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Prestige Assurance Plc has recorded a 51 percent growth in its gross written premium for the 2024 financial year, reflecting resilience in a challenging operating environment.

The underwriting firm generated a gross written premium of N22.47 billion in 2024, compared to N14.87 billion in 2023.

Profit after tax also rose significantly to N3.236 billion, up from N1.310 billion in the previous year.

On the company’s financial position, shareholders’ funds rose by 21 per cent to N19.37 billion in 2024, up from N15.93 billion in 2023.

Total assets also grew by 36 percent, closing the year at N38 billion compared to N27.9 billion a year earlier.

Prestige Chairman, Mrs. Funmi Oyetunji made this known while presenting the 2024 financial report at the 55th Annual General Meeting (AGM) of the firm in Lagos.

She attributed the strong performance to improved underwriting discipline, prudent investment management, and the dedication of management and staff. She also said the results reflect the resilience of their people’s unwavering commitment to meeting the evolving needs of policyholders.

Despite the improved topline numbers, she noted that underwriting performance was affected by the difficult operating environment, recording a figure of N128 million from N619 million in 2023.

To address this, Oyetunji explained that the company had introduced several initiatives, including revising policy terms especially on Goods-in-Transit cover to keep risk exposure within manageable limits. Pre-loss survey exercises are also being prioritized for Fire and Engineering risks, where claims are more prevalent. Additionally, marine cargo superintending has been strengthened to ensure safe handling of shipments and minimize losses.

However, Oyetunji announced that the company would not be recommending dividend payments for the 2024 financial year.

She explained that the decision was driven by the need to consolidate funds in preparation for the insurance industry recapitalization exercise.

She said: ‘The Board remains committed to a policy of regular dividend payments to our shareholders in appreciation of their continued faith in the company. We are optimistic that dividends will resume after the recapitalization,’ she assured.

‘Looking ahead, we will focus on sustainable long-term growth by strengthening underwriting operations, enhancing product innovation, and maintaining robust claims-paying capacity’, she added.

Whenever I reflect on graduate joblessness these days, I cannot but recall the good old days when there were more jobs than graduates. My employment history reflected the spirit of the times. Upon my completion of secondary school education at Olofin Anglican Grammar School, Idanre, the School Principal, the late Mr. Titus Adeola Oke, gave me a hybrid employment to teach literature in form two and also assist him in his office, even before the West African School Certificate examination results were released.

Years later, after completing my degree in English at the University of Ife, a job was waiting for me at the same secondary school. However, by September of that same year, I was called back to Ife to start my university teaching career. These early encounters with the job market were replicated over and over again throughout my career. I was headhunted for all my teaching and research positions at home and abroad. The truth is that every graduate I knew at that time had a job waiting for him or her somewhere. With only five or six universities in Nigeria at that time, there were more job openings than there were university graduates to fill the vacancies. What is more, a number of my contemporaries in secondary school, who did not go to the university, aquired enough transferable skills and self discipline to study via correspondence tuition to become accountants, lawyers, and what have you, and they eventually rose to the top of their professions.

Of course, the population has exploded since my undergraduate days, and higher education institutions have mushroomed out of control. Today, there are 307 universities and 812 Technical and Vocational Education and Training (TVET) institutions in Nigeria, according to latest figures from the National Universities Commission and the National Board of Technical Education, respectively. The TVET institutions include 194 polytechnics; 32 Colleges of Agriculture; 131 Colleges of Health Sciences; 154 Colleges of Nursing Science; 181 Innovation Enterprise Institutions;153 Technical Colleges; and 98 so-called Specialised Institutions. Altogether, there are 1,119 higher education institutions in the country, churning out hundreds of thousands of students every year.

It is estimated that 50 percent or more of graduates from these institutions today are unemployed or underemployed. There are many factors responsible for this unpleasant outcome. First, the unplanned multiplicity of higher education institutions has produced graduates far more than available jobs.

Second, many factories and manufacturing industries, which are major employers of labour, have been shutting down in response to a slowing economy, high interest rates, poor or inadequate infrastructure, and insecurity.

Third, educational standards have been on the decline due to numerous factors, including inadequate staffing, poor remuneration and incentives, lack of necessary equipment and facilities, decrepit infrastructure, and over-population of teaching spaces and labs.

Fourth, institutions have not been keeping their curriculums relevant to the needs of the job market. To complicate matters, today’s graduates are hardly equipped with proper career orientation, which often makes it difficult for them to find a suitable job that matches their qualifications.

