Author: user user

Kogi vigilantes arrest two over alleged vandalism of PHCN armoured cable

Operatives of the Kogi State Vigilante Service (KSVS), attached to Sector D Command, have arrested two suspects over the alleged vandalism of an armoured cable belonging to the Power Holding Company of Nigeria (PHCN) in Egbe, Yagba West Local Government Area of Kogi State.

The suspects, identified as Jonah Bako, 30, and Abdullahi Yunusa, 45, were arrested on October 30 at about 9 p.m. following sustained credible intelligence.

According to a statement by the Service’s Public Relations Officer, Idris S. Idris, Bako was allegedly caught vandalising the electricity cable before his arrest.

During interrogation, the first suspect reportedly confessed to the crime and identified Yunusa, a scrap dealer, as his regular buyer. The alleged receiver was subsequently arrested.

The Comptroller-General of KSVS, Alhaji Ibrahim Usman Anataku, commended the operatives for their dedication and professionalism, urging them to sustain the momentum in the fight against criminal activities across the state.

Anataku also expressed appreciation to Governor Ahmed Usman Ododo for his continued support and encouragement to the service.

He called on residents to support security agencies with credible and actionable intelligence, stressing that security is a collective responsibility.

The Comptroller-General assured members of the public that all information supplied, as well as the identities of informants, would be treated with strict confidentiality.

Former Agrarian Reform Secretary Philip Juico dies at 78

Philip ‘Popoy’ Juico, former Department of Agrarian Reform (DAR) secretary and a prominent figure in the country’s sports administration who headed the Philippine Sports Commission (PSC) and the national athletics federation, died on Oct. 31. He was 78.

His son Vincent announced his death in a Facebook post on Sunday, saying Juico passed away at 8:18 p.m. at Makati Medical Center. No cause of death was disclosed. Funeral arrangements will be announced once confirmed.

Juico served as agrarian reform secretary from 1987 to 1989 under President Corazon Aquino before becoming PSC chair from 1996 to 1998 during the administration of President Fidel Ramos.

His tenure at the department was clouded by the Garchitorena land deal in Camarines Sur, which came under investigation over allegations that an overpriced property purchase could have cost the government millions.

Juico resigned in 1989 but denied wrongdoing. The Sandiganbayan acquitted him in July 1992, finding no evidence that he had attempted to defraud the government.

Juico was vice president of the Asian Athletics Association and chaired its School and Youth Commission.

In sports, Juico became a leading figure in Philippine athletics, serving as president of the Philippine Amateur Track and Field Association from 2014 to 2022. He was later named chair emeritus.

His tenure included a highly publicized dispute with pole vaulter EJ Obiena over financial liquidations and funding, which drew attention to tensions between elite athletes and sports federations.

In the academe, he was dean of the Graduate School of Business of De La Salle Professional Schools from 2002 to 2008. De La Salle University inducted him into its Sports Hall of Fame in 2001 for his contributions to Philippine sports.

He is survived by his wife, Margie, and children Dinggay, Vincent, Joseph, and Mayen.

NGX listing alone insufficient to assess corporate risks – DataPro

Companies seeking to raise funds from Nigeria’s capital market may need to look beyond stock exchange listing to strengthen investor confidence, as credit ratings provide an independent assessment of their ability to meet financial obligations, particularly when accessing debt financing.

DataPro, a Nigerian credit rating agency, said although companies can list their shares on the Nigerian Exchange Limited (NGX) without obtaining a credit rating, the two serve complementary purposes in helping investors understand businesses, their financial strength and associated risks.

According to DataPro in its Monthly Rating Brief for November, while equity investors acquire ownership interests and typically focus on earnings growth, valuation and potential returns, credit ratings provide an independent assessment of an issuer’s creditworthiness, including its capacity and willingness to meet financial commitments.

The agency said the distinction becomes increasingly important as listed companies diversify their funding sources and seek to raise capital through instruments such as corporate bonds and commercial paper.

A credit rating provides an additional layer of information beyond financial statements, corporate disclosures and historical performance, helping investors assess the financial risks associated with an issuer.

DataPro explained that credit ratings examine factors relevant to a company’s ability to service its obligations, offering a perspective that complements existing information about its business model, competitive position, strategy, governance and cash flows.

