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U19 Elite Rugby 7s sans 11 leading outfits

The Sri Lanka Schools Rugby Football Association (SLSRFA) Under-19 Boys Elite Rugby 7s Tournament will be held on 15 and 16 September at the Trinity College Rugby Stadium, with 16 leading school teams competing for honours.

A season that has been tA season that has been too long has kept sides such as Isipathana, St. Joseph’s, S. Thomas’, Royal, Wesley, Zahira, D.S. and Science from opting out of this shorter version of the game. According to reliable sources, Kingswood, too, had pulled out due to similar reasons, though it had been included in Group B. The opening day will feature group matches, with each team playing three games to determine its final group position. The action is scheduled to begin at 9 a.m., with St. Peter’s College taking on St. Sylvester’s College in the opening fixture. The remaining group matches will continue throughout the day, with the final games scheduled for the evening.

BIR removes VAT on system loss charge

The Bureau of Internal Revenue (BIR) has removed the value-added tax (VAT) on the allowable system loss charge within the cap approved by the Energy Regulatory Commission (ERC).

In Memorandum Circular No. 97-2026 issued Monday, the BIR circularized ERC Resolution No. 26 and formally recognized the allowable system loss charge within the ERC-approved cap as a government-mandated charge excluded from gross sales for VAT purposes.

The BIR said the charge is therefore not subject to output VAT and creditable withholding on VAT.

The exclusion, however, does not extend to income tax and the corresponding creditable withholding tax.

The BIR said the removal of VAT on the allowable system loss charge was in line with President Ferdinand Marcos Jr.’s directive to pursue measures that can provide practical relief to consumers.

‘Every peso saved by consumers counts. This may be one part of a broader effort to bring down electricity costs, but it is relief that can be implemented under existing law,’ BIR Commissioner Charlito Mendoza said in a statement.

‘While Congress continues to consider wider reforms on electricity charges and taxes, the BIR is acting on the measures within its authority that can reduce the burden on consumers,’ he added.

For VAT purposes, the allowable system loss charge must be separately identified in the billing statement, invoice or similar document.

The circular said all concerned generation companies, the National Grid Corporation of the Philippines, distribution utilities, electric cooperatives and other affected taxpayers must ensure the proper billing, accounting, reporting and separate identification of the charge under applicable ERC rules and tax regulations.

The circular takes effect immediately.

‘For consumers, the practical effect is straightforward: once the new rules become effective, VAT will no longer be imposed on the allowable system loss portion of the electricity bill,’ Mendoza said.

‘That means a lower amount will be passed on to consumers on covered billings and transactions,’ he added.

Mendoza said Marcos and Finance Secretary Frederick Go have emphasized that reforms should translate into benefits consumers can feel.

BOI raises N274.18bn in record domestic bond issue

The Bank of Industry (BOI) has raised N274.18 billion through its inaugural five-year fixed-rate naira-denominated bond due 2031, in what has emerged as the largest debt capital markets issuance by a Development Finance Institution in Nigeria, based on publicly available market data.

The transaction, initially targeted at N250 billion, was oversubscribed as strong demand from institutional investors enabled the development finance institution to increase the size of the offer to N274.18 billion.

Rand Merchant Bank Nigeria acted as the Joint Issuing House for the transaction, which attracted significant participation from pension fund administrators, banks, insurance companies, asset managers, development finance institutions and other institutional investors.

The size of the issuance highlights the growing capacity of Nigeria’s domestic debt capital market to mobilise substantial pools of long-term institutional capital for development financing.

Commenting on the transaction, Executive Director and Head of Investment Banking, Broader Africa, RMB Nigeria, Chidi Iwuchukwu, said the successful issuance demonstrated the ability of the Nigerian capital market to mobilise long-term funding at scale.

‘This transaction demonstrates the ability of Nigeria’s capital markets to mobilise long-term capital at scale,’ Iwuchukwu said.

He said BOI remains critical to Nigeria’s industrialisation drive, enterprise development and job creation, adding that RMB was pleased to have partnered with the institution on the transaction.

