Author: user user

HISTORY has a way of choosing its own geography. When President Bola Tinubu chose Kaduna to flag off his 2027 re-election campaign on Saturday, October 24, 2026, he chose more than a location. He was sending a historic message.

Kaduna is Nigeria’s political ground zero. From here, the old Northern Region administered the entire North. It was here that alliances were forged. By starting his campaign where the North still feels its pulse, Tinubu told northern Nigeria, ‘I have not forgotten you.’

Ranchers Bees Stadium, Kaduna, the rally venue, was packed with party supporters and sympathisers who had thronged the stadium from as early as 7 am. Some supporters slept overnight at the stadium.

President Tinubu’s speech was deliberate, confident, and unusually personal.

‘My good people of Kaduna, it’s good to be back here again. You have listened to many speeches. I’m not going to bore you down. I’m happy to be here with you.’ The President thanked Kaduna people for their support in the 2023 election, but stated that he had come to seek their support again for a second mandate to keep a promise of prosperity, continuity, progress and development.

For three years, Tinubu’s biggest vulnerability has been the economy. On Saturday, he did not dodge it.

He said: ‘I hear my opponents talking about hunger and poverty. Who created it? They did. They created the hunger. We are trying to eradicate it.’

He declared that his administration had demonstrated its commitment to improving Nigerians’ welfare through economic reforms, regular salary payments, and development initiatives implemented by APC Governors across the federation.

President Tinubu could not have chosen Kaduna without addressing insecurity.

Three years ago, Birnin-Gwari was synonymous with fear. Today, the Kaduna-Abuja road is safer, and farming is returning to Giwa and Soba. Tinubu credited the military push and Governor Uba Sani’s non-kinetic approach.

Governor Uba Sani himself highlighted these achievements in security, infrastructure, and more, commending the President for his support and interventions in the state. For Kaduna, that resonance matters more than any statistic from Abuja.

Unlike in 2023, President Tinubu came to Kaduna this time with receipts showing his performance. These include GDP steady growth, falling inflation, naira stability, doubled FAAC allocations to states, rising foreign reserves, infrastructure renewal, NELFUND loans for indigent students, and consumer credit for young people, among others. The message was clear: The first term was surgery; the second term will be recovery, progress and prosperity.

It is a powerful argument, because even his critics admit state governors now have more money than ever. President Tinubu doubled down on the governors’ performance: ‘We pay salaries regularly. Our governors are working. I’m proud of them. They are developing. I salute all our governors today. I can see the development strides they are making in their various states.’

For the North, it’s a debt repaid. President Tinubu got about 62% of his votes from the North in 2023. He made promises to the region. He has kept his promises in terms of road and rail infrastructure, interventions in healthcare, improving security, and governmental appointments.

The Kaduna rally also included key strategic moments worth mentioning.

Both Vice President Kashim Shettima and the Tinubu/Shettima Presidential Campaign Director-General, Senator Abdulaziz Yari, harped on Tinubu’s strategic support for key Northerners in the previous bid for the presidency.

In 2007, President Tinubu offered former Vice President Atiku Abubakar his ACN platform to run when former President Obasanjo hounded him out of the PDP.

The President also backed Nuhu Ribadu in 2011 and late Muhammadu Buhari to be president in 2015 and 2019.

According to them, Tinubu supported our sons for 20 years. Now, we should support him again for a second term. VP Shettima maintained that supporting Tinubu’s reelection is a matter of honour, integrity, political loyalty, and appreciation for the President’s contributions to advancing Northern political leaders over the years.

With VP Shettima beside him, APC National Chairman Professor Nentawe Yilwatda, Campaign DG Yari, and even former opponents like FCT Minister Nyesom Wike and Governors Chukwuma Soludo and Ademola Adeleke now on his expanded Campaign Council, President Tinubu projected something the opposition lacks-a broad national coalition.

Why Kaduna matters for 2027

The APC says it wants two million votes from Kaduna State. That is ambitious, but the symbolism is more important than the number. If President Tinubu can hold the North-West, with a Sokoto rally billed for December 5 and Kano for December 17, win the South-West, and split North-Central, the math becomes very difficult for Atiku’s ADC, Makinde’s APM, and Obi/Kwankwaso’s camp to solve.

