UNILAG seeks reduction in maternal death rates at Omololu-Mulele lecture

University of Lagos (UNILAG) has canvassed more reduction in maternal deaths.

This was at the Eighth Abimbola Aina Omololu-Mulele yearly lecture on Thursday in Obstetrics and Gynaecology at the College of Medicine University of Lagos(CMUL) Idi-Araba.

Chairman of Board of Trustees (BoT) of the Abimbola Aina Omololu-Mulele Lecture Prof. Oluwole Familoni said the theme of the lecture ”Human Reproduction Through Evolutionary Perils: Moving Nigerian Women from Danger to Safety” was apt and timely as many women face preventable risks.

”Maternal mortality unequal access to quality healthcare cultural and social barriers gaps in reproductive-health education and delays in seeking or receiving medical attention demand urgent and sustained action” he added.

The don said there was the need to move women from the danger zone but that this required ”stronger maternal-health services accessible family planning and reproductive care effective public education and timely affordable and restful treatment for every woman”.

Familoni was hopeful that despite the challenges in the sector there was a ray of hope as ”there are meaningful opportunities for progress”.

”Through research education inclusive policies and sustained engagement with communities we can improve health outcomes and help young people make informed decisions about their reproductive health and future”.

Provost CMUL Prof Ademola Oremosu praised the late Mrs Omololu-Mulele a lawyer and educationist among others for the endowment saying it had helped to boost medical education.

She had endowed N36 million each for the yearly lecture in medicine in her name and Ladipo Mobolaji Abisogun Afoedu pharmacy lecture in her Will and Testament at UNILAG to fund research and enhance industry-university cooperation through research.

Oremosu said yearly the ”lecture reminds us of the power of structured intentional giving. We are gathered here because of the foresight of this illustrious Abiola. She was not just a legal luminary; an educationist and philanthropist. She was a visionary who understood that the future of a nation is bound to the health of its women and children.

”Through her generous N36 million endowment at that time to the University of Lagos Chief Abiola ensured that long after her passing her name will remain synonymous with medical research innovation and clinical advancement in obstetrics and gynecology. Her family and the board of trustees deserve our deep appreciation for sustaining this vital platform which bridges academic inquiry and real-world working solutions year after year.”

He said the topic of the lecture struck ”at the very heart of challenges in maternal health in a region where reproductive healthcare requires urgent innovation increased funding and interdisciplinary collaboration these annual gatherings serve as a beacon for action”.

”Here at CMUL he continued ”with the inventive commitment to expanding our research capacities enhancing postgraduate training curricula and fostering the kind of grants yielding fundable research that changes outcomes and creates impact the insights shared by our distinguished guest lecturer would definitely sharpen our tools inspire young researchers and redefine our approach to women’s health challenges”.

. President Society of Gynaecology and Obstetrics of Nigeria (SOGON) Prof Okechukwu Christian Ikpeze who was the guest lecturer painted a gloomy picture of maternal health despite the efforts of the government organisations SOGON and individuals.

Relying on statistics Ikpeze said worse still it was unbelievable that Lagos State was promoting the use of traditional birth attendants (TBAs) warning that this was archaic and could compound the problem the governments were trying to solve. Noting that the maternal deaths are preventable he submitted that with knowledge and tools available to the experts the ”ancient perils should no longer be” a problem. Still he said ”every preventable maternal death is a failure of systems access timing and sometimes of our collective will”.

What then is the way forward? ”Government must lead with commitment. Professional associations must continue to provide expertise advocacy and accountability. Development partners must support with resources and innovation. Health workers must be trained motivated and equipped. Communities and families must be engaged. and women themselves must be empowered to seek and receive quality care without delay” Ikpeze added.

He thanked MAMI MPDSR VASA the NDHS SOGON FIGO and others for their efforts at reducing maternal deaths. However he sought the implementation and funding of these efforts and ensured these got to the women in the village city those in labour at midnight and others whose lives depended on prompt and skilled care.

An awardee of this year’s grant Dr. Moses Ayokunle Olumodeji of the Lagos State University Teaching Hospital(LASUTH) presented his research at the event.