According to him, the issuance further reinforces RMB’s commitment to providing financing solutions capable of supporting sustainable economic growth in Nigeria and across Africa.

The latest transaction also deepens RMB’s relationship with BOI, having previously acted as financial adviser on the bank’s inaugural Eurobond issuance and supported the establishment of its domestic bond programme.

Head of Debt Capital Markets, RMB Nigeria, Laju Atake, said the successful issuance reflected the continued evolution of Nigeria’s capital market and the increasing importance of efficient access to long-term capital for major institutions.

Atake said supporting debut issuers and major debt capital market transactions remains a key strength of RMB’s debt capital markets franchise.

‘Over the past nine months, we have advised five distinct issuers on their debut debt capital markets transactions in Nigeria,’ she said.

She added that BOI’s domestic bond issuance underscored the development of the Nigerian capital market and the ability of leading institutions to access long-term funding through the local market.

The transaction comes amid increasing efforts by Nigerian financial institutions and corporates to tap the domestic debt market for longer-tenor funding as investors seek opportunities to deploy substantial institutional liquidity.

RMB said the successful issuance demonstrated the depth of liquidity available in Nigeria’s domestic capital markets and the capacity of local investors to support large-scale, long-term financing transactions.

The broad investor participation is particularly significant for the domestic debt market, where pension funds, insurers, banks and asset managers represent some of the largest pools of institutional capital available for infrastructure, industrial and corporate financing.

The Bank of Industry is Nigeria’s foremost development finance institution, with a mandate focused on financing industrial and productive activities, supporting businesses and contributing to employment generation.

The N274.18 billion raised through the bond provides the institution with additional long-term naira funding to support its development finance mandate while further establishing the domestic capital market as a viable channel for large-scale institutional financing.

RMB expressed appreciation to the Securities and Exchange Commission, the Central Bank of Nigeria, professional advisers, transaction parties, investors and other market participants involved in the execution of the transaction.

The investment bank also congratulated the Board, Management and staff of BOI on the successful issuance, describing the transaction as another milestone in its longstanding relationship with the development finance institution.

The BOI transaction adds to RMB’s growing debt capital markets activity in Nigeria and its broader efforts to mobilise long-term capital for sustainable economic development.

Dangote bets scale will rewrite Africa’s place in global refining

The Dangote Petroleum Refinery, the world’s largest single-train refinery, opens its books to public investors today, seeking to raise $1.6 billion in an initial public offering that will test whether investors see Africa’s newest energy giant as a durable, cash-generating business or a one-off beneficiary of a chaotic year for global oil.

Owned by billionaire Aliko Dangote, the refinery posted revenue of $13.9 billion in the first half of the year, with earnings before interest, tax, depreciation and amortisation of $2.6 billion and net income of $1.82 billion, a reversal from a $475.8 million loss in 2025.

The listing is Nigeria’s largest in years and a test case for whether the country’s capital market can absorb a transaction of global scale.

‘The significance of this transaction goes beyond its scale; it demonstrates the depth, capacity and investability of Nigeria’s capital market, as well as our readiness to support businesses of global ambition,’ Temi Popoola, group managing director and chief executive officer of Nigerian Exchange Group, said.

He added, ‘Our objective is to use landmark transactions to build a market where many more Nigerian businesses can access long-term capital and where more investors can participate in Nigeria’s growth.’

Now, as shares in the refinery go on offer to investors, Africa’s biggest refinery is positioning itself as a large-scale merchant refiner capable of supplying West Africa while competing for customers in Europe and other international markets.

‘Dangote Refinery’s scale-up should deepen economies of scale, lower fixed costs per barrel, strengthen operating leverage, and reinforce the refinery’s structural cost advantage relative to regional and several global peers,’ analysts at Cardinal Stone said in a note sent to BusinessDay.