The opposition is still running from one small party to another. Tinubu is running on a solid pan-Nigerian structure. Last Saturday in Kaduna, President Tinubu did not just flag off a campaign. He framed the 2027 election as a choice between continuity and chaos, between finishing the reforms and abandoning them midway. He is clear about what he thinks should be done: finish the job.

Lagos State Governor, Babajide Sanwo-Olu, has pledged support for the Chartered Institute of Stockbrokers’ (CIS) proposed N5 billion professional development endowment fund, as the Institute steps up efforts to expand investor education and deepen participation in Nigeria’s capital market.

The proposed fund is expected to strengthen professional training and capacity development in the securities industry, while the Institute is also working with the Office of the Vice President on a programme to train 10 million Nigerians in financial literacy and capital market participation.

Sanwo-Olu gave the assurance on Friday, when the President and Chairman of the CIS Council, Fiona Ahimie, led a delegation of the Institute’s principal officers on a courtesy visit to Lagos House, Ikeja.

The Governor’s backing comes amid efforts by capital market stakeholders to broaden retail participation, improve investment awareness and equip professionals with the expertise required to support the growth of the Nigerian financial system.

Sanwo-Olu said the capital market had recorded significant growth in recent years but stressed that wider participation remained critical to unlocking its potential for wealth creation and inclusive economic development.

He observed that many Nigerians were still unfamiliar with investment opportunities beyond meeting their immediate financial needs, underscoring the need for sustained public education on savings, investment and wealth creation.

According to him, his administration is willing to support initiatives that promote financial literacy and develop the professional expertise required to strengthen the market.

The Governor urged the Institute to intensify its financial literacy campaigns and encourage more Nigerians to understand the investment opportunities available in the capital market, noting that improved public awareness could help expand participation and enable individuals to make informed financial decisions.

For the CIS, the proposed endowment fund and the planned nationwide financial literacy programme represent complementary efforts to address two important requirements for market development: a skilled professional workforce and a better-informed investing public.

Speaking during the visit, Ahimie disclosed that the Institute was collaborating with the Office of the Vice President on a programme designed to train 10 million Nigerians in financial literacy and capital market participation.

She said the initiative was expected to improve public understanding of investment opportunities and encourage broader participation, particularly among young Nigerians.

The programme could provide a platform for extending investment education beyond established market participants to individuals who have limited knowledge of the securities market and the range of financial instruments available to them.

However, expanding participation will require sustained education and greater public understanding of investment risks, alongside improved access to appropriate investment channels.

Ahimie also highlighted the importance of stronger collaboration between government and professional institutions in developing skilled practitioners, improving investment awareness and building a more inclusive capital market.

The CIS President’s engagement with the Lagos State Government comes as the Institute prepares for its 30th Annual Conference, scheduled for 4 and 5 November in Lagos.

She said the conference would examine strategies for mobilising capital, advancing economic prosperity and strengthening Nigeria’s global competitiveness.

The conference is expected to provide a platform for discussions on how the capital market can more effectively support economic growth by connecting available funds with businesses and other entities requiring long-term financing.

Sanwo-Olu also congratulated Ahimie on becoming the first female President of the Institute, describing her emergence as a significant milestone. He urged the new Council to sustain the organisation’s achievements in professionalism, public engagement and capacity development.

Ahimie was accompanied on the visit by the First and Second Vice Presidents of the Institute, Akeem Oyewale and Jude Chiemeka; the Registrar and Chief Executive, Ayorinde Adeonipekun; past presidents; and serving Council members.

The proposed N5 billion fund and the target of reaching 10 million Nigerians place professional development and financial education at the centre of the Institute’s efforts to strengthen the capital market.

Their implementation, however, will be important in determining how effectively the initiatives translate into a larger pool of qualified practitioners, improved investor awareness and broader participation in Nigeria’s investment market.

The Sokoto State Government has strengthened disease surveillance and emergency preparedness against the possible spread of Ebola Virus Disease (EVD), assuring residents that the state remains classified as low-risk by the Nigeria Centre for Disease Control and Prevention (NCDC).

The Commissioner for Health, Dr Faruk Umar Abubakar Wurno, gave the assurance on Tuesday after a stakeholders’ meeting in Sokoto to assess the state’s preparedness and strengthen measures for the early detection and containment of suspected Ebola cases.