However, the agency stressed that a credit rating does not constitute an investment recommendation or replace investors’ assessment of a company’s valuation, growth prospects and overall investment suitability.

Rather, it provides an independent view of an issuer’s financial strength and credit risk, which can help investors make more informed decisions.

The importance of credit ratings becomes more pronounced when companies approach the debt market to raise funds.

In Nigeria, corporate bonds are required to be rated by a rating agency registered with the Securities and Exchange Commission (SEC), making credit ratings an important component of the information available to investors participating in the bond market.

For debt investors, the central consideration is whether an issuer can meet its financial obligations as they fall due, including interest payments and principal repayment.

This differs from the priorities of equity investors, who are generally more concerned with a company’s growth trajectory, profitability and potential shareholder returns.

Despite these differences, DataPro noted that both groups are assessing the same underlying business, making reliable and independent information about its financial position and risks valuable to the broader capital market.

For listed companies, credit ratings can therefore complement existing disclosures and financial statements, particularly as they engage with different categories of investors and explore alternative financing options.

The agency said the broader significance lies in the role credit ratings play in improving market information and supporting investors’ understanding of corporate risk.

As companies increasingly seek to diversify funding beyond equity capital, the distinction between listing and credit rating is expected to remain important in shaping how businesses access Nigeria’s capital market.

Ultimately, stock exchange listing provides companies with access to equity investors, while credit ratings offer an independent assessment of their ability to meet financial commitments.

Both mechanisms serve different purposes but contribute to a more comprehensive understanding of companies, their financial risks, and their participation in the capital market.

My emergence as Nigeria’s leader, extraordinary blessing – Tinubu

President Bola Ahmed Tinubu has reaffirmed his resolve and determination to build a prosperous nation, invest in the future of young Nigerians and pursue development in line with the will of Almighty Allah and the aspirations of the people.

A statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, disclosed that Tinubu made the remarks on Monday while reflecting on his spiritual journey to the Kingdom of Saudi Arabia to perform Umrah.

During the visit, the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, granted him the rare privilege of leading Nigeria’s delegation in prayers inside the Holy Ka’aba.

Tinubu left Nigeria last week to perform the lesser Hajj in Saudi Arabia.

At the Ka’aba, President Tinubu offered prayers of gratitude to Almighty Allah for the privilege of serving as Nigeria’s President and Commander-in-Chief of the Armed Forces.

Sheikh Dahlulah Muthawal of Masjid al-Haram led the President into the Ka’aba.

Revealing his supplications to God, Tinubu said he asked Allah for wisdom and resilience to continue serving Nigerians, expressing confidence that his prayers had been answered.

He said: ‘Well, I asked for wisdom and resilience to continue to serve the people. I know that prayer has been granted. Before the 2023 election, I did the same thing. I asked Allah to bless my Umrah then, and He did. And I promised that I would come back to thank Him.’

Reflecting on the message from the Holy Qur’an in Surah Aal-Imran, Verse 26, which affirms that Almighty Allah is the Owner of all sovereignty, granting power and authority to whom He wills and taking them away from whom He wills, the President said power was a trust that must be exercised responsibly, with humility and in the service of the people.

He noted that no position of authority was permanent and that ultimate sovereignty belonged to Almighty Allah.

‘There is no other God but Almighty Allah. He is the giver and the taker. He owns power and authority. He says, ‘If I give you, use it well. If you don’t use it in accordance with my dictates, I can take it from you and give it to another person. I am the only One who has that authority,” the President said, quoting the words of the Qur’an.

President Tinubu said his faith in Allah had strengthened his conviction that his emergence as Nigeria’s leader was an extraordinary blessing that must be matched with dedicated service to the country.

‘I have faith in that, and I believe extremely well that He has done me and my country a great favour. Out of many millions of people, to be the President and Commander-in-Chief is a favour that only Almighty God can do to a human being,’ he stated.

‘My commitment to Project Nigeria is higher. I am determined to usher in prosperity and fully develop the country, consistent with the wish of Allah and the support of the people.

‘It is important to put Allah first, then move on. Follow your conscience. Follow the right path that will lead Nigeria to that greatness.’

Appraising the state of the economy under his administration, President Tinubu described the economic foundation as solid and the country’s emergence from a difficult period as encouraging.