BusinessDay’s findings showed Dangote is entering the stock market just as the economics of global refining are being reshaped by geopolitical disruptions, refinery closures in mature markets, new capacity in Asia and the Middle East, and the gradual shift away from gasoline as electric vehicles gain ground.

Analysts argued that the refinery has moved beyond its difficult commissioning period and into a phase where utilisation, operating efficiency and cash generation can begin to justify its enormous capital cost.

‘Dangote Petroleum Refinery has moved beyond its initial commissioning and ramp-up phase into a period of materially higher utilisation and operating stability,’ Harrison Osagiede and Charles Njoku, analysts at Zedcrest Research, said in a note seen by BusinessDay.

Dangote Refinery recorded a gross refining margin of $33.70 a barrel in the first quarter, before it moderated in the second quarter. Its first-half average was still $24.50 a barrel, well above the $13.70 recorded in 2025 and $10.70 in 2024.

But the analysts cautioned against treating that profit surge as a permanent feature of the business.

‘The key question is therefore not whether the refinery can reproduce a $33.7/bbl Q1 margin, but whether it can sustain a structurally higher margin and utilisation profile than it achieved during its initial ramp-up period,’ Osagiede and Njoku wrote.

That distinction may prove crucial for investors buying into the IPO.

Global refining benefited from a series of disruptions in 2026, including attacks on Russian refining infrastructure and outages in the Middle East that tightened gasoline, diesel and jet-fuel markets.

Analysts said those conditions are set to ease as disrupted capacity returns and product inventories recover. Yet Dangote’s investment case does not rest entirely on a temporary refining boom.

Its core advantage is scale combined with integration.

The Lagos facility has about 700,000 barrels a day of crude-processing capability, making it the world’s largest single-train refinery, according to Zedcrest. It also includes an 830,000-tonne-a-year polypropylene operation, storage facilities, marine infrastructure and a deep-sea jetty.

That configuration gives Dangote several ways to make money from the same crude barrel.

Instead of relying solely on petrol, the refinery can produce diesel, aviation fuel, LPG, naphtha, fuel oil and petrochemical feedstocks.

That flexibility matters at a time when demand for different petroleum products is moving in different directions.

The International Energy Agency estimates showed that electric vehicles displaced about 1.7 million barrels a day of oil demand in 2025, and that displacement could rise to about 5 million barrels a day by 2030 under current policies.

Petrol refining is likely to face the greatest pressure, while aviation fuel and middle distillates are expected to prove more resilient.

For Dangote, that creates an incentive to optimise its product slate rather than simply maximise petrol output.

The geography of demand also works in its favour.

Advanced economies are already seeing stagnant or declining oil consumption, while emerging economies, particularly in Asia and Africa, are expected to account for a larger share of incremental demand as populations grow, cities expand, and vehicle ownership increases.

Africa remains particularly attractive because refining capacity is low relative to its population and petroleum-product requirements.

That is where Dangote’s ambitions stretch beyond Nigeria.

The refinery is increasingly behaving less like an import-substitution plant and more like a regional merchant refinery. Nigerian seaborne petroleum-product shipments averaged about 561,000 barrels a day in the second quarter, with roughly 350,000 barrels a day exported, according to Zedcrest.

The planned expansion could amplify that role.

Dangote has announced a $14.3 billion expansion that would take processing capacity from about 700,000 barrels a day to 1.4 million barrels a day by 2029. Zedcrest said the project could put the refinery on a scale comparable to some of the world’s largest refining complexes.

But bigger is not automatically better.

The refinery already requires enormous quantities of crude. Nigeria’s production recovery, although encouraging, remains insufficient to comfortably supply a future 1.4 million-barrel-a-day facility while meeting exports and the requirements of other domestic refiners.

The refinery therefore cannot rely exclusively on Nigerian crude. It has increasingly operated as a merchant buyer, sourcing barrels internationally when domestic supplies are insufficient or commercial terms are unattractive.

That flexibility is itself a competitive advantage, according to experts.

Analysts at Zedcrest Research said over time, the key competitive advantage should therefore be viewed as logistics flexibility rather than simply lower freight costs.