Wurno said epidemiologists and disease surveillance personnel had been placed on alert, while emergency response mechanisms had been strengthened to ensure prompt intervention if a suspected case was reported.

‘I want to inform you that Sokoto is a low-risk state, as declared by the NCDC. There is no cause for alarm,’ he said.

He, however, stressed the need for continued vigilance, noting that Sokoto’s geographical location and international entry points required constant monitoring to guard against possible disease transmission.

The commissioner identified the Illela international border and the state airport as key points requiring attention, although the airport currently handles domestic flights.

‘We have a very good surveillance system, and our epidemiologists are also active. We have put all of them on alert so that, in case of any alert, we are able to switch into action,’ he said.

According to him, the stakeholders’ meeting brought together officials responsible for disease surveillance, prevention, case management and public awareness to review existing arrangements and identify areas requiring further intervention.

He said the government was committed to maintaining adequate preparedness and ensuring that relevant health institutions could respond swiftly to any eventuality.

‘The level of readiness is intact and ready for any eventuality,’ Wurno added.

On isolation arrangements, the commissioner said the Infectious Disease Hospital (IDH) in Amanawa had been prepared to accommodate and manage suspected Ebola cases if necessary.

‘Our Infectious Disease Hospital is ready. We have prepared it for isolation where there is need,’ he said.

Wurno explained that the facility had been equipped with personal protective equipment (PPE) and other essential materials for infection prevention and control.

He added that the hospital’s Chief Medical Director attended the stakeholders’ meeting and briefed participants on its readiness to support the state’s emergency response.

Meanwhile, the commissioner said the diphtheria outbreak in Sokoto was showing signs of improvement, with fewer than 20 patients receiving treatment across three designated centres.

He identified the centres as Specialist Hospital Sokoto, with a 45-bed capacity; Amana, with 100 beds; and another facility with five beds.

According to him, each centre currently has fewer than 10 patients on admission, indicating a decline in the number of people requiring treatment.

‘As it is, we have less than 20 patients on admission in all the three centres, and the case management is going very well, excellently,’ he said.

The commissioner said the progress in managing diphtheria had encouraged the government to sustain its public health interventions while strengthening preparedness against other infectious diseases.

He urged residents to remain calm, rely on credible sources for health information and promptly report suspected cases to the appropriate authorities.

The state government said continuous surveillance, early detection and effective coordination among health agencies remained essential to preventing disease outbreaks and protecting residents.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said Nigerians in some households spend as much as 120 per cent of their income on food and are forced to borrow or rely on relatives to survive.

Oyedele disclosed this while speaking at Chatham House in London, where he highlighted the growing financial pressure on households and the challenges facing workers whose earnings are insufficient to meet their basic needs.

He said a government survey showed that food expenses exceeded the total income of some households, leaving them struggling to provide for themselves and their families.

‘In fact, there was a survey we did that shows that up to 120 per cent of household income is spent on food. Like, how do you spend 120 per cent of your income? You borrow food before the end of the month,’ he said.

The minister noted that Nigeria’s poverty rate remained above 50 per cent despite an unemployment rate of about five per cent, arguing that employment figures alone did not reflect the economic realities of many citizens.

According to him, a significant challenge is the growing number of people who have jobs but still cannot earn enough to afford basic necessities.

‘That tells you something. As a policymaker, you don’t sit back and say we don’t have unemployment. You have working poor,’ he stated.

Oyedele attributed the high cost of food to several structural problems affecting agriculture, including low yields, seasonal production, post-harvest losses, inadequate storage facilities, expensive transportation and insecurity in farming communities.

He said post-harvest losses remained a major concern, citing instances where as much as 60 per cent of tomatoes were lost after harvesting.

On inflation, Oyedele said food inflation stood at 19.6 per cent in September, adding that food prices were easing more slowly than the overall inflation rate.

‘Macroeconomic stability means little to a mother who still cannot afford food,’ he added.

To address the challenges, the minister said the Federal Government was investing in agricultural technology, irrigation and storage infrastructure, while expanding access to financing for smallholder farmers.

He also disclosed that the administration’s cash transfer programme had reached more than 10 million households.

