When Institutions on Paper Fail to Deliver in Practice

Weekly Summary:

Nigeria does not suffer from a shortage of policies, laws, forecasts, institutions or ambitious reforms. Yet across technology, democracy, disaster management, social protection, security, education and justice, the same question keeps returning: what happens when systems that appear sound on paper fail to deliver reliable outcomes for the people they were created to serve? This week’s Yaba School of Thought articles examine different expressions of that institutional gap, from AI infrastructure that may not translate into economy-wide productivity to flood warnings that do not consistently trigger preventive action, and from cash-transfer systems whose beneficiaries cannot be adequately verified to legal rights that remain inaccessible to victims who cannot afford to pursue them.

The common problem is not always the absence of knowledge. Nigeria often knows what needs to be done. Weather agencies can forecast floods; auditors can identify weaknesses in public expenditure; policymakers understand the need for accountable policing; laws establish rights for victims of domestic violence; and businesses increasingly understand the potential of artificial intelligence. The harder task is converting knowledge into systems that work consistently. That requires reliable infrastructure, competent institutions, transparent processes, adequate funding, enforcement and people prepared to uphold standards even when doing so is inconvenient or politically costly.

Yet the week also offers a more constructive lesson. Institutions do not become effective merely because they are created. They become durable when their principles are embedded in organisational culture and sustained by people who understand that their responsibility extends beyond occupying positions. The life of Albert Alós illustrates this slower form of institution-building. His legacy suggests that Nigeria’s institutional challenge is ultimately also a human one: building cultures in which competence, integrity, service and continuity become normal practice rather than exceptional virtues.

Common Thread:

Across the week’s contributions runs a distinction between having a system and having a functioning system. Africa may adopt artificial intelligence, but adoption by sophisticated banks and technology companies does not automatically produce economy-wide productivity. Nigeria may have flood forecasts, but warnings that do not translate into drainage maintenance, land-use enforcement, evacuation planning and infrastructure protection have limited value. A national cash-transfer programme may have billions of naira behind it, but without verifiable beneficiary records and payment reconciliation, the government cannot convincingly demonstrate that the money has reached the people it was intended to support. In each case, the visible structure can exist while the desired outcome remains elusive.

The same institutional gap appears in the political and security sphere. Elections cannot sustain democratic competition if political opponents fear that state power will be turned against them after defeat. Likewise, the demand for community policing cannot justify the creation of private centres of coercion operating outside clear legal authority and accountability. Both articles point to the importance of rules that constrain power, including when institutions are under pressure. The state becomes stronger not simply when it acquires more authority, but when that authority is exercised predictably, lawfully and accountably.

The final question is therefore not merely how Nigeria can create more institutions, programmes or reforms, but how it can make existing ones work. Albert Alós provides the week’s clearest illustration of the other side of the problem: institution-building is a long process of establishing standards, developing people, transferring values and ensuring that an organisation can outlive its founder. The lesson running through the week’s articles is that reform cannot end with legislation, funding or announcements. It must reach the point where citizens can see, verify and experience its results.

Weekly Article Reviews:

Monday, September 14; ‘Africa needs to localise AI for an economy-wide productivity revolution’ – Dr Vincent Nwanma

Dr Vincent Nwanma argues that Africa’s AI challenge is not simply to build powerful models or attract data-centre investment but to spread the productivity benefits of AI beyond technologically advanced companies. The article makes an important distinction between adoption and diffusion: a bank using sophisticated AI does not mean that an economy has become more productive if millions of smaller businesses still lack electricity, connectivity, finance, data and digital skills. The challenge for Nigeria and Africa is therefore to build the complementary infrastructure and capabilities that allow AI to reach farmers, manufacturers, schools, hospitals, governments and informal enterprises. The broader lesson is that technology cannot leapfrog every institutional and infrastructural constraint. Article 2: Monday, September 14; ‘Elections cannot be democratic when state power is used against the opposition’ – Faith Omoboye

Faith Omoboye examines the consequences when losing an election becomes politically or personally dangerous for opposition figures. Drawing on examples from Zambia, Uganda and Tanzania, alongside democratic transitions in Nigeria, Ghana and Botswana, the article argues that elections require more than voting and counting ballots; they require institutions capable of protecting political competition before, during and after elections. Its strongest proposition is that political defeat should be survivable. Criminal accountability must remain possible, but it should be demonstrably independent of electoral competition so that state power does not become an instrument for settling political disputes.