The Vice Chancellor UNILAG Prof Folashade Ogunsola sent a goodwill message.

Emeritus Prof. Osato Giwa-Osagie formerly a Consultant Obstetrician and Gynaecologist LUTH and President Academy of Medical Sciences Prof Oladapo Ashiru who was the chairman of the lecture were recognised for their contributions to the field of obstetrics and gynaecology.

DOE-DENR order on assetsworries Japanese investors

THE Japanese Chamber of Commerce and Industry of the Philippines Inc. (JCCIPI) has expressed concern over Joint Administrative Order (JAO) No. 2026-01 of the Department of Energy (DOE) and the Department of Environment and Natural Resources (DENR), particularly a provision that requires existing operators to turn over assets upon contract expiration.

In a letter sent to the DOE last week, the business group said Japanese businesses want to expand their investments in the Philippines, but they require a predictable investment environment across all sectors.

‘This raises questions regarding the legal basis for the requirement, its consistency with existing contractual arrangements, and its implications for private asset ownership and investor confidence.

JCCIPI believes that clarification of these provisions would help ensure that the implementation of the JAO supports the government’s resource-development objectives while maintaining a predictable environment for existing and prospective investors,’ it said.

It pointed out that the financial recovery, amortization, or depreciation of an asset does not automatically transfer its legal ownership to the government. Forcing operators to surrender privately owned assets threatens their financial standing and reduces their asset value.

‘The scope and legal basis of the turnover requirement therefore require clarification, particularly where assets were acquired using private capital and remain privately owned,’ it said. ‘JCCIPI is concerned that unclear requirements could discourage qualified operators from participating in future auctions and affect the decisions of prospective investors considering the Philippine mining industry.’

It recommended that the DOE and the DENR clarify and ensure fairness regarding asset ownership and bidding procedures.

‘JCCIPI respectfully requests that the DOE and DENR:

1. Clarify the scope and legal basis of Section 6.10, particularly whether existing operators participating in contract renewal or re-award proceedings are subject to these asset turnover mandates.

2. Clarify the legal basis for asset transfers, including whether the recovery, amortization, or depreciation of an asset’s cost may be used as a basis for transferring ownership to the government.

3. Ensure fair and consistent bidding procedures, with clear rules that apply equally to qualified participants and respect applicable laws and existing contractual rights.’

The DOE, for its part, said it will restart the bidding process this month. ‘Bidders will be given at least one month to prepare documents, with evaluation scheduled around November or December,’ Garin said.

Semirara Mining and Power Corp. (SMPC) currently holds coal operating contract (COC) No. 5, which is among the coal blocks on Semirara Island that will be auctioned by the DOE. The COC is valid until July 14, 2027.

The previous bidding for coal mining areas has been canceled to implement a new bidding process under updated rules, following the conclusion of the second public consultation. The DOE said this was meant to reassess the parameters of awarding coal operating contracts so that the next round can be conducted under this new set of rules.

The coal bid round covered three pre-determined areas in Antique, Cagayan, and Isabela, offered for development and production coal operating contracts (DP COCs) under the Philippine Conventional Energy Contracting Program (PCEP). It was met with heavy resistance stemming from legal, technical, financial concerns.

Garin clarified that the rules are uniform for all participants and are not targeting or excluding any specific company. ‘Anyone who qualifies under the established rules will be considered because it’s the same rules for everyone. Everyone is given a chance,’ she said.

The Nation nominated for best newspaper in law judicial reporting

ýThe Nigerian Law Society (NLS) has nominated The Nation for its 2026 ‘Best Nigerian Newspaper of the Year’ award in Law and Judicial Reporting.

ýThe award is scheduled to be presented on November 5 at Top Rank Hotel Utako Abuja according to a nomination letter dated October 31 2026.

ýThe letter was signed by NLS President Ambassador Aliyu Dahiru and Executive Director Dr. Tonye Clinton Jaja.

ýWriting on behalf of the society’s Governing Council the signatories requested confirmation of the newspaper’s acceptance of the nomination through the organisation’s official email address.