According to him, digital payments and verification through the National Identification Number were being used to reduce leakages in the distribution of financial assistance.

Oyedele said the government was also prioritising agriculture and non-tradable services, which account for 81.4 per cent of working Nigerians, as part of efforts to improve incomes and reduce poverty.

He added that strengthening these sectors would help more Nigerians earn sustainable incomes and reduce their dependence on government cash transfers.

The Governor of Kogi State, Alhaji Ahmed Ododo, has urged engineers, supervisors and technical personnel to uphold professionalism, accountability and safety in the execution and monitoring of public infrastructure projects.

Ododo gave the charge on Tuesday at the Government House in Lokoja while unveiling project inspection kits produced by the state Ministry of Works for engineers and other personnel involved in project supervision.

He described the Ministry of Works as a key driver of the state’s development, noting that its performance directly affects the implementation of government policies and infrastructure projects.

The governor said the quality of public infrastructure depended largely on the competence, commitment and effectiveness of the professionals responsible for its delivery and supervision.

He commended engineers, accountants, technicians, supervisors and other civil servants for their contributions to the state’s development, expressing confidence in their ability to address infrastructure challenges.

According to him, many civil servants have the knowledge and professional skills required to deliver results but need an enabling environment, encouragement and institutional support to perform effectively.

‘When you work for the people, you are indirectly working for yourself. When you project your commitment, you are also projecting yourself,’ he said.

Ododo urged public servants to recognise that their contributions to the state’s development would remain part of its history, stressing the need for dedication to duty and service to the people.

He also called for closer collaboration between political officeholders and professional civil servants, urging engineers to offer technical advice and recommend better approaches to improve project delivery.

The governor said constructive engagement, mutual respect and adherence to due process were essential to preventing errors that could compromise the quality, durability and value of public infrastructure.

He described the inspection kits as an intervention to strengthen project monitoring and improve public service delivery, expressing optimism that effective supervision and collaboration would accelerate development across the state.

Ododo, in his capacity as the state’s Chief Security Officer, formally unveiled reflective jackets designed to improve the safety and visibility of engineers and other technical personnel during construction site inspections.

Earlier, the Commissioner for Works, Hon. Barr. Salami Momodu Ozigi Deedat, described the ministry as the backbone of infrastructure development in Kogi State, noting that the delivery of roads and other public projects depended significantly on its performance.

He said the ministry remained committed to completing inherited projects while pursuing ongoing infrastructure initiatives, particularly road construction and other projects aimed at improving connectivity and public services across the state.

Ozigi Deedat explained that the inspection kits were introduced to give government engineers and inspection teams a distinct professional identity during official site visits.

He noted that government inspection personnel had often relied on arrangements provided by contractors during project monitoring, making it difficult to distinguish officials from contractors at construction sites.

According to him, the new kits would make government engineers and inspection teams easily identifiable while performing their official duties.

The commissioner urged engineers and other relevant personnel to use the kits appropriately and maintain regular communication with the ministry’s leadership to improve project monitoring, supervision and accountability.

He also acknowledged Ododo’s continued interest in the ministry’s activities, saying the governor’s attention to project implementation placed greater responsibility on officials to remain committed to their duties and uphold professional standards.

The House of Representatives, during Tuesday’s plenary, urged the Federal Government to establish a transparent, competitive, and non-discriminatory licensing and approval framework for the commercial importation of Electric Vehicles (EVs), Compressed Natural Gas (CNG) vehicles, and related clean mobility equipment.

The resolution followed the adoption of a motion sponsored by the Chairman of the House Committee on Public Assets, Hon. Ademorin Kuye, who commended the present administration’s commitment to policies promoting the transition to cleaner transportation technologies as part of its energy transition and economic diversification agenda.

In his lead debate, Hon. Kuye acknowledged the Federal Government’s efforts to encourage the adoption of Electric Vehicles, CNG-powered vehicles, Liquefied Petroleum Gas (LPG) vehicles, and other clean transportation technologies, noting that the policy direction could create opportunities for investment, technological advancement, and economic growth.

The lawmaker also recognized the fiscal incentives introduced by the Federal Government, including import duty concessions and tax reliefs aimed at encouraging investment in clean mobility technologies and improving access to the infrastructure required to support their adoption.