‘The foundation is solid, and the economy has come out of the dark tunnel. This is inspiring,’ he said.

He maintained, however, that nation-building required sustained investment in the future of young Nigerians, noting that decisions taken by today’s leaders would determine how future generations remembered them.

‘We need to build a future for our youth. If we don’t invest in their future, how do we want to be remembered as leaders 50 years from now? That’s the main thing. So this is a rare privilege to lead the country,’ the President added.

Tinubu thanked the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Crown Prince Mohammed bin Salman for granting him and members of his Nigerian delegation the opportunity to enter the Holy Ka’aba in Makkah and offer prayers to Almighty Allah.

The President described the honour as a historic and deeply cherished spiritual experience, reflecting the longstanding bonds of friendship, mutual respect and cooperation between Nigeria and the Kingdom of Saudi Arabia.

‘I want to say a big thank you for the faith, for the recognition. I can’t believe the fencing of the Ka’aba is in Green-White-Green, which reminds us of the Nigerian identity.

‘I thank the Crown Prince and all the administrators of the holy land. I thank them for the hospitality and recognition given to me as the leader of the delegation and the country.

‘We are all facing challenges and hostility around us. We will overcome them with faith in God Almighty. I’m grateful forever. I thank the King and the royal Crown Prince.

‘It is an honour that I enjoyed, and it is gracious of them to have allowed me to enter inside the Ka’aba. This is history,’ the President said.

God has granted me wisdom to continue to serve Nigeria – Tinubu

President Bola Ahmed Tinubu has said God has granted his prayer for wisdom and resilience to continue serving Nigeria, expressing renewed determination to deliver prosperity and national development.

The President made this known on Monday while speaking about his recent spiritual experience in Saudi Arabia, where he performed Umrah and was granted permission to enter the Holy Kaaba in Makkah to offer prayers.

During the visit, Tinubu said he prayed for Nigeria’s diverse population, asking Allah to promote unity and prosperity across the country.

He also expressed gratitude to Almighty Allah for the opportunity to lead Nigeria, describing his position as President and Commander-in-Chief as a special favour from God.

Asked how the experience would strengthen his commitment to the task ahead, Tinubu said he had prayed for wisdom and resilience to continue serving Nigerians and believed the prayer had been answered.

He said, ‘I feel fulfilled and grateful to Almighty Allah for giving us the opportunity, the health and the day that went very well.

‘The prayer is for Allah, Subhana wa Ta’ala, to comfort our diversity. Nigeria is full of diverse people. It’s made up of all the faiths. May Allah comfort our diversity to prosperity for the entire country. That’s the prayer.

‘Well, I ask for wisdom and resilience to continue to serve the people. I know that has been granted.

‘Prior to the 2023 election, I did the same thing. I asked Allah to bless my Umra then. He did, and I promised that I’ll come back to thank Him. Almighty Allah. There’s no other God but Him. He is the giver and the taker.

‘He owns the power. He says, use it well. If you don’t use it in accordance with my dictates, I can take it from you and give it to another person.

‘I am the only God who has that authority. So, I have faith in that, and I believe extremely well that He has done me and my country a great favour.

‘Out of millions of people, to be the president and commander-in-chief is a favour from God Almighty.

‘My commitment is higher, determined to bring prosperity and to develop the country consistent with the wish of Allah and the support of the people. It is important to put Allah first, then move on.

‘Follow your conscience. Follow the right path that will lead Nigeria to that greatness. The foundation is solid.

‘The economy has come out of the dark tunnel. It’s inspiring. We need to build a future for our youth.

‘If we don’t invest in their future, in 50 years from now, how do we want to be remembered as leaders? That’s the main thing. I’m not looking for anything else.

‘I want to say a big thank you for the faith and for the recognition. I can’t believe the fencing of the Kaaba was in green, white, green. Thank them for the hospitality and recognition given to me as a leader of the delegation and, you know, at the country.

‘We are all facing challenges and hostility around us. We will overcome it with faith in God Almighty. I’m grateful forever.

‘I thank the King and the Royal Crown Prince. It is their honour that I enjoyed, and it was gracious of them to have allowed me to enter inside the Kaaba. It is history.’