‘A large, modern refinery capable of combining domestic crude with international feedstocks and supplying both Nigeria and export markets is better positioned to optimise its delivered crude cost and product netbacks across different market conditions,’ Zedcrest Research said.

It added, ‘This flexibility should become increasingly valuable as Dangote expands toward 1.4 mbpd and competes for crude and product-market share across the wider Atlantic Basin’.

Beyond the balance sheet, analysts are framing the IPO as a test of Nigeria’s retail investment culture.

Bismarck Rewane, managing director and chief executive officer of Financial Derivatives Company Limited, urged Nigerians to weigh the offer against the temptation to sell their Permanent Voter Cards for quick cash ahead of elections, a practice he said trades long-term value for short-term consumption.

‘You are better off with your N5,000 share than selling your PVC for N10,000 or N15,000 and consuming it,’ Rewane said.

He called the offer’s ambition to reach 10 million investors a milestone in itself.

‘The reality is that targeting 10 million investors is also a milestone,’ he said, adding that if the company reached that mark, ‘the Dangote Refinery will have the largest number of shareholders in the world.’

Fiona Ahimie, president of the Chartered Institute of Stockbrokers, said the listing gives Nigerians a stake in a strategically important asset.

‘The refinery combines a strong integrated business model with the scale and strategic importance required to contribute meaningfully to the country’s energy security and industrial growth,’ Ahimie said. ‘It also gives Nigerians an opportunity to participate in the ownership of an important national enterprise. Investors with a long-term outlook should consider being part of this opportunity.’

She said the offer could deepen public understanding of how Nigerian savings connect to productive enterprise, and that the country’s network of licensed stockbrokers stands ready to help investors through the process.

Sehinde Adenagbe, chairman of the Association of Securities Dealing Houses of Nigeria, said the offer adds depth to the market.

‘Bringing an enterprise of this scale to the public market broadens participation, supports wealth creation and adds depth to Nigeria’s investment landscape,’ Adenagbe said. ‘The stockbroking community welcomes the offer and is ready to support a seamless process so that investors across the country can take part.’

NDC adopts crowdfunding to check ‘moneybags’ ahead of 2027

The National Democratic Congress (NDC) has announced plans to adopt a crowdfunding model to finance its activities ahead of the 2027 general elections, saying the initiative is aimed at preventing wealthy individuals from exerting undue influence on the party.

The party’s National Publicity Secretary, Osa Director, disclosed this in an interview on Trust TV’s Sunday Politic, where he explained that the proposed funding structure would allow members and supporters to contribute according to their financial capacity.

Director said the initiative was designed to give ordinary Nigerians a greater stake in the affairs of the party while limiting the ability of wealthy donors, popularly described as ‘moneybags’, to dictate the party’s decisions.

According to him, the NDC wants to develop a funding system that promotes broad-based ownership and financial accountability.

‘We should be inventive, creative and innovative in the way we fund our party. Every Nigerian should have the opportunity to own the party,’ he said.

‘We don’t want a party that is hijacked and solely sponsored by moneybags, because that would allow them to dictate what happens within the party.’

The spokesman said the NDC was studying crowdfunding models used by the Obidient movement during the 2023 general elections as it develops its own system for mobilising financial support.

He said the proposed arrangement would incorporate mechanisms that allow contributors to monitor how their funds are utilised.

Director added that professional financial experts and auditors would be engaged to oversee the process, while the party would publish accounts showing funds raised and how they were expended.

He said the NDC had yet to establish a ceiling on individual donations under the proposed crowdfunding system, noting that the limit would be announced after consultations with relevant stakeholders.

The party spokesman, however, pointed to the contribution limits already introduced during its primary elections as evidence of its efforts to prevent excessive financial influence.

He said the party had set contribution limits of N10 million for House of Representatives aspirants and N20 million for Senate aspirants.

According to him, the NDC could have allowed aspirants to contribute significantly higher amounts but deliberately imposed the limits to prevent financial power from determining the party’s internal processes.