Tuesday, September 15; ‘Responsible governance is the only solution to annual flood disasters in Nigeria’ – Prof. Sunday Ene-Ojo Atawodi

Prof. Sunday Ene-Ojo Atawodi challenges the treatment of flooding as an unpredictable seasonal emergency when many of its risks are already known. Climate change and geography increase the hazard, but poor drainage, weak land-use enforcement, wetland destruction, inadequate waste management and poorly maintained infrastructure can determine how severely communities suffer. The article therefore shifts the focus from relief to prevention, proposing georeferenced early-warning systems, flood maps, drainage maintenance, better settlement planning, wetland restoration, dam-safety audits and transparent ecological-fund spending. Its central lesson is that a forecast becomes valuable only when institutions are capable of acting on it.

Wednesday, September 16; ‘Phantom cash transfers in the name of national social register’ – Ogie Eboigbe

Ogie Eboigbe examines questions raised by an audit of the National Cash Transfer Office, particularly the inability to independently reconcile ?33.75 billion in reported electronic transfers with beneficiary records. The article is careful to distinguish an audit query from proof that funds were stolen but argues that the inability to produce adequate records is itself a serious accountability problem. Social protection depends on accurate registers, verifiable payments and transparent reconciliation. When the government cannot demonstrate who received public money, the programme’s legitimacy suffers and public distrust grows. The wider lesson is that transparency is not an administrative luxury; it is part of effective service delivery.

Article 2: Wednesday, September 16; ‘Private enforcers are a danger to rules-based security reforms’ – Deji Olatoye

Deji Olatoye examines the growing attraction of private and community-based security arrangements in response to insecurity. He recognises the genuine fears driving communities towards self-help but warns that allowing armed groups to exercise coercive powers outside clear state authority can create new risks. The article distinguishes legitimate community participation in policing from the emergence of parallel security structures without adequate training, vetting and accountability. Its proposed direction is not to ignore local knowledge but to integrate useful community capacity into lawful policing structures. Security reform, the article argues, should bring the state closer to communities without weakening the rules that govern the use of force.

Thursday, September 17; ‘Albert Alós: The Institution Builder who made work an act of worship’ – Dr Richard Ikiebe

Dr Richard Ikiebe remembers Emeritus Professor Albert Alós as a Nigerian institution builder whose influence extended well beyond the positions he occupied. From engineering and university teaching to the development of Lagos Business School and Pan-Atlantic University, Alós approached work as service and treated institutional quality as something that had to become habitual. The article provides an important constructive dimension to this week’s discussion: institutions endure when their values are transferred to people and embedded in organisational culture. Alós’s legacy demonstrates that institution-building is not achieved through buildings, mission statements or titles alone, but through competence, ethical conduct, mentorship and standards that survive their founders.

Friday, September 18; ‘Justice should not have a price tag for victims of domestic violence’ – Isedehi Aigbogun

Isedehi Aigbogun focuses on the distance between legal rights and practical access to justice for victims of domestic violence. The article argues that awareness campaigns have limited value when victims encounter informal charges, inadequate police response, delays, insufficient legal aid and poorly funded survivor services after reporting abuse. Its criticism of social-media-driven intervention is particularly significant: when cases receive faster attention because they go viral, access to justice becomes dependent on visibility rather than equal treatment under the law. The proposed response is stronger institutional funding and enforcement, including ring-fenced resources for police gender units, free medico-legal services, expanded legal aid and emergency shelters. The underlying message is simple: a right that cannot be exercised in practice remains incomplete.

Closing Reflection:

This week’s conversations point to a problem deeper than the failure of any single policy. Nigeria’s challenge is increasingly about the distance between intention and execution, structure and function, rights and access, knowledge and action. The country often possesses the information needed to act, yet struggles to build the institutional discipline required to act consistently.

