfeit Shadow Economy," states that "Southwest Nigeria is not merely experiencing a pharmaceutical safety crisis. It is the epicentre of Africa's largest and most diversified counterfeit consumer goods economy, one that kills Nigerians, destroys legitimate industry, repels investment, and operates with near-total impunity."
According to the report, fake drugs, adulterated beverages, toxic cosmetics, substandard vehicle spare parts, and counterfeit electronics flow through a sophisticated shadow economy embedded in the region's most prominent commercial markets.
The DAWN Commission’s report describes the crisis as multi-sectoral, spanning pharmaceuticals, food and beverages, cosmetics, vehicle spare parts, and electronics.
It highlights that counterfeit goods now account for 40% of products in Nigeria, with the shadow economy representing 57.4% of GDP, approximately N1.489 trillion.
Fake Drugs and Deadly Consequences
The report cites a series of recent National Agency for Food and Drug Administration and Control (NAFDAC) enforcement operations to illustrate the breadth of the problem.
In February 2026, NAFDAC uncovered what the report describes as the Trade Fair 'Death Warehouse', a seizure of "over 10 million doses of fake drugs worth N3 billion and capable of killing three million Nigerians."
Days later, from the same Lagos Trade Fair Complex, NAFDAC seized "another N3 billion haul of banned and counterfeit cosmetics."
These products contained dangerous levels of mercury, hydroquinone, and corticosteroids.
In December 2025, NAFDAC destroyed "N55.4 billion worth of products in Ibadan and N10.19 billion in Kano."
However, the report warns that these operations should not be mistaken for successes. "These are not victories," the report states. "They are symptoms of systemic failure."
The Human Toll
In the report, the pharmaceutical sector is described as the most lethal.
The report quantifies the human consequences of counterfeit pharmaceuticals. It states that "the WHO estimates that 15–17% of drugs in circulation in Nigeria are counterfeit or substandard, a figure NAFDAC has also cited, while trade stakeholders have placed the figure as high as 50%."
Globally, the report notes, "UNODC estimates that approximately 267,000 children die each year after taking counterfeit antimalarial medications, and substandard drugs kill approximately 500,000 persons in sub-Saharan Africa each year."
In Nigeria alone, the report states that "Nigeria loses over 60,000 lives annually to antimicrobial resistance (AMR), a crisis substantially driven by substandard antibiotics."
The report makes a critical observation about how these deaths are recorded: "Treatment failure from fake drugs is routinely attributed to 'complications' rather than product fraud, making the true death toll invisible."
The report quotes Dr. Martins Iluyomade, NAFDAC's Director of Investigation and Enforcement, as saying: "What we discovered should make every Nigerian cry. When fake injections are used in emergency cases like cerebral malaria, it becomes a death sentence."
Auto Parts and Electronics
The report warns that 95% of imported auto spare parts fail minimum standards, costing Nigeria over $2 billion annually. Fake electrical cables and counterfeit circuit breakers are also widespread, with the DAWN Commission noting: “Substandard electrical cables that cannot carry rated loads are a primary cause of electrical fires in Nigerian homes and businesses.”
Alaba International Market and the Lagos Trade Fair Complex were identified as notorious hubs for counterfeit electronics and spare parts, with enforcement teams often facing violent resistance.
Structural Failures and Weak Penalties
The DAWN Commission criticises Nigeria’s current anti-counterfeiting strategy as reactive and enforcement-driven, relying on cyclical raids and destruction exercises that fail to prevent re-stocking.
NAFDAC’s limited reach is highlighted: “NAFDAC has six zonal offices for 36 states and the FCT. The South-West zone alone covers Oyo, Lagos, Ogun, Osun, Ekiti, and Ondo, a region with a combined population exceeding 40 million and the highest concentration of counterfeit operations on the continent.”
'A Minor Business Expense, Not a Deterrent'
The report is scathing about Nigeria's penalty structure for convicted counterfeiters. The maximum fine under the Counterfeit and Fake Drugs Act Cap C.34 LFN 2004 is N500,000, less than $350.
"For operations worth billions of naira," the report states, "this is not a deterrent; it is a licence fee."
The report quotes Christy Obiazikwor, NAFDAC's Deputy Director of Public Affairs, who said: "The laws do not deter offenders. They can simply pay a small fine and go free, undermining our efforts to fight counterfeiting."
The report presents a comparative table showing that while Nigeria's penalty for counterfeiting causing death is a maximum of 15 years imprisonment and a N500,000 fine, China imposes the death penalty for deaths caused, fines of 15–30 times illegal gains, life imprisonment, and mandatory asset forfeiture. The report notes that China has achieved "significant deterrence" as a result.