Director also disclosed that the party would scrutinise substantial donations before accepting them, particularly where there were concerns about the source of the funds.

‘If somebody decides to donate N500 million to us, it will be left to the party leadership to decide whether to accept it,’ he said. He explained that the party would be cautious about accepting large donations that could expose it to legal, reputational or political risks.

The NDC spokesman stressed that the proposed crowdfunding initiative was not targeted exclusively at wealthy supporters, saying ordinary Nigerians would be able to participate with whatever amount they could afford.

‘We are not saying it must be millions of naira. It could be N1,500 or whatever amount you can afford,’ he said.

He further said the party intended to engage reputable audit firms operating in Nigeria to manage and independently scrutinise the funds.

Director said the arrangement would ensure that the party remained accountable to its members and supporters while reducing the possibility of financial contributors gaining disproportionate control over its activities.

The initiative, he said, would form part of the NDC’s broader preparations for the 2027 elections and its effort to build a political organisation in which financial participation is spread across its membership rather than concentrated in the hands of a few wealthy individuals.

Bamanga Tukur: Today is work-free in Adamawa

Gov. Ahmadu Fintiri of Adamawa has declared today, Monday, 14 September 2026 a work-free day to honour the late Alhaji Bamanga Tukur, former Governor of the defunct Gongola State.

Tukur, a prominent elder statesman and former National Chairman of the Peoples Democratic Party (PDP), was buried in Yola on Sunday after funeral prayers at the Lamido’s Palace.

Fintiri, in a statement issued by his Chief Press Secretary, Mr Humwashi Wonosikou, said the declaration was to enable residents to pay their last respects to the deceased and reflect on his life and legacies.

The governor described the late Tukur as a statesman whose contributions to the growth and development of Adamawa and Nigeria would continue to be remembered.

He urged the people of the state to use the work-free day to pray for the peaceful repose of Tukur’s soul and seek God’s comfort for his family, friends and the people of Adamawa.

According to him, the work-free day is part of measures by the state government to honour the late statesman during the three-day mourning period declared in his memory.

Fintiri said all flags across the state would continue to fly at half-mast throughout the mourning period.

He, however, directed that essential services should continue to operate despite the declaration.

The late Tukur served as the third civilian governor of the defunct Gongola State and later held several prominent positions in Nigeria’s public and political spheres.

His burial in Yola on Sunday drew dignitaries, political associates, traditional rulers, family members and sympathisers who gathered to pay their final respects to the respected elder statesman.

Six kidnappers in military custody after Adamawa operation

Troops conducting operations under Operation Hadin Kai have arrested six suspected kidnappers and recovered a Dane gun in Song Local Government Area of Adamawa State.

The arrests followed intelligence on the activities of a suspected kidnapping syndicate operating around Soktu Hill, according to the Acting Military Information Officer, North-East Joint Task Force, Operation Hadin Kai, Capt. Mohammed Goni.

Goni disclosed this in a statement on Monday, saying troops of Sector 4 OPHK, working with local hunters, acted on the intelligence and raided the suspects’ hideout.

The statement read, ‘Following credible human intelligence on the activities of a suspected kidnapping syndicate operating around Soktu Hill in Song Local Government Area of Adamawa State, troops of Sector 4 OPHK, in conjunction with local hunters, swiftly mobilised and raided the identified hideout.’

According to him, the initial operation resulted in the arrest of three suspects and the recovery of a Dane gun.

He added, ‘Further investigation and subsequent covert operations led to the arrest of three additional members of the syndicate, bringing the total number of suspects arrested to six.’

Goni said preliminary investigations indicated that the suspects had been operating across the Soktu, Dumne and Maigero general areas of Song LGA.

He said the suspects reportedly confessed to participating in the abduction of several victims for ransom, as well as other violent crimes in the area.

‘They remain in military custody for further investigation and appropriate legal action,’ he stated.