ý’Please kindly confirm acceptance of this nomination by responding to this email letter via the official email address of the Nigerian Law Society – NLS’ the letter stated.

ýThe nomination places The Nation in contention for recognition in the category covering law and judicial reporting.

ýNLS is ‘the premier professional association for legal practitioners in Nigeria.’

ýThe body stated on its website that it is committed to ‘promoting the rule of law advancing the legal profession and protecting the rights and interests of all Nigerians’.

ýIt added: ‘We are a Society of lawyers enrolled as Barristers and Solicitors of the Supreme Court under the Legal Practitioners Act of the Federal Republic of Nigeria.

ý’The Nigerian Law Society is led by a Council of elected representatives from across the country.

ý’Our Council members are committed to upholding the highest standards of professionalism and integrity in the legal profession and to promoting the interests of our members and the wider legal community.

ý’As a member of the Nigerian Law Society you will have access to a range of benefits and services designed to support your legal career and professional development…’

Part of its policy agenda reads ‘At the NLS we believe that access to justice is a fundamental human right and that everyone should have equal access to legal remedies and redress.

‘We recognise that barriers to access to justice can be financial social and cultural and that these barriers disproportionately affect vulnerable and marginalised groups in our society.

‘Our Access to Justice Policy Agenda is focused on removing these barriers and promoting equal access to justice for all Nigerians.’

Tinubu: Nigeria out of economic dark tunnel foundation solid

President Bola Ahmed Tinubu has declared that Nigeria has emerged from its difficult economic phase expressing confidence that the reforms undertaken by his administration have laid a solid foundation for sustainable growth and national prosperity.

The President who reaffirmed his commitment to what he described as ‘Project Nigeria’ also pledged to intensify investments in the future of young Nigerians insisting that the ultimate measure of leadership lies in the opportunities created for succeeding generations.

Tinubu spoke on Monday while reflecting on his spiritual journey to Saudi Arabia for the Umrah pilgrimage during which he was granted the rare privilege of entering the Holy Ka’abah in Makkah to offer prayers alongside members of his Nigerian delegation

According to a statement issued by his Special Adviser on Information and Strategy Bayo Onanuga the President expressed optimism about Nigeria’s economic prospects describing the progress recorded under his administration as encouraging.

‘The foundation is solid and the economy has come out of the dark tunnel. This is inspiring’ Tinubu declared.

He maintained that the gains of ongoing reforms must translate into lasting opportunities for young Nigerians stressing that today’s leadership decisions would determine the country’s future.

‘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’ he said.

Reaffirming his determination to pursue national development the President said his renewed spiritual experience had further strengthened his resolve to serve Nigerians and build a prosperous nation.

‘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’ he stated.

Tinubu disclosed that he had prayed for wisdom and resilience to discharge his responsibilities as President expressing confidence that Almighty Allah had answered his supplications.

‘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’ the President said.

Reflecting on the responsibilities of leadership Tinubu cited Surah Aal-Imran Verse 26 of the Holy Qur’an which emphasises that ultimate sovereignty belongs to Almighty Allah who grants and withdraws authority according to His will.

He said the teaching reinforced his conviction that political power was a sacred trust that must be exercised with humility accountability and dedication to the welfare of the people.

‘There is no other God but Almighty Allah. He is the giver and the taker. He owns power and authority’ the President said.

He described his emergence as Nigeria’s President and Commander-in-Chief as an extraordinary divine favour which imposed an obligation on him to serve the country diligently.

‘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 added.

The President also expressed profound appreciation to 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 delegation access to the Holy Ka’abah.

Sheikh Dahlulah Muthawal of Masjid al-Haram led Tinubu into the sacred structure where he offered prayers of gratitude for the privilege of serving Nigeria.

Describing the experience as historic and deeply emotional the President said the gesture underscored the enduring friendship and mutual respect between Nigeria and 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’abah 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’ he said.

Acknowledging the challenges confronting Nigeria and other nations Tinubu expressed confidence that faith and perseverance would ultimately prevail.

‘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’abah. This is history’ he declared.