Lanao del Sur to hold town halls for families of Marawi siege victims

The provincial government of Lanao del Sur is gearing up to hold town hall meetings in three Mindanao cities to help families of victims who went missing during the 2017 Marawi siege obtain information and assistance in identifying their loved ones.

The preparations were discussed during the 10th meeting of the Technical Working Group (TWG) on the Action Plan for Marawi Siege Victims Identification on Oct. 29 at the New Capitol Complex in Marawi City.

The planned town hall sessions will be held in Marawi, Iligan and Pagadian cities, with the participation of concerned local government units and partner agencies, including the International Committee of the Red Cross (ICRC) and the Provincial Social Welfare and Development Office (PSWDO).

In a statement, the Provincial Government of Lanao del Sur said the meeting focused on finalizing logistical arrangements, program flow and inter-agency coordination to ensure the orderly conduct of the sessions.

Discussions included providing transportation, food, accommodation and other necessary assistance to families participating in the activities, as well as government personnel.

The TWG also discussed measures to improve communication with families, including preparing frequently asked questions, establishing a help desk and developing an additional communication platform where relatives can raise concerns and seek information about the identification process.

Concerned government agencies are also expected to participate in the sessions to provide families with relevant information and assistance.

The Marawi siege erupted on May 23, 2017, when the Islamic State-aligned Maute and Abu Sayyaf groups occupied parts of the city and fought government forces for five months.

The conflict displaced hundreds of thousands of residents, destroyed large portions of the city’s center and left many families searching for missing relatives.

The government declared Marawi liberated on Oct. 17, 2017, after confirming the deaths of militant leaders Isnilon Hapilon and Omar Maute.

However, the fate and identification of people who went missing during the conflict remain a concern for affected families.

Top five banks pool N105tr deposits

Deposits by customers in Nigeria’s five major and strategically important banks crossed the N100 trillion thresholds at the end of September.

The banks pooled a total of N105.01 trillion attracting an additional N8.44 trillion in new customer deposits in the first nine months of the year.

The five strategically important banks – Zenith Bank Guaranty Trust Holding Company (GTCO) First HoldCo Stanbic IBTC Holdings and Ecobank Transnational Incorporated (ETI) – account for more than two-quarters of Nigeria’s banking deposits.

A report by The Nation’s Market Intelligence yesterday showed considerable brand loyalty by customers in the five strategically important banks with all banks reporting growths in customer deposits during the period.

The nine-month report for the period ended September 30 2026 indicated increase in customer deposits from N96.57 trillion in December 2025 to N105.01 trillion by September 2026 an increase of N8.44 trillion or 8.7 per cent.

ETI with the largest base grew customers deposits from N36.44 trillion to N36.70 trillion. Zenith Bank added N2.78 trillion in the first nine months moving from N24.33 trillion to N27.11 trillion. First HoldCo’s customers deposit increased from N18.88 trillion to N22.91 trillion. GTCO saw increase from N12.55 trillion to N13.73 trillion.

Group Chief Executive Officer Guaranty Trust Holding Company Plc Mr. Segun Agbaje said the company’s performance in the third quarter reflected the strength of a franchise built on scale efficiency and discipline.

‘Despite a challenging operating environment and significant fair value losses in the period our core earnings continued to grow our deposit base expanded strongly our cost efficiency remains among the best in the industry and our balance sheet remains strong liquid and well capitalised.

‘Looking ahead we will always optimise risk-free returns wherever we see them and will always be positioned to take advantage of arbitrage opportunities as market conditions evolve without compromising the quality of our risk assets. We will also continue to evolve our platforms and adapt to new technologies to meet the changing needs of our customers as we remain focused on delivering sustainable value and superior returns to our shareholders’ Agbaje said.

Chief Executive Officer Nigeria Economic Summit Group (NESG) Dr. Tayo Aduloju called on banks to deploy their enhanced balance sheet for the economic growth and transformation of the country.

He spoke at the fellowship investiture ceremony of CIBN. The theme of the event was ‘Bank Recapitalization: Leveraging New Bank Capital for Nigeria’s Industrial Transformation’.

Aduloju listed five ways under which commercial banks can provide industrial loans to companies noting that lenders needed to build industrial credit capability sector desks for priority value chains transactions and get engineers and analysts who can appraise plants offtake and cash flows.