Meanwhile, the military said another success was recorded in Borno State after a Boko Haram/ISWAP terrorist surrendered to troops.

Goni said troops of 29 Task Force Brigade, operating under Sector 2 OPHK and working with Forest Guards, received the terrorist at Borgozo in Benisheikh, Kaga Local Government Area of Borno State on September 13, 2026.

‘Preliminary investigation revealed that the terrorist escaped from a terrorist enclave with the intention of abandoning terrorism,’ he said.

According to the Army spokesman, troops recovered an AK-47 rifle, 14 rounds of 7.62mm Special ammunition, four magazines, an improvised explosive device, a magazine pouch and a bicycle from the surrendered terrorist.

‘The surrendered terrorist is currently in military custody undergoing further investigation and profiling in accordance with extant procedures,’ he stated.

Goni said the operations reflected the continued efforts of Operation Hadin Kai to disrupt the activities of terrorists and criminal groups across the Joint Operations Area.

‘The Theatre Command remains committed to sustaining offensive operations, denying terrorists and other criminal elements freedom of action, creating a safer environment for law-abiding citizens and enabling an environment for socioeconomic activities to thrive,’ he assured.

Lagos Commissioner, others, monitor school resumption, checks teachers’ attendance

The Lagos State Commissioner for Basic and Secondary Education, Jamiu Tolani Alli-Balogun, and the Permanent Secretary of the ministry, Abisola Dokunmu-Adegbite, have led monitoring visits to schools across the state to assess compliance and readiness for the 2026/2027 academic session.

The exercise was aimed at ensuring a smooth start to academic activities, while assessing staff and students’ attendance, school preparedness and compliance with the state government’s resumption directives.

Alli-Balogun visited Keke Senior High School, Agege, where he inspected the school environment and engaged school administrators and teachers on the commencement of the new term.

The commissioner stressed the need for punctuality, discipline and effective teaching and learning, while urging students to remain focused on their studies and take advantage of the opportunities provided by education.

‘It is very important for you to be focused, read ahead of the class, engage your teachers by asking questions and participating in all positive things that happen in school. Learn to build a good foundation and better future for yourselves,’ he told the students.

He also urged teachers and other school personnel to remain committed to their responsibilities and ensure that learners receive the attention and support needed to excel.

A major part of the visit was a roll call of teachers at Keke Senior High School conducted by the commissioner to assess staff attendance and compliance with expected standards of discipline.

Meanwhile, Dokunmu-Adegbite, accompanied by the Senior Special Assistant on Basic and Secondary Education, Eniola Opeyemi, monitored activities at Technical and Vocational School, Agidingbi, and Babs Fafunwa Grammar School, Ojodu.

At the schools, the permanent secretary reviewed the preparedness of the institutions, checked staff and student attendance and interacted with school management and parents on the commencement of academic activities.

She commended teachers and school administrators for their commitment and urged them to maintain professionalism and remain focused on their responsibilities.

Dokunmu-Adegbite also advised students to avoid negative peer influences, make good use of their time and pursue skills and areas of interest with commitment.

‘Don’t join any bad group, learn from your mates that know better than you. Never stop learning, any skill you like to acquire, give it your best. I wish you the best and want the best for you,’ she said.

The permanent secretary further urged parents to take greater responsibility for their children’s upbringing and remain actively involved in their lives and education.

Beyond the visits by the commissioner and permanent secretary, directors from Grade Level 15 and above in the Ministry of Basic and Secondary Education were deployed to schools across Lagos to monitor the resumption exercise.

According to the ministry, the deployment was intended to provide wider coverage and enable officials to assess school readiness, staff and student attendance and the commencement of teaching and learning across the state.

The monitoring exercise forms part of the Lagos State Government’s efforts to ensure that public schools operate effectively and that academic activities begin smoothly at the start of each term.

The ministry said it would continue to strengthen standards, support teachers and school administrators and promote a conducive environment for quality teaching and learning across the state.