The President reiterated his administration’s resolve to strengthen the nation’s economic foundations expand opportunities for young people and create an environment in which Nigerians could realise their potential.

He also pledged to justify the confidence reposed in him through purposeful leadership and sustained commitment to national development.

Other members of the delegation were equally moved by the spiritual experience.

They included the Attorney-General of the Federation and Minister of Justice Lateef Fagbemi; Coordinating Minister of Health and Social Welfare Ali Pate; and the governors of Borno Sokoto Jigawa Kaduna Yobe and Kwara states.

Also among them were prominent business leaders including the Chairman of BUA Group Abdul Samad Rabiu and the Chief Executive Officer of Oando Wale Tinubu.

According to the statement the officials and business leaders expressed gratitude to Almighty Allah and appreciation to the President for the opportunity to accompany him into the Ka’abah and offer prayers at one of Islam’s holiest sites.

Falling short against giants

DAKAR-Height, like in most sports, is might even in swimming where the Philippines Jamesray Mishael Ajido found didn’t have when ranged against much taller opponents at the 4th Youth Olympic Games.

Ajido had practically the same skill set as every other swimmer here, but obviously not the body length.

‘It’s given, the Americans and Europeans, and even the Africans have that height advantage,’ said Philippine Olympic Committee president Abraham Tolentino, reiterating his observation while doing the rounds at the Youth Olympic Village since arriving here last Wednesday. ‘They’re bigger.’

That disadvantage showed in Ajido’s campaign in the men’s 200 meters butterfly on Sunday, where he finished fifth against rivals who towered over him by a head or more, and whose reach is much longer.

‘He has the skills, but not the height,’ said Ramil Ilustre, who’s tasked to coach-alongside Jensen Halili of the National Academy of Sports in Capas-Ajido and Riannah Chantelle Coleman here by the Philippine Aquatics Inc.

Ajido clocked 55.16 seconds for fifth place in the 100m fly final, finishing three seconds behind gold medalist Egyptian Ali Zain and under a second behind silver medalist Serbian Aleksej Kalan and bronze medalist Slovakian Marias Kristof and fourth-placed Indian Tirthank Pegun.

All four stood a foot or more taller than Ajido.

All’s not lost though for Ajido, who will still race the 50 meters freestyle and 50 butterfly heats on Wednesday for Team Philippines supported by the Philippine Sports Commission chaired by Patrick Gregorio.

Coleman was scheduled to swim the heats of the women’s 200 breastroke Monday and also the 50 breastroke on Thursday.

Tchelzy Maayo and Hillarion Palles III and their coaches, Reyland Capellan and Japanese Kazutaka Hakamada, checked in at the YOV on Monday, five days ahead of the artistic gymnastics competition at the Dakar Expo Center in Diamniado.

Arriving here on Thursday are the cycling team composed of athlete Maritanya Krog and coaches Mark Lexer Galedo and Marita Lucas, the athletics team of Pi Durden Wangkay (Men’s 200m) and Naomi Marjorie Caesar (Women’s 800m) and coach Jonah Genilza and windsurfing’s Jade Justine Justiniane and coach German Paz.

Pitted against opponents who’re a head or more taller, Ajido clocked 55.16 seconds to better his time in the morning qualifiers by almost two seconds where he placed seventh, but it wasn’t enough for the bemedalled Asian juniors swimmer to break the podium.

Zain looked even more formidable in the final and erased his heats best time of 53.96-second performance with 53.96 and the Egyptian had enough to beat Kalan and Kristof.

A dejected Ajido-the only Southeast Asian in the final-passed the Mixed Zone protocol.

NIPSS DOMI to train 60 executives on strategic leadership

The National Institute for Policy and Strategic Studies (NIPSS) Kuru in partnership with DOMI Leadership Consult Limited Lagos will hold a strategic leadership retreat for about 60 business executives in Lagos and Abuja to strengthen their performance and prepare businesses for growth next year.

Founder of DOMI Leadership Consult Dr David Oladipo who made this known said the retreat would bring together chief executives managing directors and executive directors for strategic discussions peer learning and action planning.