He, however, stressed the need to ensure that such incentives translate into tangible investments in charging infrastructure, CNG refueling stations, maintenance centres, spare parts supply chains, technical expertise, and after-sales support.

‘The House is convinced that Nigeria has the opportunity to encourage local investment, technology transfer, employment generation, and domestic value addition by linking import incentives to measurable investments in infrastructure and technical capacity,’ Kuye said.

Some lawmakers who spoke in support of the motion, including Hon. Stanley Adedeji, backed the need for a regulatory framework that would promote investment in clean transportation while ensuring that importers contribute to developing the country’s automotive industry and supporting infrastructure.

Consequently, the House urged the National Automotive Design and Development Council (NADDC), in collaboration with the Bureau of Public Procurement (BPP), Standards Organisation of Nigeria (SON), Nigeria Customs Service (NCS), and other relevant agencies, to develop objective qualification criteria for companies seeking approval to import EVs, CNG vehicles, and associated equipment.

The lawmakers further called on relevant regulatory agencies to ensure that import approvals are granted only to companies that satisfy clearly defined eligibility requirements. These include, where applicable, establishing certified service and maintenance centres in Nigeria, providing genuine spare parts and warranty support, and employing and training qualified Nigerian technical personnel.

Other requirements outlined by the House include investments in EV charging infrastructure and/or CNG refueling facilities, compliance with Nigerian safety, environmental, and technical standards, as well as the submission of consumer protection and after-sales service plans.

To strengthen accountability and public confidence, the House urged the NADDC to maintain a public register of approved importers and infrastructure providers, insisting that the approval process must remain open, competitive, transparent, and non-discriminatory.

The lawmakers maintained that no qualified company should be denied approval or subjected to undue preference once it has met the prescribed standards, adding that regulatory requirements should encourage healthy competition while protecting consumers and promoting sustainable investment in the sector.

The House also urged the Federal Government to align tax incentives, import duty concessions, and other fiscal benefits with compliance under the proposed regulatory framework, stressing that such incentives should support sustained investment in local infrastructure, technical capacity, and domestic value addition.

To ensure implementation, the House mandated its joint Committees on Industry, Commerce, Gas Resources, Environment, and Legislative Compliance to monitor compliance with the resolution and report back within four weeks for further legislative action.

Nigerian investors accounted for nearly nine out of every 10 naira traded on the Nigerian Exchange Limited (NGX) in the first nine months of 2026, as foreign investors recorded net sales of ?281.26 billion, highlighting the equities market’s growing dependence on domestic liquidity.

Local investors traded ?13.52 trillion worth of equities between January and September, representing 89.74 per cent of total transactions of approximately ?15.06 trillion. Foreign investors accounted for ?1.55 trillion, or 10.26 per cent, according to the Exchange’s Domestic and Foreign Portfolio Investment Report.

The foreign share of transactions fell from 21.56 per cent in the corresponding period of 2025, while domestic participation rose from 78.44 per cent, reflecting a significant shift in the composition of trading on the Nigerian bourse.

Gbemisola Richard-Adelokiki, Head of Equities Research at Coronation Research, said foreign trading declined by about 16 per cent year-on-year, while domestic trading doubled. Total transactions during the nine-month period also surpassed the full-year figure for 2025.

The shift suggests that local investors have sustained market activity despite foreign portfolio managers taking profits and reducing their exposure to Nigerian equities.

Between March and July, foreign transactions fell from ?288.8 billion to ?132.6 billion monthly, while domestic trading increased from ?1.46 trillion to ?2.24 trillion. July, which recorded the weakest foreign participation, was also the busiest month for local investors.

Foreign investors sold more equities than they purchased in every month through September, reversing the net purchases of approximately ?219.94 billion recorded in the corresponding period of 2025. Foreign purchases totalled ?632.35 billion, against sales of ?913.61 billion.

Richard-Adelokiki attributed the net selling to profit-taking following the market rally, exits from long-held positions and improved foreign exchange liquidity, which made repatriation easier. Uncertainty surrounding the transition to a one-day settlement cycle, known as T+1, also affected foreign participation.