Fifth, our graduates are victims of a skills gap. In other words, there is a serious mismatch between the skills and competencies our graduates have and the skills employers need for job vacancies. Such skills or competencies should normally be identified at the beginning of a class lesson, a lab work, or a workshop so that students are keyed into them. Students also should be trained on how to transfer skills from one area of knowledge to another in order to solve a new problem or adapt to a new job situation.

I noticed this knowledge gap in my encounter with some graduates while conducting a workshop for teachers of English in a secondary school. I was astonished that a graduate of English had difficulty reading, understanding, and teaching a literature textbook outside the ones she studied before as a student. I also came across a graduate of statistics, who lacked the basic skills to assist in the analysis of data obtained in an opinion poll.

Sixth, many Nigerian graduates are not sufficiently computer literate for today’s job market. They complete their education without adequate computer skills beyond the use of the telephone and social media Apps. They can use of Google to search for answers to homework assignments all right or hack into other users’ data for fraudulent purposes. But they lack basic knowledge of how computers work and can hardly use productivity software. That is why today, the integration of technology, especially Artificial Intelligence (AI) and automation, even in knowledge-based sectors, is displacing workers and contributing to graduate unemployment.

Finally, and I blush each time I must repeat this: Most Nigerian graduates lack basic communicative skills in English, the official language, and the language of white-collar workplaces. This is especially true of graduates of public universities and even worse for polytechnic and other TVET graduates. Sometimes, I wonder whether English was their medium of instruction at all or how they succeeded if it was!

I must add, however, that the various problems discussed above are not peculiar to Nigeria. These same factors also account for graduate unemployment across the globe. Nevertheless, the problems vary from country to country. So is the rate of unemployment. For example, on the one hand, university graduate unemployment rate is relatively high in the United States, where the rate is now about the same as the unemployment rate for those without university education.

On the other hand, university graduate unemployment in Britain and the European Union is lower than that of the United States, with significant variations from country to country. A major reason for the difference is in the alignment of skills acquired in European universities and the job market.

What is important for Nigeria is to tackle these problems headlong. President Bola Ahmed Tinubu has taken several major steps in this direction. First, he put a seven-year moratorium on the establishment of universities in the country to halt the overproduction of university graduates. The moratorium should be generalised across all higher education institutions. Besides, a thorough survey of all higher institutions in the country should be carried out with a view to closing failed institutions or merge failing ones with more successful or bigger institutions in order to consolidate resources.

Second, President Tinubu has ordered the final revision and implementation of secondary education curriculum to better prepare students for entry into higher educational institutions.

Third, he ordered a focus on TVET education, with attention on skills acquisition. Under the astute management of Professor Duke Okoro, the Rector, the young Federal Polytechnic, Orogun, Delta State, has invested in skills acquisition and skills transfer from the beginning, which enabled the institution recently to win first place in national engineering competition on ‘Applying Engineering Solutions to Tanker Explosion and Fire Outbreak.’

But a lot more still needs be done. The remuneration of teachers across the education sector is long overdue for upward revision in light of current economic realities. There should be more effort on job creation through greater investment in infrastructure beyond road construction. More attention should be given to power and water supply as well as recreational facilities.

The need to enhance security is also critical to attracting investment and creating a path to reindustrialisation. Still more effort should be made to make state and local goverments more responsible for education.

Finally, it is necessary to inject new blood into the civil service and encourage old hands to retire quietly. This is one way to initiate changes in existing civil service culture with all its problems, while also creating jobs for new graduates.

It was with mixed feelings that I received the recent report of a heavy fine imposed on Amazon over a business practice infraction. After a two-year legal tango, the American online shopping giant was ordered by a U.S. court to pay a historic $2.5 billion settlement with the Federal Trade Commission (FTC).

Amazon was accused in 2023 of tricking consumers into signing up for its Prime subscription service and then made it hard to cancel.

It was established that Amazon used sophisticated subscription traps designed to manipulate consumers into enrolling in Prime, and then made it exceedingly hard for consumers to end their subscription.

For this, Amazon is required to pay a $1 billion civil penalty and provide another $1.5 billion in refunds to an estimated 35 million customers that were ‘harmed by their deceptive Prime enrolment practices’.

Not only did Amazon obey, it quickly unveiled remedial steps it was taking to be compliant with FTC rules. These include ‘clear and conspicuous disclosures’ about the terms of Prime during enrolment process and the ‘easy ways’ to cancel the programme.

For me, what is quite striking is the willingness shown by Amazon to obey the judgement and make restitution without any drama. Its response is consistent with the usual practice of corporates in the U.S. which clearly demonstrates a submission to the rule of law. This is unlike what happens elsewhere, particularly in Africa where these big corporate players behave like outlaws and often resort to all manner of dirty tactics to either stall or compromise judicial process in their respective country of operation. Sadly, they often engage indigenous lawyers without any form of patriotism to undermine their own fatherland.