The answer is not necessarily to create another agency, launch another programme or announce another reform. It is to strengthen the connections between existing institutions, clarify responsibility, fund implementation, make performance verifiable and ensure that rules apply even when enforcement is inconvenient. Most importantly, institutions must be built to outlast the individuals who create or lead them.

That is perhaps the most enduring lesson from Albert Alós’s life and from the week’s wider discussion. Strong institutions are not monuments to their founders. They are systems in which good standards become ordinary behaviour, accountability becomes routine and citizens can rely on the state to do what it says it will do. Nigeria’s institutional renewal will ultimately be measured not by how many reforms it announces, but by how reliably those reforms work in the lives of the people they are meant to serve.

Masari And I Rejected N650m Offer To Back Obasanjo’s Third Term – Farouq Aliyu

Former Minority Leader of the House of Representatives, Farouq Aliyu, has claimed that he rejected the N250 million offered to him to support the third term agenda of former President Olusegun Obasanjo.

He said the speaker of the House of Representatives at the time, Aminu Masari, also rejected the sum of N400 million to support the bid.

The third term agenda was one of the most controversial issues that characterised the administration of Obasanjo, who

was president between 1999 and 2007.

In May 2006, the National Assembly rejected a bill that sought to amend Nigeria’s constitution, which would have allowed Obasanjo run for a third successive term in office. Speaking during during the ‘Naija Unfiltered’ podcast, published via YouTube on Friday, Aliyu insisted that Obasanjo’s third term agenda was real.

According to him, during discussions about the third term agenda, Nuhu Ribadu, who was the chairman of the Economic and Financial Crimes Commission, asked him to come to Abuja for a meeting with Obasanjo.

Aliyu said he initially rejected Ribadu’s request but later accepted to meet with Obasanjo.

The former lawmaker said when he went to Abuja, he discussed the third term agenda and insisted that the move would not be successful.

He added that he was offered N250 million by someone Ribadu asked him to meet with.

Aliyu, however, did not mention the name of the person during the interview.

He added that Masari rejected the sum of N400 million to support the third term bid, while lawmakers were offered a minimum of N50 million to support the agenda.

‘Third term agenda was real. In fact, 250 million was given to me. I did not take it,’ he said.

‘Masari, who was the speaker then, 400 million was offered. He did not take it. Abdul Ningi, the majority leader, 400 million naira was offered to him. He did not take it.

‘N50 million was dashed to small fries. They paid minimum of N50 million.’

The former minority leader said late Muhammadu Buhari, former Vice-President Atiku Abubakar, and Secretary to the Government of the Federation, George Akume, played prominent roles in thwarting the bid for a third term.

When Banking Power Meets Political Money: Questions Nigeria Must Ask

As Nigeria’s 2027 presidential election approaches, public attention is turning to the integrity of the country’s financial and electoral systems. Two areas of law are particularly relevant: prohibitions on insider dealing in securities markets, and rules governing political campaign financing. Both exist to protect public confidence-in markets and in elections alike.

Under the Investments and Securities Act (ISA) 2025, insider dealing is prohibited where a person trades, directly or indirectly, in securities while in possession of material, non-public information. The Act also creates liability for those who facilitate or benefit from such conduct. Penalties are severe: individuals face fines of at least N10 million or four times the profit gained (whichever is higher), plus imprisonment of at least five years.

Public commentary has raised questions about whether financial institutions or their executives could, in theory, be used as vehicles for undisclosed political financing.

Dr. Nneka Onyeali-Ikpe is the Managing Director and CEO of Fidelity Bank Plc, a position she has held since January 2021. She is a lawyer by training and has been recognized in the banking industry, including as Banker of the Year 2022 and Best Banking CEO Nigeria 2023. Fidelity Bank is a publicly listed financial institution whose stability depends on investor confidence in its governance and disclosures.

Peter Obi is a former governor of Anambra State and was the Labour Party’s presidential candidate in 2023. He has since moved to the Nigerian Democratic Congress (NDC) and is expected to contest the 2027 presidential election. Questions about campaign financing have followed Nigerian presidential candidates across party lines for years, and Obi is no exception.

