₦airaland Forum

National Chairman of the Independent National Electoral Commission, INEC, Prof. Joash Amupitan, has reaffirmed the commission’s readiness to organise an election that is free, transparent and beyond reproach in the forthcoming 2027 general elections.

Speaking on Friday during INEC’s Induction and Strategic Retreat for its national commissioners, secretary to the commission, resident electoral commissioners, administrative secretaries and directors of the commission in Lagos, the INEC boss said, “The eyes of over 200 million Nigerians and the entire continent are upon us. The work ahead is demanding, the hours will be long and the scrutiny will be intense.

“The 2027 general election must be free and fair and be a watershed moment in Nigeria’s history. But we must even aim higher.

“I want us to build an institution that is globally recognised, let it be that under our watch, INEC became the best election management body in Africa- a beacon of integrity, a model of technological efficiency and a fortress of democratic values.”

He charged the commission’s staff that INEC can indeed conduct a world-class, technologically driven and transparent election that is beyond reproach.

“Our success in 2027 must be more than a national victory. It must be a continental standard, a proof-of-concept that demonstrates that INEC can indeed conduct a world-class technology-driven and transparent election that is beyond reproach,” said Amupitan.

He stressed that there will be no room for misconduct, whether by omission or commission.

At least 141million Nigerians are expected to be living in poverty this year, according to PwC’s Nigeria Economic Outlook 2026.

The report titled: “Turning macroeconomic stability into sustainable growth,” projected deteriorating poverty levels of about 62% of the population in the year preceding the election year 2027.

The report shows that despite recent policy adjustments aimed at economic stabilisation, weak real income growth and elevated living costs are likely to push more households into poverty over the next two years.

PwC estimates that Nigeria’s poverty rate will rise to 62% by 2026, reflecting the combined effects of sluggish income growth and persistent inflationary pressures.

Shekarau faults Kwankwaso over Yusuf’s defection
Children shouldn’t die from hunger
According to the report, most Nigerians are unlikely to experience income increases that meaningfully offset rising costs, especially in the short term.

“Poverty is projected to rise to 62% (141 million people) by 2026, reflecting weak real income growth and lingering inflation effects,” PwC noted.

While inflation may gradually moderate, PwC notes that the underlying cost structure of the economy suggests that affordability gains for households will remain limited.

A major contributor to worsening poverty, PwC explains, is the consumption pattern of low-income households.

Food accounts for up to 70% of total consumption among poorer Nigerians, leaving them highly exposed to food price increases.

With food inflation remaining elevated, these households are disproportionately affected by price shocks.

The firm added that even if headline inflation eases slightly, energy costs, logistics expenses, and exchange rate pass-through effects will continue to keep food and essential goods prices high.

According to experts, rising poverty levels pose significant risks to Nigeria’s economic stability and growth prospects.

A larger share of the population struggling to meet basic needs could weaken domestic consumption, limit productivity gains, and strain public finances.

According to PwC, without strong job creation, productivity improvements, and effective social protection, efforts to reduce poverty may remain out of reach.

In 2025, PwC reported that rising inflation, interest rates, and naira depreciation could push 13 million more Nigerians below the national poverty line.

Therefore PwC recommended a multi-pronged response, including sustained macroeconomic stability, food supply reforms, and increased investment in agriculture and logistics.

What World Bank said

Last year, the World Bank Nigeria Development Update report showed that the country’s long-running struggle with mass poverty could ease slightly in 2027, marking the first improvement in nearly a decade.

The multilateral lender projected that the poverty rate will peak at 62% in 2026—equivalent to about 141 million people—before dipping to 61% in 2027, or roughly 140 million Nigerians.

For millions, especially in rural and northern regions, prospects of relief remain distant, as food inflation, structural inequality, and weak social protection systems continue to deepen hardship.

“Still timid growth and remaining inflationary pressure, particularly from food prices, are expected to further push poverty up. The poverty rate is projected to reach 62% in 2026 before stabilising and slightly reducing to 61% in 2027,” the report said.

The data show a dramatic worsening of poverty over the past half-decade.

In 2018/19, the Nigeria Living Standards Survey estimated poverty at 40%, or 81 million people. By 2022/23, that figure had surged to 56%, or 113 million Nigerians.