The example of Amazon only reminds of the contrast of Meta found guilty of corporate atrocities in a place like Nigeria. With its footprints and fingerprints in many courts across the world, Meta can, in fact, rightly be described today as a serial international offender, often motivated by a carnal desire to maximise profit at the expense of the law.

Only in April here in Nigeria, many will recall that Meta was found guilty of heinous breaches including trading with the personal data of millions of unsuspecting Nigerians who use their platforms – Facebook and WhatsApp. The case was brought against them by Federal Competition and Consumer Protection Commission (FCCPC), Nigeria’s equivalent of U.S. FTC.

The fine imposed on Meta in April by the Nigerian tribunal was $220m, with June set as deadline for payment to the federal government.

Earlier in 2024, FCCPC had imposed the fine after due forensic investigation. But typically, Meta thumbed its nose in contempt. It filed an appeal at the tribunal. It took a whole year for the tribunal to review FCCPC’ argument and Meta’s defence before upholding the former.

But no sooner had the judgement been delivered than Meta arrogantly threatened to quit Nigeria, as if it was doing its Nigerian clients a favour. Of course, everyone knew it was all a bluff of a corporate Shylock caught pants down. Apparently realising how futile that was, Meta later resorted to the usual tactic to stall the wheel of justice: file a notice of appeal. Sadly, six months later, we have not heard anything about the case again.

But this is not how Meta behaves back home in America. In 2024, it was fined $1.4b in Texas for the same offence it was asked to pay a ‘chicken feed’ of $220m in Nigeria by FCCPC. The Texas court established that Meta had unlawfully collected and used facial recognition data from millions of Texans without their consent, violating the state’s Capture or Use of Biometric Identifier Act (CUBI).

Elsewhere in Europe, it was also asked to pay $1.3 billion for violating E.U. Data Privacy Rules. In India, South Korea, France and Australia, Meta had faced varying penalties for similar breaches.

But note: wherever it was founded guilty of market abuse outside Africa, Meta promptly obeyed the order to make restitution. It never resorted to the cheap blackmail of threatening to exit those countries.

It is the reason I believe every patriotic and proud Nigerian should be outraged by this seeming apartheid policy by Meta. In the 70s, 80s and early 90s, Nigerians didn’t take kindly with the Apartheid policy in South Africa. No justification, therefore, to stomach a similar insult by Meta. Good enough, there are viable alternatives now promoted by the Chinese. If Meta is not ready to play by the rules set by regulatory authorities in Nigeria like they do in other jurisdictions, they should pack their bags and go where their shenanigans will be tolerated.

The first prosecution witness (PW1) in the trial of former Taraba State Governor Darius Ishaku, Ismail Lawal, has said he could not remember the total amount he collected on behalf the governor.

Lawal (PW1) was a Personal Assistant to the former governor. He was testifying at the Federal Capital Territory (FCT) High Court, Maitama, Abuja.

Ishaku and Bello Yero, a former Permanent Secretary in the Bureau for Local Government and Chieftaincy Affairs, are being prosecuted by the Economic and Financial Crimes Commission (EFCC) for financial fraud allegations.

They are standing trial before Justice Sylvanus Oriji on a 15-count charge bordering on criminal breach of trust, conspiracy and conversion of public funds to the tune of N27 billion.

The former governor and his co-defendant pleaded not guilty.

At the resumed sitting in the trial yesterday, Lawal told the court during a cross-examination by counsel to the former governor, Paul Ogbole (SAN), that he collected cash on behalf of the first defendant.

The witness stated that though he collected money, he could not remember the total amount and the dates he collected the money.

‘I collected the first defendant’s earned allowances and distributed them based on his instructions.

‘I don’t know the total amount I received on his behalf. I also don’t know the dates,’ Lawal told the court.

The witness also said he was paid allowances for working with the former governor.

He added that he was paid N20,000 allowance per day anytime he travelled with his principal.

Lawal said he was paid a N130,000 monthly salary and had a poultry farm at Kubwa, Abuja, with 6,000 birds while working with the former governor.

‘The birds were 6,000 then, but as of today, they are 2,000. The capacity has diminished.

‘As of then, the poultry’s value was about N5 million. It is being run by my father and me,’ he said.

When shown a notebook in which he made entries of the allowances he collected, earlier tendered as an exhibit by the prosecution, Lawal told the court that the entries were not countersigned by those he collected cash from.

The witness stated that the notebook was neither a government record nor banking record, adding that the recording he did in the notebook was between him and the former governor.