The intersection of these issues becomes particularly significant given Peter Obi’s political prominence and the importance of Fidelity Bank within Nigeria’s financial system. Any documented connection between political financing associated with Obi’s political activities and transactions involving Fidelity Bank would therefore warrant careful examination of the relevant records, timelines and disclosures.

Allegations of this nature-whether involving insider dealing, undisclosed political financing, or both-carry serious potential consequences if left unexamined. For a publicly listed bank, credible allegations can undermine investor confidence, damage the institution’s reputation, raise its cost of capital, and weaken trust in corporate governance. For the electoral system, the risk is that undisclosed money could distort political competition and subvert the very rules the Electoral Act was designed to enforce.

Nigeria’s history of campaign finance enforcement is mixed. Researchers have documented repeated violations of donation and spending limits in past elections, with weak sanctions and limited monitoring. An INEC official quoted in one study acknowledged that extreme spending and violations go unpunished because perpetrators often belong to a powerful political class. This is precisely why allegations involving a serving bank CEO and a presidential candidate warrant independent scrutiny rather than dismissal.

The appropriate institutions should examine any credible evidence that falls within their mandates. The Securities and Exchange Commission (SEC) and NGX Regulation should review any trading records, disclosure timelines, and beneficial ownership structures relevant to potential insider dealing. The Central Bank of Nigeria (CBN) should examine any governance or fiduciary concerns involving a regulated financial institution. INEC should examine campaign finance disclosures and source-of-funds information as required by the Electoral Act 2026.

Where there is a proper basis, law enforcement agencies-including the Nigerian Financial Intelligence Unit (NFIU), EFCC, ICPC, and the Nigeria Police Force-should investigate within their statutory powers. The objective should be straightforward: establish the facts, protect investors, and preserve confidence in Nigeria’s financial and electoral systems.

This is not a partisan issue. Insider dealing and undisclosed political financing are problems that can affect any institution, any executive, and any campaign. The question is not whether Dr. Onyeali-Ikpe, Peter Obi, or Fidelity Bank are guilty of anything. No regulator has said they are. The question is whether the relevant records, communications, and funding structures should be examined transparently, and whether accountability should apply equally regardless of position or influence.

Adelami writes from Lagos

47 suspects arrested as troops crush criminal operations nationwide

Nigerian Army troops arrested 47 suspected criminals, rescued several kidnapped victims and neutralised a suspected terrorist in nationwide operations in the last 24 hours.

The troops also recovered suspected stolen and rustled livestock, detonated an improvised explosive device (IED) and disrupted criminal activities across Zamfara, Katsina, Sokoto, Nasarawa, Plateau, Anambra, Imo and Kaduna States.

An operational report made available to the News Agency of Nigeria (NAN) on Saturday, said troops of Operation MESA arrested the 47 suspects during a raid in Nasarawa State.

The report said the troops of 177 Guards Battalion, in conjunction with the Department of State Services (DSS), Police and Civilian Joint Task Force, raided suspected criminal hideouts at Tipper Garage and Gidan Drama in Karu Local Government Area of the state.

It said the troops recovered two motorcycles, an unspecified quantity of suspected cannabis, 32 mobile phones, a laptop and charger, four wristwatches, five power banks and an ATM card.

According to the report, the suspects and recovered items were handed over to the Police Division in Karu for further investigation.

In Zamfara, the report said the troops of Operation Fansan Yamma rescued three civilians who sustained gunshot wounds after engaging terrorists along the Dampo-Rumba Road in Bakura Local Government Area.

It added that the victims were evacuated to the General Hospital, Bakura, for medical attention.

According to the report, troops responding to a kidnapping incident along the Dandume-Damari Road in Katsina also engaged the terrorists, forcing them to abandon their victims and flee.

‘The troops recovered one vehicle during the operation.

‘Similarly, troops responding to terrorist activities along the Isa-Girnashe Road in Sokoto rescued two kidnapped victims after engaging the terrorists.

‘One of the victims, however, was confirmed dead from gunshot wounds.

‘The troops also intercepted five trucks conveying 117 cows, two donkeys, one goat and five cow skins suspected to have been stolen at Magami in Gusau Local Government Area of Zamfara.