He added that banks also need to co-finance and share risk by syndicating loans with Bank of Industry (BoI) Development Bank of Nigeria (DBN) and international development finance institutions (DFIs) and use partner guarantees to stretch capital further.

He said banks would further need to lengthen tenor for facilities by tapping into pension and bond markets and refinancing lines to match long-gestation industrial projects.

According to him with the issues around price risk with data requiring the banks to use credit bureaus the movable-asset collateral registry and digital cash-flow data to lend beyond land collateral are also critical.

He said banks are also required to finance value chains not just firms and also anchor-buyer and supply-chain finance linking MSME suppliers to large manufacturers as well as green finance for cleaner energy.

Aduloju said a weaker naira has cut bank capitals’ dollar value by 71 per cent since the last recapitalisation done decades ago.

He said 46 per cent of bank loans go to oil and gas sector; 8.7 per cent goes to manufacturing compared to 17 per cent in recent years.

He said although recapitalisation built the capacity to lend industrial transformation depends on where the fund is deployed.

He said: ‘The measure of this recapitalisation will be the extent to which it strengthens the industry’s productive capacity enhances the competitiveness of its products and expands its export potential’.

According to him banks should lend to production not only to safety while building the skills partnerships and products that industrial finance needs.

He advised policy makers to make productive lending cheaper and safer: They need to lower reserve and funding costs credible guarantees reliable power and transparent data.

Navy deepens civil-military relations with ultra-modern hall mini marts in Edo

The Nigerian Navy has inaugurated and handed over an ultra-modern 500-capacity hall mini marts and an Information Technology (IT) garden at Ibore-Uneah in Irrua Esan Central Local Government Area of Edo State.

The event reinforced the commitment of the service to grassroots development and stronger civil-military relations.

The facility executed under the Chief of the Naval Staff (CNS) Special Intervention Quick Impact Project Scheme is designed to provide social and economic infrastructure for Ibore-Irrua and neighbouring communities.

The Chief of the Naval Staff (CNS) Vice Admiral Idi Abbas who was represented by the Director of Nigerian Navy Veteran Affairs Rear Admiral Reheem Taofeek said the initiative reflected the Navy’s recognition that national security and prosperity were strengthened when communities were empowered through meaningful development.

Abbas said the project was another demonstration of the Navy’s civil-military cooperation efforts which seek to address critical community needs while strengthening relationships between the Armed Forces and the people.

The CNS said the ultra-modern hall would provide a venue that is conducive to host community meetings and other social activities while the mini marts and IT garden would contribute to the socio-economic development and improved quality of life of residents.

He said: ‘The Nigerian Navy recognises that the security and prosperity of our nation are strengthened when communities are empowered through meaningful development.

‘This understanding continues to guide the Nigerian Navy’s civil-military cooperation efforts and the Chief of the Naval Staff Special Intervention Quick Impact Project Scheme which seeks to address critical community needs while fostering stronger bonds between the Armed Forces and the people we serve.’

Abbas hailed the project facilitator Rear Admiral Michael Gregory Oamen (retd.) for identifying the community’s needs and utilising the opportunity and funding provided under the intervention scheme to deliver the facility.

He described Oamen’s initiative as an example of leadership that translates into tangible benefits for the people urging beneficiaries to protect and maintain the facility to ensure its sustainability.

Abbas also expressed appreciation to the Edo State government the leadership of Esan Central Local Government traditional rulers community leaders contractors and other stakeholders for their contributions to the success of the project.

Oamen a former Flag Officer Commanding (FOC) Western Naval Command said he conceived the project to expand the Nigerian Navy’s contribution to grassroots development through non-kinetic civil-military interventions.

He explained that although similar quick-impact and civil-military assistance initiatives had historically been associated largely with the Nigerian Army he saw an opportunity for the Navy to extend its developmental footprint to communities outside its traditional maritime security responsibilities.

The former FOC described himself as a proud son of the community saying he facilitated the project to bring a Nigerian Navy-backed intervention to Edo State.

He said: ‘National security is not achieved solely through military hardware or operations; it is sustained through mutual trust goodwill and shared progress between the Armed Forces and the civilian population.

‘When the military actively invests in social infrastructure it reinforces the fundamental truth that our military personnel are drawn from these very communities and our ultimate calling remains the protection and uplifting of the Nigerian people.’