Answering other questions, Lawal said: ‘I was asked to go to Lagos by His Excellency (Ishaku). That was not the first time I had been to Lagos; I have friends and relatives there.

‘I stayed in hotels in Lagos. I paid bills for the time I stayed there at N20,000 per day, totalling N600,000 per month. I spent one year and seven months there.’

The witness said he did not tender any hotel receipts, adding that EFCC operatives who arrested him in his hotel room in Lagos took away some documents, including some of the receipts.

The PW1 told the court that he was taken to the Lagos office of the EFCC when he was arrested and was brought to Abuja from there on the same day.

He added that he made a statement to the anti-graft agency in Lagos.

After listening to the witness, Justice Oriji adjourned the case till October 20 for the continuation of the cross-examination of the PW1.

Super Falcons’ forward Gift Monday has been crowned as the Player of Matchday 22 of the United States Women’s League (USWL) following her sensational hat-trick for Washington Spirit.

The 23-year-old received the highest number of votes in a poll conducted on X (formerly Twitter) , securing 50 percent of the 881 votes cast. She comfortably outpolled Gotham FC’s Rose Lavelle (35 percent), Utah Royals’ Mia Justus (8 percent), and Kansas City’s Bia Zaneratto (7 percent).

It has been a week to remember for the Nigerian international. In addition to the Player of the Week accolade, she was also named in the USWL Team of Matchday 22, further underlining her growing influence in the league.

Monday’s treble not only powered Washington Spirit to victory but also boosted her tally for the season to eight goals and two assists in 19 matches. The former FC Robo Queens and Tenerife striker is now firmly in the race for the Golden Boot, sitting fourth on the charts.

She trails Kansas City’s Temwa Chawinga, who leads with 14 goals, Gotham FC’s Esther Gonzalez (13 goals), and Chicago Stars’ Ludmila da Silva (10 goals).

Having only joined Washington Spirit at the start of the campaign, Monday has quickly established herself as one of the USWL’s most dangerous forwards. Her form will also be a huge boost for Nigeria as they prepare for upcoming international assignments.

Four players of the Golden Eaglets have been selected in the Group Stage’s Best X1 at the ongoing WAFU B U17 tournament by the competition’s Technical Study Group.

Captain David Edeh leads the quartet along with wing dynamite, Boluwatife Thompson, George Agha, the hat- trick hero against Benin Republic and defence marshal, Godwin Menyaga.

Agha won the MVP award in the game against Benin Republic, Thompson repeated same feat in the game against Burkina- Faso.

Yesterday night Nigeria filed out against the Black Starlets of Ghana with a place in the final and qualification for 2026 AFCON U17 tournament to be hosted by Morocco as a reward.

Meanwhile, Cote d’Ivoire booked the first ticket to the grand finale following a 2-1 win over the defending champions, the Young Etalons of Burkina- Faso in the first semi-final of the competition.

The Golden Eaglets lost 2-0 to Ghana’s Black Starlets in the second semi-final.

As we celebrate the enthronement of Oba Rashidi Adewolu Ladoja, aged 81, as the 44th Olubadan of Ibadanland and absorb his call for an Ibadan State, let us appreciate his personal journey through life from being poor to becoming a brilliant mathematics student to becoming senator and Oyo State governor in 2003. His dream as governor was to have 30 students a class; he himself had 26 students in his own class in school. He took his dream, as governor of Oyo State to Abuja.

Sadly he did not serve as governor long enough to carry out his plan and Oyo State is the worse for it, all these years later even today. The then Governor Ladoja had his tenure truncated and he was removed due to the then reigning political evil of the day which placed presidential whims and caprices over and above the will of the people. The public domain is unaware if there was any presidential regret for the removal, but Oba Ladoja is certainly having the last laugh due hopefully to his God-given longevity, the righteousness of his case, and the unjustified quantum of political evil dealt him just for being naturally kind-natured. We wish Kabiyesi Rashidi Ladoja a long, exponentially progressive and peaceful reign. Amen.

One thing government must take up is that we must teach that not everyone who wants to set up a stall or trade or even run a keke or an okada in every market can have that privilege or be accommodated in 2025. There is no longer space for everyone. Nowhere in the world can 50 tri-cycles (keke), 100 commercial motor-cycles (okada) and 500 traders be squeezed into existing spaces. They should be enumerated, given numbers and allocated spaces. Move the excess elsewhere, like in other areas. The encroachment of the unlimited traders with their baskets and wheelbarrows on the road lanes and keke lines strangles Ibadan at various points like the entire Mokola, Bodija, Agodi and Mapo areas making movement a nightmare in daylight and endangering even our children. Perhaps methods of numbering and allocation of spaces need to be revisited and updated to make better use of the amazing new roads in Ibadan to help speed up traffic and stop the unnecessary traffic jams. The inability of the authority to maintain two functioning lanes through the above markets, and the ease with which the police on duty ignore the need to open such roads daily makes things worse.