‘The recovered livestock were handed over to the Chairman, Committee on Recovery of Rustled Cattle, Gusau, for further action.

‘In another operation in Tsafe, Zamfara, troops intercepted a suspected stolen vehicle with the support of the National Security Adviser’s tracking team.

‘The driver reportedly abandoned the vehicle and fled after being intercepted, while the vehicle was recovered to the unit headquarters for further action,’ it said.

In Niger, the report revealed that troops of Operation Savannah Shield discovered and safely detonated an IED along the Dekara-Gewazi Road in Borgu Local Government Area.

It added that troops of Operation Enduring Peace neutralised a suspected terrorist during an offensive operation at Ungwan Nungu in Sanga Local Government Area of Kaduna.

The report further revealed that troops engaged the suspects, killing one while others fled the scene.

‘At Yangwari Market in Mangu Local Government Area, troops intervened after unidentified gunmen opened fire on a vehicle conveying passengers and foodstuffs.

‘Eight passengers who sustained gunshot wounds were evacuated to Allah-na-Kowa Hospital, where three were confirmed dead while others received treatment,’ it added.

In the South-East, the report said the troops of Operation UDO KA arrested suspected members of the Indigenous People of Biafra/Eastern Security Network (IPOB/ESN) during offensive operations along the Azia-Uli-Okija axis.

It added that three suspects were apprehended while attempting to escape through Orsu-Ihiteukwa in Imo, but one was neutralised while trying to evade arrest.

According to the report, the remaining suspects were handed over to the DSS for further action.

‘Troops also arrested two suspected IPOB/ESN members at Azia, Ihiala Local Government Area of Anambra, following intelligence linking them with the group’s activities.

‘The suspects reportedly confessed to delivering items to terrorists on two occasions and remained in military custody for further action.

‘In Imo, troops conducting anti-illegal bunkering operations discovered an illegal refining site containing about 720 litres of illegally refined crude oil and 41 cooking drums at Egbema.

‘All recovered items were handled in line with extant regulations,’ it said.

What your handbag says about you

Every handbag carries a quiet language. Long before you pull out a card or check your phone, the silhouette on your arm or shoulder sends a clear signal about how you navigate the day, what you prioritise, and how you show up in the world.

Accessories act as functional signifiers, offering an immediate glimpse into a person’s lifestyle, career demands, and personal values.

The oversized tote serves as the ultimate companion for the individual who moves through long days with dynamic energy. Carrying everything from a laptop and tech accessories to a cosmetic kit and spare footwear, this choice reflects an analytical mindset that prepares for every possible scenario. It signals that functionality, momentum, and readiness take precedence over mere aesthetic minimalism.

The structured top-handle bag establishes an aura of deliberate composure and timeless authority. Sharp architecture and firm leather construction mirror a disciplined lifestyle built on clear standards and professional control.

This silhouette communicates that the wearer values poise, commands respect in formal settings, and approaches daily routines with structured precision.

The hands-free crossbody bag appeals directly to the pragmatic individual who prioritises agility and ease.

By keeping the hands unencumbered, this style signals an active lifestyle spent navigating fast-paced environments, commuting, or travelling light. The wearer balances functionality with effortless style, choosing to carry only key essentials while focusing fully on the experience at hand.

The sleek shoulder bag represents a balanced approach to modern elegance. Designed to sit comfortably tucked under the arm, it holds a thoughtfully edited selection of items without adding bulk.

This choice reveals a curated personality that appreciates refined design, values streamlined daily transitions, and avoids carrying unnecessary emotional or physical baggage.

The micro or mini bag transforms an everyday utility item into an expressive statement of freedom. Holding little more than a smartphone and a single card, this piece signals that the owner is untethered from the usual demands of daily logistics.

It highlights a playful, trend-conscious attitude that views fashion strictly through the lens of art and individual style.

The sculptural or statement clutch reveals a bold design sensibility and a high degree of creative confidence. Featuring unconventional shapes, rich textures, or striking hardware, this accessory functions as a visual conversation starter.

It signals an artistic disposition, an eye for luxury craftsmanship, and a natural willingness to set trends rather than follow them.