The retreat themed ‘Navigating Growth: Alignment Innovation and Scale’ will hold in Lagos on November 27 and 28 and in Abuja on December 4 and 5.

Oladipo said the programme was designed to help business leaders review their organisations’performance address implementation challenges and develop practical strategies for sustainable growth.

The faculty will include facilitators from NIPSS and DOMI Leadership Consult alongside leadership and management experts including NIPSS Director-General Prof Ayo Omotayo; Dr Alexander Faranpojo of Eternal Virtues; Dr Linus Okorie of GOTNI Leadership Centre; Dr Niyi Adesanya of FifthGear Plus Consulting; and Oladipo.

The Lagos sessions will hold at Four Points by Sheraton Hotel Victoria Island while the Abuja edition will take place at Reiz Continental Hotel.

The organisers said the retreat was intended to equip participating executives with actionable strategies for improving institutional effectiveness strengthening leadership alignment and achieving measurable business goals in 2027.

NGCP urges DOE: Take back 2 circulars

THE National Grid Corporation of the Philippines (NGCP) has strongly urged the Department of Energy (DOE) to withdraw two circulars that effectively allow other entities to build transmission facilities, arguing that allowing transmission projects outside the official transmission grid plan disrupts network coordination and design.

Furthermore, the grid operator maintained that allowing other entities to build grid facilities would not resolve regulatory, permitting and right-of-way constraints affecting transmission projects. This was the position sent by the NGCP to the DOE.

DOE circular no. 2026-01-0001 allows power generation companies (gencos) to finance and/or construct associated transmission projects while DOE circular no. 2026-02-0007 allows the National Transmission Corp. (TransCo) to finance and/or construct transmission lines and facilities critical to the country’s energy transition.

Citing the February 2025 arbitral award, the NGCP said it has the exclusive responsibility to prepare the Transmission Development Plan (TDP) during the concession period which is set to end in 2034.

The ruling distinguished NGCP’s planning role from the government’s regulatory authority: the DOE reviews and approves the overall plan, while the Energy Regulatory Commission (ERC) approves or disapproves individual projects. The TDP should align with the wider Philippine Energy Plan and Power Development Plan. TransCo retains a right to be consulted, rather than a right of prior approval, the NGCP claimed.

‘The ruling could be seen as supporting a unified approach to planning and development, with clear responsibilities and government oversight. From a project-delivery standpoint, adding overlapping planning and review layers could prove counterproductive, potentially multiplying coordination requirements, complicating accountability and introducing further delays rather than accelerating construction,’ the NGCP said.

Further, the NGCP raised this point: ‘Allowing projects to proceed outside the Transmission Development Plan raises questions about how their timing, design and integration would be coordinated with other network investments.’

It also pointed out that regulatory rules prevent NGCP from proactively building infrastructure for uncertain power projects that lack system impact studies. This leaves transmission planning dependent on the readiness and location of proposed power plants, as well as the approvals needed to develop the infrastructure serving them.

As such, the NGCP said power developers must synchronize their timelines with the availability of transmission infrastructure, just as grid expansion relies on power plant progress and approvals.

The NGCP argued that the DOE circular oversteps by expanding a genco’s reach beyond basic plant connections into general grid infrastructure, including new or expanded transmission lines, substations and other facilities. NGCP is concerned that associated transmission projects are allowed to move forward even if they fall completely outside the official TDP.

This, NGCP claimed, effectively forces it to share technical data and modify its existing facilities, such as control rooms and switchyards, to accommodate third-party equipment.

‘In seeking the withdrawal of both circulars, NGCP proposed addressing transmission development concerns through coordination with the company and the ERC under the existing planning and regulatory process. It also reserved its right to pursue legal remedies,’ the NGCP said.

’Tonner bags for rice can cut handling time and costs’

The National Food Authority (NFA) said using 1-metric ton (MT) bags for its palay purchases slashed handling time and costs, providing additional procurement funds.

NFA Administrator Larry Lacson said a pilot test on the toner bag system at their warehouse in Davao del Sur showed a 75-percent reduction in handling time and a 50 percent cut in handling costs.