The retired naval officer said the location of the facility at Ibore-Uneah community Irrua was deliberate given its accessibility to surrounding communities.

Expressing appreciation to the CNS and the naval headquarters for supporting the initiative as well as government officials traditional institutions and residents for their cooperation during its execution Oamen urged the residents to take ownership of the facility preserve it and utilise it as a centre for unity and community progress.

The community’s spokesman Mr. Victor Evbohimen thanked the facilitator and the Nigerian Navy for the project.

He said: ‘The community has been struggling to have a town hall before this intervention it shall be well with the facilitator and the Nigerian Navy.’

Addressing reporters a former Director at the Nigerian Armed Forces Command and Staff College Jaji Maj.-Gen. Victor Ebhalemen (retd.) expressed appreciation to the CNS for the project.

Dignitaries at the event included officers and men of the Nigerian Navy and sister security agencies indigenes of the community among others.

Northern Ashanti Mines Lease Revocation: Asante-Akyem Chiefs Back Government

Some chiefs in the Asante-Akyem enclave of the Ashanti Region have backed the revocation of Northern Ashanti Mines’ mining lease, insisting that mining companies must be held accountable for failing to meet their statutory obligations and demonstrate the capacity to operate their concessions effectively.

The chiefs, including the Mennamhene, Nana Tweneboah Kodua Bempah, and the Konongo Chief, Nana Awuah Abedimsa II aka Dr. Albert Awuah Jnr., have endorsed the Minerals Commission’s decision, citing concerns over the company’s outstanding mineral right fees and its performance in developing the mining concession.

According to Nana Awuah, the development calls for stricter enforcement of mining regulations and the selection of financially capable investors who can maximise the country’s mineral resources while contributing to the development of host communities.

Mennamhene, Nana Tweneboah Kodua Bempah, who spoke on behalf of Juansamanhene, Nana Kwaku Dankwah Opamago Kodie II, said the government was justified in terminating the company’s mineral rights.

He stressed that no mining firm should be shielded from accountability when it failed to fulfil its statutory obligations.

He explained that mining companies were required to meet specific responsibilities, including the payment of taxes, mineral right fees and other statutory revenues due the state.

He said failure to honour these obligations provided sufficient grounds for the appropriate authorities to take action in accordance with the law.

Nana Tweneboah Kodua Bempah stressed that holding a mining concession did not place any company above the law, adding that the government had the authority to terminate a lease where sufficient grounds existed to establish breaches of the relevant regulations and agreements.

He also criticised companies that portrayed themselves as victims after being found to have breached mining laws, describing such conduct as unhelpful to efforts to promote accountability and responsible mining.

Konongo Chief

The chief of Konongo, Nana Awuah Abedimsa II, described Northern Ashanti Mines’ performance as below expectations.

According to him, the company had not demonstrated the necessary financial capacity to undertake effective gold mining operations, raising concerns about its ability to develop the concession to meet the expectations of the state and beneficiary communities.

The chief said the decision by the Minerals Commission was therefore necessary, particularly where a company holding mineral rights was unable to demonstrate the capacity required to develop and operate the concession effectively.

He urged the Minerals Commission to ensure that the process of selecting a new operator followed the appropriate procedures, stressing the need for investors with the financial strength, technical expertise and operational efficiency to manage the concession in the interest of the nation and its beneficiaries.

Nana Abedimsah II maintained that the selection of a new investor should go beyond the mere transfer of mineral rights and focus on securing a company capable of translating the area’s gold resources into meaningful economic benefits.

He further called for transparency and due diligence in the process to ensure that the incoming operator could meet its statutory obligations, sustain mining activities and contribute to development within the concession’s catchment area.

Community Development Priority

The traditional leaders also called on the incoming operator to comply fully with the country’s mining laws and ensure that its activities contribute meaningfully to the development of the area.

Nana Tweneboah Kodua Bempah said the new company must learn from the circumstances surrounding the termination of Northern Ashanti Mines’ lease and prioritise compliance with mining regulations, payment of statutory revenues and responsible management of the concession.

He added that the traditional authorities were prepared to engage the incoming operator to discuss development priorities and identify ways in which mining activities could support communities within the concession’s catchment area.