Beyond the exterior silhouette, the internal organisation of a handbag offers a deeper look into individual habits.

Thoughtfully categorised pouches, structured organisers, and pristine interior pockets point to an analytical mind that thrives on order and predictability.

Conversely, an interior filled with scattered notes, multiple lip balms, and loose receipts reflects a spontaneous, highly active lifestyle driven by a packed schedule and constant creative energy.

Eating at the age of 70

A 70-year-old man is generally recommended to eat three to six meals a day. Three meals are ideal for most seniors, providing a balanced intake of nutrients. For those who find it challenging to eat large meals, five or six smaller meals throughout the day can be beneficial.

It’s important to consider individual health needs and activity levels when determining meal frequency. This approach helps maintain a stable energy level and supports overall health.

Oyo govt tackles APC’s Alli, defends streetlights, stadium renovation

The Oyo State Government has dismissed criticisms by Senator Sharafadeen Alli over the powering of streetlights and the renovation of the Lekan Salami Sports Complex, describing the senator’s position as politically motivated.

The governor’s Special Adviser on Media, Dr Sulaimon Olanrewaju, in a statement on Saturday, said the criticisms were an attempt to distort the achievements of the administration.

Olanrewaju said the government would not apologise for keeping the state illuminated, arguing that the use of generators for streetlights was necessitated by inadequate electricity supply from the national grid.

He said, ‘The Makinde administration will never apologise for keeping Oyo State illuminated and secure. The only reason generators are being used is because the APC-led Federal Government, Senator Sharafadeen Alli’s party, has failed spectacularly to deliver the regular electricity supply it promised Nigerians.’

According to him, the state government had also taken steps to develop an alternative energy source through its solar power project.

He said, ‘Oyo State is not waiting for federal excuses. The government has built a 5MW solar plant, which is now being upgraded to 12MW, demonstrating a commitment to sustainable, independent and forward-looking energy solutions.’

On the Lekan Salami Stadium, the governor’s aide said the facility had hosted international football since its renovation, citing the February 2026 match between the Falconets and Senegal as evidence of its upgraded status.

He explained that the temporary halt in hosting some international matches involving 3SC was linked to further work being carried out at the facility to meet changing international requirements.

‘The renovation has already achieved what previous administrations could not. Ibadan is now hosting international matches, including the Falconets vs Senegal fixture in February 2026. This is a clear testament to the stadium’s upgraded status,’ he said.

Olanrewaju added that the further upgrades at the stadium should be viewed as part of the government’s effort to maintain and improve the facility rather than as a failure.

He said, ‘The temporary pause in 3SC’s international matches at the stadium is simply because the government is undertaking further upgrades to meet evolving international standards. That is called progress.’

The Special Adviser also responded to Alli’s criticism of Governor Makinde’s engineering credentials, saying the governor had extensive professional experience in engineering.

He said Makinde’s recognition by the Nigerian Society of Engineers as a Fellow of the organisation was evidence of his professional standing.

According to him, ‘Governor Seyi Makinde, on the other hand, is a distinguished engineer with decades of hands-on experience across multiple fields. His contributions to engineering are so significant that the Nigerian Society of Engineers awarded him its highest honour: Fellow of the Nigerian Society of Engineers.’

Olanrewaju said the administration remained focused on governance and development despite political criticism.

He said, ‘While some politicians specialise in shouting, this administration specialises in results. The Seyi Makinde-led government is busy delivering real development, not chasing clout or engaging in petty political bickering.’

He added that the state government would continue with its development agenda irrespective of political opposition.

‘The people of Oyo State deserve progress, not propaganda, and that is exactly what this administration will continue to deliver,’ Olanrewaju said.

Tinubu: Nigerians Already Enjoying Cheaper Transport Fares

Nigerians have already started seeing measurable reductions in transportation costs, according to President Bola Ahmed Tinubu.

The President said this while giving an update on the promise to provide Nigerians with cheaper transportation from October 1, 2026.

On August 27, Tinubu met with governors and discussed steps that will crash transportation cost across the nation to cushion the effect of harsh economic conditions.