Happy 65th Birthday Nigeria. It is difficult to be happy when so many Fellow Nigerians have been senselessly killed by terrorists and herders, also terrorists actually, and other individuals and groups who use murder of innocent unarmed citizens and sometimes armed and uniformed service personnel for no just cause. At this time of celebration, we are reminded, if we have forgotten, by our government at the Africa Union, that we still have 10+million children out of school in a country which started free education 60 years ago.

Let us re-ask ourselves why a country like ours has over 10 million out of school children in spite of its God-given wealth. Let every thief in Nigeria, rich or poor, political or contractor or civil servant or ‘uniform’ or Bank and CBN beneficiary, accept responsibility for being the direct cause of those 10m+ out of school children. They must accept full responsibility for the consequence of their collective past and perhaps ongoing nefarious activities of depriving those 10m of schooling. Ten million is a big army of youth to grow to adulthood without education. This is a recipe for state destruction in 10 years or more.

Surely, we can all see the simplest, easiest and cheapest solution is to have a ‘MASSIVE 10 MILLION IN SCHOOL PROGRAMME WITH AFTERNOON CLASSES THE EXISTING CLASSROOMS RUNNING TWICE DAILY WITH EXTRA SETS OF TEACHERS OR EXTRA PAY FOR EXISTING TEACHERS’.

Citizens are disgusted that the accused Ondo Church terrorists’ lawyers put forward a plea for bail. Do our lawyers not know that murder and any accusation which attracts the death penalty do not qualify for bail? Do they not get taught that in Law School? An appeal for bail in this horrendous circumstance appears like a strategy at time-wasting, a popular legal exercise in legal futility and a marked disrespect for the dead. It is also a rude slap in the face of the Fellow Nigerian citizens and relations who survived the deadly vicious attack which was calculated to mutate a simple Sunday church service into a terrorist funeral fire and a national tragedy.

Are we to suffer at the hands of yet another cabal in our long search for fuel self-sufficiency? We all get stopped abruptly and without any road safety concerns every day by union workers taking toll money from all passing commercial vehicles. One would have thought they would move to cashless payments but that would expose their true wealth. The face-off in the petroleum industry is really an eye opening event as it exposes the players for what they stand for and what they stand against. Please examine the case and ask who is really on the side the Fellow Nigerians as we celebrate Nigeria @ 65. The answer will make you think twice or thrice.

Nigeria’s foremost socio-cultural sports club, Ikoyi Club 1938 has rolled out the drums in celebration of its 87th anniversary.

Disclosing this at a pre anniversary Press briefing in Lagos on Monday, Vice Chairman of the Club, who also doubles as Chairman, Organising Committee of the 87th anniversary celebration, Bolaji Martins, said that the anniversary celebration which commenced with an official press briefing will run through Monday September 29th to Sunday October 5th, 2025.

According to him, part of the celebrations will include Staff Engagement and Anniversary Symposium/Business evening on Tuesday, September 30th . This will be followed by junior member’s party on Wednesday before a glamorous evening of fashion, music, dance and more for Ladies in the evening.

Thursday, September 2nd has been dedicated to the elders while Digital Night, an exploration of the impact of Artificial Intelligence on the world will hold Thursday evening.

Aviation Day is slated for Friday before Millennial Vibes in the evening. Saturday, October 4th will witness another bumper day with Health Walk in the morning, followed by International/Global Cultural Day and more. Saturday would be rounded off with Black Tie event in the evening.

Sunday, October 5th is the anniversary grand finale and Gala night. Themed Heritage and Legacy; the anniversary emphasizes the club’s long history and enduring legacy as a symbol of prestige and excellence.

Ikoyi Club was originally set up as European Club in 1938. Akinwumi Akintola is Ikoyi Club 1938 Chairman.

Barcelona winger Lamine Yamal almost became the youngest ever Ballon d’Or winner last week at 18, and tonight’s Champions League clash against Paris Saint-Germain offers the ideal opportunity to begin stating his case for next year.

PSG star Ousmane Dembele won the award for the best player in the world but is out injured and will miss the match at the Olympic stadium, leaving runner-up Yamal the floor.

Last season it was the then 17-year-old who inspired Barcelona’s charge to the semi-finals, and despite two outstanding displays against Inter Milan, Hansi Flick’s side fell just short.