Enugu APC denies sponsoring violence in Nkanu West, demands thorough investigation

The Enugu State chapter of the All Progressives Congress (APC) has denied allegations linking the party, its leadership and the administration of Governor Peter Mbah to an alleged act of political violence in Nkanu West Local Government Area.

The party described the allegations as unsubstantiated and politically motivated, urging security and law-enforcement agencies to conduct a thorough, impartial and professional investigation into the incident.

The APC stated this in a press statement issued on Monday by its State Publicity Secretary, Chief Hon. Uche Obute (JP), following allegations by some opposition political actors.

The party said it ‘unequivocally rejects’ the allegations, stressing that they were inconsistent with what it described as the peaceful and democratic disposition of the APC and the Mbah administration.

According to the APC, political disagreements are legitimate in a democracy but must be expressed responsibly and within the bounds of truth, civility and the law.

It warned that no political party or individual should exploit an unfortunate incident to create unnecessary tension, damage reputations or undermine the peace and stability of Enugu State.

The party said Governor Mbah had consistently demonstrated commitment to peace, security and law and order across the state, adding that his administration had placed security, development and good governance among its major priorities.

‘As a lawyer and Chief Executive of the State, he understands the importance of protecting the lives and property of citizens and maintaining an environment conducive to development,’ the party said.

The APC said it was therefore difficult to reconcile allegations of sponsorship of violence with an administration that had consistently prioritised security and development.

It urged stakeholders to allow the governor’s ‘record and actions in office’ to speak louder than political insinuations or unverified claims.

The party said it was particularly unfortunate to associate Mbah with an act capable of undermining peace in Nkanu West, given his ancestral and political connection to the area.

‘As a son of Nkanu, the peace, security, development and wellbeing of the people remain matters of profound importance,’ it said, urging stakeholders to avoid statements capable of creating division without established facts.

The APC called on security agencies to establish the facts surrounding the reported incident, insisting that whoever was found responsible for violence or criminality should face the full weight of the law, irrespective of political affiliation or status.

‘The APC has nothing to fear from a transparent investigation and will continue to uphold the principles of democracy, justice and the rule of law,’ the statement said.

It also urged opposition parties and political actors to embrace responsible engagement, warning against character assassination, misinformation, inflammatory rhetoric and unsubstantiated accusations.

The APC called on its members and supporters to remain calm and law-abiding, while urging traditional rulers, religious and community leaders, youth organisations and civil society groups to promote peace and dialogue.

It reaffirmed its support for the Mbah administration’s development agenda, saying political differences should be resolved through lawful and democratic processes rather than confrontation or violence.

Tinubu seeks stronger BRICS cooperation in AI, fintech, others

President Bola Ahmed Tinubu yesterday warned that developing countries risk surrendering control of their future unless they move from merely consuming technology to producing it, creating knowledge and owning intellectual property.

Tinubu, who declared that ‘a nation that owns no technology risks renting its future’, challenged BRICS countries to deepen cooperation with developing economies in artificial intelligence, digital public infrastructure, fintech, telecommunications, cybersecurity, biotechnology and advanced manufacturing.

The President spoke at the 18th BRICS Leaders’ Summit in New Delhi, India, in an address delivered on his behalf by Vice President Kashim Shettima.

BRICS is an intergovernmental organisation comprising 11 major emerging market and developing countries: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa, and the United Arab Emirates

According to a statement by his Senior Special Assistant on Media and Communications, Office of the Vice President, Stanley Nkwocha, Tinubu said Nigeria was determined to leverage its youthful population and growing innovation ecosystem to become a producer rather than merely a consumer of emerging technologies.

‘We welcome deeper BRICS cooperation in artificial intelligence, digital public infrastructure, fintech, telecommunications, cybersecurity, biotechnology and advanced manufacturing, because developing countries must produce technology, create knowledge and own intellectual property. A nation that owns no technology risks renting its future,’ Tinubu said.

The President identified Nigeria’s young and dynamic population as one of its greatest assets, saying its creativity and enterprise were already driving the country’s innovation agenda.