The report's arithmetic is stark: "if a counterfeiting operation generating N3 billion carries a maximum penalty of N500,000, and if judicial delays mean effective prosecution takes a decade, the rational economic calculation firmly favours continued operations."
The Notorious Markets of Lagos
The report traces the documentation of Nigeria's counterfeit markets to a 2014 submission by the US Trademark Working Group to the Office of the US Trade Representative, which identified "thirteen notorious markets across Nigeria."
The report states that "Alaba International Market (Ojo, Lagos) was identified as notorious for counterfeit electrical and electronic goods and pirated music and film works, described as a major supply hub for the entire West African market, with traders characterised as 'hostile, defiant and violent' toward enforcement teams."
Regarding the Trade Fair Market on the Badagry Expressway, the report notes it was identified as having "dedicated sections for counterfeit spare parts and cosmetics," with the submission warning that its internal security unit "can be very dangerous" if not engaged cooperatively before any enforcement action.
The report estimates that "40% of shops across these markets trade in counterfeit or pirated goods, with the majority of illegal stock concealed in secret warehouses located outside the market perimeter."
The report identifies "China as the major source of counterfeit and pirated products entering Nigeria, with many consignments routed through Dubai and entering through porous land borders including the Seme border with Cotonou and northern borders with Niger, Chad, and Cameroon."
The report also documents "a systemic intelligence compromise" identified in the 2014 filing: "enforcement officers routinely tipped off market operators about upcoming raids in exchange for bribes, causing offending goods to disappear before action could be taken, a problem that persists in NAFDAC's enforcement operations to this day."
The Cost of Inaction
The report concludes with a detailed economic analysis of the cost of inaction.
According to the report, "SON estimates Nigeria loses approximately N15 trillion ($19.2 billion) annually to substandard goods across all product categories." It adds that "the counterfeit economy operates largely tax-free, generating estimated annual losses of N85–120 billion in uncollected VAT, customs duties, and corporate taxes."
The report states that "Nigeria's pharmaceutical industry, currently valued at approximately N2.8 trillion ($1.8 billion), could expand to N8–10 trillion if the counterfeit crisis is resolved and local manufacturing capacity is fully utilised."
The report notes that "recent challenges have driven multinational pharmaceutical companies GSK and Sanofi to cease direct manufacturing operations in Nigeria in 2023, with counterfeiting and intellectual property risks among the contributing factors to an increasingly unattractive investment environment."
Under the African Continental Free Trade Area (AfCFTA), the report warns that "Nigerian pharmaceutical and food manufacturers risk losing intra-African market opportunities because of the reputational damage from substandard and falsified products."
However, the report also identifies a significant opportunity: "Out of 172 pharmaceutical manufacturers in ECOWAS, 120 are in Nigeria, a manufacturing base that, if freed from unfair counterfeit competition, could supply the continent."
The DAWN Commission calls for urgent reforms, including: A constitutional amendment to move consumer product regulation from the Exclusive Legislative List to the Concurrent List, enabling state-level enforcement.
It also called for stronger penalties, including life imprisonment and the death penalty for deaths caused by counterfeit products.
The report said, "The economic cost of inaction exceeds the combined value of what NAFDAC has destroyed in all its major exercises to date. The N55.4 billion destroyed in Ibadan and N10.19 billion in Kano in December 2025 alone barely scratch the surface of N15 trillion in annual losses."
It adds: "The question is not whether Nigeria can afford to act. The question is how much longer Nigeria can afford inaction."
"Every day of delay represents thousands of Nigerians consuming fake antimalarials, toxic cosmetics, substandard brake pads, and counterfeit electrical cables," the report states. "The invisible body count rises while enforcement chases shadows."
The report calls on Southwest Nigeria to champion the shift from reaction to prevention.
"Southwest Nigeria has more to gain and more to lose than any other region," the report states. "It hosts the highest concentration of counterfeit operations, suffers the most harm, and has the most to gain from reform."
The report adds: "Its governors, legislators, business leaders, and citizens must be the champions of this shift from reaction to prevention."
It is better I remain a fan” — Dangote explains why $20bn refinery stopped Arsenal takeover dream
The billionaire admitted that prioritising those businesses over football ownership became the only realistic option
by Gbemidepo Popoola
Africa’s richest man, Aliko Dangote, has once again revealed how the enormous scale of his $20 billion refinery project in Lagos forced him to abandon plans to buy English Premier League giants Arsenal.