This escalation coincided with falling consumption, weak growth, and soaring inflation. Between 2019 and 2023, average consumption per person fell by nearly 7%, with urban households hit hardest.

“Between 2019 and 2023, average consumption fell by 6.7%, especially in urban areas, while poverty rose from 40% (81 million people) to a projected 61% (139 million people) by 2025, with three-quarters of the increase occurring before 2023,” the World Bank said.

By 2025, an estimated 139 million Nigerians were living below the poverty line. The World Bank expects a further rise to 62% in 2026 before a modest decline the following year—the first predicted reversal in nearly a decade.

But the Presidency had disputed the figures.

The Special Adviser on Media and Public Communication, Sunday Dare, said on social media X, formerly Twitter, that the statistics were “unrealistic” and should be “properly contextualised” within global poverty measurement frameworks.

The General Overseer of the Redeemed Christian Church of God, RCCG, Pastor Enoch Adeboye, has stirred renewed discussion around prophecy and spiritual discernment after reflecting on a controversial prediction related to Nigeria’s Africa Cup of Nations, AFCON, campaign.

Speaking at a recent programme at the RCCG Redemption City, Adeboye cautioned believers to apply wisdom when responding to prophetic pronouncements, warning against the rising trend of what he described as questionable or sensational prophecies.

Although he did not mention any individual by name, the cleric made reference to a widely shared prophecy credited to Primate Elijah Ayodele, who reportedly advised ahead of the 2025 AFCON in Morocco that Super Eagles winger, Ademola Lookman should not be included in the national team.

The prophecy, which gained traction on social media, was interpreted by many as foretelling misfortune or underperformance for the Atalanta forward.

However, subsequent events on the field appeared to undermine that narrative.

Lookman went on to score the winning goal in Nigeria’s 2–1 opening victory over Tanzania and delivered an impressive performance against Tunisia, netting once and providing two assists in a dramatic 3–2 win that secured the Super Eagles a place in the knockout stage.

Recalling the episode, Adeboye said he found the situation amusing when he came across the prophecy.

“I was laughing when I read that a prophet said that if we wanted to win a match, a particular player must not be selected, and they ignored him, and the same player scored the winning goal.

“I just said, glory be to God,” he told the congregation.

While acknowledging the place of genuine prophecy in the Christian faith, Adeboye stressed the need for caution, urging believers not to treat every spiritual claim as divinely inspired.

Referencing biblical examples, he noted that true breakthroughs are achieved through authentic divine direction rather than dramatic or attention-seeking declarations.

“Be careful how you handle a prophet that God has truly sent to you,” he warned, adding that his comments were not directed at the many self-acclaimed prophets seeking relevance.

Adeboye also took a moment to clarify his own role within the church. “I am not a prophet; I am a pastor,” he said. “It is only that once in a while, God speaks to me, and I believe many of you will not forget what you have heard today.”

His remarks come amid ongoing public debate in Nigeria over the role of faith and prophecy in sports, particularly during emotionally charged tournaments like the AFCON.

Primate Ayodele, for his part, has since defended his earlier comments, maintaining that they were misunderstood and should be evaluated within the context of the entire tournament rather than based on individual matches.

The defection of former Anambra State governor, Peter Obi, to the African Democratic Congress (ADC) has sparked a sharp exchange between the Presidency and the opposition, with an aide to former Vice President Atiku Abubakar accusing Aso Rock of panicking ahead of the 2027 general election.

Reacting to comments credited to presidential spokesman, Bayo Onanuga, Atiku’s Special Adviser on Public Communication, Phrank Shaibu, said the reaction from the Presidency betrayed anxiety rather than confidence, arguing that Obi’s move merely exposed deeper fears within the ruling camp.

In a statement signed by Shaibu, who spoke on behalf of the former Vice President, the Atiku aide said Onanuga’s remarks showed a departure from the restraint expected of someone speaking for the Presidency, describing the tone as defensive and unbecoming.

“As media adviser to President Bola Tinubu, this outburst says more about panic in Aso Rock than it does about Peter Obi,” Shaibu said.

Shaibu argued that Onanuga’s response lacked the composure of a media manager and instead reflected someone under intense pressure.