In a statement on Saturday, Tinubu said after the meeting, the implementation committee for the National Affordable CNG Transit Programme under the auspices of the Nigeria Governors’ Forum was established. He said he is aware that considerable work was already underway by the committee, PI-CNG and EV, the States, and other critical stakeholders to identify priority transport corridors, determine appropriate interventions, and put the necessary arrangements in place.

The President also cited instances of how CNG-powered and electric public transport services have reduce transport cost, emphasising that Nigerians were already experiencing the difference.

‘On August 27, I met with the governors of our 36 states, and we agreed on a clear objective. From October 1, more Nigerians should begin to see measurable reductions in transportation costs.’

‘This work has become even more urgent amid the current global energy crisis. We already have evidence from across Nigeria of what is possible when cheaper energy translates into cheaper transportation.

‘In Borno, CNG-powered and electric public transport services are moving commuters for between ?50 and ?100 on routes where commercial operators charge between ?300 and ?600.’

‘In Kaduna, 100 CNG-powered buses are providing free transportation on major routes across the state. In their first year of operation, the buses carried about 3.2 million passengers, saving commuters more than ?3.5 billion in transport costs.

‘In Oyo, CNG buses deployed to Pacesetter Transport brought the Lagos-Ibadan fare down from about ?8,000 to ?3,200 during the initial deployment.

‘In Adamawa, alternative-energy transit services have cut fares by as much as 50 per cent, from ?8,000 to ?4,000.

‘In Enugu, where 100 CNG buses have been deployed, the Enugu-Nsukka fare has been reduced from ?2,500 to ?1,500.

‘In Plateau, government-supported buses carry about 13,000 commuters every day at ?200, compared with more than ?500 commercially.’

The President added that through the partnership with the NURTW, passengers on CNG-converted commercial vehicles on several Abuja commuter routes receive a 40 per cent fare reduction.

He listed the routes where this has been happening as Area 1 to Gwagwalada, for example, has fallen from ?1,500 to ?900; Nyanya from ?700 to ?420; and Wuse from ?400 to ?240.

Citing additional instances, he said, ‘In Niger, passengers on the Suleja-Abuja service are paying ?550 compared with about ?800, while Abia has deployed 40 electric buses with fares subsidised by 50 per cent.

‘These are not projections. Nigerians are already experiencing these savings.’

Tinubu commended the governors utilising CNG, but said more still needs to be done.

He vowed that the Federal Government would support them to scale further.

‘Disruptions to global energy supplies are once again pressuring petrol and diesel prices and increasing transportation costs worldwide.’

‘Nigeria cannot control events in global energy markets. But as a gas-rich nation, we can reduce our exposure. That is what we have been doing.

‘Over the last three years, my administration has deliberately invested in building a CNG transportation ecosystem across Nigeria. Today, more than 120,000 vehicles have been converted; we have over 400 certified conversion centres and more than 90 CNG refuelling stations across the country, and these figures are increasing daily.

”=At a time like this, our answer cannot be to return to the ruinous petrol subsidy regime that consumed trillions of naira and left our economy exposed to every movement in international oil prices, as some have suggested.

‘We must accelerate the cheaper alternatives we have been building at home.

‘It is reassuring to see the movement spreading. Edo already has 50 CNG buses in active service. Kano has converted more than 1,000 commercial vehicles while rapidly expanding its conversion and refuelling network. Delta, Kwara and Lagos are expanding CNG-supported transport services, while Akwa Ibom has taken delivery of 50 CNG buses ahead of commercial operations.

‘I encourage every state to maintain the momentum towards October 1. Work with transport unions and commercial operators. Support conversion and fleet deployment. Facilitate the infrastructure required. Above all, ensure that savings from cheaper energy reach Nigerian citizens through lower fares.

‘Nigeria has the gas. We are building the infrastructure. We are already seeing the savings. Now we must move faster and scale this so more Nigerians feel those savings in the fares they pay every day.’

How Monierate’s new digital platforms reshape Nigeria’s FX market

HyperFX, a foreign exchange settlement platform developed by blockchain infrastructure company Polytope Labs, has been added to Monierate, an exchange-rate data l that tracks rates from lmultiple providers.