They missed out on facing PSG in the final, as the French side crushed Inter to claim their first Champions League trophy.

Yamal pledged he would bring the cup to Barcelona, who have not won it since 2015 and the days of Lionel Messi.

Despite Yamal’s quality, already immense and still increasing, Barcelona have improved without him last season.

In the 2024/25 campaign they struggled when he was absent, depending far too much on him, but they have just won five games in a row, the first four of those without the teenager.

Yamal was sidelined with a groin issue but on his return against Real Sociedad on Sunday in La Liga made an instant impact when introduced in the 58th minute.

The right winger burst into the box and crossed for Robert Lewandowski to head home the winner, little over a minute after entering the fray.

It was the perfect way to reintroduce himself, shaking the crowd out of their stupor.

‘(Just) his presence on the pitch is a threat,’ said Real Sociedad coach Sergio Francisco. ‘He’s showing every day he’s the best player in the world. It’s a treat to watch him.’

Yamal’s impact against Real Sociedad was also a tonic for the club during a difficult week. They lost Joan Garcia and Raphinha to injury, the duo joining recently hurt duo Fermin Lopez and Gavi on the sidelines.

Barcelona were also denied permission to return to their renovated Camp Nou home by the city council, despite hopes they could host the La Real game there.

‘I’m happy to have him back, he showed it directly, his outstanding strength he has to create chances, to give the last pass. It’s good to have him back,’ said Flick.

Despite his age, Yamal has made over 100 appearances for Barcelona, scoring 27 goals, and winning two La Liga titles since his debut at 15 in 2023.

The Spain international, who won Euro 2024 with his country the day after his 17th birthday, is often compared to eight-time Ballon d’Or winner and Barcelona all-time great Lionel Messi.

Yamal inherited his iconic number 10 shirt at the start of this season, also worn by Diego Maradona and Ronaldinho among other historic Barca stars.

Only time will tell whether Yamal will be able to reproduce Messi’s longevity, but thus far he has risen to meet every challenge he has faced since his debut at just 15.

The Argentine did not win the Ballon d’Or until he was 22, with Brazil great Ronaldo the youngest ever winner at 21.

Yamal may have missed out this year, but if he wins the award in 2026 or 2027, he will still claim that record, as he has done so many others.

‘You have to climb to get to the top,’ said Yamal on Instagram after missing out in Paris, and facing PSG may be the first rung on the ladder.

UCL: TODAY’S MATCHES

Qarabag vs. Copenhagen

Saint-Gilloise vs. Newcastle

Arsenal vs. Olympiakos

Barcelona vs. PSG

Leverkusen vs. PSV

Dortmund vs. Athletic Club

Monaco vs. Man City

Napoli vs. Sporting CP

Villarreal vs. Juventus

Today marks the 65th anniversary of our great nation’s Independence. As we reflect on the significance of this day and our journey of nationhood since October 1, 1960, when our founding fathers accepted the instruments of self-government from colonial rule, let us remember their sacrifice, devotion, and grand dream of a strong, prosperous, and united Nigeria that will lead Africa and be the beacon of light to the rest of the world.

2. Our founding heroes and heroines-Herbert Macaulay, Dr Nnamdi Azikiwe, Sir Abubakar Tafawa Balewa, Chief Obafemi Awolowo, Sir Ahmadu Bello, Margaret Ekpo, Anthony Enahoro, Ladoke Akintola, Michael Okpara, Aminu Kano, Funmilayo Ransome-Kuti, and other nationalists-believed it was Nigeria’s manifest destiny to lead the entire black race as the largest black nation on earth.

3. For decades, the promise of our Independence has been tested by profound social, economic, and political challenges, and we have survived. While we may not have achieved all the lofty dreams of our forebearers, we have not strayed too far from them. In 65 years since our Independence, we have made tremendous progress in economic growth, social cohesion, and physical development. Our economy has experienced significant growth since 1960.

4. Although, it is much easier for those whose vocation is to focus solely on what ought to be, we must recognise and celebrate our significant progress. Nigerians today have access to better education and healthcare than in 1960. At Independence, Nigeria had 120 secondary schools with a student population of about 130,000. Available data indicate that, as of year 2024, there were more than 23,000 secondary schools in our country. At Independence, we had only the University of Ibadan and Yaba College of Technology as the two tertiary institutions in Nigeria. By the end of last year, there were 274 universities, 183 Polytechnics, and 236 Colleges of Education in Nigeria, comprising Federal, State, and private institutions. We have experienced a significant surge in growth across every sector of our national life since Independence – in healthcare, infrastructure, financial services, manufacturing, telecommunications, information technology, aviation and defence, among others.