“You did not write as a media manager; you wrote as a defender under pressure. And pressure replaces reason with ridicule and facts with abuse,” he stated.

He faulted Onanuga for criticising Obi’s political movement, describing it as hypocritical in a political environment long shaped by defections and alliances.

“Calling Obi ‘wandering’ while defending an administration built on political migrations and elite bargains is hypocrisy dressed up as commentary. Nigerian politics has never been a monastery. You know this. Pretending otherwise insults your own record,” Shaibu said.

The Atiku aide also pushed back against attempts to dismiss post-election discontent, insisting that public concerns about the 2023 polls remain valid and widespread.

“Your attempt to brand legitimate electoral grievances as ‘bitterness’ is not analysis; it is damage control. Millions of Nigerians questioned the 2023 process. You can sneer at them, but you cannot erase them,” he said.

Shaibu criticised what he described as the increasing use of insults in official government communication, warning that such conduct reflects poorly on the administration.

“When government communication descends into name-calling, it is usually because results are scarce and anger is abundant,” he said.

He further questioned the administration’s policy direction, arguing that claims of reform do not align with the daily realities faced by Nigerians.

“You dismiss global ideas while defending policies copied wholesale from elsewhere. You praise ‘homegrown solutions’ while celebrating reforms Nigerians experience only as hunger, insecurity, and collapsing livelihoods. Propaganda does not change lived reality,” Shaibu said.

Addressing speculation about opposition alignments, Shaibu dismissed claims that Obi would play a subordinate role within any emerging coalition.

“Your confidence that Obi will ‘play second fiddle’ to Atiku is pure fiction. There is no ticket, no candidate, no imposed hierarchy. What exists is a coalition conversation, and that is what truly unsettles you,” he said.

He insisted that the controversy surrounding Obi’s defection was less about the former governor and more about the next election cycle.

“Let’s be honest: this fury is not about Obi. It is about 2027. It is about fear that Nigerians are organising beyond your control,” Shaibu said.

Shaibu stresed that political power ultimately rests with the electorate, not government spokesmen or political operatives.

“Insults don’t win elections, spin doesn’t fill stomachs, and arrogance does not intimidate hungry people. Nigerians will decide in 2027, not media advisers, not propaganda merchants, and certainly not intimidation masquerading as analysis,” he said.

grandstar:
These last minute deals before the new year seems to be to avoid the 30% capital gains tax that goes into effect tomorrow.

That 30% is way to high. I would have urged 20% at most. It is currently 10%.

The corporate tax at 25% is also high. I haven't even included the withholding tax of 10%

The OECD countries (rich nations club) has an average corporate tax rate of 23.5%. If the government truly wants to encourage Foreign Direct Invest, it should nothing higher than 19.5%.

Manufacturing Association of Nigeria said it should be 20%.

A looming terror threat has forced churches across Adamawa State to abruptly cancel their New Year crossover services, triggering widespread fear and underscoring Nigeria’s worsening security crisis.

Christian leaders in the state, under the umbrella of the Christian Association of Nigeria (CAN), issued an urgent security advisory on Tuesday, warning of a planned terrorist attack targeting Yola and other parts of Adamawa during crossover night.

The alert, contained in a statement signed by Rev. Dr. Joel Danjuma Manzo, President of the Gongola Baptist Conference and Christian Association of Nigeria (CAN) Chairman in Adamawa State, said the warning was based on “credible intelligence” from the Department of State Services (DSS).

According to the statement, terrorists are allegedly planning to unleash violence during crossover celebrations, prompting CAN to direct all churches and Christian organisations to suspend or discontinue crossover night services in the interest of public safety.

“Information reaching us through reliable security channels indicates that there is a serious security alert from the DSS regarding a planned attempt by terrorists to cause havoc within Yola and other parts of the state during the crossover night,” the statement said.

Rev. Dr. Manzo urged church leaders to treat the advisory with the utmost seriousness and immediately notify their congregations.

“It is wiser to suspend a crossover service today and, by God’s grace, hold many peaceful and joyful crossovers in the years ahead. The overriding priority is that we all cross into the New Year alive, healthy, and safe,” he added.