According to him, although the government was expected to engage the new company on matters relating to its operations, the chiefs would also hold discussions with the operator to establish a working relationship focused on cooperation, community development and sustainable growth.

The chiefs said such engagements would provide an opportunity to address the needs of communities affected by mining activities and encourage the new operator to recognise its responsibilities beyond mineral extraction.

They expressed the expectation that the change in ownership or management would create an opportunity for more effective mining operations, increased economic activity and improved benefits for the people of the area.

Minerals Commission’s Revocation

The chiefs’ reactions follow the revocation of Northern Ashanti Mines’ mining lease by the Minerals Commission over breaches of its statutory and contractual obligations.

In a press release dated October 27, 2026, the Commission said the termination was carried out in accordance with the Minerals and Mining Act, 2006 (Act 703), the Minerals and Mining (Licensing) Regulations, 2012 (L.I. 2176), and the terms of the agreements with the company.

The Commission stated that Northern Ashanti Mines had failed to pay outstanding Annual Mineral Right (AMR) fees amounting to US$8.33 million for its mining leases covering the period from 2010 to 2025. It also owed US$49,928 in fees relating to prospecting licences for the period from 2019 to 2025.

According to the Commission, the company was issued notices on April 14, 2025, requiring it to remedy the breaches and settle the outstanding amounts within a stipulated period.

However, the company failed to comply with the notices.

The Commission further indicated that Northern Ashanti Mines had not undertaken any meaningful mining operations on the concession for more than two years, a situation it said contravened Section 69(1) of Act 703.

Following the company’s failure to remedy the breaches, the Commission said it notified the Minister for Lands and Natural Resources on April 7, 2026, and sought approval to issue a termination notice.

The Minister approved the request on April 24, 2026, paving the way for the Commission to terminate the mineral rights on April 30, 2026.

They maintain that the ultimate objective should be to ensure that Ghana’s mineral resources are managed responsibly and productively in the national interest.

CEO Defence

The Chief Executive Officer of the Minerals Commission, Isaac Tandoh, also defended the revocation of Northern Ashanti Mines’ lease, rejecting allegations that the Commission and the Minister for Lands and Natural Resources acted in bad faith.

Speaking at a press conference at the Commission’s headquarters in Accra on Thursday, October 29, 2026, he insisted that the Minister had exercised his lawful authority before the termination process was completed.

He also disputed the company’s claim that it had paid US$1 million in annual mineral right fees, saying the Commission’s records showed payments of only US$300,000 in two tranches.

Mr. Tandoh questioned why the company, which reportedly claimed to have invested US$200 million in the mine, had failed to settle its outstanding obligations to the state.

He said the company had acknowledged receipt of the termination notice but had chosen to pursue legal action against the Minister, the Minerals Commission and the Attorney-General.

He urged the company to allow the courts to determine the dispute, adding that the mineral rights had reverted to the state following the termination.

He said the Commission would continue to pursue the outstanding debts and take steps to protect the mining assets against encroachment and other illegal activities, in accordance with the law.

Iligan folk offer Mass for Typhoon Sendong victims on All Saints’ Day

Families, friends and village officials offered a Holy Mass and lit candles on All Saints’ Day for victims of Typhoon Sendong in Barangay Hinaplanon in Iligan City.

The Holy Mass, which was officiated by Reverend Father Rolando ‘Dodong’ Cantina of the Diocese of Iligan, was dedicated to the dead and missing individuals in the wake of the deadly typhoon, which struck on December 17, 2011.

Vernonico Echavez, former Hinaplanon barangay chairman and kagawad (councilor), told the Inquireron Tuesday, Nov. 2, that the mass was held in front of the barangay hall, where the names of over 500 missing persons were engraved in a lapida or marble wall.

‘Most of these missing individuals are my relatives,’ Echavez said in Bisaya.

Among the missing persons in the list is Michael Kundiman, a resident of Bayug Island and a broadcast journalist of then DXRJ station, Echavez said.

In Bayug Island, a memorial wall was also established, bearing the names of 1,600 individuals, including both the dead and the missing, he said.

Echaves said that some of the victims on the island were on Christmas vacation when the typhoon struck.

Many dead victims were buried in the public cemetery in Barangay Palao, where they are visited by relatives during Undas and other special occasions, Echaves said.