He said his administration was investing in digital skills, entrepreneurship, research, artificial intelligence and technology-enabled businesses through initiatives such as 3MTT, Project BRIDGE and national AI programmes.

‘As Project BRIDGE expands broadband, fibre and digital public services, we seek an open, secure, and inclusive digital ecosystem that advances innovation, digital trade, responsible artificial intelligence, and cybersecurity,’ he said.

Tinubu said Nigeria viewed its relationship with BRICS as a practical platform for securing investment, technology transfer and human-capital development rather than merely another forum for diplomatic dialogue.

‘Nigeria sees cooperation with BRICS as a practical opportunity for trade, investment, technology transfer, and human-capital development. We support partnerships in infrastructure, connectivity, energy, agriculture, healthcare, education, and industrialisation, backed by development finance’, he said.

Beyond technology, the President called for an urgent overhaul of global governance structures and international financial institutions, arguing that the international system must better reflect contemporary economic and demographic realities.

He said the transformation championed by BRICS should extend to the international system, particularly the United Nations Security Council and global financial architecture.

‘Nigeria supports a more representative, equitable and responsive global governance architecture, including reform of the United Nations Security Council and the international financial system.

‘BRICS amplifies the voice of the Global South and advances a more inclusive international order, consistent with Nigeria’s call for institutions that reflect contemporary economic and demographic realities,’ he said.

Tinubu consequently made a case for ‘a BRICS partnership that moves from dialogue to delivery, from commitments to implementation, and from cooperation to measurable development outcomes’.

The President also invited foreign investors to take advantage of opportunities in Nigeria, urging them to see the country as a gateway to Africa’s expanding market under the African Continental Free Trade Area (AfCFTA).

He defined economic resilience for Nigeria as building an economy capable of withstanding global shocks while creating sustainable opportunities for citizens.

Tinubu said the objective was embedded in his administration’s Renewed Hope Agenda through reforms aimed at strengthening macroeconomic stability, diversifying production, raising productivity, expanding infrastructure and human capital, attracting investment, promoting private-sector-led growth and deepening climate resilience.

‘We welcome BRICS cooperation in trade, agriculture, food security, energy, infrastructure, manufacturing, healthcare and critical minerals, especially partnerships that advance technology transfer, local value addition, industrial capacity and employment’, he said.

On climate change, Tinubu said Nigeria’s sustainability model sought to balance climate action with the development aspirations of emerging economies.

He reaffirmed Nigeria’s support for affordable climate finance, technology transfer and capacity-building for Africa, while seeking greater cooperation in renewable energy, gas, clean technologies, climate-smart agriculture, sustainable infrastructure and responsible critical-mineral development.

The President said climate responsibility should contribute to broader economic growth rather than become an obstacle to the development ambitions of emerging economies.

Tinubu expressed Nigeria’s readiness to contribute to a BRICS partnership resilient enough to withstand global shocks, innovative enough to embrace the future and cooperative enough to advance shared prosperity while protecting future generations.

‘Our partnerships must create jobs, expand trade, transfer technology, and strengthen our nations’ productive capacity. We must build a future in which Africa moves from the margins of global development to the frontiers of global growth and innovation,’ he said.

Indian Prime Minister Narendra Modi said confidence in BRICS among countries of the Global South had grown because their voices were being heard, their experiences respected and solutions developed with them rather than for them.

Modi said the strength of BRICS lay in its diversity and cooperation, noting that the bloc was expanding participation beyond governments to entrepreneurs, farmers, researchers, women and young people.

‘We may be rooted in different realities, but together, we rise through cooperation and blossom for humanity,’ he said.

The Indian Prime Minister said initiatives such as BRICS CONNECT, the BRICS MSME Cooperation Portal and the BRICS Urban Mobility Hub were designed to promote skills, employment, enterprise development and knowledge-sharing among member and partner countries.

Modi also stressed the need to balance development with environmental responsibility, saying sustainability must remain central to BRICS cooperation and the interests of future generations.