In a parallel move reflecting the gravity of the threat, Adamawa State Governor, Ahmadu Fintiri, has also cancelled the state’s annual New Year crossover event, a high-profile celebration that typically draws Nigerian music celebrities and large crowds to Yola.

The cancellation of both religious and government-backed crossover events has sent shockwaves through the state, highlighting the scale of the security concerns and the growing threat of terrorism even during symbolic national moments like the New Year.

The CAN statement concluded with prayers for divine protection and a safe passage into 2026, as residents brace for a subdued crossover marked more by fear than festivity.

Adamawa, once again, enters a new year under the shadow of insecurity.

Heirs Energies Limited, owned by Nigerian businessman Tony Elumelu, has acquired a 20.07 percent equity stake in Seplat Energy Plc from French energy firm Maurel & Prom in a transaction valued at approximately $500 million, making it the single largest shareholder in the company.

The acquisition, which strengthens indigenous participation in Nigeria’s energy sector, involves the purchase of the entire Maurel & Prom holding in Seplat Energy and was supported by two major African financial institutions, Afreximbank and the Africa Finance Corporation (AFC).

The deal comes just one week after Heirs Energies secured a $750 million financing facility from Afreximbank to support its ongoing operations and expansion plans, positioning the company to execute large scale transactions across the energy value chain.

With the completion of the transaction, Heirs Energies further consolidates its footprint in Nigeria’s oil and gas sector. Seplat Energy currently produces about 286 thousand barrels of oil equivalent per day (kboepd), while Heirs Energies produces approximately 70 kboepd.

In[b] total, the combined daily production capacity of both companies stands at about 356 kboepd, comprising roughly 266 thousand barrels of oil per day (kbopd) and about 490 million cubic feet of gas per day (mmcfd).
[/b]
The acquisition also deepens Tony Elumelu’s influence across Nigeria’s energy landscape. His power generation companies, Transcorp Power in Delta State and TransAfam Power in Rivers State, account for about 17 percent of Nigeria’s electricity supply, while the Abuja Electricity Distribution Company (AEDC) services a 126,000 square kilometre area covering Abuja, Kogi, Nasarawa and Niger states.

A prominent advocate of African led development, Elumelu has consistently emphasised the need for Africans to take ownership of strategic assets, reinforcing his long-held belief that “No One But Us Will Fix Africa.”

The Lagos State Government has announced the cancellation of the year 2025 Greater Lagos Fiesta, scheduled to be held on December 31, 2025.

In a statement issued by his Special Adviser on Media and Publicity, Mr Gboyega Akosile, on Tuesday, Governor Babajide Sanwo-Olu, while approving the cancellation, directed that in place of the Greater Lagos Fiesta (Countdown 2026), Lagosians should spend quality time in personal prayers for the nation, the State and the people of Lagos.

He also urged people to pray for "our continued prosperity, leadership, peace, productivity and our continued general wellbeing."

The Governor wished all Lagosians a happy and prosperous year 2026, saying that the coming year shows great promise for the State and Nigeria. He, therefore, enjoined residents to continue to live in peace and harmony.

“On behalf of my family, I wish every resident of our dear State a happy and prosperous new year.

"I want to assure you all that the year 2026 will be a better year for us in the State, as our administration is determined to work twice as hard to deliver the good for the residents of the state ," Governor Sanwo-Olu said.

According to ICE, Ijaoba entered the United States illegally and subsequently amassed a long rap sheet involving serious felonies.

The United States Immigration and Customs Enforcement (ICE) has identified a Nigerian man, Ibrahim Tunde Ijaoba, as a “criminal illegal alien” with an extensive criminal history, including violent offences and gang affiliation.

In a statement released by US immigration authorities, ICE said Ijaoba is a Nigerian national and a former member of the Bloods — a notoriously violent street gang known for armed criminal activity across several US states.

According to ICE, Ijaoba entered the United States illegally and subsequently amassed a long rap sheet involving serious felonies.

His criminal convictions include aggravated assault on a police officer with a firearm, assault and aggravated assault, armed robbery, obstruction of justice, drug sales, and escape from police custody.

US immigration officials noted that the offences reflect a pattern of violent and organised criminal behaviour, posing a threat to public safety.