‘Work that used to take an hour can now be completed in just 15 minutes, while handling costs are halved. Using tonner bags also allows us to make better use of warehouse space,’ he added.

For Agriculture Secretary Francisco Tiu Laurel Jr., who chairs the NFA Council, the potential savings could benefit farmers by allowing the grains agency to stretch its procurement budget and buy more palay from them.

‘For our rice farmers, this means we can potentially procure more palay with the same resources. If we can lower handling costs and use our warehouses more efficiently, more of the NFA’s resources can go toward buying palay at a fair market price from our farmers.’

Launched in October 2025, the pilot uses tonner bags in three NFA branches in Nueva Ecija, Occidental Mindoro, and Davao del Sur.

The Davao del Sur trial covers receiving, weighing, handling, and stacking, but excludes milling and distribution, it added.

Each bag is made of woven polypropylene designed to resist moisture and dust. Reinforced lifting loops allow forklifts to move the bags, reducing manual lifting, sack sewing, and stacking, according to the NFA.

‘This is part of our efforts to ensure that our stocks are food-safe and to make NFA operations more efficient and modern,’ Lacson said.

He added that the agency aims to set warehousing standards that the private sector can emulate.

The pilot also found that moisture levels remained within safe limits and spillage was minimal during the observation period. Pest infestation ranged from light to moderate and remained manageable.

The trial, however, identified operational gaps that should be addressed before wider adoption.

These include standardizing fumigation procedures for bulk stacks, testing bag compression and structural strength to establish safe stacking limits, and developing pest-control protocols suited to bulk storage.

The NFA said it would continue monitoring the system and refining its procedures before considering broader implementation.

What Tinubu said on power by APC- PCC

The All Progressives Congress (APC)- Presidential Campaign Council(APC-PCC) yesterday said President Bola Tinubu’s 2023 ”you will have electricity ” campaign promise to Nigerians was being taken out of context especially by political opponents.

The council explained in a statement by its spokesperson Dele Alake that the deliberate steps taken by the President to end longstanding hiccups in the power sector were testaments to his determination to keep to the promise.

Alake who is also the Solid Minerals Development minister listed liberalisation of the sector metering infrastructure and market stability as some of the interventions by the Tinubu administration.

He therefore enjoined the Nigerian public and political commentators to evaluate the promise in full context and against the backdrop of the structural achievements over the past three years.

But shortly after the admonition African Democratic Party Congress(APC) presidential candidate Atiku Abubakar faulted Alake saying Nigerians have continued to contend with outages rising tariffs and high cost of alternative power supply.

Nigeria Democratic Congress presidential candidate Peter Obi and the All Progressives Congress presidential candidate Seyi Makinde had also capitalised on recurring power outages to flay Tinubu ahead of the 2027 elections.

The president had while meeting with the Organised Private Sector (OPS) in Lagos as APC candidate for the 2023 poll said: ‘Whichever way by all means necessary you will have electricity and you will not pay for estimated bills anymore.

”A promise made will be a promise kept. If I don’t keep the promise and I come for a second term don’t vote for me unless I give you adequate reasons why I couldn’t deliver.’

Clarifying the comment Alake argued that recent public debates deliberately omitted the President’s explicit qualification-that he would present a clear account of his performance and reasons for any outstanding challenges before seeking a mandate for a second term.

‘A fair assessment of the pledge should consider the full statement alongside the administration’s record since 2023. This record should be assessed against measurable improvements in electricity supply metering infrastructure and market stability’ Alake stated.

‘While fixing the power sector crisis remains unfinished the President is working consistently to deliver on his promise to Nigerians and his commitment to face the challenges head-on has never diminished.’

Highlighting policy milestones the APC- PCC spokesperson recalled that the President signed the Electricity Act (2023) within two weeks of assuming office effectively liberalising the sector and empowering subnational governments to generate transmit and distribute power.

States like Lagos Enugu Abia Ekiti Oyo Kaduna and Niger have since established state regulatory bodies to attract private capital.