5. Our country has experienced both the good and the bad times in its 65 years of nationhood, as is normal for every nation and its people. We fought a bitter and avoidable civil war, experienced military dictatorships, and lived through major political crises. In all these, we weathered every storm and overcame every challenge with courage, grit, and uncommon determination. While our system and ties that bind us are sometimes stretched by insidious forces opposed to our values and ways of life, we continue to strive to build a more perfect union where every Nigerian can find better accommodation and find purpose and fulfilment.

6. Fellow Compatriots, this is the third time I will address you on our independence anniversary since I assumed office as your President on May 29, 2023. In the last 28 months of my administration, like our founding fathers and leaders who came before me, I have committed myself irrevocably to the unfinished nation-building business.

7. Upon assuming office, our administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth. As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path. We chose the path of reform. We chose the path of tomorrow over the comfort of today. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit.

8. In resetting our country for sustainable growth, we ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority. At the same time, the masses received little or nothing from our Commonwealth. Our administration has redirected the economy towards a more inclusive path, channelling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure, such as roads, power, broadband, and social investment programmes. These initiatives will generally improve Nigerians’ quality of life. As a result of the tough decisions we made, the Federal and State governments, including Local Governments, now have more resources to take care of the people at the lower level of the ladder, to address our development challenges.

9. Fellow Nigerians, we are racing against time. We must build the roads we need, repair the ones that have become decrepit, and construct the schools our children will attend and the hospitals that will care for our people. We have to plan for the generations that will come after us. We do not have enough electricity to power our industries and homes today, or the resources to repair our deteriorating roads, build seaports, railroads, and international airports comparable to the best in the world, because we failed to make the necessary investments decades ago. Our administration is setting things right.

10. I am pleased to report that we have finally turned the corner. The worst is over, I say. Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.

11. Under our leadership, our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results. The second quarter 2025 Gross Domestic Product grew by 4.23%-Nigeria’s fastest pace in four years-and outpaced the 3.4 per cent projected by the International Monetary Fund. Inflation declined to 20.12% in August 2025, the lowest level in three years. The administration is working diligently to boost agricultural production and ensure food security, reducing food costs.

12. In the last two years of our administration, we have achieved 12 remarkable economic milestones as a result of the implementation of our sound fiscal and monetary policies:

i. We have attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, we raised N3.65 trillion, 411% higher than the amount raised in May 2023.

ii. We have restored Fiscal Health: Our debt service-to-revenue ratio has been significantly reduced from 97% to below 50%. We have paid down the infamous ‘Ways and Means’ advances that threatened our economic stability and triggered inflation. Following the removal of the corruptpetroleum subsidy, we have freed up trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government.

iii. We have a stronger foreign Reserve position than three years ago. Our external reserves increased to $42.03 billion this September-the highest since 2019.

iv. Our tax-to-GDP ratio has risen to 13.5 per cent from less than 10 per cent. The ratio is expected to increase further when the new tax law takes effect in January. The tax law is not about increasing the burden on existing taxpayers but about expanding the base to build the Nigeria we deserve and providing tax relief to low-income earners.

v. We are now a Net Exporter: Nigeria has recorded a trade surplus for five consecutive quarters. We are now selling more to the world than we are buying, a fundamental shift that strengthens our currency and creates jobs at home. Nigeria’s trade surplus increased by 44.3% in Q2 2025 to ?7.46 trillion ($4.74 billion), the largest in about three years. Goods manufactured in Nigeria and exported jumped by 173%. Non-oil exports, as a component of our export trade, now represent 48 per cent, compared to oil exports, which account for 52 per cent. This signals that we are diversifying our economy and foreign exchange sources outside oil and gas.

vi. Oil production rebounded to 1.68 million barrels per day from barely one million in May 2023. The increase occurred due to improved security, new investments, and better stakeholder management in the Niger Delta. Furthermore, the country has made notable advancements by refining PMS domestically for the first time in four decades. It has also established itself as the continent’s leading exporter of aviation fuel.

vii. The Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows. The multiple exchange rates, which fostered corruption and arbitrage, are now part of history. Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude oil prices.

viii. Under the social investment programme to support poor households and vulnerable Nigerians, N330 billion has been disbursed to eight million households, many of whom have received either one or two out of the three tranches of the N25,000 each.

ix. Coal mining recovered dramatically from a 22% decline in Q1 to 57.5% growth in Q2, becoming one of Nigeria’s fastest-growing sectors. The solid mineral sector is now pivotal in our economy, encouraging value-added production of minerals extracted from our soil.