ICE further disclosed that Ijaoba is currently under a final order of removal and remains in immigration custody pending deportation to Nigeria.

Billionaire investor Femi Otedola has exited Geregu Power Plc in a landmark $750 million transaction that sees him divest his 77% controlling stake in the power company.

This is according to a filing by Geregu Power Plc on the Nigerian Exchange (NGX) website and sources familiar with the matter.

The transaction was executed through the sale of Otedola’s 95% stake in Amperion Power Distribution Company Limited to MA’AM Energy Ltd, a Nigerian firm, marking one of the largest private power divestments in Nigeria’s history.

What they are saying
According to the NGX filing, Amperion Power Distribution Company Limited, the majority shareholder of Geregu Power, has undergone a significant restructuring of its ownership.

The document confirms that “MA’AM Energy Ltd has acquired a 95% equity interest” in Amperion Power, effectively making it the new controlling shareholder of Geregu Power Plc.

Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Mr. Femi Otedola “has been transferred to MA’AM Energy.”

According to information on its website, MA’AM Energy is an Abuja-based integrated energy company engaged in electricity generation and supply, energy trading, and marketing.

Sources informed Nairametrics that the transaction, which closed on December 29, 2025, was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital acting as financial advisers.


While the sale involved Otedola’s stake in Amperion, Geregu Power clarified that this “does not involve the direct sale or transfer of shares of Geregu Power Plc,” meaning the company’s public shareholding structure on the NGX remains unchanged.

Thus, the shareholding structure listed on the NGX remains unchanged, though the ultimate beneficial ownership of 77% of the company has effectively shifted.

Geregu Power is currently valued at N2.85 trillion, trading at N1,140 per share, and remains one of the most capitalised and profitable firms on the Nigerian Exchange.

Strong man of the capital market
Otedola’s involvement in the energy sector spans over two decades. He began in 1999 with the incorporation of Zenon Petroleum and Gas, later acquiring African Petroleum (AP) which he rebranded as Forte Oil.

Following his exit from Forte Oil in 2019, he carved out the power generation arm—Geregu Power—and grew it into one of Nigeria’s foremost GenCos, contributing 10% to national grid supply.


Under his leadership, Geregu expanded from 40MW to a nameplate capacity of 435MW, became consistently profitable, and averaged N20 billion in annual dividends.

A new strategic play – Otedola’s exit from Geregu signals a broader strategic shift to the financial sector. He now serves as Chairman of First HoldCo, the parent company of First Bank of Nigeria, where he holds a 17.1% stake—the single largest individual shareholding.

His entry into First Bank in 2022 reshaped its ownership structure and has been followed by aggressive reforms, including recapitalisation, restructuring, and debt recovery drives.

The Geregu divestment is not merely a portfolio reshuffle; it represents a reallocation of capital and influence to the financial services sector where Otedola sees greater upside and control.

With $750 million in unlocked liquidity, the move comes as Nigeria’s banking sector braces for a wave of recapitalisation and consolidation.

Why this matters
The transaction comes at a pivotal moment for Nigeria’s electricity market. The Federal Government recently announced a N4 trillion power-sector liquidity fund, with an initial N590 billion currently being disbursed.

This fund aims to settle GenCo debts, including obligations to Geregu Power, and stabilise cash flow in the sector.
Otedola’s exit, however, highlights a growing trend—early investors in Nigeria’s post-2013 power privatisation are reaching maturity in their investment cycle.

As valuations rise and liquidity improves, more exits are expected, signalling a new phase of capital recycling in the sector.

Simultaneously, legacy players are seeking fresh capital to position themselves for a more market-driven operating environment, with limited government support.

What you should know.
Otedola’s focus on banking could see First Bank become a key player in Nigeria’s recapitalisation wave.
Other electricity sector transactions are also in motion. Nairametrics understands that the sale of Eko Electricity Distribution Company to North South Power is nearing completion, with about N150 billion already received.
The changing ownership dynamics in the sector point to increased investor activity, restructuring, and improved liquidity conditions.

First Christmas in years without reports of church attacks - CAN President

Credit : X // DOlusegun pic.twitter.com/YCxvHNQ89q

— Vanguard Newspapers (@vanguardngrnews) December 27, 2025