Introduced on June 1, the settlement change raised concerns among some international investors about whether transactions would require pre-funding. The uncertainty coincided with FTSE Russell’s decision to pause Nigeria’s planned market reclassification.

The Securities and Exchange Commission subsequently clarified on August 12 that foreign investors were not required to pre-fund transactions. FTSE Russell later confirmed Nigeria’s return to its Frontier Market Index, effective September 21, after three years of exclusion.

Foreign purchases rose more than threefold in September compared with August, although investors remained net sellers, suggesting that the reclassification had yet to trigger a sustained return of international capital.

Meanwhile, pension funds have become increasingly important to domestic demand following changes to investment rules by the National Pension Commission (PenCom).

In February, PenCom raised the maximum allocation to ordinary shares from 30 per cent to 35 per cent for Retirement Savings Account Fund I and from 25 per cent to 33 per cent for Fund II.

Pension fund holdings in Nigerian equities rose from ?3.96 trillion in December 2025 to ?6.32 trillion in August 2026, representing about one-fifth of total pension assets of ?31.80 trillion.

Kebira Aruna, Managing Director and Chief Executive Officer of GlobalView Capital Limited, also attributed increased institutional participation to the revised investment limits, which created additional room for pension fund administrators to invest in equities. Institutional transactions reached ?8.369 trillion during the nine-month period.

However, the increase in pension fund equity holdings does not necessarily represent an equivalent amount of fresh investment. Richard-Adelokiki noted that share-price appreciation accounted for much of the earlier increase, underscoring the distinction between portfolio valuation gains and new capital inflows.

The market’s All-Share Index gained 61.43 per cent between January and September, while market capitalisation rose from ?99.38 trillion to approximately ?157.74 trillion.

Attention is now turning to the Dangote Petroleum Refinery initial public offering (IPO), which involves 4.1 billion shares at ?525 each, representing approximately ?2.15 trillion. PenCom granted pension funds a one-off waiver in May to participate in the offer.

Although IPO subscriptions are excluded from the Exchange’s secondary-market transaction figures, investors selling existing shares to finance subscriptions could influence trading activity.

Richard-Adelokiki said refunds from an oversubscribed offer could return liquidity to listed equities. At the offer price, the refinery’s implied valuation of about ?65 trillion could also make it the Exchange’s largest listed company, significantly affecting total market capitalisation and potentially influencing the All-Share Index’s performance.

The relatively small proportion of shares offered could also amplify price movements when trading begins, depending on demand and available supply.

The October portfolio investment report will provide a fresh indication of whether foreign investors have begun returning as net buyers following Nigeria’s reclassification.

For now, domestic investors, particularly pension funds, remain central to market activity. Sustaining the rally will depend on continued local participation, renewed foreign inflows and the ability of new listings to deepen the market beyond valuation gains.

Plateau Governor, Barrister Caleb Mutfwang, has disclosed that his administration has strengthened community-based security efforts, revitalised its security outfit ‘Operation Rainbow,’ and trained about 1,500 personnel throughout the state to address security challenges confronting the state.

The state Governor, Barrister Caleb Mutfwang, who disclosed this at the swearing-in ceremony of the Special Advisers and Honorary Advisers at the Little Ray Field Government House, pointed out that the state has equally introduced technology into its security architecture to improve surveillance, intelligence gathering, and operational response.

He stated that the state government was determined to optimise its security arrangements and collaborate with relevant agencies and communities to reduce threats to lives and property to a bare minimum, allowing people to sleep with their eyes closed.

The Governor charged the newly appointed Special Advisers to provide sound policy advice, strategic direction and practical solutions to the challenges of governance.

‘Your responsibilities should include research and policy development, coordination and implementation of government programmes, monitoring and performance evaluation, identification of emerging challenges, and strengthening communication between government and the people.

‘Your recommendations must be timely, evidence-based and guided by the overriding interest of Plateau State. I expect you to demonstrate initiative, professionalism and the capacity to translate ideas into actionable proposals that deliver tangible results’

He added that the appointments provide a platform for the Special Advisers to bring their professional expertise, experience, networks and goodwill to bear on the development challenges and opportunities before the state.

The Governor further encouraged the appointees to offer informed advice, facilitate constructive stakeholder engagement, identify investment and development opportunities, and help build partnerships that can accelerate progress across our communities.