Dangote made the disclosure during a podcast conversation with Nicolai Tangen, which was released on YouTube.
The billionaire businessman explained that he had seriously considered a takeover of the North London club at a time when Arsenal’s valuation stood around $2 billion. However, he ultimately decided that committing such a huge amount to football ownership could jeopardise the completion of his massive industrial projects, including the Dangote Refinery, fertiliser plant and petrochemical ventures.
“When I was really very focused on buying Arsenal, then I was also facing the challenge of making sure the refinery gets its own completion, the fertilizer, the petrochemical,” Mr Dangote said.
“At that time, Arsenal was worth just about $2 billion. Should I put my $2 billion in Arsenal and now allow the business to suffer? Or should I complete the business? Then I can continue to remain a very big supporter of Arsenal.”
The 69-year-old added that he eventually chose to remain a loyal supporter rather than pursue ownership of the Premier League club.
“So I decided to continue to support them, watch their games. Any time Arsenal plays, I always wear the jersey signed for me by the captain. I am a fan, it is better I remain a fan and continue to fund my business,” he added.
Dangote’s longstanding Arsenal dream
Mr Dangote’s admiration for Arsenal has been public knowledge for more than a decade.
Back in 2015, he told BBC Africa Sport that he intended to launch a takeover bid for the club once his refinery project began generating sufficient returns. At the time, the Nigerian billionaire was regularly linked with potential investment in European football, with Arsenal emerging as his preferred destination.
Five years later, during an interview with American financier David Rubenstein in 2020, Mr Dangote again confirmed his interest in the Gunners.
“It is a team that yes I would like to buy some day,” he said at the time.
“I’m not buying Arsenal right now, I’m buying Arsenal when I finish all my projects at hand (including the refinery under construction) then.”
However, Arsenal’s value has risen dramatically since then following renewed sporting and commercial growth under manager Mikel Arteta. The club are now estimated to be worth several billions more than when Mr Dangote first explored the possibility of a takeover.
Refinery project changed everything
Mr Dangote’s decision highlights the sheer magnitude of the refinery project, widely regarded as one of the largest single private investments in Africa’s history.
Located in Lagos, the Dangote Refinery was designed to reduce Nigeria’s dependence on imported petroleum products and strengthen industrial capacity across the continent.
Alongside the refinery, Mr Dangote was simultaneously developing major fertiliser and petrochemical operations, projects that required enormous financial commitment and long-term focus.
The billionaire admitted that prioritising those businesses over football ownership became the only realistic option.
Despite stepping away from takeover ambitions, Mr Dangote remains deeply attached to Arsenal and continues to follow the club closely as a passionate supporter.
Message to young Africans
Beyond football and business, Mr Dangote also used the interview to encourage young Africans to believe in opportunities within the continent.
“My own advice to young African people is to work hard and also have the belief that the future is greater than the current situation that we’re in,” he said.
“Africa is a promising land and they should stay at home.”
His comments come at a time when many young Africans continue to seek opportunities abroad amid economic uncertainty across several countries on the continent.
For Mr Dangote, however, the refinery project stands as proof that long-term investment and belief in Africa can still produce transformational results, even if it meant sacrificing a dream of owning one of world football’s biggest clubs.
Indonesia has started receiving crude oil shipments from Nigeria as part of efforts to diversify its import sources and reduce reliance on West Asian supplies amid growing concerns over a global supply crisis.
The supply from Nigeria is already underway, and shipments are arriving, said Indonesia’s Energy and Mineral Resources Ministry Oil and Gas director general, Laode Sulaeman.
According to Antara news agency on Wednesday, he said Russia, the United States and Nigeria were currently among Indonesia’s main alternative crude oil sources due to their large supply volumes.
He also assured that Indonesia’s domestic energy reserves, including crude oil, fuel and liquefied petroleum gas (LPG), remained secure.
Indonesia imported about 20% of its crude oil from West Asia before conflicts in the region escalated.
In April, following talks with Moscow, Indonesia secured a commitment for the supply of 150 million barrels of crude oil from Russia, with deliveries scheduled in stages until the end of 2026.
Sulaeman noted that Indonesia has been prioritising crude oil from areas with shipping routes that bypass the Strait of Hormuz.
On Monday, Energy and Mineral Resources Minister Bahlil Lahadalia said that Indonesia is set to begin importing Russian crude within weeks.
The National Pension Commission has granted Pension Fund Administrators a one-off regulatory forbearance to invest pension assets in the Initial Public Offering of Dangote Petroleum Refinery & Petrochemicals FZE.
The Commission stated this in a Circular signed by the director of the Surveillance Department, A.M. Saleem.