On financial interventions and legacy obligations Alake said that the Tinubu administration has tackled over N6 trillion in accumulated legacy debts from 2015-2025 by establishing a N4 trillion bond programme to settle verified debts owed to 21 Power Generating Companies (Gencos) and Gas Companies (GasCos).

The first two tranches of the bond scheme according to him have already raised over N1.2 trillion thereby improving cash flow and enabling operators like Geregu Power Plc to make fresh capital investments in transformer capacity and plant upgrades.

Alake also detailed progress under the Presidential Metering Initiative which has metered over 1.5 million customers to date in a bid to close the country’s 7 million metering gap. He added that the Rural Electrification Agency has continued to expand solar power installations across universities hospitals and rural communities.

On grid infrastructure the APC-PCC spokesman pointed to ongoing execution under the Siemens-backed Presidential Power Initiative (PPI) which was restructured under an Acceleration Agreement signed in December 2023.

Following Federal Executive Council approvals for substation upgrades across key industrial load centres the administration approved an additional batch of project contracts in June 2026 for eight new substations and four major upgrades.

Acknowledging the commercial delicate balance between cost-reflective tariffs and social protection Alake explained that the introduction of service bands has helped stabilise distribution companies financially while curbing federal tariff subsidies.

‘Fixing the electricity market and power sector is ongoing work’ he added. ‘President Tinubu has not deviated an inch from his commitment. As he seeks Nigerians’ mandate for a second term in office he will proudly present his scorecard in the power sector and clearly tell Nigerians what remains to be done.’

But the ADC presidential standard bearer Atiku challenged the Tinubu administration to demonstrate measurable improvements in electricity supply insisting that laws bonds and project announcements cannot substitute for reliable power.

Atiku through the Director of Strategic Communication of the African Democratic Congress Presidential Campaign Council (ADC-PCC) Phrank Shaibu argued that three and a half years after Tinubu promised steady electricity and an end to estimated billing households and businesses still struggle with erratic power supply and the financial burden of using alternative sources

He said: ‘The APC should spare Nigerians the spectacle of celebrating paperwork while homes and businesses remain in darkness. After three and a half years families still struggle to keep their homes lit.

‘Traders and small business owners spend scarce resources on alternative power yet struggle to keep their businesses alive.

‘Nigerians are billed for electricity they cannot rely on. President Tinubu promised steady power and an end to estimated billing. That promise has not been kept.’

The former vice-president also criticised the electricity band system arguing that consumers pay different tariffs without corresponding improvements in supply.

Citing Band A tariffs of about ?209.50 per kilowatt-hour in many areas before value-added tax Atiku said electricity costs have become an additional burden for households and businesses.

‘No family should have to weigh the cost of electricity against the cost of food. No business should be left to pay more while receiving less’ he said.

He called for clarity on the Federal Government’s plan to end electricity subsidies from 2027 questioning the implications for household and business bills.

Atiku proposed working with state governments and regulators to abolish the existing band system and introduce what he described as a fairer more affordable framework that would hold electricity companies accountable for the power they deliver.

He also faulted the Federal Government’s multitrillion-naira bond programme to settle legacy debts arguing that debt repayment should not be presented as an expansion of generation capacity.

‘Paying old debts is not the same as building new power infrastructure. Bonds cannot be presented as a substitute for power in people’s homes’ he said.

Atiku further alleged that the Tinubu administration had not built new electricity generation infrastructure of its own to expand the country’s power capacity.

He raised concerns about value-added tax on electricity and the five per cent surcharge provided for certain fossil fuels including petrol and diesel under the Nigeria Tax Act arguing that Nigerians needed clarity on the prospect of additional energy costs.

The ADC candidate maintained that policy changes and financial interventions should be judged by their impact on electricity supply.

‘Dele Alake’s statement cannot light a home. Signing a law is not electricity. Raising a bond is not electricity. Approving a project is not power delivered. Nigerians cannot cook study work or sustain a business on announcements’ he said.

Atiku argued that Nigerians ‘ do not need the APC-PCC to interpret the President’s words for them.”