x. The administration is expanding transport infrastructure across the country, covering rail, roads, airports, and seaports. Rail and water transport grew by over 40% and 27%, respectively. The 284-kilometre Kano-Kastina-Maradi Standard Gauge rail project and the Kaduna-Kano rail line are nearing completion. Work is progressing well on the legacy Lagos-Calabar Coastal Highway and Sokoto-BadagryHighway. The Federal Executive Council recently approved $3 billion to complete the Eastern Rail Project.

xi. The world is taking notice of our efforts. Sovereign credit rating agencies have upgraded their outlook for Nigeria, recognising our improved economic fundamentals. Our stock market is experiencing an unprecedented boom, rising from an all-share index of 55,000 points in May 2003 to 142,000 points as of September 26, 2025.

xii. At its last MPC meeting, the Central Bank slashed interest rates for the first time in five years, expressing confidence in our country’s macroeconomic stability.

SECURITY:

13. We are working diligently to enhance national security, ensuring our economy experiences improved growth and performance. The officers and men of our armed forces and other security agencies are working tirelessly and making significant sacrifices to keep us safe. They are winning the war against terrorism, banditry and other violent crimes. We see their victories in their blood and sweat to stamp out Boko Haram Terror in North-East, IPOB/ESN terror in South East and banditry and kidnapping. We must continue to celebrate their gallantry and salute their courage on behalf of a grateful nation. Peace has returned to hundreds of our liberated communities in North-West and North-East, and thousands of our people have returned safely to their homes.

YOUTH:

14. I have a message for our young people. You are the future and the greatest assets of this blessed country. You must continue to dream big, innovate, and conquer more territories in your various fields of science, technology, sports, and the art and creative sector. Our administration, through policies and funding, will continue to give you wings to fly sky-high. We created NELFUND to support students with loans for their educational pursuits. Approximately 510,000 students across 36 states and the FCT have benefited from this initiative, covering 228 higher institutions. As of September 10, the total loan disbursed was N99.5 billion, while the upkeep allowance stood at N44.7 billion.

15. Credicorp, another initiative of our administration, has granted 153,000 Nigerians N30 billion affordable loans for vehicles, solar energy, home upgrades, digital devices, and more.

16. YouthCred, which I promised last June, is a reality, with tens of thousands of NYSC members now active beneficiaries of consumer credit for resettlement.

17. Under our Renewed Hope Agenda, we promised to build a Nigeria where every young person, regardless of background, has an equitable opportunity to access a better future-thus, the Investment in Digital and Creative Enterprises (iDICE) programme. The Bank of Industry is driving the programme, in collaboration with the African Development Bank, the French Development Agency, and the Islamic Development Bank. This initiative is at the cusp of implementation. Over the last two years, we have collaborated with our partners to launch the programme, supporting our young builders and dreamers in the technology and creative sectors.

A MESSAGE OF HOPE

18. Fellow Nigerians, I have always candidly acknowledged that these reforms have come with some temporary pains. The biting effects of inflation and the rising cost of living remain a significant concern to our government. However, the alternative of allowing our country to descend into economic chaos or bankruptcy was not an option. Our macro-economic progress has proven that our sacrifices have not been in vain. Together, we are laying a new foundation cast in concrete, not on quicksand.

19. The accurate measure of our success will not be limited to economic statistics alone, but rather in the food on our families’ tables, the quality of education our children receive, the electricity in our homes, and the security in our communities. Let me assure you of our administration’s determination to ensure that the resources we have saved and the stability we have built are channelled into these critical areas. Today, the governors at the state level, and the local government autonomy are yielding more developments.

20. Therefore, on this 65th Anniversary of Our Independence, my message is hope and a call to action. The federal government will continue to do its part to fix the plumbing in our economy. Now, we must all turn on the taps of productivity, innovation, and enterprise, just like the Ministry of Interior has done with our travel passports, by quickening the processing. In this regard, I urge the sub-national entities to join us in nation-building. Let us be a nation of producers, not just consumers. Let us farm our land and build factories to process our produce. Let us patronise ‘Made-in-Nigeria’ goods. I say Nigeria first. Let us pay our taxes.

21. Finally, let all hands be on deck. Let us believe, once more, in the boundless potential of our great nation.

22. With Almighty God on our side, I can assure you that the dawn of a new, prosperous, self-reliant Nigeria is here.

23. Happy 65th Independence Anniversary, and may God continue to bless the Federal Republic of Nigeria.

Amen.

Bola Ahmed Tinubu, GCFR

President and Commander-In-Chief of the Armed Forces of the Federal Republic of Nigeria,

Presidential Villa.