The addition brings HyperFX into a comparison platform that covers providers across the foreign exchange, stablecoin and digital-asset markets.

Monierate said its platform currently tracks rates from more than 90 providers and exchanges. The company was founded in 2023 by Jeremy Ikwuje and Olayinka Omoniyi.

The latest addition comes as technology companies continue to develop alternative infrastructure for moving and exchanging currencies, particularly across borders.

HyperFX is focused on foreign exchange settlement using blockchain-based infrastructure. The platform is designed for businesses and fintech companies rather than primarily for retail users. Polytope Labs launched HyperFX in 2026. The platform uses stablecoins to facilitate currency swaps, with its naira settlement leg using cNGN, a naira-backed stablecoin.

The model places HyperFX within a growing segment of the financial technology industry exploring stablecoins as infrastructure for cross-border transactions and foreign exchange settlement.

For Monierate, the addition is part of its broader effort to bring rates from different providers into a single data platform.

‘Markets like Africa don’t lack rates; they lack a single, trustworthy view of them,’ Ikwuje, co-founder of Monierate, said. ‘We’re building the reference layer for what currencies are actually trading at, in real time, across relevant providers.’

Ikwuje said the company was seeking to cover rates that may not be represented on traditional financial data platforms.

The usefulness of such comparison platforms depends largely on the number and type of providers covered, as well as the quality and frequency of the data they collect.

Nigeria’s foreign exchange market has also become increasingly digital, with banks, fintech companies, cryptocurrency exchanges and peer-to-peer markets operating alongside one another. Differences in pricing between providers can make the cost of converting or transferring money vary depending on where a transaction is conducted.

The emergence of stablecoin-based infrastructure adds another layer to that market. Businesses involved in international payments can now access different models for converting, transferring and settling currencies, although the regulatory treatment of individual products and services remains an important consideration.

HyperFX’s use of cNGN also brings the platform into Nigeria’s developing stablecoin ecosystem. cNGN is a naira-backed digital token designed for transactions involving the Nigerian currency. Users and businesses of financial services remain subject to the regulatory requirements applicable to the services they provide.

Being included on Monierate does not constitute an endorsement of HyperFX. The listing simply makes its available rates part of the data displayed alongside those of other providers.

The broader significance of the development lies in the growing number of digital platforms participating in Nigeria’s currency market and the emergence of tools designed to make their rates easier to compare.

For users and businesses, the question is increasingly not only where to exchange currency, but how the price offered by one provider compares with alternatives available at the same time.

5 Die As Mining Pit Collapses In Taraba

At least five people have died following the collapse of a mining pit at Mayo Kam in Bali Local Government Area of Taraba State.

The pit reportedly collapsed on the suspected miners on Thursday, during which 20 people were feared trapped. It was gathered that fellow miners at the site subsequently launched a rescue operation.

The spokesperson of the Taraba State police command, ASP Victor Mshelizah, confirmed the incident, but said only five people lost their lives.

Earlier on Thursday night, a resident of the area, Idris Sarkin Dawa, told our reporter that four bodies had so far been recovered from the collapsed pit at Kusum, an area not far from the main mining site shut by the Taraba State Task Force on Illegal Mining last month.

He said the miners used diggers and other equipment to open up the collapsed pit during the rescue operation.

‘Four bodies were removed from the pit through an operation embarked upon by miners at the site,’ he said.

According to him, the operation began hours after the incident occurred and was expected to continue yesterday morning, adding that the rescue effort was difficult because of the depth of the pit.

The Sarkin Dawa said the identities and places of origin of the victims were yet to be established because miners at the site came from different parts of the country and beyond.

He suggested that the victims could be from the same state as miners usually worked in groups at individual pits.

‘There are many pits at the site, each being manned by at least 10 people or more.

‘What happened yesterday was a sad event and it has brought fear and uncertainty to the miners who work at the risk of arrest or being buried,’ he added.

He said it was difficult to determine the exact number of miners trapped in the collapsed pit because it was a large one where more than 20 miners could work at a time.

It would be recalled that the Taraba State Task Force on Illegal Mining had shut several illegal mining sites across the state in recent months. However, illegal miners have continued to return to some of the sites despite enforcement efforts.