The perfect storm: How a weakening peso and sticky inflation test the financial sector

The Philippine peso’s slide toward P64 against the US dollar comes at a difficult time for an economy already struggling with slowing growth, rising inflation, and uncertainties arising from geopolitical tensions in the Middle East.

Inflation accelerated to 7.2 percent in September, while economic growth slowed to just 2.3 percent in the second quarter of 2026. The International Monetary Fund has projected full-year growth of 3.4 percent, reflecting the increasingly difficult environment confronting Philippine businesses and households. The peso’s depreciation adds another layer of pressure.

As a net importer of petroleum, the Philippines is particularly exposed to international oil-price movements. A weaker peso raises the domestic cost of dollar-priced imports, while geopolitical disruptions involving Iran and the wider Middle East can intensify the pressure on fuel, electricity, transportation, and food prices.

These developments have implications extending well beyond the foreign-exchange market. They can also affect the banking system, particularly institutions whose profitability depends heavily on consumer lending. Consider UnionBank of the Philippines, which has built one of the industry’s most profitable lending franchises, supported by its substantial exposure to consumer loans, which generally command higher interest rates than traditional corporate lending.

Its financial performance illustrates the attraction of this strategy. During the first nine months of 2026, UnionBank earned P9.9 billion, a 53-percent increase from the comparable period last year. Net interest income rose 9 percent to P51.9 billion, while its net interest margin improved to 6.9 percent, among the highest in the Philippine banking industry.

But the equation changes when inflation accelerates, economic growth weakens compounded by a decline in the peso value that equates more spending on food, transportation, electricity, and other necessities that impacts the disposable income available for debt repayments.

In a BusinessMirror report last April, Moody’s said that Union Bank is more exposed to risks arising from ‘shrinking’ financial buffers of retail borrowers amid higher inflation. It said that UBP had the largest share of retail loans among its rated Philippine banks at around 60 percent of its total loans, while unsecured retail loans accounted for around 40 percent of its total loans.

‘We view the latter as a relative weakness because this asset class has underperformed compared to corporate loans,’ said Moody’s Ratings. That report was made in April when the peso was at P60 to the dollar. Now, the peso is near the P64 mark and at the time this paper reported the Moody’s assessment, it said that ‘on a consolidated basis, (UBP) is more exposed to risks arising from the shrinking financial buffers of retail borrowers amid higher inflation.’

A consumer-heavy loan portfolio can become more sensitive to prolonged inflation, weaker employment conditions, and reductions in household purchasing power. Higher interest rates may also increase debt-servicing costs for borrowers with variable-rate obligations or those refinancing existing debts. The consequences need not appear immediately.

In a sense, UBP’s exceptional profitability may not remain unchanged. The bank’s 6.9-percent net interest margin reflects the earnings power of its lending model. Whether that advantage can be sustained will depend partly on the capacity of its borrowers to withstand a more difficult economic environment.

And that brings us to a larger lesson about financial risk. Moody’s ratings said while the bank’s problem loans formation improved in 2025 following the bank’s tighter credit underwriting, slower growth and limits on new-to-credit lending, UBP’s problem loans ratio (stage 3 loans as a percentage of gross loans) remained ‘elevated’ at 7.2 percent.

In The Black Swan, Nassim Nicholas Taleb examined how rare, consequential events can overturn expectations and expose the limitations of conventional risk assessments. The present geopolitical tensions are not entirely unforeseeable. Neither are inflation, currency depreciation, or slower economic growth.

What may prove difficult to anticipate is how these pressures interact, how long they persist, and how deeply their combined effects penetrate household finances. A bank may continue reporting strong earnings even as the economic assumptions supporting its business model begin to change.

A family that once comfortably serviced its loans may discover that rising living costs have altered the arithmetic of its monthly budget.

And an economy that appears capable of absorbing one external shock may find itself confronting several at once. The financial statements may still show healthy margins, improving profits, and adequate capital.

But somewhere beyond those figures, the household budgets on which consumer lending ultimately depends are being rewritten. The question is how much of that rewriting will eventually find its way into the banks’ own ledgers.