The Circular said, the Commission has carefully evaluated the strategic investment opportunity and economic impact of the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) on the pension industry and the wider economy.
“In light of these considerations, the Commission has reviewed the request for special dispensation permitting Pension Fund Administrators (PFAs) to invest pension fund assets in the IPO.
“In reaching its decision, the Commission considered DPRP’s strategic importance, strong fundamentals, extensive economic benefits, and growth potential. The record of Dangote Industries Limited, the majority shareholder of DPRP, was also taken into account,” the memo said.
“Accordingly, the Commission hereby grants a special dispensation from Section 6.2.7.1 (1) of the Revised Regulation on Investment of Pension Fund Assets. This dispensation waives the applicable existence, profitability, and dividend requirements, without prejudice to other existing regulatory safeguards.
“PFAs are required to ensure that all investments made under this dispensation are in compliance with their internal investment policies, risk management frameworks, and fiduciary duties to contributors and retirees,” it noted.
According to the circular, the regulatory forbearance granted under this Circular is exceptional, one-time, and specifically limited to the Initial Public Offering of Dangote Petroleum Refinery & Petrochemicals FZE. It shall not serve as an automatic precedent for future Initial Public Offerings or other investment transactions.
Dangote Petroleum Refinery is planning a landmark IPO to list a 10 per cent stake on the Nigerian Exchange (NGX), aiming for a valuation of up to $50 billion. The 650,000 bpd refinery, which began production in 2024, seeks to raise approximately $5 billion to expand capacity, with shares available to both local and international investors.
The IPO is expected to be one of the largest in Nigerian history, intended to democratize ownership of the refinery and enhance market liquidity.
Femi Gbajabiamila, Chief of Staff to President Bola Tinubu, has opened up on the reason he fell out with Desmond Elliot, lawmaker representing Surulere Constituency 1 at the Lagos State House of Assembly.
The issue between the duo had been discussed in political circles, however, became public after Elliot declared his interest for a fourth term.
Asked if there was any rift with Gbajabiamila, his strong supporter, the lawmaker said, “Our leader is a compassionate leader. A leader of thought. We are children. Children sometimes err. If I have erred in any way, my leader, I am sorry. Give me another chance, and let’s move on, and let’s bring more dividends of democracy to the people. Although he has not said that I have erred, I’m just saying that if I have, then this is the situation.”
But speaking during a stakeholders’ meeting in Lagos, on Thursday, Gbajabiamila traced the issue with the actor turned politician to the impeachment of Mudashiru Obasa as Speaker of the Lagos House of Assembly.
Majority lawmakers in the assembly had removed Obasa, longest serving speaker in the assembly, accusing him of high handedness, among other infractions.
But following high-powered intervention, Obasa got back his position and is currently on his way to the National Assembly.
Speaking at a stakeholders meeting in Lagos, on Thursday, the President’s Chief of Staff said Tinubu summoned him over the involvement of Elliot in the assembly crisis.
“I almost lost my job because of Desmond Elliot last year. You can go and verify. The President invited him to his residence in Abuja during the Obasa saga and confronted me over reports linking Elliot to the crisis.
“Mr President called me to his study in Abuja and said, ‘I hear this Desmond is your boy.’ I said, ‘Yes, sir.’ He then said Desmond was among those causing problems in the Lagos State House of Assembly,” he stated.
Gbajabiamila said he defended the lawmaker without knowing that Elliot was involved in the plot.
“I told the President that Desmond was not part of them, but the President insisted and told me to call him to order,” he added.
The former Speaker of the House of Representatives further disclosed that shortly after the meeting, he contacted Elliot and warned him to steer clear of the crisis.
“Three days later, the Director-General called me and said there was a serious issue, that my name was everywhere as the person supporting Desmond to push for impeachment,” he said.
Gbajabiamila said after this, he reached out to Elliot again, asking him, this time around, to issue a public statement, distancing himself from the plot.
The Chief of Staff said the lawmaker failed to do so.
“If not for the kind of relationship I have with the President today, I probably would not still be here as Chief of Staff,” Gbajabiamila said.
Accusing Elliot of attempting to whip up religious sentiment, Gbajabiamila told the party faithful that political office holders related freely regardless of religious background.
He narrated how the Christian Association of Nigeria (CAN) wrote him a letter to make a case for Elliot.
The President’s Chief of Staff said religious sentiment has no place in the constituency as people work together harmoniously.
Politics › Abductions: Yoruba Monarchs To Invoke Deities Against Bandits by Islie(op): 11:49am
